ESTANCIA EN LA UNIDAD DE CUIDADOS INTENSIVOS

Bonds

84,592,413.80 66.34%

United States of America

21,248,817.20 16.68%

AGCO CORP SUB 6.875 04-14 15/04S

16,662 EUR 16,417.07 0.01% ALABAMA POWER 6.00 09-39 01/03S

149,983 USD 110,698.31 0.09% ALLIED WASTE NORTH 6.50 03-10 15/11S

277,000 USD 201,667.97 0.16% ALLSTATE LIFE GBL FD 5.375 08-13 30/04S

87,794 USD 65,179.66 0.05% AMER.HONDA FIN EMTN 5.125 07-12 03/10A

20,682 EUR 21,965.73 0.02% AMERICAN AXLE MFG 7.875 07-17 01/03S

14,699 USD 8,657.01 0.01% AMERICAN EXPRESS EMTN 7.30 08-13 20/08S

77,552 USD 60,826.01 0.05% AMERICAN INTL GR G27 5.60 06-16 18/10S

15,891 USD 9,082.16 0.01% AMERICAN INTL GROUP 5.05 06-15 01/10S

12,713 USD 7,398.76 0.01% AMKOR TECHNOLOGY 7.125 04-11 15/03S 21,850 USD 15,609.86 0.01% AMKOR TECHNOLOGY 7.75 03-13 15/05S 3,972 USD 2,813.41 0.00% AMKOR TECHNOLOGY 9.25 06-16 01/06S 7,151 USD 5,295.66 0.00% APRIA HEALTH 144A A1 11.25 09-14 01/11S

24,949 USD 19,084.53 0.01% AT T CORP STP-UP FL.R 02-11 15/11S 256,068 USD 196,832.96 0.15% AT T WIRELESS 8.125 02-12 01/05S 106,085 USD 83,687.03 0.07% ATLAS ENERGY 10.75 09-18 01/02S 14,103 USD 10,861.70 0.01% AT&T INC 4.375 07-13 15/03A

19,131 EUR 20,004.33 0.02% BALDOR ELECTRIC CO 8.625 07-17 15/02S

11,918 USD 8,493.57 0.01% BANK OF AMERICA EMTN 7.00 09-16 15/06A

20,682 EUR 23,233.95 0.02% BANK OF AMERICA NA 5.3 07-17 15/03S 299,966 USD 206,691.89 0.16% BANK OF AMERICA -216- 6.00 06-36 15/10S 73,162 USD 49,744.47 0.04% BAXTER INTL 5.375 08-18 01/06S 80,478 USD 59,934.79 0.05% BE AEROSPACE SR 8.50 08-18 01/07S 20,038 USD 14,804.17 0.01% BLOCK FINL 5.125 04-14 30/10S 3,658 USD 2,618.89 0.00% BMW US CAPITAL LLC 5.00 08-15 28/05A 36,194 EUR 38,280.58 0.03% BNY MELLON G T.35 4.30 09-14 15/05S 117,059 USD 85,081.38 0.07% BRISTOL MYERS SQUIBB 5.45 08-18 01/05S

79,015 USD 58,781.60 0.05% BRISTOW GROUP 7.50 07-17 15/09S

15,891 USD 10,965.04 0.01% BURLINGTON COAT 11.125 06-14 15/04S

10,067 USD 7,244.59 0.01% CALFRAC HOLDINGS 144A 7.75 07-15 15/02S

17,877 USD 12,086.20 0.01% CALPINE -144A 8.00 09-16 01/06S

16,884 USD 12,120.94 0.01% CARGILL INC 6.25 08-15 24/07A

18,872 EUR 21,012.46 0.02% CARRIAGE SERVICES 7.875 05-15 15/01S

9,534 USD 6,296.19 0.00% CATERPILLAR FIN SERV 5.45 08-18 15/04S

73,162 USD 53,439.87 0.04% CCO HOLDINGS 8.75 04-13 15/11S

14,103 USD 10,087.61 0.01% CEDC FINANCE REG S 8.875 09-16 01/12S

15,424 EUR 15,539.53 0.01% CENTENE NOTES 7.25 07-14 01/04S 20,062 USD 13,843.09 0.01% CENT.EUROPE.DIST REGS 8.00 05-12 25/07S 16,819 EUR 17,407.66 0.01% CENTURY ALUMINIUM CO 8.00 09-14 15/05S 18,698 USD 12,706.43 0.01% CEQUEL COM HLDG 144A 8.625 09-17 15/11S

11,918 USD 8,389.74 0.01% CHARTER COMM -144A- 8.00 04-12 30/04S

7,945 USD 5,689.83 0.00% CHESAPEAKE ENE. 6.375 05-15 15/06S 15,891 USD 10,854.28 0.01% CHESAPEAKE ENEERGY 6.25 06-17 15/01S 32,101 EUR 29,211.91 0.02% CHESAPEAKE ENERGY 6.625 05-16 15/01S 13,507 USD 9,320.04 0.01% CHEVRON 4.95 09-19 03/03S 80,478 USD 59,080.58 0.05% CHS/COMMUNITY HLTH S. 8.875 07-15 15/07S 11,759 USD 8,482.71 0.01% CHUBB CORP 5.75 08-18 15/05S 120,718 USD 89,341.05 0.07% CINCINNATI BELL SUB 8.375 03-14 15/01S

11,123 USD 7,888.25 0.01% CISCO SYSTEMS INC 5.50 06-16 22/02S

87,794 USD 66,691.75 0.05% CITIGROUP 7.375 09-19 04/09A

36,545 EUR 39,862.93 0.03% CITIGROUP EMTN 3.95 06-13 10/10A

43,949 EUR 43,118.36 0.03% CITIGROUP INC 5.50 08-13 11/04S

365,812 USD 263,098.42 0.21% CITIZENS COMMUNIC. 9.00 01-31 15/08S

22,645 USD 15,507.03 0.01% CL CAPITAL TRUST I 7.047 02-XX 26/04A

20,165 EUR 18,745.58 0.01% CLEARWIRE CORP-144A- 12.00 09-15 01/12S 17,480 USD 12,366.05 0.01% CMS ENERGY 6.55 07-17 17/07S 12,117 USD 8,340.32 0.01% COCA-COLA 5.35 07-17 15/11S 58,529 USD 44,216.10 0.03% COMCAST CORP 4.95 05-16 15/06S 263,384 USD 187,206.93 0.15% COMCAST CORP 6.45 06-37 15/03S 65,846 USD 47,158.17 0.04% COMPUTER SCIENCES 5.50 09-13 15/03S 80,478 USD 59,390.87 0.05%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

CONOCO INC 6.95 99-29 15/04S

146,324 USD 114,369.48 0.09% COUCHE-TARD USLP SUB 7.50 03-13 15/12S

8,978 USD 6,367.03 0.00% CREDIT SUISSE NY 5.00 08-13 15/05S

175,589 USD 130,209.55 0.10% CROWN AMERICAS 7.625 05-13 15/11S

6,952 USD 5,002.93 0.00% CROWN CASTLE INTL 7.125 09-19 01/11S

7,151 USD 4,934.31 0.00% CSC HOLDINGS 144A 8.50 09-14 15/04S 14,500 USD 10,763.20 0.01% CVS CAREMARK 5.75 07-17 01/06S 80,478 USD 59,053.08 0.05% DELL 5.875 09-19 15/06S 80,478 USD 59,181.97 0.05% DELTA AIRLINES 144A 9.50 09-14 15/09S

24,830 USD 17,976.76 0.01% DINEGY-ROSE.DANSKAM-A-7.27 01-10 08/11S 5,067 USD 3,536.04 0.00% DOMINION RESOURCES -B-6.25 02-12 30/06S 65,846 USD 49,636.34 0.04% DOW CHEMICAL 7.60 09-14 15/05S 141,203 USD 111,266.22 0.09% DR HORTON 6.50 06-16 15/04S 6,356 USD 4,319.29 0.00% EL PASO PERFORM 7.75 06-11 15/07S 13,110 USD 9,367.39 0.01% ELI LILLY AND CO 5.55 07-37 15/03S

87,794 USD 60,867.18 0.05% EMERSON ELECTRIC 4.875 09-19 15/10S

84,136 USD 59,934.53 0.05% ENERGY FUTURE 10.875 07-17 01/11S

11,243 USD 6,406.10 0.01% ENERGY FUTURE PIK 11.25 08-17 01/11S

5,895 USD 2,906.93 0.00% EXELON GENERATION 6.20 07-17 01/10S

80,478 USD 60,211.39 0.05% EXOPACK HOLDING CORP 11.25 06-14 01/02S

17,877 USD 12,662.49 0.01% FANNIE MAE 5.528 08-38 01/07M

2,711,577 USD 2,005,171.45 1.56% FIAT FIN.N.US EMTN 5.625 07-17 12/06A

36,168 EUR 33,230.79 0.03% FIRST DATA CORP 9.875 08-15 24/09S

10,329 USD 6,713.22 0.01% FORD MOTOR CREDIT 7.50 09-12 01/08S

15,891 USD 11,169.48 0.01% FORD MOTOR CREDIT 8.70 09-14 01/10S

16,685 USD 12,158.24 0.01% FRONTIER COMMUNICATION8.125 09-18 01/10S 6,356 USD 4,485.42 0.00% GENERAL ELECTRIC 5.00 03-13 01/02S 29,264 USD 21,596.00 0.02% GENERAL ELECTRIC 5.25 07-17 06/12S 146,324 USD 104,022.51 0.08% GENERAL ELECTRIC 810 4.80 08-13 01/05S 365,812 USD 267,417.70 0.21% GEORGIA-PACIFIC 8.875 01-31 15/05S 16,685 USD 12,326.96 0.01% GEORGIA-PACIFIC 144A 7.00 06-15 15/01S 7,945 USD 5,606.77 0.00% GLAXOSMITHKLINE 5.65 08-18 15/05S 80,478 USD 60,498.78 0.05% GMAC 144A 5.75 08-10 27/09A

15,676 USD 10,816.68 0.01% GMAC 144A 6.00 08-12 23/05A

3,131 USD 2,094.97 0.00% GOLDMAN SACHS GROUP 4.75 03-13 15/07S

431,658 USD 313,870.90 0.24% GOLDMAN SACHS GROUP 4.75 04-14 28/01A

25,764 EUR 26,418.67 0.02% GOLDMAN SACHS GROUP 5.125 07-14 16/10A

65,650 EUR 68,829.43 0.05% GOLDMAN SACHS GROUP 5.125 09-19 23/10A

25,077 EUR 25,396.99 0.02% GOODYEAR TIRE 8.625 07-11 01/12S 9,137 USD 6,607.18 0.01% GTE CORP 6.84 98-18 15/04S 164,615 USD 124,116.66 0.10% HANESBRANDS 8.00 09-16 15/12S 12,713 USD 9,026.92 0.01% HARRAHS OPERAT.144A 11.25 09-17 01/06S 9,137 USD 6,662.89 0.01% HARRAHS OPERRATING 10.75 09-16 01/02S 5,959 USD 3,384.97 0.00% HCA INC 9.25 07-16 15/11S 7,945 USD 5,945.95 0.00% HCA THE HEALTHCARE 8.75 00-10 01/09S

411,000 USD 293,264.51 0.22% HESS 7.875 99-29 01/10S 92,184 USD 76,919.35 0.06% HEWLETT-PACKARD 4.50 08-13 01/03S 29,264 USD 21,636.21 0.02% HEXION US FIN.-WI 9.75 07-14 15/11S 11,918 USD 8,140.54 0.01% HOME DEPOT 5.40 06-16 01/03S 84,136 USD 61,800.99 0.05% HOMER CITY FUNDING 8.137 01-19 01/10S

23,955 USD 16,362.37 0.01% HONEYWELL INTL 5.00 09-19 15/02S 76,820 USD 55,557.29 0.04% HSBC FINANCE CORP 5.50 06-16 19/01S 51,213 USD 36,912.85 0.03% HSBC FINANCE CORP 6.375 02-12 27/11S 109,743 USD 82,756.74 0.06% HUB INTL HLDGS -144A- 10.25 07-15 15/06S

11,918 USD 7,642.14 0.01% HUNTSMAN LLC-REGS 6.875 06-13 15/11A

27,225 EUR 25,591.50 0.02% IBM 4.75 02-12 29/11S 109,743 USD 82,051.66 0.06% IBRD 13.625 07-17 09/05A 31,149 TRY 15,897.03 0.01% INTL PAPER CO 7.50 09-21 15/08S 63,651 USD 49,311.96 0.04% INVISTA -144A- 9.25 04-12 01/05S 17,877 USD 12,646.91 0.01% IRON MOUNTAIN-EMTN-SUB6.75 06-18 15/10S 14,396 EUR 13,388.28 0.01% ISPAT INLAND 9.75 04-14 01/04S 10,329 USD 7,559.12 0.01% JOHN DEERE CAP CORP 4.50 08-13 03/04S

29,264 USD 21,540.20 0.02% JOHNSON JOHNSON 5.55 07-17 15/08S 87,794 USD 67,400.59 0.05% JP MORGAN CHASE 4.75 08-13 01/05S 175,589 USD 129,159.33 0.10% JPM CHASE 5.25 08-13 08/05A 72,388 EUR 77,680.28 0.06% JPM CHASE 6.00 07-18 15/01S 182,906 USD 137,654.58 0.11%

Securities portfolio at 31/12/09

FORTIS L FUND Bond World

Expressed in EUR

JPM CHASE AA SUB 7.00 09-39 01/11S

155,836 USD 109,450.84 0.09% JPMORGAN CHASE AND CO 6.125 09-14 01/04A

12,150 EUR 13,598.29 0.01% KB HOME 9.10 09-17 15/09S

9,336 USD 6,832.41 0.01% KEY ENERGY SERV 8.375 08-14 01/12S

17,122 USD 11,963.62 0.01% KIMBERLY-CLARK 7.50 08-18 01/11S

69,504 USD 58,770.54 0.05% KRAFT FOODS INC 5.75 08-12 20/03A

14,219 EUR 14,989.52 0.01% KRAFT FOODS INC 6.25 02-12 01/06S

113,401 USD 85,291.47 0.07% KROGER CO 5.50 03-13 01/02S

54,871 USD 40,874.68 0.03% KROGER CO 6.15 08-20 15/01S

146,324 USD 109,140.48 0.09% LAMAR MEDIA CORP 6.625 05-15 15/08S

7,945 USD 5,371.43 0.00% LAMAR MEDIA CORP 9.75 09-14 01/04S

5,164 USD 3,972.64 0.00% LAMAR MEDIA CORP -C- 6.625 07-15 15/08S

3,972 USD 2,657.70 0.00% LAMAR MEDIA 144A 6.625 06-15 15/08S

6,753 USD 4,518.47 0.00% LEHMAN BROTH.(DEFAULT)5.75 06-11 25/04S 274,359 USD 37,288.72 0.03% LEVI STRAUSS 09.75 04-15 15/01S 10,210 USD 7,472.03 0.01% LIN TELEVISION 6.50 03-13 15/05S 7,945 USD 5,343.74 0.00% MARKWEST ENERGY -B- 8.50 07-16 15/07S 15,493 USD 10,987.37 0.01% MASTEC 7.625 07-17 01/02S 14,898 USD 9,981.32 0.01% MBNA AM BK NATL -144A-7.125 02-12 15/11S

182,906 USD 140,041.43 0.11% MCDONALD'S CORP MTN 5.30 07-17 15/03S

109,743 USD 82,200.49 0.06% MEDIACOM 8.50 05-15 15/10S

11,123 USD 7,830.09 0.01% MERCK AND CO INC 5.00 09-19 30/06S

38,044 USD 27,589.92 0.02% MERCK CO INC 5.375 07-14 01/10A

19,648 EUR 21,457.58 0.02% MERRILL LYNCH 6.11 07-37 29/01S

15,493 USD 10,022.35 0.01% MERRILL LYNCH EMTN 4.625 03-13 02/10A

66,441 EUR 67,305.40 0.05% MERRILL LYNCH EMTN 6.75 08-13 21/05A

25,852 EUR 27,909.56 0.02% METLIFE INC 5.00 05-20 29/06S

87,794 USD 64,189.82 0.05% MICHAELS STORES SUB 11.375 07-16 01/11S

13,507 USD 9,908.43 0.01% MICROSOFT CORP 4.20 09-19 01/06S 35,849 USD 24,713.67 0.02% MIDAMERICAN ENERGY CO 5.30 08-18 15/03S 292,649 USD 208,833.82 0.16% MIDAMERICAN ENERGY CO 5.875 02-12 01/10S 146,324 USD 111,239.38 0.09% MORGAN STANLEY 4.00 05-15 17/11A

16,059 EUR 15,586.87 0.01% MORGAN STANLEY 4.50 09-10 29/10A

11,892 EUR 11,985.71 0.01% MORGAN STANLEY EMTN 3.75 06-13 01/03A

20,630 EUR 20,580.28 0.02% MORGAN STANLEY -G- 6.50 08-11 15/04A

48,344 EUR 50,572.66 0.04% MORGAN STANLEY SUB GL 4.75 04-14 01/04S

362,885 USD 254,444.42 0.20% NALCO COMPANY 9.00 03-13 15/11S

25,328 EUR 25,834.56 0.02% NEENAH PAPER 7.375 05-14 15/11S

26,141 USD 16,625.66 0.01% NEW YORK LIFE -144A- 4.65 08-13 09/05S

87,794 USD 64,507.18 0.05% NEWMARKET CORP 7.125 06-16 15/12S 13,904 USD 9,448.62 0.01% NEWMONT MINING 5.125 09-19 01/10S 87,794 USD 61,245.45 0.05% NEWS AMERICA 6.20 04-34 15/12S 43,897 USD 30,643.02 0.02% NEXTEL COM -D- 7.375 05-15 01/08S 29,001 USD 19,657.42 0.02% NISOURCE FINANCE 6.15 03-13 01/03S 102,427 USD 75,715.17 0.06% NORFOLK SOUTHERN 5.257 04-14 17/09S 109,743 USD 81,791.56 0.06% NOVARTIS CAPITAL CORP 4.125 09-14 10/02S

146,324 USD 106,905.69 0.08% NRG ENERGY INC 7.25 06-14 01/02S 4,409 USD 3,111.43 0.00% NRG ENERGY INC 7.375 06-16 01/02S 16,129 USD 11,255.73 0.01% NSG HOLDINGS -144A- 7.75 07-25 15/12S 11,918 USD 7,434.48 0.01% NUCOR CORP 5.75 07-17 01/12S 80,478 USD 60,167.99 0.05% NY LIFE GLOBAL FDG 4.375 07-17 19/01A

1,551 EUR 1,501.94 0.00% ORACLE CORP 5.75 08-18 15/04S 29,264 USD 21,935.35 0.02% OWENS ILLINOIS 7.80 98-10 15/05S 20,857 USD 14,646.06 0.01% PACIFIC GAS&ELEC 5.625 07-17 30/11S 65,846 USD 49,322.91 0.04% PANTRY INC -SUB 7.75 04-14 15/02S

21,850 USD 14,619.96 0.01% PEMEX PROJ 5.75 07-18 01/03S 10,056 USD 7,061.38 0.01% PEPSIAMERICAS 5.625 06-11 31/05S 76,820 USD 56,527.69 0.04% PETROHAWK ENERGY 10.50 09-14 01/08S 2,780 USD 2,116.84 0.00% PETROHAWK ENERGY WI 9.125 06-13 15/07A

9,932 USD 7,233.97 0.01% PFIZER INC REG-S 4.75 09-16 03/06A

68,251 EUR 72,617.02 0.06% P.H. GLATFELTER 7.125 06-16 01/05S 12,713 USD 8,805.40 0.01% PHI SERIE WI 7.125 06-13 15/04S 16,685 USD 11,236.71 0.01% PHILIP MORRIS 5.65 08-18 16/05S 74,625 USD 54,765.09 0.04% PHILIP MORRIS IN 4.25 09-12 23/03A

15,511 EUR 16,070.96 0.01% PHILIP MORRIS INT 5.75 09-16 24/03A

17,321 EUR 19,153.04 0.02% PLAINS ALL.AMER LP 6.50 08-18 01/05S

147,788 USD 111,655.56 0.09%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

POKAGON GAMING -144A- 10.37506-14 15/06S

15,493 USD 11,230.33 0.01% PRINCIPAL LIFE 5.125 06-11 01/03S

87,794 USD 63,136.46 0.05% PROCTER GAMBLE 4.70 09-19 15/02S

46,092 USD 32,982.77 0.03% PROCTER GAMBLE 4.875 07-27 11/05A

19,306 EUR 19,229.55 0.02% PROCTER GAMBLE 4.95 04-14 15/08S

73,162 USD 55,273.52 0.04% PROCTER GAMBLE 5.125 07-17 24/10A

38,779 EUR 42,202.80 0.03% PROGRESS ENERGY INC 6.85 02-12 15/04S

278,017 USD 210,847.63 0.17% PRUDENTIAL FIN 5.10 04-14 20/09S

73,162 USD 53,066.34 0.04% QUIKSILVER 6.875 05-15 15/04S

17,003 USD 9,717.68 0.01% QWEST COMMS INTL 7.25 05-11 15/02S

11,918 USD 8,348.21 0.01% QWEST COMMU.INTL.-B- 7.50 05-14 15/02S

9,137 USD 6,392.24 0.01% QWEST CORP DEBS 7.125 93-43 15/110

7,945 USD 4,540.78 0.00% RANGE RESOURCES 7.50 07-14 01/10S

3,972 USD 2,851.49 0.00% RANGE RESOURCES SUB. 7.50 06-16 15/05S

7,945 USD 5,689.83 0.00% RANGE RESSOURCES SUB. 6.375 05-15 12/03S

9,534 USD 6,595.22 0.01% REICHHOLD -144A- 9.00 06-14 15/08S

10,448 USD 6,116.97 0.00% REYNOLDS GRP ESC 144A 7.75 09-16 15/10S

11,918 USD 8,493.58 0.01% REYNOLDS REGS 7.75 09-16 04/11S

8,333 EUR 8,416.33 0.01% ROCHE HLDG INC -2- 5.625 09-16 04/03A

93,623 EUR 104,392.45 0.08% ROCKWOOD SPECIAL SUB 7.625 04-14 15/11S

8,286 EUR 8,244.57 0.01% RRI ENERGY 6.75 08-14 15/12S

12,585 USD 8,947.00 0.01% SANMINA SCI CORP 8.125 06-16 01/03S

13,904 USD 9,666.66 0.01% SCHERING PLOUGH 6.00 07-17 15/09S

58,529 USD 45,747.64 0.04% SELECT MEDICAL SUB 7.625 05-15 01/02S

24,035 USD 16,249.49 0.01% SIERRA PAC 8.625 04-14 15/03S

22,446 USD 16,211.66 0.01% SIMON PROPERTY 6.125 08-18 30/05S

84,136 USD 58,573.13 0.05% SINCLAIR BROADCT SUB 8.00 02-12 15/03S

11,521 USD 7,849.29 0.01% SMITHFIELD FOODS-144A10.00 09-14 15/07S

11,918 USD 9,012.74 0.01% SOLAR CAPITAL (SUNG) 9.125 06-13 15/08S

12,713 USD 9,082.30 0.01% SONAT INC 7 98-18 01/02S

23,836 USD 16,220.54 0.01% SOUTHERN STAR CENTRAL 6.75 06-16 01/03S

1,589 USD 1,068.75 0.00% SOUTHWEST ENERGY 7.50 08-18 01/02S

9,534 USD 7,043.77 0.01% SPRINT CAP CORP 8.75 02-32 15/03S

13,904 USD 9,133.66 0.01% STEEL DYNAMICS 7.375 08-12 01/11S

10,130 USD 7,272.28 0.01% SWISS RE TRE.US EMTN 7.00 09-14 19/05A

14,477 EUR 16,269.40 0.01% TENNESSEE GAS PIPEL 6.00 81-11 15/12S

7,945 USD 5,531.38 0.00% TIME WARNER 5.875 06-16 15/11S

65,846 USD 49,608.34 0.04% TIME WARNER 6.50 06-36 15/11S

131,692 USD 96,133.06 0.08% TIME WARNER CABLE 8.25 09-19 01/04S

73,162 USD 60,671.29 0.05% TOYOTA MOTOR CREDIT 5.25 09-12 03/02A

49,896 EUR 52,719.12 0.04% TOYS R US INC 7.875 03-13 15/04S

5,363 USD 3,756.63 0.00% TRANSDIGM SUB 7.75 06-14 15/07S

12,554 USD 8,859.33 0.01% TRAVELERS COS INC 5.90 09-19 02/06S

74,186 USD 55,600.61 0.04% TRAVELPORT LLC 10.875 07-16 01/09S 4,120 EUR 3,790.40 0.00% TRAVELPORT SR 9.875 07-14 01/09S 7,945 USD 5,717.52 0.00% TRICO SHIPPING AS 11.875 09-14 01/11S 17,242 USD 12,513.14 0.01% TRINITY INDUSTRIES 6.50 04-14 15/03S 13,873 USD 9,729.72 0.01% TRW AUTOMOTIVE 144A 8.875 09-17 01/12S 11,918 USD 8,638.94 0.01% TURNING STONE 144A 9.125 06-14 15/09S

6,952 USD 4,736.41 0.00% UBS AG STAMFORD -108- 5.875 07-17 20/12S

219,487 USD 154,749.79 0.12% UNILEVER CAP CORP 4.80 09-19 15/02S

109,743 USD 78,405.90 0.06% UNION PACIFIC CORP 5.70 08-18 15/08S

109,743 USD 80,790.10 0.06% UNITED PARCEL SVC 5.125 09-19 01/04S

87,794 USD 64,566.68 0.05% UNITED STATES INDEXEE 1.875 05-15 15/07S

1,992,000 USD 1,624,175.47 1.26% UNITED TECH CORP 4.875 05-15 01/05S

58,529 USD 43,517.60 0.03% UNITEDHEALTH GROUP 6.00 08-18 15/02S 73,162 USD 53,177.05 0.04% US BANCORP 4.20 09-14 15/05S 102,427 USD 74,010.14 0.06% US ONCOLOGY INC 9.125 09-17 15/08S 4,123 USD 3,017.36 0.00% US TREASURY NOTES 3.375 09-19 15/11S 186,896 USD 125,338.21 0.10% USA NTS INDEX 3.00 02-12 15/07S 450,000 USD 404,937.90 0.31% USA TREAS.BONDS(INDEX)3.375 01-32 15/04S 907,000 USD 947,298.05 0.73% USA TREASURY INF.INDX 2.625 07-17 15/07S

2,020,000 USD 1,613,630.64 1.26% USA TREASURY NTS INDX 0.875 04-10 15/04S

250,000 USD 199,374.67 0.16% USA TREASURY NTS INDX 1.75 08-18 15/01S

3,973,000 USD 2,729,031.61 2.13% USB CAP XIII TRUST 6.625 09-39 15/12S

80,478 USD 55,781.19 0.04% VERIZON COMM 5.55 06-16 15/02S

146,324 USD 109,391.04 0.09%

The accompanying notes form an integral part of these financial statements

Securities portfolio at 31/12/09

FORTIS L FUND Bond World

Expressed in EUR

VERIZON WIRELESS 8.50 08-18 15/11S

77,552 USD 66,848.70 0.05% VIRGINIA ELECT POW 5.40 08-18 30/04S

151,446 USD 110,282.84 0.09% VOLKSWAGEN CREDIT INC 5.125 08-11 19/05A

2,326 EUR 2,414.82 0.00% WACHOVIA CORP 4.375 06-16 01/08A

9,048 EUR 9,017.51 0.01% WALGREEN 4.875 08-13 01/08S

85,600 USD 64,188.99 0.05% WAL-MART STORES 5.80 07-18 15/02S

292,649 USD 226,343.51 0.18% WALT DISNEY COMPANY 5.625 06-16 15/09S

80,478 USD 60,744.70 0.05% WELLPOINT INC 5.25 06-16 15/01S

65,846 USD 46,742.90 0.04% WELLS FARGO & CO 5.375 05-35 07/02S

73,162 USD 48,223.74 0.04% WELLS FARGO CO 4.125 06-16 03/11A

26,369 EUR 26,067.34 0.02% WENDY'Y/ARBY'S 10.00 10-16 15/07S 15,493 USD 11,770.25 0.01% WEST CORP 9.50 07-14 15/10S 16,685 USD 11,803.63 0.01% WESTERN OIL 8.375 02-12 01/05S 52,676 USD 41,132.56 0.03% WESTINGHOUSE AIR 6.875 03-13 31/07S 20,539 USD 14,458.54 0.01% WHITING PETROLEUM SUB 7.25 04-12 01/05S

8,938 USD 6,260.81 0.00% WINDSTREAM CORP 8.625 06-16 01/08S 14,103 USD 10,001.60 0.01% WYETH 5.50 03-14 01/02S 58,529 USD 44,535.32 0.03% XEROX CORPORATION 6.875 04-11 15/08S 29,264 USD 21,858.56 0.02% XTO ENERGY 6.75 07-37 01/08S 73,162 USD 59,680.89 0.05% ZURICH FINANCE USA 4.50 04-14 17/09A

20,165 EUR 20,961.72 0.02% 3M CO -E- TR.5 4.375 08-13 15/08S 69,504 USD 51,497.88 0.04% JAPAN 019 JGB 2.30 05-35 20/06S 23,000,000 JPY 174,407.88 0.14%

Japan

17,526,197.61 13.75%

JAPAN 027 JGB 2.50 07-37 20/09S 173,900,000 JPY 1,369,139.10 1.07% JAPAN 073 JGB 1.30 08-13 20/06S 1,096,000,000 JPY 8,487,662.13 6.66% JAPAN 090 JGB 2.20 06-26 20/09S 65,000,000 JPY 504,843.78 0.40% JAPAN 258 JGB 1.30 04-14 20/03S 900,000,000 JPY 6,990,144.72 5.48%

ABBEY NAT TREAS.SERV 3.625 09-16 14/10A

150,000 EUR 147,819.00 0.12%

United Kingdom

6,379,399.50

5.00%

ALLIANCE & LEICS 5.00 07-10 04/10A

22,186 EUR 22,691.01 0.02% ANGLO AMER CAPITAL 4.375 09-16 02/12A

13,236 EUR 13,222.50 0.01% ANGLO AMERCAN CAPITAL 4.25 09-13 30/09A

5,170 EUR 5,329.29 0.00% ASTRAZENECA 5.40 07-12 15/09S

58,529 USD 44,519.69 0.03% BARCLAYS BANK 5.25 09-14 27/05A

26,892 EUR 28,700.23 0.02% BARCLAYS BANK EMTN 4.875 09-19 13/08A

23,784 EUR 24,229.95 0.02% BARCLAYS BANK PLC 5.00 09-16 22/09S

219,487 USD 156,903.06 0.12% BARCLAYS BANK PLC 5.75 01-11 08/03A

15,511 EUR 16,081.66 0.01% BARCLAYS BK REG-S SUB 6.00 08-18 23/01A

16,794 EUR 17,724.73 0.01% BARCLAYS BK SUB EMTN 4.875 03-13 31/03A

2,585 EUR 2,675.24 0.00% BAT INTERNATIONAL FIN 4.875 09-21 24/02A

14,069 EUR 14,075.61 0.01% BAT INTERNATIONAL FIN 5.375 07-17 29/06A

21,974 EUR 23,410.45 0.02% BP CAPITAL MARKETS 4.75 09-19 10/03S

70,235 USD 50,300.96 0.04% BP CAPITAL PLC 4.25 08-11 10/01A

13,908 EUR 14,337.49 0.01% BRITISH TELECOM 6.125 09-14 11/07A

14,260 EUR 15,453.13 0.01% BRITISH TELECOM PLC 6.50 08-15 07/07A

23,267 EUR 25,459.22 0.02% CREDIT AGRICOLE 251 6.00 08-13 24/06A

28,955 EUR 32,014.39 0.03% CREDIT SUISSE EMTN 6.125 08-13 05/08A

58,918 EUR 65,056.07 0.05% CREDIT SUISSE LD EMTN 6.125 08-14 16/05A

51,705 EUR 57,297.93 0.04% DEUTSCHE BK LONDON 6.00 07-17 01/09S

87,794 USD 66,086.43 0.05% DIAGEO CAP PLC 5.75 07-17 23/10S

58,529 USD 43,724.03 0.03% DIAGEO CAPITAL PLC 6.625 08-14 05/12A

19,131 EUR 21,801.88 0.02% EFG HELLAS PLC 4.375 09-13 11/02A

19,296 EUR 19,056.54 0.01% FCE BANK EMTN 7.125 07-12 16/01A

39,360 EUR 38,723.55 0.03% FCE BANK EMTN 9.375 09-14 17/01A

11,524 EUR 11,675.25 0.01% GALLAHER GROUP PLC 4.625 04-11 10/06A

13,443 EUR 13,935.96 0.01% GLAXOSMITHKLINE EMTN 5.125 07-12 13/12A

43,639 EUR 46,725.58 0.04% GLB CROSSING UK 11.75 05-14 15/12S

11,201 GBP 12,874.63 0.01% HSBC BANK 4.50 09-14 30/04A

19,632 EUR 20,654.24 0.02% HSBC BANK EMTN 3.75 09-16 30/11A

27,073 EUR 27,144.74 0.02% HSBC HOLDINGS 6.25 08-18 19/03A

33,608 EUR 37,097.52 0.03% HSBC HOLDINGS SUB 6.00 09-10 10/06A

15,511 EUR 16,891.49 0.01% INEOS GRP REG-S 7.875 06-16 15/02S

31,488 EUR 19,916.17 0.02% ISS FINANCING PLC 11.00 09-14 15/06S

21,098 EUR 22,785.84 0.02% LEHMAN BROT (IN DEFAULT) 06-XX 28/02A

77,300 EUR 525.64 0.00% LLOYDS TSB BANK EMTN 6.25 09-14 15/04A

44,394 EUR 48,316.65 0.04%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

LLOYDS TSB GROUP SUB 4.75 99-11 18/03A

12,926 EUR 13,001.10 0.01% NATIONAL GRID EMTN 4.125 06-13 21/03A

6,969 EUR 7,150.05 0.01% NATIONAL GRID EMTN 4.75 03-10 10/12A

100,000 GBP 115,770.16 0.09% NATIONAL GRID EMTN 5.125 08-13 15/05A

19,131 EUR 20,414.89 0.02% NGG FINANCE 6.125 01-11 23/08A

10,858 EUR 11,534.45 0.01% OTE PLC EMTN 3.75 05-11 11/11A

25,335 EUR 25,713.00 0.02% OTE PLC EMTN 4.625 06-16 20/05A

14,994 EUR 14,829.82 0.01% RBS 5.375 09-19 30/09A

20,754 EUR 20,254.87 0.02% REXAM PLC 4.375 06-13 15/03A

8,014 EUR 8,092.94 0.01% ROYAL BK OF SCOT SUB 4.35 06-17 23/01A

17,321 EUR 14,091.50 0.01% ROYAL BK SCOTLAND 5.25 08-13 15/05A

29,079 EUR 30,049.37 0.02% ROYAL BK SCOTLAND 5.625 08-13 23/05A

25,439 EUR 26,889.02 0.02% ROYAL BK SCOTLAND SUB 6.00 01-13 10/05A

11,633 EUR 11,479.45 0.01% ROYAL BK SCOTLAND SUB 6.934 08-18 09/04A

36,194 EUR 33,577.17 0.03% SABMILLER PLC-144A- 6.50 06-16 01/07S

73,162 USD 56,106.96 0.04% STANDARD CHART SUB FL.R 05-17 03/02A

27,367 EUR 26,743.85 0.02% STANDARD CHARTERED 5.75 09-14 30/04A

18,097 EUR 19,618.59 0.02% STANDARD CHARTERED 5.875 07-17 26/09A

7,755 EUR 8,101.03 0.01% TESCO 5.875 08-16 12/09A

36,038 EUR 40,230.66 0.03% TESCO EMTN 4.75 02-10 13/04A

5,170 EUR 5,221.75 0.00% UBS AG LONDON 5.625 09-14 19/05A

79,880 EUR 85,747.18 0.07% UBS AG LONDON 6.00 08-18 18/04A

16,287 EUR 17,673.84 0.01% UBS LONDON EMTN 6.25 08-13 03/09A

12,667 EUR 13,808.67 0.01% UK TREASURY STOCK 4.25 00-32 07/06S

2,138,000 GBP 2,345,531.22 1.85% UNITED KINGDOM INDEX 1.25 06-17 22/11S

1,500,000 GBP 1,952,967.50 1.53% VIRGIN MEDIA FIN 8.375 09-19 15/10S

13,984 USD 10,026.86 0.01% VIRGIN MEDIA FIN 8.75 05-14 15/04S

3,510 EUR 3,650.99 0.00% VIRGIN MEDIA FIN. 8.75 05-14 15/04S

3,337 USD 2,401.43 0.00% VIRGIN MEDIA FINANCE 9.50 09-16 15/08S

8,801 EUR 9,417.06 0.01% VODAFONE GROUP 5.375 07-22 06/06A

9,048 EUR 9,467.83 0.01% VODAFONE GROUP 5.625 07-17 27/02S

142,374 USD 106,355.25 0.08% VODAFONE GROUP 6.25 09-16 15/01A

16,292 EUR 18,213.65 0.01% VODAFONE GROUP 6.875 08-13 04/12A

21,680 EUR 24,659.27 0.02% WILLIAM HILL PLC 7.125 09-16 11/11S 6,382 GBP 7,309.36 0.01% WPP FINANCE 5.25 07-15 30/01A 17,579 EUR 18,061.01 0.01% GREECE 3.80 08-11 20/03A 525,383 EUR 528,361.97 0.41%

Greece

5,992,793.55

4.70%

GREECE 3.90 03-13 03/07A 95,062 EUR 92,279.53 0.07% GREECE 4.60 03-13 20/05A 100,291 EUR 100,257.91 0.08% GREECE 6.00 09-19 19/07A 1,274,000 EUR 1,294,626.10 1.02% GREECE 5.90 02-22 22/10A 84,082 EUR 84,013.89 0.07% GREECE 5.25 02-12 18/05A 22,815 EUR 23,395.18 0.02% GREECE INFL. INDEX 2.30 06-30 25/07A

150,000 EUR 112,085.97 0.09% HELLENIC REPUBLIC 4.30 09-12 20/03A

3,614,765 EUR 3,636,959.59 2.85% HELLENIC REPUBLIC 4.50 05-37 20/09A

70,488 EUR 54,175.66 0.04% HELLENIC REPUBLIC 4.60 07-40 20/09A

86,483 EUR 66,637.75 0.05%

AIR LIQUIDE FIN 6.125 08-12 28/11A

12,926 EUR 14,220.02 0.01%

France

5,665,548.77

4.44%

AIR LIQUIDE SA 4.375 09-15 03/06A

4,136 EUR 4,352.93 0.00% AREVA EMTN 4.375 09-19 06/11A

7,755 EUR 7,776.71 0.01% ASF SA EMTN 7.375 09-19 20/03A

26,887 EUR 32,806.45 0.03% AUCHAN 5.00 08-13 29/04A

20,682 EUR 22,048.88 0.02% AXA SA EMTN 4.50 09-15 23/01A

14,736 EUR 15,361.68 0.01% BANQUE PSA 8.50 09-12 04/05A

19,255 EUR 21,191.09 0.02% BFCM EMTN 4.25 07-14 05/02A

29,730 EUR 30,857.06 0.02% BNP PARIBAS 7.781 08-XX 02/07A

18,614 EUR 19,284.10 0.02% BNP PARIBAS EMTN 5.00 08-13 16/12A

78,670 EUR 85,054.86 0.07% BNP PARIBAS EMTN 5.25 02-12 17/12A

25,852 EUR 27,655.43 0.02% BOUYGUES 4.625 03-11 25/02A 4,136 EUR 4,265.09 0.00% BOUYGUES 6.125 08-15 03/07A 45,242 EUR 50,455.24 0.04% BPCE 5.10 08-18 27/06Q 3,918 EUR 4,074.72 0.00% BPCE 5.50 00-11 30/10A 2,895 EUR 3,061.47 0.00% CAISSE D EPARGNE 5.20 01-11 29/06A

2,068 EUR 2,145.96 0.00% CARREFOUR 5.375 08-15 12/06A

51,705 EUR 56,425.67 0.04% CARREFOUR EMTN 3.625 05-13 06-05A

3,102 EUR 3,184.94 0.00%

Securities portfolio at 31/12/09

FORTIS L FUND Bond World

Expressed in EUR

CASINO GUICHARD 6.375 08-13 04/04A

3,102 EUR 3,388.75 0.00% CASINO GUICHARD 7.875 09-12 09/08A

27,921 EUR 31,277.11 0.02% CASINO GUICHARD EMTN 5.50 09-15 30/01A

1,292 EUR 1,378.10 0.00% CCAMA SUB 5.875 99-29 22/07Q

13,391 EUR 13,309.31 0.01% CGG VERITAS 7.75 07-17 15/05S

16,328 USD 11,295.03 0.01% CIC SECS 4.375 07-10 02/11A

250,000 EUR 256,425.25 0.20% CIE DE SAINT GOBAIN 4.875 06-16 31/05A

49,637 EUR 50,801.49 0.04% CIE FIN CRD-MUTL 5.375 09-14 22/04A

33,867 EUR 36,715.22 0.03% CIE SAINT GOBAIN EMTN 4.75 07-17 11/04A

9,307 EUR 9,384.62 0.01% CIF EUROMORTGAGE 3.75 09-19 23/10A

150,000 EUR 147,283.51 0.12% CMA CGM SA REGS 5.50 07-12 16/05S

9,077 EUR 5,794.15 0.00% COFIROUTE SA 5.00 06-21 24/05A

2,585 EUR 2,662.45 0.00% CREDIT AGRICOLE 302 5.875 09-19 11/06A

28,955 EUR 31,882.05 0.03% DEXIA CLF EMTN 3.125 09-11 28/10A

237,656 EUR 243,112.58 0.19% ELECT.DE FRANCE -144A-6.50 09-19 26/01S

219,487 USD 172,610.87 0.14% EUROPCAR REG-S SUB 8.125 06-14 15/05S

21,754 EUR 18,382.13 0.01% FRANCE GOVT 4.50 09-41 25/04A

312,096 EUR 325,160.33 0.26% FRANCE OAT 3.00 04-15 25/10A

228,150 EUR 229,984.31 0.18% FRANCE OAT 3.25 06-16 25/04A

51,333 EUR 52,183.07 0.04% FRANCE OAT 3.75 05-21 25/04A

116,893 EUR 116,593.75 0.09% FRANCE OAT 3.75 06-17 25/04A

763,387 EUR 791,036.95 0.61% FRANCE OAT 4.00 03-13 25/10A

163,935 EUR 174,566.18 0.14% FRANCE OAT 4.00 04-14 25/10A

168,736 EUR 179,445.67 0.14% FRANCE OAT 4.00 04-55 25/04A

220,000 EUR 211,006.41 0.17% FRANCE OAT 4.00 06-38 25/10A

2,851 EUR 2,742.85 0.00% FRANCE OAT 4.25 03-19 25/04A

433,961 EUR 458,618.70 0.36% FRANCE OAT 4.25 06-23 25/10A

80,803 EUR 83,152.74 0.07% FRANCE OAT 4.75 01-12 25/10A

51,705 EUR 55,877.07 0.04% FRANCE OAT 5.00 01-12 25/04A

223,872 EUR 241,340.73 0.19% FRANCE OAT 6.00 94-25 25/10A

70,584 EUR 86,225.41 0.07% FRANCE OAT 8.25 92-22 25/04A

45,107 EUR 64,498.50 0.05% FRANCE OAT INDEXE 1.80 06-40 25/07A

100,000 EUR 108,272.96 0.08% FRANCE TELECOM 5.625 08-18 22/05A

51,705 EUR 56,767.95 0.04% FRANCE TELECOM EMTN 7.25 03-13 28/01A

54,699 EUR 61,728.92 0.05% FRANCE TELECOM EMTN 8.125 03-33 28/01A

8,117 EUR 10,917.44 0.01% GDF SUEZ 5.625 09-16 18/01A

41,483 EUR 45,945.32 0.04% GDF SUEZ 6.875 08-19 24/01A

33,314 EUR 40,094.73 0.03% LAFARGE EMTN 5.50 09-19 16/12A

20,346 EUR 20,152.92 0.02% LAFARGE SA EMTN 7.625 09-14 27/05A

31,018 EUR 35,214.73 0.03% LVMH MOET HENNESSY 4.375 09-14 12/05A

18,097 EUR 18,942.31 0.01% LVMH MOET HENNESSY 4.625 04-11 01/07A

5,413 EUR 5,628.54 0.00% NOVASEP HOLDING REG-S 9.625 09-16 15/12S

8,864 EUR 8,699.13 0.01% PPR SA 8.625 09-14 03/04A

17,797 EUR 20,943.32 0.02% RCI BANQUE SA 4.00 09-11 21/10A

18,184 EUR 18,343.83 0.01% RCI BANQUE SA 8.125 09-12 15/05A

18,097 EUR 19,763.01 0.02% REXEL 8.25 09-16 15/12S

11,701 EUR 11,876.52 0.01% SANOFI AVENTIS 3.50 09-13 17/05A

15,356 EUR 15,799.33 0.01% SCHNEIDER ELECTRIC 3.125 05-10 11/08A

24,301 EUR 24,576.38 0.02% SFEF 3.25 09-14 16/01A

285,188 EUR 291,633.27 0.23% SOCIETE GENERALE 5.25 08-13 28.03A

21,716 EUR 23,298.01 0.02% SOCIETE GENERALE EMTN 5.125 08-13 19/12A

38,779 EUR 41,716.90 0.03% SOCIETE GENERALE SUB 5.625 02-12 13/02A

18,303 EUR 19,378.30 0.02% SODEXHO 4.50 07-14 28/03A

3,102 EUR 3,218.42 0.00% SODEXHO 6.25 09-15 30/01A

9,255 EUR 10,341.26 0.01% SUEZ ENVIRONNEMENT 5.50 09-24 22/07A

5,429 EUR 5,737.97 0.00% SUEZ ENVIRONNEMENT CO 4.875 09-14 08/04A

5,170 EUR 5,480.93 0.00% TEREOS EUROPE REGS 6.375 07-14 15/04S

18,800 EUR 17,202.00 0.01% TOTAL CAPITAL 3.50 09-14 27/02A

43,525 EUR 44,724.99 0.04% TOTAL CAPITAL 4.875 09-19 28/01A

20,682 EUR 22,233.56 0.02% VEOLIA ENVIRONNEMENT 5.875 02-12 01/02A

10,232 EUR 10,900.36 0.01% VEOLIA ENV. EMTN REGS 4.875 03-13 28/05A

12,228 EUR 12,869.49 0.01% VEOLIA ENVIRONN. 5.125 07-22 24/05A

25,852 EUR 26,261.49 0.02% VEOLIA ENVIRONNEMENT 4.375 05-20 11/12A

12,926 EUR 12,554.51 0.01% VEOLIA ENVRNMT 5.25 09-14 24/04A

12,068 EUR 12,947.64 0.01% VEOLIA ENVRNMT 6.75 09-19 24/04A

5,687 EUR 6,641.22 0.01% VIVENDI 4.875 09-19 02/12A

15,511 EUR 15,512.24 0.01%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

VIVENDI SA 7.75 09-14 23/01A

21,716 EUR 25,037.45 0.02% WENDEL 4.875 04-14 04/11A

12,588 EUR 11,329.20 0.01% WENDEL INVESTISSEMENT 4.375 05-17 09/08A

13,297 EUR 10,504.63 0.01%

ASSICURAZ GENERALI 4.875 09-14 11/11A

41,069 EUR 43,602.95 0.03%

Italy

5,210,635.64

4.09%

ATLANTIA REG-S 5 EMTN 5.625 09-16 06/05A

48,241 EUR 52,550.36 0.04% AUTOSTRADE SPA EMTN 5.00 04-14 09/06A

2,585 EUR 2,740.92 0.00% A2A EMTN 4.50 09-16 02/11A

17,833 EUR 18,134.20 0.01% BANCO POP SOC COOP 4.125 09-14 22/10A

30,764 EUR 30,851.06 0.02% BTPS 4.25 08-13 15/04S

324,639 EUR 343,409.62 0.28% EDISON SPA -1- 4.25 09-14 22/07A

5,816 EUR 5,948.84 0.00% ENI SPA -4- 5.875 08-14 20/01A

25,852 EUR 28,792.92 0.02% ENI SPA -6- 4.125 09-19 16/09A

47,052 EUR 47,196.45 0.04% HERA SPA 4.50 09-19 03/12A

19,648 EUR 19,560.96 0.02% INTESA SAN PAOLO 3.75 09-16 23/11A

38,779 EUR 38,156.60 0.03% INTESA SAN PAOLO 8.375 09-XX 14/10A

13,702 EUR 14,383.67 0.01% INTESA SANPAOLO 5.375 08-13 19/12A

46,793 EUR 50,754.97 0.04% INTESA SANPAOLO 6.625 08-18 08/05A

19,648 EUR 20,099.50 0.02% INTESA SANPAOLO EMTN 5.00 09-19 23/09A

13,960 EUR 14,217.43 0.01% INTESA SANPAOLO 438 5.00 08-11 28/04A

22,750 EUR 23,722.34 0.02% ITALY BOT 4.50 08-18 01/08S 312,090 EUR 329,773.04 0.26% ITALY BTP 3.00 09-12 01/03S 251,916 EUR 258,055.18 0.20% ITALY BTP 3.50 06-11 15/03S 150,431 EUR 154,599.46 0.12% ITALY BTP 3.75 06-16 01/08S 266,650 EUR 274,801.51 0.22% ITALY BTP 4.00 05-37 01/02S 248,921 EUR 222,216.76 0.17% ITALY BTP 4.00 06-17 01/02S 47,531 EUR 49,417.03 0.04% ITALY BTP 4.00 07-12 15/04S 208,187 EUR 217,769.83 0.17% ITALY BTP 4.25 03-13 01/08S 81,991 EUR 86,985.08 0.07% ITALY BTP 4.25 04-14 01/08S 940,053 EUR 998,392.67 0.79% ITALY BTP 4.50 04-20 01/02S 34,840 EUR 36,209.56 0.03% ITALY BTP 4.50 07-18 01/08S 173,014 EUR 183,934.65 0.14% ITALY BTP 4.75 08-23 01/08S 80,803 EUR 84,000.38 0.07% ITALY BTP 5.25 02-17 01/08S 121,157 EUR 135,606.20 0.11% ITALY BTP 5.25 98-29 01/11S 218,168 EUR 234,410.61 0.18% ITALY BTP 5.50 99-10 01/11S 84,986 EUR 88,184.87 0.07% ITALY BTP 6.00 00-31 01/05S 139,266 EUR 162,594.45 0.13% ITALY BTP 6.50 97-27 01/11S 69,487 EUR 84,975.65 0.07% ITALY BTP 7.25 96-26 01/11S 3,089 EUR 4,051.25 0.00% ITALY BUONI DEL TESO 5.00 03-34 01/08S

85,228 EUR 88,624.34 0.07% ITALY INFL. INDEX 2.60 07-23 15/09S

327,384 EUR 366,959.26 0.30% LOTTOMATICA 5.375 09-16 05/12A

13,184 EUR 13,395.07 0.01% MEDIOBANCA EMTN 4.375 09-12 20/01A

31,023 EUR 32,121.83 0.03% MONTE DEI PASCHI EMTN 6.00 08-11 20/06A

59,461 EUR 62,472.11 0.05% MONTE PASCHI SIE.EMTN 4.875 06-16 31/05A

6,204 EUR 6,091.83 0.00% PIAGGIO & C 7.00 09-16 01/12S

8,687 EUR 8,708.71 0.01% SAN PAOLO IMI 6.375 00-10 06/04A

17,140 EUR 17,322.84 0.01% TELECOM ITALIA 8.25 09-16 21/03A

34,880 EUR 42,343.63 0.03% TELECOM ITALIA EMTN 5.375 04-19 29/01A

10,341 EUR 10,771.19 0.01% TELECOM ITALIA EMTN 7.875 09-14 22/01A

24,973 EUR 28,871.04 0.02% TERNA EMTN 4.875 09-19 03/10A

20,682 EUR 21,566.78 0.02% UBI BANCA SPCA 4.939 09-14 25/06A

29,844 EUR 31,484.23 0.02% UNICREDIT SPA 4.875 08-13 12/02A

27,404 EUR 28,891.77 0.02% UNICREDIT SPA 6.70 08-18 05/06A

15,511 EUR 15,644.87 0.01% UNICREDIT SPA -373- 5.25 09-14 14/01A

40,847 EUR 43,820.66 0.03% UNICREDIT SPA -382- 4.125 09-12 27/04A

25,852 EUR 26,678.49 0.02% UNICREDITO ITALIANO 3.95 06-16 01/02A

5,170 EUR 4,766.02 0.00%

ALLIED IRISH BANKS 5.625 09-14 12/11A

20,025 EUR 19,305.90 0.02%

Ireland

4,262,165.10

3.34%

ARDAGH GLASS FINANCE 7.125 07-17 15/06S

37,612 EUR 33,474.68 0.03% ARDAGH GLASS GR(PIK) 10.75 05-15 01/03S

5,387 EUR 4,740.56 0.00% BANK OF IRELAND 6.45 00-10 10/02A

14,038 EUR 14,108.21 0.01% CATERPILLAR INTL FIN 5.125 09-12 04/06A

9,565 EUR 10,060.75 0.01% GE CAP EUROP FUNDING 5.25 09-13 31/01A

22,750 EUR 24,090.20 0.02% GE CAPITAL EURO FUND. 6.00 08-19 15/01A

46,276 EUR 49,882.74 0.04% GE CAPITAL UK FUNDING 4.75 09-14 30/07A

43,541 EUR 45,421.53 0.04%

The accompanying notes form an integral part of these financial statements

Securities portfolio at 31/12/09

FORTIS L FUND Bond World

Expressed in EUR

GECC EMTN 5.375 09-20 23/01A

80,175 EUR 81,975.73 0.06% IRELAND TREASURY BOND 4.00 09-14 15/01A

1,875,735 EUR 1,925,967.19 1.50% IRISH GOVT TREASURY 4.50 04-20 18/04A

134,159 EUR 129,800.17 0.10% IRISH GOVT TREASURY 5.40 09-25 13/03A

72,675 EUR 71,512.20 0.06% IRISH GOVT TREASURY 5.90 09-19 18/10A

1,676,802 EUR 1,812,052.88 1.42% RED ARROW INTL LEAS. 8.375 06-12 30/06Q

214,524 RUB 4,883.14 0.00% SMURFIT KAPPA ACQ 7.25 09-17 15/11S

20,743 EUR 20,224.42 0.02% TRANSNEFT-REGS- 5.67 07-14 05/03S

20,832 USD 14,664.80 0.01%

ACHMEA HYPOTHEEKBK 4.375 07-10 01/11A

250,000 EUR 255,272.00 0.19%

The Netherlands

3,609,781.89

2.83%

ADECCO FINANCIAL SERV 4.50 06-13 25/04A

9,441 EUR 9,563.83 0.01% AEGON EMTN 4.125 04-14 08/12A

20,682 EUR 20,958.52 0.02% AKZO NOBEL 7.25 09-15 23/03A

25,852 EUR 29,738.07 0.02% ALLIANZ FINANCE II 4.00 06-16 23/11A

4,653 EUR 4,697.11 0.00% ALLIANZ FINANCE II BV 5.00 08-13 06/03A

59,978 EUR 63,908.95 0.05% ARCOS DORADOS 7.50 09-19 01/10S

8,620 USD 5,962.96 0.00% BASF AG 5.00 07-14 26/09A

31,406 EUR 33,929.79 0.03% BASF FIN EUROPE NV 5.125 09-15 09/06Q

51,964 EUR 56,191.27 0.04% BAT HOLDINGS EMTN 4.375 04-11 15/06A

16,742 EUR 17,240.24 0.01% BMW FINANCE NV 4.00 09-14 17/09A

7,931 EUR 8,053.22 0.01% BMW FINANCE NV 6.125 09-12 02/04A

23,267 EUR 24,920.82 0.02% BMW FINANCE NV EMTN 8.875 08-13 19/09A

36,762 EUR 43,662.97 0.03% BOATS INV.NETH.PIK 11.00 07-17 31/03S

29,105 EUR 19,936.92 0.02% CLONDALKIN IND REG-S 8.00 04-14 15/03S

16,442 EUR 14,468.95 0.01% COCA COLA HBC FIN.BV 4.375 04-11 15/07A

5,170 EUR 5,358.34 0.00% DAIMLER INTL 7.75 09-12 26/03A

40,950 EUR 45,115.43 0.04% DEUTSCHE TELEKOM 5.75 08-15 14/04A

70,661 EUR 77,591.44 0.06% DEUTSCHE TELEKOM EMTN 7.50 03-33 24/01A

1,034 EUR 1,291.31 0.00% DEUTSCHE TELEKOM INTL 6.00 09-17 20/01A

56,038 EUR 62,215.06 0.05% DSM KON EMTN 5.75 09-14 17/03A

20,682 EUR 22,632.31 0.02% E ON INTER FINANCE 5.50 09-16 19/01A

60,469 EUR 66,603.58 0.05% EADS FIN BV -3- 4.625 09-16 12/08A

10,082 EUR 10,288.07 0.01% EDP FINANCE 5.50 09-10 18/02A

33,158 EUR 35,929.68 0.03% ENBW INTL FINANCE BV 6.875 08-18 20/11A

43,949 EUR 52,069.02 0.04% E.ON INTL FINANCE 4.125 09-13 26/03A

7,207 EUR 7,528.00 0.01% E.ON INTL FINANCE 4.875 09-14 28/01A

17,093 EUR 18,370.37 0.01% E.ON INTL FINANCE 5.75 08-20 07/05A

40,030 EUR 44,871.63 0.04% HEIDELBERGER ZEMENT 7.625 08-12 25/01A

47,310 EUR 49,379.82 0.04% IBERDROLA INTL EMTN 4.875 03-13 18/02A

10,341 EUR 10,937.16 0.01% IFCO SYSTEMS NV REGS 10.00 09-16 30/06S

7,127 EUR 7,804.06 0.01% ING BANK NV 3.375 09-14 03/03A

6,968 EUR 7,114.75 0.01% ING BANK SUB.(LT II) 4.625 04-19 15/03A

61,721 EUR 59,858.26 0.05% ING GROEP 4.75 07-17 31/05A

28,438 EUR 28,736.31 0.02% ING VERZEKERINGEN 4.00 06-13 19/09A

27,233 EUR 27,053.81 0.02% KAZMUNAIGAZ FIN REGS 11.75 09-15 23/01S

8,620 USD 7,239.67 0.01% KBC IFIMA 3887 4.50 09-14 17/09A 10,858 EUR 11,022.61 0.01% KONINKLIJKE KPN NV 4.50 06-13 18/03A 15,511 EUR 16,223.57 0.01% KONINKLIJKE KPN NV 6.50 08-16 15/01A 17,062 EUR 19,257.88 0.02% KPN 5.625 09-24 30/09A 6,825 EUR 7,158.68 0.01% KPN 6.25 09-14 04/02A 48,810 EUR 54,018.51 0.04% LINDE FINANCE BV 7.375 06-66 14/07A

21,675 EUR 22,238.99 0.02% LINDE FINANCE BV EMTN 6.75 08-15 08/12A

19,477 EUR 22,636.17 0.02% LUKOIL INTL FIN 7.25 09-19 05/11S

10,775 USD 7,512.05 0.01% MAGYAR TELECOM REG S 9.50 09-16 15/12S

6,028 EUR 5,968.44 0.00% MAJAPAHIT HOLD.REGS 7.75 09-20 20/01A

25,860 USD 18,880.18 0.01% NEDERLAND 2.75 09-15 15/01A 102,810 EUR 103,297.32 0.08% NEDERLAND 4.00 05-37 15/01A 87,933 EUR 84,854.47 0.07% NEDERLAND 4.00 06-16 15/07A 24,716 EUR 26,131.49 0.02% NEDERLAND 4.25 03-13 15/07A 139,266 EUR 149,481.15 0.12% NEDERLAND 5.00 01-11 15/07A 288,040 EUR 304,746.36 0.23% NEDERLAND 7.50 93-23 15/01A 65,355 EUR 89,458.57 0.07% NEDERLAND SHELL 0.00 93-23 15/01U

402 EUR 238.87 0.00%

NETHERLANDS 4.00 09-19 15/07A

116,451 EUR 120,377.73 0.09% NEW WORLD RES-REGS- 7.375 07-15 15/05S

16,779 EUR 15,268.89 0.01% OI EUROPEAN GROUP BV 6.875 07-17 31/03S

21,907 EUR 21,030.72 0.02% PORTUGAL TELECOM 5.00 09-19 04/11A

23,691 EUR 23,848.07 0.02%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

PORTUGAL TELECOM 6.00 09-13 30/04A

8,283 EUR 8,971.48 0.01% RABOBANK 5.25 98-13 12/03A

10,341 NLG 5,034.05 0.00% RABOBANK EMTN 4.375 09-14 22/01A

144,543 EUR 152,501.52 0.12% RABOBANK NEDERLAND 4.75 08-18 15/01A

69,601 EUR 73,326.74 0.06% RABOBANK SUB 5.875 09-19 20/05A

7,807 EUR 8,620.57 0.01% RED ELECTRICA DE ESP 4.75 03-13 18/09A

6,902 EUR 7,272.64 0.01% REED ELSEVIER 6.50 09-13 02/04A

7,497 EUR 8,274.96 0.01% REPSOL INTL FIN 6.50 09-14 27/03A

35,247 EUR 39,285.25 0.03% RWE FINANCE 6.50 09-21 10/08A

55,935 EUR 65,860.11 0.05% RWE FINANCE EMTN 5.625 03-23 06/12A

50,000 GBP 56,665.54 0.04% RWE FINANCE EMTN 5.75 08-13 20/11A

517 EUR 569.14 0.00%

RWE FINANCE EMTN 6.625 08-19 31/01A

26,628 EUR 31,617.03 0.02% SABIC CAPITAL 4.50 08-13 28/11A

8,272 EUR 8,270.51 0.01% SHELL INTL FIN 4.50 09-16 09/02A

73,086 EUR 77,356.42 0.06% SHELL INTL FINANCE 4.30 09-19 22/09S

117,059 USD 80,486.95 0.06% SIEMENS FIN EMTN 5.125 09-17 20/02A

75,562 EUR 81,510.24 0.06% SIEMENS FINANCIER NV 4.125 09-13 20/02A

7,755 EUR 8,076.68 0.01% SNS BANK 3.50 09-14 10/03A

305,027 EUR 313,464.05 0.24% SNS BANK 4.625 04-14 18/02A

3,619 EUR 3,650.84 0.00% SYNGENTA FINANCE NV 4.00 09-14 30/06A

4,224 EUR 4,378.55 0.00% TELEFONICA EUROP EMTN 5.125 03-13 14/02A

10,341 EUR 11,016.26 0.01% TELEFONICA EUROPE EMTN5.875 03-33 14/02A

775 EUR 817.88 0.00%

TURANALEM EMTN IN DEF 8.25 07-37 22/01S

93,975 USD 22,924.73 0.02% UNILEVER NV 4.875 08-13 21/05A

24,250 EUR 26,036.74 0.02% UPC HOLDING 8.625 05-14 15/01S

6,946 EUR 6,946.00 0.01% UPC HOLDING BV REGS 9.75 09-18 15/04S

40,317 EUR 41,324.92 0.03% UPC HOLDING 144A 9.875 09-18 15/04S

9,534 USD 7,010.54 0.01% VOLKSWAGEN INTL 5.25 09-11 01/04A

48,019 EUR 49,923.91 0.04% VW INTL FINANCE NV 7.00 09-16 09/02A

10,341 EUR 12,049.34 0.01% WOLTERS KLUWER 5.125 03-14 27/01A

15,511 EUR 16,393.88 0.01%

ALLEMAGNE 3.50 09-19 04/07A

192,026 EUR 194,397.51 0.15%

Germany

2,929,207.13

2.30%

ALLEMAGNE GOVT BOND 4.25 07-17 04/07A

133,872 EUR 144,156.04 0.11% BAYER AG 6.00 02-12 10/04A

26,095 EUR 28,142.42 0.02% BERTELSMANN AG 4.75 06-16 26/09A

1,292 EUR 1,277.06 0.00% BERTELSMANN EMTN 7.875 09-14 16/01A

20,682 EUR 23,536.53 0.02% BRD 4.75 98-28 04/07A 16,431 EUR 17,783.60 0.01% BRD 5.50 00-31 04/01A 118,234 EUR 139,687.56 0.11% BRD 5.625 98-28 04/01A 9,268 EUR 11,021.32 0.01% BRD 6.25 00-30 04/01A 125,482 EUR 160,531.63 0.13% COGNIS DEUSTCH. REGS 9.50 04-14 15/05S

In document Efecto organoprotector del sevoflurano en cirugía cardíaca (página 84-89)