# NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 (continued)
- Statement of Net Assets for Prior Financial Years (continued)

| Comgest Grow th India |
| --- |
|  | 31 December 2021 | 31 December 2020 | 31 December 2019 |
| Net Assets for Shareholder dealing/prospectus | $120,109,206 | $115,463,294 | $172,607,009 |
| Net Asset Value per share EUR I Acc Class | €56.14 | €43.82 | €41.15 |
| Net Asset Value per share EUR R Acc Class | €50.53 | €39.93 | €37.97 |
| Net Asset Value per share USD Acc Class | $61.09 | $51.55 | $44.64 |
| Net Asset Value per share USD X Acc Class | $67.50 | $55.97 | $47.63 |

| Comgest Grow th Latin America |
| --- |
|  | 31 December 2021 | 31 December 2020 | 31 December 2019 |
| Net Assets for Shareholder dealing/prospectus | €18,252,930 | €20,579,801 | €38,933,972 |
| Net Asset Value per share EUR Acc Class | €8.82 | €9.71 | €11.95 |
| Net Asset Value per share EUR I Acc Class | €9.03 | €9.89 | €12.12 |
| Net Asset Value per share EUR R Acc Class | €8.21 | €9.11 | €11.30 |
| Net Asset Value per share EUR Z Acc Class | €9.02 | €9.88 | €12.11 |
| Net Asset Value per share USD Acc Class | $7.05 | $8.35 | $9.38 |
| Net Asset Value per share USD I Acc Class | $7.36 | $8.67 | $9.74 |

- Cross Portfolio InvestmentWhen a Fund holds an investment in another Fund within the Company, this must be eliminated from the combined Company totals. This does not affect the NAV per share of any of the individual Funds. As at 31 December 2021 various Funds of Comgest Growth plc had invested in other Funds, as outlined below. The fair value as at 31 December 2021 was €84,070,561 (31 December 2020: €120,218,993).

| Fund | Security | % Net Assets 31 December 2021 | % Net Assets 31 December 2020 |
| --- | --- | --- | --- |
| Comgest Grow th World | Comgest Grow th America USD I Acc Class | - | 0.96% |
|  | Comgest Grow th EAFE USD I Acc Class | - | 0.15% |
| Comgest Grow th Emerging Markets | Comgest Grow th China EUR SI Acc Class | 2.33% | 1.77% |
|  | Comgest Grow th GEM Promising Companies EUR I Acc Class | 0.18% | 0.15% |
|  | Comgest Grow th India USD Acc Class | 1.11% | 0.53% |
|  | Comgest Grow th Latin America USD I Acc Class | 0.18% | 0.12% |

There is no management fee charged on assets of the Funds invested in other Collective Investment Schemes and Undertakings for Collective Investment in Transferable Securities managed by the Investment Manager or an associated company.
- Significant Events during the Financial YearFollowing share classes were launched during the financial year ended 31 December 2021:

| Share Class | Launched date |
| --- | --- |
| Comgest Grow th Japan EUR SI Acc Class | 3 February 2021 |
| Comgest Grow th Asia EUR Acc Class1 | 12 February 2021 |
| Comgest Grow th Asia Pac ex Japan EUR H Acc Class2 | 2 March 2021 |
| Comgest Grow th Europe ex UK GBP Y Dis Class | 24 March 2021 |
| Comgest Grow th Europe USD Z Acc Class | 6 April 2021 |
| Comgest Grow th World Plus EUR Z Acc Class | 6 May 2021 |
| Comgest Grow th World Plus GBP U Acc Class | 6 May 2021 |
| Comgest Grow th World Plus USD Acc Class | 6 May 2021 |
| Comgest Grow th World Plus GBP U Dis Class | 28 June 2021 |
| Comgest Grow th China EUR R Acc Class | 7 July 2021 |
| Comgest Grow th Europe GBP U Acc Class | 30 September 2021 |
| Comgest Grow th Europe Opportunities GBP U Acc Class | 7 October 2021 |
| Comgest Grow th Europe Opportunities GBP U H Acc Class | 12 October 2021 |
| Comgest Grow th Europe S USD Z Acc Class | 10 November 2021 |
| Comgest Grow th World Compounders EUR I Acc Class | 29 November 2021 |
| Comgest Grow th Japan GBP U Dis Class | 3 December 2021 |
| Comgest Grow th Europe USD Acc Class | 13 December 2021 |

1 Comgest Growth Asia EUR Acc Class was launched on 12 February 2021, fully liquidated on 18 March 2021, relaunched on 20 April 2021 and fully liquidated on 14 February 2022.
2 Comgest Growth Asia Pac ex Japan EUR H Acc Class was launched on 2 March 2021, subsequently fully redeemed on 22 December 2021.
The Board of Directors responded promptly to the COVID 19 pandemic and monitored the evolution of the situation closely. The Company continues to ensure that procedures are in place to actively monitor delegates and service providers to ensure continued operational effectiveness. Furthermore, the Company continues to closely monitor a number of key areas including the investment policies, strategies, investment flows, performance and liquidity of the Funds.

## David Raper resigned as Director and was replaced with Gaurish Pinge as at 4 February 2021.

## Effective 1 January 2021, there was a new Administration and Depositary fee agreement in place which represented a reduction in fees for both, with details below;
- The Administrator shall be entitled to receive an annual fee from the Company, accrued daily and payable monthly in arrears, of 0.03% of the Net Asset Value of the Company up to EUR 7. 5 bn and 0.025% above EUR 7.5bn, subject to such minimum fee as agreed between the Company and the Administrator.
- The minimum fee includes €5,000 per Fund for the production of annual and semi-annual financial statements and €2,500 per Fund for the production of annual and semi-annual financial statements where required at a sub- fund level. Annual and Semi-annual IFRS Consolidations financial statements are charged at €2,500 per annum.
- The Administrator is entitled to receive a fee of €225 per sub fund per month in relation to the monitoring and application of swing pricing.
- The Administrator is entitled to a minimum annual fee of €29,000 per Fund which includes two share classes. For each additional share class in excess of two per Fund, a fee of €2,500 per annum will be incurred and charged to the relevant Fund. The minimum annual fee will increase by €29,000 for each additional Fund. The annual fee will be charged pro rata in the event of a Fund commencing or ceasing during a financial year.
- Significant Events during the Financial Year (continued)
	- The Administrator is also entitled to a fee for services provided to the Company in relation to the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). This fee will be €1,250 for the transmission of the Regulatory Tax Reporting per reporting entity per reporting run and €1,000 for the provision of the Regulatory Tax Reporting per reporting entity per reporting run and will be charged separately for FATCA and CRS.
	- The Depositary shall be entitled to receive an annual fee from the Company accrued daily and payable monthly in arrears of 0.0065% for the first €8 billion, 0.0060% for the next €2 billion and 0.0055% for the remainder above€10 billion of the Net Asset Value of the Company with a minimum annual depositary fee of €350 per Fund permonth. The Company shall also pay and reimburse the Depositary in respect of all out-of-pocket expenses incurred by it on behalf of the Company. The Company will also be responsible for transaction charges and sub- custody charges (which will be charged at normal commercial rates).

- The Company shall pay to the Depositary, out of the assets of the Company, an annual Safekeeping fee accrued daily and payable monthly in arrears at a rate, depending on the custody markets, ranging from 0.006% up to 0.65% (previous 0.50%) of the Net Asset Value of the Company, subject to a minimum fee of €25,000 per annum for the Company.


## Effective 19 February 2021, an Addendum to the Supplement of to the Comgest Growth Europe ex UK fund was approved whereby a new share class, GBP Y Dis Share Class was added for investors.

## Effective 9 March 2021, an addendum to the Prospectus was issued to include Sustainable Finance Disclosure Regulation wording.

## Comgest Growth Emerging Markets Flex was merged with Comgest Growth Global Flex on 31 May 2021. Therefore, Comgest Growth Emerging Markets Flex was no longer active after this date.

## A new Prospectus was issued with effect from 19 October 2021. The primary updates made are listed below;
- the establishment of a new sub-fund, Comgest Growth World Compounders and the inclusion of all details related to it.
- the establishment of the following new share classes.

| Sub-Fund | Class Name | ISIN Code |
| --- | --- | --- |
| Comgest Grow th America | EUR Acc | IE000I023S23 |
| Comgest Grow th America | EUR Dis | IE000AGFGV76 |
| Comgest Grow th Asia | EUR R Acc | IE000HTPWML7 |
| Comgest Grow th Emerging Markets ex China | GBP U Acc | IE000IZ EYSU0 |
| Comgest Grow th Emerging Markets ex China | USD Z Acc | IE0003RD86L8 |
| Comgest Grow th Europe Compounders | EUR I Acc | IE000O6Y2S98 |
| Comgest Grow th Europe Plus | USD I Acc | IE000PTIH9A2 |
| Comgest Grow th Japan | CHF I Acc | IE000FS8MWB1 |
| Comgest Grow th Japan | EUR Acc | IE000F3WRV94 |
| Comgest Grow th Japan | EUR Dis | IE0003F6MBM6 |
| Comgest Grow th Japan Compounders | EUR I Acc | IE000L08P3G1 |
| Comgest Grow th Japan Compounders | JPY I Acc | IE000YCK4A18 |
| Comgest Grow th Latin America | GBP U Acc | IE000V0VQM06 |
| Comgest Grow th World Compounders | EUR I Acc | IE000WR5BMF2 |
| Comgest Grow th World Compounders | EUR SI Acc | IE0000YR5BB6 |
| Comgest Grow th World Compounders | GBP U Acc | IE0001VF5X91 |
| Comgest Grow th World Compounders | USD I Acc | IE000CLRGA52 |
| Comgest Grow th World Compounders | USD SI Acc | IE000DF7OC P8 |
| Comgest Grow th World Compounders | USD X Acc | IE000CXA IVR9 |

- the removal of the following unseeded share class.

| Sub-Fund | Class Name | ISIN Code |
| --- | --- | --- |
| Comgest Grow th Europe ex UK | GBP U H Acc | IE00BFM4QK61 |

- Significant Events during the Financial Year (continued)
	- updates to reflect the EU Sustainable Finance Disclosures Regulation ("SFDR") and the EU Taxonomy Regulation, including as follows:
		- new disclosures have been added to confirm each sub-fund which is categorised as an Article 8 fund under the SFDR, i.e. a sub-fund that promotes environment and/or social characteristics;
		- a new disclaimer has been added as required under the EU Taxonomy Regulation which must be made in all prospectus documents no later than 1 January 2022 in respect of any funds which have not been classified as either Article 8 or 9 under the SFDR;

	- all references to Comgest Growth Emerging Markets Flex have been removed following the merger of this sub- fund into Comgest Growth Global Flex Fund on 31 May 2021;
	- two existing addenda to the Prospectus, dated 19 February 2021 and 9 March 2021, have been added into the body of the Prospectus;
	- updates to reflect the appointment of Mr Gaurish Pinge, and the resignation of Mr David Raper, as Director of the Company;
	- updates have been made to reflect changes to legal and regulatory positions and updates of a general/tidy-up nature to definitions and various other disclosures.



## Comgest Growth Global World Compounders was launched on 29 November 2021.
- Significant Events after the Financial YearEffective 1st February 2022, Comgest Singapore was appointed as Investment Advisor for Comgest Growth Asia ex Japan and Comgest Growth Asia Pac ex Japan, replacing Comgest SA.

Effective 7 March 2022, the Comgest Growth GEM Promising Companies Fund has merged in to the Comgest Growth Latin America Fund with the subsequent closure of the Comgest Growth GEM Promising Companies Fund.

## Noted below is the Net Asset Value as of 31 March 2022 along with the value of subscription and redemptions recorded for the period 1 January 2022 to 31 March 2022.
| Fund Name | Currency | Net Asset Value | Value of Subscriptions | Value of Redemptions |
| --- | --- | --- | --- | --- |
| Comgest Grow th World | US Dollar | 1,175,798,072 | 46,866,198 | 58,809,028 |
| Comgest Grow th Global World Compounders1 | US Dollar | 13,951,135 | - | 749,361 |
| Comgest Grow th World Plus | US Dollar | 12,017,082 | 1,554,072 | 113 |
| Comgest Grow th Global Flex | Euro | 74,162,239 | 3,034,859 | 10,747,705 |
| Comgest Grow th EAFE | US Dollar | 18,391,724 | 682,812 | 1,241,000 |
| Comgest Grow th America | US Dollar | 426,587,784 | 42,132,195 | 24,480,695 |
| Comgest Grow th Japan | Japanese Yen | 416,692,335,527 | 27,439,960,678 | 79,404,620,011 |
| Comgest Grow th Japan Compounders | Japanese Yen | 453,685,269 | - | - |
| Comgest Grow th Emerging Markets | US Dollar | 1,966,615,554 | 35,771,597 | 358,499,849 |
| Comgest Grow th Emerging Markets ex China | US Dollar | 2,513,813 | - | - |
| Comgest Grow th Emerging Markets Plus | US Dollar | 409,758,348 | 42,170 | 15,968 |
| Comgest Grow th GEM Promising Companies | Euro | - | 52,677 | 16,027,549* |
| Comgest Grow th Europe | Euro | 4,483,822,966 | 461,474,650 | 642,026,058 |
| Comgest Grow th Europe Compounders | Euro | 6,084,024 | - | 614,185 |

- Significant Events after the Financial Year (continued)

| Fund Name | Currency | Net Asset Value | Value of Subscriptions | Value of Redemptions |
| --- | --- | --- | --- | --- |
| Comgest Grow th Europe Plus | Euro | 422,420,657 | 27,515,334 | 37,342,445 |
| Comgest Grow th Europe S | Euro | 74,437,381 | 5,601,729 | 5,366,547 |
| Comgest Grow th Europe Opportunities | Euro | 1,655,473,093 | 92,620,793 | 262,478,045 |
| Comgest Grow th Europe Smaller Companies | Euro | 917,100,534 | 45,059,657 | 140,558,577 |
| Comgest Grow th Europe ex Sw itzerland | Sw iss Franc | 165,151,428 | 9,239,525 | 454,747 |
| Comgest Grow th Europe ex UK | Pound Sterling | 316,557,862 | 62,714,072 | 29,824,130 |
| Comgest Grow th Asia | US Dollar | 264,238,099 | 16,864,963 | 12,804,900 |
| Comgest Grow th Asia ex Japan | US Dollar | 123,002,381 | 3,907,924 | 780,469 |
| Comgest Grow th Asia Pac ex Japan | US Dollar | 127,692,707 | 7,206,768 | 21,629,346 |
| Comgest Grow th China | Euro | 189,796,127 | 7,342,787 | 14,422,941 |
| Comgest Grow th India | US Dollar | 85,588,190 | 676,297 | 28,630,493 |
| Comgest Grow th Latin America | Euro | 29,323,871 | 11,970,399 | 4,855,380 |

1 Comgest Growth World Compounders was launched on 29 November 2021.
* Represents a total redemption due to the merger and subsequent closure of the sub -fund as at 7 March 2022.
On 24 February 2022, Russian troops commenced an invasion of Ukraine with an ongoing military attack. In response, multiple jurisdictions, including the EU, the United States and the United Kingdom have imposed multiple rounds of economic sanctions on Russia.
A number of Russian publicly listed entities have had their listings suspended on certain stock exchanges and have also been excluded from market indices. The Russian Central Bank has temporarily suspended stocks and derivatives trading and local authorities have also temporarily prohibited foreign investors from selling Russian assets and have placed limitations on any payments to foreign entities.
As disclosed earlier in this Annual Report, Comgest Growth Emerging Markets, Comgest Growth Emerging Markets Plus and Comgest Growth Emerging Markets ex China continue to have limited direct exposure to Russian securities.
The Investment Manager has been closely monitoring, and continues to monitor for, potential impacts including monitoring for exposures in relation to positions, settlement, sanctions, counterparty, liquidity and valuation matters.
- Securities LendingDuring the financial year ended 31 December 2021, the Company did not enter into securities lending transactions (financial year ended 31 December 2020: none).
- Approval of the Financial StatementsThe Board of Directors authorised the financial statements on 31 March 2022 for issue.

| Comgest Growth World |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| NetEase Inc | 1,454,800 | HKD | 27,266,628 | 29,389,717 | 2.21 |
| Tencent Holdings Ltd | 567,175 | HKD | 31,002,823 | 33,231,866 | 2.50 |
|  |  |  | 58,269,451 | 62,621,583 | 4.71 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 58,269,451 | 62,621,583 | 4.71 |
| China |  |  |  |  |  |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 9,013,788 | CNY | 41,326,489 | 58,636,479 | 4.41 |
|  |  |  | 41,326,489 | 58,636,479 | 4.41 |
| Tobacco and spirits |  |  |  |  |  |
| Kw eichow Moutai Co Ltd - A Shares | 123,575 | CNY | 27,552,332 | 39,748,041 | 2.99 |
|  |  |  | 27,552,332 | 39,748,041 | 2.99 |
|  |  |  |  |  |  |
| Total China |  |  | 68,878,821 | 98,384,520 | 7.40 |
| France |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| L'Oreal SA | 98,929 | EUR | 26,722,302 | 46,907,733 | 3.52 |
|  |  |  | 26,722,302 | 46,907,733 | 3.52 |
| Textile |  |  |  |  |  |
| LVMH Moët Hennessy Louis Vuitton SE | 45,521 | EUR | 25,005,546 | 37,634,232 | 2.83 |
|  |  |  | 25,005,546 | 37,634,232 | 2.83 |
|  |  |  |  |  |  |
| Total France |  |  | 51,727,848 | 84,541,965 | 6.35 |

| Comgest Growth World |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Germany |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| MTU Aero Engines AG | 57,917 | EUR | 11,727,887 | 11,815,860 | 0.89 |
|  |  |  | 11,727,887 | 11,815,860 | 0.89 |
|  |  |  |  |  |  |
| Total Germany |  |  | 11,727,887 | 11,815,860 | 0.89 |
| Hong Kong |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| AIA Group Ltd | 3,103,719 | HKD | 31,734,274 | 31,290,787 | 2.35 |
|  |  |  | 31,734,274 | 31,290,787 | 2.35 |
|  |  |  |  |  |  |
| Total Hong Kong |  |  | 31,734,274 | 31,290,787 | 2.35 |
| India |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 1,677,365 | INR | 45,376,220 | 58,360,435 | 4.39 |
|  |  |  | 45,376,220 | 58,360,435 | 4.39 |
|  |  |  |  |  |  |
| Total India |  |  | 45,376,220 | 58,360,435 | 4.39 |
| Ireland |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 39,895 | EUR | 13,240,163 | 13,882,790 | 1.04 |
|  |  |  | 13,240,163 | 13,882,790 | 1.04 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Medtronic PLC | 285,404 | USD | 27,515,830 | 29,525,044 | 2.22 |
|  |  |  | 27,515,830 | 29,525,044 | 2.22 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 40,755,993 | 43,407,834 | 3.26 |
| Japan |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Shin-Etsu Chemical Co Ltd | 165,800 | JPY | 18,755,193 | 28,680,794 | 2.15 |
|  |  |  | 18,755,193 | 28,680,794 | 2.15 |

| Comgest Growth World |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Electronic semiconductor |  |  |  |  |  |
| Hoya Corp | 345,500 | JPY | 30,280,565 | 51,335,214 | 3.86 |
| Keyence Corp | 44,800 | JPY | 17,034,602 | 28,119,881 | 2.11 |
|  |  |  | 47,315,167 | 79,455,095 | 5.97 |
| Mechanics and machinery |  |  |  |  |  |
| Daikin Industries Ltd | 120,100 | JPY | 18,768,169 | 27,210,367 | 2.04 |
|  |  |  | 18,768,169 | 27,210,367 | 2.04 |
|  |  |  |  |  |  |
| Total Japan |  |  | 84,838,529 | 135,346,256 | 10.16 |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 789,123 | GBP | 28,614,188 | 38,819,820 | 2.92 |
|  |  |  | 28,614,188 | 38,819,820 | 2.92 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 28,614,188 | 38,819,820 | 2.92 |
| Netherlands |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 38,892 | EUR | 29,879,204 | 31,255,915 | 2.35 |
|  |  |  | 29,879,204 | 31,255,915 | 2.35 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 29,879,204 | 31,255,915 | 2.35 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Sika AG | 32,657 | CHF | 13,300,280 | 13,626,944 | 1.02 |
|  |  |  | 13,300,280 | 13,626,944 | 1.02 |
| Healthcare education and social services |
| Alcon Inc | 257,138 | CHF | 21,545,061 | 22,785,842 | 1.71 |
|  |  |  | 21,545,061 | 22,785,842 | 1.71 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 51,763 | CHF | 16,343,195 | 21,536,905 | 1.62 |
|  |  |  | 16,343,195 | 21,536,905 | 1.62 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 51,188,536 | 57,949,691 | 4.35 |

| Comgest Growth World |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| United States of America |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Ecolab Inc | 103,679 | USD | 17,449,824 | 24,322,057 | 1.83 |
|  |  |  | 17,449,824 | 24,322,057 | 1.83 |
| Consumer goods |  |  |  |  |  |
| Church & Dw ight Co Inc | 323,131 | USD | 24,012,629 | 33,120,928 | 2.49 |
|  |  |  | 24,012,629 | 33,120,928 | 2.49 |
| Electronic semiconductor |  |  |  |  |  |
| Analog Devices Inc | 117,851 | USD | 21,150,586 | 20,714,670 | 1.56 |
|  |  |  | 21,150,586 | 20,714,670 | 1.56 |
| Graphic art and publishing |  |  |  |  |  |
| S&P Global Inc | 28,326 | USD | 13,324,850 | 13,367,889 | 1.00 |
|  |  |  | 13,324,850 | 13,367,889 | 1.00 |
| Internet software |  |  |  |  |  |
| Alphabet Inc - A Shares | 25,089 | USD | 38,398,904 | 72,683,837 | 5.46 |
| Intuit Inc | 95,083 | USD | 29,484,101 | 61,159,287 | 4.60 |
| Meta Platforms Inc - A Shares | 119,299 | USD | 28,491,037 | 40,126,219 | 3.01 |
| Microsoft Corp | 256,342 | USD | 38,461,744 | 86,212,941 | 6.48 |
| Verisk Analytics Inc | 161,173 | USD | 27,063,446 | 36,865,100 | 2.77 |
|  |  |  | 161,899,232 | 297,047,384 | 22.32 |
| Other services |  |  |  |  |  |
| Visa Inc - A Shares | 131,218 | USD | 22,097,608 | 28,436,253 | 2.14 |
|  |  |  | 22,097,608 | 28,436,253 | 2.14 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Eli Lilly & Co | 223,587 | USD | 29,162,519 | 61,759,201 | 4.64 |
| Johnson & Johnson | 198,540 | USD | 28,038,284 | 33,964,238 | 2.55 |
|  |  |  | 57,200,803 | 95,723,439 | 7.19 |
| Retail |  |  |  |  |  |
| Amazon.com Inc | 8,566 | USD | 30,095,707 | 28,561,956 | 2.15 |
| Costco Wholesale Corp | 57,005 | USD | 21,106,954 | 32,361,739 | 2.43 |
| Walmart Inc | 140,066 | USD | 15,474,207 | 20,266,150 | 1.52 |
|  |  |  | 66,676,868 | 81,189,845 | 6.10 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 383,812,400 | 593,922,465 | 44.63 |
|  |  |  |  |  |  |
| Equity securities |  |  | 886,803,351 | 1,247,717,131 | 93.76 |

| Comgest Growth World |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Taiw an |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 502,111 | USD | 33,717,100 | 60,408,974 | 4.54 |
|  |  | 33,717,100 | 60,408,974 | 4.54 |
|  |  |  |  |  |
| Total Taiw an |  | 33,717,100 | 60,408,974 | 4.54 |
|  |  |  |  |  |
| Sponsored America Depository Receipts |  | 33,717,100 | 60,408,974 | 4.54 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 920,520,451 | 1,308,126,105 | 98.30 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 920,520,451 | 1,308,126,105 | 98.30 |
| Total financial derivative instrument (Note 6) |  |  | (1,627) | - |
| Cash and other net assets |  |  | 22,673,456 | 1.70 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 1,330,797,934 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 98.09 |

| Comgest Growth Global World Compounders 1 |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Tencent Holdings Ltd | 10,700 | HKD | 621,092 | 626,933 | 3.86 |
|  |  |  | 621,092 | 626,933 | 3.86 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 621,092 | 626,933 | 3.86 |
| Denmark |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Novo Nordisk A/S - B Shares | 5,859 | DKK | 669,582 | 658,439 | 4.05 |
|  |  |  | 669,582 | 658,439 | 4.05 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 669,582 | 658,439 | 4.05 |
| France |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| EssilorLuxottica SA | 3,141 | EUR | 651,472 | 668,811 | 4.11 |
| L'Oreal SA | 872 | EUR | 408,115 | 413,465 | 2.54 |
|  |  |  | 1,059,587 | 1,082,276 | 6.65 |
| Textile |  |  |  |  |  |
| LVMH Moët Hennessy Louis Vuitton SE | 820 | EUR | 657,334 | 677,930 | 4.17 |
|  |  |  | 657,334 | 677,930 | 4.17 |
| Tobacco and spirits |  |  |  |  |  |
| Pernod Ricard SA | 2,046 | EUR | 484,305 | 492,099 | 3.03 |
|  |  |  | 484,305 | 492,099 | 3.03 |
|  |  |  |  |  |  |
| Total France |  |  | 2,201,226 | 2,252,305 | 13.85 |
| Ireland |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 1,486 | EUR | 497,897 | 517,103 | 3.18 |
|  |  |  | 497,897 | 517,103 | 3.18 |

| Comgest Growth Global World Compounders 1 |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Other services |  |  |  |  |  |
| Accenture PLC | 1,122 | USD | 436,840 | 465,125 | 2.86 |
|  |  |  | 436,840 | 465,125 | 2.86 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Medtronic PLC | 4,403 | USD | 461,491 | 455,490 | 2.80 |
|  |  |  | 461,491 | 455,490 | 2.80 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 1,396,228 | 1,437,718 | 8.84 |
| Japan |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Hoya Corp | 2,400 | JPY | 377,955 | 356,598 | 2.19 |
| Sony Group Corp | 3,400 | JPY | 415,072 | 427,381 | 2.63 |
|  |  |  | 793,027 | 783,979 | 4.82 |
| Mechanics and machinery |  |  |  |  |  |
| Daikin Industries Ltd | 1,700 | JPY | 385,842 | 385,159 | 2.37 |
|  |  |  | 385,842 | 385,159 | 2.37 |
|  |  |  |  |  |  |
| Total Japan |  |  | 1,178,869 | 1,169,138 | 7.19 |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 14,376 | GBP | 667,737 | 707,208 | 4.35 |
|  |  |  | 667,737 | 707,208 | 4.35 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 667,737 | 707,208 | 4.35 |
| Netherlands |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 609 | EUR | 471,480 | 489,428 | 3.01 |
|  |  |  | 471,480 | 489,428 | 3.01 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 471,480 | 489,428 | 3.01 |

1 Comgest Growth World Compounders was launched on 29 November 2021.
| Comgest Growth Global World Compounders 1 |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Sw itzerland |  |  |  |  |  |
| Food and distilleries |  |  |  |  |  |
| Nestle SA | 6,113 | CHF | 827,058 | 855,008 | 5.26 |
|  |  |  | 827,058 | 855,008 | 5.26 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 827,058 | 855,008 | 5.26 |
| United States of America |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Analog Devices Inc | 2,630 | USD | 463,193 | 462,275 | 2.84 |
|  |  |  | 463,193 | 462,275 | 2.84 |
| Graphic art and publishing |  |  |  |  |  |
| S&P Global Inc | 875 | USD | 413,947 | 412,939 | 2.54 |
|  |  |  | 413,947 | 412,939 | 2.54 |
| Internet software |  |  |  |  |  |
| Alphabet Inc - A Shares | 248 | USD | 718,421 | 718,466 | 4.42 |
| Intuit Inc | 611 | USD | 399,063 | 393,007 | 2.42 |
| Meta Platforms Inc - A Shares | 1,407 | USD | 472,786 | 473,244 | 2.91 |
| Microsoft Corp | 2,606 | USD | 856,940 | 876,450 | 5.40 |
| Verisk Analytics Inc | 1,404 | USD | 321,875 | 321,137 | 1.98 |
|  |  |  | 2,769,085 | 2,782,304 | 17.13 |
| Office equipment and computers |  |  |  |  |  |
| Apple Inc | 1,976 | USD | 332,721 | 350,878 | 2.16 |
| Visa Inc - A Shares | 2,431 | USD | 506,912 | 526,822 | 3.24 |
|  |  |  | 839,633 | 877,700 | 5.40 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Johnson & Johnson | 3,529 | USD | 595,261 | 603,706 | 3.71 |
|  |  |  | 595,261 | 603,706 | 3.71 |
| Retail |  |  |  |  |  |
| Amazon.com Inc | 162 | USD | 555,492 | 540,163 | 3.32 |
| Costco Wholesale Corp | 728 | USD | 402,971 | 413,287 | 2.54 |
|  |  |  | 958,463 | 953,450 | 5.86 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 6,039,582 | 6,092,374 | 37.48 |
|  |  |  |  |  |  |
| Equity securities |  |  | 14,072,854 | 14,288,551 | 87.89 |

1 Comgest Growth World Compounders was launched on 29 November 2021.
| Comgest Growth Global World Compounders 1 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Taiw an |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 5,456 | USD | 641,033 | 656,411 | 4.04 |
|  |  |  | 641,033 | 656,411 | 4.04 |
|  |  |  |  |  |  |
| Total Taiw an |  |  | 641,033 | 656,411 | 4.04 |
|  |  |  |  |  |  |
| Sponsored America Depository Receipts |  |  | 641,033 | 656,411 | 4.04 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 14,713,887 | 14,944,962 | 91.93 |
| Other transferable securities |  |  |  |  |  |
| Warrants |  |  |  |  |  |
| India |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd 30/06/2025 | 17,988 | USD | 644,858 | 625,862 | 3.85 |
|  |  | 644,858 | 625,862 | 3.85 |
|  |  |  |  |  |
| Total India |  | 644,858 | 625,862 | 3.85 |
|  |  |  |  |  |
| Warrants |  | 644,858 | 625,862 | 3.85 |
|  |  |  |  |  |
| Other transferable securities |  | 644,858 | 625,862 | 3.85 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 15,358,745 | 15,570,824 | 95.78 |
| Cash and other net assets |  |  | 686,158 | 4.22 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 16,256,982 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 91.90 |
| Other transferable securities |  |  |  | 3.85 |

1 Comgest Growth World Compounders was launched on 29 November 2021.
| Comgest Growth World Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| NetEase Inc | 15,200 | HKD | 290,536 | 307,069 | 2.63 |
| Tencent Holdings Ltd | 5,000 | HKD | 368,828 | 292,960 | 2.51 |
|  |  |  | 659,364 | 600,029 | 5.14 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 659,364 | 600,029 | 5.14 |
| China |  |  |  |  |  |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 82,600 | CNY | 487,018 | 537,329 | 4.60 |
|  |  |  | 487,018 | 537,329 | 4.60 |
|  |  |  |  |  |  |
| Total China |  |  | 487,018 | 537,329 | 4.60 |
| France |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| L'Oreal SA | 834 | EUR | 319,885 | 395,446 | 3.38 |
|  |  |  | 319,885 | 395,446 | 3.38 |
| Textile |  |  |  |  |  |
| LVMH Moët Hennessy Louis Vuitton SE | 512 | EUR | 351,335 | 423,293 | 3.62 |
|  |  |  | 351,335 | 423,293 | 3.62 |
|  |  |  |  |  |  |
| Total France |  |  | 671,220 | 818,739 | 7.00 |
| Hong Kong |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| AIA Group Ltd | 30,000 | HKD | 346,469 | 302,451 | 2.59 |
|  |  |  | 346,469 | 302,451 | 2.59 |
|  |  |  |  |  |  |
| Total Hong Kong |  |  | 346,469 | 302,451 | 2.59 |

| Comgest Growth World Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| India |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 15,632 | INR | 592,374 | 543,883 | 4.66 |
|  |  |  | 592,374 | 543,883 | 4.66 |
|  |  |  |  |  |  |
| Total India |  |  | 592,374 | 543,883 | 4.66 |
| Ireland |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 351 | EUR | 116,493 | 122,142 | 1.05 |
|  |  |  | 116,493 | 122,142 | 1.05 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Medtronic PLC | 2,365 | USD | 274,010 | 244,659 | 2.09 |
|  |  |  | 274,010 | 244,659 | 2.09 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 390,503 | 366,801 | 3.14 |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Shimano Inc | 900 | JPY | 216,305 | 239,625 | 2.05 |
|  |  |  | 216,305 | 239,625 | 2.05 |
| Chemicals |  |  |  |  |  |
| Shin-Etsu Chemical Co Ltd | 1,500 | JPY | 244,800 | 259,476 | 2.22 |
|  |  |  | 244,800 | 259,476 | 2.22 |
| Electronic semiconductor |  |  |  |  |  |
| Hoya Corp | 3,000 | JPY | 406,441 | 445,747 | 3.82 |
| Keyence Corp | 400 | JPY | 202,667 | 251,070 | 2.15 |
|  |  |  | 609,108 | 696,817 | 5.97 |
| Mechanics and machinery |  |  |  |  |  |
| Daikin Industries Ltd | 1,100 | JPY | 248,658 | 249,221 | 2.13 |
|  |  |  | 248,658 | 249,221 | 2.13 |
|  |  |  |  |  |  |
| Total Japan |  |  | 1,318,871 | 1,445,139 | 12.37 |

| Comgest Growth World Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 11,227 | GBP | 404,249 | 552,297 | 4.73 |
|  |  |  | 404,249 | 552,297 | 4.73 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 404,249 | 552,297 | 4.73 |
| Netherlands |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 335 | EUR | 257,013 | 269,226 | 2.30 |
|  |  |  | 257,013 | 269,226 | 2.30 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 257,013 | 269,226 | 2.30 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Sika AG | 286 | CHF | 116,483 | 119,341 | 1.02 |
|  |  |  | 116,483 | 119,341 | 1.02 |
| Healthcare education and social services |  |  |  |  |  |
| Alcon Inc | 2,267 | CHF | 189,821 | 200,886 | 1.72 |
|  |  |  | 189,821 | 200,886 | 1.72 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 458 | CHF | 155,570 | 190,559 | 1.63 |
|  |  |  | 155,570 | 190,559 | 1.63 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 461,874 | 510,786 | 4.37 |
| United States of America |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Ecolab Inc | 943 | USD | 211,667 | 221,218 | 1.89 |
|  |  |  | 211,667 | 221,218 | 1.89 |
| Consumer goods |  |  |  |  |  |
| Church & Dw ight Co Inc | 3,102 | USD | 263,411 | 317,955 | 2.72 |
|  |  |  | 263,411 | 317,955 | 2.72 |
| Electronic semiconductor |  |  |  |  |  |
| Analog Devices Inc | 1,039 | USD | 186,470 | 182,625 | 1.56 |
|  |  |  | 186,470 | 182,625 | 1.56 |

| Comgest Growth World Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Graphic art and publishing |  |  |  |  |  |
| S&P Global Inc | 251 | USD | 118,072 | 118,454 | 1.01 |
|  |  |  | 118,072 | 118,454 | 1.01 |
| Internet software |  |  |  |  |  |
| Alphabet Inc - A Shares | 243 | USD | 472,793 | 703,981 | 6.03 |
| Intuit Inc | 1,053 | USD | 393,263 | 677,311 | 5.80 |
| Microsoft Corp | 2,218 | USD | 496,542 | 745,957 | 6.38 |
| Verisk Analytics Inc | 1,450 | USD | 246,259 | 331,659 | 2.84 |
|  |  |  | 1,608,857 | 2,458,908 | 21.05 |
| Other services |  |  |  |  |  |
| Visa Inc - A Shares | 1,146 | USD | 243,135 | 248,350 | 2.13 |
|  |  |  | 243,135 | 248,350 | 2.13 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Eli Lilly & Co | 1,973 | USD | 321,662 | 544,982 | 4.66 |
| Johnson & Johnson | 1,763 | USD | 261,349 | 301,596 | 2.58 |
|  |  |  | 583,011 | 846,578 | 7.24 |
| Retail |  |  |  |  |  |
| Amazon.com Inc | 73 | USD | 256,426 | 243,407 | 2.08 |
| Costco Wholesale Corp | 508 | USD | 188,916 | 288,392 | 2.47 |
|  |  |  | 445,342 | 531,799 | 4.55 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 3,659,965 | 4,925,887 | 42.15 |
|  |  |  |  |  |  |
| Equity securities |  |  | 9,248,920 | 10,872,567 | 93.05 |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Taiw an |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 4,474 | USD | 463,551 | 538,267 | 4.61 |
|  |  | 463,551 | 538,267 | 4.61 |
|  |  |  |  |  |
| Total Taiw an |  | 463,551 | 538,267 | 4.61 |
|  |  |  |  |  |
| Sponsored America Depository Receipts |  | 463,551 | 538,267 | 4.61 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 9,712,471 | 11,410,834 | 97.66 |

| Comgest Growth World Plus |  |  |  |
| --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |
| As at 31 December 2021 |  |  |  |
| (expressed in USD) |  |  |  |
|  | Acquisition | Fair Value | % Net |
|  | cost (USD) | USD | Assets |
|  |  |  |  |
| Financial assets at fair value through profit and loss | 9,712,471 | 11,410,834 | 97.66 |
| Cash and other net assets |  | 273,137 | 2.34 |
| Total net assets attributable to holders of redeemable participating shares |  | 11,683,971 | 100.00 |
|  |  |  |  |
|  |  |  | % of |
|  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  | 97.32 |

| Comgest Growth Global Flex |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Tencent Holdings Ltd | 42,170 | HKD | 2,053,909 | 2,172,723 | 2.45 |
| NetEase Inc | 109,020 | HKD | 1,770,308 | 1,936,696 | 2.18 |
|  |  |  | 3,824,217 | 4,109,419 | 4.63 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 3,824,217 | 4,109,419 | 4.63 |
| China |  |  |  |  |  |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 671,041 | CNY | 2,845,286 | 3,838,599 | 4.32 |
|  |  |  | 2,845,286 | 3,838,599 | 4.32 |
| Tobacco and spirits |  |  |  |  |  |
| Kw eichow Moutai Co Ltd - A Shares | 9,369 | CNY | 1,899,141 | 2,649,973 | 2.98 |
|  |  |  | 1,899,141 | 2,649,973 | 2.98 |
|  |  |  |  |  |  |
| Total China |  |  | 4,744,427 | 6,488,572 | 7.30 |
| France |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| L'Oreal SA | 7,289 | EUR | 1,827,863 | 3,039,149 | 3.42 |
|  |  |  | 1,827,863 | 3,039,149 | 3.42 |
| Textile |  |  |  |  |  |
| LVMH Moët Hennessy Louis Vuitton SE | 3,389 | EUR | 1,693,521 | 2,463,803 | 2.77 |
|  |  |  | 1,693,521 | 2,463,803 | 2.77 |
|  |  |  |  |  |  |
| Total France |  |  | 3,521,384 | 5,502,952 | 6.19 |

| Comgest Growth Global Flex |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Germany |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| MTU Aero Engines AG | 4,188 | EUR | 739,474 | 751,327 | 0.85 |
|  |  |  | 739,474 | 751,327 | 0.85 |
|  |  |  |  |  |  |
| Total Germany |  |  | 739,474 | 751,327 | 0.85 |
| Hong Kong |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| AIA Group Ltd | 223,973 | HKD | 2,017,490 | 1,985,605 | 2.23 |
|  |  |  | 2,017,490 | 1,985,605 | 2.23 |
|  |  |  |  |  |  |
| Total Hong Kong |  |  | 2,017,490 | 1,985,605 | 2.23 |
| India |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 119,655 | INR | 2,909,288 | 3,660,875 | 4.12 |
|  |  |  | 2,909,288 | 3,660,875 | 4.12 |
|  |  |  |  |  |  |
| Total India |  |  | 2,909,288 | 3,660,875 | 4.12 |
| Ireland |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 3,003 | EUR | 882,935 | 918,918 | 1.03 |
|  |  |  | 882,935 | 918,918 | 1.03 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Medtronic PLC | 20,696 | USD | 1,805,571 | 1,882,695 | 2.12 |
|  |  |  | 1,805,571 | 1,882,695 | 2.12 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 2,688,506 | 2,801,613 | 3.15 |
| Japan |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Shin-Etsu Chemical Co Ltd | 12,300 | JPY | 1,314,857 | 1,871,005 | 2.11 |
|  |  |  | 1,314,857 | 1,871,005 | 2.11 |

| Comgest Growth Global Flex |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Electronic semiconductor |  |  |  |  |  |
| Hoya Corp | 24,600 | JPY | 2,046,296 | 3,214,146 | 3.62 |
| Keyence Corp | 3,400 | JPY | 1,221,606 | 1,876,625 | 2.11 |
|  |  |  | 3,267,902 | 5,090,771 | 5.73 |
| Mechanics and machinery |  |  |  |  |  |
| Daikin Industries Ltd | 8,700 | JPY | 1,259,331 | 1,733,300 | 1.95 |
|  |  |  | 1,259,331 | 1,733,300 | 1.95 |
|  |  |  |  |  |  |
| Total Japan |  |  | 5,842,090 | 8,695,076 | 9.79 |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 58,934 | GBP | 1,831,025 | 2,549,399 | 2.87 |
|  |  |  | 1,831,025 | 2,549,399 | 2.87 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 1,831,025 | 2,549,399 | 2.87 |
| Netherlands |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 2,888 | EUR | 1,915,948 | 2,040,950 | 2.30 |
|  |  |  | 1,915,948 | 2,040,950 | 2.30 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 1,915,948 | 2,040,950 | 2.30 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Sika AG | 2,458 | CHF | 886,541 | 901,918 | 1.02 |
|  |  |  | 886,541 | 901,918 | 1.02 |
| Healthcare education and social services |
| Alcon Inc | 19,249 | CHF | 1,392,026 | 1,499,927 | 1.69 |
|  |  |  | 1,392,026 | 1,499,927 | 1.69 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 3,896 | CHF | 1,120,247 | 1,425,430 | 1.60 |
|  |  |  | 1,120,247 | 1,425,430 | 1.60 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 3,398,814 | 3,827,275 | 4.31 |

| Comgest Growth Global Flex |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| United States of America |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Ecolab Inc | 7,511 | USD | 1,142,575 | 1,549,424 | 1.74 |
|  |  |  | 1,142,575 | 1,549,424 | 1.74 |
| Consumer goods |  |  |  |  |  |
| Church & Dw ight Co Inc | 24,194 | USD | 1,578,564 | 2,180,694 | 2.45 |
|  |  |  | 1,578,564 | 2,180,694 | 2.45 |
| Electronic semiconductor |  |  |  |  |  |
| Analog Devices Inc | 8,672 | USD | 1,341,889 | 1,340,378 | 1.51 |
|  |  |  | 1,341,889 | 1,340,378 | 1.51 |
| Graphic art and publishing |  |  |  |  |  |
| S&P Global Inc | 2,132 | USD | 887,831 | 884,765 | 1.00 |
|  |  |  | 887,831 | 884,765 | 1.00 |
| Internet software |  |  |  |  |  |
| Meta Platforms Inc - A Shares | 9,124 | USD | 1,993,669 | 2,698,608 | 3.04 |
| Microsoft Corp | 18,825 | USD | 2,823,039 | 5,567,381 | 6.27 |
| Intuit Inc | 6,991 | USD | 2,140,234 | 3,954,231 | 4.45 |
| Verisk Analytics Inc | 12,095 | USD | 1,762,335 | 2,432,720 | 2.74 |
| Alphabet Inc - A Shares | 1,902 | USD | 2,823,832 | 4,845,384 | 5.45 |
|  |  |  | 11,543,109 | 19,498,324 | 21.95 |
| Other services |  |  |  |  |  |
| Visa Inc - A Shares | 10,077 | USD | 1,550,330 | 1,920,319 | 2.16 |
|  |  |  | 1,550,330 | 1,920,319 | 2.16 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Johnson & Johnson | 15,093 | USD | 1,900,845 | 2,270,453 | 2.56 |
| Eli Lilly & Co | 16,533 | USD | 2,086,772 | 4,015,781 | 4.52 |
|  |  |  | 3,987,617 | 6,286,234 | 7.08 |
| Retail |  |  |  |  |  |
| Costco Wholesale Corp | 4,362 | USD | 1,408,538 | 2,177,548 | 2.45 |
| Amazon.com Inc | 642 | USD | 1,923,577 | 1,882,383 | 2.12 |
| Walmart Inc | 10,543 | USD | 1,066,361 | 1,341,423 | 1.51 |
|  |  |  | 4,398,476 | 5,401,354 | 6.08 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 26,430,391 | 39,061,492 | 43.97 |
|  |  |  |  |  |  |
| Equity securities |  |  | 59,863,054 | 81,474,555 | 91.71 |

| Comgest Growth Global Flex |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Taiw an |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 36,982 | USD | 2,370,197 | 3,912,508 | 4.40 |
|  |  | 2,370,197 | 3,912,508 | 4.40 |
|  |  |  |  |  |
| Total Taiw an |  | 2,370,197 | 3,912,508 | 4.40 |
|  |  |  |  |  |
| Sponsored America Depository Receipts |  | 2,370,197 | 3,912,508 | 4.40 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 62,233,251 | 85,387,063 | 96.11 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 62,233,251 | 85,387,063 | 96.11 |
| Total financial derivative instrument (Note 6) |  |  | (278,852) | (0.31) |
| Cash and other net assets |  |  | 3,730,979 | 4.20 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 88,839,190 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 93.13 |
| Derivative instrument |  |  |  | 0.20 |

| Comgest Growth EAFE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| NetEase Inc | 27,890 | HKD | 398,849 | 563,431 | 2.59 |
| Tencent Holdings Ltd | 12,124 | HKD | 656,345 | 710,368 | 3.27 |
|  |  |  | 1,055,194 | 1,273,799 | 5.86 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 1,055,194 | 1,273,799 | 5.86 |
| China |  |  |  |  |  |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 156,616 | CNY | 676,905 | 1,018,818 | 4.69 |
|  |  |  | 676,905 | 1,018,818 | 4.69 |
| Tobacco and spirits |  |  |  |  |  |
| Kw eichow Moutai Co Ltd - A Shares | 1,955 | CNY | 391,886 | 628,828 | 2.89 |
|  |  |  | 391,886 | 628,828 | 2.89 |
|  |  |  |  |  |  |
| Total China |  |  | 1,068,791 | 1,647,646 | 7.58 |
| Denmark |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Novo Nordisk A/S - B Shares | 11,500 | DKK | 779,886 | 1,292,379 | 5.95 |
|  |  |  | 779,886 | 1,292,379 | 5.95 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 779,886 | 1,292,379 | 5.95 |
| France |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Dassault Systemes SE | 5,949 | EUR | 284,288 | 353,888 | 1.63 |
|  |  |  | 284,288 | 353,888 | 1.63 |

| Comgest Growth EAFE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| EssilorLuxottica SA | 3,892 | EUR | 582,328 | 828,721 | 3.81 |
| L'Oreal SA | 1,731 | EUR | 409,744 | 820,763 | 3.78 |
|  |  |  | 992,072 | 1,649,484 | 7.59 |
| Textile |  |  |  |  |  |
| LVMH Moët Hennessy Louis Vuitton SE | 868 | EUR | 465,111 | 717,614 | 3.30 |
|  |  |  | 465,111 | 717,614 | 3.30 |
| Tobacco and spirits |  |  |  |  |  |
| Pernod Ricard SA | 4,309 | EUR | 797,569 | 1,036,391 | 4.77 |
|  |  |  | 797,569 | 1,036,391 | 4.77 |
|  |  |  |  |  |  |
| Total France |  |  | 2,539,040 | 3,757,377 | 17.29 |
| Germany |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| MTU Aero Engines AG | 1,598 | EUR | 354,689 | 326,014 | 1.50 |
|  |  |  | 354,689 | 326,014 | 1.50 |
| Internet software |  |  |  |  |  |
| SAP SE | 2,900 | EUR | 352,388 | 411,905 | 1.89 |
|  |  |  | 352,388 | 411,905 | 1.89 |
|  |  |  |  |  |  |
| Total Germany |  |  | 707,077 | 737,919 | 3.39 |
| Hong Kong |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| AIA Group Ltd | 67,055 | HKD | 715,069 | 676,029 | 3.11 |
|  |  |  | 715,069 | 676,029 | 3.11 |
|  |  |  |  |  |  |
| Total Hong Kong |  |  | 715,069 | 676,029 | 3.11 |
| India |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 32,701 | INR | 851,727 | 1,137,763 | 5.23 |
|  |  |  | 851,727 | 1,137,763 | 5.23 |
|  |  |  |  |  |  |
| Total India |  |  | 851,727 | 1,137,763 | 5.23 |

| Comgest Growth EAFE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Ireland |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 658 | EUR | 218,374 | 228,973 | 1.05 |
|  |  |  | 218,374 | 228,973 | 1.05 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 218,374 | 228,973 | 1.05 |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Shimano Inc | 2,300 | JPY | 549,989 | 612,375 | 2.82 |
|  |  |  | 549,989 | 612,375 | 2.82 |
| Chemicals |  |  |  |  |  |
| Shin-Etsu Chemical Co Ltd | 4,700 | JPY | 557,452 | 813,026 | 3.74 |
|  |  |  | 557,452 | 813,026 | 3.74 |
| Electronic semiconductor |  |  |  |  |  |
| Hoya Corp | 6,700 | JPY | 580,594 | 995,502 | 4.58 |
| Keyence Corp | 1,000 | JPY | 359,142 | 627,676 | 2.89 |
| Sony Group Corp | 5,300 | JPY | 548,504 | 666,211 | 3.07 |
| Hamamatsu Photonics KK | 6,000 | JPY | 245,529 | 382,441 | 1.76 |
|  |  |  | 1,733,769 | 2,671,830 | 12.30 |
| Graphic art and publishing |  |  |  |  |  |
| Recruit Holdings Co Ltd | 7,000 | JPY | 377,160 | 423,812 | 1.95 |
|  |  |  | 377,160 | 423,812 | 1.95 |
| Mechanics and machinery |  |  |  |  |  |
| Daifuku Co Ltd | 5,400 | JPY | 465,383 | 440,797 | 2.03 |
| Daikin Industries Ltd | 2,800 | JPY | 407,662 | 634,380 | 2.92 |
|  |  |  | 873,045 | 1,075,177 | 4.95 |
|  |  |  |  |  |  |
| Total Japan |  |  | 4,091,415 | 5,596,220 | 25.76 |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 22,435 | GBP | 674,384 | 1,103,659 | 5.08 |
|  |  |  | 674,384 | 1,103,659 | 5.08 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 674,384 | 1,103,659 | 5.08 |

| Comgest Growth EAFE |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Netherlands |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Adyen NV | 106 | EUR | 245,918 | 278,636 | 1.28 |
|  |  |  | 245,918 | 278,636 | 1.28 |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 762 | EUR | 561,909 | 612,388 | 2.82 |
|  |  |  | 561,909 | 612,388 | 2.82 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 807,827 | 891,024 | 4.10 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Sika AG | 539 | CHF | 219,520 | 224,911 | 1.03 |
|  |  |  | 219,520 | 224,911 | 1.03 |
| Healthcare education and social services |  |  |  |  |  |
| Alcon Inc | 4,071 | CHF | 341,846 | 360,745 | 1.66 |
|  |  |  | 341,846 | 360,745 | 1.66 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 1,118 | CHF | 344,734 | 465,164 | 2.14 |
| Straumann Holding AG | 237 | CHF | 225,711 | 503,835 | 2.32 |
|  |  |  | 570,445 | 968,999 | 4.46 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 1,131,811 | 1,554,655 | 7.15 |
|  |  |  |  |  |  |
| Equity securities |  |  | 14,640,595 | 19,897,443 | 91.55 |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Taiw an |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 8,179 | USD | 479,447 | 984,015 | 4.53 |
|  |  | 479,447 | 984,015 | 4.53 |
|  |  |  |  |  |
| Total Taiw an |  | 479,447 | 984,015 | 4.53 |
|  |  |  |  |  |
| Sponsored America Depository Receipts |  | 479,447 | 984,015 | 4.53 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 15,120,042 | 20,881,458 | 96.08 |

| Comgest Growth EAFE |  |  |  |
| --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |
| As at 31 December 2021 |  |  |  |
| (expressed in USD) |  |  |  |
|  | Acquisition | Fair Value | % Net |
|  | cost (USD) | USD | Assets |
|  |  |  |  |
| Financial assets at fair value through profit and loss | 15,120,042 | 20,881,458 | 96.08 |
| Cash and other net assets |  | 851,606 | 3.92 |
| Total net assets attributable to holders of redeemable participating shares |  | 21,733,064 | 100.00 |
|  |  |  |  |
|  |  |  | % of |
|  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  | 95.87 |

| Comgest Growth America |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Ireland |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Medtronic PLC | 97,428 | USD | 9,424,487 | 10,078,927 | 2.25 |
|  |  |  | 9,424,487 | 10,078,927 | 2.25 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 9,424,487 | 10,078,927 | 2.25 |
| United States of America |  |  |  |  |  |
| Biotechnology |  |  |  |  |  |
| BioMarin Pharmaceutical Inc | 89,413 | USD | 7,465,973 | 7,899,639 | 1.77 |
| IDEXX Laboratories Inc | 3,502 | USD | 2,236,701 | 2,305,927 | 0.52 |
|  |  |  | 9,702,674 | 10,205,566 | 2.29 |
| Construction and building material |  |  |  |  |  |
| Trex Co Inc | 45,087 | USD | 3,978,851 | 6,088,098 | 1.36 |
|  |  |  | 3,978,851 | 6,088,098 | 1.36 |
| Electronic semiconductor |  |  |  |  |  |
| Analog Devices Inc | 46,672 | USD | 5,789,523 | 8,203,537 | 1.83 |
|  |  |  | 5,789,523 | 8,203,537 | 1.83 |
| Graphic art and publishing |  |  |  |  |  |
| New York Times Co | 169,844 | USD | 8,067,579 | 8,203,465 | 1.83 |
|  |  |  | 8,067,579 | 8,203,465 | 1.83 |
| Healthcare education and social services |  |  |  |  |  |
| Service Corp International/US | 262,104 | USD | 14,654,816 | 18,606,763 | 4.16 |
|  |  |  | 14,654,816 | 18,606,763 | 4.16 |
| Holding and finance companies |  |  |  |  |  |
| Equifax Inc | 63,472 | USD | 12,556,780 | 18,583,967 | 4.15 |
| Vulcan Materials Co | 46,129 | USD | 8,693,893 | 9,575,458 | 2.14 |
|  |  |  | 21,250,673 | 28,159,425 | 6.29 |

| Comgest Growth America |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Internet software |  |  |  |  |  |
| Activision Blizzard Inc | 223,473 | USD | 15,402,507 | 14,867,659 | 3.32 |
| Alphabet Inc - A Shares | 6,827 | USD | 14,752,696 | 19,778,092 | 4.42 |
| Intuit Inc | 46,555 | USD | 13,624,168 | 29,945,107 | 6.69 |
| Meta Platforms Inc - A Shares | 39,292 | USD | 9,328,959 | 13,215,864 | 2.96 |
| Microsoft Corp | 126,479 | USD | 16,675,378 | 42,537,417 | 9.51 |
| Oracle Corp | 407,526 | USD | 27,023,207 | 35,540,342 | 7.95 |
| Paycom Softw are Inc | 8,401 | USD | 2,976,288 | 3,488,011 | 0.78 |
| ROBLOX Corp | 26,425 | USD | 1,827,416 | 2,726,003 | 0.61 |
| Tyler Technologies Inc | 8,809 | USD | 3,048,199 | 4,738,802 | 1.06 |
| Verisk Analytics Inc | 26,178 | USD | 2,991,012 | 5,987,694 | 1.34 |
|  |  |  | 107,649,830 | 172,824,991 | 38.64 |
| Mechanics and machinery |  |  |  |  |  |
| Otis Worldw ide Corp | 165,067 | USD | 11,053,263 | 14,372,384 | 3.21 |
|  |  |  | 11,053,263 | 14,372,384 | 3.21 |
| Office equipment and computers |  |  |  |  |  |
| Apple Inc | 180,151 | USD | 13,790,982 | 31,989,413 | 7.15 |
| Avery Dennison Corp | 82,258 | USD | 10,545,621 | 17,814,615 | 3.98 |
|  |  |  | 24,336,603 | 49,804,028 | 11.13 |
| Other services |  |  |  |  |  |
| Visa Inc - A Shares | 66,794 | USD | 9,512,386 | 14,474,928 | 3.24 |
|  |  |  | 9,512,386 | 14,474,928 | 3.24 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Estee Lauder Cos Inc | 29,169 | USD | 5,669,932 | 10,798,364 | 2.41 |
| Johnson & Johnson | 111,833 | USD | 15,569,577 | 19,131,271 | 4.28 |
| Eli Lilly & Co | 69,396 | USD | 9,239,041 | 19,168,563 | 4.29 |
|  |  |  | 30,478,550 | 49,098,198 | 10.98 |
| Retail |  |  |  |  |  |
| Amazon.com Inc | 6,433 | USD | 14,346,157 | 21,449,809 | 4.79 |
| Costco Wholesale Corp | 36,452 | USD | 13,077,851 | 20,693,800 | 4.63 |
|  |  |  | 27,424,008 | 42,143,609 | 9.42 |
| Transportation |  |  |  |  |  |
| JB Hunt Transport Services Inc | 64,673 | USD | 10,318,885 | 13,219,161 | 2.96 |
|  |  | 10,318,885 | 13,219,161 | 2.96 |
|  |  |  |  |  |
| Total United States of America |  | 284,217,641 | 435,404,153 | 97.34 |
|  |  |  |  |  |
| Equity securities |  | 293,642,128 | 445,483,080 | 99.59 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 293,642,128 | 445,483,080 | 99.59 |

| Comgest Growth America |  |  |  |
| --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |
| As at 31 December 2021 |  |  |  |
| (expressed in USD) |  |  |  |
|  | Acquisition | Fair Value | % Net |
|  | cost (USD) | USD | Assets |
|  |  |  |  |
| Financial assets at fair value through profit and loss | 293,642,128 | 445,483,080 | 99.59 |
| Total financial derivative instrument (Note 6) |  | 94,783 | 0.02 |
| Cash and other net assets |  | 1,759,918 | 0.39 |
| Total net assets attributable to holders of redeemable participating shar es |  | 447,337,781 | 100.00 |
|  |  |  |  |
|  |  |  | % of |
|  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  | 98.82 |
| Derivative instrument |  |  | 0.02 |

| Comgest Growth Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in JPY) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (JPY) | JPY | Assets |
| Financial assets at fair value through profit and loss |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Shimano Inc | 381,100 | JPY | 8,356,589,471 | 11,684,526,000 | 2.27 |
| Suzuki Motor Corp | 3,008,300 | JPY | 13,910,787,610 | 13,323,760,700 | 2.59 |
|  |  |  | 22,267,377,081 | 25,008,286,700 | 4.86 |
| Chemicals |  |  |  |  |  |
| Shin-Etsu Chemical Co Ltd | 718,900 | JPY | 7,368,704,447 | 14,320,488,000 | 2.78 |
|  |  |  | 7,368,704,447 | 14,320,488,000 | 2.78 |
| Construction and building material |  |  |  |  |  |
| MonotaRO Co Ltd | 3,699,700 | JPY | 4,355,494,734 | 7,669,478,100 | 1.49 |
|  |  |  | 4,355,494,734 | 7,669,478,100 | 1.49 |
| Consumer goods |  |  |  |  |  |
| Pigeon Corp | 2,887,100 | JPY | 12,255,600,694 | 6,345,845,800 | 1.23 |
| Yamaha Corp | 588,200 | JPY | 3,219,290,470 | 3,335,094,000 | 0.65 |
|  |  |  | 15,474,891,164 | 9,680,939,800 | 1.88 |
| Electronic semiconductor |  |  |  |  |  |
| Hoya Corp | 682,900 | JPY | 7,001,368,395 | 11,684,419,000 | 2.27 |
| Keyence Corp | 197,560 | JPY | 5,888,278,333 | 14,279,636,800 | 2.77 |
| Lasertec Corp | 487,000 | JPY | 9,197,520,998 | 17,186,230,000 | 3.33 |
| Murata Manufacturing Co Ltd | 1,523,000 | JPY | 9,995,667,825 | 13,946,111,000 | 2.71 |
| Nidec Corp | 1,195,000 | JPY | 8,606,738,461 | 16,156,400,000 | 3.14 |
| Sony Group Corp | 1,462,900 | JPY | 17,633,346,118 | 21,175,477,500 | 4.11 |
| FANUC Corp | 761,700 | JPY | 16,986,746,429 | 18,570,246,000 | 3.60 |
| Hamamatsu Photonics KK | 1,800,300 | JPY | 7,548,381,960 | 13,214,202,000 | 2.56 |
|  |  |  | 82,858,048,519 | 126,212,722,300 | 24.49 |
| Graphic art and publishing |  |  |  |  |  |
| Recruit Holdings Co Ltd | 2,088,500 | JPY | 7,633,627,359 | 14,561,022,000 | 2.83 |
|  |  |  | 7,633,627,359 | 14,561,022,000 | 2.83 |
| Holding and finance companies |  |  |  |  |  |
| ORIX Corp | 8,572,400 | JPY | 15,351,986,760 | 20,123,709,000 | 3.91 |
|  |  |  | 15,351,986,760 | 20,123,709,000 | 3.91 |

| Comgest Growth Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in JPY) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (JPY) | JPY | Assets |
| Insurance |  |  |  |  |  |
| Dai-ichi Life Holdings Inc | 5,796,600 | JPY | 10,354,937,361 | 13,479,993,300 | 2.62 |
|  |  |  | 10,354,937,361 | 13,479,993,300 | 2.62 |
| Internet software |  |  |  |  |  |
| CyberAgent Inc | 7,763,200 | JPY | 10,274,792,105 | 14,858,764,800 | 2.88 |
| GMO Payment Gatew ay Inc | 586,100 | JPY | 3,539,919,572 | 8,410,535,000 | 1.63 |
| M3 Inc | 1,104,700 | JPY | 2,512,608,133 | 6,399,527,100 | 1.24 |
| Nexon Co Ltd | 1,802,600 | JPY | 4,357,303,506 | 4,008,982,400 | 0.78 |
| Obic Co Ltd | 382,300 | JPY | 4,007,923,599 | 8,257,680,000 | 1.60 |
| SoftBank Group Corp | 2,155,500 | JPY | 12,794,152,743 | 11,712,987,000 | 2.27 |
| Z Holdings Corp | 5,125,900 | JPY | 3,978,414,267 | 3,421,025,660 | 0.66 |
|  |  |  | 41,465,113,925 | 57,069,501,960 | 11.06 |
| Leisure |  |  |  |  |  |
| Food & Life Cos Ltd | 4,049,900 | JPY | 9,200,327,916 | 17,617,065,000 | 3.42 |
| Oriental Land Co Ltd | 734,600 | JPY | 10,903,217,671 | 14,247,567,000 | 2.76 |
|  |  |  | 20,103,545,587 | 31,864,632,000 | 6.18 |
| Mechanics and machinery |  |  |  |  |  |
| Daifuku Co Ltd | 1,673,500 | JPY | 9,926,799,906 | 15,730,900,000 | 3.05 |
| Daikin Industries Ltd | 785,900 | JPY | 12,773,064,116 | 20,504,131,000 | 3.98 |
|  |  |  | 22,699,864,022 | 36,235,031,000 | 7.03 |
| New s transmission |  |  |  |  |  |
| Hikari Tsushin Inc | 359,400 | JPY | 7,380,763,238 | 6,364,974,000 | 1.23 |
|  |  |  | 7,380,763,238 | 6,364,974,000 | 1.23 |
| Non-ferrous metals |  |  |  |  |  |
| Sumitomo Metal Mining Co Ltd | 2,031,300 | JPY | 9,590,620,095 | 8,836,155,000 | 1.71 |
|  |  |  | 9,590,620,095 | 8,836,155,000 | 1.71 |
| Other services |  |  |  |  |  |
| Nihon M&A Center Holdings Inc | 4,185,600 | JPY | 7,763,769,903 | 11,807,577,600 | 2.29 |
|  |  |  | 7,763,769,903 | 11,807,577,600 | 2.29 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Asahi Intecc Co Ltd | 2,807,000 | JPY | 6,532,254,926 | 6,936,097,000 | 1.35 |
| Chugai Pharmaceutical Co Ltd | 1,659,200 | JPY | 7,082,282,398 | 6,197,112,000 | 1.20 |
| Kobayashi Pharmaceutical Co Ltd | 980,700 | JPY | 9,073,697,164 | 8,865,528,000 | 1.72 |
| Kose Corp | 1,008,000 | JPY | 15,321,935,557 | 13,154,400,000 | 2.55 |
| PeptiDream Inc | 1,510,100 | JPY | 7,387,807,917 | 3,843,204,500 | 0.75 |
| Sysmex Corp | 1,236,400 | JPY | 9,332,695,687 | 19,226,020,000 | 3.73 |
|  |  |  | 54,730,673,649 | 58,222,361,500 | 11.30 |

| Comgest Growth Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in JPY) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (JPY) | JPY | Assets |
| Public services |  |  |  |  |  |
| RENOVA Inc | 1,590,100 | JPY | 6,075,131,803 | 3,310,588,200 | 0.64 |
|  |  |  | 6,075,131,803 | 3,310,588,200 | 0.64 |
| Retail |  |  |  |  |  |
| Fast Retailing Co Ltd | 172,100 | JPY | 8,540,169,621 | 11,239,851,000 | 2.18 |
| Kobe Bussan Co Ltd | 3,685,900 | JPY | 9,256,379,968 | 16,420,684,500 | 3.19 |
| Nitori Holdings Co Ltd | 485,100 | JPY | 7,801,562,589 | 8,355,847,500 | 1.62 |
| Pan Pacific International Holdings Corp | 4,015,800 | JPY | 6,439,885,434 | 6,373,074,600 | 1.24 |
|  |  |  | 32,037,997,612 | 42,389,457,600 | 8.23 |
| Transportation |  |  |  |  |  |
| Japan Airport Terminal Co Ltd | 2,755,400 | JPY | 14,237,378,767 | 13,225,920,000 | 2.57 |
|  |  |  | 14,237,378,767 | 13,225,920,000 | 2.57 |
|  |  |  |  |  |  |
| Total Japan |  |  | 381,749,926,026 | 500,382,838,060 | 97.10 |
|  |  |  |  |  |  |
| Equity securities |  |  | 381,749,926,026 | 500,382,838,060 | 97.10 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing | 381,749,926,026 | 500,382,838,060 | 97.10 |
|  |  |  |  |
| Financial assets at fair value through profit and loss |  | 381,749,926,026 | 500,382,838,060 | 97.10 |
| Total financial derivative instrument (Note 6) |  |  |  | 975,883,516 | 0.19 |
| Cash and other net assets |  |  |  | 13,938,861,420 | 2.71 |
| Total net assets attributable to holders of redeemable participating shares |  | 515,297,582,996 | 100.00 |
|  |  |  |  |
|  |  |  |  |  | % of |
| Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 96.78 |
| Derivative instrument |  |  |  |  | 0.20 |

| Comgest Growth Japan Compounders |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in JPY) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (JPY) | JPY | Assets |
| Financial assets at fair value through profit and loss |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Shimano Inc | 200 | JPY | 4,246,546 | 6,132,000 | 1.21 |
|  |  |  | 4,246,546 | 6,132,000 | 1.21 |
| Chemicals |  |  |  |  |  |
| Asahi Kasei Corp | 6,400 | JPY | 4,178,960 | 6,918,400 | 1.36 |
| Shin-Etsu Chemical Co Ltd | 600 | JPY | 7,085,125 | 11,952,000 | 2.36 |
|  |  |  | 11,264,085 | 18,870,400 | 3.72 |
| Consumer goods |  |  |  |  |  |
| Unicharm Corp | 1,600 | JPY | 5,907,560 | 7,998,400 | 1.58 |
|  |  |  | 5,907,560 | 7,998,400 | 1.58 |
| Electronic semiconductor |  |  |  |  |  |
| Advantest Corp | 1,500 | JPY | 7,201,180 | 16,350,000 | 3.23 |
| Anritsu Corp | 3,700 | JPY | 6,936,056 | 6,574,900 | 1.30 |
| Disco Corp | 200 | JPY | 6,293,774 | 7,030,000 | 1.39 |
| Hoya Corp | 700 | JPY | 7,173,652 | 11,977,000 | 2.36 |
| Ibiden Co Ltd | 1,300 | JPY | 3,902,340 | 8,892,000 | 1.75 |
| Keyence Corp | 200 | JPY | 7,707,311 | 14,456,000 | 2.85 |
| Lasertec Corp | 600 | JPY | 4,730,836 | 21,174,000 | 4.18 |
| Murata Manufacturing Co Ltd | 800 | JPY | 3,833,416 | 7,325,600 | 1.44 |
| Nidec Corp | 1,100 | JPY | 8,236,363 | 14,872,000 | 2.93 |
| Nintendo Co Ltd | 200 | JPY | 8,629,587 | 10,730,000 | 2.12 |
| Renesas Electronics Corp | 6,000 | JPY | 7,275,678 | 8,538,000 | 1.68 |
| Rohm Co Ltd | 800 | JPY | 6,913,185 | 8,376,000 | 1.65 |
| Shimadzu Corp | 1,700 | JPY | 7,397,073 | 8,253,500 | 1.63 |
| Sony Group Corp | 700 | JPY | 5,288,710 | 10,132,500 | 2.00 |
| TDK Corp | 1,700 | JPY | 4,147,063 | 7,633,000 | 1.51 |
| Tokyo Electron Ltd | 200 | JPY | 3,801,032 | 13,256,000 | 2.61 |
| Yaskaw a Electric Corp | 2,100 | JPY | 6,952,101 | 11,844,000 | 2.34 |
| FANUC Corp | 400 | JPY | 7,004,938 | 9,752,000 | 1.92 |
| Makita Corp | 1,200 | JPY | 6,517,954 | 5,859,600 | 1.16 |
|  |  |  | 119,942,249 | 203,026,100 | 40.05 |

| Comgest Growth Japan Compounders |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in JPY) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (JPY) | JPY | Assets |
| Graphic art and publishing |  |  |  |  |  |
| Recruit Holdings Co Ltd | 1,000 | JPY | 4,090,499 | 6,972,000 | 1.37 |
|  |  |  | 4,090,499 | 6,972,000 | 1.37 |
| Holding and finance companies |  |  |  |  |  |
| Daiichi Sankyo Co Ltd | 1,900 | JPY | 3,738,873 | 5,557,500 | 1.10 |
| FUJIFILM Holdings Corp | 1,000 | JPY | 4,581,010 | 8,526,000 | 1.68 |
| Kikkoman Corp | 1,200 | JPY | 4,716,491 | 11,604,000 | 2.29 |
| ORIX Corp | 4,900 | JPY | 8,626,189 | 11,502,750 | 2.27 |
|  |  |  | 21,662,563 | 37,190,250 | 7.34 |
| Insurance |  |  |  |  |  |
| Dai-ichi Life Holdings Inc | 3,200 | JPY | 5,790,948 | 7,441,600 | 1.47 |
|  |  |  | 5,790,948 | 7,441,600 | 1.47 |
| Internet software |  |  |  |  |  |
| BASE Inc | 2,800 | JPY | 6,763,255 | 1,724,800 | 0.34 |
| CyberAgent Inc | 6,300 | JPY | 5,940,458 | 12,058,200 | 2.38 |
| M3 Inc | 1,400 | JPY | 3,930,138 | 8,110,200 | 1.60 |
| Mercari Inc | 700 | JPY | 4,401,264 | 4,102,000 | 0.81 |
| Nexon Co Ltd | 4,800 | JPY | 8,209,439 | 10,675,200 | 2.11 |
| Z Holdings Corp | 13,100 | JPY | 5,928,513 | 8,742,940 | 1.72 |
|  |  |  | 35,173,067 | 45,413,340 | 8.96 |
| Leisure |  |  |  |  |  |
| Food & Life Cos Ltd | 2,600 | JPY | 3,994,680 | 11,310,000 | 2.23 |
| Oriental Land Co Ltd | 400 | JPY | 5,943,783 | 7,758,000 | 1.53 |
|  |  |  | 9,938,463 | 19,068,000 | 3.76 |
| Mechanics and machinery |  |  |  |  |  |
| Daifuku Co Ltd | 1,100 | JPY | 7,439,629 | 10,340,000 | 2.04 |
| Daikin Industries Ltd | 500 | JPY | 7,536,259 | 13,045,000 | 2.57 |
| SMC Corp | 200 | JPY | 8,178,695 | 15,518,000 | 3.06 |
|  |  |  | 23,154,583 | 38,903,000 | 7.67 |
| New s transmission |  |  |  |  |  |
| KDDI Corp | 1,800 | JPY | 5,844,552 | 6,051,600 | 1.19 |
|  |  |  | 5,844,552 | 6,051,600 | 1.19 |
| Other services |  |  |  |  |  |
| Secom Co Ltd | 800 | JPY | 7,778,777 | 6,388,800 | 1.26 |
|  |  |  | 7,778,777 | 6,388,800 | 1.26 |
| Petrol |  |  |  |  |  |
| Nippon Gas Co Ltd | 2,900 | JPY | 5,182,225 | 4,422,500 | 0.87 |
|  |  |  | 5,182,225 | 4,422,500 | 0.87 |

| Comgest Growth Japan Compounders |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in JPY) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (JPY) | JPY | Assets |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Fancl Corp | 2,400 | JPY | 5,955,495 | 8,232,000 | 1.62 |
| Kao Corp | 700 | JPY | 5,580,079 | 4,213,300 | 0.83 |
| Kose Corp | 400 | JPY | 6,325,443 | 5,220,000 | 1.03 |
| Otsuka Holdings Co Ltd | 1,200 | JPY | 5,877,608 | 5,002,800 | 0.99 |
| Sysmex Corp | 1,000 | JPY | 7,384,942 | 15,550,000 | 3.07 |
| Terumo Corp | 1,800 | JPY | 6,903,090 | 8,748,000 | 1.73 |
|  |  |  | 38,026,657 | 46,966,100 | 9.27 |
| Retail |  |  |  |  |  |
| Fast Retailing Co Ltd | 200 | JPY | 13,057,916 | 13,062,000 | 2.58 |
| Nitori Holdings Co Ltd | 400 | JPY | 6,844,052 | 6,890,000 | 1.36 |
| Pan Pacific International Holdings Corp | 3,600 | JPY | 6,542,331 | 5,713,200 | 1.13 |
| Rakuten Group Inc | 5,600 | JPY | 3,984,253 | 6,462,400 | 1.27 |
|  |  |  | 30,428,552 | 32,127,600 | 6.34 |
|  |  |  |  |  |  |
| Total Japan |  |  | 328,431,326 | 486,971,690 | 96.06 |
|  |  |  |  |  |  |
| Equity securities |  |  | 328,431,326 | 486,971,690 | 96.06 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 328,431,326 | 486,971,690 | 96.06 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  |  | 328,431,326 | 486,971,690 | 96.06 |
| Cash and other net assets |  |  |  | 19,959,389 | 3.94 |
| Total net assets attributable to holders of redeemable participating shares |  | 506,931,079 | 100.00 |
|  |  |  |  |
|  |  |  |  |  | % of |
| Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 95.64 |

| Comgest Growth Emerging Markets |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Bermuda Islands |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| China Resources Gas Group Ltd | 9,840,000 | HKD | 49,334,093 | 55,597,154 | 2.22 |
|  |  |  | 49,334,093 | 55,597,154 | 2.22 |
|  |  |  |  |  |  |
| Total Bermuda Islands |  |  | 49,334,093 | 55,597,154 | 2.22 |
| Brazil |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Localiza Rent a Car SA | 3,554,237 | BRL | 24,113,690 | 33,819,450 | 1.35 |
|  |  |  | 24,113,690 | 33,819,450 | 1.35 |
| Insurance |  |  |  |  |  |
| BB Seguridade Participacoes SA | 10,785,192 | BRL | 86,058,411 | 40,178,181 | 1.60 |
|  |  |  | 86,058,411 | 40,178,181 | 1.60 |
|  |  |  |  |  |  |
| Total Brazil |  |  | 110,172,101 | 73,997,631 | 2.95 |
| Cayman Islands |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Pagseguro Digital Ltd | 1,285,710 | USD | 65,332,625 | 33,711,316 | 1.34 |
|  |  |  | 65,332,625 | 33,711,316 | 1.34 |
| Internet software |  |  |  |  |  |
| NetEase Inc | 4,568,825 | HKD | 37,909,964 | 92,298,923 | 3.68 |
| Tencent Holdings Ltd | 2,306,600 | HKD | 141,327,213 | 135,148,097 | 5.38 |
|  |  |  | 179,237,177 | 227,447,020 | 9.06 |
| Other services |  |  |  |  |  |
| Alibaba Group Holding Ltd | 6,263,888 | HKD | 162,748,102 | 95,529,475 | 3.81 |
|  |  |  | 162,748,102 | 95,529,475 | 3.81 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 407,317,904 | 356,687,811 | 14.21 |

| Comgest Growth Emerging Markets |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Chile |  |  |  |  |  |
| Retail |  |  |  |  |  |
| Falabella SA | 8,018,237 | CLP | 33,336,800 | 26,159,867 | 1.04 |
|  |  |  | 33,336,800 | 26,159,867 | 1.04 |
|  |  |  |  |  |  |
| Total Chile |  |  | 33,336,800 | 26,159,867 | 1.04 |
| China |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Midea Group Co Ltd - A Shares | 8,388,860 | CNY | 79,359,646 | 97,151,475 | 3.87 |
|  |  |  | 79,359,646 | 97,151,475 | 3.87 |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 18,382,776 | CNY | 80,634,833 | 119,583,605 | 4.76 |
|  |  |  | 80,634,833 | 119,583,605 | 4.76 |
| Electronics and electrical equipment |  |  |  |  |  |
| Bafang Electric Suzhou Co Ltd | 914,081 | CNY | 35,712,469 | 32,356,015 | 1.29 |
|  |  |  | 35,712,469 | 32,356,015 | 1.29 |
| Holding and finance companies |  |  |  |  |  |
| Lepu Medical Technology Beijing Co Ltd | 14,113,306 | CNY | 69,216,010 | 50,112,326 | 2.00 |
|  |  |  | 69,216,010 | 50,112,326 | 2.00 |
| Insurance |  |  |  |  |  |
| Ping An Insurance Group Co of China Ltd - H Shares | 7,246,500 | HKD | 46,360,164 | 52,190,278 | 2.08 |
|  |  |  | 46,360,164 | 52,190,278 | 2.08 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd - H Shares | 39,890,000 | HKD | 76,167,074 | 49,783,844 | 1.98 |
|  |  |  | 76,167,074 | 49,783,844 | 1.98 |
|  |  |  |  |  |  |
| Total China |  |  | 387,450,196 | 401,177,543 | 15.98 |
| Hong Kong |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| AIA Group Ltd | 3,957,200 | HKD | 28,223,075 | 39,895,333 | 1.59 |
|  |  |  | 28,223,075 | 39,895,333 | 1.59 |
|  |  |  |  |  |  |
| Total Hong Kong |  |  | 28,223,075 | 39,895,333 | 1.59 |

| Comgest Growth Emerging Markets |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| India |  |  |  |  |  |
| Construction and building material |  |  |  |  |  |
| Larsen & Toubro Ltd | 1,207,953 | INR | 31,747,061 | 30,807,207 | 1.23 |
|  |  |  | 31,747,061 | 30,807,207 | 1.23 |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 3,862,676 | INR | 86,654,177 | 134,393,798 | 5.35 |
|  |  |  | 86,654,177 | 134,393,798 | 5.35 |
|  |  |  |  |  |  |
| Total India |  |  | 118,401,238 | 165,201,005 | 6.58 |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Suzuki Motor Corp | 1,781,200 | JPY | 74,483,006 | 68,507,115 | 2.73 |
|  |  |  | 74,483,006 | 68,507,115 | 2.73 |
|  |  |  |  |  |  |
| Total Japan |  |  | 74,483,006 | 68,507,115 | 2.73 |
| South Africa |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Discovery Ltd | 9,949,024 | ZAR | 79,693,519 | 89,498,092 | 3.57 |
|  |  |  | 79,693,519 | 89,498,092 | 3.57 |
| Insurance |  |  |  |  |  |
| Sanlam Ltd | 18,599,852 | ZAR | 83,462,200 | 69,178,793 | 2.76 |
|  |  |  | 83,462,200 | 69,178,793 | 2.76 |
|  |  |  |  |  |  |
| Total South Africa |  |  | 163,155,719 | 158,676,885 | 6.33 |
| South Korea |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| LG Chem Ltd | 97,773 | KRW | 72,827,058 | 50,569,662 | 2.01 |
|  |  |  | 72,827,058 | 50,569,662 | 2.01 |
| Electronic semiconductor |  |  |  |  |  |
| Samsung Electronics Co Ltd | 1,990,015 | KRW | 84,591,628 | 131,043,085 | 5.22 |
|  |  |  | 84,591,628 | 131,043,085 | 5.22 |

| Comgest Growth Emerging Markets |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Internet software |  |  |  |  |  |
| NCSoft Corp | 173,538 | KRW | 80,110,966 | 93,842,929 | 3.74 |
|  |  |  | 80,110,966 | 93,842,929 | 3.74 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| LG Household & Health Care Ltd | 94,624 | KRW | 103,736,523 | 87,297,926 | 3.48 |
|  |  |  | 103,736,523 | 87,297,926 | 3.48 |
|  |  |  |  |  |  |
| Total South Korea |  |  | 341,266,175 | 362,753,602 | 14.45 |
| Taiw an |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 7,611,939 | TWD | 80,887,664 | 169,202,443 | 6.74 |
| Delta Electronics Inc | 7,749,000 | TWD | 78,223,292 | 77,021,960 | 3.07 |
|  |  |  | 159,110,956 | 246,224,403 | 9.81 |
|  |  |  |  |  |  |
| Total Taiw an |  |  | 159,110,956 | 246,224,403 | 9.81 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Cognizant Technology Solutions Corp | 618,117 | USD | 41,149,639 | 54,839,340 | 2.19 |
| MercadoLibre Inc | 57,398 | USD | 87,277,765 | 77,395,463 | 3.08 |
|  |  |  | 128,427,404 | 132,234,803 | 5.27 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 128,427,404 | 132,234,803 | 5.27 |
|  |  |  |  |  |  |
| Equity securities |  |  | 2,000,678,667 | 2,087,113,152 | 83.16 |
| America Depository Receipts |  |  |  |  |  |
| Mexico |  |  |  |  |  |
| Tobacco and spirits |  |  |  |  |  |
| Fomento Economico Mexicano SAB de CV | 944,984 | USD | 86,731,709 | 73,434,707 | 2.93 |
|  |  |  | 86,731,709 | 73,434,707 | 2.93 |
|  |  |  |  |  |  |
| Total Mexico |  |  | 86,731,709 | 73,434,707 | 2.93 |
|  |  |  |  |  |  |
| America Depository Receipts |  |  | 86,731,709 | 73,434,707 | 2.93 |

| Comgest Growth Emerging Markets |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Autohome Inc | 179 | USD | 14,568 | 5,277 | - |
|  |  |  | 14,568 | 5,277 | - |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 14,568 | 5,277 | - |
|  |  |  |  |  |  |
| Sponsored America Depository Receipts |  |  | 14,568 | 5,277 | - |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 2,087,424,944 | 2,160,553,136 | 86.09 |
| Other transferable securities dealt on another regulated market |
| Equity securities |  |  |  |  |  |
| Federation Of Russia |  |  |  |  |  |
| Consumer goods |  |  |  |  |  |
| Detsky Mir PJSC | 19,328,920 | RUB | 39,515,579 | 32,144,645 | 1.28 |
|  |  |  | 39,515,579 | 32,144,645 | 1.28 |
| Holding and finance companies |  |  |  |  |  |
| Moscow Exchange MICEX- RTS PJSC | 20,791,368 | RUB | 39,933,638 | 42,460,044 | 1.69 |
|  |  |  | 39,933,638 | 42,460,044 | 1.69 |
|  |  |  |  |  |  |
| Total Federation Of Russia |  |  | 79,449,217 | 74,604,689 | 2.97 |
| Vietnam |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Vietnam Dairy Products JSC | 8,162,000 | VND | 32,358,050 | 30,943,330 | 1.23 |
|  |  | 32,358,050 | 30,943,330 | 1.23 |
|  |  |  |  |  |
| Total Vietnam |  | 32,358,050 | 30,943,330 | 1.23 |
|  |  |  |  |  |
| Equity securities |  | 111,807,267 | 105,548,019 | 4.20 |
|  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  | 111,807,267 | 105,548,019 | 4.20 |

| Comgest Growth Emerging Markets |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Other transferable securities |  |  |  |  |  |
| Investment Funds |  |  |  |  |  |
| Ireland |  |  |  |  |  |
| Investment funds |  |  |  |  |  |
| Comgest Grow th China EUR SI Acc Class | 641,988 | EUR | 40,703,751 | 58,595,318 | 2.33 |
| Comgest Grow th GEM Promising Companies EUR I Acc Class | 335,965 | EUR | 5,912,496 | 4,546,510 | 0.18 |
| Comgest Grow th India USD Acc Class | 459,826 | USD | 12,620,920 | 27,824,071 | 1.11 |
| Comgest Grow th Latin America USD I Acc Class | 628,610 | USD | 5,663,778 | 4,639,143 | 0.18 |
|  |  | 64,900,945 | 95,605,042 | 3.80 |
|  |  |  |  |  |
| Total Ireland |  | 64,900,945 | 95,605,042 | 3.80 |
|  |  |  |  |  |
| Investment Funds |  | 64,900,945 | 95,605,042 | 3.80 |
|  |  |  |  |  |
| Other transferable securities |  | 64,900,945 | 95,605,042 | 3.80 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 2,264,133,156 | 2,361,706,197 | 94.09 |
| Total financial derivative instrument (Note 6) |  |  | (2,528) | - |
| Cash and other net assets |  |  | 148,465,459 | 5.91 |
| Total net assets attributable to holders of redeemable par ticipating shares |  |  | 2,510,169,128 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 85.69 |
| Other transferable securities dealt on another regulated market |  |  |  | 4.19 |
| Other transferable securities |  |  |  | 3.79 |

| Comgest Growth Emerging Markets ex China |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Brazil |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| B3 SA - Brasil Bolsa Balcao | 17,200 | BRL | 57,292 | 34,400 | 1.23 |
|  |  |  | 57,292 | 34,400 | 1.23 |
| Insurance |  |  |  |  |  |
| BB Seguridade Participacoes SA | 11,400 | BRL | 53,979 | 42,469 | 1.51 |
|  |  |  | 53,979 | 42,469 | 1.51 |
| Automobile industry |  |  |  |  |  |
| Localiza Rent a Car SA | 5,300 | BRL | 65,375 | 50,431 | 1.80 |
|  |  |  | 65,375 | 50,431 | 1.80 |
|  |  |  |  |  |  |
| Total Brazil |  |  | 176,646 | 127,300 | 4.54 |
| Cayman Islands |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Pagseguro Digital Ltd | 1,489 | USD | 77,834 | 39,042 | 1.39 |
|  |  |  | 77,834 | 39,042 | 1.39 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 77,834 | 39,042 | 1.39 |
| Chile |  |  |  |  |  |
| Retail |  |  |  |  |  |
| Falabella SA | 14,929 | CLP | 66,968 | 48,707 | 1.74 |
|  |  |  | 66,968 | 48,707 | 1.74 |
|  |  |  |  |  |  |
| Total Chile |  |  | 66,968 | 48,707 | 1.74 |
| India |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Lupin Ltd | 2,708 | INR | 41,279 | 34,634 | 1.24 |
|  |  |  | 41,279 | 34,634 | 1.24 |

| Comgest Growth Emerging Markets ex China |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Petrol |  |  |  |  |  |
| Petronet LNG Ltd | 16,000 | INR | 48,796 | 46,576 | 1.66 |
|  |  |  | 48,796 | 46,576 | 1.66 |
|  |  |  |  |  |  |
| Total India |  |  | 90,075 | 81,210 | 2.90 |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Suzuki Motor Corp | 2,500 | JPY | 106,518 | 96,153 | 3.43 |
|  |  |  | 106,518 | 96,153 | 3.43 |
|  |  |  |  |  |  |
| Total Japan |  |  | 106,518 | 96,153 | 3.43 |
| South Africa |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Discovery Ltd | 12,528 | ZAR | 111,398 | 112,698 | 4.02 |
|  |  |  | 111,398 | 112,698 | 4.02 |
| New s transmission |  |  |  |  |  |
| MTN Group Ltd | 5,185 | ZAR | 37,021 | 55,460 | 1.98 |
|  |  |  | 37,021 | 55,460 | 1.98 |
| Graphic art and publishing |  |  |  |  |  |
| Naspers Ltd | 1,060 | ZAR | 213,547 | 164,180 | 5.86 |
|  |  |  | 213,547 | 164,180 | 5.86 |
| Insurance |  |  |  |  |  |
| Sanlam Ltd | 24,771 | ZAR | 107,222 | 92,131 | 3.29 |
|  |  |  | 107,222 | 92,131 | 3.29 |
|  |  |  |  |  |  |
| Total South Africa |  |  | 469,188 | 424,469 | 15.15 |
| South Korea |  |  |  |  |  |
| Graphic art and publishing |  |  |  |  |  |
| Cheil Worldw ide Inc | 5,163 | KRW | 113,838 | 99,217 | 3.54 |
|  |  |  | 113,838 | 99,217 | 3.54 |
| Chemicals |  |  |  |  |  |
| LG Chem Ltd | 163 | KRW | 119,507 | 84,306 | 3.01 |
|  |  |  | 119,507 | 84,306 | 3.01 |

| Comgest Growth Emerging Markets ex China |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| LG Household & Health Care Ltd | 105 | KRW | 154,148 | 96,871 | 3.46 |
|  |  |  | 154,148 | 96,871 | 3.46 |
| Internet software |  |  |  |  |  |
| NCSoft Corp | 199 | KRW | 141,157 | 107,612 | 3.84 |
|  |  |  | 141,157 | 107,612 | 3.84 |
| Electronic semiconductor |  |  |  |  |  |
| Samsung Electronics Co Ltd | 3,570 | KRW | 249,528 | 235,085 | 8.39 |
|  |  |  | 249,528 | 235,085 | 8.39 |
|  |  |  |  |  |  |
| Total South Korea |  |  | 778,178 | 623,091 | 22.24 |
| Taiw an |  |  |  |  |  |
| Electronics and electrical equipment |  |  |  |  |  |
| Delta Electronics Inc | 10,000 | TWD | 102,416 | 99,396 | 3.55 |
| Sinbon Electronics Co Ltd | 8,000 | TWD | 71,516 | 82,119 | 2.93 |
|  |  |  | 173,932 | 181,515 | 6.48 |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 11,000 | TWD | 228,227 | 244,513 | 8.72 |
|  |  |  | 228,227 | 244,513 | 8.72 |
|  |  |  |  |  |  |
| Total Taiw an |  |  | 402,159 | 426,028 | 15.20 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Cognizant Technology Solutions Corp | 1,216 | USD | 83,954 | 107,884 | 3.85 |
|  |  |  | 83,954 | 107,884 | 3.85 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 83,954 | 107,884 | 3.85 |
|  |  |  |  |  |  |
| Equity securities |  |  | 2,251,520 | 1,973,884 | 70.44 |
| America Depository Receipts |  |  |  |  |  |

| Comgest Growth Emerging Markets ex China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| India |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| HDFC Bank Ltd | 2,247 | USD | 161,381 | 146,211 | 5.22 |
|  |  |  | 161,381 | 146,211 | 5.22 |
|  |  |  |  |  |  |
| Total India |  |  | 161,381 | 146,211 | 5.22 |
| Mexico |  |  |  |  |  |
| Tobacco and spirits |  |  |  |  |  |
| Fomento Economico Mexicano SAB de CV | 1,239 | USD | 104,683 | 96,283 | 3.43 |
|  |  |  | 104,683 | 96,283 | 3.43 |
|  |  |  |  |  |  |
| Total Mexico |  |  | 104,683 | 96,283 | 3.43 |
|  |  |  |  |  |  |
| America Depository Receipts |  |  | 266,064 | 242,494 | 8.65 |
| Global Depository Receipts |  |  |  |  |  |
| Cyprus |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| TCS Group Holding PLC | 611 | USD | 53,667 | 51,520 | 1.84 |
|  |  |  | 53,667 | 51,520 | 1.84 |
|  |  |  |  |  |  |
| Total Cyprus |  |  | 53,667 | 51,520 | 1.84 |
| Kazakhstan |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Kaspi.KZ JSC | 210 | USD | 28,985 | 24,360 | 0.87 |
|  |  |  | 28,985 | 24,360 | 0.87 |
|  |  |  |  |  |  |
| Total Kazakhstan |  |  | 28,985 | 24,360 | 0.87 |
|  |  |  |  |  |  |
| Global Depository Receipts |  |  | 82,652 | 75,880 | 2.71 |

| Comgest Growth Emerging Markets ex China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Sponsored America Depository Receipts |  |  |  |  |  |
| India |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Infosys Ltd | 2,217 | USD | 45,404 | 56,112 | 2.00 |
|  |  |  | 45,404 | 56,112 | 2.00 |
|  |  |  |  |  |  |
| Total India |  |  | 45,404 | 56,112 | 2.00 |
|  |  |  |  |  |  |
| Sponsored America Depository Receipts |  |  | 45,404 | 56,112 | 2.00 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 2,645,640 | 2,348,370 | 83.80 |
| Other transferable securities dealt on another regulated market |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Federation Of Russia |  |  |  |  |  |
| Consumer goods |  |  |  |  |  |
| Detsky Mir PJSC | 46,370 | RUB | 94,356 | 77,115 | 2.75 |
|  |  |  | 94,356 | 77,115 | 2.75 |
| Holding and finance companies |  |  |  |  |  |
| Moscow Exchange MICEX- RTS PJSC | 50,990 | RUB | 116,184 | 104,132 | 3.71 |
|  |  |  | 116,184 | 104,132 | 3.71 |
|  |  |  |  |  |  |
| Total Federation Of Russia |  |  | 210,540 | 181,247 | 6.46 |
| Vietnam |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Mobile World Investment Corp | 17,300 | VND | 105,302 | 103,163 | 3.68 |
| Vietnam Dairy Products JSC | 25,660 | VND | 95,794 | 97,281 | 3.47 |
|  |  |  | 201,096 | 200,444 | 7.15 |
|  |  |  |  |  |  |
| Total Vietnam |  |  | 201,096 | 200,444 | 7.15 |
|  |  |  |  |  |  |
| Equity securities |  |  | 411,636 | 381,691 | 13.61 |
|  |  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  |  | 411,636 | 381,691 | 13.61 |

| Comgest Growth Emerging Markets ex China |  |  |  |
| --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |
| As at 31 December 2021 |  |  |  |
| (expressed in USD) |  |  |  |
|  | Acquisition | Fair Value | % Net |
|  | cost (USD) | USD | Assets |
|  |  |  |  |
| Financial assets at fair value through profit and loss | 3,057,276 | 2,730,061 | 97.41 |
| Cash and other net assets |  | 72,496 | 2.59 |
| Total net assets attributable to holders of redeemable participating shares |  | 2,802,557 | 100.00 |
|  |  |  |  |
|  |  |  | % of |
|  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  | 82.99 |
| Other transferable securities dealt on another regulated market |  |  | 13.49 |

| Comgest Growth Emerging Markets Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Brazil |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Localiza Rent a Car SA | 1,064,393 | BRL | 11,441,696 | 10,127,964 | 2.35 |
|  |  |  | 11,441,696 | 10,127,964 | 2.35 |
| Holding and finance companies |  |  |  |  |  |
| B3 SA - Brasil Bolsa Balcao | 2,169,491 | BRL | 6,817,294 | 4,338,977 | 1.00 |
|  |  |  | 6,817,294 | 4,338,977 | 1.00 |
| Insurance |  |  |  |  |  |
| BB Seguridade Participacoes SA | 2,268,788 | BRL | 12,901,880 | 8,451,938 | 1.96 |
|  |  |  | 12,901,880 | 8,451,938 | 1.96 |
| Mechanics and machinery |  |  |  |  |  |
| WEG SA | 1,736,900 | BRL | 11,348,560 | 10,284,182 | 2.38 |
|  |  |  | 11,348,560 | 10,284,182 | 2.38 |
|  |  |  |  |  |  |
| Total Brazil |  |  | 42,509,430 | 33,203,061 | 7.69 |
| Cayman Islands |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Pagseguro Digital Ltd | 247,728 | USD | 13,557,643 | 6,495,428 | 1.50 |
|  |  |  | 13,557,643 | 6,495,428 | 1.50 |
| Internet software |  |  |  |  |  |
| NetEase Inc | 482,445 | HKD | 7,153,169 | 9,746,303 | 2.26 |
| Tencent Holdings Ltd | 335,200 | HKD | 21,855,068 | 19,640,008 | 4.55 |
|  |  |  | 29,008,237 | 29,386,311 | 6.81 |
| Other services |  |  |  |  |  |
| Alibaba Group Holding Ltd | 713,012 | HKD | 18,808,781 | 10,874,023 | 2.52 |
|  |  |  | 18,808,781 | 10,874,023 | 2.52 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 61,374,661 | 46,755,762 | 10.83 |

| Comgest Growth Emerging Markets Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Chile |  |  |  |  |  |
| Retail |  |  |  |  |  |
| Falabella SA | 2,513,570 | CLP | 10,048,507 | 8,200,638 | 1.90 |
|  |  |  | 10,048,507 | 8,200,638 | 1.90 |
|  |  |  |  |  |  |
| Total Chile |  |  | 10,048,507 | 8,200,638 | 1.90 |
| China |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Midea Group Co Ltd - A Shares | 827,388 | CNY | 7,119,134 | 9,581,989 | 2.22 |
|  |  |  | 7,119,134 | 9,581,989 | 2.22 |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 3,104,349 | CNY | 15,316,561 | 20,194,406 | 4.68 |
|  |  |  | 15,316,561 | 20,194,406 | 4.68 |
| Electronics and electrical equipment |  |  |  |  |  |
| Bafang Electric Suzhou Co Ltd | 147,210 | CNY | 5,748,606 | 5,210,839 | 1.21 |
|  |  |  | 5,748,606 | 5,210,839 | 1.21 |
| Holding and finance companies |  |  |  |  |  |
| Lepu Medical Technology Beijing Co Ltd | 1,718,000 | CNY | 7,395,648 | 6,100,128 | 1.41 |
|  |  |  | 7,395,648 | 6,100,128 | 1.41 |
| Insurance |  |  |  |  |  |
| Ping An Insurance Group Co of China Ltd - H Shares | 883,500 | HKD | 9,563,277 | 6,363,087 | 1.47 |
|  |  |  | 9,563,277 | 6,363,087 | 1.47 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd - H Shares | 5,128,000 | HKD | 9,757,197 | 6,399,889 | 1.48 |
|  |  |  | 9,757,197 | 6,399,889 | 1.48 |
|  |  |  |  |  |  |
| Total China |  |  | 54,900,423 | 53,850,338 | 12.47 |
| Hong Kong |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| AIA Group Ltd | 1,090,200 | HKD | 11,974,200 | 10,991,078 | 2.53 |
|  |  |  | 11,974,200 | 10,991,078 | 2.53 |
|  |  |  |  |  |  |
| Total Hong Kong |  |  | 11,974,200 | 10,991,078 | 2.53 |

| Comgest Growth Emerging Markets Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| India |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 623,711 | INR | 18,913,523 | 21,700,730 | 5.02 |
| Maruti Suzuki India Ltd | 64,251 | INR | 6,309,451 | 6,418,714 | 1.49 |
|  |  |  | 25,222,974 | 28,119,444 | 6.51 |
| Public services |  |  |  |  |  |
| Pow er Grid Corp of India Ltd | 2,933,619 | INR | 5,603,758 | 8,066,246 | 1.87 |
|  |  |  | 5,603,758 | 8,066,246 | 1.87 |
|  |  |  |  |  |  |
| Total India |  |  | 30,826,732 | 36,185,690 | 8.38 |
| South Africa |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Discovery Ltd | 1,189,059 | ZAR | 10,079,171 | 10,696,377 | 2.48 |
|  |  |  | 10,079,171 | 10,696,377 | 2.48 |
| Insurance |  |  |  |  |  |
| Sanlam Ltd | 2,391,427 | ZAR | 11,123,303 | 8,894,481 | 2.06 |
|  |  |  | 11,123,303 | 8,894,481 | 2.06 |
|  |  |  |  |  |  |
| Total South Africa |  |  | 21,202,474 | 19,590,858 | 4.54 |
| South Korea |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| LG Chem Ltd | 19,042 | KRW | 13,287,360 | 9,848,808 | 2.28 |
|  |  |  | 13,287,360 | 9,848,808 | 2.28 |
| Electronic semiconductor |  |  |  |  |  |
| Samsung Electronics Co Ltd | 383,251 | KRW | 21,297,956 | 25,237,193 | 5.84 |
|  |  |  | 21,297,956 | 25,237,193 | 5.84 |
| Internet software |  |  |  |  |  |
| NAVER Corp | 31,688 | KRW | 8,723,912 | 10,086,877 | 2.34 |
| NCSoft Corp | 26,691 | KRW | 15,883,302 | 14,433,505 | 3.34 |
|  |  |  | 24,607,214 | 24,520,382 | 5.68 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| LG Household & Health Care Ltd | 16,019 | KRW | 18,313,180 | 14,778,761 | 3.42 |
|  |  |  | 18,313,180 | 14,778,761 | 3.42 |
|  |  |  |  |  |  |
| Total South Korea |  |  | 77,505,710 | 74,385,144 | 17.22 |

| Comgest Growth Emerging Markets Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Taiw an |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 1,441,000 | TWD | 28,592,323 | 32,031,354 | 7.42 |
| Delta Electronics Inc | 1,381,000 | TWD | 13,770,384 | 13,726,588 | 3.18 |
|  |  |  | 42,362,707 | 45,757,942 | 10.60 |
|  |  |  |  |  |  |
| Total Taiw an |  |  | 42,362,707 | 45,757,942 | 10.60 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Cognizant Technology Solutions Corp | 193,879 | USD | 13,301,263 | 17,200,945 | 3.98 |
| MercadoLibre Inc | 10,719 | USD | 17,038,645 | 14,453,500 | 3.35 |
|  |  |  | 30,339,908 | 31,654,445 | 7.33 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 30,339,908 | 31,654,445 | 7.33 |
|  |  |  |  |  |  |
| Equity securities |  |  | 383,044,752 | 360,574,956 | 83.49 |
| America Depository Receipts |  |  |  |  |  |
| Mexico |  |  |  |  |  |
| Tobacco and spirits |  |  |  |  |  |
| Fomento Economico Mexicano SAB de CV | 219,818 | USD | 18,748,915 | 17,082,057 | 3.96 |
|  |  |  | 18,748,915 | 17,082,057 | 3.96 |
|  |  |  |  |  |  |
| Total Mexico |  |  | 18,748,915 | 17,082,057 | 3.96 |
|  |  |  |  |  |  |
| America Depository Receipts |  |  | 18,748,915 | 17,082,057 | 3.96 |
| Sponsored America Depository Receipts |  |  |  |  |  |
| India |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Infosys Ltd | 570,524 | USD | 9,910,603 | 14,439,962 | 3.34 |
|  |  |  | 9,910,603 | 14,439,962 | 3.34 |
|  |  |  |  |  |  |
| Total India |  |  | 9,910,603 | 14,439,962 | 3.34 |

| Comgest Growth Emerging Markets Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
|  |  |  |  |  |  |
| Sponsored America Depository Receipts |  |  | 9,910,603 | 14,439,962 | 3.34 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 411,704,270 | 392,096,975 | 90.79 |
| Other transferable securities dealt on another regulated market |
| Equity securities |  |  |  |  |  |
| Federation Of Russia |  |  |  |  |  |
| Consumer goods |  |  |  |  |  |
| Detsky Mir PJSC | 3,824,970 | RUB | 7,337,196 | 6,361,054 | 1.47 |
|  |  |  | 7,337,196 | 6,361,054 | 1.47 |
| Holding and finance companies |  |  |  |  |  |
| Moscow Exchange MICEX- RTS PJSC | 5,224,470 | RUB | 11,199,103 | 10,669,390 | 2.47 |
|  |  |  | 11,199,103 | 10,669,390 | 2.47 |
|  |  |  |  |  |  |
| Total Federation Of Russia |  |  | 18,536,299 | 17,030,444 | 3.94 |
| Vietnam |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Vietnam Dairy Products JSC | 1,592,700 | VND | 6,212,913 | 6,038,158 | 1.40 |
|  |  | 6,212,913 | 6,038,158 | 1.40 |
|  |  |  |  |  |
| Total Vietnam |  | 6,212,913 | 6,038,158 | 1.40 |
|  |  |  |  |  |
| Equity securities |  | 24,749,212 | 23,068,602 | 5.34 |
|  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  | 24,749,212 | 23,068,602 | 5.34 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 436,453,482 | 415,165,577 | 96.13 |
| Cash and other net assets |  |  | 16,706,236 | 3.87 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 431,871,813 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 90.75 |
| Other transferable securities dealt on another regulated market |  |  |  | 5.34 |

| Comgest Growth GEM Promising Companies |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Bermuda Islands |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| China Resources Gas Group Ltd | 95,318 | HKD | 293,323 | 473,582 | 2.82 |
|  |  |  | 293,323 | 473,582 | 2.82 |
|  |  |  |  |  |  |
| Total Bermuda Islands |  |  | 293,323 | 473,582 | 2.82 |
| Brazil |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Localiza Rent a Car SA | 58,334 | BRL | 264,388 | 488,096 | 2.90 |
|  |  |  | 264,388 | 488,096 | 2.90 |
| Consumer goods |  |  |  |  |  |
| Arezzo Industria e Comercio SA | 49,947 | BRL | 362,617 | 605,353 | 3.60 |
|  |  |  | 362,617 | 605,353 | 3.60 |
|  |  |  |  |  |  |
| Total Brazil |  |  | 627,005 | 1,093,449 | 6.50 |
| Cayman Islands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Minth Group Ltd | 128,440 | HKD | 387,609 | 497,624 | 2.96 |
|  |  |  | 387,609 | 497,624 | 2.96 |
| Holding and finance companies |  |  |  |  |  |
| Pagseguro Digital Ltd | 20,306 | USD | 631,812 | 468,188 | 2.79 |
|  |  |  | 631,812 | 468,188 | 2.79 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 1,019,421 | 965,812 | 5.75 |
| China |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Suofeiya Home Collection Co Ltd | 171,272 | CNY | 588,428 | 524,607 | 3.12 |
|  |  |  | 588,428 | 524,607 | 3.12 |

| Comgest Growth GEM Promising Companies |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Electronics and electrical equipment |  |  |  |  |  |
| TravelSky Technology Ltd | 403,000 | HKD | 662,834 | 596,367 | 3.55 |
|  |  |  | 662,834 | 596,367 | 3.55 |
| Holding and finance companies |  |  |  |  |  |
| Lepu Medical Technology Beijing Co Ltd | 141,300 | CNY | 526,830 | 441,185 | 2.63 |
|  |  |  | 526,830 | 441,185 | 2.63 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd - H Shares | 411,605 | HKD | 397,197 | 451,719 | 2.69 |
|  |  |  | 397,197 | 451,719 | 2.69 |
|  |  |  |  |  |  |
| Total China |  |  | 2,175,289 | 2,013,878 | 11.99 |
| Greece |  |  |  |  |  |
| Consumer goods |  |  |  |  |  |
| JUMBO SA | 49,309 | EUR | 784,880 | 621,293 | 3.70 |
|  |  |  | 784,880 | 621,293 | 3.70 |
|  |  |  |  |  |  |
| Total Greece |  |  | 784,880 | 621,293 | 3.70 |
| India |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Eicher Motors Ltd | 20,966 | INR | 530,256 | 642,812 | 3.83 |
| Endurance Technologies Ltd | 39,509 | INR | 341,571 | 791,581 | 4.71 |
|  |  |  | 871,827 | 1,434,393 | 8.54 |
| Holding and finance companies |  |  |  |  |  |
| Shriram Transport Finance Co Ltd | 37,956 | INR | 471,177 | 546,413 | 3.25 |
|  |  |  | 471,177 | 546,413 | 3.25 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Syngene International Ltd | 44,032 | INR | 228,049 | 322,879 | 1.92 |
|  |  |  | 228,049 | 322,879 | 1.92 |
|  |  |  |  |  |  |
| Total India |  |  | 1,571,053 | 2,303,685 | 13.71 |

| Comgest Growth GEM Promising Companies |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Jersey |  |  |  |  |  |
| Healthcare education and social services |  |  |  |  |  |
| Integrated Diagnostics Holdings PLC | 561,370 | USD | 406,282 | 634,330 | 3.78 |
|  |  |  | 406,282 | 634,330 | 3.78 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 406,282 | 634,330 | 3.78 |
| Luxembourg |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| L'Occitane International SA | 123,750 | HKD | 263,053 | 440,372 | 2.62 |
|  |  |  | 263,053 | 440,372 | 2.62 |
| Retail |  |  |  |  |  |
| Allegro.eu SA | 17,786 | PLN | 257,090 | 150,798 | 0.90 |
|  |  |  | 257,090 | 150,798 | 0.90 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 520,143 | 591,170 | 3.52 |
| Mexico |  |  |  |  |  |
| Leisure |  |  |  |  |  |
| Hoteles City Express SAB de CV | 1,191,531 | MXN | 1,449,804 | 238,073 | 1.42 |
|  |  |  | 1,449,804 | 238,073 | 1.42 |
|  |  |  |  |  |  |
| Total Mexico |  |  | 1,449,804 | 238,073 | 1.42 |
| Netherlands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Yandex NV - A Shares | 11,619 | USD | 348,400 | 618,141 | 3.68 |
|  |  |  | 348,400 | 618,141 | 3.68 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 348,400 | 618,141 | 3.68 |
| Poland |  |  |  |  |  |
| Office equipment and computers |  |  |  |  |  |
| CD Projekt SA | 4,335 | PLN | 252,320 | 182,447 | 1.09 |
|  |  |  | 252,320 | 182,447 | 1.09 |
|  |  |  |  |  |  |
| Total Poland |  |  | 252,320 | 182,447 | 1.09 |

| Comgest Growth GEM Promising Companies |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| South Africa |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Curro Holdings Ltd | 629,947 | ZAR | 1,042,746 | 432,122 | 2.57 |
| Discovery Ltd | 100,992 | ZAR | 767,919 | 798,883 | 4.75 |
|  |  |  | 1,810,665 | 1,231,005 | 7.32 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Dis-Chem Pharmacies Ltd | 179,716 | ZAR | 197,307 | 350,726 | 2.09 |
|  |  |  | 197,307 | 350,726 | 2.09 |
|  |  |  |  |  |  |
| Total South Africa |  |  | 2,007,972 | 1,581,731 | 9.41 |
| South Korea |  |  |  |  |  |
| Graphic art and publishing |  |  |  |  |  |
| Cheil Worldw ide Inc | 46,083 | KRW | 627,967 | 778,729 | 4.63 |
|  |  |  | 627,967 | 778,729 | 4.63 |
| Internet software |  |  |  |  |  |
| NCSoft Corp | 1,584 | KRW | 619,620 | 753,226 | 4.48 |
|  |  |  | 619,620 | 753,226 | 4.48 |
|  |  |  |  |  |  |
| Total South Korea |  |  | 1,247,587 | 1,531,955 | 9.11 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| MercadoLibre Inc | 680 | USD | 433,977 | 806,289 | 4.80 |
|  |  |  | 433,977 | 806,289 | 4.80 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 433,977 | 806,289 | 4.80 |
|  |  |  |  |  |  |
| Equity securities |  |  | 13,137,456 | 13,655,835 | 81.28 |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Cyprus |  |  |  |  |  |
| Other services |  |  |  |  |  |
| HeadHunter Group PLC | 17,012 | USD | 350,105 | 764,283 | 4.55 |
|  |  |  | 350,105 | 764,283 | 4.55 |
|  |  |  |  |  |  |
| Total Cyprus |  |  | 350,105 | 764,283 | 4.55 |

| Comgest Growth GEM Promising Companies |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
|  |  |  |  |  |  |
| Sponsored America Depository Receipts |  |  | 350,105 | 764,283 | 4.55 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 13,487,561 | 14,420,118 | 85.83 |
| Other transferable securities dealt on another regulated m arket |
| Equity securities |  |  |  |  |  |
| Kenya |  |  |  |  |  |
| New s transmission |  |  |  |  |  |
| Safaricom PLC | 1,645,793 | KES | 357,539 | 486,044 | 2.89 |
|  |  |  | 357,539 | 486,044 | 2.89 |
|  |  |  |  |  |  |
| Total Kenya |  |  | 357,539 | 486,044 | 2.89 |
| Vietnam |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Vietnam Dairy Products JSC | 183,705 | VND | 468,174 | 612,427 | 3.64 |
|  |  |  | 468,174 | 612,427 | 3.64 |
|  |  |  |  |  |  |
| Total Vietnam |  |  | 468,174 | 612,427 | 3.64 |
|  |  |  |  |  |  |
| Equity securities |  |  | 825,713 | 1,098,471 | 6.53 |
|  |  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  | 825,713 | 1,098,471 | 6.53 |
| Other transferable securities |  |  |  |  |  |
| Investment Funds |  |  |  |  |  |
| France |  |  |  |  |  |
| Investment funds |  |  |  |  |  |
| Société de Gestion Prevoir - Prevoir Renaissance Vietnam | 3,308 | EUR | 439,292 | 1,031,468 | 6.14 |
|  |  |  | 439,292 | 1,031,468 | 6.14 |
|  |  |  |  |  |  |
| Total France |  |  | 439,292 | 1,031,468 | 6.14 |
|  |  |  |  |  |  |
| Investment Funds |  |  | 439,292 | 1,031,468 | 6.14 |
|  |  |  |  |  |  |
| Other transferable securities |  |  | 439,292 | 1,031,468 | 6.14 |

| Comgest Growth GEM Promising Companies |  |  |  |
| --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |
| As at 31 December 2021 |  |  |  |
| (expressed in EUR) |  |  |  |
|  | Acquisition | Fair Value | % Net |
|  | cost (EUR) | EUR | Assets |
|  |  |  |  |
| Financial assets at fair value through profit and loss | 14,752,566 | 16,550,057 | 98.50 |
| Cash and other net assets |  | 251,483 | 1.50 |
| Total net assets attributable to holders of redeemable participating shares |  | 16,801,540 | 100.00 |
|  |  |  |  |
|  |  |  | % of |
|  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  | 82.09 |
| Other transferable securities dealt on another regulated market |  |  | 6.25 |
| Other transferable securities |  |  | 5.87 |

| Comgest Growth Europe |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Denmark |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| SimCorp A/S | 309,957 | DKK | 26,841,742 | 29,788,853 | 0.56 |
|  |  |  | 26,841,742 | 29,788,853 | 0.56 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Ambu A/S | 1,286,147 | DKK | 22,818,769 | 29,916,068 | 0.56 |
| Coloplast A/S - B Shares | 188,122 | DKK | 13,047,850 | 29,112,715 | 0.54 |
| Novo Nordisk A/S - B Shares | 3,475,099 | DKK | 179,736,060 | 343,417,414 | 6.42 |
|  |  |  | 215,602,679 | 402,446,197 | 7.52 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 242,444,421 | 432,235,050 | 8.08 |
| France |  |  |  |  |  |
| Healthcare education and social services |  |  |  |  |  |
| Orpea SA | 936,133 | EUR | 97,096,695 | 82,473,317 | 1.54 |
|  |  |  | 97,096,695 | 82,473,317 | 1.54 |
| Internet software |  |  |  |  |  |
| Dassault Systemes SE | 2,874,222 | EUR | 57,306,543 | 150,350,553 | 2.81 |
|  |  |  | 57,306,543 | 150,350,553 | 2.81 |
| New s transmission |  |  |  |  |  |
| Teleperformance | 349,746 | EUR | 85,305,402 | 137,100,432 | 2.56 |
|  |  |  | 85,305,402 | 137,100,432 | 2.56 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| EssilorLuxottica SA | 1,262,698 | EUR | 124,841,711 | 236,427,574 | 4.42 |
| L'Oreal SA | 272,826 | EUR | 33,662,566 | 113,754,801 | 2.13 |
|  |  |  | 158,504,277 | 350,182,375 | 6.55 |
| Textile |  |  |  |  |  |
| Hermes International | 39,409 | EUR | 16,554,498 | 60,532,224 | 1.13 |
| LVMH Moët Hennessy Louis Vuitton SE | 291,264 | EUR | 87,025,199 | 211,748,928 | 3.96 |
|  |  |  | 103,579,697 | 272,281,152 | 5.09 |
|  |  |  |  |  |  |
| Total France |  |  | 501,792,614 | 992,387,829 | 18.55 |

| Comgest Growth Europe |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Germany |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| MTU Aero Engines AG | 411,069 | EUR | 49,947,750 | 73,745,779 | 1.38 |
|  |  |  | 49,947,750 | 73,745,779 | 1.38 |
| Internet software |  |  |  |  |  |
| Nemetschek SE | 499,352 | EUR | 29,636,660 | 56,326,906 | 1.05 |
|  |  |  | 29,636,660 | 56,326,906 | 1.05 |
| Textile |  |  |  |  |  |
| adidas AG | 452,218 | EUR | 136,335,150 | 114,501,598 | 2.14 |
|  |  |  | 136,335,150 | 114,501,598 | 2.14 |
|  |  |  |  |  |  |
| Total Germany |  |  | 215,919,560 | 244,574,283 | 4.57 |
| Great Britain |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Halma PLC | 1,297,695 | GBP | 19,578,681 | 49,459,388 | 0.92 |
|  |  |  | 19,578,681 | 49,459,388 | 0.92 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 19,578,681 | 49,459,388 | 0.92 |
| Ireland |  |  |  |  |  |
| Construction and building material |  |  |  |  |  |
| Kingspan Group PLC | 1,071,305 | EUR | 84,683,696 | 112,487,025 | 2.10 |
|  |  |  | 84,683,696 | 112,487,025 | 2.10 |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 767,909 | EUR | 170,472,949 | 234,980,154 | 4.39 |
|  |  |  | 170,472,949 | 234,980,154 | 4.39 |
| Other services |  |  |  |  |  |
| Accenture PLC | 642,469 | USD | 104,476,284 | 234,202,888 | 4.38 |
|  |  |  | 104,476,284 | 234,202,888 | 4.38 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| ICON PLC | 761,364 | USD | 112,317,258 | 207,346,492 | 3.87 |
|  |  |  | 112,317,258 | 207,346,492 | 3.87 |

| Comgest Growth Europe |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Transportation |  |  |  |  |  |
| Ryanair Holdings PLC | 6,939,269 | EUR | 96,070,437 | 105,823,852 | 1.98 |
|  |  |  | 96,070,437 | 105,823,852 | 1.98 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 568,020,624 | 894,840,411 | 16.72 |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Amplifon SpA | 1,169,677 | EUR | 25,115,846 | 55,501,174 | 1.04 |
|  |  |  | 25,115,846 | 55,501,174 | 1.04 |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 3,103,178 | EUR | 25,128,528 | 39,891,353 | 0.75 |
|  |  |  | 25,128,528 | 39,891,353 | 0.75 |
|  |  |  |  |  |  |
| Total Italy |  |  | 50,244,374 | 95,392,527 | 1.79 |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 4,483,391 | GBP | 108,253,263 | 193,944,997 | 3.62 |
|  |  |  | 108,253,263 | 193,944,997 | 3.62 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 108,253,263 | 193,944,997 | 3.62 |
| Netherlands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Ferrari NV | 418,030 | EUR | 54,687,011 | 95,101,825 | 1.78 |
|  |  |  | 54,687,011 | 95,101,825 | 1.78 |
| Banks and financial institutions |  |  |  |  |  |
| Adyen NV | 22,589 | EUR | 22,609,432 | 52,214,474 | 0.98 |
|  |  |  | 22,609,432 | 52,214,474 | 0.98 |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 520,360 | EUR | 127,499,449 | 367,738,411 | 6.87 |
|  |  |  | 127,499,449 | 367,738,411 | 6.87 |
| Internet software |  |  |  |  |  |
| Prosus NV | 1,818,451 | EUR | 159,210,914 | 133,710,702 | 2.50 |
|  |  |  | 159,210,914 | 133,710,702 | 2.50 |

| Comgest Growth Europe |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Tobacco and spirits |  |  |  |  |  |
| Heineken NV | 1,586,801 | EUR | 128,562,642 | 156,871,147 | 2.93 |
|  |  |  | 128,562,642 | 156,871,147 | 2.93 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 492,569,448 | 805,636,559 | 15.06 |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
| Jeronimo Martins SGPS SA | 7,268,179 | EUR | 110,716,611 | 146,090,398 | 2.73 |
|  |  |  | 110,716,611 | 146,090,398 | 2.73 |
|  |  |  |  |  |  |
| Total Portugal |  |  | 110,716,611 | 146,090,398 | 2.73 |
| Spain |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Amadeus IT Group SA - A Shares | 1,556,315 | EUR | 66,208,756 | 92,818,627 | 1.73 |
|  |  |  | 66,208,756 | 92,818,627 | 1.73 |
| Retail |  |  |  |  |  |
| Industria de Diseno Textil SA | 4,570,833 | EUR | 118,517,530 | 130,405,865 | 2.44 |
|  |  |  | 118,517,530 | 130,405,865 | 2.44 |
|  |  |  |  |  |  |
| Total Spain |  |  | 184,726,286 | 223,224,492 | 4.17 |
| Sw eden |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Assa Abloy AB | 4,307,077 | SEK | 78,579,329 | 115,540,749 | 2.16 |
|  |  |  | 78,579,329 | 115,540,749 | 2.16 |
|  |  |  |  |  |  |
| Total Sw eden |  |  | 78,579,329 | 115,540,749 | 2.16 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Lonza Group AG | 129,531 | CHF | 34,285,126 | 95,208,094 | 1.78 |
| Sika AG | 302,478 | CHF | 34,837,474 | 110,988,792 | 2.07 |
|  |  |  | 69,122,600 | 206,196,886 | 3.85 |

| Comgest Growth Europe |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Food and distilleries |  |  |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 13,295 | CHF | 64,759,018 | 162,055,923 | 3.03 |
|  |  |  | 64,759,018 | 162,055,923 | 3.03 |
| Healthcare education and social services |  |  |  |  |  |
| Alcon Inc | 1,472,551 | CHF | 95,077,386 | 114,744,614 | 2.14 |
|  |  |  | 95,077,386 | 114,744,614 | 2.14 |
| Holding and finance companies |  |  |  |  |  |
| Temenos AG | 754,321 | CHF | 83,128,854 | 91,763,985 | 1.71 |
|  |  |  | 83,128,854 | 91,763,985 | 1.71 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 434,517 | CHF | 113,874,041 | 158,976,809 | 2.97 |
| Straumann Holding AG | 59,211 | CHF | 32,339,101 | 110,689,196 | 2.07 |
|  |  |  | 146,213,142 | 269,666,005 | 5.04 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 458,301,000 | 844,427,413 | 15.77 |
|  |  |  |  |  |  |
| Equity securities |  |  | 3,031,146,211 | 5,037,754,096 | 94.14 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 3,031,146,211 | 5,037,754,096 | 94.14 |
| Other transferable securities |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Italy |  |  |  |  |  |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 3,103,178 | EUR | 25,128,528 | 39,891,353 | 0.74 |
|  |  | 25,128,528 | 39,891,353 | 0.74 |
|  |  |  |  |  |
| Total Italy |  | 25,128,528 | 39,891,353 | 0.74 |
|  |  |  |  |  |
| Equity securities |  | 25,128,528 | 39,891,353 | 0.74 |
|  |  |  |  |  |
| Other transferable securities |  | 25,128,528 | 39,891,353 | 0.74 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 3,056,274,739 | 5,077,645,449 | 94.89 |
| Total financial derivative instrument (Note 6) |  |  | (300,699) | (0.01) |
| Cash and other net assets |  |  | 273,927,887 | 5.12 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 5,351,272,637 | 100.00 |

| Comgest Growth Europe |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |  |
| As at 31 December 2021 |  |
| (expressed in EUR) |  |
|  | % of |
|  | Total Assets |
| Transferable securities admitted to an official stock exchange listing | 93.88 |
| Other transferable securities | 0.74 |
| Derivative instrument | - |

| Comgest Growth Europe Compounders |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Asset s |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Denmark |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Coloplast A/S - B Shares | 370 | DKK | 43,902 | 57,259 | 0.78 |
| Novo Nordisk A/S - B Shares | 5,515 | DKK | 315,754 | 545,004 | 7.39 |
|  |  |  | 359,656 | 602,263 | 8.17 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 359,656 | 602,263 | 8.17 |
| Finland |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Kone Oyj | 2,527 | EUR | 164,213 | 159,302 | 2.16 |
|  |  |  | 164,213 | 159,302 | 2.16 |
|  |  |  |  |  |  |
| Total Finland |  |  | 164,213 | 159,302 | 2.16 |
| France |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| EssilorLuxottica SA | 1,964 | EUR | 264,040 | 367,739 | 4.98 |
| L'Oreal SA | 689 | EUR | 191,410 | 287,279 | 3.89 |
|  |  |  | 455,450 | 655,018 | 8.87 |
| Textile |  |  |  |  |  |
| Hermes International | 113 | EUR | 86,547 | 173,568 | 2.35 |
| LVMH Moët Hennessy Louis Vuitton SE | 434 | EUR | 185,764 | 315,518 | 4.28 |
|  |  |  | 272,311 | 489,086 | 6.63 |
| Tobacco and spirits |  |  |  |  |  |
| Pernod Ricard SA | 1,591 | EUR | 251,659 | 336,497 | 4.56 |
|  |  |  | 251,659 | 336,497 | 4.56 |
|  |  |  |  |  |  |
| Total France |  |  | 979,420 | 1,480,601 | 20.06 |

| Comgest Growth Europe Compounders |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Germany |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| SAP SE | 1,551 | EUR | 171,984 | 193,720 | 2.63 |
|  |  |  | 171,984 | 193,720 | 2.63 |
|  |  |  |  |  |  |
| Total Germany |  |  | 171,984 | 193,720 | 2.63 |
| Great Britain |  |  |  |  |  |
| Consumer goods |  |  |  |  |  |
| Reckitt Benckiser Group PLC | 1,403 | GBP | 104,686 | 105,977 | 1.44 |
|  |  |  | 104,686 | 105,977 | 1.44 |
| Food and distilleries |  |  |  |  |  |
| Unilever PLC | 4,020 | GBP | 204,655 | 188,910 | 2.56 |
|  |  |  | 204,655 | 188,910 | 2.56 |
| Graphic art and publishing |  |  |  |  |  |
| RELX PLC | 11,243 | GBP | 244,221 | 321,648 | 4.36 |
|  |  |  | 244,221 | 321,648 | 4.36 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 553,562 | 616,535 | 8.36 |
| Ireland |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 1,342 | EUR | 253,384 | 410,652 | 5.56 |
|  |  |  | 253,384 | 410,652 | 5.56 |
| Other services |  |  |  |  |  |
| Accenture PLC | 1,250 | USD | 240,996 | 455,669 | 6.17 |
|  |  |  | 240,996 | 455,669 | 6.17 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Medtronic PLC | 2,561 | USD | 248,567 | 232,972 | 3.16 |
|  |  |  | 248,567 | 232,972 | 3.16 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 742,947 | 1,099,293 | 14.89 |

| Comgest Growth Europe Compounders |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 7,683 | GBP | 228,565 | 332,355 | 4.50 |
|  |  |  | 228,565 | 332,355 | 4.50 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 228,565 | 332,355 | 4.50 |
| Netherlands |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 539 | EUR | 183,069 | 380,911 | 5.16 |
|  |  |  | 183,069 | 380,911 | 5.16 |
| Graphic art and publishing |  |  |  |  |  |
| Wolters Kluw er NV | 2,400 | EUR | 164,499 | 248,640 | 3.37 |
|  |  |  | 164,499 | 248,640 | 3.37 |
| Tobacco and spirits |  |  |  |  |  |
| Heineken NV | 2,067 | EUR | 187,691 | 204,344 | 2.77 |
|  |  |  | 187,691 | 204,344 | 2.77 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 535,259 | 833,895 | 11.30 |
| Spain |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Amadeus IT Group SA - A Shares | 2,254 | EUR | 138,397 | 134,429 | 1.82 |
|  |  |  | 138,397 | 134,429 | 1.82 |
| Retail |  |  |  |  |  |
| Industria de Diseno Textil SA | 7,005 | EUR | 198,267 | 199,853 | 2.71 |
|  |  |  | 198,267 | 199,853 | 2.71 |
|  |  |  |  |  |  |
| Total Spain |  |  | 336,664 | 334,282 | 4.53 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Givaudan SA | 28 | CHF | 83,580 | 129,494 | 1.76 |
| Lonza Group AG | 173 | CHF | 93,204 | 127,159 | 1.72 |
|  |  |  | 176,784 | 256,653 | 3.48 |

| Comgest Growth Europe Compounders |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Construction and building material |  |  |  |  |  |
| Geberit AG | 180 | CHF | 83,114 | 129,455 | 1.75 |
|  |  |  | 83,114 | 129,455 | 1.75 |
| Food and distilleries |  |  |  |  |  |
| Nestle SA | 3,648 | CHF | 349,490 | 448,677 | 6.08 |
|  |  |  | 349,490 | 448,677 | 6.08 |
| Healthcare education and social services |  |  |  |  |  |
| Alcon Inc | 3,269 | CHF | 213,100 | 254,728 | 3.45 |
|  |  |  | 213,100 | 254,728 | 3.45 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 898 | CHF | 261,951 | 328,551 | 4.45 |
|  |  | 261,951 | 328,551 | 4.45 |
|  |  |  |  |  |
| Total Sw itzerland |  | 1,084,439 | 1,418,064 | 19.21 |
|  |  |  |  |  |
| Equity securities |  | 5,156,709 | 7,070,310 | 95.81 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 5,156,709 | 7,070,310 | 95.81 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 5,156,709 | 7,070,310 | 95.81 |
| Total financial derivative instrument (Note 6) |  |  | 74 | - |
| Cash and other net assets |  |  | 309,370 | 4.19 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 7,379,754 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 93.77 |
| Derivative instrument |  |  |  | - |

| Comgest Growth Europe Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Denmark |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| SimCorp A/S | 28,328 | DKK | 2,812,963 | 2,722,502 | 0.55 |
|  |  |  | 2,812,963 | 2,722,502 | 0.55 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Ambu A/S | 112,791 | DKK | 3,303,417 | 2,623,544 | 0.53 |
| Coloplast A/S - B Shares | 16,735 | DKK | 2,344,470 | 2,589,816 | 0.52 |
| Novo Nordisk A/S - B Shares | 322,650 | DKK | 20,953,133 | 31,885,027 | 6.44 |
|  |  |  | 26,601,020 | 37,098,387 | 7.49 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 29,413,983 | 39,820,889 | 8.04 |
| France |  |  |  |  |  |
| Healthcare education and social services |  |  |  |  |  |
| Orpea SA | 80,438 | EUR | 8,093,705 | 7,086,588 | 1.43 |
|  |  |  | 8,093,705 | 7,086,588 | 1.43 |
| Internet software |  |  |  |  |  |
| Dassault Systemes SE | 266,861 | EUR | 8,394,712 | 13,959,499 | 2.82 |
|  |  |  | 8,394,712 | 13,959,499 | 2.82 |
| New s transmission |  |  |  |  |  |
| Teleperformance | 32,975 | EUR | 8,912,536 | 12,926,200 | 2.61 |
|  |  |  | 8,912,536 | 12,926,200 | 2.61 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| EssilorLuxottica SA | 117,284 | EUR | 13,944,348 | 21,960,256 | 4.44 |
| L'Oreal SA | 26,190 | EUR | 7,427,635 | 10,919,921 | 2.21 |
|  |  |  | 21,371,983 | 32,880,177 | 6.65 |
| Textile |  |  |  |  |  |
| Hermes International | 3,662 | EUR | 2,886,062 | 5,624,832 | 1.14 |
| LVMH Moët Hennessy Louis Vuitton SE | 27,535 | EUR | 11,668,386 | 20,017,945 | 4.04 |
|  |  |  | 14,554,448 | 25,642,777 | 5.18 |
|  |  |  |  |  |  |
| Total France |  |  | 61,327,384 | 92,495,241 | 18.69 |

| Comgest Growth Europe Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Germany |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Nemetschek SE | 45,529 | EUR | 2,768,294 | 5,135,671 | 1.04 |
|  |  |  | 2,768,294 | 5,135,671 | 1.04 |
| Textile |  |  |  |  |  |
| adidas AG | 41,987 | EUR | 12,633,661 | 10,631,108 | 2.15 |
|  |  |  | 12,633,661 | 10,631,108 | 2.15 |
|  |  |  |  |  |  |
| Total Germany |  |  | 15,401,955 | 15,766,779 | 3.19 |
| Great Britain |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Halma PLC | 117,540 | GBP | 3,048,785 | 4,479,833 | 0.90 |
|  |  |  | 3,048,785 | 4,479,833 | 0.90 |
| Food and distilleries |  |  |  |  |  |
| Unilever PLC | 139,276 | EUR | 6,634,352 | 6,553,632 | 1.32 |
|  |  |  | 6,634,352 | 6,553,632 | 1.32 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 9,683,137 | 11,033,465 | 2.22 |
| Ireland |  |  |  |  |  |
| Construction and building material |  |  |  |  |  |
| Kingspan Group PLC | 169,975 | EUR | 11,752,942 | 17,847,375 | 3.60 |
|  |  |  | 11,752,942 | 17,847,375 | 3.60 |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 72,767 | EUR | 16,450,105 | 22,266,701 | 4.50 |
|  |  |  | 16,450,105 | 22,266,701 | 4.50 |
| Other services |  |  |  |  |  |
| Accenture PLC | 60,430 | USD | 11,984,364 | 22,028,892 | 4.45 |
|  |  |  | 11,984,364 | 22,028,892 | 4.45 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| ICON PLC | 72,091 | USD | 11,572,094 | 19,632,943 | 3.96 |
|  |  |  | 11,572,094 | 19,632,943 | 3.96 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 51,759,505 | 81,775,911 | 16.51 |

| Comgest Growth Europe Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Amplifon SpA | 102,553 | EUR | 2,667,689 | 4,866,140 | 0.98 |
|  |  |  | 2,667,689 | 4,866,140 | 0.98 |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 274,734 | EUR | 2,301,394 | 3,531,706 | 0.71 |
|  |  |  | 2,301,394 | 3,531,706 | 0.71 |
|  |  |  |  |  |  |
| Total Italy |  |  | 4,969,083 | 8,397,846 | 1.69 |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 412,410 | GBP | 12,987,456 | 17,840,259 | 3.60 |
|  |  |  | 12,987,456 | 17,840,259 | 3.60 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 12,987,456 | 17,840,259 | 3.60 |
| Netherlands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Ferrari NV | 38,813 | EUR | 6,265,957 | 8,829,958 | 1.78 |
|  |  |  | 6,265,957 | 8,829,958 | 1.78 |
| Banks and financial institutions |  |  |  |  |  |
| Adyen NV | 2,179 | EUR | 3,214,284 | 5,036,759 | 1.02 |
|  |  |  | 3,214,284 | 5,036,759 | 1.02 |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 48,254 | EUR | 18,387,371 | 34,101,101 | 6.89 |
|  |  |  | 18,387,371 | 34,101,101 | 6.89 |
| Internet software |  |  |  |  |  |
| Prosus NV | 168,837 | EUR | 14,695,426 | 12,414,585 | 2.51 |
|  |  |  | 14,695,426 | 12,414,585 | 2.51 |
| Tobacco and spirits |  |  |  |  |  |
| Heineken NV | 146,225 | EUR | 11,922,812 | 14,455,804 | 2.92 |
|  |  |  | 11,922,812 | 14,455,804 | 2.92 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 54,485,850 | 74,838,207 | 15.12 |

| Comgest Growth Europe Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
| Jeronimo Martins SGPS SA | 584,676 | EUR | 8,880,475 | 11,751,988 | 2.37 |
|  |  |  | 8,880,475 | 11,751,988 | 2.37 |
|  |  |  |  |  |  |
| Total Portugal |  |  | 8,880,475 | 11,751,988 | 2.37 |
| Spain |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Amadeus IT Group SA - A Shares | 144,610 | EUR | 6,902,543 | 8,624,540 | 1.74 |
|  |  |  | 6,902,543 | 8,624,540 | 1.74 |
| Retail |  |  |  |  |  |
| Industria de Diseno Textil SA | 434,086 | EUR | 10,658,412 | 12,384,474 | 2.50 |
|  |  |  | 10,658,412 | 12,384,474 | 2.50 |
|  |  |  |  |  |  |
| Total Spain |  |  | 17,560,955 | 21,009,014 | 4.24 |
| Sw eden |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Assa Abloy AB | 400,207 | SEK | 7,986,654 | 10,735,870 | 2.17 |
|  |  |  | 7,986,654 | 10,735,870 | 2.17 |
|  |  |  |  |  |  |
| Total Sw eden |  |  | 7,986,654 | 10,735,870 | 2.17 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Lonza Group AG | 12,635 | CHF | 5,980,711 | 9,286,999 | 1.88 |
| Sika AG | 28,154 | CHF | 5,344,908 | 10,330,597 | 2.09 |
|  |  |  | 11,325,619 | 19,617,596 | 3.97 |
| Food and distilleries |  |  |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 1,369 | CHF | 10,348,540 | 16,687,067 | 3.37 |
|  |  |  | 10,348,540 | 16,687,067 | 3.37 |
| Healthcare education and social services |  |  |  |  |  |
| Alcon Inc | 135,454 | CHF | 8,751,256 | 10,554,892 | 2.13 |
|  |  |  | 8,751,256 | 10,554,892 | 2.13 |

| Comgest Growth Europe Plus |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Holding and finance companies |  |  |  |  |  |
| Temenos AG | 68,496 | CHF | 7,870,890 | 8,332,614 | 1.68 |
|  |  |  | 7,870,890 | 8,332,614 | 1.68 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 40,569 | CHF | 12,727,904 | 14,842,987 | 3.00 |
| Straumann Holding AG | 6,035 | CHF | 5,251,027 | 11,281,845 | 2.28 |
|  |  |  | 17,978,931 | 26,124,832 | 5.28 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 56,275,236 | 81,317,001 | 16.43 |
|  |  |  |  |  |  |
| Equity securities |  |  | 330,731,673 | 466,782,470 | 94.27 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 330,731,673 | 466,782,470 | 94.27 |
| Other transferable securities |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Italy |  |  |  |  |  |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 267,954 | EUR | 2,214,182 | 3,444,549 | 0.70 |
|  |  | 2,214,182 | 3,444,549 | 0.70 |
|  |  |  |  |  |
| Total Italy |  | 2,214,182 | 3,444,549 | 0.70 |
|  |  |  |  |  |
| Equity securities |  | 2,214,182 | 3,444,549 | 0.70 |
|  |  |  |  |  |
| Other transferable securities |  | 2,214,182 | 3,444,549 | 0.70 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 332,945,855 | 470,227,019 | 94.97 |
| Cash and other net assets |  |  | 24,912,553 | 5.03 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 495,139,572 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 94.18 |
| Other transferable securities |  |  |  | 0.69 |

| Comgest Growth Europe S |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Denmark |  |  |  |  |  |
| New s transmission |  |  |  |  |  |
| GN Store Nord AS | 28,609 | DKK | 2,125,519 | 1,582,083 | 1.88 |
|  |  |  | 2,125,519 | 1,582,083 | 1.88 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Ambu A/S | 20,817 | DKK | 462,566 | 484,208 | 0.58 |
| Coloplast A/S - B Shares | 7,906 | DKK | 944,676 | 1,223,489 | 1.46 |
| Novo Nordisk A/S - B Shares | 65,959 | DKK | 3,879,463 | 6,518,223 | 7.76 |
|  |  |  | 5,286,705 | 8,225,920 | 9.80 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 7,412,224 | 9,808,003 | 11.68 |
| Faroe Islands |  |  |  |  |  |
| Agriculture and fishing |  |  |  |  |  |
| Bakkafrost P/F | 29,717 | NOK | 2,066,475 | 1,729,419 | 2.06 |
| Total Faroe Islands |  |  | 2,066,475 | 1,729,419 | 2.06 |
| France |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Dassault Systemes SE | 62,316 | EUR | 1,876,360 | 3,259,750 | 3.88 |
|  |  |  | 1,876,360 | 3,259,750 | 3.88 |
| New s transmission |  |  |  |  |  |
| Teleperformance | 5,454 | EUR | 1,592,216 | 2,137,968 | 2.55 |
|  |  |  | 1,592,216 | 2,137,968 | 2.55 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| EssilorLuxottica SA | 21,733 | EUR | 2,687,973 | 4,069,287 | 4.85 |
| L'Oreal SA | 6,046 | EUR | 1,387,576 | 2,520,879 | 3.00 |
| Sartorius Stedim Biotech | 5,282 | EUR | 1,746,547 | 2,548,037 | 3.03 |
|  |  |  | 5,822,096 | 9,138,203 | 10.88 |

| Comgest Growth Europe S |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Textile |  |  |  |  |  |
| Hermes International | 1,134 | EUR | 809,826 | 1,741,824 | 2.07 |
|  |  |  | 809,826 | 1,741,824 | 2.07 |
|  |  |  |  |  |  |
| Total France |  |  | 10,100,498 | 16,277,745 | 19.38 |
| Germany |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Nemetschek SE | 13,462 | EUR | 898,105 | 1,518,514 | 1.81 |
|  |  |  | 898,105 | 1,518,514 | 1.81 |
| Retail |  |  |  |  |  |
| Fielmann AG | 5,992 | EUR | 366,747 | 354,427 | 0.42 |
|  |  |  | 366,747 | 354,427 | 0.42 |
| Textile |  |  |  |  |  |
| adidas AG | 6,969 | EUR | 2,120,130 | 1,764,551 | 2.10 |
|  |  |  | 2,120,130 | 1,764,551 | 2.10 |
|  |  |  |  |  |  |
| Total Germany |  |  | 3,384,982 | 3,637,492 | 4.33 |
| Great Britain |  |  |  |  |  |
| Consumer goods |  |  |  |  |  |
| Reckitt Benckiser Group PLC | 9,592 | GBP | 697,254 | 724,539 | 0.86 |
|  |  |  | 697,254 | 724,539 | 0.86 |
| Electronic semiconductor |  |  |  |  |  |
| Halma PLC | 28,330 | GBP | 583,356 | 1,079,749 | 1.29 |
|  |  |  | 583,356 | 1,079,749 | 1.29 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 1,280,610 | 1,804,288 | 2.15 |
| Ireland |  |  |  |  |  |
| Construction and building material |  |  |  |  |  |
| Kingspan Group PLC | 21,070 | EUR | 1,797,754 | 2,212,350 | 2.64 |
|  |  |  | 1,797,754 | 2,212,350 | 2.64 |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 16,285 | EUR | 3,899,871 | 4,983,210 | 5.94 |
|  |  |  | 3,899,871 | 4,983,210 | 5.94 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 5,697,625 | 7,195,560 | 8.58 |

| Comgest Growth Europe S |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Netherlands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Ferrari NV | 8,009 | EUR | 1,183,679 | 1,822,048 | 2.17 |
|  |  |  | 1,183,679 | 1,822,048 | 2.17 |
| Banks and financial institutions |  |  |  |  |  |
| Adyen NV | 631 | EUR | 969,488 | 1,458,557 | 1.74 |
|  |  |  | 969,488 | 1,458,557 | 1.74 |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 8,783 | EUR | 2,831,178 | 6,206,945 | 7.39 |
|  |  |  | 2,831,178 | 6,206,945 | 7.39 |
| Internet software |  |  |  |  |  |
| Prosus NV | 32,496 | EUR | 2,730,463 | 2,389,431 | 2.85 |
|  |  |  | 2,730,463 | 2,389,431 | 2.85 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 7,714,808 | 11,876,981 | 14.15 |
| Spain |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Amadeus IT Group SA - A Shares | 24,900 | EUR | 1,307,251 | 1,485,036 | 1.77 |
|  |  |  | 1,307,251 | 1,485,036 | 1.77 |
| Retail |  |  |  |  |  |
| Industria de Diseno Textil SA | 71,980 | EUR | 2,020,114 | 2,053,589 | 2.45 |
|  |  |  | 2,020,114 | 2,053,589 | 2.45 |
|  |  |  |  |  |  |
| Total Spain |  |  | 3,327,365 | 3,538,625 | 4.22 |
| Sw eden |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Assa Abloy AB | 49,503 | SEK | 1,003,632 | 1,327,957 | 1.58 |
|  |  |  | 1,003,632 | 1,327,957 | 1.58 |
|  |  |  |  |  |  |
| Total Sw eden |  |  | 1,003,632 | 1,327,957 | 1.58 |

| Comgest Growth Europe S |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Lonza Group AG | 2,377 | CHF | 957,239 | 1,747,147 | 2.08 |
| Sika AG | 5,805 | CHF | 969,401 | 2,130,039 | 2.54 |
|  |  |  | 1,926,640 | 3,877,186 | 4.62 |
| Construction and building material |  |  |  |  |  |
| Geberit AG | 2,618 | CHF | 1,239,340 | 1,882,850 | 2.24 |
|  |  |  | 1,239,340 | 1,882,850 | 2.24 |
| Food and distilleries |  |  |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 228 | CHF | 1,522,142 | 2,779,146 | 3.31 |
| Nestle SA | 35,889 | CHF | 3,056,890 | 4,414,081 | 5.26 |
|  |  |  | 4,579,032 | 7,193,227 | 8.57 |
| Healthcare education and social services |  |  |  |  |  |
| Alcon Inc | 35,958 | CHF | 2,312,281 | 2,801,931 | 3.34 |
|  |  |  | 2,312,281 | 2,801,931 | 3.34 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 6,821 | CHF | 1,836,092 | 2,495,600 | 2.97 |
| Straumann Holding AG | 1,006 | CHF | 844,031 | 1,880,619 | 2.24 |
|  |  | 2,680,123 | 4,376,219 | 5.21 |
|  |  |  |  |  |
| Total Sw itzerland |  | 12,737,416 | 20,131,413 | 23.98 |
|  |  |  |  |  |
| Equity securities |  | 54,725,635 | 77,327,483 | 92.11 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 54,725,635 | 77,327,483 | 92.11 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 54,725,635 | 77,327,483 | 92.11 |
| Total financial derivative instrument (Note 6) |  |  | (174) | - |
| Cash and other net assets |  |  | 6,623,991 | 7.89 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 83,951,300 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 91.78 |

| Comgest Growth Europe Opportunities |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Denmark |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Netcompany Group A/S | 423,686 | DKK | 19,405,215 | 40,132,194 | 1.89 |
| SimCorp A/S | 306,924 | DKK | 25,843,824 | 29,497,363 | 1.39 |
|  |  |  | 45,249,039 | 69,629,557 | 3.28 |
| New s transmission |  |  |  |  |  |
| GN Store Nord AS | 1,755,996 | DKK | 80,758,410 | 97,106,886 | 4.56 |
|  |  |  | 80,758,410 | 97,106,886 | 4.56 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Ambu A/S | 519,415 | DKK | 10,236,831 | 12,081,709 | 0.57 |
|  |  |  | 10,236,831 | 12,081,709 | 0.57 |
| Transportation |  |  |  |  |  |
| DSV A/S | 450,678 | DKK | 53,533,315 | 92,558,300 | 4.35 |
|  |  |  | 53,533,315 | 92,558,300 | 4.35 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 189,777,595 | 271,376,452 | 12.76 |
| Faroe Islands |  |  |  |  |  |
| Agriculture and fishing |  |  |  |  |  |
| Bakkafrost P/F | 1,359,245 | NOK | 76,040,908 | 79,103,019 | 3.72 |
|  |  |  | 76,040,908 | 79,103,019 | 3.72 |
|  |  |  |  |  |  |
| Total Faroe Islands |  |  | 76,040,908 | 79,103,019 | 3.72 |
| France |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| SOITEC | 49,300 | EUR | 10,477,765 | 10,609,360 | 0.50 |
|  |  |  | 10,477,765 | 10,609,360 | 0.50 |
| Healthcare education and social services |  |  |  |  |  |
| Orpea SA | 251,983 | EUR | 24,648,818 | 22,199,702 | 1.04 |
|  |  |  | 24,648,818 | 22,199,702 | 1.04 |

| Comgest Growth Europe Opportunities |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Holding and finance companies |  |  |  |  |  |
| Edenred | 523,268 | EUR | 20,829,857 | 21,228,983 | 1.00 |
|  |  |  | 20,829,857 | 21,228,983 | 1.00 |
| Internet software |  |  |  |  |  |
| Capgemini SE | 587,972 | EUR | 66,248,473 | 126,707,966 | 5.95 |
|  |  |  | 66,248,473 | 126,707,966 | 5.95 |
| New s transmission |  |  |  |  |  |
| Teleperformance | 307,398 | EUR | 63,519,101 | 120,500,016 | 5.66 |
|  |  |  | 63,519,101 | 120,500,016 | 5.66 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Sartorius Stedim Biotech | 56,281 | EUR | 21,161,099 | 27,149,954 | 1.28 |
|  |  |  | 21,161,099 | 27,149,954 | 1.28 |
| Textile |  |  |  |  |  |
| LVMH Moët Hennessy Louis Vuitton SE | 57,607 | EUR | 23,093,821 | 41,880,289 | 1.97 |
|  |  |  | 23,093,821 | 41,880,289 | 1.97 |
|  |  |  |  |  |  |
| Total France |  |  | 229,978,934 | 370,276,270 | 17.40 |
| Germany |  |  |  |  |  |
| Electronics and electrical equipment |  |  |  |  |  |
| Dr Hoenle AG | 51,673 | EUR | 4,140,501 | 2,022,998 | 0.09 |
|  |  |  | 4,140,501 | 2,022,998 | 0.09 |
| Internet software |  |  |  |  |  |
| New Work SE | 31,004 | EUR | 7,665,220 | 6,743,370 | 0.32 |
|  |  |  | 7,665,220 | 6,743,370 | 0.32 |
| Other services |  |  |  |  |  |
| Scout24 SE | 731,843 | EUR | 48,294,463 | 44,949,797 | 2.11 |
|  |  |  | 48,294,463 | 44,949,797 | 2.11 |
| Textile |  |  |  |  |  |
| adidas AG | 223,660 | EUR | 65,839,173 | 56,630,712 | 2.66 |
| Zalando SE | 759,718 | EUR | 65,207,837 | 54,046,339 | 2.54 |
|  |  |  | 131,047,010 | 110,677,051 | 5.20 |
|  |  |  |  |  |  |
| Total Germany |  |  | 191,147,194 | 164,393,216 | 7.72 |

| Comgest Growth Europe Opportunities |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Great Britain |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| London Stock Exchange Group PLC | 568,565 | GBP | 52,900,880 | 46,928,804 | 2.20 |
|  |  |  | 52,900,880 | 46,928,804 | 2.20 |
| Other services |  |  |  |  |  |
| Keyw ords Studios PLC | 800,277 | GBP | 21,552,526 | 28,042,009 | 1.32 |
|  |  |  | 21,552,526 | 28,042,009 | 1.32 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| AstraZeneca PLC | 735,663 | GBP | 66,658,006 | 76,036,950 | 3.57 |
|  |  |  | 66,658,006 | 76,036,950 | 3.57 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 141,111,412 | 151,007,763 | 7.09 |
| Ireland |  |  |  |  |  |
| Construction and building material |  |  |  |  |  |
| Kingspan Group PLC | 637,663 | EUR | 34,684,290 | 66,954,615 | 3.15 |
|  |  |  | 34,684,290 | 66,954,615 | 3.15 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| ICON PLC | 387,220 | USD | 53,463,197 | 105,453,776 | 4.95 |
|  |  |  | 53,463,197 | 105,453,776 | 4.95 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 88,147,487 | 172,408,391 | 8.10 |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Amplifon SpA | 37,847 | EUR | 721,293 | 1,795,840 | 0.08 |
|  |  |  | 721,293 | 1,795,840 | 0.08 |
| Textile |  |  |  |  |  |
| Moncler SpA | 378,857 | EUR | 14,131,948 | 24,254,425 | 1.14 |
|  |  |  | 14,131,948 | 24,254,425 | 1.14 |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 1,586,765 | EUR | 13,343,804 | 20,397,864 | 0.96 |
|  |  |  | 13,343,804 | 20,397,864 | 0.96 |
|  |  |  |  |  |  |
| Total Italy |  |  | 28,197,045 | 46,448,129 | 2.18 |

| Comgest Growth Europe Opportunities |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Jersey |  |  |  |  |  |
| Transportation |  |  |  |  |  |
| Wizz Air Holdings Plc | 1,380,637 | GBP | 69,948,402 | 68,867,181 | 3.24 |
|  |  |  | 69,948,402 | 68,867,181 | 3.24 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 69,948,402 | 68,867,181 | 3.24 |
| Luxembourg |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| B&M European Value Retail SA | 6,851,194 | GBP | 31,944,881 | 51,734,666 | 2.43 |
| Spotify Technology SA | 109,109 | USD | 22,917,838 | 22,454,080 | 1.05 |
|  |  |  | 54,862,719 | 74,188,746 | 3.48 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 54,862,719 | 74,188,746 | 3.48 |
| Netherlands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Ferrari NV | 90,327 | EUR | 11,816,428 | 20,549,393 | 0.97 |
|  |  |  | 11,816,428 | 20,549,393 | 0.97 |
| Banks and financial institutions |  |  |  |  |  |
| Adyen NV | 19,333 | EUR | 25,693,273 | 44,688,230 | 2.10 |
|  |  |  | 25,693,273 | 44,688,230 | 2.10 |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 221,105 | EUR | 55,368,854 | 156,254,903 | 7.34 |
|  |  |  | 55,368,854 | 156,254,903 | 7.34 |
| Holding and finance companies |  |  |  |  |  |
| Alfen Beheer BV | 295,359 | EUR | 22,072,836 | 26,065,432 | 1.22 |
| TKH Group NV | 448,617 | EUR | 16,267,889 | 24,898,244 | 1.17 |
|  |  |  | 38,340,725 | 50,963,676 | 2.39 |
| Internet software |  |  |  |  |  |
| Prosus NV | 969,390 | EUR | 71,884,743 | 71,279,247 | 3.35 |
|  |  |  | 71,884,743 | 71,279,247 | 3.35 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 203,104,023 | 343,735,449 | 16.15 |

| Comgest Growth Europe Opportunities |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Norw ay |  |  |  |  |  |
| Agriculture and fishing |  |  |  |  |  |
| Salmar ASA | 364,235 | NOK | 21,524,868 | 22,083,367 | 1.04 |
|  |  |  | 21,524,868 | 22,083,367 | 1.04 |
|  |  |  |  |  |  |
| Total Norw ay |  |  | 21,524,868 | 22,083,367 | 1.04 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Lonza Group AG | 93,206 | CHF | 31,867,816 | 68,508,431 | 3.22 |
| Sika AG | 309,710 | CHF | 46,541,748 | 113,642,442 | 5.34 |
|  |  |  | 78,409,564 | 182,150,873 | 8.56 |
| Holding and finance companies |  |  |  |  |  |
| Temenos AG | 411,432 | CHF | 49,232,858 | 50,051,159 | 2.35 |
| VAT Group AG | 28,063 | CHF | 3,372,572 | 12,306,814 | 0.58 |
|  |  |  | 52,605,430 | 62,357,973 | 2.93 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 131,014,994 | 244,508,846 | 11.49 |
|  |  |  |  |  |  |
| Equity securities |  | 1,424,855,581 | 2,008,396,829 | 94.37 |
| America Depository Receipts |  |  |  |  |  |
| Germany |  |  |  |  |  |
| Biotechnology |  |  |  |  |  |
| BioNTech SE | 140,250 | USD | 13,772,713 | 31,794,275 | 1.49 |
|  |  | 13,772,713 | 31,794,275 | 1.49 |
|  |  |  |  |  |
| Total Germany |  | 13,772,713 | 31,794,275 | 1.49 |
|  |  |  |  |  |
| America Depository Receipts |  | 13,772,713 | 31,794,275 | 1.49 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 1,438,628,294 | 2,040,191,104 | 95.86 |

| Comgest Growth Europe Opportunities |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Other transferable securities |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| AMPLIFON N | 438,975 | EUR | 6,797,133 | 20,829,364 | 0.98 |
|  |  |  | 6,797,133 | 20,829,364 | 0.98 |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 1,474,059 | EUR | 12,396,009 | 18,949,028 | 0.89 |
|  |  | 12,396,009 | 18,949,028 | 0.89 |
|  |  |  |  |  |
| Total Italy |  | 19,193,142 | 39,778,392 | 1.87 |
|  |  |  |  |  |
| Equity securities |  | 19,193,142 | 39,778,392 | 1.87 |
|  |  |  |  |  |
| Other transferable securities |  | 19,193,142 | 39,778,392 | 1.87 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 1,457,821,436 | 2,079,969,496 | 97.73 |
| Total financial derivative instrument (Note 6) |  |  | (691,003) | (0.03) |
| Cash and other net assets |  |  | 48,847,936 | 2.30 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 2,128,126,429 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 95.47 |
| Other transferable securities |  |  |  | 1.86 |
| Derivative instrument |  |  |  | - |

| Comgest Growth Europe Smaller Companies |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Denmark |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Netcompany Group A/S | 393,315 | DKK | 15,791,840 | 37,255,406 | 2.96 |
| SimCorp A/S | 470,157 | DKK | 38,631,328 | 45,185,100 | 3.58 |
|  |  |  | 54,423,168 | 82,440,506 | 6.54 |
| New s transmission |  |  |  |  |  |
| GN Store Nord AS | 1,137,105 | DKK | 53,004,468 | 62,882,104 | 4.99 |
|  |  |  | 53,004,468 | 62,882,104 | 4.99 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Ambu A/S | 519,685 | DKK | 7,686,672 | 12,087,990 | 0.96 |
|  |  |  | 7,686,672 | 12,087,990 | 0.96 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 115,114,308 | 157,410,600 | 12.49 |
| Faroe Islands |  |  |  |  |  |
| Agriculture and fishing |  |  |  |  |  |
| Bakkafrost P/F | 766,534 | NOK | 42,693,814 | 44,609,437 | 3.54 |
|  |  |  | 42,693,814 | 44,609,437 | 3.54 |
|  |  |  |  |  |  |
| Total Faroe Islands |  |  | 42,693,814 | 44,609,437 | 3.54 |
| France |  |  |  |  |  |
| Healthcare education and social services |  |  |  |  |  |
| Orpea SA | 351,211 | EUR | 35,255,014 | 30,941,689 | 2.45 |
|  |  |  | 35,255,014 | 30,941,689 | 2.45 |
| Holding and finance companies |  |  |  |  |  |
| Edenred | 305,000 | EUR | 12,141,209 | 12,373,850 | 0.98 |
|  |  |  | 12,141,209 | 12,373,850 | 0.98 |
| Internet software |  |  |  |  |  |
| Pharmagest Interactive | 160,000 | EUR | 11,416,349 | 15,040,000 | 1.19 |
|  |  |  | 11,416,349 | 15,040,000 | 1.19 |

| Comgest Growth Europe Smaller Companies |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| New s transmission |  |  |  |  |  |
| Teleperformance | 32,079 | EUR | 5,750,482 | 12,574,968 | 1.00 |
|  |  |  | 5,750,482 | 12,574,968 | 1.00 |
|  |  |  |  |  |  |
| Total France |  |  | 64,563,054 | 70,930,507 | 5.62 |
| Germany |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| MTU Aero Engines AG | 55,886 | EUR | 8,441,510 | 10,025,948 | 0.80 |
|  |  |  | 8,441,510 | 10,025,948 | 0.80 |
| Electronics and electrical equipment |  |  |  |  |  |
| Rational AG | 11,556 | EUR | 5,773,548 | 10,405,022 | 0.83 |
|  |  |  | 5,773,548 | 10,405,022 | 0.83 |
| Graphic art and publishing |  |  |  |  |  |
| CTS Eventim AG & Co KGaA | 171,260 | EUR | 7,804,513 | 11,022,294 | 0.87 |
|  |  |  | 7,804,513 | 11,022,294 | 0.87 |
| Internet software |  |  |  |  |  |
| Bechtle AG | 324,222 | EUR | 17,798,264 | 20,406,533 | 1.62 |
| Nemetschek SE | 433,545 | EUR | 24,685,484 | 48,903,876 | 3.88 |
| New Work SE | 67,707 | EUR | 15,243,980 | 14,726,273 | 1.17 |
|  |  |  | 57,727,728 | 84,036,682 | 6.67 |
| Mechanics and machinery |  |  |  |  |  |
| STRATEC SE | 331,390 | EUR | 29,707,308 | 45,665,542 | 3.62 |
|  |  |  | 29,707,308 | 45,665,542 | 3.62 |
| Other services |  |  |  |  |  |
| Scout24 SE | 363,830 | EUR | 23,985,671 | 22,346,439 | 1.77 |
|  |  |  | 23,985,671 | 22,346,439 | 1.77 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Carl Zeiss Meditec AG | 82,663 | EUR | 8,931,633 | 15,280,256 | 1.21 |
|  |  |  | 8,931,633 | 15,280,256 | 1.21 |
|  |  |  |  |  |  |
| Total Germany |  |  | 142,371,911 | 198,782,183 | 15.77 |
| Great Britain |  |  |  |  |  |
| Agriculture and fishing |  |  |  |  |  |
| Genus PLC | 622,995 | GBP | 25,827,569 | 36,640,532 | 2.91 |
|  |  |  | 25,827,569 | 36,640,532 | 2.91 |

| Comgest Growth Europe Smaller Companies |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Electronic semiconductor |  |  |  |  |  |
| Halma PLC | 582,215 | GBP | 11,460,132 | 22,190,112 | 1.76 |
|  |  |  | 11,460,132 | 22,190,112 | 1.76 |
| Other services |  |  |  |  |  |
| Auto Trader Group PLC | 2,515,820 | GBP | 17,327,148 | 22,173,661 | 1.76 |
| Keyw ords Studios PLC | 1,139,151 | GBP | 36,140,890 | 39,916,283 | 3.17 |
|  |  |  | 53,468,038 | 62,089,944 | 4.93 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Dechra Pharmaceuticals PLC | 1,042,422 | GBP | 39,078,106 | 66,113,371 | 5.25 |
|  |  |  | 39,078,106 | 66,113,371 | 5.25 |
| Retail |  |  |  |  |  |
| Games Workshop Group PLC | 173,616 | GBP | 20,463,335 | 20,616,315 | 1.64 |
|  |  |  | 20,463,335 | 20,616,315 | 1.64 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 150,297,180 | 207,650,274 | 16.49 |
| Ireland |  |  |  |  |  |
| Construction and building material |  |  |  |  |  |
| Kingspan Group PLC | 496,358 | EUR | 27,142,446 | 52,117,589 | 4.13 |
|  |  |  | 27,142,446 | 52,117,589 | 4.13 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 27,142,446 | 52,117,589 | 4.13 |
| Italy |  |  |  |  |  |
| Consumer goods |  |  |  |  |  |
| Technogym SpA | 1,766,295 | EUR | 16,385,133 | 14,934,024 | 1.18 |
|  |  |  | 16,385,133 | 14,934,024 | 1.18 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Amplifon SpA | 751,422 | EUR | 15,510,611 | 35,654,974 | 2.83 |
|  |  |  | 15,510,611 | 35,654,974 | 2.83 |
| Textile |  |  |  |  |  |
| Moncler SpA | 611,693 | EUR | 23,088,861 | 39,160,586 | 3.11 |
|  |  |  | 23,088,861 | 39,160,586 | 3.11 |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 1,455,484 | EUR | 11,508,806 | 18,710,247 | 1.48 |
|  |  |  | 11,508,806 | 18,710,247 | 1.48 |
|  |  |  |  |  |  |
| Total Italy |  |  | 66,493,411 | 108,459,831 | 8.60 |

| Comgest Growth Europe Smaller Companies |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Jersey |  |  |  |  |  |
| Transportation |  |  |  |  |  |
| Wizz Air Holdings Plc | 765,656 | GBP | 35,998,723 | 38,191,480 | 3.03 |
|  |  |  | 35,998,723 | 38,191,480 | 3.03 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 35,998,723 | 38,191,480 | 3.03 |
| Luxembourg |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| B&M European Value Retail SA | 8,756,060 | GBP | 39,127,668 | 66,118,670 | 5.25 |
|  |  |  | 39,127,668 | 66,118,670 | 5.25 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 39,127,668 | 66,118,670 | 5.25 |
| Netherlands |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Alfen Beheer BV | 224,595 | EUR | 20,276,376 | 19,820,509 | 1.57 |
|  |  |  | 20,276,376 | 19,820,509 | 1.57 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 20,276,376 | 19,820,509 | 1.57 |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
| Jeronimo Martins SGPS SA | 1,472,377 | EUR | 21,008,251 | 29,594,778 | 2.35 |
|  |  |  | 21,008,251 | 29,594,778 | 2.35 |
|  |  |  |  |  |  |
| Total Portugal |  |  | 21,008,251 | 29,594,778 | 2.35 |
| Sw eden |  |  |  |  |  |
| Other services |  |  |  |  |  |
| MIPS AB | 271,611 | SEK | 13,783,941 | 31,313,163 | 2.48 |
|  |  |  | 13,783,941 | 31,313,163 | 2.48 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Vitrolife AB | 727,358 | SEK | 12,090,587 | 39,560,805 | 3.14 |
|  |  |  | 12,090,587 | 39,560,805 | 3.14 |
|  |  |  |  |  |  |
| Total Sw eden |  |  | 25,874,528 | 70,873,968 | 5.62 |

| Comgest Growth Europe Smaller Companies |
| --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Sw itzerland |  |  |  |  |  |
| Electronics and electrical equipment |  |  |  |  |  |
| Belimo Holding AG | 37,135 | CHF | 14,115,891 | 20,786,657 | 1.65 |
|  |  |  | 14,115,891 | 20,786,657 | 1.65 |
| Holding and finance companies |  |  |  |  |  |
| Medacta Group SA | 117,604 | CHF | 12,867,193 | 16,116,980 | 1.28 |
| Temenos AG | 288,068 | CHF | 32,951,452 | 35,043,791 | 2.78 |
|  |  |  | 45,818,645 | 51,160,771 | 4.06 |
|  |  |  |  |  |  |
| Total Sw itzerland |  |  | 59,934,536 | 71,947,428 | 5.71 |
|  |  |  |  |  |  |
| Equity securities |  |  | 810,896,206 | 1,136,507,254 | 90.17 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 810,896,206 | 1,136,507,254 | 90.17 |
| Other transferable securities |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| AMPLIFON N | 345,422 | EUR | 5,555,549 | 16,390,274 | 1.30 |
|  |  |  | 5,555,549 | 16,390,274 | 1.30 |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 1,455,484 | EUR | 11,508,806 | 18,710,247 | 1.48 |
|  |  | 11,508,806 | 18,710,247 | 1.48 |
|  |  |  |  |  |
| Total Italy |  | 17,064,355 | 35,100,521 | 2.78 |
|  |  |  |  |  |
| Equity securities |  | 17,064,355 | 35,100,521 | 2.78 |
|  |  |  |  |  |
| Other transferable securities |  | 17,064,355 | 35,100,521 | 2.78 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 827,960,561 | 1,171,607,775 | 92.95 |
| Total financial derivative instrument (Note 6) |  |  | 4 | - |
| Cash and other net assets |  |  | 88,879,635 | 7.05 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 1,260,487,414 | 100.00 |

| Comgest Growth Europe Smaller Companies |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |  |
| As at 31 December 2021 |  |
| (expressed in EUR) |  |
|  | % of |
|  | Total Assets |
| Transferable securities admitted to an official stock exchange listing | 89.91 |
| Other transferable securities | 2.78 |

| Comgest Growth Europe ex Switzerland |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in CHF) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (CHF) | CHF | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Denmark |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| SimCorp A/S | 19,606 | DKK | 1,751,160 | 1,952,397 | 1.11 |
|  |  |  | 1,751,160 | 1,952,397 | 1.11 |
| New s transmission |  |  |  |  |  |
| GN Store Nord AS | 38,110 | DKK | 2,684,793 | 2,183,696 | 1.24 |
|  |  |  | 2,684,793 | 2,183,696 | 1.24 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Ambu A/S | 47,289 | DKK | 791,367 | 1,139,727 | 0.65 |
| Coloplast A/S - B Shares | 7,463 | DKK | 560,118 | 1,196,695 | 0.68 |
| Novo Nordisk A/S - B Shares | 109,110 | DKK | 5,917,036 | 11,172,399 | 6.37 |
|  |  |  | 7,268,521 | 13,508,821 | 7.70 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 11,704,474 | 17,644,914 | 10.05 |
| Faroe Islands |  |  |  |  |  |
| Agriculture and fishing |  |  |  |  |  |
| Bakkafrost P/F | 83,311 | NOK | 4,956,727 | 5,023,709 | 2.86 |
|  |  |  | 4,956,727 | 5,023,709 | 2.86 |
|  |  |  |  |  |  |
| Total Faroe Islands |  |  | 4,956,727 | 5,023,709 | 2.86 |
| France |  |  |  |  |  |
| Healthcare education and social services |  |  |  |  |  |
| Orpea SA | 36,174 | EUR | 4,147,841 | 3,302,168 | 1.88 |
|  |  |  | 4,147,841 | 3,302,168 | 1.88 |
| Internet software |  |  |  |  |  |
| Dassault Systemes SE | 105,190 | EUR | 2,406,498 | 5,701,458 | 3.25 |
|  |  |  | 2,406,498 | 5,701,458 | 3.25 |
| New s transmission |  |  |  |  |  |
| Teleperformance | 13,873 | EUR | 3,614,362 | 5,634,861 | 3.21 |
|  |  |  | 3,614,362 | 5,634,861 | 3.21 |

| Comgest Growth Europe ex Switzerland |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in CHF) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (CHF) | CHF | Assets |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| EssilorLuxottica SA | 42,054 | EUR | 4,670,272 | 8,158,921 | 4.65 |
| L'Oreal SA | 8,904 | EUR | 1,485,717 | 3,846,767 | 2.19 |
| Sartorius Stedim Biotech | 5,020 | EUR | 2,196,183 | 2,509,215 | 1.43 |
|  |  |  | 8,352,172 | 14,514,903 | 8.27 |
| Textile |  |  |  |  |  |
| LVMH Moët Hennessy Louis Vuitton SE | 9,394 | EUR | 2,718,310 | 7,076,390 | 4.03 |
|  |  |  | 2,718,310 | 7,076,390 | 4.03 |
|  |  |  |  |  |  |
| Total France |  |  | 21,239,183 | 36,229,780 | 20.64 |
| Germany |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| MTU Aero Engines AG | 15,617 | EUR | 3,121,294 | 2,902,999 | 1.65 |
|  |  |  | 3,121,294 | 2,902,999 | 1.65 |
| Internet software |  |  |  |  |  |
| Nemetschek SE | 30,003 | EUR | 1,956,743 | 3,506,716 | 2.00 |
|  |  |  | 1,956,743 | 3,506,716 | 2.00 |
| Textile |  |  |  |  |  |
| adidas AG | 16,253 | EUR | 5,298,047 | 4,264,067 | 2.43 |
|  |  |  | 5,298,047 | 4,264,067 | 2.43 |
|  |  |  |  |  |  |
| Total Germany |  |  | 10,376,084 | 10,673,782 | 6.08 |
| Great Britain |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| AstraZeneca PLC | 35,561 | GBP | 3,399,488 | 3,808,435 | 2.17 |
|  |  |  | 3,399,488 | 3,808,435 | 2.17 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 3,399,488 | 3,808,435 | 2.17 |
| Ireland |  |  |  |  |  |
| Construction and building material |  |  |  |  |  |
| Kingspan Group PLC | 35,220 | EUR | 2,693,788 | 3,831,823 | 2.18 |
|  |  |  | 2,693,788 | 3,831,823 | 2.18 |
| Mechanics and machinery |  |  |  |  |  |
| Linde PLC | 24,703 | EUR | 5,900,161 | 7,832,455 | 4.46 |
|  |  |  | 5,900,161 | 7,832,455 | 4.46 |

| Comgest Growth Europe ex Switzerland |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in CHF) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (CHF) | CHF | Assets |
| Other services |  |  |  |  |  |
| Accenture PLC | 21,557 | USD | 3,661,891 | 8,142,451 | 4.64 |
|  |  |  | 3,661,891 | 8,142,451 | 4.64 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| ICON PLC | 28,815 | USD | 4,560,342 | 8,131,109 | 4.63 |
|  |  |  | 4,560,342 | 8,131,109 | 4.63 |
| Transportation |  |  |  |  |  |
| Ryanair Holdings PLC | 275,135 | EUR | 4,197,891 | 4,347,529 | 2.48 |
|  |  |  | 4,197,891 | 4,347,529 | 2.48 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 21,014,073 | 32,285,367 | 18.39 |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Amplifon SpA | 6,012 | EUR | 111,978 | 295,585 | 0.17 |
|  |  |  | 111,978 | 295,585 | 0.17 |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 102,410 | EUR | 923,362 | 1,364,084 | 0.78 |
|  |  |  | 923,362 | 1,364,084 | 0.78 |
|  |  |  |  |  |  |
| Total Italy |  |  | 1,035,340 | 1,659,669 | 0.95 |
| Jersey |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Experian PLC | 151,988 | GBP | 3,683,487 | 6,812,524 | 3.88 |
|  |  |  | 3,683,487 | 6,812,524 | 3.88 |
|  |  |  |  |  |  |
| Total Jersey |  |  | 3,683,487 | 6,812,524 | 3.88 |
| Luxembourg |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| B&M European Value Retail SA | 477,318 | GBP | 1,954,961 | 3,734,651 | 2.13 |
|  |  |  | 1,954,961 | 3,734,651 | 2.13 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 1,954,961 | 3,734,651 | 2.13 |

| Comgest Growth Europe ex Switzerland |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in CHF) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (CHF) | CHF | Assets |
| Netherlands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Ferrari NV | 13,129 | EUR | 2,056,355 | 3,094,852 | 1.76 |
|  |  |  | 2,056,355 | 3,094,852 | 1.76 |
| Banks and financial institutions |  |  |  |  |  |
| Adyen NV | 909 | EUR | 1,167,867 | 2,177,131 | 1.24 |
|  |  |  | 1,167,867 | 2,177,131 | 1.24 |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 16,867 | EUR | 4,482,856 | 12,350,931 | 7.04 |
|  |  |  | 4,482,856 | 12,350,931 | 7.04 |
| Internet software |  |  |  |  |  |
| Prosus NV | 60,122 | EUR | 5,700,889 | 4,580,625 | 2.61 |
|  |  |  | 5,700,889 | 4,580,625 | 2.61 |
| Tobacco and spirits |  |  |  |  |  |
| Heineken NV | 60,202 | EUR | 5,314,002 | 6,166,778 | 3.51 |
|  |  |  | 5,314,002 | 6,166,778 | 3.51 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 18,721,969 | 28,370,317 | 16.16 |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
| Jeronimo Martins SGPS SA | 271,571 | EUR | 4,490,144 | 5,655,959 | 3.22 |
|  |  |  | 4,490,144 | 5,655,959 | 3.22 |
|  |  |  |  |  |  |
| Total Portugal |  |  | 4,490,144 | 5,655,959 | 3.22 |
| Spain |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Amadeus IT Group SA - A Shares | 50,106 | EUR | 2,524,876 | 3,096,379 | 1.77 |
|  |  |  | 2,524,876 | 3,096,379 | 1.77 |
| Retail |  |  |  |  |  |
| Industria de Diseno Textil SA | 146,302 | EUR | 4,385,681 | 4,324,927 | 2.47 |
|  |  |  | 4,385,681 | 4,324,927 | 2.47 |
|  |  |  |  |  |  |
| Total Spain |  |  | 6,910,557 | 7,421,306 | 4.24 |

| Comgest Growth Europe ex Switzerland |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in CHF) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (CHF) | CHF | Assets |
| Sw eden |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Assa Abloy AB | 157,855 | SEK | 3,143,937 | 4,387,708 | 2.50 |
|  |  |  | 3,143,937 | 4,387,708 | 2.50 |
|  |  |  |  |  |  |
| Total Sw eden |  |  | 3,143,937 | 4,387,708 | 2.50 |
|  |  |  |  |  |  |
| Equity securities |  |  | 112,630,424 | 163,708,121 | 93.27 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 112,630,424 | 163,708,121 | 93.27 |
| Other transferable securities |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| AMPLIFON N | 38,796 | EUR | 722,604 | 1,907,436 | 1.09 |
|  |  |  | 722,604 | 1,907,436 | 1.09 |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 102,410 | EUR | 923,362 | 1,364,084 | 0.78 |
|  |  | 923,362 | 1,364,084 | 0.78 |
|  |  |  |  |  |
| Total Italy |  | 1,645,966 | 3,271,520 | 1.87 |
|  |  |  |  |  |
| Equity securities |  | 1,645,966 | 3,271,520 | 1.87 |
|  |  |  |  |  |
| Other transferable securities |  | 1,645,966 | 3,271,520 | 1.87 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 114,276,390 | 166,979,641 | 95.14 |
| Total financial derivative instrument (Note 6) |  |  | 675,882 | 0.39 |
| Cash and other net assets |  |  | 7,846,005 | 4.47 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 175,501,528 | 100.00 |

|  | % of |
| --- | --- |
|  | Total Assets |
| Transferable securities admitted to an official stock exchange listing | 92.74 |
| Other transferable securities | 1.85 |
| Derivative instrument | 0.48 |

| Comgest Growth Europe ex UK |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in GBP) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (GBP) | GBP | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Denmark |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| SimCorp A/S | 57,737 | DKK | 4,792,442 | 4,658,868 | 1.44 |
|  |  |  | 4,792,442 | 4,658,868 | 1.44 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Ambu A/S | 94,216 | DKK | 2,040,319 | 1,839,977 | 0.57 |
| Coloplast A/S - B Shares | 12,771 | DKK | 1,303,957 | 1,659,365 | 0.51 |
| Novo Nordisk A/S - B Shares | 235,457 | DKK | 12,592,066 | 19,536,223 | 6.05 |
|  |  |  | 15,936,342 | 23,035,565 | 7.13 |
|  |  |  |  |  |  |
| Total Denmark |  |  | 20,728,784 | 27,694,433 | 8.57 |
| France |  |  |  |  |  |
| Healthcare education and social services |  |  |  |  |  |
| Orpea SA | 67,016 | EUR | 6,275,703 | 4,957,107 | 1.53 |
|  |  |  | 6,275,703 | 4,957,107 | 1.53 |
| Internet software |  |  |  |  |  |
| Dassault Systemes SE | 194,744 | EUR | 5,346,780 | 8,553,083 | 2.65 |
|  |  |  | 5,346,780 | 8,553,083 | 2.65 |
| New s transmission |  |  |  |  |  |
| Teleperformance | 30,389 | EUR | 7,379,387 | 10,001,758 | 3.10 |
|  |  |  | 7,379,387 | 10,001,758 | 3.10 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| EssilorLuxottica SA | 90,485 | EUR | 10,087,275 | 14,224,896 | 4.40 |
| L'Oreal SA | 20,466 | EUR | 4,953,707 | 7,164,581 | 2.22 |
| Sartorius Stedim Biotech | 4,850 | EUR | 1,019,276 | 1,964,368 | 0.61 |
|  |  |  | 16,060,258 | 23,353,845 | 7.23 |
| Textile |  |  |  |  |  |
| Hermes International | 2,846 | EUR | 1,963,283 | 3,670,287 | 1.14 |
| LVMH Moët Hennessy Louis Vuitton SE | 13,385 | EUR | 6,215,110 | 8,170,087 | 2.53 |
|  |  |  | 8,178,393 | 11,840,374 | 3.67 |
|  |  |  |  |  |  |
| Total France |  |  | 43,240,521 | 58,706,167 | 18.18 |

| Comgest Growth Europe ex UK |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in GBP) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (GBP) | GBP | Assets |
| Germany |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| MTU Aero Engines AG | 28,893 | EUR | 4,780,155 | 4,352,001 | 1.35 |
|  |  |  | 4,780,155 | 4,352,001 | 1.35 |
| Internet software |  |  |  |  |  |
| Nemetschek SE | 51,494 | EUR | 2,674,194 | 4,876,852 | 1.51 |
|  |  |  | 2,674,194 | 4,876,852 | 1.51 |
| Textile |  |  |  |  |  |
| adidas AG | 30,640 | EUR | 7,929,906 | 6,513,679 | 2.02 |
|  |  |  | 7,929,906 | 6,513,679 | 2.02 |
|  |  |  |  |  |  |
| Total Germany |  |  | 15,384,255 | 15,742,532 | 4.88 |
| Ireland |  |  |  |  |  |
| Construction and building material |  |  |  |  |  |
| Kingspan Group PLC | 128,585 | EUR | 7,501,382 | 11,335,834 | 3.51 |
|  |  |  | 7,501,382 | 11,335,834 | 3.51 |
| Other services |  |  |  |  |  |
| Accenture PLC | 47,962 | USD | 8,390,686 | 14,679,499 | 4.54 |
|  |  |  | 8,390,686 | 14,679,499 | 4.54 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| ICON PLC | 63,543 | USD | 8,891,450 | 14,529,342 | 4.50 |
|  |  |  | 8,891,450 | 14,529,342 | 4.50 |
| Transportation |  |  |  |  |  |
| Ryanair Holdings PLC | 590,953 | EUR | 7,039,805 | 7,566,528 | 2.34 |
|  |  |  | 7,039,805 | 7,566,528 | 2.34 |
|  |  |  |  |  |  |
| Total Ireland |  |  | 31,823,323 | 48,111,203 | 14.89 |
| Italy |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Amplifon SpA | 113,092 | EUR | 2,718,123 | 4,505,489 | 1.39 |
|  |  |  | 2,718,123 | 4,505,489 | 1.39 |

| Comgest Growth Europe ex UK |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in GBP) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (GBP) | GBP | Assets |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 353,984 | EUR | 2,830,949 | 3,820,583 | 1.18 |
|  |  |  | 2,830,949 | 3,820,583 | 1.18 |
|  |  |  |  |  |  |
| Total Italy |  |  | 5,549,072 | 8,326,072 | 2.57 |
| Netherlands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Ferrari NV | 28,324 | EUR | 3,779,602 | 5,410,157 | 1.67 |
|  |  |  | 3,779,602 | 5,410,157 | 1.67 |
| Banks and financial institutions |  |  |  |  |  |
| Adyen NV | 2,207 | EUR | 2,648,615 | 4,283,217 | 1.33 |
|  |  |  | 2,648,615 | 4,283,217 | 1.33 |
| Electronic semiconductor |  |  |  |  |  |
| ASML Holding NV | 37,304 | EUR | 12,569,251 | 22,134,228 | 6.85 |
|  |  |  | 12,569,251 | 22,134,228 | 6.85 |
| Internet software |  |  |  |  |  |
| Prosus NV | 124,069 | EUR | 9,774,362 | 7,659,523 | 2.37 |
|  |  |  | 9,774,362 | 7,659,523 | 2.37 |
| Tobacco and spirits |  |  |  |  |  |
| Heineken NV | 110,181 | EUR | 8,813,495 | 9,145,368 | 2.83 |
|  |  |  | 8,813,495 | 9,145,368 | 2.83 |
|  |  |  |  |  |  |
| Total Netherlands |  |  | 37,585,325 | 48,632,493 | 15.05 |
| Portugal |  |  |  |  |  |
| Retail |  |  |  |  |  |
| Jeronimo Martins SGPS SA | 504,680 | EUR | 6,551,724 | 8,516,988 | 2.64 |
|  |  |  | 6,551,724 | 8,516,988 | 2.64 |
|  |  |  |  |  |  |
| Total Portugal |  |  | 6,551,724 | 8,516,988 | 2.64 |
| Spain |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Amadeus IT Group SA - A Shares | 158,258 | EUR | 7,907,823 | 7,924,597 | 2.45 |
|  |  |  | 7,907,823 | 7,924,597 | 2.45 |

| Comgest Growth Europe ex UK |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in GBP) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (GBP) | GBP | Assets |
| Retail |  |  |  |  |  |
| Industria de Diseno Textil SA | 322,669 | EUR | 7,564,663 | 7,729,171 | 2.39 |
|  |  |  | 7,564,663 | 7,729,171 | 2.39 |
|  |  |  |  |  |  |
| Total Spain |  |  | 15,472,486 | 15,653,768 | 4.84 |
| Sw eden |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| Assa Abloy AB | 343,001 | SEK | 6,319,989 | 7,725,415 | 2.39 |
|  |  |  | 6,319,989 | 7,725,415 | 2.39 |
|  |  |  |  |  |  |
| Total Sw eden |  |  | 6,319,989 | 7,725,415 | 2.39 |
| Sw itzerland |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| Lonza Group AG | 11,733 | CHF | 4,328,699 | 7,240,742 | 2.24 |
| Sika AG | 25,023 | CHF | 4,126,115 | 7,709,009 | 2.39 |
|  |  |  | 8,454,814 | 14,949,751 | 4.63 |
| Food and distilleries |  |  |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 955 | CHF | 5,883,645 | 9,773,583 | 3.02 |
|  |  |  | 5,883,645 | 9,773,583 | 3.02 |
| Healthcare education and social services |  |  |  |  |  |
| Alcon Inc | 100,323 | CHF | 5,526,440 | 6,563,513 | 2.03 |
|  |  |  | 5,526,440 | 6,563,513 | 2.03 |
| Holding and finance companies |  |  |  |  |  |
| Temenos AG | 54,942 | CHF | 5,502,706 | 5,611,699 | 1.74 |
|  |  |  | 5,502,706 | 5,611,699 | 1.74 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Roche Holding AG | 30,139 | CHF | 7,597,706 | 9,258,267 | 2.87 |
| Straumann Holding AG | 4,893 | CHF | 3,837,401 | 7,679,836 | 2.38 |
|  |  | 11,435,107 | 16,938,103 | 5.25 |
|  |  |  |  |  |
| Total Sw itzerland |  | 36,802,712 | 53,836,649 | 16.67 |
|  |  |  |  |  |
| Equity securities |  | 219,458,191 | 292,945,720 | 90.68 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 219,458,191 | 292,945,720 | 90.68 |

| Comgest Growth Europe ex UK |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in GBP) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (GBP) | GBP | Assets |
| Other transferable securities |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Italy |  |  |  |  |  |
| Tobacco and spirits |  |  |  |  |  |
| Davide Campari-Milano NV | 353,985 | EUR | 2,830,957 | 3,820,593 | 1.18 |
|  |  | 2,830,957 | 3,820,593 | 1.18 |
|  |  |  |  |  |
| Total Italy |  | 2,830,957 | 3,820,593 | 1.18 |
|  |  |  |  |  |
| Equity securities |  | 2,830,957 | 3,820,593 | 1.18 |
|  |  |  |  |  |
| Other transferable securities |  | 2,830,957 | 3,820,593 | 1.18 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 222,289,148 | 296,766,313 | 91.86 |
| Total financial derivative instrument (Note 6) |  |  | 598,314 | 0.19 |
| Cash and other net assets |  |  | 25,694,823 | 7.95 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 323,059,450 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 90.26 |
| Other transferable securities |  |  |  | 1.18 |
| Derivative instrument |  |  |  | 0.20 |

| Comgest Growth Asia |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| NetEase Inc | 470,260 | HKD | 6,446,594 | 9,500,143 | 3.08 |
| Tencent Holdings Ltd | 133,983 | HKD | 6,888,085 | 7,850,320 | 2.54 |
|  |  |  | 13,334,679 | 17,350,463 | 5.62 |
| Other services |  |  |  |  |  |
| Alibaba Group Holding Ltd | 334,700 | HKD | 10,589,331 | 5,104,452 | 1.65 |
|  |  |  | 10,589,331 | 5,104,452 | 1.65 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 23,924,010 | 22,454,915 | 7.27 |
| China |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Midea Group Co Ltd - A Shares | 450,345 | CNY | 4,827,930 | 5,215,450 | 1.69 |
|  |  |  | 4,827,930 | 5,215,450 | 1.69 |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 1,215,327 | CNY | 5,359,476 | 7,905,943 | 2.56 |
|  |  |  | 5,359,476 | 7,905,943 | 2.56 |
| Holding and finance companies |  |  |  |  |  |
| Lepu Medical Technology Beijing Co Ltd | 1,026,166 | CNY | 4,958,917 | 3,643,623 | 1.18 |
|  |  |  | 4,958,917 | 3,643,623 | 1.18 |
| Insurance |  |  |  |  |  |
| Ping An Insurance Group Co of China Ltd - H Shares | 638,000 | HKD | 5,740,526 | 4,594,963 | 1.49 |
|  |  |  | 5,740,526 | 4,594,963 | 1.49 |
|  |  |  |  |  |  |
| Total China |  |  | 20,886,849 | 21,359,979 | 6.92 |

| Comgest Growth Asia |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Great Britain |  |  |  |  |  |
| Insurance |  |  |  |  |  |
| Prudential PLC | 188,760 | GBP | 3,118,695 | 3,258,463 | 1.06 |
|  |  |  | 3,118,695 | 3,258,463 | 1.06 |
|  |  |  |  |  |  |
| Total Great Britain |  |  | 3,118,695 | 3,258,463 | 1.06 |
| India |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 127,318 | INR | 4,468,391 | 4,429,766 | 1.44 |
|  |  |  | 4,468,391 | 4,429,766 | 1.44 |
|  |  |  |  |  |  |
| Total India |  |  | 4,468,391 | 4,429,766 | 1.44 |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Shimano Inc | 30,200 | JPY | 7,046,139 | 8,040,747 | 2.61 |
|  |  |  | 7,046,139 | 8,040,747 | 2.61 |
| Chemicals |  |  |  |  |  |
| Shin-Etsu Chemical Co Ltd | 55,200 | JPY | 5,592,507 | 9,548,732 | 3.10 |
|  |  |  | 5,592,507 | 9,548,732 | 3.10 |
| Consumer goods |  |  |  |  |  |
| Pigeon Corp | 210,800 | JPY | 7,719,628 | 4,023,608 | 1.30 |
|  |  |  | 7,719,628 | 4,023,608 | 1.30 |
| Electronic semiconductor |  |  |  |  |  |
| Keyence Corp | 21,000 | JPY | 5,214,809 | 13,181,194 | 4.27 |
| Lasertec Corp | 45,600 | JPY | 6,564,728 | 13,974,421 | 4.53 |
| Murata Manufacturing Co Ltd | 127,700 | JPY | 7,656,891 | 10,154,567 | 3.29 |
| Nidec Corp | 85,900 | JPY | 6,786,716 | 10,085,262 | 3.27 |
| Sony Group Corp | 102,500 | JPY | 10,845,506 | 12,884,268 | 4.18 |
|  |  |  | 37,068,650 | 60,279,712 | 19.54 |
| FANUC Corp | 51,300 | JPY | 12,553,782 | 10,860,964 | 3.52 |
| Hamamatsu Photonics KK | 155,000 | JPY | 6,564,420 | 9,879,730 | 3.20 |
|  |  |  | 19,118,202 | 20,740,694 | 6.72 |

| Comgest Growth Asia |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Graphic art and publishing |  |  |  |  |  |
| Recruit Holdings Co Ltd | 203,200 | JPY | 7,042,392 | 12,302,642 | 3.99 |
|  |  |  | 7,042,392 | 12,302,642 | 3.99 |
| Internet software |  |  |  |  |  |
| M3 Inc | 141,600 | JPY | 3,386,621 | 7,123,347 | 2.31 |
| SoftBank Group Corp | 136,000 | JPY | 6,404,923 | 6,417,647 | 2.08 |
| Z Holdings Corp | 785,100 | JPY | 4,672,772 | 4,550,179 | 1.48 |
|  |  |  | 14,464,316 | 18,091,173 | 5.87 |
| Leisure |  |  |  |  |  |
| Oriental Land Co Ltd | 41,300 | JPY | 5,357,281 | 6,955,961 | 2.26 |
|  |  |  | 5,357,281 | 6,955,961 | 2.26 |
| Mechanics and machinery |  |  |  |  |  |
| Daifuku Co Ltd | 122,100 | JPY | 5,655,803 | 9,966,917 | 3.23 |
| Daikin Industries Ltd | 48,400 | JPY | 6,202,029 | 10,965,710 | 3.56 |
|  |  |  | 11,857,832 | 20,932,627 | 6.79 |
| New s transmission |  |  |  |  |  |
| Hikari Tsushin Inc | 21,600 | JPY | 2,873,351 | 3,321,924 | 1.08 |
|  |  |  | 2,873,351 | 3,321,924 | 1.08 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Chugai Pharmaceutical Co Ltd | 156,000 | JPY | 6,474,157 | 5,059,790 | 1.64 |
| Kose Corp | 46,000 | JPY | 5,755,739 | 5,212,975 | 1.69 |
| Sysmex Corp | 102,100 | JPY | 7,867,520 | 13,787,117 | 4.47 |
|  |  |  | 20,097,416 | 24,059,882 | 7.80 |
| Public services |  |  |  |  |  |
| RENOVA Inc | 177,200 | JPY | 5,775,276 | 3,203,773 | 1.04 |
|  |  |  | 5,775,276 | 3,203,773 | 1.04 |
| Retail |  |  |  |  |  |
| Fast Retailing Co Ltd | 10,800 | JPY | 5,206,702 | 6,125,207 | 1.99 |
| Nitori Holdings Co Ltd | 33,100 | JPY | 5,236,070 | 4,951,132 | 1.61 |
| Pan Pacific International Holdings Corp | 415,800 | JPY | 5,805,309 | 5,730,318 | 1.86 |
|  |  |  | 16,248,081 | 16,806,657 | 5.46 |
|  |  |  |  |  |  |
| Total Japan |  |  | 160,261,071 | 208,308,132 | 67.56 |
| South Korea |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Samsung Electronics Co Ltd | 151,800 | KRW | 7,388,179 | 9,996,076 | 3.24 |
|  |  |  | 7,388,179 | 9,996,076 | 3.24 |

| Comgest Growth Asia |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Graphic art and publishing |  |  |  |  |  |
| Cheil Worldw ide Inc | 266,796 | KRW | 5,063,201 | 5,126,979 | 1.66 |
|  |  |  | 5,063,201 | 5,126,979 | 1.66 |
| Internet software |  |  |  |  |  |
| NCSoft Corp | 9,649 | KRW | 5,198,889 | 5,217,822 | 1.69 |
|  |  |  | 5,198,889 | 5,217,822 | 1.69 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| LG Household & Health Care Ltd | 3,121 | KRW | 3,427,260 | 2,879,363 | 0.93 |
|  |  |  | 3,427,260 | 2,879,363 | 0.93 |
|  |  |  |  |  |  |
| Total South Korea |  |  | 21,077,529 | 23,220,240 | 7.52 |
| Taiw an |  |  |  |  |  |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 397,457 | TWD | 3,204,868 | 8,834,897 | 2.86 |
|  |  |  | 3,204,868 | 8,834,897 | 2.86 |
|  |  |  |  |  |  |
| Total Taiw an |  |  | 3,204,868 | 8,834,897 | 2.86 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Cognizant Technology Solutions Corp | 87,163 | USD | 6,134,345 | 7,733,101 | 2.51 |
|  |  |  | 6,134,345 | 7,733,101 | 2.51 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 6,134,345 | 7,733,101 | 2.51 |
|  |  |  |  |  |  |
| Equity securities |  |  | 243,075,758 | 299,599,493 | 97.14 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 243,075,758 | 299,599,493 | 97.14 |
| Other transferable securities |  |  |  |  |  |
| Investment funds |  |  |  |  |  |
| France |  |  |  |  |  |
| Investment funds |  |  |  |  |  |
| Société de Gestion Prevoir - Prevoir Renaissance Vietnam | 12,978 | EUR | 2,734,944 | 4,601,873 | 1.49 |
|  |  |  | 2,734,944 | 4,601,873 | 1.49 |

| Comgest Growth Asia |  |  |  |
| --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |
| As at 31 December 2021 |  |  |  |
| (expressed in USD) |  |  |  |
|  | Acquisition | Fair Value | % Net |
|  | cost (USD) | USD | Assets |
|  |  |  |  |
| Total France | 2,734,944 | 4,601,873 | 1.49 |
|  |  |  |  |
| Investment funds | 2,734,944 | 4,601,873 | 1.49 |
|  |  |  |  |
| Other transferable securities | 2,734,944 | 4,601,873 | 1.49 |
|  |  |  |  |
| Financial assets at fair value through profit and loss | 245,810,702 | 304,201,366 | 98.63 |
| Total financial derivative instrument (Note 6) |  | (3) | - |
| Cash and other net assets |  | 4,217,799 | 1.37 |
| Total net assets attributable to holders of redeemable participating shares |  | 308,419,162 | 100.00 |
|  |  |  |  |
|  |  |  | % of |
|  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  | 96.98 |
| Other transferable securities |  |  | 1.49 |

| Comgest Growth Asia ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Bermuda Islands |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| China Resources Gas Group Ltd | 536,355 | HKD | 2,569,833 | 3,030,469 | 2.30 |
|  |  |  | 2,569,833 | 3,030,469 | 2.30 |
|  |  |  |  |  |  |
| Total Bermuda Islands |  |  | 2,569,833 | 3,030,469 | 2.30 |
| Cayman Islands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| NetEase Inc | 217,375 | HKD | 2,938,505 | 4,391,387 | 3.34 |
| Tencent Holdings Ltd | 109,000 | HKD | 6,761,845 | 6,386,518 | 4.85 |
|  |  |  | 9,700,350 | 10,777,905 | 8.19 |
| Other services |  |  |  |  |  |
| Alibaba Group Holding Ltd | 410,816 | HKD | 11,065,698 | 6,265,284 | 4.76 |
|  |  |  | 11,065,698 | 6,265,284 | 4.76 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Hengan International Group Co Ltd | 258,500 | HKD | 1,937,824 | 1,331,244 | 1.01 |
|  |  |  | 1,937,824 | 1,331,244 | 1.01 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 22,703,872 | 18,374,433 | 13.96 |
| China |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| SAIC Motor Corp Ltd - A Shares | 933,967 | CNY | 3,352,070 | 3,023,166 | 2.30 |
|  |  |  | 3,352,070 | 3,023,166 | 2.30 |
| Banks and financial institutions |  |  |  |  |  |
| Midea Group Co Ltd - A Shares | 439,000 | CNY | 4,451,593 | 5,084,064 | 3.86 |
| Suofeiya Home Collection Co Ltd | 1,546,348 | CNY | 5,987,154 | 5,386,311 | 4.09 |
|  |  |  | 10,438,747 | 10,470,375 | 7.95 |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 696,155 | CNY | 3,512,456 | 4,528,626 | 3.44 |
|  |  |  | 3,512,456 | 4,528,626 | 3.44 |

| Comgest Growth Asia ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Construction and building material |  |  |  |  |  |
| Sany Heavy Industry Co Ltd | 391,200 | CNY | 1,769,124 | 1,399,474 | 1.06 |
|  |  |  | 1,769,124 | 1,399,474 | 1.06 |
| Electronics and electrical equipment |  |  |  |  |  |
| TravelSky Technology Ltd | 2,018,000 | HKD | 4,054,231 | 3,395,991 | 2.58 |
|  |  |  | 4,054,231 | 3,395,991 | 2.58 |
| Holding and finance companies |  |  |  |  |  |
| Lepu Medical Technology Beijing Co Ltd | 871,136 | CNY | 3,981,089 | 3,093,156 | 2.35 |
|  |  |  | 3,981,089 | 3,093,156 | 2.35 |
| Insurance |  |  |  |  |  |
| Ping An Insurance Group Co of China Ltd | 864,600 | CNY | 7,326,553 | 6,838,537 | 5.20 |
|  |  |  | 7,326,553 | 6,838,537 | 5.20 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd - H Shares | 2,280,000 | HKD | 3,944,747 | 2,845,504 | 2.16 |
|  |  |  | 3,944,747 | 2,845,504 | 2.16 |
|  |  |  |  |  |  |
| Total China |  |  | 38,379,017 | 35,594,829 | 27.04 |
| India |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Bandhan Bank Ltd | 654,122 | INR | 2,673,502 | 2,223,570 | 1.69 |
|  |  |  | 2,673,502 | 2,223,570 | 1.69 |
| Chemicals |  |  |  |  |  |
| Lupin Ltd | 55,646 | INR | 781,341 | 711,684 | 0.54 |
|  |  |  | 781,341 | 711,684 | 0.54 |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 131,064 | INR | 3,753,798 | 4,560,100 | 3.46 |
|  |  |  | 3,753,798 | 4,560,100 | 3.46 |
|  |  |  |  |  |  |
| Total India |  |  | 7,208,641 | 7,495,354 | 5.69 |

| Comgest Growth Asia ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Suzuki Motor Corp | 101,300 | JPY | 4,312,533 | 3,896,121 | 2.96 |
|  |  |  | 4,312,533 | 3,896,121 | 2.96 |
|  |  |  |  |  |  |
| Total Japan |  |  | 4,312,533 | 3,896,121 | 2.96 |
| Luxembourg |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| L'Occitane International SA | 648,500 | HKD | 1,887,093 | 2,624,345 | 1.99 |
|  |  |  | 1,887,093 | 2,624,345 | 1.99 |
| Textile |  |  |  |  |  |
| Samsonite International SA | 1,962,000 | HKD | 4,857,936 | 3,986,261 | 3.03 |
|  |  |  | 4,857,936 | 3,986,261 | 3.03 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 6,745,029 | 6,610,606 | 5.02 |
| South Korea |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| LG Chem Ltd | 6,066 | KRW | 4,235,448 | 3,137,426 | 2.38 |
|  |  |  | 4,235,448 | 3,137,426 | 2.38 |
| Electronic semiconductor |  |  |  |  |  |
| Samsung Electronics Co Ltd | 147,229 | KRW | 8,189,518 | 9,695,074 | 7.37 |
|  |  |  | 8,189,518 | 9,695,074 | 7.37 |
| Food and distilleries |  |  |  |  |  |
| Orion Corp | 37,774 | KRW | 3,677,491 | 3,287,981 | 2.50 |
|  |  |  | 3,677,491 | 3,287,981 | 2.50 |
| Graphic art and publishing |  |  |  |  |  |
| Cheil Worldw ide Inc | 223,986 | KRW | 4,028,118 | 4,304,305 | 3.27 |
|  |  |  | 4,028,118 | 4,304,305 | 3.27 |
| Internet software |  |  |  |  |  |
| NCSoft Corp | 7,600 | KRW | 4,533,903 | 4,109,799 | 3.12 |
|  |  |  | 4,533,903 | 4,109,799 | 3.12 |

| Comgest Growth Asia ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| LG Household & Health Care Ltd | 2,703 | KRW | 3,098,333 | 2,493,726 | 1.89 |
|  |  |  | 3,098,333 | 2,493,726 | 1.89 |
|  |  |  |  |  |  |
| Total South Korea |  |  | 27,762,811 | 27,028,311 | 20.53 |
| Taiw an |  |  |  |  |  |
| Electronics and electrical equipment |  |  |  |  |  |
| Delta Electronics Inc | 291,000 | TWD | 2,828,049 | 2,892,424 | 2.20 |
| Sinbon Electronics Co Ltd | 82,000 | TWD | 750,762 | 841,721 | 0.65 |
|  |  |  | 3,578,811 | 3,734,145 | 2.85 |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 282,000 | TWD | 5,366,883 | 6,268,454 | 4.76 |
|  |  |  | 5,366,883 | 6,268,454 | 4.76 |
|  |  |  |  |  |  |
| Total Taiw an |  |  | 8,945,694 | 10,002,599 | 7.61 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Cognizant Technology Solutions Corp | 59,872 | USD | 4,371,267 | 5,311,844 | 4.04 |
|  |  |  | 4,371,267 | 5,311,844 | 4.04 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 4,371,267 | 5,311,844 | 4.04 |
|  |  |  |  |  |  |
| Equity securities |  |  | 122,998,697 | 117,344,566 | 89.15 |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Autohome Inc | 80,300 | USD | 5,636,790 | 2,367,244 | 1.80 |
|  |  |  | 5,636,790 | 2,367,244 | 1.80 |
| Holding and finance companies |  |  |  |  |  |
| Vipshop Holdings Ltd | 218,988 | USD | 4,055,391 | 1,839,499 | 1.40 |
|  |  |  | 4,055,391 | 1,839,499 | 1.40 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 9,692,181 | 4,206,743 | 3.20 |
|  |  |  |  |  |  |
| Sponsored America Depository Receipts |  |  | 9,692,181 | 4,206,743 | 3.20 |

| Comgest Growth Asia ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 132,690,878 | 121,551,309 | 92.35 |
| Other transferable securities dealt on another regulated market |
| Equity securities |  |  |  |  |  |
| Vietnam |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| FPT Corp | 204,815 | VND | 632,504 | 835,798 | 0.63 |
| Mobile World Investment Corp | 392,850 | VND | 2,216,778 | 2,342,626 | 1.78 |
| Vietnam Dairy Products JSC | 909,558 | VND | 3,663,251 | 3,448,267 | 2.62 |
|  |  | 6,512,533 | 6,626,691 | 5.03 |
|  |  |  |  |  |
| Total Vietnam |  | 6,512,533 | 6,626,691 | 5.03 |
|  |  |  |  |  |
| Equity securities |  | 6,512,533 | 6,626,691 | 5.03 |
|  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  | 6,512,533 | 6,626,691 | 5.03 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 139,203,411 | 128,178,000 | 97.38 |
| Total financial derivative instrument (Note 6) |  |  | (503) | - |
| Cash and other net assets |  |  | 3,449,166 | 2.62 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 131,626,663 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 92.23 |
| Other transferable securities dealt on another regulated market |  |  |  | 5.03 |

| Comgest Growth Asia Pac ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Bermuda Islands |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| China Resources Gas Group Ltd | 628,616 | HKD | 2,750,945 | 3,551,754 | 2.31 |
|  |  |  | 2,750,945 | 3,551,754 | 2.31 |
|  |  |  |  |  |  |
| Total Bermuda Islands |  |  | 2,750,945 | 3,551,754 | 2.31 |
| Cayman Islands |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| NetEase Inc | 253,475 | HKD | 2,252,154 | 5,120,675 | 3.33 |
| Tencent Holdings Ltd | 126,423 | HKD | 7,536,362 | 7,407,365 | 4.81 |
|  |  |  | 9,788,516 | 12,528,040 | 8.14 |
| Other services |  |  |  |  |  |
| Alibaba Group Holding Ltd | 481,320 | HKD | 11,489,473 | 7,340,528 | 4.77 |
|  |  |  | 11,489,473 | 7,340,528 | 4.77 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Hengan International Group Co Ltd | 314,317 | HKD | 2,458,760 | 1,618,695 | 1.05 |
|  |  |  | 2,458,760 | 1,618,695 | 1.05 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 23,736,749 | 21,487,263 | 13.96 |
| China |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| SAIC Motor Corp Ltd - A Shares | 1,045,182 | CNY | 3,832,446 | 3,383,159 | 2.20 |
|  |  |  | 3,832,446 | 3,383,159 | 2.20 |
| Banks and financial institutions |  |  |  |  |  |
| Midea Group Co Ltd - A Shares | 534,880 | CNY | 4,588,964 | 6,194,451 | 4.02 |
| Suofeiya Home Collection Co Ltd | 1,780,794 | CNY | 6,798,784 | 6,202,944 | 4.03 |
|  |  |  | 11,387,748 | 12,397,395 | 8.05 |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 802,696 | CNY | 3,473,663 | 5,221,697 | 3.39 |
|  |  |  | 3,473,663 | 5,221,697 | 3.39 |

| Comgest Growth Asia Pac ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Construction and building material |  |  |  |  |  |
| Sany Heavy Industry Co Ltd | 465,000 | CNY | 2,205,195 | 1,663,486 | 1.08 |
|  |  |  | 2,205,195 | 1,663,486 | 1.08 |
| Electronics and electrical equipment |  |  |  |  |  |
| TravelSky Technology Ltd | 2,445,966 | HKD | 4,845,766 | 4,116,194 | 2.67 |
|  |  |  | 4,845,766 | 4,116,194 | 2.67 |
| Holding and finance companies |  |  |  |  |  |
| Lepu Medical Technology Beijing Co Ltd | 992,803 | CNY | 4,519,913 | 3,525,160 | 2.29 |
|  |  |  | 4,519,913 | 3,525,160 | 2.29 |
| Insurance |  |  |  |  |  |
| Ping An Insurance Group Co of China Ltd | 1,009,700 | CNY | 8,568,791 | 7,986,202 | 5.19 |
|  |  |  | 8,568,791 | 7,986,202 | 5.19 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd - H Shares | 2,759,729 | HKD | 4,134,545 | 3,444,220 | 2.24 |
|  |  |  | 4,134,545 | 3,444,220 | 2.24 |
|  |  |  |  |  |  |
| Total China |  |  | 42,968,067 | 41,737,513 | 27.11 |
| India |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Bandhan Bank Ltd | 915,760 | INR | 3,777,717 | 3,112,962 | 2.02 |
|  |  |  | 3,777,717 | 3,112,962 | 2.02 |
| Holding and finance companies |  |  |  |  |  |
| Housing Development Finance Corp Ltd | 152,878 | INR | 3,594,894 | 5,319,073 | 3.46 |
|  |  |  | 3,594,894 | 5,319,073 | 3.46 |
|  |  |  |  |  |  |
| Total India |  |  | 7,372,611 | 8,432,035 | 5.48 |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Suzuki Motor Corp | 117,500 | JPY | 4,710,939 | 4,519,193 | 2.94 |
|  |  |  | 4,710,939 | 4,519,193 | 2.94 |
|  |  |  |  |  |  |
| Total Japan |  |  | 4,710,939 | 4,519,193 | 2.94 |

| Comgest Growth Asia Pac ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Luxembourg |  |  |  |  |  |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| L'Occitane International SA | 784,500 | HKD | 2,150,710 | 3,174,709 | 2.06 |
|  |  |  | 2,150,710 | 3,174,709 | 2.06 |
| Textile |  |  |  |  |  |
| Samsonite International SA | 2,397,035 | HKD | 7,691,512 | 4,870,136 | 3.16 |
|  |  |  | 7,691,512 | 4,870,136 | 3.16 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 9,842,222 | 8,044,845 | 5.22 |
| South Korea |  |  |  |  |  |
| Chemicals |  |  |  |  |  |
| LG Chem Ltd | 7,532 | KRW | 5,263,391 | 3,895,663 | 2.53 |
|  |  |  | 5,263,391 | 3,895,663 | 2.53 |
| Electronic semiconductor |  |  |  |  |  |
| Samsung Electronics Co Ltd | 169,248 | KRW | 7,210,329 | 11,145,032 | 7.24 |
|  |  |  | 7,210,329 | 11,145,032 | 7.24 |
| Food and distilleries |  |  |  |  |  |
| Orion Corp | 43,974 | KRW | 3,689,031 | 3,827,650 | 2.49 |
|  |  |  | 3,689,031 | 3,827,650 | 2.49 |
| Graphic art and publishing |  |  |  |  |  |
| Cheil Worldw ide Inc | 250,069 | KRW | 3,997,008 | 4,805,538 | 3.12 |
|  |  |  | 3,997,008 | 4,805,538 | 3.12 |
| Internet software |  |  |  |  |  |
| NCSoft Corp | 8,566 | KRW | 3,919,934 | 4,632,176 | 3.01 |
|  |  |  | 3,919,934 | 4,632,176 | 3.01 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| LG Household & Health Care Ltd | 3,355 | KRW | 3,453,047 | 3,095,246 | 2.01 |
|  |  |  | 3,453,047 | 3,095,246 | 2.01 |
|  |  |  |  |  |  |
| Total South Korea |  |  | 27,532,740 | 31,401,305 | 20.40 |
| Taiw an |  |  |  |  |  |
| Electronics and electrical equipment |  |  |  |  |  |
| Delta Electronics Inc | 355,000 | TWD | 3,493,513 | 3,528,558 | 2.29 |
| Sinbon Electronics Co Ltd | 105,000 | TWD | 958,605 | 1,077,813 | 0.70 |
|  |  |  | 4,452,118 | 4,606,371 | 2.99 |

| Comgest Growth Asia Pac ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Electronic semiconductor |  |  |  |  |  |
| Taiw an Semiconductor Manufacturing Co Ltd | 330,103 | TWD | 2,544,615 | 7,337,714 | 4.77 |
|  |  |  | 2,544,615 | 7,337,714 | 4.77 |
|  |  |  |  |  |  |
| Total Taiw an |  |  | 6,996,733 | 11,944,085 | 7.76 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Cognizant Technology Solutions Corp | 70,190 | USD | 4,677,145 | 6,227,257 | 4.05 |
|  |  |  | 4,677,145 | 6,227,257 | 4.05 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 4,677,145 | 6,227,257 | 4.05 |
|  |  |  |  |  |  |
| Equity securities |  |  | 130,588,151 | 137,345,250 | 89.23 |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Autohome Inc | 99,256 | USD | 7,537,856 | 2,926,067 | 1.90 |
|  |  |  | 7,537,856 | 2,926,067 | 1.90 |
| Holding and finance companies |  |  |  |  |  |
| Vipshop Holdings Ltd | 265,112 | USD | 5,330,698 | 2,226,941 | 1.45 |
|  |  | 5,330,698 | 2,226,941 | 1.45 |
|  |  |  |  |  |
| Total Cayman Islands |  | 12,868,554 | 5,153,008 | 3.35 |
|  |  |  |  |  |
| Sponsored America Depository Receipts |  | 12,868,554 | 5,153,008 | 3.35 |
|  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 143,456,705 | 142,498,258 | 92.58 |

| Comgest Growth Asia Pac ex Japan |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Other transferable securities dealt on another regulated market |
| Equity securities |  |  |  |  |  |
| Vietnam |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| FPT Corp | 727,440 | VND | 2,237,339 | 2,968,499 | 1.93 |
| Mobile World Investment Corp | 536,000 | VND | 2,819,442 | 3,196,252 | 2.08 |
| Vietnam Dairy Products JSC | 1,059,756 | VND | 4,181,457 | 4,017,689 | 2.61 |
|  |  | 9,238,238 | 10,182,440 | 6.62 |
|  |  |  |  |  |
| Total Vietnam |  | 9,238,238 | 10,182,440 | 6.62 |
|  |  |  |  |  |
| Equity securities |  | 9,238,238 | 10,182,440 | 6.62 |
|  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  | 9,238,238 | 10,182,440 | 6.62 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 152,694,943 | 152,680,698 | 99.20 |
| Total financial derivative instrument (Note 6) |  |  | 70 | - |
| Cash and other net assets |  |  | 1,224,294 | 0.80 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 153,905,062 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 92.25 |
| Other transferable securities dealt on another regulated market |  |  |  | 6.59 |
| Derivative instrument |  |  |  | - |

| Comgest Growth China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Bermuda Islands |  |  |  |  |  |
| Mechanics and machinery |  |  |  |  |  |
| China Resources Gas Group Ltd | 1,867,546 | HKD | 6,985,996 | 9,278,802 | 4.11 |
|  |  |  | 6,985,996 | 9,278,802 | 4.11 |
| Textile |  |  |  |  |  |
| Man Wah Holdings Ltd | 4,898,000 | HKD | 7,366,003 | 6,673,604 | 2.95 |
|  |  |  | 7,366,003 | 6,673,604 | 2.95 |
|  |  |  |  |  |  |
| Total Bermuda Islands |  |  | 14,351,999 | 15,952,406 | 7.06 |
| Cayman Islands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Minth Group Ltd | 784,000 | HKD | 2,397,425 | 3,037,509 | 1.34 |
|  |  |  | 2,397,425 | 3,037,509 | 1.34 |
| Biotechnology |  |  |  |  |  |
| Wuxi Biologics Cayman Inc | 251,500 | HKD | 2,498,598 | 2,625,362 | 1.16 |
|  |  |  | 2,498,598 | 2,625,362 | 1.16 |
| Clock and w atch making industry |  |  |  |  |  |
| Chow Tai Fook Jew ellery Group Ltd | 713,400 | HKD | 755,278 | 1,128,121 | 0.50 |
|  |  |  | 755,278 | 1,128,121 | 0.50 |
| Electronic semiconductor |  |  |  |  |  |
| AAC Technologies Holdings Inc | 1,299,500 | HKD | 6,031,747 | 4,514,417 | 2.00 |
|  |  |  | 6,031,747 | 4,514,417 | 2.00 |
| Internet software |  |  |  |  |  |
| NetEase Inc | 569,725 | HKD | 4,343,068 | 10,120,933 | 4.48 |
| Tencent Holdings Ltd | 414,700 | HKD | 23,455,065 | 21,366,571 | 9.46 |
|  |  |  | 27,798,133 | 31,487,504 | 13.94 |
| Other services |  |  |  |  |  |
| Alibaba Group Holding Ltd | 972,240 | HKD | 20,183,320 | 13,038,572 | 5.77 |
|  |  |  | 20,183,320 | 13,038,572 | 5.77 |

| Comgest Growth China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| 3SBio Inc | 4,150,000 | HKD | 4,973,471 | 3,042,539 | 1.35 |
|  |  |  | 4,973,471 | 3,042,539 | 1.35 |
| Textile |  |  |  |  |  |
| ANTA Sports Products Ltd | 320,569 | HKD | 1,951,584 | 4,226,791 | 1.87 |
|  |  |  | 1,951,584 | 4,226,791 | 1.87 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 66,589,556 | 63,100,815 | 27.93 |
| China |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| SAIC Motor Corp Ltd - A Shares | 1,969,108 | CNY | 5,786,747 | 5,604,839 | 2.48 |
|  |  |  | 5,786,747 | 5,604,839 | 2.48 |
| Banks and financial institutions |  |  |  |  |  |
| Midea Group Co Ltd - A Shares | 1,130,165 | CNY | 8,269,223 | 11,509,367 | 5.09 |
| Suofeiya Home Collection Co Ltd | 3,813,619 | CNY | 10,855,713 | 11,681,125 | 5.17 |
|  |  |  | 19,124,936 | 23,190,492 | 10.26 |
| Business houses |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 1,464,829 | CNY | 6,026,979 | 8,379,356 | 3.71 |
|  |  |  | 6,026,979 | 8,379,356 | 3.71 |
| Construction and building material |  |  |  |  |  |
| Sany Heavy Industry Co Ltd | 1,240,501 | CNY | 4,848,353 | 3,902,351 | 1.73 |
|  |  |  | 4,848,353 | 3,902,351 | 1.73 |
| Consumer goods |  |  |  |  |  |
| Opple Lighting Co Ltd | 1,020,820 | CNY | 3,606,332 | 2,923,957 | 1.29 |
|  |  |  | 3,606,332 | 2,923,957 | 1.29 |
| Electronics and electrical equipment |  |  |  |  |  |
| Bafang Electric Suzhou Co Ltd | 147,120 | CNY | 4,472,596 | 4,579,364 | 2.03 |
| TravelSky Technology Ltd | 6,333,000 | HKD | 10,965,499 | 9,371,692 | 4.15 |
|  |  |  | 15,438,095 | 13,951,056 | 6.18 |
| Holding and finance companies |  |  |  |  |  |
| Lepu Medical Technology Beijing Co Ltd | 3,085,419 | CNY | 11,668,562 | 9,633,700 | 4.26 |
|  |  |  | 11,668,562 | 9,633,700 | 4.26 |

| Comgest Growth China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Insurance |  |  |  |  |  |
| Ping An Insurance Group Co of China Ltd | 2,225,120 | CNY | 16,148,026 | 15,476,207 | 6.85 |
|  |  |  | 16,148,026 | 15,476,207 | 6.85 |
| Mechanics and machinery |  |  |  |  |  |
| Zhejiang Dingli Machinery Co Ltd | 384,900 | CNY | 3,833,828 | 4,262,275 | 1.89 |
|  |  |  | 3,833,828 | 4,262,275 | 1.89 |
| Office equipment and computers |  |  |  |  |  |
| Focus Media Information Technology Co Ltd | 7,737,738 | CNY | 7,934,706 | 8,743,641 | 3.87 |
|  |  |  | 7,934,706 | 8,743,641 | 3.87 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Jiangsu Hengrui Medicine Co Ltd | 623,986 | CNY | 3,824,116 | 4,365,790 | 1.93 |
| Shandong Weigao Group Medical Polymer Co Ltd - H Shares | 8,312,705 | HKD | 11,385,114 | 9,122,837 | 4.04 |
|  |  |  | 15,209,230 | 13,488,627 | 5.97 |
| Tobacco and spirits |  |  |  |  |  |
| Kw eichow Moutai Co Ltd - A Shares | 11,728 | CNY | 2,538,839 | 3,317,204 | 1.47 |
|  |  |  | 2,538,839 | 3,317,204 | 1.47 |
|  |  |  |  |  |  |
| Total China |  |  | 112,164,633 | 112,873,705 | 49.96 |
| Luxembourg |  |  |  |  |  |
| Textile |  |  |  |  |  |
| Samsonite International SA | 3,974,100 | HKD | 8,971,502 | 7,100,169 | 3.14 |
|  |  |  | 8,971,502 | 7,100,169 | 3.14 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 8,971,502 | 7,100,169 | 3.14 |
| Singapore |  |  |  |  |  |
| Food and distilleries |  |  |  |  |  |
| Chongqing Fuling Zhacai Group Co Ltd | 987,132 | CNY | 3,943,595 | 5,148,271 | 2.28 |
|  |  |  | 3,943,595 | 5,148,271 | 2.28 |
|  |  |  |  |  |  |
| Total Singapore |  |  | 3,943,595 | 5,148,271 | 2.28 |
|  |  |  |  |  |  |
| Equity securities |  |  | 206,021,285 | 204,175,366 | 90.37 |

| Comgest Growth China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| America Depository Receipts |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Noah Holdings Ltd | 185,053 | USD | 6,510,182 | 4,994,088 | 2.21 |
|  |  |  | 6,510,182 | 4,994,088 | 2.21 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 6,510,182 | 4,994,088 | 2.21 |
|  |  |  |  |  |  |
| America Depository Receipts |  |  | 6,510,182 | 4,994,088 | 2.21 |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Autohome Inc | 17,619 | USD | 1,248,002 | 456,743 | 0.20 |
| Vipshop Holdings Ltd | 343,235 | USD | 6,701,349 | 2,535,327 | 1.12 |
| Trip.com Group Ltd | 264,083 | USD | 6,406,519 | 5,717,309 | 2.54 |
|  |  |  | 14,355,870 | 8,709,379 | 3.86 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 14,355,870 | 8,709,379 | 3.86 |
|  |  |  |  |  |  |
| Sponsored America Depository Receipts |  |  | 14,355,870 | 8,709,379 | 3.86 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 226,887,337 | 217,878,833 | 96.44 |
| Other transferable securities |  |  |  |  |  |
| Warrants |  |  |  |  |  |
| China |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Centre Testing International Group Co Ltd 10/01/2023 | 383,100 | USD | 1,352,545 | 1,420,286 | 0.63 |
|  |  |  | 1,352,545 | 1,420,286 | 0.63 |
|  |  |  |  |  |  |
| Total China |  |  | 1,352,545 | 1,420,286 | 0.63 |

| Comgest Growth China |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Great Britain |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| Inner Mongolia Yili Industrial Group Co Ltd 10/11/2022 | 559,514 | USD | 2,980,850 | 3,200,625 | 1.42 |
|  |  | 2,980,850 | 3,200,625 | 1.42 |
|  |  |  |  |  |
| Total Great Britain |  | 2,980,850 | 3,200,625 | 1.42 |
|  |  |  |  |  |
| Warrants |  | 4,333,395 | 4,620,911 | 2.05 |
|  |  |  |  |  |
| Other transferable securities |  | 4,333,395 | 4,620,911 | 2.05 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  | 231,220,732 | 222,499,744 | 98.49 |
| Total financial derivative instrument (Note 6) |  |  | 66,383 | 0.03 |
| Cash and other net assets |  |  | 3,347,970 | 1.48 |
| Total net assets attributable to holders of redeemable participating shares |  |  | 225,914,097 | 100.00 |
|  |  |  |  |  |
|  |  |  |  | % of |
|  |  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 84.11 |
| Other transferable securities |  |  |  | 1.78 |
| Derivative instruments |  |  |  | 0.03 |

| Comgest Growth India |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| India |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Eicher Motors Ltd | 72,628 | INR | 2,330,374 | 2,532,265 | 2.11 |
| Endurance Technologies Ltd | 202,323 | INR | 2,670,491 | 4,609,793 | 3.84 |
|  |  |  | 5,000,865 | 7,142,058 | 5.95 |
| Banks and financial institutions |  |  |  |  |  |
| Bandhan Bank Ltd | 928,136 | INR | 3,662,146 | 3,155,032 | 2.63 |
| HDFC Bank Ltd | 287,946 | INR | 4,690,277 | 5,730,381 | 4.77 |
|  |  |  | 8,352,423 | 8,885,413 | 7.40 |
| Business houses |  |  |  |  |  |
| PVR Ltd | 197,034 | INR | 3,374,307 | 3,441,146 | 2.87 |
|  |  |  | 3,374,307 | 3,441,146 | 2.87 |
| Chemicals |  |  |  |  |  |
| Lupin Ltd | 149,342 | INR | 2,129,867 | 1,910,008 | 1.59 |
| Reliance Industries Ltd | 155,477 | INR | 4,374,759 | 4,952,930 | 4.12 |
|  |  |  | 6,504,626 | 6,862,938 | 5.71 |
| Construction and building material |  |  |  |  |  |
| Larsen & Toubro Ltd | 240,949 | INR | 4,249,857 | 6,145,078 | 5.12 |
|  |  |  | 4,249,857 | 6,145,078 | 5.12 |
| Electronics and electrical equipment |  |  |  |  |  |
| Amber Enterprises India Ltd | 62,196 | INR | 2,345,416 | 2,774,534 | 2.31 |
|  |  |  | 2,345,416 | 2,774,534 | 2.31 |
| Food and distilleries |  |  |  |  |  |
| Britannia Industries Ltd | 37,855 | INR | 1,954,843 | 1,836,267 | 1.53 |
| Varun Beverages Ltd | 474,871 | INR | 2,880,124 | 5,674,429 | 4.72 |
|  |  |  | 4,834,967 | 7,510,696 | 6.25 |
| Holding and finance companies |  |  |  |  |  |
| Colgate-Palmolive India Ltd | 109,400 | INR | 1,123,459 | 2,179,953 | 1.81 |
| Housing Development Finance Corp Ltd | 279,840 | INR | 6,374,464 | 9,736,452 | 8.11 |
| Shriram City Union Finance Ltd | 110,368 | INR | 2,197,922 | 2,617,400 | 2.18 |
| Shriram Transport Finance Co Ltd | 265,817 | INR | 3,467,591 | 4,351,712 | 3.62 |
|  |  |  | 13,163,436 | 18,885,517 | 15.72 |

| Comgest Growth India |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Insurance |  |  |  |  |  |
| ICICI Lombard General Insurance Co Ltd | 66,912 | INR | 1,364,710 | 1,261,265 | 1.05 |
|  |  |  | 1,364,710 | 1,261,265 | 1.05 |
| Internet software |  |  |  |  |  |
| Infosys Ltd | 319,906 | INR | 2,842,695 | 8,123,697 | 6.76 |
|  |  |  | 2,842,695 | 8,123,697 | 6.76 |
| Mortgage and funding institutions |  |  |  |  |  |
| SBI Cards & Payment Services Ltd | 179,257 | INR | 2,693,286 | 2,238,109 | 1.86 |
|  |  |  | 2,693,286 | 2,238,109 | 1.86 |
| Other services |  |  |  |  |  |
| Central Depository Services India Ltd | 73,079 | INR | 290,894 | 1,474,392 | 1.23 |
| Max Financial Services Ltd | 324,122 | INR | 2,011,260 | 4,274,413 | 3.56 |
|  |  |  | 2,302,154 | 5,748,805 | 4.79 |
| Petrol |  |  |  |  |  |
| Petronet LNG Ltd | 948,699 | INR | 2,079,925 | 2,761,675 | 2.30 |
|  |  |  | 2,079,925 | 2,761,675 | 2.30 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Apollo Hospitals Enterprise Ltd | 58,230 | INR | 1,290,730 | 3,927,046 | 3.27 |
| Cipla Ltd | 308,682 | INR | 1,883,669 | 3,920,272 | 3.26 |
|  |  |  | 3,174,399 | 7,847,318 | 6.53 |
| Public services |  |  |  |  |  |
| Pow er Grid Corp of India Ltd | 1,060,457 | INR | 1,780,221 | 2,915,822 | 2.43 |
| REC Ltd | 1,623,527 | INR | 3,250,594 | 2,922,150 | 2.43 |
|  |  |  | 5,030,815 | 5,837,972 | 4.86 |
| Real estate companies |  |  |  |  |  |
| Info Edge India Ltd | 46,224 | INR | 535,593 | 3,467,621 | 2.89 |
| Oberoi Realty Ltd | 294,276 | INR | 1,697,593 | 3,411,522 | 2.84 |
|  |  |  | 2,233,186 | 6,879,143 | 5.73 |
| Transportation |  |  |  |  |  |
| Adani Ports & Special Economic Zone Ltd | 445,844 | INR | 2,380,146 | 4,379,969 | 3.65 |
|  |  |  | 2,380,146 | 4,379,969 | 3.65 |
|  |  |  |  |  |  |
| Total India |  |  | 71,927,213 | 106,725,333 | 88.86 |

| Comgest Growth India |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in USD) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (USD) | USD | Assets |
| Japan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Suzuki Motor Corp | 86,500 | JPY | 3,223,545 | 3,326,895 | 2.77 |
|  |  |  | 3,223,545 | 3,326,895 | 2.77 |
|  |  |  |  |  |  |
| Total Japan |  |  | 3,223,545 | 3,326,895 | 2.77 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| Cognizant Technology Solutions Corp | 89,851 | USD | 5,870,175 | 7,971,581 | 6.64 |
|  |  |  | 5,870,175 | 7,971,581 | 6.64 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 5,870,175 | 7,971,581 | 6.64 |
|  |  |  |  |  |  |
| Equity securities |  |  | 81,020,933 | 118,023,809 | 98.27 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 81,020,933 | 118,023,809 | 98.27 |
| Other transferable securities dealt on another regulated market |
| Equity securities |  |  |  |  |  |
| Pakistan |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| PAK Suzuki Motor Co Ltd | 658,100 | PKR | 1,089,016 | 869,779 | 0.72 |
|  |  |  | 1,089,016 | 869,779 | 0.72 |
|  |  |  |  |  |  |
| Total Pakistan |  |  | 1,089,016 | 869,779 | 0.72 |
|  |  |  |  |  |  |
| Equity securities |  |  | 1,089,016 | 869,779 | 0.72 |
|  |  |  |  |  |  |
| Other transferable securities dealt on another regulated market |  | 1,089,016 | 869,779 | 0.72 |
|  |  |  |  |  |
| Financial assets at fair value through profit and loss |  |  | 82,109,949 | 118,893,588 | 98.99 |
| Total financial derivative instrument (Note 6) |  |  |  | 1,532 | - |
| Cash and other net assets |  |  |  | 1,214,086 | 1.01 |
| Total net assets attributable to holders of redeemable participating shares |  | 120,109,206 | 100.00 |

| Comgest Growth India |  |
| --- | --- |
| SCHEDULE OF INVESTMENTS |  |
| As at 31 December 2021 |  |
| (expressed in USD) |  |
|  | % of |
|  | Total Assets |
| Transferable securities admitted to an official stock exchange listing | 97.76 |
| Other transferable securities dealt on another regulated market | 0.72 |
| Derivative instruments | - |

| Comgest Growth Latin America |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Financial assets at fair value through profit and loss |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |
| Equity securities |  |  |  |  |  |
| Brazil |  |  |  |  |  |
| Automobile industry |  |  |  |  |  |
| Localiza Rent a Car SA | 96,409 | BRL | 580,524 | 806,679 | 4.42 |
|  |  |  | 580,524 | 806,679 | 4.42 |
| Business houses |  |  |  |  |  |
| Atacadao SA | 147,900 | BRL | 456,625 | 356,078 | 1.95 |
|  |  |  | 456,625 | 356,078 | 1.95 |
| Consumer goods |  |  |  |  |  |
| Arezzo Industria e Comercio SA | 76,178 | BRL | 631,641 | 923,270 | 5.06 |
|  |  |  | 631,641 | 923,270 | 5.06 |
| Forest products and paper industry |  |  |  |  |  |
| Klabin SA | 241,857 | BRL | 869,130 | 979,767 | 5.37 |
|  |  |  | 869,130 | 979,767 | 5.37 |
| Holding and finance companies |  |  |  |  |  |
| B3 SA - Brasil Bolsa Balcao | 401,908 | BRL | 906,057 | 706,837 | 3.87 |
| Itausa SA | 220,920 | BRL | 347,825 | 311,454 | 1.71 |
| Natura & Co Holding SA | 136,400 | BRL | 824,911 | 547,606 | 3.00 |
|  |  |  | 2,078,793 | 1,565,897 | 8.58 |
| Insurance |  |  |  |  |  |
| BB Seguridade Participacoes SA | 206,286 | BRL | 776,932 | 675,764 | 3.70 |
| Odontoprev SA | 118,490 | BRL | 286,716 | 235,700 | 1.30 |
|  |  |  | 1,063,648 | 911,464 | 5.00 |
| Internet software |  |  |  |  |  |
| TOTVS SA | 151,391 | BRL | 465,607 | 684,511 | 3.75 |
|  |  |  | 465,607 | 684,511 | 3.75 |
| Mechanics and machinery |  |  |  |  |  |
| Mills Estruturas e Servicos de Engenharia SA | 335,900 | BRL | 300,701 | 338,858 | 1.86 |
| WEG SA | 151,854 | BRL | 626,688 | 790,650 | 4.33 |
|  |  |  | 927,389 | 1,129,508 | 6.19 |
| Pharmaceuticals and cosmetics |  |  |  |  |  |
| Raia Drogasil SA | 149,100 | BRL | 541,981 | 571,994 | 3.13 |
|  |  |  | 541,981 | 571,994 | 3.13 |

| Comgest Growth Latin America |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Public services |  |  |  |  |  |
| Engie Brasil Energia SA | 118,064 | BRL | 752,694 | 715,928 | 3.92 |
|  |  |  | 752,694 | 715,928 | 3.92 |
| Retail |  |  |  |  |  |
| Lojas Renner SA | 110,907 | BRL | 559,297 | 427,925 | 2.34 |
|  |  |  | 559,297 | 427,925 | 2.34 |
| Textile |  |  |  |  |  |
| Alpargatas SA | 55,400 | BRL | 363,893 | 323,783 | 1.77 |
|  |  |  | 363,893 | 323,783 | 1.77 |
| Transportation |  |  |  |  |  |
| Rumo SA | 137,100 | BRL | 466,901 | 384,404 | 2.11 |
|  |  |  | 466,901 | 384,404 | 2.11 |
|  |  |  |  |  |  |
| Total Brazil |  |  | 9,758,123 | 9,781,208 | 53.59 |
| Cayman Islands |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Pagseguro Digital Ltd | 27,791 | USD | 923,706 | 640,767 | 3.52 |
|  |  |  | 923,706 | 640,767 | 3.52 |
|  |  |  |  |  |  |
| Total Cayman Islands |  |  | 923,706 | 640,767 | 3.52 |
| Chile |  |  |  |  |  |
| Agriculture and fishing |  |  |  |  |  |
| Salmones Camanchaca SA | 51,845 | CLP | 364,240 | 126,849 | 0.69 |
|  |  |  | 364,240 | 126,849 | 0.69 |
| Retail |  |  |  |  |  |
| Falabella SA | 277,633 | CLP | 1,333,739 | 796,509 | 4.36 |
|  |  |  | 1,333,739 | 796,509 | 4.36 |
|  |  |  |  |  |  |
| Total Chile |  |  | 1,697,979 | 923,358 | 5.05 |

| Comgest Growth Latin America |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Colombia |  |  |  |  |  |
| Food and distilleries |  |  |  |  |  |
| Grupo Nutresa SA | 49,970 | COP | 374,275 | 309,586 | 1.70 |
|  |  |  | 374,275 | 309,586 | 1.70 |
|  |  |  |  |  |  |
| Total Colombia |  |  | 374,275 | 309,586 | 1.70 |
| Luxembourg |  |  |  |  |  |
| Holding and finance companies |  |  |  |  |  |
| Globant SA | 2,443 | USD | 97,612 | 674,747 | 3.70 |
|  |  |  | 97,612 | 674,747 | 3.70 |
|  |  |  |  |  |  |
| Total Luxembourg |  |  | 97,612 | 674,747 | 3.70 |
| Mexico |  |  |  |  |  |
| Banks and financial institutions |  |  |  |  |  |
| PLA Administradora Industrial S de RL de CV | 431,166 | MXN | 541,819 | 529,306 | 2.90 |
|  |  |  | 541,819 | 529,306 | 2.90 |
| Holding and finance companies |  |  |  |  |  |
| Bolsa Mexicana de Valores SAB de CV | 263,775 | MXN | 407,627 | 438,742 | 2.40 |
|  |  |  | 407,627 | 438,742 | 2.40 |
| Leisure |  |  |  |  |  |
| Hoteles City Express SAB de CV | 942,953 | MXN | 925,885 | 188,406 | 1.03 |
|  |  |  | 925,885 | 188,406 | 1.03 |
| Retail |  |  |  |  |  |
| Wal-Mart de Mexico SAB de CV | 246,700 | MXN | 543,065 | 807,961 | 4.43 |
|  |  |  | 543,065 | 807,961 | 4.43 |
| Tobacco and spirits |  |  |  |  |  |
| Fomento Economico Mexicano SAB de CV | 99,013 | MXN | 708,553 | 678,544 | 3.72 |
|  |  |  | 708,553 | 678,544 | 3.72 |
|  |  |  |  |  |  |
| Total Mexico |  |  | 3,126,949 | 2,642,959 | 14.48 |

| Comgest Growth Latin America |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |  |  |
| As at 31 December 2021 |  |  |  |  |  |
| (expressed in EUR) |  |  |  |  |  |
|  | Quantity/ |  | Acquisition | Fair Value | % Net |
| Security | Face value | Currency | cost (EUR) | EUR | Assets |
| Panama |  |  |  |  |  |
| Retail |  |  |  |  |  |
| InRetail Peru Corp | 15,767 | USD | 443,278 | 484,572 | 2.65 |
|  |  |  | 443,278 | 484,572 | 2.65 |
|  |  |  |  |  |  |
| Total Panama |  |  | 443,278 | 484,572 | 2.65 |
| United States of America |  |  |  |  |  |
| Internet software |  |  |  |  |  |
| MercadoLibre Inc | 1,121 | USD | 973,265 | 1,329,191 | 7.28 |
|  |  |  | 973,265 | 1,329,191 | 7.28 |
|  |  |  |  |  |  |
| Total United States of America |  |  | 973,265 | 1,329,191 | 7.28 |
|  |  |  |  |  |  |
| Equity securities |  |  | 17,395,187 | 16,786,388 | 91.97 |
| Sponsored America Depository Receipts |  |  |  |  |  |
| Brazil |  |  |  |  |  |
| Aerospace technology |  |  |  |  |  |
| Embraer SA | 46,533 | USD | 695,106 | 726,311 | 3.98 |
|  |  |  | 695,106 | 726,311 | 3.98 |
|  |  |  |  |  |  |
| Total Brazil |  |  | 695,106 | 726,311 | 3.98 |
|  |  |  |  |  |  |
| Sponsored America Depository Receipts |  |  | 695,106 | 726,311 | 3.98 |
|  |  |  |  |  |  |
| Transferable securities admitted to an official stock exchange listing |  | 18,090,293 | 17,512,699 | 95.95 |
| Other transferable securities |  |  |  |  |  |
| Equity securities |  |  |  |  |  |
| Agriculture and fishing |  |  |  |  |  |
| RIGHTS SALMONES CAMANCHA CA SA | 6,677 | CLP | - | 138 | - |
|  |  |  | - | 138 | - |
|  |  |  |  |  |  |
| Total Chile |  |  | - | 138 | - |
|  |  |  |  |  |  |
| Equity securities |  |  | - | 138 | - |

| Comgest Growth Latin America |  |  |  |
| --- | --- | --- | --- |
| SCHEDULE OF INVESTMENTS |  |  |  |
| As at 31 December 2021 |  |  |  |
| (expressed in EUR) |  |  |  |
|  | Acquisition | Fair Value | % Net |
|  | cost (EUR) | EUR | Assets |
|  |  |  |  |
| Other transferable securities | - | 138 | - |
|  |  |  |  |
| Financial assets at fair value through profit and loss | 18,090,293 | 17,512,837 | 95.95 |
| Cash and other net assets |  | 740,093 | 4.05 |
| Total net assets attributable to holders of redeemable participating shares |  | 18,252,930 | 100.00 |
|  |  |  |  |
|  |  |  | % of |
|  |  | Total Assets |
| Transferable securities admitted to an official stock exchange listing |  |  | 94.08 |
| Other transferable securities |  |  | - |

Translation (ENDE, 2021-12-31):
# ERLÄUTERUNGEN ZUM ABSCHLUSS zum 31. Dezember 2021 (Fortsetzung)
- 
### Bedeutende Ereignisse nach Ende des Geschäftsjahres (Fortsetzung)

| Fondsname | Währung | Nettoinventarwert | Wert der Zeichnungen | Wert der Rücknahmen |
| --- | --- | --- | --- | --- |
| Comgest Growth Europe Plus | Euro | 422.420.657 | 27.515.334 | 37.342.445 |
| Comgest Growth Europe S | Euro | 74.437.381 | 5.601.729 | 5.366.547 |
| Comgest Growth Europe Opportunities | Euro | 1.655.473.093 | 92.620.793 | 262.478.045 |
| Comgest Growth Europe Smaller Companies | Euro | 917.100.534 | 45.059.657 | 140.558.577 |
| Comgest Growth Europe ex Switzerland | Schweizer Franken | 165.151.428 | 9.239.525 | 454.747 |
| Comgest Growth Europe ex UK | GBP | 316.557.862 | 62.714.072 | 29.824.130 |
| Comgest Growth Asia | US-Dollar | 264.238.099 | 16.864.963 | 12.804.900 |
| Comgest Growth Asia ex Japan | US-Dollar | 123.002.381 | 3.907.924 | 780.469 |
| Comgest Growth Asia Pac ex Japan | US-Dollar | 127.692.707 | 7.206.768 | 21.629.346 |
| Comgest Growth China | Euro | 189.796.127 | 7.342.787 | 14.422.941 |
| Comgest Growth India | US-Dollar | 85.588.190 | 676.297 | 28.630.493 |
| Comgest Growth Latin America | Euro | 29.323.871 | 11.970.399 | 4.855.380 |

1 Comgest Growth World Compounders wurde am 29. November 2021 aufgelegt.
* Stellt eine vollständige Rücknahme aufgrund der Zusammenlegung und anschließenden Schließung des Teilfonds zum 7. März 2022 dar.
Am 24. Februar 2022 begannen russische Truppen mit einem anhaltenden Militärangriff in die Ukraine eine Invasion gegen das Land. Als Reaktion darauf haben mehrere Gerichtsbarkeiten, darunter die EU, die Vereinigten Staaten und das Vereinigte Königreich, mehrere Runden von Wirtschaftssanktionen gegen Russland verhängt.
Eine Reihe russischer börsennotierter Unternehmen wurde an bestimmten Börsen suspendiert und auch von Marktindizes ausgeschlossen. Die russische Zentralbank hat den Handel mit Aktien und Derivaten vorübergehend ausgesetzt, und die lokalen Behörden haben ausländischen Investoren vorübergehend den Verkauf russischer Vermögenswerte untersagt und Zahlungen an ausländische Unternehmen eingeschränkt.
Wie bereits in diesem Geschäftsbericht berichtet, haben die Comgest Growth Emerging Markets, Comgest Growth Emerging Markets Plus und Comgest Growth Emerging Markets ex China weiterhin ein begrenztes direktes Engagement in russischen Wertpapieren.
Der Anlageverwalter hat mögliche Auswirkungen, einschließlich der Überwachung von Risikopositionen in Bezug auf Positionen, Abwicklung, Sanktionen, Gegenpartei, Liquidität und Bewertungsangelegenheiten, genau verfolgt und verfolgt sie auch weiterhin.
- 
### Wertpapierleihgeschäfte

Während des Geschäftsjahres zum 31. Dezember 2021 nahm die Gesellschaft keine Wertpapierleihgeschäfte vor (Geschäftsjahr zum 31. Dezember 2020: keine).
- 
### Feststellung des Abschlusses

Der Verwaltungsrat hat am 31. März 2022 die Veröffentlichung des Jahresabschlusses genehmigt.