# Schedule of investments as at 31 July 2021
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Exchange traded funds: 48.19% (2020: 3.12%) |  |  |  |
|  | Finland: 1.42% (2020: 0.15%) |  |  |  |
|  | Funds: 1.42% (2020: 0.15%) |  |  |  |
| 11,327 | Seligson OMX Helsinki 25 EUR ETF | 822,340 |  | 1.42 |
|  | Total Finland | 	822,340 |  | 	1.42 |
|  | Ireland: 42.25% (2020: 2.65%) |  |  |  |
|  | Funds: 42.25% (2020: 2.65%) |  |  |  |
| 42,100 | iShares Core EUR Corporate Bond UCITS ETF | 5,730,442 |  | 9.91 |
| 13,000 | iShares Core EUR Government Bond UCITS ETF | 1,737,840 |  | 3.00 |
| 9,611 | iShares Core MSCI Pacific ex-Japan UCITS ETF | 1,463,696 |  | 2.53 |
| 12,615 | iShares EUR Corporate Bond Interest Rate Hedged UCITS ETF | 1,218,609 |  | 2.11 |
| 28,192 | iShares EUR Corporate Bond Large Cap UCITS ETF | 3,997,626 |  | 6.91 |
| 25,000 | iShares EUR High Yield Corporate Bond UCITS ETF | 2,591,500 |  | 4.48 |
| 14,554 | iShares Global Corporate Bond EUR Hedged UCITS ETF Distributing | 1,559,388 |  | 2.70 |
| 15,467 | iShares JP Morgan $ Emerging Markets Bond EUR Hedged UCITS ETF | 1,407,250 |  | 2.43 |
| 8,601 | iShares JP Morgan $ Emerging Markets Bond UCITS ETF | 810,705 |  | 1.40 |
| 25,202 | iShares USD Corporate Bond UCITS ETF | 2,762,273 |  | 4.78 |
| 17,908 | SPDR Bloomberg Barclays Euro Aggregate Bond UCITS ETF | 1,158,683 |  | 2.00 |
|  | Total Ireland | 	24,438,012 |  | 	42.25 |
|  | Luxembourg: 2.67% (2020: 0.20%) |  |  |  |
|  | Funds: 2.67% (2020: 0.20%) |  |  |  |
| 10,711 | Amundi Asset Management MSCI Emerging Markets UCITS ETF | 53,358 |  | 0.09 |
| 150 | Amundi Asset Management MSCI Nordic UCITS ETF | 86,745 |  | 0.15 |
| 5,500 | db x-trackers II Eurozone Government Bond UCITS ETF | 1,402,940 |  | 2.43 |
|  | Total Luxembourg | 	1,543,043 |  | 	2.67 |
|  | Netherlands: 1.85% (2020: 0.12%) |  |  |  |
|  | Funds: 1.85% (2020: 0.12%) |  |  |  |
| 51,116 | VanEck Vectors iBoxx EUR Sovereign Capped AAA-AA 1-5 UCITS ETF | 1,070,011 |  | 1.85 |
|  | Total Netherlands | 	1,070,011 |  | 	1.85 |
|  | Total exchange traded funds | 	27,873,406 |  | 	48.19 |
|  | Equities: 51.59% (2020: 91.51%) |  |  |  |
|  | Austria: 0.00% (2020: 1.07%) | – |  | – |
|  | Utilities: 0.00% (2020: 1.07%) | – |  | – |
|  | Belgium: 5.70% (2020: 12.51%) |  |  |  |
|  | Communications: 0.00% (2020: 2.44%) | – |  | – |

Cautious 85% Protected Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 51.59% (2020: 91.51%) (continued) |  |  |  |
|  | Belgium: 5.70% (2020: 12.51%) (continued) |  |  |  |
|  | Consumer, cyclical: 5.70% (2020: 3.58%) |  |  |  |
| 24,390 | D'Ieteren | 3,295,089 |  | 5.70 |
|  | Consumer, non-cyclical: 0.00% (2020: 3.40%) | – |  | – |
|  | Financial: 0.00% (2020: 0.77%) | – |  | – |
|  | Industrial: 0.00% (2020: 2.32%) | – |  | – |
|  | Total Belgium | 	3,295,089 |  | 	5.70 |
|  | Denmark: 9.93% (2020: 7.28%) |  |  |  |
|  | Financial: 9.93% (2020: 7.28%) |  |  |  |
| 86,669 | Jyske Bank | 3,549,064 |  | 6.14 |
| 10,741 | Ringkjoebing Landbobank | 1,028,122 |  | 1.78 |
| 114,918 | Spar Nord Bank | 1,164,876 |  | 2.01 |
|  | Total Denmark | 	5,742,062 |  | 	9.93 |
|  | Germany: 7.82% (2020: 10.21%) |  |  |  |
|  | Basic materials: 1.63% (2020: 1.57%) |  |  |  |
| 13,293 | KWS Saat | 942,474 |  | 1.63 |
|  | Financial: 6.19% (2020: 1.94%) |  |  |  |
| 71,998 | DIC Asset | 1,097,249 |  | 1.89 |
| 62,500 | DWS | 2,486,250 |  | 4.30 |
|  | Industrial: 0.00% (2020: 6.70%) | – |  | – |
|  | Total Germany | 	4,525,973 |  | 	7.82 |
|  | Netherlands: 2.02% (2020: 12.06%) |  |  |  |
|  | Consumer, cyclical: 0.00% (2020: 3.99%) | – |  | – |
|  | Energy: 0.00% (2020: 2.45%) | – |  | – |
|  | Financial: 2.02% (2020: 5.62%) |  |  |  |
| 84,024 | Intertrust | 1,169,614 |  | 2.02 |
|  | Total Netherlands | 	1,169,614 |  | 	2.02 |
|  | Norway: 5.93% (2020: 19.62%) |  |  |  |
|  | Basic materials: 2.21% (2020: 0.00%) |  |  |  |
| 58,357 | Borregaard | 1,281,180 |  | 2.21 |
|  | Consumer, cyclical: 0.00% (2020: 3.15%) | – |  | – |
|  | Financial: 3.72% (2020: 12.76%) |  |  |  |
| 92,213 | SpareBank 1 SMN | 1,079,126 |  | 1.87 |

Cautious 85% Protected Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 51.59% (2020: 91.51%) (continued) |  |  |  |
|  | Norway: 5.93% (2020: 19.62%) (continued) |  |  |  |
|  | Financial: 3.72% (2020: 12.76%) (continued) |  |  |  |
| 96,942 | SpareBank 1 SR-Bank | 1,070,618 |  | 1.85 |
|  | Industrial: 0.00% (2020: 3.71%) | – |  | – |
|  | Total Norway | 	3,430,924 |  | 	5.93 |
|  | Spain: 0.82% (2020: 15.01%) |  |  |  |
|  | Consumer, cyclical: 0.00% (2020: 1.66%) | – |  | – |
|  | Consumer, non-cyclical: 0.00% (2020: 4.22%) | – |  | – |
|  | Financial: 0.82% (2020: 4.06%) |  |  |  |
| 49,000 | Arima Real Estate SOCIMI REIT | 475,300 |  | 0.82 |
|  | Industrial: 0.00% (2020: 5.07%) | – |  | – |
|  | Total Spain | 	475,300 |  | 	0.82 |
|  | Sweden: 5.77% (2020: 6.30%) |  |  |  |
|  | Basic materials: 1.86% (2020: 0.00%) |  |  |  |
| 249,417 | SSAB | 1,075,383 |  | 1.86 |
|  | Consumer, cyclical: 0.00% (2020: 1.98%) | – |  | – |
|  | Consumer, non-cyclical: 1.65% (2020: 0.00%) |  |  |  |
| 41,921 | Axfood Aktiebolag | 957,350 |  | 1.65 |
|  | Financial: 0.00% (2020: 1.30%) | – |  | – |
|  | Technology: 2.26% (2020: 3.02%) |  |  |  |
| 59,809 | Embracer | 1,305,479 |  | 2.26 |
|  | Total Sweden | 	3,338,212 |  | 	5.77 |
|  | Switzerland: 13.60% (2020: 7.45%) |  |  |  |
|  | Communications: 2.07% (2020: 2.02%) |  |  |  |
| 82,958 | Ascom | 1,199,571 |  | 2.07 |
|  | Consumer, cyclical: 0.00% (2020: 3.57%) | – |  | – |
|  | Consumer, non-cyclical: 4.74% (2020: 1.86%) |  |  |  |
| 2,953 | Emmi | 2,740,898 |  | 4.74 |
|  | Industrial: 2.44% (2020: 0.00%) |  |  |  |
| 16,182 | Huber + Suhner | 1,160,922 |  | 2.01 |
| 187 | Schweiter Technologies | 246,737 |  | 0.43 |

Cautious 85% Protected Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss |  | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- | --- |
|  | Equities: 51.59% (2020: 91.51%) (continued) |  |  |  |  |
|  | Switzerland: 13.60% (2020: 7.45%) (continued) |  |  |  |  |
|  | Utilities: 4.35% (2020: 0.00%) |  |  |  |  |
| 27,100 | BKW |  | 2,519,135 |  | 4.35 |
|  | Total Switzerland |  | 7,867,263 |  | 13.60 |
|  |  |  |  |  |  |
|  | Total equities |  | 29,844,437 |  | 51.59 |
|  | Financial derivative instruments: 0.98% (2020: 0.48%) |  |  |  |  |
| Counterparty | Total return swaps - unrealised gains: 0.98% (2020: 0.48%) | Notional € | Unrealised gain € |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | Cautious 85% Protected Fund Reference Portfolio Leg | 57,884,232 | 565,141 |  | 0.98 |
|  | Total total return swaps - unrealised gains |  | 565,141 |  | 0.98 |
|  |  |  |  |  |  |
|  | Total financial derivative instruments |  | 565,141 |  | 0.98 |
|  |  |  |  |  |  |
|  | Total financial assets at fair value through profit or loss |  | 58,282,984 |  | 100.76 |
|  | Financial liabilities at fair value through profit or loss |  |  |  |  |
|  | Financial derivative instruments: (2.90%) (2020: (0.11%)) |  |  |  |  |
| Counterparty | Total return swaps - unrealised losses: (2.90%) (2020: (0.11%)) | Notional € | Unrealised loss € |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | Cautious 85% Protected Fund Financing Leg | (57,717,842) | (1,675,333) |  | (2.90) |
|  | Total total return swaps - unrealised losses |  | (1,675,333) |  | (2.90) |
|  |  |  |  |  |  |
|  | Total financial derivative instruments |  | (1,675,333) |  | (2.90) |
|  |  |  |  |  |  |
|  | Total financial liabilities at fair value through profit or loss |  | (1,675,333) |  | (2.90) |
|  |  |  | Fair value € |  | % of net assets |
|  | Total value of investments |  |  |  |  |
|  | (Cost: € 55,657,735) |  | 56,607,651 |  | 97.86 |
|  | Due from broker |  | 1,415,996 |  | 2.45 |
|  | Other net liabilities |  | (179,722) |  | (0.31) |
|  | Net assets attributable to holders of redeemable participating shares | 	57,843,925 |  | 	100.00 |

Cautious 85% Protected Fund
Schedule of investments as at 31 July 2021 (continued)
| Analysis of portfolio | Fair value € | % of total assets |
| --- | --- | --- |
| Transferable securities admitted to official stock exchange listing or dealt in/on another regulated market | 57,717,843 | 96.58 |
| Over the counter financial derivative instruments | 565,141 | 0.95 |
| Due from broker | 1,415,996 | 2.37 |
| Other assets | 	59,872 | 	0.10 |
| Total assets | 	59,758,852 | 	100.00 |

Cautious 85% Protected Fund

Translation (ENDE, 2021-07-31):
# Anlagenverzeichnis zum 31. Juli 2021
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
| Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Anlagen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 93,39 % (2020: 87,55 %) |  |  |  |
|  | Argentinien: 2,89 % (2020: 0,00 %) |  |  |  |
|  | Kommunikation: 2,89 % (2020: 0,00 %) |  |  |  |
| 212 | MercadoLibre | 332.565 |  | 2,89 |
|  | Summe Argentinien | 	332.565 |  | 	2,89 |
|  | Brasilien: 2,81 % (2020: 0,00 %) |  |  |  |
|  | Grundstoffe: 2,81 % (2020: 0,00 %) |  |  |  |
| 7.000 | Wheaton Precious Metals | 323.050 |  | 2,81 |
|  | Brasilien gesamt | 	323.050 |  | 	2,81 |
|  | Kanada: 11,93 % (2020: 24,30 %) |  |  |  |
|  | Grundstoffe: 3,34 % (2020: 8,32 %) |  |  |  |
| 10 | Agnico Eagle Mines | 647 |  | 0,01 |
| 21.527 | Cameco | 383.180 |  | 3,33 |
|  | Kommunikation: 0,00 % (2020: 1,89 %) | – |  | – |
|  | Nicht-Basiskonsumgüter: 2,61 % (2020: 2,67 %) |  |  |  |
| 3.589 | Magna International | 300.866 |  | 2,61 |
|  | Basiskonsumgüter: 0,00 % (2020: 2,87 %) | – |  | – |
|  | Finanzen: 0,00 % (2020: 2,65 %) | – |  | – |
|  | Industrie: 3,37 % (2020: 5,90 %) |  |  |  |
| 12.688 | CAE | 387.365 |  | 3,37 |
|  | Technologie: 2,61 % (2020: 0,00 %) |  |  |  |
| 29.606 | BlackBerry | 300.797 |  | 2,61 |
|  | Kanada gesamt | 	1.372.855 |  | 	11,93 |
|  | Irland: 0,00 % (2020: 2,55 %) | – |  | – |
|  | Finanzen: 0,00 % (2020: 2,55 %) | – |  | – |
|  | Niederlande: 0,00 % (2020: 1,40 %) | – |  | – |
|  | Technologie: 0,00 % (2020: 1,40 %) | – |  | – |
|  | USA: 75,76 % (2020: 59,30 %) |  |  |  |
|  | Kommunikation: 15,67 % (2020: 7,37 %) |  |  |  |
| 148 | Alphabet | 398.790 |  | 3,46 |
| 60 | Amazon.com | 199.655 |  | 1,74 |
| 379 | Arista Networks | 144.168 |  | 1,25 |
| 43 | Booking | 93.665 |  | 0,81 |
| 868 | Facebook | 309.268 |  | 2,69 |
| 8.099 | Liberty Media | 380.086 |  | 3,30 |
| 1.155 | Wayfair | 278.771 |  | 2,42 |

MS Scientific Beta US Equity Factors UCITS ETF Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 93,39 % (2020: 87,55 %) (Fortsetzung) |  |  |  |
|  | Vereinigte Staaten: 75,76 % (2020: 59,30 %) (Fortsetzung) |  |  |  |
|  | Nicht-Basiskonsumgüter: 6,27 % (2020: 6,14 %) |  |  |  |
| 59 | Chipotle Mexican Grill | 109.943 |  | 0,96 |
| 2.137 | Copart | 314.139 |  | 2,73 |
| 6.133 | DraftKings | 297.451 |  | 2,58 |
|  | Basiskonsumgüter: 20,49 % (2020: 6,83 %) |  |  |  |
| 11.484 | Bausch Health | 335.907 |  | 2,92 |
| 470 | Bio-Rad Laboratories | 347.570 |  | 3,02 |
| 1.373 | Danaher | 408.454 |  | 3,55 |
| 2.935 | Edwards Lifesciences | 329.513 |  | 2,86 |
| 1.622 | Eli Lilly and Company | 394.957 |  | 3,43 |
| 529 | IQVIA | 131.033 |  | 1,14 |
| 1.506 | Molina Healthcare | 411.153 |  | 3,57 |
|  | Finanzen: 5,99 % (2020: 19,74 %) |  |  |  |
| 16.011 | KeyCorp | 314.776 |  | 2,74 |
| 4 | Regions Financial | 77 |  | – |
| 5.882 | The Hartford Financial Services | 374.213 |  | 3,25 |
|  | Industrie: 0,62 % (2020: 11,95 %) |  |  |  |
| 306 | Honeywell Intl. | 71.540 |  | 0,62 |
|  | Technologie: 22,04 % (2020: 7,27 %) |  |  |  |
| 4.822 | Black Knight | 399.310 |  | 3,47 |
| 4.752 | Cerner | 382.013 |  | 3,32 |
| 1.194 | CrowdStrike | 302.810 |  | 2,63 |
| 2.504 | Fidelity National Information Services | 373.221 |  | 3,24 |
| 3.410 | Guidewire Software | 392.832 |  | 3,41 |
| 9.513 | HP | 274.640 |  | 2,39 |
| 1.549 | Snowflake | 411.600 |  | 3,58 |
|  | Versorger: 4,68 % (2020: 0,00 %) |  |  |  |
| 3.178 | Entergy | 327.080 |  | 2,84 |
| 11.083 | Vistra | 212.240 |  | 1,84 |
|  | USA gesamt | 	8.720.875 |  | 	75,76 |
|  | Summe Aktien | 	10.749.345 |  | 	93,39 |

MS Scientific Beta US Equity Factors UCITS ETF Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
Kontrahent
Erfolgswirksam zum beizulegenden Zeitwert bewertete
finanzielle Vermögenswerte
Derivative Finanzinstrumente: 3,41 % (2020: 10,16 %)
Total Return Swaps - nicht realisierte Gewinne: 3,41 % (2020: 10,16 %)
Morgan Stanley Swap
Nennwert
USD
Nicht realisierter Gewinn USD
% des Nettover- mögens
Morgan Stanley MS Scientific Beta US Equity Factors UCITS ETF Reference
Portfolio Leg	11.512.950	392.686	3,41     Summe Total Return Swaps - nicht realisierte Gewinne			392.686 3,41 Summe derivative Finanzinstrumente			392.686    3,41
Erfolgswirksam zum beizulegenden Zeitwert bewertete
finanzielle Vermögenswerte gesamt	   11.142.031   96,80
Erfolgswirksam zum beizulegenden Zeitwert bewertete
finanzielle Verbindlichkeiten
Derivative Finanzinstrumente: (1,08 %) (2020: (1,83 %))
Kontrahent
Total Return Swaps - nicht realisierte Verluste: (1,08 %) (2020: (1,83 %))
Morgan Stanley Swap
Nennwert
USD
Nicht realisierter Verlust USD
% des Nettover- mögens
Morgan Stanley MS Scientific Beta US Equity Factors UCITS ETF Financing Leg (10,749,344)	(124.093)	(1,08)
| Summe Total Return Swaps - nicht realisierte Verluste | 	(124.093) |  | 	(1,08) |
| --- | --- | --- | --- |
| Summe derivative Finanzinstrumente Erfolgswirksam zum beizulegenden Zeitwert bewertete finanzielle Verbindlichkeiten gesamt | 	(124.093) 	(124.093) |  | 	(1,08) 	(1,08) |
|  | Beizulegender |  | % des |
|  | Zeitwert |  | Nettover- |
|  | USD |  | mögens |
| Gesamtwert der Anlagen (Kosten: 10.625.252 USD) | 11.017.938 |  | 95,72 |
| Barmittel und Barmitteläquivalente | 23 |  | – |
| Forderungen an Broker | 488.875 |  | 4,25 |
| Sonstiges Nettovermögen | 4.113 |  | 0,03 |
| Den Inhabern rückzahlbarer, gewinnberechtigter Anteile |  |  |  |
| zuzurechnendes Nettovermögen | 	11.510.949 |  | 	100,00 |
|  | Beizulegender |  | % des |
| Zeitwert Gesamtver- |
| Portfolioanalyse | USD | mögens |
| Übertragbare Wertpapiere, die an einer Wertpapierbörse amtlich notiert |  |  |
| sind oder an einem anderen geregelten Markt gehandelt werden | 10.749.345 | 92,09 |
| Im Freiverkehr (OTC) gehandelte derivative Finanzinstrumente | 392.686 | 3,36 |
| Barmittel und Barmitteläquivalente | 23 | – |
| Forderungen an Broker | 488.875 | 4,19 |
| Sonstige Vermögenswerte | 	41.748 | 0,36 |
| Vermögenswerte gesamt | 	11.672.677 | 100,00 |