# 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 | 5,600 | EUR | 38.40 | 215,040.00 | 0.04% | 0.04% |
| ERSTE GROUP BANK | 17,900 | EUR | 33.56 | 600,724.00 | 0.12% | 0.12% |
| OMV | 9,917 | EUR | 50.08 | 496,643.36 | 0.10% | 0.10% |
| RAIFFEISEN BK INTER | 7,882 | EUR | 22.39 | 176,477.98 | 0.03% | 0.03% |
| VERBUND AG | 2,800 | EUR | 44.74 | 125,272.00 | 0.02% | 0.02% |
| VOESTALPINE | 7,845 | EUR | 24.86 | 195,026.70 | 0.04% | 0.04% |
| Belgium |  |  |  | 1,809,184.04 |  | 0.35% | 0.35% |
| AGEAS SA NV | 10,585 | EUR | 52.68 | 557,617.80 | 0.11% | 0.11% |
| ANHEUSER-BUSCH INBEV | 47,900 | EUR | 72.71 | 3,482,809.00 | 0.68% | 0.68% |
| COLRUYT | 1,757 | EUR | 46.48 | 81,665.36 | 0.02% | 0.02% |
| GALAPAGOS GENOMICS | 3,000 | EUR | 186.50 | 559,500.00 | 0.11% | 0.11% |
| GBL | 5,200 | EUR | 93.96 | 488,592.00 | 0.10% | 0.10% |
| KBC | 14,942 | EUR | 67.06 | 1,002,010.52 | 0.20% | 0.20% |
| PROXIMUS SA | 7,860 | EUR | 25.52 | 200,587.20 | 0.04% | 0.04% |
| SOLVAY | 4,000 | EUR | 103.30 | 413,200.00 | 0.08% | 0.08% |
| TELENET GROUP HOLD | 1,800 | EUR | 40.06 | 72,108.00 | 0.01% | 0.01% |
| UCB | 8,168 | EUR | 70.90 | 579,111.20 | 0.11% | 0.11% |
| UMICORE S.A. | 11,986 | EUR | 43.36 | 519,712.96 | 0.10% | 0.10% |
| Switzerland |  |  |  | 7,956,914.04 |  | 1.56% | 1.55% |
| ABB-NOM-NEW | 113,316 | CHF | 23.37 | 2,436,241.88 | 0.48% | 0.47% |
| ADECCO-NOM-NEW- | 9,358 | CHF | 61.22 | 527,043.94 | 0.10% | 0.10% |
| ALCON SA | 24,780 | CHF | 54.80 | 1,249,258.51 | 0.24% | 0.24% |
| BALOISE HOLDING | 2,618 | CHF | 175.00 | 421,481.14 | 0.08% | 0.08% |
| BARRY CALLEBAUT-NOM- | 220 | CHF | 2,138.00 | 432,713.89 | 0.08% | 0.08% |
| CLARIANT-NOM-NEW | 7,800 | CHF | 21.60 | 154,995.40 | 0.03% | 0.03% |
| COCA-COLA HBC | 14,622 | GBP | 25.65 | 442,620.29 | 0.09% | 0.09% |
| CREDIT SUISSE NEW | 149,752 | CHF | 13.11 | 1,805,427.75 | 0.35% | 0.35% |
| DUFRY AG | 1,875 | CHF | 96.02 | 165,627.87 | 0.03% | 0.03% |
| EMS-CHEM HLDG N | 700 | CHF | 636.50 | 409,889.60 | 0.08% | 0.08% |
| FINANCIERE RICHEMONT | 31,118 | CHF | 76.06 | 2,177,401.18 | 0.43% | 0.42% |
| GEBERIT | 2,475 | CHF | 543.20 | 1,236,816.93 | 0.24% | 0.24% |
| GIVAUDAN | 549 | CHF | 3,031.00 | 1,530,836.25 | 0.30% | 0.30% |
| JULIUS BAER GRP N | 14,486 | CHF | 49.93 | 665,396.49 | 0.13% | 0.13% |
| KUEHNE NAGEL | 3,806 | CHF | 163.20 | 571,425.21 | 0.11% | 0.11% |
| LAFARGEHOLCIM LTD | 30,901 | CHF | 53.70 | 1,526,571.94 | 0.30% | 0.30% |
| LINDT NOM | 6 | CHF | 85,500.00 | 471,941.12 | 0.09% | 0.09% |
| LINDT SPRUENGLI | 60 | CHF | 7,515.00 | 414,811.41 | 0.08% | 0.08% |
| LONZA-NOM- NEW | 4,830 | CHF | 353.20 | 1,569,416.74 | 0.31% | 0.31% |
| NESTLE NOM | 181,545 | CHF | 104.78 | 17,499,802.30 | 3.43% | 3.41% |
| NOVARTIS-NOM- | 130,100 | CHF | 91.90 | 10,999,254.83 | 2.15% | 2.14% |
| PARGESA HLDG | 1,345 | CHF | 80.45 | 99,544.85 | 0.02% | 0.02% |
| PARTNERS GRP HLDG | 1,200 | CHF | 887.40 | 979,650.41 | 0.19% | 0.19% |
| ROCHE HOLDING -GE- | 43,166 | CHF | 314.00 | 12,469,295.31 | 2.44% | 2.43% |
| SCHINDLER HDG AG-REG | 809 | CHF | 237.20 | 176,536.15 | 0.03% | 0.03% |
| SCHINDLER HD-PART CT | 2,620 | CHF | 246.20 | 593,416.74 | 0.12% | 0.12% |
| SGS S.A. | 330 | CHF | 2,651.00 | 804,811.41 | 0.16% | 0.16% |
| SIKA AG | 7,600 | CHF | 181.85 | 1,271,444.34 | 0.25% | 0.25% |
| SONOVA HOLDING | 3,735 | CHF | 221.50 | 761,087.86 | 0.15% | 0.15% |
| STRAUMANN HOLDING | 580 | CHF | 950.40 | 507,113.16 | 0.10% | 0.10% |
| SWATCH GROUP NEW | 2,086 | CHF | 270.00 | 518,141.67 | 0.10% | 0.10% |
| SWATCH GROUP-NOM-NEW | 3,356 | CHF | 51.15 | 157,920.33 | 0.03% | 0.03% |
| SWISSCOM-NOM- | 1,747 | CHF | 512.60 | 823,838.27 | 0.16% | 0.16% |
| SWISS LIFE-NOM- | 2,237 | CHF | 485.80 | 999,755.84 | 0.20% | 0.19% |
| SWISS PRIME SITE | 3,866 | CHF | 111.90 | 397,981.05 | 0.08% | 0.08% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| SWISS RE N | 17,236 | CHF | 108.70 | 1,723,600.00 |  | 0.34% | 0.34% |
| TEMENOS AG | 4,100 | CHF | 153.20 | 577,847.29 | 0.11% | 0.11% |
| UBS GROUP AG | 244,681 | CHF | 12.22 | 2,751,817.14 | 0.54% | 0.54% |
| VIFOR PHARMA | 2,200 | CHF | 176.65 | 357,525.30 | 0.07% | 0.07% |
| ZURICH INS GR | 9,271 | CHF | 397.10 | 3,386,857.50 | 0.66% | 0.66% |
| Germany (Federal Republic) |  |  |  | 76,067,159.29 |  | 14.89% | 14.83% |
| ADIDAS AG NA O.N. | 11,367 | EUR | 289.80 | 3,294,156.60 | 0.64% | 0.64% |
| ALLIANZ-NOM- | 25,460 | EUR | 218.40 | 5,560,464.00 | 1.09% | 1.08% |
| BASF SE | 56,927 | EUR | 67.35 | 3,834,033.45 | 0.75% | 0.75% |
| BAYER AG | 56,178 | EUR | 72.81 | 4,090,320.18 | 0.80% | 0.80% |
| BEIERSDORF | 6,000 | EUR | 106.65 | 639,900.00 | 0.13% | 0.12% |
| BMW | 20,600 | EUR | 73.14 | 1,506,684.00 | 0.29% | 0.29% |
| BMW-PRIV- | 4,036 | EUR | 55.05 | 222,181.80 | 0.04% | 0.04% |
| BRENNTAG | 10,044 | EUR | 48.48 | 486,933.12 | 0.10% | 0.09% |
| CARL ZEISS MEDITEC | 2,500 | EUR | 113.70 | 284,250.00 | 0.06% | 0.06% |
| COMMERZBANK AG | 62,557 | EUR | 5.52 | 345,126.97 | 0.07% | 0.07% |
| CONTINENTAL | 6,370 | EUR | 115.26 | 734,206.20 | 0.14% | 0.14% |
| COVESTRO | 11,500 | EUR | 41.45 | 476,675.00 | 0.09% | 0.09% |
| DAIMLER-NOM | 54,250 | EUR | 49.37 | 2,678,322.50 | 0.52% | 0.52% |
| DELIVERY HERO SE | 8,000 | EUR | 70.56 | 564,480.00 | 0.11% | 0.11% |
| DEUTSCHE BANK-NOM- | 115,041 | EUR | 6.92 | 795,738.60 | 0.16% | 0.16% |
| DEUTSCHE BOERSE | 11,860 | EUR | 140.15 | 1,662,179.00 | 0.33% | 0.32% |
| DEUTSCHE LUFT-NOM- | 13,000 | EUR | 16.41 | 213,330.00 | 0.04% | 0.04% |
| DEUTSCHE POST | 58,388 | EUR | 34.01 | 1,985,775.88 | 0.39% | 0.39% |
| DEUTSCHE TELEKOM NOM | 205,547 | EUR | 14.57 | 2,994,819.79 | 0.59% | 0.58% |
| DEUTSCHE WOHNEN | 24,000 | EUR | 36.42 | 874,080.00 | 0.17% | 0.17% |
| EON.SE | 137,000 | EUR | 9.52 | 1,304,788.00 | 0.26% | 0.25% |
| EVONIK INDUSTRIES AG | 9,000 | EUR | 27.21 | 244,890.00 | 0.05% | 0.05% |
| FRAPORT | 2,987 | EUR | 75.78 | 226,354.86 | 0.04% | 0.04% |
| FRESENIUS MEDICAL | 12,281 | EUR | 65.96 | 810,054.76 | 0.16% | 0.16% |
| FRESENIUS SE CO | 26,642 | EUR | 50.18 | 1,336,895.56 | 0.26% | 0.26% |
| FUCHS PETROLUB SE | 5,200 | EUR | 44.16 | 229,632.00 | 0.04% | 0.04% |
| GEA GROUP | 8,438 | EUR | 29.48 | 248,752.24 | 0.05% | 0.05% |
| HANNOVER RUECK SE | 4,063 | EUR | 172.30 | 700,054.90 | 0.14% | 0.14% |
| HEIDELBERGCEMENT | 9,531 | EUR | 64.96 | 619,133.76 | 0.12% | 0.12% |
| HENKEL | 9,586 | EUR | 92.20 | 883,829.20 | 0.17% | 0.17% |
| HENKEL | 7,371 | EUR | 84.00 | 619,164.00 | 0.12% | 0.12% |
| HOCHTIEF | 1,500 | EUR | 113.70 | 170,550.00 | 0.03% | 0.03% |
| INFINEON | 74,700 | EUR | 20.31 | 1,517,157.00 | 0.30% | 0.30% |
| KION GROUP AG | 3,500 | EUR | 61.56 | 215,460.00 | 0.04% | 0.04% |
| KNORR-BREMSE AG | 2,400 | EUR | 90.75 | 217,800.00 | 0.04% | 0.04% |
| LANXESS | 4,911 | EUR | 59.82 | 293,776.02 | 0.06% | 0.06% |
| MERCK | 8,222 | EUR | 105.35 | 866,187.70 | 0.17% | 0.17% |
| METRO AG | 14,662 | EUR | 14.35 | 210,399.70 | 0.04% | 0.04% |
| MTU AERO ENGINES AG | 3,500 | EUR | 254.60 | 891,100.00 | 0.17% | 0.17% |
| MUNCHENER-NOM | 8,808 | EUR | 263.00 | 2,316,504.00 | 0.45% | 0.45% |
| PORSCHE AUTOMOBIL | 8,559 | EUR | 66.64 | 570,371.76 | 0.11% | 0.11% |
| PUMA | 5,870 | EUR | 68.35 | 401,214.50 | 0.08% | 0.08% |
| RWE AG A | 34,533 | EUR | 27.35 | 944,477.55 | 0.18% | 0.18% |
| SAP | 60,530 | EUR | 120.32 | 7,282,969.60 | 1.43% | 1.42% |
| SARTORIUS VZ | 2,200 | EUR | 190.80 | 419,760.00 | 0.08% | 0.08% |
| SIEMENS HEALTH | 7,500 | EUR | 42.82 | 321,150.00 | 0.06% | 0.06% |
| SIEMENS-NOM- | 45,900 | EUR | 116.54 | 5,349,186.00 | 1.05% | 1.04% |
| SYMRISE AG | 8,000 | EUR | 93.80 | 750,400.00 | 0.15% | 0.15% |
| TELEFONICA DT H N | 65,000 | EUR | 2.58 | 167,960.00 | 0.03% | 0.03% |
| THYSSENKRUPP | 25,133 | EUR | 12.04 | 302,601.32 | 0.06% | 0.06% |
| TUI-NOM- | 22,000 | EUR | 11.40 | 250,800.00 | 0.05% | 0.05% |
| UNIPER SE | 14,000 | EUR | 29.51 | 413,140.00 | 0.08% | 0.08% |
| UNITED INTERNET | 6,015 | EUR | 29.28 | 176,119.20 | 0.03% | 0.03% |
| VONOVIA SE | 30,900 | EUR | 48.00 | 1,483,200.00 | 0.29% | 0.29% |
| VW | 1,814 | EUR | 173.25 | 314,275.50 | 0.06% | 0.06% |
| VW-PRIV- | 11,550 | EUR | 176.24 | 2,035,572.00 | 0.40% | 0.40% |
| WIRE CARD | 7,100 | EUR | 107.50 | 763,250.00 | 0.15% | 0.15% |
| ZALANDO | 7,700 | EUR | 45.18 | 347,886.00 | 0.07% | 0.07% |
| Denmark |  |  |  | 69,460,474.22 |  | 13.60% | 13.54% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AP MOELLER-MAERS -A- | 237 | DKK | 9,030.00 | 286,398.13 |  | 0.06% | 0.06% |
| AP MOELLER-MAERS -B- | 433 | DKK | 9,608.00 | 556,743.26 | 0.11% | 0.11% |
| CARLSBERG-B- | 6,396 | DKK | 993.80 | 850,631.62 | 0.17% | 0.17% |
| CHR. HANSEN HOLDING | 8,000 | DKK | 529.40 | 566,771.50 | 0.11% | 0.11% |
| COLOPLAST AS B | 8,135 | DKK | 826.40 | 899,667.31 | 0.18% | 0.18% |
| DANSKE BANK | 36,893 | DKK | 107.80 | 532,226.89 | 0.10% | 0.10% |
| DSV PANALPINA | 13,158 | DKK | 767.80 | 1,351,985.60 | 0.26% | 0.26% |
| GENMAB A-S | 3,500 | DKK | 1,481.50 | 693,911.01 | 0.14% | 0.14% |
| ISS A-S | 9,500 | DKK | 159.85 | 203,221.81 | 0.04% | 0.04% |
| LUNDBECK | 2,000 | DKK | 254.40 | 68,089.66 | 0.01% | 0.01% |
| NOVO NORDISK -B- | 106,400 | DKK | 386.65 | 5,505,461.36 | 1.08% | 1.07% |
| NOVOZYMES -B- | 14,635 | DKK | 326.00 | 638,475.74 | 0.12% | 0.12% |
| ORSTED | 12,000 | DKK | 689.00 | 1,106,457.01 | 0.22% | 0.22% |
| PANDORA AS | 5,400 | DKK | 289.80 | 209,423.89 | 0.04% | 0.04% |
| TRYG | 7,820 | DKK | 197.50 | 206,684.51 | 0.04% | 0.04% |
| VESTAS WIND NEW | 11,500 | DKK | 673.20 | 1,036,038.81 | 0.20% | 0.20% |
| WILLIAM DEMANT HLDG | 9,470 | DKK | 209.80 | 265,882.37 | 0.05% | 0.05% |
| Spain |  |  |  | 14,978,070.48 |  | 2.93% | 2.92% |
| ACS | 16,000 | EUR | 35.65 | 570,400.00 | 0.11% | 0.11% |
| AENA S.A. | 4,100 | EUR | 170.50 | 699,050.00 | 0.14% | 0.14% |
| AMADEUS IT GROUP SA | 26,600 | EUR | 72.80 | 1,936,480.00 | 0.38% | 0.38% |
| BANCO BILBAO | 404,664 | EUR | 4.98 | 2,016,440.71 | 0.39% | 0.39% |
| BANCO DE SABADELL | 285,431 | EUR | 1.04 | 296,848.24 | 0.06% | 0.06% |
| BANCO SANTANDER | 1,028,500 | EUR | 3.73 | 3,836,305.00 | 0.75% | 0.75% |
| BANKIA SA | 80,104 | EUR | 1.90 | 152,397.86 | 0.03% | 0.03% |
| BANKINTER SA | 38,200 | EUR | 6.53 | 249,522.40 | 0.05% | 0.05% |
| CAIXABANK S.A | 240,147 | EUR | 2.80 | 671,931.31 | 0.13% | 0.13% |
| CELLNEX TELECOM | 17,000 | EUR | 38.37 | 652,290.00 | 0.13% | 0.13% |
| ENAGAS | 13,019 | EUR | 22.74 | 296,052.06 | 0.06% | 0.06% |
| ENDESA | 19,000 | EUR | 23.79 | 452,010.00 | 0.09% | 0.09% |
| FERROVIAL S.A | 31,237 | EUR | 26.97 | 842,461.89 | 0.16% | 0.16% |
| GRIFOLS SA | 18,894 | EUR | 31.43 | 593,838.42 | 0.12% | 0.12% |
| IBERDROLA | 370,249 | EUR | 9.18 | 3,398,885.82 | 0.67% | 0.66% |
| INDITEX | 67,700 | EUR | 31.45 | 2,129,165.00 | 0.42% | 0.42% |
| MAPFRE | 28,393 | EUR | 2.36 | 67,007.48 | 0.01% | 0.01% |
| NATURGY ENERGY GROUP | 16,152 | EUR | 22.40 | 361,804.80 | 0.07% | 0.07% |
| RED ELECTRICA CORP | 26,000 | EUR | 17.93 | 466,050.00 | 0.09% | 0.09% |
| REPSOL | 95,452 | EUR | 13.93 | 1,329,646.36 | 0.26% | 0.26% |
| SIEMENS GAMESA | 16,600 | EUR | 15.63 | 259,541.00 | 0.05% | 0.05% |
| TELEFONICA | 286,572 | EUR | 6.23 | 1,784,483.84 | 0.35% | 0.35% |
| Finland |  |  |  | 23,062,612.19 |  | 4.51% | 4.50% |
| ELISA -A- | 7,445 | EUR | 49.25 | 366,666.25 | 0.07% | 0.07% |
| FORTUM CORP | 25,000 | EUR | 22.00 | 550,000.00 | 0.11% | 0.11% |
| KONE B | 21,000 | EUR | 58.28 | 1,223,880.00 | 0.24% | 0.24% |
| METSO VALMET | 4,456 | EUR | 35.18 | 156,762.08 | 0.03% | 0.03% |
| NESTE CORPORATION | 24,400 | EUR | 31.02 | 756,888.00 | 0.15% | 0.15% |
| NOKIA-A-NEW | 336,500 | EUR | 3.30 | 1,109,104.00 | 0.22% | 0.22% |
| NOKIAN TYRES | 9,761 | EUR | 25.63 | 250,174.43 | 0.05% | 0.05% |
| NORDEA BANK ABP | 199,742 | SEK | 75.64 | 1,437,842.06 | 0.28% | 0.28% |
| ORION -B- NEW | 7,444 | EUR | 41.27 | 307,213.88 | 0.06% | 0.06% |
| SAMPO OYJ | 27,927 | EUR | 38.91 | 1,086,639.57 | 0.21% | 0.21% |
| STORA ENSO-R- | 31,236 | EUR | 12.96 | 404,974.74 | 0.08% | 0.08% |
| UPM-KYMMENE | 33,007 | EUR | 30.91 | 1,020,246.37 | 0.20% | 0.20% |
| WARTSILA -B- | 25,989 | EUR | 9.85 | 255,991.65 | 0.05% | 0.05% |
| France |  |  |  | 8,926,383.03 |  | 1.75% | 1.74% |
| ACCOR | 12,000 | EUR | 41.75 | 501,000.00 | 0.10% | 0.10% |
| ADP | 1,990 | EUR | 176.10 | 350,439.00 | 0.07% | 0.07% |
| AIR LIQUIDE | 28,973 | EUR | 126.20 | 3,656,392.60 | 0.72% | 0.71% |
| ALSTOM | 12,758 | EUR | 42.23 | 538,770.34 | 0.11% | 0.11% |
| AMUNDI | 2,500 | EUR | 69.90 | 174,750.00 | 0.03% | 0.03% |
| ARKEMA | 4,412 | EUR | 94.70 | 417,816.40 | 0.08% | 0.08% |
| ATOS SE | 6,436 | EUR | 74.32 | 478,323.52 | 0.09% | 0.09% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AXA | 117,800 | EUR | 25.11 | 2,957,958.00 |  | 0.58% | 0.58% |
| BIOMERIEUX S.A. | 2,000 | EUR | 79.35 | 158,700.00 | 0.03% | 0.03% |
| BNP | 67,215 | EUR | 52.83 | 3,550,968.45 | 0.70% | 0.69% |
| BOLLORE | 41,172 | EUR | 3.89 | 160,159.08 | 0.03% | 0.03% |
| BOUYGUES | 13,270 | EUR | 37.88 | 502,667.60 | 0.10% | 0.10% |
| BUREAU VERITAS SA | 15,717 | EUR | 23.26 | 365,577.42 | 0.07% | 0.07% |
| CAPGEMINI | 9,282 | EUR | 108.90 | 1,010,809.80 | 0.20% | 0.20% |
| CARREFOUR SA | 39,578 | EUR | 14.95 | 591,691.10 | 0.12% | 0.12% |
| CASINO GUICHARD | 3,615 | EUR | 41.70 | 150,745.50 | 0.03% | 0.03% |
| CNP ASSURANCES | 14,354 | EUR | 17.73 | 254,496.42 | 0.05% | 0.05% |
| COINTREAU | 1,018 | EUR | 109.50 | 111,471.00 | 0.02% | 0.02% |
| COVIVIO | 2,758 | EUR | 101.20 | 279,109.60 | 0.05% | 0.05% |
| CREDIT AGRICOLE | 80,200 | EUR | 12.93 | 1,036,585.00 | 0.20% | 0.20% |
| DANONE | 38,138 | EUR | 73.90 | 2,818,398.20 | 0.55% | 0.55% |
| DASSAULT AVIATION | 121 | EUR | 1,170.00 | 141,570.00 | 0.03% | 0.03% |
| DASSAULT SYST | 8,103 | EUR | 146.55 | 1,187,494.65 | 0.23% | 0.23% |
| EDENRED SA | 14,977 | EUR | 46.10 | 690,439.70 | 0.14% | 0.13% |
| EDF | 31,039 | EUR | 9.93 | 308,155.19 | 0.06% | 0.06% |
| EIFFAGE | 5,200 | EUR | 102.00 | 530,400.00 | 0.10% | 0.10% |
| ENGIE | 110,289 | EUR | 14.40 | 1,588,161.60 | 0.31% | 0.31% |
| ESSILOR LUX | 17,364 | EUR | 135.80 | 2,358,031.20 | 0.46% | 0.46% |
| EURAZEO SE | 2,534 | EUR | 61.00 | 154,574.00 | 0.03% | 0.03% |
| EUTELSAT COMM. | 10,000 | EUR | 14.49 | 144,900.00 | 0.03% | 0.03% |
| FAURECIA | 3,300 | EUR | 48.03 | 158,499.00 | 0.03% | 0.03% |
| GECINA | 3,600 | EUR | 159.60 | 574,560.00 | 0.11% | 0.11% |
| GETLINK | 22,100 | EUR | 15.51 | 342,771.00 | 0.07% | 0.07% |
| HERMES | 1,900 | EUR | 666.20 | 1,265,780.00 | 0.25% | 0.25% |
| ICADE | 558 | EUR | 97.05 | 54,153.90 | 0.01% | 0.01% |
| ILIAD SA | 1,507 | EUR | 115.55 | 174,133.85 | 0.03% | 0.03% |
| INGENICO | 3,630 | EUR | 96.80 | 351,384.00 | 0.07% | 0.07% |
| IPSEN | 2,800 | EUR | 79.00 | 221,200.00 | 0.04% | 0.04% |
| JC DECAUX | 5,000 | EUR | 27.48 | 137,400.00 | 0.03% | 0.03% |
| KERING | 4,672 | EUR | 585.20 | 2,734,054.40 | 0.54% | 0.53% |
| KLEPIERRE | 9,387 | EUR | 33.85 | 317,749.95 | 0.06% | 0.06% |
| LEGRAND-PROV.OPO | 17,407 | EUR | 72.64 | 1,264,444.48 | 0.25% | 0.25% |
| L OREAL | 14,982 | EUR | 264.00 | 3,955,248.00 | 0.77% | 0.77% |
| LVMH MOET HENNESSY | 16,675 | EUR | 414.20 | 6,906,785.00 | 1.35% | 1.35% |
| MICHELIN-B- | 11,237 | EUR | 109.10 | 1,225,956.70 | 0.24% | 0.24% |
| NATIXIS | 36,035 | EUR | 3.96 | 142,626.53 | 0.03% | 0.03% |
| ORANGE SA | 123,494 | EUR | 13.12 | 1,620,241.28 | 0.32% | 0.32% |
| PERNOD-RICARD | 13,141 | EUR | 159.40 | 2,094,675.40 | 0.41% | 0.41% |
| PEUGEOT-SICOVAM-NEW | 40,000 | EUR | 21.30 | 852,000.00 | 0.17% | 0.17% |
| PUBLICIS NEW | 14,621 | EUR | 40.36 | 590,103.56 | 0.12% | 0.12% |
| RENAULT | 13,473 | EUR | 42.18 | 568,291.14 | 0.11% | 0.11% |
| SAFRAN | 19,012 | EUR | 137.65 | 2,617,001.80 | 0.51% | 0.51% |
| SAINT-GOBAIN | 32,032 | EUR | 36.50 | 1,169,168.00 | 0.23% | 0.23% |
| SANOFI | 70,000 | EUR | 89.62 | 6,273,400.00 | 1.23% | 1.22% |
| SARTORIUS STEDIM | 2,000 | EUR | 147.70 | 295,400.00 | 0.06% | 0.06% |
| SCHNEIDER ELECTRIC | 34,390 | EUR | 91.50 | 3,146,685.00 | 0.62% | 0.61% |
| SCOR | 11,512 | EUR | 37.42 | 430,779.04 | 0.08% | 0.08% |
| SEB SA | 2,000 | EUR | 132.40 | 264,800.00 | 0.05% | 0.05% |
| SOCGEN-A- | 49,383 | EUR | 31.02 | 1,531,613.75 | 0.30% | 0.30% |
| SODEXO | 4,884 | EUR | 105.65 | 515,994.60 | 0.10% | 0.10% |
| SUEZ SA | 21,346 | EUR | 13.48 | 287,850.81 | 0.06% | 0.06% |
| TELEPERFORMANCE | 3,800 | EUR | 217.40 | 826,120.00 | 0.16% | 0.16% |
| THALES | 7,284 | EUR | 92.52 | 673,915.68 | 0.13% | 0.13% |
| TOTAL NEW | 144,937 | EUR | 49.20 | 7,130,900.40 | 1.40% | 1.39% |
| UBISOFT | 6,000 | EUR | 61.58 | 369,480.00 | 0.07% | 0.07% |
| UNIBAIL RODAMCO WEST | 9,200 | EUR | 140.65 | 1,293,980.00 | 0.25% | 0.25% |
| VALEO SA | 14,000 | EUR | 31.41 | 439,740.00 | 0.09% | 0.09% |
| VEOLIA ENVIRON. | 35,794 | EUR | 23.71 | 848,675.74 | 0.17% | 0.17% |
| VINCI | 31,997 | EUR | 99.00 | 3,167,703.00 | 0.62% | 0.62% |
| VIVENDI | 50,800 | EUR | 25.82 | 1,311,656.00 | 0.26% | 0.26% |
| WENDEL | 1,927 | EUR | 118.50 | 228,349.50 | 0.04% | 0.04% |
| WORLDLINE SA | 7,078 | EUR | 63.15 | 446,975.70 | 0.09% | 0.09% |
| United Kingdom |  |  |  | 85,992,802.58 |  | 16.83% | 16.77% |
| 3I GROUP | 53,246 | GBP | 10.98 | 689,964.10 | 0.14% | 0.13% |
| ADMIRAL GROUP | 9,953 | GBP | 23.09 | 271,215.87 | 0.05% | 0.05% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ANGLO AMERICAN | 64,736 | GBP | 21.73 | 1,660,132.51 |  | 0.32% | 0.32% |
| ANTOFAGASTA | 20,581 | GBP | 9.17 | 222,678.48 | 0.04% | 0.04% |
| ASHTEAD GROUP | 26,400 | GBP | 24.14 | 752,104.80 | 0.15% | 0.15% |
| ASTRAZENECA | 79,471 | GBP | 76.07 | 7,134,429.66 | 1.40% | 1.39% |
| AUTO TRADER GRP | 53,000 | GBP | 5.95 | 371,910.07 | 0.07% | 0.07% |
| AVEVA GROUP PLC | 4,500 | GBP | 46.56 | 247,265.00 | 0.05% | 0.05% |
| AVIVA | 254,924 | GBP | 4.19 | 1,259,652.79 | 0.25% | 0.25% |
| BAE SYSTEMS | 189,685 | GBP | 5.65 | 1,264,342.81 | 0.25% | 0.25% |
| BARCLAYS NEW | 1,037,175 | GBP | 1.80 | 2,198,833.03 | 0.43% | 0.43% |
| BARRATT DEVELOPMENT | 65,100 | GBP | 7.47 | 573,596.03 | 0.11% | 0.11% |
| BERKELEY GROUP-UNITS | 7,500 | GBP | 48.59 | 430,076.12 | 0.08% | 0.08% |
| BHP GROUP PLC | 128,100 | GBP | 17.77 | 2,686,116.48 | 0.53% | 0.52% |
| BP PLC | 1,235,184 | GBP | 4.72 | 6,874,523.80 | 1.35% | 1.34% |
| BRITISH AMER TOBACCO | 138,700 | GBP | 32.31 | 5,289,538.56 | 1.04% | 1.03% |
| BRITISH FOODS | 21,600 | GBP | 25.98 | 662,262.35 | 0.13% | 0.13% |
| BRITISH LAND | 57,318 | GBP | 6.39 | 432,108.79 | 0.08% | 0.08% |
| BT GROUP | 537,444 | GBP | 1.92 | 1,220,578.54 | 0.24% | 0.24% |
| BUNZL NEW | 20,939 | GBP | 20.65 | 510,285.42 | 0.10% | 0.10% |
| BURBERRY GROUP | 26,346 | GBP | 22.05 | 685,583.64 | 0.13% | 0.13% |
| CARNIVAL PLC | 9,600 | GBP | 36.44 | 412,844.75 | 0.08% | 0.08% |
| CENTRICA PLC | 289,831 | GBP | 0.89 | 305,445.31 | 0.06% | 0.06% |
| COCA-COLA EUROPEAN | 12,000 | USD | 50.88 | 543,928.73 | 0.11% | 0.11% |
| COMPASS GROUP | 95,213 | GBP | 18.90 | 2,123,710.04 | 0.42% | 0.41% |
| CRODA INTERNATIONAL | 9,473 | GBP | 51.20 | 572,393.46 | 0.11% | 0.11% |
| DIAGEO | 147,344 | GBP | 32.01 | 5,565,285.56 | 1.09% | 1.09% |
| DIRECT LINE INS | 106,833 | GBP | 3.12 | 393,996.73 | 0.08% | 0.08% |
| EASYJET | 12,000 | GBP | 14.24 | 201,734.82 | 0.04% | 0.04% |
| EVRAZ PLC | 30,000 | GBP | 4.04 | 143,034.17 | 0.03% | 0.03% |
| G4S | 63,835 | GBP | 2.18 | 164,230.01 | 0.03% | 0.03% |
| GLAXOSMITHKLINE | 302,090 | GBP | 17.79 | 6,342,339.18 | 1.24% | 1.24% |
| HALMA PLC | 23,000 | GBP | 21.16 | 574,355.34 | 0.11% | 0.11% |
| HARGREAVES LANSD | 17,000 | GBP | 19.35 | 388,210.30 | 0.08% | 0.08% |
| HSBC HOLDINGS | 1,242,293 | GBP | 5.92 | 8,677,798.16 | 1.70% | 1.69% |
| IMPERIAL BRANDS | 56,466 | GBP | 18.69 | 1,245,470.63 | 0.24% | 0.24% |
| INFORMA PLC | 82,700 | GBP | 8.57 | 836,418.25 | 0.16% | 0.16% |
| INTERCONT HOTELS | 10,464 | GBP | 52.08 | 643,140.52 | 0.13% | 0.13% |
| INTERTEK GROUP | 10,726 | GBP | 58.52 | 740,762.99 | 0.15% | 0.14% |
| ITV | 207,784 | GBP | 1.51 | 370,276.56 | 0.07% | 0.07% |
| JD SPORTS FSN | 31,000 | GBP | 8.37 | 306,359.83 | 0.06% | 0.06% |
| JOHNSON MATTHEY | 11,748 | GBP | 29.96 | 415,377.45 | 0.08% | 0.08% |
| KINGFISHER NEW | 163,408 | GBP | 2.17 | 418,475.67 | 0.08% | 0.08% |
| LAND SECS REIT | 43,803 | GBP | 9.90 | 511,771.64 | 0.10% | 0.10% |
| LEGAL | 341,400 | GBP | 3.03 | 1,220,796.60 | 0.24% | 0.24% |
| LLOYDS BK GROUP PLC | 4,231,065 | GBP | 0.62 | 3,120,806.79 | 0.61% | 0.61% |
| LONDON STOCK EXCHANG | 18,910 | GBP | 77.50 | 1,729,539.15 | 0.34% | 0.34% |
| MARKS SPENCER NEW | 108,179 | GBP | 2.13 | 272,569.98 | 0.05% | 0.05% |
| MEGGITT | 57,000 | GBP | 6.57 | 441,819.79 | 0.09% | 0.09% |
| MELROSE INDUSTRIES | 324,535 | GBP | 2.40 | 919,582.86 | 0.18% | 0.18% |
| M-G PLC | 175,800 | GBP | 2.37 | 492,119.67 | 0.10% | 0.10% |
| MICRO FOCUS INTL | 23,184 | GBP | 10.64 | 291,062.01 | 0.06% | 0.06% |
| MONDI PLC | 29,000 | GBP | 17.73 | 606,626.54 | 0.12% | 0.12% |
| MORRISON SUPERMARKET | 180,000 | GBP | 2.00 | 424,429.10 | 0.08% | 0.08% |
| NATIONAL GRID PLC | 210,270 | GBP | 9.44 | 2,343,281.54 | 0.46% | 0.46% |
| NEXT | 7,595 | GBP | 70.18 | 629,040.07 | 0.12% | 0.12% |
| NMC HEALTH PLC | 5,000 | GBP | 17.67 | 104,266.24 | 0.02% | 0.02% |
| OCADO GROUP PLC | 28,100 | GBP | 12.79 | 424,144.69 | 0.08% | 0.08% |
| PEARSON | 49,696 | GBP | 6.37 | 373,592.40 | 0.07% | 0.07% |
| PERSIMMON | 20,000 | GBP | 26.95 | 636,100.78 | 0.12% | 0.12% |
| PRUDENTIAL | 165,000 | GBP | 14.49 | 2,821,561.34 | 0.55% | 0.55% |
| RECKITT BENCKISER | 43,630 | GBP | 61.29 | 3,155,818.37 | 0.62% | 0.62% |
| RELX PLC | 118,200 | GBP | 19.05 | 2,658,052.75 | 0.52% | 0.52% |
| RENTOKIL INITIAL NEW | 118,000 | GBP | 4.53 | 630,837.32 | 0.12% | 0.12% |
| RIO TINTO-LONDON- | 68,400 | GBP | 45.03 | 3,634,923.00 | 0.71% | 0.71% |
| ROLLS-ROYCE -C- | 9,785,220 | GBP | 0.00 | 11,548.03 | 0.00% | 0.00% |
| ROLLS-ROYCE HLDGS | 97,220 | GBP | 6.83 | 783,863.86 | 0.15% | 0.15% |
| ROYAL BK SCOTLAND | 283,981 | GBP | 2.40 | 805,341.76 | 0.16% | 0.16% |
| ROYAL DUTCH SHELL-A | 265,268 | EUR | 26.16 | 6,940,737.22 | 1.36% | 1.35% |
| ROYAL DUTCH SHELL-B | 226,382 | GBP | 22.39 | 5,983,153.23 | 1.17% | 1.17% |
| RSA INSUR GRP | 70,000 | GBP | 5.66 | 467,244.94 | 0.09% | 0.09% |
| SAGE GRP | 59,026 | GBP | 7.49 | 521,749.86 | 0.10% | 0.10% |
| SAINSBURY | 107,439 | GBP | 2.30 | 291,499.69 | 0.06% | 0.06% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| SCHRODERS NEW | 9,473 | GBP | 33.34 | 372,726.52 |  | 0.07% | 0.07% |
| SEGRO PLC -REIT- | 60,000 | GBP | 8.97 | 635,298.28 | 0.12% | 0.12% |
| SEVERN TRENT | 18,986 | GBP | 25.15 | 563,519.09 | 0.11% | 0.11% |
| SMITH NEPHEW | 52,377 | GBP | 18.32 | 1,132,717.92 | 0.22% | 0.22% |
| SMITHS GROUP | 25,000 | GBP | 16.87 | 497,728.21 | 0.10% | 0.10% |
| SPIRAX SARCO ENG | 4,500 | GBP | 88.90 | 472,118.96 | 0.09% | 0.09% |
| SSE PLC | 59,410 | GBP | 14.38 | 1,008,571.25 | 0.20% | 0.20% |
| ST.JAMES PLACE | 28,000 | GBP | 11.64 | 384,799.67 | 0.08% | 0.08% |
| STANDARD CHARTERED-N | 164,151 | GBP | 7.12 | 1,380,081.10 | 0.27% | 0.27% |
| STANDARD LIFE ABERD | 150,000 | GBP | 3.28 | 580,810.76 | 0.11% | 0.11% |
| TAYLOR WIMPEY | 179,200 | GBP | 1.93 | 409,007.85 | 0.08% | 0.08% |
| TESCO | 591,900 | GBP | 2.55 | 1,782,650.38 | 0.35% | 0.35% |
| UNILEVER PLC | 65,969 | GBP | 43.51 | 3,387,008.14 | 0.66% | 0.66% |
| UNITED UTILITIES GRP | 37,000 | GBP | 9.43 | 411,940.76 | 0.08% | 0.08% |
| VODAFONE GROUP | 1,591,810 | GBP | 1.47 | 2,756,995.76 | 0.54% | 0.54% |
| WEIR GROUP | 16,610 | GBP | 15.10 | 295,896.56 | 0.06% | 0.06% |
| WHITBREAD PLC | 8,168 | GBP | 48.46 | 467,128.44 | 0.09% | 0.09% |
| Ireland |  |  |  | 126,609,668.18 |  | 24.79% | 24.68% |
| AIB GROUP PLC | 59,700 | EUR | 3.11 | 185,428.20 | 0.04% | 0.04% |
| BIRG GRP PLC | 47,600 | EUR | 4.88 | 232,383.20 | 0.05% | 0.05% |
| CRH | 50,131 | EUR | 35.67 | 1,788,172.77 | 0.35% | 0.35% |
| DCC | 6,000 | GBP | 65.44 | 463,374.05 | 0.09% | 0.09% |
| KERRY | 9,514 | EUR | 111.10 | 1,057,005.40 | 0.21% | 0.21% |
| KINGSPAN GROUP PLC | 8,900 | EUR | 54.45 | 484,605.00 | 0.09% | 0.09% |
| PADDY POWER BET | 4,500 | EUR | 108.35 | 487,575.00 | 0.10% | 0.10% |
| SMURFIT KAPPA | 13,000 | EUR | 34.26 | 445,380.00 | 0.09% | 0.09% |
| Isle of Man |  |  |  | 5,143,923.62 |  | 1.01% | 1.00% |
| GVC HOLDINGS PLC | 31,900 | GBP | 8.84 | 332,872.84 | 0.07% | 0.06% |
| Italy |  |  |  | 332,872.84 |  | 0.07% | 0.06% |
| ATLANTIA SPA | 28,361 | EUR | 20.79 | 589,625.19 | 0.12% | 0.11% |
| CAMPARI N | 37,000 | EUR | 8.14 | 301,180.00 | 0.06% | 0.06% |
| ENEL NEW | 491,681 | EUR | 7.07 | 3,477,168.03 | 0.68% | 0.68% |
| ENI SPA | 148,894 | EUR | 13.85 | 2,061,586.32 | 0.40% | 0.40% |
| FINECOBANK SPA | 41,000 | EUR | 10.69 | 438,290.00 | 0.09% | 0.09% |
| GENERALI | 69,570 | EUR | 18.39 | 1,279,740.15 | 0.25% | 0.25% |
| INTESA SANPAOLO | 906,726 | EUR | 2.35 | 2,129,446.01 | 0.42% | 0.42% |
| LEONARDO S.P.A | 21,256 | EUR | 10.45 | 222,125.20 | 0.04% | 0.04% |
| MEDIOBANCA | 34,748 | EUR | 9.81 | 341,016.87 | 0.07% | 0.07% |
| MONCLER SPA | 9,900 | EUR | 40.07 | 396,693.00 | 0.08% | 0.08% |
| PIRELLI C S.P.A. | 9,300 | EUR | 5.14 | 47,802.00 | 0.01% | 0.01% |
| POSTE ITALIANE | 25,300 | EUR | 10.12 | 256,036.00 | 0.05% | 0.05% |
| PRYSMIAN SPA | 16,007 | EUR | 21.49 | 343,990.43 | 0.07% | 0.07% |
| RECORDATI IND-NEW | 8,500 | EUR | 37.57 | 319,345.00 | 0.06% | 0.06% |
| SNAM SPA | 141,497 | EUR | 4.69 | 663,054.94 | 0.13% | 0.13% |
| TELECOM ITALIA | 400,000 | EUR | 0.55 | 218,320.00 | 0.04% | 0.04% |
| TELECOM ITALIA | 594,299 | EUR | 0.56 | 330,667.96 | 0.06% | 0.06% |
| TERNA | 95,520 | EUR | 5.95 | 568,726.08 | 0.11% | 0.11% |
| UNICREDIT SPA | 122,448 | EUR | 13.02 | 1,594,272.96 | 0.31% | 0.31% |
| Jersey |  |  |  | 15,579,086.14 |  | 3.05% | 3.04% |
| EXPERIAN | 58,000 | GBP | 25.52 | 1,746,810.64 | 0.34% | 0.34% |
| FERGUSON NEWCO PLC | 13,564 | GBP | 68.50 | 1,096,517.38 | 0.21% | 0.21% |
| GLENCORE PLC | 674,471 | GBP | 2.35 | 1,873,331.56 | 0.37% | 0.37% |
| WPP PLC | 82,949 | GBP | 10.66 | 1,044,020.88 | 0.20% | 0.20% |
| Luxembourg (Grand Duchy) |  |  |  | 5,760,680.46 |  | 1.13% | 1.12% |
| ARCELORMITTAL | 42,409 | EUR | 15.64 | 663,361.58 | 0.13% | 0.13% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AROUNDTOWN S.A. | 68,000 | EUR | 7.98 | 542,912.00 |  | 0.11% | 0.11% |
| EUROFINS SCIENTIFIC | 550 | EUR | 494.20 | 271,810.00 | 0.05% | 0.05% |
| MILLICOM INTL CEL | 4,331 | SEK | 448.60 | 184,900.34 | 0.04% | 0.04% |
| SES-FDR-ANC | 19,456 | EUR | 12.50 | 243,200.00 | 0.05% | 0.05% |
| TENARIS | 34,576 | EUR | 10.05 | 347,488.80 | 0.07% | 0.07% |
| Netherlands |  |  |  | 2,253,672.72 |  | 0.44% | 0.44% |
| ABN AMRO DR | 26,000 | EUR | 16.22 | 421,720.00 | 0.08% | 0.08% |
| ADYEN N.V. | 650 | EUR | 731.00 | 475,150.00 | 0.09% | 0.09% |
| AEGON | 121,975 | EUR | 4.07 | 496,072.33 | 0.10% | 0.10% |
| AERCAP HOLDINGS NV | 7,000 | USD | 61.47 | 383,331.85 | 0.08% | 0.07% |
| AIRBUS | 34,836 | EUR | 130.48 | 4,545,401.28 | 0.89% | 0.89% |
| AKZO NOBEL NV | 13,245 | EUR | 90.64 | 1,200,526.80 | 0.24% | 0.23% |
| ALTICE EUROPE NV -A- | 47,000 | EUR | 5.75 | 270,156.00 | 0.05% | 0.05% |
| ASML HOLDING NV | 26,300 | EUR | 263.70 | 6,935,310.00 | 1.36% | 1.35% |
| CNH INDUSTRIAL | 63,777 | EUR | 9.79 | 624,376.83 | 0.12% | 0.12% |
| DSM | 11,500 | EUR | 116.10 | 1,335,150.00 | 0.26% | 0.26% |
| EXOR RG | 6,360 | EUR | 69.08 | 439,348.80 | 0.09% | 0.09% |
| FERRARI NV | 7,417 | EUR | 147.90 | 1,096,974.30 | 0.21% | 0.21% |
| FIAT CHRYSLER INV | 65,922 | EUR | 13.19 | 869,774.87 | 0.17% | 0.17% |
| HEINEKEN | 6,601 | EUR | 86.40 | 570,326.40 | 0.11% | 0.11% |
| HEINEKEN- | 15,824 | EUR | 94.92 | 1,502,014.08 | 0.29% | 0.29% |
| ING GROUP | 242,600 | EUR | 10.69 | 2,592,908.80 | 0.51% | 0.51% |
| KONINKLIJKE AHOLD | 73,473 | EUR | 22.30 | 1,638,080.54 | 0.32% | 0.32% |
| KONINKLIJKE VOPAK | 4,941 | EUR | 48.33 | 238,798.53 | 0.05% | 0.05% |
| KPN NEW | 225,022 | EUR | 2.63 | 592,032.88 | 0.12% | 0.12% |
| NN GROUP NV | 16,087 | EUR | 33.82 | 544,062.34 | 0.11% | 0.11% |
| NXP SEMICONDUCTORS | 16,700 | USD | 127.33 | 1,894,352.78 | 0.37% | 0.37% |
| PHILIPS NV | 53,833 | EUR | 43.52 | 2,342,812.16 | 0.46% | 0.46% |
| PROSUS NV | 31,000 | EUR | 66.53 | 2,062,430.00 | 0.40% | 0.40% |
| QIAGEN RG | 13,871 | EUR | 30.46 | 422,510.66 | 0.08% | 0.08% |
| RANDSTAD N.V. | 6,370 | EUR | 54.44 | 346,782.80 | 0.07% | 0.07% |
| STMICROELECTRONICS | 39,654 | EUR | 23.97 | 950,506.38 | 0.19% | 0.19% |
| UNILEVER NEW | 90,972 | EUR | 51.23 | 4,660,495.56 | 0.91% | 0.91% |
| WOLTERS KLUWER | 17,125 | EUR | 65.02 | 1,113,467.50 | 0.22% | 0.22% |
| Norway |  |  |  | 40,564,874.47 |  | 7.94% | 7.91% |
| AKER BP | 9,000 | NOK | 288.00 | 262,780.38 | 0.05% | 0.05% |
| DNB HOLDING -A- | 56,299 | NOK | 164.00 | 936,057.38 | 0.18% | 0.18% |
| EQUINOR ASA | 58,800 | NOK | 175.50 | 1,046,194.40 | 0.20% | 0.20% |
| GJENSIDIGE FORSIKRI | 11,000 | NOK | 184.25 | 205,474.59 | 0.04% | 0.04% |
| MOWI ASA | 27,200 | NOK | 228.20 | 629,277.91 | 0.12% | 0.12% |
| NORSK | 65,599 | NOK | 32.64 | 217,072.75 | 0.04% | 0.04% |
| ORKLA | 39,563 | NOK | 88.96 | 356,814.04 | 0.07% | 0.07% |
| SCHIBSTED -B- | 2,900 | NOK | 251.80 | 74,030.67 | 0.01% | 0.01% |
| TELENOR | 51,727 | NOK | 157.45 | 825,691.66 | 0.16% | 0.16% |
| YARA INTERNATIONAL | 10,454 | NOK | 365.20 | 387,053.69 | 0.08% | 0.08% |
| Portugal |  |  |  | 4,940,447.47 |  | 0.97% | 0.96% |
| BANCO ESPIRITO | 191,850 | EUR | 0.00 | 0.00 | 0.00% | 0.00% |
| EDP-ENERGIAS-REG | 164,454 | EUR | 3.86 | 635,450.26 | 0.12% | 0.12% |
| GALP ENERGIA -B- | 25,922 | EUR | 14.90 | 386,237.80 | 0.08% | 0.08% |
| JERONIMO | 16,615 | EUR | 14.66 | 243,658.98 | 0.05% | 0.05% |
| Sweden |  |  |  | 1,265,347.04 |  | 0.25% | 0.25% |
| ALFA LAVAL | 22,426 | SEK | 235.90 | 503,465.86 | 0.10% | 0.10% |
| ASSA ABLOY AB -B- | 64,731 | SEK | 219.00 | 1,349,107.94 | 0.26% | 0.26% |
| ATLAS COPCO-A RG | 43,600 | SEK | 373.60 | 1,550,185.34 | 0.30% | 0.30% |
| ATLAS COPCO-B | 22,195 | SEK | 325.20 | 686,903.86 | 0.13% | 0.13% |
| BOLIDEN AB | 15,400 | SEK | 248.50 | 364,197.85 | 0.07% | 0.07% |
| ELECTROLUX | 12,466 | SEK | 229.90 | 272,744.73 | 0.05% | 0.05% |
| EPIROC AB-A | 42,100 | SEK | 114.35 | 458,150.89 | 0.09% | 0.09% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EPIROC AB-B | 29,895 | SEK | 111.05 | 315,942.02 |  | 0.06% | 0.06% |
| ERICSSON-B- | 186,000 | SEK | 81.56 | 1,443,711.55 | 0.28% | 0.28% |
| ESSITY -B- | 35,300 | SEK | 301.80 | 1,013,874.52 | 0.20% | 0.20% |
| HENNES MAURITZ AB | 48,034 | SEK | 190.48 | 870,739.82 | 0.17% | 0.17% |
| HEXAGON AB | 15,283 | SEK | 525.00 | 763,586.40 | 0.15% | 0.15% |
| HUSQVARNA B | 30,447 | SEK | 75.02 | 217,376.12 | 0.04% | 0.04% |
| ICA GRUPPEN AB | 5,300 | SEK | 437.20 | 220,519.14 | 0.04% | 0.04% |
| INDUSTRIVAERDEN AB | 7,500 | SEK | 225.90 | 161,238.13 | 0.03% | 0.03% |
| INVESTOR-B- | 29,670 | SEK | 511.20 | 1,443,439.75 | 0.28% | 0.28% |
| KINNEVIK AB | 12,300 | SEK | 229.00 | 268,059.29 | 0.05% | 0.05% |
| LUNDBERG -B- | 6,000 | SEK | 411.00 | 234,683.92 | 0.05% | 0.05% |
| LUNDIN PETRO | 12,000 | SEK | 318.30 | 363,503.13 | 0.07% | 0.07% |
| SANDVIK-AB- | 67,900 | SEK | 182.65 | 1,180,265.52 | 0.23% | 0.23% |
| SECURITAS | 18,012 | SEK | 161.45 | 276,751.67 | 0.05% | 0.05% |
| SKANDINAVISKA | 113,300 | SEK | 88.08 | 949,724.16 | 0.19% | 0.19% |
| SKANSKA-B- | 18,436 | SEK | 211.70 | 371,430.72 | 0.07% | 0.07% |
| SKF-B-ANC | 22,379 | SEK | 189.40 | 403,376.80 | 0.08% | 0.08% |
| SVENSKA HANDELSBK A | 89,499 | SEK | 100.90 | 859,408.45 | 0.17% | 0.17% |
| SWEDBANK A | 55,000 | SEK | 139.45 | 729,913.64 | 0.14% | 0.14% |
| SWEDISH MATCH | 12,086 | SEK | 482.80 | 555,315.91 | 0.11% | 0.11% |
| TELE2 | 24,891 | SEK | 135.85 | 321,804.61 | 0.06% | 0.06% |
| TELIA COMPANY AB | 171,805 | SEK | 40.25 | 658,100.09 | 0.13% | 0.13% |
| VOLVO-B | 87,401 | SEK | 156.90 | 1,305,057.40 | 0.26% | 0.25% |
|  |  |  |  | 20,112,579.23 |  | 3.94% | 3.92% |
| Total - Shares |  |  |  | 510,816,752.04 | 100.00% | 99.59% |
| Total - Transferable securities admitted to an official stock exchange listing |  |  |  | 510,816,752.04 | 100.00% | 99.59% |
| Other transferable securities |  |  |  |  |  |  |
| Shares |  |  |  |  |  |  |
| United Kingdom |  |  |  |  |  |  |
| ROLLS-ROYCE JAN 2020 | 5,327,720 | GBP | 0.00 | 6,287.51 | 0.00% | 0.00% |
|  |  |  |  | 6,287.51 |  | 0.00% | 0.00% |
| Total - Shares |  |  |  | 6,287.51 | 0.00% | 0.00% |
| Total - Other transferable securities |  |  |  | 6,287.51 | 0.00% | 0.00% |
| Total - portfolio |  |  |  | 510,823,039.55 | 100.00% | 99.59% |
| Collatéral |  |  |  | 0.00 |  | 0.00% |
| Deposits and liquid assets |  |  |  |  |  |  |
| deposit and liquid assets |  |  |  |  |  |  |
| Intérêts sur CC |  | USD |  | 12.09 |  | 0.00% |
| Banque Degroof Petercam |  | EUR |  | 2,534,841.85 |  | 0.49% |
| Banque Degroof Petercam |  | CHF |  | 16,914.79 |  | 0.00% |
| Banque Degroof Petercam |  | DKK |  | 2,726.98 |  | 0.00% |
| Banque Degroof Petercam |  | NOK |  | 51,961.57 |  | 0.01% |
| Banque Degroof Petercam |  | GBP |  | 6,349.11 |  | 0.00% |
| Banque Degroof Petercam |  | CHF |  | 34.23 |  | 0.00% |
| Banque Degroof Petercam |  | AUD |  | 0.56 |  | 0.00% |
| Banque Degroof Petercam |  | GBP |  | 164,998.26 |  | 0.03% |
| Intérêts sur CC Chg. |  | SEK |  | 0.29 |  | 0.00% |
| Intérêts sur CC |  | NOK |  | 41.88 |  | 0.00% |
| Intérêts sur CC Chg. |  | DKK |  | 0.01 |  | 0.00% |

| Description | Quantity at 31 December 2019 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Banque Degroof Petercam |  | USD |  | 19,375.36 |  |  | 0.00% |
| Banque Degroof Petercam | SEK | 51,527.97 | 0.01% |
| Total - deposit and liquid assets |  | 2,848,784.95 | 0.56% |
| Total - Deposits and liquid assets |  | 2,848,784.95 | 0.56% |
| Other receivables and other payables |  | -745,477.13 | -0.15% |
| Others |  | 0.00 | 0.00% |
| Total net assets |  | 512,926,347.37 | 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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