# Focused SICAV – High Grade Bond USD
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| Net assets in USD |  | 1 349 798 222.03 | 1 451 498 055.36 | 3 242 882 467.48 |
| Class F-acc | LU0224580786 |  |  |  |
| Shares outstanding |  | 3 518 934.5730 | 3 499 351.2390 | 7 324 921.0680 |
| Net asset value per share in USD |  | 157.33 | 158.35 | 151.85 |
| Issue and redemption price per share in USD 1 |  | 157.33 | 158.35 | 151.85 |
| Class (CHF hedged) F-acc | LU1339538412 |  |  |  |
| Shares outstanding |  | 1 861 414.0670 | 2 268 141.1220 | 8 153 056.8350 |
| Net asset value per share in CHF |  | 97.87 | 99.53 | 97.38 |
| Issue and redemption price per share in CHF 1 |  | 97.87 | 99.53 | 97.38 |
| Class (EUR hedged) F-acc | LU1132652998 |  |  |  |
| Shares outstanding |  | 4 191 953.0110 | 4 102 653.7330 | 10 446 336.9250 |
| Net asset value per share in EUR |  | 101.15 | 102.64 | 100.09 |
| Issue and redemption price per share in EUR 1 |  | 101.15 | 102.64 | 100.09 |
| Class (GBP hedged) F-acc | LU1339538503 |  |  |  |
| Shares outstanding |  | 76 019.3990 | 482 061.8840 | 291 623.2030 |
| Net asset value per share in GBP |  | 106.12 | 107.05 | 103.42 |
| Issue and redemption price per share in GBP 1 |  | 106.12 | 107.05 | 103.42 |
| Class (JPY hedged) F-acc | LU1786948718 |  |  |  |
| Shares outstanding |  | 100 247.0000 | 96 770.0000 | 192 476.0000 |
| Net asset value per share in JPY |  | 10 295 | 10 391 | 10 110 |
| Issue and redemption price per share in JPY 1 |  | 10 295 | 10 391 | 10 110 |
| Class (SGD hedged) F-acc | LU1344159089 |  |  |  |
| Shares outstanding |  | 37 057.0400 | 14 400.2070 | 62 480.6770 |
| Net asset value per share in SGD |  | 109.66 | 110.34 | 106.05 |
| Issue and redemption price per share in SGD 1 |  | 109.66 | 110.34 | 106.05 |
| Class F-UKdist | LU0721134624 |  |  |  |
| Shares outstanding |  | 635 479.0000 | 697 870.2710 | 815 779.0000 |
| Net asset value per share in USD |  | 101.07 | 104.05 | 102.32 |
| Issue and redemption price per share in USD 1 |  | 101.07 | 104.05 | 102.32 |
| Class (CHF hedged) F-UKdist | LU1554453867 |  |  |  |
| Shares outstanding |  | 46 104.3590 | 30 090.5410 | 82 046.4110 |
| Net asset value per share in CHF |  | 91.00 | 94.59 | 95.23 |
| Issue and redemption price per share in CHF 1 |  | 91.00 | 94.59 | 95.23 |
| Class (EUR hedged) F-UKdist | LU1554452620 |  |  |  |
| Shares outstanding |  | 29 500.0000 | 14 053.0000 | 50 650.0000 |
| Net asset value per share in EUR |  | 92.64 | 96.09 | 96.51 |
| Issue and redemption price per share in EUR 1 |  | 92.64 | 96.09 | 96.51 |
| Class (GBP hedged) F-UKdist | LU1554454329 |  |  |  |
| Shares outstanding |  | 82 380.9750 | 44 165.1420 | 6 263.7580 |
| Net asset value per share in GBP |  | 97.54 | 100.64 | 99.45 |
| Issue and redemption price per share in GBP 1 |  | 97.54 | 100.64 | 99.45 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class F-acc | USD | -0.6% | 4.3% | 6.1% |
| Class (CHF hedged) F-acc | CHF | -1.7% | 2.2% | 2.5% |
| Class (EUR hedged) F-acc | EUR | -1.5% | 2.5% | 3.0% |
| Class (GBP hedged) F-acc | GBP | -0.9% | 3.5% | 4.4% |
| Class (JPY hedged) F-acc | JPY | -0.9% | 2.8% | - |
| Class (SGD hedged) F-acc | SGD | -0.6% | 4.0% | 5.5% |
| Class F-UKdist | USD | -0.6% | 4.3% | 6.1% |
| Class (CHF hedged) F-UKdist | CHF | -1.7% | 2.2% | 2.4% |
| Class (EUR hedged) F-UKdist | EUR | -1.5% | 2.6% | 3.0% |
| Class (GBP hedged) F-UKdist | GBP | -0.9% | 3.5% | 4.3% |

Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
The subfund has no benchmark.
Focused SICAV – High Grade Bond USD Annual report 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 five-year US treasury bonds increased by 80bp and closed the year at 1.19% with a low at 0.32%. 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 uncertainties 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.
Focused SICAV – High Grade Bond USD
Annual report and audited financial statements as of 31 October 2021

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	53.23
| Canada | 6.81 |
| --- | --- |
| Supranationals | 5.55 |
| Germany | 3.46 |
| Australia | 2.78 |
| South Korea | 2.74 |
| Singapore | 2.55 |
| The Netherlands | 2.18 |
| Norway | 2.03 |
| Sweden | 1.83 |
| Finland | 1.79 |
| United Arab Emirates | 1.74 |
| Belgium | 1.45 |
| Luxembourg | 1.40 |
| France | 1.32 |
| China | 1.14 |
| Japan | 0.89 |
| Qatar | 0.78 |
| Ivory Coast | 0.76 |
| Philippines | 0.75 |
| Jersey | 0.69 |
| British Virgin Islands | 0.58 |
| Switzerland | 0.48 |
| United Kingdom | 0.46 |
| Hong Kong | 0.36 |
| Cayman Islands | 0.30 |
| Austria | 0.26 |
| Saudi Arabia | 0.06 |
| Total | 98.37 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 39.08 |
| --- | --- |
| Banks & credit institutions | 22.26 |
| Supranational organisations | 13.08 |
| Finance & holding companies | 7.00 |
| Mortgage & funding institutions | 4.56 |
| Cantons, federal states | 3.15 |
| Petroleum | 2.04 |
| Computer hardware & network equipment providers | 1.79 |
| Internet, software & IT services | 1.51 |
| Food & soft drinks | 1.50 |
| Public, non-profit institutions | 0.55 |
| Building industry & materials | 0.51 |
| Miscellaneous consumer goods | 0.37 |
| Investment funds | 0.37 |
| Miscellaneous services | 0.23 |
| Biotechnology | 0.22 |
| Pharmaceuticals, cosmetics & medical products | 0.15 |
| Total | 98.37 |


## Statement of Net Assets
Assets	31.10.2021
USD
Investments in securities, cost	1 342 830 949.93
| Investments in securities, unrealized appreciation (depreciation) | 	-15 000 715.50	 |
| --- | --- |
| Total investments in securities (Note 1) | 1 327 830 234.43 |
| Cash at banks, deposits on demand and deposit accounts | 7 990 475.88 |
| Receivable on securities sales (Note 1) | 17 798 991.35 |
| Receivable on subscriptions | 2 348 712.39 |
| Interest receivable on securities | 6 171 869.51 |
| Unrealized gain on financial futures (Note 1) | 802 734.55 |
| Total Assets | 1 362 943 018.11 |
|  |  |
| Liabilities |  |
| Unrealized loss on forward foreign exchange contracts (Note 1) | -1 523 124.74 |
| Other short-term liabilities (Margins) | -415 704.00 |
| Payable on securities purchases (Note 1) | -7 391 934.00 |
| Payable on redemptions | -3 592 341.55 |
| Provisions for flat fee (Note 2) | -54 090.62 |
| Provisions for taxe d’abonnement (Note 3) | -10 636.99 |
| Provisions for other commissions and fees (Note 2) | 	-156 964.18	 |
| Total provisions | -221 691.79 |
| Total Liabilities | -13 144 796.08 |
|  |  |
| Net assets at the end of the financial year | 1 349 798 222.03 |
| Statement of Operations | USD |
| Income | 1.11.2020-31.10.2021 |
| Interest on liquid assets | 23.18 |
| Interest on securities | 23 304 153.83 |
| Dividends | 494.96 |
| Net income on securities lending | 391 781.37 |
| Other income (Note 4) | 246 978.74 |
| Total income | 23 943 432.08 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 540 237.99 |
| Taxe d’abonnement (Note 3) | -121 923.70 |
| Other commissions and fees (Note 2) | -72 347.29 |
| Interest on cash and bank overdraft | -1 058.95 |
| Total expenses | -1 735 567.93 |
|  |  |
| Net income (loss) on investments | 22 207 864.15 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 7 280 597.15 |
| Realized gain (loss) on financial futures | 28 359.66 |
| Realized gain (loss) on forward foreign exchange contracts | -4 399 128.01 |
| Realized gain (loss) on foreign exchange | -4 432 762.51 |
| Total realized gain (loss) | -1 522 933.71 |
|  |  |
| Net realized gain (loss) of the financial year | 20 684 930.44 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -39 084 518.76 |
| Unrealized appreciation (depreciation) on financial futures | 802 734.55 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 3 138 807.20 |
| Total changes in unrealized appreciation (depreciation) | -35 142 977.01 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -14 458 046.57 |

Focused SICAV – High Grade 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 |  | 1 451 498 055.36 |
| Subscriptions |  | 547 073 226.49 |
| Redemptions |  | 	-632 515 851.12	 |
| Total net subscriptions (redemptions) |  | -85 442 624.63 |
| Dividend paid |  | -1 799 162.13 |
| Net income (loss) on investments |  | 22 207 864.15 |
| Total realized gain (loss) |  | -1 522 933.71 |
| Total changes in unrealized appreciation (depreciation) |  | 	-35 142 977.01	 |
| Net increase (decrease) in net assets as a result of operations |  | -14 458 046.57 |
| Net assets at the end of the financial year |  | 1 349 798 222.03 |
| 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 |  | 3 499 351.2390 |
| Number of shares issued |  | 1 479 787.7230 |
| Number of shares redeemed |  | -1 460 204.3890 |
| Number of shares outstanding at the end of the financial year |  | 3 518 934.5730 |
| Class |  | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 2 268 141.1220 |
| Number of shares issued |  | 518 353.0270 |
| Number of shares redeemed |  | -925 080.0820 |
| Number of shares outstanding at the end of the financial year |  | 1 861 414.0670 |
| Class |  | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 4 102 653.7330 |
| Number of shares issued |  | 1 903 393.4340 |
| Number of shares redeemed |  | -1 814 094.1560 |
| Number of shares outstanding at the end of the financial year |  | 4 191 953.0110 |
| Class |  | (GBP hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 482 061.8840 |
| Number of shares issued |  | 25 454.3610 |
| Number of shares redeemed |  | -431 496.8460 |
| Number of shares outstanding at the end of the financial year |  | 76 019.3990 |
| Class |  | (JPY hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 96 770.0000 |
| Number of shares issued |  | 37 847.0000 |
| Number of shares redeemed |  | -34 370.0000 |
| Number of shares outstanding at the end of the financial year |  | 100 247.0000 |
| Class |  | (SGD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 14 400.2070 |
| Number of shares issued |  | 27 991.8330 |
| Number of shares redeemed |  | -5 335.0000 |
| Number of shares outstanding at the end of the financial year |  | 37 057.0400 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 697 870.2710 |
| Number of shares issued |  | 33 244.5850 |
| Number of shares redeemed |  | -95 635.8560 |
| Number of shares outstanding at the end of the financial year |  | 635 479.0000 |
| Class |  | (CHF hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 30 090.5410 |
| Number of shares issued |  | 22 265.0050 |
| Number of shares redeemed |  | -6 251.1870 |
| Number of shares outstanding at the end of the financial year |  | 46 104.3590 |
| Class |  | (EUR hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 14 053.0000 |
| Number of shares issued |  | 21 472.0000 |
| Number of shares redeemed |  | -6 025.0000 |
| Number of shares outstanding at the end of the financial year |  | 29 500.0000 |
| Class |  | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 44 165.1420 |
| Number of shares issued |  | 53 613.1090 |
| Number of shares redeemed |  | -15 397.2760 |
| Number of shares outstanding at the end of the financial year |  | 82 380.9750 |
| Annual Distribution 1 |  |  |
| Focused SICAV – High Grade Bond USD	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	16.11.2020 | 17.11.2020 | USD	2.32 |
| (CHF hedged) F-UKdist	16.11.2020 | 17.11.2020 | CHF	2.04 |
| (EUR hedged) F-UKdist	16.11.2020 | 17.11.2020 | EUR	2.08 |
| (GBP hedged) F-UKdist	16.11.2020 | 17.11.2020 | GBP	2.23 |
| 1  See note 5 |  |  |

Focused SICAV – High Grade 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,GOVERNMENT OF-REG-S 3.12500% 16-03.05.26 | 5 000 000.00 | 5 356 250.00 | 0.40 |
| USD	AFRICAN DEVELOPMENT BANK 3.00000% 18-20.09.23 | 7 000 000.00 | 7 323 809.22 | 0.54 |
| USD	APPLE INC 0.70000% 21-08.02.26 | 7 000 000.00 | 6 861 639.82 | 0.51 |
| USD	APPLE INC 2.40000% 13-03.05.23 | 2 800 000.00 | 2 878 538.80 | 0.21 |
| USD	APPLE INC 3.20000% 15-13.05.25 | 13 500 000.00 | 14 451 479.46 | 1.07 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 19-30.01.24 | 4 100 000.00 | 4 281 548.00 | 0.32 |
| USD	ASIAN INFRAS INVEST BANK/THE 0.50000% 21-30.10.24 | 4 165 000.00 | 4 125 367.07 | 0.31 |
| USD	BANK OF ENGLAND-REG-S 0.50000% 20-28.04.23 | 6 200 000.00 | 6 203 955.60 | 0.46 |
| USD	BANQUE FEDERATIVE DU CRT MUT SA-REG-S 1.60400% 21-04.10.26 | 5 000 000.00 | 4 983 125.85 | 0.37 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.75000% 17-10.03.22 | 3 000 000.00 | 3 026 104.95 | 0.22 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 1.12500% 21-15.06.26 | 5 000 000.00 | 4 918 434.50 | 0.36 |
| USD	COUNCIL OF EUROPE DEVELOPMENT BK 1.37500% 20-27.02.25 | 10 000 000.00 | 10 136 515.19 | 0.75 |
| USD	CPPIB CAPITAL INC-REG-S 1.25000% 20-04.03.25 | 7 500 000.00 | 7 568 845.35 | 0.56 |
| USD	DEXIA CREDIT LOCAL SA-REG-S 0.50000% 21-16.07.24 | 5 000 000.00 | 4 955 418.00 | 0.37 |
| USD	EQUINOR ASA 1.75000% 20-22.01.26 | 6 000 000.00 | 6 085 003.56 | 0.45 |
| USD	EQUINOR ASA 2.45000% 12-17.01.23 | 3 400 000.00 | 3 478 026.70 | 0.26 |
| USD	EUROPEAN INVESTMENT BANK 0.62500% 20-25.07.25 | 9 300 000.00 | 9 172 274.18 | 0.68 |
| USD	EUROPEAN STABILITY MECHANISM-REG-S 0.25000% 21-08.09.23 | 6 000 000.00 | 5 965 100.22 | 0.44 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 8 200 000.00 | 8 668 207.05 | 0.64 |
| USD	INTERNATIONAL BK FOR RECONST & DEV 0.87500% 21-15.07.26 | 5 000 000.00 | 4 919 545.11 | 0.36 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.62500% 20-15.01.25 | 15 000 000.00 | 15 340 059.90 | 1.14 |
| USD	JOHNSON & JOHNSON 2.05000% 16-01.03.23 | 2 000 000.00 | 2 038 044.38 | 0.15 |
| USD	KOMMUNALBANKEN AS-REG-S 0.87500% 20-12.03.25 | 7 000 000.00 | 6 974 646.00 | 0.52 |
| USD	KOREA DEVELOPMENT BANK 3.00000% 12-14.09.22 | 9 000 000.00 | 9 187 312.50 | 0.68 |
| USD	KOREA DEVELOPMENT BANK 2.62500% 17-27.02.22 | 9 200 000.00 | 9 250 600.00 | 0.69 |
| USD	KOREA EXPRESSWAY CORP-REG-S 1.12500% 21-17.05.26 | 7 000 000.00 | 6 863 780.00 | 0.51 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 15-02.05.25 | 5 000 000.00 | 5 180 491.70 | 0.38 |
| USD	MICROSOFT CORP 2.87500% 17-06.02.24 | 7 000 000.00 | 7 322 002.73 | 0.54 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 2.50000% 16-12.07.26 | 2 700 000.00 | 2 834 141.40 | 0.21 |
| USD	NESTLE HOLDINGS INC-REG-S 0.62500% 20-15.01.26 | 4 100 000.00 | 3 983 443.48 | 0.30 |
| USD	NORDIC INVESTMENT BANK 2.87500% 18-19.07.23 | 8 200 000.00 | 8 529 641.23 | 0.63 |
| USD	NORDIC INVESTMENT BANK 2.25000% 19-21.05.24 | 6 600 000.00 | 6 850 932.00 | 0.51 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 12-21.09.22 | 2 000 000.00 | 2 037 293.38 | 0.15 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 17-17.05.22 | 2 000 000.00 | 2 019 831.72 | 0.15 |
| USD	OMERS FINANCE TRUST CP-REG-S 1.10000% 21-26.03.26 | 1 000 000.00 | 991 981.42 | 0.07 |
| USD	ONTARIO, PROVINCE OF 0.62500% 21-21.01.26 | 7 000 000.00 | 6 837 320.00 | 0.51 |
| USD	PROCTER & GAMBLE CO 2.15000% 17-11.08.22 | 5 000 000.00 | 5 072 348.35 | 0.38 |
| USD	PSP CAPITAL INC-REG-S 1.00000% 21-29.06.26 | 6 500 000.00 | 6 422 011.44 | 0.48 |
| USD	PSP CAPITAL INC-REG-S 0.50000% 21-15.09.24 | 2 800 000.00 | 2 770 792.21 | 0.21 |
| USD	QATAR PETROLEUM-REG-S 1.37500% 21-12.09.26 | 2 500 000.00 | 2 462 500.00 | 0.18 |
| USD	QATAR, STATE OF-REG-S 3.40000% 20-16.04.25 | 7 500 000.00 | 8 012 343.75 | 0.59 |
| USD	QUEBEC, PROVINCE OF 2.62500% 13-13.02.23 | 3 300 000.00 | 3 393 520.55 | 0.25 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.37500% 12-23.01.23 | 6 000 000.00 | 6 134 184.00 | 0.45 |
| USD	TSMC GLOBAL LTD-REG-S 1.25000% 21-23.04.26 | 8 000 000.00 | 7 848 720.00 | 0.58 |
| USD	UBS AG LONDON BRANCH-REG-S 1.25000% 21-01.06.26 | 1 000 000.00 | 985 719.93 | 0.07 |
| USD	UBS AG/LONDON-REG-S 0.70000% 21-09.08.24 | 5 000 000.00 | 4 968 164.95 | 0.37 |
| USD	WESTPAC BANKING CORP 1.15000% 21-03.06.26 | 1 000 000.00 | 985 671.70 | 0.07 |
| Total USD |  | 270 656 687.35 | 20.05 |
| Total Notes, fixed rate |  | 270 656 687.35 | 20.05 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	DNB BANK ASA-REG-S 0.856%/VAR 21-30.09.25 | 10 975 000.00 | 10 897 931.56 | 0.81 |
| Total USD |  | 10 897 931.56 | 0.81 |
| Total Notes, floating rate |  | 10 897 931.56 | 0.81 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AAREAL BANK AG-REG-S 0.62500% 21-14.02.25 | 13 000 000.00 | 12 752 099.62 | 0.94 |
| USD	ABU DHABI, EMIRATE OF-REG-S 2.50000% 20-16.04.25 | 8 200 000.00 | 8 560 800.00 | 0.63 |
| USD	AFRICAN DEVELOPMENT BANK 0.87500% 21-22.07.26 | 3 000 000.00 | 2 948 100.00 | 0.22 |
| USD	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.62500% 21-22.01.26 | 2 000 000.00 | 1 950 680.00 | 0.14 |
| USD	ARAB PETROLEUM INVESTMENTS CORP-REG-S 1.46000% 20-30.06.25 | 500 000.00 | 500 387.00 | 0.04 |
| USD	ARAB PETROLEUM INVESTMENTS CORP-REG-S 1.26000% 21-10.02.26 | 800 000.00 | 795 376.00 | 0.06 |
| USD	ASIAN DEVELOPMENT BANK 0.50000% 21-04.02.26 | 6 000 000.00 | 5 842 891.86 | 0.43 |
| USD	ASIAN DEVELOPMENT BANK 0.62500% 21-08.10.24 | 3 250 000.00 | 3 226 506.98 | 0.24 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 3.70000% 15-16.11.25 | 1 905 000.00 | 2 082 310.16 | 0.15 |
| USD	BNG BANK NV-REG-S 0.87500% 21-18.05.26 | 3 000 000.00 | 2 956 096.02 | 0.22 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.25000% 18-20.07.23 | 870 000.00 | 909 241.17 | 0.07 |
| USD	DEUTSCHE PFANDBRIEFBANK AG-REG-S 0.50000% 21-19.01.24 | 6 000 000.00 | 5 940 531.30 | 0.44 |
| USD	EMIRATES DEVELOPMENT BANK PJSC-REG-S 3.51600% 19-06.03.24 | 1 000 000.00 | 1 055 312.50 | 0.08 |
| USD	ERSTE ABWICKLUNGSANSTALT-REG-S 0.87500% 21-30.10.24 | 7 400 000.00 | 7 415 856.72 | 0.55 |
| USD	EUROCLEAR BANK-REG-S 1.26100% 21-03.08.26 | 20 000 000.00 | 19 584 851.00 | 1.45 |
| USD	HONG KONG GOVERNMEN INT BD-REG-S 0.62500% 21-02.02.26 | 5 000 000.00 | 4 856 392.46 | 0.36 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 0.87500% 21-20.04.26 | 7 000 000.00 | 6 906 934.58 | 0.51 |
| USD	INTERNATIONAL FINANCE CORP 2.87500% 18-31.07.23 | 5 000 000.00 | 5 206 950.55 | 0.39 |
| USD	INTERNATIONAL FINANCE CORP 0.37500% 20-16.07.25 | 2 000 000.00 | 1 954 004.68 | 0.15 |
| USD	INTERNATIONAL FINANCE CORP 0.75000% 21-08.10.26 | 8 000 000.00 | 7 798 924.08 | 0.58 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 15-03.03.25 | 6 000 000.00 | 6 234 960.00 | 0.46 |
| USD	KOMMUNINVEST I SVERIGE AB-REG-S 0.62500% 21-15.09.25 | 5 000 000.00 | 4 911 480.00 | 0.36 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.12500% 21-16.05.23 | 8 000 000.00 | 7 956 665.12 | 0.59 |
| USD	LANDESBANK BADEN-WUERTTEMBERG-REG-S 2.37500% 19-31.05.22 | 2 550 000.00 | 2 580 885.59 | 0.19 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 20-21.05.26 | 8 250 000.00 | 8 528 437.50 | 0.63 |
| USD	MUNICIPALITY FINANCE PLC-REG-S 0.87500% 21-02.09.26 | 9 000 000.00 | 8 830 807.02 | 0.65 |

Focused SICAV – High Grade 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 | NESTLE HOLDINGS INC-REG-S 2.37500% 17-17.11.22 | 8 200 000.00 | 8 373 266.00 | 0.62 |
| USD | NEW DEVELOPMENT BANK/THE-REG-S 1.12500% 21-27.04.26 | 7 000 000.00 | 6 911 770.11 | 0.51 |
| USD | NEW DEVELOPMENT BANK/THE-REG-S 0.62500% 21-22.07.24 | 5 000 000.00 | 4 953 209.50 | 0.37 |
| USD | OESTERREICHISCHE KONTROLLBANK AG 0.50000% 21-16.09.24 | 3 500 000.00 | 3 465 945.00 | 0.26 |
| USD | PSA TREASURY PTE LTD-REG-S 2.50000% 16-12.04.26 | 3 850 000.00 | 3 997 776.47 | 0.30 |
| USD | SFIL SA-REG-S 0.62500% 21-09.02.26 | 5 000 000.00 | 4 866 661.90 | 0.36 |
| USD | SP POWERASSETS LTD-REG-S 2.70000% 12-14.09.22 | 3 000 000.00 | 3 053 823.30 | 0.23 |
| USD | SUMITOMO MITSUI BANKING CORP-REG-S 2.44000% 19-18.06.24 | 11 550 000.00 | 11 966 923.81 | 0.89 |
| USD | UBS AG/LONDON-144A 0.45000% 21-09.02.24 | 555 000.00 | 548 259.51 | 0.04 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 1.25000% 21-14.04.26 | 900 000.00 | 889 819.72 | 0.07 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 1.62500% 19-05.09.22 | 9 700 000.00 | 9 781 480.00 | 0.72 |
| Total USD |  |  | 201 096 417.23 | 14.90 |
| Total Medium term notes, fixed rate |  | 201 096 417.23 | 14.90 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 7.37500% 93-06.04.23 | 7 475 000.00 | 8 197 677.02 | 0.61 |
| USD	ALBERTA, PROVINCE OF 2.95000% 19-23.01.24 | 4 100 000.00 | 4 302 437.67 | 0.32 |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 8 200 000.00 | 8 508 659.23 | 0.63 |
| USD	BANK OF NOVA SCOTIA/THE-REG-S 1.18800% 21-13.10.26 | 10 000 000.00 | 9 883 751.80 | 0.73 |
| USD	BRITISH COLUMBIA, PROVINCE OF 2.25000% 16-02.06.26 | 3 800 000.00 | 3 971 570.00 | 0.29 |
| USD	DBS BANK LTD-REG-S 3.30000% 18-27.11.21 | 10 600 000.00 | 10 620 196.18 | 0.79 |
| USD	EUROPEAN INVESTMENT BANK 0.375% 21-24.07.24 | 5 000 000.00 | 4 950 250.00 | 0.37 |
| USD	EUROPEAN INVESTMENT BANK 0.75000% 21-26.10.26 | 10 000 000.00 | 9 762 426.30 | 0.72 |
| USD	FAB SUKUK CO LTD-REG-S 3.62500% 18-05.03.23 | 2 000 000.00 | 2 078 500.00 | 0.15 |
| USD	FAB SUKUK CO LTD-REG-S 1.41100% 21-14.01.26 | 2 000 000.00 | 1 985 624.99 | 0.15 |
| USD	IDB TRUST SERVICES LTD-REG-S 2.84300% 19-25.04.24 | 5 000 000.00 | 5 225 000.00 | 0.39 |
| USD	IDB TRUST SERVICES LTD-REG-S 0.90800% 20-25.06.25 | 4 100 000.00 | 4 039 082.20 | 0.30 |
| USD	ING BANK NV-REG-S 2.62500% 12-05.12.22 | 25 850 000.00 | 26 460 421.90 | 1.96 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.12500% 15-15.01.25 | 7 000 000.00 | 7 274 461.88 | 0.54 |
| USD	INTERNATIONAL FINANCE CORP 0.50000% 20-20.03.23 | 5 000 000.00 | 5 006 923.80 | 0.37 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.37500% 20-28.07.25 | 9 000 000.00 | 8 795 736.63 | 0.65 |
| USD	KOREA DEVELOPMENT BANK 0.80000% 21-19.07.26 | 5 000 000.00 | 4 847 850.00 | 0.36 |
| USD	KOREA NATIONAL OIL CORP-REG-S 0.87500% 20-05.10.25 | 7 000 000.00 | 6 818 370.30 | 0.51 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 20-18.07.25 | 5 000 000.00 | 4 879 920.50 | 0.36 |
| USD	MICROSOFT CORP 2.40000% 16-08.08.26 | 4 955 000.00 | 5 197 901.63 | 0.39 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.37500% 16-14.01.26 | 5 000 000.00 | 5 410 256.00 | 0.40 |
| USD	ONTARIO, PROVINCE OF 1.75000% 20-24.01.23 | 10 000 000.00 | 10 165 630.39 | 0.75 |
| USD	ROYAL BANK OF CANADA-REG-S 1.90000% 19-23.09.22 | 10 000 000.00 | 10 132 484.40 | 0.75 |
| USD	ROYAL BANK OF CANADA REG-S 1.05000% 21-14.09.26 | 5 000 000.00 | 4 927 329.25 | 0.36 |
| USD	SWEDISH EXPORT CREDIT CORP 0.62500% 21-07.10.24 | 3 000 000.00 | 2 977 689.57 | 0.22 |
| USD	WESTPAC BANKING CORP-REG-S 3.15000% 19-16.01.24 | 16 500 000.00 | 17 374 582.50 | 1.29 |
| USD	WESTPAC BANKING CORP-REG-S 2.00000% 20-16.01.25 | 10 000 000.00 | 10 287 898.00 | 0.76 |
| Total USD |  | 204 082 632.14 | 15.12 |
| Total Bonds, fixed rate |  | 204 082 632.14 | 15.12 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 7.12500% 93-15.02.23 | 1 401 000.00 | 1 524 080.04 | 0.11 |
| USD	AMERICA, UNITED STATES OF 7.50000% 94-15.11.24 | 4 100 000.00 | 4 928 968.75 | 0.37 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.10.24 | 8 200 000.00 | 8 560 351.54 | 0.63 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.03.25 | 21 000 000.00 | 22 228 007.76 | 1.65 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.04.23 | 12 300 000.00 | 12 739 628.93 | 0.94 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 28 000 000.00 | 29 920 625.00 | 2.22 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 8 200 000.00 | 8 596 226.54 | 0.64 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-31.01.24 | 5 300 000.00 | 5 526 285.14 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-28.02.26 | 10 000 000.00 | 10 592 578.11 | 0.78 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-30.04.24 | 12 300 000.00 | 12 784 792.93 | 0.95 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.08.25 | 28 900 000.00 | 29 993 910.09 | 2.22 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.02.26 | 4 000 000.00 | 4 088 906.24 | 0.30 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 12 300 000.00 | 12 509 003.94 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.10.23 | 9 300 000.00 | 9 505 980.49 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 9 000 000.00 | 9 200 039.04 | 0.68 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 8 200 000.00 | 8 496 289.04 | 0.63 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.01.24 | 8 000 000.00 | 8 298 124.96 | 0.62 |
| USD	AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 12 300 000.00 | 12 560 414.12 | 0.93 |
| USD	AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 9 000 000.00 | 9 329 414.04 | 0.69 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-29.02.24 | 5 300 000.00 | 5 486 742.21 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.03.24 | 6 000 000.00 | 6 212 578.14 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 | 7 000 000.00 | 7 316 367.17 | 0.54 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.06.25 | 18 500 000.00 | 19 693 105.51 | 1.46 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 12 300 000.00 | 12 797 285.19 | 0.95 |
| USD	AMERICA, UNITED STATES OF 1.37500% 19-31.08.26 | 10 000 000.00 | 10 096 875.00 | 0.75 |
| USD	AMERICA, UNITED STATES OF 1.25000% 19-31.08.24 | 12 300 000.00 | 12 478 734.38 | 0.92 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 12 300 000.00 | 12 565 699.18 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 12 300 000.00 | 12 566 660.19 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 12 300 000.00 | 12 563 777.32 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 30 100 000.00 | 30 984 187.50 | 2.30 |
| USD	AMERICA, UNITED STATES OF 1.50000% 20-15.01.23 | 6 000 000.00 | 6 090 234.36 | 0.45 |
| USD	AMERICA, UNITED STATES OF 1.37500% 20-15.02.23 | 6 000 000.00 | 6 084 609.36 | 0.45 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-15.06.23 | 10 000 000.00 | 9 977 734.40 | 0.74 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.07.23 | 10 000 000.00 | 9 951 953.10 | 0.74 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.08.23 | 9 000 000.00 | 8 950 078.08 | 0.66 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.10.23 | 9 000 000.00 | 8 936 367.21 | 0.66 |
| USD	AMERICA, UNITED STATES OF TB 0.25000% 20-31.10.25 | 13 000 000.00 | 12 594 257.78 | 0.93 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-15.11.23 | 5 000 000.00 | 4 972 656.25 | 0.37 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.12.23 | 2 000 000.00 | 1 982 031.23 | 0.15 |
| USD	AMERICA, UNITED STATES OF 0.37500% 20-31.12.25 | 8 000 000.00 | 7 769 375.04 | 0.58 |
| USD	AMERICA, UNITED STATES OF TB 0.12500% 21-31.01.23 | 5 000 000.00 | 4 991 210.95 | 0.37 |
| USD	AMERICA, UNITED STATES OF 0.12500% 21-15.02.24 | 10 000 000.00 | 9 895 703.10 | 0.73 |
| USD	AMERICA, UNITED STATES OF 0.12500% 21-28.02.23 | 9 000 000.00 | 8 979 609.42 | 0.67 |
| USD	AMERICA, UNITED STATES OF TIGER STRIP 0.50000% 21-28.02.26 | 10 000 000.00 | 9 742 187.50 | 0.72 |

Focused SICAV – High Grade 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 TN 0.12500% 21-31.03.23 | 10 000 000.00 | 9 971 484.40 | 0.74 |
| --- | --- | --- | --- | --- |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.05.26 | 2 500 000.00 | 2 455 957.02 | 0.18 |
| USD | AMERICA, UNITED STATES OF 0.25000% 21-15.06.24 | 10 000 000.00 | 9 883 984.40 | 0.73 |
| USD | AMERICA, UNITED STATES OF 0.87500% 21-30.06.26 | 12 500 000.00 | 12 335 937.50 | 0.91 |
| Total USD |  |  | 509 711 009.59 | 37.76 |
| Total Treasury notes, fixed rate |  | 509 711 009.59 | 37.76 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 1 196 444 677.87 | 88.64 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BANQUE FEDER DU CREDIT MUTUE-REG-S 2.37500% 19-21.11.24 | 1 000 000.00 | 1 034 830.50 | 0.08 |
| USD	CDP FINANCIAL INC-144A 3.15000% 14-24.07.24 | 10 000 000.00 | 10 626 210.00 | 0.79 |
| USD	FANNIE MAE 0.25000% 20-27.11.23 | 10 000 000.00 | 9 947 280.50 | 0.74 |
| USD	FANNIE MAE 0.50000% 20-07.11.25 | 5 000 000.00 | 4 898 289.40 | 0.36 |
| USD	FREDDIE MAC 0.25000% 20-24.08.23 | 9 908 000.00 | 9 868 649.29 | 0.73 |
| USD	FREDDIE MAC 0.37500% 20-21.07.25 | 15 000 000.00 | 14 688 985.65 | 1.09 |
| USD	NESTLE HOLDINGS INC-REG-S 0.60600% 21-14.09.24 | 4 000 000.00 | 3 981 872.36 | 0.29 |
| USD	NESTLE HOLDINGS INC-REG-S 1.15000% 21-14.01.27 | 12 500 000.00 | 12 270 987.00 | 0.91 |
| Total USD |  | 67 317 104.70 | 4.99 |
| Total Notes, fixed rate |  | 67 317 104.70 | 4.99 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	INTER-AMERICAN DEVELOPMENT BANK 0.50000% 03-17.04.23 | 6 000 000.00 | 5 984 721.42 | 0.44 |
| Total USD |  | 5 984 721.42 | 0.44 |
| Total Medium term notes, fixed rate |  | 5 984 721.42 | 0.44 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	FANNIE MAE 1.87500% 16-24.09.26 | 7 300 000.00 | 7 539 943.48 | 0.56 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 0.50000% 20-14.04.25 | 3 800 000.00 | 3 747 888.77 | 0.28 |
| USD	FEDERATION DES CAISSES DESJARDINS-REG-S 1.20000% 21-14.10.26 | 5 000 000.00 | 4 942 236.65 | 0.36 |
| USD	HSBC BANK CANADA-REG-S 0.95000% 20-14.05.23 | 5 000 000.00 | 5 029 730.95 | 0.37 |
| Total USD |  | 21 259 799.85 | 1.57 |
| Total Bonds, fixed rate |  | 21 259 799.85 | 1.57 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 94 561 625.97 | 7.00 |

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 | FANNIE MAE 0.37500% 20-25.08.25 | 15 000 000.00 | 14 653 894.50 | 1.09 |
| USD | NEW YORK LIFE GLOBAL FUNDING-REG-S 1.10000% 20-05.05.23 | 2 440 000.00 | 2 463 085.84 | 0.18 |
| USD | SKANDINAVISKA ENSK BANK-REG-S 0.65000% 21-09.09.24 | 7 000 000.00 | 6 927 760.00 | 0.51 |
| USD | SKANDINAVISKA ENSK BANK-REG-S 1.20000% 21-09.09.26 | 10 000 000.00 | 9 837 400.00 | 0.73 |
| Total USD |  |  | 33 882 140.34 | 2.51 |
| Total Notes, fixed rate |  | 33 882 140.34 | 2.51 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 33 882 140.34 | 2.51 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ROCHE HOLDINGS INC-144A 0.99100% 21-05.03.26 | 3 000 000.00 | 2 941 790.25 | 0.22 |
| Total USD |  | 2 941 790.25 | 0.22 |
| Total Notes, fixed rate |  | 2 941 790.25 | 0.22 |
| Total Recently issued transferable securities and money market instruments |  | 2 941 790.25 | 0.22 |
| Total investments in securities |  | 1 327 830 234.43 | 98.37 |

Focused SICAV – High Grade 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) |  |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange Financial Futures on bonds |  |  |  |
|  |  |  |  |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.21 | -500.00 | 802 734.55 | 0.06 |
| Total Financial Futures on bonds |  | 802 734.55 | 0.06 |
| Total Derivative instruments listed on an official stock exchange |  | 802 734.55 | 0.06 |
| Total Derivative instruments |  | 802 734.55 | 0.06 |
| Forward Foreign Exchange contracts Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| GBP | 15 476 800.00 | USD | 20 922 465.30 | 1.11.2021 | 292 358.30 | 0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 3 856 700.00 | USD | 2 840 704.44 | 1.11.2021 | 19 288.14 | 0.00 |
| JPY | 1 044 299 300.00 | USD | 9 385 771.28 | 1.11.2021 | -227 259.55 | -0.02 |
| EUR | 428 672 200.00 | USD | 500 556 669.89 | 1.11.2021 | -4 475 766.51 | -0.33 |
| CHF | 185 429 300.00 | USD | 199 796 033.37 | 1.11.2021 | 3 136 169.07 | 0.23 |
| SGD | 120 800.00 | USD | 89 150.27 | 1.11.2021 | 430.75 | 0.00 |
| USD | 2 191 843.76 | CHF | 2 030 400.00 | 1.11.2021 | -30 208.22 | 0.00 |
| GBP | 196 400.00 | USD | 267 661.46 | 1.11.2021 | 1 553.84 | 0.00 |
| SGD | 16 500.00 | USD | 12 166.29 | 1.11.2021 | 69.53 | 0.00 |
| EUR | 1 002 700.00 | USD | 1 157 417.91 | 1.11.2021 | 2 956.66 | 0.00 |
| USD | 5 469 457.56 | EUR | 4 725 800.00 | 1.11.2021 | 525.51 | 0.00 |
| USD | 777 458.11 | EUR | 670 300.00 | 1.11.2021 | 1 753.44 | 0.00 |
| SGD | 11 500.00 | USD | 8 527.67 | 1.11.2021 | 0.32 | 0.00 |
| CHF | 328 700.00 | USD | 355 782.06 | 1.11.2021 | 3 944.34 | 0.00 |
| USD | 118 628.57 | GBP | 86 400.00 | 1.11.2021 | 195.77 | 0.00 |
| CHF | 446 300.00 | USD | 485 646.60 | 1.11.2021 | 2 780.21 | 0.00 |
| USD | 154 764.29 | JPY | 17 660 300.00 | 1.11.2021 | -116.66 | 0.00 |
| GBP | 53 400.00 | USD | 73 599.06 | 1.11.2021 | -401.01 | 0.00 |
| CHF | 311 000.00 | USD | 339 604.44 | 1.11.2021 | 751.24 | 0.00 |
| USD | 32 811.49 | SGD | 44 200.00 | 1.11.2021 | 34.33 | 0.00 |
| GBP | 446 000.00 | USD | 614 270.05 | 1.11.2021 | -2 915.55 | 0.00 |
| USD | 32 302.28 | JPY | 3 690 100.00 | 1.11.2021 | -59.92 | 0.00 |
| SGD | 52 200.00 | USD | 38 712.11 | 1.11.2021 | -2.43 | 0.00 |
| GBP | 16 086 200.00 | USD | 22 103 593.79 | 29.11.2021 | -53 054.46 | 0.00 |
| SGD | 4 013 500.00 | USD | 2 976 306.13 | 29.11.2021 | -381.20 | 0.00 |
| JPY | 1 022 948 900.00 | USD | 8 998 841.62 | 29.11.2021 | -25 955.51 | 0.00 |
| EUR | 424 278 800.00 | USD | 492 430 703.64 | 29.11.2021 | -1 184 741.97 | -0.09 |
| CHF | 184 484 900.00 | USD | 201 019 563.15 | 29.11.2021 | 1 016 108.18 | 0.08 |
| USD | 1 093 744.46 | EUR | 947 600.00 | 29.11.2021 | -3 422.48 | 0.00 |
| CHF | 527 600.00 | USD | 575 551.56 | 29.11.2021 | 2 241.10 | 0.00 |
| Total Forward Foreign Exchange contracts | -1 523 124.74 | -0.11 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 7 990 475.88 | 0.59 |
| Bank overdraft and other short-term liabilities | -415 704.00 | -0.03 |
| Other assets and liabilities | 15 113 605.91 | 1.12 |
| Total net assets | 1 349 798 222.03 | 100.00 |

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

Translation (ENDE, 2021-10-31):
# Focused SICAV – High Grade Bond USD
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| Nettovermögen in USD |  | 1 349 798 222.03 | 1 451 498 055.36 | 3 242 882 467.48 |
| Klasse F-acc | LU0224580786 |  |  |  |
| Aktien im Umlauf |  | 3 518 934.5730 | 3 499 351.2390 | 7 324 921.0680 |
| Nettoinventarwert pro Aktie in USD |  | 157.33 | 158.35 | 151.85 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 157.33 | 158.35 | 151.85 |
| Klasse (CHF hedged) F-acc | LU1339538412 |  |  |  |
| Aktien im Umlauf |  | 1 861 414.0670 | 2 268 141.1220 | 8 153 056.8350 |
| Nettoinventarwert pro Aktie in CHF |  | 97.87 | 99.53 | 97.38 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 97.87 | 99.53 | 97.38 |
| Klasse (EUR hedged) F-acc | LU1132652998 |  |  |  |
| Aktien im Umlauf |  | 4 191 953.0110 | 4 102 653.7330 | 10 446 336.9250 |
| Nettoinventarwert pro Aktie in EUR |  | 101.15 | 102.64 | 100.09 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 101.15 | 102.64 | 100.09 |
| Klasse (GBP hedged) F-acc | LU1339538503 |  |  |  |
| Aktien im Umlauf |  | 76 019.3990 | 482 061.8840 | 291 623.2030 |
| Nettoinventarwert pro Aktie in GBP |  | 106.12 | 107.05 | 103.42 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 106.12 | 107.05 | 103.42 |
| Klasse (JPY hedged) F-acc | LU1786948718 |  |  |  |
| Aktien im Umlauf |  | 100 247.0000 | 96 770.0000 | 192 476.0000 |
| Nettoinventarwert pro Aktie in JPY |  | 10 295 | 10 391 | 10 110 |
| Ausgabe- und Rücknahmepreis pro Aktie in JPY 1 |  | 10 295 | 10 391 | 10 110 |
| Klasse (SGD hedged) F-acc | LU1344159089 |  |  |  |
| Aktien im Umlauf |  | 37 057.0400 | 14 400.2070 | 62 480.6770 |
| Nettoinventarwert pro Aktie in SGD |  | 109.66 | 110.34 | 106.05 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 109.66 | 110.34 | 106.05 |
| Klasse F-UKdist | LU0721134624 |  |  |  |
| Aktien im Umlauf |  | 635 479.0000 | 697 870.2710 | 815 779.0000 |
| Nettoinventarwert pro Aktie in USD |  | 101.07 | 104.05 | 102.32 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 101.07 | 104.05 | 102.32 |
| Klasse (CHF hedged) F-UKdist | LU1554453867 |  |  |  |
| Aktien im Umlauf |  | 46 104.3590 | 30 090.5410 | 82 046.4110 |
| Nettoinventarwert pro Aktie in CHF |  | 91.00 | 94.59 | 95.23 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 91.00 | 94.59 | 95.23 |
| Klasse (EUR hedged) F-UKdist | LU1554452620 |  |  |  |
| Aktien im Umlauf |  | 29 500.0000 | 14 053.0000 | 50 650.0000 |
| Nettoinventarwert pro Aktie in EUR |  | 92.64 | 96.09 | 96.51 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 92.64 | 96.09 | 96.51 |
| Klasse (GBP hedged) F-UKdist | LU1554454329 |  |  |  |
| Aktien im Umlauf |  | 82 380.9750 | 44 165.1420 | 6 263.7580 |
| Nettoinventarwert pro Aktie in GBP |  | 97.54 | 100.64 | 99.45 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 97.54 | 100.64 | 99.45 |
| 1  Siehe Erläuterung 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2020/2021 | 2019/2020 | 2018/2019 |
| Klasse F-acc | USD | -0.6% | 4.3% | 6.1% |
| Klasse (CHF hedged) F-acc | CHF | -1.7% | 2.2% | 2.5% |
| Klasse (EUR hedged) F-acc | EUR | -1.5% | 2.5% | 3.0% |
| Klasse (GBP hedged) F-acc | GBP | -0.9% | 3.5% | 4.4% |
| Klasse (JPY hedged) F-acc | JPY | -0.9% | 2.8% | - |
| Klasse (SGD hedged) F-acc | SGD | -0.6% | 4.0% | 5.5% |
| Klasse F-UKdist | USD | -0.6% | 4.3% | 6.1% |
| Klasse (CHF hedged) F-UKdist | CHF | -1.7% | 2.2% | 2.4% |
| Klasse (EUR hedged) F-UKdist | EUR | -1.5% | 2.6% | 3.0% |
| Klasse (GBP hedged) F-UKdist | GBP | -0.9% | 3.5% | 4.3% |

Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar.
Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Aktien erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
Der Subfonds verfügt über keine Benchmark.
Focused SICAV – High Grade Bond USD Jahresbericht 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 5-jährigen US- Treasuries um 80 Basispunkte (Bp.) und beendete den Berichtszeitraum bei 1.19%, nachdem sie zwischenzeit- lich eine Talsohle von 0.32% 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 Sub- fonds das Rechnungsjahr mit einem negativen absoluten Ertrag. Die Positionierung in US-Treasuries gegenüber erstklassigen Unternehmensanleihen kam der relativen Wertentwicklung zugute.
Focused SICAV – High Grade Bond USD
Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| Vereinigte Staaten | 53.23 |
| --- | --- |
| Kanada | 6.81 |
| Supranational | 5.55 |
| Deutschland | 3.46 |
| Australien | 2.78 |
| Südkorea | 2.74 |
| Singapur | 2.55 |
| Niederlande | 2.18 |
| Norwegen | 2.03 |
| Schweden | 1.83 |
| Finnland | 1.79 |
| Vereinigte Arabische Emirate | 1.74 |
| Belgien | 1.45 |
| Luxemburg | 1.40 |
| Frankreich | 1.32 |
| China | 1.14 |
| Japan | 0.89 |
| Katar | 0.78 |
| Elfenbeinküste | 0.76 |
| Philippinen | 0.75 |
| Jersey | 0.69 |
| Britische Jungferninseln | 0.58 |
| Schweiz | 0.48 |
| Grossbritannien | 0.46 |
| Hongkong | 0.36 |
| Cayman-Inseln | 0.30 |
| Österreich | 0.26 |
| Saudiarabia | 0.06 |
| Total | 98.37 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Länder- & Zentralregierungen | 39.08 |
| --- | --- |
| Banken & Kreditinstitute | 22.26 |
| Supranationale Organisationen | 13.08 |
| Finanz- & Beteiligungsgesellschaften | 7.00 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 4.56 |
| Kantone, Bundesstaaten | 3.15 |
| Erdöl | 2.04 |
| Computer & Netzwerkausrüster | 1.79 |
| Internet, Software & IT-Dienste | 1.51 |
| Nahrungsmittel & Softdrinks | 1.50 |
| Öffentlich-rechtliche Körperschaften | 0.55 |
| Baugewerbe & Baumaterial | 0.51 |
| Diverse Konsumgüter | 0.37 |
| Anlagefonds | 0.37 |
| Diverse Dienstleistungen | 0.23 |
| Biotechnologie | 0.22 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.15 |
| Total | 98.37 |


## Nettovermögensaufstellung
Aktiva	31.10.2021
USD
Wertpapierbestand, Einstandswert	1 342 830 949.93
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-15 000 715.50	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 1 327 830 234.43 |
| Bankguthaben, Sicht- und Fristgelder | 7 990 475.88 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 17 798 991.35 |
| Forderungen aus Zeichnungen | 2 348 712.39 |
| Zinsforderungen aus Wertpapieren | 6 171 869.51 |
| Nicht realisierter Kursgewinn aus Finanzterminkontrakten (Erläuterung 1) | 802 734.55 |
| Total Aktiva | 1 362 943 018.11 |
|  |  |
| Passiva |  |
| Nicht realisierter Kursverlust aus Devisenterminkontrakten (Erläuterung 1) | -1 523 124.74 |
| Andere kurzfristige Verbindlichkeiten (Margins) | -415 704.00 |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -7 391 934.00 |
| Verbindlichkeiten aus Rücknahmen | -3 592 341.55 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -54 090.62 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -10 636.99 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-156 964.18	 |
| Total Rückstellungen für Aufwendungen | -221 691.79 |
| Total Passiva | -13 144 796.08 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 1 349 798 222.03 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2020-31.10.2021 |
| Zinsertrag auf liquide Mittel | 23.18 |
| Zinsen auf Wertpapiere | 23 304 153.83 |
| Dividenden | 494.96 |
| Nettoerträge aus Securities Lending | 391 781.37 |
| Sonstige Erträge (Erläuterung 4) | 246 978.74 |
| Total Erträge | 23 943 432.08 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -1 540 237.99 |
| Abonnementsabgabe (Erläuterung 3) | -121 923.70 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -72 347.29 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -1 058.95 |
| Total Aufwendungen | -1 735 567.93 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 22 207 864.15 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 7 280 597.15 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 28 359.66 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -4 399 128.01 |
| Realisierter Währungsgewinn (-verlust) | -4 432 762.51 |
| Total der realisierten Gewinne (Verluste) | -1 522 933.71 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 20 684 930.44 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -39 084 518.76 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | 802 734.55 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 3 138 807.20 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -35 142 977.01 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -14 458 046.57 |

Focused SICAV – High Grade 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 |  | 1 451 498 055.36 |
| Zeichnungen |  | 547 073 226.49 |
| Rücknahmen |  | 	-632 515 851.12	 |
| Total Mittelzufluss (-abfluss) |  | -85 442 624.63 |
| Ausbezahlte Dividende |  | -1 799 162.13 |
| Nettoerträge (-verluste) aus Anlagen |  | 22 207 864.15 |
| Total der realisierten Gewinne (Verluste) |  | -1 522 933.71 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	-35 142 977.01	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | -14 458 046.57 |
| Nettovermögen am Ende des Geschäftsjahres |  | 1 349 798 222.03 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.11.2020-31.10.2021 |
| Klasse |  | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 3 499 351.2390 |
| Anzahl der ausgegebenen Aktien |  | 1 479 787.7230 |
| Anzahl der zurückgegebenen Aktien |  | -1 460 204.3890 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 3 518 934.5730 |
| Klasse |  | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 2 268 141.1220 |
| Anzahl der ausgegebenen Aktien |  | 518 353.0270 |
| Anzahl der zurückgegebenen Aktien |  | -925 080.0820 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 1 861 414.0670 |
| Klasse |  | (EUR hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 4 102 653.7330 |
| Anzahl der ausgegebenen Aktien |  | 1 903 393.4340 |
| Anzahl der zurückgegebenen Aktien |  | -1 814 094.1560 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 4 191 953.0110 |
| Klasse |  | (GBP hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 482 061.8840 |
| Anzahl der ausgegebenen Aktien |  | 25 454.3610 |
| Anzahl der zurückgegebenen Aktien |  | -431 496.8460 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 76 019.3990 |
| Klasse |  | (JPY hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 96 770.0000 |
| Anzahl der ausgegebenen Aktien |  | 37 847.0000 |
| Anzahl der zurückgegebenen Aktien |  | -34 370.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 100 247.0000 |
| Klasse |  | (SGD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 14 400.2070 |
| Anzahl der ausgegebenen Aktien |  | 27 991.8330 |
| Anzahl der zurückgegebenen Aktien |  | -5 335.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 37 057.0400 |
| Klasse |  | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 697 870.2710 |
| Anzahl der ausgegebenen Aktien |  | 33 244.5850 |
| Anzahl der zurückgegebenen Aktien |  | -95 635.8560 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 635 479.0000 |
| Klasse |  | (CHF hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 30 090.5410 |
| Anzahl der ausgegebenen Aktien |  | 22 265.0050 |
| Anzahl der zurückgegebenen Aktien |  | -6 251.1870 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 46 104.3590 |
| Klasse |  | (EUR hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 14 053.0000 |
| Anzahl der ausgegebenen Aktien |  | 21 472.0000 |
| Anzahl der zurückgegebenen Aktien |  | -6 025.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 29 500.0000 |
| Klasse |  | (GBP hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 44 165.1420 |
| Anzahl der ausgegebenen Aktien |  | 53 613.1090 |
| Anzahl der zurückgegebenen Aktien |  | -15 397.2760 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 82 380.9750 |
| Jährliche Ausschüttung 1 |  |  |
| Focused SICAV – High Grade Bond USD	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| F-UKdist	16.11.2020 | 17.11.2020 | USD	2.32 |
| (CHF hedged) F-UKdist	16.11.2020 | 17.11.2020 | CHF	2.04 |
| (EUR hedged) F-UKdist	16.11.2020 | 17.11.2020 | EUR	2.08 |
| (GBP hedged) F-UKdist	16.11.2020 | 17.11.2020 | GBP	2.23 |
| 1  Siehe Erläuterung 5 |  |  |

Focused SICAV – High Grade 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,GOVERNMENT OF-REG-S 3.12500% 16-03.05.26 | 5 000 000.00 | 5 356 250.00 | 0.40 |
| USD	AFRICAN DEVELOPMENT BANK 3.00000% 18-20.09.23 | 7 000 000.00 | 7 323 809.22 | 0.54 |
| USD	APPLE INC 0.70000% 21-08.02.26 | 7 000 000.00 | 6 861 639.82 | 0.51 |
| USD	APPLE INC 2.40000% 13-03.05.23 | 2 800 000.00 | 2 878 538.80 | 0.21 |
| USD	APPLE INC 3.20000% 15-13.05.25 | 13 500 000.00 | 14 451 479.46 | 1.07 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 19-30.01.24 | 4 100 000.00 | 4 281 548.00 | 0.32 |
| USD	ASIAN INFRAS INVEST BANK/THE 0.50000% 21-30.10.24 | 4 165 000.00 | 4 125 367.07 | 0.31 |
| USD	BANK OF ENGLAND-REG-S 0.50000% 20-28.04.23 | 6 200 000.00 | 6 203 955.60 | 0.46 |
| USD	BANQUE FEDERATIVE DU CRT MUT SA-REG-S 1.60400% 21-04.10.26 | 5 000 000.00 | 4 983 125.85 | 0.37 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.75000% 17-10.03.22 | 3 000 000.00 | 3 026 104.95 | 0.22 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 1.12500% 21-15.06.26 | 5 000 000.00 | 4 918 434.50 | 0.36 |
| USD	COUNCIL OF EUROPE DEVELOPMENT BK 1.37500% 20-27.02.25 | 10 000 000.00 | 10 136 515.19 | 0.75 |
| USD	CPPIB CAPITAL INC-REG-S 1.25000% 20-04.03.25 | 7 500 000.00 | 7 568 845.35 | 0.56 |
| USD	DEXIA CREDIT LOCAL SA-REG-S 0.50000% 21-16.07.24 | 5 000 000.00 | 4 955 418.00 | 0.37 |
| USD	EQUINOR ASA 1.75000% 20-22.01.26 | 6 000 000.00 | 6 085 003.56 | 0.45 |
| USD	EQUINOR ASA 2.45000% 12-17.01.23 | 3 400 000.00 | 3 478 026.70 | 0.26 |
| USD	EUROPEAN INVESTMENT BANK 0.62500% 20-25.07.25 | 9 300 000.00 | 9 172 274.18 | 0.68 |
| USD	EUROPEAN STABILITY MECHANISM-REG-S 0.25000% 21-08.09.23 | 6 000 000.00 | 5 965 100.22 | 0.44 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 8 200 000.00 | 8 668 207.05 | 0.64 |
| USD	INTERNATIONAL BK FOR RECONST & DEV 0.87500% 21-15.07.26 | 5 000 000.00 | 4 919 545.11 | 0.36 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.62500% 20-15.01.25 | 15 000 000.00 | 15 340 059.90 | 1.14 |
| USD	JOHNSON & JOHNSON 2.05000% 16-01.03.23 | 2 000 000.00 | 2 038 044.38 | 0.15 |
| USD	KOMMUNALBANKEN AS-REG-S 0.87500% 20-12.03.25 | 7 000 000.00 | 6 974 646.00 | 0.52 |
| USD	KOREA DEVELOPMENT BANK 3.00000% 12-14.09.22 | 9 000 000.00 | 9 187 312.50 | 0.68 |
| USD	KOREA DEVELOPMENT BANK 2.62500% 17-27.02.22 | 9 200 000.00 | 9 250 600.00 | 0.69 |
| USD	KOREA EXPRESSWAY CORP-REG-S 1.12500% 21-17.05.26 | 7 000 000.00 | 6 863 780.00 | 0.51 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 15-02.05.25 | 5 000 000.00 | 5 180 491.70 | 0.38 |
| USD	MICROSOFT CORP 2.87500% 17-06.02.24 | 7 000 000.00 | 7 322 002.73 | 0.54 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 2.50000% 16-12.07.26 | 2 700 000.00 | 2 834 141.40 | 0.21 |
| USD	NESTLE HOLDINGS INC-REG-S 0.62500% 20-15.01.26 | 4 100 000.00 | 3 983 443.48 | 0.30 |
| USD	NORDIC INVESTMENT BANK 2.87500% 18-19.07.23 | 8 200 000.00 | 8 529 641.23 | 0.63 |
| USD	NORDIC INVESTMENT BANK 2.25000% 19-21.05.24 | 6 600 000.00 | 6 850 932.00 | 0.51 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 12-21.09.22 | 2 000 000.00 | 2 037 293.38 | 0.15 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 17-17.05.22 | 2 000 000.00 | 2 019 831.72 | 0.15 |
| USD	OMERS FINANCE TRUST CP-REG-S 1.10000% 21-26.03.26 | 1 000 000.00 | 991 981.42 | 0.07 |
| USD	ONTARIO, PROVINCE OF 0.62500% 21-21.01.26 | 7 000 000.00 | 6 837 320.00 | 0.51 |
| USD	PROCTER & GAMBLE CO 2.15000% 17-11.08.22 | 5 000 000.00 | 5 072 348.35 | 0.38 |
| USD	PSP CAPITAL INC-REG-S 1.00000% 21-29.06.26 | 6 500 000.00 | 6 422 011.44 | 0.48 |
| USD	PSP CAPITAL INC-REG-S 0.50000% 21-15.09.24 | 2 800 000.00 | 2 770 792.21 | 0.21 |
| USD	QATAR PETROLEUM-REG-S 1.37500% 21-12.09.26 | 2 500 000.00 | 2 462 500.00 | 0.18 |
| USD	QATAR, STATE OF-REG-S 3.40000% 20-16.04.25 | 7 500 000.00 | 8 012 343.75 | 0.59 |
| USD	QUEBEC, PROVINCE OF 2.62500% 13-13.02.23 | 3 300 000.00 | 3 393 520.55 | 0.25 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.37500% 12-23.01.23 | 6 000 000.00 | 6 134 184.00 | 0.45 |
| USD	TSMC GLOBAL LTD-REG-S 1.25000% 21-23.04.26 | 8 000 000.00 | 7 848 720.00 | 0.58 |
| USD	UBS AG LONDON BRANCH-REG-S 1.25000% 21-01.06.26 | 1 000 000.00 | 985 719.93 | 0.07 |
| USD	UBS AG/LONDON-REG-S 0.70000% 21-09.08.24 | 5 000 000.00 | 4 968 164.95 | 0.37 |
| USD	WESTPAC BANKING CORP 1.15000% 21-03.06.26 | 1 000 000.00 | 985 671.70 | 0.07 |
| Total USD |  | 270 656 687.35 | 20.05 |
| Total Notes, fester Zins |  | 270 656 687.35 | 20.05 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	DNB BANK ASA-REG-S 0.856%/VAR 21-30.09.25 | 10 975 000.00 | 10 897 931.56 | 0.81 |
| Total USD |  | 10 897 931.56 | 0.81 |
| Total Notes, variabler Zins |  | 10 897 931.56 | 0.81 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AAREAL BANK AG-REG-S 0.62500% 21-14.02.25 | 13 000 000.00 | 12 752 099.62 | 0.94 |
| USD	ABU DHABI, EMIRATE OF-REG-S 2.50000% 20-16.04.25 | 8 200 000.00 | 8 560 800.00 | 0.63 |
| USD	AFRICAN DEVELOPMENT BANK 0.87500% 21-22.07.26 | 3 000 000.00 | 2 948 100.00 | 0.22 |
| USD	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.62500% 21-22.01.26 | 2 000 000.00 | 1 950 680.00 | 0.14 |
| USD	ARAB PETROLEUM INVESTMENTS CORP-REG-S 1.46000% 20-30.06.25 | 500 000.00 | 500 387.00 | 0.04 |
| USD	ARAB PETROLEUM INVESTMENTS CORP-REG-S 1.26000% 21-10.02.26 | 800 000.00 | 795 376.00 | 0.06 |
| USD	ASIAN DEVELOPMENT BANK 0.50000% 21-04.02.26 | 6 000 000.00 | 5 842 891.86 | 0.43 |
| USD	ASIAN DEVELOPMENT BANK 0.62500% 21-08.10.24 | 3 250 000.00 | 3 226 506.98 | 0.24 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 3.70000% 15-16.11.25 | 1 905 000.00 | 2 082 310.16 | 0.15 |
| USD	BNG BANK NV-REG-S 0.87500% 21-18.05.26 | 3 000 000.00 | 2 956 096.02 | 0.22 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.25000% 18-20.07.23 | 870 000.00 | 909 241.17 | 0.07 |
| USD	DEUTSCHE PFANDBRIEFBANK AG-REG-S 0.50000% 21-19.01.24 | 6 000 000.00 | 5 940 531.30 | 0.44 |
| USD	EMIRATES DEVELOPMENT BANK PJSC-REG-S 3.51600% 19-06.03.24 | 1 000 000.00 | 1 055 312.50 | 0.08 |
| USD	ERSTE ABWICKLUNGSANSTALT-REG-S 0.87500% 21-30.10.24 | 7 400 000.00 | 7 415 856.72 | 0.55 |
| USD	EUROCLEAR BANK-REG-S 1.26100% 21-03.08.26 | 20 000 000.00 | 19 584 851.00 | 1.45 |
| USD	HONG KONG GOVERNMEN INT BD-REG-S 0.62500% 21-02.02.26 | 5 000 000.00 | 4 856 392.46 | 0.36 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 0.87500% 21-20.04.26 | 7 000 000.00 | 6 906 934.58 | 0.51 |
| USD	INTERNATIONAL FINANCE CORP 2.87500% 18-31.07.23 | 5 000 000.00 | 5 206 950.55 | 0.39 |
| USD	INTERNATIONAL FINANCE CORP 0.37500% 20-16.07.25 | 2 000 000.00 | 1 954 004.68 | 0.15 |
| USD	INTERNATIONAL FINANCE CORP 0.75000% 21-08.10.26 | 8 000 000.00 | 7 798 924.08 | 0.58 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 15-03.03.25 | 6 000 000.00 | 6 234 960.00 | 0.46 |
| USD	KOMMUNINVEST I SVERIGE AB-REG-S 0.62500% 21-15.09.25 | 5 000 000.00 | 4 911 480.00 | 0.36 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.12500% 21-16.05.23 | 8 000 000.00 | 7 956 665.12 | 0.59 |
| USD	LANDESBANK BADEN-WUERTTEMBERG-REG-S 2.37500% 19-31.05.22 | 2 550 000.00 | 2 580 885.59 | 0.19 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 20-21.05.26 | 8 250 000.00 | 8 528 437.50 | 0.63 |
| USD	MUNICIPALITY FINANCE PLC-REG-S 0.87500% 21-02.09.26 | 9 000 000.00 | 8 830 807.02 | 0.65 |

Focused SICAV – High Grade 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 | NESTLE HOLDINGS INC-REG-S 2.37500% 17-17.11.22 | 8 200 000.00 | 8 373 266.00 | 0.62 |
| USD | NEW DEVELOPMENT BANK/THE-REG-S 1.12500% 21-27.04.26 | 7 000 000.00 | 6 911 770.11 | 0.51 |
| USD | NEW DEVELOPMENT BANK/THE-REG-S 0.62500% 21-22.07.24 | 5 000 000.00 | 4 953 209.50 | 0.37 |
| USD | OESTERREICHISCHE KONTROLLBANK AG 0.50000% 21-16.09.24 | 3 500 000.00 | 3 465 945.00 | 0.26 |
| USD | PSA TREASURY PTE LTD-REG-S 2.50000% 16-12.04.26 | 3 850 000.00 | 3 997 776.47 | 0.30 |
| USD | SFIL SA-REG-S 0.62500% 21-09.02.26 | 5 000 000.00 | 4 866 661.90 | 0.36 |
| USD | SP POWERASSETS LTD-REG-S 2.70000% 12-14.09.22 | 3 000 000.00 | 3 053 823.30 | 0.23 |
| USD | SUMITOMO MITSUI BANKING CORP-REG-S 2.44000% 19-18.06.24 | 11 550 000.00 | 11 966 923.81 | 0.89 |
| USD | UBS AG/LONDON-144A 0.45000% 21-09.02.24 | 555 000.00 | 548 259.51 | 0.04 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 1.25000% 21-14.04.26 | 900 000.00 | 889 819.72 | 0.07 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 1.62500% 19-05.09.22 | 9 700 000.00 | 9 781 480.00 | 0.72 |
| Total USD |  |  | 201 096 417.23 | 14.90 |
| Total Medium-Term Notes, fester Zins |  | 201 096 417.23 | 14.90 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 7.37500% 93-06.04.23 | 7 475 000.00 | 8 197 677.02 | 0.61 |
| USD	ALBERTA, PROVINCE OF 2.95000% 19-23.01.24 | 4 100 000.00 | 4 302 437.67 | 0.32 |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 8 200 000.00 | 8 508 659.23 | 0.63 |
| USD	BANK OF NOVA SCOTIA/THE-REG-S 1.18800% 21-13.10.26 | 10 000 000.00 | 9 883 751.80 | 0.73 |
| USD	BRITISH COLUMBIA, PROVINCE OF 2.25000% 16-02.06.26 | 3 800 000.00 | 3 971 570.00 | 0.29 |
| USD	DBS BANK LTD-REG-S 3.30000% 18-27.11.21 | 10 600 000.00 | 10 620 196.18 | 0.79 |
| USD	EUROPEAN INVESTMENT BANK 0.375% 21-24.07.24 | 5 000 000.00 | 4 950 250.00 | 0.37 |
| USD	EUROPEAN INVESTMENT BANK 0.75000% 21-26.10.26 | 10 000 000.00 | 9 762 426.30 | 0.72 |
| USD	FAB SUKUK CO LTD-REG-S 3.62500% 18-05.03.23 | 2 000 000.00 | 2 078 500.00 | 0.15 |
| USD	FAB SUKUK CO LTD-REG-S 1.41100% 21-14.01.26 | 2 000 000.00 | 1 985 624.99 | 0.15 |
| USD	IDB TRUST SERVICES LTD-REG-S 2.84300% 19-25.04.24 | 5 000 000.00 | 5 225 000.00 | 0.39 |
| USD	IDB TRUST SERVICES LTD-REG-S 0.90800% 20-25.06.25 | 4 100 000.00 | 4 039 082.20 | 0.30 |
| USD	ING BANK NV-REG-S 2.62500% 12-05.12.22 | 25 850 000.00 | 26 460 421.90 | 1.96 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.12500% 15-15.01.25 | 7 000 000.00 | 7 274 461.88 | 0.54 |
| USD	INTERNATIONAL FINANCE CORP 0.50000% 20-20.03.23 | 5 000 000.00 | 5 006 923.80 | 0.37 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.37500% 20-28.07.25 | 9 000 000.00 | 8 795 736.63 | 0.65 |
| USD	KOREA DEVELOPMENT BANK 0.80000% 21-19.07.26 | 5 000 000.00 | 4 847 850.00 | 0.36 |
| USD	KOREA NATIONAL OIL CORP-REG-S 0.87500% 20-05.10.25 | 7 000 000.00 | 6 818 370.30 | 0.51 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 20-18.07.25 | 5 000 000.00 | 4 879 920.50 | 0.36 |
| USD	MICROSOFT CORP 2.40000% 16-08.08.26 | 4 955 000.00 | 5 197 901.63 | 0.39 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.37500% 16-14.01.26 | 5 000 000.00 | 5 410 256.00 | 0.40 |
| USD	ONTARIO, PROVINCE OF 1.75000% 20-24.01.23 | 10 000 000.00 | 10 165 630.39 | 0.75 |
| USD	ROYAL BANK OF CANADA-REG-S 1.90000% 19-23.09.22 | 10 000 000.00 | 10 132 484.40 | 0.75 |
| USD	ROYAL BANK OF CANADA REG-S 1.05000% 21-14.09.26 | 5 000 000.00 | 4 927 329.25 | 0.36 |
| USD	SWEDISH EXPORT CREDIT CORP 0.62500% 21-07.10.24 | 3 000 000.00 | 2 977 689.57 | 0.22 |
| USD	WESTPAC BANKING CORP-REG-S 3.15000% 19-16.01.24 | 16 500 000.00 | 17 374 582.50 | 1.29 |
| USD	WESTPAC BANKING CORP-REG-S 2.00000% 20-16.01.25 | 10 000 000.00 | 10 287 898.00 | 0.76 |
| Total USD |  | 204 082 632.14 | 15.12 |
| Total Anleihen, fester Zins |  | 204 082 632.14 | 15.12 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 7.12500% 93-15.02.23 | 1 401 000.00 | 1 524 080.04 | 0.11 |
| USD	AMERICA, UNITED STATES OF 7.50000% 94-15.11.24 | 4 100 000.00 | 4 928 968.75 | 0.37 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.10.24 | 8 200 000.00 | 8 560 351.54 | 0.63 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.03.25 | 21 000 000.00 | 22 228 007.76 | 1.65 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.04.23 | 12 300 000.00 | 12 739 628.93 | 0.94 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 28 000 000.00 | 29 920 625.00 | 2.22 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 8 200 000.00 | 8 596 226.54 | 0.64 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-31.01.24 | 5 300 000.00 | 5 526 285.14 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-28.02.26 | 10 000 000.00 | 10 592 578.11 | 0.78 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-30.04.24 | 12 300 000.00 | 12 784 792.93 | 0.95 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.08.25 | 28 900 000.00 | 29 993 910.09 | 2.22 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.02.26 | 4 000 000.00 | 4 088 906.24 | 0.30 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 12 300 000.00 | 12 509 003.94 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.10.23 | 9 300 000.00 | 9 505 980.49 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 9 000 000.00 | 9 200 039.04 | 0.68 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 8 200 000.00 | 8 496 289.04 | 0.63 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.01.24 | 8 000 000.00 | 8 298 124.96 | 0.62 |
| USD	AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 12 300 000.00 | 12 560 414.12 | 0.93 |
| USD	AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 9 000 000.00 | 9 329 414.04 | 0.69 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-29.02.24 | 5 300 000.00 | 5 486 742.21 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.03.24 | 6 000 000.00 | 6 212 578.14 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 | 7 000 000.00 | 7 316 367.17 | 0.54 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.06.25 | 18 500 000.00 | 19 693 105.51 | 1.46 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 12 300 000.00 | 12 797 285.19 | 0.95 |
| USD	AMERICA, UNITED STATES OF 1.37500% 19-31.08.26 | 10 000 000.00 | 10 096 875.00 | 0.75 |
| USD	AMERICA, UNITED STATES OF 1.25000% 19-31.08.24 | 12 300 000.00 | 12 478 734.38 | 0.92 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 12 300 000.00 | 12 565 699.18 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 12 300 000.00 | 12 566 660.19 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 12 300 000.00 | 12 563 777.32 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 30 100 000.00 | 30 984 187.50 | 2.30 |
| USD	AMERICA, UNITED STATES OF 1.50000% 20-15.01.23 | 6 000 000.00 | 6 090 234.36 | 0.45 |
| USD	AMERICA, UNITED STATES OF 1.37500% 20-15.02.23 | 6 000 000.00 | 6 084 609.36 | 0.45 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-15.06.23 | 10 000 000.00 | 9 977 734.40 | 0.74 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.07.23 | 10 000 000.00 | 9 951 953.10 | 0.74 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.08.23 | 9 000 000.00 | 8 950 078.08 | 0.66 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.10.23 | 9 000 000.00 | 8 936 367.21 | 0.66 |
| USD	AMERICA, UNITED STATES OF TB 0.25000% 20-31.10.25 | 13 000 000.00 | 12 594 257.78 | 0.93 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-15.11.23 | 5 000 000.00 | 4 972 656.25 | 0.37 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.12.23 | 2 000 000.00 | 1 982 031.23 | 0.15 |
| USD	AMERICA, UNITED STATES OF 0.37500% 20-31.12.25 | 8 000 000.00 | 7 769 375.04 | 0.58 |
| USD	AMERICA, UNITED STATES OF TB 0.12500% 21-31.01.23 | 5 000 000.00 | 4 991 210.95 | 0.37 |
| USD	AMERICA, UNITED STATES OF 0.12500% 21-15.02.24 | 10 000 000.00 | 9 895 703.10 | 0.73 |
| USD	AMERICA, UNITED STATES OF 0.12500% 21-28.02.23 | 9 000 000.00 | 8 979 609.42 | 0.67 |
| USD	AMERICA, UNITED STATES OF TIGER STRIP 0.50000% 21-28.02.26 | 10 000 000.00 | 9 742 187.50 | 0.72 |

Focused SICAV – High Grade 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 TN 0.12500% 21-31.03.23 | 10 000 000.00 | 9 971 484.40 | 0.74 |
| --- | --- | --- | --- | --- |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.05.26 | 2 500 000.00 | 2 455 957.02 | 0.18 |
| USD | AMERICA, UNITED STATES OF 0.25000% 21-15.06.24 | 10 000 000.00 | 9 883 984.40 | 0.73 |
| USD | AMERICA, UNITED STATES OF 0.87500% 21-30.06.26 | 12 500 000.00 | 12 335 937.50 | 0.91 |
| Total USD |  |  | 509 711 009.59 | 37.76 |
| Total Treasury-Notes, fester Zins | 509 711 009.59 | 37.76 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 1 196 444 677.87 | 88.64 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	BANQUE FEDER DU CREDIT MUTUE-REG-S 2.37500% 19-21.11.24	1 000 000.00 | 1 034 830.50 | 0.08 |
| USD	CDP FINANCIAL INC-144A 3.15000% 14-24.07.24	10 000 000.00 | 10 626 210.00 | 0.79 |
| USD	FANNIE MAE 0.25000% 20-27.11.23	10 000 000.00 | 9 947 280.50 | 0.74 |
| USD	FANNIE MAE 0.50000% 20-07.11.25	5 000 000.00 | 4 898 289.40 | 0.36 |
| USD	FREDDIE MAC 0.25000% 20-24.08.23	9 908 000.00 | 9 868 649.29 | 0.73 |
| USD	FREDDIE MAC 0.37500% 20-21.07.25	15 000 000.00 | 14 688 985.65 | 1.09 |
| USD	NESTLE HOLDINGS INC-REG-S 0.60600% 21-14.09.24	4 000 000.00 | 3 981 872.36 | 0.29 |
| USD	NESTLE HOLDINGS INC-REG-S 1.15000% 21-14.01.27	12 500 000.00 | 12 270 987.00 | 0.91 |
| Total USD | 67 317 104.70 | 4.99 |
| Total Notes, fester Zins | 67 317 104.70 | 4.99 |
| Medium-Term Notes, fester Zins |  |  |
| USD |  |  |
| USD	INTER-AMERICAN DEVELOPMENT BANK 0.50000% 03-17.04.23	6 000 000.00 | 5 984 721.42 | 0.44 |
| Total USD | 5 984 721.42 | 0.44 |
| Total Medium-Term Notes, fester Zins | 5 984 721.42 | 0.44 |
| Anleihen, fester Zins |  |  |
| USD |  |  |
| USD	FANNIE MAE 1.87500% 16-24.09.26	7 300 000.00 | 7 539 943.48 | 0.56 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 0.50000% 20-14.04.25	3 800 000.00 | 3 747 888.77 | 0.28 |
| USD	FEDERATION DES CAISSES DESJARDINS-REG-S 1.20000% 21-14.10.26	5 000 000.00 | 4 942 236.65 | 0.36 |
| USD	HSBC BANK CANADA-REG-S 0.95000% 20-14.05.23	5 000 000.00 | 5 029 730.95 | 0.37 |
| Total USD | 21 259 799.85 | 1.57 |
| Total Anleihen, fester Zins | 21 259 799.85 | 1.57 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 94 561 625.97 | 7.00 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Notes, fester Zins
| USD |  |
| --- | --- |
| USD | FANNIE MAE 0.37500% 20-25.08.25 | 15 000 000.00 | 14 653 894.50 | 1.09 |
| USD | NEW YORK LIFE GLOBAL FUNDING-REG-S 1.10000% 20-05.05.23 | 2 440 000.00 | 2 463 085.84 | 0.18 |
| USD | SKANDINAVISKA ENSK BANK-REG-S 0.65000% 21-09.09.24 | 7 000 000.00 | 6 927 760.00 | 0.51 |
| USD | SKANDINAVISKA ENSK BANK-REG-S 1.20000% 21-09.09.26 | 10 000 000.00 | 9 837 400.00 | 0.73 |
| Total USD |  |  | 33 882 140.34 | 2.51 |
| Total Notes, fester Zins |  | 33 882 140.34 | 2.51 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 33 882 140.34 | 2.51 |
| Neuemittierte Wertpapiere und Geldmarktinstrumente |  |  |  |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ROCHE HOLDINGS INC-144A 0.99100% 21-05.03.26 | 3 000 000.00 | 2 941 790.25 | 0.22 |
| Total USD |  | 2 941 790.25 | 0.22 |
| Total Notes, fester Zins |  | 2 941 790.25 | 0.22 |
| Total Neuemittierte Wertpapiere und Geldmarktinstrumente |  | 2 941 790.25 | 0.22 |
| Total des Wertpapierbestandes |  | 1 327 830 234.43 | 98.37 |

Focused SICAV – High Grade 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) |  |
| Derivative Instrumente |  |  |  |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden Finanzterminkontrakte auf Anleihen |  |  |  |
|  |  |  |  |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.21 | -500.00 | 802 734.55 | 0.06 |
| Total Finanzterminkontrakte auf Anleihen |  | 802 734.55 | 0.06 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 802 734.55 | 0.06 |
| Total Derivative Instrumente |  | 802 734.55 | 0.06 |
| Devisenterminkontrakte Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum |  |  |  |

| GBP | 15 476 800.00 | USD | 20 922 465.30 | 1.11.2021 | 292 358.30 | 0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 3 856 700.00 | USD | 2 840 704.44 | 1.11.2021 | 19 288.14 | 0.00 |
| JPY | 1 044 299 300.00 | USD | 9 385 771.28 | 1.11.2021 | -227 259.55 | -0.02 |
| EUR | 428 672 200.00 | USD | 500 556 669.89 | 1.11.2021 | -4 475 766.51 | -0.33 |
| CHF | 185 429 300.00 | USD | 199 796 033.37 | 1.11.2021 | 3 136 169.07 | 0.23 |
| SGD | 120 800.00 | USD | 89 150.27 | 1.11.2021 | 430.75 | 0.00 |
| USD | 2 191 843.76 | CHF | 2 030 400.00 | 1.11.2021 | -30 208.22 | 0.00 |
| GBP | 196 400.00 | USD | 267 661.46 | 1.11.2021 | 1 553.84 | 0.00 |
| SGD | 16 500.00 | USD | 12 166.29 | 1.11.2021 | 69.53 | 0.00 |
| EUR | 1 002 700.00 | USD | 1 157 417.91 | 1.11.2021 | 2 956.66 | 0.00 |
| USD | 5 469 457.56 | EUR | 4 725 800.00 | 1.11.2021 | 525.51 | 0.00 |
| USD | 777 458.11 | EUR | 670 300.00 | 1.11.2021 | 1 753.44 | 0.00 |
| SGD | 11 500.00 | USD | 8 527.67 | 1.11.2021 | 0.32 | 0.00 |
| CHF | 328 700.00 | USD | 355 782.06 | 1.11.2021 | 3 944.34 | 0.00 |
| USD | 118 628.57 | GBP | 86 400.00 | 1.11.2021 | 195.77 | 0.00 |
| CHF | 446 300.00 | USD | 485 646.60 | 1.11.2021 | 2 780.21 | 0.00 |
| USD | 154 764.29 | JPY | 17 660 300.00 | 1.11.2021 | -116.66 | 0.00 |
| GBP | 53 400.00 | USD | 73 599.06 | 1.11.2021 | -401.01 | 0.00 |
| CHF | 311 000.00 | USD | 339 604.44 | 1.11.2021 | 751.24 | 0.00 |
| USD | 32 811.49 | SGD | 44 200.00 | 1.11.2021 | 34.33 | 0.00 |
| GBP | 446 000.00 | USD | 614 270.05 | 1.11.2021 | -2 915.55 | 0.00 |
| USD | 32 302.28 | JPY | 3 690 100.00 | 1.11.2021 | -59.92 | 0.00 |
| SGD | 52 200.00 | USD | 38 712.11 | 1.11.2021 | -2.43 | 0.00 |
| GBP | 16 086 200.00 | USD | 22 103 593.79 | 29.11.2021 | -53 054.46 | 0.00 |
| SGD | 4 013 500.00 | USD | 2 976 306.13 | 29.11.2021 | -381.20 | 0.00 |
| JPY | 1 022 948 900.00 | USD | 8 998 841.62 | 29.11.2021 | -25 955.51 | 0.00 |
| EUR | 424 278 800.00 | USD | 492 430 703.64 | 29.11.2021 | -1 184 741.97 | -0.09 |
| CHF | 184 484 900.00 | USD | 201 019 563.15 | 29.11.2021 | 1 016 108.18 | 0.08 |
| USD | 1 093 744.46 | EUR | 947 600.00 | 29.11.2021 | -3 422.48 | 0.00 |
| CHF | 527 600.00 | USD | 575 551.56 | 29.11.2021 | 2 241.10 | 0.00 |
| Total Devisenterminkontrakte | -1 523 124.74 | -0.11 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 7 990 475.88 | 0.59 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -415 704.00 | -0.03 |
| Andere Aktiva und Passiva | 15 113 605.91 | 1.12 |
| Total des Nettovermögens | 1 349 798 222.03 | 100.00 |

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