Fund Performance 01.08.2015 - 31.07.20205

4%

3%

2%

1%

0%

-1%

-2%

-3%

R-Class I-ClassShare price1 96,48 EUR 956,92 EURFund volume in m 310,19 EUR 426,22 EUR Fund volume total in m2 747,86 EURMonth 0,18% 0,22%Current year -1,79% -1,61%Since launch p.a.3 1,65% 2,13%Revenue distributingVolatility (ann.) 2,74% 2,74%Sharpe Ratio (since inc.)4 1,64 2,01Max. Drawdown (since inc.) -3,14% -3,12%

IIV Mikrofinanzfonds

MONTHLY REPORT AS OF 31 JULY 2020

Germany’s first microfinance fund

Facts

Performance and Key Figures

Performance

In July, the IIV Mikrofinanzfonds invested 7.5 million euro and 5.5 million US dollar in non-securitized loanclaims in order to refinance microfinance institutions (MFIs) in Bolivia, Kosovo, Tajikistan and Uzbekistan.

This month’s performance was +0.22 percent in share class I and +0.18 percent in share class R. In shareclass I, the fund thus achieved a YTD performance of -1.61 percent and an annualized return since launchof 2.13 percent. In share class R, the YTD performance was -1.79 percent and the annualized return sincelaunch was +1.65 percent.

1Without issue surcharge 2Including Share class AI 3October 2011 4Sharpe Ratio, calculated by using the 3-month-Euribor as risk free interest rate5Calculation based on BVI-Method. The stated performance is not a reliable indicator of future performance.

Target Regions

Performance History5

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Year

2020-r 0,11 0,04 -0,47 -2,55 0,76 0,16 0,18 -1,792020-i 0,15 0,08 -0,46 -2,55 0,80 0,18 0,22 -1,612019-r 0,08 0,03 0,08 0,19 0,08 0,00 0,20 0,09 0,13 0,03 0,16 0,11 1,212019-i 0,11 0,08 0,12 0,24 0,11 0,03 0,25 0,13 0,18 0,04 0,21 0,16 1,672018-r -0,01 0,11 0,03 0,14 0,13 0,09 0,14 0,06 0,16 0,18 0,02 -0,01 1,062018-i 0,04 0,15 0,07 0,18 0,17 0,14 0,18 0,10 0,21 0,22 0,06 0,03 1,56

fund facts

Fund name: IIV Mikrofinanzfonds

Fund type: Public Investment Fund (Microfinance fund under §222 German Capital Investment Code)

Fund currency: EUR/secured

Investment vehicle: Non-securitized loan claims

Minimum deposit: Private investors (R-Class):100 EURInstitutional investors (I-Class): 30.000 EUR

Issue surcharge: R-Class: 3%I-Class: 1%

Depository R-Class: 0,05%Bank fee6: I-Class: 0,05%

Administration R-Class: 1,4% p.a.charge7: I-Class: 0,9% p.a.

Total Expense Ratio R-Class: 2,03% p.a.(TER)8: I-Class: 1,55% p.a.

Performance Fee: none

Subscription: Monthly, each month by the 20th calendar day before the end of the respective month

Redemption: Quarterly, by the 20th calendar day of the month preceding the end of the respective quarter

Price calculation: Monthly

Valuation date: End-of-month value

Investment Trust HANSAINVEST Hanseatische Investment-GmbH, Kapstadtring 8, 22297 Hamburgwww.hansainvest.com

Depository Bank: Donner & Reuschel Aktiengesellschaft

Fundmanager: Invest in Visions GmbH

ISIN: R-Class: A1H44TI-Class: A1H44S

ISIN: R-Class: DE000A1H44T1I-Class: DE000A1H44S3

Investment Strategy

The fund invests in loans to microfinance institu-tions in developing countries. The focus is onsmall- and medium-sized MFIs, particularly inrural areas. The MFIs are the interface betweenthe IIV Mikrofinanzfonds and the final borrowers.Hence, the MFIs must be chosen very carefully.The selection process includes a country-, financial- and sector analysis and a visit on site. Besidesthe financial figures, loan-, default- and exchange risks and the management quality are evaluated,too. Only those MFIs that meet the required ethical and social criteria are considered for investment.

investors iiV Mikrofinanz-fonds

Microfinance-institutionsin developingcountries

Micro-entrepreneurs

Micro-entrepreneurs

Micro-entrepreneurs

Capital inflow

Capital/internal rate of return

The performance presentation is based on thecalculations of the fund administrator and in-cludes as an example an issue surcharge at thebeginning of the year of acquisition (01.08.2015)and the recurring administration charge, exclu-ding any further customer-related account ex-penses.The fund performance (gross) and theinvestor performance (net) may thereforechange depending on the acquisition date andthe period under consideration.

� Fund Performance (gross) R-Class� Fund Performance (gross) I-Class� Performance investor (net) R-Class� Performance investor (net) I-Class

Country Weighting (TOP 5)

Ecuador 9,76%Uzbeskistan 8,69%Mongolia 5,48%Kyrgyzstan 4,70%Mexico 4,64%

6Included in TER 7Up to 1,8% 8As of 30.9.2019

Development of Fund Volume in m EUR

10/11 10/12 10/13 10/14 10/15 10/16 10/17 10/18 10/19

800

600

400

200

0

Photo: Nicole Kuhn Photography

1

Loan claims (incl. accrued interest) 72,2%Cash 24,7%Funds 3,1%

Eastern Europe 6,2%

South Asia 5,8%

Sub-Saharan Africa 1,1%

East Asia 7,3%

Central America/Caribbean 8,2%

South East Asia 6,1%

Caucasus 5,3%

Liquid Assets 27,8%

South America13,1%

Central Asia19,2%

01.08.2017-31.07.2018

01.08.2019-31.07.2020

01.08.2018-31.07.2019

2,3%

-0,7%

2,8%

1,8% 1,7% 1,7%2,3% 2,3%

1,4% 1,4%1,9% 1,9%

1,1% 1,1%1,6% 1,6%

-1,3% -1,3%-0,9% -0,9%

01.08.2015-31.07.2016

01.08.2016-31.07.2017

Risk Management of the Fund

The risk management of the fund ensures a thorough and comprehensive monitoring of the generaland specific risks. Our credit risk management is based on a holistic risk approach. Besides MFI- andcountry-specific risks, regulatory and macroeconomic aspects are considered. Currency risks are to alarge extend hedged. To diversify the risks, the investments are subject to certain restrictions:

Maximum investment per MFI: 10% of the total assets of the IIV MikrofinanzfondsMaximum country weighting: 15% of the total assets of the IIV Mikrofinanzfonds per countrySelection Criteria: Size of total assets, equity base, loan portfolio quality, profitability and social return

Chances and Risks

Chances Risks

philosophyAggressive profit-seeking can do harm to micro-finance. We thus look for profitable microfinanceinstitutions with a sustainable focus – and notpure profit maximization.

Through our thorough social audit, e.g. reasonableinterest rates, transparent credit consultations,coverage of rural areas or the advancement ofwomen, we ensure the social focus of our invest-ments.

The MFIs guarantee these social standards bysigning the ‘Client Protective Principles’ of theSMART Campaign. These principles include theprevention of over-indebtedness or respectfultreatment of clients, especially during loan salesand debt collection processes.

Facts

Germany’s first microfinance fundIIV Mikrofinanzfonds

General information

Fund domicile: HANSAINVEST Hanseatische Investment-GmbH

Accounting German Investment CodeGuidelines:

Fiscal Year: October 1st until September 30th (First fiscal year: Start: 10/10/2011 End: 30/09/2012)

Regulatory Bundesanstalt für Authority: Finanzdienstleistungs-

aufsicht

Accounting firm: KPMG AG, Tersteegenstr. 19-31, 40474 Düsseldorf, Germany

• Low correlation with other asset classes• Low volatility• Portfolio diversification• Social return

• Country risk• Credit and interest rate risk• Limited liquidity• Currency risk

Market Overview

Bosnia-Herzegovina is a multi-ethnic South-East European state with 3.3 million inhabitants. In the lastthree years, the state has achieved an average annual economic growth of 2.8 percent, which is slightlyabove the global average. However, corruption and an unbalanced economic model, in which incentives forthe private sector and for investment are largely lacking, foster an extremely uneven distribution of economicopportunities in the former civil war country. At almost 40 percent, youth unemployment is one of the highestin the world and many young people feel forced to leave the country because they see no future for them-selves.

In this situation, microcredits can help to strengthen the private sector and create employment opportunities.The MFI EKI has been active since 2013 and today already supports more than 27,000 microentrepreneursand businesses with loans averaging EUR 2,600.

One customer of EKI, Azur Tučić, runs a laying hen farm inTuzla. After Azur's parents lost their jobs, they ventured intoself-employment and started their business with the help ofa microloan from EKI. Over time Azur took over the businessand expanded its activities to include the production of or-ganic fertilizer. Thanks to the business, the Tučić family hasa secure and stable income from which they can live com-fortably. Besides Azur's parents, two full-time employeessupport him.

In June, the IIV Microfinanzfonds granted a loan amountingto 3.85 million euros to EKI.

Number of microentrepreneurs 468,336Share Women 55%Share Men 45%Average loan amount 1.219 USD

Social Indicators

Services 49%Agriculture 5%Production 12%Others 34%

Sector Shares

MONTHLY REPORT AS OF 31 JULY 2020

Disclaimer: All accessible contents herein are made available to you as advertising information and may not be reproduced, distributed to other persons or published,neither in whole nor in part. This does not apply to personal, non-commercial purposes. This document is expressly intended for non-binding advertisement purposesand does not represent a proposal, consultation, recommendation or solicitation for purchasing or selling any securities, financial instruments, financial investmentsor any confirmation of business transaction terms. The aforementioned cannot replace adequate investment and financial advice by your bank or an independentfinancial advisor. This information is not a prospectus and does not represent a decision-making basis for evaluating the investment opportunity described herein.Additional information about the referenced securities (in particular the prospectus, investment conditions, current annual and semi-annual reports and key investorinformation) are available in German at: http://www.investinvisions.com/de/downloads.html.The opportunities of a financial instrument are also subject to respective risks, such as currency fluctuations or the risk of loss. Past performance is no reliableindicator for future performance. The value of the referenced securities may rise or drop. Therefore, potential investors are advised to diligently research the securitiesand the corresponding risks prior to making an investment decision. All contents have been prepared to the best of our knowledge and based on a diligent review.Nevertheless, we cannot exclude mistakes or printing errors altogether. The validity of the information is limited to the time of preparing this advertising information.Current political or economic developments, changes in legal requirements or other relevant factors may result in the presented information, data and opinionsbeing outdated as a whole or in part on a short-term basis. Therefore, we also reserve the right to amend this document.

invest in Visions GmbH, Freiherr-vom-Stein-Straße 24-26, 60323 Frankfurt/M, Phone: +49 (69) 20 43 411 – 0, info@investinvisions.com, www.investinvisions.com 2

Source: EKI

As of 31.3.2020