# COMPOSITION OF THE ASSETS
| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing |  |  |  |  |  |  |  |
| Shares |  |  |  |  |  |  |
| Belgium |  |  |  |  |  |  |
| ACKERMANS | 945 | EUR | 123.00 | 116,235.00 | 0.16% | 0.16% |
| AGEAS SA NV | 4,275 | EUR | 43.58 | 186,304.50 | 0.25% | 0.25% |
| ANHEUSER-BUSCH | 2,949 | EUR | 57.01 | 168,122.49 | 0.23% | 0.23% |
| ANHEUSER-BUSCH INBEV | 1,145 | EUR | 57.01 | 65,276.45 | 0.09% | 0.09% |
| DIETEREN NV | 4,273 | EUR | 67.80 | 289,709.40 | 0.39% | 0.39% |
| ELIA GROUP | 1,700 | EUR | 97.50 | 165,750.00 | 0.23% | 0.22% |
| EVS NEW | 6,935 | EUR | 16.70 | 115,814.50 | 0.16% | 0.16% |
| FAGRON | 7,524 | EUR | 19.00 | 142,956.00 | 0.19% | 0.19% |
| GALAPAGOS GENOMICS | 1,400 | EUR | 80.48 | 112,672.00 | 0.15% | 0.15% |
| KBC | 7,600 | EUR | 57.28 | 435,328.00 | 0.59% | 0.58% |
| KINEPOLIS GROUP SA | 7,775 | EUR | 34.75 | 270,181.25 | 0.37% | 0.36% |
| MELEXIS | 2,590 | EUR | 79.90 | 206,941.00 | 0.28% | 0.28% |
| SIPEF | 3,575 | EUR | 43.20 | 154,440.00 | 0.21% | 0.21% |
| SOFINA | 800 | EUR | 277.00 | 221,600.00 | 0.30% | 0.30% |
| SOLVAY | 2,094 | EUR | 96.88 | 202,866.72 | 0.28% | 0.27% |
| TELENET GROUP HOLD | 7,575 | EUR | 35.08 | 265,731.00 | 0.36% | 0.36% |
| TUBIZE-NEW | 1,700 | EUR | 82.60 | 140,420.00 | 0.19% | 0.19% |
| UCB | 2,410 | EUR | 84.48 | 203,596.80 | 0.28% | 0.27% |
| UMICORE S.A. | 4,953 | EUR | 39.29 | 194,603.37 | 0.26% | 0.26% |
| WAREHOUSES DE PAUW | 5,765 | EUR | 28.26 | 162,918.90 | 0.22% | 0.22% |
| Switzerland |  |  |  | 3,821,467.38 |  | 5.20% | 5.12% |
| BB BIOTECH N | 2,875 | CHF | 74.15 | 197,107.16 | 0.27% | 0.26% |
| LOGITECH N | 3,400 | CHF | 85.92 | 270,101.24 | 0.37% | 0.36% |
| NESTLE NOM | 2,135 | CHF | 104.26 | 205,811.20 | 0.28% | 0.28% |
| ROCHE HOLDING -GE- | 620 | CHF | 309.00 | 177,134.67 | 0.24% | 0.24% |
| SIG COMB GRP | 5,750 | CHF | 20.54 | 109,199.76 | 0.15% | 0.15% |
| Germany (Federal Republic) |  |  |  | 959,354.03 |  | 1.31% | 1.29% |
| ALLIANZ-NOM- | 720 | EUR | 200.70 | 144,504.00 | 0.20% | 0.19% |
| BEIERSDORF | 1,540 | EUR | 94.44 | 145,437.60 | 0.20% | 0.19% |
| BMW | 2,825 | EUR | 72.23 | 204,049.75 | 0.28% | 0.27% |
| CEWE STIFT | 1,600 | EUR | 92.50 | 148,000.00 | 0.20% | 0.20% |
| COVESTRO | 4,000 | EUR | 50.48 | 201,920.00 | 0.27% | 0.27% |
| DERMAPHARM HOLDING | 5,500 | EUR | 56.96 | 313,280.00 | 0.43% | 0.42% |
| DEUTSCHE TELEKOM NOM | 12,645 | EUR | 14.96 | 189,105.98 | 0.26% | 0.25% |
| DEUTSCHE WOHNEN | 3,370 | EUR | 43.69 | 147,235.30 | 0.20% | 0.20% |
| HANNOVER RUECK SE | 1,000 | EUR | 130.30 | 130,300.00 | 0.18% | 0.17% |
| HELLOFRESH SE | 3,900 | EUR | 63.20 | 246,480.00 | 0.34% | 0.33% |
| INFINEON | 9,450 | EUR | 31.39 | 296,635.50 | 0.40% | 0.40% |
| LEIFHEIT AG | 4,500 | EUR | 43.50 | 195,750.00 | 0.27% | 0.26% |
| MERCK | 1,682 | EUR | 140.35 | 236,068.70 | 0.32% | 0.32% |
| RATIONAL | 200 | EUR | 761.50 | 152,300.00 | 0.21% | 0.20% |
| SAP | 2,315 | EUR | 107.22 | 248,214.30 | 0.34% | 0.33% |
| VARTA AG | 2,480 | EUR | 118.20 | 293,136.00 | 0.40% | 0.39% |
| VIB VERMOEGEN AG | 4,933 | EUR | 28.65 | 141,330.45 | 0.19% | 0.19% |
| Denmark |  |  |  | 3,433,747.58 |  | 4.67% | 4.60% |
| DSV PANALPINA | 1,540 | DKK | 1,020.00 | 211,031.18 | 0.29% | 0.28% |
| ORSTED | 1,710 | DKK | 1,243.50 | 285,671.97 | 0.39% | 0.38% |
| Spain |  |  |  | 496,703.15 |  | 0.68% | 0.67% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AMADEUS IT GROUP SA | 3,270 | EUR | 59.56 | 194,761.20 |  | 0.26% | 0.26% |
| CELLNEX TELECOM | 6,490 | EUR | 49.12 | 318,788.80 | 0.43% | 0.43% |
| IBERDROLA | 27,909 | EUR | 11.70 | 326,535.30 | 0.44% | 0.44% |
| Finland |  |  |  | 840,085.30 |  | 1.14% | 1.13% |
| SAMPO OYJ | 4,530 | EUR | 34.57 | 156,602.10 | 0.21% | 0.21% |
| France |  |  |  | 156,602.10 |  | 0.21% | 0.21% |
| AIR LIQUIDE | 1,263 | EUR | 134.25 | 169,557.75 | 0.23% | 0.23% |
| ALTEN SA | 2,450 | EUR | 92.65 | 226,992.50 | 0.31% | 0.30% |
| AMUNDI | 2,075 | EUR | 66.80 | 138,610.00 | 0.19% | 0.19% |
| CAPGEMINI | 1,660 | EUR | 126.80 | 210,488.00 | 0.29% | 0.28% |
| HERMES | 338 | EUR | 879.60 | 297,304.80 | 0.40% | 0.40% |
| L OREAL | 550 | EUR | 310.80 | 170,940.00 | 0.23% | 0.23% |
| ORPEA | 1,625 | EUR | 107.55 | 174,768.75 | 0.24% | 0.23% |
| PEUGEOT-SICOVAM-NEW | 7,800 | EUR | 22.37 | 174,486.00 | 0.24% | 0.23% |
| PLASTIC OMNIUM | 6,000 | EUR | 28.22 | 169,320.00 | 0.23% | 0.23% |
| RUBIS SCA | 5,012 | EUR | 37.98 | 190,355.76 | 0.26% | 0.26% |
| SANOFI | 1,710 | EUR | 78.70 | 134,577.00 | 0.18% | 0.18% |
| SCHNEIDER ELECTRIC | 2,160 | EUR | 118.30 | 255,528.00 | 0.35% | 0.34% |
| TELEPERFORMANCE | 645 | EUR | 271.30 | 174,988.50 | 0.24% | 0.23% |
| VINCI | 1,679 | EUR | 81.36 | 136,603.44 | 0.19% | 0.18% |
| United Kingdom |  |  |  | 2,624,520.50 |  | 3.57% | 3.52% |
| ASTRAZENECA | 5,068 | GBP | 73.24 | 414,680.28 | 0.56% | 0.56% |
| BEAZLEY PLC | 38,500 | GBP | 3.65 | 156,821.58 | 0.21% | 0.21% |
| CRODA INTERNATIONAL | 3,274 | GBP | 65.96 | 241,261.36 | 0.33% | 0.32% |
| DS SMITH PLC | 57,000 | GBP | 3.75 | 238,545.41 | 0.32% | 0.32% |
| INTEGRAFIN | 24,740 | GBP | 5.56 | 153,674.90 | 0.21% | 0.21% |
| Ireland |  |  |  | 1,204,983.53 |  | 1.64% | 1.62% |
| KERRY | 1,300 | EUR | 118.50 | 154,050.00 | 0.21% | 0.21% |
| KINGSPAN GROUP PLC | 2,405 | EUR | 57.40 | 138,047.00 | 0.19% | 0.19% |
| TRANE TECHNOLOGIES | 2,070 | USD | 145.16 | 245,581.46 | 0.33% | 0.33% |
| Italy |  |  |  | 537,678.46 |  | 0.73% | 0.72% |
| ANIMA HOLDING | 38,500 | EUR | 3.88 | 149,457.00 | 0.20% | 0.20% |
| AUTOGRILL | 39,745 | EUR | 5.47 | 217,405.15 | 0.30% | 0.29% |
| BANCA GENERALI SPA | 6,335 | EUR | 27.24 | 172,565.40 | 0.23% | 0.23% |
| BREMBO SPA | 18,010 | EUR | 10.80 | 194,508.00 | 0.26% | 0.26% |
| CERVED GROUP S.P.A. | 18,840 | EUR | 7.45 | 140,358.00 | 0.19% | 0.19% |
| DE LONGHI | 6,175 | EUR | 25.78 | 159,191.50 | 0.22% | 0.21% |
| ENEL NEW | 48,750 | EUR | 8.28 | 403,455.00 | 0.55% | 0.54% |
| INTERPUMP GROUP SPA | 6,695 | EUR | 40.34 | 270,076.30 | 0.37% | 0.36% |
| INTESA SANPAOLO | 104,800 | EUR | 1.91 | 200,440.48 | 0.27% | 0.27% |
| MEDIOBANCA | 35,112 | EUR | 7.54 | 264,744.48 | 0.36% | 0.35% |
| MONCLER SPA | 4,800 | EUR | 50.14 | 240,672.00 | 0.33% | 0.32% |
| PIRELLI C S.P.A. | 30,100 | EUR | 4.43 | 133,433.30 | 0.18% | 0.18% |
| PRYSMIAN SPA | 7,267 | EUR | 29.08 | 211,324.36 | 0.29% | 0.28% |
| REPLY S.P.A. | 2,250 | EUR | 95.30 | 214,425.00 | 0.29% | 0.29% |
| Jersey |  |  |  | 2,972,055.97 |  | 4.04% | 3.98% |
| PHOENIX -N REIT | 44,650 | GBP | 3.17 | 158,128.14 | 0.22% | 0.21% |
| Luxembourg (Grand Duchy) |  |  |  | 158,128.14 |  | 0.22% | 0.21% |
| SOLUTIONS 30 SE | 10,000 | EUR | 10.52 | 105,200.00 | 0.14% | 0.14% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| STABILUS SA | 2,750 | EUR | 57.70 | 158,675.00 |  | 0.22% | 0.21% |
| Netherlands |  |  |  | 263,875.00 |  | 0.36% | 0.35% |
| ADYEN N.V. | 127 | EUR | 1,905.00 | 241,935.00 | 0.33% | 0.32% |
| ASM INTERNATIONAL | 1,450 | EUR | 179.95 | 260,927.50 | 0.35% | 0.35% |
| ASML HOLDING NV | 548 | EUR | 397.55 | 217,857.40 | 0.30% | 0.29% |
| BASIC-FIT | 6,610 | EUR | 30.00 | 198,300.00 | 0.27% | 0.27% |
| DSM | 1,122 | EUR | 140.80 | 157,977.60 | 0.21% | 0.21% |
| FERRARI NV | 1,335 | EUR | 188.65 | 251,847.75 | 0.34% | 0.34% |
| IMCD N.V. | 1,905 | EUR | 104.25 | 198,596.25 | 0.27% | 0.27% |
| ING GROUP | 20,000 | EUR | 7.64 | 152,820.00 | 0.21% | 0.20% |
| KPN NEW | 65,050 | EUR | 2.49 | 161,779.35 | 0.22% | 0.22% |
| PROSUS NV | 3,000 | EUR | 88.36 | 265,080.00 | 0.36% | 0.36% |
| RANDSTAD N.V. | 2,900 | EUR | 53.24 | 154,396.00 | 0.21% | 0.21% |
| Norway |  |  |  | 2,261,516.85 |  | 3.08% | 3.03% |
| DNB HOLDING -A- | 7,500 | NOK | 168.00 | 120,274.91 | 0.16% | 0.16% |
| TOMRA NEW | 6,400 | NOK | 422.60 | 258,174.88 | 0.35% | 0.35% |
| Sweden |  |  |  | 378,449.79 |  | 0.51% | 0.51% |
| ATLAS COPCO-A RG | 4,440 | SEK | 421.10 | 186,065.98 | 0.25% | 0.25% |
| United States of America |  |  |  | 186,065.98 |  | 0.25% | 0.25% |
| ADOBE INC | 367 | USD | 500.12 | 150,009.43 | 0.20% | 0.20% |
| AGILENT | 2,520 | USD | 118.49 | 244,039.72 | 0.33% | 0.33% |
| ALPHABET INC -A- | 168 | USD | 1,752.64 | 240,646.90 | 0.33% | 0.32% |
| AMAZON COM | 96 | USD | 3,256.93 | 255,539.44 | 0.35% | 0.34% |
| APPLE | 4,570 | USD | 132.69 | 495,601.57 | 0.67% | 0.66% |
| AUTOZONE | 225 | USD | 1,185.44 | 217,991.91 | 0.30% | 0.29% |
| BECTON | 945 | USD | 250.22 | 193,255.61 | 0.26% | 0.26% |
| CATERPILLAR | 1,365 | USD | 182.02 | 203,062.65 | 0.28% | 0.27% |
| DOLLAR TREE | 2,575 | USD | 108.04 | 227,373.63 | 0.31% | 0.30% |
| HOME DEPOT | 1,145 | USD | 265.62 | 248,567.61 | 0.34% | 0.33% |
| METLIFE | 4,404 | USD | 46.95 | 168,990.07 | 0.23% | 0.23% |
| MICROSOFT | 2,520 | USD | 222.42 | 458,091.95 | 0.62% | 0.61% |
| NIKE INC -B- | 3,025 | USD | 141.47 | 349,758.29 | 0.48% | 0.47% |
| NORFOLK SOUTHERN | 845 | USD | 237.61 | 164,096.65 | 0.22% | 0.22% |
| PFIZER | 8,265 | USD | 36.81 | 248,649.14 | 0.34% | 0.33% |
| PTC INC | 2,810 | USD | 119.61 | 274,695.84 | 0.37% | 0.37% |
| ROSS STORES | 2,065 | USD | 122.81 | 207,267.91 | 0.28% | 0.28% |
| SALESFORCE.COM | 990 | USD | 222.25 | 179,827.14 | 0.24% | 0.24% |
| SCHWAB | 3,050 | USD | 53.04 | 132,215.28 | 0.18% | 0.18% |
| SERVICENOW INC | 546 | USD | 550.43 | 245,625.25 | 0.33% | 0.33% |
| SPLUNK INC | 950 | USD | 169.89 | 131,907.56 | 0.18% | 0.18% |
| SYNOPSYS | 1,240 | USD | 259.24 | 262,725.35 | 0.36% | 0.35% |
| VIATRIS INC | 1,025 | USD | 18.74 | 15,698.99 | 0.02% | 0.02% |
| WALT DISNEY | 1,815 | USD | 181.18 | 268,760.33 | 0.37% | 0.36% |
| WASTE | 1,935 | USD | 117.93 | 186,502.02 | 0.25% | 0.25% |
|  |  |  |  | 5,770,900.24 |  | 7.85% | 7.74% |
| Total - Shares |  |  |  | 26,066,134.00 | 35.46% | 34.94% |
| Bonds and other debt securities |  |  |  |  |  |  |
| State |  |  |  |  |  |  |
| Belgium |  |  |  |  |  |  |
| BELOLO31 5,50 97-28 | 500,000 | EUR | 144.77 | 723,827.50 | 0.98% | 0.97% |
| BELOLO34 3,00 14-34 | 400,000 | EUR | 143.31 | 573,254.00 | 0.78% | 0.77% |
|  |  |  |  | 1,297,081.50 |  | 1.76% | 1.74% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Germany (Federal Republic) |  |  |  |  |  |  |  |
| GERMANY 0.10 12-23 | 850,000 | EUR | 102.90 | 946,589.51 | 1.29% | 1.27% |
| GERMANY 1,50 14-24 | 700,000 | EUR | 107.77 | 754,393.50 | 1.03% | 1.01% |
| GERMANY 5,50 00-31 | 750,000 | EUR | 163.16 | 1,223,715.00 | 1.66% | 1.64% |
| Spain |  |  |  | 2,924,698.01 |  | 3.98% | 3.92% |
| SPAIN 0,60 19-29 | 1,450,000 | EUR | 105.95 | 1,536,209.75 | 2.09% | 2.06% |
| SPAIN 1,60 15-25 | 2,650,000 | EUR | 109.11 | 2,891,415.00 | 3.93% | 3.88% |
| SPAIN 2,90 16-46 | 1,000,000 | EUR | 149.99 | 1,499,925.00 | 2.04% | 2.01% |
| SPAIN 4,20 05-37 | 1,260,000 | EUR | 159.35 | 2,007,860.40 | 2.73% | 2.69% |
| SPAIN KING 1,8 13-24 | 650,000 | EUR | 112.85 | 767,736.08 | 1.04% | 1.03% |
| France |  |  |  | 8,703,146.23 |  | 11.84% | 11.67% |
| FRANCE 2,50 13-30 | 3,800,000 | EUR | 127.79 | 4,855,849.00 | 6.61% | 6.51% |
| FRA OAT 4,00 06-38 | 800,000 | EUR | 172.25 | 1,377,964.00 | 1.87% | 1.85% |
| Ireland |  |  |  | 6,233,813.00 |  | 8.48% | 8.36% |
| IRISH TREA 1,0 16-26 | 1,500,000 | EUR | 108.69 | 1,630,342.50 | 2.22% | 2.19% |
| Italy |  |  |  | 1,630,342.50 |  | 2.22% | 2.19% |
| ITA BTP 6,50 97-27 | 2,500,000 | EUR | 142.62 | 3,565,387.50 | 4.85% | 4.78% |
| ITALY 2,00 18-28 | 2,300,000 | EUR | 112.50 | 2,587,557.50 | 3.52% | 3.47% |
| ITALY 4,75 13-28 | 2,400,000 | EUR | 133.66 | 3,207,960.00 | 4.36% | 4.30% |
| Portugal |  |  |  | 9,360,905.00 |  | 12.73% | 12.55% |
| PORTUGAL 3,875 14-30 | 350,000 | EUR | 135.63 | 474,703.25 | 0.65% | 0.64% |
| PORTUGAL 4,10 06-37 | 650,000 | EUR | 158.28 | 1,028,839.50 | 1.40% | 1.38% |
| PORTUGAL 4,125 17-27 | 700,000 | EUR | 128.08 | 896,563.50 | 1.22% | 1.20% |
| Slovakia (Slovak Republic) |  |  |  | 2,400,106.25 |  | 3.27% | 3.22% |
| SLOVAKIA 0,00 16-23 | 1,000,000 | EUR | 101.66 | 1,016,550.00 | 1.38% | 1.36% |
| SLOVAKIA 1,00 18-28 | 400,000 | EUR | 112.04 | 448,142.00 | 0.61% | 0.60% |
|  |  |  |  | 1,464,692.00 |  | 1.99% | 1.96% |
| Total - State |  |  |  | 34,014,784.49 | 46.27% | 45.60% |
| Public Sector Bond |  |  |  |  |  |  |
| Belgium |  |  |  |  |  |  |
| FLEMISH 0,375 20-30 | 500,000 | EUR | 105.11 | 525,550.00 | 0.71% | 0.70% |
|  |  |  |  | 525,550.00 |  | 0.71% | 0.70% |
| Total - Public Sector Bond |  |  |  | 525,550.00 | 0.71% | 0.70% |
| Private corporation |  |  |  |  |  |  |
| Belgium |  |  |  |  |  |  |
| ARGENTA 3,875 16-26 | 400,000 | EUR | 101.51 | 406,040.00 | 0.55% | 0.54% |
| Germany (Federal Republic) |  |  |  | 406,040.00 |  | 0.55% | 0.54% |
| ADIDAS 0,00 20-28 | 400,000 | EUR | 100.86 | 403,420.00 | 0.55% | 0.54% |
| KFW 0,625 18-28 | 1,100,000 | EUR | 108.09 | 1,189,045.00 | 1.62% | 1.59% |
|  |  |  |  | 1,592,465.00 |  | 2.17% | 2.13% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Spain |  |  |  | 341,380.50 |  | 0.46% | 0.46% |
| SANTANDER 3,25 16-26 | 300,000 | EUR | 113.79 |
| France |  |  |  | 341,380.50 |  | 0.46% | 0.46% |
| ARGAN 3,25 17-23 | 300,000 | EUR | 96.28 | 288,840.00 | 0.39% | 0.39% |
| BOUYGUES 1,375 16-27 | 300,000 | EUR | 110.01 | 330,024.00 | 0.45% | 0.44% |
| FIN APSYS 4,75 17-22 | 400,000 | EUR | 96.18 | 384,720.00 | 0.52% | 0.52% |
| VEOLIA 0,927 16-29 | 200,000 | EUR | 106.17 | 212,339.00 | 0.29% | 0.28% |
| VIVENDI 1,875 16-26 | 400,000 | EUR | 109.95 | 439,810.00 | 0.60% | 0.59% |
| Ireland |  |  |  | 1,655,733.00 |  | 2.25% | 2.22% |
| KERRY 2,375 15-25 | 400,000 | EUR | 111.80 | 447,198.00 | 0.61% | 0.60% |
| Luxembourg (Grand Duchy) |  |  |  | 447,198.00 |  | 0.61% | 0.60% |
| MEDTRON 1,625 19-31 | 750,000 | EUR | 114.02 | 855,183.75 | 1.16% | 1.15% |
| Netherlands |  |  |  | 855,183.75 |  | 1.16% | 1.15% |
| CRH FD 1,875 15-24 | 700,000 | EUR | 105.67 | 739,662.00 | 1.01% | 0.99% |
| DEUTSCHE 3,25 13-28 | 900,000 | EUR | 122.67 | 1,104,003.00 | 1.50% | 1.48% |
| IBERDROLA 1,00 17-25 | 300,000 | EUR | 104.61 | 313,843.50 | 0.43% | 0.42% |
| ING BK FRN 14-26 | 460,000 | EUR | 100.53 | 462,440.30 | 0.63% | 0.62% |
| NAT FIN 1,375 15-25 | 400,000 | EUR | 106.04 | 424,168.00 | 0.58% | 0.57% |
| United States of America |  |  |  | 3,044,116.80 |  | 4.14% | 4.08% |
| THERMO F 0,875 19-31 | 750,000 | EUR | 105.56 | 791,711.25 | 1.08% | 1.06% |
| WELLS F 2,00 15-26 | 200,000 | EUR | 109.38 | 218,767.00 | 0.30% | 0.29% |
|  |  |  |  | 1,010,478.25 |  | 1.37% | 1.35% |
| Total - Private corporation |  |  |  | 9,352,595.30 | 12.72% | 12.54% |
| Total - Bonds and other debt securities |  |  |  | 43,892,929.79 | 59.71% | 58.84% |
| UCI with variable number of shares |  |  |  |  |  |  |
| Bonds and other debt securities |  |  |  |  |  |  |
| Directive 2009/65/EC - Registered with FSMA |  |  |  |  |  |  |
| DPAM HB BDS G IL-P | 11,200 | EUR | 145.43 | 1,628,816.00 | 2.22% | 2.18% |
| DPAM IB BONDS EUR-P | 20,000 | EUR | 95.93 | 1,918,600.00 | 2.61% | 2.57% |
| Total - Directive 2009/65/EC - Registered with FSMA |  |  |  | 3,547,416.00 | 4.83% | 4.76% |
| Total - Bonds and other debt securities |  |  |  | 3,547,416.00 | 4.83% | 4.76% |
| Total - UCI with variable number of shares |  |  |  | 3,547,416.00 | 4.83% | 4.76% |
| Total - Transferable securities admitted to an official stock exchange listing |  |  |  | 73,506,479.79 | 100.00% | 98.54% |
| Total - portfolio |  |  |  | 73,506,479.79 | 100.00% | 98.54% |
| Collatéral |  |  |  | 366,837.68 |  | 0.49% |
| Deposits and liquid assets |  |  |  |  |  |  |
| deposit and liquid assets |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 645,720.07 |  | 0.87% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total - deposit and liquid assets |  |  |  | 645,720.07 |  |  | 0.87% |
| Total - Deposits and liquid assets | 645,720.07 | 0.87% |
| Other receivables and other payables | -422,629.76 | -0.57% |
| Others | 495,911.70 | 0.66% |
| Total net assets | 74,592,319.48 | 100,00% |

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Translation (ENFR, 2020-12-31):
# COMPOSITION DES ACTIFS
| Dénomination | Quantité au 31 décembre 2020 | 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 |  |  |  |  |  |  |  |
| Actions |  |  |  |  |  |  |
| Belgique |  |  |  |  |  |  |
| ACKERMANS | 1.500 | EUR | 123,00 | 184.500,00 | 0,63% | 0,61% |
| ANHEUSER-BUSCH | 645 | EUR | 57,01 | 36.771,45 | 0,13% | 0,12% |
| ANHEUSER-BUSCH INBEV | 3.700 | EUR | 57,01 | 210.937,00 | 0,72% | 0,69% |
| COFINIMMO | 1.551 | EUR | 121,80 | 188.911,80 | 0,65% | 0,62% |
| DIETEREN NV | 6.150 | EUR | 67,80 | 416.970,00 | 1,43% | 1,37% |
| ELIA GROUP | 4.325 | EUR | 97,50 | 421.687,50 | 1,44% | 1,39% |
| EVS NEW | 13.550 | EUR | 16,70 | 226.285,00 | 0,78% | 0,75% |
| FAGRON | 13.191 | EUR | 19,00 | 250.629,00 | 0,86% | 0,83% |
| GALAPAGOS GENOMICS | 1.600 | EUR | 80,48 | 128.768,00 | 0,44% | 0,42% |
| GBL | 3.375 | EUR | 82,52 | 278.505,00 | 0,95% | 0,92% |
| GIMV | 3.166 | EUR | 50,00 | 158.300,00 | 0,54% | 0,52% |
| IMMOBEL | 2.532 | EUR | 68,20 | 172.682,40 | 0,59% | 0,57% |
| KBC | 4.000 | EUR | 57,28 | 229.120,00 | 0,78% | 0,75% |
| KINEPOLIS GROUP SA | 6.000 | EUR | 34,75 | 208.500,00 | 0,71% | 0,69% |
| MELEXIS | 4.000 | EUR | 79,90 | 319.600,00 | 1,09% | 1,05% |
| SOFINA | 1.250 | EUR | 277,00 | 346.250,00 | 1,19% | 1,14% |
| SOLVAY | 4.215 | EUR | 96,88 | 408.349,20 | 1,40% | 1,34% |
| TELENET GROUP HOLD | 7.500 | EUR | 35,08 | 263.100,00 | 0,90% | 0,87% |
| TUBIZE-NEW | 1.000 | EUR | 82,60 | 82.600,00 | 0,28% | 0,27% |
| UCB | 3.020 | EUR | 84,48 | 255.129,60 | 0,87% | 0,84% |
| UMICORE S.A. | 8.500 | EUR | 39,29 | 333.965,00 | 1,14% | 1,10% |
| WAREHOUSES DE PAUW | 34.469 | EUR | 28,26 | 974.093,94 | 3,34% | 3,21% |
| X-FAB SILICON F RG | 30.000 | EUR | 4,92 | 147.600,00 | 0,51% | 0,49% |
| Suisse |  |  |  | 6.243.254,89 |  | 21,39% | 20,55% |
| NESTLE NOM | 5.850 | CHF | 104,26 | 563.932,32 | 1,93% | 1,86% |
| NOVARTIS-NOM- | 1.200 | CHF | 83,65 | 92.811,24 | 0,32% | 0,31% |
| Allemagne |  |  |  | 656.743,56 |  | 2,25% | 2,16% |
| ADIDAS AG NA O.N. | 1.000 | EUR | 297,90 | 297.900,00 | 1,02% | 0,98% |
| BEIERSDORF | 1.350 | EUR | 94,44 | 127.494,00 | 0,44% | 0,42% |
| DEUTSCHE TELEKOM NOM | 13.000 | EUR | 14,96 | 194.415,00 | 0,67% | 0,64% |
| HELLOFRESH SE | 2.500 | EUR | 63,20 | 158.000,00 | 0,54% | 0,52% |
| LEIFHEIT AG | 4.000 | EUR | 43,50 | 174.000,00 | 0,60% | 0,57% |
| MERCK | 1.500 | EUR | 140,35 | 210.525,00 | 0,72% | 0,69% |
| SAP | 2.770 | EUR | 107,22 | 296.999,40 | 1,02% | 0,98% |
| VARTA AG | 1.750 | EUR | 118,20 | 206.850,00 | 0,71% | 0,68% |
| Danemark |  |  |  | 1.666.183,40 |  | 5,71% | 5,49% |
| DSV PANALPINA | 1.650 | DKK | 1.020,00 | 226.104,83 | 0,77% | 0,74% |
| Espagne |  |  |  | 226.104,83 |  | 0,77% | 0,74% |
| AMADEUS IT GROUP SA | 4.900 | EUR | 59,56 | 291.844,00 | 1,00% | 0,96% |
| FERROVIAL S.A | 10.120 | EUR | 22,60 | 228.712,00 | 0,78% | 0,75% |
| REPSOL | 21.271 | EUR | 8,25 | 175.485,75 | 0,60% | 0,58% |
| France |  |  |  | 696.041,75 |  | 2,38% | 2,29% |
| ALTAREA | 900 | EUR | 143,40 | 129.060,00 | 0,44% | 0,42% |
| ALTEN SA | 4.000 | EUR | 92,65 | 370.600,00 | 1,27% | 1,22% |

| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DANONE | 2.657 | EUR | 53,76 | 142.840,32 |  | 0,49% | 0,47% |
| ENGIE | 5.000 | EUR | 12,52 | 62.600,00 | 0,21% | 0,21% |
| ORPEA | 2.750 | EUR | 107,55 | 295.762,50 | 1,01% | 0,97% |
| SANOFI | 1.500 | EUR | 78,70 | 118.050,00 | 0,40% | 0,39% |
| TOTAL SE | 7.927 | EUR | 35,30 | 279.823,10 | 0,96% | 0,92% |
| VINCI | 3.047 | EUR | 81,36 | 247.903,92 | 0,85% | 0,82% |
| Royaume-Uni |  |  |  | 1.646.639,84 |  | 5,64% | 5,42% |
| ASTRAZENECA | 3.900 | GBP | 73,24 | 319.110,71 | 1,09% | 1,05% |
| DS SMITH PLC | 40.000 | GBP | 3,75 | 167.400,29 | 0,57% | 0,55% |
| ROYAL DUTCH SHELL-A | 20.000 | EUR | 14,61 | 292.280,00 | 1,00% | 0,96% |
| TECHNIPFMC REG | 19.994 | EUR | 7,73 | 154.593,61 | 0,53% | 0,51% |
| Italie |  |  |  | 933.384,61 |  | 3,20% | 3,07% |
| INTERPUMP GROUP SPA | 10.000 | EUR | 40,34 | 403.400,00 | 1,38% | 1,33% |
| MONCLER SPA | 7.000 | EUR | 50,14 | 350.980,00 | 1,20% | 1,16% |
| PIRELLI C S.P.A. | 30.000 | EUR | 4,43 | 132.990,00 | 0,46% | 0,44% |
| Luxembourg (Grand-Duché) |  |  |  | 887.370,00 |  | 3,04% | 2,92% |
| STABILUS SA | 3.200 | EUR | 57,70 | 184.640,00 | 0,63% | 0,61% |
| Pays-Bas |  |  |  | 184.640,00 |  | 0,63% | 0,61% |
| AKZO NOBEL NV | 1.700 | EUR | 87,86 | 149.362,00 | 0,51% | 0,49% |
| ASM INTERNATIONAL | 1.000 | EUR | 179,95 | 179.950,00 | 0,62% | 0,59% |
| BASIC-FIT | 11.930 | EUR | 30,00 | 357.900,00 | 1,23% | 1,18% |
| HEINEKEN- | 2.500 | EUR | 91,22 | 228.050,00 | 0,78% | 0,75% |
| IMCD N.V. | 2.895 | EUR | 104,25 | 301.803,75 | 1,03% | 0,99% |
| ING GROUP | 24.450 | EUR | 7,64 | 186.822,45 | 0,64% | 0,62% |
| JDE PEETS | 8.712 | EUR | 36,95 | 321.908,40 | 1,10% | 1,06% |
| KONINKLIJKE AHOLD | 10.000 | EUR | 23,11 | 231.100,00 | 0,79% | 0,76% |
| PROSUS NV | 1.750 | EUR | 88,36 | 154.630,00 | 0,53% | 0,51% |
| Portugal |  |  |  | 2.111.526,60 |  | 7,23% | 6,95% |
| EDP-ENERGIAS-REG | 43.401 | EUR | 5,16 | 223.775,56 | 0,77% | 0,74% |
| Suède |  |  |  | 223.775,56 |  | 0,77% | 0,74% |
| INVESTOR-B- | 2.000 | SEK | 599,20 | 119.261,58 | 0,41% | 0,39% |
| États-Unis d'Amérique |  |  |  | 119.261,58 |  | 0,41% | 0,39% |
| BECTON | 1.200 | USD | 250,22 | 245.403,95 | 0,84% | 0,81% |
| NIKE INC -B- | 3.000 | USD | 141,47 | 346.867,72 | 1,19% | 1,14% |
|  |  |  |  | 592.271,67 |  | 2,03% | 1,95% |
| Total - Actions |  |  |  | 16.187.198,29 | 55,45% | 53,29% |
| Obligations et autres titres de créances |  |  |  |  |  |  |
| Emis(es) par état |  |  |  |  |  |  |
| Espagne |  |  |  |  |  |  |
| SPAIN 1,00 14-30 | 300.000 | EUR | 120,17 | 376.301,58 | 1,29% | 1,24% |
| Italie |  |  |  | 376.301,58 |  | 1,29% | 1,24% |

| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ITALY 2,80 18-28 | 525.000 | EUR | 119,49 | 627.335,62 |  | 2,15% | 2,07% |
| États-Unis d'Amérique |  |  |  | 627.335,62 |  | 2,15% | 2,07% |
| US TREA 0,75 12-42 | 300.000 | USD | 127,38 | 359.885,51 | 1,23% | 1,18% |
|  |  |  |  | 359.885,51 |  | 1,23% | 1,18% |
| Total - Emis(es) par état |  |  |  | 1.363.522,71 | 4,67% | 4,49% |
| Obligation du Secteur Public |  |  |  |  |  |  |
| Belgique |  |  |  |  |  |  |
| FLEMISH 0,375 20-30 | 200.000 | EUR | 105,11 | 210.220,00 | 0,72% | 0,69% |
| Mexique |  |  |  | 210.220,00 |  | 0,72% | 0,69% |
| PEMEX 5,95 20-31 | 255.000 | USD | 99,46 | 207.292,88 | 0,71% | 0,68% |
|  |  |  |  | 207.292,88 |  | 0,71% | 0,68% |
| Total - Obligation du Secteur Public |  |  |  | 417.512,88 | 1,43% | 1,37% |
| Emis(es) par une entreprise privée |  |  |  |  |  |  |
| Belgique |  |  |  |  |  |  |
| ARGENTA 3,875 16-26 | 200.000 | EUR | 101,51 | 203.020,00 | 0,70% | 0,67% |
| DECEUNINC 3,75 15-22 | 154.000 | EUR | 102,90 | 158.466,00 | 0,54% | 0,52% |
| UCB SA 5,125 13-23 | 98.000 | EUR | 112,36 | 110.113,29 | 0,38% | 0,36% |
| France |  |  |  | 471.599,29 |  | 1,62% | 1,55% |
| ARGAN 3,25 17-23 | 200.000 | EUR | 96,28 | 192.560,00 | 0,66% | 0,63% |
| AUTOROUTE 2,95 14-24 | 200.000 | EUR | 108,87 | 217.732,00 | 0,75% | 0,72% |
| BNP 2,375 15-25 | 200.000 | EUR | 107,76 | 215.517,00 | 0,74% | 0,71% |
| ENGIE SA FRN 14-PERP | 200.000 | EUR | 110,91 | 221.814,00 | 0,76% | 0,73% |
| LOXAM SAS 4,25 17-24 | 300.000 | EUR | 102,20 | 306.604,50 | 1,05% | 1,01% |
| TEREOS 4,125 16-23 | 200.000 | EUR | 98,62 | 197.234,00 | 0,68% | 0,65% |
| TOTAL CAP 2,70 12-23 | 300.000 | USD | 105,01 | 257.475,79 | 0,88% | 0,85% |
| Royaume-Uni |  |  |  | 1.608.937,29 |  | 5,51% | 5,30% |
| TESCO 6,125 09-22 | 100.000 | GBP | 106,44 | 118.911,86 | 0,41% | 0,39% |
| Japon |  |  |  | 118.911,86 |  | 0,41% | 0,39% |
| SOFTBANK 3,125 17-25 | 400.000 | EUR | 102,85 | 411.396,00 | 1,41% | 1,35% |
| Luxembourg (Grand-Duché) |  |  |  | 411.396,00 |  | 1,41% | 1,35% |
| GLENCORE 1,625 14-22 | 100.000 | EUR | 101,39 | 101.387,50 | 0,35% | 0,33% |
| GRAND CITY FRN 15-25 | 100.000 | EUR | 106,30 | 106.300,50 | 0,36% | 0,35% |
| Pays-Bas |  |  |  | 207.688,00 |  | 0,71% | 0,68% |
| AIRBUS 0,875 16-26 | 100.000 | EUR | 104,22 | 104.224,50 | 0,36% | 0,34% |
| COOP RAB 1,375 15-27 | 300.000 | EUR | 108,76 | 326.280,00 | 1,12% | 1,07% |
| ENEL FI 1,375 16-26 | 200.000 | EUR | 107,57 | 215.149,00 | 0,74% | 0,71% |
| ENEL FIN 1,966 15-25 | 100.000 | EUR | 108,33 | 108.328,00 | 0,37% | 0,36% |
| HEINEK 2,875 12-25 | 200.000 | EUR | 113,78 | 227.550,00 | 0,78% | 0,75% |
| HEINEKEN 2,75 12-23 | 400.000 | USD | 104,66 | 342.155,21 | 1,17% | 1,13% |
| VONOVIA 2,125 14-22 | 115.000 | EUR | 103,57 | 119.100,90 | 0,41% | 0,39% |
| VW FRN 13-PERP | 220.000 | EUR | 109,43 | 240.754,80 | 0,82% | 0,79% |

| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| États-Unis d'Amérique |  |  |  | 1.683.542,41 |  | 5,77% | 5,54% |
| BAC 0,75 16-23 | 150.000 | EUR | 102,38 | 153.570,75 | 0,53% | 0,51% |
| BERKSHIRE 0,75 15-23 | 300.000 | EUR | 102,03 | 306.096,00 | 1,05% | 1,01% |
| MORGAN ST 1,75 15-25 | 300.000 | EUR | 107,06 | 321.166,50 | 1,10% | 1,06% |
| WELLS F 1,50 15-22 | 200.000 | EUR | 102,97 | 205.938,00 | 0,71% | 0,68% |
|  |  |  |  | 986.771,25 |  | 3,38% | 3,25% |
| Total - Emis(es) par une entreprise privée |  |  |  | 5.488.846,10 | 18,80% | 18,07% |
| Total - Obligations et autres titres de créances |  |  |  | 7.269.881,69 | 24,91% | 23,93% |
| OPC à nombre variable de parts |  |  |  |  |  |  |
| Actions |  |  |  |  |  |  |
| Directive 2009/65/CE & Inscrit auprès de la FSMA |  |  |  |  |  |  |
| TRUNCUS INV EQ CF | 2.500 | EUR | 1.136,04 | 2.840.100,00 | 9,73% | 9,35% |
| Total - Directive 2009/65/CE & Inscrit auprès de la FSMA |  |  |  | 2.840.100,00 | 9,73% | 9,35% |
| Directive 2009/65/CE & Non Inscrit auprès de la FSMA |  |  |  |  |  |  |
| ISHS CORE SP500 | 1.400 | USD | 376,75 | 431.081,69 | 1,48% | 1,42% |
| Total - Directive 2009/65/CE & Non Inscrit auprès de la FSMA |  |  |  | 431.081,69 | 1,48% | 1,42% |
| Total - Actions |  |  |  | 3.271.181,69 | 11,21% | 10,77% |
| Fonds |  |  |  |  |  |  |
| Directive 2009/65/CE & Inscrit auprès de la FSMA |  |  |  |  |  |  |
| DPAM L PATRIM FUND A | 6.100 | EUR | 113,54 | 692.594,00 | 2,37% | 2,28% |
| Total - Directive 2009/65/CE & Inscrit auprès de la FSMA |  |  |  | 692.594,00 | 2,37% | 2,28% |
| Total - Fonds |  |  |  | 692.594,00 | 2,37% | 2,28% |
| Obligations et autres titres de créance |  |  |  |  |  |  |
| Directive 2009/65/CE & Inscrit auprès de la FSMA |  |  |  |  |  |  |
| BMO INV GL CV BD A D | 45.000 | EUR | 21,49 | 967.050,00 | 3,31% | 3,18% |
| LO CONV BOND PC | 40.154 | EUR | 19,97 | 801.924,12 | 2,75% | 2,64% |
| Total - Directive 2009/65/CE & Inscrit auprès de la FSMA |  |  |  | 1.768.974,12 | 6,06% | 5,82% |
| Total - Obligations et autres titres de créance |  |  |  | 1.768.974,12 | 6,06% | 5,82% |
| Total - OPC à nombre variable de parts |  |  |  | 5.732.749,81 | 19,64% | 18,87% |
| Total - Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  | 29.189.829,79 | 100,00% | 96,10% |
| Total - portefeuille |  |  |  | 29.189.829,79 | 100,00% | 96,10% |
| Collatéral |  |  |  | 0,00 |  | 0,00% |
| Dépôts et Liquidités |  |  |  |  |  |  |
| Avoirs bancaires à vue |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 1.155.950,16 |  | 3,81% |
| Total - Avoirs bancaires à vue |  |  |  | 1.155.950,16 |  | 3,81% |

| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total - Dépôts et Liquidités |  |  |  | 1.155.950,16 |  |  | 3,81% |
| Créances et dettes diverses | -53.335,27 | -0,18% |
| Autres | 81.223,33 | 0,27% |
| Actif Net Total | 30.373.668,01 | 100,00% |

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