# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Germany | 55.42 % |
| --- | --- |
| Ireland | 7.37 % |
| United States of America | 6.54 % |
| United Kingdom | 4.12 % |
| Japan | 3.70 % |
| Jersey | 3.68 % |
| Switzerland | 3.33 % |
| France | 2.90 % |
| Sweden | 1.28 % |
| Cayman Islands | 0.98 % |
| Denmark | 0.86 % |
| Taiwan | 0.66 % |
| South Korea | 0.61 % |
| Spain | 0.46 % |
| Finland | 0.37 % |
| Thailand | 0.36 % |
| Hong Kong | 0.34 % |
| Mexico | 0.34 % |
| Brazil | 0.34 % |
| Canada | 0.31 % |
| Total | 93.97 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 346,263,948.65 |
| Cash at banks | 8,552,411.43 |
| Income receivable on portfolio | 2,792,797.86 |
| Prepaid expenses | 	453.28  |
| Total assets | 357,609,611.22 |
| Liabilities |  |
| Bank overdrafts | 1,015,488.70 |
| Expenses payable | 	249,220.95  |
| Total liabilities | 1,264,709.65 |
| Net assets at the end of the period | 356,344,901.57 |

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 | 167,627.654 | EUR | 273.52 | 45,849,454.27 |
| B | 442,136.526 | EUR | 685.13 | 302,921,527.23 |
| BI | 70,831.260 | EUR | 106.93 | 	7,573,920.07  |
|  |  |  |  | 	356,344,901.57  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 2,798,645.92 |
| Other income | 	172.55  |
| Total income | 2,798,818.47 |
| Expenses |  |
| Management fees | 1,056,176.81 |
| Depositary fees | 76,287.78 |
| Banking charges and other fees | 12,535.49 |
| Transaction fees | 4,399.91 |
| Central administration costs | 46,477.51 |
| Professional fees | 2,686.62 |
| Other administration costs | 24,064.83 |
| Subscription duty ("taxe d'abonnement") | 87,864.96 |
| Other taxes | 94,465.86 |
| Bank interest paid | 37,030.24 |
| Other expenses | 	2,247.55  |
| Total expenses | 1,444,237.56 |
| Net investment income | 1,354,580.91 |
| Net realised gain/(loss) |  |
| - on securities portfolio | -909,548.43 |
| - on foreign exchange | 	2,910.36  |
| Realised result | 447,942.84 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 	-403,855.17  |
| Result of operations | 44,087.67 |
| Dividends paid | -411,267.56 |
| Reinvestments | 403.26 |
| Subscriptions | 23,973,652.71 |
| Redemptions | -20,226,257.68 |
| Total changes in net assets | 3,380,618.40 |
| Total net assets at the beginning of the period | 352,964,283.17 |
| Total net assets at the end of the period | 356,344,901.57 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 402,407,142.16 | 352,964,283.17 | 356,344,901.57 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 285.76 | 275.95 | 273.52 |
| B | EUR | 695.09 | 685.03 | 685.13 |
| BI | EUR | 107.93 | 106.73 | 106.93 |

| Number of shares | outstanding at the beginning of the period | issued | reinvested | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- | --- |
| A | 158,720.651 | 15,790.470 | 1.464 | -6,884.931 | 167,627.654 |
| B | 442,175.630 | 26,523.621 | - | -26,562.725 | 442,136.526 |
| BI | 58,685.795 | 12,378.362 | - | -232.897 | 70,831.260 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| A | 0.77 |
| B | 0.77 |
| BI | 0.43 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | EUR | 2.49 | 09.02.2021 |

| 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 |  |  |  |  |  |
| CNY | 8,000,000 | Asian Development Bank 2.9% EMTN Ser 1049-00 19/05.03.24 | 1,038,916.67 | 1,048,712.67 | 0.29 |
| CNY | 15,000,000 | KFW 2.14% EMTN 21/26.01.24 | 	1,913,491.34  | 	1,928,611.12  | 	0.54  |
|  |  |  | 2,952,408.01 | 2,977,323.79 | 0.83 |
| CZK | 25,000,000 | Czech Republic 1.25% Ser 120 20/14.02.25 | 955,782.57 | 957,480.12 | 0.27 |
| EUR | 3,000,000 | ABN AMRO Bank NV 0.875% EMTN Sen Reg S 18/22.04.25 | 3,113,187.00 | 3,126,945.00 | 0.88 |
| EUR | 1,500,000 | Albemarle New Holding GmbH 1.625% 19/25.11.28 | 1,601,070.00 | 1,596,390.00 | 0.45 |
| EUR | 2,000,000 | Altria Group Inc 1.7% Sen 19/15.06.25 | 2,032,900.00 | 2,101,910.00 | 0.59 |
| EUR | 2,000,000 | Altria Group Inc 2.2% Sen 19/15.06.27 | 2,067,800.00 | 2,160,420.00 | 0.61 |
| EUR | 5,000,000 | America Movil SAB de CV 1.5% Sen 16/10.03.24 | 5,235,372.50 | 5,223,075.00 | 1.47 |
| EUR | 3,000,000 | Amplifon SpA 1.125% 20/13.02.27 | 3,049,040.00 | 3,018,900.00 | 0.85 |
| EUR | 5,000,000 | Apple Inc 0% Sen 19/15.11.25 | 5,043,484.50 | 5,039,225.00 | 1.41 |
| EUR | 1,000,000 | Aptiv Plc 1.5% Sen 15/10.03.25 | 1,038,105.00 | 1,054,830.00 | 0.30 |
| EUR | 5,000,000 | Asian Development Bank 0.35% EMTN Sen 18/16.07.25 | 4,997,900.00 | 5,168,375.00 | 1.45 |
| EUR | 2,000,000 | Belgium 0.2% Ser 79 16/22.10.23 | 2,028,894.24 | 2,044,110.00 | 0.57 |
| EUR | 2,000,000 | BMW Finance NV 1% EMTN Sen 15/21.01.25 | 2,046,780.00 | 2,081,910.00 | 0.58 |
| EUR | 4,000,000 | BNP Paribas SA VAR Sen Ser 19195 19/04.06.26 | 4,050,880.00 | 4,063,060.00 | 1.14 |
| EUR | 2,000,000 | Bq Fédérative du Crédit Mutuel 1.25% EMTN Reg S 15/14.01.25 | 2,071,140.00 | 2,101,810.00 | 0.59 |
| EUR | 1,500,000 | Brisa Concessao Rodoviaria SA 2.375% EMTN 11 Sen 17/10.05.27 | 1,597,500.00 | 1,688,467.50 | 0.47 |
| EUR | 2,000,000 | Bulgaria 2.625% EMTN Reg S 15/26.03.27 | 2,056,000.00 | 2,311,450.00 | 0.65 |
| EUR | 2,000,000 | Bulgarian Energy Hg EAD 3.5% Sen Reg S 18/28.06.25 | 2,209,370.00 | 2,156,360.00 | 0.61 |
| EUR | 2,000,000 | Caisse d'Amort de la Dette Soc 1.375% EMTN Sen 14/25.11.24 | 2,163,940.00 | 2,135,460.00 | 0.60 |
| EUR | 2,000,000 | CEZ AS 3% EMTN Ser 26 Sen Reg S 13/05.06.28 | 2,306,180.00 | 2,333,730.00 | 0.65 |
| EUR | 2,000,000 | CGNPC International Ltd 1.625% EMTN Sen 17/11.12.24 | 2,106,000.00 | 2,084,720.00 | 0.59 |
| EUR | 3,000,000 | CK Hutchison Europe Fin 18 Ltd 2% Ser B Sen RegS 18/13.04.30 | 3,402,990.00 | 3,409,395.00 | 0.96 |
| EUR | 1,000,000 | CK Hutchison Fin 16 1.25% Reg S Ser 7Y 16/06.04.23 | 1,036,030.00 | 1,026,035.00 | 0.29 |
| EUR | 5,000,000 | CK Hutchison Fin 16 2% Reg S Sen 16/06.04.28 | 5,287,012.00 | 5,592,325.00 | 1.57 |
| EUR | 2,000,000 | CNH Industrial Fin Europe SA 1.875% EMTN Sen 18/19.01.26 | 2,022,000.00 | 2,151,670.00 | 0.60 |
| EUR | 2,000,000 | Corp Nacl Del Cobre De Chile 2.25% Reg S 14/09.07.24 | 2,134,600.00 | 2,140,050.00 | 0.60 |
| EUR | 1,500,000 | CPI PROPERTY GROUP SA 2.75% EMTN Sen Reg S 20/12.05.26 | 1,537,500.00 | 1,630,522.50 | 0.46 |
| EUR | 1,000,000 | Cred Mutuel Arkea 3.5% EMTN Ser 154 Sen Reg S 17/09.02.29 | 1,146,660.00 | 1,196,435.00 | 0.34 |
| EUR | 1,000,000 | Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | 1,059,500.00 | 1,048,460.00 | 0.29 |
| EUR | 1,000,000 | DP World Ltd 2.375% Ser 2-2018 Sen Reg S 18/25.09.26 | 1,092,450.00 | 1,061,205.00 | 0.30 |
| EUR | 2,000,000 | DZ Bank AG Dt Zent Genosbk 0.5% EMTN Ser A1022 18/02.10.23 | 2,015,400.00 | 2,035,020.00 | 0.57 |
| EUR | 1,000,000 | EDP-Energias de Portugal SA VAR 21/02.08.81 | 994,750.00 | 998,810.00 | 0.28 |
| EUR | 4,000,000 | Eesti Energia As 2.384% Reg S Sen 15/22.09.23 | 4,263,770.00 | 4,216,680.00 | 1.18 |
| EUR | 5,000,000 | EIB 0.5% EMTN Sen Reg S 16/13.11.37 | 5,251,890.00 | 5,197,475.00 | 1.46 |
| EUR | 5,000,000 | Electricité de France 2.75% EMTN Sen Reg S 12/10.03.23 | 5,535,160.00 | 5,286,625.00 | 1.48 |
| EUR | 2,000,000 | Energa Finance AB 2.125% EMTN Sen Reg S 17/07.03.27 | 2,042,720.00 | 2,116,320.00 | 0.59 |
| EUR | 1,000,000 | Energie AG Oberoesterreich 4.5% 05/04.03.25 | 1,182,550.00 | 1,167,770.00 | 0.33 |
| EUR | 5,000,000 | Engie SA 0.875% EMTN Sen 17/27.03.24 | 5,127,945.00 | 5,149,650.00 | 1.45 |
| EUR | 3,000,000 | Engie SA 1.375% EMTN Sen 17/28.02.29 | 3,090,150.00 | 3,241,290.00 | 0.91 |
| EUR | 2,000,000 | Engie SA VAR 18/16.04.Perpetual | 2,027,500.00 | 2,031,160.00 | 0.57 |
| EUR | 2,000,000 | EP Infrastructure AS 1.698% Sen Reg S 19/30.07.26 | 2,020,560.00 | 2,080,160.00 | 0.58 |
| EUR | 2,000,000 | EP Infrastructure AS 2.045% Sen Reg S 19/09.10.28 | 1,937,880.00 | 2,102,340.00 | 0.59 |
| EUR | 2,000,000 | Espana 0.6% EMTN Sen 19/31.10.29 | 2,076,640.00 | 2,075,700.00 | 0.58 |
| EUR | 4,000,000 | Espana 2.15% Reg S Sen 15/31.10.25 | 4,369,220.00 | 4,457,240.00 | 1.25 |
| EUR | 4,453,000 | European Fin Stability Facilit 0.2% EMTN Ser 130 18/17.01.24 | 4,522,497.86 | 4,550,298.05 | 1.28 |
| EUR | 1,000,000 | Eutelsat SA 2% Sen Reg S 18/02.10.25 | 1,019,840.00 | 1,074,845.00 | 0.30 |
| EUR | 4,000,000 | Export Import Bank Korea (The) 0.5% EMTN Sen 17/30.05.22 | 4,029,310.00 | 4,037,880.00 | 1.13 |
| EUR | 3,000,000 | Export Import Bk Of China 0.75% EMTN Sen Reg S 17/28.05.23 | 2,971,550.00 | 3,045,420.00 | 0.85 |
| EUR | 500,000 | Faurecia SE 3.125% Sen Reg S 19/15.06.26 | 517,750.00 | 518,970.00 | 0.15 |

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

| EUR | 2,000,000 | Ferrovial Emisiones SA 1.382% Ser 6Y Sen 20/14.05.26 | 2,135,720.00 | 2,113,710.00 | 0.59 |
| --- | --- | --- | --- | --- | --- |
| EUR | 3,000,000 | Finland 0.5% Sen 19/15.09.29 | 3,192,854.50 | 3,188,160.00 | 0.89 |
| EUR | 1,000,000 | Hera SpA 0.875% EMTN Ser 9 Sen Reg S 19/05.07.27 | 1,015,230.00 | 1,045,000.00 | 0.29 |
| EUR | 2,000,000 | Iberdrola Intl BV 1.125% EMTN Reg S Sen 16/21.04.26 | 2,125,740.00 | 2,117,440.00 | 0.59 |
| EUR | 2,000,000 | Iberdrola Intl BV VAR 21/09.02.Perpetual | 2,012,500.00 | 2,012,910.00 | 0.56 |
| EUR | 2,000,000 | IBM Corp 1.75% Sen 19/31.01.31 | 2,279,620.00 | 2,236,450.00 | 0.63 |
| EUR | 2,000,000 | Ignitis Grupe AB 1.875% EMTN Sen Reg S 18/10.07.28 | 2,193,750.00 | 2,204,040.00 | 0.62 |
| EUR | 2,000,000 | Ignitis Grupe AB 2% EMTN Ser 1 Sen Reg S 17/14.07.27 | 2,235,000.00 | 2,216,200.00 | 0.62 |
| EUR | 2,000,000 | Indonesia 0.9% Sen 20/14.02.27 | 1,762,500.00 | 2,016,150.00 | 0.57 |
| EUR | 5,000,000 | Indonesia 2.625% EMTN Reg S Sen 16/14.06.23 | 5,362,670.00 | 5,272,200.00 | 1.48 |
| EUR | 4,000,000 | Indonesia 3.375% Reg S Ser 15 15/30.07.25 | 4,244,940.00 | 4,459,300.00 | 1.25 |
| EUR | 2,000,000 | ING Groep NV 2.5% Sen Reg S 18/15.11.30 | 2,384,140.00 | 2,397,840.00 | 0.67 |
| EUR | 1,000,000 | Ipsen 1.875% Sen 16/16.06.23 | 1,029,600.00 | 1,029,200.00 | 0.29 |
| EUR | 7,422,154.14 | Ireland 1% T-Bills Reg S Sen 16/15.05.26 | 7,808,622.03 | 7,985,050.31 | 2.24 |
| EUR | 3,000,000 | Ireland 3.4% T-Bond 14/18.03.24 | 3,500,378.22 | 3,355,920.00 | 0.94 |
| EUR | 3,000,000 | Kasachstan 2.375% EMTN Ser 6 Sen Reg S 18/09.11.28 | 3,388,050.00 | 3,330,900.00 | 0.93 |
| EUR | 2,000,000 | Kion Group AG 1.625% EMTN 20/24.09.25 | 2,080,740.00 | 2,084,160.00 | 0.58 |
| EUR | 2,500,000 | Korea 2.125% Reg S Sen 14/10.06.24 | 2,701,400.00 | 2,691,062.50 | 0.76 |
| EUR | 2,000,000 | Leaseplan Corp NV 3.5% EMTN Sen 20/09.04.25 | 2,282,260.00 | 2,263,780.00 | 0.64 |
| EUR | 2,000,000 | Lithuania 1.25% EMTN Reg S Ser 3 15/22.10.25 | 2,138,160.00 | 2,156,060.00 | 0.61 |
| EUR | 2,000,000 | LKQ Italia Bondco SpA 3.875% Reg S Sen 16/01.04.24 | 2,160,628.00 | 2,160,010.00 | 0.61 |
| EUR | 1,000,000 | Magna International Inc 1.5% Sen 17/25.09.27 | 1,074,220.00 | 1,081,530.00 | 0.30 |
| EUR | 2,000,000 | Metsa Board Corp 2.75% 17/29.09.27 | 2,290,000.00 | 2,271,710.00 | 0.64 |
| EUR | 5,000,000 | Mitsubishi UFJ Fin Gr Inc 0.98% EMTN S14 Sen Reg 18/09.10.23 | 5,001,400.00 | 5,139,125.00 | 1.44 |
| EUR | 2,000,000 | MOL Hungarian Oil and Gas Plc 1.5% Sen 20/08.10.27 | 2,097,460.00 | 2,086,220.00 | 0.59 |
| EUR | 1,000,000 | MOL Hungarian Oil and Gas Plc 2.625% Reg S Sen 16/28.04.23 | 1,081,794.91 | 1,053,305.00 | 0.30 |
| EUR | 2,000,000 | Molnlycke Holding AB 0.875% EMTN Sen Reg S 19/05.09.29 | 2,071,160.00 | 2,024,020.00 | 0.57 |
| EUR | 5,000,000 | Morocco 3.5% Reg S 14/19.06.24 | 5,362,488.00 | 5,465,925.00 | 1.53 |
| EUR | 5,000,000 | Natl Australia Bank Ltd 0.625% EMTN Ser GMTN Sen 18/30.08.23 | 4,976,750.00 | 5,114,250.00 | 1.44 |
| EUR | 4,000,000 | Nederlandse Waterschapsbank NV 1% EMTN Reg S 15/03.09.25 | 4,167,880.00 | 4,257,140.00 | 1.19 |
| EUR | 2,000,000 | Neste Corporation 0.75% 21/25.03.28 | 2,000,940.00 | 1,992,680.00 | 0.56 |
| EUR | 4,000,000 | Netherlands 0.25% Sen Reg S 19/15.07.29 | 4,209,272.67 | 4,189,960.00 | 1.18 |
| EUR | 1,000,000 | Nokia Corp 2% EMTN Sen Reg S 19/11.03.26 | 1,053,000.00 | 1,041,775.00 | 0.29 |
| EUR | 2,000,000 | Oesterreich 0% Reg S Sen 16/15.07.23 | 2,012,843.41 | 2,029,820.00 | 0.57 |
| EUR | 3,000,000 | Optus Finance Pty Ltd 1% Sen Reg S 19/20.06.29 | 3,171,346.10 | 3,124,620.00 | 0.88 |
| EUR | 2,000,000 | Orange SA 1.2% EMTN Sen 19/11.07.34 | 2,121,800.00 | 2,099,270.00 | 0.59 |
| EUR | 2,500,000 | Orsted VAR Reg S 19/Perpetual | 2,563,750.00 | 2,569,362.50 | 0.72 |
| EUR | 5,000,000 | Peru 2.75% Sen 15/30.01.26 | 5,487,000.00 | 5,578,125.00 | 1.57 |
| EUR | 2,000,000 | Peru 3.75% Sen 16/01.03.30 | 2,146,500.00 | 2,465,750.00 | 0.69 |
| EUR | 5,000,000 | Portugal 2.875% Sen 15/15.10.25 | 5,618,270.00 | 5,741,100.00 | 1.61 |
| EUR | 5,000,000 | Portugal 4.95% 08/25.10.23 | 6,037,000.00 | 5,711,400.00 | 1.60 |
| EUR | 1,000,000 | Posco 0.5% Sen Reg S 20/17.01.24 | 979,950.00 | 1,006,775.00 | 0.28 |
| EUR | 2,000,000 | PPF Telecom Group BV 3.5% EMTN Sen Reg S 20/20.05.24 | 2,134,250.00 | 2,129,320.00 | 0.60 |
| EUR | 3,000,000 | PT Perusahaan Listrik Negara 1.875% Sen Reg S 19/05.11.31 | 3,026,670.00 | 2,978,610.00 | 0.84 |
| EUR | 3,000,000 | Romania 2.75% EMTN Reg S Sen 15/29.10.25 | 3,097,363.64 | 3,324,810.00 | 0.93 |
| EUR | 500,000 | Scatec ASA FRN 21/19.08.25 | 498,750.00 | 493,750.00 | 0.14 |
| EUR | 1,000,000 | SES SA 1.625% EMTN Ser 11 Sen Reg S 18/22.03.26 | 998,410.00 | 1,067,265.00 | 0.30 |
| EUR | 3,000,000 | Signify NV 2.375% 20/11.05.27 | 3,354,000.00 | 3,333,765.00 | 0.94 |
| EUR | 3,000,000 | Smurfit Kappa Acquisitions 2.875% Sen Reg S 18/15.01.26 | 3,334,800.00 | 3,334,215.00 | 0.94 |
| EUR | 1,500,000 | State Grid Over Inv (2016) Ltd 1.375% EMTN Sen 18/02.05.25 | 1,579,915.00 | 1,573,282.50 | 0.44 |
| EUR | 1,500,000 | State Grid Over Inv (2016) Ltd 1.75% Sen Reg S 16/19.05.25 | 1,618,380.00 | 1,595,670.00 | 0.45 |
| EUR | 2,000,000 | Stellantis NV 2.75% Sen 20/15.05.26 | 2,239,480.00 | 2,214,260.00 | 0.62 |
| EUR | 2,000,000 | Stora Enso Oyj 2.125% EMTN Sen 16/16.06.23 | 2,129,850.00 | 2,089,130.00 | 0.59 |
| EUR | 5,000,000 | Svenska Handelsbanken AB 0.375% EMTN Ser 336 Sen 18/03.07.23 | 4,969,350.00 | 5,082,575.00 | 1.43 |
| EUR | 3,000,000 | Telenor ASA 2.625% EMTN Ser 52 Sen Reg S 12/06.12.24 | 3,363,660.00 | 3,309,480.00 | 0.93 |
| EUR | 2,000,000 | Teleperformance SE 0.25% EMTN Sen Reg S Pref 20/26.11.27 | 1,991,700.00 | 1,975,490.00 | 0.55 |
| EUR | 3,000,000 | TeliaSonera AB 3.625% EMTN Ser 80 Sen Reg S 12/14.02.24 | 3,480,712.50 | 3,331,215.00 | 0.93 |
| EUR | 2,000,000 | TenneT Holding BV 1.25% EMTN Ser 11 Sen Reg S 16/24.10.33 | 2,148,760.00 | 2,185,490.00 | 0.61 |

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

| EUR | 4,000,000 | TenneT Holding BV 2% EMTN Sen Reg S 18/05.06.34 | 4,551,615.00 |  | 4,737,200.00 |  | 1.33 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR | 2,000,000 | TenneT Holding BV VAR 17/01.06.Perpetual | 2,115,600.00 |  | 2,108,400.00 |  | 0.59 |
| EUR | 4,000,000 | Toyota Motor Cred Corp 0.625% EMTN Sen Reg S 17/21.11.24 | 4,037,695.00 |  | 4,112,240.00 |  | 1.15 |
| EUR | 1,500,000 | UPM-Kymmene Corp 0.125% EMTN 20/19.11.28 | 1,481,700.00 |  | 1,477,500.00 |  | 0.41 |
| EUR | 3,000,000 | Vodafone Group Plc 0.5% EMTN Reg S Ser 63 16/30.01.24 | 2,967,460.00 |  | 3,055,935.00 |  | 0.86 |
| EUR | 2,000,000 | Vodafone Group Plc 0.9% EMTN Sen Reg S 19/24.11.26 | 2,072,800.00 |  | 2,089,310.00 |  | 0.59 |
| EUR | 2,000,000 | Vodafone Group Plc 1.125% EMTN Sen Reg S 17/20.11.25 | 2,009,430.00 |  | 2,103,270.00 |  | 0.59 |
| EUR | 2,000,000 | Volkswagen Intl Finance NV 0.875% EMTN Sen 20/22.09.28 | 1,984,130.00 |  | 2,051,120.00 |  | 0.58 |
| EUR | 2,500,000 | Volvo Car AB 2.5% EMTN Sen 20/07.10.27 | 2,731,250.00 |  | 2,684,375.00 |  | 0.75 |
| EUR | 5,000,000 | Westpac Banking Corp 0.625% EMTN S1350 Sen Reg S 17/22.11.24 | 4,922,700.00 |  | 5,155,175.00 |  | 1.45 |
| EUR | 2,000,000 | Wienerberger AG 2.75% Sen 20/04.06.25 | 2,162,000.00 |  | 2,147,180.00 |  | 0.60 |
| EUR | 2,000,000 | Wintershall Dea Finance BV 0.84% Sen Reg S 19/25.09.25 | 2,051,420.00 |  | 2,041,150.00 |  | 0.57 |
| EUR | 1,800,000 | Zapadoslovenska Energetika AS 1.75% Sen Reg S 18/02.03.28 | 	1,988,265.00  |  | 	1,975,761.00  |  | 	0.55  |
|  |  |  | 323,132,812.08 |  | 326,267,246.86 |  | 91.56 |
| SGD | 1,500,000 | Natl Australia Bank Ltd VAR EMTN Ser 960 16/19.05.28 | 1,000,643.50 |  | 997,632.55 |  | 0.28 |
| USD | 1,000,000 | Colbun SA 3.95% Sen Reg S 17/11.10.27 | 965,040.38 |  | 933,824.03 |  | 0.26 |
| USD | 2,000,000 | Emirates Telecom Gr Co PJSC 3.5% EMTN Ser 3 Sen 14/18.06.24 | 1,756,779.81 |  | 1,841,116.40 |  | 0.52 |
| USD | 3,000,000 | Indonesia 3.4% Sen 19/18.09.29 | 2,824,901.23 |  | 2,709,419.68 |  | 0.76 |
| USD | 2,000,000 | Mexico 4% Sen 13/02.10.23 | 1,613,091.09 |  | 1,836,742.68 |  | 0.52 |
| USD | 2,000,000 | Reliance Industries Ltd 4.125% Reg S Sen 15/28.01.25 | 1,831,405.55 |  | 1,858,977.19 |  | 0.52 |
| USD | 700,000 | SIMA Of G-So Fin Ac Se De Fd I 3.35% EMTN Sen 19/09.10.21 | 620,457.36 |  | 595,643.29 |  | 0.17 |
| USD | 1,000,000 | Transelec SA 4.25% Sen Reg S 14/14.01.25 | 	943,566.40  |  | 	928,535.57  |  | 	0.26  |
|  |  |  | 10,555,241.82 |  | 10,704,258.84 |  | 3.01 |
| Total bonds |  |  | 338,596,887.98 |  | 341,903,942.16 |  | 95.95 |
| Transferable securities dealt in on another regulated market |
| Bonds |  |  |  |  |  |  |  |
| USD | 1,000,000 | SIMA Of-G So Fin Ac Se De Fd I 5.35% EMTN Sen 19/09.10.21 | 	886,367.66  |  | 	850,918.99  |  | 	0.24  |
| Total bonds |  |  | 886,367.66 |  | 850,918.99 |  | 0.24 |
| Other transferable securities |
| Bonds |  |  |  |  |  |  |  |
| EUR | 500,000 | Kronos Intl Inc 3.75% Sen Reg S 17/15.09.25 | 	508,000.00  |  | 	509,087.50  |  | 	0.14  |
| Total bonds |  |  | 508,000.00 |  | 509,087.50 |  | 0.14 |
| Promissory notes |
| EUR | 2,000,000 | Micro Sm Medium Enter Bds SA 3.15% Ser 149 Tr 1 18/10.12.21 | 2,000,000.00 |  | 2,000,000.00 |  | 0.56 |
| EUR | 1,000,000 | Micro Sm Medium Enter Bds SA 4% Ser 174 Tr 1 19/03.11.21 | 	1,000,000.00  |  | 	1,000,000.00  |  | 	0.28  |
| Total promissory notes | 3,000,000.00 |  | 3,000,000.00 |  | 0.84 |
| Total investments in securities | 342,991,255.64 |  | 346,263,948.65 |  | 97.17 |
| Cash at banks |  |  | 8,552,411.43 |  | 2.40 |
| Bank overdrafts |  |  | -1,015,488.70 |  | -0.28 |
| Other net assets/(liabilities) |  |  | 2,544,030.19 |  | 0.71 |
| Total |  |  | 356,344,901.57 |  | 100.00 |

Translation (ENFR, 2021-03-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Etats-Unis d'Amérique | 94,82 % |
| --- | --- |
| Irlande | 1,40 % |
| Jersey | 1,31 % |
| Chine | 0,70 % |
| Belgique | 0,52 % |
| Total | 98,75 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 584.297.998,18 |
| Avoirs bancaires | 18.535.173,92 |
| A recevoir sur garantie en espèces payée | 3.810.000,00 |
| A recevoir sur émissions d'actions | 99.704,74 |
| Revenus à recevoir sur portefeuille-titres | 48.882,50 |
| Charges payées d'avance | 	590,87  |
| Total de l'actif | 606.792.350,21 |
| Exigible |  |
| Dettes bancaires | 175.441,95 |
| Moins-values non réalisées sur changes à terme | 3.485.620,29 |
| Frais à payer | 	576.207,40  |
| Total de l'exigible | 4.237.269,64 |
| Actif net à la fin de la période | 602.555.080,57 |

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 | 10.929,653 | USD | 207,04 | 2.262.854,62 |
| AM | 325.083,915 | USD | 210,46 | 68.415.906,15 |
| B | 321.061,823 | USD | 222,10 | 71.308.264,84 |
| B EUR HEDGED | 324.204,008 | EUR | 196,32 | 74.800.684,12 |
| BI | 21.873,428 | USD | 2.131,19 | 46.616.368,82 |
| BI EUR HEDGED | 9.551,320 | EUR | 1.303,65 | 14.633.092,40 |
| BM | 1.296.038,889 | USD | 225,88 | 292.744.701,82 |
| BM EUR HEDGED | 134.034,372 | EUR | 201,71 | 	31.773.207,80  |
|  |  |  |  | 	602.555.080,57  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 1.301.799,80 |
| Intérêts bancaires | 	8,64  |
| Total des revenus | 1.301.808,44 |
| Charges |  |
| Commission de gestion | 2.185.134,09 |
| Commission de dépositaire | 104.808,33 |
| Frais bancaires et autres commissions | 10.258,55 |
| Frais sur transactions | 307.167,37 |
| Frais d'administration centrale | 106.308,62 |
| Frais professionnels | 3.511,50 |
| Autres frais d'administration | 51.812,75 |
| Taxe d'abonnement | 124.872,49 |
| Autres impôts | 168.411,06 |
| Intérêts bancaires payés | 441,97 |
| Autres charges | 	3.868,74  |
| Total des charges | 3.066.595,47 |
| Pertes nettes des investissements | -1.764.787,03 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 27.945.648,74 |
| - sur changes à terme | 492.471,68 |
| - sur devises | 	24.236,89  |
| Résultat réalisé | 26.697.570,28 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | 56.186.062,67 |
| - sur changes à terme | 	-3.637.704,50  |
| Résultat des opérations | 79.245.928,45 |
| Dividendes payés | - |
| Réinvestissements | - |
| Emissions | 219.278.122,10 |
| Rachats | -92.824.114,79 |
| Total des variations de l'actif net | 205.699.935,76 |
| Total de l'actif net au début de la période | 396.855.144,81 |
| Total de l'actif net à la fin de la période | 602.555.080,57 |

| Total de l'actif net | Devise | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | USD | 270.416.395,45 | 396.855.144,81 | 602.555.080,57 |

| VNI par classe d'action | Devise | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 147,60 | 173,17 | 207,04 |
| AM | USD | 149,14 | 175,67 | 210,46 |
| B | USD | 158,34 | 185,76 | 222,10 |
| B EUR HEDGED | EUR | 144,68 | 165,42 | 196,32 |
| BI | USD | 1.503,74 | 1.776,32 | 2.131,19 |
| BI EUR HEDGED | EUR | - | 1.094,46 | 1.303,65 |
| BM | USD | 160,07 | 188,54 | 225,88 |
| BM EUR HEDGED | EUR | 147,74 | 169,61 | 201,71 |

| Nombre d'actions | en circulation au début de la période | émises | remboursées | en circulation en fin de la période |
| --- | --- | --- | --- | --- |
| A | 5.301,274 | 6.039,318 | -410,939 | 10.929,653 |
| AM | 347.015,852 | 44.459,640 | -66.391,577 | 325.083,915 |
| B | 264.786,702 | 96.471,443 | -40.196,322 | 321.061,823 |
| B EUR HEDGED | 4.677,917 | 322.198,657 | -2.672,566 | 324.204,008 |
| BI | 17.799,280 | 6.240,889 | -2.166,741 | 21.873,428 |
| BI EUR HEDGED | 2.610,000 | 17.460,110 | -10.518,790 | 9.551,320 |
| BM | 1.322.439,676 | 201.328,698 | -227.729,485 | 1.296.038,889 |
| BM EUR HEDGED | 2.940,580 | 134.362,398 | -3.268,606 | 134.034,372 |

| TER par classe d'action au 31.03.2021 |  | (en %) |
| --- | --- | --- |
| A |  | 1,47 |
| AM |  | 1,04 |
| B |  | 1,45 |
| B EUR HEDGED |  | 1,62 |
| BI |  | 0,76 |
| BI EUR HEDGED | * | 0,84 |
| BM |  | 1,04 |
| BM EUR HEDGED |  | 1,22 |
| * TER annualisé |  |  |

| 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 |
| CAD | 7.500 | Constellation Software Inc | 6.402.540,70 | 10.472.432,18 | 1,74 |
| USD | 172.000 | A.O.Smith Corp | 9.193.471,24 | 11.628.920,00 | 1,93 |
| USD | 60.000 | Advance Auto Parts | 8.110.199,88 | 11.009.400,00 | 1,83 |
| USD | 133.000 | Albany Intl Corp A Reg | 8.545.220,96 | 11.101.510,00 | 1,84 |
| USD | 36.500 | ANSYS Inc | 8.915.148,03 | 12.393.940,00 | 2,06 |
| USD | 97.000 | AptarGroup Inc | 10.174.770,56 | 13.741.990,00 | 2,28 |
| USD | 84.000 | Aspen Technology Inc | 7.933.587,27 | 12.123.720,00 | 2,01 |
| USD | 38.000 | Burlington Stores Inc | 5.349.600,74 | 11.354.400,00 | 1,88 |
| USD | 84.000 | CDW Corp | 9.085.465,57 | 13.923.000,00 | 2,31 |
| USD | 157.000 | Check Point Software Tec Ltd | 17.237.820,13 | 17.579.290,00 | 2,92 |
| USD | 29.000 | Chemed Corp | 10.934.140,32 | 13.334.780,00 | 2,21 |
| USD | 219.000 | Church & Dwight Co Inc | 14.185.391,81 | 19.129.650,00 | 3,17 |
| USD | 53.000 | Clorox Co | 8.395.977,73 | 10.222.640,00 | 1,70 |
| USD | 146.000 | Cognex Corp | 7.295.219,20 | 12.116.540,00 | 2,01 |
| USD | 18.000 | Cooper Companies Inc (The) | 4.239.082,01 | 6.913.620,00 | 1,15 |
| USD | 30.000 | Domino's Pizza Inc Reg | 8.406.608,91 | 11.033.700,00 | 1,83 |
| USD | 86.000 | Equifax Inc | 12.451.678,48 | 15.577.180,00 | 2,59 |
| USD | 119.000 | Globus Medical Inc | 4.932.733,68 | 7.338.730,00 | 1,22 |
| USD | 98.000 | Graco Inc | 4.475.226,27 | 7.018.760,00 | 1,16 |
| USD | 119.000 | Henry Jack & Associates Inc | 16.883.022,92 | 18.054.680,00 | 3,00 |
| USD | 14.000 | IDEXX Laboratories Inc | 2.319.141,68 | 6.850.340,00 | 1,14 |
| USD | 46.000 | Insulet Corp | 9.913.549,13 | 12.002.320,00 | 1,99 |
| USD | 51.900 | IPG Photonics Corp | 8.220.039,26 | 10.947.786,00 | 1,82 |
| USD | 172.000 | Lamb Weston Holdings Inc Reg S | 10.685.189,90 | 13.326.560,00 | 2,21 |
| USD | 40.000 | Lancaster Colony Corp | 5.695.125,06 | 7.014.400,00 | 1,16 |
| USD | 42.500 | Lennox Intl Inc | 9.681.656,32 | 13.242.575,00 | 2,20 |
| USD | 44.000 | Littelfuse Inc | 8.213.193,81 | 11.635.360,00 | 1,93 |
| USD | 303.000 | LKQ Corp | 9.429.081,96 | 12.825.990,00 | 2,13 |
| USD | 78.000 | Manhattan Associates Inc | 5.438.200,53 | 9.155.640,00 | 1,52 |
| USD | 50.000 | Masimo Corp | 8.061.927,95 | 11.483.000,00 | 1,91 |
| USD | 77.000 | McCormick & Co | 4.594.608,93 | 6.865.320,00 | 1,14 |
| USD | 8.000 | Mettler Toledo Intl Inc | 5.222.157,18 | 9.245.520,00 | 1,53 |
| USD | 75.000 | Middleby Corp | 8.223.403,61 | 12.431.250,00 | 2,06 |
| USD | 23.000 | MSCI Inc | 6.562.629,37 | 9.643.440,00 | 1,60 |
| USD | 330.000 | NIC Inc Reg | 7.522.731,81 | 11.196.900,00 | 1,86 |
| USD | 54.000 | Nordson Corp | 8.397.089,50 | 10.728.720,00 | 1,78 |
| USD | 39.000 | Pool Corp | 6.660.674,18 | 13.464.360,00 | 2,23 |
| USD | 75.000 | Resmed Inc | 8.487.357,18 | 14.551.500,00 | 2,42 |
| USD | 372.000 | Rollins Inc | 9.384.754,10 | 12.804.240,00 | 2,13 |
| USD | 127.000 | Sensient Technologies Corp | 8.359.114,97 | 9.906.000,00 | 1,64 |
| USD | 81.000 | SiteOne Landscape Supply Inc | 7.437.177,59 | 13.829.940,00 | 2,30 |
| USD | 81.000 | Tractor Supply Co | 7.357.603,24 | 14.343.480,00 | 2,38 |
| USD | 22.000 | Tyler Technologies Inc | 5.088.490,01 | 9.339.660,00 | 1,55 |
| USD | 48.000 | Ulta Beauty Inc Reg | 11.300.203,12 | 14.840.160,00 | 2,46 |
| USD | 57.500 | Verisign Inc | 11.305.781,24 | 11.428.700,00 | 1,90 |
| USD | 107.500 | Verisk Analytics Inc | 16.830.070,35 | 18.994.175,00 | 3,15 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 42.000 | Waters Corp | 8.160.808,07 |  | 11.935.140,00 |  | 1,98 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 50.000 | Watsco Inc | 8.700.045,22 |  | 13.037.500,00 |  | 2,16 |
| USD | 23.000 | Zebra Technologies Corp A | 	3.888.131,45  |  | 	11.159.140,00  |  | 	1,85  |
|  |  |  | 407.884.302,43 |  | 573.825.566,00 |  | 95,23 |
| Total portefeuille-titres |  | 414.286.843,13 |  | 584.297.998,18 |  | 96,97 |
| Avoirs bancaires |  |  |  | 18.535.173,92 |  | 3,08 |
| Dettes bancaires |  |  |  | -175.441,95 |  | -0,03 |
| Autres actifs/(passifs) nets |  |  | -102.649,58 |  | -0,02 |
| Total |  |  |  |  | 602.555.080,57 |  | 100,00 |