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01. MAIN DOCUMENTIn thousand euros Market value % Historical costUnrealizedcapital gainsor lossesBonds 319,250 71 % 316,472 2,778Bonds UCITS 21 0 % 15 6Total Bonds 319,271 71 % 316,486 2,784Equities 0 0 % 0 0Equity UCITS 32,147 7 % 31,197 950Total Equities 32,147 7 % 31,197 950Other 35,917 8 % 35,407 509Monetary 64,091 14 % 63,536 555TOTAL PORTFOLIO 451,426 100 % 446,627 4,799Of which Axeria Prévoyance 283,346 63 % 281,899 1,447Of which Axeria IARD 119,910 27 % 117,738 2,173Of which other companies 48,169 11 % 46,990 1,179Liquidity riskOn account of the Group’s asset-liability managementapproach, this risk is not significant.Equity riskThe Group’s insurance companies have invested 7% oftheir portfolios on the equities market, while the Frenchinsurance and mutual supervisory authority (Autoritéde Contrôle des Assurances et des Mutuelles) sets thelimit at 65% of regulated assets. The companies havetherefore a highly cautious asset allocation in relation toregulatory environment.Investments are made primarily through UCITS, enablinga satisfactory distribution of risks. These UCITS are basedon shares from various sectors – banking, insurance,mass retail, cosmetics, industry, etc. – primarily coveringEurope, including France.The following table presents a detailed breakdown of theportfolio’s equity risk exposure by region at December31 st , 2009:INFORMATIONON THE COMPANY’S ACTIVITIESEQUITY RISK EXPOSURE BY REGION(in thousand euros)Europe USA Others TotalPART01EquityEquity UCITS 30,093 2,054 32,147TOTAL PORTFOLIO 30,093 2,054 32,147% 93.6 % 6.4 % 100.0 %36