# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| The Netherlands | 12.54 % |
| --- | --- |
| France | 8.96 % |
| Luxembourg | 4.94 % |
| Indonesia | 4.90 % |
| Sweden | 4.56 % |
| United States of America | 4.53 % |
| Ireland | 4.12 % |
| Australia | 4.05 % |
| Portugal | 3.96 % |
| Finland | 3.38 % |
| Cayman Islands | 2.82 % |
| Spain | 2.42 % |
| Peru | 2.26 % |
| South Korea | 2.17 % |
| Germany | 2.14 % |
| Czech Republic | 2.09 % |
| United Kingdom | 2.04 % |
| Mexico | 1.99 % |
| Lithuania | 1.85 % |
| Italy | 1.75 % |
| Philippines | 1.74 % |
| Morocco | 1.53 % |
| Austria | 1.50 % |
| Japan | 1.44 % |
| Bulgaria | 1.26 % |
| Estonia | 1.18 % |
| Chile | 1.12 % |
| Norway | 1.07 % |
| Romania | 0.93 % |
| Kazakhstan | 0.93 % |
| Hungary | 0.89 % |
| British Virgin Islands | 0.89 % |
| China | 0.85 % |
| United Arab Emirates | 0.82 % |
| Denmark | 0.72 % |
| Hong Kong | 0.59 % |
| Belgium | 0.57 % |
| Slovakia | 0.55 % |
| India | 0.52 % |
| Jersey | 0.30 % |
| Canada | 0.30 % |
| Total | 97.17 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 33,701,372.50 |
| Cash at banks | 1,122,325.07 |
| Income receivable on portfolio | 106,307.39 |
| Prepaid expenses | 	45.65  |
| Total assets | 34,930,050.61 |
| Liabilities |  |
| Expenses payable | 	30,026.32  |
| Total liabilities | 30,026.32 |
| Net assets at the end of the period | 34,900,024.29 |

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 | 805.143 | EUR | 215.97 | 173,887.66 |
| B | 31,992.169 | EUR | 1,085.45 | 34,726,030.01 |
| BI | 1.000 | EUR | 106.62 | 	106.62  |
|  |  |  |  | 	34,900,024.29  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 93,748.17 |
| Return on sukuk | 	460.79  |
| Total income | 94,208.96 |
| Expenses |  |
| Management fees | 108,440.92 |
| Depositary fees | 16,708.03 |
| Banking charges and other fees | 1,164.32 |
| Transaction fees | 100.00 |
| Central administration costs | 23,985.65 |
| Professional fees | 273.31 |
| Other administration costs | 15,980.32 |
| Subscription duty ("taxe d'abonnement") | 8,917.47 |
| Other taxes | 11,432.66 |
| Bank interest paid | 5,282.30 |
| Other expenses | 	232.55  |
| Total expenses | 192,517.53 |
| Net investment loss | -98,308.57 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 	4,621.25  |
| Realised result | -93,687.32 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 	-191,246.25  |
| Result of operations | -284,933.57 |
| Dividends paid | - |
| Reinvestments | - |
| Subscriptions | 63,024.08 |
| Redemptions | -2,124,455.18 |
| Total changes in net assets | -2,346,364.67 |
| Total net assets at the beginning of the period | 37,246,388.96 |
| Total net assets at the end of the period | 34,900,024.29 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 39,571,182.76 | 37,246,388.96 | 34,900,024.29 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 231.20 | 217.70 | 215.97 |
| B | EUR | 1,122.99 | 1,094.19 | 1,085.45 |
| BI | EUR | 108.95 | 107.00 | 106.62 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 1,152.240 | 200.000 | -547.097 | 805.143 |
| B | 33,810.828 | 17.909 | -1,836.568 | 31,992.169 |
| BI | 1.000 | - | - | 1.000 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| A | 0.97 |
| B | 0.99 |
| BI | 0.10 |

| 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 | ABN AMRO Bank NV 0.875% EMTN Sen Reg S 18/22.04.25 | 1,555,755.00 |  | 1,563,472.50 |  | 4.48 |
| EUR | 1,000,000 | Apple Inc 0.5% Sen 19/15.11.31 | 1,013,548.00 |  | 1,022,025.00 |  | 2.93 |
| EUR | 2,000,000 | Asian Development Bank 0% Sen 19/24.10.29 | 1,999,660.00 |  | 2,006,620.00 |  | 5.75 |
| EUR | 2,000,000 | Asian Development Bank 0.35% EMTN Sen 18/16.07.25 | 2,065,199.00 |  | 2,067,350.00 |  | 5.92 |
| EUR | 1,000,000 | BPCE SA 0.125% Sen 19/04.12.24 | 999,875.00 |  | 1,009,595.00 |  | 2.89 |
| EUR | 2,500,000 | Deutschland 0% Ser 181 20/11.04.25 | 2,570,300.00 |  | 2,569,975.00 |  | 7.36 |
| EUR | 1,500,000 | EIB 1.25% EMTN Reg S Sen 14/13.11.26 | 1,659,965.00 |  | 1,645,530.00 |  | 4.72 |
| EUR | 1,000,000 | Engie SA 0.875% EMTN Sen 17/27.03.24 | 1,038,927.00 |  | 1,029,930.00 |  | 2.95 |
| EUR | 500,000 | Engie SA 1.375% EMTN Sen 17/28.02.29 | 547,300.00 |  | 540,215.00 |  | 1.55 |
| EUR | 1,500,000 | Iberdrola Intl BV 1.125% EMTN Reg S Sen 16/21.04.26 | 1,599,150.00 |  | 1,588,080.00 |  | 4.55 |
| EUR | 1,000,000 | KFW 0.05% EMTN Reg S Sen 16/30.05.24 | 1,019,810.00 |  | 1,020,580.00 |  | 2.93 |
| EUR | 3,000,000 | KFW 0.25% EMTN Sen Reg S 17/30.06.25 | 3,097,560.00 |  | 3,099,795.00 |  | 8.88 |
| EUR | 1,500,000 | Mitsubishi UFJ Fin Gr Inc 0.98% EMTN S14 Sen Reg 18/09.10.23 | 1,544,670.00 |  | 1,541,737.50 |  | 4.42 |
| EUR | 1,000,000 | Natl Australia Bank Ltd 0.625% EMTN Ser GMTN Sen 18/30.08.23 | 1,022,020.00 |  | 1,022,850.00 |  | 2.93 |
| EUR | 2,000,000 | Nederlandse Waterschapsbank NV 1% EMTN Reg S 15/03.09.25 | 2,136,805.00 |  | 2,128,570.00 |  | 6.10 |
| EUR | 1,500,000 | Netherlands 2% 14/15.07.24 | 1,662,105.00 |  | 1,633,020.00 |  | 4.68 |
| EUR | 3,000,000 | Nordic Investment Bank 0.5% EMTN Sen Reg S 18/03.11.25 | 3,143,655.00 |  | 3,132,600.00 |  | 8.98 |
| EUR | 1,500,000 | Svenska Handelsbanken AB 0.375% EMTN Ser 336 Sen 18/03.07.23 | 1,514,336.25 |  | 1,524,772.50 |  | 4.37 |
| EUR | 1,000,000 | Vodafone Group Plc 0.9% EMTN Sen Reg S 19/24.11.26 | 	1,040,210.00  |  | 	1,044,655.00  |  | 	2.99  |
| Total bonds |  | 31,230,850.25 |  | 31,191,372.50 |  | 89.38 |
| Sukuk |  |  |  |  |  |  |  |
| EUR | 2,500,000 | IDB Trust Services Ltd 0.037% Sen 19/04.12.24 | 	2,504,002.00  |  | 	2,510,000.00  |  | 	7.19  |
| Total sukuk |  | 2,504,002.00 |  | 2,510,000.00 |  | 7.19 |
| Total investments in securities | 33,734,852.25 |  | 33,701,372.50 |  | 96.57 |
| Cash at banks |  |  | 1,122,325.07 |  | 3.22 |
| Other net assets/(liabilities) |  |  | 76,326.72 |  | 0.21 |
| Total |  |  | 34,900,024.29 |  | 100.00 |

* Minor differences may arise due to rounding in the calculation of percentages.
The accompanying notes are an integral part of these financial statements.

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 |