# Combined financial statements
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 3,094,077,841.08 |
| Securities portfolio at market value | 2.2 | 2,812,669,868.17 |
| Cost |  | 2,604,907,960.90 |
| Options (long positions) at the market value | 2.6 | 9,360,598.56 |
| Options purchased at the cost price |  | 10,947,255.22 |
| Cash at bank |  | 188,240,992.12 |
| Receivables from sale of investments |  | 67,549,313.13 |
| Accrued subscriptions |  | 7,714,894.56 |
| Receivables on CFDs |  | 1,932.55 |
| Net unrealised gain on forward exchange contracts | 2.7 | 327,757.12 |
| Net unrealised gain on futures contracts | 2.8 | 1,968,842.34 |
| Net unrealised gain on CFDs | 2.9 | 269,875.72 |
| Net unrealised gain on swaps | 2 | 1,659.00 |
| Net dividends receivable |  | 189,623.92 |
| Accrued interest on the securities portfolio |  | 5,407,121.63 |
| Accrued interest on swaps |  | 366,833.84 |
| Accrued interest on CFDs |  | 371.99 |
| Other accrued interest |  | 2.02 |
| Net start-up costs | 2.16 | 3,342.11 |
| Other assets |  | 4,812.30 |
| Liabilities |  | 110,957,143.78 |
| Options (short positions) at the market price | 2.6 | 2,670,824.90 |
| Options sold at the cost price |  | 1,593,197.34 |
| Bank overdraft |  | 16,775,823.63 |
| Payable on investments purchased |  | 72,518,446.83 |
| Accrued redemptions |  | 5,242,973.14 |
| Payable on swaps |  | 28,286.66 |
| Net unrealised loss on forward exchange contracts | 2.7 | 2,758,505.44 |
| Net unrealised loss on futures contracts | 2.8 | 546,091.62 |
| Net unrealised loss on swaps | 2 | 2,363,154.57 |
| Management fees payable | 3 | 1,396,910.24 |
| Depositary and sub-depositary fees payable | 5 | 168,897.40 |
| Administration fees payable | 6 | 92,260.39 |
| Performance fees payable | 4 | 4,227,033.80 |
| Subscription tax (taxe d’abonnement) payable | 8 | 81,331.97 |
| Net dividends payable |  | 3,130.16 |
| Interest payable on bonds |  | 914,618.37 |
| Interest payable on CFDs |  | 5,319.06 |
| Interest payable on swaps |  | 838,194.94 |
| Other liabilities |  | 325,340.66 |
| Net asset value |  | 2,983,120,697.31 |


## Combined statement of operations and changes in net assets for the financial year ended 28/02/22
|  | Note | In EUR |
| --- | --- | --- |
| Income |  | 34,618,434.87 |
| Net dividends on the securities portfolio |  | 11,129,986.49 |
| Dividends on CFDs |  | 317,840.67 |
| Net interest on bonds and money-market instruments |  | 20,070,639.80 |
| Interest received on CFDs |  | 13,618.38 |
| Interest received on swaps |  | 3,045,853.04 |
| Bank interest |  | 25,071.58 |
| Other income |  | 15,424.91 |
| Expenses |  | 36,378,128.23 |
| Management fees | 3 | 17,946,039.22 |
| Performance fees | 4 | 4,186,461.49 |
| Depositary and sub-depositary fees | 5 | 1,053,602.98 |
| Administration fees | 6 | 628,228.38 |
| Amortisation of start-up costs | 2.16 | 1,997.12 |
| Legal expenses |  | 295,831.25 |
| Transaction expenses | 2.17, 7 | 2,673,195.60 |
| Director remuneration |  | 22,151.65 |
| Subscription tax (taxe d’abonnement) | 8 | 520,430.89 |
| Interest paid on bank overdrafts |  | 925,053.98 |
| Dividends paid on CFDs |  | 401,800.97 |
| Interest paid on CFDs |  | 158,421.09 |
| Interest paid on swaps |  | 5,885,101.84 |
| Bank charges |  | 124,222.61 |
| Other expenses |  | 1,555,589.16 |
| Net income / (loss) on investments |  | (1,759,693.36) |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2.3 | 152,427,522.72 |
| - options | 2.6 | 6,685,403.95 |
| - forward exchange contracts | 2.7 | (13,646,465.39) |
| - futures | 2.8 | (7,573,785.19) |
| - CFDs | 2.9 | 480,254.05 |
| - swaps | 2 | 464,133.28 |
| - currency |  | (53,890.01) |
| Net profit / (loss) |  | 137,023,480.05 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (146,531,847.97) |
| - options | 2.6 | (3,394,398.55) |
| - forward exchange contracts | 2.7 | (4,013,672.04) |
| - futures | 2.8 | 3,733,068.14 |
| - CFDs | 2.9 | 232,427.44 |
| - swaps | 2 | 2,596,894.34 |
| Net increase / (decrease) in net assets from operations |  | (10,354,048.59) |
| Dividends paid | 10 | (16,220,761.10) |
| Accumulation share subscriptions |  | 1,179,426,834.52 |
| Distribution share subscriptions |  | 399,905,204.73 |
| Accumulation share redemptions |  | (892,335,741.09) |
| Distribution share redemptions |  | (575,825,419.74) |

Combined statement of operations and changes in net assets for the financial year ended 28/02/22
| Note | In EUR |
| --- | --- |
| Increase / (decrease) in net assets | 84,596,068.73 |
| Revaluation of the opening balance | 7,167,400.37 |
| Net assets at start of year | 2,891,357,228.22 |
| Net assets at end of year | 2,983,120,697.31 |

Translation (ENFR, 2022-02-28):
# Etats financiers combinés
| Etat combiné des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 3.094.077.841,08 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 2.812.669.868,17 |
| Prix de revient |  | 2.604.907.960,90 |
| Options (positions longues) à la valeur d'évaluation | 2.6 | 9.360.598,56 |
| Options achetées au prix de revient |  | 10.947.255,22 |
| Avoirs en banque |  | 188.240.992,12 |
| A recevoir pour investissements vendus |  | 67.549.313,13 |
| A recevoir sur souscriptions |  | 7.714.894,56 |
| A recevoir sur CFDs |  | 1.932,55 |
| Plus-value nette non réalisée sur contrats de change à terme | 2.7 | 327.757,12 |
| Plus-value nette non réalisée sur contrats futures | 2.8 | 1.968.842,34 |
| Plus-value nette non réalisée sur CFDs | 2.9 | 269.875,72 |
| Plus-value nette non réalisée sur swaps | 2 | 1.659,00 |
| Dividendes à recevoir, nets |  | 189.623,92 |
| Intérêts à recevoir sur portefeuille-titres |  | 5.407.121,63 |
| Intérêts à recevoir sur swaps |  | 366.833,84 |
| Intérêts à recevoir sur CFDs |  | 371,99 |
| Autres intérêts à recevoir |  | 2,02 |
| Frais d’établissement, nets | 2.16 | 3.342,11 |
| Autres actifs |  | 4.812,30 |
| Passifs |  | 110.957.143,78 |
| Options (positions courtes) à la valeur d'évaluation | 2.6 | 2.670.824,90 |
| Options vendues au prix de revient |  | 1.593.197,34 |
| Découvert bancaire |  | 16.775.823,63 |
| A payer sur investissements achetés |  | 72.518.446,83 |
| A payer sur rachats |  | 5.242.973,14 |
| A payer sur swaps |  | 28.286,66 |
| Moins-value nette non réalisée sur contrats de change à terme | 2.7 | 2.758.505,44 |
| Moins-value nette non réalisée sur contrats futures | 2.8 | 546.091,62 |
| Moins-value nette non réalisée sur swaps | 2 | 2.363.154,57 |
| Commissions de gestion à payer | 3 | 1.396.910,24 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 168.897,40 |
| Commissions d'administration à payer | 6 | 92.260,39 |
| Commissions de performance à payer | 4 | 4.227.033,80 |
| Taxe d'abonnement à payer | 8 | 81.331,97 |
| Dividendes à payer, nets |  | 3.130,16 |
| Intérêts à payer sur obligations |  | 914.618,37 |
| Intérêts à payer sur CFDs |  | 5.319,06 |
| Intérêts à payer sur swaps |  | 838.194,94 |
| Autres passifs |  | 325.340,66 |
| Valeur nette d'inventaire |  | 2.983.120.697,31 |


## Etat combiné des opérations et des variations des actifs nets pour l'exercice clôturé au 28/02/22
|  | Note | Exprimé en EUR |
| --- | --- | --- |
| Revenus |  | 34.618.434,87 |
| Dividendes sur portefeuille-titres, nets |  | 11.129.986,49 |
| Dividendes reçus sur CFDs |  | 317.840,67 |
| Intérêts sur obligations et instruments du marché monétaire, nets |  | 20.070.639,80 |
| Intérêts reçus sur CFDs |  | 13.618,38 |
| Intérêts reçus sur swaps |  | 3.045.853,04 |
| Intérêts bancaires |  | 25.071,58 |
| Autres revenus |  | 15.424,91 |
| Dépenses |  | 36.378.128,23 |
| Commissions de gestion | 3 | 17.946.039,22 |
| Commissions de performance | 4 | 4.186.461,49 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 1.053.602,98 |
| Commissions d'administration | 6 | 628.228,38 |
| Amortissement des frais d'établissement | 2.16 | 1.997,12 |
| Frais légaux |  | 295.831,25 |
| Frais de transaction | 2.17, 7 | 2.673.195,60 |
| Rémunération administrateurs |  | 22.151,65 |
| Taxe d'abonnement | 8 | 520.430,89 |
| Intérêts payés sur découvert bancaire |  | 925.053,98 |
| Dividendes payés sur CFDs |  | 401.800,97 |
| Intérêts payés sur CFDs |  | 158.421,09 |
| Intérêts payés sur swaps |  | 5.885.101,84 |
| Frais bancaires |  | 124.222,61 |
| Autres dépenses |  | 1.555.589,16 |
| Revenus / (Pertes) net(te)s des investissements |  | (1.759.693,36) |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 152.427.522,72 |
| - options | 2.6 | 6.685.403,95 |
| - contrats de change à terme | 2.7 | (13.646.465,39) |
| - contrats futures | 2.8 | (7.573.785,19) |
| - CFDs | 2.9 | 480.254,05 |
| - swaps | 2 | 464.133,28 |
| - change |  | (53.890,01) |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 137.023.480,05 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (146.531.847,97) |
| - options | 2.6 | (3.394.398,55) |
| - contrats de change à terme | 2.7 | (4.013.672,04) |
| - contrats futures | 2.8 | 3.733.068,14 |
| - CFDs | 2.9 | 232.427,44 |
| - swaps | 2 | 2.596.894,34 |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | (10.354.048,59) |
| Dividendes versés | 10 | (16.220.761,10) |
| Souscriptions d'actions de capitalisation |  | 1.179.426.834,52 |
| Souscriptions d'actions de distribution |  | 399.905.204,73 |
| Rachats d'actions de capitalisation |  | (892.335.741,09) |
| Rachats d'actions de distribution |  | (575.825.419,74) |

Etat combiné des opérations et des variations des actifs nets pour l'exercice clôturé au 28/02/22
|  | Note | Exprimé en EUR |
| --- | --- | --- |
| Augmentation / (diminution) des actifs nets |  | 84.596.068,73 |
| Réévaluation de la balance d'ouverture |  | 7.167.400,37 |
| Actifs nets début de l'exercice |  | 2.891.357.228,22 |
| Actifs nets à la fin de l'exercice |  | 2.983.120.697,31 |