El canal del crédito

Shares

51,185,291.55 77.80%

United States of America

20,154,653.41 30.62%

ADOBE SYSTEMS INC

5,307 USD 136,045.63 0.21% AFLAC INC

4,423 USD 142,577.98 0.22% AGCO CORP

2,337 USD 52,677.18 0.08% ALLIANCE RESOURCE PARTNERS LP

2,417 USD 73,061.71 0.11% AMB PROPERTY CORP

3,091 USD 55,044.47 0.08% AMERISOURCEBERGEN CORP 5,994 USD 108,913.46 0.17% AMGEN INC 4,171 USD 164,456.15 0.25% ARTHUR J.GALLAGHER AN CO 3,266 USD 51,240.74 0.08% AUTOMATIC DATA PROCESSING INC

7,554 USD 225,448.53 0.34% AVALONBAY COMMUN 1,509 USD 86,359.28 0.13% AVISTA CORP 5,651 USD 85,035.79 0.13% BANCORPSOUTH 6,621 USD 108,261.83 0.16% BANK OF AMERICA CORP

36,166 USD 379,620.11 0.58% BANK OF HAWAII CORP

4,013 USD 131,626.95 0.20% BARD INC

2,406 USD 130,634.19 0.20% BAXTER INTERNATIONAL INC

3,257 USD 133,208.41 0.20% BOSTON PROPERTIES INC

2,889 USD 135,051.56 0.21% BRISTOL-MYERS SQUIBB CO

4,954 USD 87,184.87 0.13% BROWN-FORMAN CORP -B- NON VOTING

1,615 USD 60,300.08 0.09% CAMDEN PROPERTY SBI

2,286 USD 67,508.49 0.10% CARDINAL HEALTH INC

5,081 USD 114,174.20 0.17% CHEVRON CORP

11,897 USD 638,403.91 0.96% CHUBB CORP

3,799 USD 130,221.16 0.20% CINCINNATI FINANCIAL CORP

6,944 USD 126,998.12 0.19% CISCO SYSTEMS INC

10,853 USD 181,091.36 0.28% CLIFF NATURAL RESOURCES

3,489 USD 112,080.86 0.17% CLOROX CO 2,714 USD 115,388.74 0.18% COCA-COLA CO 7,055 USD 280,282.28 0.43% COMMERCE BANCSHARES 3,191 USD 86,116.41 0.13% CONOCOPHILLIPS CO 4,126 USD 146,865.18 0.22% CORNING INC 15,380 USD 206,996.20 0.31% COSTCO WHOLESALE CORP

2,818 USD 116,216.11 0.18% CRACKER BARREL

1,739 USD 46,046.08 0.07% CULLEN FROST BANKERS INC

2,731 USD 95,173.38 0.14% CVS CAREMARK CORP

6,784 USD 152,300.15 0.23% DARDEN RESTAURANTS INC

3,243 USD 79,269.57 0.12% DELL INC

11,279 USD 112,888.27 0.17% DIAMONDROCK HOSPITALITY

4,066 USD 24,003.50 0.04% DIGITAL REALTY TRUST INC

977 USD 34,238.41 0.05% DIRECTV -A-

6,468 USD 150,345.21 0.23% DISH NETWORK -A-

6,634 USD 96,036.37 0.15% DOUGLAS EMMETT 11,971 USD 118,896.49 0.18% DOW CHEMICAL CO 5,848 USD 112,619.09 0.17% DUKE ENERGY HLDG 10,556 USD 126,620.50 0.19% EASTGROUP PROPERTIES INC

1,624 USD 43,329.30 0.07% ELECTRONIC ARTS

8,686 USD 107,458.79 0.16% ENCORE ENERGY PARTNERS LP

2,376 USD 32,822.67 0.05% ENTERTAINMENT PROPERTIES TRUST

2,094 USD 51,476.13 0.08% ENTREPRISE PRODUCTS PARTNERSHIP

1,277 USD 27,956.49 0.04% EQTY RESIDENTIAL PPTYS TR SHS BEN.INT.

3,664 USD 86,265.84 0.13% ESSEX PROPERTY TRUST

1,019 USD 59,410.60 0.09% EXELON CORP 8,121 USD 276,614.94 0.42% EXPEDITORS INTERNATIONAL OF WASHINGTON 5,301 USD 128,317.64 0.20% EXTRA SPACE STORAGE INC

3,053 USD 24,577.22 0.04% EXXON MOBIL CORP

4,816 USD 228,892.18 0.35% FED RLTY INV TR / SHS.OF BENEF.INTEREST

3,133 USD 147,877.17 0.22% FLIR SYSTEMS INC

3,354 USD 76,489.20 0.12% GAMESTOP CORP -A-

5,170 USD 79,058.92 0.12% GENERAL ELECTRIC CO

20,423 USD 215,368.52 0.33% GENERAL MILLS INC

1,777 USD 87,701.24 0.13%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

GENUINE PARTS CO

7,464 USD 197,479.31 0.30% HEALTH CARE REIT

1,480 USD 45,717.78 0.07% HEWLETT-PACKARD CO

6,834 USD 245,352.39 0.37% HILLENBRAND INC WHEN ISSUED

9,368 USD 123,013.15 0.19% HONEYWELL INTERNATIONAL INC

4,223 USD 115,380.11 0.18% HOST HOTELS & RESORTS - SHS

11,547 USD 93,921.24 0.14% IBM CORP 3,164 USD 288,668.82 0.44% IMS HEALTH 4,270 USD 62,677.26 0.10% INTEGRYS ENG GRP SHS 2,447 USD 71,614.93 0.11% INTEL CORP 29,408 USD 418,137.80 0.64% JACOBS ENGIN GROUP

2,693 USD 70,593.29 0.11% J.M. SMUCKER CO SHS/WHEN ISSUED

1,976 USD 85,044.78 0.13% JOHNSON & JOHNSON

14,506 USD 651,215.51 0.98% KILROY REALTY CORP

2,282 USD 48,781.28 0.07% KIMBERLY CLARK 1,992 USD 88,454.66 0.13% KIMCO REALTY 9,779 USD 92,218.06 0.14% KROGER CO 7,947 USD 113,714.52 0.17% LAS VEGAS SANDS CORP

7,938 USD 82,658.11 0.13% LINCOLN NATIONAL CORP

6,099 USD 105,762.77 0.16% LOWE'S COMPANIES INC

9,714 USD 158,362.40 0.24% MAGELLAN MIDSTREAM --- PARTNERSHIPS

UNIT

1,389 USD 41,948.33 0.06% MARATHON OIL CORP

5,679 USD 123,574.41 0.19% MC CORMICK AND CO NON VOTING

4,326 USD 108,937.71 0.17% MCDONALD'S CORP

4,392 USD 191,138.86 0.29% MEMC ELECTRONIC MATERIALS

8,251 USD 78,326.27 0.12% MERCK AND CO 10,372 USD 264,152.55 0.40% MICROSOFT CORP 23,074 USD 490,347.63 0.75% MONSANTO CO 2,365 USD 134,754.31 0.20% MOODY'S CORP WHEN ISSUED

9,049 USD 169,028.19 0.26% NATIONAL RETAIL PROPERTIES INC

3,503 USD 51,809.49 0.08% NATIONAL RURAL GAS CO

2,412 USD 84,056.46 0.13% NATIONWIDE HEALTH PROPERTIES

3,055 USD 74,908.45 0.11% NORFOLK SOUTHERN CORP

3,457 USD 126,304.89 0.19% NRG ENERGY WHEN ISSUED

8,095 USD 133,209.93 0.20% NUCOR CORP

3,567 USD 115,978.78 0.18% OWENS MINOR INC

2,581 USD 77,227.62 0.12% PAYCHEX INC

4,069 USD 86,896.09 0.13% PEBBLEBROOK - SHS OF BENEFIT INTEREST

1,150 USD 17,641.75 0.03% PEOPLES UNITED FINANCIAL

14,084 USD 163,932.95 0.25% PEPSICO INC 10,201 USD 432,284.93 0.66% PETSMART INC 2,735 USD 50,877.96 0.08% PFIZER INC 14,575 USD 184,784.28 0.28% PG AND E CORP 5,155 USD 160,425.69 0.24% PHARMACEUTICAL PRODUCTS DEV.SERVICES 3,825 USD 62,490.33 0.09% PHILIP MORRIS INTERNATIONAL INC

7,760 USD 260,640.81 0.40% PORTLAND GENERAL ELECTRIC CO

4,858 USD 69,107.36 0.11% PROCTER AND GAMBLE CO

8,624 USD 364,435.00 0.55% PROLOGIS TRUST

8,365 USD 79,816.58 0.12% PUBLIC STORAGE INC

3,842 USD 218,108.31 0.33% QUALCOMM INC

6,590 USD 212,478.41 0.32% RETAIL OPPORTUNITY INVESTMENT CORP

1,844 USD 12,993.79 0.02% RPM INC

5,591 USD 79,222.88 0.12% SAFETY INSURANCE GROUP INC

3,024 USD 76,361.40 0.12% SAFEWAY INC

9,013 USD 133,742.31 0.20% SARA LEE CORP

24,325 USD 206,501.83 0.31% SEARS HOLDINGS CORP

2,149 USD 124,993.24 0.19% SIMON PROPERTY GROUP INC

5,115 USD 284,493.46 0.43% SMITH INTERNATIONAL

4,723 USD 89,439.91 0.14% SOUTHERN CO

5,259 USD 122,132.69 0.19% SPECTRA ENERGY - WHEN ISSUED

11,164 USD 159,591.32 0.24% SPRINT NEXTEL 1 SHS-SERIES 1

45,710 USD 116,604.71 0.18% STARWOOD HOTELS AND RESORTS

1,456 USD 37,111.64 0.06% SYSCO CORP

16,256 USD 316,565.70 0.48% TANGER FACTORY OUTLET CENTERS INC

1,125 USD 30,572.40 0.05% TARGET CORP

3,806 USD 128,312.41 0.20%

Securities portfolio at 31/12/09

FORTIS L FUND Model 5

Expressed in EUR

TAUBMAN CENTERS

1,148 USD 28,733.01 0.04% TOTAL SYSTEM SERVICES INC

5,861 USD 70,548.51 0.11% UNITED PARCEL SERVICE INC

2,675 USD 106,962.71 0.16% UNITED TECHNOLOGIES CORP

1,788 USD 86,499.45 0.13% US BANCORP

6,180 USD 96,958.92 0.15% US STEEL

4,003 USD 153,786.62 0.23% VALERO ENERGY CORP (NEW)

6,864 USD 80,133.82 0.12% VARIAN MEDICAL SYTEMS

4,120 USD 134,533.54 0.20% VENTAS INC

2,900 USD 88,409.83 0.13% VERIZON COMMUNICATIONS INC

22,693 USD 524,007.03 0.79% VF CORP

1,109 USD 56,611.37 0.09% VISA INC -A-

2,861 USD 174,401.85 0.27% VORNADO REALTY TRUST SHS OF

BENEF.INT

2,160 USD 105,293.88 0.16% WAL-MART STORES INC

1,153 USD 42,953.72 0.07% WASTE MANAGEMENT INC

8,402 USD 197,993.81 0.30% WELLS FARGO AND CO

3,942 USD 74,155.48 0.11% WESTERN GAS PARTNERS

6,471 USD 87,903.67 0.13% XEROX CORP

19,399 USD 114,386.16 0.17% YUM BRANDS INC

6,584 USD 160,475.68 0.24% ZENITH NATIONAL INSURANCE CORP

1,843 USD 38,228.04 0.06% ZIMMER HOLDINGS INC

2,991 USD 123,225.65 0.19% 3M CO 5,819 USD 335,289.59 0.51% ADMIRAL GROUP PLC 6,529 GBP 87,376.67 0.13%

United Kingdom

6,349,014.45

9.65%

ANGLO AMERICAN PLC 8,270 GBP 252,349.26 0.38% ANTOFAGASTA PLC 6,860 GBP 76,595.42 0.12% ASTRAZENECA PLC 4,701 GBP 154,001.46 0.23% BARCLAYS PLC 41,284 GBP 128,250.14 0.19% BHP BILLITON PLC 7,639 GBP 171,532.50 0.26% BIG YELLOW GROUP PLC

9,832 GBP 39,175.28 0.06% BP PLC

51,514 GBP 347,891.28 0.53% BRITISH AMERICAN TOBACCO PLC

14,271 GBP 323,906.49 0.49% BRITISH LAND CO PLC REIT

20,004 GBP 108,074.96 0.16% DERWENT LONDON PLC 2,491 GBP 37,009.62 0.06% GLAXOSMITHKLINE PLC 23,368 GBP 347,054.71 0.53% GRAINGER PLC 13,999 GBP 20,168.52 0.03% GREAT PORTLAND EST

9,218 GBP 29,787.70 0.05% HAMMERSON PLC

11,078 GBP 52,868.16 0.08% HSBC HOLDINGS PLC

116,600 GBP 930,227.72 1.42% IMPERIAL TOBACCO GROUP PLC

14,874 GBP 328,133.72 0.50% KAZAKHMYS PLC

4,587 GBP 68,563.63 0.10% LAND SECURITIES GROUP PLC REIT

13,706 GBP 105,674.04 0.16% LIBERTY INTERNATIONAL PLC REIT

6,406 GBP 37,133.10 0.06% MARKS AND SPENCER GROUP PLC

26,710 GBP 120,855.65 0.18% MORRISON SUPERMARKETS PLC 39,125 GBP 122,159.66 0.19% NATIONAL GRID PLC 28,734 GBP 219,600.27 0.33% NEXT PLC 4,540 GBP 106,441.78 0.16% PRUDENTIAL PLC 30,559 GBP 220,133.49 0.33% RECKITT BENCKISER GROUP PLC

8,696 GBP 328,479.66 0.50% REED ELSEVIER PLC

27,323 GBP 157,304.45 0.24% ROYAL DUTCH SHELL PLC

7,040 EUR 148,544.00 0.23% SAFESTORE HOLDINGS PLC

9,249 GBP 17,176.94 0.03% SCOTTISH AND SOUTHERN ENERGY PLC

23,403 GBP 305,823.43 0.46% SEGRO (REIT) 20,283 GBP 78,670.97 0.12% SHAFTESBURY 3,581 GBP 15,864.51 0.02% TESCO PLC 36,643 GBP 176,523.21 0.27% TULLOW OIL PLC 7,730 GBP 113,542.12 0.17% UNILEVER PLC 7,078 GBP 158,855.68 0.24% UNITE GROUP PLC 7,087 GBP 23,890.55 0.04% VODAFONE GROUP PLC 240,737 GBP 389,373.70 0.60% AEON CO LTD 19,781 JPY 111,368.79 0.17%

Japan

2,915,943.27

4.43%

ASAHI GLASS CO LTD 18,338 JPY 120,543.52 0.18% ASTELLAS PHARMA 4,359 JPY 112,917.27 0.17% EISAI 1,007 JPY 25,784.16 0.04%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

HOYA CORP 2,420 JPY 44,570.54 0.07% ITOCHU CORP 15,332 JPY 78,285.37 0.12% JAPAN LOGISTICS FD 6 JPY 30,636.06 0.05% JP REAL ESTATE INVESTMENT

12 JPY 61,451.82 0.09% KAO CORP

12,611 JPY 205,355.44 0.31% KAWASAKI KISEN KAISHA LTD

14,580 JPY 28,817.67 0.04% KDDI CORP 75 JPY 276,825.19 0.42% MITSUBISHI CORP 3,096 JPY 53,428.05 0.08% MITSUBISHI ESTATE 24,727 JPY 273,617.12 0.42% MITSUI & CO.LTD

5,246 JPY 51,490.64 0.08% MITSUI FUDOSAN CO LTD

21,842 JPY 254,775.27 0.39% MITSUI OSK LINES LTD

33,069 JPY 121,067.43 0.18% NIPPON BUILDING FD

14 JPY 73,999.73 0.11% NIPPON OIL CORP

25,854 JPY 83,232.64 0.13% NIPPON TEL. & TEL.

4,945 JPY 135,131.50 0.21% NIPPON TEL. TEL. STREET NAME

2,901 JPY 79,275.32 0.12% NOMURA HOLDINGS INC

9,079 JPY 46,289.50 0.07% SHOWA SHELL SEKIYU KK

4,539 JPY 25,690.91 0.04% SUMITOMO CORP

6,493 JPY 45,841.04 0.07% SUMITOMO REALTY & DEVELOPMENT CO

LTD

5,048 JPY 65,722.85 0.10% TAKEDA PHARMA CO LTD

8,477 JPY 243,073.93 0.37% TOKYU REIT INC

11 JPY 41,012.80 0.06% TOYOTA MOTOR CORP

7,771 JPY 225,738.71 0.34%

COMPAGNIE FINANCIERE RICHEMONT SA

4,889 CHF 114,482.66 0.17%

Switzerland

2,737,439.08

4.16%

CREDIT SUISSE GROUP AG REG SHS

4,946 CHF 170,741.46 0.26% FOSTER WHEELER AG (NAMEN)

3,369 USD 69,129.37 0.11% NESTLE SA REG SHS

16,312 CHF 552,110.30 0.84% NOVARTIS AG REG SHS

16,943 CHF 645,436.73 0.98% ROCHE HOLDING AG GENUSSSCHEIN

4,341 CHF 514,545.26 0.78% SGS SA REG SHS 90 CHF 81,980.92 0.12% TRANSOCEAN LTD 3,334 USD 192,406.48 0.29% UBS SA REG SHS 17,951 CHF 194,257.86 0.30% ZURICH FINANCIAL SERVICES NAMEN

1,325 CHF 202,348.04 0.31% BASF SE 12,174 EUR 529,082.04 0.80%

Germany

2,669,973.21

4.06%

BAYER AG REG SHS 6,212 EUR 347,623.52 0.53% DEUTSCHE BOERSE AG REG SHS

3,659 EUR 212,222.00 0.32% DEUTSCHE TELEKOM AG REG SHS

15,724 EUR 161,799.96 0.25% DIC ASSET AG 1,950 EUR 15,892.50 0.02% E.ON AG REG SHS 18,882 EUR 551,920.87 0.84% MUENCHENER RUECKVERSICHERUNGS AG REG SHS 3,076 EUR 334,268.92 0.51% RWE AG 3,570 EUR 242,617.20 0.37% SALZGITTER AG 1,144 EUR 78,295.36 0.12% SIEMENS AG REG SHS 1,849 EUR 118,724.29 0.18% WINCOR NIXDORF AG 1,627 EUR 77,526.55 0.12% BNP PARIBAS SA 3,115 EUR 174,128.50 0.26%

France

2,299,091.93

3.49%

CREDIT AGRICOLE SA 3,392 EUR 41,925.12 0.06% FRANCE TELECOM SA 6,508 EUR 113,434.44 0.17% ICADE SA 320 EUR 21,360.00 0.03% KLEPIERRE SA 1,407 EUR 39,944.73 0.06% LAFARGE SA 1,942 EUR 112,267.02 0.17% SANOFI-AVENTIS SA 3,566 EUR 196,343.96 0.30% SILIC STE IMMOB.LOCATION IND.

COMMERCE

96 EUR 8,160.00 0.01% STE DE LA TOUR EIFFEL SA

320 EUR 16,860.80 0.03% TOTAL SA 11,928 EUR 536,819.64 0.82% UNIBAIL-RODAMCO SE 2,516 EUR 386,709.20 0.59% VINCI SA 4,794 EUR 189,219.18 0.29% VIVENDI SA 22,213 EUR 461,919.34 0.70% AMCOR LTD 6,864 AUD 26,805.45 0.04%

Australia

2,059,192.38

3.13%

BHP BILLITON LTD 14,151 AUD 382,493.01 0.59% CHALLENGER DIV PORPERTY- STAPLED

UNITS

45,585 AUD 13,287.18 0.02%

The accompanying notes form an integral part of these financial statements

Securities portfolio at 31/12/09

FORTIS L FUND Model 5

Expressed in EUR

COCA-COLA AMATIL LTD

11,878 AUD 85,848.02 0.13% CSL LTD

799 AUD 16,272.50 0.02% DEXUS PROPERTY GROUP STAPLED

SECURITY 137,324 AUD 73,168.31 0.11% INCITEC PIVOT LTD 18,984 AUD 42,244.84 0.06% MACQUARIE GROUP 1,636 AUD 49,634.80 0.08% MACQUARIE OFFICE TRUST

136,825 AUD 26,587.95 0.04% MIRVAC GROUP STAPLED SECURITIES

79,451 AUD 78,190.99 0.12% PRIME AG AUSTRALIA

28,787 AUD 18,676.46 0.03% QBE INSURANCE GROUP

6,769 AUD 108,623.08 0.17% SONIC HEALTHCARE LTD 2,834 AUD 27,304.32 0.04% STOCKLAND 47,283 AUD 117,073.81 0.18% TELSTRA CORP 25,033 AUD 53,822.60 0.08% TOLL HOLDING LTD 12,919 AUD 70,777.95 0.11% WESFARMERS 5,505 AUD 107,905.31 0.16% WESTFIELD GROUP LTD STAPLED SECURITY

40,098 AUD 315,193.95 0.48% WESTPAC BANKING CORP

9,441 AUD 149,725.63 0.23% WOODSIDE PETROLEUM 3,432 AUD 101,542.28 0.15% WOOLWORTHS LTD 7,582 AUD 133,075.91 0.20% WORLEYPARSONS LTD 3,343 AUD 60,938.03 0.09% BANCO BILBAO VIZCAYA ARGENT. SA REG

SHS

21,592 EUR 274,866.16 0.42%

Spain

1,901,281.45

2.89%

BANCO SANTANDER SA REG SHS

64,046 EUR 739,731.31 1.12% MAPFRE REG-SHS 47,152 EUR 138,013.90 0.21% TELEFONICA SA 38,354 EUR 748,670.08 1.14% CORIO NV 915 EUR 43,636.35 0.07%

The Netherlands

1,569,455.09

2.39%

KONINKLIJKE BAM GROEP NV

19,172 EUR 138,997.00 0.21% KONINKLIJKE BOSKALIS WESTMINSTER NV

6,354 EUR 171,875.70 0.26% KONINKLIJKE KPN NV

24,643 EUR 291,773.12 0.44% KONINKLIJKE PHILIPS ELECTRONICS NV

18,686 EUR 386,426.49 0.60% TNT NV

5,545 EUR 119,217.50 0.18% UNILEVER NV

14,968 EUR 340,522.00 0.52% VASTNED OFFICES INDUSTRIAL NV

1,323 EUR 15,571.71 0.02% VASTNED RETAIL NV

572 EUR 26,217.62 0.04% WERELDHAVE NV

528 EUR 35,217.60 0.05%

AGNICO EAGLE MINES LTD

2,412 CAD 91,277.87 0.14%

Canada

1,221,098.08

1.86%

AGRIUM

1,756 CAD 76,376.25 0.12% BANK OF NOVA SCOTIA

4,573 CAD 149,646.35 0.23% BOARDWALK REAL ESTATE INVT TRUST

UNIT

2,124 CAD 52,319.79 0.08% BROOKFIELD PROPERTIES CORPORATION

18,111 CAD 154,125.93 0.23% CANADIAN REAL ESTATE INVESTMENT

TRUST

2,929 CAD 52,811.96 0.08% GOLDCORP

6,004 CAD 165,059.11 0.26% SUN LIFE FINANCIAL INC

6,948 CAD 139,736.05 0.21% THOMSON REUTERS

3,812 CAD 86,043.08 0.13% TORONTO DOMINION BANK

2,882 CAD 126,385.69 0.19% YAMANA GOLD INC

15,958 CAD 127,316.00 0.19%

CHINA AGRI-INDUSTRIES LTD -RC-

46,297 HKD 42,447.20 0.06%

Hong Kong

1,133,073.31

1.72%

CHINA POWER INTERNATIONAL DEV. -RC-

43,290 HKD 7,587.85 0.01% CNOOC LTD -RC-

44,493 HKD 48,791.89 0.07% DAH SING FINANCIAL HOLDINGS LTD

1,202 HKD 4,645.89 0.01% GUANGDONG INVEST -RC-

67,040 HKD 27,297.84 0.04% HANG LUNG PROPERTIES LTD

44,817 HKD 123,270.81 0.19% HENDERSON LAND DEVLOPMENT CO LTD

23,284 HKD 122,226.82 0.19% HUTCHISON WHAMPOA

8,267 HKD 39,681.25 0.06% INDUSTRIAL AND COMMERCIAL BK OF

CHINA

13,077 HKD 19,865.11 0.03% SHOUGANG CONCORD INT'L ENTREPRISES

CO

91,692 HKD 15,989.29 0.02% SINO LAND

61,405 HKD 83,344.47 0.13% SUN HUNG KAI PROPERTIES LTD

44,758 HKD 467,892.89 0.72% THE LINK REIT - UNITS

52,751 HKD 93,978.91 0.14% WHARF HOLDINGS

8,963 HKD 36,053.09 0.05%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

FRED OLSEN ENERGY

6,337 NOK 169,735.96 0.26%

Norway

757,777.43

1.15%

NORWEGIAN PROPERTY AS 31,460 NOK 51,242.42 0.08% STATOIL ASA 30,726 NOK 536,799.05 0.81% ATLANTIA SPA 7,926 EUR 144,649.50 0.22%

Italy

739,206.86

1.12%

ENI SPA 29,221 EUR 520,133.81 0.79% TELECOM ITALIA SPA

68,404 EUR 74,423.55 0.11% ASCENDAS REAL ESTATE INVES.TRUST

UNITS

29,514 SGD 32,527.97 0.05%

Singapore

551,556.80

0.84%

CAPITALAND LTD

101,880 SGD 212,429.13 0.33% LIPPO MAPLETREE INDONESIA REAL ESTATE

52,339 SGD 13,121.78 0.02% OVERSEA-CHINESE BANKING CORPORATION

LTD

36,977 SGD 167,050.93 0.25% UNITED OVERSEAS BANK

12,927 SGD 126,426.99 0.19%

A.P. MOELLER-MAERSK -A-

29 DKK 137,576.52 0.21%

Denmark

535,782.71

0.81%

H. LUNDBECK 1,857 DKK 23,646.28 0.04% NOVO-NORDISK -B- 3,906 DKK 174,277.75 0.26% SJAELSO GRUPPEN A/S

3,318 DKK 4,994.21 0.01% VESTAS WIND SYSTEMS AS

4,584 DKK 195,287.95 0.29%

EFG EUROBANK ERGASIAS

10,706 EUR 84,363.28 0.13%

Greece

468,710.97

0.71%

GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS 10,873 EUR 166,791.82 0.25% HELLENIC TELECOMMUNICATIONS ORGANISATION 9,673 EUR 99,535.17 0.15% INTRALOT SA REG SHS 4,973 EUR 20,389.30 0.03% NATIONAL BANK OF GREECE REG.

5,394 EUR 97,631.40 0.15%

CHINA GREEN (HOLDINGS) LTD

6,764 HKD 4,480.92 0.01%

Bermuda

420,256.92

0.64%

CHINA POWER NEW ENERGY DEVELOPMENT

156,328 HKD 7,869.02 0.01% DIGITAL CHINA HOLDINGS

21,946 HKD 20,476.18 0.03% ESPRIT HOLDINGS LTD

17,662 HKD 82,157.33 0.12% HONG KONG LAND HOLDINGS LTD

36,266 USD 125,120.54 0.20% KERRY PROPERTIES 17,308 HKD 61,452.57 0.09% MIDLAND HOLDINGS LTD 22,547 HKD 13,659.81 0.02% PARTNERRE LTD 1,349 USD 70,197.83 0.11% SKYWORTH DIGITAL HOLDINGS LTD

28,560 HKD 20,486.00 0.03% VICTORY CITY INTERNATIONAL HDGS

9,319 HKD 1,306.75 0.00% VTECH HOLDINGS 1,954 HKD 13,049.97 0.02% BANK OF CHINA LTD -H- 154,374 HKD 58,279.99 0.09%

China

420,105.57

0.64%

CHINA BLUECHEMICAL SHS.H- 48,101 HKD 20,537.32 0.03% CHINA CONSTRUCTION BANK

CORPORATION -H-

51,107 HKD 30,640.95 0.05% CHINA OILFIELD SERVICES -H-

92,293 HKD 77,152.10 0.12% CHINA OILFIELD SVC -H-

7,215 HKD 6,031.36 0.01% CHINA PETROLEUM AND CHEMICAL -H-

88,686 HKD 55,084.47 0.08% CHINA SHIPPING DEVELOPMENT CO -H-

15,632 HKD 16,383.60 0.02% FIRST TRACTOR CO LTD

33,971 HKD 15,328.80 0.02% GREAT WALL MOTOR CO-H-

42,539 HKD 37,013.38 0.06% GUANGSHEN RAILWAY -H- 25,553 HKD 7,281.11 0.01% JIANGSU EXPRESSWAY CO LTD -H- 65,537 HKD 40,765.12 0.06% PETROCHINA CO LTD -H- 45,696 HKD 38,281.61 0.06% SICHUAN EXPRESSWAY / -H- 46,898 HKD 17,325.76 0.03%

BANK OF CYPRUS PUBLIC COMPANY LTD

22,308 EUR 109,978.44 0.17%

Cyprus

401,985.63

0.61%

PROSAFE 48,608 NOK 216,113.75 0.32% PROSAFE PRODUC 50,524 NOK 75,893.44 0.12%

BANGKOK BANK PUBLIC CO UNITS-NVDR

32,768 THB 79,463.24 0.12%

Thailand

338,988.83

0.52%

BANPU PUBLIC CO LTD(NON- VOT.DEP.RECEIPT)

8,117 THB 97,740.91 0.15% KRUNG THAI BANK PUBLIC NVTG DEPO CO

LTD

551,945 THB 113,655.46 0.17% SIAM CEMENT UNITS N.VTING DEPOS REC

7,786 THB 38,250.81 0.06%

Securities portfolio at 31/12/09

FORTIS L FUND Model 5

Expressed in EUR

TISCO FIN GRP (UNITS NON VOTING DEP REC)

19,526 THB 9,878.41 0.02%

AAC ACOUSTIC TECHNOLOGIES HOLDINGS INC

14,730 HKD 16,974.10 0.03%

Cayman Islands

319,991.27

0.49%

BOSIDENG INTERNATIONAL HOLDINGS LTD

34,572 HKD 5,407.17 0.01% CHINA LILANG LTD

9,920 HKD 4,815.06 0.01% CHINA SHINEWAY PHARMACEUTICAL

GROUP LTD

2,555 HKD 3,339.26 0.01% COMBA TELECOM SYSTEMS HOLDINGS LTD

24,952 HKD 20,365.13 0.03% FUFENG GROUP LTD

61,629 HKD 30,855.77 0.05% GARMIN REG.SHS

2,849 USD 60,961.34 0.08% JU TENG INTERNATIONAL HOLDINGS

16,534 HKD 11,488.24 0.02% KINGBOARD LAMINATES

30,213 HKD 14,583.58 0.02% LONKING HOLDINGS

21,044 HKD 10,195.61 0.02% LUMENA RESOURCES CORP

33,370 HKD 7,438.82 0.01% MINTH GROUP LTD

14,430 HKD 14,838.45 0.02% PEAK SPORT PRODUCTS CO LTD

31,716 HKD 12,258.66 0.02% REAL GOLD MINING LTD

19,315 HKD 20,174.23 0.03% RENHE COMMERCIAL

190,600 HKD 30,153.08 0.05% THE UNITED LABORATORIES INTL HLDG

LTD

27,056 HKD 10,019.75 0.02% VINDA INTERNATIONAL HOLDINGS LTD

45,846 HKD 22,706.45 0.03% VST HOLDINGS LTD

91,993 HKD 15,628.34 0.02% XINYI GLASS HOLDINGS LTD

12,325 HKD 7,788.23 0.01% CITYCON OYJ 2,578 EUR 7,579.32 0.01%

Finland

204,831.42

0.31%

NOKIA OYJ 15,635 EUR 139,464.20 0.22% SPONDA 15,280 EUR 41,714.40 0.06% TECHNOPOLIS PLC 5,185 EUR 16,073.50 0.02% BOLIDEN AB 13,308 SEK 119,644.37 0.18%

Sweden

170,131.33

0.26%

CASTELLUM 2,723 SEK 19,271.05 0.03% KUNGSLEDEN 2,083 SEK 10,004.01 0.02% WIHLBORG FASTIGHETE 1,640 SEK 21,211.90 0.03% CA-IMMOBILIEN-ANLAGEN AG 2,959 EUR 23,376.10 0.04%

Austria

169,251.47

0.26%

CONWERT IMMOBILIEN INVEST AG

5,199 EUR 44,399.46 0.07% ZUMTOBEL AG

7,407 EUR 101,475.91 0.15%

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)

9,840 EUR 155,029.20 0.24%

Luxembourg

155,029.20

0.24%

PORTUGAL TELECOM 18,020 EUR 153,530.40 0.23%

Portugal

153,530.40

0.23%

UCB 4,680 EUR 136,749.60 0.21%

Belgium

136,749.60

0.21%

ABOITIZ POWER CORP

323,780 PHP 41,980.57 0.06%

Philippines

122,485.47

0.19%

PHILIPPINE LONG DISTANCE TEL.

1,886 PHP 74,497.68 0.12% SM INVESTMENTS CORP 1,226 PHP 6,007.22 0.01% CRH PLC 4,730 EUR 89,917.30 0.14%

Ireland

89,917.30

0.14%

LG TELECOM CO LTD 3,697 KRW 18,786.71 0.03%

South Korea

18,786.71

0.03%

ITALY 3.75 06-21 01/08S 224,394 EUR 217,707.05 0.33%

Bonds

7,935,644.06 12.06%

Italy

1,561,319.14

2.38%

ITALY BTP 3.75 06-16 01/08S 363,519 EUR 374,631.81 0.58% ITALY BTP 4.00 05-37 01/02S 278,249 EUR 248,398.46 0.38% ITALY BTP 4.00 07-12 15/04S 101,725 EUR 106,407.38 0.16% ITALY BTP 4.25 04-14 01/08S 203,451 EUR 216,077.17 0.33% ITALY BTP 4.50 08-19 01/03S 258,831 EUR 271,868.31 0.41% ITALY BTP 6.50 97-27 01/11S 103,221 EUR 126,228.96 0.19% ALLEMAGNE 3.50 09-19 04/07A 43,382 EUR 43,917.77 0.07%

Germany

1,526,176.76

2.32%

BRD 5.50 00-31 04/01A 121,771 EUR 143,866.35 0.22%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

BRD 5.625 98-28 04/01A 268,147 EUR 318,875.03 0.48% GERMANY 4.25 08-18 04/07A 65,174 EUR 69,990.36 0.11% GERMANY 4.50 03-13 04/01A 176,224 EUR 189,824.97 0.29% GERMANY 4.75 08-40 04/07A 154,383 EUR 171,363.59 0.26% GERMANY SERIE 07 4.25 07-39 04/07A

1,277 EUR 1,307.08 0.00% GERMANY -04- 4.25 04-14 04/07A 101,922 EUR 109,831.15 0.17% GERMANY -05- 4.00 05-37 04/01A 96,639 EUR 94,166.98 0.14% GERMANY -06- 4.00 06-16 04/07A 149,596 EUR 159,325.72 0.24% GERMANY -150- 4.00 07-12 13/04A 173,279 EUR 183,012.07 0.28% GERMANY 154 2.25 09-14 11/04A 40,690 EUR 40,695.69 0.06%

FRANCE BTAN 3.00 06-11 12/01A

137,628 EUR 140,669.57 0.21%

France

1,466,092.85

2.23%

FRANCE GOVT 4.50 09-41 25/04A

83,773 EUR 87,279.74 0.13% FRANCE OAT 3.25 06-16 25/04A

71,806 EUR 72,995.11 0.11% FRANCE OAT 3.75 06-17 25/04A

200,803 EUR 208,076.10 0.32% FRANCE OAT 4.00 03-13 25/10A

472,724 EUR 503,380.17 0.77% FRANCE OAT 4.00 04-55 25/04A

34,407 EUR 33,000.44 0.05% FRANCE OAT 4.25 03-19 25/04A

194,475 EUR 205,525.08 0.31% FRANCE OAT 4.25 06-23 25/10A

38,895 EUR 40,026.06 0.06% FRANCE OAT 5.75 00-32 25/10A

143,612 EUR 175,140.58 0.27% NEDERLAND 4.25 03-13 15/07A 44,878 EUR 48,169.80 0.07%

The Netherlands

701,264.58

1.07%

NEDERLAND 7.50 93-23 15/01A 127,456 EUR 174,463.04 0.27% NEDERLANDS 3.25 05-15 15/07A 137,628 EUR 141,115.48 0.21% NETHERLANDS 4.00 09-19 15/07A 169,043 EUR 174,743.14 0.27% SNS BANK 3.50 09-14 10/03A 158,392 EUR 162,773.12 0.25% SPAIN 5.40 00-11 30/07A 295,303 EUR 313,168.85 0.48%

Spain

598,219.28

0.91%

SPAIN 4.75 98-14 30/07A 197,467 EUR 213,617.82 0.32% SPAIN STRIP 3.15 05-16 31/01A

71,806 EUR 71,432.61 0.11%

GREECE 5.90 02-22 22/10A

98,733 EUR 98,653.02 0.15%

Greece

503,202.74

0.76%

HELLENIC REPUBLIC 4.30 09-12 20/03A

287,643 EUR 289,409.13 0.44% HELLENIC REPUBLIC 4.60 07-40 20/09A

43,682 EUR 33,658.29 0.05% HELLENIC REPUBLIC 10Y 3.60 06-16 20/07A

89,757 EUR 81,482.30 0.12% AUSTRIA 5.00 02-12 15/07A 149,596 EUR 161,451.48 0.25%

Austria

371,282.24

0.56%

AUSTRIA -2- 4.65 03-18 15/01A 194,475 EUR 209,830.76 0.31% BELGIAN -44- 5.00 04-35 28/03A 35,903 EUR 38,658.91 0.06%

Belgium

329,929.67

0.50%

BELGIQUE -40- 5.50 02-17 28/09A 68,814 EUR 78,520.90 0.12% BELGIQUE OLO -38- 5.00 02-12 28/09A

149,596 EUR 162,260.80 0.24% BELGIUM T-BILL 09-10 15/04U

50,563 EUR 50,489.06 0.08%

PORTUGAL 5.00 02-12 15/06A

209,434 EUR 223,838.85 0.34%

Portugal

277,355.84

0.42%

PORTUGUESE OT'S 4.75 09-19 14/06A

50,862 EUR 53,516.99 0.08%

IRELAND TREASURY BOND 4.00 09-14 15/01A

107,709 EUR 110,593.45 0.17%

Ireland

267,972.34

0.41%

IRISH GOVT TREASURY 4.50 04-20 18/04A

79,892 EUR 77,296.31 0.12% IRISH GOVT TREASURY 5.40 09-25 13/03A

47,870 EUR 47,104.08 0.07% IRISH GOVT TREASURY 5.90 09-19 18/10A

30,517 EUR 32,978.50 0.05%

NORDEA HYPOTEK EMTN 4.25 07-14 06/02A

227,386 EUR 238,170.89 0.36%

Sweden

238,170.89

0.36%

FINLAND 5.75 00-11 23/02A

89,757 EUR 94,657.73 0.14%

Finland

94,657.73

0.14%

JPM EMERGING MARKETS INVESTMENT TRU PLC

107,604 GBP 593,460.07 0.90%

In document Los mecanismos de transmisión de la política monetaria en la zona Euro y el acceso a la financiación de las empresas (página 38-44)