# 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 | 29,063 15,876 8,636 27,053 26,620 34,247 101,797 11,344 30,620 39,500 47,368 5,458 16,958 20,291 29,100 3,889 55,061 13,229 8,433 7,200 18,512 9,335 111,000 10,358 15,134 43,340 132,369 | USD USD USD USD USD USD USD USD USD EUR USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD | 36.07 28.55 65.58 89.83 17.43 153.92 21.83 24.24 23.65 213.00 261.21 116.38 211.27 130.29 120.14 165.05 46.59 53.09 44.72 189.54 145.16 210.68 11.77 119.66 74.69 174.79 107.15 |  |  |  |  |
| stock exchange listing |  |  |  |
| Shares |  |  |  |
| Bermuda |  |  |  |
| ARCH CAP GRP | 856,771.21 | 0.09% | 0.09% |
| AXALTA COAT SYST | 370,446.49 | 0.04% | 0.04% |
| BUNGE | 462,873.51 | 0.05% | 0.05% |
| IHS MARKIT LTD | 1,986,164.02 | 0.20% | 0.20% |
| INVESCO | 379,213.44 | 0.04% | 0.04% |
| Switzerland | 4,055,468.67 |  | 0.42% | 0.42% |
| CHUBB | 4,308,200.11 | 0.44% | 0.44% |
| Curacao | 4,308,200.11 |  | 0.44% | 0.44% |
| SCHLUMBERGER | 1,816,213.89 | 0.19% | 0.19% |
| United Kingdom | 1,816,213.89 |  | 0.19% | 0.19% |
| LIBERTY GLOBAL A | 224,738.31 | 0.02% | 0.02% |
| LIBERTY GLOBAL -C- | 591,854.03 | 0.06% | 0.06% |
| LINDE | 8,413,500.00 | 0.86% | 0.86% |
| Ireland | 9,230,092.34 |  | 0.95% | 0.95% |
| ACCENTURE PLC CL A | 10,112,374.06 | 1.04% | 1.04% |
| ALLEGION PLC | 519,146.78 | 0.05% | 0.05% |
| AON PLC | 2,928,132.61 | 0.30% | 0.30% |
| APTIV PLC | 2,160,691.75 | 0.22% | 0.22% |
| EATON CORP -NPV- | 2,857,320.09 | 0.29% | 0.29% |
| JAZZ PHARMACEUTICAL | 524,604.18 | 0.05% | 0.05% |
| JOHNSON CONTROLS | 2,096,597.60 | 0.21% | 0.21% |
| PENTAIR PLC | 574,008.10 | 0.06% | 0.06% |
| PERRIGO CO | 308,220.96 | 0.03% | 0.03% |
| STERIS PLC | 1,115,351.23 | 0.11% | 0.11% |
| TRANE TECHNOLOGIES | 2,196,233.84 | 0.23% | 0.22% |
| WILLIS TOWERS WATSON | 1,607,370.19 | 0.16% | 0.16% |
| Jersey | 27,000,051.39 |  | 2.77% | 2.76% |
| AMCOR PLC | 1,067,770.01 | 0.11% | 0.11% |
| Cayman | 1,067,770.01 |  | 0.11% | 0.11% |
| GARMIN LTD | 1,012,985.39 | 0.10% | 0.10% |
| Liberia | 1,012,985.39 |  | 0.10% | 0.10% |
| ROYAL CARIBBEAN | 923,835.12 | 0.09% | 0.09% |
| United States of America | 923,835.12 |  | 0.09% | 0.09% |
| 3M | 6,191,327.37 | 0.63% | 0.63% |
| ABBVIE | 11,591,956.48 | 1.19% | 1.19% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ABIOMED INC | 3,000 | USD | 324.20 | 794,900.09 |  | 0.08% | 0.08% |
| ACTIVISION BLIZZARD | 57,000 | USD | 92.85 | 4,325,487.31 | 0.44% | 0.44% |
| ADOBE INC | 35,799 | USD | 500.12 | 14,632,663.87 | 1.50% | 1.50% |
| ADVANCE AUTO PARTS | 5,306 | USD | 157.51 | 683,051.82 | 0.07% | 0.07% |
| AGILENT | 23,436 | USD | 118.49 | 2,269,569.40 | 0.23% | 0.23% |
| ALEXANDRIA REIT | 9,827 | USD | 178.22 | 1,431,382.40 | 0.15% | 0.15% |
| ALIGN TECHNOLOGY | 5,768 | USD | 534.38 | 2,519,148.25 | 0.26% | 0.26% |
| ALLSTATE | 24,034 | USD | 109.93 | 2,159,337.68 | 0.22% | 0.22% |
| ALLY FINANCIAL | 26,287 | USD | 35.66 | 766,126.78 | 0.08% | 0.08% |
| ALPHABET INC -A- | 22,404 | USD | 1,752.64 | 32,091,983.62 | 3.29% | 3.29% |
| ALPHABET INC -C- | 22,383 | USD | 1,751.88 | 32,047,999.71 | 3.28% | 3.28% |
| AMERCO | 689 | USD | 453.96 | 255,631.92 | 0.03% | 0.03% |
| AMERICAN EXPRESS | 52,052 | USD | 120.91 | 5,143,727.12 | 0.53% | 0.53% |
| AMERICAN FINANCIAL | 7,604 | USD | 87.62 | 544,532.29 | 0.06% | 0.06% |
| AMERICAN INTL GROUP | 65,039 | USD | 37.86 | 2,012,485.42 | 0.21% | 0.21% |
| AMERICAN TWR CORP | 33,333 | USD | 224.46 | 6,114,932.11 | 0.63% | 0.63% |
| AMERICAN WATER WORKS | 12,717 | USD | 153.47 | 1,595,094.59 | 0.16% | 0.16% |
| AMERIPRISE | 9,286 | USD | 194.33 | 1,474,846.45 | 0.15% | 0.15% |
| AMERISOURCEBERGEN | 12,032 | USD | 97.76 | 961,340.62 | 0.10% | 0.10% |
| AMGEN | 44,267 | USD | 229.92 | 8,318,310.36 | 0.85% | 0.85% |
| APPLIED MATERIALS | 66,755 | USD | 86.30 | 4,708,394.83 | 0.48% | 0.48% |
| ARAMARK | 18,087 | USD | 38.48 | 568,826.58 | 0.06% | 0.06% |
| ARTHUR J.GALLAGHER | 14,494 | USD | 123.71 | 1,465,451.14 | 0.15% | 0.15% |
| ASSURANT | 5,502 | USD | 136.22 | 612,547.46 | 0.06% | 0.06% |
| ATMOS ENERGY CORP | 10,000 | USD | 95.43 | 779,943.61 | 0.08% | 0.08% |
| AUTODESK | 16,093 | USD | 305.34 | 4,016,048.89 | 0.41% | 0.41% |
| BAKER HUGHES-A | 51,287 | USD | 20.85 | 873,960.16 | 0.09% | 0.09% |
| BALL CORP | 23,069 | USD | 93.18 | 1,756,830.06 | 0.18% | 0.18% |
| BANK OF NY MELLON | 60,787 | USD | 42.44 | 2,108,455.13 | 0.22% | 0.22% |
| BECTON | 21,573 | USD | 250.22 | 4,411,749.47 | 0.45% | 0.45% |
| BEST BUY | 17,172 | USD | 99.79 | 1,400,509.89 | 0.14% | 0.14% |
| BIOGEN INC | 11,286 | USD | 244.86 | 2,258,583.60 | 0.23% | 0.23% |
| BIOMARIN PHARMA | 14,300 | USD | 87.69 | 1,024,859.63 | 0.11% | 0.10% |
| BLACKROCK INC | 11,250 | USD | 721.54 | 6,634,240.53 | 0.68% | 0.68% |
| BOOKING HLDG | 3,052 | USD | 2,227.27 | 5,555,660.20 | 0.57% | 0.57% |
| BORGWARNER | 15,764 | USD | 38.64 | 497,830.87 | 0.05% | 0.05% |
| BOSTON PROPERTIES | 10,707 | USD | 94.53 | 827,209.93 | 0.08% | 0.08% |
| BRISTOL-MYERS | 165,995 | USD | 62.03 | 8,415,405.87 | 0.86% | 0.86% |
| BURLINGTON STORE | 4,400 | USD | 261.55 | 940,558.21 | 0.10% | 0.10% |
| CABLE ONE | 390 | USD | 2,227.72 | 710,073.80 | 0.07% | 0.07% |
| CADENCE DESIGN | 20,476 | USD | 136.43 | 2,283,143.87 | 0.23% | 0.23% |
| CAMPBELL SOUP | 11,925 | USD | 48.35 | 471,230.23 | 0.05% | 0.05% |
| CARDINAL HEALTH | 20,145 | USD | 53.56 | 881,832.54 | 0.09% | 0.09% |
| CARMAX NEW | 11,823 | USD | 94.46 | 912,754.35 | 0.09% | 0.09% |
| CATERPILLAR | 39,817 | USD | 182.02 | 5,923,329.93 | 0.61% | 0.61% |
| CBOE GLOBAL MARKETS | 6,458 | USD | 93.10 | 491,389.64 | 0.05% | 0.05% |
| CBRE GROUP-A | 25,426 | USD | 62.72 | 1,303,353.95 | 0.13% | 0.13% |
| CENTENE CORP | 40,950 | USD | 60.03 | 2,009,095.26 | 0.21% | 0.21% |
| CENTERPOINT ENERGY | 40,000 | USD | 21.64 | 707,449.63 | 0.07% | 0.07% |
| CENTURYLINK INC | 63,632 | USD | 9.75 | 507,058.97 | 0.05% | 0.05% |
| CERNER CORP | 23,128 | USD | 78.48 | 1,483,458.33 | 0.15% | 0.15% |
| CHENIERE ENERGY | 18,569 | USD | 60.03 | 911,035.16 | 0.09% | 0.09% |
| CIGNA CORPORATION | 28,322 | USD | 208.18 | 4,818,825.52 | 0.49% | 0.49% |
| CISCO | 318,000 | USD | 44.75 | 11,630,501.41 | 1.19% | 1.19% |
| CITIZENS FINL GROUP | 35,643 | USD | 35.76 | 1,041,717.69 | 0.11% | 0.11% |
| CITRIX | 8,187 | USD | 130.10 | 870,523.23 | 0.09% | 0.09% |
| CLOROX | 8,618 | USD | 201.92 | 1,422,211.24 | 0.15% | 0.15% |
| CME GROUP -A- | 27,018 | USD | 182.05 | 4,019,963.96 | 0.41% | 0.41% |
| COCA-COLA CO | 307,447 | USD | 54.84 | 13,779,897.41 | 1.41% | 1.41% |
| COGNEX CORP | 13,500 | USD | 80.28 | 885,821.99 | 0.09% | 0.09% |
| COLGATE-PALMOLIVE | 59,997 | USD | 85.51 | 4,192,998.63 | 0.43% | 0.43% |
| CONSOLIDATED EDISON | 24,479 | USD | 72.27 | 1,445,872.53 | 0.15% | 0.15% |
| COPART INC | 16,209 | USD | 127.25 | 1,685,746.60 | 0.17% | 0.17% |
| CSX | 56,859 | USD | 90.77 | 4,218,128.75 | 0.43% | 0.43% |
| CUMMINS INC | 11,909 | USD | 227.10 | 2,210,399.17 | 0.23% | 0.23% |
| DARDEN | 9,906 | USD | 119.12 | 964,409.07 | 0.10% | 0.10% |
| DAVITA INC | 6,000 | USD | 117.40 | 575,701.85 | 0.06% | 0.06% |
| DEERE | 22,224 | USD | 269.05 | 4,886,900.58 | 0.50% | 0.50% |
| DELTA AIR LINES | 9,324 | USD | 40.21 | 306,418.24 | 0.03% | 0.03% |
| DENTSPLY SIRONA | 13,836 | USD | 52.36 | 592,091.01 | 0.06% | 0.06% |
| DEXCOM INC | 7,263 | USD | 369.72 | 2,194,660.10 | 0.22% | 0.22% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DISCOVER FINANCIAL | 22,923 | USD | 90.53 | 1,696,064.07 |  | 0.17% | 0.17% |
| DISCOVERY COMM-C | 23,219 | USD | 26.19 | 497,001.03 | 0.05% | 0.05% |
| DISCOVERY COMMUNIC A | 10,176 | USD | 30.09 | 250,252.00 | 0.03% | 0.03% |
| DOMINO S PIZZA | 2,583 | USD | 383.46 | 809,511.00 | 0.08% | 0.08% |
| DOVER | 10,463 | USD | 126.25 | 1,079,607.49 | 0.11% | 0.11% |
| DUPONT DE NEMOURS | 57,500 | USD | 71.11 | 3,341,771.89 | 0.34% | 0.34% |
| EBAY | 54,000 | USD | 50.25 | 2,217,727.11 | 0.23% | 0.23% |
| ECOLAB INC | 19,035 | USD | 216.36 | 3,365,953.66 | 0.34% | 0.34% |
| EDISON INT | 28,667 | USD | 62.82 | 1,471,832.73 | 0.15% | 0.15% |
| EDWARDS LIFESCIENCES | 47,357 | USD | 91.23 | 3,531,019.66 | 0.36% | 0.36% |
| ELECTRONIC ARTS | 20,907 | USD | 143.60 | 2,453,716.81 | 0.25% | 0.25% |
| EQUINIX INC | 6,474 | USD | 714.18 | 3,778,841.34 | 0.39% | 0.39% |
| EQUITABLE HOLDINGS | 33,770 | USD | 25.59 | 706,284.42 | 0.07% | 0.07% |
| EQUITY RESIDENTIAL | 29,000 | USD | 59.28 | 1,405,026.36 | 0.14% | 0.14% |
| ERIE INDEMNITY -A- | 2,180 | USD | 245.60 | 437,585.71 | 0.04% | 0.04% |
| ESSENTIAL UTILITIES | 18,000 | USD | 47.29 | 695,696.95 | 0.07% | 0.07% |
| ESTEE LAUDER CIE | 16,657 | USD | 266.19 | 3,623,821.53 | 0.37% | 0.37% |
| EVERSOURCE ENERGY | 24,399 | USD | 86.51 | 1,725,109.30 | 0.18% | 0.18% |
| EXPEDIA | 10,090 | USD | 132.40 | 1,091,836.05 | 0.11% | 0.11% |
| EXPEDITORS INTL WASH | 11,992 | USD | 95.11 | 932,172.06 | 0.10% | 0.10% |
| FACTSET RESERACH | 2,853 | USD | 332.50 | 775,303.42 | 0.08% | 0.08% |
| FASTENAL CO | 46,560 | USD | 48.83 | 1,858,138.04 | 0.19% | 0.19% |
| FIRST REPUBLIC BANK | 12,087 | USD | 146.93 | 1,451,467.38 | 0.15% | 0.15% |
| FORTUNE BRANDS HOME | 9,581 | USD | 85.72 | 671,229.88 | 0.07% | 0.07% |
| FRANKLIN RESOURCES | 16,898 | USD | 24.99 | 345,127.72 | 0.04% | 0.04% |
| GENERAL MILLS INC | 43,590 | USD | 58.80 | 2,094,799.56 | 0.21% | 0.21% |
| GENUINE PARTS | 10,584 | USD | 100.43 | 868,743.51 | 0.09% | 0.09% |
| GILEAD SCIENCES | 96,410 | USD | 58.26 | 4,590,614.69 | 0.47% | 0.47% |
| GRAINGER | 3,289 | USD | 408.34 | 1,097,650.49 | 0.11% | 0.11% |
| HARTFORD | 29,721 | USD | 48.98 | 1,189,763.05 | 0.12% | 0.12% |
| HASBRO | 9,213 | USD | 93.54 | 704,330.86 | 0.07% | 0.07% |
| HCA HEALTHCARE INC | 20,099 | USD | 164.46 | 2,701,550.03 | 0.28% | 0.28% |
| HEALTHPEAK PROPERTIE | 36,085 | USD | 30.23 | 891,544.73 | 0.09% | 0.09% |
| HENRY SCHEIN | 10,856 | USD | 66.86 | 593,218.23 | 0.06% | 0.06% |
| HEWLETT PACKARD WI | 84,262 | USD | 11.85 | 816,071.84 | 0.08% | 0.08% |
| HILTON INC | 19,925 | USD | 111.35 | 1,813,288.18 | 0.19% | 0.19% |
| HOLOGIC INC | 19,686 | USD | 72.83 | 1,171,779.97 | 0.12% | 0.12% |
| HOME DEPOT | 80,576 | USD | 265.62 | 17,492,212.92 | 1.79% | 1.79% |
| HORMEL FOODS | 19,771 | USD | 46.61 | 753,157.87 | 0.08% | 0.08% |
| HOST HOTELS RESORTS | 48,806 | USD | 14.63 | 583,573.85 | 0.06% | 0.06% |
| HOWMET AERSPCACE | 31,976 | USD | 28.54 | 745,858.40 | 0.08% | 0.08% |
| HP | 100,430 | USD | 24.59 | 2,018,367.62 | 0.21% | 0.21% |
| HUMANA | 9,695 | USD | 410.27 | 3,250,841.94 | 0.33% | 0.33% |
| HUNTINGTON BANCSHARE | 81,055 | USD | 12.63 | 836,683.95 | 0.09% | 0.09% |
| IBM | 66,715 | USD | 125.88 | 6,863,703.32 | 0.70% | 0.70% |
| IDEX CORP | 5,384 | USD | 199.20 | 876,541.87 | 0.09% | 0.09% |
| IDEXX LABS | 6,135 | USD | 499.87 | 2,506,397.33 | 0.26% | 0.26% |
| ILLINOIS TOOL | 23,205 | USD | 203.88 | 3,866,646.56 | 0.40% | 0.40% |
| INTEL | 319,402 | USD | 49.82 | 13,005,277.79 | 1.33% | 1.33% |
| INTERCON EXCHANGE | 39,959 | USD | 115.29 | 3,765,169.47 | 0.39% | 0.39% |
| INTL FLAVORS-FRAGR | 6,195 | USD | 108.84 | 551,071.72 | 0.06% | 0.06% |
| INTUIT | 19,716 | USD | 379.85 | 6,120,814.52 | 0.63% | 0.63% |
| IRON MOUNTAIN REIT | 19,055 | USD | 29.48 | 459,107.84 | 0.05% | 0.05% |
| JOHNSON | 196,945 | USD | 157.38 | 25,332,192.47 | 2.60% | 2.59% |
| KANSAS CITY SOUTHERN | 6,445 | USD | 204.13 | 1,075,246.50 | 0.11% | 0.11% |
| KELLOGG | 19,867 | USD | 62.23 | 1,010,439.63 | 0.10% | 0.10% |
| KEYCORP | 75,859 | USD | 16.41 | 1,017,405.25 | 0.10% | 0.10% |
| KEYSIGHT TECH-WI | 14,216 | USD | 132.09 | 1,534,707.56 | 0.16% | 0.16% |
| KIMBERLY-CLARK | 24,973 | USD | 134.83 | 2,751,918.26 | 0.28% | 0.28% |
| LABORATORY | 6,868 | USD | 203.55 | 1,142,561.73 | 0.12% | 0.12% |
| LAM RESEARCH | 10,500 | USD | 472.27 | 4,052,825.79 | 0.42% | 0.41% |
| LENNOX INTL | 2,342 | USD | 273.97 | 524,406.64 | 0.05% | 0.05% |
| LIBERTY BROADBAND C | 10,000 | USD | 158.37 | 1,294,348.41 | 0.13% | 0.13% |
| LINCOLN NATIONAL | 14,457 | USD | 50.31 | 594,443.77 | 0.06% | 0.06% |
| LKQ CORP | 23,094 | USD | 35.24 | 665,140.42 | 0.07% | 0.07% |
| LOEWS CORP | 15,913 | USD | 45.02 | 585,512.04 | 0.06% | 0.06% |
| LOWE | 57,169 | USD | 160.51 | 7,499,649.54 | 0.77% | 0.77% |
| LULULEMON ATHLETICA | 8,863 | USD | 348.08 | 2,521,415.03 | 0.26% | 0.26% |
| MARATHON PETROLEUM | 44,224 | USD | 41.36 | 1,494,916.14 | 0.15% | 0.15% |
| MARKETAXESS HLD | 2,600 | USD | 570.56 | 1,212,419.60 | 0.12% | 0.12% |
| MARSH | 38,037 | USD | 117.00 | 3,637,226.92 | 0.37% | 0.37% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| MASCO | 18,880 | USD | 54.93 | 847,597.89 |  | 0.09% | 0.09% |
| MASTERCARD-A | 66,469 | USD | 356.94 | 19,390,662.30 | 1.99% | 1.99% |
| MCCORMIC CO INC | 18,284 | USD | 95.60 | 1,428,589.27 | 0.15% | 0.15% |
| MCDONALD | 54,995 | USD | 214.58 | 9,644,744.47 | 0.99% | 0.99% |
| MERCADOLIBRE INC | 3,255 | USD | 1,675.22 | 4,456,573.99 | 0.46% | 0.46% |
| MERCK AND CO INC | 184,286 | USD | 81.80 | 12,320,374.97 | 1.26% | 1.26% |
| METTLER TOLEDO INTL | 1,762 | USD | 1,139.68 | 1,641,221.17 | 0.17% | 0.17% |
| MICROSOFT | 533,574 | USD | 222.42 | 96,994,425.30 | 9.94% | 9.93% |
| MOHAWK INDUSTRIES | 5,009 | USD | 140.95 | 577,024.68 | 0.06% | 0.06% |
| MOODY | 13,259 | USD | 290.24 | 3,145,185.86 | 0.32% | 0.32% |
| MOSAIC CO | 22,006 | USD | 23.01 | 413,843.37 | 0.04% | 0.04% |
| MT BANK CORPORATION | 8,653 | USD | 127.30 | 900,271.26 | 0.09% | 0.09% |
| NASDAQ INC | 7,811 | USD | 132.74 | 847,396.62 | 0.09% | 0.09% |
| NEWELL BRANDS | 23,174 | USD | 21.23 | 402,095.56 | 0.04% | 0.04% |
| NEWMONT CORPORATION | 62,245 | USD | 59.89 | 3,046,751.71 | 0.31% | 0.31% |
| NIKE INC -B- | 93,002 | USD | 141.47 | 10,753,130.60 | 1.10% | 1.10% |
| NORFOLK SOUTHERN | 19,279 | USD | 237.61 | 3,743,928.07 | 0.38% | 0.38% |
| NORTHERN TRUST | 13,486 | USD | 93.14 | 1,026,591.51 | 0.11% | 0.11% |
| NUCOR | 20,329 | USD | 53.19 | 883,739.54 | 0.09% | 0.09% |
| NVIDIA | 46,199 | USD | 522.20 | 19,717,312.57 | 2.02% | 2.02% |
| NVR | 260 | USD | 4,079.86 | 866,955.66 | 0.09% | 0.09% |
| OMNICOM | 17,260 | USD | 62.37 | 879,821.99 | 0.09% | 0.09% |
| ONEOK NEW | 34,326 | USD | 38.38 | 1,076,729.09 | 0.11% | 0.11% |
| OWENS CORNING | 9,263 | USD | 75.76 | 573,548.18 | 0.06% | 0.06% |
| PACCAR | 27,444 | USD | 86.28 | 1,935,244.43 | 0.20% | 0.20% |
| PARKER HANNIFIN | 9,407 | USD | 272.41 | 2,094,365.47 | 0.21% | 0.21% |
| PEPSICO | 104,498 | USD | 148.30 | 12,665,647.83 | 1.30% | 1.30% |
| PHILLIPS 66-WI | 30,092 | USD | 69.94 | 1,720,105.01 | 0.18% | 0.18% |
| PNC | 32,000 | USD | 149.00 | 3,896,857.50 | 0.40% | 0.40% |
| PPG INDUSTRIES INC | 17,514 | USD | 144.22 | 2,064,377.49 | 0.21% | 0.21% |
| PRINCIPAL FIN | 16,561 | USD | 49.56 | 670,804.76 | 0.07% | 0.07% |
| PROCTER | 186,242 | USD | 139.14 | 21,179,119.68 | 2.17% | 2.17% |
| PROGRESSIVE | 43,597 | USD | 98.88 | 3,523,249.04 | 0.36% | 0.36% |
| PROLOGIS | 56,521 | USD | 99.66 | 4,603,721.02 | 0.47% | 0.47% |
| PRUDENTIAL FINANCIAL | 28,454 | USD | 78.07 | 1,815,539.85 | 0.19% | 0.19% |
| QUEST | 9,611 | USD | 119.17 | 936,081.79 | 0.10% | 0.10% |
| RAYMOND JAMES FIN | 8,793 | USD | 95.67 | 687,529.17 | 0.07% | 0.07% |
| REGIONS FINANCIAL | 63,032 | USD | 16.12 | 830,432.63 | 0.09% | 0.09% |
| REINSURNCE GR AMER | 3,556 | USD | 115.90 | 336,839.85 | 0.03% | 0.03% |
| RESMED INC | 10,448 | USD | 212.56 | 1,815,068.35 | 0.19% | 0.19% |
| ROBERT HALF | 7,850 | USD | 62.48 | 400,856.52 | 0.04% | 0.04% |
| ROBINSON WORLDWIDE | 8,634 | USD | 93.87 | 662,395.15 | 0.07% | 0.07% |
| ROCKWELL | 8,011 | USD | 250.81 | 1,642,138.78 | 0.17% | 0.17% |
| ROPER TECHNOLOGIES | 7,758 | USD | 431.09 | 2,733,354.76 | 0.28% | 0.28% |
| ROSS STORES | 25,242 | USD | 122.81 | 2,533,586.71 | 0.26% | 0.26% |
| SALESFORCE.COM | 67,938 | USD | 222.25 | 12,340,501.41 | 1.26% | 1.26% |
| SBA COMMUNICATIONS | 8,079 | USD | 282.13 | 1,862,881.18 | 0.19% | 0.19% |
| SCHWAB | 117,365 | USD | 53.04 | 5,087,687.14 | 0.52% | 0.52% |
| SEMPRA ENERGY | 20,914 | USD | 127.41 | 2,177,804.54 | 0.22% | 0.22% |
| SHERWIN | 5,957 | USD | 734.91 | 3,577,997.52 | 0.37% | 0.37% |
| SNAP-ON | 3,708 | USD | 171.14 | 518,644.21 | 0.05% | 0.05% |
| SP GLOBAL | 17,605 | USD | 328.73 | 4,729,918.39 | 0.48% | 0.48% |
| STANLEY BLACK DECK | 11,348 | USD | 178.56 | 1,656,081.79 | 0.17% | 0.17% |
| STARBUCKS CORP | 85,704 | USD | 106.98 | 7,493,452.59 | 0.77% | 0.77% |
| STATE STREET | 25,803 | USD | 72.78 | 1,534,830.89 | 0.16% | 0.16% |
| STEEL DYNAMICS | 18,000 | USD | 36.87 | 542,405.30 | 0.06% | 0.06% |
| SVB FINANCIAL GROUP | 4,057 | USD | 387.83 | 1,285,951.79 | 0.13% | 0.13% |
| TARGET CORP | 36,700 | USD | 176.53 | 5,294,962.20 | 0.54% | 0.54% |
| TELADOC | 8,700 | USD | 199.96 | 1,421,807.04 | 0.15% | 0.15% |
| TELEDYNE TECH | 2,300 | USD | 391.98 | 736,834.62 | 0.08% | 0.08% |
| TESLA | 55,320 | USD | 705.67 | 31,905,246.54 | 3.27% | 3.27% |
| TEXAS | 68,213 | USD | 164.13 | 9,150,259.24 | 0.94% | 0.94% |
| THE CARLYLE GROUP | 15,000 | USD | 31.44 | 385,435.82 | 0.04% | 0.04% |
| TIFFANY | 8,461 | USD | 131.45 | 908,993.05 | 0.09% | 0.09% |
| TJX COS INC | 88,971 | USD | 68.29 | 4,965,738.70 | 0.51% | 0.51% |
| TRACTOR SUPPLY | 9,261 | USD | 140.58 | 1,064,044.28 | 0.11% | 0.11% |
| TRAVELERS COMP | 19,039 | USD | 140.37 | 2,184,221.67 | 0.22% | 0.22% |
| TRIMBLE | 16,647 | USD | 66.77 | 908,438.72 | 0.09% | 0.09% |
| T ROWE PRICE GROUP | 17,315 | USD | 151.39 | 2,142,387.19 | 0.22% | 0.22% |
| TRUIST FINANCIAL | 98,162 | USD | 47.93 | 3,845,290.07 | 0.39% | 0.39% |
| UGI CORP | 15,000 | USD | 34.96 | 428,588.94 | 0.04% | 0.04% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ULTA BEAUTY INC | 4,231 | USD | 287.16 | 992,990.85 |  | 0.10% | 0.10% |
| UNION PACIFIC | 51,353 | USD | 208.22 | 8,739,096.61 | 0.90% | 0.89% |
| UNITED PARCEL | 53,016 | USD | 168.40 | 7,296,713.99 | 0.75% | 0.75% |
| UNITED RENTALS | 5,632 | USD | 231.91 | 1,067,481.61 | 0.11% | 0.11% |
| US BANCORP-FIRSTAR- | 99,438 | USD | 46.59 | 3,786,372.78 | 0.39% | 0.39% |
| VAIL RESORTS INC | 3,117 | USD | 278.96 | 710,652.05 | 0.07% | 0.07% |
| VALERO ENERGY | 33,443 | USD | 56.57 | 1,546,214.30 | 0.16% | 0.16% |
| VARIAN MEDICAL SYS | 5,990 | USD | 175.01 | 856,777.33 | 0.09% | 0.09% |
| VERIZON | 306,472 | USD | 58.75 | 14,715,565.36 | 1.51% | 1.51% |
| VERTEX | 18,653 | USD | 236.34 | 3,602,999.49 | 0.37% | 0.37% |
| VF CORP | 25,485 | USD | 85.41 | 1,778,982.35 | 0.18% | 0.18% |
| VISA-A | 125,563 | USD | 218.73 | 22,446,483.58 | 2.30% | 2.30% |
| VMWARE | 6,583 | USD | 140.26 | 754,633.30 | 0.08% | 0.08% |
| VOYA FINANCIAL | 8,287 | USD | 58.81 | 398,315.12 | 0.04% | 0.04% |
| WALT DISNEY | 134,881 | USD | 181.18 | 19,972,816.46 | 2.05% | 2.05% |
| WASTE | 31,697 | USD | 117.93 | 3,055,066.99 | 0.31% | 0.31% |
| WATERS | 4,887 | USD | 247.42 | 988,224.05 | 0.10% | 0.10% |
| WELLTOWER INC | 30,266 | USD | 64.62 | 1,598,454.43 | 0.16% | 0.16% |
| WESTERN UNION | 25,883 | USD | 21.94 | 464,119.18 | 0.05% | 0.05% |
| WEST PHARMACEUTICAL | 5,700 | USD | 283.31 | 1,319,821.01 | 0.14% | 0.14% |
| WEYERHAEUSER | 52,950 | USD | 33.53 | 1,451,034.69 | 0.15% | 0.15% |
| WHIRLPOOL | 4,681 | USD | 180.49 | 690,510.15 | 0.07% | 0.07% |
| WILLIAMS COMPANIES | 95,888 | USD | 20.05 | 1,571,292.06 | 0.16% | 0.16% |
| XYLEM INC | 13,780 | USD | 101.79 | 1,146,390.58 | 0.12% | 0.12% |
| ZOETIS-A | 34,822 | USD | 165.50 | 4,710,098.48 | 0.48% | 0.48% |
|  |  |  |  | 925,645,894.83 |  | 94.85% | 94.78% |
| Total - Shares |  |  |  | 975,060,511.75 | 99.91% | 99.84% |
| UCI with variable number of shares |  |  |  |  |  |  |
| Real estate |  |  |  |  |  |  |
| Non Directive 2009/65/CE - Non FSMA |  |  |  |  |  |  |
| UNITED DOMINION RE D | 26,591 | USD | 38.43 | 835,186.24 | 0.09% | 0.09% |
| Total - Non Directive 2009/65/CE - Non FSMA |  |  |  | 835,186.24 | 0.09% | 0.09% |
| Total - Real estate |  |  |  | 835,186.24 | 0.09% | 0.09% |
| Total - UCI with variable number of shares |  |  |  | 835,186.24 | 0.09% | 0.09% |
| Financial derivatives |  |  |  |  |  |  |
| Warrants |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| OCCIDENTAL WRT 20-27 | 7,283 | USD | 6.79 | 40,416.47 | 0.00% | 0.00% |
|  |  |  |  | 40,416.47 |  | 0.00% | 0.00% |
| Total - Warrants |  |  |  | 40,416.47 | 0.00% | 0.00% |
| Total - Financial derivatives |  |  |  | 40,416.47 | 0.00% | 0.00% |
| Total - Transferable securities admitted to an |  |  |  | 975,936,114.46 | 100.00% | 99.93% |
| official stock exchange listing |  |  |  |  |  |  |
| Total - portfolio |  |  |  | 975,936,114.46 | 100.00% | 99.93% |
| Collatéral |  |  |  | 0.00 |  | 0.00% |
| Deposits and liquid assets |  |  |  |  |  |  |
| deposit and liquid assets |  |  |  |  |  |  |
| Banque Degroof Petercam |  | USD |  | 465,416.84 |  | 0.05% |
| Banque Degroof Petercam |  | EUR |  | 569,237.83 |  | 0.06% |
| Total - deposit and liquid assets |  |  |  | 1,034,654.67 |  | 0.11% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total - Deposits and liquid assets |  |  |  | 1,034,654.67 |  |  | 0.11% |
| Other receivables and other payables | -317,250.83 | -0.03% |
| Others | 0.00 | 0.00% |
| Total net assets | 976,653,518.30 | 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 |  |  |  |  |  |  |  |
| Obligations et autres titres de créances |  |  |  |  |  |  |
| Emis(es) par état |  |  |  |  |  |  |
| Autriche |  |  |  |  |  |  |
| AUSTRIA 0,75 18-28 | 1.500.000 | EUR | 109,65 | 1.644.705,00 | 0,82% | 0,80% |
| AUSTRIA 3,65 11-22 | 3.000.000 | EUR | 105,63 | 3.169.005,00 | 1,57% | 1,54% |
| Belgique |  |  |  | 4.813.710,00 |  | 2,39% | 2,33% |
| BELGIQUE 2,60 14-24 | 3.500.000 | EUR | 111,64 | 3.907.295,00 | 1,94% | 1,89% |
| Allemagne |  |  |  | 3.907.295,00 |  | 1,94% | 1,89% |
| GERMANY 0.10 12-23 | 3.000.000 | EUR | 102,90 | 3.340.904,16 | 1,66% | 1,62% |
| GERMANY 1,75 14-24 | 4.000.000 | EUR | 107,96 | 4.318.240,00 | 2,14% | 2,09% |
| Espagne |  |  |  | 7.659.144,16 |  | 3,80% | 3,71% |
| SPAIN 1,00 14-30 | 3.500.000 | EUR | 120,17 | 4.390.185,03 | 2,18% | 2,13% |
| SPAIN 1,40 18-28 | 1.000.000 | EUR | 112,11 | 1.121.085,00 | 0,56% | 0,54% |
| SPAIN 2,75 14-24 | 6.800.000 | EUR | 112,61 | 7.657.276,00 | 3,80% | 3,71% |
| SPAIN 4,40 13-23 | 6.200.000 | EUR | 114,16 | 7.077.796,00 | 3,51% | 3,43% |
| SPAIN 4,65 10-25 | 5.450.000 | EUR | 123,65 | 6.739.034,00 | 3,35% | 3,27% |
| SPAIN 5,75 01-32 | 2.300.000 | EUR | 164,47 | 3.782.902,00 | 1,88% | 1,83% |
| SPAIN KING 1,8 13-24 | 1.000.000 | EUR | 112,85 | 1.181.132,42 | 0,59% | 0,57% |
| Finlande |  |  |  | 31.949.410,45 |  | 15,86% | 15,49% |
| FINLAND 0,75 15-31 | 1.000.000 | EUR | 112,43 | 1.124.295,00 | 0,56% | 0,55% |
| FINLAND 4,00 09-25 | 100.000 | EUR | 121,71 | 121.708,50 | 0,06% | 0,06% |
| FINLANDE 2,75 12-28 | 2.200.000 | EUR | 125,65 | 2.764.212,00 | 1,37% | 1,34% |
| France |  |  |  | 4.010.215,50 |  | 1,99% | 1,94% |
| FRANCE 0,00 18-29 | 3.000.000 | EUR | 103,75 | 3.112.530,00 | 1,55% | 1,51% |
| FRANCE OAT 3,5 10-26 | 9.000.000 | EUR | 122,47 | 11.021.895,00 | 5,47% | 5,34% |
| Hongrie (République) |  |  |  | 14.134.425,00 |  | 7,02% | 6,85% |
| HUNGARY 0,50 20-30 | 1.000.000 | EUR | 99,41 | 994.090,00 | 0,49% | 0,48% |
| HUNGARY 1,25 18-25 | 6.900.000 | EUR | 105,71 | 7.293.817,50 | 3,62% | 3,54% |
| Irlande |  |  |  | 8.287.907,50 |  | 4,12% | 4,02% |
| IRELAND 1,10 19-29 | 1.000.000 | EUR | 112,94 | 1.129.430,00 | 0,56% | 0,55% |
| IRELAND 1,30 18-33 | 1.000.000 | EUR | 118,92 | 1.189.220,00 | 0,59% | 0,58% |
| IRISH 0,20 20-30 | 500.000 | EUR | 105,10 | 525.520,00 | 0,26% | 0,25% |
| IRISH TREA 1,0 16-26 | 3.000.000 | EUR | 108,69 | 3.260.685,00 | 1,62% | 1,58% |
| Italie |  |  |  | 6.104.855,00 |  | 3,03% | 2,96% |
| ITA BTP 5,25 98-29 | 2.550.000 | EUR | 142,25 | 3.627.413,25 | 1,80% | 1,76% |
| ITA BTP 9,00 93-23 | 7.175.000 | EUR | 126,64 | 9.086.168,88 | 4,51% | 4,40% |
| ITALY 0,40 16-24 | 1.000.000 | EUR | 101,86 | 1.014.963,16 | 0,50% | 0,49% |

| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ITALY 0,95 16-23 | 8.500.000 | EUR | 103,00 | 8.755.212,50 |  | 4,35% | 4,24% |
| ITALY 1,35 19-30 | 1.500.000 | EUR | 108,30 | 1.624.530,00 | 0,81% | 0,79% |
| ITALY 1,60 16-26 | 6.500.000 | EUR | 108,64 | 7.061.795,00 | 3,51% | 3,42% |
| ITALY 2,95 18-38 | 4.700.000 | EUR | 130,64 | 6.140.103,50 | 3,05% | 2,98% |
| ITALY BTP 1,20 17-22 | 4.000.000 | EUR | 102,10 | 4.084.100,00 | 2,03% | 1,98% |
| ITALY BTP 1,50 15-25 | 6.500.000 | EUR | 107,21 | 6.968.585,00 | 3,46% | 3,38% |
| ITALY BTP 5,5 12-22 | 6.200.000 | EUR | 109,85 | 6.810.824,00 | 3,38% | 3,30% |
| ITALY IL 2,60 07-23 | 1.175.000 | EUR | 109,98 | 1.542.100,79 | 0,77% | 0,75% |
| Luxembourg (Grand-Duché) |  |  |  | 56.715.796,08 |  | 28,16% | 27,49% |
| LUXEMBG 0,625 17-27 | 2.000.000 | EUR | 107,23 | 2.144.640,00 | 1,06% | 1,04% |
| Pays-Bas |  |  |  | 2.144.640,00 |  | 1,06% | 1,04% |
| NETHERL 0,25 19-29 | 2.000.000 | EUR | 107,04 | 2.140.860,00 | 1,06% | 1,04% |
| Pologne (République) |  |  |  | 2.140.860,00 |  | 1,06% | 1,04% |
| POLAND 1,00 19-29 | 500.000 | EUR | 109,33 | 546.645,00 | 0,27% | 0,26% |
| Portugal |  |  |  | 546.645,00 |  | 0,27% | 0,26% |
| PORTUGAL 0,475 20-30 | 1.000.000 | EUR | 104,39 | 1.043.865,00 | 0,52% | 0,51% |
| PORTUGAL 2,125 18-28 | 3.000.000 | EUR | 117,92 | 3.537.585,00 | 1,76% | 1,71% |
| PORTUGAL 2,875 15-25 | 3.000.000 | EUR | 116,03 | 3.480.945,00 | 1,73% | 1,69% |
| PORTUGAL 2,875 16-26 | 1.500.000 | EUR | 118,15 | 1.772.317,50 | 0,88% | 0,86% |
| PORTUGAL 4,10 15-45 | 1.000.000 | EUR | 174,30 | 1.743.030,00 | 0,87% | 0,84% |
| PORTUGAL 5,65 13-24 | 3.000.000 | EUR | 119,51 | 3.585.240,00 | 1,78% | 1,74% |
| Roumanie |  |  |  | 15.162.982,50 |  | 7,53% | 7,35% |
| ROMANIA 1,375 20-29 | 300.000 | EUR | 102,03 | 306.088,50 | 0,15% | 0,15% |
| ROMANIA 2,00 19-26 | 2.500.000 | EUR | 106,95 | 2.673.825,00 | 1,33% | 1,30% |
| ROMANIA 2,00 20-32 | 1.800.000 | EUR | 105,06 | 1.891.008,00 | 0,94% | 0,92% |
| ROMANIA 3,50 19-34 | 3.000.000 | EUR | 119,33 | 3.579.870,00 | 1,78% | 1,74% |
| Slovénie (République) |  |  |  | 8.450.791,50 |  | 4,20% | 4,10% |
| SLOVENIA 0,875 20-30 | 1.000.000 | EUR | 110,22 | 1.102.190,00 | 0,55% | 0,53% |
| SLOVENIA 1,00 18-28 | 500.000 | EUR | 109,62 | 548.122,50 | 0,27% | 0,27% |
|  |  |  |  | 1.650.312,50 |  | 0,82% | 0,80% |
| Total - Emis(es) par état |  |  |  | 167.678.990,19 | 83,26% | 81,28% |
| Emis(es) par une institution internationale |  |  |  |  |  |  |
| Luxembourg (Grand-Duché) |  |  |  |  |  |  |
| EIB 0,00 16-24 | 2.500.000 | EUR | 102,17 | 2.554.287,50 | 1,27% | 1,24% |
| ESM 0,10 18-23 | 1.700.000 | EUR | 101,90 | 1.732.274,50 | 0,86% | 0,84% |
| ESM 0,125 16-24 | 2.500.000 | EUR | 102,49 | 2.562.350,00 | 1,27% | 1,24% |
|  |  |  |  | 6.848.912,00 |  | 3,40% | 3,32% |
| Total - Emis(es) par une institution internationale |  |  |  | 6.848.912,00 | 3,40% | 3,32% |
| Obligation du Secteur Public |  |  |  |  |  |  |
| Belgique |  |  |  |  |  |  |
| FLEMISH 0,375 16-26 | 2.800.000 | EUR | 104,32 | 2.920.876,00 | 1,45% | 1,42% |
| FLEMISH 1,341 15-25 | 2.500.000 | EUR | 107,88 | 2.697.100,00 | 1,34% | 1,31% |
|  |  |  |  | 5.617.976,00 |  | 2,79% | 2,72% |

| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total - Obligation du Secteur Public |  |  |  | 5.617.976,00 |  | 2,79% | 2,72% |
| Emis(es) par une entreprise privée |  |  |  |  |  |  |
| Belgique |  |  |  |  |  |  |
| BNPPB 0,50 17-24 | 3.000.000 | EUR | 103,67 | 3.110.055,00 | 1,54% | 1,51% |
| FLEMISH 0,854 15-22 | 3.000.000 | EUR | 101,97 | 3.059.085,00 | 1,52% | 1,48% |
| Pays-Bas |  |  |  | 6.169.140,00 |  | 3,06% | 2,99% |
| BNG 0,25 15-25 | 2.000.000 | EUR | 103,31 | 2.066.110,00 | 1,03% | 1,00% |
| BNG 0,75 18-28 | 2.000.000 | EUR | 108,18 | 2.163.580,00 | 1,07% | 1,05% |
| BNG 1,125 14-24 | 2.000.000 | EUR | 106,12 | 2.122.380,00 | 1,05% | 1,03% |
| ING BANK 3,375 12-22 | 1.000.000 | EUR | 104,00 | 1.040.050,00 | 0,52% | 0,50% |
| Slovaquie (République slovaque) |  |  |  | 7.392.120,00 |  | 3,67% | 3,58% |
| VUBSK 0,375 17-22 | 5.000.000 | EUR | 100,86 | 5.043.125,00 | 2,50% | 2,44% |
|  |  |  |  | 5.043.125,00 |  | 2,50% | 2,44% |
| Total - Emis(es) par une entreprise privée |  |  |  | 18.604.385,00 | 9,24% | 9,02% |
| Total - Obligations et autres titres de créances |  |  |  | 198.750.263,19 | 98,68% | 96,35% |
| Instruments du marché monétaire |  |  |  |  |  |  |
| ITALY 3,75 06-21 | 1.000.000 | EUR | 102,50 | 1.024.980,00 | 0,51% | 0,50% |
| ITALY BTP 2,10 10-21 | 1.400.000 | EUR | 102,54 | 1.625.579,08 | 0,81% | 0,79% |
| Total - Instruments du marché monétaire |  |  |  | 2.650.559,08 | 1,32% | 1,28% |
| Total - Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  | 201.400.822,27 | 100,00% | 97,63% |
| Total - portefeuille |  |  |  | 201.400.822,27 | 100,00% | 97,63% |
| Collatéral |  |  |  | 0,00 |  | 0,00% |
| Dépôts et Liquidités |  |  |  |  |  |  |
| Avoirs bancaires à vue |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 3.259.877,52 |  | 1,58% |
| Total - Avoirs bancaires à vue |  |  |  | 3.259.877,52 |  | 1,58% |
| Total - Dépôts et Liquidités |  |  |  | 3.259.877,52 |  | 1,58% |
| Créances et dettes diverses |  |  |  | 12.726,65 |  | 0,01% |
| Autres |  |  |  | 1.615.583,22 |  | 0,78% |
| Actif Net Total |  |  |  | 206.289.009,66 |  | 100,00% |

-