# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| United States of America | 94.51 % |
| --- | --- |
| Total | 94.51 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 233,464,379.66 |
| Cash at banks | 14,800,772.77 |
| Receivable cash collateral paid | 160,000.00 |
| Income receivable on portfolio | 2,292,810.86 |
| Prepaid expenses | 	104.32  |
| Total assets | 250,718,067.61 |
| Liabilities |  |
| Payable on treasury transactions | 21,875.00 |
| Unrealised loss on forward foreign exchange contracts | 173,365.91 |
| Expenses payable | 	185,594.69  |
| Total liabilities | 380,835.60 |
| Net assets at the end of the year | 250,337,232.01 |

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 | 391,177.036 | EUR | 92.77 | 36,291,321.59 |
| B | 1,905,390.678 | EUR | 112.18 | 213,739,434.56 |
| BC | 1,300.010 | USD | 94.41 | 105,887.66 |
| BI | 197.000 | EUR | 1,018.21 | 	200,588.20  |
|  |  |  |  | 	250,337,232.01  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 5,029,477.78 |
| Bank interest | 	654.04  |
| Total income | 5,030,131.82 |
| Expenses |  |
| Management fees | 1,464,607.58 |
| Depositary fees | 106,686.07 |
| Banking charges and other fees | 16,926.67 |
| Transaction fees | 5,043.98 |
| Central administration costs | 99,692.01 |
| Professional fees | 3,204.96 |
| Other administration costs | 44,148.24 |
| Subscription duty ("taxe d'abonnement") | 122,787.48 |
| Other taxes | 70,070.28 |
| Bank interest paid | 154,721.06 |
| Other expenses | 	5,475.75  |
| Total expenses | 2,093,364.08 |
| Net investment income | 2,936,767.74 |
| Net realised gain/(loss) |  |
| - on securities portfolio | -1,262,224.95 |
| - on forward foreign exchange contracts | -155,854.88 |
| - on foreign exchange | 	39,298.86  |
| Realised result | 1,557,986.77 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 644,200.51 |
| - on forward foreign exchange contracts | 	-94,866.74  |
| Result of operations | 2,107,320.54 |
| Dividends paid | -514,142.59 |
| Reinvestments | - |
| Subscriptions | 39,102,747.72 |
| Redemptions | -25,374,124.18 |
| Total changes in net assets | 15,321,801.49 |
| Total net assets at the beginning of the year | 235,015,430.52 |
| Total net assets at the end of the year | 250,337,232.01 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 239,355,083.20 | 235,015,430.52 | 250,337,232.01 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 98.33 | 93.21 | 92.77 |
| B | EUR | 114.31 | 111.16 | 112.18 |
| BC | USD | 90.48 | 94.64 | 94.41 |
| BI | EUR | 1,030.42 | 1,005.43 | 1,018.21 |

| Annual performance per share class (unaudited) (in %) | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 2.13 | -2.76 | 0.92 |
| B | EUR | 2.13 | -2.76 | 0.92 |
| BC | USD | -4.14 | 4.60 | -0.24 |
| BI | EUR | 2.47 | -2.43 | 1.27 |

| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| A | 374,051.439 | 70,083.938 | -52,958.341 | 391,177.036 |
| B | 1,787,211.466 | 287,684.873 | -169,505.661 | 1,905,390.678 |
| BC | 2,640.625 | - | -1,340.615 | 1,300.010 |
| BI | 1,272.000 | 120.124 | -1,195.124 | 197.000 |

| TER per share class as at 30.09.2021 (unaudited) | (in %) |
| --- | --- |
| A | 0.79 |
| B | 0.79 |
| BC | 0.78 |
| BI | 0.43 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | EUR | 1.31 | 09.02.2021 |

Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV.
| 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 | 1,605,712.50 | 0.64 |
| EUR | 1,000,000 | Albania 3.5% 20/16.06.27 | 1,082,150.00 | 1,078,045.00 | 0.43 |
| EUR | 3,000,000 | America Movil SAB de CV 2.125% Sen 16/10.03.28 | 3,305,850.00 | 3,333,000.00 | 1.33 |
| EUR | 3,000,000 | Bank Gospodarstwa Krajowego 1.625% Ser 3 Sen 17/30.04.28 | 3,267,540.00 | 3,278,385.00 | 1.31 |
| EUR | 4,000,000 | Bulgaria 2.95% 14/03.09.24 | 4,436,410.00 | 4,369,500.00 | 1.75 |
| EUR | 5,000,000 | Bulgaria 3% EMTN Ser 5 Sen Reg S 16/21.03.28 | 6,125,929.00 | 5,885,900.00 | 2.35 |
| EUR | 3,000,000 | Bulgaria 3.125% EMTN Reg S 15/26.03.35 | 3,654,150.00 | 3,803,580.00 | 1.52 |
| EUR | 2,000,000 | Ceske Drahy as 1.5% 19/23.05.26 | 2,122,820.00 | 2,105,860.00 | 0.84 |
| EUR | 2,000,000 | CGNPC International Ltd 1.625% EMTN Sen 17/11.12.24 | 2,104,000.00 | 2,077,670.00 | 0.83 |
| EUR | 2,000,000 | Chile 1.44% Sen Reg S 18/01.02.29 | 2,150,000.00 | 2,115,020.00 | 0.85 |
| EUR | 4,000,000 | Chile 1.875% Sen Reg S 15/27.05.30 | 4,527,100.00 | 4,377,540.00 | 1.75 |
| EUR | 3,000,000 | CK Hutchison Europe Fin 18 Ltd 2% Ser B Sen RegS 18/13.04.30 | 3,363,940.00 | 3,352,635.00 | 1.34 |
| EUR | 2,500,000 | CK Hutchison Fin (16) (II) Ltd 0.875% Reg S Sen 16/03.10.24 | 2,454,285.00 | 2,564,050.00 | 1.02 |
| EUR | 4,000,000 | CK Hutchison Fin 16 1.25% Reg S Ser 7Y 16/06.04.23 | 4,105,760.00 | 4,082,760.00 | 1.63 |
| EUR | 2,000,000 | CNAC (HK) Finbridge Co Ltd 1.125% 20/22.09.24 | 1,979,200.00 | 2,020,590.00 | 0.81 |
| EUR | 1,500,000 | Colombia 3.875% EMTN Sen 16/22.03.26 | 1,750,800.00 | 1,661,902.50 | 0.66 |
| EUR | 5,000,000 | Corp Nacl Del Cobre De Chile 2.25% Reg S 14/09.07.24 | 5,257,870.00 | 5,304,400.00 | 2.12 |
| EUR | 5,000,000 | Croatia 2.7% Sen Reg S 18/15.06.28 | 5,826,800.00 | 5,724,400.00 | 2.29 |
| EUR | 4,000,000 | DP World Ltd 2.375% Ser 2-2018 Sen Reg S 18/25.09.26 | 4,037,921.67 | 4,288,160.00 | 1.71 |
| EUR | 2,000,000 | Eesti Energia As 2.384% Reg S Sen 15/22.09.23 | 2,129,277.50 | 2,090,500.00 | 0.84 |
| EUR | 2,000,000 | Egypt 4.75% EMTN Sen Reg S 18/16.04.26 | 2,107,150.00 | 2,014,840.00 | 0.80 |
| EUR | 1,250,000 | Egypt 5.625% EMTN Ser 9 Sen Reg S 18/16.04.30 | 1,283,775.00 | 1,195,893.75 | 0.48 |
| EUR | 2,000,000 | Emirates Telecom Gr Co PJSC 0.375% EMTN Ser 5 21/17.05.28 | 2,025,740.00 | 2,020,590.00 | 0.81 |
| EUR | 3,000,000 | Emirates Telecom Gr Co PJSC 2.75% EMTN Sen 14/18.06.26 | 3,345,076.67 | 3,389,865.00 | 1.35 |
| EUR | 3,000,000 | Eustream as 1.625% 20/25.06.27 | 3,161,320.00 | 3,164,475.00 | 1.26 |
| EUR | 4,000,000 | Export Import Bk Of China 0.75% EMTN Sen Reg S 17/28.05.23 | 3,987,960.00 | 4,054,880.00 | 1.62 |
| EUR | 2,000,000 | Export Import Bk Of China 0.75% EMTN Ser 1 Sen 17/08.06.22 | 2,007,020.00 | 2,010,690.00 | 0.80 |
| EUR | 3,000,000 | Fomento Econom Mexic SAB de CV 0.5% 21/28.05.28 | 2,990,500.00 | 2,995,005.00 | 1.20 |
| EUR | 2,000,000 | Hungary 1.75% 17/10.10.27 | 2,183,600.00 | 2,197,950.00 | 0.88 |
| EUR | 2,000,000 | Hungary 1.75% 20/05.06.35 | 2,122,580.00 | 2,103,550.00 | 0.84 |
| EUR | 1,000,000 | Hutchison Whampoa Eu Fin Ltd 3.625% Sen 12/06.06.22 | 1,155,846.25 | 1,025,850.00 | 0.41 |
| EUR | 3,500,000 | Ignitis Grupe AB 2% EMTN Ser 1 Sen Reg S 17/14.07.27 | 3,888,920.00 | 3,839,395.00 | 1.53 |
| EUR | 4,000,000 | Indonesia 0.9% Sen 20/14.02.27 | 3,753,180.00 | 4,046,580.00 | 1.62 |
| EUR | 1,500,000 | Indonesia 1.45% Sen 19/18.09.26 | 1,555,050.00 | 1,561,507.50 | 0.62 |
| EUR | 1,727,000 | Indonesia 1.75% 18/24.04.25 | 1,833,814.95 | 1,809,887.36 | 0.72 |
| EUR | 4,000,000 | Indonesia 3.75% Ser 19 Sen Reg S 16/14.06.28 | 4,764,484.45 | 4,734,260.00 | 1.89 |
| EUR | 4,000,000 | Kasachstan 2.375% EMTN Ser 6 Sen Reg S 18/09.11.28 | 4,427,100.00 | 4,463,120.00 | 1.78 |
| EUR | 3,500,000 | Kingdom of Saudi Arabia 2% Sen Reg S 19/09.07.39 | 3,697,200.00 | 3,675,595.00 | 1.47 |
| EUR | 2,000,000 | Lettonie 1.375% Reg S Sen 16/16.05.36 | 2,157,900.00 | 2,305,150.00 | 0.92 |
| EUR | 3,000,000 | Lettonie 2.25% Ser 7 Sen Reg S 17/15.02.47 | 3,765,000.00 | 4,243,545.00 | 1.70 |
| EUR | 5,000,000 | Macedonia 2.75% Sen Reg S 18/18.01.25 | 5,243,870.00 | 5,259,575.00 | 2.10 |
| EUR | 4,000,000 | Mexico 1.35% 20/18.09.27 | 4,168,000.00 | 4,126,760.00 | 1.65 |
| EUR | 3,000,000 | Mexico 2.875% Sen 19/08.04.39 | 3,031,450.00 | 3,073,755.00 | 1.23 |
| EUR | 3,500,000 | Mexico 3.375% Sen Reg S 16/23.02.31 | 4,019,400.00 | 4,035,850.00 | 1.61 |
| EUR | 3,500,000 | MOL Hungarian Oil and Gas Plc 2.625% Reg S Sen 16/28.04.23 | 3,764,250.00 | 3,646,090.00 | 1.46 |
| EUR | 2,000,000 | Morocco 1.375% 20/30.03.26 | 2,032,600.00 | 2,009,240.00 | 0.80 |
| EUR | 2,000,000 | Morocco 1.5% Sen 19/27.11.31 | 1,995,000.00 | 1,851,020.00 | 0.74 |
| EUR | 3,000,000 | Optus Finance Pty Ltd 1% Sen Reg S 19/20.06.29 | 3,146,250.00 | 3,100,485.00 | 1.24 |
| EUR | 2,000,000 | People's Republic of China 0.25% 20/25.11.30 | 2,000,000.00 | 1,985,060.00 | 0.79 |
| EUR | 5,000,000 | Peru 2.75% Sen 15/30.01.26 | 5,501,237.50 | 5,537,500.00 | 2.21 |
| EUR | 5,000,000 | Peru 3.75% Sen 16/01.03.30 | 6,053,953.33 | 5,941,450.00 | 2.37 |
| EUR | 5,000,000 | Philippines 0.875% EMTN Sen 19/17.05.27 | 5,041,350.00 | 5,113,600.00 | 2.04 |
| EUR | 3,000,000 | Philippines 1.2% 21/28.04.33 | 3,019,500.00 | 3,004,035.00 | 1.20 |
| EUR | 1,500,000 | Poland 1% EMTN Sen Reg S 19/07.03.29 | 1,623,300.00 | 1,621,440.00 | 0.65 |

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

| EUR | 3,000,000 | Poland 3.75% EMTN Ser 32 Sen Reg S 12/19.01.23 | 3,477,780.00 |  | 3,167,595.00 |  | 1.27 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR | 4,000,000 | Posco 0.5% Sen Reg S 20/17.01.24 | 3,932,875.00 |  | 4,035,420.00 |  | 1.61 |
| EUR | 1,000,000 | Republique du Benin 4.875% Sk 21/19.01.32 | 998,000.00 |  | 1,000,525.00 |  | 0.40 |
| EUR | 1,500,000 | Republique du Benin 5.75% Sk Sen Reg S 19/26.03.26 | 1,574,905.00 |  | 1,626,405.00 |  | 0.65 |
| EUR | 4,000,000 | Romania 2% EMTN Sen Reg S 19/08.12.26 | 4,294,250.00 |  | 4,283,740.00 |  | 1.71 |
| EUR | 3,000,000 | Romania 2.875% EMTN 14/28.10.24 | 3,292,220.00 |  | 3,243,690.00 |  | 1.30 |
| EUR | 5,000,000 | Romania 2.875% MTN Reg S Sen 16/26.05.28 | 5,573,740.00 |  | 5,562,925.00 |  | 2.22 |
| EUR | 4,000,000 | RZD Capital Plc 2.2% Sen Reg S 19/23.05.27 | 4,170,353.00 |  | 4,254,240.00 |  | 1.70 |
| EUR | 1,500,000 | RZD Capital Plc 4.6% 14/06.03.23 | 1,679,250.00 |  | 1,595,977.50 |  | 0.64 |
| EUR | 3,000,000 | Senegal 4.75% Sk Sen Reg S 18/13.03.28 | 2,993,916.67 |  | 3,126,675.00 |  | 1.25 |
| EUR | 5,000,000 | Serbia 1.5% Sen Reg S 19/26.06.29 | 5,046,050.00 |  | 4,945,775.00 |  | 1.98 |
| EUR | 1,500,000 | South Africa 3.75% 14/24.07.26 | 1,577,383.50 |  | 1,620,255.00 |  | 0.65 |
| EUR | 1,500,000 | Talent Yield (EUR) Ltd 1% 20/24.09.25 | 1,540,400.00 |  | 1,523,062.50 |  | 0.61 |
| EUR | 3,000,000 | Three Gorges Fin II (KY) Ltd 1.3% Sen 17/21.06.24 | 3,099,780.00 |  | 3,085,695.00 |  | 1.23 |
| EUR | 2,000,000 | Zapadoslovenska Energetika AS 1.75% Sen Reg S 18/02.03.28 | 	2,262,200.00  |  | 	2,177,620.00  |  | 	0.87  |
|  |  |  | 217,658,384.49 |  | 217,527,698.61 |  | 86.90 |
| USD | 500,000 | Azerbaijan 4.75% Sen Reg S 14/18.03.24 | 465,976.33 |  | 462,503.24 |  | 0.18 |
| USD | 1,000,000 | Colbun SA 3.95% Sen Reg S 17/11.10.27 | 925,572.24 |  | 942,873.78 |  | 0.38 |
| USD | 2,000,000 | Georgia 2.75% 21/22.04.26 | 1,749,157.75 |  | 1,751,186.26 |  | 0.70 |
| USD | 1,000,000 | Ghana (Republic of) 7.875% Sk Sen Reg S 19/26.03.27 | 873,946.38 |  | 843,887.50 |  | 0.34 |
| USD | 1,500,000 | Guatemala (Republic of) 4.5% Sen Reg S 16/03.05.26 | 1,394,568.89 |  | 1,388,195.58 |  | 0.55 |
| USD | 1,000,000 | Ministry Fin The Russian Fed 5.1% Sen Reg S 19/28.03.35 | 1,067,853.64 |  | 1,035,139.33 |  | 0.41 |
| USD | 400,000 | Qatar (State of) 3.25% 16/02.06.26 | 362,176.40 |  | 373,127.43 |  | 0.15 |
| USD | 1,500,000 | Qatar (State of) 9.75% Sen Reg S 00/15.06.30 | 2,180,055.46 |  | 2,061,299.72 |  | 0.82 |
| USD | 1,000,000 | SABIC Capital II BV 4.5% Sen Reg S 18/10.10.28 | 996,099.15 |  | 996,182.38 |  | 0.40 |
| USD | 1,500,000 | Senegal 6.25% Sk 17/23.05.33 | 1,383,659.59 |  | 1,351,740.57 |  | 0.54 |
| USD | 3,000,000 | Transelec SA 4.25% Sen Reg S 14/14.01.25 | 2,719,843.77 |  | 2,816,974.38 |  | 1.13 |
| USD | 2,000,000 | Vietnam 4.8% Reg S Sen 14/19.11.24 | 	1,915,455.87  |  | 	1,913,570.88  |  | 	0.76  |
|  |  |  | 16,034,365.47 |  | 15,936,681.05 |  | 6.36 |
| Total investments in securities | 233,692,749.96 |  | 233,464,379.66 |  | 93.26 |
| Cash at banks |  |  | 14,800,772.77 |  | 5.91 |
| Other net assets/(liabilities) |  |  | 2,072,079.58 |  | 0.83 |
| Total |  |  | 250,337,232.01 |  | 100.00 |

Translation (ENFR, 2021-09-30):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Etats-Unis d'Amérique | 94,02 % |
| --- | --- |
| Chine | 1,50 % |
| Jersey | 1,23 % |
| Belgique | 0,58 % |
| Total | 97,33 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 734.119.490,00 |
| Avoirs bancaires | 18.266.288,22 |
| A recevoir sur garantie en espèces payée | 2.890.000,00 |
| A recevoir sur émissions d'actions | 60.762,41 |
| Revenus à recevoir sur portefeuille-titres | 46.564,00 |
| Charges payées d'avance | 	194,14  |
| Total de l'actif | 755.383.298,77 |
| Exigible |  |
| Dettes bancaires | 118.494,68 |
| Intérêts bancaires à payer | 7.097,15 |
| Moins-values non réalisées sur changes à terme | 3.156.948,21 |
| Frais à payer | 	774.602,15  |
| Total de l'exigible | 4.057.142,19 |
| Actif net à la fin de l'exercice | 751.326.156,58 |

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 | 16.155,860 | USD | 222,00 | 3.586.526,89 |
| AM | 351.006,866 | USD | 226,12 | 79.369.002,47 |
| B | 415.726,286 | USD | 238,15 | 99.003.750,89 |
| B EUR HEDGED | 399.093,728 | EUR | 209,33 | 96.831.638,95 |
| BI | 22.543,627 | USD | 2.293,13 | 51.695.420,94 |
| BI EUR HEDGED | 8.335,549 | EUR | 1.394,80 | 13.476.200,19 |
| BM | 1.509.726,005 | USD | 242,69 | 366.387.965,67 |
| BM EUR HEDGED | 164.041,988 | EUR | 215,50 | 	40.975.650,58  |
|  |  |  |  | 	751.326.156,58  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 2.807.887,25 |
| Intérêts bancaires | 	69,82  |
| Total des revenus | 2.807.957,07 |
| Charges |  |
| Commission de gestion | 5.555.037,34 |
| Commission de dépositaire | 257.857,50 |
| Frais bancaires et autres commissions | 25.635,80 |
| Frais sur transactions | 547.063,78 |
| Frais d'administration centrale | 209.836,00 |
| Frais professionnels | 7.596,81 |
| Autres frais d'administration | 115.571,13 |
| Taxe d'abonnement | 296.137,36 |
| Autres impôts | 168.411,06 |
| Intérêts bancaires payés | 8.267,66 |
| Autres charges | 	15.082,04  |
| Total des charges | 7.206.496,48 |
| Pertes nettes des investissements | -4.398.539,41 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 48.478.142,94 |
| - sur changes à terme | -3.337.171,46 |
| - sur devises | 	-125.706,73  |
| Résultat réalisé | 40.616.725,34 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | 82.996.926,19 |
| - sur changes à terme | 	-3.309.032,42  |
| Résultat des opérations | 120.304.619,11 |
| Dividendes payés | - |
| Réinvestissements | - |
| Emissions | 356.216.224,09 |
| Rachats | -122.049.831,43 |
| Total des variations de l'actif net | 354.471.011,77 |
| Total de l'actif net au début de l'exercice | 396.855.144,81 |
| Total de l'actif net à la fin de l'exercice | 751.326.156,58 |

| Total de l'actif net | Devise | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
|  | USD | 270.416.395,45 | 396.855.144,81 | 751.326.156,58 |

| VNI par classe d'action | Devise | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 147,60 | 173,17 | 222,00 |
| AM | USD | 149,14 | 175,67 | 226,12 |
| B | USD | 158,34 | 185,76 | 238,15 |
| B EUR HEDGED | EUR | 144,68 | 165,42 | 209,33 |
| BI | USD | 1.503,74 | 1.776,32 | 2.293,13 |
| BI EUR HEDGED | EUR | - | 1.094,46 | 1.394,80 |
| BM | USD | 160,07 | 188,54 | 242,69 |
| BM EUR HEDGED | EUR | 147,74 | 169,61 | 215,50 |

| Performance annuelle par classe d'action (non-auditée) (en %) | Devise | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 4,60 | 17,32 | 28,20 |
| AM | USD | 5,02 | 17,79 | 28,72 |
| B | USD | 4,60 | 17,32 | 28,20 |
| B EUR HEDGED | EUR | 1,35 | 14,34 | 26,54 |
| BI | USD | 5,34 | 18,13 | 29,09 |
| BI EUR HEDGED | EUR | - | - | 27,44 |
| BM | USD | 5,02 | 17,79 | 28,72 |
| BM EUR HEDGED | EUR | 1,85 | 14,80 | 27,06 |

| Nombre d'actions | en circulation au début de l'exercice | émises | remboursées | en circulation à la fin de l'exercice |
| --- | --- | --- | --- | --- |
| A | 5.301,274 | 11.814,932 | -960,346 | 16.155,860 |
| AM | 347.015,852 | 78.203,138 | -74.212,124 | 351.006,866 |
| B | 264.786,702 | 218.392,780 | -67.453,196 | 415.726,286 |
| B EUR HEDGED | 4.677,917 | 408.579,936 | -14.164,125 | 399.093,728 |
| BI | 17.799,280 | 9.366,275 | -4.621,928 | 22.543,627 |
| BI EUR HEDGED | 2.610,000 | 18.238,351 | -12.512,802 | 8.335,549 |
| BM | 1.322.439,676 | 441.782,363 | -254.496,034 | 1.509.726,005 |
| BM EUR HEDGED | 2.940,580 | 173.447,988 | -12.346,580 | 164.041,988 |

| TER par classe d'action au 30.09.2021 (non-audité) | (en %) |
| --- | --- |
| A | 1,43 |
| AM | 1,03 |
| B | 1,42 |
| B EUR HEDGED | 1,47 |
| BI | 0,74 |
| BI EUR HEDGED | 0,79 |
| BM | 1,03 |
| BM EUR HEDGED | 1,07 |

Les performances annuelles ont été calculées pour les 3 derniers exercices. Pour les compartiments / classes d'actions lancés ou liquidés en cours d'exercice, la performance annuelle correspondante n'a pas été calculée.
La performance historique ne donne pas d'indication sur la performance future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat d'actions de la SICAV.
| 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 | 172.000 | A.O.Smith Corp | 9.193.471,24 | 10.504.040,00 |  | 1,40 |
| USD | 74.000 | Advance Auto Parts | 10.997.458,96 | 15.457.860,00 |  | 2,06 |
| USD | 144.000 | Albany Intl Corp A Reg | 9.488.880,35 | 11.069.280,00 |  | 1,47 |
| USD | 45.500 | ANSYS Inc | 11.924.573,78 | 15.490.475,00 |  | 2,06 |
| USD | 138.000 | AptarGroup Inc | 15.710.100,52 | 16.470.300,00 |  | 2,19 |
| USD | 114.000 | Aspen Technology Inc | 11.989.371,33 | 13.999.200,00 |  | 1,86 |
| USD | 151.000 | BlackLine Inc Reg | 17.115.384,87 | 17.827.060,00 |  | 2,37 |
| USD | 38.000 | Burlington Stores Inc | 5.349.600,74 | 10.775.660,00 |  | 1,43 |
| USD | 92.500 | CDW Corp | 10.619.923,44 | 16.836.850,00 |  | 2,24 |
| USD | 178.000 | Check Point Software Tec Ltd | 19.778.283,23 | 20.121.120,00 |  | 2,68 |
| USD | 38.000 | Chemed Corp | 15.214.013,69 | 17.674.560,00 |  | 2,35 |
| USD | 238.000 | Church & Dwight Co Inc | 15.847.642,70 | 19.651.660,00 |  | 2,62 |
| USD | 110.000 | Clorox Co | 18.585.676,18 | 18.217.100,00 |  | 2,42 |
| USD | 155.000 | Cognex Corp | 7.967.448,15 | 12.434.100,00 |  | 1,65 |
| USD | 22.000 | Cooper Companies Inc (The) | 5.905.257,14 | 9.092.820,00 |  | 1,21 |
| USD | 32.000 | Domino's Pizza Inc Reg | 9.209.532,51 | 15.262.720,00 |  | 2,03 |
| USD | 67.000 | Equifax Inc | 9.825.746,57 | 16.979.140,00 |  | 2,26 |
| USD | 128.000 | Globus Medical Inc | 5.681.452,68 | 9.807.360,00 |  | 1,31 |
| USD | 98.000 | Graco Inc | 4.475.226,27 | 6.857.060,00 |  | 0,91 |
| USD | 155.500 | Henry Jack & Associates Inc | 22.861.777,98 | 25.511.330,00 |  | 3,40 |
| USD | 10.000 | IDEXX Laboratories Inc | 1.656.529,77 | 6.219.000,00 |  | 0,83 |
| USD | 64.000 | Insulet Corp | 14.329.996,15 | 18.190.720,00 |  | 2,42 |
| USD | 72.000 | IPG Photonics Corp | 11.886.992,76 | 11.404.800,00 |  | 1,52 |
| USD | 403.000 | Lamb Weston Holdings Inc Reg S | 27.294.371,41 | 24.732.110,00 |  | 3,29 |
| USD | 40.000 | Lancaster Colony Corp | 5.695.125,06 | 6.752.400,00 |  | 0,90 |
| USD | 41.000 | Lennox Intl Inc | 10.056.583,62 | 12.060.970,00 |  | 1,60 |
| USD | 44.000 | Littelfuse Inc | 8.213.193,81 | 12.023.880,00 |  | 1,60 |
| USD | 283.000 | LKQ Corp | 8.806.700,31 | 14.240.560,00 |  | 1,90 |
| USD | 72.000 | Manhattan Associates Inc | 5.019.877,41 | 11.018.160,00 |  | 1,47 |
| USD | 72.000 | Masimo Corp | 13.265.132,02 | 19.491.120,00 |  | 2,59 |
| USD | 101.000 | McCormick & Co | 6.694.608,93 | 8.184.030,00 |  | 1,09 |
| USD | 8.000 | Mettler Toledo Intl Inc | 5.222.157,18 | 11.018.880,00 |  | 1,47 |
| USD | 75.000 | Middleby Corp | 8.223.403,61 | 12.788.250,00 |  | 1,70 |
| USD | 23.000 | MSCI Inc | 6.562.629,37 | 13.991.820,00 |  | 1,86 |
| USD | 65.000 | Nordson Corp | 10.649.823,19 | 15.479.750,00 |  | 2,06 |
| USD | 32.500 | Pool Corp | 5.550.561,81 | 14.118.325,00 |  | 1,88 |
| USD | 181.000 | Qualys Inc | 18.769.007,30 | 20.143.490,00 |  | 2,68 |
| USD | 74.000 | Resmed Inc | 9.491.996,85 | 19.502.700,00 |  | 2,60 |
| USD | 545.000 | Rollins Inc | 15.556.474,26 | 19.254.850,00 |  | 2,56 |
| USD | 127.000 | Sensient Technologies Corp | 8.359.114,97 | 11.567.160,00 |  | 1,54 |
| USD | 90.000 | SiteOne Landscape Supply Inc | 9.016.975,68 | 17.952.300,00 |  | 2,39 |
| USD | 74.000 | Tractor Supply Co | 6.721.760,98 | 14.993.140,00 |  | 2,00 |
| USD | 35.000 | Tyler Technologies Inc | 10.661.997,43 | 16.052.750,00 |  | 2,14 |
| USD | 52.000 | Ulta Beauty Inc Reg | 12.641.128,83 | 18.767.840,00 |  | 2,50 |
| USD | 65.000 | Verisign Inc | 12.940.493,26 | 13.325.650,00 |  | 1,77 |
| USD | 156.000 | Verisk Analytics Inc | 25.346.642,76 | 31.242.120,00 |  | 4,16 |
| USD | 42.000 | Waters Corp | 8.160.808,07 | 15.006.600,00 |  | 2,00 |
| USD | 48.000 | Watsco Inc | 8.874.430,85 | 12.701.760,00 |  | 1,69 |
| USD | 23.000 | Zebra Technologies Corp A | 	3.888.131,45  | 	11.854.660,00  |  | 	1,58  |
| Total portefeuille-titres |  | 537.297.471,43 | 734.119.490,00 |  | 97,71 |
| Avoirs bancaires |  |  | 18.266.288,22 |  | 2,43 |
| Dettes bancaires |  |  | -118.494,68 |  | -0,02 |
| Autres actifs/(passifs) nets |  | -941.126,96 |  | -0,12 |
| Total |  |  |  | 751.326.156,58 |  | 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.