# COMPOSITION OF THE ASSETS
| Description | Quantity at 30 June 2022 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 2,541,000.00 |  | 0.63% | 0.62% |
| Shares |  |  |  |
| Austria |  |  |  |
| CA IMMOBILIEN | 84,000 | EUR | 30.25 |
| Belgium |  |  |  | 2,541,000.00 |  | 0.63% | 0.62% |
| AEDIFICA | 138,800 | EUR | 91.50 | 12,700,200.00 | 3.13% | 3.09% |
| CARE PROPERTY INVEST | 85,861 | EUR | 23.85 | 2,047,784.85 | 0.50% | 0.50% |
| COFINIMMO | 115,770 | EUR | 103.60 | 11,993,772.00 | 2.96% | 2.92% |
| INTERVEST OFFICES | 369,791 | EUR | 25.00 | 9,244,775.00 | 2.28% | 2.25% |
| RETAIL ESTATES | 62,090 | EUR | 63.50 | 3,942,715.00 | 0.97% | 0.96% |
| VGP | 16,900 | EUR | 152.00 | 2,568,800.00 | 0.63% | 0.63% |
| WAREHOUSES DE PAUW | 289,000 | EUR | 30.00 | 8,670,000.00 | 2.14% | 2.11% |
| XIOR STUDENT HOUSING | 41,000 | EUR | 41.55 | 1,703,550.00 | 0.42% | 0.42% |
| Switzerland |  |  |  | 52,871,596.85 |  | 13.03% | 12.88% |
| PSP SWISS PROPERTY | 126,000 | CHF | 106.20 | 13,369,167.75 | 3.30% | 3.26% |
| SWISS PRIME SITE | 166,271 | CHF | 83.75 | 13,912,674.84 | 3.43% | 3.39% |
| Germany (Federal Republic) |  |  |  | 27,281,842.59 |  | 6.72% | 6.65% |
| LEG IMMOBILIEN SE | 184,300 | EUR | 79.12 | 14,581,816.00 | 3.59% | 3.55% |
| TAG IMMOBILIEN AG | 552,000 | EUR | 10.89 | 6,011,280.00 | 1.48% | 1.46% |
| VONOVIA SE | 1,106,000 | EUR | 29.40 | 32,516,400.00 | 8.02% | 7.92% |
| Spain |  |  |  | 53,109,496.00 |  | 13.09% | 12.94% |
| INMOBILIARIA COL | 305,000 | EUR | 6.11 | 1,862,025.00 | 0.46% | 0.45% |
| MERLIN PROPERTIES | 1,230,000 | EUR | 9.21 | 11,322,150.00 | 2.79% | 2.76% |
| Finland |  |  |  | 13,184,175.00 |  | 3.25% | 3.21% |
| KOJAMO | 301,000 | EUR | 16.46 | 4,954,460.00 | 1.22% | 1.21% |
| France |  |  |  | 4,954,460.00 |  | 1.22% | 1.21% |
| ALTAREA | 16,735 | EUR | 130.60 | 2,185,591.00 | 0.54% | 0.53% |
| ARGAN | 130,600 | EUR | 89.20 | 11,649,520.00 | 2.87% | 2.84% |
| CARMILA SAS | 100,000 | EUR | 13.50 | 1,350,000.00 | 0.33% | 0.33% |
| COVIVIO | 60,000 | EUR | 52.95 | 3,177,000.00 | 0.78% | 0.77% |
| GECINA | 155,400 | EUR | 89.00 | 13,830,600.00 | 3.41% | 3.37% |
| ICADE | 164,000 | EUR | 46.54 | 7,632,560.00 | 1.88% | 1.86% |
| KLEPIERRE | 621,000 | EUR | 18.36 | 11,401,560.00 | 2.81% | 2.78% |
| UNIBAIL RODAMCO WEST | 400,000 | EUR | 48.65 | 19,460,000.00 | 4.80% | 4.74% |
| United Kingdom |  |  |  | 70,686,831.00 |  | 17.42% | 17.22% |
| ASSURA | 1,995,000 | GBP | 0.65 | 1,515,717.94 | 0.37% | 0.37% |
| BRITISH LAND | 2,116,918 | GBP | 4.47 | 10,995,283.90 | 2.71% | 2.68% |
| DERWENT LONDON | 236,189 | GBP | 26.12 | 7,166,887.41 | 1.77% | 1.75% |
| EMPIRIC STUDENT | 4,620,000 | GBP | 0.86 | 4,615,706.32 | 1.14% | 1.12% |
| GRAINGER PLC | 330,000 | GBP | 2.81 | 1,078,020.45 | 0.27% | 0.26% |
| GREAT PORT ESTATES | 654,000 | GBP | 5.73 | 4,353,415.43 | 1.07% | 1.06% |
| LAND SECS REIT | 1,844,000 | GBP | 6.64 | 14,224,163.57 | 3.51% | 3.47% |

| Description | Quantity at 30 June 2022 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LONDONMETRIC PROP | 2,940,000 | GBP | 2.28 | 7,800,836.43 |  | 1.92% | 1.90% |
| LXI REIT PLC | 2,647,800 | GBP | 1.42 | 4,380,189.59 | 1.08% | 1.07% |
| NEWRIVER REIT | 3,241,800 | GBP | 0.88 | 3,325,405.90 | 0.82% | 0.81% |
| PRIMARY HEALTH PROP | 4,649,973 | GBP | 1.36 | 7,362,817.38 | 1.81% | 1.79% |
| SEGRO PLC -REIT- | 2,341,000 | GBP | 9.77 | 26,564,693.31 | 6.55% | 6.47% |
| SUPERMARKET REIT | 1,360,000 | GBP | 1.20 | 1,888,011.15 | 0.47% | 0.46% |
| TRITAX BIG BOX | 4,326,582 | GBP | 1.81 | 9,122,614.23 | 2.25% | 2.22% |
| UNITE GROUP | 674,000 | GBP | 10.64 | 8,331,040.89 | 2.05% | 2.03% |
| URBAN LOGIS REIT | 1,881,751 | GBP | 1.61 | 3,530,469.18 | 0.87% | 0.86% |
| WAREHOUSE REIT PLC | 2,025,250 | GBP | 1.47 | 3,467,958.29 | 0.85% | 0.84% |
| Guernsey |  |  |  | 119,723,231.37 |  | 29.51% | 29.17% |
| SIRIUS REAL ESTA | 2,913,436 | GBP | 0.89 | 3,019,034.51 | 0.74% | 0.74% |
| Ireland |  |  |  | 3,019,034.51 |  | 0.74% | 0.74% |
| IRISH RESIDENT PROP | 1,417,170 | EUR | 1.27 | 1,794,137.22 | 0.44% | 0.44% |
| Jersey |  |  |  | 1,794,137.22 |  | 0.44% | 0.44% |
| PHOENIX -N REIT | 1,097,185 | GBP | 3.16 | 4,027,770.21 | 0.99% | 0.98% |
| Luxembourg (Grand Duchy) |  |  |  | 4,027,770.21 |  | 0.99% | 0.98% |
| ADLER GROUPE | 235,500 | EUR | 3.77 | 887,835.00 | 0.22% | 0.22% |
| AROUNDTOWN S.A. | 3,150,000 | EUR | 3.03 | 9,553,950.00 | 2.36% | 2.33% |
| GRAND CITY PROP | 300,000 | EUR | 12.88 | 3,864,000.00 | 0.95% | 0.94% |
| Netherlands |  |  |  | 14,305,785.00 |  | 3.53% | 3.49% |
| CTP B.V. | 545,864 | EUR | 11.00 | 6,004,504.00 | 1.48% | 1.46% |
| NSI N.V. | 143,684 | EUR | 32.85 | 4,720,019.40 | 1.16% | 1.15% |
| Sweden |  |  |  | 10,724,523.40 |  | 2.64% | 2.61% |
| CASTELLUM AB | 596,000 | SEK | 131.45 | 7,312,900.50 | 1.80% | 1.78% |
| CATENA | 57,000 | SEK | 371.20 | 1,974,993.35 | 0.49% | 0.48% |
| FABEGE AB | 659,000 | SEK | 96.58 | 5,940,943.61 | 1.46% | 1.45% |
| FASTIGHETS BAL -B | 1,740,000 | SEK | 49.01 | 7,960,067.77 | 1.96% | 1.94% |
| NYFOSA AB | 303,020 | SEK | 76.50 | 2,163,792.16 | 0.53% | 0.53% |
| WIHLBORGS FAST | 316,000 | SEK | 71.55 | 2,110,471.71 | 0.52% | 0.51% |
|  |  |  |  | 27,463,169.10 |  | 6.77% | 6.69% |
| Total - Shares |  |  |  | 405,687,052.25 | 100.00% | 98.85% |
| Total - Transferable securities admitted to an official stock exchange listing |  |  |  | 405,687,052.25 | 100.00% | 98.85% |
| Total - portfolio |  |  |  | 405,687,052.25 | 100.00% | 98.85% |
| Collatéral |  |  |  | 0.00 |  | 0.00% |
| Deposits and liquid assets |  |  |  |  |  |  |
| deposit and liquid assets |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 3,516,941.68 |  | 0.86% |
| Banque Degroof Petercam |  | GBP |  | 151.08 |  | 0.00% |
| Interest on current account |  | GBP |  | 3.80 |  | 0.00% |

| Description | Quantity at 30 June 2022 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Banque Degroof Petercam |  | GBP |  | 35,629.59 |  |  | 0.01% |
| Total - deposit and liquid assets | 3,552,726.15 | 0.87% |
| Total - Deposits and liquid assets | 3,552,726.15 | 0.87% |
| Other receivables and other payables | 1,183,732.24 | 0.29% |
| Others | 0.00 | 0.00% |
| Total net assets | 410,423,510.64 | 100,00% |

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Translation (ENFR, 2022-06-30):
# COMPOSITION DES ACTIFS
| Dénomination | Quantité au 30 juin 2022 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  | 5.981.640,00 |  | 2,57% | 2,53% |
| Obligations et autres titres de créances |  |  |  |
| Emis(es) par état |  |  |  |
| Allemagne |  |  |  |
| BUNDESREP 0,00 21-23 | 6.000.000 | EUR | 99,69 |
| Espagne |  |  |  | 5.981.640,00 |  | 2,57% | 2,53% |
| SPAIN 5,40 13-23 | 4.000.000 | EUR | 103,09 | 4.123.420,00 | 1,77% | 1,74% |
| Italie |  |  |  | 4.123.420,00 |  | 1,77% | 1,74% |
| BTPS 0,00 20-22 | 4.000.000 | EUR | 99,94 | 3.997.620,00 | 1,71% | 1,69% |
| ITALY 0,60 20-23 | 5.000.000 | EUR | 100,08 | 5.004.175,00 | 2,15% | 2,11% |
|  |  |  |  | 9.001.795,00 |  | 3,86% | 3,80% |
| Total - Emis(es) par état |  |  |  | 19.106.855,00 | 8,20% | 8,07% |
| Obligation du Secteur Public |  |  |  |  |  |  |
| Danemark |  |  |  |  |  |  |
| ORSTED 2,625 12-22 | 3.000.000 | EUR | 100,50 | 3.015.045,00 | 1,29% | 1,27% |
| France |  |  |  | 3.015.045,00 |  | 1,29% | 1,27% |
| APRR 0,00 20-23 | 3.000.000 | EUR | 99,70 | 2.990.925,00 | 1,28% | 1,26% |
|  |  |  |  | 2.990.925,00 |  | 1,28% | 1,26% |
| Total - Obligation du Secteur Public |  |  |  | 6.005.970,00 | 2,58% | 2,54% |
| Emis(es) par une entreprise privée |  |  |  |  |  |  |
| Australie |  |  |  |  |  |  |
| TELSTRA 3,50 12-22 | 3.000.000 | EUR | 100,71 | 3.021.375,00 | 1,30% | 1,28% |
| Belgique |  |  |  | 3.021.375,00 |  | 1,30% | 1,28% |
| SOLVAY 1,625 15-22 | 300.000 | EUR | 100,24 | 300.708,00 | 0,13% | 0,13% |
| Allemagne |  |  |  | 300.708,00 |  | 0,13% | 0,13% |
| MERCEDES 2,375 12-22 | 3.000.000 | EUR | 100,40 | 3.012.045,00 | 1,29% | 1,27% |
| TLG IMMO 0,375 19-22 | 1.000.000 | EUR | 100,03 | 1.000.280,00 | 0,43% | 0,42% |
| Espagne |  |  |  | 4.012.325,00 |  | 1,72% | 1,69% |
| CRITERIA 1,50 17-23 | 5.000.000 | EUR | 100,06 | 5.003.050,00 | 2,15% | 2,11% |
| MERLIN 2,225 16-23 | 2.000.000 | EUR | 100,34 | 2.006.810,00 | 0,86% | 0,85% |
| Finlande |  |  |  | 7.009.860,00 |  | 3,01% | 2,96% |
| FORTUM 2,25 12-22 | 1.000.000 | EUR | 99,97 | 999.695,00 | 0,43% | 0,42% |
|  |  |  |  | 999.695,00 |  | 0,43% | 0,42% |

| Dénomination | Quantité au 30 juin 2022 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| France |  |  |  |  |  |  |  |
| AUTOROUT 2,875 13-23 | 5.000.000 | EUR | 101,27 | 5.063.325,00 | 2,17% | 2,14% |
| BFCM 0,75 19-23 | 8.000.000 | EUR | 99,50 | 7.960.240,00 | 3,41% | 3,36% |
| BFCM 3,25 12-22 | 3.000.000 | EUR | 100,42 | 3.012.690,00 | 1,29% | 1,27% |
| ENGIE 0,375 17-23 | 5.000.000 | EUR | 99,69 | 4.984.450,00 | 2,14% | 2,11% |
| ENGIE SA 3,00 12-23 | 4.000.000 | EUR | 101,26 | 4.050.220,00 | 1,74% | 1,71% |
| GDF SUEZ 3,50 10-22 | 2.500.000 | EUR | 100,95 | 2.523.637,50 | 1,08% | 1,07% |
| LVMH 0,125 19-23 | 3.000.000 | EUR | 99,87 | 2.995.965,00 | 1,29% | 1,27% |
| ORANGE 3,375 10-22 | 2.000.000 | EUR | 100,64 | 2.012.870,00 | 0,86% | 0,85% |
| RCI 0,75 19-23 | 6.000.000 | EUR | 99,07 | 5.944.290,00 | 2,55% | 2,51% |
| SOCGEN 0,50 17-23 | 7.000.000 | EUR | 99,96 | 6.997.340,00 | 3,00% | 2,96% |
| Irlande |  |  |  | 45.545.027,50 |  | 19,54% | 19,24% |
| CRH FIN 3,125 13-23 | 3.000.000 | EUR | 101,41 | 3.042.165,00 | 1,31% | 1,28% |
| Italie |  |  |  | 3.042.165,00 |  | 1,31% | 1,28% |
| MEDIOBCA 0,625 17-22 | 2.000.000 | EUR | 100,06 | 2.001.180,00 | 0,86% | 0,85% |
| UBI 0,75 17-22 | 3.100.000 | EUR | 100,08 | 3.102.526,50 | 1,33% | 1,31% |
| UBI BANCA 1,75 18-23 | 960.000 | EUR | 100,16 | 961.526,40 | 0,41% | 0,41% |
| Jersey |  |  |  | 6.065.232,90 |  | 2,60% | 2,56% |
| SWISS RE 1,375 16-23 | 5.000.000 | EUR | 100,12 | 5.005.850,00 | 2,15% | 2,11% |
| Caïmanes |  |  |  | 5.005.850,00 |  | 2,15% | 2,11% |
| CK HUTCH 1,25 16-23 | 7.000.000 | EUR | 100,31 | 7.021.455,00 | 3,01% | 2,97% |
| Luxembourg (Grand-Duché) |  |  |  | 7.021.455,00 |  | 3,01% | 2,97% |
| BECTON 0,632 19-23 | 7.000.000 | EUR | 99,20 | 6.944.000,00 | 2,98% | 2,93% |
| HOLCIM 1,375 16-23 | 3.000.000 | EUR | 100,09 | 3.002.655,00 | 1,29% | 1,27% |
| MEDTRON 0,375 19-23 | 6.000.000 | EUR | 99,80 | 5.987.970,00 | 2,57% | 2,53% |
| MEDTRONIC 0,00 19-22 | 4.500.000 | EUR | 99,93 | 4.496.782,50 | 1,93% | 1,90% |
| Pays-Bas |  |  |  | 20.431.407,50 |  | 8,76% | 8,63% |
| AKZO NOB 2,625 12-22 | 4.000.000 | EUR | 100,15 | 4.006.120,00 | 1,72% | 1,69% |
| ALLIANDER 2,25 12-22 | 3.000.000 | EUR | 100,80 | 3.023.925,00 | 1,30% | 1,28% |
| BMW FIN 2,375 13-23 | 4.000.000 | EUR | 101,09 | 4.043.560,00 | 1,73% | 1,71% |
| DEUTSCHE 0,625 18-22 | 4.500.000 | EUR | 100,12 | 4.505.400,00 | 1,93% | 1,90% |
| DEUTSCHE 4,25 10-22 | 3.000.000 | EUR | 100,12 | 3.003.555,00 | 1,29% | 1,27% |
| DEUT TEL 0,625 16-23 | 6.500.000 | EUR | 99,80 | 6.486.935,00 | 2,78% | 2,74% |
| ENEL 4,875 12-23 | 5.000.000 | EUR | 103,05 | 5.152.300,00 | 2,21% | 2,18% |
| IBERDROL 1,125 15-23 | 7.700.000 | EUR | 100,23 | 7.718.018,00 | 3,31% | 3,26% |
| MERCEDES 0,625 19-23 | 1.000.000 | EUR | 99,92 | 999.225,00 | 0,43% | 0,42% |
| STEDIN FRN 17-22 | 800.000 | EUR | 100,03 | 800.232,00 | 0,34% | 0,34% |
| TENNET 4,625 11-23 | 1.000.000 | EUR | 102,22 | 1.022.210,00 | 0,44% | 0,43% |
| VOLKSWAG 0,875 15-23 | 2.000.000 | EUR | 100,18 | 2.003.600,00 | 0,86% | 0,85% |
| WOLTERS 2,875 13-23 | 3.000.000 | EUR | 101,61 | 3.048.330,00 | 1,31% | 1,29% |
| Suède |  |  |  | 45.813.410,00 |  | 19,65% | 19,35% |
| NORDEA 1,00 16-23 | 1.000.000 | EUR | 100,17 | 1.001.655,00 | 0,43% | 0,42% |
| États-Unis d'Amérique |  |  |  | 1.001.655,00 |  | 0,43% | 0,42% |
| AMERICA 1,375 15-22 | 2.000.000 | EUR | 100,32 | 2.006.430,00 | 0,86% | 0,85% |
| AMERICAN 0,55 18-23 | 5.000.000 | EUR | 99,79 | 4.989.600,00 | 2,14% | 2,11% |

| Dénomination | Quantité au 30 juin 2022 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| APPLE INC 1,00 14-22 | 1.000.000 | EUR | 100,28 | 1.002.835,00 |  | 0,43% | 0,42% |
| BECTON 1,00 16-22 | 4.500.000 | EUR | 100,14 | 4.506.300,00 | 1,93% | 1,90% |
| FIDELITY 0,125 19-22 | 3.000.000 | EUR | 99,95 | 2.998.365,00 | 1,29% | 1,27% |
| FIDELITY 0,75 19-23 | 3.000.000 | EUR | 99,36 | 2.980.800,00 | 1,28% | 1,26% |
| GE 1,25 15-23 | 2.000.000 | EUR | 99,98 | 1.999.650,00 | 0,86% | 0,84% |
| GM 0,20 19-22 | 5.000.000 | EUR | 99,85 | 4.992.425,00 | 2,14% | 2,11% |
| GOLDMAN S 3,25 13-23 | 9.000.000 | EUR | 101,37 | 9.123.255,00 | 3,91% | 3,85% |
| IBM 0,375 19-23 | 9.000.000 | EUR | 99,93 | 8.993.700,00 | 3,86% | 3,80% |
| JP MORGAN 2,75 13-23 | 8.000.000 | EUR | 101,16 | 8.092.880,00 | 3,47% | 3,42% |
| MORGAN S 1,875 14-23 | 700.000 | EUR | 100,62 | 704.333,00 | 0,30% | 0,30% |
| TOYOTA 2,375 13-23 | 1.350.000 | EUR | 101,05 | 1.364.154,75 | 0,59% | 0,58% |
|  |  |  |  | 53.754.727,75 |  | 23,06% | 22,70% |
| Total - Emis(es) par une entreprise privée |  |  |  | 203.024.893,65 | 87,09% | 85,74% |
| Total - Obligations et autres titres de créances |  |  |  | 228.137.718,65 | 97,87% | 96,35% |
| Instruments du marché monétaire |  |  |  |  |  |  |
| FRENCH 0,00 22-23 | 5.000.000 | EUR | 99,49 | 4.974.718,82 | 2,13% | 2,10% |
| Total - Instruments du marché monétaire |  |  |  | 4.974.718,82 | 2,13% | 2,10% |
| Total - Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  | 233.112.437,47 | 100,00% | 98,45% |
| Total - portefeuille |  |  |  | 233.112.437,47 | 100,00% | 98,45% |
| Collatéral |  |  |  | 0,00 |  | 0,00% |
| Dépôts et Liquidités |  |  |  |  |  |  |
| Avoirs bancaires à vue |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 6.232.101,50 |  | 2,63% |
| Total - Avoirs bancaires à vue |  |  |  | 6.232.101,50 |  | 2,63% |
| Total - Dépôts et Liquidités |  |  |  | 6.232.101,50 |  | 2,63% |
| Créances et dettes diverses |  |  |  | -4.117.137,86 |  | -1,74% |
| Autres |  |  |  | 1.551.031,77 |  | 0,66% |
| Actif Net Total |  |  |  | 236.778.432,88 |  | 100,00% |

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