metzler international investments plc - fondsvermittlung24.de · 2018. 1. 11. · 2....

Metzler International Investments plc

Financial Statements for theYear Ended 30 September 2017

Audited

Table of Contents Page

Directors' Report 3

Investment Reviews 7

Portfolio and Statement of Changes in Investments 36

Fund Summary Information 115

Statement of Comprehensive Income 118

Statement of Financial Position 124

Statement of Changes in Net Assets Attributable to the Holders od Redeemable Shares 130

Notes to the Financial Statements 135 Additional Disclosures to the Shareholders 178

Independent Auditor's Report 179

Depositary Report 182

Management and Administration 183

2

Directors' Report

Principal Activities

The Company had no employees during the year ended 30 September 2017 or 30 September 2016.

The Company has fifteen active sub funds (the "Funds") as at 30 September 2017, as follows:

1. Metzler European Smaller Companies

2. Metzler European Growth

3. Metzler Global Selection

4. Metzler Japanese Equity Fund

5. Metzler International Growth

6. Metzler Eastern Europe

7. Metzler Focus Japan

8. Metzler European Concentrated Growth

9. Metzler European Small and Micro Cap

10. Metzler Euro Corporates Short Term

11. Metzler Wertsicherungsfonds 90

12. Metzler Alpha Strategies

13. Metzler Wertsicherungsfonds 98

14. Metzler Sovereign Select LCR

15. Metzler European Dividend Sustainability

METZLER IRELAND LIMITED as Manager and Administrator of the Company

Metzler Ireland Limited continued to act as Manager and Administrator of the Company during the fiscal year.

Significant Activities during the Business Year Results

Performance and Performance Measurement

Principal Risks and Uncertainties

A description of the risks and uncertainties facing each Fund is included in Note 13 to the financial statements.

Dividends

On 30 November 2016 the Directors resolved that dividends be declared as follows:

Metzler European Smaller Companies Class B Shares EUR 1.68 per shareMetzler European Growth Class B Shares EUR 1.31 per share

• Nissay Asset Management Corporation has been appointed as Investment Manager to Metzler Focus Japan.

The results of operations for the year are stated on pages 118 to 123 of the financial statements (Statement of Comprehensive

Income).

A detailed performance review for each Fund is included in the Investment Reviews section on pages 7 to 35. The performance

figures of the Funds shown in the investment reviews are adjusted for any distributions made during the financial year.

The Directors present their annual report together with the audited financial statements of Metzler International Investments plc

for the year ended 30 September 2017.

Metzler International Investments plc is an investment company with variable capital organised under the laws of Ireland and

has its registered office at Kilmore House, Spencer Dock, North Wall Quay, Dublin 1, Ireland. It is authorised as an Undertaking

for Collective Investment in Transferable Securities pursuant to the European Communities (Undertakings for Collective

Investment in Transferable Securities) Amendment Regulation 2016 (amending the European Communities (Undertakings for

Collective Investment in Transferable Securities) Regulations 2011).

The purpose for which the Company is established is the collective investment in transferable securities of capital raised from

the public, operating on the principle of risk-spreading. The Company aims to provide investors with the opportunity to invest in

a variety of funds investing in equities, equity related securities and debt securities (such as bonds, treasury bills, commercial

paper, promissory notes, fixed interest and floating rate and zero coupon notes and certificates of deposit), open-ended

investment funds and warrants.

In accordance with the management agreement, the Manager has delegated certain of its functions to the following Investment

Managers:

• Metzler Asset Management GmbH ("MAM") has been appointed as Investment Manager of Metzler European Smaller

Companies, Metzler European Growth, Metzler Global Selection, Metzler International Growth, Metzler Eastern Europe, Metzler

European Concentrated Growth, Metzler European Small and Micro Cap, Metzler Euro Corporates Short Term, Metzler

Wertsicherungsfonds 90, Metzler Alpha Strategies, Metzler Wertsicherungsfonds 98, Metzler Sovereign Select LCR and

Metzler European Dividend Sustainability.

• T&D Asset Management Co. Ltd. has been appointed as Investment Manager of Metzler Japanese Equity Fund

3

Directors' Report

Metzler Global Selection Class A Shares EUR 0.64 per shareMetzler Global Selection Class B Shares EUR 2.27 per shareMetzler Japanese Equity Fund Class B Shares EUR 1.38 per shareMetzler Eastern Europe Class A Shares EUR 0.49 per shareMetzler Eastern Europe Class B Shares EUR 0.85 per shareMetzler Euro Corporates Short Term EUR 0.91 per shareMetzler Sovereign Select LCR Class B Shares EUR 1.91 per shareMetzler European Dividend Sustainability Class A Shares EUR 2.00 per shareMetzler European Dividend Sustainability Class B Shares EUR 2.53 per share

These dividends were payable to the shareholders of record on 12 December 2016 and paid on 15 December 2016.

Launch of Additional Share Classes

Events since the Year End Date

It is the intention of the Directors to continue to develop the investment activities of the Company.

Dividends

On 7 December 2017 the Directors resolved that dividends be declared as follows:

Metzler European Smaller Companies Class B Shares EUR 2.15 per shareMetzler Global Selection Class B Shares EUR 1.90 per shareMetzler Japanese Equity Fund Class B Shares EUR 0.76 per shareMetzler Eastern Europe Class A Shares EUR 0.58 per shareMetzler Eastern Europe Class B Shares EUR 0.94 per shareMetzler Euro Corporates Short Term EUR 0.77 per shareMetzler Sovereign Select LCR Class B Shares EUR 1.43 per shareMetzler European Dividend Sustainability Class A Shares EUR 1.61 per shareMetzler European Dividend Sustainability Class B Shares EUR 2.08 per share

These dividends were payable to the shareholders of record on 15 December 2017 and paid on 21 December 2017.

Directors

Robert Burke (independent director) - IrishDr. Rainer Matthes - GermanKeith Milne - IrishDamien Owens - IrishJoachim Treppner - GermanDeirdre Yaghootfam - Irish

Directors' and Secretaries' Interests

Statement of Directors' Responsibilities

• Select suitable accounting policies and then apply them consistently;

• Make judgements and estimates that are reasonable and prudent;

On 24 November 2016, Metzler Wertsicherungsfonds 90, launched a fourth class of shares, namely Class X.

None of the Directors, the Company Secretary nor their families held, as at 30 September 2017, or during the year, any

beneficial interest in the shares of the Company.

The Directors are responsible for preparing the Directors’ Report and financial statements, in accordance with applicable law

and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to

prepare the financial statements in accordance with with FRS 102 The Financial Reporting Standard applicable in the UK and

the Republic of Ireland.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and

fair view of the assets, liabilities and financial position of the Company and of its changes in net assets attributable to holders of

redeemable participating shares for that year. In preparing the financial statements, the Directors are required to:

The following individuals served as Directors of the Company during the financial year:

4

Directors' Report

Connected Persons

Statutory Compliance Statement, Companies Act 2014, section 225(2)

2. The Directors confirm that they have:

Audit Committee

Political and Charitable Contributions

Accounting Records

Statement of Relevant Audit Information

• State whether applicable Accounting Standards have been followed, subject to any material departures disclosed and

explained in the financial statements; and

• Prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Company will

continue in business.

The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time

the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act

2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Amendment Regulation

2016 (amending the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations

2011) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in

Transferable Securities) Regulations 2015. They have general responsibility for taking such steps as are reasonably open to

them to safeguard the assets of the Company. In this regard, they have entrusted the assets of the Company to a Depositary

for safe-keeping. They have general responsibility for taking such steps as are reasonably open to them to prevent and detect

fraud and other irregularities. The Directors are also responsible for preparing a Directors’ Report that complies with the

requirements of the Companies Act 2014.

The Directors of the Company are compliant with the Irish Fund Industry Association Corporate Governance Code (“the Code”).

Regulation 41 of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective

Investment in Transferable Securities) Regulations 2015, "Transactions involving Connected Persons" states that any

transaction carried out with these "connected persons" must be carried out as if negotiated at arm's length and must be in the

best interests of the shareholders.

The Directors believe that they have complied with the requirements of sections 281 to 285 of the Companies Act 2014 with

regards to adequate accounting records by employing accounting personnel with appropriate expertise and by providing

adequate resources to the financial function. The accounting records of the Company are maintained at Kilmore House,

Spencer Dock, North Wall Quay, Dublin 1.

So far as the Directors are aware, there is no relevant audit information of which the Company’s statutory auditors are unaware.

Each Director has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of

any relevant audit information and to establish that the Company’s statutory auditors are aware of that information.

1. The Directors acknowledge that they are responsible for securing the Company’s compliance with the Company’s “relevant

obligations” within the meaning of section 225 of the Companies Act 2014 (described below as the “Relevant Obligations”).

(a) drawn up a compliance policy statement setting out the Company’s policies (that are, in the opinion of the Directors,

appropriate to the Company) in respect of the Company’s compliance with its Relevant Obligations;

(b) put in place appropriate arrangements or structures that, in the opinion of the Directors, provide a reasonable assurance of

compliance in all material respects with the Company’s Relevant Obligations; and

(c) during the financial year to which this report relates, conducted a review of the arrangements or structures that the Directors

have put in place to ensure material compliance with the Company’s Relevant Obligations.

The Directors have considered the nature of the company, as an investment company, as well as its size and taking both into

account, they have decided that there is no need for a separate audit committee as the Board of Directors fulfils this role.

The Company made no disclosable political donations, charitable contributions, or incurred any disclosable political expenditure

during the year.

The Board of Directors is satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the

obligations set out in Regulation 41 are applied to all transactions with "connected persons" and the Manager is satisfied that

transactions with "connected persons" entered into during the period complied with the obligations.

5

Directors' Report

Independent Auditor

On behalf of the Board of Directors:

Keith Milne Damien OwensDirector Director

The auditor, KPMG Chartered Accountants and Statutory Audit Firm, has indicated its willingness to continue in office in

accordance with Companies Act 2014.

6

Investment ReviewsMetzler European Smaller Companies

Investment Principle

Fund Report

Performance in review period % 23.11 (Class A)24.09 (Class B)24.10 (Class C)

We added selected cyclical stocks to the fund, as we believe that they will likely benefit from

the expected cyclical upturn over the coming years: The Finnish company Cargotec

produces cranes, for example for the loading of ships or trucks. The Danish company

FLSmidth manufactures equipment for cement plants and mining companies. We acquired

the shares because we expect FLSmidth’s clients to invest more due to the rise in

commodity prices. In addition, we added value stocks at attractive valuations to the fund

such as the Dutch insurance provider ASR and the above-mentioned Greencore.

The fund is eligibile under the French “Plan d’Épargne en Actions” (PEA) tax regime.

The investment objective of the Fund is to achieve long term capital appreciation by

investing predominantly in European equities and equity related securities, in such a way

that medium to small companies, measured by market capitalization, will form the main focus

of the portfolio.

At the beginning of the year under review, uncertainty dominated the European stock

markets due to political events. Prices fell ahead of the presidential elections in the USA;

following Trump’s victory and the referendum in Italy, the stock markets surprised market

participants with sometimes significant gains. Subsequently, political risks further receded to

the background. The price development on Europe’s stock exchanges was positive, not

least due to the favourable macro-economic environment and strong corporate data.

Investors from the global markets preferred European shares, appetite for risk also

increased. This mostly benefited European small caps, they performed much better than

large caps: The STOXX Europe 200 increased by 15.4% and the STOXX Europe Small 200,

the fund's benchmark, rose by 20.5%. Thanks to successful stock-picking, the fund beat its

benchmark by 23.11%.

Among the winners were the shares in the Italian financial services provider Banca IFIS

(130%). The company provides services mainly for SMEs and posted good figures. We

reduced our investment. Shares in the French car rental firm Europcar rose by 65%. Again,

investors rewarded the reported figures and two successful acquisitions.

Shares in the Irish convenience food producer Greencore, which we bought for the first time

in the course of the reporting year at a favourable price were down by 25%. Investors were

concerned that the business in the USA would not develop as well as management had

expected. We do not share these concerns and left the shares in the fund. The share price

of the French media company Technicolor disappointed (-35%) after management had

repeatedly posted poor figures. We divested this share.

During the year under review we also divested some shares at a profit after good

performance, where the market capitalisation of these shares had become too big for the

fund's strategy. Thus we sold the shares in the German financial services provider Wirecard

and the German forklift manufacturer Kion.

7

Investment ReviewsMetzler European Smaller Companies

Structure of the Fund as at

30.09.2017

Net Assets 640.769.965

Shares in Issue 1,254,718.367 (Class A)788,466.605 (Class B)116,704.550 (Class C)

Net Asset Value per Share 303.24 (Class A)313.18 (Class B)114.41 (Class C)

ISIN IE0002921975 (Class A)IE00B40ZVV08 (Class B)IE00BYY02C96 (Class C)

WKN 987735 (Class A)A0YAYL (Class B)A14V5S (Class C)

8

Investment ReviewsMetzler European Growth


Fund Report

Performance in review period % 15.41 (Class A) 16.68 (Class B)16.69 (Class C)


investing predominantly in European equities and equity related securities, in such a way

that companies of growth sectors will be the main focus of the investment portfolio.

At the beginning of the reporting period, the European stock markets were heavily

influenced by the election of Donald Trump as US President, and the implications of a

potential monetary policy reversal and higher interest rates or expectations of higher rates.

Both had a positive impact on cyclical stocks. In addition, good economic data, mostly

positive annual reports by companies and reduced political risks after the elections in the

Netherlands and France during the reporting period had a positive impact. In this

environment, prices on major stock exchanges in Europe rose consistently in double digits.

Overall, performance benefitted from the cyclical orientation of the fund, which was also

manifested in our increased investment in the German company Wacker Chemie in the

fourth quarter of 2016: The company capitalised on price increases for polysilicon resulting

from increased demand – especially from Asia – while business in standard chemicals

remains strong. Rio Tinto was a new acquisition for the fund: the multinational mining

company focusing on iron ore and copper is our first choice in the commodities sector. The

reason is, this company has the lowest production costs, and a more attractive supply and

demand constellation has recently returned, and it also has a better sustainability rating. In

the course of the financial year, we acquired shares in the French ophthalmic optics

company Essilor for the fund: The merger with the largest eyewear manufacturer in the

world, Luxottica from Italy, offers high savings potentials and new business opportunities.

We also acquired a stake in Armundi from France. The decision to invest in the largest

European asset management company was supported by high expected cash inflows, a

very strong market position and their strict cost control. In turn, we further expanded our

underweighting in multinational groups with low earnings volatility which are strongly

represented in the benchmark index; for instance, by reducing our position in the Dutch-

British food group Unilever. This also had a beneficial effect on portfolio performance, as

the performance of these defensive stocks at the beginning of the reporting period was

significantly weaker than that of the market as a whole. However, we reduced this under-

representation somewhat in the second quarter of 2017 by acquiring shares in Nestle for the

fund after the new CEO announced that the product portfolio would be restructured. The

resulting greater emphasis on shareholder value, innovation and growth is likely to have a

positive impact.

In the second half of the year under review we acquired, among others, shares of the

Swedish heat pump manufacturer Nibe Industrier for the fund and thus seized on a dip in

prices after somewhat weaker financial results. We remain confident of the company’s

growth story: Heat pumps save heating costs and protect the environment, the company is

also positioned worldwide and continues to grow through targeted acquisitions. We also

acquired a stake in Croda International: The strong growth of the British specialty chemicals

manufacturer in the business segment Personal Care has hitherto been inadequately

reflected in the share price. Conversely, we sold our stakes in the Swiss banking group

Julius Bär and the Swedish measuring technology Hexagon group, leading to gains for the

fund. We also divested our position in Syngenta in the wake of the acquisition of the Swiss

crop protection giant by the state group China National Chemical Corporation.

The stocks with the highest contributions to overall performance included Wacker Chemie

and the semiconductor manufacturer Infineon from Germany and the Belgian Umicore

(material technology). In contrast, the Irish pharma group Shire compromised performance -

as well as the strong performance of index heavyweights LVMH (luxury goods, France) and

Bayer (pharma, Germany), which are not represented in the fund.

The fund is eligibile under the French “Plan d’Épargne en Actions” (PEA) tax regime.

9

Investment ReviewsMetzler European Growth


30.09.2017


Shares in Issue 913,081.363 (Class A)593,772.512 (Class B)660,100.390 (Class C)

Net Asset Value per Share 175.33 (Class A)243.60 (Class B)221.88 (Class C)

ISIN IE0002921868 (Class A)IE00B3ZLWY60 (Class B)IE00B4YWB283 (Class C)

WKN 987736 (Class A)A0YAYM (Class B)A1C31F (Class C)

10

Investment ReviewsMetzler Global Selection


Fund Report The fund was launched with a net equity exposure of 80.3% in the reporting period. The

international stock market achieved significant gains during the reporting period. Support

came from rising corporate profits and from the expectation that the US Federal Reserve will

only raise its key interest rates very cautiously. In addition, stocks benefited, given the low

interest rates, from increasing risk tolerance on the part of investors. After a sideways trend

until early November, temporarily with stronger losses for European financial stocks, prices

rose significantly after the surprising election victory of Donald Trump in November. Shares

benefitted from the hope that the incoming US President would stimulate the US economy

with a comprehensive fiscal package. After the election of Donald Trump as new US

President, we reduced the net equity ratio to about 71% in November in light of the

uncertainty surrounding the reassessment of the economic environment. After US stocks

rose significantly in November, prices of European shares recorded strong increases in

December, especially those of the Eurozone. The European Central Bank’s (ECB) decision

to extend its purchase programme until the end of 2017, thereby expanding the total volume

of its securities purchases by EUR 540 billion, gave a strong impetus.

In the first half of 2017 share prices continued their upwards trend on the international

market. US stocks delivered an above-average performance up to the end of February

compared to European stocks. They benefited from the expectation that the new US

President Donald Trump will soon present a plan for extensive infrastructure investments

and reduce corporate taxes. The prices of European shares were initially restrained by the

uncertainty before the elections in the Netherlands and France. The tide turned in March. In

the USA, it was expected that Trump’s other reforms would be delayed after the preliminary

failure of health care reform in Congress. In contrast, European shares benefited from the

acceleration of growth in Europe and the expansive monetary policy of the ECB. In addition,

political risks decreased in the first and second round of the French presidential elections,

especially after the strong performance of the economically liberal candidate Emmanuel

Macron. Within the share segment, we reduced the proportion of American shares via share

price index futures, and correspondingly increased the proportion of European shares mid-

March. We were aware of the danger that the major expectations regarding the Trump

administration might be dashed. In addition, the prices of European shares lagged behind by

international standards. European shares then also received a boost from improved

economic data and the strengthening of pro-European forces in the elections in the

Netherlands and France. In May, the weighting of European shares via share price index

futures was further increased to the detriment of US shares.

From the end of June to the end of August, share prices fell slightly. This was due, on the

one hand, to the strong euro and the escalation in the North Korean conflict and, on the

other hand, increasing doubt that US President Donald Trump can implement his proposed

economic reforms. The net equity exposure of the fund was increased in the second half of

August to just under 80%. One particular reason for the increase was because the profit

expectations for the companies at the global level had further improved. In September, we

acquired a position in a globally-investing ETF on the stock markets of the emerging markets

and, at the same time, correspondingly reduced the net equity weighting in US stocks

through the sale of share price index futures. The stock markets of the emerging markets

are likely to benefit from the global growth acceleration and are rated more favourably

compared to US shares. At the end of September, net equity exposure stood at 80.8%.

The euro was under pressure against the US dollar until the end of 2016. The tide turned in

January 2017. Support for the euro came from stronger economic growth in the EMU and

the decrease in political risk in Europe. The US dollar, however, was increasingly impacted

by the slight downturn in economic momentum and the increased political uncertainty in the

US. The euro appreciated against the US dollar by 5.15% in the six months under review.

During the reporting period there was partial currency hedging in US dollar and Japanese

yen.


investing predominantly in a portfolio of equities and equity related securities which are dealt

in on a Recognised Market. The Fund may also invest in Collective Investment Schemes to

gain exposure to the equity markets.

11

Investment ReviewsMetzler Global Selection

Performance in review period % 7.22 (Class A)8.38 (Class B)


30.09.2017


Shares in Issue 79,593.216 (Class A)362,337.138 (Class B)

Net Asset Value per Share 78.31 (Class A)125.56 (Class B)

ISIN IE0003722596 (Class A)IE00B9HHB700 (Class B)

WKN 987737 (Class A)A1J8U2 (Class B)

12

Investment ReviewsMetzler Japanese Equity Fund


Fund Report



investing predominantly in equities of companies located in Japan, comprised in the Tokyo

Stock Price Index (TOPIX).

The Japanese stock market rallied in the 12 month period ending September 2017 backed

by a generally weaker yen resulting from the divergence of monetary policies in the US/EU

and Japan, continuing robustness of the global economy and strong corporate

fundamentals. TOPIX price return index surged 26.6% for the reporting period, closing at

1674.75. The Tokyo market rose sharply at the beginning of the reporting period on

heightened expectations for a tightening by the Fed, improving US economic indicators,

weaker yen and recovery in commodity prices. However, the market lacked additional

catalysts to continue the surge in the New Year. As market participants became concerned

of President Trump’s protectionist remarks and declaration of UK’s withdrawal from the EU,

a risk-off mood prevailed, and the market traded without direction into the end of the

Japanese fiscal year. Despite starting the second half of the reporting period on a weak

note due to fading optimism about the US economy, lingering concern over the situation in

North Korea and political uncertainties in Europe, the decline was limited and soon

recovered sharply on strong buying in undervalued stocks. The upward trend continued until

early August backed by strong corporate earnings, but increased tensions between the US

and North Korea sent the market downward. Nevertheless, the market rebounded sharply

into the end of the reporting period thanks to the yen’s depreciation, news of a snap election

in the lower house and tax reform plan by the Trump administration.

For the reporting period, the fund returned 35.6% versus 29.3% of the benchmark, TOPIX

total return index. Both sector allocation and stock selection contributed positively, with

individual stock picking accounting for a significant part of the excess return. The overweight

allocation to Chemicals, Nonferrous Metals and Information & Communication sectors, and

underweight in Services, Retail Trade and Pharmaceutical sectors were positive for

performance. On the other hand, overweight in Construction, Textiles & Apparels and Pulp

& Paper sectors, and underweight in Securities & Commodity Futures, Other Products and

Precision Instruments sectors contributed negatively.

In terms of stock selection, positions in Showa Denko (Chemicals), Furukawa Electric

(Nonferrous Metals), Daihen and Lasertec (Electric Appliances), Maruwa Unyu Kikan (Land

Transportation), Outsourcing (Services) and not holding KDDI (Information &

Communication) contributed positively. However, overweight allocations to Iseki and JTEKT

(Machinery), Sumitomo Osaka Cement (Glass & Ceramics), Nishimatsuya Chain (Retail

Trade), Nagoya Railroad (Land Transportation) and Japan Aviation Electronics (Electric

Appliances) dragged performance.

The lower house election ended unsurprisingly with the ruling coalition easily securing the

two-thirds majority. As a result, Prime Minister Abe appears to be destined for a third term,

potentially extending his reign until 2021, which will make him the longest serving prime

minister in post-war history. The government is expected to come up with aggressive

policies, such as corporate tax reduction for firms implementing wage hikes or capex. There

appears to be renewed interest in the Japanese market from foreign investors, including

longer term investors such as pension funds, and have turned net buyers in October.

Although the market has posted notable gains in the past 12 months, valuation of the

market still does not seem expensive thanks to very strong corporate earnings. We believe

the favorable market conditions will continue for the near future and the fund will focus on

selecting individual companies with positive earnings momentum and attractive valuations.

13

Investment ReviewsMetzler Japanese Equity Fund


30.09.2017




ISIN IE0003722711 (Class A)IE00B42CGK39 (Class B)

WKN 989437 (Class A)A0YAYN (Class B)

14

Investment ReviewsMetzler International Growth


Fund Report

Performance in review period % 10.19 (Class A)


investing predominantly in equities and equity related securities of international growth

companies.

The beginning of the reporting period was marked by a year-end rally of stocks that are

expected to benefit from tax cuts, infrastructure programmes and deregulation announced

by Trump. The buoyancy of the stock markets continued throughout the rest of the year

under review, primarily attributable to the constantly improving economic data and largely

sound corporate figures. In this environment, political risks such as the escalating North

Korean conflict and the announcement by the United States that it would terminate the

nuclear deal with Iran, receded to the background. On balance, share prices rose by double

digits in most markets.

We started the year under review with an even stronger cyclical orientation in our portfolio

structure. The decisions on any required reallocations were on an individual basis.

Accordingly, we sold, among others, the investments in the US food groups Mondelēz and

Kraft-Heinz. In turn, we increased the weightings in the automotive, construction, retail, and

financial sectors. We also took advantage of a general price dip in defensive stocks to

develop an initial position in 3M: The broadly-diversified US multi-technology group boasts

impressively high operating margins, above-average research and development investment,

and a very strong market position. Shares in Naspers were also included in the fund: The

key asset of the South African media group is its share in the high-growth Chinese internet

giant Tencent Holdings. Moreover, we sold our stake in the US specialist for baby food,

Mead Johnson, and secured profits for the fund: This was triggered by the announced

takeover by the British consumer goods manufacturer Reckitt Benckiser.

In the second half of the year under review, we initially increased the fund's exposure to

consumer goods manufacturers and construction companies. At the same time, the

weighting in the oil and gas industry as well as in retail was reduced. We also took

advantage of a price dip to build an initial position in Netflix, which operates a streaming

service and engages in the production of films and series. The US company is likely to

benefit disproportionately from the persistent structural trend away from cable TV to video-

on-demand offerings. In a countermove, we divested our stake in the market research

company Nielsen Holdings, thereby limiting the losses. We also sold some of the shares in

the US investment firm Blackstone and US computer game manufacturer Electronic Arts at

a profit. In the fourth quarter we took advantage of a price correction to create an initial

position in Netease, Inc., one of the leading and fastest-growing Chinese Internet

technology companies with a focus on video games and gaming. Likewise, shares in the US

PTC Inc., whose product portfolio we consider to be highly promising, are in the fund for the

first time. The company offers software solutions such as computer-aided design (CAD) and

product lifecycle management (PLM) as well as an Internet-of-Things platform. The aim is to

thereby increase efficiency when planning, manufacturing and maintaining products and

production lines due to improved collection of data. We also increased our position in the

US manufacturer of pet food, Blue Buffalo Pet Products, after the company succeeded in

being listed at major US retail chains. Our position in the Chinese Alibaba Group, the

Chinese market leader in the internet trade, was partially divested at a profit.

The stocks with the highest performance contributions for the full year included Wacker

Chemie and the semiconductor manufacturer Infineon from Germany as well as the

specialist in automation technology, Rockwell Automation, and the private equity firm

Blackstone from the US. In contrast, the US stocks EOG Resources (oil) and L Brands

(clothing), as well as the Irish pharma group Shire, compromised performance.

15

Investment ReviewsMetzler International Growth


30.09.2017


Shares in Issue 695,851.972 (Class A)

Net Asset Value per Share 63.68 (Class A)

ISIN IE0003723560 (Class A)

WKN 989439 (Class A)

16

Investment ReviewsMetzler Eastern Europe


Fund Report


The investment objective of the Fund is to achieve long-term capital appreciation by

investing predominantly in equities and equity related securities of companies located in

Europe, with at least two thirds of the Fund’s assets invested in Eastern European equities

and equity related securities.

The Russian stock market benefitted from an increase in oil prices at the beginning of the

period under review and from the US presidential election. However, the market

consolidated in the first and second quarter of 2017, and market participants realised

profits: Investors had expected further increases in oil prices after the production cuts and

improving diplomatic relations with Russia following Trump’s election. However, the price for

a barrel of Brent crude oil fell below 50 USD. It was only in the third quarter of 2017 that oil

prices increased and led to a recovery in the Russian stock market. The inflation rate fell to

a historic low of 4.0% and the economy grew most recently by a solid 2.5%. The Russian

central bank lowered its key interest rate by 50 basis points to 8.5%. As before, our focus in

Russia was on companies that are likely to generate profits domestically, and thus benefit

from the recovery of the Russian economy and interest rate cuts by the Russian central

bank. Accordingly, we increased our stake in the Russian retailer X5 Retail and included

shares in internet search engine operator Yandex and the toy retailer Detsky Mir. At the end

of the second quarter of 2017 we took some energy stocks into the portfolio for the first time -

the energy sector had lost around 20% since the beginning of the year, therefore the

valuation had once again become attractive.

Economic development in Central Eastern Europe (CEE) continued to be highly robust

during the year under review. We increased our weighting in banks in Central Eastern

Europe during the reporting period, as these are expected to benefit from rising interest

rates and the continued strong economic environment and are thus valued attractively. In

turn, we reduced defensive titles. With Emmanuel Macron’s clear election victory in the

French presidential election, the populist and euro-critical forces in the Eurozone suffered a

sharp setback. This also boosted the CEE stock markets, as their economic and political

development strongly depends on that of Western European countries. Overall, we

maintained the cyclical orientation of the fund and invested primarily in shares held in the

consumer and banking sectors in order to benefit from strong economic growth in the CEE

region. The Polish government’s decision to refrain from imposing mandatory exchange of

mortgages into foreign currencies (in particular, Swiss francs), which would have had a very

negative repercussions n the banking sector, also had a positive impact on the stock market

in Poland.

At a country level, we maintained the underweighting of Turkey in the reporting period.

However, we shifted this to sector level. Even before the referendum on the introduction of a

presidential system, we divested shares vulnerable to devaluation of the Turkish lira: Dogus

Otomotiv (automotive), Tukas Gida (food) and Migros (retail). In turn, we acquired shares to

our portfolio in companies which largely generate their revenues in foreign currencies.

These include Aksa (textile industry), Anadolu Efes (beverages) and Arcelik (household

goods). In Q2 2017, we partially shifted to shares in companies that derive their profits

domestically; thus, we reduced our very defensive positioning of recent quarters.

In Greece, we slightly reduced our stake in some stocks to realise profits. We expanded our

engagement in Romania during the reporting period.

17

Investment ReviewsMetzler Eastern Europe


30.09.2017




ISIN IE0000111876 (Class A)IE00B42GXQ04 (Class B)

WKN 577999 (Class A)A0YAYP (Class B)

18

Investment ReviewsMetzler Focus Japan


Fund Report

Performance in review period % 5.19 (Class A)


investing predominantly in equities and/or equity related securities of companies located in

Japan, which are listed or traded on recognised markets in Japan. The Fund will for the

most part be invested in up to 35 securities, however this number may be increased if the

Investment Manager deems appropriate.

The benchmark rose 14.95% in Oct-Dec quarter and 0.57% in Jan-Mar quarter respectively,

resulting in a gain of 15.605% in the half year with TOPIX closing at 1,512.60 at the end of

March 2017, and the fund return was 13.480%, underperforming the benchmark by

-2.125%. The Japanese stock market rallied in the 4Q of 2016 on the back of expectations

for the Fed to hike its key interest rate within 2016, improvement in US economic indicators,

yen depreciation and rising crude oil prices. There were favorable reactions to Donald

Trump’s victory in the US election expecting financial deregulation and aggressive

infrastructure spending in the US which led to buying of potential beneficiaries and Japan

stocks rallied amid rising US long-term interest rates.

In 1Q 2017, the Japanese stock market firmed on US president Donald Trump’s remarks on

corporate tax cuts and the outlook for the early rate hikes in the US, but pulled back on the

UK’s declaration of withdrawal from the EU single market and uncertainties over US

government policy implementation. TOPIX Total Return Index was up merely 0.57% QoQ

whereas the Nikkei Stock Average ended the quarter down below ¥19,000.

The benchmark rose 6.76% in Apr-Jun quarter and 4.74% in Jul-Sept quarter respectively,

resulting in a gain of 11.819% in the half year with TOPIX closing at 1,674.75 at the end of

September 2017, and the fund return was 9.642%, underperforming the benchmark by -

2.177%. The Japanese stock market rallied in the 2Q of 2017 on the back of limited political

risk in Europe and expectation for further recovery in corporate earnings supported by

weakening in Yen against US$. French presidential election resulted in Emmanuel Macron’s

victory, which brought a favorable view of retreating uncertainties over political situations in

Europe. In the middle of June, the Fed decided to raise its policy rate, which sent Yen lower

against US$ due to expectations that Fed would continue to raise interest rates for the time

being. In 3Q 2017, the Japanese stock market firmed up further out of the expectations for

Lower House dissolution and general election in October. In July, the market stayed within a

narrow range, but in August, it lost ground amid geopolitical risks surrounding North Korea

and political turmoil in the US. However, it rebounded based on an improvement in the

external investment environment such as the Yen’s decline from ¥107/$ to around ¥113/$

by the end of the month, and the market judgement as “an election means buy”.

Many events are influencing the Japanese stock market today. North Korea, Japan’s

general election, Trump’s tax cut plan, and the Fed’s interest rate hikes and balance sheet

downsizing are some of major developments. Among them, the Lower House election in

Japan on 22 October would be most important, because it would decide whether

Abenomics could continue or not. We think the current ruling coalition, the Liberal

Democratic Party and Komei Party, could keep its majority at the minimum and allows PM

Abe to claim a win. However, if the LDP would lose 50 seats or more from 288, it could

prompt a move within the party to dethrone Abe at next September’s leadership election.

Figures in the Bank of Japan Tankan that was released on October 2 as well as the US

manufacturing ISM index provided clearer sign that the world economy is in the midst of

modest recovery. Some say that business sentiment reported in the BOJ Tankan survey

has been taking on greater importance since guidelines were introduced by the industry

group to restrict analysts’ interviews with corporates right before earnings announcements.

This Tankan showed the business sentiment DI for large corporations rising by 5ppt quarter

on quarter for the manufacturing industry, to +22, topping the consensus forecasts of +18.

We think the Japanese stock market will continue to edge up supported by the strong

earnings momentum.

19

Investment ReviewsMetzler Focus Japan


30.09.2017


Shares in Issue 307,917.583 (Class A)

Net Asset Value per Share 75.21 (Class A)

ISIN IE00B1F1VT06 (Class A)

WKN A0LCBJ (Class A)

20

Investment ReviewsMetzler European Concentrated Growth


Fund Report

Performance in review period % 21.19 (Class B)

The major defensive stocks in the portfolio include the French BIC Group, the leading

manufacturer of disposal lighters and pens, the world's largest eyewear manufacturer Luxottica

from Italy, as well as the French food producer Danone.

During the period under review we divested shares in the French spirits producer Pernod

Ricard and the Austrian machine manufacturer Andritz after a strong share performance. The

share price of CTS Eventim, the market leader in online ticketing, compromised the fund's

performance. We divested this position. Shares in Unilever, which we sold at a profit, are also

no longer represented in the fund.

The objective of the Fund is to achieve long term capital appreciation by investing

predominantly in European equities and equity related securities with a focus on companies

with expected long-term and above average growth prospects.

At the beginning of the reporting period, the European stock markets were heavily influenced

by the election of Donald Trump to be US President, and the implications of a potential

monetary policy reversal and higher interest rates, or expectations of higher rates. Both had a

positive impact on cyclical stocks. In addition, good economic data, mostly positive annual

reports by companies and reduced political risks after the elections in the Netherlands and

France during the reporting period had a positive impact. In this environment, prices on major

stock exchanges in Europe rose consistently in double digits.

Individual stock selection in the period under review resulted in a more aggressive structure of

the fund. We invest in companies, which we believe are likely to benefit from structural growth -

these include in particular technology, chemical, semi-conductor and software stocks.

Admittedly, the major defensive growth stocks decreased considerably in attractiveness, as the

risk appetite of investors increased in a steadily improving economic environment. However,

we continued to keep in the portfolio select major defensive stocks which we believe offer good

growth potential.

Overall, our selection of individual stocks in the semi-conductor sector had a positive impact:

The Austrian manufacturer of high-quality microchips and sensors, Austriamicrosystems

(AMS), is well positioned and is likely to benefit in the future from the continuing high demand

for its products. After a strong performance, we took profits in the third quarter of 2017 and

reduced our exposure. Likewise, the share price of the German semi-conductor manufacturer

Infineon performed strongly, the company raised its profit expectations for the current year.

The Dutch technology company ASM International, a specialist in coatings for semi-

conductors, also performed strongly.

The German specialty chemicals company Wacker Chemie also contributed to the fund's

performance: Growing demand for polysilicon and a more stable price environment added

momentum to the share price. The Belgian specialty chemicals manufacturer Umicore posted

significant gains. The company recycles, inter alia, electronic waster and batteries and

manufactures the key cathode materials for increasing electrification in the automotive sector.

In the case of the Danish medical devices manufacturer Ambu, we took advantage of a price

weakness at the beginning of the period under review and added the stock to the portfolio. The

company benefits from growing demand for disposable endoscopy devices and posted

consistently good figures. Shares in the Swedish mining stock Boliden were also added to the

fund for the first time. The highly automated company operates copper and zinc mines in

Northern Europe and benefits from its vertically integrated business model.

21

Investment ReviewsMetzler European Concentrated Growth


30.09.2017


Shares in Issue 65,566.213 (Class B)

Net Asset Value per Share 174.72 (Class B)

ISIN IE00B57RJ011 (Class B)

WKN A1JCJZ (Class B)

22

Investment ReviewsMetzler European Small and Micro Cap


Fund Report


The objective of the Fund is to achieve long term capital appreciation by investing

predominantly in European equities and equity related securities with a focus on micro and

small companies measured by market capitalisation, with promising long-term growth

prospects.

At the beginning of the reporting period, the European stock markets performed poorly

ahead of the presidential elections in the United States. They then rebounded sharply,

supported by a generally good economic situation. However, markets were unable to

maintain the high level reached in May. After the outcome of important elections in Europe -

first in France, then in Germany - signaled a continued stable economic situation in the

Eurozone, the stock markets rebounded by the end of the year under review.

The fund performance is significantly influenced by the individual stocks chosen. The fund

managers strive to invest in selected shares in companies that anticipate growth based on

structural trends or ideas for products. Several individual stocks delivered a positive

contribution to the growth of the fund during the reporting period. As a result, several

positions with high price gains proved successful. Share prices in the Italian Prima Industrie

rose by 197.1%. The machine manufacturer for laser cutting did well since acquisition, with

strong quarterly results. The French Solutions 30 (127.5%), a provider of technologies and

services for digitisation, benefited from strong revenue growth and expanded its business.

Shares in the Norwegian Asetek, a specialist in liquid cooling systems in computers with

high requirements, increased by 103.5%. With good quarterly results and steady growth,

shares in the Italian recruitment agency Openjobmetis (100.8%), the French Lectra (68.5%)

- a producer of cutting technologies for the fabric industry - and British financial services

company Arrow Global (42.5%) also impressed the markets.

The Swedish Tobii (-30.2%) performed less well, as doubts arose in the market regarding

anticipated growth rates. The value recovered towards the end of the year under review.

Shares in the British Telit Communications (-56.9%) suffered from a downgrade of short-

term growth prospects and allegations against the former CEO. We sold the position. The

German company Helma Eigenheimbau reduced profit expectations for the current financial

year slightly; shares lost 19.6%. As we remain convinced of the success of our business

model, we have further increased the shares at a low price level.

Several new positions were taken into the portfolio during the reporting period. In the

context of an IPO, we acquired shares in the Finnish Silmäasema and the German Shop

Apotheke Europe. Silmäasema, optician and operator of eye clinics, has a strong market

position in Finland; the online pharmacy operator Shop Apotheke Europe can expect strong

growth. Another new value in the portfolio is the British Learning Technologies Group. The

company develops solutions for computer-aided training for companies and the public

sector. At the same time, we sold the shares in the Irish Cairn Homes, the two German

companies Isra Vision and Hypoport, and the British FDM Group following good

performances. In the context of a takeover bid, we also divested the position in Chorus

Clean Energy, a German operator of solar and wind plants.

23

Investment ReviewsMetzler European Small and Micro Cap


30.09.2017




ISIN IE00B5M17487 (Class A)IE00BQ1YC516 (Class B)

WKN A1JCJW (Class A)A12AA0 (Class B)

24

Investment ReviewsMetzler Euro Corporates Short Term


Fund Report

The investment objective of the Fund is to achieve interest income and long term capital

appreciation by investing predominantly in corporate debt securities of global issuers

denominated in Euro, with a period to maturity of up to five years.

During the reporting period, the market for corporate bonds in Euro was influenced by the

European Central Bank’s (ECB) Corporate Sector Purchase Programme – CSPP. The ECB

maintained a high purchase volume, and thereby ensured continued high additional

demand for corporate bonds from the non-financial sector. This resulted in a stabilisation of

the risk premiums at the end of 2016 which continued as the first quarter of 2017

progressed. The stabilisation continued - despite increasing economic policy risks, for

instance those arising from the failed constitutional referendum in Italy and the tense

situation in the Italian banking sector, the presidential election campaign in France or the

impending Brexit.

Within the Eurozone, interest rates for short-term and medium-term maturities initially

underwent a significant increase at the beginning of the reporting period. However, from mid-

November, they returned to the very low level of the beginning of October, and even

dropped below this level for short periods. Thus, yields on two-year German government

bonds stood at -0.7% at the beginning of the reporting period, falling to -0.8% at the end of

the year. This is likely due to the ECB’s announcement in its December session that it will

deviate from its current policy of limiting its purchases to bonds with a return at least equal

to the deposit rate. The yields on corporate bonds did not decline to the same extent as

those of federal bonds, which is why risk premiums expanded accordingly.

Despite largely positive economic data and rising rates of inflation, interest rates for short

maturities remained at a low level in the Eurozone in the first quarter of 2017. Returns on

two-year German government bonds even fell temporarily below the -0.9% mark, reaching a

new all-time low. The ECB further decoupled its monetary policy from that of the US Federal

Reserve which, as anticipated, increased its key interest rate by 25 basis points in March.

Even though the ECB slashed its purchase programme by EUR 80 billion to EUR 60 billion

per month as of April,it highlighted in its March session that its monetary policy will remain

expansive for the immediate future.

In the second quarter of 2017, activities in the international bond markets were largely

influenced by three major issues: the decrease in the political risks in the Eurozone, the

slowdown in inflationary pressures in industrialised countries and lastly by increased signs

that the monetary policy of leading central banks might gradually return to normal. With

Emmanuel Macron’s clear election victory in the French presidential election, the populist

and euro-critical forces in the Eurozone suffered a sharp setback. Thus, the bond spreads

of French and Italian government bonds, but also those of corporate bonds decreased

considerably. As a result of the measures taken to stabilise the banking sector in Spain and

Italy, the Spanish and Italian bond markets also calmed down, even though these measures

were controversial. In addition, the oil price-related decline in inflation rates contributed to a

temporary recovery in the bond markets. Towards the end of June, indicators given by the

ECB and the Bank of England that monetary policy could gradually return to normal led to a

sharp increase in returns on bonds, especially federal bonds. Thus, yields on five-year

federal bonds climbed to over 0.1% by the beginning of July, reaching record level during

the reporting period. Overall, yields on federal securities with a remaining term of up to five

years during the reporting period were consistently negative.

Moreover, in the third quarter the economy in the Eurozone showed no signs of a slowdown

in growth, even though the political risks continued to increase. In particular, an escalation

of the Catalonia crisis could have very negative effects for Spain and the Eurozone. The

ECB also continued its expansive monetary policy in the third quarter as before. At the

beginning of the quarter, fears persisted on the financial markets that monetary policy could

return to normal faster than expected. However, ECB President Draghi and other governing

council members alleviated these concerns by stating that they would only slowly bring the

asset-purchase programme to an end in the coming year and raise the key interest rate

again some time thereafter. Against such a backdrop, yields on federal bonds with a short

term moved slightly downwards - for two-year securities from about 0.6% at the beginning of

the quarter to -0.7% at the end of the quarter.

25

Investment ReviewsMetzler Euro Corporates Short Term

Performance in review period % (0,07)


30.09.2017


Shares in Issue 177.581,620

Net Asset Value per Share 102,60

ISIN IE00B8KKJT75

WKN A1J1NR

On average, corporate bonds with lower ratings performed relatively better in the reporting

period than comparable German government bonds with higher ratings. The same was true

for bonds with longer maturities compared to those with shorter maturities. Subordinated

bonds also performed comparatively better than senior bonds.

In the reporting period, we maintained an overweighting of bonds with low ratings in the

portfolio, as well as an overweighting in subordinated bonds and bonds with residual term of

more than three years. Some new individual stocks were included in the portfolio; both

through participation in new emissions, and through purchases on the secondary market. In

addition, we reallocated bonds with shorter residual terms and bonds with comparatively

longer terms. A quantitative duration management system was used in order to be able to

systematically profit from the interest rate dynamics within the Eurozone. Trading signals

were implemented using liquid exchange-traded futures contracts on interest rates and

bonds. Active duration management contributed negatively to the overall performance in the

reporting period.

26

Investment ReviewsMetzler Wertsicherungsfonds 90


Fund Report

Performance in review period % 6.04 (Class A)6.31 (Class B)5.39 (Class F)8.11 (Class X)


30.09.2017


Shares in Issue 96,300.056 (Class A)966,811.462 (Class B)44,837.326 (Class F)298,636.148 (Class X)

The investment objective of the Fund is to achieve long term capital appreciation while

aiming to restrict negative returns within a calendar year to 10%, thus aiming to preserve a

minimum Net Asset Value per Share (adjusted for dividend distributions) at year end of 90%

of the Net Asset Value per Share at the beginning of a calendar year. To achieve this

objective, the Fund pursues a capital preservation strategy (Wertsicherungsstrategie). The

Fund will seek to attain its investment objective by gaining exposure to the global equity and

debt securities markets. The Fund will gain this exposure by predominantly investing in

global stock index derivatives and interest rate/bond derivatives.

The fund was launched on 01 October 2016 during the financial year with a net equity ratio

of 34% and a bond ratio of nearly 55%, which corresponded to a duration of 3.6 years at the

fund level. The prices on the worldwide equity markets rose in the three months up to the

end of the indexation period. The combination of global equity indexes such as EURO

STOXX 50, TOPIX and S&P 500, which is also implemented in the fund, increased by a

total of 3.4%. The share quota in the fund was increased accordingly and was at about 52%

at the end of December. The prices of the derivatives on global bonds held in the portfolio

performed negatively, losing 3.2% by the end of the year. The fund’s duration was

consequently reduced, closing at 1.5 years at the end of the year. In the first three months of

the period under review, the fund’s performance stood at - 0.33 percent (share class A), -

0.26 percent (share class B) and 0.48 percent (share class F).

On 01 January 2017, Portfolio Management adjusted its exposures in order to comply with

the target minimum value of 90% at the end of 2017. The fund thus started the new

calendar year with an equity exposure of just under 51% and a duration of 1.6 years. Stock

markets performed very positively throughout the entire year; the global stock basket

benefited from such performance - roughly 14.6%. The equity ratio therefore increased

further during the year, reaching roughly 59% by the end of September. The global bond

basket mainly showed a sideways trend in the first nine months of the year – recording a

minor gain of 0.16%. Accordingly, the duration in the fund was increased in the first quarter

and then increased to 1.7 years at the end of September.

27


Net Asset Value per Share 129.41 (Class A)114.32 (Class B)102.96 (Class F)108.11 (Class X)

ISIN IE00B8KKF339 (Class A)IE00BLG2YC63 (Class B)IE00BVYPMN44 (Class F)IE00BZ7PY449 (Class X)

WKN A1J1NS (Class A)A111Q4 (Class B)A14PPX (Class F)A2DGG5 (Class X)

28

Investment ReviewsMetzler Alpha Strategies


Fund Report

Performance in review period % 0.72 (Class A)1.26 (Class X)


Shares in Issue 287,178.157 (Class A)242,255.000 (Class X)

Net Asset Value per Share 120.52 (Class A)128.30 (Class X)

ISIN IE00B8KKJW05 (Class A)IE00BB0RGS71 (Class X)

WKN A1J1NT (Class A)A1WZRH (Class X)

Metzler Alpha Strategies (X share class) achieved a +1.26% growth in value during the

reporting period (1 October to 30 September 2017). The attribution of performance to each

source of income is as follows Volatility: 1.93%, Carry: -1.27%, Momentum: 1.77%, Relative

Value: -1.29%.


investing predominantly in a broadly diversified portfolio of derivatives strategies based on

the equity, bond and currency markets.

The fund started the financial year on 1 October 2016 with a net equity exposure of 36% and

with a net duration of the bonds of 19.2 years. The equity exposure was composed of global

stock market futures and stock index options, with the bond component comprising global

futures and future options. During the reporting period, net equity exposure fluctuated

between 6% (lowest) and 83% (highest), coming in at 20% as of 30 September 2017.

The top long positions on the equity side on 30 September 2017 are S+P 500 index futures

(13.0%), TOKYO ST. PRICE index futures (10.3%), DAX Futures (10.2%), ESTX50 Futures

(7.6%). The top short positions on the equity side on 30 September 2017 are STXE 600

RETAIL index futures (-2.2%), OMX Futures (-1.9%), ASX SPI 200 index futures (-1.6%),

KOSPI 200 Futures (-1.3%).

During the reporting period, the net duration fluctuated between -6.8 years (lowest) and 19.2

years (highest), coming in at 5.2 years on 30 September 2017.

The top long positions on the bond side (duration) on 30 September 2017 are 10 Yr

Commonwealth Treasury Bond Futures (3.4 years), EURO BUND Futures (3.1 years),

EURO BOBL Futures (0.9 years), 3-MONTH EURIBOR Future (0.4 years). The top short

positions on the bond side on 30 September 2017 are US10 Yr Treasury Note Futures (-1.8

years), EURO SCHATZ Futures (-1.1 years), US 2 Yr Note Futures (-1.0 years), LONG

GILT Futures (-0.9 years).

29



Fund Report

Performance in review period % (0,36)


30.09.2017

The investment objective of the Fund is to achieve long term capital appreciation while

aiming to restrict negative returns within a calendar year to 2%, thus aiming to preserve a

minimum Net Asset Value per Share (adjusted for dividend distributions) at year end of 98%

of the Net Asset Value per Share at the beginning of a calendar year. To achieve this

objective, the Fund pursues a capital preservation strategy (Wertsicherungsstrategie). The

Fund will seek to attain its investment objective by gaining exposure to the EU debt

securities markets and the global equity markets. The Fund will gain this exposure by

predominantly investing in EU interest rate/bond derivatives and global equity index

derivatives.

The fund started the financial year on 1 October 2016 with a net equity ratio of 5% and a

bond ratio of 31%, which corresponded to a duration of 2.0 years on the fund level. The

prices on the worldwide equity markets rose in the three months up to the end of the capital

protection period. The combination of global equity indexes such as EURO STOXX 50,

TOPIX and S&P 500, which is also implemented in the fund, increased by a total of 3.4%.

The equity ratio increased accordingly and was at approximately 8% at the end of

December. The prices of the derivatives on European bonds held in the portfolio declined

significantly, declining 2.4% by the end of the year. The fund’s duration was therefore

reduced, closing at 1.4 years at the end of the year. Overall, the fund’s performance in the

first three months of the year under review stood at -0.62%.

On 01 January 2017, Portfolio Management adjusted its exposures in order to comply with

the target minimum value of 98% by the end of 2017. The fund thus started the new

calendar year with an equity exposure of 5% percent and a duration of 0.9 years. The stock

markets performed very positively throughout the entire year with the global stock basket

benefiting from such performance - roughly 14.6%. The equity ratio therefore increased

further during the year, reaching roughly 9% by the end of September. The European bond

basket grew slightly by a total of 0.85% in the first nine months of the year. Accordingly, the

duration in the fund was duly increased to 1.6 years at the end of September.

30



Shares in Issue 1.310.443,772

Net Asset Value per Share 102,86

ISIN IE00BLG2YD70

WKN A111Q5

31

Investment ReviewsMetzler Sovereign Select LCR


Fund Report

The investment objective of the Fund is to achieve interest income and long term capital

appreciation. The Fund shall seek to attain its investment objective by investing

predominantly in global sovereign debt securities including, but not limited to, debt

securities issued or guaranteed by governments, local authorities and agencies thereof, and

supranationals. The Fund will have no geographical focus and the portfolio will be

constructed independent of any benchmark.

The fund’s securities portfolio comprised government bonds and other public-sector bonds

(German federal states) in the year under review, denominated in local currency. At the

outset, Eurozone bonds at just under 66% formed the largest block among the investment

regions. Within the Eurozone, Germany, Italy, Spain and Belgium accounted for the largest

weightings. Among the issuers outside the Eurozone (total of approximately 32%), the USA,

Denmark and the UK were the most numerous, Japanese bonds at close to 4%. The fund

invested just under 4% in the emerging market Singapore.

At the beginning of the fiscal year, the US elections and monetary policy in the US and

Europe dominated the markets. Rising expectations of inflation and Donald Trump's

announcement of loan-financed and growth-friendly economic policies led to losses in

international government bonds. In addition, the US Federal Reserve (Fed) increased

interest rates for the second time since the financial crisis and surprised investors by

holding out the prospect of significant interest rate hikes. At the end of 2016, the contrast

between European and US monetary policy became very clear when the European Central

Bank (ECB) extended its asset-purchase programme not least because of the ongoing

European banking crisis. While ECB policy favoured euro government bonds, US

government bonds suffered from the Fed's decision and the expectation of a generous

fiscal policy. Consequently, the yield advantage of US to European government bonds grew

to just under 2.4% points, the highest margin since 1989. The bond markets in some

emerging markets were also hit by the protectionist steps expected to be taken by the new

US administration, with risk premiums for bond yields rising.

The negative performance continued in the European bond market in the first quarter of

2017: measured by the JP Morgan bond indexes, federal bonds lost just under 0.8% of their

value, government bonds from the Eurozone roughly 1.5%. Outside the Eurozone, some

government bond markets recorded an increase in value, including US T-notes and bonds.

The reason that the government bonds from the Eurozone underperformed compared to the

government bonds was the uncertainty surrounding the outcome of upcoming elections in

many European countries as well as higher inflation rates and improved economic

prospects. The good economic data coming out of the Eurozone and an inflation rate of

2.0% in February ensured that the stakeholders in the financial markets during the quarter

factored in the increasing likelihood of an increase of the deposit rate. The rate hike by the

US Federal Reserve in March was not unexpected and did not negatively impact the

market.

We were able to mitigate the losses from the performance on the euro bond markets

through allocation to markets outside the Eurozone. Consequently, the proportion of bonds

in the Eurozone declined to approximately 59% and the proportion of issuers outside the

Eurozone rose to about 40%. The US, UK and Japan were most strongly represented in the

portfolio - these markets are typically considered "safe havens". Among emerging market

bonds, we have added Poland to the portfolio.

With Emmanuel Macron’s clear election victory in the French presidential election, the

populist and euro-critical forces in the Eurozone suffered a sharp setback at the beginning

of May. This resulted in noticeably decreasing yield spreads of French and Italian

government bonds. In addition, the controversial measures aimed at stabilising the banking

sector in Spain and Italy had a calming influence on the Spanish and Italian bond markets.

Furthermore, the bond markets recovered temporarily due to the oil price-related decline in

inflation rates. Although the US Federal Reserve continued its moderate interest rate hike

policy, the yield gap of US government bonds to government bonds with a term of ten years

fell to roughly 1.8% points. At the end of June, yields on government bonds - especially

government bonds - increased sharply after statements issued by the ECB and the Bank of

England indicating a gradual normalisation of monetary policy.

32

Investment ReviewsMetzler Sovereign Select LCR

Performance in review period % (3.97) (Class B)


30.09.2017


Shares in Issue 403,810.000 (Class B)

Net Asset Value per Share 99.26 (Class B)

ISIN IE00BYY02F28 (Class B)

WKN A14V5M (Class B)

During the second quarter of 2017, we further reduced the proportion of bonds in the

Eurozone to 43%. We weighted the markets outside the Eurozone significantly higher at just

under 54%. Of which emerging markets accounted for roughly 11% points (Poland, the

Czech Republic and Singapore). The "high-yield markets" within the industrialised countries

(Australia and New Zealand) together accounted for just under 7.5%.

In the third quarter of 2017, Eurozone government bonds achieved modest gains. They

benefited primarily from the strong euro, which will likely curb price pressure, thereby

delaying the reversal of the ECB's monetary policy; the ECB does not want to jeopardise the

recovery and therefore seeks to avoid a greater rise in interest rates and a more significant

appreciation of the euro against other major trading currencies. Government bonds outside

the Eurozone, however, were impacted by stronger global economic data, rising oil prices

and Trump's recent plans to introduce tax cuts. In addition, the Federal Reserve will reduce

its balance sheet as of October and probably raise its key interest rate once again in

December. Consequently, US government bonds remained practically unchanged at the

end of the third quarter. However, Canadian government bonds suffered above-average

price falls because the Bank of Canada raised its key interest rate twice to the current level

of 1.0% on the back of strong economic data in the third quarter.

During the reporting period we almost completely hedged currency risks with forward

exchange transactions. Among the investment regions, Eurozone bonds at the end of

September accounted for just under 42% of the fund’s assets; the proportion of positions in

markets outside the Eurozone was almost 56%. Of this figure, emerging markets accounted

for roughly 11.1% points (Poland, the Czech Republic and Singapore). The high-yield

markets among the industrialised countries (Australia and New Zealand) together

accounted for about 9.0% points.

33

Investment ReviewsMetzler European Dividend Sustainability


Fund Report

In the case of some acquisitions we reduced the under-representation in banking stocks, as

we see good future prospects for banks due to the rising interest rate expectations. Thus,

we acquired shares in the French Société Générale and the Italian Unicredit. We also

participated in the IPO of the Irish bank Allied Irish Banks. We also acquired shares in the

French asset management company Amundi. We expect the largest European asset

management firm to benefit from the buyout of its competitor Pioneer Investment. Moreover,

a new position is the Dutch insurance provider ASR which is expected to benefit from the

rising interest rates.

Parts of the portfolio were restructured to include more cyclical-oriented stocks, for instance,

with the purchase of securities in Rio Tinto, a mining operator listed in London. Another new

acquisition to the fund was shares in the French electrical engineering company Schneider

Electric. In our opinion, the industry supplier is well-equipped to handle the future issues of

automation and digitisation. The Portuguese gas company Galp should benefit from the

expansion of the company in Brazil, so we added the stock to the fund for the first time.

The investment objective of the Fund is to achieve long term capital appreciation. The

investment objective will be obtained by investing predominantly in European equities and

equity related securities such as, but not limited to, warrants, ADRs and GDRs, that are

listed or traded on Recognised Markets. The Fund will have no industry or market

capitalisation focus. The main investment focus of the investment portfolio will be on

companies with an historical record of paying dividends, or with a high potential to pay

dividends in the future.

The prices on European stock markets rose during the reporting period. In October and

November the increases were moderate. Prices however showed stronger growth in

December following the ECB decision to extend its bond purchase programme until the end

of 2017. In January, concerns about potential protectionist measures by the USA still

dampened the mood, while political risks in France, the Netherlands and Italy were in the

forefront. Strong economic data and lower political risks, especially in France, then ensured

an upswing on the stock exchanges in February and March. Over the summer slight

concerns surrounding political risks dampened sentiment, the prices rose again from the

end of August.

At the sector level, the fund benefited from its overweight in the financial services provider

sector (contribution to the fund performance 0.62%) with a focus on niche providers. Stock

picking in the telecommunications sector contributed 0.44%, here we put special emphasis

on shares for which we anticipated positive effects of take-overs. In the real estate sector

(0.35%), we invested in German residential property stocks that provide a high level of

security, and in Spanish office real estate companies, as we expect a strong recovery in that

segment.

The under-representation in banks had a negative impact on the fund's performance

(-0.79%), which we turned into an overweighting as the year progressed. In the utilities

sector (-0.60%) performance suffered from the fact that we avoided electricity producers.

Stock picking and under-representation in the healthcare sector depressed the fund's

performance by 0.60%.

The winners at the level of individual shares included the Italian bank Intesa Sanpaolo

(59.1%). Besides declining political risks in Italy and the stabilisation of the banking system,

this was due to the improvement in credit quality and strong inflows to Italian asset

managers. The price for Allianz rose by 48.5%. Investors rewarded higher dividends and

share buybacks as well as the targeted acquisitions of the insurance company; in addition,

expectations of rising interest rates benefited Allianz. Shares in Corticeira increased by

39.5%. The Portuguese cork producer recorded ongoing structural growth thanks to its

diversification strategy: In addition to traditional business in bottle corks, the company now

also produces cork for building materials and furniture.

Shares in Shire Pharmaceuticals (-22.5%) were down, as the British pharmaceutical

company was subject to increasing competition from generic drugs. With regard to the

British media agency WPP, the expected weak growth of major customers in the food and

beverage industry had an impact - shares were down 22.5%. Stocks of the Portuguese

telecommunications provider NOS were down by 20.3% after the company had to invest

more than expected in order to remain competitive in terms of network coverage and quality.

34

Investment ReviewsMetzler European Dividend Sustainability



30.09.2017




ISIN IE00BYY02855 (Class A)IE00BYY02962 (Class B)

WKN A14V5P (Class A)A14V5Q (Class B)

In turn, we reduced defensive stocks: We reduced our position in the UK consumer value

Reckitt Benckiser and sold our shares in the Portuguese media company NOS, in the

Belgian Post Office B-Post and the Portuguese Post Office CTT. Furthermore, we divested

shares in the Swedish construction firm Bonava, as we anticipated that interest rate

increases were likely to compromise the real estate market in the future.

Since diesel and pollution issues and increasing regulation harbour too many risks, we sold

all the shares in BMW.

35

Metzler European Smaller Companies

Portfolio and Statement of Changes in InvestmentsYear Ended 30 September 2017

Asset Name Asset Opening Acquisitions Disposals Closing Opening Opening Total Closing Closing Total

Currency Holding Holding Fair Value Net Assets Fair Value Net Assets

EUR % EUR %

Transferable Securities

Equity Investments

Austria

AMS AG CHF 184.000 116.000 177.000 123.000 5.320.359,83 1,05 7.548.717,05 1,18

IMMOEAST AG ANSPR.- EUR 750.000 - 750.000 - 75,00 - - -

IMMOFINANZ AG INH. EUR - 66.000 - 66.000 - - 144.144,00 0,02

Total Austria 5.320.434,83 1,05 7.692.861,05 1,20

Canada

ENTERTAINMENT ONE CA-,01 GBP 2.500.000 3.141.450 2.651.450 2.990.000 6.542.596,23 1,29 8.754.695,57 1,37

INTL PET. CORP. SEK - 114.666 114.666 - - - - -

Total Canada 6.542.596,23 1,29 8.754.695,57 1,37

Denmark

FLSMIDTH+CO.AS NAM.B DK20 DKK - 169.500 - 169.500 - - 9.482.087,43 1,48

NKT A/S NAM. DK 20 DKK - 211.000 62.500 148.500 - - 10.745.830,93 1,68

ROCKWOOL INTL NAM.B DK 10 DKK 36.200 16.400 52.600 - 5.794.916,90 1,14 - -

SIMCORP A/S NAM. DK 1 DKK 130.500 141.850 65.650 206.700 6.747.356,05 1,33 10.679.837,94 1,67

Total Denmark 12.542.272,95 2,48 30.907.756,30 4,82

Faroe Islands

BAKKAFROST P/F NAM. DK 1 NOK - 271.100 93.100 178.000 - - 6.920.903,44 1,08

Total Faroe Islands - - 6.920.903,44 1,08

Finland

CARGOTEC CORP. B EUR - 207.000 12.500 194.500 - - 10.337.675,00 1,61

Total Finland - - 10.337.675,00 1,61

France

ALTRAN TECHN. INH.EO 0,50 EUR 492.000 155.000 647.000 - 6.474.720,00 1,28 - -

CRITEO SA SP.ADR1 EO-,025 USD 235.000 169.700 214.700 190.000 7.341.920,27 1,45 6.669.768,23 1,04

EUROPCAR GROUPE SA A EO 1 EUR 922.000 280.550 532.000 670.550 7.138.124,00 1,41 8.599.803,75 1,34

KORIAN S.A. INH. EO 5 EUR 256.000 192.794 200.794 248.000 7.335.680,00 1,45 6.908.040,00 1,08

MAISONS DU MONDE EO 3,24 EUR - 333.200 79.542 253.658 - - 9.434.809,31 1,47

ORPEA ACT.NOM. EO 1,25 EUR 159.000 45.100 70.000 134.100 12.541.920,00 2,48 13.436.820,00 2,10

36





EUR % EUR %


Equity Investments

France

TECHNICOLOR INH. EO 1 EUR 1.410.000 1.507.000 2.917.000 - 8.567.160,00 1,69 - -

TELEPERFORMANCE INH.EO2,5 EUR 81.000 52.050 54.800 78.250 7.689.330,00 1,52 9.882.975,00 1,54

Total France 57.088.854,27 11,27 54.932.216,29 8,57

Germany

AAREAL BANK AG EUR 255.000 - 255.000 - 7.494.450,00 1,48 - -

COMPUGROUP MED.SE O.N. EUR - 168.000 - 168.000 - - 8.050.560,00 1,26

CTS EVENTIM KGAA EUR 205.000 175.400 156.900 223.500 6.496.450,00 1,28 8.253.855,00 1,29

DRILLISCH AG O.N. EUR 125.000 - 125.000 - 5.401.875,00 1,07 - -

HELLA KGAA HUECK+CO. O.N. EUR 177.000 50.000 227.000 - 6.241.020,00 1,23 - -

KION GROUP AG EUR 155.000 25.500 180.500 - 8.931.100,00 1,76 - -

KUKA AG EUR - 2.247 - 2.247 - - 355.026,00 0,06

SCOUT24 AG NA O.N. EUR 224.388 - 224.388 - 6.731.640,00 1,33 - -

SLM SOLUTIONS GRP AG EUR 85.000 22.417 107.417 - 3.580.200,00 0,71 - -

STROEER SE + CO. KGAA EUR 194.000 156.550 204.500 146.050 7.503.920,00 1,48 8.082.407,00 1,26

WIRECARD AG EUR 156.000 31.000 187.000 - 7.215.000,00 1,42 - -

Total Germany 59.595.655,00 11,76 24.741.848,00 3,86

Isle of Man

PAYSAFE GROUP PLC LS-,01 GBP 1.720.000 1.950.229 3.670.229 - 8.869.402,38 1,75 - -

PLAYTECH PLC LS-,01 GBP 1.135.000 1.283.000 991.000 1.427.000 11.939.082,19 2,36 14.874.873,74 2,32

Total Isle of Man 20.808.484,57 4,11 14.874.873,74 2,32

Ireland

GLANBIA PLC EO 0,06 EUR 715.500 827.000 668.500 874.000 12.252.937,50 2,42 13.940.300,00 2,18

GREENCORE GRP PLC EO 0,63 GBP - 6.995.000 1.770.000 5.225.000 - - 11.634.171,25 1,82

KINGSPAN GRP PLC EO-,13 EUR 465.991 161.380 327.371 300.000 11.174.464,18 2,21 10.794.000,00 1,68

UDG HEALTHCARE EO -,05 GBP 1.530.000 951.850 1.178.000 1.303.850 11.336.608,48 2,24 12.570.170,52 1,96

Total Ireland 34.764.010,16 6,86 48.938.641,77 7,64

Italy

ANIMA HOLDING S.P.A. EUR 1.505.000 430.000 1.935.000 - 6.546.750,00 1,29 - -

BANCA IFIS S.P.A. EO 1 EUR 358.334 98.900 306.334 150.900 7.191.763,38 1,42 6.980.634,00 1,09

BPER BANCA EO 3 EUR - 4.225.000 2.105.000 2.120.000 - - 10.727.200,00 1,67

BUZZI UNICEM EO 0,60 EUR 350.500 412.500 351.000 412.000 6.396.625,00 1,26 9.410.080,00 1,47

37





EUR % EUR %


Equity Investments

Italy

FINECOBANK BCA FIN.EO-,33 EUR 1.442.000 1.600.800 1.590.000 1.452.800 7.433.510,00 1,47 10.896.000,00 1,70

REPLY S.P.A. EO 0,52 EUR 51.200 9.750 24.900 36.050 5.990.400,00 1,18 7.332.570,00 1,14

UBI BANCA EO 2,50 EUR - 4.122.426 4.122.426 - - - - -

UBI BANCA -ANR.- EUR - 2.420.000 2.420.000 - - - - -

YOOX NET-A-PORTER GP SPA EUR 275.000 444.550 439.550 280.000 7.579.000,00 1,50 9.287.600,00 1,45

Total Italy 41.138.048,38 8,12 54.634.084,00 8,53

Jersey

PETROFAC LTD DL-,02 GBP - 860.000 860.000 - - - - -

WIZZ AIR HLDGS LS -,0001 GBP - 418.000 108.000 310.000 - - 10.065.369,12 1,57

Total Jersey - - 10.065.369,12 1,57

Netherlands

AMG ADVANC.METAL.GR.EO-02 EUR - 71.394 - 71.394 - - 2.604.810,09 0,41

ASM INTL N.V. EO-,04 EUR 243.000 142.600 175.150 210.450 8.847.630,00 1,75 11.256.970,50 1,76

ASR NEDERLAND N.V.EO-,16 EUR - 718.500 290.500 428.000 - - 14.485.660,00 2,26

BASIC-FIT N.V. EO -,06 EUR 494.312 206.850 251.162 450.000 8.445.320,52 1,67 8.415.000,00 1,31

BE SEMICON.INDSINH.EO-,01 EUR 114.000 - 114.000 - 3.465.600,00 0,68 - -

BRUNEL INTL NV EO -,03 EUR 340.000 184.000 524.000 - 5.295.500,00 1,05 - -

EURONEXT N.V. WI EO 1,60 EUR 232.000 168.750 161.750 239.000 8.812.520,00 1,74 12.306.110,00 1,92

FLOW TRADERS N.V. EO -,10 EUR 284.000 455.520 513.520 226.000 7.690.720,00 1,52 5.141.500,00 0,80

FUGRO NV CVA NAM. EO-,05 EUR 384.000 317.184 701.184 - 5.531.520,00 1,09 - -

IMCD N.V. EO -,16 EUR 245.603 71.050 100.603 216.050 9.601.849,29 1,90 11.208.674,00 1,75

KONINK.BAM GP TOON.EO-,10 EUR - 2.555.000 875.000 1.680.000 - - 8.127.840,00 1,27

KONINKL.VOLK.WESS. EO-,01 EUR - 379.400 25.500 353.900 - - 9.219.095,00 1,44

SBM OFFSHORE N.V. EO-,25 EUR 630.000 436.000 1.066.000 - 7.966.350,00 1,57 - -

TOMTOM NV NAM. EO-,20 EUR 1.030.000 920.550 720.550 1.230.000 8.776.630,00 1,73 11.297.550,00 1,76

VAN LANSCHOT KEMPEN EO 1 EUR - 438.263 164.263 274.000 - - 7.465.130,00 1,17

Total Netherlands 74.433.639,81 14,69 101.528.339,59 15,84

38





EUR % EUR %


Equity Investments

Norway

SCHIBSTED ASA A NK-,50 NOK 380.500 466.000 342.500 504.000 9.942.756,14 1,96 10.989.761,60 1,72

TGSNOP.GEOPHYSICAL NK0,25 NOK 380.000 433.850 343.850 470.000 6.092.353,94 1,20 9.464.277,18 1,48

Total Norway 16.035.110,08 3,16 20.454.038,78 3,19

Portugal

NOS SGPS S.A. EO -,01 EUR 1.295.000 710.100 2.005.100 - 7.843.815,00 1,55 - -

Total Portugal 7.843.815,00 1,55 - -

Spain

CIE AUTOMOTIVE INH.EO-,25 EUR - 503.450 69.500 433.950 - - 9.802.930,50 1,53

Total Spain - - 9.802.930,50 1,53

Sweden

BOLIDEN AB SK 2 SEK 268.000 75.000 343.000 - 5.611.632,74 1,11 - -

DOMETIC GROUP AB SEK - 1.395.000 15.000 1.380.000 - - 9.903.621,95 1,55

INDUTRADE AB SK 1 SEK 285.000 297.150 210.150 372.000 5.446.614,04 1,07 8.284.657,24 1,29

INTRUM JUSTITIA SK-,02 SEK 340.000 348.250 301.250 387.000 9.771.292,06 1,93 11.550.443,03 1,80

LUNDIN PETROLEUM SK-,01 SEK 490.000 444.000 438.000 496.000 7.985.147,49 1,58 9.159.769,94 1,43

Total Sweden 28.814.686,33 5,69 38.898.492,16 6,07

Switzerland

CONZZETA AG NAM. SF 2 CHF 8.800 - 8.800 - 5.412.153,48 1,07 - -

DORMAKABA HLDG NA.SF 0,10 CHF - 19.650 5.700 13.950 - - 12.043.209,34 1,88

TEMENOS GROUP AG NA SF 5 CHF 134.000 42.900 176.900 - 7.527.813,48 1,49 - -

U-BLOX HOLDING NAM.SF-,90 CHF 30.400 19.100 49.500 - 5.857.315,95 1,16 - -

VAT GROUP AG SF -,10 CHF - 113.000 30.000 83.000 - - 9.723.302,88 1,52

Total Switzerland 18.797.282,91 3,71 21.766.512,22 3,40

39





EUR % EUR %


Equity Investments

United Kingdom

AMEC FOSTER WHEELER LS-50 GBP 1.280.000 - 1.280.000 - 8.455.901,05 1,67 - -

ASOS PLC LS-,035 GBP 57.000 - 57.000 - 3.194.925,44 0,63 - -

BABCOCK INTL GRP LS-,60 GBP 516.000 - 516.000 - 6.173.390,36 1,22 - -

BEAZLEY PLC LS -,05 GBP - 2.540.000 70.000 2.470.000 - - 13.441.128,07 2,10

BTG PLC LS-,10 GBP 1.020.000 1.434.550 779.550 1.675.000 7.475.205,18 1,48 12.850.252,51 2,01

CINEWORLD GRP PLC LS -,01 GBP 1.175.000 933.850 632.850 1.476.000 7.877.702,00 1,55 11.348.692,05 1,77

CREST NICHOLS.HLDGS LS-05 GBP 990.000 355.000 1.345.000 - 5.164.570,57 1,02 - -

ICAP PLC LS-,10 GBP 1.655.000 - 1.655.000 - 8.916.836,20 1,76 - -

IG GROUP HLDGS PLC GBP 655.000 1.445.262 720.262 1.380.000 6.594.671,14 1,30 10.038.926,40 1,57

INTERMED.CAP.GRP.LS-,2625 GBP 1.195.000 468.650 568.500 1.095.150 8.149.924,86 1,61 11.633.211,14 1,82

JUST-EAT PLC LS-,01 GBP 1.005.000 2.029.700 1.159.700 1.875.000 6.226.794,59 1,23 14.225.018,44 2,22

NEX GROUP PLC LS-,175 GBP - 2.221.184 749.184 1.472.000 - - 11.059.002,44 1,73

RENISHAW PLC LS-,20 GBP - 233.700 89.500 144.200 - - 7.794.638,82 1,22

ROTORK PLC LS-,005 GBP 2.758.800 1.856.040 989.840 3.625.000 6.735.158,48 1,33 10.712.704,99 1,67

RPC GROUP PLC LS-,05 GBP 905.000 1.498.400 1.473.400 930.000 10.042.769,62 1,98 10.454.122,45 1,63

RPC GROUP PLC -ANR.- GBP - 189.500 189.500 - - - - -

SOPHOS GROUP PLC(WI)LS-03 GBP - 1.606.800 371.800 1.235.000 - - 7.701.668,27 1,20

SSP GROUP PLC (WI) LS-,01 GBP 1.905.000 695.000 830.000 1.770.000 7.044.382,15 1,39 10.796.969,87 1,68

TELIT COMMUNICAT. LS -,01 GBP - 2.005.000 2.005.000 - - - - -

TP ICAP PLC LS -,25 GBP - 728.462 728.462 - - - - -

VIRGIN MONEY HLDGS(UK)PLC GBP 1.850.000 3.194.335 2.360.335 2.684.000 6.654.953,18 1,31 8.726.845,60 1,36

WEIR GRP PLC LS-,125 GBP 395.000 11.000 406.000 - 7.762.108,43 1,53 - -

WH SMITH LS -,220895 GBP - 514.700 49.700 465.000 - - 10.665.210,24 1,66

Total United Kingdom 106.469.293,25 21,01 151.448.391,29 23,64

Total Equity Investments 490.194.183,77 96,75 616.699.628,82 96,24

Total Investment in Transferable Securities at Fair Value 490.194.183,77 96,75 616.699.628,82 96,24

Investment in Investment Funds

Metzler European Small and Micro Cap - Class B* EUR 37.300 - - 37.300 5.164.558,00 1,02 6.969.505,00 1,09

Total Investment in Investment Funds 5.164.558,00 1,02 6.969.505,00 1,09

40



Financial Derivative Instruments

Option Contracts

Description No. of Contracts Type Currency Contract Maturity Counterparty Fair Total Net

Price Date Value Assets

EUR %

PUT DAX OPTIONEN 10 17 11000,00 6.000 Long EUR 49,8600 23.10.2017 JPMorgan 33.000,00 0,01

Total Option Contracts 33.000,00 0,01

Total Financial Derivative Instruments 33.000,00 0,01

Total Investments 623.702.133,82 97,34

Net Current Assets 17.067.830,74 2,66

Total Net Assets 640.769.964,56 100,00

All transferable securities are listed or traded on a Recognised Market.

*UCITS

Analysis of total assets Total Assets in %

Investment in transferable securities 95,16

Investment funds 1,08

Financial derivative instruments 0,01

Other current assets 3,75

100,00

41

Metzler European Growth




EUR % EUR %


Equity Investments

Austria

AMS AG CHF 160.000 42.100 129.800 72.300 4.626.399,85 1,26 4.437.172,71 0,98

ANDRITZ AG EUR 115.000 22.750 137.750 - 5.572.325,00 1,52 - -

Total Austria 10.198.724,85 2,78 4.437.172,71 0,98

Belgium

UMICORE S.A. NEW EUR 156.500 89.350 44.350 201.500 8.737.395,00 2,38 14.102.985,00 3,13

Total Belgium 8.737.395,00 2,38 14.102.985,00 3,13

Denmark

AMBU A/S NAM. B DK 2,50 DKK 49.800 91.700 19.500 122.000 2.380.903,14 0,65 7.987.207,22 1,77

COLOPLAST NAM. B DK 1 DKK 52.000 64.000 48.200 67.800 3.589.457,78 0,98 4.655.629,76 1,03

NOVO-NORDISK NAM.B DK-,20 DKK 317.250 143.450 87.700 373.000 11.733.510,16 3,19 15.087.009,69 3,34

NOVOZYMES A/S NAM. B DK 2 DKK 158.117 251.383 124.500 285.000 6.189.841,26 1,69 12.373.987,13 2,74

Total Denmark 23.893.712,34 6,51 40.103.833,80 8,89

France

AMUNDI S.A. EO 2,50 EUR - 101.300 8.300 93.000 - - 6.539.760,00 1,45

DANONE S.A. EO -,25 EUR - 240.486 39.486 201.000 - - 13.340.370,00 2,96

DASSAULT SYS SA INH.EO0,5 EUR 68.500 67.900 18.400 118.000 5.290.255,00 1,44 10.099.620,00 2,24

ESSILOR INTL INH. EO -,18 EUR - 58.150 6.150 52.000 - - 5.447.000,00 1,21

ILIAD S.A. INH. EUR 26.200 14.300 5.500 35.000 4.894.160,00 1,33 7.869.750,00 1,74

JCDECAUX SA EUR 198.000 125.550 44.050 279.500 5.698.440,00 1,55 8.854.560,00 1,96

LEGRAND S.A. INH. EO 4 EUR 179.900 50.700 86.100 144.500 9.441.152,00 2,57 8.826.060,00 1,96

PERNOD-RICARD O.N. EUR 74.000 49.000 44.500 78.500 7.795.900,00 2,12 9.188.425,00 2,04

SOCIETE BIC INH. EO 3,82 EUR - 66.050 5.550 60.500 - - 6.134.700,00 1,36

Total France 33.119.907,00 9,02 76.300.245,00 16,91

42





EUR % EUR %


Equity Investments

Germany

BRENNTAG AG NA O.N. EUR 113.000 82.050 21.050 174.000 5.492.365,00 1,50 8.198.010,00 1,82

CONTINENTAL AG O.N. EUR 35.300 23.500 11.400 47.400 6.606.395,00 1,80 10.179.150,00 2,26

FRESEN.MED.CARE KGAA O.N. EUR 140.500 43.450 34.950 149.000 10.925.280,00 2,97 12.332.730,00 2,73

HELLA KGAA HUECK+CO. O.N. EUR 132.000 35.450 167.450 - 4.654.320,00 1,27 - -

HUGO BOSS AG NA O.N. EUR 52.000 5.550 57.550 - 2.559.700,00 0,70 - -

INFINEON TECH.AG NA O.N. EUR 687.700 207.600 234.300 661.000 10.920.676,00 2,97 14.059.470,00 3,12

SAP SE O.N. EUR 190.700 59.800 48.600 201.900 15.431.444,00 4,20 18.714.111,00 4,15

SLM SOLUTIONS GRP AG EUR 70.000 51.200 17.200 104.000 2.948.400,00 0,80 3.702.400,00 0,82

TUI AG NA O.N. EUR 288.000 54.300 47.300 295.000 3.653.280,00 0,99 4.242.100,00 0,94

UTD.INTERNET AG NA EUR 139.500 20.550 86.450 73.600 5.494.207,50 1,50 3.876.512,00 0,86

WACKER CHEMIE O.N. EUR 102.000 38.950 39.650 101.300 7.650.000,00 2,08 12.287.690,00 2,72

Total Germany 76.336.067,50 20,78 87.592.173,00 19,41

Ireland

GREENCORE GRP PLC EO 0,63 GBP - 1.798.350 48.400 1.749.950 - - 3.896.501,05 0,86

KERRY GRP PLC A EO-,125 EUR 126.900 83.700 41.100 169.500 9.410.904,00 2,56 13.778.655,00 3,05

KINGSPAN GRP PLC EO-,13 EUR 207.500 63.150 74.650 196.000 4.975.850,00 1,35 7.052.080,00 1,56

SMURFIT KAPPA GR. EO-,001 EUR 221.000 46.300 41.200 226.100 4.397.900,00 1,20 5.991.650,00 1,33

Total Ireland 18.784.654,00 5,11 30.718.886,05 6,81

Italy

LUXOTTICA GROUP EO 0,06 EUR 197.000 47.200 76.200 168.000 8.376.440,00 2,28 7.944.720,00 1,76

YOOX NET-A-PORTER GP SPA EUR 144.700 21.300 49.500 116.500 3.987.932,00 1,09 3.864.305,00 0,86

Total Italy 12.364.372,00 3,37 11.809.025,00 2,62

Jersey

SHIRE PLC LS-,05 GBP 188.100 97.000 87.600 197.500 10.867.226,91 2,96 8.490.381,89 1,88

Total Jersey 10.867.226,91 2,96 8.490.381,89 1,88

Netherlands

ASM INTL N.V. EO-,04 EUR 142.200 68.950 64.150 147.000 5.177.502,00 1,41 7.863.030,00 1,74

ASML HOLDING EO -,09 EUR 74.400 37.750 39.150 73.000 7.268.136,00 1,98 10.515.650,00 2,33

FLOW TRADERS N.V. EO -,10 EUR 63.500 6.700 70.200 - 1.719.580,00 0,47 - -

UNILEVER CVA EO -,16 EUR 377.500 33.500 269.500 141.500 15.505.812,50 4,22 7.080.660,00 1,57


43





EUR % EUR %


Equity Investments

Norway

SCHIBSTED ASA A NK-,50 NOK 173.000 112.450 177.650 107.800 4.520.622,37 1,23 2.350.587,90 0,52

Total Norway 4.520.622,37 1,23 2.350.587,90 0,52

Sweden

ASSA-ABLOY AB B SK-,33 SEK 540.400 334.500 164.900 710.000 9.783.103,45 2,66 13.685.683,20 3,03

ATLAS COPCO A SEK 349.900 131.750 137.650 344.000 9.387.117,78 2,56 12.295.517,90 2,73

BOLIDEN AB SK 2 SEK - 222.500 - 222.500 - - 6.357.142,86 1,41

ESSITY AB B SEK - 368.700 8.700 360.000 - - 8.267.371,37 1,83

HEXAGON AB B FRIA SK1,333 SEK 128.000 29.650 157.650 - 4.980.141,25 1,36 - -

HEXPOL AB B SEK 551.000 406.900 165.900 792.000 4.400.903,61 1,20 7.033.981,04 1,56

NIBE INDUSTRIER B SEK - 565.500 - 565.500 - - 4.808.464,17 1,07

SVENSKA CELL.B FRIA SK10 SEK 338.200 81.000 419.200 - 8.950.286,66 2,44 - -

Total Sweden 37.501.552,75 10,21 52.448.160,54 11,62

Switzerland

ARYZTA AG NAM. SF-.02 CHF 119.500 13.100 132.600 - 4.728.882,87 1,29 - -

JUL. BAER GRP. NAM.SF-,02 CHF 129.500 32.600 162.100 - 4.699.040,76 1,28 - -

MEYER BUR.TECH.NAM.SF-,05 CHF 332.750 - 332.750 - 1.014.071,97 0,28 - -

NESTLE NAM. SF-,10 CHF - 83.750 - 83.750 - - 5.937.950,78 1,32

NOVARTIS NAM. SF 0,50 CHF 69.500 16.500 60.800 25.200 4.874.059,12 1,33 1.826.358,35 0,40

ROCHE HLDG AG GEN. CHF 67.050 20.950 28.800 59.200 14.832.981,46 4,04 12.793.845,35 2,84

SGS S.A. NA SF 1 CHF 2.360 490 400 2.450 4.711.767,95 1,28 4.975.608,69 1,10

STRAUMANN HLDG NA SF 0,10 CHF 9.200 - 9.200 - 3.206.994,68 0,87 - -

SYNGENTA NA 2.L.ANGEB.FR. CHF 8.950 3.100 12.050 - 3.488.232,51 0,95 - -


United Kingdom

ASOS PLC LS-,035 GBP 152.700 53.000 73.700 132.000 8.559.037,11 2,33 8.920.842,08 1,98

BUNZL PLC LS-,3214857 GBP 183.500 37.500 29.000 192.000 4.836.203,91 1,32 4.939.726,49 1,09

CRODA INTL LS -,10357143 GBP - 98.500 - 98.500 - - 4.240.032,91 0,94

INTERTEK GROUP LS-,01 GBP 111.500 25.350 47.750 89.100 4.496.861,63 1,22 5.037.691,65 1,12

JUST-EAT PLC LS-,01 GBP 759.700 551.400 540.100 771.000 4.706.961,04 1,28 5.849.327,58 1,30

PRUDENTIAL PLC LS-,05 GBP 450.100 119.850 135.950 434.000 7.109.717,37 1,94 8.799.194,23 1,95

RECKITT BENCK.GRP LS -,10 GBP 141.500 75.200 35.700 181.000 11.882.990,41 3,24 13.994.813,60 3,10

RIO TINTO PLC LS-,10 GBP 97.500 244.350 115.000 226.850 2.901.557,62 0,79 8.941.157,01 1,98

44





EUR % EUR %


Equity Investments

United Kingdom

SCHRODERS PLC LS 1 GBP 148.700 37.550 67.750 118.500 4.634.090,86 1,26 4.511.916,25 1,00

SMITH + NEP. DL -,20 GBP 186.350 157.450 85.800 258.000 2.679.683,27 0,73 3.946.932,99 0,87

WEIR GRP PLC LS-,125 GBP 131.800 13.850 145.650 - 2.589.989,60 0,71 - -






Total Net Assets 451.196.935,40 100,00





100,00

45

Metzler Global Selection




EUR % EUR %


Equity Investments

Australia

COMMONW.BK AUSTR. AUD 11.257 - - 11.257 554.973,82 1,20 562.233,60 1,09

Total Australia 554.973,82 1,20 562.233,60 1,09

Curaçao

SCHLUMBERGER DL-,01 USD 8.471 - - 8.471 592.774,02 1,28 499.862,09 0,97

Total Curaçao 592.774,02 1,28 499.862,09 0,97

Denmark

NOVO-NORDISK NAM.B DK-,20 DKK 11.026 - - 11.026 407.797,27 0,88 445.976,86 0,86

Total Denmark 407.797,27 0,88 445.976,86 0,86

France

AXA S.A. INH. EO 2,29 EUR 22.379 - - 22.379 423.858,26 0,91 572.678,61 1,11

CREDIT AGRICOLE INH. EO 3 EUR 31.393 - - 31.393 275.567,75 0,59 482.824,34 0,93

DANONE S.A. EO -,25 EUR 9.857 - - 9.857 651.054,85 1,40 654.209,09 1,26

ESSILOR INTL INH. EO -,18 EUR 4.794 - - 4.794 550.351,20 1,19 502.171,50 0,97

SCHNEIDER ELEC. INH. EO 4 EUR 7.855 - - 7.855 487.481,30 1,05 578.363,65 1,12

TOTAL S.A. EO 2,50 EUR - 8.350 - 8.350 - - 379.465,75 0,73

Total France 2.388.313,36 5,15 3.169.712,94 6,13

Germany

BAYER AG NA O.N. EUR 5.988 - - 5.988 535.506,84 1,15 690.416,40 1,33

FRESEN.MED.CARE KGAA O.N. EUR 7.200 - - 7.200 559.872,00 1,21 595.944,00 1,15

HEIDELBERGCEMENT AG O.N. EUR 5.283 - - 5.283 444.247,47 0,96 459.462,51 0,89

INFINEON TECH.AG NA O.N. EUR 46.736 - - 46.736 742.167,68 1,60 994.074,72 1,92

MUENCH.RUECKVERS.VNA O.N. EUR 2.617 - - 2.617 434.422,00 0,94 473.415,30 0,92

SAP SE O.N. EUR 6.285 - - 6.285 508.582,20 1,10 582.556,65 1,13

Total Germany 3.224.798,19 6,95 3.795.869,58 7,34

Ireland

EATON CORP.PLC DL -,01 USD 9.773 - - 9.773 571.439,61 1,23 634.806,86 1,23

Total Ireland 571.439,61 1,23 634.806,86 1,23

46





EUR % EUR %


Equity Investments

Japan

EAST JAPAN RWY JPY 8.450 - - 8.450 674.208,45 1,45 659.430,24 1,27

HITACHI LTD JPY 76.400 - - 76.400 314.591,71 0,68 455.215,90 0,88

JAPAN TOBACCO JPY 23.100 - - 23.100 836.094,57 1,80 640.189,49 1,24

KURITA WATER IND. JPY 29.700 - - 29.700 623.743,43 1,35 725.346,39 1,40

NOMURA HLDGS JPY 111.150 - - 111.150 435.705,78 0,94 526.205,84 1,02

TOYOTA MOTOR CORP. JPY 16.100 - - 16.100 817.579,89 1,76 811.809,34 1,57

Total Japan 3.701.923,83 7,98 3.818.197,20 7,38

Jersey

DELPHI AUTOMOTIVE DL -,01 USD 8.395 - - 8.395 532.773,98 1,15 698.754,86 1,35

Total Jersey 532.773,98 1,15 698.754,86 1,35

Netherlands

ASML HOLDING EO -,09 EUR 5.195 - - 5.195 507.499,55 1,09 748.339,75 1,45

Total Netherlands 507.499,55 1,09 748.339,75 1,45

Spain

BCO SANTANDER -ANR.- EUR - 44.324 44.324 - - - - -

BCO SANTANDER -ANR.- EUR - 44.833 44.833 - - - - -

BCO SANTANDER N.EO0,5 EUR 44.324 4.992 - 49.316 174.946,83 0,38 291.309,61 0,56

IBERDROLA -ANR.- EUR - 99.831 99.831 - - - - -

IBERDROLA INH. EO -,75 EUR 97.661 4.294 - 101.955 591.044,37 1,27 670.048,26 1,30

IBERDROLA S.A. -ANR.- EUR - 97.661 97.661 - - - - -

Total Spain 765.991,20 1,65 961.357,87 1,86

Sweden

ATLAS COPCO A SEK 17.246 - - 17.246 462.675,72 1,00 616.420,06 1,19

ESSITY AB B SEK - 20.850 - 20.850 - - 478.818,59 0,93

SVENSKA CELL.B FRIA SK10 SEK 20.850 - - 20.850 551.784,38 1,19 149.090,63 0,29

Total Sweden 1.014.460,10 2,19 1.244.329,28 2,41

47





EUR % EUR %


Equity Investments

Switzerland

NESTLE NAM. SF-,10 CHF 8.621 - - 8.621 605.780,75 1,31 611.236,70 1,18

NOVARTIS NAM. SF 0,50 CHF 9.156 - - 9.156 642.113,46 1,38 663.576,87 1,28

ROCHE HLDG AG GEN. CHF 2.634 - - 2.634 582.700,57 1,26 569.239,67 1,10


United Kingdom

BHP BILLITON DL-,50 GBP 19.446 - 19.446 - 261.310,54 0,56 - -

BP PLC DL-,25 GBP 60.403 - - 60.403 314.198,94 0,68 327.190,06 0,63

HSBC HLDGS PLC DL-,50 GBP 69.872 - - 69.872 467.401,76 1,01 584.493,57 1,13

PRUDENTIAL PLC LS-,05 GBP 35.161 - - 35.161 555.398,29 1,20 712.876,66 1,38

RECKITT BENCK.GRP LS -,10 GBP 8.953 - - 8.953 751.861,58 1,62 692.240,70 1,34

RIO TINTO PLC LS-,10 GBP - 7.300 - 7.300 - - 287.725,13 0,56

ROYAL DUTCH SHELL B EO-07 GBP 15.363 - 15.363 - 354.640,05 0,76 - -


United States

ALPHABET INC.CL C DL-,001 USD 856 - - 856 592.062,86 1,28 694.466,38 1,34

ALPHABET INC.CL.A DL-,001 USD 371 - - 371 265.444,26 0,57 305.574,45 0,59

AMAZON.COM INC. DL-,01 USD 1.496 - - 1.496 1.114.625,16 2,40 1.216.528,17 2,35

AMGEN INC. DL-,0001 USD 4.325 - - 4.325 641.976,55 1,38 682.114,91 1,32

APPLE INC. USD 7.845 - - 7.845 789.177,12 1,70 1.022.729,99 1,98

AT + T INC. DL 1 USD 26.394 - - 26.394 953.782,11 2,06 874.516,14 1,69

BANK AMERICA DL 0,01 USD 40.578 - - 40.578 565.087,83 1,22 869.773,74 1,68

CATERPILLAR INC. DL 1 USD 7.267 - - 7.267 574.027,04 1,24 766.594,12 1,48

CITIGROUP INC. DL -,01 USD 15.715 - - 15.715 660.455,11 1,42 966.933,77 1,87

COCA-COLA CO. DL-,25 USD 12.462 - - 12.462 469.293,33 1,01 474.466,77 0,92

DISNEY (WALT) CO. USD 10.368 - - 10.368 856.711,59 1,85 864.467,74 1,67

DOWDUPONT INC. O.N. USD - 14.293 - 14.293 - - 837.002,53 1,62

DU PONT NEMOURS DL -,30 USD 11.149 - 11.149 - 664.396,27 1,43 - -

EBAY INC. DL-,001 USD 8.799 - - 8.799 257.596,64 0,56 286.254,05 0,55

EXXON MOBIL CORP. USD 9.243 - - 9.243 717.858,20 1,55 640.958,50 1,24

GAP INC. DL-,05 USD 12.587 - - 12.587 249.096,71 0,54 314.408,82 0,61

GENL EL. CO. DL -,06 USD 27.264 - - 27.264 718.597,33 1,55 557.641,28 1,08

GILEAD SCIENCES DL-,001 USD 6.200 - - 6.200 436.504,72 0,94 424.906,11 0,82

GOLDMAN SACHS GRP INC. USD 4.078 - - 4.078 585.210,06 1,26 818.187,13 1,58

48





EUR % EUR %


Equity Investments

United States

HALLIBURTON CO. DL 2,50 USD 7.230 - - 7.230 288.736,79 0,62 281.506,43 0,54

JOHNSON + JOHNSON DL 1 USD 10.828 - - 10.828 1.138.202,21 2,45 1.190.786,91 2,30

JPMORGAN CHASE DL 1 USD 13.658 - - 13.658 809.295,44 1,75 1.103.430,54 2,13

L BRANDS INC. DL-,50 USD 9.715 - - 9.715 611.790,84 1,32 341.939,73 0,66

MASTERCARD INC.A DL-,0001 USD 7.340 - - 7.340 664.701,73 1,43 876.677,38 1,69

MICROSOFT DL-,00000625 USD 14.659 - - 14.659 751.342,23 1,62 923.658,36 1,79

MORGAN STANLEY DL-,01 USD 18.180 - - 18.180 518.642,82 1,12 740.763,49 1,43

NATL OILWELL VARCO DL-,01 USD 5.577 - - 5.577 182.326,91 0,39 168.555,41 0,33

NOBLE ENERGY DL 0,01 USD 9.749 - - 9.749 310.045,61 0,67 233.870,44 0,45

PAYPAL HDGS INC.DL-,0001 USD 8.040 - - 8.040 293.111,59 0,63 435.460,33 0,84

PHILIP MORRIS INTL INC. USD 9.239 - - 9.239 799.266,40 1,72 867.553,20 1,68

PROCTER GAMBLE USD 12.165 - - 12.165 971.532,97 2,10 936.196,67 1,81

QUALCOMM INC. DL-,0001 USD 7.689 - - 7.689 468.674,59 1,01 337.166,10 0,65

SCANA CORP. USD 12.844 - - 12.844 827.122,51 1,78 526.819,12 1,02

STARBUCKS CORP. USD 13.383 - - 13.383 644.737,16 1,39 608.019,73 1,18

TJX COS INC. DL 1 USD 11.773 - - 11.773 783.400,02 1,69 734.244,03 1,42

U.S. BANCORP DL-,01 USD - 10.400 - 10.400 - - 471.439,69 0,91

UTD TECHN. DL 1 USD 7.590 - - 7.590 686.193,27 1,48 745.260,70 1,44

VERIZON COMM. INC. DL-,10 USD 13.301 - - 13.301 615.221,55 1,33 556.814,83 1,08

VISA INC. CL. A DL -,0001 USD 9.181 - - 9.181 675.626,18 1,46 817.296,94 1,58

WELLS FARGO + CO.DL 1,666 USD 20.877 - 20.877 - 822.596,16 1,77 - -

Total United States 23.974.469,87 51,70 25.514.984,63 49,33




DB-XT.MSCI EMI U.ETF1CDLU EUR - 61.800 - 61.800 0,00 0,00 2.551.722,00 4,93

Total Investment in Investment Funds - - 2.551.722,00 4,93

49




Forward Exchange Contracts

Purchase Sale Contract Maturity Counterparty Unrealised Total Net

Price Date Gains/(Losses) Assets

at Year End %

EUR

EUR 1.445.967 JPY 190.000.000 131,4000 14.12.2017 B. Metzler 18.923,28 0,04

EUR 15.132.618 USD 18.200.000 1,2027 14.12.2017 B. Metzler (201.897,44) (0,39)

EUR 1.531.584 USD 1.850.000 1,2079 14.12.2017 B. Metzler (27.144,51) (0,05)

Total Forward Exchange Contracts (210.118,67) (0,41)

Futures Contracts

Description No. of ContractsType Currency Contract Maturity Counterparty Unrealised Total Net


at Year End %

EUR

E-MINI S+P 500 INDEX FUT. 12 17 83 Short USD 2.491,4277 18.12.2017 JPMorgan (86.258,67) (0,17)

STXE 600 INDEX FUTURES 12 17 80 Long EUR 379,9000 18.12.2017 JPMorgan 25.600,00 0,05

Total Futures Contracts (60.658,67) (0,12)

Total Financial Derivative Instruments (270.777,34) (0,52)



Total Net Assets 51.726.597,93 100,00



Investment in transferable securities 89,32%

Investment funds 4,90%

Financial derivative instruments 0,09%

Other current assets 5,69%

100,00

50

Metzler Japanese Equity Fund




EUR % EUR %


Equity Investments

Japan

ACOM CO. LTD JPY 53.500 - 53.500 - 222.365,06 0,59 - -

AIFUL CORP. JPY - 153.600 153.600 - - - - -

ALPS EL.CO.LTD JPY - 23.700 5.200 18.500 - - 412.750,47 1,08

ASAHI KASEI JPY 61.000 6.000 14.000 53.000 429.245,28 1,14 551.608,93 1,44

ASKA PHARMACEUTICAL JPY 17.400 100 3.300 14.200 282.554,90 0,75 197.835,27 0,52

ASTELLAS PHARMA INC. JPY 37.900 12.000 49.900 - 524.031,74 1,39 - -

BELLSYSTEM24 HLDGS O.N. JPY - 53.500 5.700 47.800 - - 441.813,17 1,16

BRIDGESTONE CORP. JPY 16.200 400 2.100 14.500 527.560,25 1,40 556.358,16 1,45

CANON INC. JPY - 22.800 1.000 21.800 - - 629.880,97 1,65

CENTRAL JAP RWY JPY 3.400 100 3.500 - 514.175,55 1,36 - -

CKD CORP. JPY 19.200 8.000 3.100 24.100 204.313,47 0,54 400.234,91 1,05

COCA-COLA BOTTLERS JAPAN JPY - 9.200 400 8.800 - - 241.368,83 0,63

COCOKARA FINE INC. JPY - 11.800 500 11.300 - - 545.153,89 1,43

DAI-ICHI LIFE HOLDINGS JPY 31.400 12.200 17.200 26.400 378.422,62 1,00 400.540,00 1,05

DAIDO METAL CO.LTD JPY 32.300 - 32.300 - 312.493,85 0,83 - -

DAIHEN CORP. JPY 74.000 1.000 8.000 67.000 348.536,40 0,93 502.470,99 1,31

DAIWA SEC. GRP INC. JPY - 75.000 31.000 44.000 - - 210.718,29 0,55

DCM HOLDINGS CO. LTD. JPY 53.700 13.100 6.600 60.200 409.114,63 1,09 459.616,75 1,20

DENKA CO., LTD. JPY - 20.800 4.000 16.800 - - 467.738,52 1,22

DENSO CORP. JPY 10.300 5.100 1.400 14.000 362.033,57 0,96 598.928,34 1,57

DIC CORP. JPY 16.300 200 8.000 8.500 445.450,68 1,18 260.286,82 0,68

DMG MORI CO. LTD. JPY - 23.700 400 23.300 - - 353.681,98 0,92

EAST JAPAN RWY JPY 2.700 4.700 1.300 6.100 215.427,55 0,57 476.038,40 1,24

EBARA CORP. JPY 18.000 1.800 4.100 15.700 470.239,43 1,25 440.652,16 1,15

ELECTRIC POWER DEV.CO.LTD JPY 8.900 - 8.900 - 189.102,79 0,50 - -

FERROTEC HOLDINGS CORP. JPY - 22.300 - 22.300 - - 317.890,71 0,83

FUJITSU LTD JPY - 89.000 3.000 86.000 - - 540.204,78 1,41

FURUKAWA ELECTRIC CO.LTD. JPY 18.700 400 7.600 11.500 449.418,11 1,19 534.062,35 1,40

FUYO GENERAL LEASE CO.LTD JPY 8.900 - 8.900 - 390.640,38 1,04 - -

HASEKO CORP. JPY 41.200 12.200 53.400 - 349.362,40 0,93 - -

HAZAMA ANDO CORP. JPY - 46.800 46.800 - - - - -

HIKARI TSUSHIN INC. JPY 6.200 200 1.900 4.500 509.940,11 1,35 476.801,13 1,25

HITACHI CONSTR.MACH. JPY 22.300 500 2.800 20.000 391.714,18 1,04 501.223,56 1,31

HITACHI KOK. JPY 35.700 200 35.900 - 581.293,23 1,54 - -

51





EUR % EUR %


Equity Investments

Japan

HITACHI LTD JPY 124.000 83.000 103.000 104.000 510.593,88 1,36 619.665,62 1,62

HONDA MOTOR JPY 28.200 5.000 33.200 - 715.521,57 1,90 - -

HORIBA LTD JPY 14.300 200 14.500 - 621.375,27 1,65 - -

IIDA GROUP HLDGS CO. JPY - 30.600 800 29.800 - - 449.213,54 1,17

ISEKI + CO. LTD JPY 235.000 2.000 237.000 - 516.249,33 1,37 - -

ITOCHU CORP. JPY 72.900 800 26.500 47.200 808.422,73 2,15 653.691,71 1,71

J.FRONT RETAILING JPY 25.800 4.300 30.100 - 298.124,10 0,79 - -

JAPAN AIRLINES CO. LTD JPY - 16.200 16.200 - - - - -

JAPAN AVIATION EL. JPY 28.000 - 28.000 - 386.286,31 1,03 - -

JAPAN POST BANK CO.LTD JPY - 41.000 1.800 39.200 - - 409.455,32 1,07

JAPAN TOBACCO JPY 17.600 9.400 5.600 21.400 637.024,44 1,69 593.075,98 1,55

JFE HOLDINGS INC. JPY 30.700 800 3.500 28.000 394.130,66 1,05 462.373,10 1,21

JTEKT CORP. JPY - 31.400 1.400 30.000 - - 351.232,22 0,92

JVC KENWOOD CORP. JPY 126.600 33.800 17.100 143.300 281.452,98 0,75 349.973,53 0,91

JXTG HOLDINGS INC. JPY 88.300 21.300 10.900 98.700 315.873,68 0,84 429.364,71 1,12

K S HOLDINGS CORP. JPY 22.000 - 22.000 - 321.875,97 0,85 - -

KAMEDA SEIKA JPY 3.100 3.200 6.300 - 153.363,40 0,41 - -

KANAMOTO CO. LTD JPY - 14.300 100 14.200 - - 378.810,79 0,99

KOITO MFG CO. LTD JPY 9.700 100 9.800 - 415.951,97 1,10 - -

KOSHIDAKA HOLDINGS CO.LTD JPY - 9.200 - 9.200 - - 232.291,20 0,61

KOTOBUKI SPIRITS CO. LTD. JPY 11.700 - 11.700 - 265.251,10 0,70 - -

KUBOTA CORP. JPY 36.600 300 36.900 - 486.760,29 1,29 - -

KUMAGAI GUMI JPY - 16.200 2.000 14.200 - - 362.271,17 0,95

KYOWA EXEO CORP. JPY - 34.100 1.500 32.600 - - 547.520,99 1,43

KYUSHU EL. PWR JPY - 33.300 33.300 - - - - -

LASERTEC CORP. JPY - 23.200 - 23.200 - - 402.896,58 1,05

LIKE CO. LTD. JPY 19.200 100 19.300 - 358.518,69 0,95 - -

M+A CAPITAL PARTNERS CO. JPY 17.700 - 17.700 - 336.730,77 0,89 - -

MAKINO MILLG MACH. JPY - 100.000 51.000 49.000 - - 367.847,00 0,96

MARUWA UNYU KIKAN CO.LTD JPY 11.800 200 12.000 - 246.676,67 0,65 - -

MATSUMOTOKI.HLDGS CO.LTD JPY 7.000 100 700 6.400 319.854,91 0,85 362.143,42 0,95

MAZDA MOTOR CORP JPY - 36.800 500 36.300 - - 470.545,23 1,23

MEGMILK SNOW BRAND CO.LTD JPY - 14.900 - 14.900 - - 342.620,50 0,90

MITSUBISHI CORP. JPY 58.300 3.400 28.600 33.100 1.170.594,26 3,11 650.561,51 1,70

MITSUBISHI EL. CORP. JPY 72.000 1.100 19.100 54.000 811.412,14 2,15 713.375,64 1,87

52





EUR % EUR %


Equity Investments

Japan

MITSUBISHI UFJ FINL GRP JPY 199.100 107.800 50.700 256.200 883.690,65 2,35 1.406.772,53 3,68

MITSUI + CO. JPY - 47.200 47.200 - - - - -

MITSUI FUDOSAN LTD JPY 8.000 - 8.000 - 150.120,91 0,40 - -

MIZUHO FINL GROUP JPY 372.600 221.000 593.600 - 552.016,49 1,47 - -

MORINAGA CO.LTD JPY - 9.800 9.800 - - - - -

NAGOYA RAILROAD JPY 68.000 33.000 101.000 - 328.044,60 0,87 - -

NH FOODS LTD. JPY 21.000 - 21.000 - 449.519,16 1,19 - -

NIHON UNISYS LTD JPY 29.600 13.100 14.400 28.300 336.051,51 0,89 382.580,87 1,00

NIPPON CHEMI-CON JPY - 11.100 - 11.100 - - 332.813,95 0,87

NIPPON LIGHT MET. HLDGS JPY 100.600 - 100.600 - 191.826,83 0,51 - -

NIPPON SHINYAKU JPY 9.800 - 9.800 - 470.186,71 1,25 - -

NIPPON TEL. TEL. JPY 17.400 9.100 3.800 22.700 705.469,87 1,87 879.687,93 2,30

NIPPON TELEVISON HLDG.INC JPY - 21.600 21.600 - - - - -

NISHIMATSU CON. JPY - 16.000 1.000 15.000 - - 366.336,56 0,96

NISHIMATSUYA CHAIN JPY 22.100 - 22.100 - 297.316,56 0,79 - -

NISSAN MOTOR JPY - 57.900 700 57.200 - - 479.051,00 1,25

NOMURA HLDGS JPY - 53.900 - 53.900 - - 255.173,14 0,67

NS SOLUTIONS CORP. JPY 24.200 7.600 11.100 20.700 373.840,09 0,99 386.080,41 1,01

NTT DOCOMO INC. JPY 23.300 400 5.700 18.000 524.549,74 1,39 347.692,85 0,91

OKAMURA CORP. JPY - 34.800 - 34.800 - - 336.037,71 0,88

ONWARD HOLDINGS CO. LTD. JPY 62.000 - 62.000 - 396.075,27 1,05 - -

OPT HOLDING INC. JPY 18.200 - 18.200 - 119.305,88 0,32 - -

ORIX CORP. JPY 44.300 1.100 15.900 29.500 575.152,28 1,53 402.239,42 1,05

OTSUKA HOLDINGS CO.LTD. JPY 7.400 - 7.400 - 298.401,78 0,79 - -

OUTSOURCING INC. JPY - 29.100 2.100 27.000 - - 317.529,26 0,83

RENGO CO. LTD JPY 90.000 - 90.000 - 488.745,33 1,30 - -

RESONA HOLDINGS INC. JPY 41.900 63.300 105.200 - 155.484,37 0,41 - -

ROUND ONE CORP. JPY 74.700 200 74.900 - 449.637,79 1,19 - -

SANKYU INC. JPY - 16.000 3.000 13.000 - - 465.003,21 1,22

SEIBU HOLDINGS INC. JPY - 32.500 400 32.100 - - 463.622,03 1,21

SEKISUI HOUSE JPY 36.600 24.100 37.800 22.900 550.278,73 1,46 326.357,78 0,85

SEVEN + I HLDGS CO. LTD JPY - 15.500 15.500 - - - - -

SHIKOKU EL. PWR JPY - 39.900 39.900 - - - - -

SHIMIZU CORP. JPY - 50.000 50.000 - - - - -

SHINMAYWA INDUSTRIES LTD. JPY - 38.700 - 38.700 - - 296.921,98 0,78

53





EUR % EUR %


Equity Investments

Japan

SHIONOGI + CO. LTD JPY - 9.900 2.500 7.400 - - 342.044,88 0,89

SHOWA DENKO K.K. JPY 34.900 3.900 15.000 23.800 388.556,05 1,03 626.860,10 1,64

SIIX CORP. JPY - 10.700 500 10.200 - - 379.411,96 0,99

SOFTBANK GROUP CORP. JPY 15.400 1.300 5.100 11.600 882.578,10 2,34 791.846,06 2,07

SONY CORP. JPY 23.400 11.100 8.500 26.000 677.109,99 1,80 817.858,59 2,14

SUBARU CORP. JPY 20.600 - 20.600 - 679.718,04 1,80 - -

SUMITOMO BAKELITE JPY 127.000 1.000 54.000 74.000 587.004,05 1,56 460.990,42 1,21

SUMITOMO CHEM. JPY - 106.000 26.000 80.000 - - 422.620,89 1,10

SUMITOMO MET.MNG JPY 38.000 - 23.500 14.500 462.972,40 1,23 393.787,38 1,03

SUMITOMO MITSUI FINL GRP JPY 20.900 35.800 24.700 32.000 620.746,98 1,65 1.038.817,77 2,72

SUMITOMO MITSUI TR.HLDGS JPY 8.800 7.300 16.100 - 252.861,12 0,67 - -

SUMITOMO OSAKA CEM. JPY 102.000 - 102.000 - 419.466,86 1,11 - -

SUMITOMO RTY DEV. JPY - 17.000 2.000 15.000 - - 383.808,00 1,00

SUZUKI MOTOR JPY - 15.200 15.200 - - - - -

TAISEI CORP. JPY 65.000 - 65.000 - 431.232,95 1,14 - -

TAIYO YUDEN CO. LTD JPY - 33.300 33.300 - - - - -

TAKEDA PHARM.CO.LTD. JPY - 19.300 4.700 14.600 - - 681.757,23 1,78

TEIJIN LTD JPY - 20.800 1.400 19.400 - - 323.347,06 0,85

TIS INC. JPY 17.400 1.700 3.500 15.600 398.910,03 1,06 389.195,96 1,02

TOKIO MARINE HOLDINGS INC JPY 11.800 4.200 1.400 14.600 397.544,50 1,06 482.957,08 1,26

TOKUYAMA CORP. JPY - 61.400 51.000 10.400 - - 208.118,24 0,54

TOKYO SEIMITSU JPY - 16.300 600 15.700 - - 470.146,95 1,23

TOKYU FUDOSAN HOLDINGS JPY 69.300 - 69.300 - 331.880,22 0,88 - -

TOMY CO. LTD JPY 51.500 200 51.700 - 480.599,57 1,28 - -

TOSOH CORP. JPY 92.000 - 92.000 - 499.606,33 1,33 - -

TOYO TIRE + RUBBER JPY - 21.000 300 20.700 - - 393.391,36 1,03

TOYOTA MOTOR CORP. JPY 24.800 5.600 9.500 20.900 1.259.377,72 3,34 1.053.839,45 2,76

TSUMURA + CO. JPY 18.900 - 18.900 - 475.814,93 1,26 - -

WEST JAPAN RWY JPY - 5.100 5.100 - - - - -

YAMAHA MOTOR JPY 16.400 13.500 2.500 27.400 291.103,11 0,77 693.882,78 1,81

Total Japan 36.712.278,80 97,43 37.465.371,93 97,95

54





EUR % EUR %




Net Current Assets 785.015,14 2,05

Total Net Assets 38.250.387,07 100,00





100,00

55

Metzler International Growth




EUR % EUR %


Equity Investments

Canada

CDN PACIFIC RAILWAY CAD - 3.200 - 3.200 - - 453.605,68 1,02

Total Canada - - 453.605,68 1,02

Cayman Islands

ALIBABA GR.HLDG SP.ADR 1 USD 6.600 6.650 11.050 2.200 621.297,38 1,49 321.402,47 0,73

NETEASE INC. ADR/100 USD - 1.900 - 1.900 - - 423.988,33 0,96

Total Cayman Islands 621.297,38 1,49 745.390,80 1,68

Curaçao

SCHLUMBERGER DL-,01 USD 13.250 - 13.250 - 927.193,45 2,23 - -

Total Curaçao 927.193,45 2,23 - -

Denmark

NOVO-NORDISK NAM.B DK-,20 DKK 23.500 3.300 8.050 18.750 869.148,90 2,09 758.395,26 1,71

NOVOZYMES A/S NAM. B DK 2 DKK - 22.200 3.450 18.750 - - 814.078,10 1,84

Total Denmark 869.148,90 2,09 1.572.473,36 3,55

France

JCDECAUX SA EUR - 10.700 - 10.700 - - 338.976,00 0,77

LEGRAND S.A. INH. EO 4 EUR 14.900 - 5.100 9.800 781.952,00 1,88 598.584,00 1,35

PERNOD-RICARD O.N. EUR 7.000 - 300 6.700 737.450,00 1,77 784.235,00 1,77

SOCIETE BIC INH. EO 3,82 EUR - 2.850 - 2.850 - - 288.990,00 0,65

Total France 1.519.402,00 3,65 2.010.785,00 4,54

Germany

CONTINENTAL AG O.N. EUR 2.420 3.680 3.400 2.700 452.903,00 1,09 579.825,00 1,31

FRESEN.MED.CARE KGAA O.N. EUR 3.800 6.000 - 9.800 295.488,00 0,71 811.146,00 1,83

INFINEON TECH.AG NA O.N. EUR 48.550 4.700 11.100 42.150 770.974,00 1,85 896.530,50 2,02

SAP SE O.N. EUR 13.050 - 450 12.600 1.056.006,00 2,54 1.167.894,00 2,64

WACKER CHEMIE O.N. EUR 7.400 - 300 7.100 555.000,00 1,33 861.230,00 1,94

Total Germany 3.130.371,00 7,52 4.316.625,50 9,74

56





EUR % EUR %


Equity Investments

Ireland

ALLEGION PLC DL 1 USD - 6.800 6.800 - - - - -

ALLERGAN PLC DL-,0001 USD 3.300 4.310 7.610 - 676.297,38 1,62 - -

KERRY GRP PLC A EO-,125 EUR 11.750 2.000 2.350 11.400 871.380,00 2,09 926.706,00 2,09

Total Ireland 1.547.677,38 3,72 926.706,00 2,09

Italy

LUXOTTICA GROUP EO 0,06 EUR 13.650 4.350 5.500 12.500 580.398,00 1,39 591.125,00 1,33

Total Italy 580.398,00 1,39 591.125,00 1,33

Japan

JAPAN TOBACCO JPY - 14.900 14.900 - - - - -

NITORI HOLDINGS CO. LTD. JPY - 8.446 6.146 2.300 - - 278.092,66 0,63

RECRUIT HOLDINGS CO.LTD JPY - 41.596 - 41.596 - - 761.750,50 1,72

Total Japan - - 1.039.843,16 2,35

Jersey

RANDGOLD RESOURCES DL-,05 GBP - 4.850 - 4.850 - - 402.630,09 0,91

SHIRE PLC LS-,05 GBP 13.300 9.350 6.250 16.400 768.389,78 1,85 705.024,12 1,59

Total Jersey 768.389,78 1,85 1.107.654,21 2,50

Netherlands

ASML HOLDING EO -,09 EUR 6.200 1.900 3.200 4.900 605.678,00 1,45 705.845,00 1,59

SENSATA TECHNOLOG. EO-,01 USD 19.400 - 19.400 - 669.453,64 1,61 - -

UNILEVER CVA EO -,16 EUR - 8.000 8.000 - - - - -

Total Netherlands 1.275.131,64 3,06 705.845,00 1,59

Russian Federation

MAGNIT PJSC RL-,01 RUB - 5.900 5.900 - - - - -

MAGNIT PJSC RL-,01 USD 5.900 - 5.900 - 867.707,62 2,08 - -

Total Russian Federation 867.707,62 2,08 - -

South Africa

NASPERS LTD. N RC-,02 ZAR - 4.652 2.152 2.500 - - 457.317,55 1,03

NOVUS HOLDINGS LTD ZAR - 864 - 864 - - 353,45 -

Total South Africa - - 457.671,00 1,03

57





EUR % EUR %


Equity Investments

Sweden

ASSA-ABLOY AB B SK-,33 SEK - 23.000 - 23.000 - - 443.339,03 1,00

ESSITY AB B SEK - 27.350 - 27.350 - - 628.090,57 1,42

SVENSKA CELL.B FRIA SK10 SEK 23.700 - 23.700 - 627.208,14 1,51 - -

Total Sweden 627.208,14 1,51 1.071.429,60 2,42

Switzerland

ROCHE HLDG AG GEN. CHF 3.200 650 3.850 - 707.912,61 1,70 - -

Total Switzerland 707.912,61 1,70 - -

United Kingdom

ASOS PLC LS-,035 GBP 8.250 - - 8.250 462.423,42 1,11 557.552,63 1,26

FRESNILLO PLC DL -,50 GBP - 22.400 - 22.400 - - 357.169,61 0,81

NIELSEN HLDGS EO-,07 USD 11.650 15.850 27.500 - 555.339,47 1,33 - -

PRUDENTIAL PLC LS-,05 GBP 22.950 - - 22.950 362.515,03 0,87 465.303,01 1,05

RECKITT BENCK.GRP LS -,10 GBP 7.100 - - 7.100 596.248,99 1,43 548.967,83 1,24

RIO TINTO PLC LS-,10 GBP - 20.800 - 20.800 - - 819.819,55 1,85

SMITH + NEP. DL -,20 GBP 34.900 - 34.900 - 501.856,43 1,21 - -


United States

3M CO. DL-,01 USD - 3.350 - 3.350 - - 594.793,61 1,34

ADVANCE AUTO PA. DL-,0001 USD 4.600 9.450 10.750 3.300 610.386,19 1,47 276.907,46 0,62

ALPHABET INC.CL.A DL-,001 USD 1.710 1.660 940 2.430 1.223.476,24 2,94 2.001.471,49 4,52

AMAZON.COM INC. DL-,01 USD 1.170 1.600 920 1.850 871.732,25 2,09 1.504.396,46 3,40

AMGEN INC. DL-,0001 USD 4.600 4.200 8.800 - 682.795,87 1,64 - -

ANTHEM INC. DL-,01 USD - 6.500 1.100 5.400 - - 867.325,33 1,96

APPLE INC. USD 19.650 7.450 20.000 7.100 1.976.715,16 4,75 925.606,50 2,09

BLACKSTONE GROUP L.P. USD 28.900 32.600 38.400 23.100 656.537,64 1,58 652.044,49 1,47

BLUE BUFFALO PET.P.DL-,01 USD - 31.000 - 31.000 - - 743.402,13 1,68

BUFFALO WILD WINGS INC. USD - 10.000 10.000 - - - - -

CELGENE CORP. DL-,01 USD 8.550 7.550 8.400 7.700 795.276,29 1,91 949.766,54 2,14

CHARLES SCHWAB CORP.DL-01 USD - 65.550 40.450 25.100 - - 928.670,28 2,10

CHIPOTLE MEX.GR. DL -,01 USD 1.850 - 1.850 - 697.165,87 1,67 - -

COGNIZANT TECH. SOL.A USD - 11.900 11.900 - - - - -

58





EUR % EUR %


Equity Investments

United States

COLGATE-PALMOLIVE DL 1 USD 8.400 13.300 8.400 13.300 554.169,78 1,33 819.577,91 1,85

COMCAST CORP. A DL-,01 USD 12.050 32.850 27.400 17.500 711.333,87 1,71 569.615,97 1,29

COTY INC.CL.A DL -,01 USD - 32.800 32.800 - - - - -

DANAHER CORP. DL-,01 USD 7.700 4.250 2.800 9.150 537.108,92 1,29 663.920,66 1,50

DISNEY (WALT) CO. USD - 9.600 9.600 - - - - -

DOLLAR GENER.CORP.DL-,875 USD 10.750 11.000 21.750 - 669.507,47 1,61 - -

E.L.F. BEAUTY INC DL-,01 USD 4.000 10.000 14.000 - 100.088,98 0,24 - -

EBAY INC. DL-,001 USD - 10.100 10.100 - - - - -

EL. ARTS INC. DL-,01 USD - 8.550 1.850 6.700 - - 669.093,22 1,51

EOG RESOURCES DL-,01 USD 9.600 12.400 18.500 3.500 826.139,88 1,98 286.406,70 0,65

ESTEE LAUDER COS A DL-,01 USD 9.400 5.550 6.150 8.800 740.758,14 1,78 802.733,89 1,81

EXPEDIA INC. DL-,0001 USD 4.950 1.600 6.550 - 514.116,39 1,23 - -

EXPRESS SCRIPTS HLDG USD 7.600 - 7.600 - 476.978,11 1,15 - -

FACEBOOK INC.A DL-,000006 USD 8.800 11.800 9.400 11.200 1.004.427,83 2,41 1.618.798,85 3,65

FORTIVE CORP. DL-,01 USD 7.450 1.150 - 8.600 337.431,04 0,81 514.967,01 1,16

GENL EL. CO. DL -,06 USD - 31.000 31.000 - - - - -

GILEAD SCIENCES DL-,001 USD 8.400 3.000 11.400 - 591.393,49 1,42 - -

HALLIBURTON CO. DL 2,50 USD - 18.900 11.450 7.450 - - 290.072,32 0,65

HOME DEPOT INC. DL-,05 USD 6.550 1.950 8.500 - 750.003,56 1,80 - -

HONEYWELL INTL DL1 USD - 2.200 - 2.200 - - 263.769,24 0,60

INTERCONTINENTAL EXCH.INC USD 2.500 10.000 12.500 - 599.216,94 1,44 - -

KRAFT HEINZ CO.DL -,01 USD 8.250 5.550 13.800 - 657.107,58 1,58 - -

L BRANDS INC. DL-,50 USD - 22.700 9.600 13.100 - - 461.081,88 1,04

MASTERCARD INC.A DL-,0001 USD 9.700 1.000 3.300 7.400 878.420,54 2,11 883.843,68 1,99

MEAD JOHNSON NUTRIT.DL-01 USD 12.700 - 12.700 - 892.887,52 2,14 - -

MIDDLEBY CORP. DL-,01 USD - 2.700 - 2.700 - - 292.724,58 0,66

MONDELEZ INTL INC. A USD 12.750 - 12.750 - 498.064,60 1,20 - -

MONSTER BEVER.NEW DL-,005 USD - 16.450 - 16.450 - - 768.789,12 1,74

NETFLIX INC. DL-,001 USD - 3.400 - 3.400 - - 521.561,50 1,18

NEVRO CORP. DL-,001 USD - 9.300 - 9.300 - - 714.924,72 1,61

NEWELL BRANDS INC. DL 1 USD - 16.700 16.700 - - - - -

NIKE INC. B USD - 15.150 15.150 - - - - -

PALO ALTO NETWKS DL-,0001 USD - 2.000 2.000 - - - - -

PHILIP MORRIS INTL INC. USD - 4.600 - 4.600 - - 431.945,53 0,97

PLANET FITNESS A DL-,0001 USD 22.600 9.200 31.800 - 403.614,52 0,97 - -

59





EUR % EUR %


Equity Investments

United States

PRICELINE GRP INC.DL-,008 USD - 400 - 400 - - 619.462,02 1,40

PTC INC. DL -,01 USD - 6.300 - 6.300 - - 299.918,80 0,68

RANGE RES CORP. DL-,01 USD - 17.000 17.000 - - - - -

ROCKWELL AU. DL 1 USD 5.650 800 2.050 4.400 615.074,75 1,48 663.275,25 1,50

S+P GLOBAL INC. DL 1 USD - 7.850 4.550 3.300 - - 436.324,65 0,98

SALESFORCE.COM DL-,001 USD 8.550 1.950 10.500 - 542.686,87 1,30 - -

SHERWIN-WILLIAMS DL 1 USD 1.600 1.710 1.210 2.100 393.892,15 0,95 636.004,06 1,44

STARBUCKS CORP. USD 10.450 15.000 11.250 14.200 503.437,44 1,21 645.137,88 1,46

TESLA INC. DL -,001 USD - 1.440 1.440 - - - - -

THERMO FISH.SCIENTIF.DL 1 USD - 4.050 1.000 3.050 - - 488.123,84 1,10

TIFFANY + CO. DL-,01 USD 12.100 2.700 14.800 - 782.010,14 1,88 - -

TJX COS INC. DL 1 USD 9.000 16.800 13.100 12.700 598.878,80 1,44 792.058,03 1,79

ULTA BEAUTY DL-,01 USD - 2.550 2.550 - - - - -

UNION PAC. DL 2,50 USD 12.700 1.500 14.200 - 1.102.180,99 2,65 - -

UNITEDHEALTH GROUP DL-,01 USD 2.200 - 2.200 - 274.070,12 0,66 - -

UTD TECHN. DL 1 USD 7.100 1.900 3.600 5.400 641.893,58 1,54 530.225,00 1,20

VERTEX PHARMAC. DL-,01 USD 5.600 - 5.600 - 434.575,55 1,04 - -

VISA INC. CL. A DL -,0001 USD 6.900 6.700 2.750 10.850 507.768,29 1,22 965.872,10 2,18

VMWARE INC.CLASS A DL-,01 USD - 6.600 1.650 4.950 - - 457.190,41 1,03






Total Net Assets 44.308.669,23 100,00

60







100,00

61

Metzler Eastern Europe




EUR % EUR %


Equity Investments

Austria

DO+CO AG TRY 8.048 12.652 - 20.700 577.320,46 0,95 851.831,59 1,12

IMMOEAST AG ANSPR.- EUR 140.000 - 140.000 - 14,00 - - -

IMMOFINANZ AG INH. EUR - 12.320 12.320 - - - - -

Total Austria 577.334,46 0,95 851.831,59 1,12

Bermuda

CENTRAL EU.ME.A NEW DL-01 USD 365.150 5.300 370.450 - 750.575,28 1,23 - -

VEON LTD ADR 1 USD - 788.400 - 788.400 - - 2.787.609,54 3,66

VIMPELCOM LTD ADR 1 USD 295.150 - 295.150 - 913.972,24 1,50 - -

VOSTOK NEW VENTURES SDR SEK 186.750 10.350 197.100 - 1.255.926,72 2,07 - -

Total Bermuda 2.920.474,24 4,81 2.787.609,54 3,66

Brit. Virgin Islands

LUXOFT HOLDING INC. A USD 24.700 1.150 - 25.850 1.161.590,14 1,91 1.045.195,40 1,37

Total Brit. Virgin Islands 1.161.590,14 1,91 1.045.195,40 1,37

Cyprus

ETALON GROUP GDR REGS 1 USD 558.000 120.550 28.400 650.150 1.365.456,49 2,25 2.274.040,14 2,98

MD MED.GROUP INV.GDR REGS USD - 85.000 - 85.000 - - 754.948,40 0,99

TCS GROUP HOL.GDR REG S 1 USD 126.700 24.250 37.450 113.500 823.020,11 1,35 1.579.322,45 2,07

Total Cyprus 2.188.476,60 3,60 4.608.310,99 6,05

Czech Republic

KOMERCNI BANKA INH. KC100 CZK 49.100 3.950 21.350 31.700 1.512.320,70 2,49 1.170.844,31 1,54

MONETA MONEY BANK KC 1 CZK - 492.000 - 492.000 - - 1.465.125,14 1,92

Total Czech Republic 1.512.320,70 2,49 2.635.969,45 3,46

Estonia

OLYMPIC ENTMT GRP EO-,40 EUR 574.600 126.000 700.600 - 1.045.772,00 1,72 - -

Total Estonia 1.045.772,00 1,72 - -

62





EUR % EUR %


Equity Investments

Greece

AEGEAN AIRLINES EO -,65 EUR - 109.050 33.750 75.300 - - 609.177,00 0,80

HELLENIC PETR. NAM.EO2,18 EUR - 2.693 2.693 - - - - -

HELLENIC TELEC. ORG. NAM. EUR 111.700 10.300 122.000 - 871.260,00 1,43 - -

JUMBO S.A. EO 0,88 EUR 76.700 14.150 52.450 38.400 851.370,00 1,40 537.216,00 0,70

MOTOR OIL (HELL.) EO 0,75 EUR 100.050 - 100.050 - 1.000.500,00 1,65 - -

MYTILINEOS HLD NA EO 0,97 EUR - 161.750 - 161.750 - - 1.350.612,50 1,77

Total Greece 2.723.130,00 4,48 2.497.005,50 3,28

Jersey

ATRIUM EUROPE.R.E. EUR 285.800 139.300 425.100 - 1.134.626,00 1,87 - -

POLYMETAL INTL PLC GBP - 115.850 115.850 - - - - -

WIZZ AIR HLDGS LS -,0001 GBP - 53.500 19.500 34.000 - - 1.103.943,71 1,45

Total Jersey 1.134.626,00 1,87 1.103.943,71 1,45

Kazakhstan

KCELL JSC GDR REG S USD 214.400 27.850 242.250 - 641.025,09 1,05 - -

Total Kazakhstan 641.025,09 1,05 - -

Netherlands

DP EURASIA N.V. EO 0,12 GBP - 493.735 - 493.735 - - 1.137.470,41 1,49

X 5 RETAIL G.GDR REGS 1/4 USD - 92.150 - 92.150 - - 3.499.080,95 4,59

YANDEX N.V. CL.A DL -,01 USD - 117.550 15.500 102.050 - - 2.844.313,57 3,73

Total Netherlands - - 7.480.864,93 9,82

Poland

ALUMETAL SA A,B,C ZY -,10 PLN 61.350 2.200 63.550 - 948.520,18 1,56 - -

AMICA S.A. ZY 2 PLN 18.133 3.217 21.350 - 897.965,45 1,48 - -

AMREST HLDGS S.E. EO-,01 PLN 20.028 3.450 257 23.221 1.117.529,99 1,84 1.956.712,28 2,57

BANK MILLENNIUM ZY 1 PLN - 238.000 - 238.000 - - 387.288,32 0,51

BANK POLSKA KASA OP. ZY 1 PLN - 53.500 - 53.500 - - 1.589.656,09 2,09

BENEFIT SYSTEMS ZY 1 PLN - 5.400 - 5.400 - - 1.168.912,57 1,53

BUDIMEX A ZY 5 PLN - 25.250 - 25.250 - - 1.283.644,97 1,68

CCC S.A. ZY 0,1 PLN - 24.600 - 24.600 - - 1.576.099,45 2,07

CYFROWY POLSAT SA ZY -,04 PLN 211.500 6.000 217.500 - 1.204.721,94 1,98 - -

EUROCASH S.A. CL.A ZY 1 PLN - 123.950 - 123.950 - - 1.111.215,34 1,46

63





EUR % EUR %


Equity Investments

Poland

FABRYKA MASZYN FAM.ZY0,01 PLN - 744.100 - 744.100 - - 1.050.205,55 1,38

FABRYKI MEBLI FORTE ZY 1 PLN 56.350 2.650 59.000 - 982.574,63 1,62 - -

GLOBE TRADE CENTRE ZY 0,1 PLN - 339.544 - 339.544 - - 743.270,99 0,98

GRUPA KETY A ZY 2,50 PLN 14.000 2.450 1.550 14.900 1.278.201,43 2,10 1.392.340,73 1,83

ING BK SLASK NAM. ZY 1 PLN 23.250 - 23.250 - 799.739,03 1,32 - -

KRUK SA ZY 1 PLN 18.100 910 19.010 - 1.001.534,46 1,65 - -

LIVECHAT SOFTW.A,B ZY-,02 PLN 51.700 33.650 - 85.350 600.995,07 0,99 943.082,98 1,24

MBANK S.A. ZY 4 PLN - 20.100 600 19.500 - - 1.896.653,78 2,49

PKO BANK POLSKI S.A. ZY 1 PLN - 206.700 206.700 - - - - -

STELMET S.A. A B ZY 1 PLN - 62.940 62.940 - - - - -

WORK SERVICE SA ZY -,10 PLN 302.678 10.550 313.228 - 822.632,25 1,35 - -

Total Poland 9.654.414,43 15,89 15.099.083,05 19,81

Portugal

JERONIM.MART.SGPS INH.EO1 EUR 92.900 96.300 98.000 91.200 1.433.911,50 2,36 1.522.128,00 2,00

Total Portugal 1.433.911,50 2,36 1.522.128,00 2,00

Romania

BRD-GR.SOCI.GENERALE LN 1 RON 438.500 354.250 389.750 403.000 1.083.701,23 1,78 1.090.634,59 1,43

FONDUL PROPRIETAT.NA. RON 10.435.850 1.156.200 11.592.050 - 1.882.741,34 3,10 - -

OMV PETROM S.A.NAM.LN-,10 RON - 28.135.350 - 28.135.350 - - 1.768.902,94 2,32

SOC.NA.DE GAZE NAT.ROMGAZ RON - 170.150 - 170.150 - - 1.138.232,32 1,49

Total Romania 2.966.442,57 4,88 3.997.769,85 5,25

Russian Federation

AKTSION.KOM.ALROSA RL0,50 USD 1.105.500 488.800 1.594.300 - 1.355.004,80 2,23 - -

AKTSION.KOM.ALROSA RL0,50 RUB - 1.672.500 1.672.500 - - - - -

DETSKIY MIR RUB - 1.261.200 - 1.261.200 - - 1.903.537,24 2,50

GAZPROM NEFT ADR5/RL-0016 USD 111.500 40.300 27.300 124.500 1.384.076,35 2,28 2.074.648,96 2,72

LUKOIL SP.ADR RL-,025 USD 104.500 11.100 42.000 73.600 4.527.589,43 7,45 3.295.252,92 4,32

M.VIDEO RL 10 RUB - 322.450 322.450 - - - - -

M.VIDEO RL 10 USD 306.050 - 306.050 - 1.487.499,13 2,45 - -

MAGNIT PJSC RL-,01 USD 25.400 - 25.400 - 3.735.554,86 6,15 - -

MAGNIT PJSC RL-,01 RUB - 27.600 27.600 - - - - -

MOSCOW EXCH.MICEX-RTS RL1 RUB - 383.450 383.450 - - - - -

64





EUR % EUR %


Equity Investments

Russian Federation

MOSCOW EXCH.MICEX-RTS RL1 USD 383.450 - 383.450 - 687.078,73 1,13 - -

NOVATEK GDR RG.S/10 RL-,1 USD 25.200 32.950 25.850 32.300 2.466.631,07 4,06 3.204.863,81 4,21

PHOSAGRO PJSC SP.GDR REGS USD 81.350 99.157 81.350 99.157 933.809,40 1,54 1.195.218,45 1,57

ROSNEFT OIL GDRREGS RL-01 USD 186.500 250.100 436.600 - 906.113,19 1,49 - -

SBERBANK OF RU. RL 2 USD 1.666.400 - 1.666.400 - 3.427.902,54 5,64 - -

SBERBANK OF RU. RL 2 RUB - 1.761.900 522.600 1.239.300 - - 3.502.921,90 4,60

SBERBANK PFD RL 3 RUB - 1.282.100 - 1.282.100 - - 2.933.712,06 3,85

TATNEFT PJSC PFD RL 1 RUB - 452.800 452.800 - - - - -

TATNEFT PJSC PFD (USD) USD 443.500 - 443.500 - 1.141.800,97 1,88 - -

UNIPRO PJSC RUB - 24.714.900 24.714.900 - - - - -

Total Russian Federation 22.053.060,47 36,29 18.110.155,34 23,76

Turkey

AKBANK T.A.S. TN 1 TRY - 302.000 - 302.000 - - 675.261,66 0,89

AKCANSA CIM.SAN. TN 1 TRY 222.400 151.700 - 374.100 840.887,86 1,38 991.311,61 1,30

AKSA AKRILIK KIMYA TN 1 TRY - 422.500 422.500 - - - - -

ANADOLU E.BIR.M.G. TN 1 TRY - 277.800 76.800 201.000 - - 1.000.218,84 1,31

ARCELIK A.S. NAM. TN 1 TRY - 292.300 58.800 233.500 - - 1.261.921,98 1,66

AVIVASA EMEK.HAYAT TN 1 TRY - 219.900 4.689 215.211 - - 952.170,46 1,25

DOGTAS KELEBE.M.S.V.T.TN1 TRY - 47.358 - 47.358 - - 48.214,14 0,06

DOGUS OTOMOTIV SERV. TIC. TRY 273.379 - 273.379 - 814.749,92 1,34 - -

ENKA INSAAT VE SAN. TN 1 TRY - 905.068 905.068 - - - - -

KORDSA GL.ENDUSTR.IVKBSVT TRY 455.200 348.107 247.400 555.907 915.219,07 1,51 941.498,06 1,24

LOGO YAZILIM SANAYI TN 1 TRY - 80.000 - 80.000 - - 1.033.301,62 1,36

MAVI GIYIM SAN.V.TIC.TN 1 TRY - 127.600 - 127.600 - - 1.578.306,37 2,07

MIGROS TICARET NAM. TN 1 TRY 197.100 9.250 206.350 - 1.068.454,25 1,76 - -

SODA SANAYII TRY 692.859 443.181 1.136.040 - 846.516,04 1,39 - -

TUERK OTOMOBIL E TN 1 TRY 119.700 92.700 112.150 100.250 777.376,45 1,28 736.374,88 0,97

TUERKIYE GAR.BANK.NAM.TN1 TRY - 291.000 - 291.000 - - 670.047,57 0,88

TUKAS GIDA S.V.T.AS TN 1 TRY 963.700 45.850 1.009.550 - 437.246,56 0,72 - -

TUPRAS TURKIYE P.R. TN 1 TRY - 39.500 - 39.500 - - 1.142.530,92 1,50

TURKCELL ILETISIM TN 1 TRY - 131.800 - 131.800 - - 397.845,39 0,52

ULKER BISKUVI SANAYI TN 1 TRY 16.864 264.536 281.400 - 106.920,61 0,18 - -

YAPI VE KREDI B.NA TN 1 TRY - 475.750 475.750 - - - - -

Total Turkey 5.807.370,76 9,56 11.429.003,50 15,00

65





EUR % EUR %


Equity Investments

United Kingdom

GEORGIA HEALTHC.WI LS-,01 GBP - 251.568 - 251.568 - - 842.223,91 1,11

TBC BANK GROUP LS 0,01 GBP 60.900 29.250 9.700 80.450 894.035,37 1,47 1.515.598,93 1,99

Total United Kingdom 894.035,37 1,47 2.357.822,84 3,09

United States

EPAM SYSTEMS INC. DL-,001 USD 16.150 1.000 17.150 - 996.046,00 1,64 - -

Total United States 996.046,00 1,64 - -





Total Net Assets 76.205.353,50 100,00





100,00

66

Metzler Focus Japan




EUR % EUR %


Equity Investments

Japan

AJINOMOTO JPY 29.600 16.400 46.000 - 583.278,27 2,65 - -

ANA HOLDINGS INC. JPY - 371.000 371.000 - - - - -

ASAHI INTECC CO. LTD. JPY 16.500 33.000 20.200 29.300 667.675,15 3,03 1.290.241,13 5,57

JP3519400000 JPY 36.400 17.300 26.300 27.400 983.553,83 4,46 794.773,75 3,43

CHUGAI PHARMACEUT'L JPY 13.100 28.200 10.700 30.600 418.434,36 1,90 1.073.850,82 4,64

CYBERDYNE INC. JPY - 35.000 35.000 - - - - -

DAICEL CORP. JPY 64.200 27.800 92.000 - 714.764,99 3,24 - -

DENSO CORP. JPY 15.800 11.100 26.900 - 555.352,47 2,52 - -

DISCO CORP. JPY 5.100 3.100 5.600 2.600 532.848,40 2,42 447.223,68 1,93

ENEIGMA INC. JPY - 21.000 21.000 - - - - -

FAST RETAILING CO. YN 50 JPY - 2.700 1.300 1.400 - - 349.173,23 1,51

FUJIFILM HOLDINGS CORP. JPY - 31.500 10.100 21.400 - - 702.267,57 3,03

GMO PAYMENT GATEWAY INC. JPY 14.900 - 14.900 - 688.689,79 3,13 - -

HEARTS UNITED GROUP JPY 65.000 15.400 80.400 - 1.213.735,13 5,51 - -

HITACHI MET. JPY - 67.400 67.400 - - - - -

INPEX CORP. JPY - 105.400 105.400 - - - - -

IRISO ELECTR. CO. JPY - 9.800 - 9.800 - - 433.757,52 1,87

JGC CORP. JPY - 139.500 66.200 73.300 - - 1.003.043,04 4,33

KENKO MAYONNAISE JPY - 23.900 23.900 - - - - -

KOBE STEEL JPY 85.900 - 85.900 - 684.623,94 3,11 - -

M3 INC. JPY - 61.500 9.900 51.600 - - 1.242.748,88 5,37

MARUI GROUP CO. LTD. JPY - 90.500 55.100 35.400 - - 428.552,91 1,85

MITSUBISHI HEAVY JPY - 275.000 275.000 - - - - -

MITSUBISHI UFJ FINL GRP JPY - 236.200 40.400 195.800 - - 1.075.121,24 4,64

MITSUI + CO. JPY - 74.200 27.900 46.300 - - 578.600,61 2,50

MONOTARO CO. LTD JPY - 24.300 24.300 - - - - -

MURATA MFG JPY - 8.600 1.700 6.900 - - 857.610,80 3,70

NGK INSULATORS JPY 53.200 40.300 37.900 55.600 971.891,43 4,41 880.746,74 3,80

NGK SPARK PLUG JPY - 72.200 - 72.200 - - 1.299.416,45 5,61

NIDEC CORP. JPY 10.100 - - 10.100 822.011,29 3,73 1.048.902,36 4,53

NIHON M+A CENTRE INC. JPY 16.600 - 16.600 - 454.378,50 2,06 - -

NINTENDO CO. LTD JPY 2.700 1.900 2.400 2.200 631.216,96 2,86 687.074,56 2,97

NSK LTD. JPY 81.800 - 48.000 33.800 737.483,48 3,35 385.307,91 1,66

OPTIM CORPORATION JPY - 23.800 5.100 18.700 - - 376.320,46 1,63

67

Metzler Focus Japan




EUR % EUR %


Equity Investments

Japan

PIGEON CORP. JPY 20.000 - 20.000 - 534.263,14 2,42 - -

RAITO KOGYO CO. LTD JPY 95.900 7.500 103.400 - 1.020.503,23 4,63 - -

RESORTTRUST INC. JPY - 85.000 56.200 28.800 - - 435.654,20 1,88

RHEON AUTOMATIC JPY - 39.300 - 39.300 - - 514.453,76 2,22

ROHM CO. LTD JPY - 7.500 - 7.500 - - 543.305,30 2,35

SHINSEI BANK JPY - 56.900 - 56.900 - - 770.072,52 3,33

SHOWA SHELL SEKIYU JPY - 55.100 55.100 - - - - -

SIIX CORP. JPY 16.400 - 16.400 - 585.808,99 2,66 - -

SOMPO HOLDINGS INC. JPY 26.000 - 26.000 - 677.521,23 3,07 - -

SUMITOMO CHEM. JPY 125.000 - 125.000 - 488.789,26 2,22 - -

SUMITOMO EL.IND. JPY - 79.100 79.100 - - - - -

SUMITOMO MITSUI TR.HLDGS JPY 38.000 3.500 41.500 - 1.091.900,29 4,96 - -

SUMITOMO OSAKA CEM. JPY 182.000 - 182.000 - 748.460,48 3,40 - -

SUMITOMO RTY DEV. JPY 22.000 - 22.000 - 502.145,84 2,28 - -

SUZUKI MOTOR JPY 27.900 - 5.000 22.900 823.749,40 3,74 1.015.641,26 4,39

SYUPPIN CO.LTD JPY 35.800 - 35.800 - 336.603,35 1,53 - -

TAISEI CORP. JPY 189.000 - 189.000 - 1.253.892,74 5,69 - -

TAKARA LEBEN CO.LTD. JPY 95.300 108.200 203.500 - 567.772,33 2,58 - -

TDK CORP. JPY - 20.500 7.600 12.900 - - 740.608,54 3,20

THK CO. LTD JPY - 55.900 55.900 - - - - -

TIS INC. JPY 55.600 25.000 48.800 31.800 1.274.678,04 5,79 793.361,00 3,43

TOKYO GAS CO. LTD JPY 158.000 - 158.000 - 621.439,42 2,82 - -

TOTO LTD JPY 13.500 9.300 22.800 - 450.191,39 2,04 - -

TREND MICRO INC. JPY - 18.300 - 18.300 - - 761.844,79 3,29

UACJ CORP. JPY - 507.000 507.000 - - - - -

VISION INC. JPY - 61.000 6.000 55.000 - - 1.039.456,51 4,49

YAMATO HLDGS CO.LTD. JPY - 54.200 - 54.200 - - 925.161,76 4,00

ZENRIN CO. JPY - 43.900 27.700 16.200 - - 416.338,69 1,80

Total Japan 21.637.657,12 98,20 22.910.631,99 98,93




68

Metzler Focus Japan




EUR % EUR %


Total Net Assets 23.157.676,36 100,00





100,00

69

Metzler European Concentrated Growth




EUR % EUR %


Equity Investments

Austria

AMS AG CHF 10.500 150 7.050 3.600 303.607,49 3,24 220.938,06 1,93

ANDRITZ AG EUR 6.600 - 6.600 - 319.803,00 3,41 - -

Total Austria 623.410,49 6,65 220.938,06 1,93

Belgium

UMICORE S.A. NEW EUR 7.300 2.400 1.500 8.200 407.559,00 4,35 573.918,00 5,01

Total Belgium 407.559,00 4,35 573.918,00 5,01

Denmark

AMBU A/S NAM. B DK 2,50 DKK - 8.000 750 7.250 - - 474.649,61 4,14


NOVOZYMES A/S NAM. B DK 2 DKK - 12.900 1.900 11.000 - - 477.592,49 4,17

Total Denmark 299.578,98 3,20 1.279.868,85 11,17

France

DANONE S.A. EO -,25 EUR - 5.700 150 5.550 - - 368.353,50 3,22

DASSAULT SYS SA INH.EO0,5 EUR - 4.800 - 4.800 - - 410.832,00 3,59

JCDECAUX SA EUR 9.150 4.250 350 13.050 263.337,00 2,81 413.424,00 3,61

LEGRAND S.A. INH. EO 4 EUR 6.050 200 1.950 4.300 317.504,00 3,39 262.644,00 2,29

PERNOD-RICARD O.N. EUR - 3.000 3.000 - - - - -

SOCIETE BIC INH. EO 3,82 EUR - 3.770 100 3.670 - - 372.138,00 3,25

Total France 580.841,00 6,20 1.827.391,50 15,95

Germany

CONTINENTAL AG O.N. EUR 1.340 300 50 1.590 250.781,00 2,67 341.452,50 2,98

CTS EVENTIM KGAA EUR 9.300 - 9.300 - 294.717,00 3,14 - -

FRESEN.MED.CARE KGAA O.N. EUR 4.250 200 100 4.350 330.480,00 3,52 360.049,50 3,14

HELLA KGAA HUECK+CO. O.N. EUR 7.150 - 7.150 - 252.109,00 2,69 - -

INFINEON TECH.AG NA O.N. EUR 28.200 1.200 4.550 24.850 447.816,00 4,78 528.559,50 4,61

SAP SE O.N. EUR 4.650 610 150 5.110 376.278,00 4,01 473.645,90 4,13

SLM SOLUTIONS GRP AG EUR 9.000 2.150 3.300 7.850 379.080,00 4,04 279.460,00 2,44

UTD.INTERNET AG NA EUR 7.900 - 7.900 - 311.141,50 3,32 - -

WACKER CHEMIE O.N. EUR 5.250 540 1.060 4.730 393.750,00 4,20 573.749,00 5,01

Total Germany 3.036.152,50 32,38 2.556.916,40 22,32

70





EUR % EUR %


Equity Investments

Ireland

KERRY GRP PLC A EO-,125 EUR 3.550 3.420 200 6.770 263.268,00 2,81 550.333,30 4,80

KINGSPAN GRP PLC EO-,13 EUR 11.400 500 1.550 10.350 273.372,00 2,92 372.393,00 3,25

Total Ireland 536.640,00 5,72 922.726,30 8,05

Italy

LUXOTTICA GROUP EO 0,06 EUR 4.300 7.350 4.500 7.150 182.836,00 1,95 338.123,50 2,95

Total Italy 182.836,00 1,95 338.123,50 2,95

Jersey

SHIRE PLC LS-,05 GBP 4.500 1.200 1.950 3.750 259.981,51 2,77 161.209,78 1,41

Total Jersey 259.981,51 2,77 161.209,78 1,41

Netherlands

ASM INTL N.V. EO-,04 EUR 9.150 1.300 1.350 9.100 333.151,50 3,55 486.759,00 4,25

ASML HOLDING EO -,09 EUR 1.580 - 1.580 - 154.350,20 1,65 - -

UNILEVER CVA EO -,16 EUR 6.700 - 6.700 - 275.202,50 2,94 - -

Total Netherlands 762.704,20 8,13 486.759,00 4,25

Sweden

ASSA-ABLOY AB B SK-,33 SEK 20.050 4.250 650 23.650 362.974,14 3,87 455.868,18 3,98

ATLAS COPCO A SEK 13.900 1.900 2.250 13.550 372.909,22 3,98 484.314,73 4,23

BOLIDEN AB SK 2 SEK - 9.550 - 9.550 - - 272.857,14 2,38

ESSITY AB B SEK - 13.400 350 13.050 - - 299.692,21 2,62

HEXPOL AB B SEK 37.700 7.500 1.150 44.050 301.114,46 3,21 391.220,79 3,42

SVENSKA CELL.B FRIA SK10 SEK 12.800 - 12.800 - 338.745,33 3,61 - -

Total Sweden 1.375.743,15 14,67 1.903.953,05 16,62

Switzerland

ARYZTA AG NAM. SF-.02 CHF 7.000 - 7.000 - 277.005,69 2,95 - -

Total Switzerland 277.005,69 2,95 - -

71





EUR % EUR %


Equity Investments

United Kingdom

ASOS PLC LS-,035 GBP 7.400 330 1.100 6.630 414.779,79 4,42 448.069,57 3,91

JUST-EAT PLC LS-,01 GBP 49.800 19.350 30.400 38.750 308.551,61 3,29 293.983,71 2,57

RECKITT BENCK.GRP LS -,10 GBP 3.570 1.680 150 5.100 299.804,07 3,20 394.329,00 3,44






Total Net Assets 11.455.465,52 100,00





100,00

72

Metzler European Small and Micro Cap




EUR % EUR %


Equity Investments

Belgium

RECTICEL EUR - 210.700 15.200 195.500 - - 1.483.845,00 2,41

Total Belgium - - 1.483.845,00 2,41

Denmark

ASETEK A/S DK -,10 NOK 50.000 186.800 96.000 140.800 211.540,07 0,78 1.825.336,19 2,97

H+H INTL NAM. B DK 10 DKK - 94.550 7.600 86.950 - - 1.331.994,03 2,17

NORDIC WATERPR. DK1 SEK 95.000 81.000 18.700 157.300 934.903,41 3,43 1.516.026,74 2,47

Total Denmark 1.146.443,48 4,21 4.673.356,96 7,60

Finland

AHLSTROM-MUNKSJOE OYJ EUR 73.500 8.500 82.000 - 876.120,00 3,21 - -

ASIAKASTIETO GROUP OYJ EUR 52.000 - 52.000 - 946.400,00 3,47 - -

DETECTION TECHNOLOGY OYJ EUR - 56.100 3.100 53.000 - - 1.056.820,00 1,72

FERRATUM OYJ EUR 19.200 - 19.200 - 343.680,00 1,26 - -

SILMAEASEMA OYJ EUR - 202.700 10.400 192.300 - - 1.530.708,00 2,49

Total Finland 2.166.200,00 7,95 2.587.528,00 4,21

France

FIGEAC AERO S.A. EO -,12 EUR 40.500 - 40.500 - 773.550,00 2,84 - -

LECTRA S.A. INH. EO 1 EUR 58.000 44.950 36.000 66.950 914.080,00 3,35 1.778.192,00 2,89

PRODWAYS GROUP SA EO-,5 EUR - 86.000 86.000 - - - - -

YMAGIS S.A.S. EO -,25 EUR 53.410 80.090 7.400 126.100 512.201,90 1,88 1.196.689,00 1,95

Total France 2.199.831,90 8,07 2.974.881,00 4,84

Germany

BASTEI LUEBBE AG O.N. EUR 72.000 - 72.000 - 409.032,00 1,50 - -

CANCOM SE O.N. EUR 12.800 9.950 3.800 18.950 594.880,00 2,18 1.203.325,00 1,96

CAPITAL STAGE AG EUR - 130.000 130.000 - - - - -

CENTROTEC SUSTAINABLE O.N EUR 53.800 51.800 5.100 100.500 828.520,00 3,04 1.807.995,00 2,94

CHORUS CLEAN ENER.Z.VERK. EUR 78.000 - 78.000 - 836.550,00 3,07 - -

ENERGIEKONTOR O.N. EUR 40.000 51.700 7.900 83.800 590.000,00 2,16 1.319.850,00 2,15

HELMA EIGENHEIMBAU AG EUR 9.500 42.600 2.600 49.500 566.770,00 2,08 2.374.267,50 3,86

HYPOPORT AG NA O.N. EUR 9.700 3.600 13.300 - 812.860,00 2,98 - -

IBU-TEC ADV.MATER. INH.ON EUR - 42.380 2.450 39.930 - - 752.281,20 1,22

73





EUR % EUR %


Equity Investments

Germany

ISRA VISION O.N. EUR 4.663 - 4.663 - 461.637,00 1,69 - -

JOST WERKE AG INH. O.N. EUR - 68.431 - 68.431 - - 2.603.799,55 4,24

KOENIG + BAUER AG ST O.N. EUR 13.100 1.300 14.400 - 547.580,00 2,01 - -

MS INDUSTRIE AG EUR - 233.200 - 233.200 - - 928.136,00 1,51

NANOGATE SE INH. O.N. EUR 24.445 14.150 4.400 34.195 864.864,10 3,17 1.778.140,00 2,89

PANTAFLIX AG INH. O.N. EUR - 11.170 2.970 8.200 - - 1.271.000,00 2,07

STRATEC BIOMEDICAL NA ON EUR - 11.300 300 11.000 - - 556.820,00 0,91

TECHNOTRANS AG NA O.N. EUR 22.319 10.531 8.950 23.900 504.855,78 1,85 1.190.220,00 1,94

Total Germany 7.017.548,88 25,74 15.785.834,25 25,68

Ireland

CAIRN HOMES (WI) EO -,001 EUR 750.000 - 750.000 - 806.250,00 2,96 - -

CPL RESOURCES EO-,10 EUR 126.000 21.178 10.800 136.378 705.600,00 2,59 906.913,70 1,48

DALATA HOTEL GROUP EO-,01 EUR 198.000 51.300 98.500 150.800 811.800,00 2,98 833.924,00 1,36

INDEP.NEWS+MEDIA EO-,01 EUR 5.500.000 2.050.400 7.550.400 - 687.500,00 2,52 - -

Total Ireland 3.011.150,00 11,05 1.740.837,70 2,83

Italy

CEMENTIR HLDG S.P.A. EO 1 EUR - 242.000 242.000 - - - - -

CREDITO VALTELLINESE EUR - 731.450 454.200 277.250 - - 1.126.744,00 1,83

F.I.L.A. S.P.A. EUR 50.000 54.783 22.400 82.383 644.000,00 2,36 1.553.743,38 2,53

OPENJOBMETIS S.P.A. EO 1 EUR 90.500 72.900 15.000 148.400 601.825,00 2,21 1.981.140,00 3,22

PRIMA INDUSTRIE EO 2,50 EUR 49.404 25.114 31.350 43.168 671.894,40 2,46 1.743.987,20 2,84

Total Italy 1.917.719,40 7,03 6.405.614,58 10,42

Jersey

SCOTTISH SALMON CO.NK-,90 NOK - 1.278.150 51.550 1.226.600 - - 1.355.553,55 2,21

Total Jersey - - 1.355.553,55 2,21

Luxembourg

SAF HOLLAND S.A. EO-,01 EUR 79.200 63.500 30.100 112.600 910.800,00 3,34 1.936.720,00 3,15

SOLUTIONS 30 INH. EO-,51 EUR 69.540 27.860 38.300 59.100 872.727,00 3,20 1.687.305,00 2,74

Total Luxembourg 1.783.527,00 6,54 3.624.025,00 5,90

74





EUR % EUR %


Equity Investments

Netherlands

BASIC-FIT N.V. EO -,06 EUR 49.512 55.288 64.600 40.200 845.912,52 3,10 751.740,00 1,22

SHOP APOTHEKE EUROPE INH. EUR - 19.950 3.950 16.000 - - 832.000,00 1,35

Total Netherlands 845.912,52 3,10 1.583.740,00 2,58

Norway

AKVA GROUP ASA NK 1 NOK 54.900 84.850 7.700 132.050 426.339,52 1,56 1.122.557,95 1,83

DATA RESPONS ASA NK -,50 NOK 375.000 329.100 104.500 599.600 668.021,27 2,45 1.713.934,74 2,79

ZALARIS ASA A NK -,10 NOK 123.800 178.000 16.600 285.200 409.370,11 1,50 1.466.814,73 2,39

Total Norway 1.503.730,90 5,52 4.303.307,42 7,00

Spain

VOCENTO EUR 402.000 191.700 33.400 560.300 498.480,00 1,83 806.832,00 1,31

Total Spain 498.480,00 1,83 806.832,00 1,31

Sweden

BIOTAGE AB SK 1 SEK 70.000 133.650 24.500 179.150 291.545,49 1,07 1.127.868,02 1,83

BOOZT AB SEK - 76.200 76.200 - - - - -

CTT SYSTEMS AB SK 1 SEK - 59.550 - 59.550 - - 890.210,63 1,45

INVISIO COMMUNIC. AB SK 1 SEK 111.800 109.250 9.700 211.350 783.807,64 2,88 1.828.874,55 2,98

TOBII AB SEK 78.200 382.500 34.900 425.800 582.763,81 2,14 2.162.205,30 3,52

TOBII AB -ANR.- SEK - 78.200 78.200 - - - - -

Total Sweden 1.658.116,94 6,08 6.009.158,50 9,78

Switzerland

ASCOM HLDG NA SF 0,50 CHF 51.000 67.650 16.800 101.850 819.258,31 3,01 1.896.581,72 3,09

Total Switzerland 819.258,31 3,01 1.896.581,72 3,09

United Kingdom

ARROW GLOBAL GROUP LS-,01 GBP 340.000 156.815 175.865 320.950 1.157.438,45 4,25 1.557.125,63 2,53

FDM GROUP HLDGS LS -,01 GBP 51.500 - 51.500 - 364.327,82 1,34 - -

LEARNING TECH.GR.LS-00375 GBP - 2.273.250 - 2.273.250 - - 1.418.926,97 2,31

LOW + BONAR PLC LS-,05 GBP - 2.006.672 120.200 1.886.472 - - 1.696.679,41 2,76

TELIT COMMUNICAT. LS -,01 GBP 277.000 166.500 443.500 - 864.524,33 3,17 - -


75





EUR % EUR %




Option Contracts



EUR %

PUT DAX OPTIONEN 10 17 11000,00 500 Long EUR 49,7000 23.10.2017 JPMorgan 2.750,00 -

Total Option Contracts 2.750,00 -

Total Financial Derivative Instruments 2.750,00 -



Total Net Assets 61.469.666,86 100,00






100,00

76

Metzler Euro Corporates Short Term




EUR % EUR %


Debt Instruments (before interest income accrued)

Australia

4.2500% TELSTRA CORP. 10/20 MTN EUR 150.000 - - 150.000 172.925,45 0,90 165.988,57 0,91

Total Australia 172.925,45 0,90 165.988,57 0,91

Austria

6.7500% OMV AG 11-UND. EUR - 100.000 - 100.000 - - 104.081,00 0,57

Total Austria - - 104.081,00 0,57

Belgium

1.2500% AB INBEV 12/17 MTN EUR 80.000 - 80.000 - 80.537,60 0,42 - -

2.2500% AB INBEV 13/20 MTN EUR 100.000 - - 100.000 109.061,07 0,57 106.764,32 0,59

0.6250% AB INBEV 16/20 MTN EUR 200.000 - - 200.000 204.363,03 1,07 203.310,59 1,12

Total Belgium 393.961,70 2,05 310.074,91 1,70

Cayman Islands

2.5000% HUTCH.WH.E.F.12 12/17 EUR 300.000 - 300.000 - 305.367,00 1,59 - -

3.7500% HUTCH.WH.EU F. 13/UND.FLR EUR - 100.000 - 100.000 - - 101.835,00 0,56

Total Cayman Islands 305.367,00 1,59 101.835,00 0,56

Denmark

3.3750% CARLSBERG BREW. 10/17 MTN EUR 250.000 - - 250.000 258.819,61 1,35 250.287,50 1,37

4.3750% TDC A/S 11/18 MTN EUR 300.000 - - 300.000 316.996,52 1,65 305.443,50 1,68

Total Denmark 575.816,13 3,00 555.731,00 3,05

France

2.6250% ACCOR 14/21 EUR 100.000 - - 100.000 109.487,04 0,57 107.698,59 0,59

5.0000% APRR 11/17 EUR 200.000 - 200.000 - 202.862,00 1,06 - -

2.2500% APRR 14/20 EUR 300.000 - - 300.000 322.518,15 1,68 315.394,20 1,73

4.1250% AUTOROUTES SUD FR. 10/20 EUR 100.000 - - 100.000 114.793,88 0,60 110.516,26 0,61

4.0000% AUTOROUTES SUD FR. 11-18 EUR 200.000 - - 200.000 216.417,16 1,13 208.021,02 1,14

3.6410% BOUYGUES 10/19 EUR 250.000 - - 250.000 278.699,70 1,45 269.150,54 1,48

1.8750% CARREFOUR 12/17 MTN EUR 100.000 - 100.000 - 102.350,47 0,53 - -

1.7500% CARREFOUR 13/19 MTN EUR 200.000 - - 200.000 209.648,28 1,09 206.092,09 1,13

1.7500% CARREFOUR 14/22 MTN EUR - 100.000 - 100.000 - - 105.867,22 0,58

4.4070% CASINO 12/19 MTN EUR 200.000 - 100.000 100.000 220.289,00 1,15 107.630,00 0,59

77





EUR % EUR %



France

1.3750% DANONE 13/19 MTN EUR 100.000 - - 100.000 104.016,39 0,54 102.670,74 0,56

0.1670% DANONE 16/20 MTN EUR - 100.000 - 100.000 - - 100.406,92 0,55

5.0000% EL. FRANCE 08/18 MTN EUR 100.000 - - 100.000 106.965,75 0,56 101.843,00 0,56

4.2500% EL. FRANCE 13/UND.FLR MTN EUR 200.000 - - 200.000 203.424,80 1,06 212.449,99 1,17

1.3750% ENGIE 14/20 MTN EUR 100.000 - - 100.000 105.451,55 0,55 103.806,08 0,57

3.8750% ENGIE 13/UND.FLR EUR 300.000 - - 300.000 314.307,60 1,64 308.130,00 1,69

0.3750% ENGIE 17/23 MTN EUR - 300.000 - 300.000 - - 299.331,00 1,64

5.0000% EUTELSAT S.A. 11/19 EUR 200.000 - 200.000 - 222.657,24 1,16 - -

1.1250% EUTELSAT S.A. 16/21 EUR 100.000 200.000 - 300.000 103.779,69 0,54 308.950,11 1,70

1.7500% FONCIERE REG 14/21 EUR 100.000 - - 100.000 106.365,60 0,55 105.019,00 0,58

0.0510% GECINA 17-22 FLR MTN EUR - 200.000 - 200.000 - - 200.507,00 1,10

2.2500% ICADE S.A. 13/19 EUR 100.000 - 100.000 - 105.312,81 0,55 - -

3.1250% KERING 12/19 MTN EUR 200.000 - - 200.000 216.505,57 1,13 210.215,31 1,15

1.2500% LVMH 13/19 MTN EUR 200.000 - - 200.000 208.779,04 1,09 206.008,63 1,13

0.3750% LVMH 17/22 MTN EUR - 100.000 - 100.000 - - 100.646,40 0,55

3.8750% ORANGE 10/21 MTN EUR 100.000 - - 100.000 116.797,86 0,61 112.392,44 0,62

1.8750% ORANGE 13/18 MTN EUR 200.000 - - 200.000 207.458,09 1,08 203.756,39 1,12

4.2500% ORANGE 14/UND. FLR MTN EUR 200.000 - 200.000 - 211.838,50 1,10 - -

0.5000% PSA BQE FRANCE 17/20 MTN EUR - 100.000 - 100.000 - - 100.936,60 0,55

0.1200% RCI BANQUE 17/20 FLR MTN EUR - 100.000 100.000 - - - - -

0.3190% RCI BANQUE 17/21 FLR MTN EUR - 200.000 - 200.000 - - 201.730,00 1,11

3.6250% RENAULT 13/18 MTN EUR 200.000 - 200.000 - 214.261,69 1,12 - -

1.8750% SANOFI SA 13/20 MTN EUR 200.000 - - 200.000 214.681,20 1,12 210.527,40 1,16

3.5000% SCHNEIDER ELECTRIC 11/19 EUR 100.000 - - 100.000 108.367,15 0,57 104.702,28 0,57

4.1990% SOLVAY FIN. 13/UND. FLR EUR 100.000 - - 100.000 103.191,00 0,54 105.380,00 0,58

2.2500% TOTAL 15/UND. EUR 200.000 - - 200.000 198.605,84 1,04 205.900,00 1,13

5.3750% VEOLIA ENVIRONN.03/18 MTN EUR 150.000 - - 150.000 163.572,00 0,85 155.484,00 0,85

Total France 5.113.405,05 26,67 5.191.163,21 28,49

Germany

1.5000% BASF MTN 12/18 EUR 100.000 - - 100.000 103.301,92 0,54 101.686,74 0,56

1.1250% BAYER AG 14/18 MTN EUR 100.000 - 100.000 - 101.335,35 0,53 - -

2.6250% BERTELSMANN ANL.12/22 EUR 200.000 - - 200.000 229.657,21 1,20 221.672,70 1,22

1.0000% COVESTRO AG MTN 16/21 EUR 50.000 - - 50.000 52.059,97 0,27 51.640,51 0,28

2.0000% DAIMLER AG.MTN 12/17 EUR 50.000 - 50.000 - 50.630,00 0,26 - -

78





EUR % EUR %



Germany

1.7500% DAIMLER AG.MTN 12/20 EUR 250.000 - - 250.000 264.673,45 1,38 260.138,71 1,43

1.5000% DEUTSCHE POST MTN.13/18 EUR 100.000 - - 100.000 103.249,12 0,54 101.705,91 0,56

0.3750% DEUTSCHE POST MTN.16/21 EUR 300.000 - - 300.000 305.559,00 1,59 303.608,67 1,67

3.5000% DT. BAHN FIN. 10/20 MTN EUR 150.000 - - 150.000 171.085,50 0,89 165.105,00 0,91

0.0000% ENBW AG ANL.11/72 EUR 100.000 - 100.000 - 103.453,00 0,54 - -

5.1250% ROBERT BOSCH MTN.09/17 EUR 100.000 - 100.000 - 103.662,00 0,54 - -

Total Germany 1.588.666,52 8,29 1.205.558,24 6,62

Ireland

2.8750% GE CAP.EURO.FUND.12/19MTN EUR 400.000 - - 400.000 432.046,04 2,25 420.779,62 2,31

Total Ireland 432.046,04 2,25 420.779,62 2,31

Italy

3.3750% AUTOSTRADE IT. 10/17 MTN EUR 50.000 - 50.000 - 51.665,65 0,27 - -



5.0000% ENEL S.P.A. 14/75 FLR EUR 200.000 - - 200.000 212.741,00 1,11 216.800,00 1,19

3.6250% LUXOTTICA GROUP 12/19 EUR 300.000 - - 300.000 327.537,33 1,71 316.416,53 1,74

2.3750% SNAM 13/17 MTN EUR 100.000 - 100.000 - 101.841,00 0,53 - -

1.5000% SNAM 14/19 MTN EUR 300.000 - - 300.000 311.840,63 1,63 307.566,00 1,69

5.3750% TELECOM ITALIA 04/19 MTN EUR 300.000 - 200.000 100.000 332.730,00 1,74 107.031,00 0,59

Total Italy 1.675.565,61 8,74 947.813,53 5,20

Jersey

1.2500% GLENCORE FIN.EU 15/21 MTN EUR - 100.000 - 100.000 - - 102.661,60 0,56

Total Jersey - - 102.661,60 0,56

Luxembourg

0.0200% ALLERGAN FNDG 17/19 FLR EUR - 100.000 - 100.000 - - 100.111,00 0,55

5.2500% GLENCORE FIN. 10/17 MTN EUR 200.000 - 200.000 - 204.978,00 1,07 - -

0.5000% HDLBGCEM.FIN.LU. 17/21 EUR - 100.000 - 100.000 - - 101.132,47 0,56

Total Luxembourg 204.978,00 1,07 201.243,47 1,10

79





EUR % EUR %



Netherlands

4.0000% AKZO NOBEL 11/18 MTN EUR 200.000 - - 200.000 218.224,78 1,14 209.949,13 1,15

3.6250% BMW FIN. NV 11/18 MTN EUR 100.000 - 100.000 - 104.983,06 0,55 - -

0.5000% BMW FIN. NV 15/20 MTN EUR 100.000 - - 100.000 101.833,35 0,53 101.287,30 0,56

0.1250% BMW FIN. NV 17/20 MTN EUR - 200.000 - 200.000 - - 200.712,98 1,10

5.0000% CRH FINANCE 12/19 MTN EUR 200.000 - - 200.000 223.431,58 1,17 213.491,13 1,17

6.6250% DT.TELEK.INTL F.03/18 MTN EUR 200.000 - - 200.000 220.290,07 1,15 206.810,00 1,14

0.0190% DT.TELEK.INTL F.16/20 MTN EUR 200.000 - - 200.000 200.400,00 1,05 201.312,00 1,10

5.7500% EDP FIN. 12/17 MTN EUR 300.000 - 300.000 - 316.443,50 1,65 - -

3.6250% ENEL FIN.INTL 12/18 MTN EUR 200.000 - - 200.000 211.369,03 1,10 204.224,00 1,12

4.8750% ENEL FIN.INTL 12/20 MTN EUR 200.000 - - 200.000 233.648,00 1,22 224.054,00 1,23

3.5000% GAS NAT.FE.FI. 13/21 MTN EUR - 200.000 - 200.000 - - 223.697,94 1,23

4.2500% IBERDROLA INTL 12/18 MTN EUR 100.000 - - 100.000 108.653,12 0,57 104.536,48 0,57

3.8750% LINDE FIN. 11/21 MTN EUR 50.000 - - 50.000 59.128,00 0,31 57.251,29 0,31

4.3750% REPSOL INTL F. 12/18 MTN EUR 300.000 - - 300.000 317.950,17 1,66 305.250,00 1,68

1.5000% SIEMENS FINANC. 12/20 MTN EUR 50.000 - - 50.000 53.039,96 0,28 52.044,31 0,29

4.1250% SUEDZUCKER INTL 11/18 EUR 100.000 - - 100.000 106.024,00 0,55 102.113,00 0,56

0.3750% TEVA PH.F.NL.II 16/20 EUR - 100.000 - 100.000 - - 99.286,81 0,54

0.3750% UNILEVER 17/23 MTN EUR - 100.000 - 100.000 - - 99.654,75 0,55

1.7500% VESTEDA FIN. 14/19 MTN EUR 100.000 - - 100.000 103.878,00 0,54 102.605,00 0,56

1.6250% VONOVIA FINANCE 15/20 MTN EUR 200.000 - - 200.000 212.010,02 1,11 209.659,84 1,15

0.8750% VONOVIA FINANCE 16/22 MTN EUR - 100.000 - 100.000 - - 101.916,16 0,56

2.8750% WOLTERS KLUWER 13/23 EUR - 100.000 - 100.000 - - 112.264,73 0,62


Norway

4.1250% TELENOR ASA 10/20 MTN EUR 150.000 - - 150.000 172.353,83 0,90 165.425,89 0,91

Total Norway 172.353,83 0,90 165.425,89 0,91

Spain

4.7500% ABERTIS INFRA. 12-19 EUR 100.000 - - 100.000 114.475,72 0,60 109.894,00 0,60

4.1250% GAS NATURAL CM 10/18 MTN EUR 200.000 - 200.000 - 210.973,90 1,10 - -

4.5000% GAS NATURAL CM 10/20 MTN EUR 200.000 - 200.000 - 229.767,53 1,20 - -

4.1250% IBERDROLA FIN. 10/20 MTN EUR 150.000 - - 150.000 171.505,17 0,89 165.541,44 0,91

2.3750% METROVACESA 16/22 MTN EUR - 100.000 - 100.000 - - 106.870,52 0,59

3.6610% TELEFONICA EM. 10/17 MTN EUR 150.000 - 150.000 - 155.308,58 0,81 - -

80





EUR % EUR %



Spain

4.7100% TELEFONICA EM. 12/20 MTN EUR 300.000 - - 300.000 345.827,25 1,80 332.482,28 1,82

2.7360% TELEFONICA EM. 13/19 MTN EUR 200.000 - 200.000 - 214.506,73 1,12 - -

1.4770% TELEFONICA EM. 15/21 MTN EUR - 100.000 - 100.000 - - 104.634,70 0,57

Total Spain 1.442.364,88 7,52 819.422,94 4,50

Sweden

0.8750% ERICSSON 17/21 MTN EUR - 200.000 - 200.000 - - 198.004,00 1,09

1.3750% TELIA COMPANY AB 14/19MTN EUR 200.000 - 200.000 - 207.041,97 1,08 - -

Total Sweden 207.041,97 1,08 198.004,00 1,09

United Kingdom

4.3750% ANGLO AM. CAP. 09/16 EUR 50.000 - 50.000 - 50.352,50 0,26 - -

2.7500% ANGLO AM. CAP. 12/19 EUR 100.000 - 100.000 - 103.643,00 0,54 - -

5.3750% B.A.T. INTL FIN. 07/17MTN EUR 80.000 - 80.000 - 83.237,60 0,43 - -

4.0000% B.A.T. INTL FIN. 10/20MTN EUR 50.000 - 50.000 - 57.550,21 0,30 - -

2.1770% BP CAPITAL MKTS 14/21 MTN EUR 100.000 - - 100.000 109.876,56 0,57 108.043,24 0,59

1.1250% BRIT. TELECOM. 14/19 MTN EUR 200.000 - - 200.000 206.289,36 1,08 204.075,23 1,12

3.1250% COMPASS GROUP 12/19 MTN EUR 300.000 - - 300.000 322.639,92 1,68 313.447,19 1,72

1.1250% DIAGEO FIN. 14/19 MTN EUR 100.000 - - 100.000 103.248,69 0,54 101.971,33 0,56

1.7500% FCE BANK PLC 13/18 MTN EUR 100.000 - 100.000 - 102.925,49 0,54 - -

1.8750% FCE BANK PLC 14/19 MTN EUR 200.000 - - 200.000 209.469,81 1,09 206.030,58 1,13

1.5280% FCE BANK PLC 15/20 MTN EUR - 100.000 - 100.000 - - 103.867,96 0,57

4.5000% IMPER.BRANDS FIN.11/18MTN EUR 300.000 - 300.000 - 323.901,38 1,69 - -

5.0000% IMPER.BRANDS FIN.11/19MTN EUR 200.000 - - 200.000 230.860,72 1,20 221.326,78 1,21

2.2500% IMPER.BRANDS FIN.14/21MTN EUR - 200.000 - 200.000 - - 212.083,07 1,16

1.8750% PEARSON FD FIVE 14/21REGS EUR 100.000 - - 100.000 106.590,25 0,56 105.344,62 0,58

1.2500% TESCO C.TR.SERV.13/17 MTN EUR 200.000 - - 200.000 201.895,00 1,05 200.338,00 1,10

5.0000% VODAFONE GRP 03/18 MTN EUR 100.000 - 100.000 - 108.550,35 0,57 - -

1.2500% VODAFONE GRP 16/21 MTN EUR - 100.000 - 100.000 - - 103.783,27 0,57

0.7500% WPP FINANCE 15/19 MTN EUR 200.000 - - 200.000 204.677,94 1,07 203.044,94 1,11


United States

0.5210% AT + T 17/23 FLR EUR - 100.000 - 100.000 - - 102.011,00 0,56

1.8750% AT + T INC. 12/20 EUR 100.000 - - 100.000 107.323,18 0,56 105.241,64 0,58

81





EUR % EUR %



United States

0.1710% B.A.T. CAP. 17/21 FLR MTN EUR - 200.000 - 200.000 - - 201.212,00 1,10

1.0000% BMW US CAP 13/17 MTN EUR 50.000 - 50.000 - 50.445,00 0,26 - -

2.0000% COCA-COLA EUR.PRT.US12/19 EUR 200.000 - - 200.000 211.970,00 1,11 207.979,00 1,14

0.6500% HONEYWELL INTL 16/20 EUR 250.000 - - 250.000 255.306,78 1,33 253.978,33 1,39

1.8750% INTL BUS. MACH. 13/20 EUR 100.000 - - 100.000 107.922,11 0,56 105.768,01 0,58

0.0210% MOLSON COORS BREW. 17/19 EUR - 100.000 - 100.000 - - 100.108,00 0,55

2.3750% MONDELEZ INTL 13/21 EUR 100.000 - - 100.000 109.159,86 0,57 107.098,04 0,59

1.5000% PRAXAIR 14/20 EUR 100.000 - - 100.000 105.253,83 0,55 103.704,95 0,57

2.1500% THERMO FISH.SCI. 15/22 EUR - 100.000 - 100.000 - - 107.576,11 0,59

Total United States 947.380,76 4,94 1.394.677,08 7,65

Total Debt Instruments (before interest income accrued) 18.548.888,36 96,73 17.099.937,12 93,85

Fair value interest income accrued EUR 284.765,64 1,49 218.870,72 1,20

Total Debt Instruments (after interest income accrued) 18.833.654,00 98,22 17.318.807,84 95,05



Futures Contracts

Description No. of Contracts Type Currency Contract Maturity Counterparty Unrealised Total Net


at Year End %

EUR

BTP FUTURES 12 17 1 Long EUR 134,8400 08.12.2017 JPMorgan 120,00 -

EURO-BOBL-FUTURE 12 17 26 Short EUR 131,5285 08.12.2017 JPMorgan 9.060,00 0,05

EURO-BUND-FUTURE 12 17 14 Long EUR 161,9943 08.12.2017 JPMorgan (13.780,00) (0,08)

EURO-SCHATZ-FUTURE 12 17 50 Long EUR 112,1959 08.12.2017 JPMorgan (3.295,00) (0,02)

LONG TERM EURO OAT FUTURE 12 17 1 Long EUR 155,8000 08.12.2017 JPMorgan (660,00) -

Total Futures Contracts (8.555,00) (0,05)

Total Financial Derivative Instruments (8.555,00) (0,05)

82





EUR % EUR %



Total Net Assets 18.220.321,45 100,00






100,00

83

Metzler Wertsicherungsfonds 90




EUR % EUR %



Germany

0.0000% BAD.-WUERTT.LSA 12/20R105 EUR - 2.500.000 - 2.500.000 - - 2.535.025,00 1,59

0.0000% BAD.-WUERTT.LSA 13/18R119 EUR 1.000.000 - - 1.000.000 1.008.790,00 1,19 1.005.730,00 0,63

0.4260% BAD.-WUERTT.LSA 16/18 EUR 2.500.000 - - 2.500.000 2.543.225,00 3,01 2.518.887,50 1,58

0.2710% BAY.LAND.BOD.IS.16/20 EUR 1.200.000 - - 1.200.000 1.219.359,28 1,44 1.216.971,85 0,76

0.2710% BAY.LAND.BOD.IS.16/20 EUR - 1.300.000 - 1.300.000 - - 1.326.366,64 0,83

0.0000% BERLIN. LAND LSA12/19A378 EUR - 2.500.000 - 2.500.000 - - 2.519.925,00 1,58

0.0000% BERLIN. LAND LSA13/18A402 EUR 1.000.000 - - 1.000.000 1.006.510,00 1,19 1.003.805,00 0,63



0.0000% BERLIN. LAND LSA13/21A413 EUR 1.500.000 - - 1.500.000 1.525.357,50 1,81 1.532.265,00 0,96

0.0000% BERLIN. LAND LSA14/19A430 EUR 1.000.000 1.500.000 - 2.500.000 1.011.375,00 1,20 2.524.425,00 1,58



0.0000% BRANDENBURG LSA 14/19 VAR EUR 1.000.000 1.000.000 - 2.000.000 1.012.810,00 1,20 2.025.310,00 1,27

0.4510% BRANDENBURG LSA 16/18 VAR EUR - 1.700.000 - 1.700.000 - - 1.717.297,50 1,07

0.0000% BREMEN LSA 184 VAR EUR - 2.600.000 - 2.600.000 - - 2.628.093,00 1,64

1.0000% BUNDANL.V.15/25 EUR 5.000.000 - 5.000.000 - 5.574.938,75 6,60 - -

0.0000% HESSEN SCHA. S.1314 EUR 500.000 1.500.000 - 2.000.000 503.605,00 0,60 2.007.300,00 1,26

0.0000% HESSEN SCHA. S.1408 EUR - 1.800.000 - 1.800.000 - - 1.831.851,00 1,15

0.0000% HESSEN SCHA.12/18 EUR - 1.500.000 - 1.500.000 - - 1.510.042,50 0,94

0.0000% HESSEN SCHA.12/19 EUR - 1.168.000 - 1.168.000 - - 1.178.270,08 0,74

0.0000% IN.BK.BERLIN IS S.137 VAR EUR 2.000.000 - - 2.000.000 2.015.520,00 2,39 2.009.400,00 1,26

0.0000% IN.BK.BERLIN IS S.139 VAR EUR 2.000.000 - 2.000.000 - 2.007.360,00 2,38 - -

0.0000% IN.BK.BERLIN IS S.150 VAR EUR - 1.600.000 - 1.600.000 - - 1.629.984,00 1,02



0.2690% INV.BK.S-H.S.3 16/20 VAR EUR - 2.500.000 - 2.500.000 - - 2.558.587,50 1,60

0.0000% LAND NRW LSA.1270 13/17 EUR 3.600.000 - 3.600.000 - 3.615.084,00 4,28 - -

0.0000% LAND NRW SCH.R. VAR EUR 3.000.000 - - 3.000.000 3.049.668,00 3,61 3.059.925,00 1,91

0.0000% LAND NRW SCH.R.1179VAR EUR 2.100.000 - 2.100.000 - 2.103.150,00 2,49 - -

0.0000% LAND NRW SCH.R.1187 VAR EUR - 3.000.000 - 3.000.000 - - 3.024.375,00 1,89


0.0000% LAND NRW SCH.R.1210 VAR EUR 1.000.000 - - 1.000.000 1.012.845,00 1,20 1.012.670,00 0,63


84





EUR % EUR %



Germany




0.0000% LANDWIRT.R.BK 13/20VARMTN EUR 1.000.000 - - 1.000.000 1.015.865,00 1,20 1.015.890,00 0,64

0.0000% LANDWIRT.R.BK 14/21VARMTN EUR - 2.000.000 - 2.000.000 - - 2.037.710,00 1,27

0.0000% LANDWIRT.R.BK IS1039 VAR EUR 1.500.000 - - 1.500.000 1.510.725,00 1,79 1.505.767,50 0,94

0.0000% LDKRBK.BAD.W.IHS R.3119 EUR 1.500.000 - - 1.500.000 1.512.885,00 1,79 1.508.655,00 0,94

0.0000% LDKRBK.BAD.W.IHS R.3122 EUR - 1.000.000 - 1.000.000 - - 1.009.890,00 0,63

0.0000% NIEDERS.SCH.A.12/17 A569 EUR 1.300.000 - - 1.300.000 1.305.902,00 1,55 1.300.630,50 0,81

0.0000% NIEDERS.SCH.A.12/19 A111 EUR 531.000 1.000.000 - 1.531.000 537.480,86 0,64 1.544.763,69 0,97


0.0000% NIEDERS.SCH.A.13/18 A574 EUR - 2.000.000 - 2.000.000 - - 2.007.750,00 1,26


0.0000% NIEDERS.SCH.A.14/17 A581 EUR 2.000.000 - 2.000.000 - 2.003.720,00 2,37 - -


0.0000% NIEDERS.SCH.A.14/20 A582 EUR 2.850.000 1.250.000 - 4.100.000 2.894.927,40 3,43 4.161.643,50 2,60

0.0000% NRW.BANK IS.14U VAR EUR 2.000.000 - - 2.000.000 2.014.450,00 2,38 2.007.060,00 1,26

0.4210% NRW.BANK IS.17U VAR EUR - 3.500.000 - 3.500.000 - - 3.655.295,00 2,29

0.4210% NRW.BANK IS.17V VAR EUR - 3.200.000 - 3.200.000 - - 3.314.256,00 2,07

0.0000% NRW.BANK MTN 12/17 EUR 1.200.000 - 1.200.000 - 1.201.794,00 1,42 - -

0.0000% RHEINL.PF.SCHATZ.12/17VAR EUR 7.800.000 - 7.800.000 - 7.832.331,00 9,27 - -

0.0000% RHEINL.PF.SCHATZ.12/20VAR EUR - 2.100.000 - 2.100.000 - - 2.124.885,00 1,33


0.0000% RHEINL.PF.SCHATZ.15/20VAR EUR 300.000 - - 300.000 304.200,00 0,36 303.558,00 0,19

0.0700% SAARLAND LSA.R.1 16/23 EUR - 1.000.000 - 1.000.000 - - 1.029.776,00 0,64

0.0000% SACHSEN-ANH.LS 14/21 EUR - 2.000.000 - 2.000.000 - - 2.035.710,00 1,27

0.0000% SCHLW-H.SCHATZ.12/19 A1 EUR - 2.500.000 - 2.500.000 - - 2.527.575,00 1,58


0.0000% SCHLW-H.SCHATZ.13/20 A1 EUR 1.500.000 700.000 - 2.200.000 1.522.890,00 1,80 2.232.857,00 1,40

0.0000% SCHLW-H.SCHATZ.14/21 A1 EUR 2.000.000 1.000.000 - 3.000.000 2.037.910,00 2,41 3.060.450,00 1,91

0.0710% SCHLW-H.SCHATZ.16/19 A1 EUR 500.000 2.700.000 - 3.200.000 506.292,50 0,60 3.227.632,00 2,02



0.0710% STADT HAMBURG LSA 16/20 EUR - 2.000.000 - 2.000.000 - - 2.030.220,00 1,27

Total Germany 70.496.655,99 83,46 132.117.851,76 82,63

85





EUR % EUR %






Futures Contracts



at Year End %

EUR

10-YEAR US.TREAS.NOTE FU. 12 17 45 Long USD 126,7281 20.12.2017 JPMorgan (53.885,24) (0,03)

10-YR CANADIAN GOV.BD.FU. 12 17 48 Long CAD 137,7563 19.12.2017 JPMorgan (79.742,98) (0,05)

5-YEAR US.TREAS.NOTE FUT. 01 18 69 Long USD 118,3849 02.01.2018 JPMorgan (51.644,97) (0,03)

ASX SPI 200 INDEX FUTURES 12 17 70 Long AUD 5.703,9286 22.12.2017 JPMorgan (41.731,65) (0,03)

BTP FUTURES 12 17 11 Long EUR 135,8000 08.12.2017 JPMorgan (9.240,00) (0,01)

E-MINI NASDAQ 100 FUTURES 12 17 46 Long USD 5.990,5750 18.12.2017 JPMorgan (6.284,05) -

E-MINI S+P 500 INDEX FUT. 12 17 169 Long USD 2.486,9867 18.12.2017 JPMorgan 207.378,20 0,13

ESTX 50 INDEX FUTURES 12 17 335 Long EUR 3.500,9910 18.12.2017 JPMorgan 251.280,00 0,16

EURO-BOBL-FUTURE 12 17 39 Long EUR 131,6500 08.12.2017 JPMorgan (18.330,00) (0,01)


FTSE 100 IND.FUT. 12 17 67 Long GBP 7.351,1418 18.12.2017 JPMorgan (16.455,77) (0,01)

HANG SENG INDEX FUTURES 10 17 36 Long HKD 27.371,4444 31.10.2017 JPMorgan 27.984,14 0,02

LONG GILT FUTURES (NO.7) 12 17 26 Long GBP 126,9031 28.12.2017 JPMorgan (89.201,61) (0,06)

LONG TERM EURO OAT FUTURE 12 17 8 Long EUR 155,9100 08.12.2017 JPMorgan (6.160,00) -

MINI MSCI EM.MAR.IND.FUT. 12 17 342 Long USD 1.102,4927 18.12.2017 JPMorgan (190.826,42) (0,12)

S+P/TSX 60 INDEX FUTURES 12 17 53 Long CAD 875,2347 15.12.2017 JPMorgan 311.621,24 0,19

SMI-FUTURES (REV. KONTR.) 12 17 62 Long CHF 9.005,2419 18.12.2017 JPMorgan 68.164,53 0,04

TEN-Y. CMWLTH TREAS.BD F. 12 17 53 Long AUD 128,9038 18.12.2017 JPMorgan (65.497,64) (0,04)

TOKYO ST. PRICE IND. FUT. 12 17 121 Long JPY 1.584,7140 08.12.2017 JPMorgan 820.939,57 0,51

Total Futures Contracts 1.035.247,35 0,65

Total Financial Derivative Instruments 1.035.247,35 0,65

86





EUR % EUR %



Total Net Assets 159.893.686,32 100,00






100,00

87

Metzler Alpha Strategies




EUR % EUR %


Germany

0.0000% BAD.-WUERTT.LSA 12/17R102 EUR 3.350.000 - 3.350.000 - 3.360.552,50 4,16 - -

0.0000% BAY.LAND.BOD.IS.13/20 EUR 2.500.000 - - 2.500.000 2.532.875,00 3,14 2.529.000,00 3,85

0.0000% BERLIN, LAND LSA13/21A411 EUR - 1.200.000 - 1.200.000 - - 1.225.146,00 1,86

0.0000% BERLIN, LAND LSA14/20A434 EUR 1.200.000 - - 1.200.000 1.220.340,00 1,51 1.220.892,00 1,86



0.0000% BRANDENBURG LSA 14/19 VAR EUR - 1.000.000 - 1.000.000 - - 1.012.655,00 1,54

0.0000% BREMEN LSA 184 VAR EUR - 1.000.000 - 1.000.000 - - 1.010.805,00 1,54

0.0000% HESSEN SCHA.12/18 EUR - 1.000.000 - 1.000.000 - - 1.006.695,00 1,53


0.0000% IN.BK.BERLIN IS S.157 VAR EUR 2.000.000 - - 2.000.000 2.018.150,00 2,50 2.010.570,00 3,06

0.0000% LAND NRW LSA.1270 13/17 EUR 7.500.000 - 7.500.000 - 7.531.425,00 9,32 - -


0.0000% LAND NRW SCH.R.1187 VAR EUR - 800.000 - 800.000 - - 806.500,00 1,23


0.0000% LDKRBK.BAD.W.IHS R.3109 EUR 3.000.000 - 3.000.000 - 3.006.855,00 3,72 - -










0.0000% SCHLW-H.SCHATZ.13/20 A1 EUR 1.200.000 - - 1.200.000 1.218.312,00 1,51 1.217.922,00 1,85


0.0710% SCHLW-H.SCHATZ.16/19 A1 EUR 5.000.000 - 2.500.000 2.500.000 5.062.925,00 6,27 2.521.587,50 3,84

Total Germany 54.179.823,00 67,08 34.402.782,60 52,37


Fair value interest income accrued EUR 609,17 - 1.535,06 -



88







at Year End %

EUR

AUD 100.000 EUR 67.402,57 1,4836 13.10.2017 JPMorgan (1.068,33) -

AUD 140.000 EUR 93.812,90 1,4923 13.10.2017 JPMorgan (944,96) -

AUD 120.000 EUR 80.403,63 1,4925 13.10.2017 JPMorgan (802,54) -

AUD 280.000 EUR 188.455,99 1,4858 13.10.2017 JPMorgan (2.720,11) -

AUD 210.000 EUR 140.504,88 1,4946 13.10.2017 JPMorgan (1.202,97) -

AUD 140.000 EUR 93.047,62 1,5046 13.10.2017 JPMorgan (179,68) -

AUD 2.200.000 EUR 1.466.853,45 1,4998 13.10.2017 JPMorgan (7.500,09) (0,01)

CAD 170.000 EUR 116.577,93 1,4583 13.10.2017 JPMorgan (1.647,68) -

CAD 320.000 EUR 220.820,02 1,4491 13.10.2017 JPMorgan (4.480,72) (0,01)

CAD 120.000 EUR 81.214,81 1,4776 13.10.2017 JPMorgan (87,57) -

CAD 4.000.000 EUR 2.696.126,34 1,4836 13.10.2017 JPMorgan 8.114,86 0,01

CAD 150.000 EUR 101.249,90 1,4815 13.10.2017 JPMorgan 159,14 -

CAD 150.000 EUR 102.856,39 1,4583 13.10.2017 JPMorgan (1.447,35) -

CAD 100.000 EUR 67.499,02 1,4815 13.10.2017 JPMorgan 107,01 -

CAD 220.000 EUR 150.668,83 1,4602 13.10.2017 JPMorgan (1.935,56) -

CHF 570.000 EUR 505.745,54 1,1270 13.10.2017 JPMorgan (7.366,15) (0,01)

CHF 260.000 EUR 226.961,25 1,1456 13.10.2017 JPMorgan 369,70 -

GBP 330.000 EUR 376.768 0,8759 13.10.2017 JPMorgan (2.333,29) -

GBP 110.000 EUR 119.347 0,9217 13.10.2017 JPMorgan 5.464,88 0,01

GBP 2.600.000 EUR 2.930.327 0,8873 13.10.2017 JPMorgan 19.763,18 0,03

GBP 200.000 EUR 226.500 0,8830 13.10.2017 JPMorgan 429,70 -

GBP 140.000 EUR 153.074 0,9146 13.10.2017 JPMorgan 5.776,62 0,01

GBP 110.000 EUR 120.832 0,9104 13.10.2017 JPMorgan 3.979,13 0,01

GBP 460.000 EUR 519.356 0,8857 13.10.2017 JPMorgan 2.583,44 -

GBP 370.000 EUR 403.573 0,9168 13.10.2017 JPMorgan 16.247,70 0,02

GBP 710.000 EUR 790.016 0,8987 13.10.2017 JPMorgan 15.585,56 0,02

GBP 200.000 EUR 227.229 0,8802 13.10.2017 JPMorgan (298,82) -

GBP 180.000 EUR 199.702 0,9013 13.10.2017 JPMorgan 4.535,45 0,01

GBP 78.000 EUR 85.966 0,9073 13.10.2017 JPMorgan 2.537,04 -

GBP 190.000 EUR 216.201 0,8788 13.10.2017 JPMorgan (617,45) -

GBP 290.000 EUR 315.130 0,9203 13.10.2017 JPMorgan 13.918,47 0,02

HKD 1.400.000 EUR 152.000 9,2105 13.10.2017 JPMorgan (422,26) -

JPY 30.000.000 EUR 234.570 127,8935 13.10.2017 JPMorgan (9.148,12) (0,01)

JPY 44.000.000 EUR 338.845 129,8529 13.10.2017 JPMorgan (8.225,94) (0,01)

89







at Year End %

EUR

JPY 11.000.000 EUR 82.938 132,6285 13.10.2017 JPMorgan (283,68) -

NOK 920.000 EUR 98.151 9,3733 13.10.2017 JPMorgan (418,43) -

NOK 640.000 EUR 69.025 9,2720 13.10.2017 JPMorgan (1.036,65) -

NOK 11.000.000 EUR 1.176.555 9,3493 13.10.2017 JPMorgan (8.009,05) (0,01)

NOK 800.000 EUR 86.254 9,2750 13.10.2017 JPMorgan (1.268,69) -

NOK 560.000 EUR 59.962 9,3392 13.10.2017 JPMorgan (472,42) -

NOK 2.800.000 EUR 299.734 9,3416 13.10.2017 JPMorgan (2.286,13) -

NOK 770.000 EUR 82.820 9,2973 13.10.2017 JPMorgan (1.021,65) -

NOK 18.000.000 EUR 1.942.648 9,2657 13.10.2017 JPMorgan (30.482,74) (0,05)

NOK 710.000 EUR 75.791 9,3679 13.10.2017 JPMorgan (366,57) -

NZD 5.100.000 EUR 3.064.357 1,6643 13.10.2017 JPMorgan 51.977,70 0,08

NZD 220.000 EUR 133.894 1,6431 13.10.2017 JPMorgan 536,14 -

NZD 340.000 EUR 209.109 1,6259 13.10.2017 JPMorgan (1.353,65) -

NZD 740.000 EUR 451.077 1,6405 13.10.2017 JPMorgan 1.097,00 -

NZD 1.100.000 EUR 667.877 1,6470 13.10.2017 JPMorgan 4.273,25 0,01

SEK 2.200.000 EUR 229.812 9,5731 13.10.2017 JPMorgan (1.815,67) -

SEK 2.300.000 EUR 242.707 9,4764 13.10.2017 JPMorgan (4.347,82) (0,01)

USD 460.000 EUR 385.458 1,1934 13.10.2017 JPMorgan 3.439,31 0,01

USD 250.000 EUR 212.128 1,1785 13.10.2017 JPMorgan (770,98) -

USD 1.500.000 EUR 1.257.298 1,1930 13.10.2017 JPMorgan 10.845,34 0,02

USD 290.000 EUR 241.016 1,2032 13.10.2017 JPMorgan 4.158,57 0,01

USD 200.000 EUR 167.447 1,1944 13.10.2017 JPMorgan 1.638,61 -

USD 450.000 EUR 374.946 1,2002 13.10.2017 JPMorgan 5.496,92 0,01

USD 200.000 EUR 167.979 1,1906 13.10.2017 JPMorgan 1.106,58 -

USD 260.000 EUR 216.296 1,2021 13.10.2017 JPMorgan 3.515,72 0,01

USD 220.000 EUR 184.888 1,1899 13.10.2017 JPMorgan 1.105,89 -

USD 220.000 EUR 186.793 1,1778 13.10.2017 JPMorgan (798,76) -

USD 520.000 EUR 440.829 1,1796 13.10.2017 JPMorgan (1.206,02) -

EUR 47.539 AUD 71.000 1,4935 13.10.2017 JPMorgan 441,42 -

EUR 42.285 AUD 63.000 1,4899 13.10.2017 JPMorgan 494,43 -

EUR 489.896 AUD 740.000 1,5105 13.10.2017 JPMorgan (977,83) -

EUR 207.441 AUD 310.000 1,4944 13.10.2017 JPMorgan 1.805,09 -

EUR 320.653 AUD 480.000 1,4969 13.10.2017 JPMorgan 2.249,12 -

EUR 199.846 AUD 300.000 1,5012 13.10.2017 JPMorgan 842,99 -

EUR 139.609 AUD 210.000 1,5042 13.10.2017 JPMorgan 307,46 -

90







at Year End %

EUR

EUR 220.531 AUD 330.000 1,4964 13.10.2017 JPMorgan 1.627,89 -

EUR 468.462 AUD 700.000 1,4943 13.10.2017 JPMorgan 4.122,42 0,01

EUR 3.459.865 AUD 5.200.000 1,5029 13.10.2017 JPMorgan 10.483,90 0,02

EUR 155.842 CAD 230.000 1,4758 13.10.2017 JPMorgan 348,53 -

EUR 835.483 CAD 1.250.000 1,4961 13.10.2017 JPMorgan (9.592,06) (0,01)

EUR 174.044 CHF 200.000 1,1491 13.10.2017 JPMorgan (825,55) -

EUR 635.954 CHF 730.000 1,1479 13.10.2017 JPMorgan (2.320,94) -

EUR 341.115 CHF 390.000 1,1433 13.10.2017 JPMorgan 118,10 -

EUR 104.946 CHF 120.000 1,1434 13.10.2017 JPMorgan 23,58 -

EUR 527.580 CHF 600.000 1,1373 13.10.2017 JPMorgan 2.970,24 -

EUR 5.004.687 CHF 5.670.000 1,1329 13.10.2017 JPMorgan 47.123,50 0,07

EUR 138.657 CHF 160.000 1,1539 13.10.2017 JPMorgan (1.239,02) -

EUR 698.533 CHF 790.000 1,1309 13.10.2017 JPMorgan 7.797,00 0,01

EUR 963.639 CHF 1.100.000 1,1415 13.10.2017 JPMorgan 1.854,47 -

EUR 129.598 CHF 150.000 1,1574 13.10.2017 JPMorgan (1.554,22) -

EUR 683.541 GBP 630.000 0,9217 13.10.2017 JPMorgan (31.288,45) (0,05)

EUR 55.530 GBP 51.000 0,9184 13.10.2017 JPMorgan (2.337,48) -

EUR 811.353 GBP 740.000 0,9121 13.10.2017 JPMorgan (28.288,24) (0,04)

EUR 364.829 GBP 330.000 0,9045 13.10.2017 JPMorgan (9.605,78) (0,01)

EUR 220.486 GBP 200.000 0,9071 13.10.2017 JPMorgan (6.443,99) (0,01)

EUR 375.344 GBP 340.000 0,9058 13.10.2017 JPMorgan (10.437,14) (0,02)

EUR 979.201 HKD 9.000.000 9,1912 13.10.2017 JPMorgan 4.773,13 0,01

EUR 340.712 JPY 45.000.000 132,0763 13.10.2017 JPMorgan 2.579,07 -

EUR 85.683 JPY 11.000.000 128,3799 13.10.2017 JPMorgan 3.028,44 -

EUR 1.118.228 JPY 144.000.000 128,7752 13.10.2017 JPMorgan 36.201,87 0,06

EUR 690.344 JPY 91.000.000 131,8183 13.10.2017 JPMorgan 6.563,98 0,01

EUR 611.384 JPY 82.000.000 134,1220 13.10.2017 JPMorgan (4.769,95) (0,01)

EUR 342.152 JPY 46.000.000 134,4431 13.10.2017 JPMorgan (3.494,97) (0,01)

EUR 1.212.106 JPY 160.000.000 132,0017 13.10.2017 JPMorgan 9.854,64 0,02

EUR 839.581 JPY 110.000.000 131,0177 13.10.2017 JPMorgan 13.033,69 0,02

EUR 117.109 NOK 1.100.000 9,3930 13.10.2017 JPMorgan 254,27 -

EUR 947.692 NOK 8.900.000 9,3912 13.10.2017 JPMorgan 2.232,26 -

EUR 287.542 NOK 2.700.000 9,3899 13.10.2017 JPMorgan 717,31 -

EUR 59.798 NOK 560.000 9,3649 13.10.2017 JPMorgan 308,24 -

EUR 194.200 NOK 1.800.000 9,2688 13.10.2017 JPMorgan 2.983,33 -

91







at Year End %

EUR

EUR 385.863 NOK 3.600.000 9,3297 13.10.2017 JPMorgan 3.430,06 0,01

EUR 67.092 NZD 110.000 1,6395 13.10.2017 JPMorgan (123,07) -

EUR 313.942 NZD 520.000 1,6564 13.10.2017 JPMorgan (3.801,94) (0,01)

EUR 203.692 NZD 330.000 1,6201 13.10.2017 JPMorgan 2.047,21 -

EUR 170.208 NZD 280.000 1,6450 13.10.2017 JPMorgan (884,67) -

EUR 60.709 NZD 98.000 1,6143 13.10.2017 JPMorgan 826,42 -

EUR 90.616 NZD 150.000 1,6553 13.10.2017 JPMorgan (1.040,97) -

EUR 91.648 NZD 150.000 1,6367 13.10.2017 JPMorgan (9,07) -

EUR 733.158 NZD 1.200.000 1,6368 13.10.2017 JPMorgan (96,77) -

EUR 1.017.329 NZD 1.650.000 1,6219 13.10.2017 JPMorgan 9.102,60 0,01

EUR 256.464 PLN 1.100.000 4,2891 13.10.2017 JPMorgan 1.263,60 -

EUR 1.306.154 SEK 12.500.000 9,5701 13.10.2017 JPMorgan 10.721,13 0,02

EUR 126.164 SEK 1.200.000 9,5115 13.10.2017 JPMorgan 1.802,06 -

EUR 48.540 SEK 460.000 9,4767 13.10.2017 JPMorgan 867,99 -

EUR 208.837 SEK 2.000.000 9,5768 13.10.2017 JPMorgan 1.567,82 -

EUR 923.461 SEK 8.800.000 9,5294 13.10.2017 JPMorgan 11.476,74 0,02

EUR 135.685 SEK 1.300.000 9,5810 13.10.2017 JPMorgan 960,00 -

EUR 165.263 TRY 700.000 4,2357 13.10.2017 JPMorgan (664,39) -

EUR 3.272.622 USD 3.900.000 1,1917 13.10.2017 JPMorgan (24.549,53) (0,04)

EUR 73.819 USD 87.000 1,1786 13.10.2017 JPMorgan 267,05 -

EUR 203.617 USD 240.000 1,1787 13.10.2017 JPMorgan 714,57 -

EUR 203.838 USD 240.000 1,1774 13.10.2017 JPMorgan 935,41 -

EUR 315.421 USD 375.000 1,1889 13.10.2017 JPMorgan (1.615,19) -

EUR 4.710.963 USD 5.550.000 1,1781 13.10.2017 JPMorgan 18.834,58 0,03

EUR 220.706 ZAR 3.500.000 15,8582 13.10.2017 JPMorgan 1.920,16 -

Total Forward Exchange Contracts 166.310,96 0,25

92



Futures Contracts



at Year End %

EUR

10 YEAR SPANISH BONO FUT 12 17 8 Long EUR 138,3225 08.12.2017 JPMorgan (4.820,00) (0,01)

10-YEAR US.TREAS.NOTE FU. 12 17 169 Short USD 126,0889 20.12.2017 JPMorgan 110.995,40 0,17

10-YR CANADIAN GOV.BD.FU. 12 17 26 Long CAD 135,5092 19.12.2017 JPMorgan (3.679,40) (0,01)

10-YR JAP. GOV. BOND FUT. 12 17 2 Short JPY 150,5600 14.12.2017 JPMorgan 3.156,13 -

10-YR KTB FUTURES 12 17 5 Short KRW 122,9760 20.12.2017 JPMorgan 465,27 -

2-YEAR US.TREAS.NOTE.FUT. 01 18 182 Short USD 107,9825 02.01.2018 JPMorgan 40.324,55 0,06

3-MONTH SH.STERL.INT.FUT. 09.18 184 Short GBP 99,3863 20.09.2018 JPMorgan 59.070,54 0,09

3-YR KTB FUTURES 12 17 100 Short KRW 108,8100 20.12.2017 JPMorgan 14.032,16 0,02

5-YEAR US.TREAS.NOTE FUT. 01 18 10 Short USD 117,6641 02.01.2018 JPMorgan 1.387,78 -

AEX FUTURES 10 17 10 Long EUR 528,0600 23.10.2017 JPMorgan 17.680,00 0,03

ASX SPI 200 INDEX FUTURES 12 17 11 Short AUD 5.654,5455 22.12.2017 JPMorgan (2.455,78) -

BIST 30 INDEX FUTURES 11 17 284 Long TRY 133,2743 01.11.2017 JPMorgan (40.021,41) (0,06)


CAC 40 IND.FUTURE 10 17 5 Long EUR 5.264,0000 23.10.2017 JPMorgan 3.125,00 -

CBOE VOLA.INDEX FUTURES 01 18 85 Short USD 15,6653 18.01.2018 JPMorgan 63.758,25 0,10

CBOE VOLA.INDEX FUTURES 02 18 120 Long USD 15,6246 15.02.2018 JPMorgan (40.557,85) (0,06)

CBOE VOLA.INDEX FUTURES 03 18 2 Long USD 16,0500 22.03.2018 JPMorgan (422,94) -

CBOE VOLA.INDEX FUTURES 10 17 68 Short USD 12,7732 19.10.2017 JPMorgan 63.166,13 0,10



DAX FUTURES 12 17 21 Long EUR 12.529,9048 18.12.2017 JPMorgan 140.750,00 0,21

E-MINI NASDAQ 100 FUTURES 12 17 7 Long USD 5.928,5000 18.12.2017 JPMorgan 6.394,85 0,01

ESTX 50 DIVIDENDEN IND.FU 12.17 22 Long EUR 115,8545 18.12.2017 JPMorgan 2.300,00 -

ESTX 50 DIVIDENDEN IND.FU 12.18 78 Long EUR 121,9244 24.12.2018 JPMorgan 16.190,00 0,02




EURO-SCHATZ-FUTURE 12 17 330 Short EUR 112,2024 08.12.2017 JPMorgan 23.895,00 0,04

FTSE 100 IND.FUT. 12 17 56 Long GBP 7.337,4107 18.12.2017 JPMorgan (5.021,85) (0,01)

FTSE MIB INDEX FUTURES 12 17 2 Short EUR 22.115,0000 18.12.2017 JPMorgan (5.170,00) (0,01)

FUTURE BANK ACC. BILLS 90 TAGE 09.18 8 Long AUD 99,5190 14.09.2018 JPMorgan (1.490,83) -

FUTURE EURIBOR (EUR) 3 MONATE 09.18 107 Long EUR 100,2646 18.09.2018 JPMorgan (2.575,00) -

FUTURE EURODOLLAR (USD) 3 MONATE 09.18 24 Short USD 98,3313 18.09.2018 JPMorgan 5.646,25 0,01

FUTURE FTSE/JSE TOP 40 12.17 39 Long ZAR 50.689,8205 22.12.2017 JPMorgan (13.506,52) (0,02)

FUTURE NIKKEI ST.AV.DIV.PT. 04.18 22 Long JPY 357,9273 02.04.2018 JPMorgan 22.438,58 0,03

93



Futures Contracts



at Year End %

EUR

FUTURE NIKKEI ST.AV.DIV.PT.JPY 04.19 20 Long JPY 400,5450 01.04.2019 JPMorgan 2.938,21 -

H-SHARES INDEX FUTURES 10 17 9 Long HKD 10.992,8889 31.10.2017 JPMorgan (4.234,45) (0,01)

HANG SENG INDEX FUTURES 10 17 15 Long HKD 27.509,4000 31.10.2017 JPMorgan 454,85 -

IBEX 35 FUTURES (NEU) 10 17 16 Long EUR 10.309,2500 23.10.2017 JPMorgan 3.480,00 0,01

KOSPI 200 FUTURES 12 17 15 Short KRW 314,5167 15.12.2017 JPMorgan (8.677,78) (0,01)

LONG GILT FUTURES (NO.7) 12 17 51 Short GBP 125,4610 28.12.2017 JPMorgan 91.505,42 0,14

LONG TERM EURO OAT FUTURE 12 17 11 Long EUR 155,6400 08.12.2017 JPMorgan (5.500,00) (0,01)

NIKKEI 225 ST.AV.IND.FTS 12.17 29 Long JPY 19.754,4828 08.12.2017 JPMorgan 131.956,31 0,20

OMX (INDEX) FUTURES 10 17 74 Short SEK 1.588,4426 23.10.2017 JPMorgan (37.045,96) (0,06)

S+P 500 ST. INDEX FUTURES 12.17 16 Long USD 2.487,0625 15.12.2017 JPMorgan 98.249,02 0,15


SGX FTSE CHINA A50 IND.FU 10 17 64 Short USD 11.967,8906 31.10.2017 JPMorgan (2.008,96) -

SGX MSCI SINGAPO. FUTURES 10 17 11 Long SGD 360,5773 31.10.2017 JPMorgan (566,85) -

SGX MSCI TAIWAN FUTURES 10 17 10 Short USD 383,6000 31.10.2017 JPMorgan (930,47) -

SGX NIFTY FUTURES 10 17 63 Long USD 9.788,6746 27.10.2017 JPMorgan 1.526,81 -


STXE 600 AUTO.+PAR.IN.FU. 12 17 1 Long EUR 568,8000 18.12.2017 JPMorgan 1.170,00 -

STXE 600 BANKS INDEX FUT. 12 17 59 Long EUR 182,6000 18.12.2017 JPMorgan 16.815,00 0,03

STXE 600 BAS.RES.IND.FUT. 12 17 63 Long EUR 435,2508 18.12.2017 JPMorgan (32.920,00) (0,05)

STXE 600 CHEMICA.IND.FUT. 12 17 1 Long EUR 903,4000 18.12.2017 JPMorgan 2.115,00 -

STXE 600 CON.+MA.IND.FUT. 12 17 1 Long EUR 454,7000 18.12.2017 JPMorgan 565,00 -

STXE 600 FIN.SER.IND.FUT. 12 17 77 Long EUR 467,1961 18.12.2017 JPMorgan 49.680,00 0,08

STXE 600 FOOD+BEV.IN.FUT. 12 17 2 Long EUR 656,1000 18.12.2017 JPMorgan (350,00) -

STXE 600 HEAL.CA.IND.FUT. 12 17 1 Long EUR 741,5000 18.12.2017 JPMorgan 385,00 -

STXE 600 IN.GDS +SE.I.FUT 12 17 1 Long EUR 512,3000 18.12.2017 JPMorgan 860,00 -

STXE 600 INSURA.IND. FUT. 12 17 1 Long EUR 278,1000 18.12.2017 JPMorgan 295,00 -

STXE 600 MEDIA INDEX FUT. 12 17 58 Short EUR 261,6000 18.12.2017 JPMorgan (19.720,00) (0,03)

STXE 600 OIL+GAS IND.FUT. 12 17 40 Short EUR 287,9000 18.12.2017 JPMorgan (31.800,00) (0,05)

STXE 600 PE.+H.G.IND.FUT. 12 17 1 Long EUR 843,7000 18.12.2017 JPMorgan 0,00 -

STXE 600 RETAIL IND.FUT. 12 17 94 Short EUR 292,6000 18.12.2017 JPMorgan (42.300,00) (0,06)

STXE 600 TECHNOL.IND.FUT. 12 17 94 Long EUR 426,7830 18.12.2017 JPMorgan 38.150,00 0,06

STXE 600 TELECOM.IND.FUT. 12 17 37 Short EUR 280,6135 18.12.2017 JPMorgan (7.190,00) (0,01)

STXE 600 TRA.+LE.IND.FUT. 12 17 2 Long EUR 246,1000 18.12.2017 JPMorgan 280,00 -

STXE 600 UTILITI.IND.FUT. 12 17 4 Long EUR 302,6000 18.12.2017 JPMorgan (960,00) -

TEN-Y. CMWLTH TREAS.BD F. 12 17 329 Long AUD 128,7316 18.12.2017 JPMorgan (368.969,44) (0,56)

THREE-MONTH CAN.BK.ACC.F. 09 18 81 Short CAD 98,2262 18.09.2018 JPMorgan 29.607,71 0,05

THREE-YEAR TREAS. BD FUT. 12 17 67 Short AUD 111,1907 18.12.2017 JPMorgan 6.915,57 0,01

94



Futures Contracts



at Year End %

EUR


WIG 20 INDEX-FUTURES 12 17 6 Long PLN 2.442,0000 18.12.2017 JPMorgan 696,41 -

Total Futures Contracts 665.658,60 1,01

Option Contracts



EUR %

CALL DAX OPTIONEN 10 17 12300.00 17 Short EUR 136,2200 23.10.2017 JPMorgan (44.514,50) (0,07)



CALL DAX OPTIONEN 10 17 13000.00 12 Long EUR 16,0133 23.10.2017 JPMorgan 1.854,00 -

CALL DAX OPTIONEN 10 17 13100.00 12 Long EUR 8,9133 23.10.2017 JPMorgan 888,00 -


CALL HANG SENG INDEX OPTIONS 10 17 28000.00 13 Short HKD 513,5000 31.10.2017 JPMorgan 23.441,06 0,04

CALL HANG SENG INDEX OPTIONS 10 17 29000.00 12 Short HKD 137,1667 31.10.2017 JPMorgan 7.645,83 0,01

CALL KOSPI 200 OPTIONS 11 17 315.00 32 Short KRW 4,3800 10.11.2017 JPMorgan (35.567,82) (0,05)

CALL KOSPI 200 OPTIONS 11 17 325.00 30 Short KRW 0,8303 10.11.2017 JPMorgan (9.083,97) (0,01)

CALL OPT. FTSE 100 IND.(EUR.) 10 17 7300.00 22 Short GBP 47,2250 23.10.2017 JPMorgan (23.594,17) (0,04)



CALL OPT. FTSE 100 IND.(EUR.) 10 17 7500.00 23 Short GBP 53,7250 23.10.2017 JPMorgan (2.610,23) -

CALL OPT. FTSE 100 IND.(EUR.) 10 17 7600.00 19 Short GBP 27,2250 23.10.2017 JPMorgan (539,07) -


CALL OPT. ON NASDAQ-100 INDEX 10 17 6000.00 6 Short USD 102,7700 20.10.2017 JPMorgan (25.894,10) (0,04)

CALL OPT. ON NASDAQ-100 INDEX 10 17 6100.00 2 Short USD 46,0700 20.10.2017 JPMorgan (2.368,47) -

CALL OPT. ON NASDAQ-100 INDEX 10 17 6150.00 3 Long USD 6,4300 20.10.2017 JPMorgan 1.535,27 -

CALL OPT. ON NASDAQ-100 INDEX 10 17 6200.00 6 Short USD 11,9200 20.10.2017 JPMorgan (1.177,47) -

CALL OPT. ON NASDAQ-100 INDEX 11 17 6000.00 2 Short USD 63,4700 17.11.2017 JPMorgan (17.526,65) (0,03)

CALL OPT. SMI (REV.KONTRAKTGR) 10 17 8900.00 20 Short CHF 154,8000 23.10.2017 JPMorgan (45.652,84) (0,07)





CALL OPT.A.ESTX 50 INDEX 10 17 3450.00 95 Short EUR 56,2300 23.10.2017 JPMorgan (132.905,00) (0,20)



95



Option Contracts



EUR %

CALL OPT.A.ESTX 50 INDEX 10 17 3650.00 34 Long EUR 4,7700 23.10.2017 JPMorgan 2.244,00 -


CALL OPT.ON CBOE VOLATILIY IND 10 17 13,50 336 Short USD 1,0700 19.10.2017 JPMorgan (17.052,95) (0,03)

CALL OPT.ON.10-YR.US.TR.NO.FU. 10 17 126.00 59 Short USD 0,4663 30.10.2017 JPMorgan (13.256,53) (0,02)

CALL OPT.ON.10-YR.US.TR.NO.FU. 10 17 127.00 58 Short USD 0,1694 30.10.2017 JPMorgan (4.599,48) (0,01)

CALL OPTI0NS ON S+P 500 INDEX 10 17 2500.00 37 Short USD 17,8970 20.10.2017 JPMorgan (86.068,35) (0,13)


CALL OPTI0NS ON S+P 500 INDEX 10 17 2550.00 7 Long USD 2,9443 20.10.2017 JPMorgan 2.013,20 -


CALL OPTION EURO-BUND-FUTURE 10 17 161.00 32 Short EUR 0,9384 30.10.2017 JPMorgan 1.920,00 -

CALL OPTION EURO-BUND-FUTURE 10 17 162.00 27 Short EUR 0,5184 30.10.2017 JPMorgan 1.890,00 -

CALL OPTION EURO-BUND-FUTURE 10 17 162,50 26 Short EUR 0,3784 30.10.2017 JPMorgan 1.820,00 -

CALL OPTION EURO-BUND-FUTURE 10 17 163.00 31 Short EUR 0,2084 30.10.2017 JPMorgan 310,00 -

CALL OPTION EURO-BUND-FUTURE 10 17 163,50 60 Short EUR 0,6304 30.10.2017 JPMorgan 30.120,00 0,05

CALL OPTIONS NIKKEI 225 INDEX 10 17 19250.00 7 Short JPY 434,5000 13.10.2017 JPMorgan (59.440,46) (0,09)




CALL S+P/ASX 200 INDEX OPT. 10 17 5675.00 48 Short AUD 112,7000 20.10.2017 JPMorgan (17.522,32) (0,03)

CALL S+P/ASX 200 INDEX OPT. 10 17 5800.00 16 Short AUD 41,2000 20.10.2017 JPMorgan (987,62) -

CALL S+P/ASX 200 INDEX OPT. 10 17 5850.00 45 Short AUD 30,7000 20.10.2017 JPMorgan (1.164,84) -

CALL S+P/ASX 200 INDEX OPT. 11 17 5750.00 7 Short AUD 52,7000 17.11.2017 JPMorgan (1.858,43) -

PUT DAX OPTIONEN 06 18 11600.00 6 Long EUR 536,7800 18.06.2018 JPMorgan 8.370,00 0,01










PUT DAX OPTIONEN 10 17 11600.00 6 Short EUR 24,7200 23.10.2017 JPMorgan (117,00) -




PUT DAX OPTIONEN 10 17 12000.00 24 Short EUR 87,3283 23.10.2017 JPMorgan (1.080,00) -


96



Option Contracts



EUR %









PUT DAX OPTIONEN 11 17 12300.00 10 Short EUR 129,3700 20.11.2017 JPMorgan (3.435,00) (0,01)












PUT HANG SENG INDEX OPTIONS 10 17 27000.00 14 Short HKD 145,4286 31.10.2017 JPMorgan (5.691,05) (0,01)

PUT HANG SENG INDEX OPTIONS 10 17 28200.00 13 Short HKD 513,9615 31.10.2017 JPMorgan (21.226,36) (0,03)

PUT KOSPI 200 OPTIONS 11 17 302,50 34 Short KRW 1,7141 10.11.2017 JPMorgan (9.102,44) (0,01)

PUT KOSPI 200 OPTIONS 11 17 315.00 32 Short KRW 4,7828 10.11.2017 JPMorgan (24.342,10) (0,04)

PUT OPT. FTSE 100 IND.(EUR.) 10 17 7150.00 21 Short GBP 38,2250 23.10.2017 JPMorgan (3.336,55) (0,01)

PUT OPT. FTSE 100 IND.(EUR.) 10 17 7400.00 20 Short GBP 96,2250 23.10.2017 JPMorgan (17.931,11) (0,03)

PUT OPT. ON NASDAQ-100 INDEX 06 18 5700.00 3 Long USD 286,0300 15.06.2018 JPMorgan 55.086,93 0,08




PUT OPT. ON NASDAQ-100 INDEX 10 17 5450.00 3 Short USD 8,6367 20.10.2017 JPMorgan (862,80) -

PUT OPT. ON NASDAQ-100 INDEX 10 17 5500.00 3 Short USD 10,9033 20.10.2017 JPMorgan (1.187,62) -



PUT OPT. ON NASDAQ-100 INDEX 10 17 5650.00 10 Short USD 34,2600 20.10.2017 JPMorgan (7.189,98) (0,01)




97



Option Contracts



EUR %












PUT OPT. SMI (REV.KONTRAKTGR) 10 17 8500.00 22 Short CHF 55,3000 23.10.2017 JPMorgan (1.057,83) -

PUT OPT. SMI (REV.KONTRAKTGR) 10 17 8900.00 20 Short CHF 150,8000 23.10.2017 JPMorgan (3.514,45) (0,01)

PUT OPT.A.ESTX 50 INDEX 06 18 3250.00 32 Long EUR 170,1700 18.06.2018 JPMorgan 33.824,00 0,05






PUT OPT.A.ESTX 50 INDEX 10 17 3250.00 32 Short EUR 7,3300 23.10.2017 JPMorgan (512,00) -

PUT OPT.A.ESTX 50 INDEX 10 17 3300.00 138 Short EUR 19,8452 23.10.2017 JPMorgan (3.036,00) -

PUT OPT.A.ESTX 50 INDEX 10 17 3350.00 101 Short EUR 23,3686 23.10.2017 JPMorgan (3.131,00) -

PUT OPT.A.ESTX 50 INDEX 10 17 3400.00 101 Short EUR 29,4072 23.10.2017 JPMorgan (4.545,00) (0,01)













PUT OPT.ON CBOE VOLATILIY IND 10 17 13.50 336 Short USD 1,6700 19.10.2017 JPMorgan (65.369,65) (0,10)

PUT OPT.ON.10-YR.US.TR.NO.FU. 10 17 124.50 60 Short USD 0,1538 30.10.2017 JPMorgan (11.102,18) (0,02)


98



Option Contracts



EUR %


PUT OPTI0NS ON S+P 500 INDEX 06 18 2350.00 7 Long USD 87,8586 15.06.2018 JPMorgan 36.355,95 0,06







PUT OPTI0NS ON S+P 500 INDEX 10 17 2350.00 7 Short USD 4,7129 20.10.2017 JPMorgan (799,36) -

PUT OPTI0NS ON S+P 500 INDEX 10 17 2375.00 21 Short USD 8,7081 20.10.2017 JPMorgan (2.948,74) -

PUT OPTI0NS ON S+P 500 INDEX 10 17 2400.00 21 Short USD 10,8129 20.10.2017 JPMorgan (3.730,33) (0,01)

















PUT OPTION EURO-BUND-FUTURE 10 17 159.00 32 Short EUR 0,2584 30.10.2017 JPMorgan 640,00 -

PUT OPTION EURO-BUND-FUTURE 10 17 161.00 32 Short EUR 0,8384 30.10.2017 JPMorgan (960,00) -

PUT OPTIONS NIKKEI 225 INDEX 10 17 18500.00 8 Short JPY 114,5000 13.10.2017 JPMorgan (541,05) -

PUT OPTIONS NIKKEI 225 INDEX 10 17 19500.00 7 Short JPY 374,5000 13.10.2017 JPMorgan (1.420,26) -

PUT S+P/ASX 200 INDEX OPT. 10 17 5450.00 52 Short AUD 25,7000 20.10.2017 JPMorgan (2.139,85) -

PUT S+P/ASX 200 INDEX OPT. 10 17 5675.00 48 Short AUD 73,7000 20.10.2017 JPMorgan (13.348,82) (0,02)

Total Option Contracts 1.920.353,67 2,92

99





EUR %

Total Financial Derivative Instruments 2.752.323,23 4,19



Total Net Assets 65.693.464,20 100,00






100,00

100





EUR % EUR %



Germany

0.0000% BAD.-WUERTT.LSA 12/17R102 EUR 6.350.000 - 6.350.000 - 6.370.002,50 5,81 - -

0.0000% BAD.-WUERTT.LSA 12/20R105 EUR - 1.600.000 - 1.600.000 - - 1.622.416,00 1,20

0.4260% BAD.-WUERTT.LSA 16/18 EUR 2.000.000 1.000.000 - 3.000.000 2.034.580,00 1,86 3.022.665,00 2,24

0.2710% BAY.LAND.BOD.IS.16/20 EUR - 1.500.000 - 1.500.000 - - 1.530.423,05 1,14



0.0000% BERLIN, LAND LSA13/21A411 EUR 2.500.000 - - 2.500.000 2.551.275,00 2,33 2.552.387,50 1,89



0.0000% BRANDENBURG LSA 14/19 VAR EUR 2.500.000 - - 2.500.000 2.532.025,00 2,31 2.531.637,50 1,88

0.0000% BREMEN LSA 184 VAR EUR - 800.000 - 800.000 - - 808.644,00 0,60

1.0000% BUNDANL.V.15/25 EUR 4.500.000 - 4.500.000 - 5.017.444,88 4,58 - -

0.0000% HESSEN SCHA. S.1314 EUR 2.000.000 - - 2.000.000 2.014.420,00 1,84 2.007.300,00 1,49

0.0000% IN.BK.BERLIN IS S.112VAR EUR 3.000.000 - 3.000.000 - 3.004.725,00 2,74 - -



0.0000% IN.BK.BERLIN IS S.139 VAR EUR 4.000.000 - 4.000.000 - 4.014.720,00 3,66 - -



0.2690% INV.BK.S-H.S.3 16/20 VAR EUR - 2.000.000 - 2.000.000 - - 2.046.870,00 1,52

0.0000% LAND NRW LSA.1270 13/17 EUR 9.650.000 5.000.000 14.650.000 - 9.690.433,50 8,84 - -

0.0000% LAND NRW SCH.R. VAR EUR - 2.600.000 - 2.600.000 - - 2.651.935,00 1,97






0.0000% LANDWIRT.R.BK 13/20VARMTN EUR 2.600.000 - - 2.600.000 2.641.249,00 2,41 2.641.314,00 1,96

0.0000% LDKRBK.BAD.W.IHS R.3109 EUR 5.750.000 - 5.750.000 - 5.763.138,75 5,26 - -





0.0000% NIEDERS.SCH.A.13/18 A578 EUR 5.700.000 5.000.000 - 10.700.000 5.738.674,50 5,23 10.737.610,50 7,97

101





EUR % EUR %



Germany










0.0000% RHEINL.PF.SCHATZ.15/20VAR EUR 1.000.000 - - 1.000.000 1.014.000,00 0,92 1.011.860,00 0,75








0.0710% STADT HAMBURG LSA 16/20 EUR - 2.700.000 - 2.700.000 - - 2.740.797,00 2,03

Total Germany 98.286.740,43 89,64 113.051.567,30 83,87





102




Futures Contracts



at Year End %

EUR

ASX SPI 200 INDEX FUTURES 12 17 9 Long AUD 5.705,4444 22.12.2017 JPMorgan (5.591,87) -


E-MINI NASDAQ 100 FUTURES 12 17 6 Long USD 5.991,5000 18.12.2017 JPMorgan (913,55) -

E-MINI S+P 500 INDEX FUT. 12 17 22 Long USD 2.487,6818 18.12.2017 JPMorgan 26.349,18 0,02




FTSE 100 IND.FUT. 12 17 9 Long GBP 7.334,7778 18.12.2017 JPMorgan (539,07) -

HANG SENG INDEX FUTURES 10 17 5 Long HKD 27.370,6000 31.10.2017 JPMorgan 3.909,55 -

LONG TERM EURO OAT FUTURE 12 17 30 Long EUR 155,9100 08.12.2017 JPMorgan (23.100,00) (0,02)

MINI MSCI EM.MAR.IND.FUT. 12 17 44 Long USD 1.101,8409 18.12.2017 JPMorgan (23.337,85) (0,02)




Total Futures Contracts 44.219,07 0,03




Total Net Assets 134.793.988,51 100,00






100,00

103

Metzler Sovereign Select LCR




EUR % EUR %



Australia

1.7500% AUSTRALIA 2020 146 AUD - 900.000 - 900.000 - - 590.362,73 1,47

4.7500% AUSTRALIA 2027 136 AUD - 1.830.000 - 1.830.000 - - 1.414.729,13 3,53

Total Australia - - 2.005.091,86 5,00

Austria

2.4000% OESTERR. 13/34 EUR 540.000 50.000 240.000 350.000 719.413,30 1,86 418.966,47 1,05

0.2500% OESTERR. 14/19 EUR 950.000 - 470.000 480.000 974.976,69 2,52 488.339,21 1,22

1.6500% OESTERR. 14/24 EUR 320.000 240.000 560.000 - 367.307,20 0,95 - -

0.7500% OESTERR. 16/26 EUR - 620.000 - 620.000 - - 631.581,60 1,58

Total Austria 2.061.697,19 5,33 1.538.887,28 3,84

Belgium

4.2500% BELGIQUE 11-21 61 EUR - 1.330.000 730.000 600.000 0,00 0,00 711.718,98 1,78

3.0000% BELGIQUE 12-19 67 EUR 1.600.000 - 1.600.000 - 1.773.480,00 4,59 0,00 0,00

3.0000% BELGIQUE 14-34 73 EUR 940.400 200.000 800.400 340.000 1.320.098,30 3,42 430.032,00 1,07

1.0000% BELGIQUE 16/26 77 EUR 600.000 910.000 690.000 820.000 650.016,00 1,68 851.395,75 2,12

1.6000% BELGIQUE 16/47 78 EUR 300.000 120.000 190.000 230.000 341.764,50 0,88 220.986,96 0,55

Total Belgium 4.085.358,80 10,57 2.214.133,69 5,52

Czech Republic

3.8500% CZECH REP. 2021 61 CZK - 33.000.000 15.000.000 18.000.000 - - 796.206,45 1,99

1.0000% CZECH REP. 2026 CZK - 27.400.000 11.500.000 15.900.000 - - 611.432,58 1,53

Total Czech Republic - - 1.407.639,03 3,51

Denmark

1.7500% DANSKE STAT 2025 DKK 11.800.000 3.900.000 7.100.000 8.600.000 1.841.299,18 4,76 1.295.593,35 3,23

4.5000% DANSKE STAT 2039 DKK 1.020.000 - - 1.020.000 258.454,34 0,67 230.726,39 0,58

Total Denmark 2.099.753,52 5,43 1.526.319,74 3,81

France

4.5000% REP. FSE 09-41 O.A.T. EUR 340.000 110.000 230.000 220.000 615.494,61 1,59 346.666,10 0,86

0.5000% REP. FSE 14-19 O.A.T. EUR 1.350.000 - 650.000 700.000 1.396.669,50 3,61 716.012,50 1,79

0.5000% REP. FSE 16-26 O.A.T. EUR 780.000 790.000 500.000 1.070.000 808.629,86 2,09 1.063.430,20 2,65

Total France 2.820.793,97 7,30 2.126.108,80 5,30

104





EUR % EUR %



Germany

0.2500% BD.LAENDER 49 LSA 15/20 EUR 500.000 - - 500.000 512.552,50 1,33 508.205,00 1,27

2.5000% BUNDANL.V.12/44 EUR 500.000 - 250.000 250.000 775.544,55 2,01 323.261,25 0,81

1.5000% BUNDANL.V.13/23 EUR 1.530.000 - 1.530.000 - 1.736.339,63 4,49 - -

0.5000% BUNDANL.V.16/26 EUR 640.000 1.090.000 360.000 1.370.000 682.451,20 1,77 1.401.975,80 3,50

1.0000% RHEINL.PF.SCHATZ.V.2012 EUR 550.000 - 550.000 - 560.428,00 1,45 - -

Total Germany 4.267.315,88 11,04 2.233.442,05 5,57

Ireland

5.0000% IRLAND 10-20 EUR 350.000 - 350.000 - 427.094,50 1,11 - -

0.8000% IRLAND 2022 EUR - 450.000 - 450.000 - - 469.293,75 1,17

3.4000% IRLAND 2024 EUR 845.000 - 845.000 - 1.055.212,04 2,73 - -

1.0000% IRLAND 2026 EUR - 830.000 - 830.000 - - 848.679,15 2,12

Total Ireland 1.482.306,54 3,84 1.317.972,90 3,29

Italy

5.0000% B.T.P. 09-40 EUR 485.000 105.000 220.000 370.000 752.395,87 1,95 479.973,25 1,20

3.5000% B.T.P. 13-18 EUR 650.000 - 650.000 - 700.251,50 1,81 - -

1.0500% B.T.P. 14-19 EUR 780.000 400.000 170.000 1.010.000 805.541,14 2,08 1.034.896,50 2,58

3.7500% B.T.P. 14-24 EUR 1.460.000 - 1.140.000 320.000 1.775.798,66 4,59 366.975,62 0,92

1.6000% B.T.P. 16-26 EUR 220.000 370.000 - 590.000 228.324,27 0,59 576.261,85 1,44

Total Italy 4.262.311,44 11,03 2.458.107,22 6,13

Japan

0.1000% JAPAN 2021 127 JPY - 127.000.000 - 127.000.000 - - 960.953,07 2,40

0.3000% JAPAN 2025 341 JPY 168.000.000 - 168.000.000 - 1.535.355,21 3,97 - -

0.1000% JAPAN 2026 344 JPY - 217.200.000 18.000.000 199.200.000 - - 1.506.397,95 3,76

0.6000% JAPAN 2046 53 JPY - 69.300.000 - 69.300.000 - - 488.633,13 1,22

Total Japan 1.535.355,21 3,97 2.955.984,15 7,38

Netherlands

3.5000% NEDERLD 10-20 EUR 800.000 - 200.000 600.000 927.000,00 2,40 669.012,00 1,67

2.7500% NEDERLD 14-47 EUR 160.000 30.000 - 190.000 260.400,88 0,67 256.921,18 0,64

0.5000% NIEDERLANDE 16-26 EUR 1.100.000 570.000 940.000 730.000 1.154.226,32 2,99 735.040,65 1,83


105





EUR % EUR %



New Zealand

3.0000% NEW ZEALD 2020 15.04. NZD - 1.400.000 - 1.400.000 - - 875.386,31 2,18

4.5000% NEW ZEALD 2027 NZD - 960.000 - 960.000 - - 661.368,88 1,65

Total New Zealand - - 1.536.755,19 3,83

Norway

2.0000% NORWAY 12-23 NOK - 9.800.000 - 9.800.000 - - 1.088.979,72 2,72

Total Norway - - 1.088.979,72 2,72

Poland

4.0000% POLEN 12-23 PLN - 3.900.000 400.000 3.500.000 - - 863.030,28 2,15

1.5000% POLEN 15-20 PLN - 2.400.000 - 2.400.000 - - 550.436,99 1,37

Total Poland - - 1.413.467,27 3,53

Singapore

2.5000% SINGAPORE REP. 09-19 SGD 800.000 - 400.000 400.000 542.324,03 1,40 253.950,85 0,63

2.8750% SINGAPORE REP. 10-30 SGD 670.000 - 670.000 - 479.767,66 1,24 - -

2.7500% SINGAPORE REP. 13-23 SGD 610.000 - 610.000 - 428.045,03 1,11 - -

2.1250% SINGAPORE REP. 16-26 SGD - 2.090.000 - 2.090.000 - - 1.309.239,48 3,27

Total Singapore 1.450.136,72 3,75 1.563.190,33 3,90

Spain

4.7000% SPANIEN 09-41 EUR 387.000 120.000 187.000 320.000 609.525,08 1,58 438.074,72 1,09

3.7500% SPANIEN 13-18 EUR 1.130.000 - 1.130.000 - 1.223.377,55 3,17 - -

1.1500% SPANIEN 15-20 EUR 430.000 620.000 - 1.050.000 449.625,11 1,16 1.087.448,25 2,71

2.1500% SPANIEN 15-25 EUR 1.450.000 550.000 600.000 1.400.000 1.618.250,75 4,19 1.502.413,99 3,75

Total Spain 3.900.778,49 10,09 3.027.936,96 7,55

Sweden

5.0000% SWEDEN 03-20 1047 SEK - 6.300.000 3.000.000 3.300.000 - - 399.924,30 1,00

4.2500% SWEDEN 07-19 1052 SEK 3.700.000 - 3.700.000 - 431.083,82 1,12 - -

1.5000% SWEDEN 12-23 1057 SEK 3.080.000 3.300.000 2.300.000 4.080.000 359.879,83 0,93 454.565,15 1,13

2.2500% SWEDEN 12-32 1056 SEK 1.500.000 1.450.000 - 2.950.000 192.243,20 0,50 344.290,48 0,86

Total Sweden 983.206,85 2,54 1.198.779,93 2,99

106





EUR % EUR %



United Kingdom

2.0000% TREASURY STK 2020 GBP 250.000 370.000 100.000 520.000 309.111,71 0,80 614.368,95 1,53

2.2500% TREASURY STK 2023 GBP 390.000 400.000 790.000 - 508.067,08 1,31 - -

2.0000% TREASURY STK 2025 GBP - 850.000 470.000 380.000 - - 459.659,20 1,15

3.2500% TREASURY STK 2044 GBP 480.000 550.000 490.000 540.000 777.829,15 2,01 776.931,40 1,94


United States

1.1250% US TREASURY 2018 USD 1.520.000 700.000 520.000 1.700.000 1.361.271,48 3,52 1.436.564,58 3,58

2.0000% US TREASURY 2020 USD 1.600.000 880.000 350.000 2.130.000 1.477.576,10 3,82 1.821.022,08 4,54

2.2500% US TREASURY 2024 USD 1.050.000 - 1.050.000 - 988.747,37 2,56 - -

2.2500% US TREASURY 2027 USD - 1.620.000 - 1.620.000 - - 1.363.153,70 3,40

2.7500% US TREASURY 2042 USD 840.000 560.000 200.000 1.200.000 818.473,04 2,12 1.001.416,85 2,50










at Year End %

EUR

GBP 100.000 EUR 109.242 0,9154 13.10.2017 B. Metzler 4.223,15 0,01

SEK 2.600.000 EUR 274.493 9,4720 13.10.2017 B. Metzler (5.043,31) (0,01)

EUR 1.913.555 AUD 2.860.000 1,4946 13.10.2017 B. Metzler 16.396,10 0,04

EUR 163.803 AUD 245.000 1,4957 13.10.2017 B. Metzler 1.284,00 -

EUR 76.488 CZK 2.000.000 26,1480 13.10.2017 B. Metzler (455,86) -

EUR 1.377.516 CZK 36.000.000 26,1340 13.10.2017 B. Metzler (7.468,02) (0,02)

EUR 241.952 DKK 1.800.000 7,4395 13.10.2017 B. Metzler 59,04 -

EUR 134.409 DKK 1.000.000 7,4400 13.10.2017 B. Metzler 23,77 -

107







at Year End %

EUR

EUR 1.193.677 DKK 8.880.000 7,4392 13.10.2017 B. Metzler 339,43 -

EUR 1.878.661 GBP 1.700.000 0,9049 13.10.2017 B. Metzler (50.244,47) (0,13)

EUR 99.239 GBP 90.000 0,9069 13.10.2017 B. Metzler (2.879,34) (0,01)

EUR 40.333 JPY 5.280.000 130,9100 13.10.2017 B. Metzler 658,77 -

EUR 293.867 JPY 38.000.000 129,3100 13.10.2017 B. Metzler 8.332,85 0,02

EUR 2.731.011 JPY 352.000.000 128,8900 13.10.2017 B. Metzler 86.058,83 0,21

EUR 115.403 NOK 1.080.000 9,3585 13.10.2017 B. Metzler 673,18 -

EUR 993.972 NOK 9.300.000 9,3564 13.10.2017 B. Metzler 6.019,85 0,02

EUR 81.276 NZD 131.000 1,6118 13.10.2017 B. Metzler 1.228,56 -

EUR 96.264 NZD 160.000 1,6621 13.10.2017 B. Metzler (1.503,60) -

EUR 1.400.543 NZD 2.270.000 1,6208 13.10.2017 B. Metzler 13.468,52 0,03

EUR 1.246.912 PLN 5.350.000 4,2906 13.10.2017 B. Metzler 5.708,16 0,01

EUR 205.569 PLN 880.000 4,2808 13.10.2017 B. Metzler 1.408,44 -

EUR 1.453.443 SEK 13.900.000 9,5635 13.10.2017 B. Metzler 12.921,99 0,03

EUR 60.378 SEK 580.000 9,6062 13.10.2017 B. Metzler 269,61 -

EUR 98.814 SGD 160.000 1,6192 13.10.2017 B. Metzler (811,80) -

EUR 1.483.143 SGD 2.380.000 1,6047 13.10.2017 B. Metzler 1.206,09 -

EUR 457.938 USD 540.000 1,1792 13.10.2017 B. Metzler 1.406,14 -

EUR 83.900 USD 100.000 1,1919 13.10.2017 B. Metzler (643,20) -

EUR 5.192.487 USD 6.110.000 1,1767 13.10.2017 B. Metzler 26.918,72 0,07

Total Forward Exchange Contracts 119.555,60 0,30




Total Net Assets 40.080.207,11 100,00

108








100,00

109

Metzler European Dividend Sustainability




EUR % EUR %


Equity Investments

Austria

IMMOEAST AG ANSPR.- EUR 170.000 - 170.000 - 17,00 - - 0,00

IMMOFINANZ AG INH. EUR - 14.960 14.960 - - - - 0,00

Total Austria 17,00 - - -

Belgium

BPOST S.A. COMPARTMENT A EUR 11.000 650 11.650 - 264.935,00 0,94 - 0,00

KBC GROEP N.V. EUR 11.500 - 2.500 9.000 595.930,00 2,10 645.300,00 2,34

Total Belgium 860.865,00 3,04 645.300,00 2,34

Denmark


ROYAL UNIBREW NAM. DK 2 DKK 13.200 6.350 9.900 9.650 579.674,33 2,05 447.377,62 1,62

Total Denmark 1.152.942,75 4,07 1.118.810,22 4,05

Faroe Islands

BAKKAFROST P/F NAM. DK 1 NOK 11.300 10.800 8.350 13.750 419.830,21 1,48 534.620,35 1,94

Total Faroe Islands 419.830,21 1,48 534.620,35 1,94

Finland

ASIAKASTIETO GROUP OYJ EUR - 14.750 1.700 13.050 - - 300.150,00 1,09

SAMPO OYJ A EUR 6.400 - 6.400 - 253.440,00 0,89 - 0,00

Total Finland 253.440,00 0,89 300.150,00 1,09

France

AMUNDI S.A. EO 2,50 EUR - 7.980 - 7.980 - - 561.153,60 2,03

AMUNDI S.A. -ANR.- EUR - 6.650 6.650 - - - - 0,00

ILIAD S.A. INH. EUR 1.610 700 300 2.010 300.748,00 1,06 451.948,50 1,64

KLEPIERRE S.A.INH.EO 1,40 EUR 7.550 3.550 3.800 7.300 308.040,00 1,09 242.433,00 0,88

SCHNEIDER ELEC. INH. EO 4 EUR - 5.300 - 5.300 - - 390.239,00 1,41

STE GENERALE INH. EO 1,25 EUR - 11.600 1.400 10.200 - - 505.257,00 1,83

TOTAL S.A. EO 2,50 EUR 19.000 3.300 3.300 19.000 801.230,00 2,83 863.455,00 3,13

VINCI S.A. INH. EO 2,50 EUR 10.400 300 1.600 9.100 708.448,00 2,50 731.640,00 2,65

Total France 2.118.466,00 7,48 3.746.126,10 13,57

110





EUR % EUR %


Equity Investments

Germany

ALLIANZ SE NA O.N. EUR 3.700 300 600 3.400 488.770,00 1,73 645.830,00 2,34

AMADEUS FIRE AG EUR 3.850 300 500 3.650 245.476,00 0,87 287.328,00 1,04

BASF SE NA O.N. EUR 6.050 1.400 1.500 5.950 460.465,50 1,63 535.738,00 1,94

BAY.MOTOREN WERKE VZO EUR - 4.250 4.250 - - - - 0,00

CONTINENTAL AG O.N. EUR 4.150 - 1.490 2.660 776.672,50 2,74 571.235,00 2,07

DAIMLER AG NA O.N. EUR 3.800 - 3.800 - 238.298,00 0,84 - 0,00

DRILLISCH AG O.N. EUR 7.300 3.300 1.100 9.500 315.469,50 1,11 563.730,00 2,04

DT.TELEKOM AG DIV.CASH EUR - 25.000 25.000 - - - - 0,00

DT.TELEKOM AG NA EUR 37.700 - 12.700 25.000 562.484,00 1,99 394.625,00 1,43

FUCHS PETROLUB SE O.N. EUR 8.600 - 8.600 - 312.567,00 1,10 - 0,00

HUGO BOSS AG NA O.N. EUR 4.300 - 4.300 - 211.667,50 0,75 - 0,00

MUENCH.RUECKVERS.VNA O.N. EUR 2.250 200 300 2.150 373.500,00 1,32 388.935,00 1,41

SAP SE O.N. EUR 8.600 1.450 4.050 6.000 695.912,00 2,46 556.140,00 2,01

TUI AG NA O.N. EUR 20.300 3.250 3.400 20.150 257.505,50 0,91 289.757,00 1,05

VONOVIA SE DIV.CASH EUR - 11.450 11.450 - - - - 0,00

VONOVIA SE NA O.N. EUR 12.900 500 1.950 11.450 434.794,50 1,54 412.200,00 1,49

Total Germany 5.373.582,00 18,97 4.645.518,00 16,83

Ireland

ALLIED IRISH BKS EO-,625 EUR - 58.600 - 58.600 - - 297.981,00 1,08

Total Ireland - - 297.981,00 1,08

Italy

INTESA SANPAOLO EO 0,52 EUR 222.000 - 40.900 181.100 438.228,00 1,55 541.851,20 1,96

TERNA R.E.N. SPA EO -,22 EUR 132.100 - 72.700 59.400 606.074,80 2,14 293.554,80 1,06

UNICREDIT EUR - 25.000 - 25.000 - - 450.500,00 1,63

Total Italy 1.044.302,80 3,69 1.285.906,00 4,66

Jersey

SHIRE PLC LS-,05 GBP 10.400 - 2.050 8.350 600.846,14 2,12 358.960,45 1,30

WPP PLC LS-,10 GBP 20.000 750 2.950 17.800 419.373,48 1,48 279.782,10 1,01

Total Jersey 1.020.219,62 3,60 638.742,55 2,31

111





EUR % EUR %


Equity Investments

Netherlands

ASR NEDERLAND N.V.EO-,16 EUR - 14.000 - 14.000 - - 473.830,00 1,72

IMCD N.V. EO -,16 EUR - 7.050 850 6.200 - - 321.656,00 1,17

ING GROEP NV EO -,01 EUR 49.000 - 7.400 41.600 538.510,00 1,90 648.960,00 2,35

RELX N.V. NAM. EO -,07 EUR 46.200 - 14.500 31.700 738.969,00 2,61 570.917,00 2,07

UNILEVER CVA EO -,16 EUR 20.300 200 7.050 13.450 833.822,50 2,94 673.038,00 2,44


Norway

BORREGAARD ASA NOK - 25.800 - 25.800 - - 244.685,54 0,89

GJENSIDIGE FORSIKRNG NK 2 NOK - 16.450 16.450 - - - - 0,00

STATOIL ASA NK 2,50 NOK 40.000 5.650 6.900 38.750 596.320,32 2,11 655.945,66 2,38

Total Norway 596.320,32 2,11 900.631,20 3,26

Portugal

CORT.AMORIM SGPS INH.EO 1 EUR 70.500 - 26.400 44.100 610.741,50 2,16 523.246,50 1,90

CTT-CORREIOS DE PO.EO 0,5 EUR 33.300 - 33.300 - 199.633,50 0,70 - 0,00

GALP ENERGIA SGPS NOM.EO1 EUR - 18.600 - 18.600 - - 278.907,00 1,01

NOS SGPS S.A. EO -,01 EUR 59.500 - 59.500 - 360.391,50 1,27 - 0,00

Total Portugal 1.170.766,50 4,13 802.153,50 2,91

Spain

AMADEUS IT GRP SA EO 0,01 EUR 17.500 - 6.450 11.050 778.225,00 2,75 607.639,50 2,20

ENAGAS INH. EO 1,50 EUR 12.000 - 2.450 9.550 321.300,00 1,13 227.528,75 0,82

MERLIN PPTYS SOCIMI EO 1 EUR 30.700 - 5.700 25.000 323.424,50 1,14 293.000,00 1,06

RED ELECTRICA CORP.EO-,50 EUR 16.600 5.850 22.450 - 318.803,00 1,13 - 0,00

Total Spain 1.741.752,50 6,15 1.128.168,25 4,09

Sweden

ATLAS COPCO A SEK - 20.750 3.100 17.650 - - 630.860,15 2,29

BILLERUDKORSNAES SK 12,50 SEK 44.000 - 44.000 - 693.726,63 2,45 - 0,00

BOLIDEN AB SK 2 SEK 24.500 - 13.450 11.050 513.003,74 1,81 315.714,29 1,14

BONAVA AB B FRIA SK 8 SEK 27.100 - 27.100 - 304.551,31 1,08 - 0,00

ESSITY AB B SEK - 18.350 - 18.350 - - 421.406,29 1,53

RESURS HOLDING AB SEK 50.400 - 7.250 43.150 276.132,11 0,98 257.571,89 0,93

SCANDI STANDARD AB (PUBL) SEK - 84.700 44.000 40.700 - - 252.015,65 0,91

112





EUR % EUR %


Equity Investments

Sweden

SKAND.ENSK. BKN A FR.SK10 SEK 34.800 - 8.950 25.850 311.566,27 1,10 287.445,46 1,04

SVENSKA CELL.B FRIA SK10 SEK - 21.400 3.050 18.350 - - 131.214,05 0,48

SWEDBANK A SEK 21.100 - 3.850 17.250 441.811,38 1,56 402.580,44 1,46

Total Sweden 2.540.791,44 8,97 2.698.808,22 9,78

Switzerland

EMS-CHEMIE HLDG NAM.SF-01 CHF 760 - 225 535 363.814,94 1,28 301.210,82 1,09

NESTLE NAM. SF-,10 CHF - 6.900 - 6.900 - - 489.216,24 1,77

NOVARTIS NAM. SF 0,50 CHF 13.400 800 2.050 12.150 939.746,65 3,32 880.565,63 3,19

PARTNERS GR.HLDG SF -,01 CHF 2.080 - 1.310 770 935.560,86 3,30 442.269,53 1,60

ROCHE HLDG AG GEN. CHF 3.850 - 560 3.290 851.707,36 3,01 711.009,31 2,58

SGS S.A. NA SF 1 CHF 205 - 69 136 409.284,93 1,45 276.197,05 1,00

SWISS RE AG NAM. SF -,10 CHF 4.700 - 4.700 - 378.148,52 1,34 - 0,00

SWISSCOM AG NAM. SF 1 CHF 700 - 700 - 296.667,89 1,05 - 0,00


United Kingdom

ADMIRAL GROUP PLC LS-,001 GBP 11.100 1.350 1.750 10.700 262.904,87 0,93 220.642,34 0,80

COMPASS GROUP LS-,1105 GBP - 14.423 - 14.423 - - 259.111,49 0,94

COMPASS GROUP LS-,10625 GBP - 2.050 2.050 - - - - 0,00

CRODA INTL LS -,10357143 GBP 7.241 - 1.200 6.041 291.615,35 1,03 260.041,00 0,94

DIR.LINE.INS.LS-,10909090 GBP 59.100 - 59.100 - 249.216,04 0,88 - 0,00

IG GROUP HLDGS PLC GBP 25.000 - 25.000 - 251.705,01 0,89 - 0,00

NATIONAL GRID PLC GBP - 19.342 1 19.341 - - 202.947,16 0,74

NATIONAL GRID PLC NEW GBP 30.000 - 30.000 - 378.684,55 1,34 - 0,00

PROVIDENT FIN.LS-17868339 GBP 7.200 900 8.100 - 252.428,62 0,89 - 0,00

RECKITT BENCK.GRP LS -,10 GBP 8.900 1.400 4.600 5.700 747.410,70 2,64 440.720,65 1,60

RIO TINTO PLC LS-,10 GBP - 14.850 1.600 13.250 - - 522.240,82 1,89

ST.JAMES'S PLACE LS-,15 GBP 25.100 1.500 3.850 22.750 275.052,60 0,97 295.880,38 1,07

VODAFONE GROUP PLC GBP 280.000 - 42.200 237.800 717.720,49 2,53 563.498,16 2,04




113





EUR % EUR %



Total Net Assets 27.603.807,89 100,00





100,00

114


Fund Summary InformationYear Ended 30 September 2017

Fund NAV per Share Shares in Issue Net Asset Value

in EUR in EUR


30 September 2015

Class A 241,68 1.456.009,679 351.892.874

Class B 249,12 921.458,554 229.554.247

1 December 2015*

Class C 100,00 10,000 1.000

30 September 2016

Class A 246,32 1.452.052,258 357.669.154

Class B 254,04 554.509,618 140.867.919

Class C 92,19 88.344,083 8.144.746

30 September 2017

Class A 303,24 1.254.718,367 380.482.490

Class B 313,18 788.466,605 246.935.867

Class C 114,41 116.704,550 13.351.607


30 September 2015

Class A 142,61 1.121.374,805 159.920.330

Class B 196,00 458.196,811 89.806.076

Class C 176,34 136.909,834 24.142.884

30 September 2016

Class A 151,92 1.264.724,759 192.134.094

Class B 210,09 519.362,442 109.112.997

Class C 190,15 347.377,340 66.055.503

30 September 2017

Class A 175,33 913.081,363 160.088.278

Class B 243,60 593.772,512 144.644.723

Class C 221,88 660.100,390 146.463.935


30 September 2015

Class A 71,18 93.697,138 6.669.319

Class B 113,72 262.805,758 29.887.307

30 September 2016

Class A 73,64 84.709,400 6.237.775

Class B 117,99 340.123,224 40.132.778

30 September 2017

Class A 78,31 79.593,216 6.232.644

Class B 125,56 362.337,138 45.493.954


30 September 2015

Class A 41,41 588.864,137 24.384.458

Class B 174,15 63.800,000 11.110.655

30 September 2016

Class A 46,65 526.217,261 24.546.986

Class B 196,30 66.900,000 13.132.377

30 September 2017

Class A 52,62 462.565,925 24.341.504

Class B 221,13 62.900,000 13.908.883


30 September 2015

Class A 54,42 728.839,364 39.659.860

30 September 2016

Class A 57,79 720.441,761 41.635.912

30 September 2017

Class A 63,68 695.851,972 44.308.669

115




in EUR in EUR


30 September 2015

Class A 77,76 95.682,121 7.439.921

Class B 82,81 517.292,360 42.837.924

30 September 2016

Class A 89,96 89.485,507 8.050.467

Class B 95,60 551.539,991 52.725.238

30 September 2017

Class A 104,96 97.896,883 10.274.831

Class B 112,16 587.839,991 65.930.523

Metzler Focus Japan

30 September 2015

Class A 63,53 308.470,963 19.596.287

30 September 2016

Class A 71,51 308.107,707 22.033.609

30 September 2017

Class A 75,21 307.917,583 23.157.676


30 September 2015

Class A 148,18 46.080,585 6.828.113

Class B 123,26 10.000,000 1.232.553

30 September 2016

Class A 171,97 46.136,870 7.933.931

Class B 144,17 10.000,000 1.441.714

16 August 2017**

Class A 190,03 232,260 44.136

30 September 2017

Class B 174,72 65.566,213 11.455.466


30 September 2015

Class A 209,06 52.734,146 11.024.697

Class B 125,44 94.427,000 11.844.498

30 September 2016

Class A 227,99 55.861,014 12.735.484

Class B 137,74 105.469,000 14.526.958

30 September 2017

Class A 308,86 129.325,664 39.943.131

Class B 187,86 114.585,160 21.526.536


30 September 2015 101,18 210.489,003 21.298.299

30 September 2016 103,59 185.100,089 19.175.202

30 September 2017 102,60 177.581,620 18.220.321


30 September 2015

Class A 117,78 57.068,220 6.721.466

Class B 103,52 141.544,532 14.652.335

Class F 94,85 9.997,017 948.261

30 September 2016

Class A 122,04 146.502,389 17.879.085

Class B 107,53 591.949,336 63.655.080

Class F 97,69 30.078,104 2.938.261

24 November 2016*

Class X 100,00 10,000 1.000

30 September 2017

Class A 129,41 96.300,056 12.462.547

Class B 114,32 966.811,462 110.529.867

Class F 102,96 44.837,326 4.616.624

Class X 108,11 298.636,148 32.284.649


30 September 2015

Class A 113,84 343.921,812 39.151.088

Class X 118,35 358.000,000 42.367.602

30 September 2016

Class A 119,66 295.921,019 35.409.760

116




in EUR in EUR

Class X 126,70 358.000,000 45.357.490

30 September 2017

Class A 120,52 287.178,157 34.612.050

Class X 128,30 242.255,000 31.081.414


30 September 2015 101,56 763.675,314 77.557.031

30 September 2016 103,23 1.062.174,883 109.647.344

30 September 2017 102,86 1.310.443,772 134.793.989


30 September 2015

Class B 99,86 300.000,000 29.957.775

30 September 2016

Class B 105,36 366.840,000 38.649.400

30 September 2017

Class B 99,26 403.810,000 40.080.207


30 September 2015

Class A 89,39 277,181 24.777

Class B 89,62 90.000,000 8.065.632

30 September 2016

Class A 87,78 105.036,611 9.220.542

Class B 88,43 215.984,604 19.100.543

30 September 2017

Class A 96,44 105.615,760 10.185.518

Class B 97,05 179.484,604 17.418.290

* Fund/share class launched

** Fund/share class closed

117


Statement of Comprehensive IncomeYear Ended 30 September 2017

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

Note EUR EUR EUR EUR EUR EUR

Income

Income from Investments 1(iv) 10.022.791 10.889.418 7.987.600 6.245.646 1.198.591 1.183.751

Net gain/loss on financial assets at fair value through

profit or loss 2 111.303.988 1.614.008 61.740.976 18.617.043 3.108.400 1.183.901

121.326.779 12.503.426 69.728.576 24.862.689 4.306.991 2.367.652

Expenses

Management fees 3 6.702.045 6.338.652 4.337.479 3.474.791 188.620 170.531

Depositary/Trustee fees 3 196.738 176.888 149.943 100.621 16.909 11.933

Performance fees 3 299.273 - 588.753 - - -

Other expenses 4 107.533 100.409 63.454 55.149 33.647 33.018

7.305.589 6.615.949 5.139.629 3.630.561 239.176 215.482

Net income/(expenditure) from operations 114.021.190 5.887.477 64.588.947 21.232.128 4.067.815 2.152.170

Finance Costs

Bank Interest (65.111) (47.511) (26.467) (15.465) (30.388) (17.760)

Distribution 1(xi) (931.087) (1.493.557) (662.607) (1.465.505) (827.702) (535.445)

Net income/(expenditure) before tax 113.024.992 4.346.409 63.899.873 19.751.158 3.209.725 1.598.965

Withholding tax (539.098) (761.821) (797.531) (833.882) (221.466) (194.266)

Change in net assets attributable to holders of

redeemable shares from operations before

equalisation 112.485.894 3.584.588 63.102.342 18.917.276 2.988.259 1.404.699

Net income equalisation 1(xiv) 4.533.837 (2.213.405) 1.173.816 2.883.042 (69.989) (52.055)


redeemable shares from operations after

equalisation 117.019.731 1.371.183 64.276.158 21.800.318 2.918.270 1.352.644

The accompanying notes form an integral part of the financial statements.

118



Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Income

Income from Investments 1(iv) 795.913 825.447 682.883 596.394 2.662.466 2.098.296


profit or loss 2 4.656.488 4.018.282 4.450.189 2.709.812 9.740.433 6.992.293

5.452.401 4.843.729 5.133.072 3.306.206 12.402.899 9.090.589

Expenses

Management fees 3 505.293 480.931 782.599 747.680 716.507 538.364


Performance fees 3 - - - - - -

Other expenses 4 54.997 51.156 31.982 27.459 135.265 85.771

574.879 544.230 829.716 787.553 943.642 704.068


Finance Costs

Bank Interest (2.365) (1.307) (1.286) (2.095) (6.418) (2.496)

Distribution 1(xi) (92.322) (58.058) - - (519.073) (501.677)


Withholding tax (117.754) (123.054) (133.705) (117.726) (219.011) (186.385)



equalisation 4.665.081 4.117.080 4.168.365 2.398.832 10.714.755 7.695.963

Net income equalisation 1(xiv) (163.440) 38.841 (43.722) 3.033 152.072 (56.015)



equalisation 4.501.641 4.155.921 4.124.643 2.401.865 10.866.827 7.639.948


119



Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Income

Income from Investments 1(iv) 358.056 395.006 172.050 153.614 484.282 489.664


profit or loss 2 1.213.434 2.469.127 1.952.954 1.348.205 11.437.258 2.198.475

1.571.490 2.864.133 2.125.004 1.501.819 11.921.540 2.688.139

Expenses

Management fees 3 342.200 309.748 147.694 142.296 514.964 346.111



Other expenses 4 27.396 28.215 35.907 28.520 49.583 39.849

378.147 344.440 189.882 175.028 579.556 396.568


Finance Costs

Bank Interest (837) (303) (928) (569) (10.208) (2.617)

Distribution 1(xi) - - - - - -


Withholding tax (53.708) (59.251) (13.248) (19.976) (65.019) (50.611)



equalisation 1.138.798 2.460.139 1.920.946 1.306.246 11.266.757 2.238.343

Net income equalisation 1(xiv) (1.160) (699) 57.797 173 2.191.933 12.696



equalisation 1.137.638 2.459.440 1.978.743 1.306.419 13.458.690 2.251.039


120



Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungsfonds

90

Metzler

Wertsicherungsfonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Income

Income from Investments 1(iv) 150 - 35 - 754 10.283


profit or loss 2 72.146 815.060 8.670.761 1.498.170 1.650.180 5.536.178

72.296 815.060 8.670.796 1.498.170 1.650.934 5.546.461

Expenses

Management fees 3 55.406 63.394 443.105 156.523 156.217 161.316


Performance fees 3 - 3.059 - - 47.537 529.880

Other expenses 4 24.692 21.079 30.545 30.404 29.988 30.893

86.019 93.619 513.587 192.177 255.432 742.599

Net income/(expenditure) from operations (13.723) 721.441 8.157.209 1.305.993 1.395.502 4.803.862

Finance Costs

Bank Interest (2.424) (2.932) (134.451) (29.372) (162.894) (170.803)

Distribution 1(xi) (166.420) (214.005) - - - -

Net income/(expenditure) before tax (182.567) 504.504 8.022.758 1.276.621 1.232.608 4.633.059

Withholding tax - - - - - -



equalisation (182.567) 504.504 8.022.758 1.276.621 1.232.608 4.633.059

Net income equalisation 1(xiv) (2.744) (35.072) 863.372 517.036 (1.171.571) (16.881)



equalisation (185.311) 469.432 8.886.130 1.793.657 61.037 4.616.178


121



Metzler

Wertsicherungsfonds

98

Metzler

Wertsicherungsfonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Income

Income from Investments 1(iv) 1 - 16 - 964.154 1.097.096


profit or loss 2 296.530 1.847.671 (1.409.018) 2.133.696 2.558.245 (2.126.591)

296.531 1.847.671 (1.409.002) 2.133.696 3.522.399 (1.029.495)

Expenses

Management fees 3 442.567 316.758 74.244 72.663 244.785 228.856



Other expenses 4 26.870 24.123 37.182 24.291 37.795 31.313

511.028 366.911 125.195 108.749 294.514 270.465

Net income/(expenditure) from operations (214.497) 1.480.760 (1.534.197) 2.024.947 3.227.885 (1.299.960)

Finance Costs

Bank Interest (50.798) (23.808) (3.065) (2.067) (2.483) (2.159)

Distribution 1(xi) - - (700.664) (57.365) (736.912) (16.563)

Net income/(expenditure) before tax (265.295) 1.456.952 (2.237.926) 1.965.515 2.488.490 (1.318.682)

Withholding tax - - (11.762) 1.097 (121.375) (122.895)



equalisation (265.295) 1.456.952 (2.249.688) 1.966.612 2.367.115 (1.441.577)

Net income equalisation 1(xiv) (135.686) 283.014 42.887 (53.800) 54.913 (220.016)



equalisation (400.981) 1.739.966 (2.206.801) 1.912.812 2.422.028 (1.661.593)


122



Total Total

30.09.2017 30.09.2016

Note EUR EUR

Income

Income from Investments 1(iv) 25.329.742 23.984.615


profit or loss 2 221.442.964 50.855.330

246.772.706 74.839.945

Expenses

Management fees 3 15.653.725 13.548.614

Depositary/Trustee fees 3 649.867 495.197

Performance fees 3 935.563 532.939

Other expenses 4 726.836 611.649

17.965.991 15.188.399

Net income/(expenditure) from operations 228.806.715 59.651.546

Finance Costs

Bank Interest (500.123) (321.264)

Distribution 1(xi) (4.636.787) (4.342.175)

Net income/(expenditure) before tax 223.669.805 54.988.107

Withholding tax (2.293.677) (2.468.770)



equalisation 221.376.128 52.519.337

Net income equalisation 1(xiv) 7.482.315 1.089.892



equalisation 228.858.443 53.609.229


On behalf of the Board: Keith Milne Damien Owens Date:Director Director

123


Statement of Financial PositionYear Ended 30 September 2017

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Current Assets

Financial assets at fair value through profit or loss - held for trading

Transferable securities 1(ii), 5 616.699.629 490.194.184 448.528.189 361.948.389 46.543.005 42.772.621

Investment funds 1(ii), 5 6.969.505 5.164.558 - - 2.551.722 -

Financial derivative instruments 5, 6 33.000 - - - 44.523 -

Loans and receivables

Cash at bank & variation margin 7 16.294.054 7.560.205 4.183.667 8.553.463 2.900.775 3.797.016

Debtors 8 8.058.029 10.053.827 371.575 1.944.331 67.942 49.925

Total current assets 648.054.217 512.972.774 453.083.431 372.446.183 52.107.967 46.619.562

Current Liabilities

Financial liabilities at fair value through profit or loss - held for trading

Financial derivative instruments 5, 6 - - - - 315.301 44.090

Financial liabilities measured at amortised cost

Creditors 9 7.284.252 6.290.954 1.886.496 5.143.590 66.068 204.919

Total current liabilities (excluding net assets

attributable to holders of redeemable shares) 7.284.252 6.290.954 1.886.496 5.143.590 381.369 249.009Net assets attributable to holders of redeemable

shares 640.769.965 506.681.820 451.196.935 367.302.593 51.726.598 46.370.553

Net assets attributable to holders of non-

participating shares - - - - - -

Net asset per redeemable share Class A € 303,24 246,32 175,33 151,92 78,31 73,64

Number of redeemable shares in issue Class A 1.254.718,367 1.452.052,258 913.081,363 1.264.724,759 79.593,216 84.709,400

Net asset per redeemable share Class B € 313,18 254,04 243,60 210,09 125,56 117,99

Number of redeemable shares in issue Class B 788.466,605 554.509,618 593.772,512 519.362,442 362.337,138 340.123,224

Net asset per redeemable share Class C € 114,41 92,19 221,88 190,15

Number of redeemable shares in issue Class C 116.704,550 88.344,083 660.100,390 347.377,340


124



Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Current Assets



Investment funds 1(ii), 5 - - - - - -

Financial derivative instruments 5, 6 - - - - - -


Cash at bank & variation margin 7 673.663 846.183 119.793 328.538 843.509 3.286.248

Debtors 8 254.994 460.899 103.256 242.260 628.353 69.091


Current Liabilities




Creditors 9 143.642 339.998 214.150 508.431 793.202 289.664


attributable to holders of redeemable shares) 143.642 339.998 214.150 508.431 793.202 289.664Net assets attributable to holders of redeemable

shares 38.250.387 37.679.363 44.308.669 41.635.912 76.205.354 60.775.705



Net asset per redeemable share Class A € 52,62 46,65 63,68 57,79 104,96 89,96

Number of redeemable shares in issue Class A 462.565,925 526.217,261 695.851,972 720.441,761 97.896,883 89.485,507

Net asset per redeemable share Class B € 221,13 196,30 112,16 95,60

Number of redeemable shares in issue Class B 62.900,000 66.900,000 587.839,991 551.539,991


125



Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Current Assets




Financial derivative instruments 5, 6 - - - - 2.750 -


Cash at bank & variation margin 7 247.746 338.966 86.695 37.168 5.590.121 619.913

Debtors 8 98.603 588.154 1.241 24.774 200.215 76.439


Current Liabilities




Creditors 9 99.305 531.168 40.657 51.886 4.227.247 388.120


attributable to holders of redeemable shares) 99.305 531.168 40.657 51.886 4.227.247 388.120Net assets attributable to holders of redeemable

shares 23.157.676 22.033.609 11.455.466 9.375.644 61.469.667 27.262.442



Net asset per redeemable share Class A € 75,21 71,51 171,97 308,86 227,99

Number of redeemable shares in issue Class A 307.917,583 308.107,707 46.136,870 129.325,664 55.861,014




126



Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungsfonds

90

Metzler

Wertsicherungsfonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Current Assets




Financial derivative instruments 5, 6 9.180 18.440 1.687.368 478.496 5.447.851 7.972.718


Cash at bank & variation margin 7 937.079 358.360 26.788.901 15.701.016 28.638.492 22.195.041

Debtors 8 388 3.434 97.591 8.039 363 3.434


Current Liabilities


Financial derivative instruments 5, 6 17.735 5.985 652.120 104.320 2.695.527 2.994.411


Creditors 9 27.399 32.701 157.842 2.116.789 102.033 589.964


attributable to holders of redeemable shares) 45.134 38.686 809.962 2.221.109 2.797.560 3.584.375Net assets attributable to holders of redeemable

shares 18.220.321 19.175.202 159.893.686 84.472.426 65.693.464 80.767.250



Net asset per redeemable share 102,60 103,59

Number of redeemable shares in issue 177.581,620 185.100,089

Net asset per redeemable share Class A € 129,41 122,04 120,52 119,66

Number of redeemable shares in issue Class A 96.300,056 146.502,389 287.178,157 295.921,019

Net asset per redeemable share Class B € 114,32 107,53

Number of redeemable shares in issue Class B 966.811,462 591.949,336

Net asset per redeemable share Class F € 102,96 97,69

Number of redeemable shares in issue Class F 44.837,326 30.078,104

Net asset per redeemable share Class X € 108,11 128,30 126,70

Number of redeemable shares in issue Class X 298.636,148 242.255,000 358.000,000


127



Metzler

Wertsicherungsfonds

98

Metzler

Wertsicherungsfonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Current Assets




Financial derivative instruments 5, 6 213.741 134.391 188.605 156.477 - -


Cash at bank & variation margin 7 21.822.732 11.336.455 966.946 784.156 358.191 358.152

Debtors 8 6.763 10.606 5.848 7.845 27.192 37.915


Current Liabilities


Financial derivative instruments 5, 6 169.522 23.299 69.050 71.042 - -


Creditors 9 139.754 105.457 36.148 35.315 78.442 81.249


attributable to holders of redeemable shares) 309.276 128.756 105.198 106.357 78.442 81.249Net assets attributable to holders of redeemable

shares 134.793.989 109.647.344 40.080.207 38.649.400 27.603.808 28.321.085



Net asset per redeemable share 102,86 103,23

Number of redeemable shares in issue 1.310.443,772 1.062.174,883

Net asset per redeemable share Class A € 96,44 87,78

Number of redeemable shares in issue Class A 105.615,760 105.036,611




128



Non-Participating

shares

Non-Participating

shares

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016

Note EUR EUR EUR EUR

Current Assets


Transferable securities 1(ii), 5 - - 1.726.519.121 1.396.496.767

Investment funds 1(ii), 5 - - 9.521.227 5.164.558

Financial derivative instruments 5, 6 - - 7.627.018 8.760.522

Loans and receivables - -

Cash at bank & variation margin 7 11.410 11.410 110.463.774 76.112.290

Debtors 8 - - 9.922.353 13.580.973

Total current assets 11.410 11.410 1.864.053.493 1.500.115.110

Current Liabilities


Financial derivative instruments 5, 6 - - 3.919.255 3.243.147

Financial liabilities measured at amortised cost - -

Creditors 9 - - 15.296.637 16.710.205


attributable to holders of redeemable shares) - - 19.215.892 19.953.352Net assets attributable to holders of redeemable

shares - - 1.844.826.192 1.480.150.348


participating shares 11.410 11.410 11.410 11.410


On behalf of the Board: Keith Milne Damien Owens Date:Director Director

129


Statement of Changes in Net Assets Attributable to the Holders of Redeemable SharesYear Ended 30 September 2017

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

EUR EUR EUR EUR EUR EUR

Net assets at start of the year 506.681.820 581.447.120 367.302.593 273.869.290 46.370.553 36.556.626

Proceeds from the issue of shares 139.717.468 103.971.117 177.725.606 136.145.004 9.108.430 13.856.920

Payment for shares redeemed (118.115.217) (182.321.005) (156.933.606) (61.628.977) (6.740.644) (5.447.692)

Net income equalisation (4.533.837) 2.213.405 (1.173.816) (2.883.042) 69.989 52.055

Results from operations for the year 117.019.731 1.371.183 64.276.158 21.800.318 2.918.270 1.352.644

Net assets at the end of the year 640.769.965 506.681.820 451.196.935 367.302.593 51.726.598 46.370.553

Share transactions Class A

Shares in issue at the start of the year 1.452.052,258 1.456.009,679 1.264.724,759 1.121.374,805 84.709,400 93.697,138

Shares issued during the year 127.382,986 272.859,176 217.170,174 295.688,571 2.532,631 3.669,128

Shares redeemed during the year (324.716,877) (276.816,597) (568.813,570) (152.338,617) (7.648,815) (12.656,866)

Shares in issue at the end of the year 1.254.718,367 1.452.052,258 913.081,363 1.264.724,759 79.593,216 84.709,400

Share transactions Class B

Shares in issue at the start of the year 554.509,618 921.458,554 519.362,442 458.196,811 340.123,224 262.805,758



Shares in issue at the end of the year 788.466,605 554.509,618 593.772,512 519.362,442 362.337,138 340.123,224

Share transactions Class C

Shares in issue at the start of the year 88.344,083 - 347.377,340 136.909,834

Shares issued during the year 31.775,520 88.387,044 436.523,757 213.248,703

Shares redeemed during the year (3.415,053) (42,961) (123.800,707) (2.781,197)

Shares in issue at the end of the year 116.704,550 88.344,083 660.100,390 347.377,340

130



Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016



Proceeds from the issue of shares 1.531.902 1.340.913 1.308.724 1.542.133 6.589.810 5.651.621


Net income equalisation 163.440 (38.841) 43.722 (3.033) (152.072) 56.015









Shares in issue at the start of the year 66.900,000 63.800,000 551.539,991 517.292,360

Shares issued during the year - 3.100,000 48.400,000 58.329,537

Shares redeemed during the year (4.000,000) - (12.100,000) (24.081,906)


131



Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016



Proceeds from the issue of shares 7.100 32.916 9.400.120 37.840 30.526.665 3.512.627

Payment for shares redeemed (21.831) (55.733) (9.241.244) (29.108) (7.586.197) (1.357.723)

Net income equalisation 1.160 699 (57.797) (173) (2.191.933) (12.696)





Shares issued during the year 95,138 491,712 267,511 228,000 79.186,615 9.680,724

Shares redeemed during the year (285,262) (854,968) (46.404,381) (171,715) (5.721,965) (6.553,856)

Shares in issue at the end of the year 307.917,583 308.107,707 - 46.136,870 129.325,664 55.861,014



Shares issued during the year 55.566,213 - 43.630,160 11.042,000

Shares redeemed during the year - - (34.514,000) -


132



Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungsfonds

90

Metzler

Wertsicherungsfonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016



Proceeds from the issue of shares 817.676 580.917 103.906.213 65.253.526 15.945.330 137.413


Net income equalisation 2.744 35.072 (863.372) (517.036) 1.171.571 16.881

Results from operations for the year (185.311) 469.432 8.886.130 1.793.657 61.037 4.616.178








Shares in issue at the start of the year 591.949,336 141.544,532

Shares issued during the year 375.453,410 485.491,467

Shares redeemed during the year (591,284) (35.086,663)

Shares in issue at the end of the year 966.811,462 591.949,336

Share transactions Class F

Shares in issue at the start of the year 30.078,104 9.997,017

Shares issued during the year 24.006,258 20.834,270

Shares redeemed during the year (9.247,036) (753,183)

Shares in issue at the end of the year 44.837,326 30.078,104

Share transactions Class X

Shares in issue at the start of the year - - 358.000,000 358.000,000

Shares issued during the year 332.213,657 - 124.255,000 -

Shares redeemed during the year (33.577,509) - (240.000,000) -

Shares in issue at the end of the year 298.636,148 - 242.255,000 358.000,000

133



Metzler

Wertsicherungsfonds

98

Metzler

Wertsicherungsfonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016



Proceeds from the issue of shares 89.219.346 73.530.781 33.359.495 6.725.013 226.290 30.133.117

Payment for shares redeemed (63.807.406) (42.897.420) (29.679.000) - (3.310.682) (8.460.864)

Net income equalisation 135.686 (283.014) (42.887) 53.800 (54.913) 220.016

Results from operations for the year (400.981) 1.739.966 (2.206.801) 1.912.812 2.422.028 (1.661.593)



Shares in issue at the start of the year 1.062.174,883 763.675,314 105.036,611 277,181


Shares redeemed during the year (621.505,810) (418.788,878) (655,553) (88.887,214)

Shares in issue at the end of the year 1.310.443,772 1.062.174,883 105.615,760 105.036,611

Shares issued during the year




Shares redeemed during the year (300.000,000) - (37.700,000) -


Non-Participating

shares

Non-Participating

shares

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016

EUR EUR EUR EUR

Net assets at start of the year 11.410 11.410 1.480.161.757 1.308.587.679

Proceeds from the issue of shares - - 619.390.175 442.451.858

Payment for shares redeemed - - (476.090.459) (323.397.116)

Net income equalisation - - (7.482.315) (1.089.892)

Results from operations for the year - - 228.858.443 53.609.229

Net assets at the end of the year 11.410 11.410 1.844.837.601 1.480.161.758

134

Notes to the Financial Statements

General

The Company is organised as an umbrella fund and contained fifteen sub funds (the "Funds") during the year, namely:

Metzler European Smaller Companies Commenced trading on 02 January 1998Metzler European Growth Commenced trading on 02 January 1998Metzler Global Selection Commenced trading on 02 January 1998Metzler Japanese Equity Fund Commenced trading on 04 January 1999Metzler International Growth Commenced trading on 04 January 1999Metzler Eastern Europe Commenced trading on 04 October 2000Metzler Focus Japan Commenced trading on 15 November 2006Metzler European Concentrated Growth Commenced trading on 2 August 2011Metzler European Small and Micro Cap Commenced trading on 2 August 2011Metzler Euro Corporates Short Term Commenced trading on 1 October 2012Metzler Wertsicherungsfonds 90 Commenced trading on 1 October 2012Metzler Alpha Strategies Commenced trading on 1 October 2012Metzler Wertsicherungsfonds 98 Commenced trading on 2 May 2014Metzler Sovereign Select LCR Commenced trading on 24 August 2015Metzler European Dividend Sustainability Commenced trading on 4 August 2015

Presentation of Financial Statements

The financial statements are prepared under the historical cost convention modified by the inclusion of securities stated at fair value.

The Statement of Comprehensive Income is on pages 118 to 123. The Statement of Financial Position is on pages 124 to 129.

In the opinion of the Directors the financial statements give the information required by the Companies Act 2014.

Metzler International Investments plc (the "Company") was incorporated on 21 December 1994 under the laws of the Republic of Ireland as an investment company with variable capital

and has its registered office within Dublin's International Financial Services Centre (IFSC). The Company is authorised as an Undertaking for Collective Investment in Transferable

Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Amendment Regulation 2016 (amending the European

Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011), as may be modified, amended, supplemented, consolidated or re-enacted from time

to time.

The Company is managed by Metzler Ireland Limited, (the "Manager"), whose ultimate holding company is B. Metzler seel. Sohn & Co. Holding AG, a German registered corporation.

135


1. Significant Accounting Policies

The following is a summary of the significant accounting policies adopted by the Company:

i) Basis of Accounting

Critical Accounting Estimates and Judgements

Classification

ii) Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss

The financial statements are prepared in accordance with Financial Reporting Standard 102 ("FRS 102"): The Financial Reporting Standard applicable in the UK and the

Republic of Ireland, the European Communities (Undertakings for Collective Investment in Transferable Securities Regulations) 2011, the European Communities

(Undertakings for Collective Investment in Transferable Securities) Amendment Regulation 2016 and the Central Bank (Supervision and Enforcement) Act 2013 (Section

48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015.

The financial statements are prepared on a fair value basis for financial assets and financial liabilities designated at fair value through profit or loss ("FVTPL"). All other assets

and liabilities are stated at amortised cost or redemption amount (redeemable shares). The accounting policies set out below have, unless otherwise stated, been applied

consistently to all periods presented in these financial statements.

The Company has designated its assets and liabilities into the categories below in accordance with FRS 102.

The preparation of Financial Statements in conformity with FRS 102 requires the use of certain critical accounting estimates and judgements. It also requires the Board of

Directors, based on the advice of the Manager, to exercise its judgement in the process of applying the Company’s accounting policies. The estimates and associated

judgements are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of

making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Metzler

Ireland Limited, as the Manager, makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual

results.

The Company recognises and measures financial assets and financial liabilities in accordance with International Accounting Standard 39 ("IAS 39") as permitted by FRS 102

and has applied Secions 11 and 12 for disclosures. The category of financial assets and liabilities at fair value through profit or loss is sub-divided into two sub-categories.

However, the Company has classified all of its investment portfolio financial assets or financial liabilities as held for trading. Financial assets and/or financial liabilities held for

trading include equities, bonds, investment funds and derivatives. These instruments are acquired principally for the purpose of generating a profit from fluctuations in price.

Financial assets classified as loans and receivables include cash at bank and debtor balances.

136


1. Significant Accounting Policies (continued)

ii) Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss (continued)

Recognition/Derecognition

Measurement

Fair Value Measurement Principles

The Company recognises financial assets and financial liabilities when all significant rights and access to the benefits from the assets and the exposure to the risks inherent in

those benefits are transferred to the Company. Financial assets and financial liabilities at fair value through profit or loss (“FVTPL”) are initially recognised at the transaction

price on trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. The Company derecognises a financial asset

when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of

the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of

ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying

amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is

recognised in the Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a

separate asset or liability. The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.

Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value, with transaction costs for such instruments being recognised in

the Statement of Comprehensive Income. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair

value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities in the fair value through profit or loss category are presented in the

Statement of Comprehensive Income in the period in which they arise. Financial assets classified as loans and receivables are carried at amortised cost less impairment loss

if any. Financial liabilities, other than those measured at fair value, are measured at amortised cost using the effective interest rate. Financial liabilities measured at amortised

cost include management fees, payable for investments/redemptions and accounts payable.

‘Fair value’ is the price for which the asset could be exchanged, or liability transferred, between knowledgeable willing parties in an arm’s length transaction. The best

evidence of fair value is a quoted market price for an identical asset in an active market. Quoted in an active market refers to quoted prices that are readily and regularly

available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted price is usually the current closing price.

Financial assets and financial liabilities are valued using close of business prices. The fair value of financial instruments is based on their quoted market prices at the

reporting date, valued at 30 September 2017, without any deduction for estimated future selling costs. Financial assets and financial liabilities are priced at current closing

prices. If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange-traded financial instruments, the fair value of the

instrument is estimated using valuation techniques, including use of recent arm's length market transactions, reference to the current fair value of another instrument that is

substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual

market transactions.

When discounted cash flow techniques are used, estimated future cash flows are based on management's best estimates and the discount rate used is a market rate at the

reporting date applicable for an instrument with similar terms and conditions. Where other pricing models are used, inputs are based on market data at the reporting date.

Fair values of unquoted equity investments are estimated, if possible, using applicable price/earnings ratios for similar listed companies adjusted to reflect the specific

circumstances of the issuer.

137




Fair Value Disclosures

Offsetting Financial Instruments

Amortised Cost Measurement

Impairment

The amortised cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition, minus principal

repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount,

minus any reduction in the case of assets for impairment or uncollectability.

A key disclosure required in the financial statements is the categorisation of fair value measurements within a three-level hierarchy that reflects the significance of inputs used

in measuring fair values.

On 8 March 2016, the Financial Reporting Council (FRC) issued an Amendment to FRS 102 Fair value hierarchy disclosures . The amendment aligns the relevant disclosure

requirements with those in IFRS 13 Fair Value Measurement and is effective for accounting periods beginning on or after 1 January 2017, with early application permitted. In

line with paragraph 34.22 of FRS 102, the Company has chosen to early adopt the Amendment. The fair value hierarchy in place for the Company is as follows:

The fair value of derivatives that are not exchange-traded is estimated as the amount that the Company would receive or pay to terminate the contract at the year end date

taking into account current market conditions and the current creditworthiness of the counterparties. Specifically, the fair value of a forward contract is determined as a net

present value of estimated future cash flows, discounted at appropriate market rates on the valuation date. Exchange traded futures (including index futures) and options

contracts shall be valued at the settlement price as determined by the market in question. If such a market price is not available, the value shall be the probable realisation

value estimated with care and in good faith by the Directors or such other competent person appointed by the Directors and approved for the purpose by the Depositary.

l Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

l Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from

prices)

l Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognised

amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

A financial asset not classified at FVTPL is assessed at each reporting date to determine whether there is objective evidence of impairment. A financial asset or a group of

financial assets is ‘impaired’ if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset(s) and that loss

event(s) had an impact on the estimated future cash flows of that asset(s) that can be estimated reliably.

138




Impairment (continued)

iii) Security Transactions

iv) Income from investments

v) Expenses

vi) Realised and Unrealised Gains and Losses on Investments

vii) Foreign Currency Translation

Dividends are recognised as income on the day these securities are first quoted ex-dividend.

Each of the Funds shall pay all of its expenses. Expenses are accrued on a daily basis.

The computation of realised gains and losses on the sale of investments is made on the basis of average cost. Net gain from financial instruments at FVTPL includes all

realised and unrealised fair value changes, and foreign exchange differences.

The functional currency of the Company is Euro ("EUR") as the Board of Directors have determined that this reflects the Company’s primary economic environment. The

presentation currency of the Company is also Euro. Transactions in foreign currencies are translated at the foreign currency exchange rate ruling at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies are translated to Euro at the foreign currency closing exchange rate ruling at the reporting date.

Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised in the

Statement of Comprehensive Income. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to Euro at the

foreign currency exchange rates ruling at the dates that the values were determined.

Objective evidence that financial assets are impaired includes significant financial difficulty of the borrower or issuer, default or delinquency by a borrower, restructuring of the

amount due on terms that the Company would not otherwise consider, indications that a borrower or issuer will enter bankruptcy, or adverse changes in the payment status of

the borrowers. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present

value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account

against receivables. Interest on the impaired asset continues to be recognised. If an event occurring after the impairment was recognised causes the amount of impairment

loss to decrease, then the decrease in impairment loss is reversed through profit or loss.

Foreign currency exchange differences relating to investments at fair value through profit or loss and derivative financial instruments are included in net gains/losses on

financial assets at fair value through profit or loss. All other foreign currency exchange differences relating to monetary items, including cash are presented in the Statement

of Comprehensive Income.

Security transactions are recognised in the accounts of the Company on the trade date upon which the transaction takes place.

139



viii) Cash Flow Statement Exemption

ix) Going Concern

x) Net Asset Value per Share

xi) Distributions

Distributions payable on redeemable shares are recognised in the Statement of Comprehensive Income as finance costs.

xii) Redeemable Shares

xiii) Transaction Fees

xiv) Equalisation

Transaction fees are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that

would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument.

On the purchase or sale of redeemable shares in the Company, an amount per share which, in the opinion of the Directors, represents the net income per share of the

Company accrued but undistributed up to the time of the issue or redemption is allocated to a separate income account. This amount is reflected as an allocation from/to the

Statement of Comprehensive Income from the Statement of Changes in Net Assets attributable to holders of redeemable shares. This account is known as the 'Equalisation

Account'. This Income and Expense Equalisation procedure is undertaken to ensure that each participating share of Metzler International Investments plc represents the

same amount of capital and interest in the net accrued earnings of the individual Fund at any given time so that the earnings per share are not diluted by any allotments of

new shares or increased by any redemptions of existing shares.

The Company's activities, together with the factors likely to affect its future development, performance and position are set out in the financial statements, together with its

financial and liquidity positions. In addition, the notes to the financial statements address the Company's financial risk management objectives, details of the financial

instruments used by the Company and its exposure to credit and liquidity risks. The Board of Directors have a reasonable expectation that the entity has adequate resources

to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The Net Asset Value per redeemable share is determined by dividing the value of the Net Assets of each class of redeemable share by the total number of redeemable share

of that class in issue at the time.

Redeemable shares are redeemable at the shareholder's option and are classified as financial liabilities. The redeemable shares can be put back to the Company at any time

for cash equal to a proportionate share of the Company’s net asset value. The redeemable share is carried at the redemption amount that is payable at the reporting date if

the shareholder exercised its right to put back the share to the Company.

The Company has availed of the exemption available to open-ended investment funds under FRS 102 (Section 7.1A(c)) and is not presenting a cash flow statement.

140


2. Net Gain/(Loss) on Financial Asset at Fair Value through Profit or Loss

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

EUR EUR EUR EUR EUR EUR EUR EUR

Realised net gain/(loss) on transferable securities 55.326.120 15.202.412 23.699.967 15.054.935 4.527 9.625 4.563.973 (100.838)

Realised net gain/(loss) on financial derivative instruments (2.168.398) - - - (767.262) (1.499.360) - -

Net gain/(loss) on currencies (422.907) (588.420) (140.684) (227.940) 53.050 12.333 (48.800) 71.013

Unrealised net gain/(loss) on transferable securities 60.031.973 (12.999.984) 38.181.693 3.790.048 4.044.773 2.581.512 141.315 4.048.107

Unrealised net gain/(loss) on financial derivative instruments (1.462.800) - - - (226.688) 79.791 - -

111.303.988 1.614.008 61.740.976 18.617.043 3.108.400 1.183.901 4.656.488 4.018.282

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Realised net gain/(loss) on transferable securities 2.521.133 982.235 5.558.995 (2.723.196) 2.401.600 38.139 741.323 414.445

Realised net gain/(loss) on financial derivative instruments - - (68.024) - - - - -

Net gain/(loss) on currencies (47.736) (25.583) (36.011) (102.265) (33.982) 47.955 (208) 2.173

Unrealised net gain/(loss) on transferable securities 1.976.792 1.753.160 4.285.473 9.817.754 (1.154.184) 2.383.033 1.211.839 931.587

Unrealised net gain/(loss) on financial derivative instruments - - - - - - - -

4.450.189 2.709.812 9.740.433 6.992.293 1.213.434 2.469.127 1.952.954 1.348.205

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Realised net gain/(loss) on transferable securities 4.362.569 (449.474) 211.866 295.698 (59.880) 258 (67.930) (35.914)

Realised net gain/(loss) on financial derivative instruments (310.783) (109.562) (19.718) 154.706 8.767.079 1.089.216 3.412.910 6.142.504

Net gain/(loss) on currencies (8.084) (10.516) 4 29 (220.450) 11.127 (579.647) 106.179

Unrealised net gain/(loss) on transferable securities 7.515.056 2.768.027 (98.996) 372.647 (473.073) 41.603 (172.941) 31.541

Unrealised net gain/(loss) on financial derivative instruments (121.500) - (21.010) (8.020) 657.085 355.966 (942.212) (708.132)

11.437.258 2.198.475 72.146 815.060 8.670.761 1.498.170 1.650.180 5.536.178

141


2. Net Gain/(Loss) on Financial Asset at Fair Value through Profit or Loss (continued)

Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Realised net gain/(loss) on transferable securities (137.707) (7.568) 481.955 985.306 (675.803) (2.050.060) 98.932.708 27.616.003

Realised net gain/(loss) on financial derivative instruments 919.177 1.599.536 606.742 (276.632) - - 10.371.723 7.100.408

Net gain/(loss) on currencies (72.748) 21.259 (3.204) 11.645 2.766 (81.338) (1.558.641) (752.349)

Unrealised net gain/(loss) on transferable securities (345.399) 219.283 (2.528.631) 1.050.575 3.231.282 4.807 115.846.972 16.793.700

Unrealised net gain/(loss) on financial derivative instruments (66.793) 15.161 34.120 362.802 - - (2.149.798) 97.568

296.530 1.847.671 (1.409.018) 2.133.696 2.558.245 (2.126.591) 221.442.964 50.855.330

3. Management, Depositary/Trustee and Performance Fees

Fund name Benchmark Max % of outperformance % of outperformance payable

payable (Participation Rate)(Participation Rate)

Metzler Eastern Europe (Class A Shares only) MSCI EFM Europe and CIS IMI Custom Capped Index 25% 15%Metzler European Growth (Class A Shares only) MSCI Europe Growth net 25% 15%

Dow Jones STOXX Small 200 Index 25% 15%

Metzler Euro Corporates Short Term BoA ML EMU Corporates, Non-Financial, 1 - 3 yr 25% 25%Metzler Alpha Strategies (Class A Shares only) Citi 3 Month Local Deposit Euro Index 20% 20%

4. Other Expenses & Transaction Fees

i) Other expenses:

The Depositary will be paid by the Company an annual custody fee per Fund, accruing and calculated daily and paid monthly in arrears at a rate ranging from 0.0075% to 0.6% per

annum calculated by reference to the market value of the investments that the Fund may make in the relevant market. In addition, the Depositary shall be paid an annual Trustee fee per

Fund not exceeding 0.03% of the net asset value of each Fund. The Depositary shall also be entitled to be paid by the Company transaction charges and any out-of-pocket expenses

incurred by the Depositary in the performance of its duties and functions under the Depositary Agreement. In accordance with the Schedule below, the Manager may also be entitled to

a performance related management fee (the “Performance Fee”) in each Performance Period if the performance of the relevant Fund (or Class of Shares within the Fund) has relatively

outperformed the applicable benchmark for that Fund (or Class) (the “Benchmark”).

Metzler European Smaller Companies (Class A

Shares only)

Management fees of up to 2% of the Net Asset Value of each Fund are payable to the Manager in respect of each class of Participating Shares. Management fees accrue daily and are

payable quarterly in arrears.

Other expenses include audit fees of EUR 90,900 for the statutory audit of the Company (30 September 2016: EUR 90,900) and Directors' fees EUR 30,000 (30 September 2016: EUR

30,000). The balance comprises other miscellaneous expenses and transaction fees. There are no fees paid to the statutory auditor in respect of other assurance services, tax advisory

services or other non-audit services in the current or prior reporting periods.

142


4. Other Expenses & Transaction Fees (continued)

ii) Transaction fees:

Transaction fees, as per table below, are included within net gains/(losses) on financial assets at fair value through profit or loss.

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Transaction fees 1.978.096 2.036.076 508.279 493.334 15.148 18.908 88.945 92.456

1.978.096 2.036.076 508.279 493.334 15.148 18.908 88.945 92.456

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Transaction fees 172.021 173.202 300.595 188.783 91.420 118.769 24.605 19.992

172.021 173.202 300.595 188.783 91.420 118.769 24.605 19.992

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Transaction fees 109.339 81.227 5.369 4.511 33.733 13.110 664.086 695.551

109.339 81.227 5.369 4.511 33.733 13.110 664.086 695.551

Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Transaction fees 13.536 7.434 7.320 6.469 32.189 43.070 4.044.681 3.992.892

13.536 7.434 7.320 6.469 32.189 43.070 4.044.681 3.992.892

Not all transaction costs are separately identifiable. For fixed income investments and foreign exchange currency contracts, transaction costs are included in the purchase and sales

price of the investments.

143


5. Fair Value Information

Fair Value Disclosures

Level 1 Level 2 Total Level 1 Level 2 Total

30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016



Financial assets at fair value through profit or loss

Held for trading

Equity investments 616.699.629 - 616.699.629 490.194.184 - 490.194.184

Investment funds - 6.969.505 6.969.505 - 5.164.558 5.164.558

Financial derivative instruments 33.000 - 33.000 - - -

Total Assets 616.732.629 6.969.505 623.702.134 490.194.184 5.164.558 495.358.742

Level 1 Total Level 1 Total

30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR



Held for trading

Equity investments 448.528.189 448.528.189 361.948.389 361.948.389

Total Assets 448.528.189 448.528.189 361.948.389 361.948.389

A key disclosure required in the financial statements is the categorisation of fair value measurements within a three-level hierarchy that reflects the significance of inputs used in

measuring fair values.

On 8 March 2016, the Financial Reporting Council (FRC) issued an Amendment to FRS 102 Fair value hierarchy disclosures . The amendment aligns the relevant disclosure

requirements with those in IFRS 13 Fair Value Measurement and is effective for accounting periods beginning on or after 1 January 2017, with early application permitted. In line with

paragraph 34.22 of FRS 102, the Company has chosen to early adopt the Amendment. The fair value hierarchy in place for the Company is as follows:

• Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

• Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e., developed using market data) for the asset or liability, either directly or indirectly.

• Level 3: Inputs are unobservable (i.e., for which market data is unavailable) for the asset or liability.

144


5. Fair Value Information (continued)


30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016




Held for trading

Equity investments 46.543.005 - 46.543.005 42.772.621 - 42.772.621

Investment funds 2.551.722 - 2.551.722 - - -

Financial derivative instruments 25.600 18.923 44.523 - - -

Total Assets 49.120.327 18.923 49.139.250 42.772.621 - 42.772.621

Financial liabilities at fair value through profit or loss

Held for trading

Financial derivative instruments 86.259 229.042 315.301 18.919 25.170 44.090

Total Liabilites 86.259 229.042 315.301 18.919 25.170 44.090


30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR



Held for trading


Total Assets 37.465.372 37.465.372 36.712.279 36.712.279


30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR



Held for trading


Total Assets 44.299.770 44.299.770 41.573.545 41.573.545

145




30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR



Held for trading


Total Assets 75.526.694 75.526.694 57.710.030 57.710.030


30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR

Metzler Focus Japan


Held for trading


Total Assets 22.910.632 22.910.632 21.637.657 21.637.657


30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR



Held for trading


Total Assets 11.408.187 11.408.187 9.365.588 9.365.588


30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR



Held for trading


Financial derivative instruments 2.750 2.750 - -

Total Assets 59.906.578 59.906.578 26.954.210 26.954.210

146




30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016




Held for trading

Debt instruments - 17.318.808 17.318.808 - 18.833.654 18.833.654

Financial derivative instruments 9.180 - 9.180 18.440 - 18.440

Total Assets 9.180 17.318.808 17.327.988 18.440 18.833.654 18.852.094


Held for trading


Total Liabilites 17.735 - 17.735 5.985 - 5.985


30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016




Held for trading


Financial derivative instruments 1.687.368 - 1.687.368 478.496 - 478.496

Total Assets 1.687.368 132.129.788 133.817.156 478.496 70.505.984 70.984.480


Held for trading




30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016




Held for trading


Financial derivative instruments 5.027.210 420.641 5.447.851 7.549.756 422.962 7.972.718

Total Assets 5.027.210 34.824.959 39.852.169 7.549.756 54.603.394 62.153.150


Held for trading

Financial derivative instruments 2.441.197 254.330 2.695.527 2.823.643 170.768 2.994.411

Total Liabilites 2.441.197 254.330 2.695.527 2.823.643 170.768 2.994.411

147




30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016




Held for trading



Total Assets 213.741 113.060.029 113.273.770 134.391 98.294.648 98.429.039


Held for trading




30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR



Held for trading

Debt instruments 39.024.005 39.024.005 37.807.279 37.807.279

Financial derivative instruments 188.605 188.605 156.477 156.477

Total Assets 39.212.610 39.212.610 37.963.756 37.963.756


Held for trading

Financial derivative instruments 69.050 69.050 71.042 71.042

Total Liabilites 69.050 69.050 71.042 71.042


30.09.2017 30.09.2017 30.09.2016 30.09.2016

EUR EUR EUR EUR



Held for trading


Total Assets 27.296.867 27.296.867 28.006.267 28.006.267

148


6. Financial Derivative Instruments

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Financial assets

Unrealised fair value gains on forwards - - - - 18.923 - - -

Unrealised fair value on options 33.000 - - - - - - -

Unrealised fair value gains on futures - - - - 25.600 - - -

33.000 - - - 44.523 - - -

Financial liabilities

Unrealised fair value losses on forwards - - - - 229.042 25.171 - -

Unrealised fair value on options - - - - - - - -

Unrealised fair value losses on futures - - - - 86.259 18.919 - -

- - - - 315.301 44.090 - -

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Financial assets

Unrealised fair value gains on forwards - - - - - - - -


Unrealised fair value gains on futures - - - - - - - -

- - - - - - - -


Unrealised fair value losses on forwards - - - - - - - -


Unrealised fair value losses on futures - - - - - - - -

- - - - - - - -

149


6. Financial Derivative Instruments (continued)

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Financial assets

Unrealised fair value gains on forwards - - - - - - 420.641 372.049

Unrealised fair value on options 2.750 - - - - - 3.459.954 5.882.152

Unrealised fair value gains on futures - - 9.180 18.440 1.687.368 478.496 1.567.256 1.718.517

2.750 - 9.180 18.440 1.687.368 478.496 5.447.851 7.972.718


Unrealised fair value losses on forwards - - - - - - 254.330 170.768

Unrealised fair value on options - - - - - - 1.539.600 2.197.771

Unrealised fair value losses on futures - - 17.735 5.985 652.120 104.320 901.597 625.872

- - 17.735 5.985 652.120 104.320 2.695.527 2.994.411

Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Financial assets

Unrealised fair value gains on forwards - - 188.605 156.477 - - 628.169 528.526


Unrealised fair value gains on futures 213.741 134.391 - - - - 3.503.145 2.349.844

213.741 134.391 188.605 156.477 - - 7.627.018 8.760.522


Unrealised fair value losses on forwards - - 69.050 71.042 - - 552.422 266.981


Unrealised fair value losses on futures 169.522 23.299 - - - - 1.827.233 778.395

169.522 23.299 69.050 71.042 - - 3.919.255 3.243.147

150


7. Cash at Bank

8. Debtors

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Receivable from investments/creations 7.270.345 9.551.597 194.307 1.840.445 9.449 1.046 104 191.987

Investment income receivable 787.684 502.230 177.268 103.886 58.493 48.879 254.890 268.912

Prepayments - - - - - - - -

8.058.029 10.053.827 371.575 1.944.331 67.942 49.925 254.994 460.899

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Receivable from investments/creations 91.607 217.611 546.383 - - 446.332 - 24.459

Investment income receivable 11.649 24.649 81.970 69.091 98.603 141.822 1.241 183

Prepayments - - - - - - - 132

103.256 242.260 628.353 69.091 98.603 588.154 1.241 24.774

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Receivable from investments/creations 190.482 65.654 - - 97.228 4.605 - -

Investment income receivable 9.733 10.611 25 - - - - -

Prepayments - 174 363 3.434 363 3.434 363 3.434

200.215 76.439 388 3.434 97.591 8.039 363 3.434

All cash balances are held under the control of Brown Brothers Harriman Trustee Services (Ireland) Ltd., with the exception of EUR 11,410 (30 September 2016: EUR 11,410) being

held on behalf of the non-participating shareholders, which is held with Ulster Bank Limited, Dublin and EUR 16,784,228 held as margin with JPMorgan (30 September 2016: EUR

13,924,018). In accordance with the custody agreement with the Company, Brown Brothers Harriman Trustee Services (Ireland) Ltd. has a lien on a Fund's assets in relation to any bank

overdrafts existing in that Fund.

151


8. Debtors (continued)

Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Receivable from investments/creations - - - - - - 8.399.905 12.343.736

Investment income receivable - - - - 21.344 30.070 1.502.900 1.200.333

Prepayments 6.763 10.606 5.848 7.845 5.848 7.845 19.548 36.904

6.763 10.606 5.848 7.845 27.192 37.915 9.922.353 13.580.973

9. Creditors

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Payable for investments/redemptions 5.112.823 4.680.520 139.616 4.138.278 - 142.092 - 197.556

Management fees 1.789.477 1.535.649 1.102.063 952.856 47.481 44.827 123.746 122.834

Depositary/Trustee fee 50.650 44.574 38.267 30.827 3.859 3.030 3.291 3.276

Performance fees 299.273 - 588.753 - - - - -

Other expenses 32.029 30.211 17.797 21.629 14.728 14.970 16.605 16.332

7.284.252 6.290.954 1.886.496 5.143.590 66.068 204.919 143.642 339.998

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Payable for investments/redemptions 3.000 302.755 558.675 106.315 - 435.046 - -

Management fees 194.892 189.183 191.031 146.424 84.701 80.987 26.076 37.563

Depositary/Trustee fee 3.465 3.730 21.924 18.967 1.982 1.927 943 810

Performance fees - - - - - - - -

Other expenses 12.793 12.763 21.572 17.958 12.622 13.208 13.638 13.513

214.150 508.431 793.202 289.664 99.305 531.168 40.657 51.886

152


9. Creditors (continued)

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Payable for investments/redemptions 4.019.202 279.142 - - - 2.021.390 - -

Management fees 180.397 90.760 13.653 15.096 130.676 74.010 37.142 40.832


Performance fees - - - 3.059 - - 47.537 529.880

Other expenses 23.065 15.824 12.395 12.766 14.747 15.266 13.074 13.281

4.227.247 388.120 27.399 32.701 157.842 2.116.789 102.033 589.964

Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Payable for investments/redemptions - - - - - - 9.833.316 12.303.094

Management fees 116.306 84.454 19.251 19.385 62.452 62.844 4.119.344 3.497.704


Performance fees - - - - - - 935.563 532.939

Other expenses 12.915 13.156 12.952 12.577 13.417 15.677 244.349 239.131

139.754 105.457 36.148 35.315 78.442 81.249 15.296.637 16.710.205

10. Share Capital

The authorised share capital of the Company consists of the following:

Participating Shares

The Company has a variable share capital consisting of participating shares. The authorised share capital of the Company is 500,000,000 shares of no par value.

153


10. Share Capital (continued)

Participating Shares (continued)

Non-Participating Shares

11. Taxation

A chargeable event does not include:

(i) Any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or

(ii) An exchange of shares from one Fund of the Company to another; or

(iii) An exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another Fund; or

(iv) Certain exchanges of shares between spouses and former spouses.

The Company regards Net Assets Attributable to Holders of Redeemable Shares as the Capital of each sub-fund. The Company's objective is to manage this Capital in line with the

investment objectives of each sub-fund.

As at 30 September 2017, the Company had thirty six classes of redeemable shares, twenty eight of which were active: Metzler European Smaller Companies Class A shares, Metzler

European Smaller Companies Class B shares, Metzler European Smaller Companies Class C shares, Metzler European Growth Class A shares, Metzler European Growth Class B

shares, Metzler European Growth Class C shares, Metzler Global Selection Class A shares, Metzler Global Selection Class B shares, Metzler Japanese Equity Fund Class A shares,

Metzler Japanese Equity Fund Class B shares, Metzler International Growth Class A shares, Metzler Eastern Europe Class A shares, Metzler Eastern Europe Class B shares, Metzler

Focus Japan Class A shares, Metzler European Concentrated Growth Class B shares, Metzler European Small and Micro Cap Class A shares, Metzler European Small and Micro Cap

Class B shares, Metzler Euro Corporates Short Term shares, Metzler Wertsicherungsfonds 90 Class A shares, Metzler Wertsicherungsfonds 90 Class B shares, Metzler

Wertsicherungsfonds 90 Class F shares, Metzler Wertsicherungsfonds 90 Class X shares, Metzler Alpha Strategies Class A shares, Metzler Alpha Strategies Class X shares, Metzler

Wertsicherungsfonds 98 shares, Metzler Sovereign Select LCR Class B shares, Metzler European Dividend Sustainability Class A shares and Metzler European Dividend Sustainability

Class B shares.

Under the Taxes Consolidation Act, 1997, the Company will not be liable for tax in respect of its income and gains, other than on the occurrence of a chargeable event. A chargeable

event includes any distribution, redemption, repurchase, cancellation, transfer of shares or on the ending of a 'Relevant Period', a 'Relevant Period' being an eight year period beginning

with the acquisition of the shares by the shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period.

The Company has an initial authorised capital of EUR 39,000 divided into 30,000 Subscriber Shares of EUR 1.30 each. At the end of the period, seven of these Subscriber shares were

fully paid up and the remaining 29,993 shares were paid up to the extent of one quarter of their par value.

The number of redeemable shares in issue for each class at 30 September 2017 is included in the Statement of Financial Position on pages 124 to 129.

At the reporting date, there were no Class X shares of Metzler European Smaller Companies, Class B shares of Metzler International Growth, Class B shares of Metzler Focus Japan,

Class A, C or X shares of Metzler Sovereign Select LCR, or Class X shares of Metzler European Dividend Sustainability, issued.

154


11. Taxation (continued)

12. Related Party Transactions

The following transactions with related parties were entered into during the year by the Company in the ordinary course of business and on normal commercial terms:


During the reporting year Metzler European Smaller Companies held shares in another fund managed by Metzler Ireland Limited as follows:

Metzler

European

Small

and

Micro

Cap (Class B)

Metzler

European

Small

and

Micro

Cap (Class B)

30.09.2017 30.09.2016

EUR EUR

No. Of Shares

Opening Balance 37.300 37.300

Purchase of Shares - -

Redemption of Shares - -

Closing Balance 37.300 37.300

Average number of shares 37.300 37.300

Market value 6.969.505 5.164.558

Net unrealised gain/(loss) 2.829.141 993.302

Fees Waived for the Year Ended 30 September 2017

During the year, B. Metzler seel. Sohn & Co. was the counterparty to the Metzler Sovereign Select LCR fund for forward currency contracts. Please refer to the Portfolio and Statement

of Changes in Investments, commencing on page 104, for further details.

The total fees waived by the Manager for the year as a result of the cross investment holdings of shares in Metzler European Small and Micro Cap is EUR 58,889 (year ended 30

September 2016: EUR 46,530).

A chargeable event will not occur in respect of shareholders who are neither resident nor ordinarily resident in Ireland and who provide the Company with a relevant declaration to that

effect. In the absence of an appropriate declaration, the Company will be required to withhold Irish tax on the occurrence of a chargeable event.

There were no chargeable events during the year. Capital gains, dividends and interest received may be subject to withholding taxes imposed by the country of origin and such taxes

may not be recoverable by the Company or its shareholders.

Metzler Ireland Limited, as Manager, earned a management fee (out of which the Investment Managers received a fee) of EUR 15,653,725 (30 September 2016: EUR 13,548,614), of

which EUR 4,119,344 (30 September 2016: EUR 3,497,704) was due at the year end. The Manager is entitled to a performance related fee which is payable directly from the assets of

the relevant Funds. The Manager earned a performance related fee of EUR 935,563 (30 September 2016: EUR 532,939), for the financial year, all of which is outstanding at the year

end (30 September 2016: EUR 532,939).

155


13. Financial Risk Management

a) Market Price Risk

b) Relative VaR

Fund Name Reference BenchmarksMetzler European Smaller Companies 100% STOXX Europe Small 200 Price IndexMetzler European Growth 100% MSCI Europe Growth Net TRMetzler Global Selection 75% MSCI - World Index - Net TR (in EUR)

25% 3M EONIA Swap IndexMetzler Japanese Equity Fund 100% TOPIX Perf. IndexMetzler International Growth 100% MSCI World Index Net TRMetzler Eastern Europe 100% Nomura CEE IndexMetzler Focus Japan 100% TOPIX Perf. IndexMetzler European Concentrated Growth 100% MSCI Europe

A sophisticated risk measurement technique called relative 'Value-at-Risk' (VaR) is used to measure the market risk of the relevant Funds. In accordance with the requirements of the

Central Bank, the daily VaR of the relevant Fund may not exceed twice the daily VaR of a comparable derivative-free portfolio or benchmark. Information on the reference benchmarks

for the Funds, as at 30 September 2017, is detailed below:

In addition, the Investment Managers consider the asset allocation of the respective Funds on a daily basis in order to minimise the risk associated with particular countries or industry

sectors whilst continuing to follow each Fund's investment objectives. The maximum risk arising from an investment in a financial instrument of the Company is determined by the fair

value of its financial instruments, except for derivatives. The maximum exposure on short put options is limited to the strike price while the maximum exposure on short call options is

theoretically unlimited. The maximum exposure on future and forward contracts is represented by their respective gross notional amounts.

The Funds are exposed to a variety of financial risks in pursuing their stated investment objectives. These risks are defined in FRS 102 as including market risk (which in turn includes

currency risk, interest rate risk and price risk), liquidity risk and credit risk. The Funds take exposure to certain risks to generate investment returns on their respective portfolios, although

these risks can also potentially result in a reduction of the Net Assets of each Fund. The Investment Manager uses its best endeavours to minimise the potentially adverse effects of

these risks to the performance of the Funds where it can do so while still managing the investments of the Funds in a way that is consistent with the investment objective and policy of

each Fund. The risks, and the measures adopted by the Funds for managing these risks, are detailed below.

Market price risk is the risk that the fair value of a financial instrument or its future cash flows will fluctuate because of changes in market prices. It represents the potential loss a Fund

might suffer through holding market positions in the face of price movements, whether caused by factors specific to an individual investment, its issuer or all factors affecting all

instruments traded in the market. The Funds are principally invested in equities, bonds, index futures contracts, options contracts, forward exchange contracts and investment funds and

have adopted a number of investment restrictions which are set out in the Prospectus which limit the exposure of each Fund to adverse changes in the price of any individual financial

asset.

156


13. Financial Risk Management (continued)

b) Relative VaR (continued)

Fund Name Reference BenchmarksMetzler European Small and Micro Cap 100% STOXX Europe Small 200 Price Index Metzler Europe Corporates Short Term 100% ML - EMU Corporates Non-FinancialMetzler Wertsicherungsfonds 90 100% MSCI - World Index - Net TRMetzler Alpha Strategies 50% MSCI World Index - Net TR

50% Euro Stoxx 50 - Return IndexMetzler Wertsicherungsfonds 98 20% MSCI - The World Index- Net TR

80% JPM GBI European unhedged (EUR)Metzler Sovereign Select LCR 100% Citi Non-JPY World Government Bond Index Hedged EURMetzler European Dividend Sustainability 100% MSCI Europe NR EUR

The calculation of relative VaR is carried out for the Funds using the following quantitative standards:

(i) the calculation model used is the Historical Simulation model;

(ii) the confidence level is 99%;

(iii) the holding period is 10 days;

(iv) the historical observation period is 1 year;

(v)

(vi)

Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following:

● A 99% confidence level does not reflect losses that may occur beyond this level, meaning that within the model used there is a 1% probability that losses could exceed the VaR.

● VaR is calculated on an end-of-day basis and does not reflect exposures that may arise on positions during the trading day.

● The use of historical data as a basis for determining the possible range of future outcomes may not always cover all possible scenarios, especially those of an exceptional nature.

● The VaR measure is dependent upon the Fund's position and the volatility of market prices.

● The VaR of an unchanged position reduces if market price volatility declines and vice versa.

● A 10-day holding period assumes that it is possible to hedge or dispose of positions within that period. This may not be the case for certain highly illiquid assets or in situations in which

there is severe general market illiquidity.

back-testing of the Funds is carried out daily, to compare the potential market risk amount calculated by the model to the actual change in the value of the portfolio. The

results are monitored by the Manager.

stress tests are carried out monthly and the results are monitored by the Manager. Appropriate stress tests are used to measure any potential major depreciation of the Fund's

value as a result of unexpected changes in the risk parameters, to analyse potential situations in which the use of derivative instruments would bring about a loss; and

157




For the years ended 30 September 2017 and 30 September 2016, details of the lowest, the highest and the average utilisation of the VaR limit calculated for the Funds during each financial year are as follows:

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %

Lowest Utilisation 40,19 48,37 51,60 47,29 37,86 38,50 45,27 46,80

Highest Utilisation 57,35 56,93 64,20 63,79 54,66 53,90 56,00 50,79

Average Utilisation 51,02 52,22 58,94 52,76 46,39 46,62 50,41 48,69

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %




Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %




Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % %

Lowest Utilisation 6,59 5,53 40,63 44,24 43,72 41,79

Highest Utilisation 14,10 10,92 53,30 58,05 49,55 56,17

Average Utilisation 9,62 8,23 44,98 49,42 47,51 46,94

158




VaR Analysis

Comparative analysis of VaR of each Fund as at 30 September 2017 and as at 30 September 2016:

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %

Value at risk % 4,17 17,66 4,53 12,77 3,13 7,07 5,09 12,02

Value at risk EUR 26.725.874 89.372.326 20.445.989 46.826.052 1.620.129 3.271.321 1.945.223 4.581.635

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %

Value at risk % 5,18 9,00 4,88 9,98 5,49 13,14 5,13 14,09

Value at risk EUR 2.293.594 3.718.937 3.721.412 6.075.904 1.271.796 2.918.456 587.906 1.316.287

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %

Value at risk % 4,13 11,73 0,56 0,57 1,77 2,67 4,25 10,80

Value at risk EUR 2.537.652 3.215.109 102.125 108.707 2.823.882 2.255.590 2.794.140 8.755.023

Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % %

Value at risk % 0,56 0,63 1,44 1,80 3,57 10,64

Value at risk EUR 749.050 687.827 577.275 693.609 985.097 3.009.609

159



c) Level of Leverage

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %

Level of Leverage at the Year End 0,28 - - - 55,65 34,65 - -

Maximum Level of Leverage 11,44 - - - 85,91 61,01 - -

Average Level of Leverage 2,21 - - - 54,68 42,76 - -

Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %

Level of Leverage at the Year End - - - - - - - -

Maximum Level of Leverage - - 1,52 - - - - -

Average Level of Leverage - - 0,16 - - - - -

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % % % %

Level of Leverage at the Year End 0,24 - 52,33 46,76 76,97 62,43 648,61 836,73

Maximum Level of Leverage 10,64 6,63 56,25 49,46 80,28 114,58 1.075,79 941,24

Average Level of Leverage 1,85 - 32,77 33,26 64,44 66,25 730,72 789,59

Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016

% % % % % %

Level of Leverage at the Year End 22,32 11,85 56,43 29,25 - -

Maximum Level of Leverage 22,34 39,27 60,48 61,43 - -

Average Level of Leverage 14,55 14,34 45,55 40,57 - -

For the years ended 30 September 2017 and 30 September 2016, details of the level of leverage employed for the Funds during each year are as follows:

160



c) Level of Leverage (continued)

d) Currency Risk

The total currency exposure as at 30 September 2017 and as at 30 September 2016 was as follows:

Fund

Currency

Non Monetary

Assets

Monetary

Assets

(Liabilities)

Hedged Net Unhedged Non Monetary

Assets

Monetary

Assets

(Liabilities)

Hedged Net Unhedged

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016



CHF 29.315.229 210.168 - 29.525.397 24.117.643 (626.811) - 23.490.832

DKK 30.907.756 - - 30.907.756 12.542.273 - - 12.542.273

GBP 209.347.671 1.161.956 - 210.509.627 145.156.983 7.368.821 - 152.525.804

NOK 27.374.942 9.979 - 27.384.921 16.035.110 10.444 - 16.045.554

SEK 38.898.492 440.180 - 39.338.672 28.814.686 13.222 - 28.827.908

USD 6.669.768 (32.700) - 6.637.068 7.341.920 (60.669) - 7.281.251

Total 342.513.858 1.789.583 - 344.303.441 234.008.615 6.705.007 - 240.713.622


CHF 29.970.936 - - 29.970.936 46.182.431 322.180 - 46.504.611

DKK 40.103.834 - - 40.103.834 23.893.712 - - 23.893.712

GBP 81.568.518 103.479 - 81.671.997 65.264.320 57.015 - 65.321.335

NOK 2.350.588 - - 2.350.588 4.520.622 1.442 - 4.522.064

SEK 52.448.161 - - 52.448.161 37.501.553 114 - 37.501.666

USD - (42.212) - (42.212) - (38.307) - (38.307)

Total 206.442.037 61.267 - 206.503.304 177.362.638 342.444 - 177.705.081


AUD 562.234 - - 562.234 554.974 - - 554.974

CHF 1.844.053 - - 1.844.053 1.830.595 - - 1.830.595

DKK 445.977 - - 445.977 407.797 - - 407.797

GBP 2.604.526 - - 2.604.526 2.704.811 - - 2.704.811

JPY 3.818.197 28.312 (1.427.043) 2.419.466 3.701.924 27.902 (1.405.552) 2.324.274

SEK 1.244.329 - - 1.244.329 1.014.460 - - 1.014.460

USD 27.262.150 819.196 (16.893.244) 11.188.102 25.656.748 597.550 (12.681.667) 13.572.631

Total 37.781.466 847.508 (18.320.287) 20.308.687 35.871.309 625.452 (14.087.219) 22.409.542

The leverage for the Funds through the use of derivatives is calculated daily using the sum of the notionals method. This method involves simply adding all of the notionals and allowing

no offsets of long against short positions. The leverage is therefore calculated by looking at the value of investments (transferable securities and financial derivative instruments) in

excess of the value of the NAV of each Fund during the year.

A portion of the financial assets of the Company is denominated in currencies other than Euro, the functional currency of the Company, with the effect that the Net Assets and total return

can be affected by currency movements.

161



d) Currency Risk (continued)

Fund

Currency

Non Monetary

Assets

Monetary

Assets

(Liabilities)


Assets

Monetary

Assets

(Liabilities)

Hedged Net Unhedged

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016



JPY 37.465.372 925.142 - 38.390.514 36.712.279 996.277 - 37.708.556

USD - (7.065) - (7.065) - (6.570) - (6.570)

Total 37.465.372 918.077 - 38.383.449 36.712.279 989.707 - 37.701.986


CAD 453.606 913 - 454.519 - - - -

CHF - - - - 707.913 - - 707.913

DKK 1.572.473 - - 1.572.473 869.149 - - 869.149

GBP 3.856.467 717 - 3.857.184 2.691.434 540 - 2.691.974

JPY 1.039.843 4.733 - 1.044.576 - - - -

SEK 1.071.430 - - 1.071.430 627.208 - - 627.208

USD 27.297.194 5.616 - 27.302.810 29.970.612 22.924 - 29.993.536

ZAR 457.671 229 - 457.900 - - - -

Total 35.748.684 12.208 - 35.760.892 34.866.316 23.464 - 34.889.780


CZK 2.635.969 - - 2.635.969 1.512.321 - - 1.512.321

GBP 4.599.237 - - 4.599.237 894.035 - - 894.035

PLN 15.099.083 27.795 - 15.126.878 9.654.414 42.299 - 9.696.713

RON 3.997.770 162.154 - 4.159.924 2.966.443 - - 2.966.443

RUB 8.340.171 - - 8.340.171 - - - -

SEK - - - - 1.255.927 - - 1.255.927

TRY 12.280.835 190.053 - 12.470.888 6.384.691 (56.542) - 6.328.150

USD 24.554.495 195.935 - 24.750.430 28.704.746 2.908 - 28.707.654

Total 71.507.560 575.937 - 72.083.497 51.372.577 (11.335) - 51.361.242

Metzler Focus Japan

JPY 22.910.632 344.793 - 23.255.425 21.637.657 492.073 - 22.129.730

USD - (2.791) - (2.791) - (3.039) - (3.039)

Total 22.910.632 342.002 - 23.252.634 21.637.657 489.034 - 22.126.691


CHF 220.938 - - 220.938 580.613 - - 580.613

DKK 1.279.869 - - 1.279.869 299.579 - - 299.579

GBP 1.297.592 157 - 1.297.749 1.283.117 183 - 1.283.300

SEK 1.903.953 - - 1.903.953 1.375.743 - - 1.375.743

USD - (1.748) - (1.748) - (1.282) - (1.282)

Total 4.702.352 (1.591) - 4.700.761 3.539.052 (1.099) - 3.537.953

162




Fund

Currency

Non Monetary

Assets

Monetary

Assets

(Liabilities)


Assets

Monetary

Assets

(Liabilities)

Hedged Net Unhedged

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016



CHF 1.896.582 - - 1.896.582 819.258 - - 819.258

DKK 1.331.994 - - 1.331.994 - - - -

GBP 4.672.732 9.662 - 4.682.394 2.386.291 10.611 - 2.396.902

NOK 7.484.197 (31.522) - 7.452.675 1.715.271 - - 1.715.271

SEK 7.525.185 - - 7.525.185 2.593.020 - - 2.593.020

USD - (14.782) - (14.782) - (5.173) - (5.173)

Total 22.910.690 (36.642) - 22.874.048 7.513.840 5.438 - 7.519.278


USD - (1.889) - (1.889) - (2.440) - (2.440)

Total - (1.889) - (1.889) - (2.440) - (2.440)


AUD (107.229) 667.271 - 560.042 60.279 180.940 - 241.219

CAD 231.878 418.642 - 650.520 17.265 195.109 - 212.374

CHF 68.165 192.217 - 260.382 (23.077) 57.653 - 34.576

GBP (105.657) 754.894 - 649.237 8.843 307.469 - 316.312

HKD 27.984 1.292.100 - 1.320.084 (3.396) 304.485 - 301.089

JPY 820.940 1.001.262 - 1.822.202 (24.648) 392.225 - 367.577

USD (95.262) 3.545.079 - 3.449.817 331.290 804.101 - 1.135.391

Total 840.819 7.871.465 - 8.712.284 366.556 2.241.982 - 2.608.538


AUD (403.022) 3.818.607 (5.574.730) (2.159.145) 497.935 3.261.600 (2.287.583) 1.471.952

CAD 69.594 3.862.590 (1.000.569) 2.931.615 25.966 3.353.511 (2.804.859) 574.618

CHF (65.609) 838.156 (8.664.807) (7.892.260) (4.450) 1.717.869 (5.783.269) (4.069.850)

GBP 61.590 7.783.249 (2.599.483) 5.245.356 15.172 2.186.894 (2.027.945) 174.121

HKD 390 949.479 (974.428) (24.559) (97.251) 1.337.101 (1.291.476) (51.626)

JPY 371.041 1.255.657 (5.177.193) (3.550.495) (85.667) 2.553.667 (1.282.862) 1.185.138

KRW (72.277) 343.367 - 271.090 (127.050) 924.387 (755.957) 41.380

NOK - 3.845.577 (1.982.278) 1.863.299 - 3.863.259 - 3.863.259

NZD - 4.582.845 (2.742.374) 1.840.471 - 7.485.648 (995.845) 6.489.803

PLN 696 215.203 (255.201) (39.302) (18.358) 252.047 (116.179) 117.510

SEK (37.046) 731.769 (2.721.444) (2.026.721) (86.313) 1.950.375 (8.391.427) (6.527.365)

SGD (567) 77.164 - 76.597 7.394 96.515 - 103.909

TRY (40.021) 204.994 (165.927) (954) (6.992) 361.591 (257.480) 97.119

USD 1.572.596 9.415.430 (8.785.694) 2.202.332 2.118.070 11.508.034 (13.445.743) 180.361

ZAR (13.507) 175.917 (218.785) (56.375) 8.988 238.593 (144.032) 103.549

Total 1.443.858 38.100.004 (40.862.913) (1.319.051) 2.247.444 41.091.091 (39.584.657) 3.753.878

163




Fund

Currency

Non Monetary

Assets

Monetary

Assets

(Liabilities)


Assets

Monetary

Assets

(Liabilities)

Hedged Net Unhedged

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016



AUD (5.592) 90.056 - 84.464 - - - -

CAD 40.630 50.208 - 90.838 - - - -

CHF 8.629 101.585 - 110.214 (3.745) 38.306 - 34.561

GBP (539) 91.832 - 91.293 9.363 31.710 - 41.073

HKD 3.910 271.727 - 275.637 (665) 89.574 - 88.909

JPY 103.514 224.051 - 327.565 (3.779) 143.735 - 139.956

USD 2.098 890.693 - 892.791 46.498 181.072 - 227.570

Total 152.650 1.720.152 - 1.872.802 47.672 484.397 - 532.069


AUD 2.005.092 34.082 (2.059.678) (20.504) - 553 - 553

CZK 1.407.639 24.271 (1.461.927) (30.017) - - - -

DKK 1.526.320 26.654 (1.569.615) (16.641) 2.099.754 33.976 (2.121.726) 12.004

GBP 1.850.960 130.404 (2.031.024) (49.660) 1.595.008 400.480 (2.012.112) (16.624)

JPY 2.955.984 6.612 (2.970.161) (7.565) 1.535.355 36.520 (1.559.513) 12.362

MXN - - - - - 1.387.581 (1.387.581) -

NOK 1.088.980 9.918 (1.102.682) (3.784) - 1.967 - 1.967

NZD 1.536.755 29.232 (1.564.889) 1.098 - - - -

PLN 1.413.467 37.695 (1.445.364) 5.798 - - - -

SEK 1.198.780 296.575 (1.500.629) (5.274) 983.207 142.965 (1.118.975) 7.197

SGD 1.563.190 16.053 (1.581.563) (2.320) 1.450.137 11.437 (1.456.894) 4.680

USD 5.622.157 39.354 (5.706.643) (45.132) 4.646.068 31.724 (4.676.123) 1.669

Total 22.169.324 650.850 (22.994.175) (174.001) 12.309.529 2.047.203 (14.332.924) 23.808


CHF 3.100.469 - - 3.100.469 4.174.931 - - 4.174.931

DKK 1.118.810 - - 1.118.810 1.152.943 - - 1.152.943

GBP 3.403.825 9.565 - 3.413.390 4.446.958 17.866 - 4.464.824

NOK 1.435.252 - - 1.435.252 1.016.151 - - 1.016.151

SEK 2.698.808 - - 2.698.808 2.540.791 - - 2.540.791

USD - (3.159) - (3.159) - (3.216) - (3.216)

Total 11.757.164 6.406 - 11.763.570 13.331.774 14.650 - 13.346.424

The currency risk of each Fund is actively managed on a daily basis by the Investment Managers by monitoring and considering the country and associated currency allocation of each

Fund’s portfolio and by initiating adjustments to these allocations where appropriate, taking due account of the investment objectives of each Fund and the best interests of

shareholders.

164



e) Interest Rate Risk Profile of Financial assets


Less than 1

year

1 - 5 years Over 5 years Non-interest

Bearing

Total Less than 1

year


Bearing

Total

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016 30.09.2016

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR


Assets

Debt instruments 2.288.284 13.345.432 1.685.092 - 17.318.808 1.780.789 15.864.456 1.188.409 - 18.833.654

Financial derivative instruments - - - 9.180 9.180 - - - 18.440 18.440

Cash at bank 937.079 - - - 937.079 358.360 - - - 358.360

Debtors - - - 388 388 - - - 3.434 3.434

Total Assets 3.225.363 13.345.432 1.685.092 9.568 18.265.455 2.139.149 15.864.456 1.188.409 21.874 19.213.888

Liabilities excluding redeemable shares


Creditors - - - 27.399 27.399 - - - 32.701 32.701

Total Liabilites - - - 45.134 45.134 - - - 38.686 38.686

Total interest sensitivity gap 3.225.363 13.345.432 1.685.092 2.139.149 15.864.456 1.188.409

All Funds except Metzler Euro Corporates Short Term, Metzler Wertsicherungsfonds 90, Metzler Alpha Strategies, Metzler Wertsicherungsfonds 98 and Metzler Sovereign

Select LCR.

Substantially all of the financial instruments at year end of Metzler European Smaller Companies, Metzler European Growth, Metzler Global Selection, Metzler Japanese Equity Fund,

Metzler International Growth, Metzler Eastern Europe, Metzler Focus Japan, Metzler European Concentrated Growth, Metzler European Small and Micro Cap and Metzler Dividend

Sustainability are equities and thus non-interest bearing. Any excess cash is held with the Depositary and invested at short term market interest rates. As a result, the above Funds are

subject to limited exposure to fair value interest rate risk due to the prevailing levels of market interest rates.

The financial instruments of Metzler Euro Corporates Short Term at year end are a mixture of short, medium and long term fixed and floating rate debt instruments and futures contracts.

At year end, the Metzler Euro Corporates Short Term investment in futures is non-interest bearing. Any excess cash is held with the Depositary and invested at short term market interest

rates. As a result, Metzler Euro Corporates Short Term’s investment in futures and cash is subject to a limited exposure to fair value interest rate risk due to the prevailing levels of

market interest rates. The remainder of the financial instruments within Metzler Euro Corporates Short Term at the year end are short, medium and long term fixed rate debt instruments

and as such Metzler Euro Corporates Short Term is exposed to the risk of fluctuations in the prevailing levels of market interest rates. The following table details the exposure to interest

rate risks for Metzler Euro Corporates Short Term.

The Company is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows.

165



e) Interest Rate Risk Profile of Financial assets (continued)


Less than 1

year


Bearing

Total Less than 1

year


Bearing

Total

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016 30.09.2016



Assets


Financial derivative instruments - - - 1.687.368 1.687.368 - - - 478.496 478.496

Cash at bank 26.788.901 - - - 26.788.901 15.701.016 - - - 15.701.016

Debtors - - - 97.591 97.591 - - - 8.039 8.039

Total Assets 48.572.621 106.242.731 4.103.337 1.784.959 160.703.648 34.464.455 44.941.808 6.800.737 486.535 86.693.535



Creditors - - - 157.841 157.841 - - - 2.116.789 2.116.789

Total Liabilites - - - 809.961 809.961 - - - 2.221.109 2.221.109



The financial instruments of Metzler Wertsicherungsfonds 90 at year end are a mixture of short, medium and long term fixed rate debt instruments and futures contracts. At year end, the

Metzler Wertsicherungsfonds 90 investment in futures is non-interest bearing. Any excess cash is held with the Depositary and invested at short term market interest rates. As a result,

Metzler Wertsicherungsfonds 90’s investment in futures and cash is subject to a limited exposure to fair value interest rate risk due to the prevailing levels of market interest rates. The

remainder of the financial instruments within Metzler Wertsicherungsfonds 90 at the year end are short, medium and long term fixed rate debt instruments and as such Metzler

Wertsicherungsfonds 90 is exposed to the risk of fluctuations in the prevailing levels of market interest rates. The following table details the exposure to interest rate risks for Metzler

Wertsicherungsfonds 90.

The financial instruments of Metzler Alpha Strategies at year end are a mixture of short and medium term fixed rate debt instruments, forward currency, options and futures contracts. At

year end, the Metzler Alpha Strategies investment in forward currency, options and futures contracts is non-interest bearing. Any excess cash is held with the Depositary and invested at

short term market interest rates. As a result, Metzler Alpha Strategies’ investment in forward currency, options, futures contracts and cash is subject to a limited exposure to fair value

interest rate risk due to the prevailing levels of market interest rates. The remainder of the financial instruments within Metzler Alpha Strategies at the year end are short, medium and

long term fixed rate debt instruments and as such Metzler Alpha Strategies is exposed to the risk of fluctuations in the prevailing levels of market interest rates. The following table details

the exposure to interest rate risks for Metzler Alpha Strategies.

166




Metzler Alpha Strategies (continued)

Less than 1

year


Bearing

Total Less than 1

year


Bearing

Total

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016 30.09.2016



Assets

Debt instruments 8.619.768 24.760.040 1.024.510 - 34.404.318 31.453.006 22.727.426 - - 54.180.432

Financial derivative instruments - - - 5.447.850 5.447.850 - - - 7.972.718 7.972.718

Cash at bank 28.638.492 - - - 28.638.492 22.195.041 - - - 22.195.041

Debtors - - - 363 363 - - - 3.434 3.434

Total Assets 37.258.260 24.760.040 1.024.510 5.448.213 68.491.023 53.648.047 22.727.426 - 7.976.152 84.351.625


Financial derivative instruments - - - 2.695.527 2.695.527 - - - 2.994.411 2.994.411

Creditors - - - 102.033 102.033 - - - 589.964 589.964

Total Liabilites - - - 2.797.560 2.797.560 - - - 3.584.375 3.584.375

Total interest sensitivity gap 37.258.260 24.760.040 1.024.510 53.648.047 22.727.426 -


Less than 1

year


Bearing

Total Less than 1

year


Bearing

Total

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016 30.09.2016



Assets



Cash at bank 21.822.732 - - - 21.822.732 11.336.455 - - - 11.336.455

Debtors - - - 6.763 6.763 - - - 10.606 10.606

Total Assets 50.031.139 79.490.302 5.361.320 220.504 135.103.265 69.870.737 34.737.127 5.023.239 144.997 109.776.100

The financial instruments of Metzler Wertsicherungsfonds 98 at year end are a mixture of short, medium and long term fixed rate debt instruments and futures contracts. At year end, the

Metzler Wertsicherungsfonds 98 investment in futures contracts is non-interest bearing. Any excess cash is held with the Depositary and invested at short term market interest rates. As

a result, Metzler Wertsicherungsfonds 98 investment in futures contracts and cash is subject to a limited exposure to fair value interest rate risk due to the prevailing levels of market

interest rates. The remainder of the financial instruments within Metzler Wertsicherungsfonds 98 at the year end are short, medium and long term fixed rate debt instruments and as such

Metzler Wertsicherungsfonds 98 is exposed to the risk of fluctuations in the prevailing levels of market interest rates. The following table details the exposure to interest rate risks for

Metzler Wertsicherungsfonds 98.

167




Metzler Wertsicherungsfonds 98 (continued)

Less than 1

year


Bearing

Total Less than 1

year


Bearing

Total

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016 30.09.2016





Creditors - - - 139.754 139.754 - - - 105.457 105.457




Less than 1

year


Bearing

Total Less than 1

year


Bearing

Total

30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2017 30.09.2016 30.09.2016 30.09.2016 30.09.2016 30.09.2016



Assets

Debt instruments 1.441.294 12.614.750 24.967.961 - 39.024.005 - 13.986.074 23.821.205 - 37.807.279


Cash at bank 966.946 - - - 966.946 784.156 - - - 784.156

Debtors - - - 5.848 5.848 - - - 7.845 7.845

Total Assets 2.408.240 12.614.750 24.967.961 194.453 40.185.404 784.156 13.986.074 23.821.205 164.322 38.755.757



Creditors - - - 36.148 36.148 - - - 35.315 35.315


Total interest sensitivity gap 2.408.240 12.614.750 24.967.961 784.156 13.986.074 23.821.205

The financial instruments of Metzler Sovereign Select LCR at year end are a mixture of short, medium and long term fixed rate debt instruments and forwards contracts. At year end, the

Metzler Sovereign Select LCR investment in forwards contracts is non-interest bearing. Any excess cash is held with the Depositary and invested at short term market interest rates. As

a result, Metzler Sovereign Select LCR investment in forwards contracts and cash is subject to a limited exposure to fair value interest rate risk due to the prevailing levels of market

interest rates. The remainder of the financial instruments within Metzler Sovereign Select LCR at the year end are short, medium and long term fixed rate debt instruments and as such

Metzler Sovereign Select LCR is exposed to the risk of fluctuations in the prevailing levels of market interest rates. The following table details the exposure to interest rate risks for

Metzler Sovereign Select LCR.

168


f) Liquidity Risk

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler Global

Selection

Metzler Global

Selection

Metzler

Japanese

Equity Fund

Metzler

Japanese

Equity Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Less than 1 month

Payable for investments 5.112.823 - 139.616 - -

Accrued expenses 2.089.658 1.535.786 1.690.816 953.026 47.978 44.832 123.747 122.834

Gross value of forward currency contracts - - - - - - - -


Unrealised fair value loss on futures contracts - - - - - - - -

Redeemable participating shares 640.769.965 506.681.820 451.196.935 367.302.593 51.726.598 46.370.553 38.250.387 37.679.363

647.972.446 508.217.606 453.027.367 368.255.619 51.774.576 46.415.385 38.374.134 37.802.197

1-3 months

Accrued expenses 67.921 60.669 42.212 38.307 5.665 5.339 7.065 6.570

Gross value of forward currency contracts - - - - 18.320.287 14.087.219 - -


Unrealised fair value loss on futures contracts - - - - 86.259 18.919 - -

67.921 60.669 42.212 38.307 18.412.211 14.111.477 7.065 6.570

Liquidity risk is the risk that an entity will encounter difficulty in meeting its obligations associated with financial liabilities. The Company’s Prospectus provides for the daily creation and

cancellation of shares and the Company is therefore exposed to the liquidity risk of meeting shareholder redemptions at any time. The Company’s assets are considered to be liquid as

they can be readily disposed of in the event that cash needs to be raised to meet redemptions or to pay expenses. The Company’s redemption policy provides for a two to four days

settlement cycle. Redemption applications for Metzler European Small and Micro Cap are required to be submitted four days before the trade date to allow the Investment Manager

sufficient time to carefully liquidate enough positions to meet the redemption amount. In the case of Metzler Japanese Equity Fund and Metzler Focus Japan, redemption requested

should be submitted a day before trade date due to Asian markets timing issues. These settement cycles are deemed adequate by the Directors of the Company for meeting redemption

requirements.

Under the terms of the Company’s Prospectus, the redemption proceeds are paid within 14 days of the day on which a redemption request is received. In addition, the Company

Prospectus states that the Manager is not bound to redeem on any Dealing Day more than 10% of the shares of any one Fund. If the number of requests received exceeds that limit, the

requests may be reduced proportionately. The Investment Managers monitor liquidity of each Fund on a daily basis and initiate appropriate investment action where necessary to meet

liquidity requirements. The Company’s financial liabilities are redeemable participating shares, short term creditors and accruals all payable within one year. The residual contractual

maturities of financial liabilities as at the reporting date are as follows:


169



f) Liquidity Risk (continued)

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler Global

Selection

Metzler Global

Selection

Metzler

Japanese

Equity Fund

Metzler

Japanese

Equity Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


3 months - 1 year



13.850 13.979 13.852 13.979 12.425 12.656 12.830 13.038

Total 648.054.217 508.292.254 453.083.431 368.307.905 70.199.212 60.539.518 38.394.029 37.821.805

Metzler

International

Growth

Metzler

International

Growth

Metzler Eastern

Europe

Metzler Eastern

Europe

Metzler Focus

Japan

Metzler Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Less than 1 month

Payable for investments 3.000 - 558.675 - - - - -






44.506.589 41.825.096 76.955.287 60.922.132 23.242.377 22.114.596 11.481.545 9.413.210

1-3 months





4.823 4.778 30.438 23.884 2.791 3.039 1.748 1.282

170




Metzler

International

Growth

Metzler

International

Growth

Metzler Eastern

Europe

Metzler Eastern

Europe

Metzler Focus

Japan

Metzler Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


3 months - 1 year



11.407 11.714 12.831 13.038 11.813 12.096 12.830 13.038

Total 44.522.819 41.841.588 76.998.556 60.959.054 23.256.981 22.129.731 11.496.123 9.427.530

Metzler

European Small

and Micro Cap

Metzler

European Small

and Micro Cap

Metzler Euro

Corporates

Short Term

Metzler Euro

Corporates

Short Term

Metzler

Wertsicherungs

fonds 90

Metzler

Wertsicherungs

fonds 90

Metzler Alpha

Strategies

Metzler Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Less than 1 month

Payable for investments 4.019.202 - - - - - - -


Gross value of forward currency contracts - - - - - - 67.480.340 65.313.612

Unrealised fair value on options - - - - - - 987.638 1.373.457

Unrealised fair value loss on futures contracts - - - - - 3.395 37.046 228.949


65.669.300 27.353.209 18.233.974 19.190.301 160.024.362 84.549.931 134.235.629 147.724.132

1-3 months



Unrealised fair value on options - - - - - - 551.962 824.314

Unrealised fair value loss on futures contracts - - 17.735 5.985 656.155 100.925 819.050 227.747

14.782 5.173 19.668 8.432 669.875 108.616 1.375.939 1.058.625

171




Metzler

European Small

and Micro Cap

Metzler

European Small

and Micro Cap

Metzler Euro

Corporates

Short Term

Metzler Euro

Corporates

Short Term

Metzler

Wertsicherungs

fonds 90

Metzler

Wertsicherungs

fonds 90

Metzler Alpha

Strategies

Metzler Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


3 months - 1 year


Unrealised fair value loss on futures contracts - - - - - - 45.047 169.176

12.832 13.038 11.813 15.155 13.446 13.598 105.012 711.712

Total 65.696.914 27.371.420 18.265.455 19.213.888 160.707.683 84.672.145 135.716.580 149.494.469

Metzler

Wertsicherungs

fonds 98

Metzler

Wertsicherungs

fonds 98

Metzler

Sovereign

Select LCR

Metzler

Sovereign

Select LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Less than 1 month

Payable for investments - - - - - - 9.833.316 -

Accrued expenses 116.479 84.730 19.251 19.385 62.452 62.844 5.009.240 3.498.441

Gross value of forward currency contracts - - 23.377.911 16.317.136 - - 90.858.251 81.630.748

Unrealised fair value on options - - - - - - 987.638 1.373.457

Unrealised fair value loss on futures contracts - 665 - - - - 37.046 233.009

Redeemable participating shares 134.793.989 109.647.344 40.080.207 38.649.400 27.603.808 28.321.085 1.844.826.192 1.480.150.348

134.910.468 109.732.739 63.477.369 54.985.921 27.666.260 28.383.929 1.951.551.683 1.566.886.003

1-3 months



Unrealised fair value on options - - - - - - 551.962 824.314

Unrealised fair value loss on futures contracts 169.522 22.634 - - - - 1.748.721 376.210

180.985 31.265 5.084 3.835 3.159 3.216 20.838.701 15.469.168

3 months - 1 year


Unrealised fair value loss on futures contracts - - - - - - 45.047 169.176

11.812 12.096 11.813 12.095 12.831 15.189 281.397 896.421

Total 135.103.265 109.776.100 63.494.266 55.001.851 27.682.250 28.402.334 1.972.671.781 1.583.251.592

172



g) Credit Risk

In addition, Metzler Euro Corporates Short Term, Metzler Wertsicherungsfonds 90, Metzler Alpha Strategies. Metzler Wertsicherungsfonds 98 and Metzler Sovereign Select LCR are

exposed to credit risk on the issuers of their debt securities. To minimise the risk, the Investment Managers of the Funds have primarily purchased AAA, AA, A, BBB, and BB debt

securties, as rated by S&P or an Equivalent Rating, from sovereign issuers. The Funds are also exposed to a credit risk in relation to the counterparty with whom they trade derivative

contracts, with the Funds' rights with respect to cash and assets held with, and owing from, these counterparties subject to delay or limitation in the event of bankruptcy or insolvency of a

counterparty. The counterparties with whom the Funds are currently trading these financial derivative instruments are JPMorgan, currently rated A- by S&P (30 September 2016: A+ by

S&P) and B. Metzler seel. Sohn & Co. Holding AG.

Substantially all of the Company’s securities are held on a fiduciary basis by Brown Brothers Harriman Trustee Services (Ireland) Limited (the “Depositary”). Its parent BBH&Co is

currently rated A+ by Fitch (30 September 2016: A+ by Fitch). These assets are held in segregated accounts of each Fund (in accordance with UCITS regulations), reducing the credit

risk of holding the assets in safekeeping. The Company will however be exposed to the credit risk of a credit institution holding its deposits. The cash held on overnight deposit for each

Fund is held with recognised and reputable financial institutions which form part of the Depositary’s list of financial institutions with whom it places money on overnight deposit. An

agreement has been reached with the Depositary that the Depositary or its agent will use reasonable endeavours to preclude more than 15% of a respective Fund’s NAV being placed

on overnight deposit with any one institution.

Credit risk arises from the possibility that a loss may occur from the failure of another party to perform according to the terms of the contract. The Company will be exposed to credit risk

on the counterparties with which it trades in relation to forward currency and futures contracts and other derivative financial instruments that are not traded on a recognised exchange.

The Company is also exposed to credit risk on the issuers of debt securities it holds and is further exposed to a credit risk on parties with whom it trades equities. An additional credit risk

exists in relation to cash held on deposit with a credit institution.

All of the Funds within the Company are exposed to a credit risk on parties with whom they trade equities and investment funds. However, transactions in these financial instruments are

generally settled or paid for on delivery, or cleared through the appropriate clearing system for the market on which the instruments are traded. The risk of default is not considered to be

material as delivery of securities sold is generally only made once the Depositary has received confirmation of payment. Payment is also generally only made on a purchase once

confirmation of delivery of the securities has been received by the Depositary. The trade will fail if either party fails to deliver the required confirmations.

173



g) Credit Risk (continued)

At the year end and at prior year end, the Companys financial assets exposed to credit risk amounted to the following (see also Note 5):

Metzler

European

Smaller

Companies

Metzler

European

Smaller

Companies

Metzler

European

Growth

Metzler

European

Growth

Metzler

Global

Selection

Metzler

Global

Selection

Metzler

Japanese

Equity

Fund

Metzler

Japanese

Equity

Fund

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Investment in AAA rated debt securities - - - - - - - -

Investment in AA rated debt securities - - - - - - - -

Investment in A rated debt securities - - - - - - - -

Investment in BBB rated debt securities - - - - - - - -

Investment in BB rated debt securities

Investment funds 6.969.505 5.164.558 - - 2.551.722 - - -

Gross value of forward currency contracts - - - - 18.110.169 14.062.049 - -

Receivable from investments/creations 7.270.345 9.551.597 194.307 1.840.445 9.449 1.046 104 191.987

Investment income receivable 787.684 502.230 177.268 103.886 58.493 48.879 254.890 268.912

Unrealised fair value on options 33.000 - - - - - - -

Unrealised fair value gains on futures - - - - 25.600 - - -

Variation margin - - - - 38.722 3.925 - -

Cash at bank 16.294.054 7.560.205 4.183.667 8.553.463 2.862.053 3.793.091 673.663 846.183

31.354.588 22.778.590 4.555.242 10.497.794 23.656.208 17.908.990 928.657 1.307.082

The Investment Managers analyse credit concentration based on the counterparty of the financial assets that the Company holds and structure the portfolio in line with regulatory

guidelines to diversify credit risk. Details of the parties with whom the Company is exposed to credit risk are disclosed in the Portfolio and Statement of Changes in Investments. At the

year end, the maximum credit exposure of the Company is best represented by carrying amounts of the financial assets as disclosed in the Statement of Financial Position.

174




Metzler

International

Growth

Metzler

International

Growth

Metzler

Eastern

Europe

Metzler

Eastern

Europe

Metzler

Focus

Japan

Metzler

Focus

Japan

Metzler

European

Concentrated

Growth

Metzler

European

Concentrated

Growth

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Investment in AAA rated debt securities - - - - - - - -

Investment in AA rated debt securities - - - - - - - -

Investment in A rated debt securities - - - - - - - -

Investment in BBB rated debt securities - - - - - - - -

Investment in BB rated debt securities

Investment funds - - - - - - - -


Receivable from investments/creations 91.607 217.611 546.383 - - 446.332 - 24.459

Investment income receivable 11.649 24.649 81.970 69.091 98.603 141.822 1.241 183


Unrealised fair value gains on futures - - - - - - - -

Variation margin - - - - - - - -

Cash at bank 119.793 328.538 843.509 3.286.248 247.746 338.966 86.695 37.168

223.049 570.798 1.471.862 3.355.339 346.349 927.120 87.936 61.810

Metzler

European

Small

and

Micro

Cap

Metzler

European

Small

and

Micro

Cap

Metzler

Euro

Corporates

Short

Term

Metzler

Euro

Corporates

Short

Term

Metzler

Wertsicherungs

fonds

90

Metzler

Wertsicherungs

fonds

90

Metzler

Alpha

Strategies

Metzler

Alpha

Strategies

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Investment in AAA rated debt securities - - - - 93.181.760 10.358.407 25.252.872 12.894.350

Investment in AA rated debt securities - - 801.567 823.516 38.948.028 6.549.400 9.151.446 8.832.990

Investment in A rated debt securities - - 4.837.097 4.594.870 - - - -

Investment in BBB rated debt securities - - 10.510.661 4.890.781 - - - -

Investment in BB rated debt securities 1.169.483 8.524.487 - 53.598.177 - 32.453.092

Investment funds - - - - - - - -


Receivable from investments/creations 190.482 65.654 - - 97.228 4.605 - -

Investment income receivable 9.733 10.611 25 - - - - -

Unrealised fair value on options 2.750 - - - - - 3.459.954 5.882.152

Unrealised fair value gains on futures - - 9.180 18.440 1.687.368 478.496 1.567.256 1.718.517

Variation margin - - 10.455 11.975 550.876 461.097 371.197 1.301.319

Cash at bank 5.590.121 619.913 937.079 346.385 27.339.777 15.239.919 29.009.689 20.893.722

5.793.086 696.178 18.275.547 19.210.454 161.805.037 86.690.101 136.491.575 149.505.855

175




Metzler

Wertsicherungs

fonds

98

Metzler

Wertsicherungs

fonds

98

Metzler

Sovereign

Select

LCR

Metzler

Sovereign

Select

LCR

Metzler

European

Dividend

Sustainability

Metzler

European

Dividend

Sustainability

Total Total

30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016 30.09.2017 30.09.2016


Investment in AAA rated debt securities 87.722.493 23.290.497 11.385.663 5.198.968 - - 217.542.788 51.742.222

Investment in AA rated debt securities 25.337.536 10.623.276 16.383.724 3.790.007 - - 90.622.301 30.619.189

Investment in A rated debt securities - - 5.727.354 754.406 - - 10.564.451,0 5.349.276

Investment in BBB rated debt securities - - 5.527.264 - - - 16.037.925,0 4.890.781

Investment in BB rated debt securities - 64.380.875 - 28.063.898 1.169.483 187.020.529

Investment funds - - - - - - 9.521.227 5.164.558

Gross value of forward currency contracts - - 23.497.483 16.402.236 - - 109.286.813 95.993.998

Receivable from investments/creations - - - - - - 8.399.905 12.343.736

Investment income receivable - - - - 21.344 30.070 1.502.900 1.200.333


Unrealised fair value gains on futures 213.741 134.391 - - - - 3.503.145 2.349.844

Variation margin 36.532 106.733 - - - - 1.007.782 1.885.049

Cash at bank 21.786.200 11.229.722 966.946 784.156 358.191 358.152 111.299.183 74.215.831

135.096.502 109.765.494 63.488.434 54.993.671 379.535 388.222 583.953.607 478.657.498

14. Financial Derivative Instruments

15. Exchange Rates

The Euro exchange rates used as at 30 September 2017 and 30 September 2016 were:

Currency Currency FX Rate FX Rate

Code 30.09.2017 30.09.2016

Australian Dollar AUD 1,5067 1,4686

British Pound GBP 0,8812 0,8651

Canadian Dollar CAD 1,4785 1,4709

Czech Koruna CZK 25,9915 27,0210

Danish Krone DKK 7,4417 7,4527

Hong Kong Dollar HKD 9,2338 8,7091

Japanese Yen JPY 133,0744 114,1310

Leu (Romania) RON 4,5967 4,4509

Mexican Peso MXN 21,4679 21,7838

New Zealand Dollar NZD 1,6354 1,5425

Norwegian Krone NOK 9,4107 9,0199

During the year, forward currency, futures and covered options contracts were entered into for the purpose of investment and/or hedging strategies. Details of the individual contracts are

outlined in the Portfolio and Statement of Changes in Investments commencing on page 36.

176


15. Exchange Rates (continued)

Currency Currency FX Rate FX Rate

Code 30.09.2017 30.09.2016

Russian Ruble RUB 68,0445 70,8233

Singapore Dollar SGD 1,6054 1,5303

South African Rand ZAR 15,9627 15,5775

South Korean Won KRW 1.354,0328 1.234,0098

Swedish Krona SEK 9,6495 9,6280

Swiss Franc CHF 1,1439 1,0894

Turkish Lira TRY 4,2040 3,3602

US Dollar USD 1,1822 1,1238

Polish Zloty PLN 4,3079 4,3012

16. Soft Commissions

17. Investments

All the investments held at the year end, with the exception of permitted investments in units of open-ended investment funds, are listed or traded on a Recognised Market.

18. Changes to the Prospectus

19. Segregated Liability

20. Events since the Year End Date

21. Approval of the Financial Statements

For significant events since the year end date, please refer to the Directors' report on pages 3 to 6 of the Financial Statements.

The Financial Statements were approved by the Directors on 15 December 2017.

A new Prospectus was issued on 9 February 2017, the main purpose of which was updating the Company's documents in line with UCITS V, changing the leverage limits and an

introduction of new share classes.

The Company is structured as an umbrella fund with segregated liability between its sub funds. Accordingly, each Fund will bear its own liabilities and is not liable for liabilities of other

Funds.

In October 2015, Metzler Asset Management ("MAM") entered into a commission sharing agreement with UBS. The agreement became effective in February 2016. The commission

sharing agreement with UBS was in place during the year.

177

The total remuneration paid by MIL to its employees and Board of Directors (25 people) for the financial period ended 30

September 2017, deemed attributable to the management and administration of Metzler International Investments plc ("MII")

amounted to €814,132 of which €137,006 took the form of variable remuneration (bonuses). Of this total remuneration

applicable to MII, €353,620 would be deemed to apply to those who could exercise an influence over the risk profile of the

funds. In deciding on an equitable allocation for MII of the total remuneration of the Manager, criteria such as the number of

sub funds in the Company, assets under management and resources required to manage the daily business of the sub funds

were factored into the calculation.

One of the key aims of the remuneration policy is the alignment of risks taken by identified staff with the interests of Metzler

Ireland Limited (“MIL”), the funds under management and the underlying unitholders. The Board of MIL in applying this

remuneration policy aims to avoid or appropriately manage any relevant conflicts of interest and believes the adoption of the

stated remuneration policy achieves this objective.

Additional Disclosures to the Shareholders of Metzler International Investments plc

Remuneration Disclosures

Sustainability and the avoidance of excessive risks have always been given top priority in the Metzler Group remuneration

policy, which is thus based on a long term perspective. The Metzler remuneration policy, which is applied to all group

companies, is a component of the overall low risk business strategy of the Metzler Group.

Metzler's remuneration to staff comprises of fixed (base salary) and variable (bonus or special payments) remuneration

components. The base salary element provides employees with appropriate compensation for their work which reflects the

tasks and responsibilities entrusted to them, and encourages the long-term commitment of employees to Metzler. This system

thus rules out any significant dependence on variable remuneration components so that the possibility of employees being

rewarded for taking unreasonable risks is avoided. The remuneration of staff is not linked to the performance of individual

funds.

178

In our opinion, the accompanying financial statements:

Going concern

Other information

We have nothing to report in respect of the following matters in relation to which ISA 570 (Ireland) ‘Going concern ’ requires us

to report to you where:

Based solely on that work, we report that

● in our opinion, the information given in the directors’ report is consistent with the financial statements;● in our opinion, the directors’ report has been prepared in accordance with the Companies Act 2014.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance

conclusion on that information.

In connection with our audit of the financial statements, ISAs (Ireland) and the Companies Act 2014 require that we read the

other information and, in doing so, consider whether that information is materially inconsistent with the financial statements or

our knowledge obtained from our audit work, or otherwise appears to be materially misstated.

● we have not identified material misstatements in the directors’ report or other accompanying information;

Opinions on other matters prescribed by the Companies Act 2014

Independent Auditor's Report to the Members of Metzler International Investments

plc

We have audited the English language version of the financial statements of Metzler International Investments plc (‘the

Company’) for the year ended 30 September 2017 set out on pages 118 to 199, which comprise the Statement of

Comprehensive Income, Statement of Financial Position, Statement of Changes in Net Assets Attributable to Holders of

Redeemable Shares and related notes, including the summary of significant accounting policies set out in note 1. The financial

reporting framework that has been applied in their preparation is Irish Law and FRS 102 The Financial Reporting Standard

applicable in the UK and Republic of Ireland.

● give a true and fair view of the assets, liabilities and financial position of the Company as at 30 September 2017 and of its

changes in net assets attributable to holders of redeemable participating shares for the year then ended;

● have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and

Republic of Ireland ; and

● have been properly prepared in accordance with the requirements of the Companies Act 2014.

1. Report on the audit of the financial statements

Opinion

We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and

properly audited and the financial statements are in agreement with the accounting records.

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law.

Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial

Statements section of our report. We are independent of the Company in accordance with ethical requirements that are

relevant to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and

Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these

requirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

● the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or● the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt

about the Company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months

from the date when which the financial statements are authorised for issue.

The directors are responsible for preparation of other information accompanying the financial statements. The other information

comprises the information included in the directors’ report, Investment Reviews, Portfolio and Statement of Changes in

Investment and Fund Summary Information other than the financial statements and our auditor's report thereon.

Basis for opinion

179

Independent Auditor's Report to the Members of Metzler International Investments

plc

Garrett O’Neill 15 December 2017

for and on behalf ofKPMGChartered Accountants, Statutory Audit Firm1 Harbourmaster PlaceIFSC, Dublin 1Ireland

A fuller description of our responsibilities is provided on IAASA’s website at https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-

9b8f-a98202dc9c3a/Description_of_auditors_responsiblities_for_audit.pdf

Auditor’s responsibilities for the audit of the financial statements

Matters on which we are required to report by exception

As explained more fully in the directors’ responsibilities statement set out on pages 4 to 5, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as

they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether

due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless

management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is

a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or

in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company’s members, as a body, in accordance with section 391 of the Companies Act 2014.

Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state

to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or

for the opinions we have formed.

The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors’ remuneration and

transactions required by sections 305 to 312 of the Act are not made. We have nothing to report in this regard.

2. Respective responsibilities and restrictions on use

Responsibilities of directors for the financial statements

180

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsiblities_for_audit.pdf














Report of the Depositary to the Shareholders

Basis of Depositary Opinion

(ii) otherwise in accordance with the Company's constitutional documentation and the appropriate regulations.

Opinion

Brown Brothers Harriman Trustee Services (Ireland) Ltd.30 Herbert StreetDublin 2Ireland

Date: 18 December 2017

(i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional

documentation and the appropriate regulations; and

In our opinion, the Company has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum &

Articles of Association, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))

(Undertakings for Collective Investment in Transferable Securities) Regulations 2015 ('the Central Bank UCITS Regulations');

and

(ii) otherwise in accordance with the provisions of the Memorandum & Articles of Association, the UCITS Regulations and the

Central Bank UCITS Regulations.

We have enquired into the conduct of Metzler International Investments plc (the "Company") for the year ended 30 September

2017, in our capacity as Depositary to the Company.

This report including the opinion has been prepared for and solely for the shareholders in the Company as a body, in

accordance with the Central Bank of Ireland's UCITS Regulations, and for no other purpose. We do not, in giving this opinion,

accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Depositary

Our duties and responsibilities are outlined in Part 5 of the UCITS Regulations. One of those duties is to enquire into the

conduct of the Company in each annual accounting period and report thereon to the shareholders.

Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions

of the Company's Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the

Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the

case and outline the steps which we have taken to rectify the situation.

The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as

outlined in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed.

181

Management and Administration

Registered Office Kilmore HouseSpencer DockNorth Wall QuayDublin 1Ireland

Directors of the Company Robert Burke (independent director) - IrishDr. Rainer Matthes - GermanKeith Milne - IrishDamien Owens - IrishJoachim Treppner - GermanDeirdre Yaghootfam - Irish

Manager and Administrator Metzler Ireland LimitedKilmore HouseSpencer DockNorth Wall QuayDublin 1

Ireland

Investment Manager T&D Asset Management, Co. Ltd.for Metzler Japanese Equity Fund Mita Bellju Building

5-36-7 ShibaMinato-kuTokyo 108-0014Japan

Investment Manager Nissay Asset Management Corporationfor Metzler Focus Japan 1-6-6 Marunocuhi

Chiyoda-kuTokyo 100-8219Japan

Investment Manager for all of the Funds except for Metzler Asset Management GmbHMetzler Japanese Equity Fund and Untermainanlage 1Metzler Focus Japan 60329 Frankfurt am Main

Germany

Company Secretary Robert BurkeRiverside OneSir John Rogerson's QuayDublin 2Ireland

Legal Advisers McCann FitzGerald SolicitorsRiverside OneSir John Rogerson's QuayDublin 2Ireland

Legal Advisers Switzerland Lustenberger RechtsanwälteWiesenstrasse 10 / P.O Box 1073CH 8032 Zurich, Switzerland

Depositary Brown Brothers Harriman Trustee Services (Ireland) Ltd.

30 Herbert StreetDublin 2Ireland

Independent Auditors KPMGChartered Accountants, Statutory Audit Firm1 Harbourmaster PlaceDublin 1Ireland

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