# Statement of cash flows
## Emerging Markets Equity Fund For the financial year ended

## MS Swiss Life Multi-Asset

## Protected Fund

## For the financial year ended

## MS Scientific Beta Global Equity Factors UCITS ETF
1 

## For the financial year ended
|  | 31 July 2022 US$ | 31 July 2021 US$ | 31 July 2022 CHF | 31 July 2021 CHF | 31 July 2022 US$ | 31 July 2021 US$ |
| --- | --- | --- | --- | --- | --- | --- |
| Operating (loss)/profit after finance costs and taxation | (26,059,566) | 43,075,026 | (2,708,135) | 382,629 | 6,665 | 379,016 |
| Adjustments for: |  |  |  |  |  |  |
| Interest income | (1) | (40) | – | (10) | – | (47) |
| Interest expense | 35 | 5 | – | 2 | – | 82 |
| Exchange gains/(losses) on cash and cash equivalents	 | 583	 | 100 | 	–	 | (5) | 	–	 | 10 |
|  | (26,058,949) | 43,075,091 | (2,708,135) | 382,616 | 6,665 | 379,061 |
| Decrease/(increase) on financial assets at fair value through profit or loss | 229,103,105 | (8,365,284) | 4,182,246 | 1,420,781 | 691,645 | 526,018 |
| (Decrease)/increase in financial liabilities at fair value through profit or loss | (10,232,353) | (15,368,016) | 1,061,706 | – | (5,091) | (27,676) |
| Net increase/(decrease) in due from/to broker | 11,957,472 | (5,217,223) | 718,264 | 94,706 | 25,871 | 9,601 |
| Decrease/(increase) in other receivables | 45,887 | (25,217) | 36,470 | (36,413) | 139,932 | 336,342 |
| (Decrease)/increase in accrued expenses and other payables  | (757,787)	 | 616,169 | 	(81,154)	 | 20,918 | 	(106,202)	 | (337,645) |
|  | 204,057,375 | 14,715,520 | 3,209,397 | 1,882,608 | 752,820 | 885,701 |
| Interest received | 1 | 40 | – | 10 | – | 47 |
| Interest paid	 | (35)	 | (5) | 	–	 | (2) | 	–	 | (82) |
| Net cash provided by operating activities	 | 204,057,341	 | 14,715,555 | 	3,209,397	 | 1,882,616 | 	752,820	 | 885,666 |
| Cash flows from financing activities |  |  |  |  |  |  |
| Proceeds from redeemable shares issued | 23,886,673 | 49,075,691 | 294,370 | 456,506 | – | – |
| Cost of redeemable shares redeemed	 | (227,943,494)	 | (63,790,706) | 	(3,422,634)	 | (2,339,301) | 	(752,820)	 | (885,600) |
| Net cash used in financing activities	 | (204,056,821)	 | (14,715,015) | 	(3,128,264)	 | (1,882,795) | 	(752,820)	 | (885,600) |
| Net increase/(decrease) in cash and cash equivalents | 520 | 540 | 81,133 | (179) | – | 66 |
| Cash and cash equivalents at the beginning of the year | 483 | 43 | 11 | 185 | 213 | 157 |
| Exchange (losses)/gains on cash and cash equivalents	 | (583)	 | (100) | 	–	 | 5 | 	–	 | (10) |
| Cash and cash equivalents at the end of the year	 | 420	 | 483 | 	81,144	 | 11 | 	213	 | 213 |

1 

## Terminated on 5 August 2021.

Translation (ENFR, 2022-07-31):
# État des flux de trésorerie
## Emerging Markets Equity Fund Pour l’exercice clos le

## MS Swiss Life Multi-Asset Protected Fund

## Pour l’exercice clos le

## MS Scientific Beta Global Equity Factors UCITS ETF
1 

## Pour l’exercice clos le

## 31 juillet 2022

## USD

## 31 juillet 2021

## USD

## 31 juillet 2022

## CHF

## 31 juillet 2021

## CHF

## 31 juillet 2022

## USD

## 31 juillet 2021

## USD

## (Perte)/bénéfice d’exploitation après frais financiers et impôts	(26 059 566)	43 075 026	(2 708 135)	382 629	6 665379 016 Ajustements pour :

## Revenus d’intérêts	(1)	(40)	–	(10)	–	(47)

## Intérêts débiteurs	35	5	–	2	–	82

## Plus/(moins)-values de change sur les liquidités et quasi-liquidités 	583	100	–	(5)	–	10
| Diminution/(augmentation) des actifs financiers à la juste | (26 058 949) | 43 075 091 | (2 708 135) | 382 616 | 6 665 | 379 061 |
| --- | --- | --- | --- | --- | --- | --- |
| valeur en résultat (Diminution)/augmentation des passifs financiers à la juste | 229 103 105 | (8 365 284) | 4 182 246 | 1 420 781 | 691 645 | 526 018 |
| valeur en résultat Augmentation/(diminution) nette des montants dus par le/au | (10 232 353) | (15 368 016) | 1 061 706 | – | (5 091) | (27 676) |
| courtier | 11 957 472 | (5 217 223) | 718 264 | 94 706 | 25 871 | 9 601 |
| Diminution/(augmentation) des autres créances | 45 887 | (25 217) | 36 470 | (36 413) | 139 932 | 336 342 |
| (Diminution)/augmentation des charges à payer et autres dettes 	(757 787)	616 169 | 	(81 154)	20 918 | 	(106 202)	(337 645) |
|  | 204 057 375 | 14 715 520 | 3 209 397 | 1 882 608 | 752 820 | 885 701 |
| Intérêts reçus | 1 | 40 | – | 10 | – | 47 |
| Intérêts versés | 	(35)	(5) | 	–	(2) | 	–	(82) |
| Trésorerie nette dégagée par les activités d’exploitation | 	204 057 341	14 715 555 | 	3 209 397	1 882 616 | 	752 820	885 666 |
| Flux de trésorerie provenant des activités de financement Produit des actions rachetables émises | 23 886 673 | 49 075 691 | 294 370 | 456 506 | – | – |
| Coût des actions rachetables rachetées | 	(227 943 494)	(63 790 706) | 	(3 422 634)	(2 339 301) | 	(752 820)	(885 600) |
| Trésorerie nette utilisée dans les activités de financement | 	(204 056 821)	(14 715 015) | 	(3 128 264)	(1 882 795) | 	(752 820)	(885 600) |
| Augmentation/(diminution) nette des liquidités et |  |  |  |  |  |  |
| quasi-liquidités | 520 | 540 | 81 133 | (179) | – | 66 |
| Liquidités et quasi-liquidités en début d’exercice | 483 | 43 | 11 | 185 | 213 | 157 |
| (Moins)/plus-values de change sur les liquidités et quasi-liquidités 	(583)	(100) | 	–	5 | 	–	(10) |
| Liquidités et quasi-liquidités en fin d’exercice		420	483 | 	81 144	11 | 	213	213 |

1 

## Liquidé le 5 août 2021.