# COMPOSITION OF THE ASSETS
| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing |  |  |  |  |  |  |  |
| Shares |  |  |  |  |  |  |
| Belgium |  |  |  |  |  |  |
| AEDIFICA | 29,000 | EUR | 113.20 | 3,282,800.00 | 3.85% | 3.73% |
| BEFIMMO | 6,250 | EUR | 54.10 | 338,125.00 | 0.40% | 0.38% |
| COFINIMMO | 24,000 | EUR | 131.00 | 3,144,000.00 | 3.69% | 3.57% |
| INTERVEST OFFICES | 62,000 | EUR | 25.60 | 1,587,200.00 | 1.86% | 1.80% |
| LEASINVEST REAL EST | 2,797 | EUR | 113.00 | 316,061.00 | 0.37% | 0.36% |
| RETAIL ESTATES | 6,020 | EUR | 83.90 | 505,078.00 | 0.59% | 0.57% |
| WAREHOUSES DE PAUW | 10,000 | EUR | 162.20 | 1,622,000.00 | 1.90% | 1.84% |
| WERELDHAVE BELGIUM | 6,000 | EUR | 86.20 | 517,200.00 | 0.61% | 0.59% |
| XIOR STUDENT HOUSING | 1,666 | EUR | 50.50 | 84,133.00 | 0.10% | 0.10% |
| Germany (Federal Republic) |  |  |  | 11,396,597.00 |  | 13.38% | 12.93% |
| ALSTRIA OFFICE REIT | 185,000 | EUR | 16.75 | 3,098,750.00 | 3.64% | 3.52% |
| DEUTSCHE WOHNEN | 110,000 | EUR | 36.42 | 4,006,200.00 | 4.70% | 4.55% |
| LEG IMMOBILIEN AG | 57,000 | EUR | 105.55 | 6,016,350.00 | 7.06% | 6.83% |
| TLG IMMOB-144A-S | 60,000 | EUR | 28.45 | 1,707,000.00 | 2.00% | 1.94% |
| VIB VERMOEGEN AG | 100,000 | EUR | 29.80 | 2,980,000.00 | 3.50% | 3.38% |
| VONOVIA SE | 115,000 | EUR | 48.00 | 5,520,000.00 | 6.48% | 6.26% |
| Spain |  |  |  | 23,328,300.00 |  | 27.39% | 26.47% |
| INMOBILIARIA COL | 70,000 | EUR | 11.36 | 795,200.00 | 0.93% | 0.90% |
| LAR ESPANA REAL | 40,000 | EUR | 7.10 | 284,000.00 | 0.33% | 0.32% |
| MERLIN PROPERTIES | 270,000 | EUR | 12.79 | 3,453,300.00 | 4.06% | 3.92% |
| Finland |  |  |  | 4,532,500.00 |  | 5.32% | 5.14% |
| CITYCON | 15,000 | EUR | 9.37 | 140,475.00 | 0.16% | 0.16% |
| France |  |  |  | 140,475.00 |  | 0.16% | 0.16% |
| ALTAREA | 23,000 | EUR | 202.50 | 4,657,500.00 | 5.47% | 5.28% |
| ARGAN | 29,600 | EUR | 77.60 | 2,296,960.00 | 2.70% | 2.61% |
| CARMILA SAS | 100,000 | EUR | 20.00 | 2,000,000.00 | 2.35% | 2.27% |
| COVIVIO | 28,000 | EUR | 101.20 | 2,833,600.00 | 3.33% | 3.22% |
| ICADE | 45,000 | EUR | 97.05 | 4,367,250.00 | 5.13% | 4.96% |
| KLEPIERRE | 180,000 | EUR | 33.85 | 6,093,000.00 | 7.15% | 6.91% |
| MERCIALYS | 92,247 | EUR | 12.33 | 1,137,405.51 | 1.34% | 1.29% |
| PAREF-ACT NP EUR25 | 3,700 | EUR | 84.50 | 312,650.00 | 0.37% | 0.35% |
| PATRIMOINE COM. RGP | 17,872 | EUR | 18.40 | 328,844.80 | 0.39% | 0.37% |
| UNIBAIL RODAMCO WEST | 60,000 | EUR | 140.65 | 8,439,000.00 | 9.91% | 9.58% |
| Ireland |  |  |  | 32,466,210.31 |  | 38.12% | 36.84% |
| IRISH RESIDENT PROP | 274,000 | EUR | 1.59 | 435,660.00 | 0.51% | 0.49% |
| Italy |  |  |  | 435,660.00 |  | 0.51% | 0.49% |
| COIMA RES | 128,000 | EUR | 8.82 | 1,128,960.00 | 1.33% | 1.28% |
| Luxembourg (Grand Duchy) |  |  |  | 1,128,960.00 |  | 1.33% | 1.28% |
| AROUNDTOWN S.A. | 460,000 | EUR | 7.98 | 3,672,640.00 | 4.31% | 4.17% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| GRAND CITY PROP | 96,000 | EUR | 21.38 | 2,052,480.00 |  | 2.41% | 2.33% |
| Netherlands |  |  |  | 5,725,120.00 |  | 6.72% | 6.50% |
| NSI N.V. | 85,000 | EUR | 43.40 | 3,689,000.00 | 4.33% | 4.19% |
|  |  |  |  | 3,689,000.00 |  | 4.33% | 4.19% |
| Total - Shares |  |  |  | 82,842,822.31 | 97.28% | 94.00% |
| UCI with fixed number of shares |  |  |  |  |  |  |
| Real estate |  |  |  |  |  |  |
| Non Directive 2009/65/CE - Non FSMA |  |  |  |  |  |  |
| EUROCOMMERCIAL PR D | 80,000 | EUR | 25.00 | 2,000,000.00 | 2.35% | 2.27% |
| Total - Non Directive 2009/65/CE - Non FSMA |  |  |  | 2,000,000.00 | 2.35% | 2.27% |
| Total - Real estate |  |  |  | 2,000,000.00 | 2.35% | 2.27% |
| Total - UCI with fixed number of shares |  |  |  | 2,000,000.00 | 2.35% | 2.27% |
| Total - Transferable securities admitted to an official stock exchange listing |  |  |  | 84,842,822.31 | 99.63% | 96.27% |
| Other transferable securities |  |  |  |  |  |  |
| Shares |  |  |  |  |  |  |
| Belgium |  |  |  |  |  |  |
| ATLANTIC CERT | 8 | EUR | 39,355.20 | 314,841.60 | 0.37% | 0.36% |
|  |  |  |  | 314,841.60 |  | 0.37% | 0.36% |
| Total - Shares |  |  |  | 314,841.60 | 0.37% | 0.36% |
| Total - Other transferable securities |  |  |  | 314,841.60 | 0.37% | 0.36% |
| Total - portfolio |  |  |  | 85,157,663.91 | 100.00% | 96.63% |
| Collatéral |  |  |  | 0.00 |  | 0.00% |
| Deposits and liquid assets |  |  |  |  |  |  |
| deposit and liquid assets |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 3,131,509.72 |  | 3.55% |
| Total - deposit and liquid assets |  |  |  | 3,131,509.72 |  | 3.55% |
| Total - Deposits and liquid assets |  |  |  | 3,131,509.72 |  | 3.55% |
| Other receivables and other payables |  |  |  | -161,465.85 |  | -0.18% |
| Others |  |  |  | 0.00 |  | 0.00% |
| Total net assets |  |  |  | 88,127,707.78 |  | 100,00% |

-

Translation (ENFR, 2019-12-31):
# COMPOSITION DES ACTIFS
| Dénomination | Quantité au 31 décembre 2019 | 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 |  |  |  |  |  |  |  |
| Obligations et autres titres de créances |  |  |  |  |  |  |
| Emis(es) par état |  |  |  |  |  |  |
| Autriche |  |  |  |  |  |  |
| AUSTRIA 0,75 18-28 | 1.500.000 | EUR | 106,64 | 1.599.555,00 | 0,46% | 0,45% |
| AUSTRIA 3,65 11-22 | 3.000.000 | EUR | 109,82 | 3.294.570,00 | 0,95% | 0,92% |
| Belgique |  |  |  | 4.894.125,00 |  | 1,41% | 1,36% |
| BELGIQUE 2,60 14-24 | 1.500.000 | EUR | 113,46 | 1.701.885,00 | 0,49% | 0,47% |
| Allemagne |  |  |  | 1.701.885,00 |  | 0,49% | 0,47% |
| GERMANY 0.10 12-23 | 3.000.000 | EUR | 104,22 | 3.397.515,88 | 0,98% | 0,95% |
| GERMANY 6,25 94-24 | 2.850.000 | EUR | 127,57 | 3.635.631,00 | 1,05% | 1,01% |
| Espagne |  |  |  | 7.033.146,88 |  | 2,03% | 1,96% |
| SPAIN 1,00 14-30 | 6.000.000 | EUR | 118,17 | 7.430.357,00 | 2,14% | 2,07% |
| SPAIN 1,40 18-28 | 1.500.000 | EUR | 108,83 | 1.632.510,00 | 0,47% | 0,45% |
| SPAIN 2,75 14-24 | 9.800.000 | EUR | 113,63 | 11.135.691,00 | 3,21% | 3,10% |
| SPAIN 4,40 13-23 | 10.200.000 | EUR | 117,55 | 11.990.355,00 | 3,46% | 3,34% |
| SPAIN 4,65 10-25 | 10.450.000 | EUR | 125,69 | 13.134.291,50 | 3,79% | 3,65% |
| SPAIN 5,50 11-21 | 6.075.000 | EUR | 107,90 | 6.554.803,50 | 1,89% | 1,82% |
| SPAIN 5,75 01-32 | 3.000.000 | EUR | 162,13 | 4.863.930,00 | 1,40% | 1,35% |
| SPAIN KING 1,8 13-24 | 5.000.000 | EUR | 114,39 | 6.010.464,91 | 1,73% | 1,67% |
| Finlande |  |  |  | 62.752.402,91 |  | 18,09% | 17,46% |
| FINLAND 4,00 09-25 | 100.000 | EUR | 124,08 | 124.079,00 | 0,04% | 0,03% |
| FINLANDE 2,75 12-28 | 5.000.000 | EUR | 123,78 | 6.189.250,00 | 1,78% | 1,72% |
| France |  |  |  | 6.313.329,00 |  | 1,82% | 1,76% |
| FRANCE OAT 3,5 10-26 | 10.000.000 | EUR | 123,66 | 12.365.850,00 | 3,56% | 3,44% |
| FRA OAT 4,25 07-23 | 7.000.000 | EUR | 118,28 | 8.279.740,00 | 2,39% | 2,30% |
| Hongrie (République) |  |  |  | 20.645.590,00 |  | 5,95% | 5,74% |
| HUNGARY 1,25 18-25 | 10.200.000 | EUR | 106,44 | 10.857.390,00 | 3,13% | 3,02% |
| Irlande |  |  |  | 10.857.390,00 |  | 3,13% | 3,02% |
| IRELAND 1,10 19-29 | 1.000.000 | EUR | 109,20 | 1.091.985,00 | 0,31% | 0,30% |
| IRELAND 1,30 18-33 | 1.000.000 | EUR | 111,69 | 1.116.855,00 | 0,32% | 0,31% |
| IRISH TRE 3,40 14-24 | 5.850.000 | EUR | 115,79 | 6.773.773,50 | 1,95% | 1,88% |
| IRISH TREA 1,0 16-26 | 8.000.000 | EUR | 107,14 | 8.571.360,00 | 2,47% | 2,38% |
| Italie |  |  |  | 17.553.973,50 |  | 5,06% | 4,88% |
| ITA BTP 5,25 98-29 | 4.050.000 | EUR | 135,79 | 5.499.535,50 | 1,59% | 1,53% |
| ITA BTP 9,00 93-23 | 7.175.000 | EUR | 132,88 | 9.534.427,00 | 2,75% | 2,65% |
| ITALY 0,40 16-24 | 7.000.000 | EUR | 100,03 | 6.971.359,79 | 2,01% | 1,94% |
| ITALY 0,95 16-23 | 8.500.000 | EUR | 102,29 | 8.694.777,50 | 2,51% | 2,42% |

| Dénomination | Quantité au 31 décembre 2019 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ITALY 1,60 16-26 | 11.000.000 | EUR | 104,64 | 11.510.950,00 |  | 3,32% | 3,20% |
| ITALY 1,65 14-20 | 2.750.000 | EUR | 101,19 | 2.765.303,64 | 0,80% | 0,77% |
| ITALY 2,95 18-38 | 5.700.000 | EUR | 113,30 | 6.458.185,50 | 1,86% | 1,80% |
| ITALY 3,75 06-21 | 2.000.000 | EUR | 106,11 | 2.122.270,00 | 0,61% | 0,59% |
| ITALY 3,75 10-21 | 2.300.000 | EUR | 104,70 | 2.408.054,00 | 0,69% | 0,67% |
| ITALY 5,00 11-22 | 5.650.000 | EUR | 110,81 | 6.260.765,00 | 1,80% | 1,74% |
| ITALY BTP 1,20 17-22 | 6.000.000 | EUR | 102,59 | 6.155.220,00 | 1,77% | 1,71% |
| ITALY BTP 1,50 15-25 | 7.500.000 | EUR | 104,04 | 7.803.075,00 | 2,25% | 2,17% |
| ITALY BTP 2,10 10-21 | 3.400.000 | EUR | 105,06 | 4.061.480,92 | 1,17% | 1,13% |
| ITALY BTP 5,5 12-22 | 9.200.000 | EUR | 114,32 | 10.517.072,00 | 3,03% | 2,93% |
| ITALY IL 2,60 07-23 | 2.675.000 | EUR | 111,22 | 3.564.619,05 | 1,03% | 0,99% |
| Luxembourg (Grand-Duché) |  |  |  | 94.327.094,90 |  | 27,19% | 26,25% |
| LUXEMBG 0,625 17-27 | 2.000.000 | EUR | 105,58 | 2.111.590,00 | 0,61% | 0,59% |
| Pologne (République) |  |  |  | 2.111.590,00 |  | 0,61% | 0,59% |
| POLAND 1,00 19-29 | 6.500.000 | EUR | 107,89 | 7.013.012,50 | 2,02% | 1,95% |
| Portugal |  |  |  | 7.013.012,50 |  | 2,02% | 1,95% |
| PORTUGAL 2,125 18-28 | 4.500.000 | EUR | 115,07 | 5.178.037,50 | 1,49% | 1,44% |
| PORTUGAL 2,875 15-25 | 6.000.000 | EUR | 116,09 | 6.965.250,00 | 2,01% | 1,94% |
| PORTUGAL 2,875 16-26 | 3.000.000 | EUR | 117,53 | 3.525.765,00 | 1,02% | 0,98% |
| Roumanie |  |  |  | 15.669.052,50 |  | 4,52% | 4,36% |
| ROMANIA 2,00 19-26 | 7.000.000 | EUR | 107,38 | 7.516.425,00 | 2,17% | 2,09% |
| Slovénie (République) |  |  |  | 7.516.425,00 |  | 2,17% | 2,09% |
| SLOVENIA 1,00 18-28 | 4.000.000 | EUR | 106,95 | 4.278.020,00 | 1,23% | 1,19% |
| Slovaquie (République slovaque) |  |  |  | 4.278.020,00 |  | 1,23% | 1,19% |
| SLOVAKIA 3,375 12-24 | 2.200.000 | EUR | 117,29 | 2.580.292,00 | 0,74% | 0,72% |
|  |  |  |  | 2.580.292,00 |  | 0,74% | 0,72% |
| Total - Emis(es) par état |  |  |  | 265.247.329,19 | 76,46% | 73,80% |
| Emis(es) par une institution internationale |  |  |  |  |  |  |
| Luxembourg (Grand-Duché) |  |  |  |  |  |  |
| EIB 0,00 16-24 | 5.000.000 | EUR | 101,20 | 5.059.875,00 | 1,46% | 1,41% |
| ESM 0,10 18-23 | 3.200.000 | EUR | 101,45 | 3.246.464,00 | 0,94% | 0,90% |
| ESM 0,125 16-24 | 4.000.000 | EUR | 101,63 | 4.065.020,00 | 1,17% | 1,13% |
|  |  |  |  | 12.371.359,00 |  | 3,57% | 3,44% |
| Total - Emis(es) par une institution internationale |  |  |  | 12.371.359,00 | 3,57% | 3,44% |
| Obligation du Secteur Public |  |  |  |  |  |  |
| Belgique |  |  |  |  |  |  |
| BNPPB 0,50 17-24 | 3.000.000 | EUR | 102,86 | 3.085.800,00 | 0,89% | 0,86% |
| FLEMISH 0,375 16-26 | 6.800.000 | EUR | 102,26 | 6.953.408,00 | 2,00% | 1,93% |
| FLEMISH 0,854 15-22 | 3.000.000 | EUR | 103,14 | 3.094.350,00 | 0,89% | 0,86% |
| FLEMISH 1,341 15-25 | 2.500.000 | EUR | 107,75 | 2.693.700,00 | 0,78% | 0,75% |
| ING BEL 0,50 15-21 | 5.000.000 | EUR | 101,45 | 5.072.325,00 | 1,46% | 1,41% |
| KBC BANK 0,125 15-21 | 2.000.000 | EUR | 100,63 | 2.012.660,00 | 0,58% | 0,56% |
|  |  |  |  | 22.912.243,00 |  | 6,60% | 6,38% |

| Dénomination | Quantité au 31 décembre 2019 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Allemagne |  |  |  |  |  |  |  |
| KFW 0,125 17-24 | 6.000.000 | EUR | 101,73 | 6.103.710,00 | 1,76% | 1,70% |
| KFW 0,50 17-27 | 7.000.000 | EUR | 104,17 | 7.291.585,00 | 2,10% | 2,03% |
| KFW 3,375 11-21 | 2.000.000 | EUR | 104,03 | 2.080.600,00 | 0,60% | 0,58% |
| France |  |  |  | 15.475.895,00 |  | 4,46% | 4,31% |
| AXA BK 3,50 10-20 | 6.500.000 | EUR | 103,27 | 6.712.257,50 | 1,93% | 1,87% |
| CIE FIN 3.50 10-20 | 4.500.000 | EUR | 103,25 | 4.646.385,00 | 1,34% | 1,29% |
| Italie |  |  |  | 11.358.642,50 |  | 3,27% | 3,16% |
| ITALY BTP 5,00 09-25 | 3.650.000 | EUR | 121,99 | 4.452.762,75 | 1,28% | 1,24% |
| Pays-Bas |  |  |  | 4.452.762,75 |  | 1,28% | 1,24% |
| BNG 0,25 15-25 | 2.000.000 | EUR | 102,08 | 2.041.610,00 | 0,59% | 0,57% |
| BNG 1,125 14-24 | 2.000.000 | EUR | 106,28 | 2.125.540,00 | 0,61% | 0,59% |
| ING BANK 3,375 12-22 | 5.500.000 | EUR | 107,52 | 5.913.847,50 | 1,70% | 1,65% |
| Slovaquie (République slovaque) |  |  |  | 10.080.997,50 |  | 2,91% | 2,80% |
| VUBSK 0,375 17-22 | 5.000.000 | EUR | 100,64 | 5.031.825,00 | 1,45% | 1,40% |
|  |  |  |  | 5.031.825,00 |  | 1,45% | 1,40% |
| Total - Obligation du Secteur Public |  |  |  | 69.312.365,75 | 19,98% | 19,29% |
| Total - Obligations et autres titres de créances |  |  |  | 346.931.053,94 | 100,00% | 96,53% |
| Total - Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  | 346.931.053,94 | 100,00% | 96,53% |
| Total - portefeuille |  |  |  | 346.931.053,94 | 100,00% | 96,53% |
| Collatéral |  |  |  | 0,00 |  | 0,00% |
| Dépôts et Liquidités |  |  |  |  |  |  |
| Avoirs bancaires à vue |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 9.706.377,46 |  | 2,70% |
| Total - Avoirs bancaires à vue |  |  |  | 9.706.377,46 |  | 2,70% |
| Total - Dépôts et Liquidités |  |  |  | 9.706.377,46 |  | 2,70% |
| Créances et dettes diverses |  |  |  | -80.301,00 |  | -0,02% |
| Autres |  |  |  | 2.842.038,67 |  | 0,79% |
| Actif Net Total |  |  |  | 359.399.169,07 |  | 100,00% |

-