# MSCI Emerging Markets ESG Equity Fund
Investment manager’s report for the financial year ended 31 July 2021
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 June 2018, the Index comprised of 22 emerging market economies; Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hong Kong, Hungary, India, Indonesia, Malaysia, Mexico, Philippines, Poland, Qatar, Romania, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and The United Arab Emirates plus two non-emerging markets: Greece, and United Kingdom.
From 18 February 2015 (its inception) to 31 July 2021, the performance of the Sub-Fund is 61.02%, compared to 66.87% for the Index.
From 31 July 2020 to 31 July 2021, the performance of the Sub-Fund is 18.04%, compared to 18.69% for the Index. The Sub-Fund has an annualised volatility of 17.34% compared to 17.34% 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 0.03% versus the Index since launch.
MSCI Emerging Markets ESG Equity Fund Schedule of investments as at 31 July 2021
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) |  |  |  |
|  | Chile: 0.45% (2020: 0.63%) |  |  |  |
|  | Basic materials: 0.21% (2020: 0.17%) |  |  |  |
| 183,047 | Empresas CMPC | 395,563 |  | 0.06 |
| 22,076 | Sociedad Quimica y Minera de Chile | 1,054,479 |  | 0.15 |
|  | Communications: 0.00% (2020: 0.03%) | – |  | – |
|  | Consumer, cyclical: 0.07% (2020: 0.08%) |  |  |  |
| 122,463 | SACI Falabella | 476,033 |  | 0.07 |
|  | Consumer, non-cyclical: 0.00% (2020: 0.03%) | – |  | – |
|  | Diversified: 0.00% (2020: 0.09%) | – |  | – |
|  | Energy: 0.08% (2020: 0.00%) |  |  |  |
| 63,449 | Empresas COPEC | 547,616 |  | 0.08 |
|  | Financial: 0.02% (2020: 0.00%) |  |  |  |
| 83,266 | Cencosud Shopping | 128,249 |  | 0.02 |
|  | Utilities: 0.07% (2020: 0.23%) |  |  |  |
| 3,491,122 | Enel Americas | 485,181 |  | 0.07 |
|  | Total Chile | 	3,087,121 |  | 	0.45 |
|  | Colombia: 0.08% (2020: 0.15%) |  |  |  |
|  | Financial: 0.08% (2020: 0.15%) |  |  |  |
| 73,564 | Bancolombia | 529,109 |  | 0.08 |
|  | Total Colombia | 	529,109 |  | 	0.08 |
|  | Hong Kong: 0.23% (2020: 0.40%) |  |  |  |
|  | Consumer, non-cyclical: 0.23% (2020: 0.40%) |  |  |  |
| 1,681,679 | Sino Biopharmaceutical | 1,428,232 |  | 0.21 |
| 59,000 | Vinda International | 166,268 |  | 0.02 |
|  | Total Hong Kong | 	1,594,500 |  | 	0.23 |
|  | Indonesia: 0.84% (2020: 1.66%) |  |  |  |
|  | Basic materials: 0.14% (2020: 0.07%) |  |  |  |
| 1,340,500 | Aneka Tambang Tbk | 233,574 |  | 0.03 |
| 3,574,200 | Barito Pacific | 239,722 |  | 0.04 |
| 285,800 | Indah Kiat Pulp & Paper | 134,378 |  | 0.02 |
| 1,779,000 | Merdeka Copper Gold | 364,103 |  | 0.05 |
|  | Communications: 0.04% (2020: 0.02%) |  |  |  |
| 1,288,500 | Tower Bersama Infrastructure | 285,987 |  | 0.04 |
|  | Consumer, cyclical: 0.00% (2020: 0.16%) | – |  | – |
|  | Consumer, non-cyclical: 0.11% (2020: 0.20%) |  |  |  |
| 724,449 | Indofood Sukses Makmur | 304,306 |  | 0.04 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |  |
|  | Indonesia: 0.84% (2020: 1.66%) (continued) |  |  |  |
|  | Consumer, non-cyclical: 0.11% (2020: 0.20%) (continued) |  |  |  |
| 2,317,693 | Kalbe Farma | 201,922 |  | 0.03 |
| 886,635 | Unilever Indonesia | 258,710 |  | 0.04 |
|  | Financial: 0.55% (2020: 1.11%) |  |  |  |
| 1,802,771 | Bank Central Asia | 3,720,845 |  | 0.55 |
| 14 | Bank Mandiri Persero | 5 |  | – |
| 37 | Bank Rakyat Indonesia Persero | 9 |  | – |
|  | Industrial: 0.00% (2020: 0.07%) | – |  | – |
|  | Utilities: 0.00% (2020: 0.03%) |  |  |  |
| 19 | Perusahaan Gas Negara Persero | 1 |  | – |
|  | Total Indonesia | 	5,743,562 |  | 	0.84 |
|  | Malaysia: 1.70% (2020: 2.13%) |  |  |  |
|  | Basic materials: 0.09% (2020: 0.05%) |  |  |  |
| 524,918 | Press Metal Aluminium | 599,551 |  | 0.09 |
|  | Communications: 0.10% (2020: 0.09%) |  |  |  |
| 446,984 | Axiata | 395,083 |  | 0.06 |
| 36 | DiGi.Com | 36 |  | – |
| 10,758 | Maxis | 10,860 |  | – |
| 186,542 | Telekom Malaysia | 262,573 |  | 0.04 |
|  | Consumer, cyclical: 0.03% (2020: 0.04%) |  |  |  |
| 448,983 | Sime Darby | 228,747 |  | 0.03 |
|  | Consumer, non-cyclical: 0.35% (2020: 0.40%) |  |  |  |
| 21,300 | Fraser & Neave | 125,176 |  | 0.02 |
| 102,781 | Hap Seng Consolidated Berhad | 187,539 |  | 0.03 |
| 285,240 | IHH Healthcare | 381,221 |  | 0.06 |
| 70,261 | Kuala Lumpur Kepong | 308,349 |  | 0.04 |
| 11,431 | Nestle Malaysia | 360,266 |  | 0.05 |
| 104,020 | PPB | 446,152 |  | 0.07 |
| 177,500 | QL Resources Berhad | 237,648 |  | 0.03 |
| 187,830 | Top Glove | 177,148 |  | 0.03 |
| 167,800 | Westports | 161,438 |  | 0.02 |
|  | Diversified: 0.00% (2020: 0.01%) | – |  | – |
|  | Energy: 0.16% (2020: 0.15%) |  |  |  |
| 642,133 | Dialog | 418,452 |  | 0.06 |
| 49,155 | Petronas Dagangan | 214,325 |  | 0.03 |
| 128,609 | Petronas Gas Berhad | 464,455 |  | 0.07 |
|  | Financial: 0.75% (2020: 0.81%) |  |  |  |
| 296,179 | AmBank | 200,026 |  | 0.03 |
| 1,048,041 | CIMB | 1,105,162 |  | 0.16 |
| 665,363 | Malayan Banking | 1,262,928 |  | 0.18 |
| 2,365,500 | Public Bank | 2,230,969 |  | 0.33 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |  |
|  | Malaysia: 1.70% (2020: 2.13%) (continued) |  |  |  |
|  | Financial: 0.75% (2020: 0.81%) (continued) |  |  |  |
| 301,645 | RHB Bank | 365,262 |  | 0.05 |
|  | Industrial: 0.22% (2020: 0.40%) |  |  |  |
| 278,544 | Hartalega | 464,680 |  | 0.07 |
| 210,400 | Kossan Rubber Industries | 172,508 |  | 0.03 |
| 177,930 | Malaysia Airports | 243,705 |  | 0.04 |
| 217,595 | MISC | 345,471 |  | 0.05 |
| 242,602 | Supermax | 187,988 |  | 0.03 |
|  | Utilities: 0.00% (2020: 0.18%) | – |  | – |
|  | Total Malaysia | 	11,557,718 |  | 	1.70 |
|  | Mexico: 1.49% (2020: 1.13%) |  |  |  |
|  | Basic materials: 0.05% (2020: 0.07%) |  |  |  |
| 22,635 | Industrias Penoles | 319,930 |  | 0.05 |
|  | Consumer, non-cyclical: 0.75% (2020: 0.75%) |  |  |  |
| 71,766 | Arca Continental | 435,305 |  | 0.06 |
| 85,456 | Coca-Cola Femsa | 485,597 |  | 0.07 |
| 316,477 | Fomento Economico Mexicano | 2,767,729 |  | 0.41 |
| 35,365 | Gruma | 383,540 |  | 0.06 |
| 256,985 | Grupo Bimbo | 593,694 |  | 0.09 |
| 247,585 | Kimberly-Clark De Mexico | 401,806 |  | 0.06 |
|  | Diversified: 0.00% (2020: 0.05%) | – |  | – |
|  | Financial: 0.40% (2020: 0.00%) |  |  |  |
| 422,246 | Grupo Financiero Banorte | 2,743,818 |  | 0.40 |
|  | Industrial: 0.29% (2020: 0.21%) |  |  |  |
| 2,462,988 | Cemex | 2,014,095 |  | 0.29 |
|  | Utilities: 0.00% (2020: 0.05%) | – |  | – |
|  | Total Mexico | 	10,145,514 |  | 	1.49 |
|  | People's Republic of China: 20.60% (2020: 19.24%) |  |  |  |
|  | Basic materials: 0.15% (2020: 0.04%) |  |  |  |
| 543,272 | China Molybdenum | 397,080 |  | 0.06 |
| 27,200 | Ganfeng Lithium | 583,467 |  | 0.09 |
|  | Communications: 7.71% (2020: 10.21%) |  |  |  |
| 448,000 | HengTen Networks | 197,159 |  | 0.03 |
| 586,000 | Meituan Dianping | 16,212,425 |  | 2.38 |
| 581,047 | Tencent | 35,814,483 |  | 5.25 |
| 159,200 | Tongcheng-Elong | 358,503 |  | 0.05 |
|  | Consumer, cyclical: 2.65% (2020: 0.87%) |  |  |  |
| 302,849 | Air China | 193,295 |  | 0.03 |
| 656,000 | Alibaba Health Information Technology | 1,019,724 |  | 0.15 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ | % of net assets |
| --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |
|  | People’s Republic of China: 20.60% (2020: 19.24%) (continued) |  |  |
|  | Consumer, cyclical: 2.65% (2020: 0.87%) (continued) |  |  |
| 15,963 | BYD | 490,935 | 0.07 |
| 440,000 | Dongfeng Motor | 389,541 | 0.06 |
| 409,500 | Fosun International | 541,700 | 0.08 |
| 98,400 | Fuyao Glass Industry | 625,510 | 0.09 |
| 809,689 | Geely Automobile | 2,703,756 | 0.40 |
| 503,500 | Great Wall Motor | 2,419,926 | 0.35 |
| 478,000 | Guangzhou Automobile | 413,342 | 0.06 |
| 364,000 | Li Ning | 3,836,164 | 0.56 |
| 122,000 | Minth | 514,927 | 0.08 |
| 128,980 | Shanghai Pharmaceuticals | 274,849 | 0.04 |
| 134,300 | Shenzhou International | 2,965,550 | 0.43 |
| 114,500 | Sinotruk Hong Kong | 195,961 | 0.03 |
| 251,000 | Topsports International | 350,118 | 0.05 |
| 194,000 | Yadea | 333,019 | 0.05 |
| 92,500 | Zhongsheng | 849,869 | 0.12 |
|  | Consumer, non-cyclical: 3.23% (2020: 2.24%) |  |  |
| 206,653 | 3SBio | 172,051 | 0.03 |
| 12,800 | CanSino Biologics | 541,898 | 0.08 |
| 87,500 | China East Education | 101,786 | 0.01 |
| 129,000 | China Education | 233,725 | 0.03 |
| 220,809 | China Medical System | 447,801 | 0.07 |
| 512,391 | China Mengniu Dairy | 2,779,144 | 0.41 |
| 259,773 | China Resources Pharmaceutical | 139,059 | 0.02 |
| 1,457,196 | CSPC Pharmaceutical | 1,965,129 | 0.29 |
| 339,500 | Dali Foods | 183,922 | 0.03 |
| 182,000 | Genscript Biotech | 798,615 | 0.12 |
| 192,354 | Hansoh Pharmaceutical | 689,348 | 0.10 |
| 202,000 | Jinxin Fertility | 378,984 | 0.06 |
| 103,084 | MicroPort Scientific | 776,658 | 0.11 |
| 21,700 | Pharmaron Beijing | 474,981 | 0.07 |
| 404,155 | Shandong Weigao Medical Polymer | 723,934 | 0.11 |
| 80,500 | Shanghai Fosun Pharmaceutical | 736,508 | 0.11 |
| 196,000 | Shenzhen International | 258,266 | 0.04 |
| 210,000 | Uni-President China | 210,778 | 0.03 |
| 786,000 | Want Want China | 529,988 | 0.08 |
| 55,200 | Wuxi AppTec | 1,220,321 | 0.18 |
| 547,000 | Wuxi Biologics Cayman | 8,340,990 | 1.22 |
| 237,203 | Zhejiang Expressway | 200,233 | 0.03 |
|  | Energy: 0.28% (2020: 0.31%) |  |  |
| 598,898 | China Everbright International | 324,449 | 0.05 |
| 796,301 | Xinyi Solar | 1,598,504 | 0.23 |
|  | Financial: 5.06% (2020: 4.18%) |  |  |
| 92,250 | A-Living Services | 352,561 | 0.05 |
| 193,000 | China Aoyuan | 123,183 | 0.02 |
| 15,625,264 | China Construction Bank | 10,897,793 | 1.60 |
| 928,000 | China Jinmao | 259,131 | 0.04 |
| 633,782 | China Merchants Bank | 4,828,070 | 0.71 |
| 621,000 | China Overseas Land & Investment | 1,302,540 | 0.19 |
| 236,841 | China Vanke | 617,154 | 0.09 |
| 540,000 | CIFI | 325,201 | 0.05 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |  |
| People’s Republic of China: 20.60% (2020: 19.24%) (continued) |
|  | Financial: 5.06% (2020: 4.18%) (continued) |  |  |  |
| 122,000 | CIFI Ever Sunshine Services | 243,334 |  | 0.04 |
| 944,000 | CITIC | 1,020,383 |  | 0.15 |
| 239,000 | Country Garden Services | 1,939,076 |  | 0.28 |
| 238,000 | Greentown Service | 258,789 |  | 0.04 |
| 106,800 | Hopson Development | 353,884 |  | 0.05 |
| 447,000 | Kaisa | 121,367 |  | 0.02 |
| 210,000 | KWG | 230,235 |  | 0.03 |
| 224,254 | Logan | 238,937 |  | 0.03 |
| 295,000 | Longfor | 1,376,075 |  | 0.20 |
| 1,028,500 | Ping An Insurance (Group) Company of China | 9,019,492 |  | 1.32 |
| 20,000 | Poly Property Services | 112,853 |  | 0.02 |
| 273,600 | R&F Properties | 239,759 |  | 0.03 |
| 440,472 | Shenzhen Investment | 123,563 |  | 0.02 |
| 201,000 | Shimao | 396,248 |  | 0.06 |
| 208,000 | Zhenro Properties | 116,162 |  | 0.02 |
|  | Industrial: 0.37% (2020: 0.38%) |  |  |  |
| 117,996 | AAC Technologies | 706,804 |  | 0.10 |
| 263,625 | China Conch Venture | 961,727 |  | 0.14 |
| 176,438 | China Lesso | 367,352 |  | 0.05 |
| 217,319 | Lee & Man Paper Manufacturing | 162,195 |  | 0.02 |
| 127,403 | Xinjiang Goldwind Science & Technology | 238,700 |  | 0.03 |
| 217,600 | Zoomlion Heavy Industry Science and Technology | 187,046 |  | 0.03 |
|  | Technology: 0.35% (2020: 0.37%) |  |  |  |
| 422,000 | Kingdee International Software | 1,314,134 |  | 0.19 |
| 1,173,984 | Lenovo | 1,093,736 |  | 0.16 |
|  | Utilities: 0.80% (2020: 0.64%) |  |  |  |
| 744,000 | Beijing Enterprises Water | 272,854 |  | 0.04 |
| 500,800 | China Gas | 1,546,634 |  | 0.23 |
| 150,400 | China Resources Gas | 927,033 |  | 0.14 |
| 128,100 | ENN Energy | 2,678,640 |  | 0.39 |
|  | Total People's Republic of China |   140,461,020 |  | 	20.60 |
|  | Philippines: 0.66% (2020: 0.76%) |  |  |  |
|  | Communications: 0.02% (2020: 0.00%) |  |  |  |
| 4,250 | Globe Telecom | 158,147 |  | 0.02 |
|  | Consumer, cyclical: 0.11% (2020: 0.13%) |  |  |  |
| 15,440 | GT Capital | 167,883 |  | 0.02 |
| 32,068 | SM Investments | 584,134 |  | 0.09 |
|  | Consumer, non-cyclical: 0.12% (2020: 0.10%) |  |  |  |
| 425,271 | JG Summit | 476,447 |  | 0.07 |
| 142,880 | Universal Robina | 362,167 |  | 0.05 |
|  | Diversified: 0.00% (2020: 0.06%) | – |  | – |
|  | Financial: 0.39% (2020: 0.42%) |  |  |  |
| 46,130 | Ayala | 673,700 |  | 0.10 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |  |
|  | Philippines: 0.66% (2020: 0.76%) (continued) |  |  |  |
|  | Financial: 0.39% (2020: 0.42%) (continued) |  |  |  |
| 1,313,100 | Ayala Land | 859,025 |  | 0.13 |
| 122,660 | Bank of the Philippine Islands | 197,542 |  | 0.03 |
| 4 | BDO Unibank | 8 |  | – |
| 87 | Metropolitan Bank & Trust | 75 |  | – |
| 1,416,906 | SM Prime | 891,501 |  | 0.13 |
|  | Utilities: 0.02% (2020: 0.05%) |  |  |  |
| 29,810 | Manila Electric | 158,040 |  | 0.02 |
|  | Total Philippines | 	4,528,669 |  | 	0.66 |
|  | Republic of South Korea: 8.38% (2020: 5.75%) |  |  |  |
|  | Basic materials: 1.05% (2020: 0.83%) |  |  |  |
| 19,475 | Hanwha Chemical | 662,006 |  | 0.10 |
| 1,269 | LG Chem | 421,989 |  | 0.06 |
| 7,436 | LG Chem Pref | 5,443,262 |  | 0.80 |
| 2,777 | Lotte Chemical | 626,500 |  | 0.09 |
|  | Communications: 3.12% (2020: 1.57%) |  |  |  |
| 49,469 | Kakao | 6,322,054 |  | 0.93 |
| 19,965 | NAVER | 7,524,301 |  | 1.10 |
| 8,915 | Samsung SDI | 5,743,112 |  | 0.84 |
| 6,412 | SK Telecom | 1,677,907 |  | 0.25 |
|  | Consumer, cyclical: 0.75% (2020: 0.24%) |  |  |  |
| 1,284 | BGF retail | 180,279 |  | 0.03 |
| 8,822 | Coway | 658,055 |  | 0.10 |
| 7,746 | Fila | 351,525 |  | 0.05 |
| 12,044 | Hankook Tire | 506,262 |  | 0.07 |
| 29,778 | Hanon Systems | 403,857 |  | 0.06 |
| 24,882 | Korean Air Lines | 646,791 |  | 0.09 |
| 17,238 | LG Electronics | 2,360,343 |  | 0.35 |
|  | Consumer, non-cyclical: 0.96% (2020: 0.71%) |  |  |  |
| 5,210 | Amorepacific | 1,003,273 |  | 0.15 |
| 4,762 | Amorepacific Group | 238,462 |  | 0.03 |
| 13,322 | Celltrion Healthcare | 1,243,889 |  | 0.18 |
| 2,416 | CJ | 205,840 |  | 0.03 |
| 1,367 | CJ CheilJedang | 556,189 |  | 0.08 |
| 7,692 | GS | 286,214 |  | 0.04 |
| 1,536 | LG Household & Health Care | 1,948,293 |  | 0.29 |
| 347 | LG Household & Health Care Pref | 202,725 |  | 0.03 |
| 4,369 | SK Biopharmaceuticals | 451,998 |  | 0.07 |
| 8,083 | Yuhan | 432,874 |  | 0.06 |
|  | Diversified: 0.00% (2020: 0.03%) | – |  | – |
|  | Energy: 0.51% (2020: 0.34%) |  |  |  |
| 7,683 | Hyundai Heavy Industries | 457,540 |  | 0.07 |
| 5,141 | SK | 1,197,816 |  | 0.17 |
| 8,254 | SK Innovation | 1,815,485 |  | 0.27 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |  |
|  | Republic of South Korea: 8.38% (2020: 5.75%) (continued) |  |  |  |
|  | Financial: 0.91% (2020: 1.24%) |  |  |  |
| 64,016 | KB Financial | 2,855,050 |  | 0.42 |
| 4,990 | Samsung Fire & Marine Insurance | 930,541 |  | 0.14 |
| 71,161 | Shinhan Financial | 2,422,041 |  | 0.35 |
|  | Industrial: 0.80% (2020: 0.58%) |  |  |  |
| 1,454 | CJ Logistics | 222,477 |  | 0.03 |
| 8,271 | Doosan Bobcat | 331,487 |  | 0.05 |
| 10,532 | GS Engineering & Construction | 403,334 |  | 0.06 |
| 12,424 | Hyundai Engineering & Construction | 590,822 |  | 0.09 |
| 37,692 | LG Display | 722,546 |  | 0.11 |
| 4,939 | Posco Chemical | 661,253 |  | 0.10 |
| 9,079 | Samsung Electro-Mechanics | 1,515,469 |  | 0.22 |
| 24,992 | Samsung Engineering | 507,336 |  | 0.07 |
| 3,320 | SKC | 466,142 |  | 0.07 |
|  | Technology: 0.28% (2020: 0.19%) |  |  |  |
| 12,561 | LG | 1,028,686 |  | 0.15 |
| 5,550 | Samsung SDS | 880,569 |  | 0.13 |
|  | Utilities: 0.00% (2020: 0.02%) | – |  | – |
|  | Total Republic of South Korea | 	57,106,594 |  | 	8.38 |
|  | Singapore: 0.04% (2020: 0.04%) |  |  |  |
|  | Financial: 0.04% (2020: 0.04%) |  |  |  |
| 33,831 | BOC Aviation | 248,360 |  | 0.04 |
|  | Total Singapore | 	248,360 |  | 	0.04 |
|  | Taiwan: 16.06% (2020: 17.11%) |  |  |  |
|  | Basic materials: 0.74% (2020: 0.55%) |  |  |  |
| 1,914,000 | China Steel | 2,487,892 |  | 0.36 |
| 837,000 | Nan Ya Plastics | 2,603,934 |  | 0.38 |
|  | Communications: 0.60% (2020: 0.80%) |  |  |  |
| 617,000 | Chunghwa Telecom | 2,537,279 |  | 0.37 |
| 259,000 | Far EasTone Telecommunications | 561,252 |  | 0.08 |
| 269,000 | Taiwan Mobile | 1,000,393 |  | 0.15 |
|  | Consumer, cyclical: 0.79% (2020: 0.53%) |  |  |  |
| 268,681 | Cheng Shin Rubber Industry | 414,094 |  | 0.06 |
| 31,000 | Eclat Textile | 676,202 |  | 0.10 |
| 478,380 | Far Eastern New Century | 506,349 |  | 0.07 |
| 71,000 | Feng Tay Enterprises | 586,483 |  | 0.09 |
| 49,000 | Hotai Motor | 1,033,792 |  | 0.15 |
| 343,639 | Lite-On Technology | 787,672 |  | 0.12 |
| 26,000 | Nien Made Enterprise | 436,045 |  | 0.06 |
| 92,910 | President Chain Store | 931,924 |  | 0.14 |
|  | Consumer, non-cyclical: 0.34% (2020: 0.38%) |  |  |  |
| 36,000 | Oneness Biotech | 248,453 |  | 0.04 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |  |
|  | Taiwan: 16.06% (2020: 17.11%) (continued) |  |  |  |
|  | Consumer, non-cyclical: 0.34% (2020: 0.38%) (continued) |  |  |  |
| 783,360 | Uni-President Enterprises | 2,050,490 |  | 0.30 |
|  | Financial: 2.98% (2020: 2.29%) |  |  |  |
| 1,281,317 | Cathay Financial | 2,487,950 |  | 0.36 |
| 202,456 | Chailease | 1,675,972 |  | 0.25 |
| 3,009,073 | CTBC Financial | 2,458,692 |  | 0.36 |
| 1,834,714 | E.Sun Financial | 1,738,599 |  | 0.25 |
| 1,663,256 | First Financial | 1,353,087 |  | 0.20 |
| 1,079,000 | Fubon Financial | 2,893,796 |  | 0.42 |
| 1,354,337 | Hua Nan Financial | 934,694 |  | 0.14 |
| 1,767,000 | Mega Financial | 2,091,461 |  | 0.31 |
| 134,489 | Ruentex Development | 300,093 |  | 0.04 |
| 1,644,680 | Sinopac Financial | 826,310 |  | 0.12 |
| 1,593,215 | Taishin Financial | 965,671 |  | 0.14 |
| 912,607 | Taiwan Business Bank | 309,696 |  | 0.05 |
| 582,000 | The Shanghai Commercial & Savings Bank | 868,890 |  | 0.13 |
| 1,574,400 | Yuanta Financial | 1,429,993 |  | 0.21 |
|  | Industrial: 1.00% (2020: 0.91%) |  |  |  |
| 314,553 | Delta Electronics | 3,228,204 |  | 0.47 |
| 8,796 | Evergreen Marine Taiwan | 41,519 |  | 0.01 |
| 43,010 | Hiwin Technologies | 492,158 |  | 0.07 |
| 802,000 | Taiwan Cement | 1,508,500 |  | 0.22 |
| 319,087 | Taiwan High Speed Rail | 346,300 |  | 0.05 |
| 60,561 | Yageo | 1,212,736 |  | 0.18 |
|  | Technology: 9.61% (2020: 11.65%) |  |  |  |
| 464,000 | Acer | 451,307 |  | 0.07 |
| 417 | Advantech | 5,428 |  | – |
| 525,000 | ASE Technology | 2,299,750 |  | 0.34 |
| 680,306 | Compal Electronics | 525,464 |  | 0.08 |
| 1,391,000 | Innolux | 925,178 |  | 0.14 |
| 437,193 | Inventec | 366,607 |  | 0.05 |
| 245,478 | MediaTek | 7,988,020 |  | 1.17 |
| 2,339,000 | Taiwan Semiconductor | 48,511,354 |  | 7.12 |
| 1,917,000 | United Microelectronics | 3,962,188 |  | 0.58 |
| 437,302 | Wistron | 433,940 |  | 0.06 |
|  | Total Taiwan |   109,495,811 |  | 	16.06 |
|  | Thailand: 2.15% (2020: 2.79%) |  |  |  |
|  | Basic materials: 0.14% (2020: 0.17%) |  |  |  |
| 273,600 | Indorama Ventures | 301,757 |  | 0.04 |
| 380,555 | PTT Global Chemical | 657,078 |  | 0.10 |
|  | Communications: 0.29% (2020: 0.39%) |  |  |  |
| 200,785 | Advanced Info Service | 1,096,552 |  | 0.16 |
| 352,757 | Intouch | 692,259 |  | 0.10 |
| 1,971,225 | True | 193,119 |  | 0.03 |
|  | Consumer, cyclical: 0.44% (2020: 0.58%) |  |  |  |
| 982,218 | CP ALL | 1,763,166 |  | 0.26 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |  |
|  | Thailand: 2.15% (2020: 2.79%) (continued) |  |  |  |
|  | Consumer, cyclical: 0.44% (2020: 0.58%) (continued) |  |  |  |
| 998,868 | Home Product Center | 404,197 |  | 0.06 |
| 1,407,622 | Land & Houses | 334,052 |  | 0.05 |
| 535,669 | Minor International | 484,861 |  | 0.07 |
| 67 | Robinson | 40 |  | – |
|  | Consumer, non-cyclical: 0.28% (2020: 0.27%) |  |  |  |
| 544,878 | Bangkok Dusit Medical Services | 373,005 |  | 0.05 |
| 195,300 | Berli Jucker | 202,029 |  | 0.03 |
| 73,821 | Bumrungrad Hospital | 269,522 |  | 0.04 |
| 629,602 | Charoen Pokphand Foods | 498,050 |  | 0.07 |
| 195,200 | Osotspa | 209,350 |  | 0.03 |
| 558,400 | Thai Union | 377,165 |  | 0.06 |
|  | Diversified: 0.25% (2020: 0.30%) |  |  |  |
| 135,769 | Siam Cement | 1,710,150 |  | 0.25 |
|  | Energy: 0.21% (2020: 0.23%) |  |  |  |
| 245,277 | Energy Absolute | 444,025 |  | 0.06 |
| 234,488 | PTT Exploration & Production | 734,837 |  | 0.11 |
| 189,404 | Thai Oil | 253,557 |  | 0.04 |
|  | Financial: 0.19% (2020: 0.34%) |  |  |  |
| 1,300,300 | Asset World | 144,796 |  | 0.02 |
| 360,525 | Central Pattana | 515,545 |  | 0.08 |
| 121,076 | Muangthai Capital | 220,105 |  | 0.03 |
| 143,284 | Siam Commercial Bank | 407,608 |  | 0.06 |
|  | Industrial: 0.26% (2020: 0.33%) |  |  |  |
| 720,904 | Airports of Thailand | 1,239,251 |  | 0.18 |
| 1,321,287 | BTS | 341,703 |  | 0.05 |
| 162,500 | Sri Trang Gloves Thailand | 185,403 |  | 0.03 |
|  | Utilities: 0.09% (2020: 0.18%) |  |  |  |
| 121,360 | B Grimm Power | 145,850 |  | 0.02 |
| 476,600 | Gulf Energy Development | 485,772 |  | 0.07 |
|  | Total Thailand | 	14,684,804 |  | 	2.15 |
|  | United States: 37.51% (2020: 37.49%) |  |  |  |
|  | Communications: 6.80% (2020: 5.07%) |  |  |  |
| 7,216 | Alphabet | 19,443,729 |  | 2.85 |
| 5,787 | Booking | 12,605,591 |  | 1.85 |
| 329,081 | Discovery | 8,921,386 |  | 1.31 |
| 15,029 | FactSet Research Systems | 5,369,561 |  | 0.79 |
|  | Consumer, cyclical: 1.18% (2020: 6.72%) |  |  |  |
| 9,955 | Burlington Stores | 3,332,934 |  | 0.49 |
| 31,527 | Copart | 4,634,469 |  | 0.68 |
| 1,516 | The TJX Companies | 104,316 |  | 0.01 |
|  | Consumer, non-cyclical: 14.29% (2020: 9.35%) |  |  |  |
| 19,360 | ABIOMED | 6,333,430 |  | 0.93 |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 90.19% (2020: 89.28%) (continued) |  |  |  |
|  | United States: 37.51% (2020: 37.49%) (continued) |  |  |  |
|  | Consumer, non-cyclical: 14.29% (2020: 9.35%) (continued) |  |  |  |
| 56,058 | Amgen | 13,540,249 |  | 1.98 |
| 231,437 | Bristol-Myers Squibb | 15,707,629 |  | 2.30 |
| 265,781 | Centene | 18,235,234 |  | 2.67 |
| 31,180 | Estee Lauder | 10,408,819 |  | 1.53 |
| 65,283 | Hologic | 4,898,836 |  | 0.72 |
| 59,795 | Laboratory Corporation of America | 17,708,289 |  | 2.60 |
| 52,750 | Vertex Pharmaceuticals | 10,633,345 |  | 1.56 |
|  | Energy: 0.00% (2020: 0.00%) |  |  |  |
| 5 | Baker Hughes | 106 |  | – |
|  | Financial: 8.85% (2020: 4.68%) |  |  |  |
| 16,782 | American Tower | 4,745,950 |  | 0.70 |
| 50,608 | Ameriprise Financial | 13,034,596 |  | 1.91 |
| 316,433 | Carlyle | 15,970,374 |  | 2.34 |
| 68,461 | Crown Castle International | 13,219,135 |  | 1.94 |
| 432,054 | Equitable | 13,337,507 |  | 1.96 |
|  | Industrial: 3.50% (2020: 5.14%) |  |  |  |
| 40,000 | Agilent Technologies | 6,129,200 |  | 0.90 |
| 147,502 | Cognex | 13,335,656 |  | 1.95 |
| 9,789 | Teledyne Technologies | 4,432,166 |  | 0.65 |
|  | Technology: 2.89% (2020: 6.44%) |  |  |  |
| 72,333 | Activision Blizzard | 6,048,485 |  | 0.89 |
| 7,781 | Cadence Design Systems | 1,148,865 |  | 0.17 |
| 51,469 | salesforce.com | 12,451,895 |  | 1.83 |
|  | Utilities: 0.00% (2020: 0.09%) | – |  | – |
|  | Total United States | 255,731,752 |  | 37.51 |
|  |  |  |  |  |
|  | Total equities | 614,914,534 |  | 90.19 |
|  | Warrants: 6.99% (2020: 6.86%) |  |  |  |
|  | Thailand: 0.00% (2020: 0.00%) |  |  |  |
|  | Financial: 0.00% (2020: 0.00%) |  |  |  |
| 132,128 | BTS THB11.90 | – |  | – |
| 264,257 | BTS THB14.90 | – |  | – |
| 66,064 | BTS THB9.90 | – |  | – |
| 30,559 | Minor International 30/09/2021 | 381 |  | – |
| 19,607 | Minor International 31/12/2023 | 2,816 |  | – |
| 17,769 | Minor International 31/12/2024 | 2,076 |  | – |
|  | Total Thailand | 5,273 |  | – |

MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
Holdings Financial assets at fair value through profit or loss Warrants: 6.99% (2020: 6.86%) (continued)
United States: 6.99% (2020: 6.86%)
Financial: 6.99% (2020: 6.86%)
Fair value
US$
% of net assets
50,000 Morgan Stanley BV 10/04/2024	47,641,280	6.99
Total United States	47,641,280	6.99
Total warrants	47,646,553	6.99
Financial derivative instruments: 3.77% (2020: 4.07%)
Counterparty Total return swaps - unrealised gains: 3.77% (2020: 4.07%)
Morgan Stanley Swap
Morgan Stanley MSCI Emerging Markets ESG Equity Fund Reference Portfolio
Notional
US$
Unrealised gain US$
% of net assets
Leg	(662,560,841)	25,675,691	3.77
Total total return swaps - unrealised gains	25,675,691	3.77
Total financial derivative instruments	25,675,691	3.77
Total financial assets at fair value through profit or loss	688,236,778	100.95
Counterparty
Financial liabilities at fair value through profit or loss
Financial derivative instruments: (3.15%) (2020: (1.95%))
Total return swaps - unrealised losses: (3.15%) (2020: (1.95%))
Morgan Stanley Swap
Notional
US$
Unrealised loss US$
% of net assets
Morgan Stanley MSCI Emerging Markets ESG Equity Fund Financing Leg	682,113,118 (21,465,601)	(3.15)
Total total return swaps - unrealised losses	(21,465,601)	(3.15)
Total financial derivative instruments	(21,465,601)	(3.15) Total financial liabilities at fair value through profit or loss	(21,465,601)	(3.15)
Total value of investments
Fair value
US$
% of net assets
(Cost: US$ 395,919,562)	666,771,177	97.80
Due from broker	15,482,210	2.27
Other net liabilities	(475,011)	(0.07)
Net assets attributable to holders of redeemable participating shares	 681,778,376	100.00
MSCI Emerging Markets ESG Equity Fund
Schedule of investments as at 31 July 2021 (continued)
| Analysis of portfolio | Fair value US$ | % of total assets |
| --- | --- | --- |
| Transferable securities admitted to official stock exchange listing or dealt in/on another regulated market | 662,561,087 | 94.01 |
| Over the counter financial derivative instruments | 25,675,691 | 3.64 |
| Due from broker | 15,482,210 | 2.20 |
| Other assets | 	1,031,827 | 	0.15 |
| Total assets |   704,750,815 | 	100.00 |

MSCI Emerging Markets ESG Equity Fund
Schedule of significant portfolio movements for the financial year ended 31 July 2021
| Total purchases in the year | US$ 1,905,757,925 |
| --- | --- |
| Material purchases | Nominal holdings | Cost US$ |
| Carlyle | 1,546,884 | 50,978,614 |
| Morgan Stanley BV | 50,000 | 47,900,000 |
| Domino's Pizza | 110,127 | 45,303,830 |
| Coca-Cola | 802,958 | 41,249,107 |
| Dover | 318,583 | 38,023,860 |
| American Tower | 134,698 | 31,809,003 |
| Align Technology | 53,604 | 30,367,196 |
| International Flavors & Fragrances | 213,758 | 29,302,916 |
| Merck & Co. | 375,908 | 29,050,879 |
| Bristol-Myers Squibb | 445,504 | 28,903,230 |
| Gilead Sciences | 433,894 | 28,581,058 |
| Caterpillar | 143,626 | 28,057,533 |
| Alphabet Class C | 14,614 | 27,866,987 |
| Dexcom | 80,102 | 27,840,279 |
| Walt Disney | 178,163 | 27,472,379 |
| Equinix Reits | 42,045 | 27,409,532 |
| Alexandria Real Estate Equities | 167,276 | 27,237,739 |
| Prologis | 243,003 | 26,574,931 |
| eBay | 508,737 | 26,221,003 |
| Deere | 86,617 | 26,148,863 |
| The Hartford Financial Services | 630,325 | 25,783,606 |
| Cardinal Health | 528,177 | 25,348,962 |
| Estee Lauder | 93,410 | 25,028,916 |
| Cadence Design Systems | 225,785 | 24,531,889 |
| Cigna | 122,882 | 24,392,131 |
| Cognex | 308,237 | 24,224,939 |
| Marathon Petroleum | 459,954 | 21,239,999 |
| Discover Financial Services | 251,568 | 21,165,543 |
| Humana | 50,270 | 20,518,490 |
| MercadoLibre | 15,709 | 20,166,112 |

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 (ENDE, 2021-07-31):
# MSCI Emerging Markets ESG Equity Fund
Bericht des Anlageverwalters für das Geschäftsjahr zum 31. Juli 2021
Das Anlageziel des Teilfonds besteht darin, Renditen zu erbringen, die der Performance des MSCI Emerging Markets ESG Index (Gesamtrendite abzüglich wiederveranlagter Dividende) (der „Index“) vor allen Gebühren und Ausgaben entsprechen.
Der Index repräsentiert die Performance von Unternehmen, die im Vergleich zu ihren Mitbewerbern im entsprechenden Sektor eine hohe Performance im Hinblick auf die Faktoren Umwelt, Soziales und Unternehmensführung (Environmental, Social and Governance, ESG) aufweisen (d. h. Unternehmen, die ein höheres ESG-Rating haben als ihre Mitbewerber – das ESG-Rating bewertet den Einfluss eines Unternehmens auf Umwelt, Gemeinschaft und Gesellschaft, Mitarbeiter und Lieferkette, Kunden und Unternehmensführung) und in verschiedenen Schwellenländern ansässig sind. Im Juni 2018 umfasste der Index 23 Schwellenländer: Brasilien, Chile, China, Kolumbien, die Tschechische Republik, Ägypten, Hongkong, Ungarn, Indien, Indonesien, Malaysia, Mexiko, die Philippinen, Polen, Katar, Rumänien, Russland, Südafrika, Südkorea, Taiwan, Thailand, die Türkei und die Vereinigten Arabischen Emirate, sowie zwei Industrieländer: Griechenland und das Vereinigte Königreich.
Vom 18. Februar 2015 (Auflegung) bis zum 31. Juli 2021 belief sich die Wertentwicklung des Teilfonds auf 61,02 %, verglichen mit 66,87 % für den Index.
Vom 31. Juli 2020 bis zum 31. Juli 2021 belief sich die Wertentwicklung des Teilfonds auf 18,04 %, verglichen mit 18,69 % für den Index.
Der Teilfonds weist eine annualisierte Volatilität von 17,34 % auf, verglichen mit 17,34 % für den Index.
Bezüglich des Tracking Error (annualisierte Standardabweichung des Unterschieds in der Wertentwicklung zwischen der Teilfondsrendite und der Wertentwicklung der Benchmark) hat der Teilfonds seit Auflegung gegenüber dem Index einen geringen Tracking Error von lediglich 0,03 % erzielt.
MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
| Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Anlagen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) |  |  |  |
|  | Chile: 0,45 % (2020: 0,63 %) |  |  |  |
|  | Grundstoffe: 0,21 % (2020: 0,17 %) |  |  |  |
| 183.047 | Empresas CMPC | 395.563 |  | 0,06 |
| 22.076 | Sociedad Quimica Y Minera de Chile | 1.054.479 |  | 0,15 |
|  | Kommunikation: 0,00 % (2020: 0,03 %) | – |  | – |
|  | Nicht-Basiskonsumgüter: 0,07 % (2020: 0,08 %) |  |  |  |
| 122.463 | SACI Falabella | 476.033 |  | 0,07 |
|  | Basiskonsumgüter: 0,00 % (2020: 0,03%) | – |  | – |
|  | Diversifiziert: 0,00 % (2020: 0,09 %) | – |  | – |
|  | Energie: 0,08 % (2020: 0,00 %) |  |  |  |
| 63.449 | Empresas COPEC | 547.616 |  | 0,08 |
|  | Finanzen: 0,02 % (2020: 0,00 %) |  |  |  |
| 83.266 | Cencosud Shopping | 128.249 |  | 0,02 |
|  | Versorger: 0,07 % (2020: 0,23 %) |  |  |  |
| 3.491.122 | Enel Americas | 485.181 |  | 0,07 |
|  | Chile gesamt | 	3.087.121 |  | 	0,45 |
|  | Kolumbien: 0,08 % (2020: 0,15 %) |  |  |  |
|  | Finanzen: 0,08 % (2020: 0,15 %) |  |  |  |
| 73.564 | Bancolombia | 529.109 |  | 0,08 |
|  | Kolumbien gesamt | 	529.109 |  | 	0,08 |
|  | Hongkong: 0,23 % (2020: 0,40 %) |  |  |  |
|  | Basiskonsumgüter: 0,23 % (2020: 0,40 %) |  |  |  |
| 1.681.679 | Sino Biopharmaceutical | 1.428.232 |  | 0,21 |
| 59.000 | Vinda International | 166.268 |  | 0,02 |
|  | Hongkong gesamt | 	1.594.500 |  | 	0,23 |
|  | Indonesien: 0,84 % (2020: 1,66 %) |  |  |  |
|  | Grundstoffe: 0,14 % (2020: 0,07 %) |  |  |  |
| 1.340.500 | Aneka Tambang Tbk | 233.574 |  | 0,03 |
| 3.574.200 | Barito Pacific | 239.722 |  | 0,04 |
| 285.800 | Indah Kiat Zellstoff und Papier | 134.378 |  | 0,02 |
| 1.779.000 | Merdeka Copper Gold | 364.103 |  | 0,05 |
|  | Kommunikation: 0,04 % (2020: 0,02 %) |  |  |  |
| 1.288.500 | Tower Bersama Infrastructure | 285.987 |  | 0,04 |
|  | Nicht-Basiskonsumgüter: 0,00 % (2020: 0,16 %) | – |  | – |
|  | Basiskonsumgüter: 0,11 % (2020: 0,20 %) |  |  |  |
| 724.449 | Indofood Sukses Makmur | 304.306 |  | 0,04 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |  |
|  | Indonesien: 0,84 % (2020: 1,66 %) (Fortsetzung) |  |  |  |
|  | Basiskonsumgüter: 0,11 % (2020: 0,20 %) (Fortsetzung) |  |  |  |
| 2.317.693 | Kalbe Farma | 201.922 |  | 0,03 |
| 886.635 | Unilever Indonesia | 258.710 |  | 0,04 |
|  | Finanzen: 0,55 % (2020: 1,11 %) |  |  |  |
| 1.802.771 | Bank Central Asia | 3.720.845 |  | 0,55 |
| 14 | Bank Mandiri Persero | 5 |  | – |
| 37 | Bank Rakyat Indonesia Persero | 9 |  | – |
|  | Industrie: 0,00 % (2020: 0,07 %) | – |  | – |
|  | Versorger: 0,00 % (2020: 0,03 %) |  |  |  |
| 19 | Perusahaan Gas Negara Persero | 1 |  | – |
|  | Indonesien gesamt | 	5.743.562 |  | 	0,84 |
|  | Malaysia: 1,70 % (2020: 2,13 %) |  |  |  |
|  | Grundstoffe: 0,09 % (2020: 0,05 %) |  |  |  |
| 524.918 | Press Metal Aluminium | 599.551 |  | 0,09 |
|  | Kommunikation: 0,10 % (2020: 0,09 %) |  |  |  |
| 446.984 | Axiata | 395.083 |  | 0,06 |
| 36 | Genting | 36 |  | – |
| 10.758 | Maxis | 10.860 |  | – |
| 186.542 | Telekom Malaysia | 262.573 |  | 0,04 |
|  | Nicht-Basiskonsumgüter: 0,03 % (2020: 0,04 %) |  |  |  |
| 448.983 | Sime Darby | 228.747 |  | 0,03 |
|  | Basiskonsumgüter: 0,35 % (2020: 0,40 %) |  |  |  |
| 21.300 | Fraser & Neave | 125.176 |  | 0,02 |
| 102.781 | Hap Seng Consolidated Berhad | 187.539 |  | 0,03 |
| 285.240 | IHH Healthcare | 381.221 |  | 0,06 |
| 70.261 | AMMB Holdings | 308.349 |  | 0,04 |
| 11.431 | Nestle Malaysia | 360.266 |  | 0,05 |
| 104.020 | PPB | 446.152 |  | 0,07 |
| 177.500 | QL Resources Berhad | 237.648 |  | 0,03 |
| 187.830 | Top Glove | 177.148 |  | 0,03 |
| 167.800 | Westports | 161.438 |  | 0,02 |
|  | Diversifiziert: 0,00 % (2020: 0,01 %) | – |  | – |
|  | Energie: 0,16 % (2020: 0,15 %) |  |  |  |
| 642.133 | Dialog | 418.452 |  | 0,06 |
| 49.155 | Petronas Dagangan | 214.325 |  | 0,03 |
| 128.609 | Portugal: Berhad | 464.455 |  | 0,07 |
|  | Finanzen: 0,75 % (2020: 0,81 %) |  |  |  |
| 296.179 | AmBank | 200.026 |  | 0,03 |
| 1.048.041 | CIMB | 1.105.162 |  | 0,16 |
| 665.363 | Malayan Banking | 1.262.928 |  | 0,18 |
| 2.365.500 | Public Bank | 2.230.969 |  | 0,33 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |  |
|  | Malaysia: 1,70 % (2020: 2,13 %) (Fortsetzung) |  |  |  |
|  | Finanzen: 0,75 % (2020: 0,81 %) (Fortsetzung) |  |  |  |
| 301.645 | RHB Bank | 365.262 |  | 0,05 |
|  | Industrie: 0,22 % (2020: 0,40 %) |  |  |  |
| 278.544 | Hartalega | 464.680 |  | 0,07 |
| 210.400 | Kossan Rubber Industries | 172.508 |  | 0,03 |
| 177.930 | Malaysia Airports | 243.705 |  | 0,04 |
| 217.595 | MISC | 345.471 |  | 0,05 |
| 242.602 | Supermax | 187.988 |  | 0,03 |
|  | Versorger: 0,00 % (2020: 0,18 %) | – |  | – |
|  | Malaysia gesamt | 	11.557.718 |  | 	1,70 |
|  | Mexiko: 1,49 % (2020: 1,13 %) |  |  |  |
|  | Grundstoffe: 0,05 % (2020: 0,07 %) |  |  |  |
| 22.635 | Industrias Penoles | 319.930 |  | 0,05 |
|  | Basiskonsumgüter: 0,75 % (2020: 0,75 %) |  |  |  |
| 71.766 | Arca Continental | 435.305 |  | 0,06 |
| 85.456 | Coca-Cola Femsa | 485.597 |  | 0,07 |
| 316.477 | Fomento Economico Mexicano | 2.767.729 |  | 0,41 |
| 35.365 | Gruma | 383.540 |  | 0,06 |
| 256.985 | Grupo Bimbo | 593.694 |  | 0,09 |
| 247.585 | Kimberly-Clark de México | 401.806 |  | 0,06 |
|  | Diversifiziert: 0,00 % (2020: 0,05 %) | – |  | – |
|  | Finanzen: 0,40 % (2020: 0,00 %) |  |  |  |
| 422.246 | Grupo Financiero Banorte | 2.743.818 |  | 0,40 |
|  | Industrie: 0,29 % (2020: 0,21 %) |  |  |  |
| 2.462.988 | Cemex | 2.014.095 |  | 0,29 |
|  | Versorger: 0,00 % (2020: 0,05 %) | – |  | – |
|  | Mexiko gesamt | 	10.145.514 |  | 	1,49 |
|  | Volksrepublik China: 20,60 % (2020: 19,24 %) |  |  |  |
|  | Grundstoffe: 0,15 % (2020: 0,04 %) |  |  |  |
| 543.272 | China Molybdenum | 397.080 |  | 0,06 |
| 27.200 | Ganfeng Lithium | 583.467 |  | 0,09 |
|  | Kommunikation: 7,71 % (2020: 10,21 %) |  |  |  |
| 448.000 | HengTen Networks | 197.159 |  | 0,03 |
| 586.000 | Meituan Dianping | 16.212.425 |  | 2,38 |
| 581.047 | Tencent | 35.814.483 |  | 5,25 |
| 159.200 | Tongcheng-Elong | 358.503 |  | 0,05 |
|  | Nicht-Basiskonsumgüter: 2,65 % (2020: 0,87 %) |  |  |  |
| 302.849 | Air China | 193.295 |  | 0,03 |
| 656.000 | Alibaba Health Information Technology | 1.019.724 |  | 0,15 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender | % des |
| --- | --- | --- | --- |
| Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |
|  | Volksrepublik China: 20,60 % (2020: 19,24 %) (Fortsetzung) |  |  |
|  | Nicht-Basiskonsumgüter: 2,65 % (2020: 0,87 %) (Fortsetzung) |  |  |
| 15.963 | BYD | 490.935 | 0,07 |
| 440.000 | Dongfeng Motor | 389.541 | 0,06 |
| 409.500 | Fosun International | 541.700 | 0,08 |
| 98.400 | Fuyao Glass Industry | 625.510 | 0,09 |
| 809.689 | Geely Automobile | 2.703.756 | 0,40 |
| 503.500 | Great Wall Motor | 2.419.926 | 0,35 |
| 478.000 | Guangzhou Automobile | 413.342 | 0,06 |
| 364.000 | Li Ning | 3.836.164 | 0,56 |
| 122.000 | MINTH | 514.927 | 0,08 |
| 128.980 | Shanghai Pharmaceuticals | 274.849 | 0,04 |
| 134.300 | Shenzhou International | 2.965.550 | 0,43 |
| 114.500 | Sinotruk Hongkong | 195.961 | 0,03 |
| 251.000 | Topsports International | 350.118 | 0,05 |
| 194.000 | Yadea | 333.019 | 0,05 |
| 92.500 | Zhongsheng | 849.869 | 0,12 |
|  | Basiskonsumgüter: 3,23 % (2020: 2,24 %) |  |  |
| 206.653 | 3SBio | 172.051 | 0,03 |
| 12.800 | CanSino Biologics | 541.898 | 0,08 |
| 87.500 | China East Education | 101.786 | 0,01 |
| 129.000 | China Education | 233.725 | 0,03 |
| 220.809 | China Medical System | 447.801 | 0,07 |
| 512.391 | China Mengniu Dairy | 2.779.144 | 0,41 |
| 259.773 | China Resources Pharmaceutical | 139.059 | 0,02 |
| 1.457.196 | CSPC Pharmaceutical | 1.965.129 | 0,29 |
| 339.500 | Dali Foods | 183.922 | 0,03 |
| 182.000 | Genscript Biotech | 798.615 | 0,12 |
| 192.354 | Hansoh Pharmazie | 689.348 | 0,10 |
| 202.000 | Jinxin Fertility | 378.984 | 0,06 |
| 103.084 | MicroPort Scientific | 776.658 | 0,11 |
| 21.700 | Pharmaron Peking | 474.981 | 0,07 |
| 404.155 | Shandong Weigao Medical Polymer | 723.934 | 0,11 |
| 80.500 | Shanghai Fosun Pharmazie | 736.508 | 0,11 |
| 196.000 | Shenzhen International | 258.266 | 0,04 |
| 210.000 | Uni-President China | 210.778 | 0,03 |
| 786.000 | möchte möchte China | 529.988 | 0,08 |
| 55.200 | Wuxi AppTec | 1.220.321 | 0,18 |
| 547.000 | Wuxi Biologics Cayman | 8.340.990 | 1,22 |
| 237.203 | Zhejiang Expressway | 200.233 | 0,03 |
|  | Energie: 0,28 % (2020: 0,31 %) |  |  |
| 598.898 | China Everbright International | 324.449 | 0,05 |
| 796.301 | Xinyi Solar | 1.598.504 | 0,23 |
|  | Finanzen: 5,06 % (2020: 4,18 %) |  |  |
| 92.250 | A-Living Services | 352.561 | 0,05 |
| 193.000 | China Aoyuan | 123.183 | 0,02 |
| 15.625.264 | China Construction Bank | 10.897.793 | 1,60 |
| 928.000 | China Jinmao | 259.131 | 0,04 |
| 633.782 | China Merchants Bank | 4.828.070 | 0,71 |
| 621.000 | China Overseas Land & Investment | 1.302.540 | 0,19 |
| 236.841 | China Vanke | 617.154 | 0,09 |
| 540.000 | CIFI | 325.201 | 0,05 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
| Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |  |
|  | Volksrepublik China: 20,60 % (2020: 19,24 %) (Fortsetzung) |  |  |  |
|  | Finanzen: 5,06 % (2020: 4,18 %) (Fortsetzung) |  |  |  |
| 122.000 | CIFI Ever Sunshine Services | 243.334 |  | 0,04 |
| 944.000 | CITIC | 1.020.383 |  | 0,15 |
| 239.000 | Country Garden Services | 1.939.076 |  | 0,28 |
| 238.000 | Greentown Service | 258.789 |  | 0,04 |
| 106.800 | Hopson Development | 353.884 |  | 0,05 |
| 447.000 | Kaisa | 121.367 |  | 0,02 |
| 210.000 | KWG | 230.235 |  | 0,03 |
| 224.254 | Logan | 238.937 |  | 0,03 |
| 295.000 | Longfor | 1.376.075 |  | 0,20 |
| 1.028.500 | Ping An Insurance (Group) Company of China | 9.019.492 |  | 1,32 |
| 20.000 | Poly Property Services | 112.853 |  | 0,02 |
| 273.600 | R&F Properties | 239.759 |  | 0,03 |
| 440.472 | Shenzhen Investment | 123.563 |  | 0,02 |
| 201.000 | Shimao | 396.248 |  | 0,06 |
| 208.000 | Zhenro Properties | 116.162 |  | 0,02 |
|  | Industrie: 0,37 % (2020: 0,38 %) |  |  |  |
| 117.996 | AAC Technologies | 706.804 |  | 0,10 |
| 263.625 | China Conch Venture | 961.727 |  | 0,14 |
| 176.438 | China Lesso | 367.352 |  | 0,05 |
| 217.319 | Lee & Man Paper Manufacturing | 162.195 |  | 0,02 |
| 127.403 | Xinjiang Goldwind Science & Technology | 238.700 |  | 0,03 |
| 217.600 | Zoomlion Heavy Industry Science and Technology | 187.046 |  | 0,03 |
|  | Technologie: 0,35 % (2020: 0,37 %) |  |  |  |
| 422.000 | Kingdee International Software | 1.314.134 |  | 0,19 |
| 1.173.984 | Lenovo | 1.093.736 |  | 0,16 |
|  | Versorger: 0,80 % (2020: 0,64 %) |  |  |  |
| 744.000 | Beijing Enterprises Water | 272.854 |  | 0,04 |
| 500.800 | China Gas | 1.546.634 |  | 0,23 |
| 150.400 | China Resources Gas | 927.033 |  | 0,14 |
| 128.100 | ENN Energy | 2.678.640 |  | 0,39 |
|  | Volksrepublik China gesamt | 	140.461.020 |  | 	20,60 |
|  | Philippinen: 0,66 % (2020: 0,76 %) |  |  |  |
|  | Kommunikation: 0,02 % (2020: 0,00 %) |  |  |  |
| 4.250 | Globe Telecom | 158.147 |  | 0,02 |
|  | Nicht-Basiskonsumgüter: 0,11 % (2020: 0,13 %) |  |  |  |
| 15.440 | GT Capital | 167.883 |  | 0,02 |
| 32.068 | SM Investments | 584.134 |  | 0,09 |
|  | Basiskonsumgüter: 0,12 % (2020: 0,10 %) |  |  |  |
| 425.271 | JG Summit | 476.447 |  | 0,07 |
| 142.880 | Universal Robina | 362.167 |  | 0,05 |
|  | Diversifiziert: 0,00 % (2020: 0,06 %) | – |  | – |
|  | Finanzen: 0,39 % (2020: 0,42 %) |  |  |  |
| 46.130 | Ayala | 673.700 |  | 0,10 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |  |
|  | Philippinen: 0,66 % (2020: 0,76 %) (Fortsetzung) |  |  |  |
|  | Finanzen: 0,39 % (2020: 0,42 %) (Fortsetzung) |  |  |  |
| 1.313.100 | Ayala Land | 859.025 |  | 0,13 |
| 122.660 | Bank of the Philippine Islands | 197.542 |  | 0,03 |
| 4 | BDO Unibank | 8 |  | – |
| 87 | Metropolitan Bank & Trust | 75 |  | – |
| 1.416.906 | SM Prime | 891.501 |  | 0,13 |
|  | Versorger: 0,02 % (2020: 0,05 %) |  |  |  |
| 29.810 | Manila Electric | 158.040 |  | 0,02 |
|  | Philippinen gesamt | 	4.528.669 |  | 	0,66 |
|  | Republik Südkorea: 8,38 % (2020: 5,75 %) |  |  |  |
|  | Grundstoffe: 1,05 % (2020: 0,83 %) |  |  |  |
| 19.475 | Hanwha Chemical | 662.006 |  | 0,10 |
| 1.269 | LG Chem | 421.989 |  | 0,06 |
| 7.436 | LG Chem Pref | 5.443.262 |  | 0,80 |
| 2.777 | Lotte Chemie | 626.500 |  | 0,09 |
|  | Kommunikation: 3,12 % (2020: 1,57 %) |  |  |  |
| 49.469 | Kakao | 6.322.054 |  | 0,93 |
| 19.965 | NAVER | 7.524.301 |  | 1,10 |
| 8.915 | Samsung SDI | 5.743.112 |  | 0,84 |
| 6.412 | SK Telecom | 1.677.907 |  | 0,25 |
|  | Nicht-Basiskonsumgüter: 0,75 % (2020: 0,24 %) |  |  |  |
| 1.284 | BGF retail | 180.279 |  | 0,03 |
| 8.822 | Coway | 658.055 |  | 0,10 |
| 7.746 | Fila | 351.525 |  | 0,05 |
| 12.044 | Hankook Tire | 506.262 |  | 0,07 |
| 29.778 | Hanon Systems | 403.857 |  | 0,06 |
| 24.882 | Korean Air Lines | 646.791 |  | 0,09 |
| 17.238 | LG Electronics | 2.360.343 |  | 0,35 |
|  | Basiskonsumgüter: 0,96 % (2020: 0,71 %) |  |  |  |
| 5.210 | Amorepacific | 1.003.273 |  | 0,15 |
| 4.762 | Amorepacific Group | 238.462 |  | 0,03 |
| 13.322 | Celltrion Healthcare | 1.243.889 |  | 0,18 |
| 2.416 | CJ | 205.840 |  | 0,03 |
| 1.367 | CJ CheilJedang | 556.189 |  | 0,08 |
| 7.692 | GS | 286.214 |  | 0,04 |
| 1.536 | LG Household & Health Care | 1.948.293 |  | 0,29 |
| 347 | LG Household & Health Care Pref | 202.725 |  | 0,03 |
| 4.369 | SK Biopharmaceuticals | 451.998 |  | 0,07 |
| 8.083 | Yuhan | 432.874 |  | 0,06 |
|  | Diversifiziert: 0,00 % (2020: 0,03 %) | – |  | – |
|  | Energie: 0,51 % (2020: 0,34 %) |  |  |  |
| 7.683 | Hyundai Heavy Industries | 457.540 |  | 0,07 |
| 5.141 | SK | 1.197.816 |  | 0,17 |
| 8.254 | SK Innovation | 1.815.485 |  | 0,27 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |  |
|  | Republik Südkorea: 8,38 % (2020: 5,75 %) (Fortsetzung) |  |  |  |
|  | Finanzen: 0,91 % (2020: 1,24 %) |  |  |  |
| 64.016 | KB Financial | 2.855.050 |  | 0,42 |
| 4.990 | Samsung Fire & Marine Insurance | 930.541 |  | 0,14 |
| 71.161 | Shinhan Finanzen | 2.422.041 |  | 0,35 |
|  | Industrie: 0,80 % (2020: 0,58 %) |  |  |  |
| 1.454 | CJ Logistics | 222.477 |  | 0,03 |
| 8.271 | Doosan Bobcat | 331.487 |  | 0,05 |
| 10.532 | GS Engineering & Construction | 403.334 |  | 0,06 |
| 12.424 | Hyundai Engineering & Construction | 590.822 |  | 0,09 |
| 37.692 | LG Display | 722.546 |  | 0,11 |
| 4.939 | Posco Chemie | 661.253 |  | 0,10 |
| 9.079 | Samsung Electro-Mechanics | 1.515.469 |  | 0,22 |
| 24.992 | Samsung Engineering | 507.336 |  | 0,07 |
| 3.320 | SKC | 466.142 |  | 0,07 |
|  | Technologie: 0,28 % (2020: 0,19 %) |  |  |  |
| 12.561 | LG | 1.028.686 |  | 0,15 |
| 5.550 | Samsung SDS | 880.569 |  | 0,13 |
|  | Versorger: 0,00 % (2020: 0,02 %) | – |  | – |
|  | Republik Südkorea gesamt | 	57.106.594 |  | 	8,38 |
|  | Singapur: 0,04 % (2020: 0,04 %) |  |  |  |
|  | Finanzen: 0,04 % (2020: 0,04 %) |  |  |  |
| 33.831 | BOC Aviation | 248.360 |  | 0,04 |
|  | Singapur gesamt | 	248.360 |  | 	0,04 |
|  | Taiwan: 16,06 % (2020: 17,11 %) |  |  |  |
|  | Grundstoffe: 0,74 % (2020: 0,55 %) |  |  |  |
| 1.914.000 | China Steel | 2.487.892 |  | 0,36 |
| 837.000 | Nan Ya Kunststoffe | 2.603.934 |  | 0,38 |
|  | Kommunikation: 0,60 % (2020: 0,80 %) |  |  |  |
| 617.000 | Chunghwa Telecom | 2.537.279 |  | 0,37 |
| 259.000 | Far EasTone Telekommunikation | 561.252 |  | 0,08 |
| 269.000 | Taiwan Mobile | 1.000.393 |  | 0,15 |
|  | Nicht-Basiskonsumgüter: 0,79 % (2020: 0,53 %) |  |  |  |
| 268.681 | Cheng Shin Rubber Industry | 414.094 |  | 0,06 |
| 31.000 | Eclat Textile | 676.202 |  | 0,10 |
| 478.380 | Far Eastern New Century | 506.349 |  | 0,07 |
| 71.000 | Feng Tay Enterprises | 586.483 |  | 0,09 |
| 49.000 | Hotai Motor | 1.033.792 |  | 0,15 |
| 343.639 | Lite-On Technology | 787.672 |  | 0,12 |
| 26.000 | Nien Made Enterprise | 436.045 |  | 0,06 |
| 92.910 | President Chain Store | 931.924 |  | 0,14 |
|  | Basiskonsumgüter: 0,34 % (2020: 0,38 %) |  |  |  |
| 36.000 | Oneness Biotech | 248.453 |  | 0,04 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |  |
|  | Taiwan: 16,06 % (2020: 17,11 %) (Fortsetzung) |  |  |  |
|  | Basiskonsumgüter: 0,34 % (2020: 0,38 %) (Fortsetzung) |  |  |  |
| 783.360 | Uni-President Enterprises | 2.050.490 |  | 0,30 |
|  | Finanzen: 2,98 % (2020: 2,29 %) |  |  |  |
| 1.281.317 | Cathay Financial | 2.487.950 |  | 0,36 |
| 202.456 | Chailease | 1.675.972 |  | 0,25 |
| 3.009.073 | CTBC Financial | 2.458.692 |  | 0,36 |
| 1.834.714 | E.Sun Finanzen | 1.738.599 |  | 0,25 |
| 1.663.256 | First Financial | 1.353.087 |  | 0,20 |
| 1.079.000 | Fubon Finanzen | 2.893.796 |  | 0,42 |
| 1.354.337 | Hua Nan Financial | 934.694 |  | 0,14 |
| 1.767.000 | Mega Financial | 2.091.461 |  | 0,31 |
| 134.489 | Ruentex Development | 300.093 |  | 0,04 |
| 1.644.680 | Sinopac Finanzen | 826.310 |  | 0,12 |
| 1.593.215 | Taishin Finanzen | 965.671 |  | 0,14 |
| 912.607 | Taiwan Business Bank | 309.696 |  | 0,05 |
| 582.000 | The Shanghai Commercial & Savings Bank | 868.890 |  | 0,13 |
| 1.574.400 | Yuanta Finanzen | 1.429.993 |  | 0,21 |
|  | Industrie: 1,00 % (2020: 0,91 %) |  |  |  |
| 314.553 | Delta Electronics | 3.228.204 |  | 0,47 |
| 8.796 | Evergreen Marine Taiwan | 41.519 |  | 0,01 |
| 43.010 | Hiwin Technologien | 492.158 |  | 0,07 |
| 802.000 | Taiwan Cement | 1.508.500 |  | 0,22 |
| 319.087 | Taiwan High Speed Rail | 346.300 |  | 0,05 |
| 60.561 | Yageo | 1.212.736 |  | 0,18 |
|  | Technologie: 9,61 % (2020: 11,65 %) |  |  |  |
| 464.000 | Acer | 451.307 |  | 0,07 |
| 417 | Advantech | 5.428 |  | – |
| 525.000 | ASE Technology | 2.299.750 |  | 0,34 |
| 680.306 | Compal Elektronik | 525.464 |  | 0,08 |
| 1.391.000 | Innolux | 925.178 |  | 0,14 |
| 437.193 | Inventec | 366.607 |  | 0,05 |
| 245.478 | MediaTek | 7.988.020 |  | 1,17 |
| 2.339.000 | Taiwan Semiconductor | 48.511.354 |  | 7,12 |
| 1.917.000 | United Microelectronics | 3.962.188 |  | 0,58 |
| 437.302 | Wistron | 433.940 |  | 0,06 |
|  | Taiwan gesamt | 	109.495.811 |  | 	16,06 |
|  | Thailand: 2,15 % (2020: 2,79 %) |  |  |  |
|  | Grundstoffe: 0,14 % (2020: 0,17 %) |  |  |  |
| 273.600 | Indorama Ventures | 301.757 |  | 0,04 |
| 380.555 | PTT Global Chemical | 657.078 |  | 0,10 |
|  | Kommunikation: 0,29 % (2020: 0,39 %) |  |  |  |
| 200.785 | Advanced Info Service | 1.096.552 |  | 0,16 |
| 352.757 | Intouch | 692.259 |  | 0,10 |
| 1.971.225 | Wahr | 193.119 |  | 0,03 |
|  | Nicht-Basiskonsumgüter: 0,44 % (2020: 0,58 %) |  |  |  |
| 982.218 | CP ALL | 1.763.166 |  | 0,26 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |  |
|  | Thailand: 2,15 % (2020: 2,79 %) (Fortsetzung) |  |  |  |
|  | Nicht-Basiskonsumgüter: 0,44 % (2020: 0,58 %) (Fortsetzung) |  |  |  |
| 998.868 | Home Product Center | 404.197 |  | 0,06 |
| 1.407.622 | Land & Houses | 334.052 |  | 0,05 |
| 535.669 | Minor International | 484.861 |  | 0,07 |
| 67 | Robinson | 40 |  | – |
|  | Basiskonsumgüter: 0,28 % (2020: 0,27 %) |  |  |  |
| 544.878 | Bangkok Dusit Medizinische Services | 373.005 |  | 0,05 |
| 195.300 | Berli Jucker | 202.029 |  | 0,03 |
| 73.821 | Bumrungrad Hospital | 269.522 |  | 0,04 |
| 629.602 | Charoen Pokphand Foods | 498.050 |  | 0,07 |
| 195.200 | Osotspa | 209.350 |  | 0,03 |
| 558.400 | Thai Union | 377.165 |  | 0,06 |
|  | Diversifiziert: 0,25 % (2020: 0,30 %) |  |  |  |
| 135.769 | Siam Cement | 1.710.150 |  | 0,25 |
|  | Energie: 0,21 % (2020: 0,23 %) |  |  |  |
| 245.277 | Energy Absolute | 444.025 |  | 0,06 |
| 234.488 | Morgan Stanley Capital Services LLC Swap | 734.837 |  | 0,11 |
| 189.404 | Thai Oil | 253.557 |  | 0,04 |
|  | Finanzen: 0,19 % (2020: 0,34 %) |  |  |  |
| 1.300.300 | Asset World | 144.796 |  | 0,02 |
| 360.525 | Central Pattana | 515.545 |  | 0,08 |
| 121.076 | Muangthai Capital | 220.105 |  | 0,03 |
| 143.284 | Siam Commercial Bank | 407.608 |  | 0,06 |
|  | Industrie: 0,26 % (2020: 0,33 %) |  |  |  |
| 720.904 | Airports of Thailand | 1.239.251 |  | 0,18 |
| 1.321.287 | BTS | 341.703 |  | 0,05 |
| 162.500 | Sri Trang Gloves Thailand | 185.403 |  | 0,03 |
|  | Versorger: 0,09 % (2020: 0,18 %) |  |  |  |
| 121.360 | B Grimm Power | 145.850 |  | 0,02 |
| 476.600 | Gulf Energy Development | 485.772 |  | 0,07 |
|  | Thailand gesamt | 	14.684.804 |  | 	2,15 |
|  | USA: 37,51 % (2020: 37,49 %) |  |  |  |
|  | Kommunikation: 6,80 % (2020: 5,07 %) |  |  |  |
| 7.216 | Alphabet | 19.443.729 |  | 2,85 |
| 5.787 | Booking | 12.605.591 |  | 1,85 |
| 329.081 | Discovery | 8.921.386 |  | 1,31 |
| 15.029 | FactSet Research Systems | 5.369.561 |  | 0,79 |
|  | Nicht-Basiskonsumgüter: 1,18 % (2020: 6,72 %) |  |  |  |
| 9.955 | Burlington Stores | 3.332.934 |  | 0,49 |
| 31.527 | Copart | 4.634.469 |  | 0,68 |
| 1.516 | The TJX Companies | 104.316 |  | 0,01 |
|  | Basiskonsumgüter: 14,29 % (2020: 9,35 %) |  |  |  |
| 19.360 | ABIOMED | 6.333.430 |  | 0,93 |

MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 90,19 % (2020: 89,28 %) (Fortsetzung) |  |  |  |
|  | Vereinigte Staaten: 37,51 % (2020: 37,49 %) (Fortsetzung) |  |  |  |
|  | Basiskonsumgüter: 14,29 % (2020: 9,35 %) (Fortsetzung) |  |  |  |
| 56.058 | Amgen | 13.540.249 |  | 1,98 |
| 231.437 | Bristol-Myers Squibb | 15.707.629 |  | 2,30 |
| 265.781 | Centene | 18.235.234 |  | 2,67 |
| 31.180 | Estee Lauder | 10.408.819 |  | 1,53 |
| 65.283 | Hologic | 4.898.836 |  | 0,72 |
| 59.795 | Laboratory Corporation of America | 17.708.289 |  | 2,60 |
| 52.750 | Vertex Pharmaceuticals | 10.633.345 |  | 1,56 |
|  | Energie: 0,00 % (2020: 0,00 %) |  |  |  |
| 5 | Baker Hughes | 106 |  | – |
|  | Finanzen: 8,85 % (2020: 4,68 %) |  |  |  |
| 16.782 | American Tower | 4.745.950 |  | 0,70 |
| 50.608 | Ameriprise Financial | 13.034.596 |  | 1,91 |
| 316.433 | Carlyle | 15.970.374 |  | 2,34 |
| 68.461 | Crown Castle International | 13.219.135 |  | 1,94 |
| 432.054 | Equitable | 13.337.507 |  | 1,96 |
|  | Industrie: 3,50 % (2020: 5,14 %) |  |  |  |
| 40.000 | Agilent Technologies | 6.129.200 |  | 0,90 |
| 147.502 | Cognex | 13.335.656 |  | 1,95 |
| 9.789 | Teledyne Technologies | 4.432.166 |  | 0,65 |
|  | Technologie: 2,89 % (2020: 6,44 %) |  |  |  |
| 72.333 | Activision Blizzard | 6.048.485 |  | 0,89 |
| 7.781 | Cadence Design Systems | 1.148.865 |  | 0,17 |
| 51.469 | salesforce.com | 12.451.895 |  | 1,83 |
|  | Versorger: 0,00 % (2020: 0,09 %) | – |  | – |
|  | USA gesamt | 255.731.752 |  | 37,51 |
|  |  |  |  |  |
|  | Summe Aktien | 614.914.534 |  | 90,19 |
|  | Optionsscheine: 6,99 % (2020: 6,86 %) |  |  |  |
|  | Thailand: 0,00 % (2020: 0,00 %) |  |  |  |
|  | Finanzen: 0,00 % (2020: 0,00 %) |  |  |  |
| 132.128 | BTS THB11.90 | – |  | – |
| 264.257 | BTS THB14.90 | – |  | – |
| 66.064 | BTS THB9.90 | – |  | – |
| 30.559 | Minor International 30/09/2021 | 381 |  | – |
| 19.607 | Minor International 31/12/2023 | 2.816 |  | – |
| 17.769 | Minor International 31/12/2024 | 2.076 |  | – |
|  | Thailand gesamt | 5.273 |  | – |

| MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung) |  |
| --- | --- |
|  |  | Beizulegender |  | % des |
| Erfolgswirksam zum beizulegenden Zeitwert bewertete |  | Zeitwert |  | Nettover- |
| Positionen finanzielle Vermögenswerte |  | USD |  | mögens |
| Optionsscheine: 6,99 % (2020: 6,86 %) (Fortsetzung) |  |  |  |  |
| USA: 6,99 % (2020: 6,86 %) |  |  |  |  |
| Finanzen: 6,99 % (2020: 6,86 %) |  |  |  |  |
| 50.000 Morgan Stanley BV 10.04.2024 |  | 47.641.280 |  | 6,99 |
| USA gesamt |  | 47.641.280 |  | 6,99 |
|  |  |  |  |  |
| Summe Optionsscheine |  | 47.646.553 |  | 6,99 |
| Derivative Finanzinstrumente: 3,77 % (2020: 4,07 %) |  |  |  |  |
|  |  | Nicht |  | % des |
| Total Return Swaps - nicht realisierte Gewinne: 3,77 % | Nennwert | realisierter |  | Nettover- |
| Kontrahent (2020: 4,07 %) | USD | Gewinn USD |  | mögens |
| Morgan Stanley Swap Morgan Stanley MSCI Emerging Markets ESG Equity Fund Reference |  |  |  |  |
| Portfolio Leg | (662.560.841) | 25.675.691 |  | 3,77 |
| Summe Total Return Swaps - nicht realisierte Gewinne |  | 25.675.691 |  | 3,77 |
|  |  |  |  |  |
| Summe derivative Finanzinstrumente |  | 25.675.691 |  | 3,77 |

Erfolgswirksam zum beizulegenden Zeitwert bewertete finanzielle
Vermögenswerte gesamt	688.236.778	100,95
Erfolgswirksam zum beizulegenden Zeitwert bewertete finanzielle
Verbindlichkeiten
|  | Derivative Finanzinstrumente: (3,15 %) (2020: (1,95 %)) |  |
| --- | --- | --- |
| Total Return Swaps - nicht realisierte Verluste: (3,15 %) | Nennwert | Nicht realisierter |  | % des Nettover- |
| Kontrahent | (2020: (1,95 %)) | USD | Verlust USD |  | mögens |
| Morgan Stanley | Morgan Stanley Swap MSCI Emerging Markets ESG Equity Fund Financing Leg | 682.113.118 | (21.465.601) |  | (3,15) |
|  | Summe Total Return Swaps - nicht realisierte Verluste |  | (21.465.601) |  | (3,15) |
|  |  |  |  |  |  |
|  | Summe derivative Finanzinstrumente |  | (21.465.601) |  | (3,15) |

Erfolgswirksam zum beizulegenden Zeitwert bewertete finanzielle
Verbindlichkeiten gesamt	(21.465.601)	(3,15)
| MSCI Emerging Markets ESG Equity Fund Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung) |  |
| --- | --- |
|  | Beizulegender | % des |
|  | Zeitwert | Nettover- |
|  | USD | mögens |
| Gesamtwert der Anlagen (Kosten: 395.919.562 USD) | 666.771.177 | 97,80 |
| Forderungen an Broker | 15.482.210 | 2,27 |
| Sonstige Nettoverbindlichkeiten | (475.011) | (0,07) |
| Den Inhabern rückzahlbarer, gewinnberechtigter Anteile |  |  |
| zuzurechnendes Nettovermögen | 	681.778.376 | 	100,00 |
|  | Beizulegender | % des |
|  | Zeitwert | Gesamt- |
| Portfolioanalyse | USD | vermögens |
| Übertragbare Wertpapiere, die an einer Wertpapierbörse |  |  |
| amtlich notiert sind oder an einem anderen geregelten |  |  |
| Markt gehandelt werden Im Freiverkehr (OTC) gehandelte derivative | 662.561.087 | 94,01 |
| Finanzinstrumente | 25.675.691 | 3,64 |
| Forderungen an Broker | 15.482.210 | 2,20 |
| Sonstige Vermögenswerte | 	1.031.827 | 	0,15 |
| Vermögenswerte gesamt | 	704.750.815 | 	100,00 |