# 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 |  |  |  |  |  |  |
| Austria |  |  |  |  |  |  |
| ANDRITZ | 3,400 | EUR | 38.40 | 130,560.00 | 0.06% | 0.06% |
| ERSTE GROUP BANK | 15,250 | EUR | 33.56 | 511,790.00 | 0.23% | 0.23% |
| OMV | 8,584 | EUR | 50.08 | 429,886.72 | 0.20% | 0.20% |
| RAIFFEISEN BK INTER | 6,902 | EUR | 22.39 | 154,535.78 | 0.07% | 0.07% |
| VERBUND AG | 2,900 | EUR | 44.74 | 129,746.00 | 0.06% | 0.06% |
| VOESTALPINE | 4,700 | EUR | 24.86 | 116,842.00 | 0.05% | 0.05% |
| Belgium |  |  |  | 1,473,360.50 |  | 0.67% | 0.67% |
| AGEAS SA NV | 9,307 | EUR | 52.68 | 490,292.76 | 0.22% | 0.22% |
| ANHEUSER-BUSCH INBEV | 39,700 | EUR | 72.71 | 2,886,587.00 | 1.31% | 1.31% |
| COLRUYT | 2,272 | EUR | 46.48 | 105,602.56 | 0.05% | 0.05% |
| GALAPAGOS GENOMICS | 2,300 | EUR | 186.50 | 428,950.00 | 0.19% | 0.19% |
| GBL | 3,996 | EUR | 93.96 | 375,464.16 | 0.17% | 0.17% |
| KBC | 13,028 | EUR | 67.06 | 873,657.68 | 0.40% | 0.40% |
| PROXIMUS SA | 6,900 | EUR | 25.52 | 176,088.00 | 0.08% | 0.08% |
| SOLVAY | 4,154 | EUR | 103.30 | 429,108.20 | 0.19% | 0.19% |
| TELENET GROUP HOLD | 3,400 | EUR | 40.06 | 136,204.00 | 0.06% | 0.06% |
| UCB | 6,500 | EUR | 70.90 | 460,850.00 | 0.21% | 0.21% |
| UMICORE S.A. | 9,822 | EUR | 43.36 | 425,881.92 | 0.19% | 0.19% |
| Germany (Federal Republic) |  |  |  | 6,788,686.28 |  | 3.08% | 3.08% |
| ADIDAS AG NA O.N. | 9,290 | EUR | 289.80 | 2,692,242.00 | 1.22% | 1.22% |
| ALLIANZ-NOM- | 21,977 | EUR | 218.40 | 4,799,776.80 | 2.18% | 2.18% |
| BASF SE | 47,709 | EUR | 67.35 | 3,213,201.15 | 1.46% | 1.46% |
| BAYER AG | 47,878 | EUR | 72.81 | 3,485,997.18 | 1.58% | 1.58% |
| BEIERSDORF | 4,974 | EUR | 106.65 | 530,477.10 | 0.24% | 0.24% |
| BMW | 17,132 | EUR | 73.14 | 1,253,034.48 | 0.57% | 0.57% |
| BMW-PRIV- | 2,906 | EUR | 55.05 | 159,975.30 | 0.07% | 0.07% |
| BRENNTAG | 7,785 | EUR | 48.48 | 377,416.80 | 0.17% | 0.17% |
| CARL ZEISS MEDITEC | 2,600 | EUR | 113.70 | 295,620.00 | 0.13% | 0.13% |
| COMMERZBANK AG | 51,073 | EUR | 5.52 | 281,769.74 | 0.13% | 0.13% |
| CONTINENTAL | 5,764 | EUR | 115.26 | 664,358.64 | 0.30% | 0.30% |
| COVESTRO | 8,956 | EUR | 41.45 | 371,226.20 | 0.17% | 0.17% |
| DAIMLER-NOM | 46,311 | EUR | 49.37 | 2,286,374.07 | 1.04% | 1.04% |
| DELIVERY HERO SE | 5,600 | EUR | 70.56 | 395,136.00 | 0.18% | 0.18% |
| DEUTSCHE BANK-NOM- | 103,460 | EUR | 6.92 | 715,632.82 | 0.32% | 0.32% |
| DEUTSCHE BOERSE | 9,622 | EUR | 140.15 | 1,348,523.30 | 0.61% | 0.61% |
| DEUTSCHE LUFT-NOM- | 11,924 | EUR | 16.41 | 195,672.84 | 0.09% | 0.09% |
| DEUTSCHE POST | 52,729 | EUR | 34.01 | 1,793,313.29 | 0.81% | 0.81% |
| DEUTSCHE TELEKOM NOM | 171,832 | EUR | 14.57 | 2,503,592.24 | 1.14% | 1.14% |
| DEUTSCHE WOHNEN | 18,748 | EUR | 36.42 | 682,802.16 | 0.31% | 0.31% |
| EON.SE | 120,967 | EUR | 9.52 | 1,152,089.71 | 0.52% | 0.52% |
| EVONIK INDUSTRIES AG | 11,249 | EUR | 27.21 | 306,085.29 | 0.14% | 0.14% |
| FRAPORT | 2,661 | EUR | 75.78 | 201,650.58 | 0.09% | 0.09% |
| FRESENIUS MEDICAL | 11,226 | EUR | 65.96 | 740,466.96 | 0.34% | 0.34% |
| FRESENIUS SE CO | 21,709 | EUR | 50.18 | 1,089,357.62 | 0.49% | 0.49% |
| FUCHS PETROLUB SE | 3,054 | EUR | 44.16 | 134,864.64 | 0.06% | 0.06% |
| GEA GROUP | 7,800 | EUR | 29.48 | 229,944.00 | 0.10% | 0.10% |
| HANNOVER RUECK SE | 3,159 | EUR | 172.30 | 544,295.70 | 0.25% | 0.25% |
| HEIDELBERGCEMENT | 7,683 | EUR | 64.96 | 499,087.68 | 0.23% | 0.23% |
| HENKEL | 5,471 | EUR | 84.00 | 459,564.00 | 0.21% | 0.21% |
| HENKEL | 9,484 | EUR | 92.20 | 874,424.80 | 0.40% | 0.40% |
| HOCHTIEF | 1,365 | EUR | 113.70 | 155,200.50 | 0.07% | 0.07% |
| INFINEON | 66,184 | EUR | 20.31 | 1,344,197.04 | 0.61% | 0.61% |
| KION GROUP AG | 3,400 | EUR | 61.56 | 209,304.00 | 0.09% | 0.09% |
| KNORR-BREMSE AG | 2,200 | EUR | 90.75 | 199,650.00 | 0.09% | 0.09% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| LANXESS | 4,728 | EUR | 59.82 | 282,828.96 |  | 0.13% | 0.13% |
| MERCK | 6,649 | EUR | 105.35 | 700,472.15 | 0.32% | 0.32% |
| METRO AG | 12,500 | EUR | 14.35 | 179,375.00 | 0.08% | 0.08% |
| MTU AERO ENGINES AG | 2,700 | EUR | 254.60 | 687,420.00 | 0.31% | 0.31% |
| MUNCHENER-NOM | 7,385 | EUR | 263.00 | 1,942,255.00 | 0.88% | 0.88% |
| PORSCHE AUTOMOBIL | 7,776 | EUR | 66.64 | 518,192.64 | 0.24% | 0.24% |
| PUMA | 3,800 | EUR | 68.35 | 259,730.00 | 0.12% | 0.12% |
| RWE AG A | 28,754 | EUR | 27.35 | 786,421.90 | 0.36% | 0.36% |
| SAP | 50,832 | EUR | 120.32 | 6,116,106.24 | 2.77% | 2.77% |
| SARTORIUS VZ | 1,700 | EUR | 190.80 | 324,360.00 | 0.15% | 0.15% |
| SIEMENS HEALTH | 7,400 | EUR | 42.82 | 316,868.00 | 0.14% | 0.14% |
| SIEMENS-NOM- | 39,500 | EUR | 116.54 | 4,603,330.00 | 2.09% | 2.09% |
| SYMRISE AG | 6,700 | EUR | 93.80 | 628,460.00 | 0.29% | 0.29% |
| TELEFONICA DT H N | 46,800 | EUR | 2.58 | 120,931.20 | 0.05% | 0.05% |
| THYSSENKRUPP | 20,399 | EUR | 12.04 | 245,603.96 | 0.11% | 0.11% |
| UNIPER SE | 9,500 | EUR | 29.51 | 280,345.00 | 0.13% | 0.13% |
| UNITED INTERNET | 6,072 | EUR | 29.28 | 177,788.16 | 0.08% | 0.08% |
| VONOVIA SE | 27,010 | EUR | 48.00 | 1,296,480.00 | 0.59% | 0.59% |
| VW | 1,800 | EUR | 173.25 | 311,850.00 | 0.14% | 0.14% |
| VW-PRIV- | 9,746 | EUR | 176.24 | 1,717,635.04 | 0.78% | 0.78% |
| WIRE CARD | 6,200 | EUR | 107.50 | 666,500.00 | 0.30% | 0.30% |
| ZALANDO | 7,600 | EUR | 45.18 | 343,368.00 | 0.16% | 0.16% |
| Spain |  |  |  | 58,692,645.88 |  | 26.63% | 26.63% |
| ACS | 13,461 | EUR | 35.65 | 479,884.65 | 0.22% | 0.22% |
| AENA S.A. | 3,743 | EUR | 170.50 | 638,181.50 | 0.29% | 0.29% |
| AMADEUS IT GROUP SA | 22,315 | EUR | 72.80 | 1,624,532.00 | 0.74% | 0.74% |
| BANCO BILBAO | 352,588 | EUR | 4.98 | 1,756,946.00 | 0.80% | 0.80% |
| BANCO DE SABADELL | 287,946 | EUR | 1.04 | 299,463.84 | 0.14% | 0.14% |
| BANCO SANTANDER | 865,252 | EUR | 3.73 | 3,227,389.96 | 1.46% | 1.46% |
| BANKIA SA | 46,318 | EUR | 1.90 | 88,120.00 | 0.04% | 0.04% |
| BANKINTER SA | 32,800 | EUR | 6.53 | 214,249.60 | 0.10% | 0.10% |
| CAIXABANK S.A | 187,390 | EUR | 2.80 | 524,317.22 | 0.24% | 0.24% |
| CELLNEX TELECOM | 13,483 | EUR | 38.37 | 517,342.71 | 0.23% | 0.23% |
| ENAGAS | 11,052 | EUR | 22.74 | 251,322.48 | 0.11% | 0.11% |
| ENDESA | 17,000 | EUR | 23.79 | 404,430.00 | 0.18% | 0.18% |
| FERROVIAL S.A | 25,661 | EUR | 26.97 | 692,077.17 | 0.31% | 0.31% |
| GRIFOLS SA | 15,500 | EUR | 31.43 | 487,165.00 | 0.22% | 0.22% |
| IBERDROLA | 317,000 | EUR | 9.18 | 2,910,060.00 | 1.32% | 1.32% |
| INDITEX | 56,000 | EUR | 31.45 | 1,761,200.00 | 0.80% | 0.80% |
| MAPFRE | 43,345 | EUR | 2.36 | 102,294.20 | 0.05% | 0.05% |
| NATURGY ENERGY GROUP | 14,196 | EUR | 22.40 | 317,990.40 | 0.14% | 0.14% |
| RED ELECTRICA CORP | 20,593 | EUR | 17.93 | 369,129.53 | 0.17% | 0.17% |
| REPSOL | 76,171 | EUR | 13.93 | 1,061,062.03 | 0.48% | 0.48% |
| SIEMENS GAMESA | 10,277 | EUR | 15.63 | 160,680.90 | 0.07% | 0.07% |
| TELEFONICA | 246,638 | EUR | 6.23 | 1,535,814.83 | 0.70% | 0.70% |
| Finland |  |  |  | 19,423,654.02 |  | 8.81% | 8.81% |
| ELISA -A- | 7,142 | EUR | 49.25 | 351,743.50 | 0.16% | 0.16% |
| FORTUM CORP | 22,700 | EUR | 22.00 | 499,400.00 | 0.23% | 0.23% |
| KONE B | 18,052 | EUR | 58.28 | 1,052,070.56 | 0.48% | 0.48% |
| METSO VALMET | 5,144 | EUR | 35.18 | 180,965.92 | 0.08% | 0.08% |
| NESTE CORPORATION | 20,200 | EUR | 31.02 | 626,604.00 | 0.28% | 0.28% |
| NOKIA-A-NEW | 298,415 | EUR | 3.30 | 983,575.84 | 0.45% | 0.45% |
| NOKIAN TYRES | 7,580 | EUR | 25.63 | 194,275.40 | 0.09% | 0.09% |
| ORION -B- NEW | 5,574 | EUR | 41.27 | 230,038.98 | 0.10% | 0.10% |
| SAMPO OYJ | 23,311 | EUR | 38.91 | 907,031.01 | 0.41% | 0.41% |
| STORA ENSO-R- | 27,800 | EUR | 12.96 | 360,427.00 | 0.16% | 0.16% |
| UPM-KYMMENE | 27,373 | EUR | 30.91 | 846,099.43 | 0.38% | 0.38% |
| WARTSILA -B- | 24,029 | EUR | 9.85 | 236,685.65 | 0.11% | 0.11% |
| France |  |  |  | 6,468,917.29 |  | 2.93% | 2.93% |
| ACCOR | 9,100 | EUR | 41.75 | 379,925.00 | 0.17% | 0.17% |
| ADP | 1,500 | EUR | 176.10 | 264,150.00 | 0.12% | 0.12% |
| AIR LIQUIDE | 24,483 | EUR | 126.20 | 3,089,754.60 | 1.40% | 1.40% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ALSTOM | 9,146 | EUR | 42.23 | 386,235.58 |  | 0.18% | 0.18% |
| AMUNDI | 2,914 | EUR | 69.90 | 203,688.60 | 0.09% | 0.09% |
| ARKEMA | 3,328 | EUR | 94.70 | 315,161.60 | 0.14% | 0.14% |
| ATOS SE | 5,086 | EUR | 74.32 | 377,991.52 | 0.17% | 0.17% |
| AXA | 102,000 | EUR | 25.11 | 2,561,220.00 | 1.16% | 1.16% |
| BIOMERIEUX S.A. | 2,500 | EUR | 79.35 | 198,375.00 | 0.09% | 0.09% |
| BNP | 57,845 | EUR | 52.83 | 3,055,951.35 | 1.39% | 1.39% |
| BOLLORE | 32,482 | EUR | 3.89 | 126,354.98 | 0.06% | 0.06% |
| BOUYGUES | 11,284 | EUR | 37.88 | 427,437.92 | 0.19% | 0.19% |
| BUREAU VERITAS SA | 14,700 | EUR | 23.26 | 341,922.00 | 0.16% | 0.16% |
| CAPGEMINI | 8,271 | EUR | 108.90 | 900,711.90 | 0.41% | 0.41% |
| CARREFOUR SA | 30,548 | EUR | 14.95 | 456,692.60 | 0.21% | 0.21% |
| CASINO GUICHARD | 3,300 | EUR | 41.70 | 137,610.00 | 0.06% | 0.06% |
| CNP ASSURANCES | 8,400 | EUR | 17.73 | 148,932.00 | 0.07% | 0.07% |
| COINTREAU | 979 | EUR | 109.50 | 107,200.50 | 0.05% | 0.05% |
| COVIVIO | 2,581 | EUR | 101.20 | 261,197.20 | 0.12% | 0.12% |
| CREDIT AGRICOLE | 64,930 | EUR | 12.93 | 839,220.25 | 0.38% | 0.38% |
| DANONE | 32,785 | EUR | 73.90 | 2,422,811.50 | 1.10% | 1.10% |
| DASSAULT AVIATION | 129 | EUR | 1,170.00 | 150,930.00 | 0.07% | 0.07% |
| DASSAULT SYST | 6,868 | EUR | 146.55 | 1,006,505.40 | 0.46% | 0.46% |
| EDENRED SA | 12,475 | EUR | 46.10 | 575,097.50 | 0.26% | 0.26% |
| EDF | 31,427 | EUR | 9.93 | 312,007.26 | 0.14% | 0.14% |
| EIFFAGE | 3,781 | EUR | 102.00 | 385,662.00 | 0.17% | 0.17% |
| ENGIE | 96,256 | EUR | 14.40 | 1,386,086.40 | 0.63% | 0.63% |
| ESSILOR LUX | 14,503 | EUR | 135.80 | 1,969,507.40 | 0.89% | 0.89% |
| EURAZEO SE | 2,743 | EUR | 61.00 | 167,323.00 | 0.08% | 0.08% |
| EUTELSAT COMM. | 8,061 | EUR | 14.49 | 116,803.89 | 0.05% | 0.05% |
| FAURECIA | 4,400 | EUR | 48.03 | 211,332.00 | 0.10% | 0.10% |
| GECINA | 2,354 | EUR | 159.60 | 375,698.40 | 0.17% | 0.17% |
| GETLINK | 22,643 | EUR | 15.51 | 351,192.93 | 0.16% | 0.16% |
| HERMES | 1,634 | EUR | 666.20 | 1,088,570.80 | 0.49% | 0.49% |
| ICADE | 1,401 | EUR | 97.05 | 135,967.05 | 0.06% | 0.06% |
| ILIAD SA | 1,563 | EUR | 115.55 | 180,604.65 | 0.08% | 0.08% |
| INGENICO | 2,733 | EUR | 96.80 | 264,554.40 | 0.12% | 0.12% |
| IPSEN | 2,306 | EUR | 79.00 | 182,174.00 | 0.08% | 0.08% |
| JC DECAUX | 3,020 | EUR | 27.48 | 82,989.60 | 0.04% | 0.04% |
| KERING | 3,871 | EUR | 585.20 | 2,265,309.20 | 1.03% | 1.03% |
| KLEPIERRE | 9,700 | EUR | 33.85 | 328,345.00 | 0.15% | 0.15% |
| LEGRAND-PROV.OPO | 13,921 | EUR | 72.64 | 1,011,221.44 | 0.46% | 0.46% |
| L OREAL | 12,887 | EUR | 264.00 | 3,402,168.00 | 1.54% | 1.54% |
| LVMH MOET HENNESSY | 14,550 | EUR | 414.20 | 6,026,610.00 | 2.73% | 2.73% |
| MICHELIN-B- | 8,519 | EUR | 109.10 | 929,422.90 | 0.42% | 0.42% |
| NATIXIS | 46,027 | EUR | 3.96 | 182,174.87 | 0.08% | 0.08% |
| ORANGE SA | 104,725 | EUR | 13.12 | 1,373,992.00 | 0.62% | 0.62% |
| PERNOD-RICARD | 10,800 | EUR | 159.40 | 1,721,520.00 | 0.78% | 0.78% |
| PEUGEOT-SICOVAM-NEW | 31,007 | EUR | 21.30 | 660,449.10 | 0.30% | 0.30% |
| PUBLICIS NEW | 10,700 | EUR | 40.36 | 431,852.00 | 0.20% | 0.20% |
| RENAULT | 10,100 | EUR | 42.18 | 426,018.00 | 0.19% | 0.19% |
| SAFRAN | 16,831 | EUR | 137.65 | 2,316,787.15 | 1.05% | 1.05% |
| SAINT-GOBAIN | 25,960 | EUR | 36.50 | 947,540.00 | 0.43% | 0.43% |
| SANOFI | 58,433 | EUR | 89.62 | 5,236,765.46 | 2.38% | 2.38% |
| SARTORIUS STEDIM | 1,200 | EUR | 147.70 | 177,240.00 | 0.08% | 0.08% |
| SCHNEIDER ELECTRIC | 29,283 | EUR | 91.50 | 2,679,394.50 | 1.22% | 1.22% |
| SCOR | 8,867 | EUR | 37.42 | 331,803.14 | 0.15% | 0.15% |
| SEB SA | 1,480 | EUR | 132.40 | 195,952.00 | 0.09% | 0.09% |
| SOCGEN-A- | 40,163 | EUR | 31.02 | 1,245,655.45 | 0.57% | 0.57% |
| SODEXO | 4,588 | EUR | 105.65 | 484,722.20 | 0.22% | 0.22% |
| SUEZ SA | 18,808 | EUR | 13.48 | 253,625.88 | 0.12% | 0.12% |
| TELEPERFORMANCE | 3,050 | EUR | 217.40 | 663,070.00 | 0.30% | 0.30% |
| THALES | 5,553 | EUR | 92.52 | 513,763.56 | 0.23% | 0.23% |
| TOTAL NEW | 124,500 | EUR | 49.20 | 6,125,400.00 | 2.78% | 2.78% |
| UBISOFT | 4,100 | EUR | 61.58 | 252,478.00 | 0.11% | 0.11% |
| UNIBAIL RODAMCO WEST | 7,262 | EUR | 140.65 | 1,021,400.30 | 0.46% | 0.46% |
| VALEO SA | 12,539 | EUR | 31.41 | 393,849.99 | 0.18% | 0.18% |
| VEOLIA ENVIRON. | 27,584 | EUR | 23.71 | 654,016.64 | 0.30% | 0.30% |
| VINCI | 26,227 | EUR | 99.00 | 2,596,473.00 | 1.18% | 1.18% |
| VIVENDI | 44,836 | EUR | 25.82 | 1,157,665.52 | 0.53% | 0.53% |
| WENDEL | 1,278 | EUR | 118.50 | 151,443.00 | 0.07% | 0.07% |
| WORLDLINE SA | 5,564 | EUR | 63.15 | 351,366.60 | 0.16% | 0.16% |
|  |  |  |  | 72,455,045.68 |  | 32.87% | 32.87% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| United Kingdom |  |  |  | 564,734.00 |  | 0.26% | 0.26% |
| COCA-COLA EUROPEAN | 12,459 | USD | 50.88 |
| Ireland |  |  |  | 564,734.00 |  | 0.26% | 0.26% |
| AIB GROUP PLC | 50,400 | EUR | 3.11 | 156,542.40 | 0.07% | 0.07% |
| BIRG GRP PLC | 51,033 | EUR | 4.88 | 249,143.11 | 0.11% | 0.11% |
| CRH | 40,876 | EUR | 35.67 | 1,458,046.92 | 0.66% | 0.66% |
| KERRY | 8,300 | EUR | 111.10 | 922,130.00 | 0.42% | 0.42% |
| KINGSPAN GROUP PLC | 8,000 | EUR | 54.45 | 435,600.00 | 0.20% | 0.20% |
| PADDY POWER BET | 4,125 | EUR | 108.35 | 446,943.75 | 0.20% | 0.20% |
| SMURFIT KAPPA | 11,500 | EUR | 34.26 | 393,990.00 | 0.18% | 0.18% |
| Italy |  |  |  | 4,062,396.18 |  | 1.84% | 1.84% |
| ATLANTIA SPA | 25,396 | EUR | 20.79 | 527,982.84 | 0.24% | 0.24% |
| CAMPARI N | 23,999 | EUR | 8.14 | 195,351.86 | 0.09% | 0.09% |
| ENEL NEW | 429,536 | EUR | 7.07 | 3,037,678.59 | 1.38% | 1.38% |
| ENI SPA | 132,907 | EUR | 13.85 | 1,840,230.32 | 0.83% | 0.83% |
| FINECOBANK SPA | 35,000 | EUR | 10.69 | 374,150.00 | 0.17% | 0.17% |
| GENERALI | 57,583 | EUR | 18.39 | 1,059,239.29 | 0.48% | 0.48% |
| INTESA SANPAOLO | 759,695 | EUR | 2.35 | 1,784,143.71 | 0.81% | 0.81% |
| LEONARDO S.P.A | 20,319 | EUR | 10.45 | 212,333.55 | 0.10% | 0.10% |
| MEDIOBANCA | 30,883 | EUR | 9.81 | 303,085.76 | 0.14% | 0.14% |
| MONCLER SPA | 9,400 | EUR | 40.07 | 376,658.00 | 0.17% | 0.17% |
| PIRELLI C S.P.A. | 20,000 | EUR | 5.14 | 102,800.00 | 0.05% | 0.05% |
| POSTE ITALIANE | 30,042 | EUR | 10.12 | 304,025.04 | 0.14% | 0.14% |
| PRYSMIAN SPA | 12,185 | EUR | 21.49 | 261,855.65 | 0.12% | 0.12% |
| RECORDATI IND-NEW | 5,641 | EUR | 37.57 | 211,932.37 | 0.10% | 0.10% |
| SNAM SPA | 98,588 | EUR | 4.69 | 461,983.37 | 0.21% | 0.21% |
| TELECOM ITALIA | 276,013 | EUR | 0.55 | 150,647.90 | 0.07% | 0.07% |
| TELECOM ITALIA | 507,055 | EUR | 0.56 | 282,125.40 | 0.13% | 0.13% |
| TERNA | 72,274 | EUR | 5.95 | 430,319.40 | 0.20% | 0.20% |
| UNICREDIT SPA | 104,905 | EUR | 13.02 | 1,365,863.10 | 0.62% | 0.62% |
| Luxembourg (Grand Duchy) |  |  |  | 13,282,406.15 |  | 6.03% | 6.03% |
| ARCELORMITTAL | 34,171 | EUR | 15.64 | 534,502.78 | 0.24% | 0.24% |
| AROUNDTOWN S.A. | 47,300 | EUR | 7.98 | 377,643.20 | 0.17% | 0.17% |
| EUROFINS SCIENTIFIC | 659 | EUR | 494.20 | 325,677.80 | 0.15% | 0.15% |
| SES-FDR-ANC | 20,298 | EUR | 12.50 | 253,725.00 | 0.12% | 0.12% |
| TENARIS | 24,558 | EUR | 10.05 | 246,807.90 | 0.11% | 0.11% |
| Netherlands |  |  |  | 1,738,356.68 |  | 0.79% | 0.79% |
| ABN AMRO DR | 23,516 | EUR | 16.22 | 381,429.52 | 0.17% | 0.17% |
| ADYEN N.V. | 505 | EUR | 731.00 | 369,155.00 | 0.17% | 0.17% |
| AEGON | 92,200 | EUR | 4.07 | 374,977.40 | 0.17% | 0.17% |
| AERCAP HOLDINGS NV | 6,600 | USD | 61.47 | 361,427.17 | 0.16% | 0.16% |
| AIRBUS | 30,477 | EUR | 130.48 | 3,976,638.96 | 1.80% | 1.80% |
| AKZO NOBEL NV | 11,860 | EUR | 90.64 | 1,074,990.40 | 0.49% | 0.49% |
| ALTICE EUROPE NV -A- | 36,000 | EUR | 5.75 | 206,928.00 | 0.09% | 0.09% |
| ASML HOLDING NV | 22,238 | EUR | 263.70 | 5,864,160.60 | 2.66% | 2.66% |
| CNH INDUSTRIAL | 51,239 | EUR | 9.79 | 501,629.81 | 0.23% | 0.23% |
| DSM | 9,555 | EUR | 116.10 | 1,109,335.50 | 0.50% | 0.50% |
| EXOR RG | 5,500 | EUR | 69.08 | 379,940.00 | 0.17% | 0.17% |
| FERRARI NV | 6,427 | EUR | 147.90 | 950,553.30 | 0.43% | 0.43% |
| FIAT CHRYSLER INV | 53,700 | EUR | 13.19 | 708,517.80 | 0.32% | 0.32% |
| HEINEKEN | 6,049 | EUR | 86.40 | 522,633.60 | 0.24% | 0.24% |
| HEINEKEN- | 13,056 | EUR | 94.92 | 1,239,275.52 | 0.56% | 0.56% |
| ING GROUP | 201,194 | EUR | 10.69 | 2,150,361.47 | 0.98% | 0.98% |
| KONINKLIJKE AHOLD | 60,825 | EUR | 22.30 | 1,356,093.38 | 0.62% | 0.62% |
| KONINKLIJKE VOPAK | 3,914 | EUR | 48.33 | 189,163.62 | 0.09% | 0.09% |
| KPN NEW | 185,743 | EUR | 2.63 | 488,689.83 | 0.22% | 0.22% |
| NN GROUP NV | 15,855 | EUR | 33.82 | 536,216.10 | 0.24% | 0.24% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NXP SEMICONDUCTORS | 14,268 | USD | 127.33 | 1,618,480.57 |  | 0.73% | 0.73% |
| PHILIPS NV | 46,294 | EUR | 43.52 | 2,014,714.88 | 0.91% | 0.91% |
| PROSUS NV | 24,700 | EUR | 66.53 | 1,643,291.00 | 0.75% | 0.75% |
| QIAGEN RG | 11,200 | EUR | 30.46 | 341,152.00 | 0.15% | 0.15% |
| RANDSTAD N.V. | 6,223 | EUR | 54.44 | 338,780.12 | 0.15% | 0.15% |
| STMICROELECTRONICS | 32,900 | EUR | 23.97 | 788,613.00 | 0.36% | 0.36% |
| UNILEVER NEW | 76,744 | EUR | 51.23 | 3,931,595.12 | 1.78% | 1.78% |
| WOLTERS KLUWER | 14,889 | EUR | 65.02 | 968,082.78 | 0.44% | 0.44% |
| Portugal |  |  |  | 34,386,826.45 |  | 15.60% | 15.60% |
| BANCO ESPIRITO | 583,007 | EUR | 0.00 | 0.00 | 0.00% | 0.00% |
| EDP-ENERGIAS-REG | 132,400 | EUR | 3.86 | 511,593.60 | 0.23% | 0.23% |
| GALP ENERGIA -B- | 25,188 | EUR | 14.90 | 375,301.20 | 0.17% | 0.17% |
| JERONIMO | 14,267 | EUR | 14.66 | 209,225.56 | 0.09% | 0.09% |
|  |  |  |  | 1,096,120.36 |  | 0.50% | 0.50% |
| Total - Shares |  |  |  | 220,433,149.47 | 100.00% | 100.01% |
| Total - Transferable securities admitted to an official stock exchange listing |  |  |  | 220,433,149.47 | 100.00% | 100.01% |
| Total - portfolio |  |  |  | 220,433,149.47 | 100.00% | 100.01% |
| Collatéral |  |  |  | 0.00 |  | 0.00% |
| Deposits and liquid assets |  |  |  |  |  |  |
| deposit and liquid assets |  |  |  |  |  |  |
| Intérêts sur CC |  | GBP |  | 1.66 |  | 0.00% |
| Banque Degroof Petercam |  | GBP |  | 231.42 |  | 0.00% |
| Banque Degroof Petercam |  | EUR |  | 684,244.25 |  | 0.31% |
| Banque Degroof Petercam |  | USD |  | 39,447.32 |  | 0.02% |
| Intérêts sur CC |  | USD |  | 45.15 |  | 0.00% |
| Banque Degroof Petercam |  | GBP |  | 3,953.58 |  | 0.00% |
| Total - deposit and liquid assets |  |  |  | 727,923.38 |  | 0.33% |
| Total - Deposits and liquid assets |  |  |  | 727,923.38 |  | 0.33% |
| Other receivables and other payables |  |  |  | -748,104.13 |  | -0.34% |
| Others |  |  |  | 0.00 |  | 0.00% |
| Total net assets |  |  |  | 220,412,968.72 |  | 100,00% |

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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% |

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