# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Germany | 43.25 % |
| --- | --- |
| Ireland | 11.88 % |
| United States of America | 8.05 % |
| Switzerland | 4.32 % |
| United Kingdom | 3.76 % |
| Japan | 3.27 % |
| Jersey | 3.10 % |
| France | 3.01 % |
| Sweden | 1.02 % |
| Denmark | 0.96 % |
| South Korea | 0.63 % |
| Canada | 0.57 % |
| Thailand | 0.42 % |
| Taiwan | 0.36 % |
| Spain | 0.29 % |
| Cayman Islands | 0.26 % |
| Finland | 0.21 % |
| China | 0.11 % |
| Mexico | 0.11 % |
| India | 0.05 % |
| Total | 85.63 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 317,174,587.51 |
| Cash at banks | 16,612,133.94 |
| Receivable cash collateral paid | 120,000.00 |
| Income receivable on portfolio | 3,044,516.08 |
| Prepaid expenses | 	371.74  |
| Total assets | 336,951,609.27 |
| Liabilities |  |
| Bank overdrafts | 145.82 |
| Unrealised loss on forward foreign exchange contracts | 196,532.50 |
| Expenses payable | 	240,778.23  |
| Total liabilities | 437,456.55 |
| Net assets at the end of the period | 336,514,152.72 |

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 | 174,088.525 | EUR | 257.13 | 44,762,919.32 |
| B | 3,092,876.553 | EUR | 92.91 | 287,344,324.97 |
| BI | 4,806.925 | EUR | 916.78 | 	4,406,908.43  |
|  |  |  |  | 	336,514,152.72  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 3,346,781.59 |
| Bank interest | 	105.52  |
| Total income | 3,346,887.11 |
| Expenses |  |
| Management fees | 1,043,587.95 |
| Depositary fees | 75,332.12 |
| Banking charges and other fees | 17,116.17 |
| Transaction fees | 42,181.59 |
| Central administration costs | 57,840.52 |
| Professional fees | 2,353.38 |
| Other administration costs | 24,224.41 |
| Subscription duty ("taxe d'abonnement") | 85,151.38 |
| Other taxes | 96,238.02 |
| Bank interest paid | 73,010.11 |
| Other expenses | 	5,525.26  |
| Total expenses | 1,522,560.91 |
| Net investment income | 1,824,326.20 |
| Net realised gain/(loss) |  |
| - on securities portfolio | -4,146,357.54 |
| - on futures contracts | 570,970.00 |
| - on forward foreign exchange contracts | 727,677.44 |
| - on foreign exchange | 	-339,614.14  |
| Realised result | -1,362,998.04 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -16,316,174.74 |
| - on futures contracts | -118,890.00 |
| - on forward foreign exchange contracts | 	-196,532.50  |
| Result of operations | -17,994,595.28 |
| Dividends paid | -412,040.71 |
| Reinvestments | - |
| Subscriptions | 24,931,535.01 |
| Redemptions | -29,075,577.77 |
| Total changes in net assets | -22,550,678.75 |
| Total net assets at the beginning of the period | 359,064,831.47 |
| Total net assets at the end of the period | 336,514,152.72 |

| Total net assets | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | EUR | 352,964,283.17 | 359,064,831.47 | 336,514,152.72 |

| Net asset value per share class | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | EUR | 275.95 | 273.43 | 257.13 |
| B | EUR | 685.03 | 97.84 | 92.91 |
| BI | EUR | 106.73 | 963.69 | 916.78 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 173,842.257 | 15,365.990 | -15,119.722 | 174,088.525 |
| B | 3,108,974.959 | 210,511.679 | -226,610.085 | 3,092,876.553 |
| BI | 7,612.176 | 538.989 | -3,344.240 | 4,806.925 |

| TER per share class as at 31.03.2022 | (in %) |
| --- | --- |
| A | 0.83 |
| B | 0.76 |
| BI | 0.40 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | EUR | 2.37 | 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 |  |  |  |  |  |
| CNY | 8,000,000 | Asian Development Bank 2.9% EMTN Ser 1049-00 19/05.03.24 | 1,038,916.67 | 1,131,239.15 | 0.34 |
| CNY | 15,000,000 | KFW 2.14% EMTN 21/26.01.24 | 1,913,491.34 | 2,095,036.16 | 0.62 |
| CNY | 15,000,000 | KFW 2.52% EMTN 21/23.03.26 | 1,919,970.74 | 2,078,812.05 | 0.62 |
| CNY | 40,000,000 | People's Republic of China 2.84% 21/08.04.24 | 5,662,494.92 | 5,729,158.16 | 1.70 |
| CNY | 50,000,000 | People's Republic of China 3.03% 21/11.03.26 | 	7,159,719.28  | 	7,212,331.43  | 	2.14  |
|  |  |  | 17,694,592.95 | 18,246,576.95 | 5.42 |
| CZK | 60,000,000 | Czech Republic 1% Ser 95 15/26.06.26 | 2,264,654.71 | 2,157,262.39 | 0.64 |
| CZK | 50,000,000 | Czech Republic 1.25% Ser 120 20/14.02.25 | 	1,919,234.91  | 	1,870,690.19  | 	0.56  |
|  |  |  | 4,183,889.62 | 4,027,952.58 | 1.20 |
| EUR | 3,000,000 | ABN AMRO Bank NV 0.875% EMTN Sen Reg S 18/22.04.25 | 3,113,187.00 | 3,015,060.00 | 0.90 |
| EUR | 3,000,000 | Albania 3.5% 20/16.06.27 | 3,252,000.00 | 2,916,840.00 | 0.87 |
| EUR | 1,500,000 | Albemarle New Holding GmbH 1.625% 19/25.11.28 | 1,601,070.00 | 1,432,095.00 | 0.43 |
| EUR | 2,500,000 | Aliaxis Finance SA 0.875% 21/08.11.28 | 2,487,500.00 | 2,253,550.00 | 0.67 |
| EUR | 4,000,000 | Amplifon SpA 1.125% 20/13.02.27 | 4,059,540.00 | 3,854,840.00 | 1.15 |
| EUR | 1,000,000 | Aptiv Plc 1.5% Sen 15/10.03.25 | 1,038,105.00 | 1,002,090.00 | 0.30 |
| EUR | 2,000,000 | BMW Finance NV 1% EMTN Sen 15/21.01.25 | 2,046,780.00 | 2,011,390.00 | 0.60 |
| EUR | 4,000,000 | BNP Paribas SA VAR Sen Ser 19195 19/04.06.26 | 4,050,880.00 | 3,891,840.00 | 1.16 |
| EUR | 2,000,000 | Bq Féd du Crédit Mutuel 0.1% EMTN 20/08.10.27 | 1,990,760.00 | 1,855,640.00 | 0.55 |
| EUR | 1,500,000 | Brisa Concessao Rodoviaria SA 2.375% EMTN 11 Sen 17/10.05.27 | 1,597,500.00 | 1,563,652.50 | 0.46 |
| EUR | 2,000,000 | Bulgaria 2.625% EMTN Reg S 15/26.03.27 | 2,056,000.00 | 2,143,190.00 | 0.64 |
| EUR | 1,000,000 | Caverion Oyj 2.75% 22/25.02.27 | 998,750.00 | 992,500.00 | 0.29 |
| EUR | 2,000,000 | CGNPC International Ltd 1.625% EMTN Sen 17/11.12.24 | 2,106,000.00 | 2,009,490.00 | 0.60 |
| EUR | 2,000,000 | CNH Industrial Fin Europe SA 1.875% EMTN Sen 18/19.01.26 | 2,022,000.00 | 2,030,770.00 | 0.60 |
| EUR | 2,000,000 | Corp Nacl Del Cobre De Chile 2.25% Reg S 14/09.07.24 | 2,134,600.00 | 2,058,140.00 | 0.61 |
| EUR | 2,000,000 | CPI PROPERTY GROUP SA 2.75% EMTN Sen Reg S 20/12.05.26 | 2,085,060.00 | 2,004,830.00 | 0.60 |
| EUR | 1,000,000 | Cred Mutuel Arkea 3.5% EMTN Ser 154 Sen Reg S 17/09.02.29 | 1,146,660.00 | 1,065,920.00 | 0.32 |
| EUR | 2,500,000 | Darling Global Fin BV 3.625% Sen Reg S 18/15.05.26 | 2,518,500.00 | 2,522,025.00 | 0.75 |
| EUR | 4,000,000 | Derichebourg 2.25% 21/15.07.28 | 4,110,350.00 | 3,933,260.00 | 1.17 |
| EUR | 4,000,000 | Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | 4,183,300.00 | 3,983,240.00 | 1.18 |
| EUR | 1,000,000 | DP World Ltd 2.375% Ser 2-2018 Sen Reg S 18/25.09.26 | 1,092,450.00 | 1,011,740.00 | 0.30 |
| EUR | 3,500,000 | EDP-Energias de Portugal SA VAR 21/02.08.81 | 3,511,350.00 | 3,275,877.50 | 0.97 |
| EUR | 3,000,000 | EIB 0.05% 22/15.11.29 | 2,998,170.00 | 2,817,360.00 | 0.84 |
| EUR | 1,000,000 | Energie AG Oberoesterreich 4.5% 05/04.03.25 | 1,182,550.00 | 1,095,500.00 | 0.33 |
| EUR | 2,500,000 | Engie SA 0.875% EMTN Sen 17/27.03.24 | 2,563,972.50 | 2,510,300.00 | 0.75 |
| EUR | 2,000,000 | Engie SA VAR 18/16.04.Perpetual | 2,027,500.00 | 1,996,620.00 | 0.59 |
| EUR | 4,000,000 | Espana 2.15% Reg S Sen 15/31.10.25 | 4,369,220.00 | 4,218,940.00 | 1.25 |
| EUR | 2,450,000 | Esselunga SpA 1.875% 17/25.10.27 | 2,557,900.00 | 2,433,095.00 | 0.72 |
| EUR | 1,300,000 | Eurofins Scientific SE VAR Sub Reg S 17/13.11.Perpetual | 1,388,660.00 | 1,290,724.50 | 0.38 |
| EUR | 4,000,000 | European Energy AS FRN 21/16.09.25 | 4,031,990.00 | 4,006,720.00 | 1.19 |
| EUR | 1,000,000 | Eutelsat SA 2% Sen Reg S 18/02.10.25 | 1,019,840.00 | 1,013,200.00 | 0.30 |
| EUR | 3,000,000 | Faurecia SE 3.125% Sen Reg S 19/15.06.26 | 3,102,300.00 | 2,871,525.00 | 0.85 |
| EUR | 2,000,000 | Ferrovial Emisiones SA 1.382% Ser 6Y Sen 20/14.05.26 | 2,135,720.00 | 2,013,480.00 | 0.60 |
| EUR | 10,000,000 | France 0.5% 144A 21/25.06.44 | 9,279,900.00 | 8,446,300.00 | 2.51 |
| EUR | 10,000,000 | France 1.25% OAT 16/25.05.36 | 10,518,100.00 | 10,144,550.00 | 3.01 |
| EUR | 1,500,000 | Greenvolt Energias Renov SA 2.625% Ser 7Y 21/10.11.28 | 1,497,125.00 | 1,483,860.00 | 0.44 |
| EUR | 2,000,000 | Hera SpA 0.875% EMTN Ser 9 Sen Reg S 19/05.07.27 | 2,061,510.00 | 1,939,270.00 | 0.58 |
| EUR | 2,000,000 | Iberdrola Intl BV 1.125% EMTN Reg S Sen 16/21.04.26 | 2,125,740.00 | 2,013,410.00 | 0.60 |
| EUR | 2,000,000 | Iberdrola Intl BV VAR 21/09.02.Perpetual | 2,012,500.00 | 1,895,210.00 | 0.56 |
| EUR | 2,000,000 | Ignitis Grupe AB 1.875% EMTN Sen Reg S 18/10.07.28 | 2,193,750.00 | 1,993,720.00 | 0.59 |
| EUR | 2,000,000 | Ignitis Grupe AB 2% EMTN Ser 1 Sen Reg S 17/14.07.27 | 2,235,000.00 | 2,014,880.00 | 0.60 |
| EUR | 2,000,000 | Indonesia 0.9% Sen 20/14.02.27 | 1,762,500.00 | 1,891,370.00 | 0.56 |
| EUR | 2,000,000 | Indonesia 3.375% Reg S Ser 15 15/30.07.25 | 2,122,470.00 | 2,111,410.00 | 0.63 |
| EUR | 7,422,154.14 | Ireland 1% T-Bills Reg S Sen 16/15.05.26 | 7,808,622.03 | 7,588,521.73 | 2.25 |
| EUR | 3,000,000 | Kasachstan 2.375% EMTN Ser 6 Sen Reg S 18/09.11.28 | 3,388,050.00 | 2,746,935.00 | 0.82 |
| EUR | 3,000,000 | Kion Group AG 1.625% EMTN 20/24.09.25 | 3,130,380.00 | 3,002,910.00 | 0.89 |

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

| EUR | 2,500,000 | Korea 2.125% Reg S Sen 14/10.06.24 | 2,701,400.00 | 2,584,775.00 | 0.77 |
| --- | --- | --- | --- | --- | --- |
| EUR | 3,500,000 | Kronos Intl Inc 3.75% Sen Reg S 17/15.09.25 | 3,534,250.00 | 3,420,515.00 | 1.02 |
| EUR | 4,500,000 | Leaseplan Corp NV 3.5% EMTN Sen 20/09.04.25 | 5,110,015.00 | 4,774,027.50 | 1.42 |
| EUR | 2,000,000 | Lithuania 1.25% EMTN Reg S Ser 3 15/22.10.25 | 2,138,160.00 | 2,024,720.00 | 0.60 |
| EUR | 2,500,000 | LKQ European Holdings BV 4.125% 18/01.04.28 | 2,617,200.00 | 2,594,687.50 | 0.77 |
| EUR | 2,000,000 | LKQ Italia Bondco SpA 3.875% Reg S Sen 16/01.04.24 | 2,160,628.00 | 2,070,760.00 | 0.62 |
| EUR | 1,000,000 | Magna International Inc 1.5% Sen 17/25.09.27 | 1,074,220.00 | 996,215.00 | 0.30 |
| EUR | 2,000,000 | Metsa Board Corp 2.75% 17/29.09.27 | 2,290,000.00 | 2,066,070.00 | 0.61 |
| EUR | 2,000,000 | MOL Hungarian Oil and Gas Plc 1.5% Sen 20/08.10.27 | 2,097,460.00 | 1,864,570.00 | 0.55 |
| EUR | 2,000,000 | Molnlycke Holding AB 0.875% EMTN Sen Reg S 19/05.09.29 | 2,071,160.00 | 1,814,410.00 | 0.54 |
| EUR | 3,000,000 | Morocco 1.5% Sen 19/27.11.31 | 2,445,000.00 | 2,471,040.00 | 0.73 |
| EUR | 5,000,000 | Morocco 3.5% Reg S 14/19.06.24 | 5,362,488.00 | 5,167,125.00 | 1.54 |
| EUR | 5,000,000 | Nederlandse Waterschapsbank NV 1% EMTN Reg S 15/03.09.25 | 5,233,470.00 | 5,043,675.00 | 1.50 |
| EUR | 4,000,000 | Neste Corporation 0.75% 21/25.03.28 | 4,004,935.00 | 3,742,540.00 | 1.11 |
| EUR | 4,000,000 | Netherlands 0.25% Sen Reg S 19/15.07.29 | 4,209,272.67 | 3,903,540.00 | 1.16 |
| EUR | 2,000,000 | Nokia Corp 2% EMTN Sen Reg S 19/11.03.26 | 2,099,000.00 | 1,997,390.00 | 0.59 |
| EUR | 2,000,000 | Nokia Corp 2.375% EMTN Sen Reg S 20/15.05.25 | 2,035,820.00 | 2,038,280.00 | 0.61 |
| EUR | 3,000,000 | Optus Finance Pty Ltd 1% Sen Reg S 19/20.06.29 | 3,171,346.10 | 2,796,615.00 | 0.83 |
| EUR | 3,000,000 | Orsted VAR Reg S 19/Perpetual | 3,078,000.00 | 2,874,015.00 | 0.85 |
| EUR | 5,000,000 | Peru 2.75% Sen 15/30.01.26 | 5,487,000.00 | 5,250,000.00 | 1.56 |
| EUR | 2,000,000 | Peru 3.75% Sen 16/01.03.30 | 2,146,500.00 | 2,230,370.00 | 0.66 |
| EUR | 5,000,000 | Portugal 2.875% Sen 15/15.10.25 | 5,618,270.00 | 5,420,250.00 | 1.61 |
| EUR | 1,000,000 | Posco Holdings Inc 0.5% Sen Reg S 20/17.01.24 | 979,950.00 | 991,110.00 | 0.29 |
| EUR | 3,000,000 | PPF Telecom Group BV 3.5% EMTN Sen Reg S 20/20.05.24 | 3,154,060.00 | 3,048,795.00 | 0.91 |
| EUR | 3,500,000 | Progroup AG 3% Sen Reg S 18/31.03.26 | 3,439,880.00 | 3,363,342.50 | 1.00 |
| EUR | 2,500,000 | Republique du Benin 5.75% Sk Sen Reg S 19/26.03.26 | 2,732,600.00 | 2,588,437.50 | 0.77 |
| EUR | 2,500,000 | Rexel SA 2.125% 21/15.06.28 | 2,563,075.00 | 2,397,012.50 | 0.71 |
| EUR | 3,000,000 | Romania 2.75% EMTN Reg S Sen 15/29.10.25 | 3,097,363.64 | 3,104,040.00 | 0.92 |
| EUR | 4,000,000 | Scatec ASA FRN 21/19.08.25 | 3,974,485.00 | 3,750,000.00 | 1.11 |
| EUR | 3,000,000 | Senegal 4.75% Sk Sen Reg S 18/13.03.28 | 3,217,200.00 | 2,926,410.00 | 0.87 |
| EUR | 2,000,000 | Serbia 1% EMTN 21/23.09.28 | 1,953,755.00 | 1,689,920.00 | 0.50 |
| EUR | 2,500,000 | Serbia 1.5% Sen Reg S 19/26.06.29 | 2,538,755.00 | 2,129,925.00 | 0.63 |
| EUR | 1,000,000 | SES SA 1.625% EMTN Ser 11 Sen Reg S 18/22.03.26 | 998,410.00 | 991,970.00 | 0.29 |
| EUR | 1,000,000 | SES SA VAR 21/27.08.Perpetual | 1,014,000.00 | 929,310.00 | 0.28 |
| EUR | 3,000,000 | Signify NV 2.375% 20/11.05.27 | 3,354,000.00 | 3,067,125.00 | 0.91 |
| EUR | 2,000,000 | Slovakia 1.625% Reg S Ser 229 16/21.01.31 | 2,223,400.00 | 2,086,220.00 | 0.62 |
| EUR | 3,000,000 | Smurfit Kappa Acquisitions 2.875% Sen Reg S 18/15.01.26 | 3,334,800.00 | 3,137,670.00 | 0.93 |
| EUR | 2,000,000 | Stellantis NV 2.75% Sen 20/15.05.26 | 2,239,480.00 | 2,076,390.00 | 0.62 |
| EUR | 2,000,000 | Teleperformance SE 0.25% EMTN Sen Reg S Pref 20/26.11.27 | 1,991,700.00 | 1,846,410.00 | 0.55 |
| EUR | 1,500,000 | Telia Co AB VAR Sub Reg S 20/11.05.81 | 1,534,875.00 | 1,450,590.00 | 0.43 |
| EUR | 2,000,000 | TenneT Holding BV VAR 17/01.06.Perpetual | 2,115,600.00 | 2,047,040.00 | 0.61 |
| EUR | 3,000,000 | UPM-Kymmene Corp 0.125% EMTN 20/19.11.28 | 2,962,530.00 | 2,699,955.00 | 0.80 |
| EUR | 3,000,000 | Verallia SASU 1.625% 21/14.05.28 | 3,094,900.00 | 2,804,550.00 | 0.83 |
| EUR | 2,000,000 | Vodafone Group Plc 0.9% EMTN Sen Reg S 19/24.11.26 | 2,072,800.00 | 1,989,050.00 | 0.59 |
| EUR | 2,000,000 | Vodafone Group Plc 1.125% EMTN Sen Reg S 17/20.11.25 | 2,009,430.00 | 2,009,060.00 | 0.60 |
| EUR | 3,000,000 | Volkswagen Intl Finance NV 0.875% EMTN Sen 20/22.09.28 | 3,019,630.00 | 2,814,750.00 | 0.84 |
| EUR | 4,000,000 | Volvo Car AB 2.5% EMTN Sen 20/07.10.27 | 4,354,055.00 | 4,016,260.00 | 1.19 |
| EUR | 2,000,000 | Wabtec Transportation Neth BV 1.25% 21/03.12.27 | 2,036,220.00 | 1,903,630.00 | 0.57 |
| EUR | 2,500,000 | Westpac Banking Corp 0.625% EMTN S1350 Sen Reg S 17/22.11.24 | 2,461,350.00 | 2,485,550.00 | 0.74 |
| EUR | 2,000,000 | Wienerberger AG 2.75% Sen 20/04.06.25 | 2,162,000.00 | 2,061,050.00 | 0.61 |
| EUR | 2,000,000 | Wintershall Dea Finance BV 0.84% Sen Reg S 19/25.09.25 | 2,051,420.00 | 1,879,590.00 | 0.56 |
| EUR | 1,800,000 | Zapadoslovenska Energetika AS 1.75% Sen Reg S 18/02.03.28 | 	1,988,265.00  | 	1,751,445.00  | 	0.52  |
|  |  |  | 276,071,394.94 | 261,549,988.73 | 77.71 |
| HUF | 400,000,000 | Hungary 1% 19/26.11.25 | 1,093,896.20 | 900,753.18 | 0.27 |
| MXN | 50,000,000 | IBRD 4.25% EMTN Ser 101280 21/22.01.26 | 1,981,440.19 | 1,975,451.32 | 0.59 |
| MXN | 25,000,000 | Intl Finance Corp 7.5% Ser 1819 18/18.01.28 | 1,101,372.68 | 1,086,765.74 | 0.32 |
| MXN | 500,000 | Mexico 5.75% Bonos Ser M 15/05.03.26 | 	2,079,757.17  | 	2,056,406.80  | 	0.61  |
|  |  |  | 5,162,570.04 | 5,118,623.86 | 1.52 |

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

| NOK | 20,000,000 | IBRD 1.25% EMTN Ser 101343 21/16.03.26 | 1,981,643.44 |  | 1,945,623.91 |  | 0.58 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NOK | 20,000,000 | Norway 3% Ser 476 14/14.03.24 | 	2,074,589.58  |  | 	2,087,751.51  |  | 	0.62  |
|  |  |  | 4,056,233.02 |  | 4,033,375.42 |  | 1.20 |
| RUB | 120,000,000 | EIB 4.25% EMTN Ser 2501/0100 21/16.02.26 | 1,310,580.74 |  | 617,747.20 |  | 0.18 |
| RUB | 100,000,000 | IBRD 4.25% EMTN Ser 101281 21/22.01.26 | 	1,092,729.54  |  | 	498,433.60  |  | 	0.15  |
|  |  |  | 2,403,310.28 |  | 1,116,180.80 |  | 0.33 |
| SGD | 3,000,000 | Republic of Singapore 3.5% 07/01.03.27 | 2,135,849.99 |  | 2,104,795.90 |  | 0.63 |
| USD | 2,000,000 | Egypt 5.25% 20/06.10.25 | 1,789,033.95 |  | 1,738,443.57 |  | 0.52 |
| USD | 2,000,000 | Emirates Telecom Gr Co PJSC 3.5% EMTN Ser 3 Sen 14/18.06.24 | 1,756,779.81 |  | 1,831,613.94 |  | 0.54 |
| USD | 1,500,000 | Hong Kong Special Admi Reg Gov 0.625% EMTN 21/02.02.26 | 1,257,926.28 |  | 1,255,077.29 |  | 0.37 |
| USD | 3,000,000 | Indonesia 3.4% Sen 19/18.09.29 | 2,824,901.23 |  | 2,758,447.16 |  | 0.82 |
| USD | 2,000,000 | Oman (Sultanate of) 4.75% 16/15.06.26 | 1,821,357.46 |  | 1,807,341.84 |  | 0.54 |
| USD | 1,000,000 | Oman (Sultanate of) 6.5% Sen Reg S 17/08.03.47 | 862,773.46 |  | 882,260.97 |  | 0.26 |
| USD | 700,000 | SIMA Of G-So Fin Ac Se De Fd I 3.35% EMTN Sen 19/09.10.22 | 620,457.36 |  | 629,043.85 |  | 0.19 |
| USD | 2,000,000 | Transelec SA 4.25% Sen Reg S 14/14.01.25 | 1,878,531.87 |  | 1,838,245.86 |  | 0.55 |
| USD | 5,000,000 | US 1.875% Ser B-2032 22/15.02.32 | 	4,402,314.60  |  | 	4,309,582.36  |  | 	1.28  |
|  |  |  | 17,214,076.02 |  | 17,050,056.84 |  | 5.07 |
| Total bonds |  | 330,015,813.06 |  | 314,148,304.26 |  | 93.35 |
| 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 19/09.10.22 | 	886,367.66  |  | 	898,634.08  |  | 	0.27  |
| Total bonds |  | 886,367.66 |  | 898,634.08 |  | 0.27 |
| Other transferable securities |
| Bonds |  |  |  |  |  |  |  |
| CNY | 15,000,000 | China Development Bank 3.09% 21/09.08.28 | 	2,139,922.55  |  | 	2,127,649.17  |  | 	0.63  |
| Total bonds |  | 2,139,922.55 |  | 2,127,649.17 |  | 0.63 |
| Total investments in securities | 333,042,103.27 |  | 317,174,587.51 |  | 94.25 |
| Cash at banks |  |  | 16,612,133.94 |  | 4.94 |
| Bank overdrafts |  |  | -145.82 |  | 0.00 |
| Other net assets/(liabilities) |  |  | 2,727,577.09 |  | 0.81 |
| Total |  |  | 336,514,152.72 |  | 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.