# Swisscanto (LU) Money Market Fund
## General Information

#### Investment fund under Luxembourg “Umbrella Construction” Law

### is subject to the legal provisions set forth in the first part of the Luxembourg law regarding undertakings for collective investment of 17 December 2010.
The contractual conditions of the investment fund were established by the Management Company on 30 October 1991. Several amendments followed and, in accordance with the contractual conditions, were published in “Mémorial”.

#### The current versions of the Management Company’s articles of association and the contractual conditions have been deposited at the Register of Companies in Luxembourg.
The contractual conditions, the detailed sales prospectus, the key investor information documents, and the annual and semi-annual reports may be obtained directly and free of charge in printed form from Swisscanto Fondsleitung AG, the registered office of the Management Company, the Custodian Bank and the representative in Switzerland, from the German payment and information agent, from any branch of the Cantonal banks and any payment and sales office. The information is also available on the Swisscanto website (www.swisscanto.com), where additional current information on the fund is available.
No fund unit subscriptions may be received based on the annual and semi-annual reports. Subscriptions shall only be made after consulting the current sales prospectus and the most recent annual report as well as, where available, any subsequent semi-annual report.

#### Sales restrictions
Units in Swisscanto (LU) Money Market Fund may not be offered, sold or delivered within the US or to persons considered US persons within the meaning of Regulation S of the US Securities Act of 1933 or in accordance with the US Commodity Exchange Act, as amended.

#### Guidelines of the Swiss Funds and Asset Management Association (SFAMA) on duties regarding the charging and use of fees and costs (22 May 2014)
Compensation for the marketing of the investment fund is paid out of the flat-rate administrative commission. Swisscanto Asset Management International S.A. also offers remuneration to institutional investors holding fund units for third parties from the fixed administrative commission.

#### Risk management process
The management Company applies a risk management process to the fund and each subfund that complies with the Luxembourg law of 17 December 2010 and other applicable regulations, in particular CSSF Circular 11/512. As part of the risk management process the total risk of all the subfunds is measured and checked using the so-called commitment approach.

## Activity Report

### Responsible AUD* Market review
We are not likely to forget 2020 for many years to come. It was marked by a virus that travelled around the world and turned our lives completely upside down in no time. Not only did this completely shake up our personal lives, the financial markets were also unusually volatile during the crisis months of the first lockdown in March and April 2020. While in the northern hemisphere in the subsequent summer months – with higher temperatures and significantly lower numbers of COVID cases in the developed world, not to mention the fiscal and monetary policy support that was pumped into the financial markets – we almost managed to forget the crisis, it came back all the stronger with the new rise in illnesses in Q3 2020. The last quarter of the year was marked by surprisingly rapid successes in the development of a possible vaccine, which then also raised hopes of a normalisation in the near future. A steady economic recovery on the one hand and a certain disillusionment due to tight supplies of vaccine doses on the other hand characterised the first months of the new year 2021.

### Q2 2020
Following the curfews imposed in March, the closure of restaurants, cultural institutions, fitness studios, and many other restrictions in an effort to control the exponentially increasing number of cases of the still largely unknown pathogen SARS-CoV-2, there was a global economic downturn, which in terms of speed and intensity was unparalleled even in the long history of economic recessions. Thanks to the readiness of the governments to act quickly, support measures such as short-time work prevented unemployment from skyrocketing as would have been expected. Nevertheless, the fiscal and monetary policy measures could not prevent the extreme slump in the service sector.

### Q3 2020
The first months of the third quarter showed the first signs of calming. The financial markets had recovered surprisingly quickly due to the decisive, timely measures taken by central banks and governments. For example, the credit premium for corporate bonds fell from its crisis highs at a pace that most market participants found astonishing. But there was also an initial sigh of relief in the real economy. The number of COVID cases had stabilised at a very low level, and the number of hospitalisations dropped towards zero. Restrictions were eased and a sense of normality finally returned.
Unfortunately, this long-awaited normalisation did not last long. By the end of August, an initially slow but steady increase in the number of infections could already be observed. As early as September, the situation was so drastic again that the first countries were already enacting new restrictions.

### Q4 2020
The last quarter of 2020 was a quarter of hope. While people were aware that the colder season would most likely lead to higher infection rates, the study results announced at the beginning of November by vaccine developers gave rise to the first flickers of hope of a foreseeable end to this burdensome situation. This led to an interesting development where the 'hard' economic data continued to suffer from the ongoing restrictions and the limited social and economic life and on the other hand, the so-called 'soft' economic indicators (mainly survey data) were pulled up by the light at the end of the tunnel that was slowly coming into view. Nevertheless, it was clear to most market participants that even this very positive news about vaccinations came with a multitude of uncertainties. Thus, long-term interest rates recovered rather hesitantly and yields at the short end in the euro area normalised and became visibly more expensive.

### Q1 2021

#### The first quarter of 2021 was marked by a global economic recovery and the "blue sweep" of the Democrats in the

#### U.S. and the associated impact on global capital markets. While especially in the U.S. the vaccination progress gained momentum in the first months, Europe was left behind in terms of vaccination.

## Activity Report (cont.)

### Responsible AUD* Market review (cont.)
Sharp rises in the number of COVID cases and the associated prolonged restrictions by the authorities led once again to a contraction in the European economy. Nonetheless, the mood in Europe also seems to be lifting with the slow but steady progress of the vaccination campaign. Thus, not only in the economically strong U.S., but also here in Europe, the economic data was surprisingly but clearly positive. Consumer confidence and the purchasing managers' index reached levels that had prevailed before the pandemic. The good sentiment indicators point to a strong recovery in the coming quarters – provided that the restrictions are lifted permanently.

#### Review of categories relevant for the fund
The Reserve Bank of Australia (RBA) also did not have many arrows left in their quiver after their March 2020 rate cuts. Nevertheless, they cut rates again minimally from 0.25% to a record low 0.1% the following June. Similar to the Fed, the RBA continues to assure that it will not raise rates for an extended period of time. A small ray of hope here is also that they are not yet considering negative interest rates. As liquidity returned to the markets, the rest of the year was characterised by a normalisation of credit spreads and low money market yields.

#### Performance review
The money market fund weathered the initial turbulent period very well and was able to benefit in part from the overshooting credit premiums. By carefully exploiting such opportunities, it was possible to generate an attractive gross return of +0.77% (gross) even in this low interest rate environment . The relative outperformance of +0.54% against the benchmark (FTSE 3-Month Australia Dollar Eurodeposit, gross) is also very pleasing.
| ISIN number: Class AT : ISIN number: Class BT : ISIN number: Class DT : ISIN number:   Class GT : | LU0141249184 LU0999462293 LU1481721709 LU0899939895 |  |
| --- | --- | --- |
| Security number: Class AT : | 1363884 |
| Security number: Class BT : | 23107280 |
| Security number: Class DT : | 33721369 |
| Security number: Class GT : | 20857922 |
| Subfund performance 1 April 2020 - 31 March | 2021 | Class AT: | 0.17% |
|  |  | Class BT: | 0.23% |
|  |  | Class DT: | 0.53% |
|  |  | Class GT: | 0.57% |


## Activity Report (cont.)

### CAD Market review
We are not likely to forget 2020 for many years to come. It was marked by a virus that travelled around the world and turned our lives completely upside down in no time. Not only did this completely shake up our personal lives, the financial markets were also unusually volatile during the crisis months of the first lockdown in March and April 2020. While in the northern hemisphere in the subsequent summer months – with higher temperatures and significantly lower numbers of COVID cases in the developed world, not to mention the fiscal and monetary policy support that was pumped into the financial markets – we almost managed to forget the crisis, it came back all the stronger with the new rise in illnesses in Q3 2020. The last quarter of the year was marked by surprisingly rapid successes in the development of a possible vaccine, which then also raised hopes of a normalisation in the near future. A steady economic recovery on the one hand and a certain disillusionment due to tight supplies of vaccine doses on the other hand characterised the first months of the new year 2021.

### Q2 2020
Following the curfews imposed in March, the closure of restaurants, cultural institutions, fitness studios, and many other restrictions in an effort to control the exponentially increasing number of cases of the still largely unknown pathogen SARS-CoV-2, there was a global economic downturn, which in terms of speed and intensity was unparalleled even in the long history of economic recessions. Thanks to the readiness of the governments to act quickly, support measures such as short-time work prevented unemployment from skyrocketing as would have been expected. Nevertheless, the fiscal and monetary policy measures could not prevent the extreme slump in the service sector.
The Bank of Canada (BoC) behaved the same way as the other central banks during the crisis months. In March, for example, the BoC rapidly lowered its key interest rate within one month from 1.75% at the beginning of the pandemic to 0.25% in three double interest rate steps (50 basis points each) in order to bolster the domestic economy.

#### Review of categories relevant for the fund
With its exceptionally quick reaction, the Bank of Canada had already exhausted most of its monetary policy options by the end of the first quarter of 2020. In addition, the bond purchase programme was then increased to support liquidity in the market. At no point in time did negative interest rates seem to be a valid option for the BoC, this approach was seen as positive by the portfolio management.
With the supportive measures on the part of monetary and fiscal policy, the situation in the Canadian money market also calmed surprisingly quickly. Liquidity returned to the market and credit spreads recovered within a short period of time.

#### Performance review
Targeted borrower and maturity selection in investments, as well as the best possible diversification across credit quality, issuers and maturity, remain key. As a result of the further decline in credit spreads, targeted reinvestment was also made in borrowers of the best quality. Coupled with the high liquidity cushions, the fund was thus able to master the recent market distortions without major difficulties.

## Activity Report (cont.)
ISIN number:	Class AT**:	LU0141249341
ISIN number:	Class NT***:	LU1865244203
Security number: Class AT**:	1363888
Security number: Class NT***:	43162970
Subfund performance 1 April 2020 - 25 June 2020	Class AT**:	0.37 % Class NT***:	0.33 %
** Class was closed on 25 June 2020
*** Class was closed on 7 May 2020

## Activity Report (cont.)

### Responsible CHF* Market review
We are not likely to forget 2020 for many years to come. It was marked by a virus that travelled around the world and turned our lives completely upside down in no time. Not only did this completely shake up our personal lives, the financial markets were also unusually volatile during the crisis months of the first lockdown in March and April 2020. While in the subsequent summer months, with higher temperatures and significantly lower case numbers in the developed world, in addition to the fiscal and monetary policy support that was provided to the financial markets, almost let us forget the crisis, it came back all the stronger with the new rise in illnesses in Q3 2020. The last quarter of the year was marked by surprisingly rapid successes in the development of a possible vaccine, which then also raised hopes of a normalisation in the near future. A steady economic recovery on the one hand and a certain disillusionment due to tight supplies of vaccine doses on the other hand characterised the first months of the new year 2021.

### Q2 2020
Following the curfews imposed in March, the closure of restaurants, cultural institutions, fitness studios, and many other restrictions in an effort to control the exponentially increasing number of cases of the still largely unknown pathogen SARS-CoV-2, there was a global economic downturn, which in terms of speed and intensity was unparalleled even in the long history of economic recessions. Thanks to the readiness of the governments to act quickly, support measures such as short-time work prevented unemployment from skyrocketing as would have been expected. Nevertheless, the fiscal and monetary policy measures could not prevent the extreme slump in the service sector. While the European Central Bank (ECB), with its key interest rate already at -0.50%, had largely used up its room to manoeuvre on the interest rate cut side, no further downward interest rate step followed, but rather a massive expansion of its bond purchases with a focus on government bonds of the southern member states under the appropriately named "Pandemic Emergency Purchase Programme", or PEPP for short. The PEPP, originally launched on 26 March 2020 with a volume of up to EUR 750 billion, was already expanded by another EUR 600 billion on 4 June.

### Q3 2020
The first months of the third quarter showed the first signs of calming. The financial markets had recovered surprisingly quickly due to the decisive, timely measures taken by central banks and governments. For example, the credit premium for corporate bonds fell from its crisis highs at a pace that most market participants found astonishing. But there was also an initial sigh of relief in the real economy. The number of COVID cases had stabilised at a very low level, and the number of hospitalisations dropped towards zero. Restrictions were eased and a sense of normality finally returned. Unfortunately, this long-awaited normalisation did not last long. By the end of August, an initially slow but steady increase in the number of infections could already be observed. As early as September, the situation was so drastic again that the first countries were already enacting new restrictions.

### Q4 2020
The last quarter of 2020 was a quarter of hope. While people were aware that the colder season would most likely lead to higher infection rates, the study results announced at the beginning of November by vaccine developers gave rise to the first flickers of hope of a foreseeable end to this burdensome situation. This led to an interesting development where the 'hard' economic data continued to suffer from the ongoing restrictions and the limited social and economic life and on the other hand, the so-called 'soft' economic indicators (mainly survey data) were pulled up by the light at the end of the tunnel that was slowly coming into view. Nevertheless, it was clear to most market participants that even this very positive news about vaccinations came with a multitude of uncertainties. Thus, long-term interest rates recovered rather hesitantly and yields at the short end in the euro area normalised and became visibly more expensive.

## Activity Report (cont.)

### Responsible CHF* Market review (cont.)

### Q1 2021

#### The first quarter of 2021 was marked by a global economic recovery and the "blue sweep" of the Democrats in the
U.S. and the associated impact on capital markets. While especially in the U.S. the vaccination progress gained momentum in the first months, Europe was left behind in terms of vaccination. Sharp rises in the number of COVID cases and the associated prolonged restrictions by the authorities led once again to a contraction in the European economy. Nonetheless, the mood in Europe also seems to be lifting with the slow but steady progress of the vaccination campaign. Thus, not only in the economically strong U.S., but also here in Europe, the economic data was surprisingly but clearly positive. Consumer confidence and the purchasing managers' index reached levels that had prevailed before the pandemic. The positive sentiment indicators point to a strong recovery in the coming quarters – provided that the restrictions are lifted permanently.

#### Review of categories relevant for the fund
Yields on the Swiss franc money market were also consistently in negative territory in this year under review. The key interest rate of the Swiss National Bank remained at -0.75%. Monetary policy was dominated by the exchange rate development of the Swiss franc. In order to prevent an appreciation of the franc, the SNB increasingly relied on interventions in the foreign exchange market and massively built up its foreign exchange reserves, in addition to its negative interest rate policy. Because annual inflation was always below 0% in the course of the year and thus fell below the central bank's target range of 0 to 2%, the SNB saw no reason to make any change in monetary policy.

#### Performance review
In the fund, careful attention was paid to the diversified allocation of investments across credit quality, maturity structure and borrower segments. Due to the declining share of foreign borrowers in the Swiss franc bond market, domestic borrowers increasingly purchased 0% coupon securities in the portfolio. The liquidity of CHF money market instruments is traditionally weak and did not improve during the reporting period. In the portfolio preference was given to solid borrowers with single-A ratings, which have a small yield advantage over AAA debtors due to the credit quality premium. With a (gross) annual performance of the fund of -0.27% in the year under review, this paid off, even though credit quality premiums had temporarily increased at the outbreak of the pandemic in the second quarter of 2020.
| ISIN number: Class DT: ISIN number: Class FT: ISIN number:   Class GT: | LU1481723747 LU0141249424 LU0899940042 |  |
| --- | --- | --- |
| Security number: Class DT: | 33721370 |
| Security number: Class FT: | 1363887 |
| Security number: Class GT: | 20857974 |
| Subfund performance 1 April 2020 - 31 March | 2021 | Class DT: | -0.36% |
|  |  | Class FT: | -0.38% |
|  |  | Class GT: | -0.34% |


## Activity Report (cont.)

### Responsible EUR* Market review
We are not likely to forget 2020 for many years to come. It was marked by a virus that travelled around the world and turned our lives completely upside down in no time. Not only did this completely shake up our personal lives, the financial markets were also unusually volatile during the crisis months of the first lockdown in March and April 2020. While in the subsequent summer months, with higher temperatures and significantly lower case numbers in the developed world, in addition to the fiscal and monetary policy support that was provided to the financial markets, almost let us forget the crisis, it came back all the stronger with the new rise in illnesses in Q3 2020. The last quarter of the year was marked by surprisingly rapid successes in the development of a possible vaccine, which then also raised hopes of a normalisation in the near future. A steady economic recovery on the one hand and a certain disillusionment due to tight supplies of vaccine doses on the other hand characterised the first months of the new year 2021.

### Q2 2020
Following the curfews imposed in March, the closure of restaurants, cultural institutions, fitness studios, and many other restrictions in an effort to control the exponentially increasing number of cases of the still largely unknown pathogen SARS-CoV-2, there was a global economic downturn, which in terms of speed and intensity was unparalleled even in the long history of economic recessions. Thanks to the readiness of the governments to act quickly, support measures such as short-time work prevented unemployment from skyrocketing as would have been expected. Nevertheless, the fiscal and monetary policy measures could not prevent the extreme slump in the service sector.
While the European Central Bank (ECB), with its key interest rate already at -0.50%, had largely used up its room to manoeuvre on the interest rate cut side, no further downward interest rate step followed, but rather a massive expansion of its bond purchases with a focus on government bonds of the southern member states under the appropriately named "Pandemic Emergency Purchase Programme", or PEPP for short. The PEPP, originally launched on 26 March 2020 with a volume of up to EUR 750 billion, was already expanded by another EUR 600 billion on 4 June.

### Q3 2020
The first months of the third quarter showed the first signs of calming. The financial markets had recovered surprisingly quickly due to the decisive, timely measures taken by central banks and governments. For example, the credit premium for corporate bonds fell from its crisis highs at a pace that most market participants found astonishing. But there was also an initial sigh of relief in the real economy. The number of COVID cases had stabilised at a very low level, and the number of hospitalisations dropped towards zero. Restrictions were eased and a sense of normality finally returned.
Unfortunately, this long-awaited normalisation did not last long. By the end of August, an initially slow but steady increase in the number of infections could already be observed. As early as September, the situation was so drastic again that the first countries were already enacting new restrictions.

### Q4 2020
The last quarter of 2020 was a quarter of hope. While people were aware that the colder season would most likely lead to higher infection rates, the study results announced at the beginning of November by vaccine developers gave rise to the first flickers of hope of a foreseeable end to this burdensome situation. This led to an interesting development where the 'hard' economic data continued to suffer from the ongoing restrictions and the limited social and economic life and on the other hand, the so-called 'soft' economic indicators (mainly survey data) were pulled up by the light at the end of the tunnel that was slowly coming into view. Nevertheless, it was clear to most market participants that even this very positive news about vaccinations came with a multitude of uncertainties.

## Activity Report (cont.)

### Responsible EUR* Market review (cont.)

#### Thus, long-term interest rates recovered rather hesitantly and yields at the short end in the euro area normalised and became visibly more expensive.

### Q1 2021

#### The first quarter of 2021 was marked by a global economic recovery and the "blue sweep" of the Democrats in the
U.S. and the associated impact on capital markets. While especially in the U.S. the vaccination progress gained momentum in the first months, Europe was left behind in terms of vaccination. Sharp rises in the number of COVID cases and the associated prolonged restrictions by the authorities led once again to a contraction in the European economy. Nonetheless, the mood in Europe also seems to be lifting with the slow but steady progress of the vaccination campaign. Thus, not only in the economically strong U.S., but also here in Europe, the economic data was surprisingly but clearly positive. Consumer confidence and the purchasing managers' index reached levels that had prevailed before the pandemic. The good sentiment indicators point to a strong recovery in the coming quarters – provided that the restrictions are lifted permanently.

#### Review of categories relevant for the fund
Money market rates moved into positive territory at times during the crisis months, as higher compensation for credit risk was demanded even for sub-annual bonds and money market instruments. With the normalisation from Q3 2020 onwards, money market rates moved back into the usual negative range. The ECB left its key interest rate at the current low of -0.50% and responded to the challenging market situation created by the coronavirus pandemic by initiating additional bond purchase programmes. The 3 month Euribor jumped to -0.15% in April and was already at the pre-crisis level of -0.50% in September.

#### Performance review
Under the previously described starting position, the portfolio manager maintained his conservative asset allocation, diversification and slightly extended maturity of the fund during the year under review. The liquidity of suitable securities from first-class issuers in the variable-rate bond segment remained low. Nevertheless, the portfolio managers continued to look for value potential in this asset class and selectively exploited any opportunities. This, together with the high level of liquid funds, helped the fund to weather the extremely turbulent market phase in March and April 2020 without major difficulties.
| ISIN number: Class AT: ISIN number: Class DT: ISIN number:   Class GT: | LU0141249770 LU1481720990 LU0899940125 |  |
| --- | --- | --- |
| Security number: Class AT: | 1363891 |
| Security number: Class DT: | 33721365 |
| Security number: Class GT: | 20857980 |
| Subfund performance 1 April 2020 - 31 March | 2021 | Class AT: | -0.36% |
|  |  | Class DT: | -0.30% |
|  |  | Class GT: | -0.26% |


## Activity Report (cont.)

### Responsible USD* Market review
We are not likely to forget 2020 for many years to come. It was marked by a virus that travelled around the world and turned our lives completely upside down in no time. Not only did this completely shake up our personal lives, the financial markets were also unusually volatile during the crisis months of the first lockdown in March and April 2020. While in the subsequent summer months, with higher temperatures and significantly lower case numbers in the developed world, in addition to the fiscal and monetary policy support that was provided to the financial markets, almost let us forget the crisis, it came back all the stronger with the new rise in illnesses in Q3 2020. The last quarter of the year was marked by surprisingly rapid successes in the development of a possible vaccine, which then also raised hopes of a normalisation in the near future. A steady economic recovery on the one hand and a certain disillusionment due to tight supplies of vaccine doses on the other hand characterised the first months of the new year 2021.

### Q2 2020
Following the curfews imposed in March, the closure of restaurants, cultural institutions, fitness studios, and many other restrictions in an effort to control the exponentially increasing number of cases of the still largely unknown pathogen SARS-CoV-2, there was a global economic downturn, which in terms of speed and intensity was unparalleled even in the long history of economic recessions. Thanks to the readiness of the governments to act quickly, support measures such as short-time work prevented unemployment from skyrocketing as would have been expected. Nevertheless, the fiscal and monetary policy measures could not prevent the extreme slump in the service sector.

### Q3 2020
The first months of the third quarter showed the first signs of calming. The financial markets had recovered surprisingly quickly due to the decisive, timely measures taken by central banks and governments. For example, the credit premium for corporate bonds fell from its crisis highs at a pace that most market participants found astonishing. But there was also an initial sigh of relief in the real economy. The number of COVID cases had stabilised at a very low level, and the number of hospitalisations dropped towards zero. Restrictions were eased and a sense of normality finally returned.
Unfortunately, this long-awaited normalisation did not last long. By the end of August, an initially slow but steady increase in the number of infections could already be observed. As early as September, the situation was so drastic again that the first countries were already enacting new restrictions.

### Q4 2020
The last quarter of 2020 was a quarter of hope. While people were aware that the colder season would most likely lead to higher infection rates, the study results announced at the beginning of November by vaccine developers gave rise to the first flickers of hope of a foreseeable end to this burdensome situation. This led to an interesting development where the 'hard' economic data continued to suffer from the ongoing restrictions and the limited social and economic life and on the other hand, the so-called 'soft' economic indicators (mainly survey data) were pulled up by the light at the end of the tunnel that was slowly coming into view. Nevertheless, it was clear to most market participants that even this very positive news about vaccinations came with a multitude of uncertainties. Thus, long-term interest rates recovered rather hesitantly and yields at the short end in the euro area normalised and became visibly more expensive.

### Q1 2021

#### The first quarter of 2021 was marked by a global economic recovery and the "blue sweep" of the Democrats in the

#### U.S. and the associated impact on capital markets. While especially in the U.S. the vaccination progress gained momentum in the first months, Europe was left behind in terms of vaccination.

## Activity Report (cont.)

### Responsible USD* Market review (cont.)
Sharp rises in the number of COVID cases and the associated prolonged restrictions by the authorities led once again to a contraction in the European economy. Nonetheless, the mood in Europe also seems to be lifting with the slow but steady progress of the vaccination campaign. Thus, not only in the economically strong U.S., but also here in Europe, the economic data was surprisingly but clearly positive. Consumer confidence and the purchasing managers' index reached levels that had prevailed before the pandemic. The positive sentiment indicators point to a strong recovery in the coming quarters – provided that the restrictions are lifted permanently.

#### Review of categories relevant for the fund
Since the Fed had already cut interest rates to almost 0 in March 2020 and negative interest rates were not considered an option , U.S. interest rates remained at almost zero throughout the reporting season. The distortions, which were also reflected in credit premiums in the money market, quickly returned to normal. As liquidity returned to the markets, the rest of the year was marked by a normalisation of credit spreads and very low money money market yields. Although the latter part of the reporting season was increasingly characterised by vaccine euphoria, short rates remained anchored near zero on account of the Fed.

#### Performance review
The money market fund weathered the initial turbulent period very well and was able to benefit in part from the overshooting credit premiums. By carefully exploiting such opportunities, it was possible to generate a surprisingly high gross return of +1.21% (gross) even in this low interest rate environment. The relative outperformance of +0.89% against the benchmark (FTSE 3-Month U.S. Dollar Eurodeposit, gross) is also extremely pleasing.
| ISIN number: Class AT: ISIN number: Class DT: ISIN number: Class GT: ISIN number:   Class NT: | LU0141250786 LU1481721378 LU0899940471 LU1637934826 |  |
| --- | --- | --- |
| Security number: Class AT: | 1363885 |
| Security number: Class DT: | 33721368 |
| Security number: Class GT: | 20858076 |
| Security number: Class NT: | 37269613 |
| Subfund performance 1 April 2020 - 31 March | 2021 | Class AT: | 0.85% |
|  |  | Class DT: | 0.94% |
|  |  | Class GT: | 1.00% |
|  |  | Class NT: | 1.22% |

Swisscanto (LU) Money Market Fund
| Statement of Net Assets as at 31 March 2021 |  |
| --- | --- |
|  | Swisscanto (LU) | Swisscanto (LU) | Swisscanto (LU) | Swisscanto (LU) |
|  | Money Market | Money Market | Money Market | Money Market |
|  | Fund Responsible | Fund Responsible | Fund Responsible | Fund Responsible |
|  | AUD* | CHF* | EUR* | USD* |
| Note | AUD | CHF | EUR | USD |
| ASSETS |  |  |  |  |
| Investment portfolio at market value	(2) | 97,068,876 | 242,822,315 | 98,629,280 | 247,548,853 |
| Bank balance | 9,344,612 | 23,096,440 | 9,746,956 | 22,930,344 |
| Outstanding subscription monies | 272 | 83,927 | 0 | 521,541 |
| Receivables from securities revenue | 808,922 | 1,271,683 | 790,169 | 824,021 |
| Unrealised profit from currency forward contracts	(7) | 30,089 | 0 | 0 | 0 |
| TOTAL ASSETS | 107,252,771 | 267,274,365 | 109,166,405 | 271,824,759 |
| LIABILITIES |  |  |  |  |
| Liabilities from securities purchases | 0 | 0 | 2,031,189 | 0 |
| Outstanding payments from the repurchase of stock | 46,000 | 55,541 | 177,860 | 116,872 |
| Bank interest and other liabilities | 57,643 | 28,938 | 25,141 | 81,346 |
| TOTAL LIABILITIES | 103,643 | 84,479 | 2,234,190 | 198,218 |
| NET ASSETS AT THE END OF THE |  |  |  |  |
| FISCAL YEAR | 107,149,128 | 267,189,886 | 106,932,215 | 271,626,541 |
| Net asset value per unit |  |  |  |  |
| Class AT | 272.10 | - | 102.27 | 208.69 |
| Class BT | 107.92 | - | - | - |
| Class DT | 106.76 | 96.71 | 97.92 | 107.21 |
| Class NT | - | - | - | 107.44 |
| Class GT | 116.19 | 95.33 | 97.49 | 108.25 |
| Class FT | - | 141.50 | - | - |
| Number of units in circulation |  |  |  |  |
| Class AT | 378,108 | - | 957,565 | 1,101,200 |
| Class BT | 24,063 | - | - | - |
| Class DT | 13,663 | 123,075 | 91,296 | 64,865 |
| Class NT | - | - | - | 92,081 |
| Class GT | 1,808 | 540,192 | 642 | 230,638 |
| Class FT | - | 1,440,223 | - | - |
| *  See note 14 |  |  |  |  |

Swisscanto (LU) Money Market Fund
| Statement of Net Assets |  |
| --- | --- |
| as at 31 March 2021 (cont.) |
|  | Consolidated |
| Note | CHF |
| ASSETS |  |
| Investment portfolio at market value	(2) | 654,481,709 |
| Bank balance | 62,157,243 |
| Outstanding subscription monies | 574,970 |
| Receivables from securities revenue | 3,501,100 |
| Unrealised profit from currency forward contracts	(8) | 21,569 |
| TOTAL ASSETS | 720,736,591 |
| LIABILITIES |  |
| Liabilities from securities purchases | 2,246,767 |
| Outstanding payments from the repurchase of stock | 395,246 |
| Bank interest and other liabilities | 174,626 |
| TOTAL LIABILITIES | 2,816,639 |
| NET ASSETS AT THE END OF THE |  |
| FISCAL YEAR | 717,919,952 |

Swisscanto (LU) Money Market Fund

## Income and Expense Statement and other Changes to Net Assets from 01 April 2020 to 31 March 2021
Swisscanto (LU) Money Market Fund Responsible AUD*
Swisscanto (LU) Money Market
Fund CAD
Swisscanto (LU) Money Market
Fund Responsible CHF*
Swisscanto (LU) Money Market
Fund Responsible EUR*
|  | Note | AUD | CAD | CHF | EUR |
| --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF |  |  |  |  |  |
| THE FISCAL YEAR |  | 131,913,944 | 28,385,343 | 235,264,847 | 89,982,632 |
| INCOME |  |  |  |  |  |
| Dividends, net |  | 0 | 1,938 | 0 | 0 |
| Net interest income from bonds and other debenture bonds |  | 3,206,893 | 118,302 | 2,570,733 | 1,398,706 |
| Interest on bank balance |  | 98 | 0 | 5,619 | 0 |
| Other Income |  | 0 | 0 | 186 | 0 |
| TOTAL INCOME |  | 3,206,991 | 120,240 | 2,576,538 | 1,398,706 |
| EXPENSES |  |  |  |  |  |
| Transactions costs | (10) | 5,060 | 700 | 6,604 | 2,226 |
| Fixed administrative commission | (4) | 721,227 | 35,632 | 240,610 | 232,213 |
| Subscription tax ("taxe d'abonnement") | (6) | 11,910 | 441 | 26,574 | 9,929 |
| Interest expenses from bank liabilities |  | 1,359 | 0 | 199,047 | 67,608 |
| TOTAL EXPENSES |  | 739,556 | 36,773 | 472,835 | 311,976 |
| INCOME ADJUSTMENT |  | (316,906) | 0 | 100,111 | 178,819 |
| TOTAL NET INCOME |  | 2,150,529 | 83,467 | 2,203,814 | 1,265,549 |
| Net-realised value increases / (decreases) from securities |  | (2,269,493) | (84,550) | (3,603,949) | (1,306,338) |
| Net-realised value increases / (decreases) from currency forward contracts |  | 1,135,838 | 0 | 0 | 0 |
| Net-realised value increases / (decreases) from foreign exchange transactions |  | (214,490) | (7) | 2,183 | 492 |
| NET REALISED GAIN / (LOSS) ON |  |  |  |  |  |
| INVESTMENTS |  | 802,384 | (1,090) | (1,397,952) | (40,297) |
| Net changes in non-realised value |  |  |  |  |  |
| increases / (decreases) |  |  |  |  |  |
| - from securities |  | (780,198) | 105,275 | 526,146 | (145,062) |
| - from currency forward contracts |  | (85,926) | 0 | 0 | 0 |
| NET INCREASE / (DECREASE) IN NET |  |  |  |  |  |
| ASSETS AS A RESULT OF |  |  |  |  |  |
| OPERATIONS |  | (63,740) | 104,185 | (871,806) | (185,359) |
| Unit subscriptions | (2) | 6,140,780 | 502,639 | 159,462,872 | 45,193,008 |
| Unit redemptions | (2) | (31,158,762) | (28,992,167) | (126,565,916) | (27,879,247) |
| Income Adjustment |  | 316,906 | (0) | (100,111) | (178,819) |
| Measurement difference | (2) | 0 | 0 | 0 | 0 |
| NET ASSETS AT THE END OF THE |  |  |  |  |  |
| FISCAL YEAR |  | 107,149,128 | 0 | 267,189,886 | 106,932,215 |
| *  See note 14 |  |  |  |  |  |

Translation (ENDE, 2021-03-31):
# Swisscanto (LU) Money Market Fund
## Inhaltsverzeichnis

##### Seite
* Siehe Erläuterung 14