official stock exchange listing 216,804,416.51 94.42%

Shares

134,904,593.09 58.76%

United States of America

52,854,658.64 23.03%

ADOBE SYSTEMS INC

13,320 USD 341,459.90 0.15% AFLAC INC

11,103 USD 357,911.65 0.16% AGCO CORP

5,866 USD 132,222.64 0.06% ALLIANCE RESOURCE PARTNERS LP

6,067 USD 183,394.87 0.08% AMB PROPERTY CORP

10,877 USD 193,697.40 0.08% AMERISOURCEBERGEN CORP 15,046 USD 273,392.04 0.12% AMGEN INC 10,470 USD 412,816.10 0.18% ARTHUR J.GALLAGHER AN CO 8,198 USD 128,619.61 0.06% AUTOMATIC DATA PROCESSING INC

18,961 USD 565,889.54 0.25% AVALONBAY COMMUN 5,310 USD 303,888.56 0.13% AVISTA CORP 14,186 USD 213,469.76 0.09% BANCORPSOUTH 16,619 USD 271,741.94 0.12% BANK OF AMERICA CORP

90,776 USD 952,839.56 0.40% BANK OF HAWAII CORP

10,073 USD 330,395.80 0.14% BARD INC

6,041 USD 327,997.14 0.14% BAXTER INTERNATIONAL INC

8,175 USD 334,350.23 0.15% BOSTON PROPERTIES INC

10,167 USD 475,274.92 0.21% BRISTOL-MYERS SQUIBB CO

12,434 USD 218,824.53 0.10% BROWN-FORMAN CORP -B- NON VOTING

4,055 USD 151,403.62 0.07% CAMDEN PROPERTY SBI

8,043 USD 237,520.06 0.10% CARDINAL HEALTH INC

12,753 USD 286,570.29 0.12% CHEVRON CORP

29,863 USD 1,602,475.96 0.69% CHUBB CORP

9,536 USD 326,872.61 0.14% CINCINNATI FINANCIAL CORP

17,430 USD 318,775.54 0.14% CISCO SYSTEMS INC

27,241 USD 454,538.79 0.20% CLIFF NATURAL RESOURCES

8,759 USD 281,374.67 0.12% CLOROX CO 6,812 USD 289,619.80 0.13% COCA-COLA CO 17,709 USD 703,546.26 0.31% COMMERCE BANCSHARES 8,009 USD 216,141.13 0.09% CONOCOPHILLIPS CO 10,356 USD 368,622.35 0.16% CORNING INC 38,603 USD 519,549.70 0.23% COSTCO WHOLESALE CORP

7,073 USD 291,695.01 0.13% COUSINS PROPERTIES INC

1 USD 5.32 0.00%

CRACKER BARREL

4,367 USD 115,631.52 0.05% CULLEN FROST BANKERS INC

6,857 USD 238,961.49 0.10% CVS CAREMARK CORP

17,029 USD 382,299.42 0.17% DARDEN RESTAURANTS INC

8,140 USD 198,968.33 0.09% DELL INC

28,310 USD 283,346.64 0.12% DIAMONDROCK HOSPITALITY

14,309 USD 84,472.71 0.04% DIGITAL REALTY TRUST INC

3,439 USD 120,517.80 0.05% DIRECTV -A-

16,235 USD 377,373.94 0.16% DISH NETWORK -A-

16,651 USD 241,046.36 0.10% DOUGLAS EMMETT 42,123 USD 418,367.49 0.18% DOW CHEMICAL CO 14,678 USD 282,664.67 0.12% DUKE ENERGY HLDG 26,497 USD 317,834.72 0.14% EASTGROUP PROPERTIES INC

5,714 USD 152,452.99 0.07% ELECTRONIC ARTS

21,802 USD 269,723.29 0.12% ENCORE ENERGY PARTNERS LP

5,966 USD 82,415.83 0.04% ENTERTAINMENT PROPERTIES TRUST

7,370 USD 181,174.35 0.08% ENTREPRISE PRODUCTS PARTNERSHIP

3,206 USD 70,186.76 0.03% EQTY RESIDENTIAL PPTYS TR SHS BEN.INT.

12,893 USD 303,555.01 0.13% ESSEX PROPERTY TRUST

3,586 USD 209,073.99 0.09% EXELON CORP 20,385 USD 694,347.42 0.30% EXPEDITORS INTERNATIONAL OF WASHINGTON 13,306 USD 322,089.13 0.14% EXTRA SPACE STORAGE INC

10,745 USD 86,499.22 0.04% EXXON MOBIL CORP

12,088 USD 574,511.74 0.25% FED RLTY INV TR / SHS.OF BENEF.INTEREST

11,025 USD 520,378.46 0.23% FLIR SYSTEMS INC

8,420 USD 192,021.19 0.08% GAMESTOP CORP -A-

12,978 USD 198,457.79 0.09% GENERAL ELECTRIC CO

51,262 USD 540,577.85 0.24%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

GENERAL MILLS INC

4,461 USD 220,166.17 0.10% GENUINE PARTS CO

18,734 USD 495,656.14 0.22% HEALTH CARE REIT

5,207 USD 160,846.31 0.07% HEWLETT-PACKARD CO

17,154 USD 615,858.19 0.27% HILLENBRAND INC WHEN ISSUED

23,514 USD 308,767.21 0.13% HONEYWELL INTERNATIONAL INC

10,601 USD 289,638.75 0.13% HOST HOTELS & RESORTS - SHS

40,630 USD 330,477.15 0.14% IBM CORP 7,942 USD 724,591.60 0.32% IMS HEALTH 10,718 USD 157,324.33 0.07% INTEGRYS ENG GRP SHS 6,142 USD 179,754.37 0.08% INTEL CORP 73,814 USD 1,049,524.72 0.45% JACOBS ENGIN GROUP

6,760 USD 177,204.11 0.08% J.M. SMUCKER CO SHS/WHEN ISSUED

4,961 USD 213,515.77 0.09% JOHNSON & JOHNSON

36,411 USD 1,634,593.15 0.70% KILROY REALTY CORP

8,031 USD 171,675.04 0.07% KIMBERLY CLARK 5,000 USD 222,024.75 0.10% KIMCO REALTY 34,409 USD 324,484.24 0.14% KROGER CO 19,946 USD 285,409.57 0.12% LAS VEGAS SANDS CORP

19,926 USD 207,488.72 0.09% LINCOLN NATIONAL CORP

15,308 USD 265,456.03 0.12% LOWE'S COMPANIES INC

24,383 USD 397,503.65 0.17% MAGELLAN MIDSTREAM --- PARTNERSHIPS

UNIT

3,487 USD 105,308.74 0.05% MARATHON OIL CORP

14,254 USD 310,165.46 0.14% MC CORMICK AND CO NON VOTING

10,859 USD 273,452.29 0.12% MCDONALD'S CORP

11,026 USD 479,849.06 0.21% MEMC ELECTRONIC MATERIALS

20,711 USD 196,608.35 0.09% MERCK AND CO 26,033 USD 663,004.58 0.29% MICROSOFT CORP 57,914 USD 1,230,735.58 0.53% MONSANTO CO 5,936 USD 338,224.78 0.15% MOODY'S CORP WHEN ISSUED

22,714 USD 424,279.63 0.18% NATIONAL RETAIL PROPERTIES INC

12,325 USD 182,287.16 0.08% NATIONAL RURAL GAS CO

6,055 USD 211,012.37 0.09% NATIONWIDE HEALTH PROPERTIES

10,750 USD 263,589.48 0.11% NORFOLK SOUTHERN CORP

8,677 USD 317,022.72 0.14% NRG ENERGY WHEN ISSUED

20,318 USD 334,349.53 0.15% NUCOR CORP

8,955 USD 291,166.23 0.13% OWENS MINOR INC

6,479 USD 193,861.98 0.08% PAYCHEX INC

10,215 USD 218,147.82 0.10% PEBBLEBROOK - SHS OF BENEFIT INTEREST

4,047 USD 62,083.62 0.03% PEOPLES UNITED FINANCIAL

35,352 USD 411,485.21 0.18% PEPSICO INC 25,606 USD 1,085,098.32 0.46% PETSMART INC 6,866 USD 127,725.07 0.06% PFIZER INC 36,583 USD 463,805.38 0.20% PG AND E CORP 12,940 USD 402,698.03 0.18% PHARMACEUTICAL PRODUCTS DEV.SERVICES 9,602 USD 156,871.15 0.07% PHILIP MORRIS INTERNATIONAL INC

19,478 USD 654,221.87 0.28% PORTLAND GENERAL ELECTRIC CO

12,194 USD 173,465.44 0.08% PROCTER AND GAMBLE CO

21,647 USD 914,763.97 0.40% PROLOGIS TRUST

29,434 USD 280,851.34 0.12% PUBLIC STORAGE INC

13,521 USD 767,580.03 0.33% QUALCOMM INC

16,541 USD 533,324.03 0.23% RETAIL OPPORTUNITY INVESTMENT CORP

6,488 USD 45,717.85 0.02% RPM INC

14,033 USD 198,843.63 0.09% SAFETY INSURANCE GROUP INC

7,590 USD 191,661.05 0.08% SAFEWAY INC

22,622 USD 335,683.83 0.15% SARA LEE CORP

61,056 USD 518,321.72 0.23% SEARS HOLDINGS CORP

5,395 USD 313,791.78 0.14% SIMON PROPERTY GROUP INC

17,997 USD 1,000,983.16 0.43% SMITH INTERNATIONAL

11,854 USD 224,480.35 0.10% SOUTHERN CO

13,200 USD 306,550.97 0.13% SPECTRA ENERGY - WHEN ISSUED

28,023 USD 400,593.64 0.17% SPRINT NEXTEL 1 SHS-SERIES 1

114,731 USD 292,675.00 0.13% STARWOOD HOTELS AND RESORTS

5,123 USD 130,578.93 0.06% SYSCO CORP

40,802 USD 794,569.00 0.35% TANGER FACTORY OUTLET CENTERS INC

3,959 USD 107,587.67 0.05%

The accompanying notes form an integral part of these financial statements

Securities portfolio at 31/12/09

FORTIS L FUND Model 4

Expressed in EUR

TARGET CORP

9,554 USD 322,095.82 0.14% TAUBMAN CENTERS

4,039 USD 101,091.12 0.04% TOTAL SYSTEM SERVICES INC

14,712 USD 177,087.46 0.08% UNITED PARCEL SERVICE INC

6,715 USD 268,506.39 0.12% UNITED TECHNOLOGIES CORP

4,489 USD 217,167.80 0.09% US BANCORP

15,512 USD 243,370.01 0.11% US STEEL

10,047 USD 385,984.06 0.17% VALERO ENERGY CORP (NEW)

17,230 USD 201,151.78 0.09% VARIAN MEDICAL SYTEMS

10,341 USD 337,672.66 0.15% VENTAS INC

10,205 USD 311,111.13 0.14% VERIZON COMMUNICATIONS INC

56,959 USD 1,315,247.74 0.56% VF CORP

2,785 USD 142,166.51 0.06% VISA INC -A-

7,182 USD 437,802.91 0.19% VORNADO REALTY TRUST SHS OF

BENEF.INT

7,602 USD 370,575.98 0.16% WAL-MART STORES INC

2,895 USD 107,849.98 0.05% WASTE MANAGEMENT INC

21,089 USD 496,963.99 0.22% WELLS FARGO AND CO

9,894 USD 186,122.37 0.08% WESTERN GAS PARTNERS

16,242 USD 220,635.35 0.10% XEROX CORP

48,692 USD 287,112.26 0.13% YUM BRANDS INC

16,527 USD 402,822.23 0.18% ZENITH NATIONAL INSURANCE CORP

4,627 USD 95,974.58 0.04% ZIMMER HOLDINGS INC

7,509 USD 309,361.90 0.13% 3M CO 14,607 USD 841,652.34 0.37% ADMIRAL GROUP PLC 16,387 GBP 219,304.89 0.10%

United Kingdom

16,506,454.70

7.19%

ANGLO AMERICAN PLC 20,757 GBP 633,375.28 0.28% ANTOFAGASTA PLC 17,220 GBP 192,270.13 0.08% ASTRAZENECA PLC 11,801 GBP 386,592.50 0.17% BARCLAYS PLC 103,621 GBP 321,902.15 0.14% BHP BILLITON PLC 19,175 GBP 430,571.50 0.19% BIG YELLOW GROUP PLC

34,594 GBP 137,838.67 0.06% BP PLC

129,298 GBP 873,192.63 0.38% BRITISH AMERICAN TOBACCO PLC

35,822 GBP 813,045.91 0.35% BRITISH LAND CO PLC REIT

70,387 GBP 380,277.56 0.17% DERWENT LONDON PLC 8,764 GBP 130,209.70 0.06% GLAXOSMITHKLINE PLC 58,653 GBP 871,097.22 0.38% GRAINGER PLC 49,259 GBP 70,968.00 0.03% GREAT PORTLAND EST

32,434 GBP 104,809.52 0.05% HAMMERSON PLC

38,981 GBP 186,031.23 0.08% HSBC HOLDINGS PLC

292,663 GBP 2,334,847.58 1.02% IMPERIAL TOBACCO GROUP PLC

37,335 GBP 823,643.43 0.36% KAZAKHMYS PLC

11,513 GBP 172,089.19 0.07% LAND SECURITIES GROUP PLC REIT

48,226 GBP 371,825.20 0.16% LIBERTY INTERNATIONAL PLC REIT

22,542 GBP 130,667.23 0.06% MARKS AND SPENCER GROUP PLC

67,040 GBP 303,338.17 0.13% MORRISON SUPERMARKETS PLC 98,202 GBP 306,615.28 0.13% NATIONAL GRID PLC 72,122 GBP 551,194.07 0.24% NEXT PLC 11,395 GBP 267,159.49 0.12% PRUDENTIAL PLC 76,702 GBP 552,527.22 0.24% RECKITT BENCKISER GROUP PLC

21,827 GBP 824,485.47 0.36% REED ELSEVIER PLC

68,580 GBP 394,829.99 0.17% ROYAL DUTCH SHELL PLC

17,671 EUR 372,858.10 0.16% SAFESTORE HOLDINGS PLC

32,543 GBP 60,437.78 0.03% SCOTTISH AND SOUTHERN ENERGY PLC

58,741 GBP 767,609.89 0.33% SEGRO (REIT) 71,367 GBP 276,808.70 0.12% SHAFTESBURY 12,603 GBP 55,833.66 0.02% TESCO PLC 91,973 GBP 443,068.75 0.19% TULLOW OIL PLC 19,404 GBP 285,015.71 0.12% UNILEVER PLC 17,766 GBP 398,732.67 0.17% UNITE GROUP PLC 24,935 GBP 84,056.87 0.04% VODAFONE GROUP PLC 604,247 GBP 977,323.36 0.43% AEON CO LTD 49,650 JPY 279,533.92 0.12%

Japan

8,150,895.29

3.55%

ASAHI GLASS CO LTD 46,029 JPY 302,568.33 0.13% ASTELLAS PHARMA 10,941 JPY 283,420.03 0.12%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

EISAI 2,527 JPY 64,703.64 0.03% HOYA CORP 6,074 JPY 111,868.38 0.05% ITOCHU CORP 38,483 JPY 196,494.65 0.09% JAPAN LOGISTICS FD 22 JPY 112,332.25 0.05% JP REAL ESTATE INVESTMENT

43 JPY 220,202.35 0.10% KAO CORP

31,654 JPY 515,448.49 0.22% KAWASAKI KISEN KAISHA LTD

36,596 JPY 72,332.74 0.03% KDDI CORP 189 JPY 697,599.47 0.30% MITSUBISHI CORP 7,772 JPY 134,122.34 0.06% MITSUBISHI ESTATE 87,003 JPY 962,733.49 0.41% MITSUI & CO.LTD

13,167 JPY 129,237.02 0.06% MITSUI FUDOSAN CO LTD

76,852 JPY 896,437.56 0.38% MITSUI OSK LINES LTD

83,003 JPY 303,878.56 0.13% NIPPON BUILDING FD

50 JPY 264,284.75 0.12% NIPPON OIL CORP

64,893 JPY 208,912.16 0.09% NIPPON TEL. & TEL.

12,412 JPY 339,181.41 0.15% NIPPON TEL. TEL. STREET NAME

7,281 JPY 198,967.12 0.09% NOMURA HOLDINGS INC

22,788 JPY 116,185.18 0.05% SHOWA SHELL SEKIYU KK

11,394 JPY 64,490.45 0.03% SUMITOMO CORP

16,298 JPY 115,065.05 0.05% SUMITOMO REALTY & DEVELOPMENT CO

LTD

17,763 JPY 231,266.81 0.10% TAKEDA PHARMA CO LTD

21,279 JPY 610,165.16 0.27% TOKYU REIT INC

41 JPY 152,865.90 0.07% TOYOTA MOTOR CORP

19,505 JPY 566,598.08 0.25%

COMPAGNIE FINANCIERE RICHEMONT SA

12,272 CHF 287,365.78 0.13%

Switzerland

6,872,210.36

2.99%

CREDIT SUISSE GROUP AG REG SHS

12,414 CHF 428,545.19 0.19% FOSTER WHEELER AG (NAMEN)

8,456 USD 173,510.81 0.08% NESTLE SA REG SHS

40,944 CHF 1,385,826.64 0.60% NOVARTIS AG REG SHS

42,528 CHF 1,620,086.97 0.70% ROCHE HOLDING AG GENUSSSCHEIN

10,898 CHF 1,291,756.33 0.56% SGS SA REG SHS 227 CHF 206,774.09 0.09% TRANSOCEAN LTD 8,369 USD 482,978.36 0.21% UBS SA REG SHS 45,057 CHF 487,587.13 0.21% ZURICH FINANCIAL SERVICES NAMEN

3,325 CHF 507,779.06 0.22% BASF SE 30,558 EUR 1,328,050.67 0.58%

Germany

6,718,133.44

2.93%

BAYER AG REG SHS 15,592 EUR 872,528.32 0.38% DEUTSCHE BOERSE AG REG SHS

9,185 EUR 532,730.00 0.23% DEUTSCHE TELEKOM AG REG SHS

39,467 EUR 406,115.43 0.18% DIC ASSET AG 6,861 EUR 55,917.15 0.02% E.ON AG REG SHS 47,395 EUR 1,385,355.84 0.60% MUENCHENER RUECKVERSICHERUNGS AG REG SHS 7,721 EUR 839,041.07 0.37% RWE AG 8,961 EUR 608,989.56 0.27% SALZGITTER AG 2,873 EUR 196,628.12 0.09% SIEMENS AG REG SHS 4,643 EUR 298,127.03 0.13% WINCOR NIXDORF AG 4,085 EUR 194,650.25 0.08% BNP PARIBAS SA 7,820 EUR 437,138.00 0.19%

France

6,107,826.95

2.66%

CREDIT AGRICOLE SA 8,514 EUR 105,233.04 0.05% FRANCE TELECOM SA 16,335 EUR 284,719.05 0.12% ICADE SA 1,127 EUR 75,227.25 0.03% KLEPIERRE SA 4,953 EUR 140,615.67 0.06% LAFARGE SA 4,874 EUR 281,765.94 0.12% SANOFI-AVENTIS SA 8,951 EUR 492,842.06 0.21% SILIC STE IMMOB.LOCATION IND.

COMMERCE

340 EUR 28,900.00 0.01% STE DE LA TOUR EIFFEL SA

1,126 EUR 59,328.94 0.03% TOTAL SA 29,939 EUR 1,347,404.68 0.60% UNIBAIL-RODAMCO SE 7,939 EUR 1,220,224.31 0.53% VINCI SA 12,034 EUR 474,981.98 0.21% VIVENDI SA 55,756 EUR 1,159,446.03 0.50% AMCOR LTD 17,230 AUD 67,286.96 0.03%

Australia

5,797,486.26

2.52%

BHP BILLITON LTD 35,518 AUD 960,030.19 0.42%

Securities portfolio at 31/12/09

FORTIS L FUND Model 4

Expressed in EUR

CHALLENGER DIV PORPERTY- STAPLED UNITS 160,395 AUD 46,752.13 0.02% COCA-COLA AMATIL LTD 29,815 AUD 215,487.34 0.09% CSL LTD 2,005 AUD 40,833.99 0.02% DEXUS PROPERTY GROUP STAPLED

SECURITY 483,179 AUD 257,445.09 0.11% INCITEC PIVOT LTD 47,650 AUD 106,034.92 0.05% MACQUARIE GROUP 4,106 AUD 124,572.43 0.05% MACQUARIE OFFICE TRUST

481,426 AUD 93,551.09 0.04% MIRVAC GROUP STAPLED SECURITIES

279,554 AUD 275,120.53 0.12% PRIME AG AUSTRALIA

72,255 AUD 46,877.65 0.02% QBE INSURANCE GROUP

16,991 AUD 272,656.93 0.12% SONIC HEALTHCARE LTD 7,114 AUD 68,540.20 0.03% STOCKLAND 166,369 AUD 411,933.52 0.18% TELSTRA CORP 62,832 AUD 135,092.94 0.06% TOLL HOLDING LTD 32,426 AUD 177,648.87 0.08% WESFARMERS 13,819 AUD 270,870.77 0.12% WESTFIELD GROUP LTD STAPLED SECURITY

141,089 AUD 1,109,042.86 0.47% WESTPAC BANKING CORP

23,697 AUD 375,812.76 0.16% WOODSIDE PETROLEUM 8,614 AUD 254,861.66 0.11% WOOLWORTHS LTD 19,032 AUD 334,041.24 0.15% WORLEYPARSONS LTD 8,393 AUD 152,992.19 0.07% BANCO BILBAO VIZCAYA ARGENT. SA REG

SHS

54,196 EUR 689,915.08 0.30%

Spain

4,772,171.12

2.08%

BANCO SANTANDER SA REG SHS

160,753 EUR 1,856,697.15 0.81% MAPFRE REG-SHS 118,349 EUR 346,407.53 0.15% TELEFONICA SA 96,268 EUR 1,879,151.36 0.82% CORIO NV 3,221 EUR 153,609.49 0.07%

The Netherlands

4,061,361.70

1.77%

KONINKLIJKE BAM GROEP NV

48,121 EUR 348,877.25 0.15% KONINKLIJKE BOSKALIS WESTMINSTER NV

15,948 EUR 431,393.40 0.19% KONINKLIJKE KPN NV

61,854 EUR 732,351.35 0.32% KONINKLIJKE PHILIPS ELECTRONICS NV

46,901 EUR 969,912.69 0.43% TNT NV

13,919 EUR 299,258.50 0.13% UNILEVER NV

37,570 EUR 854,717.51 0.37% VASTNED OFFICES INDUSTRIAL NV

4,656 EUR 54,801.12 0.02% VASTNED RETAIL NV 2,014 EUR 92,311.69 0.04% WERELDHAVE NV 1,861 EUR 124,128.70 0.05% CHINA AGRI-INDUSTRIES LTD -RC- 116,205 HKD 106,542.05 0.05%

Hong Kong

3,659,867.40

1.59%

CHINA POWER INTERNATIONAL DEV. -RC-

108,659 HKD 19,045.67 0.01% CNOOC LTD -RC-

111,677 HKD 122,467.16 0.05% DAH SING FINANCIAL HOLDINGS LTD

3,018 HKD 11,664.97 0.01% GUANGDONG INVEST -RC-

168,271 HKD 68,517.82 0.03% HANG LUNG PROPERTIES LTD

157,693 HKD 433,740.44 0.18% HENDERSON LAND DEVLOPMENT CO LTD

81,928 HKD 430,072.11 0.19% HUTCHISON WHAMPOA

20,750 HKD 99,599.11 0.04% INDUSTRIAL AND COMMERCIAL BK OF

CHINA

32,824 HKD 49,862.52 0.02% SHOUGANG CONCORD INT'L ENTREPRISES

CO

230,146 HKD 40,132.96 0.02% SINO LAND

216,058 HKD 293,253.62 0.13% SUN HUNG KAI PROPERTIES LTD

146,113 HKD 1,527,441.72 0.66% THE LINK REIT - UNITS

185,606 HKD 330,667.67 0.14% WHARF HOLDINGS

31,538 HKD 126,859.58 0.06%

AGNICO EAGLE MINES LTD

6,054 CAD 229,102.91 0.10%

Canada

3,326,538.27

1.45%

AGRIUM

4,409 CAD 191,767.02 0.08% BANK OF NOVA SCOTIA

11,478 CAD 375,604.78 0.16% BOARDWALK REAL ESTATE INVT TRUST

UNIT

7,473 CAD 184,079.95 0.08% BROOKFIELD PROPERTIES CORPORATION

63,724 CAD 542,295.86 0.25% CANADIAN REAL ESTATE INVESTMENT

TRUST

10,306 CAD 185,824.55 0.08% GOLDCORP

15,071 CAD 414,324.74 0.18% SUN LIFE FINANCIAL INC

17,440 CAD 350,747.96 0.15% THOMSON REUTERS

9,569 CAD 215,988.00 0.09% TORONTO DOMINION BANK

7,234 CAD 317,235.98 0.14% YAMANA GOLD INC

40,055 CAD 319,566.52 0.14%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

FRED OLSEN ENERGY

15,906 NOK 426,040.72 0.19%

Norway

1,953,722.24

0.85%

NORWEGIAN PROPERTY AS 110,696 NOK 180,302.96 0.08% STATOIL ASA 77,123 NOK 1,347,378.56 0.58% ATLANTIA SPA 19,894 EUR 363,065.50 0.16%

Italy

1,855,407.40

0.81%

ENI SPA 73,345 EUR 1,305,541.00 0.57% TELECOM ITALIA SPA

171,692 EUR 186,800.90 0.08% ASCENDAS REAL ESTATE INVES.TRUST

UNITS

103,847 SGD 114,451.84 0.05%

Singapore

1,535,621.96

0.67%

CAPITALAND LTD

306,164 SGD 638,379.98 0.28% LIPPO MAPLETREE INDONESIA REAL ESTATE

184,156 SGD 46,169.28 0.02% OVERSEA-CHINESE BANKING CORPORATION

LTD

92,812 SGD 419,296.63 0.18% UNITED OVERSEAS BANK

32,446 SGD 317,324.23 0.14%

A.P. MOELLER-MAERSK -A-

73 DKK 346,313.30 0.15%

Denmark

1,345,900.52

0.59%

H. LUNDBECK 4,661 DKK 59,351.26 0.03% NOVO-NORDISK -B- 9,804 DKK 437,434.47 0.19% SJAELSO GRUPPEN A/S

8,329 DKK 12,536.67 0.01% VESTAS WIND SYSTEMS AS

11,508 DKK 490,264.82 0.21%

CHINA GREEN (HOLDINGS) LTD

16,978 HKD 11,247.34 0.00%

Bermuda

1,243,017.87

0.54%

CHINA POWER NEW ENERGY DEVELOPMENT

392,381 HKD 19,751.13 0.01% DIGITAL CHINA HOLDINGS

55,084 HKD 51,394.77 0.02% ESPRIT HOLDINGS LTD

44,331 HKD 206,212.01 0.09% HONG KONG LAND HOLDINGS LTD

127,604 USD 440,243.81 0.20% KERRY PROPERTIES 60,902 HKD 216,234.37 0.10% MIDLAND HOLDINGS LTD 56,593 HKD 34,286.15 0.01% PARTNERRE LTD 3,386 USD 176,197.07 0.08% SKYWORTH DIGITAL HOLDINGS LTD

71,685 HKD 51,419.43 0.02% VICTORY CITY INTERNATIONAL HDGS

23,391 HKD 3,279.97 0.00% VTECH HOLDINGS

4,904 HKD 32,751.82 0.01%

EFG EUROBANK ERGASIAS

26,873 EUR 211,759.24 0.09%

Greece

1,176,504.87

0.51%

GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS 27,291 EUR 418,643.94 0.18% HELLENIC TELECOMMUNICATIONS ORGANISATION 24,281 EUR 249,851.49 0.11% INTRALOT SA REG SHS 12,482 EUR 51,176.20 0.02% NATIONAL BANK OF GREECE REG.

13,540 EUR 245,074.00 0.11% BANK OF CHINA LTD -H- 387,476 HKD 146,281.76 0.06%

China

1,054,463.70

0.46%

CHINA BLUECHEMICAL SHS.H- 120,732 HKD 51,548.03 0.02% CHINA CONSTRUCTION BANK

CORPORATION -H-

128,278 HKD 76,908.46 0.03% CHINA OILFIELD SERVICES -H-

231,656 HKD 193,652.27 0.09% CHINA OILFIELD SVC -H-

18,109 HKD 15,138.18 0.01% CHINA PETROLEUM AND CHEMICAL -H-

222,601 HKD 138,261.49 0.06% CHINA SHIPPING DEVELOPMENT CO -H-

39,238 HKD 41,124.58 0.02% FIRST TRACTOR CO LTD

85,267 HKD 38,475.19 0.02% GREAT WALL MOTOR CO-H-

106,773 HKD 92,903.67 0.04% GUANGSHEN RAILWAY -H- 64,139 HKD 18,275.85 0.01% JIANGSU EXPRESSWAY CO LTD -H- 164,498 HKD 102,320.53 0.04% PETROCHINA CO LTD -H- 114,696 HKD 96,086.03 0.04% SICHUAN EXPRESSWAY / -H- 117,714 HKD 43,487.66 0.02%

BANK OF CYPRUS PUBLIC COMPANY LTD

55,993 EUR 276,045.49 0.12%

Cyprus

1,008,978.38

0.44%

PROSAFE 122,005 NOK 542,440.72 0.24% PROSAFE PRODUC 126,815 NOK 190,492.17 0.08%

BANGKOK BANK PUBLIC CO UNITS-NVDR

82,249 THB 199,455.91 0.09%

Thailand

850,854.86

0.37%

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

20,373 THB 245,321.59 0.11% KRUNG THAI BANK PUBLIC NVTG DEPO CO

LTD

1,385,371 THB 285,272.99 0.12% SIAM CEMENT UNITS N.VTING DEPOS REC

19,543 THB 96,010.20 0.04%

The accompanying notes form an integral part of these financial statements

Securities portfolio at 31/12/09

FORTIS L FUND Model 4

Expressed in EUR

TISCO FIN GRP (UNITS NON VOTING DEP REC)

49,009 THB 24,794.17 0.01%

AAC ACOUSTIC TECHNOLOGIES HOLDINGS INC

36,974 HKD 42,606.96 0.02%

Cayman Islands

803,182.13

0.35%

BOSIDENG INTERNATIONAL HOLDINGS LTD

86,776 HKD 13,572.04 0.01% CHINA LILANG LTD

24,901 HKD 12,086.67 0.01% CHINA SHINEWAY PHARMACEUTICAL

GROUP LTD

6,413 HKD 8,381.50 0.00% COMBA TELECOM SYSTEMS HOLDINGS LTD

62,630 HKD 51,116.88 0.02% FUFENG GROUP LTD

154,688 HKD 77,447.58 0.03% GARMIN REG.SHS

7,151 USD 153,013.20 0.07% JU TENG INTERNATIONAL HOLDINGS

41,501 HKD 28,835.95 0.01% KINGBOARD LAMINATES

75,835 HKD 36,604.97 0.02% LONKING HOLDINGS

52,820 HKD 25,590.76 0.01% LUMENA RESOURCES CORP

83,758 HKD 18,671.28 0.01% MINTH GROUP LTD

36,219 HKD 37,244.19 0.02% PEAK SPORT PRODUCTS CO LTD

79,608 HKD 30,769.56 0.01% REAL GOLD MINING LTD

48,481 HKD 50,637.67 0.02% RENHE COMMERCIAL

478,403 HKD 75,683.75 0.03% THE UNITED LABORATORIES INTL HLDG

LTD

67,912 HKD 25,150.11 0.01% VINDA INTERNATIONAL HOLDINGS LTD

115,073 HKD 56,992.95 0.02% VST HOLDINGS LTD

230,901 HKD 39,226.88 0.02% XINYI GLASS HOLDINGS LTD

30,937 HKD 19,549.23 0.01% CITYCON OYJ 9,070 EUR 26,665.80 0.01%

Finland

580,054.41

0.25%

NOKIA OYJ 39,244 EUR 350,056.49 0.16% SPONDA 53,764 EUR 146,775.72 0.06% TECHNOPOLIS PLC 18,244 EUR 56,556.40 0.02% CA-IMMOBILIEN-ANLAGEN AG 10,411 EUR 82,246.90 0.04%

Austria

493,196.59

0.21%

CONWERT IMMOBILIEN INVEST AG

18,295 EUR 156,239.30 0.07% ZUMTOBEL AG 18,592 EUR 254,710.39 0.10% BOLIDEN AB 33,404 SEK 300,315.63 0.13%

Sweden

478,015.17

0.21%

CASTELLUM 9,584 SEK 67,827.32 0.03% KUNGSLEDEN 7,330 SEK 35,203.75 0.02% WIHLBORG FASTIGHETE 5,773 SEK 74,668.47 0.03%

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

24,700 EUR 389,148.50 0.17%

Luxembourg

389,148.50

0.17%

PORTUGAL TELECOM 45,231 EUR 385,368.12 0.17%

Portugal

385,368.12

0.17%

UCB 11,746 EUR 343,218.12 0.15%

Belgium

343,218.12

0.15%

ABOITIZ POWER CORP

812,682 PHP 105,370.47 0.05%

Philippines

307,446.96

0.13%

PHILIPPINE LONG DISTANCE TEL.

4,734 PHP 186,994.74 0.07% SM INVESTMENTS CORP 3,078 PHP 15,081.75 0.01% CRH PLC 11,874 EUR 225,724.74 0.10%

Ireland

225,724.74

0.10%

LG TELECOM CO LTD 9,281 KRW 47,162.42 0.02%

South Korea

47,162.42

0.02%

ITALY 3.75 06-21 01/08S 2,153,550 EUR 2,089,374.15 0.91%

Bonds

79,526,246.11 34.63%

Italy

15,866,301.54

6.90%

ITALY BOT (12 MESI) -10 15/03U

442,469 EUR 441,006.00 0.19% ITALY BOT (12 MESI) -10 15/06U

221,234 EUR 220,338.28 0.10% ITALY BOT (6 MESI) -10 26/02U

221,234 EUR 220,703.66 0.10% ITALY BTP 3.75 06-16 01/08S 3,488,751 EUR 3,595,402.35 1.56% ITALY BTP 4.00 05-37 01/02S 2,670,402 EUR 2,383,921.36 1.04% ITALY BTP 4.00 07-12 15/04S 976,276 EUR 1,021,213.88 0.44% ITALY BTP 4.25 04-14 01/08S 1,952,552 EUR 2,073,727.39 0.90% ITALY BTP 4.50 08-19 01/03S 2,484,048 EUR 2,609,169.37 1.13% ITALY BTP 6.50 97-27 01/11S 990,633 EUR 1,211,445.10 0.53%

Quantity

Denomination

Quotation_currency

Market value

% of net_assets

CFCM NORD 09-10 15/03U

110,617 EUR 110,482.94 0.05%

France

15,339,832.36

6.68%

CIC 09-10 17/03U

110,617 EUR 110,483.04 0.05% CRCAM PARIS ET IDF -10 18/03U

110,617 EUR 110,496.83 0.05% FRANCE BTAN 3.00 06-11 12/01A

1,320,844 EUR 1,350,034.64 0.59% FRANCE BTF -10 11/03U

442,469 EUR 441,179.71 0.19% FRANCE BTF -10 25/02U

165,925 EUR 165,655.50 0.07% FRANCE GOVT 4.50 09-41 25/04A

803,992 EUR 837,647.09 0.36% FRANCE OAT 3.25 06-16 25/04A

689,136 EUR 700,548.08 0.31% FRANCE OAT 3.75 06-17 25/04A

1,927,144 EUR 1,996,945.33 0.87% FRANCE OAT 4.00 03-13 25/10A

4,536,813 EUR 4,831,025.35 2.09% FRANCE OAT 4.00 04-55 25/04A

330,211 EUR 316,711.99 0.14% FRANCE OAT 4.25 03-19 25/04A

1,866,410 EUR 1,972,459.54 0.86% FRANCE OAT 4.25 06-23 25/10A

373,282 EUR 384,137.00 0.17% FRANCE OAT 5.75 00-32 25/10A

1,378,272 EUR 1,680,857.87 0.73% SOCIETE GENERALE -10 08/03U

110,617 EUR 110,480.16 0.05% UNEDIC -10 17/05U 221,234 EUR 220,687.29 0.10% ALLEMAGNE 3.50 09-19 04/07A 416,353 EUR 421,494.93 0.18%

Germany

14,812,269.10

6.45%

ALLIANZ 09-10 01/03U 55,308 EUR 55,225.14 0.02% BRD 5.50 00-31 04/01A 1,168,660 EUR 1,380,713.40 0.60% BRD 5.625 98-28 04/01A 2,573,453 EUR 3,060,298.81 1.34% COMMERZBANK AG -10 13/01U 110,617 EUR 110,026.49 0.05% GERMANY 4.25 08-18 04/07A 625,486 EUR 671,709.41 0.29% GERMANY 4.50 03-13 04/01A 1,691,255 EUR 1,821,786.10 0.79% GERMANY 4.75 08-40 04/07A 1,481,642 EUR 1,644,607.83 0.72% GERMANY SERIE 07 4.25 07-39 04/07A

12,264 EUR 12,552.94 0.01% GERMANY -04- 4.25 04-14 04/07A 978,170 EUR 1,054,076.01 0.46% GERMANY -05- 4.00 05-37 04/01A 927,462 EUR 903,737.52 0.39% GERMANY -06- 4.00 06-16 04/07A 1,435,700 EUR 1,529,077.90 0.67% GERMANY -150- 4.00 07-12 13/04A 1,662,988 EUR 1,756,397.98 0.76% GERMANY 154 2.25 09-14 11/04A 390,510 EUR 390,564.64 0.17%

ABN AMRO BANK -10 24/02U

165,925 EUR 165,647.02 0.07%

The Netherlands

6,895,825.80

3.00%

NEDERLAND 4.25 03-13 15/07A 430,710 EUR 462,302.53 0.20% NEDERLAND 7.50 93-23 15/01A 1,223,216 EUR 1,674,350.25 0.73% NEDERLANDS 3.25 05-15 15/07A 1,320,844 EUR 1,354,314.14 0.59% NETHERLANDS 4.00 09-19 15/07A 1,622,341 EUR 1,677,046.38 0.73% SNS BANK 3.50 09-14 10/03A 1,520,119 EUR 1,562,165.48 0.68% BBVA -10 08/02U 55,308 EUR 55,118.16 0.02%

Spain

5,851,563.73

2.55%

BCO BILBAO VISCAYA ARG. -10 08/03U

55,308 EUR 55,233.42 0.02% SPAIN 5.40 00-11 30/07A

2,834,072 EUR 3,005,533.44 1.32% SPAIN 4.75 98-14 30/07A

1,895,124 EUR 2,050,126.21 0.89% SPAIN STRIP 3.15 05-16 31/01A

689,136 EUR 685,552.50 0.30%

GREECE 5.90 02-22 22/10A

947,562 EUR 946,794.46 0.41%

Greece

4,829,338.60

2.10%

HELLENIC REPUBLIC 4.30 09-12 20/03A

2,760,564 EUR 2,777,513.80 1.21% HELLENIC REPUBLIC 4.60 07-40 20/09A

419,224 EUR 323,024.67 0.14% HELLENIC REPUBLIC 10Y 3.60 06-16 20/07A

861,420 EUR 782,005.67 0.34% AUSTRIA 5.00 02-12 15/07A 1,435,700 EUR 1,549,479.15 0.67%

Austria

3,563,260.96

1.55%

AUSTRIA -2- 4.65 03-18 15/01A 1,866,410 EUR 2,013,781.81 0.88% BELGIAN -44- 5.00 04-35 28/03A 344,568 EUR 371,017.06 0.16%

Belgium

3,166,401.02

1.38%

BELGIQUE -40- 5.50 02-17 28/09A 660,422 EUR 753,581.15 0.33% BELGIQUE OLO -38- 5.00 02-12 28/09A

1,435,700 EUR 1,557,246.39 0.68% BELGIUM T-BILL 09-10 15/04U

485,266 EUR 484,556.42 0.21%

BANESTO FINANCIAL -10 01/03U

110,617 EUR 110,480.15 0.05%

Ireland

2,792,777.89

1.22%

INTESA SAN PAOLO BK IE 09-10 10/03U

110,617 EUR 110,499.58 0.05% IRELAND TREASURY BOND 4.00 09-14 15/01A

1,033,704 EUR 1,061,386.60 0.46% IRISH GOVT TREASURY 4.50 04-20 18/04A

766,744 EUR 741,832.48 0.32% IRISH GOVT TREASURY 5.40 09-25 13/03A

459,424 EUR 452,073.22 0.20%

Securities portfolio at 31/12/09

FORTIS L FUND Model 4

Expressed in EUR

IRISH GOVT TREASURY 5.90 09-19 18/10A

292,882 EUR 316,505.86 0.14%

PORTUGAL 5.00 02-12 15/06A

2,009,980 EUR 2,148,226.24 0.94%

Portugal

2,661,845.02

1.16%

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

488,138 EUR 513,618.78 0.22%

NORDEA HYPOTEK EMTN 4.25 07-14 06/02A

2,182,264 EUR 2,285,768.55 1.00%

Sweden

2,285,768.55

1.00%

FINLAND 5.75 00-11 23/02A

861,420 EUR 908,453.53 0.40%

Finland

908,453.53

0.40%

LLOYDS BANK -10 08/03U

110,617 EUR 110,458.20 0.05%

United Kingdom

442,129.12

0.19%

PRUDENTIAL -10 18/01U 110,617 EUR 110,284.33 0.05% RBS 09-10 23/02U 110,617 EUR 110,550.35 0.05% ROYAL BK OF CANADA 4.125 07-10 26/01A

110,617 EUR 110,836.24 0.04%

STANDARD CHARTERED BK -10 08/03U

110,617 EUR 110,478.89 0.05%

Hong Kong

110,478.89

0.05%

BANK OF AMERICA EMTN FL.R 05-10 18/05Q

254,419 EUR 253,608.17 0.11%

Floating rate bonds

524,225.69

0.23%

United States of America

345,632.54

0.15%

ROCHE HLDGS INC FL.R 09-10 04/03Q 91,812 EUR 92,024.37 0.04% EUROP.INVEST.BK EMTN FL.R 09-10 06/09Q 110,617 EUR 110,775.18 0.05%

Luxembourg

110,775.18

0.05%

F-E GREEN 1 A FL.R 04-18 30/10Q 35,486 EUR 34,633.30 0.02%

Italy

34,633.30

0.02%

GE CAP EURO FUNDING FL.R 06-10 01/03Q

33,185 EUR 33,184.67 0.01%

Ireland

33,184.67

0.01%

JPM EMERGING MARKETS INVESTMENT TRU PLC

135,775 GBP 748,829.43 0.32%

In document FORTIS L FUND SICAV. Annual Report (audited) at 31/12/09. R.C.S. Luxembourg (Page 144-148)