# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| The Netherlands | 21.65 % |
| --- | --- |
| Germany | 21.01 % |
| Philippines | 12.78 % |
| Finland | 9.82 % |
| Jersey | 7.91 % |
| Luxembourg | 5.12 % |
| Sweden | 4.80 % |
| France | 3.29 % |
| United Kingdom | 3.28 % |
| Australia | 3.22 % |
| United States of America | 3.20 % |
| Total | 96.08 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 131,396,109.89 |
| Cash at banks | 7,098,579.19 |
| Receivable on issues of shares | 110,275.94 |
| Income receivable on portfolio | 531,679.95 |
| Prepaid expenses | 	58.42  |
| Total assets | 139,136,703.39 |
| Liabilities |  |
| Expenses payable | 	108,158.96  |
| Total liabilities | 108,158.96 |
| Net assets at the end of the year | 139,028,544.43 |

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 USD) |
| --- | --- | --- | --- | --- |
| A | 56,464.440 | USD | 274.39 | 15,493,355.48 |
| B | 1,248,462.731 | USD | 98.26 | 122,672,080.24 |
| BI | 885.875 | USD | 974.30 | 	863,108.71  |
|  |  |  |  | 	139,028,544.43  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 2,370,694.83 |
| Other income | 	70.93  |
| Total income | 2,370,765.76 |
| Expenses |  |
| Management fees | 847,581.86 |
| Depositary fees | 69,491.58 |
| Banking charges and other fees | 9,074.63 |
| Transaction fees | 542.90 |
| Central administration costs | 84,641.43 |
| Professional fees | 1,935.37 |
| Other administration costs | 38,506.99 |
| Subscription duty ("taxe d'abonnement") | 69,966.55 |
| Other taxes | 28,491.28 |
| Bank interest paid | 44.55 |
| Other expenses | 	3,158.71  |
| Total expenses | 1,153,435.85 |
| Net investment income | 1,217,329.91 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 317,513.00 |
| - on foreign exchange | 	206.64  |
| Realised result | 1,535,049.55 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 	-5,278,308.16  |
| Result of operations | -3,743,258.61 |
| Dividends paid | -593,802.19 |
| Reinvestments | 6.68 |
| Subscriptions | 22,446,177.51 |
| Redemptions | -29,494,831.50 |
| Total changes in net assets | -11,385,708.11 |
| Total net assets at the beginning of the year | 150,414,252.54 |
| Total net assets at the end of the year | 139,028,544.43 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
|  | USD | 182,342,661.81 | 150,414,252.54 | 139,028,544.43 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 296.51 | 293.05 | 274.39 |
| B | USD | 1,331.84 | 1,411.68 | ** 98.26 |
| BI | USD | 117.09 | 124.55 | **** 974.30 |

| Annual performance per share class (unaudited) (in %) | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 7.32 | 6.00 | -2.56 |
| B | USD | 7.32 | 5.99 | -2.55 |
| BI | USD | 7.69 | 6.37 | -2.22 |

| Number of shares | outstanding at the beginning of the year | issued | reinvested | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- | --- |
| A | 50,081.978 | 12,224.603 | 0.024 | -5,842.165 | 56,464.440 |
| B | 95,091.010 | * 1,194,202.664 | - | -40,830.943 | 1,248,462.731 |
| BI | 12,041.001 | 2,900.000 | - | *** -14,055.126 | 885.875 |

| TER per share class as at 30.09.2021 (unaudited) | (in %) |
| --- | --- |
| A | 0.82 |
| B | 0.81 |
| BI | 0.47 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | USD | 11.33 | 09.02.2021 |

* the number of shares issued and outstanding at the end of the financial year takes into account the 20/07/2021 split in the ratio of : 14/1 (share class B).
** the Net Asset Value takes into account the 20/07/2021 split.
*** the number of shares redeemed and outstanding at the end of the financial year takes into account the reverse split on 20/07/2021 in the ratio of 1/8 (share class BI).
**** the Net Asset Value takes into account the 20/07/2021 reverse split.
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 |  |  |  |  |  |  |
| USD | 2,500,000 | US 0.375% Ser U-2026 21/31.01.26 | 2,475,878.91 | 2,448,535.25 |  | 1.76 |
| USD | 10,000,000 | US 0.5% T-Notes Series W-2025 20/31.03.25 | 10,064,453.13 | 9,951,172.00 |  | 7.16 |
| USD | 10,000,000 | US 0.625% T-Notes Ser J-2027 20/31.03.27 | 9,974,609.38 | 9,773,047.00 |  | 7.03 |
| USD | 10,000,000 | US 1.125% T-Notes Ser V-2025 Sen 20/28.02.25 | 10,366,406.25 | 10,171,484.50 |  | 7.32 |
| USD | 10,000,000 | US 1.5% Ser AF-2024 19/31.10.24 | 9,896,484.38 | 10,298,437.50 |  | 7.41 |
| USD | 10,000,000 | US 1.625% 19/30.11.26 | 10,185,937.50 | 10,319,531.50 |  | 7.42 |
| USD | 10,000,000 | US 1.75% Ser F-2029 19/15.11.29 | 10,034,596.44 | 10,300,781.50 |  | 7.41 |
| USD | 7,000,000 | US 1.75% T-Notes Ser C-2023 13/15.05.23 | 6,976,442.32 | 7,177,051.00 |  | 5.16 |
| USD | 10,000,000 | US 2% T-Notes 15/15.08.25 | 10,228,281.26 | 10,480,859.50 |  | 7.54 |
| USD | 9,000,000 | US 2.25% T-Notes Ser B-2027 Sen 17/15.02.27 | 9,435,807.92 | 9,573,047.10 |  | 6.88 |
| USD | 10,000,000 | US 2.25% T-Notes Ser F-2024 14/15.11.24 | 10,417,927.63 | 10,532,031.50 |  | 7.57 |
| USD | 10,000,000 | US 2.625% Ser B-2029 19/15.02.29 | 10,751,251.10 | 10,925,000.50 |  | 7.86 |
| USD | 9,000,000 | US 2.75% T-Notes Ser F-2023 13/15.11.23 | 9,485,804.89 | 9,467,578.35 |  | 6.81 |
| USD | 9,014,800 | US 2.875% T-Notes Ser E-2028 18/15.08.28 | 	9,405,819.59  | 	9,977,552.69  |  | 	7.18  |
| Total investments in securities | 129,699,700.70 | 131,396,109.89 |  | 94.51 |
| Cash at banks |  | 7,098,579.19 |  | 5.11 |
| Other net assets/(liabilities) |  | 533,855.35 |  | 0.38 |
| Total |  | 139,028,544.43 |  | 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, 2021-09-30):
# 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.