# MSCI Emerging Markets ESG Equity Fund
Investment manager’s report for the financial year ended 31 July 2022
The Sub-Fund’s investment objective is to provide returns equivalent to the performance of the MSCI Emerging Markets ESG Index (Total Return Net Dividend Reinvested) (the "Index") before all fees and expenses.
The Index is representative of the performance of companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers (i.e. those companies which have a higher ESG rating relative to their peers - the ESG rating evaluates a company's impact on the environment, community and society, employees and its supply chain, customers and governance) located in various emerging markets. As of 9 March 2022, the Index comprised of 27 emerging market economies; China, Taiwan, India, South Korea, South Africa, Brazil, Thailand, Malaysia, United Arab Emirates, Hong Kong, Saudi Arabia, Indonesia, Mexico, Qatar, Poland, Chile, Philippines, Kuwait, Peru, Turkey, Hungary, Colombia, Greece, Czech Republic, Egypt, Netherlands and Singapore.

## From 18 February 2015 (its inception) to 31 July 2022, the performance of the Sub-Fund is 22.84%, compared to 28.02% for the Index.

## From 31 July 2021 to 31 July 2022, the performance of the Sub-Fund is -23.71%, compared to -23.28% for the Index. The Sub-Fund has an annualised volatility of 17.86% compared to 17.86% for the Index.

## In terms of tracking error (annualised standard deviation of the difference in performance between the return of the Sub-

## Fund and its benchmark) the Sub-Fund has achieved a low tracking error at 0.02% versus the Index since launch.
MSCI Emerging Markets ESG Equity Fund Schedule of investments as at 31 July 2022
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) |  |  |  |
|  | Chile: 0.77% (2021: 0.45%) |  |  |  |
|  | Basic materials: 0.50% (2021: 0.21%) |  |  |  |
| 180,515 | Empresas CMPC | 306,548 |  | 0.06 |
| 22,916 | Sociedad Quimica y Minera de Chile | 2,274,925 |  | 0.44 |
|  | Consumer, cyclical: 0.05% (2021: 0.07%) |  |  |  |
| 120,543 | SACI Falabella | 268,750 |  | 0.05 |
|  | Consumer, non-cyclical: 0.06% (2021: 0.00%) |  |  |  |
| 226,896 | Cencosud | 309,810 |  | 0.06 |
|  | Energy: 0.10% (2021: 0.08%) |  |  |  |
| 62,572 | Empresas COPEC | 512,208 |  | 0.10 |
|  | Financial: 0.00% (2021: 0.02%) | – |  | – |
|  | Utilities: 0.06% (2021: 0.07%) |  |  |  |
| 3,442,844 | Enel Americas | 348,275 |  | 0.06 |
|  | Total Chile | 	4,020,516 |  | 	0.77 |
|  | Colombia: 0.23% (2021: 0.08%) |  |  |  |
|  | Financial: 0.17% (2021: 0.08%) |  |  |  |
| 40,893 | Bancolombia | 342,106 |  | 0.07 |
| 72,547 | Bancolombia Pref | 533,225 |  | 0.10 |
|  | Utilities: 0.06% (2021: 0.00%) |  |  |  |
| 71,094 | Interconexion Electrica | 340,432 |  | 0.06 |
|  | Total Colombia | 	1,215,763 |  | 	0.23 |
|  | Hong Kong: 0.21% (2021: 0.23%) |  |  |  |
|  | Consumer, non-cyclical: 0.21% (2021: 0.23%) |  |  |  |
| 1,662,366 | Sino Biopharmaceutical | 961,432 |  | 0.18 |
| 57,860 | Vinda International | 153,681 |  | 0.03 |
|  | Total Hong Kong | 	1,115,113 |  | 	0.21 |
|  | Indonesia: 1.74% (2021: 0.84%) |  |  |  |
|  | Basic materials: 0.18% (2021: 0.14%) |  |  |  |
| 389,200 | Aneka Tambang Tbk | 51,299 |  | 0.01 |
| 3,495,650 | Barito Pacific | 212,108 |  | 0.04 |
| 273,232 | Indah Kiat Pulp & Paper | 140,001 |  | 0.03 |
| 1,934,371 | Merdeka Copper Gold | 529,482 |  | 0.10 |
|  | Communications: 0.49% (2021: 0.04%) |  |  |  |
| 7,947,600 | Telkom Indonesia | 2,266,533 |  | 0.44 |
| 1,272,425 | Tower Bersama Infrastructure | 263,364 |  | 0.05 |
|  | Consumer, non-cyclical: 0.10% (2021: 0.11%) |  |  |  |
| 2,274,861 | Kalbe Farma | 248,459 |  | 0.05 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |  |
|  | Indonesia: 1.74% (2021: 0.84%) (continued) |  |  |  |
|  | Consumer, non-cyclical: 0.10% (2021: 0.11%) (continued) |  |  |  |
| 874,295 | Unilever Indonesia | 265,840 |  | 0.05 |
|  | Financial: 0.97% (2021: 0.55%) |  |  |  |
| 8,901,216 | Bank Central Asia | 4,410,850 |  | 0.85 |
| 14 | Bank Mandiri Persero | 8 |  | – |
| 1,196,900 | Bank Negara Indonesia Persero | 633,451 |  | 0.12 |
| 37 | Bank Rakyat Indonesia Persero | 11 |  | – |
|  | Total Indonesia | 	9,021,406 |  | 	1.74 |
|  | Malaysia: 2.01% (2021: 1.70%) |  |  |  |
|  | Basic materials: 0.12% (2021: 0.09%) |  |  |  |
| 583,118 | Press Metal Aluminium | 636,772 |  | 0.12 |
|  | Communications: 0.10% (2021: 0.10%) |  |  |  |
| 441,660 | Axiata | 284,814 |  | 0.06 |
| 181,656 | Telekom Malaysia | 231,840 |  | 0.04 |
|  | Consumer, cyclical: 0.04% (2021: 0.03%) |  |  |  |
| 437,083 | Sime Darby | 229,811 |  | 0.04 |
|  | Consumer, non-cyclical: 0.37% (2021: 0.35%) |  |  |  |
| 99,872 | Hap Seng Consolidated Berhad | 169,651 |  | 0.03 |
| 282,356 | IHH Healthcare | 405,405 |  | 0.08 |
| 69,383 | Kuala Lumpur Kepong | 341,731 |  | 0.07 |
| 11,288 | Nestle Malaysia | 341,646 |  | 0.07 |
| 102,720 | PPB | 375,751 |  | 0.07 |
| 177,500 | QL Resources Berhad | 211,381 |  | 0.04 |
| 180,980 | Top Glove | 39,242 |  | 0.01 |
|  | Energy: 0.14% (2021: 0.16%) |  |  |  |
| 47,822 | Petronas Dagangan | 240,695 |  | 0.05 |
| 127,001 | Petronas Gas Berhad | 489,113 |  | 0.09 |
|  | Financial: 1.11% (2021: 0.75%) |  |  |  |
| 292,483 | AmBank | 256,305 |  | 0.05 |
| 1,066,076 | CIMB | 1,248,007 |  | 0.24 |
| 762,311 | Malayan Banking | 1,517,599 |  | 0.29 |
| 2,335,952 | Public Bank | 2,435,416 |  | 0.47 |
| 238,384 | RHB Bank | 314,953 |  | 0.06 |
|  | Industrial: 0.13% (2021: 0.22%) |  |  |  |
| 274,994 | Hartalega | 169,303 |  | 0.03 |
| 106,492 | Malaysia Airports | 149,551 |  | 0.03 |
| 214,876 | MISC | 348,108 |  | 0.07 |
|  | Total Malaysia | 	10,437,094 |  | 	2.01 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |  |
|  | Mexico: 1.78% (2021: 1.49%) |  |  |  |
|  | Basic materials: 0.04% (2021: 0.05%) |  |  |  |
| 22,322 | Industrias Penoles | 224,837 |  | 0.04 |
|  | Communications: 0.12% (2021: 0.00%) |  |  |  |
| 385,678 | Grupo Televisa | 608,811 |  | 0.12 |
|  | Consumer, non-cyclical: 0.86% (2021: 0.75%) |  |  |  |
| 70,773 | Arca Continental | 490,845 |  | 0.09 |
| 84,274 | Coca-Cola Femsa | 510,847 |  | 0.10 |
| 312,101 | Fomento Economico Mexicano | 1,947,211 |  | 0.37 |
| 33,384 | Gruma | 415,634 |  | 0.08 |
| 215,418 | Grupo Bimbo | 762,197 |  | 0.15 |
| 244,009 | Kimberly-Clark De Mexico | 359,773 |  | 0.07 |
|  | Financial: 0.46% (2021: 0.40%) |  |  |  |
| 416,407 | Grupo Financiero Banorte | 2,372,193 |  | 0.46 |
|  | Industrial: 0.30% (2021: 0.29%) |  |  |  |
| 2,428,928 | Cemex | 981,807 |  | 0.19 |
| 31,118 | Grupo Aeroportuario del Sureste | 586,887 |  | 0.11 |
|  | Total Mexico | 	9,261,042 |  | 	1.78 |
|  | People's Republic of China: 18.82% (2021: 20.60%) |  |  |  |
|  | Basic materials: 0.15% (2021: 0.15%) |  |  |  |
| 567,272 | China Molybdenum | 278,220 |  | 0.05 |
| 58,280 | Ganfeng Lithium | 526,754 |  | 0.10 |
|  | Communications: 7.96% (2021: 7.71%) |  |  |  |
| 44,800 | Baidu | 756,188 |  | 0.15 |
| 740,000 | HengTen Networks | 213,990 |  | 0.04 |
| 656,922 | Meituan Dianping | 14,753,736 |  | 2.84 |
| 647,342 | Tencent | 25,300,262 |  | 4.86 |
| 195,600 | Tongcheng-Elong | 373,763 |  | 0.07 |
|  | Consumer, cyclical: 0.59% (2021: 2.65%) |  |  |  |
| 292,848 | Air China | 229,805 |  | 0.04 |
| 756,000 | Alibaba Health Information Technology | 454,569 |  | 0.09 |
| 20,412 | BYD | 742,642 |  | 0.14 |
| 308,000 | China Southern Airlines | 166,754 |  | 0.03 |
| 400,108 | Fosun International | 315,503 |  | 0.06 |
| 81,500 | Ping An Healthcare and Technology | 213,356 |  | 0.04 |
| 89,800 | Pop Mart International Group | 205,913 |  | 0.04 |
| 125,352 | Shanghai Pharmaceuticals | 188,749 |  | 0.04 |
| 110,756 | Sinotruk Hong Kong | 130,510 |  | 0.03 |
| 192,229 | Yadea | 413,849 |  | 0.08 |
|  | Consumer, non-cyclical: 2.94% (2021: 3.23%) |  |  |  |
| 234,153 | 3SBio | 155,706 |  | 0.03 |
| 14,800 | CanSino Biologics | 124,058 |  | 0.02 |
| 216,874 | China Medical System | 345,345 |  | 0.07 |
| 507,467 | China Mengniu Dairy | 2,353,125 |  | 0.45 |
| 1,436,086 | CSPC Pharmaceutical | 1,571,482 |  | 0.30 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ | % of net assets |
| --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |
|  | People’s Republic of China: 18.82% (2021: 20.60%) (continued) |  |  |
|  | Consumer, non-cyclical: 2.94% (2021: 3.23%) (continued) |  |  |
| 329,600 | Dali Foods | 157,034 | 0.03 |
| 185,593 | Genscript Biotech | 671,453 | 0.13 |
| 190,058 | Hansoh Pharmaceutical | 370,436 | 0.07 |
| 241,000 | Jinxin Fertility | 187,276 | 0.04 |
| 103,084 | MicroPort Scientific | 243,465 | 0.05 |
| 32,256 | Pharmaron Beijing | 262,777 | 0.05 |
| 399,105 | Shandong Weigao Medical Polymer | 498,252 | 0.10 |
| 79,707 | Shanghai Fosun Pharmaceutical | 288,370 | 0.06 |
| 200,000 | Shenzhen International | 184,206 | 0.04 |
| 215,200 | Sinopharm Group | 493,459 | 0.09 |
| 210,000 | Uni-President China | 191,811 | 0.04 |
| 763,750 | Want Want China | 620,737 | 0.12 |
| 56,514 | Wuxi AppTec | 683,936 | 0.13 |
| 575,200 | Wuxi Biologics Cayman | 5,462,638 | 1.05 |
| 75,000 | Yihai International Holding | 220,226 | 0.04 |
| 218,570 | Zhejiang Expressway | 175,972 | 0.03 |
|  | Energy: 0.41% (2021: 0.28%) |  |  |
| 591,414 | China Everbright International | 314,923 | 0.06 |
| 625,219 | Kunlun Energy | 460,358 | 0.09 |
| 784,631 | Xinyi Solar | 1,333,390 | 0.26 |
|  | Financial: 4.12% (2021: 5.06%) |  |  |
| 102,500 | A-Living Services | 125,221 | 0.02 |
| 15,430,763 | China Construction Bank | 9,848,294 | 1.89 |
| 626,150 | China Merchants Bank | 3,382,051 | 0.65 |
| 614,664 | China Overseas Land & Investment | 1,695,241 | 0.33 |
| 109,800 | China Resources Mixc Lifestyle Services | 465,782 | 0.09 |
| 235,055 | China Vanke | 447,359 | 0.09 |
| 658,406 | CIFI | 178,653 | 0.03 |
| 126,000 | CIFI Ever Sunshine Services | 90,850 | 0.02 |
| 933,554 | CITIC | 1,007,300 | 0.19 |
| 324,527 | Country Garden Services | 722,650 | 0.14 |
| 242,000 | Far East Horizon | 199,460 | 0.04 |
| 234,341 | Greentown Service | 209,268 | 0.04 |
| 125,732 | Hopson Development | 166,257 | 0.03 |
| 248,200 | Huatai Securities | 326,933 | 0.06 |
| 224,254 | Logan | 62,278 | 0.01 |
| 292,402 | Longfor | 975,927 | 0.19 |
| 1,274,000 | Postal Savings Bank of China | 842,311 | 0.16 |
| 196,000 | Wharf Holdings | 716,595 | 0.14 |
|  | Industrial: 0.30% (2021: 0.37%) |  |  |
| 116,348 | AAC Technologies | 224,992 | 0.04 |
| 300,000 | Beijing Capital International Airport | 176,563 | 0.03 |
| 383,723 | China Communications Services | 156,424 | 0.03 |
| 263,625 | China Conch Venture | 511,808 | 0.10 |
| 174,233 | China Lesso | 213,743 | 0.04 |
| 124,126 | Xinjiang Goldwind Science & Technology | 221,374 | 0.04 |
| 228,400 | Zoomlion Heavy Industry Science and Technology | 118,711 | 0.02 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |  |
| People’s Republic of China: 18.82% (2021: 20.60%) (continued) |
|  | Materials: 0.05% (2021: 0.00%) |  |  |  |
| 392,000 | China Resources Cement Holdings | 240,696 |  | 0.05 |
|  | Technology: 1.57% (2021: 0.35%) |  |  |  |
| 417,911 | Kingdee International Software | 902,912 |  | 0.17 |
| 1,159,314 | Lenovo | 1,120,931 |  | 0.22 |
| 332,600 | NetEase | 6,130,934 |  | 1.18 |
|  | Utilities: 0.73% (2021: 0.80%) |  |  |  |
| 650,550 | Beijing Enterprises Water | 197,239 |  | 0.04 |
| 488,545 | China Gas | 751,809 |  | 0.14 |
| 148,521 | China Resources Gas | 623,418 |  | 0.12 |
| 280,000 | China Suntien Green Energy | 137,327 |  | 0.03 |
| 126,938 | ENN Energy | 2,068,226 |  | 0.40 |
|  | Total People's Republic of China | 	97,894,535 |  | 	18.82 |
|  | Philippines: 0.48% (2021: 0.66%) |  |  |  |
|  | Communications: 0.01% (2021: 0.02%) |  |  |  |
| 1,346 | Globe Telecom | 50,344 |  | 0.01 |
|  | Consumer, cyclical: 0.10% (2021: 0.11%) |  |  |  |
| 13,818 | GT Capital | 113,642 |  | 0.02 |
| 31,232 | SM Investments | 439,333 |  | 0.08 |
|  | Consumer, non-cyclical: 0.17% (2021: 0.12%) |  |  |  |
| 381,645 | JG Summit | 356,516 |  | 0.07 |
| 1,009,100 | Monde Nissin | 260,649 |  | 0.05 |
| 130,175 | Universal Robina | 262,097 |  | 0.05 |
|  | Financial: 0.20% (2021: 0.39%) |  |  |  |
| 1,556,806 | SM Prime | 1,033,540 |  | 0.20 |
|  | Utilities: 0.00% (2021: 0.02%) | – |  | – |
|  | Total Philippines | 	2,516,121 |  | 	0.48 |
|  | Republic of South Korea: 7.52% (2021: 8.38%) |  |  |  |
|  | Basic materials: 1.13% (2021: 1.05%) |  |  |  |
| 18,415 | Hanwha Chemical | 620,874 |  | 0.12 |
| 1,363 | Korea Zinc | 500,987 |  | 0.10 |
| 7,929 | LG Chem | 3,680,384 |  | 0.71 |
| 1,234 | LG Chem Pref | 276,418 |  | 0.05 |
| 2,750 | Lotte Chemical | 373,624 |  | 0.07 |
| 1,838 | SK Chemicals | 148,557 |  | 0.03 |
| 4,004 | SK IE Technology | 252,119 |  | 0.05 |
|  | Communications: 2.28% (2021: 3.12%) |  |  |  |
| 50,091 | Kakao | 2,884,156 |  | 0.55 |
| 21,058 | NAVER | 4,198,308 |  | 0.81 |
| 2,642 | NCSoft | 757,559 |  | 0.15 |
| 8,827 | Samsung SDI | 3,866,187 |  | 0.74 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |  |
|  | Republic of South Korea: 7.52% (2021: 8.38%) (continued) |  |  |  |
|  | Communications: 2.28% (2021: 3.12%) (continued) |  |  |  |
| 4,239 | SK Telecom | 174,898 |  | 0.03 |
|  | Consumer, cyclical: 0.45% (2021: 0.75%) |  |  |  |
| 1,248 | BGF retail | 173,880 |  | 0.03 |
| 8,881 | Coway | 438,205 |  | 0.08 |
| 27,905 | Korean Air Lines | 543,450 |  | 0.10 |
| 17,068 | LG Electronics | 1,240,258 |  | 0.24 |
|  | Consumer, non-cyclical: 0.73% (2021: 0.96%) |  |  |  |
| 4,693 | Amorepacific | 466,013 |  | 0.09 |
| 4,631 | Amorepacific Group | 131,540 |  | 0.03 |
| 13,684 | Celltrion Healthcare | 762,622 |  | 0.15 |
| 2,341 | CJ | 143,801 |  | 0.03 |
| 1,329 | CJ CheilJedang | 400,511 |  | 0.08 |
| 1,504 | LG Household & Health Care | 901,867 |  | 0.17 |
| 337 | LG Household & Health Care Pref | 98,187 |  | 0.02 |
| 2,744 | S-1 | 134,760 |  | 0.03 |
| 5,026 | SK Biopharmaceuticals | 301,769 |  | 0.06 |
| 8,225 | Yuhan | 365,949 |  | 0.07 |
|  | Energy: 0.44% (2021: 0.51%) |  |  |  |
| 5,949 | SK | 1,007,451 |  | 0.19 |
| 8,902 | SK Innovation | 1,284,832 |  | 0.25 |
|  | Financial: 1.42% (2021: 0.91%) |  |  |  |
| 48,176 | Hana Financial | 1,379,530 |  | 0.27 |
| 63,384 | KB Financial | 2,363,909 |  | 0.45 |
| 12,837 | Samsung Life Insurance | 599,804 |  | 0.12 |
| 10,030 | Samsung Securities | 270,226 |  | 0.05 |
| 74,603 | Shinhan Financial | 2,050,132 |  | 0.39 |
| 81,776 | Woori Financial Group | 749,084 |  | 0.14 |
|  | Industrial: 0.74% (2021: 0.80%) |  |  |  |
| 1,454 | CJ Logistics | 130,391 |  | 0.03 |
| 8,043 | Doosan Bobcat | 192,547 |  | 0.04 |
| 10,299 | GS Engineering & Construction | 236,248 |  | 0.05 |
| 43,159 | HMM | 825,572 |  | 0.16 |
| 12,508 | Hyundai Engineering & Construction | 405,829 |  | 0.08 |
| 3,009 | Hyundai Glovis | 421,552 |  | 0.08 |
| 37,319 | LG Display | 439,520 |  | 0.08 |
| 4,350 | Posco Chemical | 440,324 |  | 0.08 |
| 25,160 | Samsung Engineering | 379,598 |  | 0.07 |
| 3,342 | SKC | 349,867 |  | 0.07 |
|  | Technology: 0.33% (2021: 0.28%) |  |  |  |
| 15,144 | LG | 945,407 |  | 0.18 |
| 3,448 | Netmarble | 191,364 |  | 0.04 |
| 5,587 | Samsung SDS | 584,891 |  | 0.11 |
|  | Total Republic of South Korea | 	39,084,961 |  | 	7.52 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |  |
|  | Singapore: 0.06% (2021: 0.04%) |  |  |  |
|  | Financial: 0.06% (2021: 0.04%) |  |  |  |
| 33,408 | BOC Aviation | 283,865 |  | 0.06 |
|  | Total Singapore | 	283,865 |  | 	0.06 |
|  | Taiwan: 16.43% (2021: 16.06%) |  |  |  |
|  | Basic materials: 0.67% (2021: 0.74%) |  |  |  |
| 1,893,589 | China Steel | 1,751,859 |  | 0.34 |
| 763,539 | Nan Ya Plastics | 1,716,248 |  | 0.33 |
|  | Communications: 0.83% (2021: 0.60%) |  |  |  |
| 609,925 | Chunghwa Telecom | 2,475,064 |  | 0.48 |
| 256,198 | Far EasTone Telecommunications | 646,036 |  | 0.12 |
| 9,600 | momo.com | 261,955 |  | 0.05 |
| 276,000 | Taiwan Mobile | 935,640 |  | 0.18 |
|  | Consumer, cyclical: 0.61% (2021: 0.79%) |  |  |  |
| 442,000 | China Airlines | 333,630 |  | 0.06 |
| 393,000 | Eva Airways | 444,965 |  | 0.09 |
| 514,380 | Far Eastern New Century | 522,266 |  | 0.10 |
| 48,201 | Hotai Motor | 972,359 |  | 0.19 |
| 91,749 | President Chain Store | 867,204 |  | 0.17 |
|  | Consumer, non-cyclical: 0.35% (2021: 0.34%) |  |  |  |
| 774,967 | Uni-President Enterprises | 1,822,173 |  | 0.35 |
|  | Financial: 3.52% (2021: 2.98%) |  |  |  |
| 1,267,864 | Cathay Financial | 1,926,716 |  | 0.37 |
| 219,927 | Chailease | 1,553,541 |  | 0.30 |
| 2,815,605 | CTBC Financial | 2,158,182 |  | 0.41 |
| 2,058,539 | E.Sun Financial | 1,890,713 |  | 0.36 |
| 1,662,598 | First Financial | 1,499,287 |  | 0.29 |
| 1,070,799 | Fubon Financial | 2,006,340 |  | 0.39 |
| 1,376,120 | Hua Nan Financial | 1,061,700 |  | 0.20 |
| 1,745,762 | Mega Financial | 2,064,059 |  | 0.40 |
| 1,627,679 | Sinopac Financial | 918,733 |  | 0.18 |
| 1,647,655 | Taishin Financial | 863,972 |  | 0.17 |
| 1,527,000 | Taiwan Cooperative Financial Holding | 1,397,408 |  | 0.27 |
| 575,288 | The Shanghai Commercial & Savings Bank | 962,624 |  | 0.18 |
|  | Industrial: 1.34% (2021: 1.00%) |  |  |  |
| 22,000 | Airtac International | 600,314 |  | 0.12 |
| 310,598 | Delta Electronics | 2,676,406 |  | 0.51 |
| 972,548 | Taiwan Cement | 1,258,683 |  | 0.24 |
| 315,087 | Taiwan High Speed Rail | 307,815 |  | 0.06 |
| 10,000 | Voltronic Power Technology | 487,626 |  | 0.09 |
| 385,000 | Walsin Lihwa | 435,907 |  | 0.08 |
| 112,567 | Wan Hai Lines | 402,280 |  | 0.08 |
| 280,168 | Yang Ming Marine Transport | 838,417 |  | 0.16 |
|  | Technology: 9.11% (2021: 9.61%) |  |  |  |
| 458,600 | Acer | 346,159 |  | 0.07 |
| 243,724 | MediaTek | 5,559,717 |  | 1.07 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |  |
|  | Taiwan: 16.43% (2021: 16.06%) (continued) |  |  |  |
|  | Technology: 9.11% (2021: 9.61%) (continued) |  |  |  |
| 2,289,000 | Taiwan Semiconductor | 38,913,229 |  | 7.48 |
| 1,904,000 | United Microelectronics | 2,553,208 |  | 0.49 |
|  | Total Taiwan | 	85,432,435 |  | 	16.43 |
|  | Thailand: 2.51% (2021: 2.15%) |  |  |  |
|  | Basic materials: 0.14% (2021: 0.14%) |  |  |  |
| 270,270 | Indorama Ventures | 321,226 |  | 0.06 |
| 361,741 | PTT Global Chemical | 434,856 |  | 0.08 |
|  | Communications: 0.32% (2021: 0.29%) |  |  |  |
| 190,876 | Advanced Info Service | 1,042,273 |  | 0.20 |
| 180,079 | Intouch | 342,449 |  | 0.07 |
| 1,873,969 | True | 241,310 |  | 0.05 |
|  | Consumer, cyclical: 0.46% (2021: 0.44%) |  |  |  |
| 936,848 | CP ALL | 1,558,868 |  | 0.30 |
| 949,597 | Home Product Center | 343,104 |  | 0.07 |
| 502,388 | Minor International | 457,213 |  | 0.09 |
| 67 | Robinson | 35 |  | – |
|  | Consumer, non-cyclical: 0.34% (2021: 0.28%) |  |  |  |
| 592,964 | Bangkok Dusit Medical Services | 430,910 |  | 0.08 |
| 192,925 | Berli Jucker | 170,336 |  | 0.03 |
| 76,499 | Bumrungrad Hospital | 378,235 |  | 0.07 |
| 621,785 | Charoen Pokphand Foods | 426,516 |  | 0.08 |
| 240,945 | Osotspa | 204,551 |  | 0.04 |
| 459,406 | Thai Union | 203,432 |  | 0.04 |
|  | Diversified: 0.25% (2021: 0.25%) |  |  |  |
| 125,157 | Siam Cement | 1,268,230 |  | 0.25 |
|  | Energy: 0.36% (2021: 0.21%) |  |  |  |
| 251,217 | Energy Absolute | 564,743 |  | 0.11 |
| 222,956 | PTT Exploration & Production | 984,253 |  | 0.19 |
| 481,300 | PTT Oil & Retail Business | 330,150 |  | 0.06 |
|  | Financial: 0.25% (2021: 0.19%) |  |  |  |
| 1,283,665 | Asset World | 174,364 |  | 0.03 |
| 324,061 | Central Pattana | 559,029 |  | 0.11 |
| 144,800 | Krungthai Card | 225,205 |  | 0.04 |
| 136,216 | SCB X | 375,602 |  | 0.07 |
|  | Industrial: 0.36% (2021: 0.26%) |  |  |  |
| 687,677 | Airports of Thailand | 1,312,396 |  | 0.25 |
| 1,191,732 | BTS | 278,427 |  | 0.05 |
| 206,600 | SCG Packaging | 286,243 |  | 0.06 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |  |
|  | Thailand: 2.51% (2021: 2.15%) (continued) |  |  |  |
|  | Utilities: 0.03% (2021: 0.09%) |  |  |  |
| 146,379 | B Grimm Power | 151,111 |  | 0.03 |
|  | Total Thailand | 	13,065,067 |  | 	2.51 |
|  | United States: 33.63% (2021: 37.51%) |  |  |  |
|  | Communications: 2.86% (2021: 6.80%) |  |  |  |
| 71,040 | Alphabet | 8,263,373 |  | 1.59 |
| 15,363 | FactSet Research Systems | 6,601,174 |  | 1.27 |
|  | Consumer, cyclical: 1.51% (2021: 1.18%) |  |  |  |
| 31,527 | Copart | 4,038,609 |  | 0.78 |
| 6,968 | WW Grainger | 3,787,317 |  | 0.73 |
|  | Consumer, non-cyclical: 5.39% (2021: 14.29%) |  |  |  |
| 22,830 | AmerisourceBergen | 3,331,582 |  | 0.64 |
| 13,898 | Automatic Data Processing | 3,351,086 |  | 0.64 |
| 34,658 | Biogen | 7,453,549 |  | 1.43 |
| 15,239 | Catalent | 1,723,531 |  | 0.33 |
| 162,249 | Elanco Animal Health | 3,287,165 |  | 0.63 |
| 5,020 | Eli Lilly and Company | 1,655,044 |  | 0.32 |
| 11,273 | IDEXX Laboratories | 4,499,956 |  | 0.87 |
| 6,034 | Illumina | 1,307,447 |  | 0.25 |
| 8,284 | Johnson & Johnson | 1,445,724 |  | 0.28 |
|  | Financial: 13.46% (2021: 8.85%) |  |  |  |
| 232,673 | American International Group | 12,045,481 |  | 2.32 |
| 61,426 | Arch Capital Group | 2,727,314 |  | 0.52 |
| 5,133 | BlackRock | 3,434,901 |  | 0.66 |
| 229,168 | Carlyle | 8,916,927 |  | 1.72 |
| 23,348 | Chubb | 4,404,367 |  | 0.85 |
| 69,872 | Crown Castle International | 12,623,075 |  | 2.43 |
| 262,277 | Equitable Holdings | 7,456,535 |  | 1.43 |
| 112,782 | Hartford Financial Services | 7,271,055 |  | 1.40 |
| 69,938 | Intercontinental Exchange | 7,132,976 |  | 1.37 |
| 140,477 | Invesco | 2,492,062 |  | 0.48 |
| 24,627 | Loews | 1,434,523 |  | 0.28 |
|  | Industrial: 3.68% (2021: 3.50%) |  |  |  |
| 46,806 | CSX | 1,513,238 |  | 0.29 |
| 11,852 | Norfolk Southern | 2,976,867 |  | 0.57 |
| 14,998 | Republic Services | 2,079,623 |  | 0.40 |
| 55,453 | Union Pacific | 12,604,467 |  | 2.42 |
|  | Technology: 5.64% (2021: 2.89%) |  |  |  |
| 27,859 | ANSYS | 7,772,382 |  | 1.49 |
| 62,672 | Cadence Design Systems | 11,662,006 |  | 2.24 |
| 26,605 | Microsoft | 7,469,088 |  | 1.44 |
| 5,495 | ServiceNow | 2,454,397 |  | 0.47 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
| Holdings | Financial assets at fair value through profit or loss |  | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- | --- |
|  | Equities: 86.19% (2021: 90.19%) (continued) |  |  |  |  |
|  | United States: 33.63% (2021: 37.51%) (continued) |  |  |  |  |
|  | Utilities: 1.09% (2021: 0.00%) |  |  |  |  |
| 64,437 | Eversource Energy |  | 5,684,632 |  | 1.09 |
|  | Total United States |  | 174,901,473 |  | 33.63 |
|  |  |  |  |  |  |
|  | Total equities |  | 448,249,391 |  | 86.19 |
|  | Rights: 0.00% (2021: 0.00%) |  |  |  |  |
|  | Taiwan: 0.00% (2021: 0.00%) |  |  |  |  |
| 32,387 | Taishin Financial Holdings Rts. |  | – |  | – |
| 26,928 | Walsin Lihwa Rts. |  | 3,507 |  | – |
|  | Total Taiwan |  | 3,507 |  | – |
|  |  |  |  |  |  |
|  | Total rights |  | 3,507 |  | – |
|  | Warrants: 8.09% (2021: 6.99%) |  |  |  |  |
|  | Thailand: 0.00% (2021: 0.00%) |  |  |  |  |
|  | Financial: 0.00% (2021: 0.00%) |  |  |  |  |
| 66,064 | BTS Group Holdings 05/09/2022 |  | 18 |  | – |
| 132,128 | BTS Group Holdings 07/11/2024 |  | 1,005 |  | – |
| 264,257 | BTS Group Holdings 20/11/2026 |  | 1,938 |  | – |
| 19,607 | Minor International 31/12/2023 |  | 2,717 |  | – |
| 17,769 | Minor International 31/12/2024 |  | 1,873 |  | – |
|  | Total Thailand |  | 7,551 |  | – |
|  | United States: 8.09% (2021: 6.99%) |  |  |  |  |
|  | Financial: 8.09% (2021: 6.99%) |  |  |  |  |
| 50,000 | Morgan Stanley BV 10/04/2024 |  | 42,054,775 |  | 8.09 |
|  | Total United States |  | 42,054,775 |  | 8.09 |
|  |  |  |  |  |  |
|  | Total warrants |  | 42,062,326 |  | 8.09 |
|  | Financial derivative instruments: 1.98% (2021: 3.77%) |  |  |  |  |
| Counterparty | Total return swaps - unrealised gains: 1.98% (2021: 3.77%) | Notional US$ | Unrealised gain US$ |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | MSCI Emerging Markets ESG Equity Fund Reference Portfolio Leg |  |  |  |  |
|  | 520,342,472 | 4,469,589 |  | 0.86 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2022 (continued)
|  | Financial assets at fair value through profit or loss |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Financial derivative instruments: 1.98% (2021: 3.77%) (continued) |
| Counterparty | Total return swaps - unrealised gains: 1.98% (2021: 3.77%) (continued) | Notional US$ | Unrealised gain US$ |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | MSCI Emerging Markets ESG Equity Fund Financing Leg | (490,315,224) | 5,839,769 |  | 1.12 |
|  | Total total return swaps - unrealised gains |  | 10,309,358 |  | 1.98 |
|  |  |  |  |  |  |
|  | Total financial derivative instruments |  | 10,309,358 |  | 1.98 |
|  |  |  |  |  |  |
|  | Total financial assets at fair value through profit or loss |  | 500,624,582 |  | 96.26 |
|  | Financial liabilities at fair value through profit or loss |  |  |  |  |
|  | Financial derivative instruments: 0.00% (2021: (3.15%)) |  | Unrealised loss US$ |  | % of net assets |
|  | Total return swaps - unrealised losses: 0.00% (2021: (3.15%)) |  |  |  |
|  |  |  | Fair value US$ |  | % of net assets |
|  | Total value of investments |  |  |  |  |
|  | (Cost: US$ 260,412,329) |  | 500,624,582 |  | 96.26 |
|  | Due from broker |  | 19,800,489 |  | 3.81 |
|  | Other net liabilities |  | (360,053) |  | (0.07) |
|  | Net assets attributable to holders of redeemable participating shares |   520,065,018 |  | 	100.00 |

| Analysis of portfolio | Fair value US$ |  | % of total assets |
| --- | --- | --- | --- |
| Transferable securities admitted to official stock exchange listing or dealt in/on another regulated market | 490,315,224 |  | 94.09 |
| Over the counter financial derivative instruments | 10,309,358 |  | 1.98 |
| Due from broker | 19,800,489 |  | 3.80 |
| Other assets | 715,212 |  | 0.13 |
| Total assets |   521,140,283 |  | 	100.00 |

MSCI Emerging Markets ESG Equity Fund
Schedule of significant portfolio movements for the financial year ended 31 July 2022
| Total purchases in the year | US$ 1,788,472,946 |
| --- | --- |
| Material purchases | Nominal holdings | Cost US$ |
| Crown Castle International | 347,320 | 59,103,587 |
| CME | 225,801 | 48,106,201 |
| Valero Energy | 487,654 | 44,972,997 |
| Agilent Technologies | 313,711 | 42,803,893 |
| Bristol-Myers Squibb | 582,617 | 42,440,287 |
| Morgan Stanley BV | 50,000 | 41,570,095 |
| Johnson & Johnson | 232,955 | 39,886,419 |
| Mastercard | 110,007 | 38,149,732 |
| American International Group | 640,289 | 35,911,332 |
| Lam Research | 57,924 | 34,373,434 |
| Lululemon Athletica | 86,776 | 33,260,782 |
| Eli Lilly and Company | 128,901 | 32,426,776 |
| Motorola Solutions | 143,516 | 31,696,744 |
| Dover | 178,626 | 29,759,612 |
| Union Pacific | 123,185 | 28,619,846 |
| PepsiCo | 167,061 | 28,436,900 |
| Cisco Systems | 589,682 | 27,514,562 |
| Carlyle | 696,938 | 27,379,742 |
| Nvidia | 121,470 | 26,413,957 |
| Genuine Parts | 185,044 | 22,990,714 |
| Microsoft | 75,206 | 22,757,533 |
| Cadence Design Systems | 151,098 | 21,074,393 |
| Intercontinental Exchange | 178,587 | 20,763,471 |
| Garmin | 152,635 | 20,745,529 |
| AmerisourceBergen | 145,931 | 20,013,988 |
| BlackRock | 24,475 | 19,814,435 |
| Biogen | 90,067 | 18,594,506 |
| DuPont de Nemours | 241,949 | 18,296,183 |
| IDEXX Laboratories | 36,645 | 18,256,697 |
| Humana | 41,146 | 17,978,100 |

The statement of material purchases reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the financial year. If there were fewer than twenty positions exceeding one per cent, the top twenty positions

Translation (ENFR, 2022-07-31):
# MSCI Emerging Markets ESG Equity Fund
Rapport du Gestionnaire d’investissement pour l’exercice clos le 31 juillet 2022
L’objectif d’investissement du Compartiment est de dégager un rendement équivalent à la performance de l’indice MSCI Emerging Markets ESG (rendement total, dividende net réinvesti) (l’« Indice ») avant toutes commissions et charges.
L’Indice est représentatif du rendement de sociétés ayant une haute performance environnementale, sociale et de gouvernance (« ESG ») comparativement à leurs pairs sectoriels (c.-à-d. les sociétés qui ont des cotes ESG plus élevées par rapport à leurs pairs - la cote ESG évalue l’impact d’une société sur l’environnement, la communauté et la société, ses employés et sa chaîne d’approvisionnement, ses clients et sa gouvernance) situées dans divers marchés émergents. Au 9 mars 2022, l’Indice était composé de 27 économies émergentes : Chine, Taïwan, Inde, Corée du Sud, Afrique du Sud, Brésil, Thaïlande, Malaisie, Émirats arabes unis, Hong Kong, Arabie saoudite, Indonésie, Mexique, Qatar, Pologne, Chili, Philippines, Koweït, Pérou, Turquie, Hongrie, Colombie, Grèce, République tchèque, Égypte, Pays-Bas et Singapour.

## Du 18 février 2015 (date de lancement) au 31 juillet 2022, la performance du Compartiment a été de 22,84 %, contre 28,02 % pour l’Indice.

## Du 31 juillet 2021 au 31 juillet 2022, la performance du Compartiment a été de -23,71 %, contre -23,28 % pour l’Indice.

## Le Compartiment affiche une volatilité annualisée de 17,86 % contre 17,86 % pour l’Indice.
En termes d’écart de suivi (écart type annualisé de la différence de performance entre le rendement du Compartiment et celui de son indice de référence), le Compartiment a enregistré un écart de suivi réduit, à 0,02 % par rapport à l’Indice depuis son lancement.
MSCI Emerging Markets ESG Equity Fund État des investissements au 31 juillet 2022
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur USD |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 86,19 % (2021 : 90,19 %) |  |  |  |
|  | Chili : 0,77 % (2021 : 0,45 %) |  |  |  |
|  | Matériaux de base : 0,50 % (2021 : 0,21 %) |  |  |  |
| 180 515 | Empresas CMPC | 306 548 |  | 0,06 |
| 22 916 | Sociedad Quimica y Minera de Chile | 2 274 925 |  | 0,44 |
|  | Biens de consommation cycliques : 0,05 % (2021 : 0,07 %) |  |  |  |
| 120 543 | SACI Falabella | 268 750 |  | 0,05 |
|  | Biens de consommation non cycliques : 0,06 % (2021 : 0,00 %) |  |  |  |
| 226 896 | Cencosud | 309 810 |  | 0,06 |
|  | Énergie : 0,10 % (2021 : 0,08 %) |  |  |  |
| 62 572 | Empresas COPEC | 512 208 |  | 0,10 |
|  | Valeurs financières : 0,00 % (2021 : 0,02 %) | – |  | – |
|  | Services publics : 0,06 % (2021 : 0,07 %) |  |  |  |
| 3 442 844 | Enel Americas | 348 275 |  | 0,06 |
|  | Total Chili | 	4 020 516 |  | 	0,77 |
|  | Colombie : 0,23 % (2021 : 0,08 %) |  |  |  |
|  | Valeurs financières : 0,17 % (2021 : 0,08 %) |  |  |  |
| 40 893 | Bancolombia | 342 106 |  | 0,07 |
| 72 547 | Bancolombia Pref | 533 225 |  | 0,10 |
|  | Services publics : 0,06 % (2021 : 0,00 %) |  |  |  |
| 71 094 | Interconexion Electrica | 340 432 |  | 0,06 |
|  | Total Colombie | 	1 215 763 |  | 	0,23 |
|  | Hong Kong : 0,21 % (2021 : 0,23 %) |  |  |  |
|  | Biens de consommation non cycliques : 0,21 % (2021 : 0,23 %) |  |  |  |
| 1 662 366 | Sino Biopharmaceutical | 961 432 |  | 0,18 |
| 57 860 | Vinda International | 153 681 |  | 0,03 |
|  | Total Hong Kong | 	1 115 113 |  | 	0,21 |
|  | Indonésie : 1,74 % (2021 : 0,84 %) |  |  |  |
|  | Matériaux de base : 0,18 % (2021 : 0,14 %) |  |  |  |
| 389 200 | Aneka Tambang Tbk | 51 299 |  | 0,01 |
| 3 495 650 | Barito Pacific | 212 108 |  | 0,04 |
| 273 232 | Indah Kiat Pulp & Paper | 140 001 |  | 0,03 |
| 1 934 371 | Merdeka Copper Gold | 529 482 |  | 0,10 |
|  | Communications : 0,49 % (2021 : 0,04 %) |  |  |  |
| 7 947 600 | Telkom Indonesia | 2 266 533 |  | 0,44 |
| 1 272 425 | Tower Bersama Infrastructure | 263 364 |  | 0,05 |
|  | Biens de consommation non cycliques : 0,10 % (2021 : 0,11 %) |  |  |  |
| 2 274 861 | Kalbe Farma | 248 459 |  | 0,05 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)

## Participations Actifs financiers à la juste valeur par le biais du compte de résultat

## Juste valeur

## USD

## % de l’actif net
|  | Actions : 86,19 % (2021 : 90,19 %) (suite) Indonésie : 1,74 % (2021 : 0,84 %) (suite) |  |  |
| --- | --- | --- | --- |
| Biens de consommation non cycliques : 0,10 % (2021 : 0,11 %) | (suite) |
| 874 295 | Unilever Indonesia |  | 265 840 |  | 0,05 |
|  | Valeurs financières : 0,97 % (2021 : 0,55 %) |  |  |  |  |
| 8 901 216 | Bank Central Asia |  | 4 410 850 |  | 0,85 |
| 14 | Bank Mandiri Persero |  | 8 |  | – |
| 1 196 900 | Bank Negara Indonesia Persero |  | 633 451 |  | 0,12 |
| 37 | Bank Rakyat Indonesia Persero |  | 11 |  | – |
|  | Total Indonésie |  | 	9 021 406 |  | 	1,74 |
|  | Malaisie : 2,01 % (2021 : 1,70 %) |  |  |  |  |
|  | Matériaux de base : 0,12 % (2021 : 0,09 %) |  |  |  |  |
| 583 118 | Press Metal Aluminium |  | 636 772 |  | 0,12 |
|  | Communications : 0,10 % (2021 : 0,10 %) |  |  |  |  |
| 441 660 | Axiata |  | 284 814 |  | 0,06 |
| 181 656 | Telekom Malaysia |  | 231 840 |  | 0,04 |
|  | Biens de consommation cycliques : 0,04 % (2021 : 0,03 %) |  |  |  |  |
| 437 083 | Sime Darby |  | 229 811 |  | 0,04 |
|  | Biens de consommation non cycliques : 0,37 % (2021 : 0,35 %) |  |  |  |  |
| 99 872 | Hap Seng Consolidated Berhad |  | 169 651 |  | 0,03 |
| 282 356 | IHH Healthcare |  | 405 405 |  | 0,08 |
| 69 383 | Kuala Lumpur Kepong |  | 341 731 |  | 0,07 |
| 11 288 | Nestlé Malaysia |  | 341 646 |  | 0,07 |
| 102 720 | PPB |  | 375 751 |  | 0,07 |
| 177 500 | QL Resources Berhad |  | 211 381 |  | 0,04 |
| 180 980 | Top Glove |  | 39 242 |  | 0,01 |
|  | Énergie : 0,14 % (2021 : 0,16 %) |  |  |  |  |
| 47 822 | Petronas Dagangan |  | 240 695 |  | 0,05 |
| 127 001 | Petronas Gas Berhad |  | 489 113 |  | 0,09 |
|  | Valeurs financières : 1,11 % (2021 : 0,75 %) |  |  |  |  |
| 292 483 | AmBank |  | 256 305 |  | 0,05 |
| 1 066 076 | CIMB |  | 1 248 007 |  | 0,24 |
| 762 311 | Malayan Banking |  | 1 517 599 |  | 0,29 |
| 2 335 952 | Public Bank |  | 2 435 416 |  | 0,47 |
| 238 384 | RHB Bank |  | 314 953 |  | 0,06 |
|  | Industriel : 0,13 % (2021 : 0,22 %) |  |  |  |  |
| 274 994 | Hartalega |  | 169 303 |  | 0,03 |
| 106 492 | Malaysia Airports |  | 149 551 |  | 0,03 |
| 214 876 | MISC |  | 348 108 |  | 0,07 |
|  | Total Malaisie |  | 	10 437 094 |  | 	2,01 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur USD |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 86,19 % (2021 : 90,19 %) (suite) |  |  |  |
|  | Mexique : 1,78 % (2021 : 1,49 %) |  |  |  |
|  | Matériaux de base : 0,04 % (2021 : 0,05 %) |  |  |  |
| 22 322 | Industrias Penoles | 224 837 |  | 0,04 |
|  | Communications : 0,12 % (2021 : 0,00 %) |  |  |  |
| 385 678 | Grupo Televisa | 608 811 |  | 0,12 |
|  | Biens de consommation non cycliques : 0,86 % (2021 : 0,75 %) |  |  |  |
| 70 773 | Arca Continental | 490 845 |  | 0,09 |
| 84 274 | Coca-Cola Femsa | 510 847 |  | 0,10 |
| 312 101 | Fomento Economico Mexicano | 1 947 211 |  | 0,37 |
| 33 384 | Gruma | 415 634 |  | 0,08 |
| 215 418 | Grupo Bimbo | 762 197 |  | 0,15 |
| 244 009 | Kimberly-Clark De Mexico | 359 773 |  | 0,07 |
|  | Valeurs financières : 0,46 % (2021 : 0,40 %) |  |  |  |
| 416 407 | Grupo Financiero Banorte | 2 372 193 |  | 0,46 |
|  | Industriel : 0,30 % (2021 : 0,29 %) |  |  |  |
| 2 428 928 | Cemex | 981 807 |  | 0,19 |
| 31 118 | Grupo Aeroportuario del Sureste | 586 887 |  | 0,11 |
|  | Total Mexique | 	9 261 042 |  | 	1,78 |
|  | République populaire de Chine : 18,82 % (2021 : 20,60 %) |  |  |  |
|  | Matériaux de base : 0,15 % (2021 : 0,15 %) |  |  |  |
| 567 272 | China Molybdenum | 278 220 |  | 0,05 |
| 58 280 | Ganfeng Lithium | 526 754 |  | 0,10 |
|  | Communications : 7,96 % (2021 : 7,71 %) |  |  |  |
| 44 800 | Baidu | 756 188 |  | 0,15 |
| 740 000 | HengTen Networks | 213 990 |  | 0,04 |
| 656 922 | Meituan Dianping | 14 753 736 |  | 2,84 |
| 647 342 | Tencent | 25 300 262 |  | 4,86 |
| 195 600 | Tongcheng-Elong | 373 763 |  | 0,07 |
|  | Biens de consommation cycliques : 0,59 % (2021 : 2,65 %) |  |  |  |
| 292 848 | Air China | 229 805 |  | 0,04 |
| 756 000 | Alibaba Health Information Technology | 454 569 |  | 0,09 |
| 20 412 | BYD | 742 642 |  | 0,14 |
| 308 000 | China Southern Airlines | 166 754 |  | 0,03 |
| 400 108 | Fosun International | 315 503 |  | 0,06 |
| 81 500 | Ping An Healthcare and Technology | 213 356 |  | 0,04 |
| 89 800 | Pop Mart International Group | 205 913 |  | 0,04 |
| 125 352 | Shanghai Pharmaceuticals | 188 749 |  | 0,04 |
| 110 756 | Sinotruk Hong Kong | 130 510 |  | 0,03 |
| 192 229 | Yadea | 413 849 |  | 0,08 |
|  | Biens de consommation non cycliques : 2,94 % (2021 : 3,23 %) |  |  |  |
| 234 153 | 3SBio | 155 706 |  | 0,03 |
| 14 800 | CanSino Biologics | 124 058 |  | 0,02 |
| 216 874 | China Medical System | 345 345 |  | 0,07 |
| 507 467 | China Mengniu Dairy | 2 353 125 |  | 0,45 |
| 1 436 086 | CSPC Pharmaceutical | 1 571 482 |  | 0,30 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat Actions : 86,19 % (2021 : 90,19 %) (suite) République populaire de Chine : 18,82 % (2021 : 20,60 %) (suite) | Juste valeur USD | % de l’actif net |
| --- | --- | --- | --- |
|  | Biens de consommation non cycliques : 2,94 % (2021 : 3,23 %) (suite) |  |  |
| 329 600 | Dali Foods | 157 034 | 0,03 |
| 185 593 | Genscript Biotech | 671 453 | 0,13 |
| 190 058 | Hansoh Pharmaceutical | 370 436 | 0,07 |
| 241 000 | Jinxin Fertility | 187 276 | 0,04 |
| 103 084 | MicroPort Scientific | 243 465 | 0,05 |
| 32 256 | Pharmaron Beijing | 262 777 | 0,05 |
| 399 105 | Shandong Weigao Medical Polymer | 498 252 | 0,10 |
| 79 707 | Shanghai Fosun Pharmaceutical | 288 370 | 0,06 |
| 200 000 | Shenzhen International | 184 206 | 0,04 |
| 215 200 | Sinopharm Group | 493 459 | 0,09 |
| 210 000 | Uni-President China | 191 811 | 0,04 |
| 763 750 | Want Want China | 620 737 | 0,12 |
| 56 514 | Wuxi AppTec | 683 936 | 0,13 |
| 575 200 | Wuxi Biologics Cayman | 5 462 638 | 1,05 |
| 75 000 | Yihai International Holding | 220 226 | 0,04 |
| 218 570 | Zhejiang Expressway | 175 972 | 0,03 |
|  | Énergie : 0,41 % (2021 : 0,28 %) |  |  |
| 591 414 | China Everbright International | 314 923 | 0,06 |
| 625 219 | Kunlun Energy | 460 358 | 0,09 |
| 784 631 | Xinyi Solar | 1 333 390 | 0,26 |
|  | Valeurs financières : 4,12 % (2021 : 5,06 %) |  |  |
| 102 500 | A-Living Services | 125 221 | 0,02 |
| 15 430 763 | China Construction Bank | 9 848 294 | 1,89 |
| 626 150 | China Merchants Bank | 3 382 051 | 0,65 |
| 614 664 | China Overseas Land & Investment | 1 695 241 | 0,33 |
| 109 800 | China Resources Mixc Lifestyle Services | 465 782 | 0,09 |
| 235 055 | China Vanke | 447 359 | 0,09 |
| 658 406 | CIFI | 178 653 | 0,03 |
| 126 000 | CIFI Ever Sunshine Services | 90 850 | 0,02 |
| 933 554 | CITIC | 1 007 300 | 0,19 |
| 324 527 | Country Garden Services | 722 650 | 0,14 |
| 242 000 | Far East Horizon | 199 460 | 0,04 |
| 234 341 | Greentown Service | 209 268 | 0,04 |
| 125 732 | Hopson Development | 166 257 | 0,03 |
| 248 200 | Huatai Securities | 326 933 | 0,06 |
| 224 254 | Logan | 62 278 | 0,01 |
| 292 402 | Longfor | 975 927 | 0,19 |
| 1 274 000 | Postal Savings Bank of China | 842 311 | 0,16 |
| 196 000 | Wharf Holdings | 716 595 | 0,14 |
|  | Industriel : 0,30 % (2021 : 0,37 %) |  |  |
| 116 348 | AAC Technologies | 224 992 | 0,04 |
| 300 000 | Beijing Capital International Airport | 176 563 | 0,03 |
| 383 723 | China Communications Services | 156 424 | 0,03 |
| 263 625 | China Conch Venture | 511 808 | 0,10 |
| 174 233 | China Lesso | 213 743 | 0,04 |
| 124 126 | Xinjiang Goldwind Science & Technology | 221 374 | 0,04 |
| 228 400 | Zoomlion Heavy Industry Science and Technology | 118 711 | 0,02 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur USD |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 86,19 % (2021 : 90,19 %) (suite) |  |  |  |
|  | République populaire de Chine : 18,82 % (2021 : 20,60 %) (suite) |  |  |  |
|  | Matériaux : 0,05 % (2021 : 0,00 %) |  |  |  |
| 392 000 | China Resources Cement Holdings | 240 696 |  | 0,05 |
|  | Technologie : 1,57 % (2021 : 0,35 %) |  |  |  |
| 417 911 | Kingdee International Software | 902 912 |  | 0,17 |
| 1 159 314 | Lenovo | 1 120 931 |  | 0,22 |
| 332 600 | NetEase | 6 130 934 |  | 1,18 |
|  | Services publics : 0,73 % (2021 : 0,80 %) |  |  |  |
| 650 550 | Beijing Enterprises Water | 197 239 |  | 0,04 |
| 488 545 | China Gas | 751 809 |  | 0,14 |
| 148 521 | China Resources Gas | 623 418 |  | 0,12 |
| 280 000 | China Suntien Green Energy | 137 327 |  | 0,03 |
| 126 938 | ENN Energy | 2 068 226 |  | 0,40 |
|  | Total République populaire de Chine | 	97 894 535 |  | 	18,82 |
|  | Philippines : 0,48 % (2021 : 0,66 %) |  |  |  |
|  | Communications : 0,01 % (2021 : 0,02 %) |  |  |  |
| 1 346 | Globe Telecom | 50 344 |  | 0,01 |
|  | Biens de consommation cycliques : 0,10 % (2021 : 0,11 %) |  |  |  |
| 13 818 | GT Capital | 113 642 |  | 0,02 |
| 31 232 | SM Investments | 439 333 |  | 0,08 |
|  | Biens de consommation non cycliques : 0,17 % (2021 : 0,12 %) |  |  |  |
| 381 645 | JG Summit | 356 516 |  | 0,07 |
| 1 009 100 | Monde Nissin | 260 649 |  | 0,05 |
| 130 175 | Universal Robina | 262 097 |  | 0,05 |
|  | Valeurs financières : 0,20 % (2021 : 0,39 %) |  |  |  |
| 1 556 806 | SM Prime | 1 033 540 |  | 0,20 |
|  | Services publics : 0,00 % (2021 : 0,02 %) | – |  | – |
|  | Total Philippines | 	2 516 121 |  | 	0,48 |
|  | République de Corée du Sud : 7,52 % (2021 : 8,38 %) |  |  |  |
|  | Matériaux de base : 1,13 % (2021 : 1,05 %) |  |  |  |
| 18 415 | Hanwha Chemical | 620 874 |  | 0,12 |
| 1 363 | Korea Zinc | 500 987 |  | 0,10 |
| 7 929 | LG Chem | 3 680 384 |  | 0,71 |
| 1 234 | LG Chem Pref | 276 418 |  | 0,05 |
| 2 750 | Lotte Chemical | 373 624 |  | 0,07 |
| 1 838 | SK Chemicals | 148 557 |  | 0,03 |
| 4 004 | SK IE Technology | 252 119 |  | 0,05 |
|  | Communications : 2,28 % (2021 : 3,12 %) |  |  |  |
| 50 091 | Kakao | 2 884 156 |  | 0,55 |
| 21 058 | NAVER | 4 198 308 |  | 0,81 |
| 2 642 | NCSoft | 757 559 |  | 0,15 |
| 8 827 | Samsung SDI | 3 866 187 |  | 0,74 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur USD |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 86,19 % (2021 : 90,19 %) (suite) |  |  |  |
|  | République de Corée du Sud : 7,52 % (2021 : 8,38 %) (suite) |  |  |  |
|  | Communications : 2,28 % (2021 : 3,12 %) (suite) |  |  |  |
| 4 239 | SK Telecom | 174 898 |  | 0,03 |
|  | Biens de consommation cycliques : 0,45 % (2021 : 0,75 %) |  |  |  |
| 1 248 | BGF retail | 173 880 |  | 0,03 |
| 8 881 | Coway | 438 205 |  | 0,08 |
| 27 905 | Korean Air Lines | 543 450 |  | 0,10 |
| 17 068 | LG Electronics | 1 240 258 |  | 0,24 |
|  | Biens de consommation non cycliques : 0,73 % (2021 : 0,96 %) |  |  |  |
| 4 693 | Amorepacific | 466 013 |  | 0,09 |
| 4 631 | Amorepacific Group | 131 540 |  | 0,03 |
| 13 684 | Celltrion Healthcare | 762 622 |  | 0,15 |
| 2 341 | CJ | 143 801 |  | 0,03 |
| 1 329 | CJ CheilJedang | 400 511 |  | 0,08 |
| 1 504 | LG Household & Health Care | 901 867 |  | 0,17 |
| 337 | LG Household & Health Care Pref | 98 187 |  | 0,02 |
| 2 744 | S-1 | 134 760 |  | 0,03 |
| 5 026 | SK Biopharmaceuticals | 301 769 |  | 0,06 |
| 8 225 | Yuhan | 365 949 |  | 0,07 |
|  | Énergie : 0,44 % (2021 : 0,51 %) |  |  |  |
| 5 949 | SK | 1 007 451 |  | 0,19 |
| 8 902 | SK Innovation | 1 284 832 |  | 0,25 |
|  | Valeurs financières : 1,42 % (2021 : 0,91 %) |  |  |  |
| 48 176 | Hana Financial | 1 379 530 |  | 0,27 |
| 63 384 | KB Financial | 2 363 909 |  | 0,45 |
| 12 837 | Samsung Life Insurance | 599 804 |  | 0,12 |
| 10 030 | Samsung Securities | 270 226 |  | 0,05 |
| 74 603 | Shinhan Financial | 2 050 132 |  | 0,39 |
| 81 776 | Woori Financial Group | 749 084 |  | 0,14 |
|  | Industriel : 0,74 % (2021 : 0,80 %) |  |  |  |
| 1 454 | CJ Logistics | 130 391 |  | 0,03 |
| 8 043 | Doosan Bobcat | 192 547 |  | 0,04 |
| 10 299 | GS Engineering & Construction | 236 248 |  | 0,05 |
| 43 159 | HMM | 825 572 |  | 0,16 |
| 12 508 | Hyundai Engineering & Construction | 405 829 |  | 0,08 |
| 3 009 | Hyundai Glovis | 421 552 |  | 0,08 |
| 37 319 | LG Display | 439 520 |  | 0,08 |
| 4 350 | Posco Chemical | 440 324 |  | 0,08 |
| 25 160 | Samsung Engineering | 379 598 |  | 0,07 |
| 3 342 | SKC | 349 867 |  | 0,07 |
|  | Technologie : 0,33 % (2021 : 0,28 %) |  |  |  |
| 15 144 | LG | 945 407 |  | 0,18 |
| 3 448 | Netmarble | 191 364 |  | 0,04 |
| 5 587 | Samsung SDS | 584 891 |  | 0,11 |
|  | Total République de Corée du Sud | 	39 084 961 |  | 	7,52 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur USD |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 86,19 % (2021 : 90,19 %) (suite) |  |  |  |
|  | Singapour : 0,06 % (2021 : 0,04 %) |  |  |  |
|  | Valeurs financières : 0,06 % (2021 : 0,04 %) |  |  |  |
| 33 408 | BOC Aviation | 283 865 |  | 0,06 |
|  | Total Singapour | 	283 865 |  | 	0,06 |
|  | Taïwan : 16,43 % (2021 : 16,06 %) |  |  |  |
|  | Matériaux de base : 0,67 % (2021 : 0,74 %) |  |  |  |
| 1 893 589 | China Steel | 1 751 859 |  | 0,34 |
| 763 539 | Nan Ya Plastics | 1 716 248 |  | 0,33 |
|  | Communications : 0,83 % (2021 : 0,60 %) |  |  |  |
| 609 925 | Chunghwa Telecom | 2 475 064 |  | 0,48 |
| 256 198 | Far EasTone Telecommunications | 646 036 |  | 0,12 |
| 9 600 | momo.com | 261 955 |  | 0,05 |
| 276 000 | Taiwan Mobile | 935 640 |  | 0,18 |
|  | Biens de consommation cycliques : 0,61 % (2021 : 0,79 %) |  |  |  |
| 442 000 | China Airlines | 333 630 |  | 0,06 |
| 393 000 | Eva Airways | 444 965 |  | 0,09 |
| 514 380 | Far Eastern New Century | 522 266 |  | 0,10 |
| 48 201 | Hotai Motor | 972 359 |  | 0,19 |
| 91 749 | President Chain Store | 867 204 |  | 0,17 |
|  | Biens de consommation non cycliques : 0,35 % (2021 : 0,34 %) |  |  |  |
| 774 967 | Uni-President Enterprises | 1 822 173 |  | 0,35 |
|  | Valeurs financières : 3,52 % (2021 : 2,98 %) |  |  |  |
| 1 267 864 | Cathay Financial | 1 926 716 |  | 0,37 |
| 219 927 | Chailease | 1 553 541 |  | 0,30 |
| 2 815 605 | CTBC Financial | 2 158 182 |  | 0,41 |
| 2 058 539 | E.Sun Financial | 1 890 713 |  | 0,36 |
| 1 662 598 | First Financial | 1 499 287 |  | 0,29 |
| 1 070 799 | Fubon Financial | 2 006 340 |  | 0,39 |
| 1 376 120 | Hua Nan Financial | 1 061 700 |  | 0,20 |
| 1 745 762 | Mega Financial | 2 064 059 |  | 0,40 |
| 1 627 679 | Sinopac Financial | 918 733 |  | 0,18 |
| 1 647 655 | Taishin Financial | 863 972 |  | 0,17 |
| 1 527 000 | Taiwan Cooperative Financial Holding | 1 397 408 |  | 0,27 |
| 575 288 | The Shanghai Commercial & Savings Bank | 962 624 |  | 0,18 |
|  | Industriel : 1,34 % (2021 : 1,00 %) |  |  |  |
| 22 000 | Airtac International | 600 314 |  | 0,12 |
| 310 598 | Delta Electronics | 2 676 406 |  | 0,51 |
| 972 548 | Taiwan Cement | 1 258 683 |  | 0,24 |
| 315 087 | Taiwan High Speed Rail | 307 815 |  | 0,06 |
| 10 000 | Voltronic Power Technology | 487 626 |  | 0,09 |
| 385 000 | Walsin Lihwa | 435 907 |  | 0,08 |
| 112 567 | Wan Hai Lines | 402 280 |  | 0,08 |
| 280 168 | Yang Ming Marine Transport | 838 417 |  | 0,16 |
|  | Technologie : 9,11 % (2021 : 9,61 %) |  |  |  |
| 458 600 | Acer | 346 159 |  | 0,07 |
| 243 724 | MediaTek | 5 559 717 |  | 1,07 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur USD |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 86,19 % (2021 : 90,19 %) (suite) |  |  |  |
|  | Taïwan : 16,43 % (2021 : 16,06 %) (suite) |  |  |  |
|  | Technologie : 9,11 % (2021 : 9,61 %) (suite) |  |  |  |
| 2 289 000 | Taiwan Semiconductor | 38 913 229 |  | 7,48 |
| 1 904 000 | United Microelectronics | 2 553 208 |  | 0,49 |
|  | Total Taïwan | 	85 432 435 |  | 	16,43 |
|  | Thaïlande : 2,51 % (2021 : 2,15 %) |  |  |  |
|  | Matériaux de base : 0,14 % (2021 : 0,14 %) |  |  |  |
| 270 270 | Indorama Ventures | 321 226 |  | 0,06 |
| 361 741 | PTT Global Chemical | 434 856 |  | 0,08 |
|  | Communications : 0,32 % (2021 : 0,29 %) |  |  |  |
| 190 876 | Advanced Info Service | 1 042 273 |  | 0,20 |
| 180 079 | Intouch | 342 449 |  | 0,07 |
| 1 873 969 | True | 241 310 |  | 0,05 |
|  | Biens de consommation cycliques : 0,46 % (2021 : 0,44 %) |  |  |  |
| 936 848 | CP ALL | 1 558 868 |  | 0,30 |
| 949 597 | Home Product Center | 343 104 |  | 0,07 |
| 502 388 | Minor International | 457 213 |  | 0,09 |
| 67 | Robinson | 35 |  | – |
|  | Biens de consommation non cycliques : 0,34 % (2021 : 0,28 %) |  |  |  |
| 592 964 | Bangkok Dusit Medical Services | 430 910 |  | 0,08 |
| 192 925 | Berli Jucker | 170 336 |  | 0,03 |
| 76 499 | Bumrungrad Hospital | 378 235 |  | 0,07 |
| 621 785 | Charoen Pokphand Foods | 426 516 |  | 0,08 |
| 240 945 | Osotspa | 204 551 |  | 0,04 |
| 459 406 | Thai Union | 203 432 |  | 0,04 |
|  | Diversifié : 0,25 % (2021 : 0,25 %) |  |  |  |
| 125 157 | Siam Cement | 1 268 230 |  | 0,25 |
|  | Énergie : 0,36 % (2021 : 0,21 %) |  |  |  |
| 251 217 | Energy Absolute | 564 743 |  | 0,11 |
| 222 956 | PTT Exploration & Production | 984 253 |  | 0,19 |
| 481 300 | PTT Oil & Retail Business | 330 150 |  | 0,06 |
|  | Valeurs financières : 0,25 % (2021 : 0,19 %) |  |  |  |
| 1 283 665 | Asset World | 174 364 |  | 0,03 |
| 324 061 | Central Pattana | 559 029 |  | 0,11 |
| 144 800 | Krungthai Card | 225 205 |  | 0,04 |
| 136 216 | SCB X | 375 602 |  | 0,07 |
|  | Industriel : 0,36 % (2021 : 0,26 %) |  |  |  |
| 687 677 | Airports of Thailand | 1 312 396 |  | 0,25 |
| 1 191 732 | BTS | 278 427 |  | 0,05 |
| 206 600 | SCG Packaging | 286 243 |  | 0,06 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)
| Participations | Actifs financiers à la juste valeur par le biais du compte de résultat | Juste valeur USD |  | % de l’actif net |
| --- | --- | --- | --- | --- |
|  | Actions : 86,19 % (2021 : 90,19 %) (suite) |  |  |  |
|  | Thaïlande : 2,51 % (2021 : 2,15 %) (suite) |  |  |  |
|  | Services publics : 0,03 % (2021 : 0,09 %) |  |  |  |
| 146 379 | B Grimm Power | 151 111 |  | 0,03 |
|  | Total Thaïlande | 	13 065 067 |  | 	2,51 |
|  | États-Unis : 33,63 % (2021 : 37,51 %) |  |  |  |
|  | Communications : 2,86 % (2021 : 6,80 %) |  |  |  |
| 71 040 | Alphabet | 8 263 373 |  | 1,59 |
| 15 363 | FactSet Research Systems | 6 601 174 |  | 1,27 |
|  | Biens de consommation cycliques : 1,51 % (2021 : 1,18 %) |  |  |  |
| 31 527 | Copart | 4 038 609 |  | 0,78 |
| 6 968 | WW Grainger | 3 787 317 |  | 0,73 |
|  | Biens de consommation non cycliques : 5,39 % (2021 : 14,29 %) |  |  |  |
| 22 830 | AmerisourceBergen | 3 331 582 |  | 0,64 |
| 13 898 | Automatic Data Processing | 3 351 086 |  | 0,64 |
| 34 658 | Biogen | 7 453 549 |  | 1,43 |
| 15 239 | Catalent | 1 723 531 |  | 0,33 |
| 162 249 | Elanco Animal Health | 3 287 165 |  | 0,63 |
| 5 020 | Eli Lilly and Company | 1 655 044 |  | 0,32 |
| 11 273 | IDEXX Laboratories | 4 499 956 |  | 0,87 |
| 6 034 | Illumina | 1 307 447 |  | 0,25 |
| 8 284 | Johnson & Johnson | 1 445 724 |  | 0,28 |
|  | Valeurs financières : 13,46 % (2021 : 8,85 %) |  |  |  |
| 232 673 | American International Group | 12 045 481 |  | 2,32 |
| 61 426 | Arch Capital Group | 2 727 314 |  | 0,52 |
| 5 133 | BlackRock | 3 434 901 |  | 0,66 |
| 229 168 | Carlyle | 8 916 927 |  | 1,72 |
| 23 348 | Chubb | 4 404 367 |  | 0,85 |
| 69 872 | Crown Castle International | 12 623 075 |  | 2,43 |
| 262 277 | Equitable Holdings | 7 456 535 |  | 1,43 |
| 112 782 | Hartford Financial Services | 7 271 055 |  | 1,40 |
| 69 938 | Intercontinental Exchange | 7 132 976 |  | 1,37 |
| 140 477 | Invesco | 2 492 062 |  | 0,48 |
| 24 627 | Loews | 1 434 523 |  | 0,28 |
|  | Industriel : 3,68 % (2021 : 3,50 %) |  |  |  |
| 46 806 | CSX | 1 513 238 |  | 0,29 |
| 11 852 | Norfolk Southern | 2 976 867 |  | 0,57 |
| 14 998 | Republic Services | 2 079 623 |  | 0,40 |
| 55 453 | Union Pacific | 12 604 467 |  | 2,42 |
|  | Technologie : 5,64 % (2021 : 2,89 %) |  |  |  |
| 27 859 | ANSYS | 7 772 382 |  | 1,49 |
| 62 672 | Cadence Design Systems | 11 662 006 |  | 2,24 |
| 26 605 | Microsoft | 7 469 088 |  | 1,44 |
| 5 495 | ServiceNow | 2 454 397 |  | 0,47 |

MSCI Emerging Markets ESG Equity Fund
État des investissements au 31 juillet 2022 (suite)

## Participations Actifs financiers à la juste valeur par le biais du compte de résultat

## Juste valeur

## USD

## % de l’actif net
|  | Actions : 86,19 % (2021 : 90,19 %) (suite) États-Unis : 33,63 % (2021 : 37,51 %) (suite) |  |
| --- | --- | --- |
| Services publics : 1,09 % (2021 : 0,00 %) |
| 64 437 | Eversource Energy |  | 5 684 632 |  | 1,09 |
|  | Total États-Unis |  | 174 901 473 |  | 33,63 |
|  |  |  |  |  |  |
|  | Total des actions |  | 448 249 391 |  | 86,19 |
|  | Droits : 0,00 % (2021 : 0,00 %) |  |  |  |  |
|  | Taïwan : 0,00 % (2021 : 0,00 %) |  |  |  |  |
| 32 387 | Taishin Financial Holdings Rts. |  | – |  | – |
| 26 928 | Walsin Lihwa Rts. |  | 3 507 |  | – |
|  | Total Taïwan |  | 3 507 |  | – |
|  |  |  |  |  |  |
|  | Total des droits |  | 3 507 |  | – |
|  | Bons de souscription : 8,09 % (2021 : 6,99 %) |  |  |  |  |
|  | Thaïlande : 0,00 % (2021 : 0,00 %) |  |  |  |  |
|  | Valeurs financières : 0,00 % (2021 : 0,00 %) |  |  |  |  |
| 66 064 | BTS Group Holdings 05/09/2022 |  | 18 |  | – |
| 132 128 | BTS Group Holdings 07/11/2024 |  | 1 005 |  | – |
| 264 257 | BTS Group Holdings 20/11/2026 |  | 1 938 |  | – |
| 19 607 | Minor International 31/12/2023 |  | 2 717 |  | – |
| 17 769 | Minor International 31/12/2024 |  | 1 873 |  | – |
|  | Total Thaïlande |  | 7 551 |  | – |
|  | États-Unis : 8,09 % (2021 : 6,99 %) |  |  |  |  |
|  | Valeurs financières : 8,09 % (2021 : 6,99 %) |  |  |  |  |
| 50 000 | Morgan Stanley BV 10/04/2024 |  | 42 054 775 |  | 8,09 |
|  | Total États-Unis |  | 42 054 775 |  | 8,09 |
|  |  |  |  |  |  |
|  | Total des bons de souscription |  | 42 062 326 |  | 8,09 |
|  | Instruments financiers dérivés : 1,98 % (2021 : 3,77 %) |  |  |  |  |
|  |  | Montant |  |  |  |
|  | Contrats d’échange sur rendement total - plus-values | notionnel | Plus-values |  | % de |
| Contreparties | latentes : 1,98 % (2021 : 3,77 %) | en USD | latentes USD |  | l’actif net |
| Morgan Stanley | Morgan Stanley Swap MSCI Emerging Markets ESG Equity Fund Branche |  |  |  |  |
|  | portefeuille de référence | 520 342 472 | 4 469 589 |  | 0,86 |