# Schedule of investments as at 31 July 2021
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Exchange traded funds: 40.65% (2020: 4.14%) |  |  |  |
|  | France: 0.68% (2020: 0.00%) |  |  |  |
|  | Funds: 0.68% (2020: 0.00%) |  |  |  |
| 2,000 | Lyxor CAC 40 UCITS ETF | 130,020 |  | 0.68 |
|  | Total France | 	130,020 |  | 	0.68 |
|  | Ireland: 33.67% (2020: 4.14%) |  |  |  |
|  | Funds: 33.67% (2020: 4.14%) |  |  |  |
| 15,000 | db x-trackers USDorate Bond UCITS ETF | 222,713 |  | 1.17 |
| 27,000 | Invesco MSCI Saudi Arabia UCITS ETF | 617,166 |  | 3.25 |
| 10,554 | Invesco Russell 2000 UCITS ETF | 966,619 |  | 5.09 |
| 12,745 | Invesco S&P 500 UCITS Accumulating ETF | 833,175 |  | 4.38 |
| 1,900 | iShares Core EUR Corporate Bond UCITS ETF | 258,619 |  | 1.36 |
| 1,750 | iShares Core EUR Government Bond UCITS ETF | 233,940 |  | 1.23 |
| 13,500 | iShares Core FTSE 100 UCITS ETF | 109,297 |  | 0.58 |
| 550 | iShares Core GBP Corporate Bond UCITS ETF | 100,820 |  | 0.53 |
| 4,000 | iShares Core MSCI Japan IMI UCITS ETF | 172,913 |  | 0.91 |
| 3,500 | iShares Core MSCI Pacific ex-Japan UCITS ETF | 533,028 |  | 2.81 |
| 6,500 | iShares Core S&P 500 UCITS ETF | 240,242 |  | 1.26 |
| 4,200 | iShares Core UK Gilts UCITS ETF | 70,303 |  | 0.37 |
| 970 | iShares EUR Corporate Bond Large Cap UCITS ETF | 137,546 |  | 0.72 |
| 2,700 | iShares Global Corporate Bond EUR Hedged UCITS ETF Distributing | 289,291 |  | 1.52 |
| 1,500 | iShares Global Corporate Bond UCITS ETF | 135,896 |  | 0.72 |
| 1,200 | iShares Global Government Bond UCITS ETF | 117,936 |  | 0.62 |
| 750 | iShares Global Inflation Linked Government Bond UCITS ETF | 121,156 |  | 0.64 |
| 1,300 | iShares JP Morgan $ Emerging Markets Bond UCITS ETF | 122,534 |  | 0.65 |
| 3,600 | iShares JP Morgan EM Local Government Bond UCITS ETF | 167,522 |  | 0.88 |
| 7,000 | iShares MSCI EMU ESG Screened UCITS ETF | 47,866 |  | 0.25 |
| 7,000 | iShares MSCI Europe ESG Screened UCITS ETF | 48,227 |  | 0.25 |
| 1,600 | iShares USD Corporate Bond UCITS ETF | 175,369 |  | 0.92 |
| 2,000 | iShares USD Treasury Bond 1-3yr UCITS ETF | 226,362 |  | 1.19 |
| 1,500 | iShares USD Treasury Bond 3-7yr UCITS ETF | 178,588 |  | 0.94 |
| 1,500 | iShares USD Treasury Bond 7-10yr UCITS ETF | 272,183 |  | 1.43 |
|  | Total Ireland | 	6,399,311 |  | 	33.67 |
|  | Luxembourg: 6.30% (2020: 0.00%) |  |  |  |
|  | Funds: 6.30% (2020: 0.00%) |  |  |  |
| 1,000 | Amundi Asset Management CAC 40 UCITS ETF | 101,240 |  | 0.53 |
| 500 | Amundi Asset Management Euroorates UCITS ETF | 115,754 |  | 0.61 |
| 14,000 | Amundi Asset Management MSCI Emerging Markets UCITS ETF | 69,742 |  | 0.37 |
| 1,200 | db x-trackers DAX UCITS ETF | 178,584 |  | 0.94 |
| 500 | db x-trackers II Eurozone Government Bond UCITS ETF | 127,540 |  | 0.67 |
| 500 | db x-trackers II Global Inflation-Linked Bond UCITS ETF | 130,575 |  | 0.69 |
| 10,000 | db x-trackers II Japan Government Bond UCITS ETF | 108,205 |  | 0.57 |
| 5,200 | db x-trackers S&P 500 Swap UCITS ETF | 365,333 |  | 1.92 |
|  | Total Luxembourg | 	1,196,973 |  | 	6.30 |
|  | Total exchange traded funds | 	7,726,304 |  | 	40.65 |

Pergola 90
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 58.28% (2020: 87.18%) |  |  |  |
|  | Austria: 0.00% (2020: 0.66%) | – |  | – |
|  | Utilities: 0.00% (2020: 0.66%) | – |  | – |
|  | Belgium: 1.43% (2020: 11.80%) |  |  |  |
|  | Consumer, cyclical: 1.43% (2020: 4.59%) |  |  |  |
| 2,004 | D'Ieteren | 270,741 |  | 1.43 |
|  | Financial: 0.00% (2020: 7.21%) | – |  | – |
|  | Total Belgium | 	270,741 |  | 	1.43 |
|  | Denmark: 17.35% (2020: 19.39%) |  |  |  |
|  | Consumer, cyclical: 0.00% (2020: 4.98%) | – |  | – |
|  | Consumer, non-cyclical: 3.57% (2020: 4.27%) |  |  |  |
| 39,208 | Scandinavian Tobacco | 677,326 |  | 3.57 |
|  | Financial: 13.78% (2020: 4.01%) |  |  |  |
| 77,450 | Alm Brand | 474,275 |  | 2.50 |
| 13,376 | Jyske Bank | 547,742 |  | 2.88 |
| 8,167 | Ringkjoebing Landbobank | 781,741 |  | 4.11 |
| 21,426 | Spar Nord Bank | 217,187 |  | 1.14 |
| 23,194 | Sydbank | 598,995 |  | 3.15 |
|  | Industrial: 0.00% (2020: 6.13%) | – |  | – |
|  | Total Denmark | 	3,297,266 |  | 	17.35 |
|  | Germany: 6.03% (2020: 13.65%) |  |  |  |
|  | Basic materials: 2.46% (2020: 0.00%) |  |  |  |
| 6,590 | KWS Saat | 467,231 |  | 2.46 |
|  | Communications: 3.57% (2020: 0.00%) |  |  |  |
| 16,473 | Auto1 | 679,676 |  | 3.57 |
|  | Consumer, cyclical: 0.00% (2020: 2.20%) | – |  | – |
|  | Consumer, non-cyclical: 0.00% (2020: 4.11%) | – |  | – |
|  | Technology: 0.00% (2020: 7.34%) | – |  | – |
|  | Total Germany | 	1,146,907 |  | 	6.03 |
|  | Ireland: 0.00% (2020: 0.71%) | – |  | – |
|  | Consumer, cyclical: 0.00% (2020: 0.71%) | – |  | – |

Pergola 90
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 58.28% (2020: 87.18%) (continued) |  |  |  |
|  | Netherlands: 0.00% (2020: 11.14%) | – |  | – |
|  | Communications: 0.00% (2020: 2.21%) | – |  | – |
|  | Consumer, cyclical: 0.00% (2020: 3.43%) | – |  | – |
|  | Financial: 0.00% (2020: 5.50%) | – |  | – |
|  | Norway: 1.13% (2020: 3.33%) |  |  |  |
|  | Financial: 0.00% (2020: 3.33%) | – |  | – |
|  | Utilities: 1.13% (2020: 0.00%) |  |  |  |
| 44,841 | Fjordkraft | 215,294 |  | 1.13 |
|  | Total Norway | 	215,294 |  | 	1.13 |
|  | Spain: 0.00% (2020: 4.64%) | – |  | – |
|  | Financial: 0.00% (2020: 3.42%) | – |  | – |
|  | Industrial: 0.00% (2020: 1.22%) | – |  | – |
|  | Sweden: 15.90% (2020: 15.14%) |  |  |  |
|  | Basic materials: 4.52% (2020: 0.00%) |  |  |  |
| 178,303 | SSAB | 859,120 |  | 4.52 |
|  | Communications: 3.85% (2020: 0.00%) |  |  |  |
| 40,262 | Boozt | 731,230 |  | 3.85 |
|  | Consumer, cyclical: 0.00% (2020: 4.35%) | – |  | – |
|  | Consumer, non-cyclical: 3.90% (2020: 3.26%) |  |  |  |
| 32,494 | Axfood Aktiebolag | 742,065 |  | 3.90 |
|  | Financial: 3.63% (2020: 2.22%) |  |  |  |
| 50,637 | Nordnet | 689,371 |  | 3.63 |
|  | Industrial: 0.00% (2020: 5.31%) | – |  | – |
|  | Total Sweden | 	3,021,786 |  | 	15.90 |
|  | Switzerland: 16.44% (2020: 6.72%) |  |  |  |
|  | Basic materials: 3.56% (2020: 0.00%) |  |  |  |
| 70,891 | OC Oerlikon | 676,792 |  | 3.56 |
|  | Consumer, non-cyclical: 9.36% (2020: 3.20%) |  |  |  |
| 3,287 | Comet | 908,391 |  | 4.78 |
| 938 | Emmi | 870,627 |  | 4.58 |
|  | Financial: 0.00% (2020: 3.52%) | – |  | – |

Pergola 90
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss |  | Fair value € |  | % of net assets |
| --- | --- | --- | --- | --- | --- |
|  | Equities: 58.28% (2020: 87.18%) (continued) |  |  |  |  |
|  | Switzerland: 16.44% (2020: 6.72%) (continued) |  |  |  |  |
|  | Utilities: 3.52% (2020: 0.00%) |  |  |  |  |
| 7,196 | BKW |  | 668,918 |  | 3.52 |
|  | Total Switzerland |  | 3,124,728 |  | 16.44 |
|  |  |  |  |  |  |
|  | Total equities |  | 11,076,722 |  | 58.28 |
|  | Financial derivative instruments: 0.42% (2020: 3.18%) |  |  |  |  |
| Counterparty | Total return swaps - unrealised gains: 0.42% (2020: 3.18%) | Notional € | Unrealised gain € |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | Pergola 90 Fund Portfolio leg | 19,018,673 | 80,679 |  | 0.42 |
|  | Total total return swaps - unrealised gains |  | 80,679 |  | 0.42 |
|  |  |  |  |  |  |
|  | Total financial derivative instruments |  | 80,679 |  | 0.42 |
|  |  |  |  |  |  |
|  | Total financial assets at fair value through profit or loss |  | 18,883,705 |  | 99.35 |
|  | Financial liabilities at fair value through profit or loss |  |  |  |  |
|  | Financial derivative instruments: (0.67%) (2020: 0.00%) |  |  |  |  |
| Counterparty | Total return swaps - unrealised losses: (0.67%) (2020: 0.00%) | Notional € | Unrealised loss € |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | Pergola 90 Fund Financing leg | (18,803,026) | (128,355) |  | (0.67) |
|  | Total total return swaps - unrealised losses |  | (128,355) |  | (0.67) |
|  |  |  |  |  |  |
|  | Total financial derivative instruments |  | (128,355) |  | (0.67) |
|  |  |  |  |  |  |
|  | Total financial liabilities at fair value through profit or loss |  | (128,355) |  | (0.67) |
|  |  |  | Fair value € |  | % of net assets |
|  | Total value of investments |  |  |  |  |
|  | (Cost: € 17,781,825) |  | 18,755,350 |  | 98.68 |
|  | Due from broker |  | 378,252 |  | 1.99 |
|  | Other net liabilities |  | (126,639) |  | (0.67) |
|  | Net assets attributable to holders of redeemable participating shares | 	19,006,963 |  | 	100.00 |

Pergola 90
Schedule of investments as at 31 July 2021 (continued)
| Analysis of portfolio | Fair value € | % of total assets |
| --- | --- | --- |
| Transferable securities admitted to official stock exchange listing or dealt in/on another regulated market | 18,803,026 | 97.40 |
| Over the counter financial derivative instruments | 80,679 | 0.42 |
| Due from broker | 378,252 | 1.96 |
| Other assets | 	42,742 | 	0.22 |
| Total assets | 	19,304,699 | 	100.00 |

Pergola 90

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

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

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