# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Germany | 50.47 % |
| --- | --- |
| Ireland | 9.11 % |
| United States of America | 7.44 % |
| Switzerland | 4.00 % |
| Japan | 3.96 % |
| United Kingdom | 3.71 % |
| France | 3.59 % |
| Jersey | 2.94 % |
| Sweden | 1.39 % |
| Denmark | 1.20 % |
| Cayman Islands | 0.94 % |
| Taiwan | 0.72 % |
| South Korea | 0.55 % |
| Spain | 0.47 % |
| Thailand | 0.35 % |
| Finland | 0.35 % |
| Hong Kong | 0.27 % |
| Canada | 0.25 % |
| Brazil | 0.12 % |
| Mexico | 0.10 % |
| China | 0.09 % |
| India | 0.05 % |
| Total | 92.07 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 342,900,009.02 |
| Deposits on futures contracts | 238,239.80 |
| Cash at banks | 12,994,772.69 |
| Income receivable on portfolio | 3,175,071.00 |
| Unrealised gain on futures contracts | 118,890.00 |
| Prepaid expenses | 	150.55  |
| Total assets | 359,427,133.06 |
| Liabilities |  |
| Expenses payable | 253,311.59 |
| Other liabilities | 	108,990.00  |
| Total liabilities | 362,301.59 |
| Net assets at the end of the year | 359,064,831.47 |

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 | 173,842.257 | EUR | 273.43 | 47,533,811.04 |
| B | 3,108,974.959 | EUR | 97.84 | 304,195,236.50 |
| BI | 7,612.176 | EUR | 963.69 | 	7,335,783.93  |
|  |  |  |  | 	359,064,831.47  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 5,891,420.65 |
| Other income | 	172.55  |
| Total income | 5,891,593.20 |
| Expenses |  |
| Management fees | 2,118,157.48 |
| Depositary fees | 153,076.76 |
| Banking charges and other fees | 27,291.47 |
| Transaction fees | 10,075.24 |
| Central administration costs | 88,598.14 |
| Professional fees | 4,725.04 |
| Other administration costs | 39,972.84 |
| Subscription duty ("taxe d'abonnement") | 175,690.79 |
| Other taxes | 94,465.86 |
| Bank interest paid | 76,665.14 |
| Other expenses | 	7,993.92  |
| Total expenses | 2,796,712.68 |
| Net investment income | 3,094,880.52 |
| Net realised gain/(loss) |  |
| - on securities portfolio | -61,030.09 |
| - on foreign exchange | 	-4,083.09  |
| Realised result | 3,029,767.34 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -3,227,889.20 |
| - on futures contracts | 	118,890.00  |
| Result of operations | -79,231.86 |
| Dividends paid | -411,267.56 |
| Reinvestments | 403.26 |
| Subscriptions | 46,241,918.49 |
| Redemptions | -39,651,274.03 |
| Total changes in net assets | 6,100,548.30 |
| Total net assets at the beginning of the year | 352,964,283.17 |
| Total net assets at the end of the year | 359,064,831.47 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 402,407,142.16 | 352,964,283.17 | 359,064,831.47 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 285.76 | 275.95 | 273.43 |
| B | EUR | 695.09 | 685.03 | ** 97.84 |
| BI | EUR | 107.93 | 106.73 | **** 963.69 |

| Annual performance per share class (unaudited) (in %) | Currency | 30.09.2019 | 30.09.2020 | 30.09.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 1.78 | -1.45 | -0.02 |
| B | EUR | 1.78 | -1.45 | -0.02 |
| BI | EUR | 2.13 | -1.11 | 0.32 |

| Number of shares | outstanding at the beginning of the year | issued | reinvested | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- | --- |
| A | 158,720.651 | 28,650.904 | 1.464 | -13,530.762 | 173,842.257 |
| B | 442,175.630 | * 2,748,444.295 | - | -81,644.966 | 3,108,974.959 |
| BI | 58,685.795 | 12,573.169 | - | *** -63,646.788 | 7,612.176 |

| TER per share class as at 30.09.2021 (unaudited) | (in %) |
| --- | --- |
| A | 0.77 |
| B | 0.77 |
| BI | 0.43 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | EUR | 2.49 | 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 : 7/1 (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 1/9 (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 |  |  |  |  |  |
| CNY | 8,000,000 | Asian Development Bank 2.9% EMTN Ser 1049-00 19/05.03.24 | 1,038,916.67 | 1,075,596.87 | 0.30 |
| CNY | 15,000,000 | KFW 2.14% EMTN 21/26.01.24 | 1,913,491.34 | 1,987,825.03 | 0.55 |
| CNY | 15,000,000 | KFW 2.52% EMTN 21/23.03.26 | 	1,919,970.74  | 	2,005,840.55  | 	0.56  |
|  |  |  | 4,872,378.75 | 5,069,262.45 | 1.41 |
| CZK | 60,000,000 | Czech Republic 1% Ser 95 15/26.06.26 | 2,264,654.71 | 2,255,366.73 | 0.63 |
| CZK | 50,000,000 | Czech Republic 1.25% Ser 120 20/14.02.25 | 	1,919,234.91  | 	1,922,222.52  | 	0.54  |
|  |  |  | 4,183,889.62 | 4,177,589.25 | 1.17 |
| EUR | 3,000,000 | ABN AMRO Bank NV 0.875% EMTN Sen Reg S 18/22.04.25 | 3,113,187.00 | 3,111,825.00 | 0.87 |
| EUR | 3,000,000 | Albania 3.5% 20/16.06.27 | 3,252,000.00 | 3,234,135.00 | 0.90 |
| EUR | 1,500,000 | Albemarle New Holding GmbH 1.625% 19/25.11.28 | 1,601,070.00 | 1,607,430.00 | 0.45 |
| EUR | 3,000,000 | Amplifon SpA 1.125% 20/13.02.27 | 3,049,040.00 | 3,060,285.00 | 0.85 |
| EUR | 5,000,000 | Apple Inc 0% Sen 19/15.11.25 | 5,043,484.50 | 5,039,525.00 | 1.40 |
| EUR | 1,000,000 | Aptiv Plc 1.5% Sen 15/10.03.25 | 1,038,105.00 | 1,045,625.00 | 0.29 |
| EUR | 5,000,000 | Asian Development Bank 0.35% EMTN Sen 18/16.07.25 | 4,997,900.00 | 5,133,725.00 | 1.43 |
| EUR | 3,000,000 | Belgium 0.2% Ser 79 16/22.10.23 | 3,050,054.24 | 3,055,095.00 | 0.85 |
| EUR | 2,000,000 | BMW Finance NV 1% EMTN Sen 15/21.01.25 | 2,046,780.00 | 2,076,870.00 | 0.58 |
| EUR | 4,000,000 | BNP Paribas SA VAR Sen Ser 19195 19/04.06.26 | 4,050,880.00 | 4,060,540.00 | 1.13 |
| EUR | 2,000,000 | Bq Féd du Crédit Mutuel 0.1% EMTN 20/08.10.27 | 1,990,760.00 | 1,990,320.00 | 0.55 |
| EUR | 1,500,000 | Brisa Concessao Rodoviaria SA 2.375% EMTN 11 Sen 17/10.05.27 | 1,597,500.00 | 1,679,070.00 | 0.47 |
| EUR | 2,000,000 | Bulgaria 2.625% EMTN Reg S 15/26.03.27 | 2,056,000.00 | 2,276,000.00 | 0.63 |
| EUR | 2,000,000 | Caisse d'Amort de la Dette Soc 1.375% EMTN Sen 14/25.11.24 | 2,163,940.00 | 2,116,500.00 | 0.59 |
| EUR | 2,000,000 | CGNPC International Ltd 1.625% EMTN Sen 17/11.12.24 | 2,106,000.00 | 2,077,670.00 | 0.58 |
| EUR | 1,500,000 | CK Hutchison Europe Fin 18 Ltd 2% Ser B Sen RegS 18/13.04.30 | 1,701,495.00 | 1,676,317.50 | 0.47 |
| EUR | 3,000,000 | CK Hutchison Fin 16 2% Reg S Sen 16/06.04.28 | 3,172,207.20 | 3,318,330.00 | 0.92 |
| EUR | 2,000,000 | CNH Industrial Fin Europe SA 1.875% EMTN Sen 18/19.01.26 | 2,022,000.00 | 2,135,200.00 | 0.59 |
| EUR | 2,000,000 | Corp Nacl Del Cobre De Chile 2.25% Reg S 14/09.07.24 | 2,134,600.00 | 2,121,760.00 | 0.59 |
| EUR | 2,000,000 | CPI PROPERTY GROUP SA 2.75% EMTN Sen Reg S 20/12.05.26 | 2,085,060.00 | 2,194,500.00 | 0.61 |
| EUR | 1,000,000 | Cred Mutuel Arkea 3.5% EMTN Ser 154 Sen Reg S 17/09.02.29 | 1,146,660.00 | 1,192,530.00 | 0.33 |
| EUR | 3,000,000 | Derichebourg 2.25% 21/15.07.28 | 3,082,950.00 | 3,093,645.00 | 0.86 |
| EUR | 2,000,000 | Dometic Group AB 3% EMTN Sen Reg S 19/08.05.26 | 2,121,600.00 | 2,123,270.00 | 0.59 |
| EUR | 1,000,000 | DP World Ltd 2.375% Ser 2-2018 Sen Reg S 18/25.09.26 | 1,092,450.00 | 1,072,040.00 | 0.30 |
| EUR | 3,500,000 | EDP-Energias de Portugal SA VAR 21/02.08.81 | 3,511,350.00 | 3,553,182.50 | 0.99 |
| EUR | 4,000,000 | Eesti Energia As 2.384% Reg S Sen 15/22.09.23 | 4,263,770.00 | 4,181,000.00 | 1.16 |
| EUR | 1,000,000 | Energie AG Oberoesterreich 4.5% 05/04.03.25 | 1,182,550.00 | 1,150,230.00 | 0.32 |
| EUR | 2,500,000 | Engie SA 0.875% EMTN Sen 17/27.03.24 | 2,563,972.50 | 2,564,825.00 | 0.71 |
| EUR | 3,000,000 | Engie SA 1.375% EMTN Sen 17/28.02.29 | 3,090,150.00 | 3,226,665.00 | 0.90 |
| EUR | 2,000,000 | Engie SA VAR 18/16.04.Perpetual | 2,027,500.00 | 2,029,300.00 | 0.57 |
| EUR | 2,000,000 | Espana 0.6% EMTN Sen 19/31.10.29 | 2,076,640.00 | 2,068,590.00 | 0.58 |
| EUR | 4,000,000 | Espana 2.15% Reg S Sen 15/31.10.25 | 4,369,220.00 | 4,414,440.00 | 1.23 |
| EUR | 1,500,000 | Esselunga SpA 1.875% 17/25.10.27 | 1,601,250.00 | 1,590,510.00 | 0.44 |
| EUR | 1,300,000 | Eurofins Scientific SE VAR Sub Reg S 17/13.11.Perpetual | 1,388,660.00 | 1,392,436.50 | 0.39 |
| EUR | 2,000,000 | European Energy AS FRN 21/16.09.25 | 2,001,490.00 | 2,002,500.00 | 0.56 |
| EUR | 4,453,000 | European Fin Stability Facilit 0.2% EMTN Ser 130 18/17.01.24 | 4,522,497.86 | 4,528,389.29 | 1.26 |
| EUR | 1,000,000 | Eutelsat SA 2% Sen Reg S 18/02.10.25 | 1,019,840.00 | 1,038,050.00 | 0.29 |
| EUR | 3,000,000 | Export Import Bk Of China 0.75% EMTN Sen Reg S 17/28.05.23 | 2,971,550.00 | 3,041,160.00 | 0.85 |
| EUR | 2,000,000 | Faurecia SE 3.125% Sen Reg S 19/15.06.26 | 2,075,000.00 | 2,050,050.00 | 0.57 |
| EUR | 2,000,000 | Ferrovial Emisiones SA 1.382% Ser 6Y Sen 20/14.05.26 | 2,135,720.00 | 2,111,880.00 | 0.59 |
| EUR | 4,000,000 | Finland 0.5% Sen 19/15.09.29 | 4,250,844.50 | 4,209,960.00 | 1.17 |
| EUR | 2,000,000 | Hera SpA 0.875% EMTN Ser 9 Sen Reg S 19/05.07.27 | 2,061,510.00 | 2,076,360.00 | 0.58 |
| EUR | 2,000,000 | Iberdrola Intl BV 1.125% EMTN Reg S Sen 16/21.04.26 | 2,125,740.00 | 2,110,880.00 | 0.59 |
| EUR | 2,000,000 | Iberdrola Intl BV VAR 21/09.02.Perpetual | 2,012,500.00 | 2,020,320.00 | 0.56 |
| EUR | 2,000,000 | IBM Corp 1.75% Sen 19/31.01.31 | 2,279,620.00 | 2,222,530.00 | 0.62 |
| EUR | 2,000,000 | Ignitis Grupe AB 1.875% EMTN Sen Reg S 18/10.07.28 | 2,193,750.00 | 2,189,740.00 | 0.61 |

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

| EUR | 2,000,000 | Ignitis Grupe AB 2% EMTN Ser 1 Sen Reg S 17/14.07.27 | 2,235,000.00 | 2,193,940.00 | 0.61 |
| --- | --- | --- | --- | --- | --- |
| EUR | 2,000,000 | Indonesia 0.9% Sen 20/14.02.27 | 1,762,500.00 | 2,023,290.00 | 0.56 |
| EUR | 5,000,000 | Indonesia 2.625% EMTN Reg S Sen 16/14.06.23 | 5,362,670.00 | 5,215,425.00 | 1.45 |
| EUR | 4,000,000 | Indonesia 3.375% Reg S Ser 15 15/30.07.25 | 4,244,940.00 | 4,447,040.00 | 1.24 |
| EUR | 2,000,000 | ING Groep NV 2.5% Sen Reg S 18/15.11.30 | 2,384,140.00 | 2,363,770.00 | 0.66 |
| EUR | 2,000,000 | Ipsen 1.875% Sen 16/16.06.23 | 2,063,630.00 | 2,048,410.00 | 0.57 |
| EUR | 7,422,154.14 | Ireland 1% T-Bills Reg S Sen 16/15.05.26 | 7,808,622.03 | 7,918,733.37 | 2.21 |
| EUR | 4,000,000 | Ireland 3.4% T-Bond 14/18.03.24 | 4,615,678.22 | 4,397,000.00 | 1.22 |
| EUR | 3,000,000 | Kasachstan 2.375% EMTN Ser 6 Sen Reg S 18/09.11.28 | 3,388,050.00 | 3,347,340.00 | 0.93 |
| EUR | 3,000,000 | Kion Group AG 1.625% EMTN 20/24.09.25 | 3,130,380.00 | 3,161,970.00 | 0.88 |
| EUR | 2,500,000 | Korea 2.125% Reg S Sen 14/10.06.24 | 2,701,400.00 | 2,663,550.00 | 0.74 |
| EUR | 2,000,000 | Kronos Intl Inc 3.75% Sen Reg S 17/15.09.25 | 2,042,000.00 | 2,035,630.00 | 0.57 |
| EUR | 4,500,000 | Leaseplan Corp NV 3.5% EMTN Sen 20/09.04.25 | 5,110,015.00 | 5,036,895.00 | 1.40 |
| EUR | 2,000,000 | Lithuania 1.25% EMTN Reg S Ser 3 15/22.10.25 | 2,138,160.00 | 2,137,290.00 | 0.60 |
| EUR | 2,000,000 | LKQ Italia Bondco SpA 3.875% Reg S Sen 16/01.04.24 | 2,160,628.00 | 2,158,770.00 | 0.60 |
| EUR | 1,000,000 | Magna International Inc 1.5% Sen 17/25.09.27 | 1,074,220.00 | 1,077,720.00 | 0.30 |
| EUR | 2,000,000 | Metsa Board Corp 2.75% 17/29.09.27 | 2,290,000.00 | 2,253,940.00 | 0.63 |
| EUR | 2,000,000 | MOL Hungarian Oil and Gas Plc 1.5% Sen 20/08.10.27 | 2,097,460.00 | 2,069,440.00 | 0.58 |
| EUR | 2,000,000 | Molnlycke Holding AB 0.875% EMTN Sen Reg S 19/05.09.29 | 2,071,160.00 | 2,021,770.00 | 0.56 |
| EUR | 5,000,000 | Morocco 3.5% Reg S 14/19.06.24 | 5,362,488.00 | 5,415,700.00 | 1.51 |
| EUR | 5,000,000 | Nederlandse Waterschapsbank NV 1% EMTN Reg S 15/03.09.25 | 5,233,470.00 | 5,268,725.00 | 1.47 |
| EUR | 3,500,000 | Neste Corporation 0.75% 21/25.03.28 | 3,505,690.00 | 3,494,802.50 | 0.97 |
| EUR | 4,000,000 | Netherlands 0.25% Sen Reg S 19/15.07.29 | 4,209,272.67 | 4,155,080.00 | 1.16 |
| EUR | 2,000,000 | Nokia Corp 2% EMTN Sen Reg S 19/11.03.26 | 2,099,000.00 | 2,104,130.00 | 0.59 |
| EUR | 3,000,000 | Oesterreich 0% Reg S Sen 16/15.07.23 | 3,027,153.41 | 3,040,710.00 | 0.85 |
| EUR | 3,000,000 | Optus Finance Pty Ltd 1% Sen Reg S 19/20.06.29 | 3,171,346.10 | 3,100,485.00 | 0.86 |
| EUR | 2,000,000 | Orange SA 1.2% EMTN Sen 19/11.07.34 | 2,121,800.00 | 2,087,550.00 | 0.58 |
| EUR | 3,000,000 | Orsted VAR Reg S 19/Perpetual | 3,078,000.00 | 3,097,005.00 | 0.86 |
| EUR | 5,000,000 | Peru 2.75% Sen 15/30.01.26 | 5,487,000.00 | 5,537,500.00 | 1.54 |
| EUR | 2,000,000 | Peru 3.75% Sen 16/01.03.30 | 2,146,500.00 | 2,376,580.00 | 0.66 |
| EUR | 5,000,000 | Portugal 2.875% Sen 15/15.10.25 | 5,618,270.00 | 5,688,650.00 | 1.58 |
| EUR | 5,000,000 | Portugal 4.95% 08/25.10.23 | 6,037,000.00 | 5,586,425.00 | 1.56 |
| EUR | 1,000,000 | Posco 0.5% Sen Reg S 20/17.01.24 | 979,950.00 | 1,008,855.00 | 0.28 |
| EUR | 2,000,000 | PPF Telecom Group BV 3.5% EMTN Sen Reg S 20/20.05.24 | 2,134,250.00 | 2,135,380.00 | 0.59 |
| EUR | 1,200,000 | Progroup AG 3% Sen Reg S 18/31.03.26 | 1,214,880.00 | 1,216,320.00 | 0.34 |
| EUR | 2,500,000 | Republique du Benin 5.75% Sk Sen Reg S 19/26.03.26 | 2,732,600.00 | 2,710,675.00 | 0.75 |
| EUR | 1,500,000 | Rexel SA 2.125% 21/15.06.28 | 1,547,085.00 | 1,540,447.50 | 0.43 |
| EUR | 3,000,000 | Romania 2.75% EMTN Reg S Sen 15/29.10.25 | 3,097,363.64 | 3,306,045.00 | 0.92 |
| EUR | 1,500,000 | RZD Capital Plc 2.2% Sen Reg S 19/23.05.27 | 1,600,875.00 | 1,595,340.00 | 0.44 |
| EUR | 3,500,000 | Scatec ASA FRN 21/19.08.25 | 3,483,750.00 | 3,447,377.50 | 0.96 |
| EUR | 3,000,000 | Senegal 4.75% Sk Sen Reg S 18/13.03.28 | 3,217,200.00 | 3,126,675.00 | 0.87 |
| EUR | 1,500,000 | Serbia 1% EMTN 21/23.09.28 | 1,480,755.00 | 1,454,017.50 | 0.41 |
| EUR | 2,500,000 | Serbia 1.5% Sen Reg S 19/26.06.29 | 2,538,755.00 | 2,472,887.50 | 0.69 |
| EUR | 1,000,000 | SES SA 1.625% EMTN Ser 11 Sen Reg S 18/22.03.26 | 998,410.00 | 1,062,010.00 | 0.30 |
| EUR | 1,000,000 | SES SA VAR 21/27.08.Perpetual | 1,014,000.00 | 1,019,865.00 | 0.28 |
| EUR | 3,000,000 | Signify NV 2.375% 20/11.05.27 | 3,354,000.00 | 3,315,420.00 | 0.92 |
| EUR | 3,000,000 | Smurfit Kappa Acquisitions 2.875% Sen Reg S 18/15.01.26 | 3,334,800.00 | 3,322,185.00 | 0.93 |
| EUR | 2,000,000 | Stellantis NV 2.75% Sen 20/15.05.26 | 2,239,480.00 | 2,214,730.00 | 0.62 |
| EUR | 2,000,000 | Stora Enso Oyj 2.125% EMTN Sen 16/16.06.23 | 2,129,850.00 | 2,066,710.00 | 0.58 |
| EUR | 2,500,000 | Svenska Handelsbanken AB 0.375% EMTN Ser 336 Sen 18/03.07.23 | 2,484,675.00 | 2,534,387.50 | 0.71 |
| EUR | 3,000,000 | Telenor ASA 2.625% EMTN Ser 52 Sen Reg S 12/06.12.24 | 3,363,660.00 | 3,272,340.00 | 0.91 |
| EUR | 2,000,000 | Teleperformance SE 0.25% EMTN Sen Reg S Pref 20/26.11.27 | 1,991,700.00 | 1,979,360.00 | 0.55 |
| EUR | 1,500,000 | Telia Co AB VAR Sub Reg S 20/11.05.81 | 1,534,875.00 | 1,533,877.50 | 0.43 |
| EUR | 3,000,000 | TeliaSonera AB 3.625% EMTN Ser 80 Sen Reg S 12/14.02.24 | 3,480,712.50 | 3,278,415.00 | 0.91 |
| EUR | 2,000,000 | TenneT Holding BV VAR 17/01.06.Perpetual | 2,115,600.00 | 2,111,340.00 | 0.59 |
| EUR | 4,000,000 | Toyota Motor Cred Corp 0.625% EMTN Sen Reg S 17/21.11.24 | 4,037,695.00 | 4,099,100.00 | 1.14 |
| EUR | 3,000,000 | UPM-Kymmene Corp 0.125% EMTN 20/19.11.28 | 2,962,530.00 | 2,952,705.00 | 0.82 |
| EUR | 2,000,000 | Vodafone Group Plc 0.9% EMTN Sen Reg S 19/24.11.26 | 2,072,800.00 | 2,081,580.00 | 0.58 |
| EUR | 2,000,000 | Vodafone Group Plc 1.125% EMTN Sen Reg S 17/20.11.25 | 2,009,430.00 | 2,091,960.00 | 0.58 |
| EUR | 3,000,000 | Volkswagen Intl Finance NV 0.875% EMTN Sen 20/22.09.28 | 3,019,630.00 | 3,092,790.00 | 0.86 |
| EUR | 4,000,000 | Volvo Car AB 2.5% EMTN Sen 20/07.10.27 | 4,354,055.00 | 4,365,000.00 | 1.22 |

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

| EUR | 2,500,000 | Westpac Banking Corp 0.625% EMTN S1350 Sen Reg S 17/22.11.24 | 2,461,350.00 |  | 2,564,575.00 |  | 0.71 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR | 2,000,000 | Wienerberger AG 2.75% Sen 20/04.06.25 | 2,162,000.00 |  | 2,157,280.00 |  | 0.60 |
| EUR | 2,000,000 | Wintershall Dea Finance BV 0.84% Sen Reg S 19/25.09.25 | 2,051,420.00 |  | 2,041,950.00 |  | 0.57 |
| EUR | 1,800,000 | Zapadoslovenska Energetika AS 1.75% Sen Reg S 18/02.03.28 | 	1,988,265.00  |  | 	1,959,858.00  |  | 	0.55  |
|  |  |  | 304,406,892.37 |  | 304,921,929.66 |  | 84.91 |
| HUF | 400,000,000 | Hungary 1% 19/26.11.25 | 1,093,896.20 |  | 1,050,587.55 |  | 0.29 |
| HUF | 400,000,000 | Hungary 2.5% 18/24.10.24 | 	1,169,935.67  |  | 	1,121,482.01  |  | 	0.31  |
|  |  |  | 2,263,831.87 |  | 2,172,069.56 |  | 0.60 |
| MXN | 50,000,000 | IBRD 4.25% EMTN Ser 101280 21/22.01.26 | 1,981,440.19 |  | 1,925,399.78 |  | 0.54 |
| MXN | 50,000,000 | Intl Finance Corp 7.5% Ser 1819 18/18.01.28 | 2,202,745.35 |  | 2,105,070.46 |  | 0.59 |
| MXN | 500,000 | Mexico 5.75% Bonos Ser M 15/05.03.26 | 	2,079,757.17  |  | 	2,005,540.35  |  | 	0.56  |
|  |  |  | 6,263,942.71 |  | 6,036,010.59 |  | 1.69 |
| RUB | 60,000,000 | EIB 4.25% EMTN Ser 2501/0100 21/16.02.26 | 652,636.27 |  | 660,709.12 |  | 0.18 |
| RUB | 100,000,000 | IBRD 4.25% EMTN Ser 101281 21/22.01.26 | 	1,092,729.54  |  | 	1,118,469.23  |  | 	0.31  |
|  |  |  | 1,745,365.81 |  | 1,779,178.35 |  | 0.49 |
| SGD | 3,000,000 | Republic of Singapore 3.5% 07/01.03.27 | 2,135,849.99 |  | 2,146,297.90 |  | 0.60 |
| USD | 1,000,000 | Colbun SA 3.95% Sen Reg S 17/11.10.27 | 965,040.38 |  | 942,873.78 |  | 0.26 |
| USD | 2,000,000 | Egypt 5.25% 20/06.10.25 | 1,789,033.95 |  | 1,763,911.66 |  | 0.49 |
| USD | 2,000,000 | Emirates Telecom Gr Co PJSC 3.5% EMTN Ser 3 Sen 14/18.06.24 | 1,756,779.81 |  | 1,855,430.94 |  | 0.52 |
| USD | 1,000,000 | Ghana (Republic of) 7.875% Sk Sen Reg S 19/26.03.27 | 887,554.45 |  | 843,887.50 |  | 0.24 |
| USD | 1,500,000 | Hong Kong Special Admi Reg Gov 0.625% EMTN 21/02.02.26 | 1,257,926.28 |  | 1,268,367.70 |  | 0.35 |
| USD | 3,000,000 | Indonesia 3.4% Sen 19/18.09.29 | 2,824,901.23 |  | 2,789,707.53 |  | 0.78 |
| USD | 392,000 | Mexico 4% Sen 13/02.10.23 | 316,165.85 |  | 362,130.75 |  | 0.10 |
| USD | 2,000,000 | Reliance Industries Ltd 4.125% Reg S Sen 15/28.01.25 | 1,831,405.55 |  | 1,865,714.78 |  | 0.52 |
| USD | 700,000 | SIMA Of G-So Fin Ac Se De Fd I 3.35% EMTN Sen 19/09.10.22 | 620,457.36 |  | 603,916.83 |  | 0.17 |
| USD | 1,000,000 | Transelec SA 4.25% Sen Reg S 14/14.01.25 | 	943,566.40  |  | 	938,991.46  |  | 	0.26  |
|  |  |  | 13,192,831.26 |  | 13,234,932.93 |  | 3.69 |
| Total bonds |  | 339,064,982.38 |  | 339,537,270.69 |  | 94.56 |
| 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  |  | 	862,738.33  |  | 	0.24  |
| Total bonds |  | 886,367.66 |  | 862,738.33 |  | 0.24 |
| Other transferable securities |
| Promissory notes |
| EUR | 2,000,000 | Micro Sm Medium Enter Bds SA 3.15% Ser 149 Tr 1 18/10.12.21 | 2,000,000.00 |  | 2,000,000.00 |  | 0.56 |
| EUR | 500,000 | Micro Sm Medium Enter Bds SA 4% Ser 174 Tr 1 19/03.11.21 | 	500,000.00  |  | 	500,000.00  |  | 	0.14  |
| Total promissory notes | 2,500,000.00 |  | 2,500,000.00 |  | 0.70 |
| Total investments in securities | 342,451,350.04 |  | 342,900,009.02 |  | 95.50 |
| Cash at banks |  |  | 12,994,772.69 |  | 3.62 |
| Other net assets/(liabilities) |  |  | 3,170,049.76 |  | 0.88 |
| Total |  |  | 359,064,831.47 |  | 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.