# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| United States of America | 94.20 % |
| --- | --- |
| Total | 94.20 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 276,169,009.55 |
| Cash at banks | 35,897,399.57 |
| Receivable cash collateral paid | 725,000.00 |
| Income receivable on portfolio | 3,030,506.40 |
| Prepaid expenses | 	262.46  |
| Total assets | 315,822,177.98 |
| Liabilities |  |
| Unrealised loss on forward foreign exchange contracts | 791,404.52 |
| Expenses payable | 	211,661.67  |
| Total liabilities | 1,003,066.19 |
| Net assets at the end of the period | 314,819,111.79 |

Breakdown of net assets per share class
| Share class | Number of shares | Currency of share class | NAV per share in currency of share class | Net assets per share class (in EUR) |
| --- | --- | --- | --- | --- |
| A | 645,362.254 | EUR | 83.24 | 53,716,739.59 |
| B | 2,559,855.994 | EUR | 101.97 | 261,027,390.55 |
| BC | 1,000.010 | USD | 82.41 | 74,053.70 |
| BI | 1.000 | EUR | 927.95 | 	927.95  |
|  |  |  |  | 	314,819,111.79  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 2,700,677.37 |
| Bank interest | 	31.28  |
| Total income | 2,700,708.65 |
| Expenses |  |
| Management fees | 762,198.62 |
| Depositary fees | 55,339.47 |
| Banking charges and other fees | 8,816.19 |
| Transaction fees | 2,999.76 |
| Central administration costs | 52,667.59 |
| Professional fees | 1,693.55 |
| Other administration costs | 24,262.28 |
| Subscription duty ("taxe d'abonnement") | 70,335.27 |
| Other taxes | 71,850.88 |
| Bank interest paid | 68,576.57 |
| Other expenses | 	4,707.97  |
| Total expenses | 1,123,448.15 |
| Net investment income | 1,577,260.50 |
| Net realised gain/(loss) |  |
| - on securities portfolio | -6,131,679.89 |
| - on forward foreign exchange contracts | 1,207.40 |
| - on foreign exchange | 	25,453.28  |
| Realised result | -4,527,758.71 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -18,009,252.87 |
| - on forward foreign exchange contracts | 	-618,038.61  |
| Result of operations | -23,155,050.19 |
| Dividends paid | -439,948.67 |
| Reinvestments | - |
| Subscriptions | 104,751,481.51 |
| Redemptions | -16,674,602.87 |
| Total changes in net assets | 64,481,879.78 |
| Total net assets at the beginning of the period | 250,337,232.01 |
| Total net assets at the end of the period | 314,819,111.79 |

| Total net assets | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | EUR | 235,015,430.52 | 250,337,232.01 | 314,819,111.79 |

| Net asset value per share class | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | EUR | 93.21 | 92.77 | 83.24 |
| B | EUR | 111.16 | 112.18 | 101.97 |
| BC | USD | 94.64 | 94.41 | 82.41 |
| BI | EUR | 1,005.43 | 1,018.21 | 927.95 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 391,177.036 | 287,828.682 | -33,643.464 | 645,362.254 |
| B | 1,905,390.678 | 778,069.207 | -123,603.891 | 2,559,855.994 |
| BC | 1,300.010 | - | -300.000 | 1,000.010 |
| BI | 197.000 | - | -196.000 | 1.000 |

| TER per share class as at 31.03.2022 | (in %) |
| --- | --- |
| A | 0.85 |
| B | 0.78 |
| BC | 0.76 |
| BI | 0.42 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | EUR | 1.12 | 08.02.2022 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Bonds |  |  |  |  |  |
| EUR | 1,500,000 | Albania 3.5% 18/09.10.25 | 1,610,100.00 | 1,495,462.50 | 0.47 |
| EUR | 3,000,000 | Albania 3.5% 20/16.06.27 | 3,039,635.00 | 2,916,840.00 | 0.93 |
| EUR | 3,000,000 | America Movil SAB de CV 2.125% Sen 16/10.03.28 | 3,305,850.00 | 3,050,130.00 | 0.97 |
| EUR | 4,000,000 | Bank Gospodarstwa Krajowego 1.625% Ser 3 Sen 17/30.04.28 | 4,349,740.00 | 4,006,660.00 | 1.27 |
| EUR | 4,000,000 | Bulgaria 2.95% 14/03.09.24 | 4,436,410.00 | 4,215,040.00 | 1.34 |
| EUR | 5,000,000 | Bulgaria 3% EMTN Ser 5 Sen Reg S 16/21.03.28 | 6,125,929.00 | 5,460,500.00 | 1.73 |
| EUR | 3,000,000 | Bulgaria 3.125% EMTN Reg S 15/26.03.35 | 3,654,150.00 | 3,280,545.00 | 1.04 |
| EUR | 5,000,000 | Ceske Drahy as 1.5% 19/23.05.26 | 5,226,180.00 | 4,899,000.00 | 1.56 |
| EUR | 2,000,000 | CGNPC International Ltd 1.625% EMTN Sen 17/11.12.24 | 2,104,000.00 | 2,009,490.00 | 0.64 |
| EUR | 4,000,000 | Chile 1.44% Sen Reg S 18/01.02.29 | 4,120,000.00 | 3,937,180.00 | 1.25 |
| EUR | 5,000,000 | Chile 1.875% Sen Reg S 15/27.05.30 | 5,532,100.00 | 5,029,750.00 | 1.60 |
| EUR | 3,000,000 | CK Hutchison Europe Fin 18 Ltd 2% Ser B Sen RegS 18/13.04.30 | 3,363,940.00 | 2,918,565.00 | 0.93 |
| EUR | 2,500,000 | CK Hutchison Fin (16) (II) Ltd 0.875% Reg S Sen 16/03.10.24 | 2,454,285.00 | 2,497,550.00 | 0.79 |
| EUR | 4,000,000 | CK Hutchison Fin 16 1.25% Reg S Ser 7Y 16/06.04.23 | 4,105,760.00 | 4,046,300.00 | 1.29 |
| EUR | 3,000,000 | CNAC (HK) Finbridge Co Ltd 1.125% 20/22.09.24 | 2,964,550.00 | 2,897,670.00 | 0.92 |
| EUR | 5,000,000 | Colombia 3.875% EMTN Sen 16/22.03.26 | 5,459,450.00 | 5,212,700.00 | 1.66 |
| EUR | 5,000,000 | Corp Nacl Del Cobre De Chile 2.25% Reg S 14/09.07.24 | 5,257,870.00 | 5,145,350.00 | 1.63 |
| EUR | 5,000,000 | Croatia 2.7% Sen Reg S 18/15.06.28 | 5,826,800.00 | 5,254,425.00 | 1.67 |
| EUR | 5,000,000 | DP World Ltd 2.375% Ser 2-2018 Sen Reg S 18/25.09.26 | 5,061,821.67 | 5,058,700.00 | 1.61 |
| EUR | 3,000,000 | Eesti Energia As 2.384% Reg S Sen 15/22.09.23 | 3,135,477.50 | 3,011,385.00 | 0.96 |
| EUR | 2,000,000 | Egypt 4.75% EMTN Sen Reg S 18/16.04.26 | 2,107,150.00 | 1,852,280.00 | 0.59 |
| EUR | 1,250,000 | Egypt 5.625% EMTN Ser 9 Sen Reg S 18/16.04.30 | 1,283,775.00 | 1,055,831.25 | 0.34 |
| EUR | 5,000,000 | Emirates Telecom Gr Co PJSC 0.375% EMTN Ser 5 21/17.05.28 | 4,913,240.00 | 4,695,875.00 | 1.49 |
| EUR | 3,000,000 | Emirates Telecom Gr Co PJSC 2.75% EMTN Sen 14/18.06.26 | 3,345,076.67 | 3,181,425.00 | 1.01 |
| EUR | 3,000,000 | Eustream as 1.625% 20/25.06.27 | 3,161,320.00 | 2,279,355.00 | 0.72 |
| EUR | 4,000,000 | Export Import Bk Of China 0.75% EMTN Sen Reg S 17/28.05.23 | 3,987,960.00 | 4,012,880.00 | 1.27 |
| EUR | 3,000,000 | Fomento Econom Mexic SAB de CV 0.5% 21/28.05.28 | 2,990,500.00 | 2,762,085.00 | 0.88 |
| EUR | 5,000,000 | Hungary 1.75% 17/10.10.27 | 5,230,100.00 | 5,057,725.00 | 1.61 |
| EUR | 2,000,000 | Hungary 1.75% 20/05.06.35 | 2,122,580.00 | 1,875,460.00 | 0.60 |
| EUR | 1,500,000 | Ignitis Grupe AB 1.875% EMTN Sen Reg S 18/10.07.28 | 1,491,015.00 | 1,495,290.00 | 0.47 |
| EUR | 3,500,000 | Ignitis Grupe AB 2% EMTN Ser 1 Sen Reg S 17/14.07.27 | 3,888,920.00 | 3,526,040.00 | 1.12 |
| EUR | 4,000,000 | Indonesia 0.9% Sen 20/14.02.27 | 3,753,180.00 | 3,782,740.00 | 1.20 |
| EUR | 2,000,000 | Indonesia 1.1% 21/12.03.33 | 1,762,500.00 | 1,746,620.00 | 0.55 |
| EUR | 1,500,000 | Indonesia 1.45% Sen 19/18.09.26 | 1,555,050.00 | 1,473,300.00 | 0.47 |
| EUR | 5,000,000 | Indonesia 3.75% Ser 19 Sen Reg S 16/14.06.28 | 5,856,414.45 | 5,417,550.00 | 1.72 |
| EUR | 5,000,000 | Kasachstan 1.5% EMTN Ser 8 19/30.09.34 | 4,048,700.00 | 3,816,900.00 | 1.21 |
| EUR | 4,000,000 | Kasachstan 2.375% EMTN Ser 6 Sen Reg S 18/09.11.28 | 4,427,100.00 | 3,662,580.00 | 1.16 |
| EUR | 6,000,000 | Kingdom of Saudi Arabia 2% Sen Reg S 19/09.07.39 | 6,034,700.00 | 5,560,800.00 | 1.77 |
| EUR | 2,000,000 | Lettonie 1.375% Reg S Sen 16/16.05.36 | 2,157,900.00 | 1,950,600.00 | 0.62 |
| EUR | 5,000,000 | Macedonia 2.75% Sen Reg S 18/18.01.25 | 5,243,870.00 | 4,883,275.00 | 1.55 |
| EUR | 4,000,000 | Mexico 1.35% 20/18.09.27 | 4,168,000.00 | 3,880,020.00 | 1.23 |
| EUR | 4,000,000 | Mexico 2.125% 21/25.10.51 | 2,878,000.00 | 2,880,840.00 | 0.91 |
| EUR | 5,000,000 | Mexico 3.375% Sen Reg S 16/23.02.31 | 5,573,295.00 | 5,205,275.00 | 1.65 |
| EUR | 2,000,000 | Mexico 3.625% EMTN 14/09.04.29 | 2,326,600.00 | 2,147,360.00 | 0.68 |
| EUR | 3,500,000 | MOL Hungarian Oil and Gas Plc 2.625% Reg S Sen 16/28.04.23 | 3,764,250.00 | 3,538,132.50 | 1.12 |
| EUR | 3,500,000 | Morocco 1.375% 20/30.03.26 | 3,468,700.00 | 3,373,475.00 | 1.07 |
| EUR | 5,000,000 | Morocco 1.5% Sen 19/27.11.31 | 4,434,000.00 | 4,118,400.00 | 1.31 |
| EUR | 3,000,000 | Optus Finance Pty Ltd 1% Sen Reg S 19/20.06.29 | 3,146,250.00 | 2,796,615.00 | 0.89 |
| EUR | 5,000,000 | People's Republic of China 0.25% 20/25.11.30 | 4,773,500.00 | 4,527,700.00 | 1.44 |
| EUR | 5,000,000 | Peru 1.25% 21/11.03.33 | 4,322,500.00 | 4,333,800.00 | 1.38 |
| EUR | 5,000,000 | Peru 2.75% Sen 15/30.01.26 | 5,501,237.50 | 5,250,000.00 | 1.67 |
| EUR | 5,000,000 | Peru 3.75% Sen 16/01.03.30 | 6,053,953.33 | 5,575,925.00 | 1.77 |
| EUR | 5,000,000 | Philippines 0.875% EMTN Sen 19/17.05.27 | 5,041,350.00 | 4,785,500.00 | 1.52 |
| EUR | 8,000,000 | Philippines 1.2% 21/28.04.33 | 7,516,048.00 | 7,129,280.00 | 2.26 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |

| EUR | 1,500,000 | Poland 1% EMTN Sen Reg S 19/07.03.29 | 1,623,300.00 |  | 1,474,132.50 |  | 0.47 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR | 3,000,000 | Poland 3.75% EMTN Ser 32 Sen Reg S 12/19.01.23 | 3,477,780.00 |  | 3,089,580.00 |  | 0.98 |
| EUR | 4,000,000 | Posco Holdings Inc 0.5% Sen Reg S 20/17.01.24 | 3,932,875.00 |  | 3,964,440.00 |  | 1.26 |
| EUR | 2,000,000 | Republique du Benin 4.875% Sk 21/19.01.32 | 1,878,000.00 |  | 1,751,530.00 |  | 0.56 |
| EUR | 3,000,000 | Republique du Benin 5.75% Sk Sen Reg S 19/26.03.26 | 3,131,705.00 |  | 3,106,125.00 |  | 0.99 |
| EUR | 5,000,000 | Romania 2% EMTN Sen Reg S 19/08.12.26 | 5,271,750.00 |  | 4,928,175.00 |  | 1.57 |
| EUR | 5,000,000 | Romania 2.125% EMTN Ser 2022-3 22/07.03.28 | 4,892,500.00 |  | 4,715,725.00 |  | 1.50 |
| EUR | 5,000,000 | Romania 2.875% EMTN 14/28.10.24 | 5,372,220.00 |  | 5,166,600.00 |  | 1.64 |
| EUR | 5,000,000 | Senegal 4.75% Sk Sen Reg S 18/13.03.28 | 5,033,916.67 |  | 4,877,350.00 |  | 1.55 |
| EUR | 5,000,000 | Serbia 1.5% Sen Reg S 19/26.06.29 | 5,046,050.00 |  | 4,259,850.00 |  | 1.35 |
| EUR | 3,000,000 | South Africa 3.75% 14/24.07.26 | 3,150,508.50 |  | 3,103,800.00 |  | 0.99 |
| EUR | 4,000,000 | Talent Yield (EUR) Ltd 1% 20/24.09.25 | 4,071,270.00 |  | 3,893,460.00 |  | 1.24 |
| EUR | 3,000,000 | Three Gorges Fin II (KY) Ltd 1.3% Sen 17/21.06.24 | 3,099,780.00 |  | 3,012,345.00 |  | 0.96 |
| EUR | 4,000,000 | Zapadoslovenska Energetika AS 1.75% Sen Reg S 18/02.03.28 | 	4,251,480.00  |  | 	3,892,100.00  |  | 	1.24  |
|  |  |  | 267,695,918.29 |  | 251,209,388.75 |  | 79.81 |
| USD | 1,500,000 | Azerbaijan 4.75% Sen Reg S 14/18.03.24 | 1,392,242.76 |  | 1,374,788.82 |  | 0.44 |
| USD | 2,000,000 | Cencosud SA 4.375% Sen Reg S 17/17.07.27 | 1,859,858.77 |  | 1,835,316.32 |  | 0.58 |
| USD | 1,000,000 | Colbun SA 3.95% Sen Reg S 17/11.10.27 | 925,572.24 |  | 909,907.44 |  | 0.29 |
| USD | 2,000,000 | Dominican Republic 5.3% 21/21.01.41 | 1,548,844.83 |  | 1,569,536.31 |  | 0.50 |
| USD | 2,000,000 | Georgia 2.75% 21/22.04.26 | 1,749,157.75 |  | 1,545,309.13 |  | 0.49 |
| USD | 1,000,000 | Ghana (Republic of) 7.875% Sk Sen Reg S 19/26.03.27 | 873,946.38 |  | 700,107.84 |  | 0.22 |
| USD | 1,500,000 | Guatemala (Republic of) 4.5% Sen Reg S 16/03.05.26 | 1,394,568.89 |  | 1,373,151.06 |  | 0.44 |
| USD | 1,500,000 | Inversiones CMPC SA 4.375% 17/04.04.27 | 1,422,447.04 |  | 1,411,486.79 |  | 0.45 |
| USD | 1,000,000 | Ministry Fin The Russian Fed 5.1% Sen Reg S 19/28.03.35 | 1,067,853.64 |  | 170,740.47 |  | 0.05 |
| USD | 1,700,000 | Philippines 6.375% 09/23.10.34 | 1,970,604.12 |  | 1,931,458.48 |  | 0.61 |
| USD | 2,000,000 | Qatar (State of) 9.75% Sen Reg S 00/15.06.30 | 2,864,212.03 |  | 2,659,085.19 |  | 0.84 |
| USD | 1,000,000 | SABIC Capital II BV 4.5% Sen Reg S 18/10.10.28 | 996,099.15 |  | 960,972.33 |  | 0.30 |
| USD | 1,500,000 | Senegal 6.25% Sk 17/23.05.33 | 1,383,659.59 |  | 1,272,695.01 |  | 0.40 |
| USD | 3,000,000 | Transelec SA 4.25% Sen Reg S 14/14.01.25 | 2,719,843.77 |  | 2,757,368.80 |  | 0.88 |
| USD | 2,000,000 | Vietnam 4.8% Reg S Sen 14/19.11.24 | 	1,915,455.87  |  | 	1,863,281.81  |  | 	0.59  |
|  |  |  | 24,084,366.83 |  | 22,335,205.80 |  | 7.08 |
| Total bonds |  |  | 291,780,285.12 |  | 273,544,594.55 |  | 86.89 |
| Transferable securities dealt in on another regulated market |
| Bonds |  |  |  |  |  |  |  |
| EUR | 3,000,000 | Indonesia 1.3% 21/23.03.34 | 	2,626,347.60  |  | 	2,624,415.00  |  | 	0.83  |
| Total bonds |  |  | 2,626,347.60 |  | 2,624,415.00 |  | 0.83 |
| Total investments in securities | 294,406,632.72 |  | 276,169,009.55 |  | 87.72 |
| Cash at banks |  |  | 35,897,399.57 |  | 11.40 |
| Other net assets/(liabilities) |  |  | 2,752,702.67 |  | 0.88 |
| Total |  |  | 314,819,111.79 |  | 100.00 |

Translation (ENFR, 2022-03-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Etats-Unis d'Amérique | 95,60 % |
| --- | --- |
| Jersey | 1,47 % |
| Belgique | 0,61 % |
| Total | 97,68 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 660.379.657,00 |
| Avoirs bancaires | 9.253.883,09 |
| A recevoir sur garantie en espèces payée | 1.495.000,00 |
| A recevoir sur émissions d'actions | 17.704,41 |
| Revenus à recevoir sur portefeuille-titres | 47.628,00 |
| Charges payées d'avance | 	870,19  |
| Total de l'actif | 671.194.742,69 |
| Exigible |  |
| Moins-values non réalisées sur changes à terme | 1.660.492,06 |
| Frais à payer | 	641.459,31  |
| Total de l'exigible | 2.301.951,37 |
| Actif net à la fin de la période | 668.892.791,32 |

Répartition des actifs nets par classe d'action
| Classe d'action | Nombre d'actions | Devise action | VNI par action en devise de la classe d'action | Actifs nets par classe d'action (en USD) |
| --- | --- | --- | --- | --- |
| A | 14.420,720 | USD | 216,04 | 3.115.460,45 |
| AM | 370.143,513 | USD | 220,42 | 81.585.236,55 |
| B | 403.157,836 | USD | 231,89 | 93.489.343,22 |
| B EUR HEDGED | 97.620,928 | EUR | 202,23 | 21.968.451,61 |
| BI | 22.560,841 | USD | 2.240,75 | 50.553.186,79 |
| BI EUR HEDGED | 7.548,137 | EUR | 1.351,88 | 11.355.193,98 |
| BM | 1.605.545,215 | USD | 236,72 | 380.065.063,51 |
| BM EUR HEDGED | 115.298,588 | EUR | 208,57 | 	26.760.855,21  |
|  |  |  |  | 	668.892.791,32  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 1.892.394,00 |
| Intérêts bancaires | 	5.917,94  |
| Total des revenus | 1.898.311,94 |
| Charges |  |
| Commission de gestion | 3.528.287,60 |
| Commission de dépositaire | 160.290,40 |
| Frais bancaires et autres commissions | 18.214,93 |
| Frais sur transactions | 179.782,86 |
| Frais d'administration centrale | 116.222,62 |
| Frais professionnels | 4.951,00 |
| Autres frais d'administration | 76.280,09 |
| Taxe d'abonnement | 176.312,24 |
| Autres impôts | 211.108,82 |
| Intérêts bancaires payés | 36,87 |
| Autres charges | 	11.781,73  |
| Total des charges | 4.483.269,16 |
| Pertes nettes des investissements | -2.584.957,22 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 23.554.204,17 |
| - sur changes à terme | -7.245.589,86 |
| - sur devises | 	106.970,79  |
| Résultat réalisé | 13.830.627,88 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | -43.345.525,62 |
| - sur changes à terme | 	1.496.456,15  |
| Résultat des opérations | -28.018.441,59 |
| Dividendes payés | - |
| Réinvestissements | - |
| Emissions | 96.116.670,48 |
| Rachats | -150.531.594,15 |
| Total des variations de l'actif net | -82.433.365,26 |
| Total de l'actif net au début de la période | 751.326.156,58 |
| Total de l'actif net à la fin de la période | 668.892.791,32 |

| Total de l'actif net | Devise | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | USD | 396.855.144,81 | 751.326.156,58 | 668.892.791,32 |

| VNI par classe d'action | Devise | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | USD | 173,17 | 222,00 | 216,04 |
| AM | USD | 175,67 | 226,12 | 220,42 |
| B | USD | 185,76 | 238,15 | 231,89 |
| B EUR HEDGED | EUR | 165,42 | 209,33 | 202,23 |
| BI | USD | 1.776,32 | 2.293,13 | 2.240,75 |
| BI EUR HEDGED | EUR | 1.094,46 | 1.394,80 | 1.351,88 |
| BM | USD | 188,54 | 242,69 | 236,72 |
| BM EUR HEDGED | EUR | 169,61 | 215,50 | 208,57 |

| Nombre d'actions | en circulation au début de la période | émises | remboursées | en circulation en fin de la période |
| --- | --- | --- | --- | --- |
| A | 16.155,860 | 2.187,744 | -3.922,884 | 14.420,720 |
| AM | 351.006,866 | 31.801,017 | -12.664,370 | 370.143,513 |
| B | 415.726,286 | 60.535,667 | -73.104,117 | 403.157,836 |
| B EUR HEDGED | 399.093,728 | 47.643,389 | -349.116,189 | 97.620,928 |
| BI | 22.543,627 | 7.591,982 | -7.574,768 | 22.560,841 |
| BI EUR HEDGED | 8.335,549 | 144,734 | -932,146 | 7.548,137 |
| BM | 1.509.726,005 | 162.160,780 | -66.341,570 | 1.605.545,215 |
| BM EUR HEDGED | 164.041,988 | 17.933,513 | -66.676,913 | 115.298,588 |

| TER par classe d'action au 31.03.2022 | (en %) |
| --- | --- |
| A | 1,45 |
| AM | 1,09 |
| B | 1,40 |
| B EUR HEDGED | 1,43 |
| BI | 0,70 |
| BI EUR HEDGED | 0,74 |
| BM | 1,03 |
| BM EUR HEDGED | 1,03 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation |  | % de l'actif net * |
| --- | --- | --- | --- | --- | --- | --- |
| Portefeuille-titres |
| Valeurs mobilières admises à la cote officielle d'une bourse devaleurs |
| Actions |
| USD | 175.000 | A.O.Smith Corp | 9.562.869,36 | 11.180.750,00 |  | 1,67 |
| USD | 68.000 | Advance Auto Parts | 10.105.773,10 | 14.073.280,00 |  | 2,10 |
| USD | 140.000 | Albany Intl Corp A Reg | 9.347.405,61 | 11.804.800,00 |  | 1,77 |
| USD | 42.000 | ANSYS Inc | 11.007.298,87 | 13.341.300,00 |  | 1,99 |
| USD | 145.000 | AptarGroup Inc | 16.603.740,26 | 17.037.500,00 |  | 2,55 |
| USD | 86.000 | Aspen Technology Inc | 9.044.613,46 | 14.221.820,00 |  | 2,13 |
| USD | 179.000 | BlackLine Inc Reg | 19.101.126,47 | 13.106.380,00 |  | 1,96 |
| USD | 57.000 | Burlington Stores Inc | 9.631.403,66 | 10.383.690,00 |  | 1,55 |
| USD | 79.500 | CDW Corp | 9.127.393,65 | 14.221.755,00 |  | 2,13 |
| USD | 143.000 | Check Point Software Tec Ltd | 15.889.294,95 | 19.771.180,00 |  | 2,96 |
| USD | 32.500 | Chemed Corp | 13.011.985,40 | 16.462.875,00 |  | 2,46 |
| USD | 141.000 | Church & Dwight Co Inc | 9.388.729,50 | 14.012.580,00 |  | 2,10 |
| USD | 85.000 | Clorox Co | 14.361.658,87 | 11.817.550,00 |  | 1,77 |
| USD | 142.000 | Cognex Corp | 7.299.210,56 | 10.955.300,00 |  | 1,64 |
| USD | 20.000 | Cooper Companies Inc (The) | 5.368.415,58 | 8.351.800,00 |  | 1,25 |
| USD | 32.000 | Domino's Pizza Inc Reg | 9.557.161,27 | 13.024.320,00 |  | 1,95 |
| USD | 73.000 | Equifax Inc | 11.261.197,07 | 17.308.300,00 |  | 2,59 |
| USD | 163.000 | Globus Medical Inc | 8.135.939,25 | 12.026.140,00 |  | 1,80 |
| USD | 90.000 | Graco Inc | 4.109.901,68 | 6.274.800,00 |  | 0,94 |
| USD | 126.000 | Henry Jack & Associates Inc | 18.524.656,12 | 24.828.300,00 |  | 3,71 |
| USD | 13.000 | IDEXX Laboratories Inc | 3.522.209,01 | 7.111.780,00 |  | 1,06 |
| USD | 59.000 | Insulet Corp | 13.210.465,20 | 15.717.010,00 |  | 2,35 |
| USD | 75.000 | IPG Photonics Corp | 12.388.509,74 | 8.232.000,00 |  | 1,23 |
| USD | 333.000 | Lamb Weston Holdings Inc Reg S | 22.553.413,60 | 19.950.030,00 |  | 2,98 |
| USD | 42.000 | Lancaster Colony Corp | 6.129.818,17 | 6.264.300,00 |  | 0,94 |
| USD | 42.000 | Lennox Intl Inc | 10.548.333,11 | 10.830.120,00 |  | 1,62 |
| USD | 51.000 | Littelfuse Inc | 10.050.678,89 | 12.719.910,00 |  | 1,90 |
| USD | 283.000 | LKQ Corp | 8.806.700,31 | 12.851.030,00 |  | 1,92 |
| USD | 66.000 | Manhattan Associates Inc | 4.601.554,29 | 9.154.860,00 |  | 1,37 |
| USD | 72.000 | Masimo Corp | 13.265.132,02 | 10.478.880,00 |  | 1,57 |
| USD | 68.000 | McCormick & Co | 4.507.261,46 | 6.786.400,00 |  | 1,01 |
| USD | 7.300 | Mettler Toledo Intl Inc | 4.765.218,43 | 10.024.287,00 |  | 1,50 |
| USD | 64.000 | Middleby Corp | 7.017.304,41 | 10.492.160,00 |  | 1,57 |
| USD | 23.500 | MSCI Inc | 7.223.187,33 | 11.817.680,00 |  | 1,77 |
| USD | 59.000 | Nordson Corp | 9.666.762,59 | 13.397.720,00 |  | 2,00 |
| USD | 30.000 | Paycom Software Inc | 9.433.685,92 | 10.391.400,00 |  | 1,55 |
| USD | 35.500 | Pool Corp | 6.951.674,62 | 15.011.175,00 |  | 2,24 |
| USD | 140.500 | Qualys Inc | 14.569.312,30 | 20.008.605,00 |  | 2,99 |
| USD | 79.000 | Resmed Inc | 11.409.581,96 | 19.158.290,00 |  | 2,86 |
| USD | 568.000 | Rollins Inc | 16.412.419,35 | 19.908.400,00 |  | 2,98 |
| USD | 98.000 | SiteOne Landscape Supply Inc | 10.516.979,18 | 15.845.620,00 |  | 2,37 |
| USD | 61.000 | Tractor Supply Co | 5.540.911,08 | 14.235.570,00 |  | 2,13 |
| USD | 32.000 | Tyler Technologies Inc | 9.748.111,94 | 14.236.480,00 |  | 2,13 |
| USD | 34.000 | Ulta Beauty Inc Reg | 8.265.353,46 | 13.539.480,00 |  | 2,02 |
| USD | 62.000 | Verisign Inc | 12.389.476,83 | 13.792.520,00 |  | 2,06 |
| USD | 150.000 | Verisk Analytics Inc | 24.661.539,27 | 32.194.500,00 |  | 4,81 |
| USD | 38.000 | Waters Corp | 7.383.588,25 | 11.794.820,00 |  | 1,76 |
| USD | 44.000 | Watsco Inc | 8.134.894,95 | 13.404.160,00 |  | 2,00 |
| USD | 16.500 | Zebra Technologies Corp A | 	2.789.311,69  | 	6.826.050,00  |  | 	1,02  |
| Total portefeuille-titres |  | 506.903.164,05 | 660.379.657,00 |  | 98,73 |
| Avoirs bancaires |  |  | 9.253.883,09 |  | 1,38 |
| Autres actifs/(passifs) nets |  | -740.748,77 |  | -0,11 |
| Total |  |  |  | 668.892.791,32 |  | 100,00 |

* Des différences mineures peuvent apparaître résultant des arrondis lors du calcul des pourcentages.
Les notes annexées font partie intégrante de ces états financiers.