10. RCS Luxembourg B

ASR FONDS SICAV

Annual report (audited) as at 31/12/10

RCS Luxembourg B. 109 355

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ASR FONDS Table of Contents Page

Organisation

3

Information

5

Manager's report

6

Audit report

17

Financial Statements as at 31/12/10

19

Key figures relating to the last 3 years

25

Securities portfolio as at 31/12/10 Aandelenfonds Nederlandfonds Amerikafonds Europafonds Aziëfonds Europa Vastgoedfonds Obligatiefonds Liquiditeitenfonds Dynamisch Mixfonds Profielfonds A Profielfonds Pensioen A Profielfonds B Profielfonds Pensioen B Profielfonds C Profielfonds Pensioen C Profielfonds D Profielfonds Pensioen D Profielfonds E Profielfonds F Profielfonds G Profielfonds H Profielfonds I SRI Obligatiefonds SRI Futurevision SRI Mixfonds SRI Meerwaarde Aandelenfonds

31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56

Notes to the financial statements

57

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by a copy of the latest annual and the most recent semi-annual report, if published thereafter.

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ASR FONDS Organisation Registered office:

33, rue de Gasperich, L-5826 Howald-Hesperange

Board of Directors: Chairman

Mr. Jean-François Fortemps Chargé de Mission, BNP Paribas Investment Partners, Luxembourg

Members

BNP Paribas Investment Partners Luxembourg, represented by Mr Marnix Arickx Head Fund Engineering, BNP Paribas Investment Partners, Brussels Mr. Jack Julicher Director Investments, ASR Nederland N.V., Utrecht Mr. Paul Mestag Head Fund Structuring Benelux, BNP Paribas Investment Partners Belgium, Brussels Mr. Toon Sweens Deputy Director, (until January 1, 2011) ASR Nederland N.V., Utrecht Mrs. Claire Collet Head Fund Structuring, BNP Paribas Investment Partners Luxembourg, Luxembourg Mrs. Nathalie Moroni Fund Structuring Senior Officer, BNP Paribas Investment Partners Luxembourg, Luxembourg

Promotor:

BNP Paribas Investment Partners Luxembourg, 33, rue de Gasperich, L-5826 Howald-Hesperange

Co-Promotor:

ASR Verzekeringen, Archimedeslaan 10, 3500 HB Utrecht

Central Administration Agent, Transfer Agent and Registrar: BNP Paribas Investment Partners Luxembourg, 33, rue de Gasperich, L-5826 Howald-Hesperange The function of net asset value calculation is delegated until 15 Novemver 2010 to: FASTNET LUXEMBOURG S.A., 31, Allée Scheffer, L-2520 Luxembourg As from 16 November 2010 this function of net asset value calculation will be delegated to: BNP Paribas Securities Services, succursale de Luxembourg, 33, rue de Gasperich, L-5826 Howald-Hesperange The functions of register keeping and transfer agent are delegated until 27 January 2011 to: FASTNET LUXEMBOURG S.A., 31, Allée Scheffer, L-2520 Luxembourg As from February 1st, 2011 these functions of register keeping and transfer agent will be delegated to: BNP Paribas Securities Services, succursale de Luxembourg, 33, rue de Gasperich, L-5826 Howald-Hesperange Custodian Bank: BNP Paribas Securities Services, succursale de Luxembourg, 33, rue de Gasperich, L-5826 Howald-Hesperange Distributor: BNP Paribas Investment Partners, 33, rue de Gasperich, L-5826 Howald-Hesperange Investment Manager BNP Paribas Investment Partners Netherlands NV, Burgerweeshuispad – Tripolis 200, PO box 71770, NL-1008 DG Amsterdam. Management Company incorporated under Dutch law on April 23, 1982 under the denomination PIERSON CAPITAL MANAGEMENT NEDERLAND B.V., subsidiary of BNPP IP BE Holding.

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ASR FONDS Organisation Auditor: PricewaterhouseCoopers S.à r.l., 400, route d’Esch, B.P. 1443, L-1014 Luxembourg Financial Service Agents: In Luxembourg Caceis Bank Luxembourg (principal paying agent) BGL BNP Paribas (paying agent) In the Netherlands ASR Bank N.V. (formerly Fortis ASR Bank N.V.)

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ASR FONDS Information ASR FONDS is an open-ended investment company (“Société d’Investissement à Capital Variable” – abbreviated to SICAV) formed in Luxembourg on 15/07/2005 for an unlimited period and subject to Part II of the Luxembourg law of 20 December 2002 concerning collective investment undertakings. The Company is governed by the 85/611/EEC directive as modified by the 2001/107/EC and 2001/108/EC (UCITS III) directives. The Company is registered in the Luxembourg Trade Register under the number B-109.355. The Articles of Association of the Company have been filed with the Registrar of the District Court of Luxembourg, where any interested party may consult them or obtain a copy. They were amended for the last time by the Extraordinary General Meeting held on 2nd August 2010 in way of publication in the Mémorial, Recueil des Sociétés et Associations. The Prospectus and annual and semi-annual reports may be obtained with no cost from the institutions responsible for the Company's financial service and from the Company's registered office. The net asset value and all notices for shareholders are published in Luxembourg in the “Luxemburger Wort”, and in all other countries in which the Company is registered. This information can also be obtained from the institutions responsible for the Company's financial service and from the Company's registered office.

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ASR FONDS Manager’s Report BACKGROUND Not all data are in yet, but the International Monetary Fund (‘IMF’) expects that the global economy has grown by 4.8% in 2010; the strongest pace in several years. Growth has been uneven though. The emerging economies, especially in Asia showed the strongest pace of growth. Growth in the developed world was modest when taking into account that most countries were recovering from the deepest recession since the Great Depression. And even within developed economies there were large differences. Commodity exporters benefitted from strong growth in Asia. Australia escaped a recession altogether and the Canadian economy has fully recovered. The US economy is still somewhat below its pre-crisis peak and the recovery has slowed. News from the eurozone was dominated by its sovereign debt crisis, but this did not prevent Germany from showing stellar growth numbers. Equity markets saw some large swings, as investors’ moods were rocked by stress in the European government bond markets and a possible growth slowdown, while positive corporate earnings and better economic data towards the end of the year were positive. Stimulus measures, including the Federal Reserve’s (‘Fed’) decision to buy USD 600 billion of Treasuries and a compromise between the Obama administration on lower taxes and higher spending also helped equity markets to close the year at or near their highest level for 2010. UNITED STATES The US economy posted strong growth in the first quarter, went to a soft patch in the second and the third quarter, but improved again in the final quarter of the year. The composition of growth has improved. While inventory rebuilding was boosting growth at the beginning of the year, private consumption and business investment have gradually taken over. The labour market remained sluggish, despite improved producer confidence and rising business investment. Companies have been reluctant to add new jobs due to the lack of clarity on the economic outlook and to protect their profit margins. Up to November, monthly job growth averaged only 86 000, far below the pace normally seen in growth periods and not enough to bring down the unemployment rate. Unemployment stayed close to 10%. However, modest job growth, modest growth in hourly earnings and some increase in the hours worked supported household income. Labour income has accelerated above 3%, which enabled consumers to increase spending and savings. Two dark clouds remain for the US economy. The housing market, which had been strongly supported by tax incentives late last year and in the spring of this year, fell back sharply. Construction activity and sales have been sluggish. Legal issues surrounding foreclosures, a large overhang of unsold homes, many homeowners facing mortgages that are higher than the value of their homes and high unemployment are weighing on the market. Prices started to fall again in late 2010 after some stabilization earlier in the year. The other dark cloud is the government budget deficit. A compromise was reached in which the tax cuts enacted by the Bush-administration ten years ago (which were set to expire at the end of 2010) were extended for two years, unemployment benefits were extended for more than one year and payroll taxes for social security were cut temporarily. This will leave the US with huge budget deficits in the coming years. EUROPE The recovery in the eurozone came on steam a bit more hesitant than in the US. But in the second quarter of 2010 the eurozone growth surpassed growth in the US as the economy recovered from severe winter weather in the first quarter. This proved to be temporary. In the third quarter the US economy again grew faster. The eurozone averages hide meaningful differences between Germany, whose growth soared in the second quarter and stayed strong in the third. As the German economy suffered a much deeper recession than many other developed economies, it is still further away from its pre-crisis peak then the US for instance. Nevertheless unemployment has fallen to the lowest level since 1992. Producer confidence is at record highs. Growth, which was initially driven by exports, is broadening. Growth has also been strong in the Netherlands and Belgium while the French and the Italian economies grew at a somewhat slower pace. Growth in Portugal and Spain remained weak, Ireland oscillated between growth and contraction and Greece sank further into recession. Revelation by Greece late last year that its government deficit was far higher than previously assumed, resulted in a full-blown sovereign debt crisis in the spring of 2010. Risk spreads on especially Greek government bonds surged to unprecedented levels. After some bickering, a EUR 110 billion rescue package specifically for Greece and a EUR 750 billion rescue package for any eurozone member state were agreed upon by the IMF, the European Union (‘EU’) and the individual member states. The rescue packages and a highly criticized bank stress test in July brought only temporary relief. Ireland was forced to apply for assistance for the EUR 750 Page 6

ASR FONDS Manager’s Report billion fund late in 2010 as the country is suffering badly from a housing bust and an imploding banking system. This also brought spreads down only temporarily. Bond investors continued to reckon with defaults or debt restructuring, especially as European political leaders included this option in the permanent support facility they designed. At the end of the year spreads in Greek, Irish, Portuguese and Spanish bonds were close to peak levels, ranging from 245 basis points in Spain to 930 basis points in Greece. JAPAN Japan suffered from the deepest recession among the major economies, but also staged the most vigorous recovery. Its economy grew by 5.7% quarter on quarter annualised in the final quarter of 2009 and by 6.8% in the first quarter of 2010 before slowing to 3.0% and 4.5% in the second and the third quarter. The annual growth rate in the third quarter was 5.0%, compared to 3.2% in the US and 1.9% in the eurozone. Japan has even outpaced commodity exporters like Canada and Australia. Japan’s economy has benefitted from strong exports to other countries in the region, particularly China. Domestically, stimulus policy been supportive. The acceleration of growth in the third quarter was due to the expiration of a tax incentive for environment-friendly cars and to the anticipation of a steep rise in taxes on tobacco products. This temporary boost to domestic consumption will fade, leaving the economy with weak domestic demand. Despite some additional stimulus measures by the Bank of Japan, there are no signs that deflation is coming to an end. EMERGING MARKETS Emerging markets staged a V-shaped economic recovery, as their economies were boosted by inventory rebuilding and strong growth of world trade. Despite on-going loose monetary policy in the major developed economies, several central banks in emerging markets have started to hike interest rates. This should prevent overheating. With only some exceptions, growth in emerging markets continued to be strong in 2010. Leading indicators in many emerging markets rolled over during the summer. This was to be expected as growth had been unsustainably strong due to very positive base effects (low growth a year earlier). During the summer of 2010 industrial production and exports in several more cyclical emerging markets including Korea, Taiwan and Brazil, slowed markedly. Economic growth in these countries slowed in the third quarter. China and India showed stronger resilience and continued to grow at extremely fast levels above 10% year on year. The prevent the economy from overheating, the Chinese government continued to target slower price appreciation in real estate and also started to tighten monetary policy in the fall of 2010 by rising banks’ reserve requirements and hiking interest rates. India is less exposed to exports than many other emerging economies and buoyant growth and rising inflation led the Reserve Bank of India to tighten monetary policy in the first part of the year. MONETARY POLICY The major central banks kept interest rates unchanged. During 2010 the Fed became more dovish on the outlook for growth and inflation. In August the Fed decided to reinvest payments received on its huge portfolio of mortgage-backed securities. The effect is annual purchases of about USD 200 billion of Treasuries. This should prevent the Fed’s balance sheet from shrinking, which would effectively tighten monetary policy. In a speech at a central banker’s conference in August, Fed-chairman Bernanke said that the Fed is ready to buy more government bonds if the outlook would deteriorate. The September press statement from the Fed’s monetary policy committee showed that inflation is uncomfortably low and confirmed the Fed’s readiness for another round of stimulus. The Fed delivered on its promises on 3 November, right after the closing period of this report. The Fed will buy USD 600 billion of government bonds by the end of the second quarter of 2011. The European Central Bank (‘ECB’) has found an exit from its exit strategy. At the beginning of the year, the ECB was busy tightening the lending standards for loans to commercial banks. Maturities were shortened as six-month loans and one-year loans were gradually phased out and replaced by three-month loans. Banks could still borrow unlimited amounts, but the interest rates charged by the ECB were changed from fixed to flexible. However, the ECB had to backtrack when to sovereign bond crisis hit the banking sector. Uncertainty about individual banks’ exposure to peripheral government debt caused the interbank market to freeze. Thus, banks turned to the ECB for liquidity. Interbank interest rates increased (although far less than at the height of the financial crisis) and banks stored record amounts of cash at the ECB. Furthermore, the ECB decided to start buying government bonds of countries whose bond markets failed to function properly. The purchases leapt by around EUR 70 billion during May and June as the ECB stepped in to stabilise debt markets. At around 5% of outstanding government debt in Portugal, Greece, Ireland and Spain it was a serious intervention. From June to Page 7

ASR FONDS Manager’s Report October purchases slowed to virtually zero. However, when the sovereign bond crisis arrived on Ireland’s shores and contagion spread to Portugal and Spain, the ECB stepped up spending, although not to the levels seen in May and June. The ECB remains a very reluctant actor in this area. Their focus is on back-stopping specific dysfunctional markets, unlike the Fed/Bank of England programs designed to provide an economic boost through wholesale liquidity provision. Monetary policy can be kept extremely stimulative, as there are no inflationary pressures in the US, the eurozone and Japan. According to virtually all measures inflation is low and the trend is generally flat to downward. CURRENCY MARKETS The euro depreciated versus the US dollar, the Japanese yen and the British pound. The euro started the year at 1.43 US dollar per euro. At the end of the year this was 1.34 euro. It was not a gentle slide downward. As the sovereign debt crisis unfolded, the euro began a long slide to 1.19 in early June. The euro was fairly stable in April, but depreciated strongly in May, when policymakers struggled to find an appropriate solution for the government bond crisis in the eurozone. At several points in time even the future existence of the euro was questioned. In June most of the negative news was discounted, so the euro managed to stabilise. The euro regained ground in July, when data started to point to the summer soft patch in US growth. Another flare-up of the debt crisis in the eurozone led to another setback for the euro in August, but dovish remarks from the Fed and anticipation of more monetary stimulus led to further appreciation to just above 1.40 briefly in early November. From there the euro slipped to 1.34 at the end of the year. The bailout of Ireland and contagion to other countries once again weighed on the euro. The major news about the yen was Japan’s intervention in the currency markets in September. The yen had fluctuated around 90 yen per USD from October 2009 to June 2010, with even somewhat higher levels in April and May. The global economic recovery made investors leave the safety of the Japanese yen. However, by the middle of August the yen had appreciated to levels not seen since the mid-nineties. Expectations for rate hikes in the US and the eurozone were scaled back and bond yields fell. Thus rate differentials with Japan narrowed. Furthermore risk-averse investors repatriated capital to Japan. The authorities drew a line in the sand at 82 yen per US dollar and sold yen to an equivalent of USD 20 billion. This only temporarily weakened the yen. Appreciation soon returned and the yen ended the year just below 82. BOND MARKETS In 2010 bond yields fell by 53 basis points to 3.3% in the US and by 50 basis points to 2.9% in Germany Yields were already low from an historic perspective at the start of the year. Monetary authorities kept interest rates at rock-bottom levels, providing a strong anchor against upward drift of bond yields. Moreover, inflation continued to stay low. Yields did not fall in a straight line. US yields increased from January to April 2010 and shortly touched 4%. The economic recovery progressed and some changes away from extremely stimulative monetary policy seemed only a matter of time. During this period German yields fell somewhat due to safe haven inflows from peripheral eurozone bond markets. From April onwards yields in the US and in Germany fell in tandem. Several factors contributed to this drop in bonds yields. The Fed sounded increasingly dovish. In August the Fed decided to reinvest repayment on its portfolio of mortgage-backed securities, to prevent the banks’ balance sheet to shrink. In September the Fed said that inflation was uncomfortably low and that it would be ready for another period of quantitative easing. This led to expectations for a longer period of unchanged monetary policy and to lower bond yields. Bond yields hit bottom in October. From there yields increased sharply on the back of a better growth outlook and due to large and persistent government budget deficits in the US. EQUITY MARKETS Equity markets did quite well in 2010. Emerging market equities gained 16.4% and developed equities 9.6%. This came on top of very strong performance in 2009. Emerging market equities have surged by 139% from their lows in early 2009. The US did better than the eurozone, as the eurozone was plagued by the sovereign debt crisis. With a drop of 3.0% Japan lagged significantly. Equity markets turned downwards right after the start of the year. Concerns about a global growth slowdown, possibly induced by monetary tightening in China or fiscal tightening in Europe sent equities lower. This correction lasted until the first week of February. From February to mid-April equity markets rallied to new post-recession peaks on the back of strong tailwinds from Page 8

ASR FONDS Manager’s Report positive earnings numbers. The level as well as the quality of earnings rose, increasingly on the back of improvements in sales instead of just cost-cutting. Markets sold off in May and June, caused by investor concerns about the shape of the global recovery, stress in European government bond markets and the region’s banking sector and concerns about a possible slowdown in China. July saw another rally due to positive earnings numbers, although the boost was less strong than in the first quarters. Equities sold off in August as detrimental US data fed fears that the country was heading for a double dip recession. When markets realised this risk was overdone, they posted the strongest September gain in several decades. Equities continued to gain for the rest of the year. Fears of a significant slowdown in the US disappeared, causing higher risk appetite among investors. The next round of stimulus from the Fed, which will provide more liquidity and drove investors out of government bonds, was also supportive. Developed equities ended the year at the highest postrecession levels, while emerging equities stayed just below the peak set in November. AANDELENFONDS Sub-fund

Equities: Equity markets saw large swings during the year but ended at, or close to, post-recession peaks. We then moved to an underweight position for most of Q2 and Q3. Markets sold off in May and June due to fears surrounding the Eurozone debt crisis but then rallied in July and again in September. During Q4, stimulus measures in the US and brighter prospects for the global economy led us to go back to a neutral position again. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. NEDERLANDFONDS Sub-fund

The Euronext Amsterdam began the new year in a jittery state, chiefly because national governments failed to announce any new stimulus packages and the Greek solvency crisis took another turn for the worse. Investor sentiment perked up, however, on positive macroeconomic data from China and the US as well as on corporate profits that continued on the whole to exceed expectations. The fund benefited from its overweight position in cyclical equities. After Greek government paper was cut to junk rating, followed by downgrades for both Spanish and Portuguese debt, equity markets the world over were compelled to mark time. And the drastic fiscal retrenchment programmes on the agenda in many EU countries further contributed to negative sentiment. Moreover, the macroeconomic data from the US remained weak. The equity markets bounced back after the Fed announced its intention to do everything in its power to stimulate the US economy. Although Ireland was the second country in Europe to be forced to turn to the EU rescue fund, investors remained upbeat, with the result that the AEX Index ended what was a volatile year, up by nearly 6%. The fund succeeded in beating its benchmark in 2010, primarily by overweighting Crucell and TomTom. Inflation seems likely to heat up, a development that would work to the advantage of equities over bonds. Uncertainty about the effect of rising prices on economic growth will be a major theme. We expect corporate profits to keep growing. In our investment decisions, we will be focusing to a greater extent on how individual equities perform.

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ASR FONDS Manager’s Report AMERIKAFONDS Sub-fund

2010 was anything but a straight line for U.S. equities. In the end, returns for equities proved solid, outpacing most asset classes, thanks largely to a strong rally from late August into year end. Within equity markets, cyclical sectors generally outperformed the world, led by Consumer Discretionary, Industrials, and Materials. Within defensive sectors, only Consumer Staples outperformed. The fund remained sector neutral, but strong stock selection in the Consumer Discretionary and Technology sectors allowed the fund to outperform. Financials was the area of greatest weakness. Our retail holdings have outperformed this year led by Abercrombie & Fitch, Dollar Tree and Limited Brands. Easy comparisons to 2009 and improving demand for discretionary goods has been driving positive sales growth in our holdings. Our strong relative results in the technology sector were led by our positions in Apple and EMC. Apple has outperformed based on the continued strong results of the iPhone and the better than expected launch of the iPad. Our holding in leading asset manager Blackrock Inc. was a leading detractor. The stock underperformed all year as it struggled to incorporate its acquisition of BGI from Barclays Bank. The fund benchmark is the MSCI US Equity Index. There have been no major changes to the fund strategy. There have been no changes to the benchmark. EUROPAFONDS Sub-fund

In Jan/Feb we built new positions in Virgin Media (UK cable operator) and Smith Group, an industrial company which enjoys good growth prospects. In April we decided to switch our position in the pharmaceutical sector out of Ipsen in favour of Novo Nordisk. In Utility, we switched out of Eon into Centrica. In May we switched our position in the Energy sector out of Saipem into Premier Oil. We also introduced a position in Experian. In order to finance this trade and to increase some core holdings such as Fresenius Medical Care and Jeronimo Martins, we sold our position in Reed Elsevier, Sandvik, and Novartis. June: we introduced a position into Atlas Copco. We also switched out of Arcelor Mittal into Rio Tinto on the ground that the later benefits from a better industry structure. In August we built a position in Technip which is favourably exposed to the oil exploration growing needs, and sold our position in BP. In September we switched out of Michelin into Rio Tinto. The MSCI EUROPE Index is a capitalization weighted index that monitor the performance of stocks listed in the continent of Europe. As the economic environment stabilises, fiscal stimulus will be gradually withdrawn. This is argues for avoiding companies where the growth or valuation case is predicated on a particularly robust economic recovery or easy access to capital. We remain focused on companies operating in industries with strong or improving structural characteristics. AZIËFONDS Sub-fund

Equities: Equity markets saw large swings during the year but ended at, or close to, post-recession peaks. We then moved to an underweight position for most of Q2 and Q3. Markets sold off in May and June due to fears surrounding the Eurozone debt crisis but then rallied in July and again in September. During Q4, stimulus measures in the US and brighter prospects for the global economy led us to go back to a neutral position again. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. EUROPA VASTGOEDFONDS Sub-fund

Despite the challenges facing the Southern periphery of the euro zone, European property stocks posted returns of more than 18%, with extremely large variations in performance across the region. At one extreme Sweden and Switzerland enjoyed returns of more than 50%, while Spain plunged more than 50. Despite the woes experienced by a number of euro zone markets, property companies on the Continent out-performed the UK in 2010. The fund began 2010 with a large overweight to the Netherlands and a slight preference for the UK over Page 10

ASR FONDS Manager’s Report Continental Europe. During the course of 2010, the portfolio has moved to an underweight to the euro zone in view of the uncertainty surrounding Sovereign debt and the volatility this has generated. The fund manager considers the downside risks in the euro zone to be greater at the end of 2010, than elsewhere. In view of this, the Netherlands has moved to a smaller position in the portfolio and we maintain a preference for the UK and Nordic markets. Belgium has been a large underweight and continues to be so, as the market is also hindered by continuing political uncertainty, while Switzerland is the largest underweight. The fund delivered a positive absolute return, but posted a negative excess versus the index. The benchmark of the f und has been the same since 1 January 2009 and is the EPRA NAREIT Europe (25% UK Capped) 8/32 Net Return Index. Europe will continue to be dogged by the Sovereign debt crisis through 2011 as the structures currently in place to deal with the re-financing needs of the euro zone nations on the periphery of the region, have not convinced investors they will withstand market scrutiny. UK stocks look, on the whole to be priced at fair value, but we see less downside potential in the UK, than in the euro area. OBLIGATIEFONDS Sub-fund

Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. DYNAMISCH MIXFONDS Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS B Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. We had several long duration positions during the year and ended this year with a long duration position which we initiated in November. Page 11

ASR FONDS Manager’s Report Credit: We were overweight credit since Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS C Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. We had several long duration positions during the year and ended this year with a long duration position which we initiated in November. Credit: We were overweight credit since Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS D Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. We had several long duration positions during the year and ended this year with a long duration position which we initiated in November. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets.

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ASR FONDS Manager’s Report PROFIELFONDS E Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS F Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS G Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Page 13

ASR FONDS Manager’s Report Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS H Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS I Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets.

Page 14

ASR FONDS Manager’s Report PROFIELFONDS PENSIOEN A Sub-fund

Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS PENSIOEN B Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. PROFIELFONDS PENSIOEN C Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. Page 15

ASR FONDS Manager’s Report PROFIELFONDS PENSIOEN D Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Emerging equity: We closed our long-standing overweight on emerging market equities at the end of May. We reinstated this overweight in Q4. Japanese Equity: We moved to an overweight position in Japanese equities in Q1.We shifted to an underweight position in Q3 which we then closed in Q4. European Equity: We were underweight European equity until June when we implemented an overweight position. The overweight was closed in Q4. US Equity: We held an underweight in US equities for the first three quarters of the year. In Q4 we closed our underweight in US versus European equities. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. Credit: We were overweight credit since Q3. European real estate: we started the year with an underweight position which we closed in Q3. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. SRI MIXFONDS Sub-fund

Equities: In January we closed our equity overweight. We then moved to an underweight position for most of Q2 and Q3. During Q4 we implemented an overweight position. Bonds: The position in bonds during the year was predominantly a result of our positioning in other asset classes. The general environment is favourable for risky assets; economies are growing, corporate profits will probably keep rising and the abundant liquidity that central banks are injecting into the economy should support financial markets. Luxembourg, February 14, 2011

Note: The information stated in this report is historical and not necessarily indicative of future performance. Page 16

Audit report

To the Shareholders of ASR FONDS

We have audited the accompanying financial statements of ASR FONDS and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at December 31, 2010 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the “Réviseur d’entreprises agréé” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

PricewaterhouseCoopers S.à r.l., 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°00123693) R.C.S. Luxembourg B 65 477 - Capital social EUR 516 950 - TVA LU17564447

Page 17

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of ASK FONDS and of each of its sub-funds as of December 3 1, 2010, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters

Supplemenq information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, April 12,201 1

Page 18

ASR FONDS Financial Statements as at 31/12/10

Expressed in

Aandelenfonds

Nederlandfonds

Amerikafonds

Europafonds

EUR

EUR

EUR

EUR

Notes

Statement of net assets

Assets Securities portfolio at cost price Unrealised profit (loss) on portfolio Securities portfolio at market value

2

Cash at banks and time deposits Other assets

Liabilities Bank overdrafts Other liabilities

Net asset value

Statement of operations and changes in net assets Income on investments and assets

Service fee, placement fee and management fee Custodian & sub-custodian fees

3,7 4

Bank interest General expenses Taxe d'abonnement

6

Total expenses Net result from investments Net realised result on investment securities Other realised results Net realised result

2

164,850,393.06 145,845,634.61 18,420,976.83 164,266,611.44 583,781.62 0.00 570,768.82 0.00 570,768.82 164,279,624.24

469,004,070.93 463,126,066.07 4,429,662.27 467,555,728.34 216,630.37 1,231,712.22 1,301,952.77 244,388.73 1,057,564.04 467,702,118.16

4,495,656.22 4,365,024.95 108,118.16 4,473,143.11 21,544.11 969.00 40,262.75 0.06 40,262.69 4,455,393.47

127,443,942.87 120,494,082.98 6,445,774.17 126,939,857.15 454,995.23 49,090.49 359,277.03 0.00 359,277.03 127,084,665.84

12,946.69 1,085,414.23 15,043.15 1,536.39 204,362.35 174.90 1,306,531.02

95,793.90 3,253,508.43 43,286.96 0.19 512,578.44 24.34 3,809,398.36

2.26 39,032.19 405.12 6.42 6,355.83 0.36 45,799.92

62,771.85 1,125,914.57 11,681.89 0.00 182,300.53 1.71 1,319,898.70

(1,293,584.33)

(3,713,604.46)

(45,797.66)

(1,257,126.85)

6,096,156.46

(830,439.63)

(43,511.50)

(223,651.88)

50,847.61

10,692.70

312.67

1,261.12

4,853,419.74

(4,533,351.39)

(88,996.49)

(1,479,517.61)

18,204,938.54 23,058,358.28

48,423,545.54 43,890,194.15

865,947.80 776,951.31

14,926,205.13 13,446,687.52

(3,716,238.22)

(4,962,449.05)

98,176.01

(3,037,882.32)

Movement on net unrealised loss/gain on : Investments securities

Change in net assets due to operations Net subscriptions (redemptions) Increase/Decrease of net assets during the year Net assets at the beginning of the year

19,342,120.06

38,927,745.10

875,127.32

10,408,805.20

144,937,504.18

428,774,373.06

3,580,266.15

116,675,860.64

Net assets at the end of the year

164,279,624.24

467,702,118.16

4,455,393.47

127,084,665.84

The accompanying notes form an integral part of these financial statements. Page 19


Expressed in

Aziëfonds

Europa Vastgoedfonds

Obligatiefonds

Liquiditeitenfonds

EUR

EUR

EUR

EUR

Notes


Assets Securities portfolio at cost price Unrealised profit (loss) on portfolio

64,714,980.65 47,321,101.40 17,193,992.83 64,515,094.23 174,391.14 25,495.28 239,313.78 0.00 239,313.78 64,475,666.87

15,747,285.01 17,589,157.77 (2,249,659.12) 15,339,498.65 400,657.36 7,129.00 398,092.30 0.00 398,092.30 15,349,192.71

173,440,932.48 167,754,361.97 4,988,121.18 172,742,483.15 611,005.09 87,444.24 426,901.41 118,190.70 308,710.71 173,014,031.07

61,206,656.19 56,884,243.64 4,082,146.25 60,966,389.89 240,266.30 0.00 351,754.88 0.00 351,754.88 60,854,901.31

32.98 560,185.44 5,820.34 107.16 90,836.23 3.80 656,952.97

33.78 130,971.02 1,356.50 3.33 21,073.98 0.16 153,404.99

1,249.45 805,703.23 17,349.46 1,181.25 155,847.46 8.24 980,089.64

160.63 193,370.77 5,984.32 94.47 28,055.20 20.42 227,525.18

(656,919.99)

(153,371.21)

(978,840.19)

(227,364.55)

1,096,240.54

(141,316.50)

10,453,207.77

519,564.20

0.00

0.00

2,303.40

0.00

439,320.55

(294,687.71)

9,476,670.98

292,199.65

11,171,021.68 11,610,342.23

1,895,438.48 1,600,750.77

(5,392,781.46) 4,083,889.52

(200,863.20) 91,336.45

Net subscriptions (redemptions) Increase/Decrease of net assets during the year Net assets at the beginning of the year

(1,597,124.68)

426,718.44

863,574.10

(217,686.56)

10,013,217.55

2,027,469.21

4,947,463.62

(126,350.11)

54,462,449.32

13,321,723.50

168,066,567.45

60,981,251.42


64,475,666.87

15,349,192.71

173,014,031.07

60,854,901.31

Securities portfolio at market value

2



Net asset value



3,7 4


6


2


Change in net assets due to operations


ASR FONDS

Dynamisch Mixfonds

Profielfonds A

Profielfonds Pensioen A

Profielfonds B

Profielfonds Pensioen B

Profielfonds C

EUR

EUR

EUR

EUR

EUR

EUR

297,778,787.85 277,491,447.95 19,327,954.74 296,819,402.69 365,004.41 594,380.75 1,355,692.59 0.00 1,355,692.59 296,423,095.26

1,415,420.33 1,342,132.28 69,430.30 1,411,562.58 3,812.94 44.81 3,571.44 0.00 3,571.44 1,411,848.89

5,573,590.27 5,519,130.34 30,795.82 5,549,926.16 21,369.65 2,294.46 14,876.70 0.00 14,876.70 5,558,713.57

1,427,098.34 1,374,477.31 44,706.95 1,419,184.26 7,796.96 117.12 7,868.62 0.00 7,868.62 1,419,229.72

8,421,675.69 8,039,218.92 322,240.51 8,361,459.43 54,115.17 6,101.09 52,601.84 0.00 52,601.84 8,369,073.85

1,470,566.54 1,423,848.18 38,733.11 1,462,581.29 7,842.03 143.22 7,669.55 0.05 7,669.50 1,462,896.99

80,018.71 3,317,730.55 30,172.05 243.51 490,129.44 182.92 3,838,458.47

7.76 11,039.63 98.62 98.41 1,974.30 0.15 13,211.11

11.39 36,237.54 329.36 21.98 7,970.09 0.01 44,558.98

0.29 15,674.31 140.69 9.80 2,237.38 0.22 18,062.40

106.90 87,859.54 792.83 78.32 11,949.36 5.13 100,685.18

8.86 13,088.63 117.93 10.12 2,181.07 0.04 15,397.79

(3,758,439.76)

(13,203.35)

(44,547.59)

(18,062.11)

(100,578.28)

(15,388.93)

11,167,583.98

21,365.27

217,726.53

76,518.66

763,126.43

82,069.18

11,488.88

0.00

0.00

28.93

68.11

175.07

7,420,633.10

8,161.92

173,178.94

58,485.48

662,616.26

66,855.32

11,113,799.24 18,534,432.34

(8,749.18) (587.26)

(128,573.53) 44,605.41

(38,935.20) 19,550.28

(382,405.57) 280,210.69

(35,277.39) 31,577.93

(36,247,921.12)

327,418.03

2,753,323.88

(74,097.95)

(582,691.30)

8,952.48

(17,713,488.78)

326,830.77

2,797,929.29

(54,547.67)

(302,480.61)

40,530.41

314,136,584.04

1,085,018.12

2,760,784.28

1,473,777.39

8,671,554.46

1,422,366.58

296,423,095.26

1,411,848.89

5,558,713.57

1,419,229.72

8,369,073.85

1,462,896.99



Expressed in

Profielfonds Pensioen C

Profielfonds D

Profielfonds Pensioen D

Profielfonds E

EUR

EUR

EUR

EUR

Notes


Assets Securities portfolio at cost price Unrealised profit (loss) on portfolio

31,078,090.93 29,953,146.13 998,144.25 30,951,290.38 122,565.65 4,234.90 84,014.39 0.00 84,014.39 30,994,076.54

966,625.90 903,433.57 49,211.57 952,645.14 11,986.17 1,994.59 13,772.20 7.07 13,765.13 952,853.70

71,830,710.02 66,106,947.87 5,275,315.06 71,382,262.93 432,622.88 15,824.21 421,770.73 0.00 421,770.73 71,408,939.29

921,212,594.54 856,838,655.62 60,205,324.13 917,043,979.75 4,064,927.89 103,686.90 2,604,062.74 0.00 2,604,062.74 918,608,531.80

515.33 235,367.50 2,129.30 47.92 43,404.11 15.01 280,963.84

14.60 13,091.40 117.52 74.71 1,432.84 0.26 14,716.73

1,162.96 638,574.46 5,757.32 212.07 102,425.45 34.34 747,003.64

72,507.89 8,444,424.84 75,989.03 10,761.85 1,322,911.43 475.96 9,854,563.11

(280,448.51)

(14,702.13)

(745,840.68)

(9,782,055.22)

1,553,018.80

118,438.69

4,974,045.60

44,130,345.07

464.61

506.52

3,652.36

67,228.54

1,273,034.90

104,243.08

4,231,857.28

34,415,518.39

(504,684.17) 768,350.73

(37,396.04) 66,847.04

(920,239.45) 3,311,617.83

20,668,918.27 55,084,436.66

Net subscriptions (redemptions) Increase/Decrease of net assets during the year Net assets at the beginning of the year

10,878,257.59

(631,038.51)

5,067,960.55

23,734,626.53

11,646,608.32

(564,191.47)

8,379,578.38

78,819,063.19

19,347,468.22

1,517,045.17

63,029,360.91

839,789,468.61


30,994,076.54

952,853.70

71,408,939.29

918,608,531.80

Securities portfolio at market value

2



Net asset value



3,7 4


6


2


Change in net assets due to operations


ASR FONDS

Profielfonds F

Profielfonds G

Profielfonds H

Profielfonds I

SRI Obligatiefonds

SRI Futurevision

EUR

EUR

EUR

EUR

EUR

EUR

486,488,457.55 439,172,717.61 44,573,073.46 483,745,791.07 2,683,990.65 58,675.83 2,550,530.58 0.00 2,550,530.58 483,937,926.97

2,381,588,576.87 2,178,254,408.12 191,239,479.66 2,369,493,887.78 11,967,951.13 126,737.96 12,787,022.50 0.00 12,787,022.50 2,368,801,554.37

25,425,312.05 20,510,471.42 4,566,212.61 25,076,684.03 338,641.04 9,986.98 301,626.42 0.05 301,626.37 25,123,685.63

14,235,843.31 10,899,592.29 3,125,949.98 14,025,542.27 208,305.43 1,995.61 205,834.76 68.80 205,765.96 14,030,008.55

2,043,628.66 1,902,224.15 120,712.82 2,022,936.97 18,290.69 2,401.00 16,223.71 0.00 16,223.71 2,027,404.95

1,038,357.25 1,158,301.19 (125,690.29) 1,032,610.90 4,786.64 959.71 3,468.58 0.00 3,468.58 1,034,888.67

12,210.78 3,754,487.15 24,124.88 332.51 691,953.05 194.98 4,471,092.57

46,195.70 17,619,885.12 170,858.44 2,361.14 3,196,311.24 1,142.14 20,990,558.08

404.88 226,726.63 2,025.28 23.70 35,616.20 3.08 264,394.89

251.35 124,200.68 1,106.28 208.51 19,884.35 1.44 145,401.26

2.62 9,663.55 195.24 0.19 1,462.88 0.28 11,322.14

4.43 (677.40) 93.08 0.08 455.82 0.21 (128.21)

(4,458,881.79)

(20,944,362.38)

(263,990.01)

(145,149.91)

(11,319.52)

132.64

22,507,827.38

63,646,974.79

1,383,703.07

633,990.24

13,155.73

(1,462.93)

30,315.98

127,666.51

727.90

4,720.13

0.00

0.00

18,079,261.57

42,830,278.92

1,120,440.96

493,560.46

1,836.21

(1,330.29)

16,409,994.06 34,489,255.63

186,061,429.53 228,891,708.45

1,505,078.03 2,625,518.99

1,185,299.88 1,678,860.34

40,612.01 42,448.22

113,200.30 111,870.01

38,726,314.61

(15,127,039.83)

910,381.06

675,025.67

142,781.24

24,633.56

73,215,570.24

213,764,668.62

3,535,900.05

2,353,886.01

185,229.46

136,503.57

410,722,356.73

2,155,036,885.75

21,587,785.58

11,676,122.54

1,842,175.49

898,385.10

483,937,926.97

2,368,801,554.37

25,123,685.63

14,030,008.55

2,027,404.95

1,034,888.67



Expressed in

SRI Mixfonds

SRI Meerwaarde Aandelenfonds

Consolidated

EUR

EUR

EUR

2,005,771.24 1,819,273.63 150,978.75 1,970,252.38 34,543.68 975.18 31,778.92 0.00 31,778.92 1,973,992.32

1,348,440.21 1,316,458.43 21,113.45 1,337,571.88 10,868.33 0.00 11,691.19 0.00 11,691.19 1,336,749.02

5,336,253,464.96 4,927,405,558.40 383,452,819.45 5,310,858,377.85 23,062,692.56 2,332,394.55 24,162,401.20 362,655.46 23,799,745.74 5,312,091,063.76

29.55 1,421.31 180.18 28.76 765.30 0.75 2,396.30

3,576.35 5,503.92 120.81 0.00 884.27 0.45 6,509.45

390,021.89 41,748,399.24 415,276.58 17,442.79 7,135,358.60 2,291.30 49,318,768.51

(2,366.75)

(2,933.10)

(48,928,746.62)

25,360.24

(2,280.19)

168,237,756.00

0.00

0.00

312,461.04

22,993.49

(5,213.29)

119,621,470.42

116,704.75 139,698.24

193,848.92 188,635.63

325,246,076.97 444,867,547.39

31,743.03

34,318.67

18,510,035.91

Notes


Assets Securities portfolio at cost price Unrealised profit (loss) on portfolio Securities portfolio at market value

2



Net asset value



3,7 4


6


2


Change in net assets due to operations Net subscriptions (redemptions) Increase/Decrease of net assets during the year Net assets at the beginning of the year

171,441.27

222,954.30

463,377,583.30

1,802,551.05

1,113,794.72

4,848,713,480.46


1,973,992.32

1,336,749.02

5,312,091,063.76


ASR FONDS Key figures relating to the last 3 years

31/12/10 Net assets

Aandelenfonds

Nederlandfonds

Amerikafonds

Europafonds

EUR 164,279,624.24

EUR 467,702,118.16

EUR 4,455,393.47

EUR 127,084,665.84

Capitalisation shares Number of shares

Amersfoortse Classic Life Cycle

211,832.845 2,982,078.502 -

9,371,063.513 -

94,972.108 -

2,588,251.461 -


49.17 51.60 -

49.91 -

46.91 -

49.10 -

EUR 144,937,504.18

EUR 428,774,373.06

EUR 3,580,266.15

EUR 116,675,860.64

Net asset value per share

31/12/09 Net assets



206,373.845 3,065,641.020 -

9,475,208.129 -

92,585.182 -

2,655,736.331 -


42.26 44.43 -

45.25 -

38.67 -

43.93 -

EUR 132,361,588.42

EUR 310,299,772.43

EUR 3,951,696.66

EUR 90,549,479.18


31/12/08 Net assets Capitalisation shares Number of shares


186,136.845 3,574,231.096 -

9,431,076.676 -

122,080.905 -

2,697,288.533 -


33.41 35.29 -

32.90 -

32.37 -

33.57 -




31/12/10 Net assets

Aziëfonds

Europa Vastgoedfonds

Obligatiefonds

Liquiditeitenfonds

EUR 64,475,666.87

EUR 15,349,192.71

EUR 173,014,031.07

EUR 60,854,901.31



952,855.306 -

380,070.288 -

3,253,017.924 -

1,103,453.905 -


67.67 -

40.39 -

53.19 -

55.15 -

EUR 54,462,449.32

EUR 13,321,723.50

EUR 168,066,567.45

EUR 60,981,251.42


31/12/09 Net assets



979,115.362 -

369,500.152 -

3,235,490.359 -

1,107,395.503 -


55.62 -

36.05 -

51.94 -

55.07 -

EUR 40,051,591.28

EUR 9,790,305.30

EUR 173,434,615.14

EUR 77,948,553.38




1,021,681.746 -

415,765.486 -

3,605,591.301 -

1,434,328.576 -


39.20 -

23.55 -

48.10 -

54.34 -



ASR FONDS

Dynamisch Mixfonds

Profielfonds A

Profielfonds Pensioen A

Profielfonds B

Profielfonds Pensioen B

Profielfonds C

EUR 296,423,095.26

EUR 1,411,848.89

EUR 5,558,713.57

EUR 1,419,229.72

EUR 8,369,073.85

EUR 1,462,896.99

53,968,965.854 -

26,825.406

107,438.328

27,021.159

165,852.002

27,972.151

5.49 -

52.63

51.74

52.52

50.46

52.30

EUR 314,136,584.04

EUR 1,085,018.12

EUR 2,760,784.28

EUR 1,473,777.39

EUR 8,671,554.46

EUR 1,422,366.58

60,805,978.796 -

20,615.441

54,581.984

28,400.382

177,026.553

27,863.546

5.17 -

52.63

50.58

51.89

48.98

51.05

EUR 287,363,780.54

EUR 1,028,405.50

EUR 2,274,083.79

EUR 1,361,339.63

EUR 5,105,945.27

EUR 1,550,338.32

67,855,841.129 -

20,000.000

49,155.624

27,608.241

115,050.289

32,692.939

4.23 -

51.42

46.26

49.31

44.38

47.42



31/12/10 Net assets

Profielfonds Pensioen C

Profielfonds D

Profielfonds Pensioen D

Profielfonds E

EUR 30,994,076.54

EUR 952,853.70

EUR 71,408,939.29

EUR 918,608,531.80



614,893.126

18,374.359

1,450,622.677

17,710,266.456


50.41

51.86

49.23

51.87

EUR 19,347,468.22

EUR 1,517,045.17

EUR 63,029,360.91

EUR 839,789,468.61


31/12/09 Net assets



397,480.611

30,583.653

1,345,406.304

17,234,091.024


48.68

49.60

46.85

48.73

EUR 15,845,766.85

EUR 1,340,243.66

EUR 34,601,546.09

EUR 708,704,744.38




362,406.552

30,380.140

835,816.550

16,707,537.790


43.72

44.12

41.40

42.42



ASR FONDS

Profielfonds F

Profielfonds G

Profielfonds H

Profielfonds I

SRI Obligatiefonds

SRI Futurevision

EUR 483,937,926.97

EUR 2,368,801,554.37

EUR 25,123,685.63

EUR 14,030,008.55

EUR 2,027,404.95

EUR 1,034,888.67

4,663,960.403 4,742,515.223

34,490,154.244 11,872,375.178

508,035.552

287,785.670

35,551.274 -

25,704.715 -

51.04 51.85

51.24 50.66

49.45

48.75

57.03 -

40.26 -

EUR 410,722,356.73

EUR 2,155,036,885.75

EUR 21,587,785.58

EUR 11,676,122.54

EUR 1,842,175.49

EUR 898,385.10

4,443,394.403 4,176,204.517

34,817,497.865 11,838,247.509

487,382.891

272,495.582

33,087.077 -

25,039.030 -

47.23 48.10

45.89 46.29

44.29

42.85

55.68 -

35.88 -

EUR 246,034,211.49

EUR 1,679,120,253.29

EUR 9,476,197.93

EUR 4,761,691.16

EUR 1,408,137.75

EUR 656,945.45

3,684,837.403 2,357,107.113

36,567,943.654 7,653,978.654

263,088.109

139,285.022

26,702.348 -

22,682.365 -

40.40 41.23

38.01 37.77

36.02

34.19

52.73 -

28.96 -



31/12/10 Net assets

SRI Mixfonds

SRI Meerwaarde Aandelenfonds

EUR 1,973,992.32

EUR 1,336,749.02



40,043.514 -

30,057.003 -


49.30 -

44.47 -

EUR 1,802,551.05

EUR 1,113,794.72


31/12/09 Net assets



39,374.674 -

29,207.805 -


45.78 -

38.13 -

EUR 1,058,840.04

EUR 667,366.24




26,610.136 -

22,393.729 -


39.79 -

29.80 -



ASR FONDS Aandelenfonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 303,331 359,504 202,012 74,245 845,631

Luxembourg

BNP PARIBAS L1 - EQUITY EURO - ASR / C BNP PARIBAS L1 - EQUITY EUROPE / AC BNP PARIBAS L1 - EQUITY JAPAN - ASR / CAP BNP PARIBAS L1 - EQUITY PAC EX - JAPAN - ASR / C BNP PARIBAS L1 - EQUITY USA - ASR / C

EUR EUR EUR EUR EUR

Total securities portfolio


Market value

% of net assets

164,266,611.44

99.99%

164,266,611.44

99.99%

164,266,611.44 32,532,302.95 37,449,496.89 11,403,577.96 13,294,238.08 69,586,995.56

99.99% 19.80% 22.80% 6.94% 8.09% 42.36%

164,266,611.44

99.99%

ASR FONDS Nederlandfonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds Luxembourg

4,490,547 BNP PARIBAS L1 - EQUITY NETHERLANDS - ASR / C

EUR



Market value

% of net assets

467,555,728.34

99.97%

467,555,728.34

99.97%

467,555,728.34 467,555,728.34

99.97% 99.97%

467,555,728.34

99.97%

ASR FONDS Amerikafonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


54,358 BNP PARIBAS L1 - EQUITY USA - ASR / C

EUR



Market value

% of net assets

4,473,143.11

100.40%

4,473,143.11

100.40%

4,473,143.11 4,473,143.11

100.40% 100.40%

4,473,143.11

100.40%

ASR FONDS Europafonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


1,218,584 BNP PARIBAS L1 - EQUITY EUROPE / AC

EUR



Market value

% of net assets

126,939,857.15

99.89%

126,939,857.15

99.89%

126,939,857.15 126,939,857.15

99.89% 99.89%

126,939,857.15

99.89%

ASR FONDS Aziëfonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


293,518 BNP PARIBAS L1 - EQUITY JAPAN - ASR / CAP 267,765 BNP PARIBAS L1 - EQUITY PAC EX - JAPAN - ASR / C

EUR EUR



Market value

% of net assets

64,515,094.23

100.06%

64,515,094.23

100.06%

64,515,094.23 16,569,112.49 47,945,981.74

100.06% 25.70% 74.36%

64,515,094.23

100.06%

ASR FONDS Europa Vastgoedfonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


178,387 BNP PARIBAS L1 - REAL ESTATE SECURITIE EUROP - ASR / C

EUR



Market value

% of net assets

15,339,498.65

99.94%

15,339,498.65

99.94%

15,339,498.65 15,339,498.65

99.94% 99.94%

15,339,498.65

99.94%

ASR FONDS Obligatiefonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


403 BNP PARIBAS FLEXI I BOND GOVERNMENT EURO - ASR / C 789,481 BNP PARIBAS L1 - BOND EURO /AC 125,275 BNP PARIBAS L1 - BOND EURO CORP / IC

EUR EUR EUR



Market value

% of net assets

172,742,483.15

99.84%

172,742,483.15

99.84%

172,742,483.15 39,058,346.88 86,392,937.02 47,291,199.25

99.84% 22.58% 49.93% 27.33%

172,742,483.15

99.84%

ASR FONDS Liquiditeitenfonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


541,875 BNP PARIBAS L1 - SHORT TRM EURO / AC

EUR



Market value

% of net assets

60,966,389.89

100.18%

60,966,389.89

100.18%

60,966,389.89 60,966,389.89

100.18% 100.18%

60,966,389.89

100.18%

ASR FONDS Dynamisch Mixfonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 282 665,499 85,881 778,572 499,477 361,999

Luxembourg

BNP PARIBAS FLEXI I BOND GOVERNMENT EURO - ASR / C BNP PARIBAS L1 - BOND EURO /AC BNP PARIBAS L1 - BOND EURO CORP / IC BNP PARIBAS L1 - EQUITY EUROPE / AC BNP PARIBAS L1 - EQUITY NETHERLANDS - ASR / C BNP PARIBAS L1 - REAL ESTATE SECURITIE EUROP - ASR / C

EUR EUR EUR EUR EUR EUR



Market value

% of net assets

296,819,402.69

100.13%

296,819,402.69

100.13%

296,819,402.69 27,335,996.98 72,825,563.45 32,420,087.69 81,103,881.91 52,005,538.58 31,128,334.08

100.13% 9.22% 24.57% 10.94% 27.36% 17.54% 10.50%

296,819,402.69

100.13%

ASR FONDS Profielfonds A Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 1 1,610 261 9,299

Luxembourg

BNP PARIBAS FLEXI I BOND GOVERNMENT EURO - ASR / C BNP PARIBAS L1 - BOND EURO /AC BNP PARIBAS L1 - BOND EURO CORP / IC BNP PARIBAS L1 - SHORT TRM EURO / AC

EUR EUR EUR EUR



Market value

% of net assets

1,411,562.58

99.98%

1,411,562.58

99.98%

1,411,562.58 90,616.99 176,167.09 98,589.41 1,046,189.09

99.98% 6.42% 12.48% 6.98% 74.10%

1,411,562.58

99.98%

ASR FONDS Profielfonds Pensioen A Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 11 24,134 4,149 3,343

Luxembourg

BNP PARIBAS FLEXI I BOND GOVERNMENT EURO - ASR / C BNP PARIBAS L1 - BOND EURO /AC BNP PARIBAS L1 - BOND EURO CORP / IC BNP PARIBAS L1 - REAL ESTATE SECURITIE EUROP - ASR / C

EUR EUR EUR EUR



Market value

% of net assets

5,549,926.16

99.84%

5,549,926.16

99.84%

5,549,926.16 1,055,324.53 2,641,014.15 1,566,161.43 287,426.05

99.84% 18.99% 47.51% 28.17% 5.17%

5,549,926.16

99.84%

ASR FONDS Profielfonds B Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 2 3,260 542 135 178 143 51 401 5,244

Luxembourg

BNP PARIBAS FLEXI I BOND GOVERNMENT EURO - ASR / C BNP PARIBAS L1 - BOND EURO /AC BNP PARIBAS L1 - BOND EURO CORP / IC BNP PARIBAS L1 - EQUITY EURO - ASR / C BNP PARIBAS L1 - EQUITY EUROPE / AC BNP PARIBAS L1 - EQUITY JAPAN - ASR / CAP BNP PARIBAS L1 - EQUITY PAC EX - JAPAN - ASR / C BNP PARIBAS L1 - EQUITY USA - ASR / C BNP PARIBAS L1 - SHORT TRM EURO / AC

EUR EUR EUR EUR EUR EUR EUR EUR EUR



Market value

% of net assets

1,419,184.26

100.00%

1,419,184.26

100.00%

1,419,184.26 184,335.32 356,728.45 204,773.37 14,487.44 18,558.51 8,099.11 9,156.77 33,023.39 590,021.90

100.00% 12.99% 25.14% 14.43% 1.02% 1.31% 0.57% 0.65% 2.33% 41.56%

1,419,184.26

100.00%

ASR FONDS Profielfonds Pensioen B Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 16 34,446 5,574 774 1,204 1,146 309 2,553 4,922

Luxembourg

BNP PARIBAS FLEXI I BOND GOVERNMENT EURO - ASR / C BNP PARIBAS L1 - BOND EURO /AC BNP PARIBAS L1 - BOND EURO CORP / IC BNP PARIBAS L1 - EQUITY EURO - ASR / C BNP PARIBAS L1 - EQUITY EUROPE / AC BNP PARIBAS L1 - EQUITY JAPAN - ASR / CAP BNP PARIBAS L1 - EQUITY PAC EX - JAPAN - ASR / C BNP PARIBAS L1 - EQUITY USA - ASR / C BNP PARIBAS L1 - REAL ESTATE SECURITIE EUROP - ASR / C




Market value

% of net assets

8,361,459.43

99.91%

8,361,459.43

99.91%

8,361,459.43 1,525,951.39 3,769,469.00 2,104,169.15 83,050.75 125,460.37 64,701.07 55,382.54 210,061.19 423,213.97

99.91% 18.23% 45.05% 25.14% 0.99% 1.50% 0.77% 0.66% 2.51% 5.06%

8,361,459.43

99.91%

ASR FONDS Profielfonds C Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 3 4,355 728 285 362 255 107 804 2,629

Luxembourg

BNP PARIBAS FLEXI I BOND GOVERNMENT EURO - ASR / C BNP PARIBAS L1 - BOND EURO /AC BNP PARIBAS L1 - BOND EURO CORP / IC BNP PARIBAS L1 - EQUITY EURO - ASR / C BNP PARIBAS L1 - EQUITY EUROPE / AC BNP PARIBAS L1 - EQUITY JAPAN - ASR / CAP BNP PARIBAS L1 - EQUITY PAC EX - JAPAN - ASR / C BNP PARIBAS L1 - EQUITY USA - ASR / C BNP PARIBAS L1 - SHORT TRM EURO / AC




Market value

% of net assets

1,462,581.29

99.98%

1,462,581.29

99.98%

1,462,581.29 247,331.09 476,545.22 274,959.68 30,595.74 37,731.52 14,418.97 19,113.94 66,150.46 295,734.67

99.98% 16.91% 32.57% 18.80% 2.09% 2.58% 0.99% 1.31% 4.52% 20.21%

1,462,581.29

99.98%

ASR FONDS Profielfonds Pensioen C Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 54 121,523 19,551 5,671 7,749 5,670 2,130 17,058 17,872

Luxembourg





Market value

% of net assets

30,951,290.38

99.86%

30,951,290.38

99.86%

30,951,290.38 5,215,177.55 13,298,245.80 7,380,433.42 608,221.72 807,199.27 320,073.31 381,446.33 1,403,669.90 1,536,823.08

99.86% 16.83% 42.91% 23.81% 1.96% 2.60% 1.03% 1.23% 4.53% 4.96%

30,951,290.38

99.86%

ASR FONDS Profielfonds D Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 2 2,869 481 368 435 308 115 1,038 561 443

Luxembourg

BNP PARIBAS FLEXI I BOND GOVERNMENT EURO - ASR / C BNP PARIBAS L1 - BOND EURO /AC BNP PARIBAS L1 - BOND EURO CORP / IC BNP PARIBAS L1 - EQUITY EURO - ASR / C BNP PARIBAS L1 - EQUITY EUROPE / AC BNP PARIBAS L1 - EQUITY JAPAN - ASR / CAP BNP PARIBAS L1 - EQUITY PAC EX - JAPAN - ASR / C BNP PARIBAS L1 - EQUITY USA - ASR / C BNP PARIBAS L1 - REAL ESTATE SECURITIE EUROP - ASR / C BNP PARIBAS L1 - SHORT TRM EURO / AC

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR



Market value

% of net assets

952,645.14

99.98%

952,645.14

99.98%

952,645.14 150,996.02 313,965.83 181,452.55 39,514.12 45,299.68 17,396.76 20,503.27 85,428.05 48,263.69 49,825.17

99.98% 15.85% 32.94% 19.04% 4.15% 4.75% 1.83% 2.15% 8.97% 5.07% 5.23%

952,645.14

99.98%

ASR FONDS Profielfonds Pensioen D Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


Luxembourg





Market value

% of net assets

71,382,262.93

99.96%

71,382,262.93

99.96%

71,382,262.93 10,499,650.44 26,897,436.69 15,051,874.41 2,776,826.27 3,447,529.17 1,292,329.44 1,450,051.52 6,325,511.83 3,641,053.16

99.96% 14.70% 37.66% 21.08% 3.89% 4.83% 1.81% 2.03% 8.86% 5.10%

71,382,262.93

99.96%

ASR FONDS Profielfonds E Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 1,189 2,680,902 427,628 516,943 658,442 436,519 142,668 1,505,328 569,196

Luxembourg





Market value

% of net assets

917,043,979.75

99.83%

917,043,979.75

99.83%

917,043,979.75 115,205,017.51 293,371,127.20 161,429,641.35 55,442,153.27 68,589,924.08 24,641,475.37 25,546,080.33 123,873,408.29 48,945,152.35

99.83% 12.54% 31.94% 17.57% 6.04% 7.47% 2.68% 2.78% 13.48% 5.33%

917,043,979.75

99.83%

ASR FONDS Profielfonds F Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 525 1,208,895 187,320 359,698 457,173 298,680 87,572 1,048,657 288,874

Luxembourg





Market value

% of net assets

483,745,791.07

99.96%

483,745,791.07

99.96%

483,745,791.07 50,866,274.10 132,289,425.26 70,713,444.21 38,577,569.85 47,623,732.76 16,860,458.45 15,680,633.90 86,293,992.59 24,840,259.95

99.96% 10.51% 27.35% 14.61% 7.97% 9.84% 3.48% 3.24% 17.83% 5.13%

483,745,791.07

99.96%

ASR FONDS Profielfonds G Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 1,586 3,760,947 527,780 2,393,198 3,069,051 1,983,637 541,193 7,018,465 2,815,961

Luxembourg





Market value

% of net assets

2,369,493,887.78

100.03%

2,369,493,887.78

100.03%

2,369,493,887.78 153,746,605.23 411,560,392.68 199,237,037.58 256,670,538.48 319,703,085.59 111,976,329.93 96,905,963.07 577,549,446.34 242,144,488.88

100.03% 6.49% 17.37% 8.41% 10.84% 13.50% 4.73% 4.09% 24.38% 10.22%

2,369,493,887.78

100.03%

ASR FONDS Profielfonds H Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


Luxembourg





Market value

% of net assets

25,076,684.03

99.81%

25,076,684.03

99.81%

25,076,684.03 1,195,368.97 3,100,016.10 1,366,831.62 3,294,603.20 3,924,397.97 1,384,555.98 1,128,549.11 7,125,701.93 2,556,659.15

99.81% 4.76% 12.34% 5.44% 13.11% 15.62% 5.51% 4.49% 28.36% 10.18%

25,076,684.03

99.81%

ASR FONDS Profielfonds I Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination

Shares/Units of UCITS/UCIS Shares/Units in investment funds 3 6,306 904 20,952 25,161 15,464 4,226 58,584 16,419

Luxembourg





Market value

% of net assets

14,025,542.27

99.97%

14,025,542.27

99.97%

14,025,542.27 263,516.15 690,112.09 341,203.75 2,247,149.30 2,621,061.16 872,956.24 756,784.02 4,820,851.66 1,411,907.90

99.97% 1.88% 4.92% 2.43% 16.02% 18.68% 6.22% 5.39% 34.37% 10.06%

14,025,542.27

99.97%

ASR FONDS SRI Obligatiefonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


18,767 BNP PARIBAS L1 SUSTAINABLE BOND EURO - ASR / C

EUR



Market value

% of net assets

2,022,936.97

99.78%

2,022,936.97

99.78%

2,022,936.97 2,022,936.97

99.78% 99.78%

2,022,936.97

99.78%

ASR FONDS SRI Futurevision Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


11,240 OEKOWORLD - OEKOVISION CLASSIC CLASSIC

EUR



Market value

% of net assets

1,032,610.90

99.78%

1,032,610.90

99.78%

1,032,610.90 1,032,610.90

99.78% 99.78%

1,032,610.90

99.78%

ASR FONDS SRI Mixfonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


8,824 BNP PARIBAS L1 SUSTAINABLE BOND EURO - ASR / C 11,093 OEKOWORLD - OEKOVISION CLASSIC CLASSIC

EUR EUR



Market value

% of net assets

1,970,252.38

99.81%

1,970,252.38

99.81%

1,970,252.38 951,156.75 1,019,095.63

99.81% 48.18% 51.63%

1,970,252.38

99.81%

ASR FONDS SRI Meerwaarde Aandelenfonds Securities portfolio as at 31/12/10 Expressed in EUR Quantity

Quotation currency

Denomination


65,089 TRIODOS SICAV I - TRIODOS SUSTAINABLE EQUITY FUND I EUR

EUR



Market value

% of net assets

1,337,571.88

100.06%

1,337,571.88

100.06%

1,337,571.88 1,337,571.88

100.06% 100.06%

1,337,571.88

100.06%

Notes to the financial statements

Page 57

ASR FONDS Notes to financial statements at 31/12/10 Note 1 - General Information A. Opened subfunds All the subfunds for which securities portfolio are detailed in the present document are opened to subscription as at December 31, 2010.

Note 2 - Principal accounting methods a) Presentation of the financial statements The financial statements of the Company are prepared in accordance with the current regulations in Luxembourg relating to Undertakings for Collective Investment. The combined financial statements are expressed in Euro. b) Valuation of the securities portfolio The value of shares/units in Undertakings for Collective Investment is determined following the last Net Asset Value available. The valuation of any security listed on an exchange or on any other regulated market is based on the last available price, unless the last available price is not representative of the fair market value. In that case, the value will be determined prudently and in good faith by the Board of Directors on the basis of foreseeable sales prices. Securities not quoted or securities not traded or dealt in on any stock exchange or on any other regulated market will be valued prudently and in good faith by the Board of Directors on the basis of foreseeable sales prices. In the case of investments in money market instruments, the value of such instruments is based on the acquisition cost plus the difference between the redemption price and the acquisition price calculated on a prorata temporis basis. In the event of any significant changes in market conditions, the valuation method will be adjusted based on the new market rate conditions. c) Net realised income on securities portfolio The net income realised on sales of securities is calculated on the basis of the average cost of the securities sold. d) Conversion of foreign currencies Assets expressed in a currency other than the currency of the Company are converted at the last known exchange rate. Income and expenses in currencies other than the currency of the Company are converted into the currency of the Company at the exchange rate on the transaction date. e) Distribution of costs The costs common to the various subfunds of the Company are divided among the various subfunds, and prorated on the basis of their respective net assets.

Page 58

ASR FONDS Notes to financial statements at 31/12/10 f) Formation expenses Formation expenses are amortised over the first five financial years of the respective subfunds on a straight-line basis. g) Income from investments Dividends are booked as income on the date they are declared and to the extent that the relevant information on this subject can be obtained by the Company. Interest are booked on a daily basis.

Note 3 - Management fees For the subfunds SRI Meerwaarde Aandelenfonds and SRI Futurevision, the Management fee is 0.05%. This fee is calculated and paid monthly in arrears at an annual fixed rate (excluding taxes) of the subfunds’s average net asset value. For the Subfund SRI Mixfonds the Management fee is 0.025%. This fee is calculated and paid monthly in arrears at an annual fixed rate (excluding taxes) of the subfunds’s average net asset value. For the others subfunds no fee is paid to the Managing entity by the Company.

Note 4 - Custodian fees The custodian fees are calculated and payable in arrears at an annual fixed rate of 0.01% (excluding taxes) of the subfund’s average net asset value.

Note 5 - Administrative Agent The commission of the administrative agent is payable monthly on the basis of the average net assets during the current month.

Note 6 - Subscription tax (Taxe d'abonnement) The Company is subject in the Grand Duchy of Luxembourg to an annual subscription tax (taxe d’abonnement) representing 0.05% of the value of the net assets. This rate is reduced to 0.01% for the following: a) subfunds with the exclusive objective of collective investment in money market instruments and deposits with credit institutions; b) subfunds with the exclusive objective of collective investment in deposits with credit institutions; c) subfunds, classes and/or sub-classes reserved for institutional investors. The value of the assets represented by units held in other undertakings for collective investment, where such units have already been subject to the subscription tax, is exempt from this subscription tax. When it is due, the subscription tax is payable quarterly on the basis of the related net assets and is calculated at the end of the quarter for which the tax is due.

Page 59

ASR FONDS Notes to financial statements at 31/12/10 Note 7 - Service fee and placement fee These fees are calculated and paid monthly in arrears at an annual fixed rate (excluding taxes) of the subfund’s average net asset value:

Aandelenfonds Classic Amersfoortse Nederlandfonds Classic Amerikafonds Classic Europafonds Classic Aziëfonds Classic Europa Vastgoedfonds Classic Obligatiefonds Classic Liquiditeitenfonds Classic Dynamisch Mixfonds Classic Profielfonds A Life cycle Profielfonds Pensioen A Life cycle Profielfonds B Life cycle Profielfonds Pensioen B Life cycle Profielfonds C Life cycle Profielfonds Pensioen C Life cycle Profielfonds D Life cycle Profielfonds Pensioen D Life cycle Profielfonds E Life cycle Profielfonds F Classic Life cycle Profielfonds G Classic Life cycle Profielfonds H Life cycle

Service fee

Placement fee

0.02% 0.02%

0.85% 0.65%

0.02%

0.85%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02%

0.55%

0.02%

0.35%

0.02%

1.25%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02%

1.10%

0.02% 0.02%

0.85% 1.10%

0.02% 0.02%

0.85% 1.10%

0.02%

1.10%

Page 60

ASR FONDS Notes to financial statements at 31/12/10

Profielfonds I Life cycle SRI Obligatiefonds Classic SRI Futurevision Classic SRI Mixfonds Classic SRI Meerwaarde Aandelenfonds Classic

Service fee

Placement fee

0.02%

1.10%

0.02%

0.55%

0.02%

0.35%

0.02%

0.30%

0.02%

0.45%

Note 8 - Changes in composition of securities portfolio The list of changes in the composition of securities portfolio is available, free of charge, at the Company’s registered office.

Page 61

_______________________________________________________ ASR FONDS _______________________________________________________

Nederlands Addendum 24 mei 2011 Jaarverslag 31/12/2010

Algemeen Wet op het financieel toezicht (‘Wft’) ASR FONDS is gevestigd in Luxemburg en heeft een vergunning van de Luxemburgse toezichthouder, Commission de Surveillance du Secteur Financier (‘CSSF’). ASR FONDS heeft een notificatie op grond van artikel 2:66 van de Wft. Indien de Raad van Bestuur van ASR FONDS zou besluiten tot een verzoek aan AFM tot intrekking van de registratie van ASR FONDS op grond van de Wft zal hiervan mededeling worden gedaan in een landelijk verspreid Nederlands dagblad. Afwijkende naam De afzonderlijke subfondsen van ASR FONDS worden in Nederland onder een afwijkende naam verkocht. In de onderstaande tabel is in kolom 1 de statutaire naam weergegeven. In kolom 2 is de aandelencategorie van het betreffende subfonds weergegeven. In kolom 3 is de in Nederland gehanteerde naam weergegeven.

AandelenStatutaire naam

Categorie

In Nederland gehanteerde naam

ASR FONDS Aandelenfonds

Classic

ASR Aandelenfonds

Amersfoortse

Amersfoortse Wereld Aandelenfonds

ASR FONDS Nederlandfonds

Classic

ASR Nederlandfonds

Classic

Amersfoortse Nederland Aandelenfonds

ASR FONDS Amerikafonds

Classic

ASR Amerikafonds

ASR FONDS Europafonds

Classic

ASR Europafonds

Classic

Amersfoortse Europa Aandelenfonds

ASR FONDS Aziëfonds

Classic

ASR Aziëfonds

ASR FONDS Europa Vastgoedfonds

Classic

ASR Europa Vastgoedfonds

ASR FONDS Obligatiefonds ASR FONDS Liquiditeitenfonds

Classic

ASR Obligatiefonds

Classic

Amersfoortse Obligatiefonds

Classic

ASR Liquiditeitenfonds

Classic

Amersfoortse Stallingsfonds

ASR FONDS Dynamisch Mixfonds

Classic

ASR Dynamisch Mixfonds

ASR FONDS Profielfonds A

Life cycle

ASR Mix Voorzichtig 0-1 jaar

ASR FONDS Profielfonds Pensioen A ASR FONDS Profielfonds B ASR FONDS Profielfonds Pensioen B

ASR FONDS Profielfonds C

ASR FONDS Profielfonds Pensioen C

Life cycle

ASR Mix Voorzichtig Pensioen 0-1 jaar

Life cycle

Amersfoortse Lifecyclefonds Voorzichtig 0-1 jr

Life cycle


Life cycle

ASR Mix Defensief 0-1 jaar

Life cycle


Life cycle

ASR Mix Defensief Pensioen 0-1 jaar

Life cycle

ASR Mixfonds Pensioen 1

Life cycle


Life cycle

Amersfoortse Lifecyclefonds Defensief 0-1 jr

Life cycle


Life cycle


Life cycle

ASR Mix Neutraal 0-1 jaar

Life cycle


Life cycle


Life cycle

ASR Mix Neutraal Pensioen 0-1 jaar

Life cycle


Life cycle


Life cycle

Amersfoortse Lifecyclefonds Neutraal 0-1 jr

1

AandelenStatutaire naam ASR FONDS Profielfonds D

ASR FONDS Profielfonds Pensioen D

ASR FONDS Profielfonds E

ASR FONDS Profielfonds F

Categorie


Life cycle


Life cycle


Life cycle


Life cycle

ASR Mix Ambitieus 0-1 jaar

Life cycle


Life cycle


Life cycle


Life cycle

ASR Mix Ambitieus Pensioen 0-1 jaar

Life cycle


Life cycle


Life cycle


Life cycle


Life cycle

Amersfoortse Lifecyclefonds Ambitieus 0-1 jr

Life cycle

ASR Solide Mixfonds

Life cycle

ASR Mix Voorzichtig 15+ jaar

Life cycle


Life cycle


Life cycle


Life cycle

ASR Mix Offensief 0-1 jaar

Life cycle

ASR Mix Voorzichtig Pensioen 15+ jaar

Life cycle


Life cycle


Life cycle


Life cycle

ASR Mix Offensief Pensioen 0-1 jaar

Life cycle

Amersfoortse Lifecyclefonds Voorzichtig >15 jr

Life cycle


Life cycle


Life cycle


Life cycle

Amersfoortse Lifecyclefonds Offensief 0-1 jr

Classic

Amersfoortse Mixfonds

Life cycle

ASR Mix Defensief 15+ jaar

Life cycle


Life cycle


Life cycle


Life cycle

ASR Mix Defensief Pensioen 15+ jaar

Life cycle


Life cycle


Life cycle


Life cycle


Life cycle

Amersfoortse Lifecyclefonds Defensief >15 jr

Life cycle


Life cycle


Life cycle


2

AandelenStatutaire naam

Categorie


ASR FONDS Profielfonds G

Classic

ASR Mixfonds

ASR FONDS Profielfonds H

ASR FONDS Profielfonds I

ASR FONDS SRI Obligatiefonds ASR FONDS SRI Futurevision ASR FONDS SRI Mixfonds ASR FONDS SRI Meerwaarde Aandelenfonds

Life cycle

ASR Mix Neutraal 15+ jaar

Life cycle


Life cycle


Life cycle

ASR Mix Neutraal Pensioen 15+ jaar

Life cycle


Life cycle


Life cycle


Life cycle

Amersfoortse Lifecyclefonds Neutraal >15 jr

Life cycle


Life cycle


Life cycle

ASR Mix Ambitieus 15+ jaar

Life cycle


Life cycle

ASR Mix Ambitieus Pensioen 15+ jaar

Life cycle


Life cycle

Amersfoortse Lifecyclefonds Ambitieus >15 jr

Life cycle


Life cycle

ASR Mix Offensief 15+ jaar

Life cycle

ASR Mix Offensief Pensioen 15+ jaar

Life cycle


Life cycle

Amersfoortse Lifecyclefonds Offensief >15 jr

Classic

ASR SRI Obligatiefonds

Classic

Amersfoortse SRI Obligatiefonds

Classic

ASR SRI Futurevision

Classic

Amersfoortse SRI Futurevision

Classic

ASR SRI Mixfonds

Classic

Amersfoortse SRI Mixfonds

Classic

ASR SRI Meerwaarde Aandelenfonds

Classic

Amersfoortse SRI Meerwaarde Aandelenfonds

Ondanks de afwijkende naam is de inhoud van het prospectus, tevens inhoudende het Addendum ten behoeve van de Nederlandse beleggers en de statuten van ASR FONDS onverminderd op deze subfondsen van toepassing. Uitbesteding ASR FONDS maakt gebruik van de diensten van BNP Paribas Investment Partners, Fastnet Luxemburg (tot 27 januari 2011) en BNP Paribas Securities Services Luxembourg branch (vanaf 16 november 2010), aan ASR FONDS gelieerde partijen. Centraal administratiekantoor, transferkantoor, registerhouder en distributeur BNP Paribas Investment Partners Luxembourg. treedt op als centraal administratiekantoor, transferkantoor, registerhouder en distributeur op grond van een ‘Financial Servicing Agreement’ ingaande 29 september 2005 en de aanpassing hierop ingaande 11 januari 2008. “BNP Paribas Investment Partners Luxembourg maakt deel uit van de wereldwijd opererende vermogensbeheerorganisatie BNP Paribas Investment Partners S.A., welke organisatie thans opereert onder de handelsnaam ‘BNP Paribas Investment Partners’. De aandelen van BNP Paribas Investment Partners worden gehouden door BNP Paribas S.A., Fortis Bank S.A./N.V. en BGL BNP Paribas S.A. (‘BGL’). De beschrijving van de structuur waartoe Fortis Bank S.A./N.V. en BGL horen is opgenomen op de website www.bnpparibas-ip.com.” BNP Paribas Investment Partners Luxembourg S.A. heeft op grond van een overeenkomst, ingaande 23 februari 2007 onder andere de berekening van de nettovermogenswaarde uitbesteed aan Fastnet Luxembourg S.A. Met ingang van 16 november 2010 zal deze functie worden overgedragen aan BNP Paribas Securities Services Luxembourg branche. Per 1 februari 2011 zullen ook de overige taken van Fastnet Luxembourg S.A. ten behoeve van ASR FONDS worden overgedragen aan BNP Paribas Securities Services Luxembourg branch. BNP Paribas Securities Services Luxembourg branch is onderdeel van de BNP Paribas Groep. BGL BNP Paribas is met een belang van 48% grootaandeelhouder van Fastnet.

3

Custodian BNP Paribas Securities Services, Luxembourg branch is per 1 april 2010 benoemd tot Custodian van ASR FONDS. Agenten belast met de financiële dienstverlening ASR Bank N.V. behartigt voor ASR FONDS in Nederland de zaken met betrekking tot de financiële dienstverlening. Vermogensbeheerder BNP Paribas Investment Partners Netherlands N.V. in Amsterdam is aangesteld als vermogensbeheerder van ASR FONDS op grond van een ‘Investment Management Agreement’ ingaande 29 september 2005. De vermogensbeheerder is, evenals BNP Paribas Investment Partners Luxembourg S.A., een onderdeel van de wereldwijd opererende vermogensbeheerorganisatie BNP Paribas Investment Partners.

4

Jaarverslag Het jaarverslag over het boekjaar 2010, bestaande uit het annual report 2010 en dit Addendum voor Nederlandse beleggers, bevat die informatie die vereist is voor beleggingsinstellingen met een notificatie op grond van artikel 2:66 van de Wft. Mutatie-overzicht effecten (aandelen in subfondsen van BNP Paribas L1, ÖKOWORLD, TRIODOS SICAV I) ASR FONDS Aandelenfonds EUR 144.730.817,65 82.130.779,58 86.896.080,79 24.301.095,00 164.266.611,44

ASR FONDS Nederlandfonds EUR 428.733.866,07 3.308.962,56 12.080.206,20 47.593.105,91 467.55.728,34

ASR FONDS Amerikafonds EUR 3.573.356,83 491.822,69 414.472,79 822.436,38 4.473.143,11

Stand 01/01/2010 Aankopen Verkopen Herwaarderingen Stand 31/12/2010

ASR FONDS Europafonds EUR 116.744.363,68 346.676,45 4.853.736,23 14.702.553,25 126.939.857,15

ASR FONDS Aziefonds EUR 54.396.195,68 9.126.512,24 11.274.875,91 12.267.262,22 64.515.094,23

ASR FONDS Europa Vastgoedfonds EUR 12.915.134,52 1.173.900,10 503.657,95 1.754.121,98 15.339.498,65


ASR FONDS Obligatiefonds EUR 167.700.594,63 99.006.120,04 99.024.720,20 5.060.488,68 172.742.483,15

ASR FONDS Liquiditeitenfonds EUR 60.810.058,12 7.361.469,67 7.523.838,90 318.701,00 60.966.389,89

ASR FONDS Dynamisch Mixfonds EUR 314.054.536,57 148.531.084,80 188.047.660,70 22.281.442,02 296.819.402,69


ASR FONDS Profielfonds A EUR 1.081.308,10 571.537,07 253.921,11 12.638,52 1.411.562,58

ASR FONDS Profielfonds B EUR 1.473.766,05 1.072.837,57 1.165.169,36 37.750,00 1.419.184,26

ASR FONDS Profielfonds C EUR 1.417.765,54 1.548.405,31 1.550.452,18 46.862,62 1.462.581,29



ASR FONDS Profielfonds D EUR 1.498.413,14 958.414,63 1.585.155,02 80.972,39 952.645,14


ASR FONDS Profielfonds G EUR 2.144.409.580,57 934.776.433,77 976.485.520,58 266.793.394,02 2.369.493.887,78

ASR FONDS Profielfonds E EUR 838.295.153,27 507.803.896,15 493.854.370,36 64.799.300,09 917.043.979,15

ASR FONDS Profielfonds F EUR 408.372.759,02 265.929.096,59 229.473.931,81 38.917.867,27 483.745.791,07

ASR FONDS Profielfonds H EUR 21.257.501,34 11.497.710,16 10.567.373,60 2.888.846,13 25.076.684,03

ASR FONDS Profielfonds I EUR 11.522.830,30 4.794.379,63 4.110.968,87 1.819.301,21 14.025.542,27

5


ASR FONDS Profielfonds Pensioen A EUR 2.760.112,24 6.360.537,96 3.659.953,72 89.229,68 5.549.926,16

ASR FONDS Profielfonds Pensioen B EUR 8.619.165,18 7.837.848,19 8.476.367,11 380.813,17 8.361.459,43

ASR FONDS Profielfonds Pensioen C EUR 19.313.636,14 31.299.892,00 20.710.650,99 1.048.413,23 30.951.290,38

ASR FONDS SRI Obligatiefonds EUR 1.822.662,15 304.042,69 157.535,61 53.767,74 2.022.936,97

ASR FONDS SRI Futurevision


ASR FONDS Profielfonds Pensioen D EUR 62.981.427,63 50.301.344,84 45.954.406,94 4.053.897,40 71.382.262,93 ASR FONDS SRI Mixfonds

ASR FONDS SRI Meerwaarde Aandelenfonds EUR 1.102.259,87 66.076,23 22.332,95 191.568,73 1.337.571,88


EUR 1.768.730,94 539.867,65 480.411,25 142.065,04 1.970.252,38

EUR 893.752,15 33.192,18 6.070,76 111.737,33 1.032.610,90

Een overzicht van de nettovermogenswaarde, aantal uitstaande aandelen en de nettovermogenswaarde per aandeel per 31 december 2010 is opgenomen in de key figures van het annual report 2010. Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode is opgenomen in de statement of net assets van het annual report 2010 alsmede in de toelichting bij de statement of net assets. In de portefeuilles van de subfondsen van ASR FONDS waren per 31 december 2010 geen incourante beleggingen opgenomen. Binnen ASR FONDS vinden geen securities lending activiteiten plaats. Per balansdatum zijn er geen lopende valutatermijntransacties.

6

Beleggingsbeleid ASR FONDS belegt bij het verschijnen van dit Addendum grotendeels in subfondsen van het aan ASR FONDS gelieerde Luxemburgse paraplufonds BNP Paribas L1 SICAV. BNP Paribas L1 beantwoordt aan de bepalingen van Deel I van de Luxemburgse wet van 20 december 2002 betreffende de Instellingen voor Collectieve Belegging. BNP Paribas L1 heeft een vergunning van de Luxemburgse toezichthouder, Commission de Surveillance du Secteur Financier (‘CSSF’) en heeft als beleggingsinstelling een registratie van de AFM op grond van artikel 2:72 van de Wft. Dientengevolge staat BNP Paribas L1 niet onder toezicht van AFM. ASR FONDS Nederlandfonds, ASR FONDS Amerikafonds, ASR FONDS Europafonds, ASR FONDS Europa Vastgoedfonds, ASR FONDS Obligatiefonds, ASR FONDS Liquiditeitenfonds en ASR FONDS SRI Obligatiefonds beleggen via één specifiek subfonds van BNP Paribas L1 (voorheen genaamd: FORTIS L FUND) in een gespreide beleggingsportefeuille. ASR FONDS – Nederlandfonds belegt in beginsel uitsluitend via de aandelencategorie “ASR” in BNP Paribas L1 Equity Netherlands. Beleggingsbeleid BNP Paribas L1 Equity Netherlands belegt voornamelijk in aandelen of deelbewijzen die het maatschappelijk kapitaal vertegenwoordigen van Nederlandse bedrijven en in alle andere effecten die verband houden met Nederlandse bedrijven. Het kan daarnaast beleggen in converteerbare obligaties of, in bijkomende orde, in warrants op aandelen die zijn uitgegeven door Nederlandse bedrijven of die verband houden met Nederlandse bedrijven. De beleggingen in schuldvorderingen van alle aard mogen niet meer dan 15% van het vermogen bedragen, de beleggingen in andere ICBE’s of ICB’s niet meer dan 10% van het vermogen. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Equity Netherlands BNP Paribas L1 Beleggingsfondsen Aandelen Equity Netherlands EUR EUR Stand 01/01/2010 11.731.422,72 418.243.003,78 Aankopen 11.712.178,15 146.505.954,22 Verkopen 11.712.178,15 141.312.759,36 Herwaarderingen en Valutakoersresultaten 25.439,51 37.081.629,18 Stand 31/12/2010 11.756.862,24 460.517.827,82

Opties en warants EUR 2.598,54 0,00 0,00

Totaal EUR 429.977.025,04 158.218.132,37 153.024.937,50

-1.300,87 1.297,67

37.105.767,82 472.275.987,73

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Equity Netherlands: 31/12/2010 EUR 549.821.967,11 452.286.623,95 19.989.363,78 472.275.987,73 0,00 0,00 521.820,00 76.715.123,75 309.035,63

BNP Paribas L1 Equity Netherlands Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

Vergelijkend overzicht van de aandelencategorie “ASR” van BNP Paribas L1 Equity Netherlands over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Equity Netherlands Nettovermogenswaarde Aantal uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR

31/12/2009 EUR

31/12/2010 EUR

356.141.621,65 5.277.523,683 67,48

480.895.830,38 5.138.053,838 93,59

519.570.091,49 4.990.023,693 104,12

In de portefeuille van BNP Paribas L1 Equity Netherlands waren per 31/12/2010 geen incourante beleggingen opgenomen.

7

ASR FONDS – Amerikafonds belegt in beginsel uitsluitend via de aandelencategorie “ASR” in BNP Paribas L1 Equity USA. Beleggingsbeleid BNP Paribas L1 Equity USA belegt minimaal 2/3 van zijn vermogen in aandelen of deelbewijzen die het maatschappelijk kapitaal vertegenwoordigen van bedrijven met statutaire zetel in de Verenigde Staten of die daar het merendeel van hun economische activiteiten uitoefenen. Ook kan het tot 1/3 van zijn vermogen beleggen in andere effecten, geldmarktinstrumenten, financiële derivaten of liquiditeiten, op voorwaarde dat de beleggingen in schuldvorderingen van alle aard niet meer bedragen dan 15% van het vermogen en dat de beleggingen in andere ICBE’s of ICB’s niet meer bedragen dan 10% van het vermogen. De aldus bepaalde activa zullen voornamelijk in USD worden belegd. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Equity USA BNP Paribas L1 Beleggingsfondsen Aandelen Equity USA USD USD Stand 01/01/2010 23.376.125,92 1.194.429.422,91 Aankopen 79.968.346,64 987.313.209,65 Verkopen 74.821.212,84 1.103.553.681,03 Herwaarderingen en 142.183.134,79 Valutakoersresultaten 4.334.722,66 Stand 31/12/2010 32.857.982,38 1.220.372.086,32

Totaal USD 1.217.805.548,83 1.067.281.556,29 1.178.374.893,87 146.517.857,45 1.253.230.068,70

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Equity USA: BNP Paribas L1 Equity USA Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

31/12/2010 USD 1.289.172.510,75 1.084.419.204,94 168.810.863,76 1.253.230.068,70 0,00 0,00 0,00 16.378.817,08 19.563.624,97

Vergelijkend overzicht van de aandelencategorie “ASR” van BNP Paribas L1 Equity USA over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Equity USA Nettovermogenswaarde Aantal uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 USD 803.311.158,92 10.419.243,430 77,10

31/12/2009 USD 1.105.517.785,76 11.498.863,409 96,14

31/12/2010 USD 1.183.018.083,46 10.716.101,067 110,40

In de portefeuille van BNP Paribas L1 Equity USA waren per 31/12/2010 geen incourante beleggingen opgenomen.

8

ASR FONDS Europafonds belegt in beginsel uitsluitend via de aandelencategorie “ASR” in BNP Paribas L1 Equity Europe. Beleggingsbeleid BNP Paribas L1 Equity Europe belegt minimaal 2/3 van zijn vermogen in aandelen of deelbewijzen die het maatschappelijk kapitaal vertegenwoordigen van bedrijven met statutaire zetel in Europa, of die daar het merendeel van hun economische activiteiten uitoefenen. Ook kan het tot 1/3 van zijn vermogen beleggen in andere effecten, geldmarktinstrumenten, financiële derivaten of liquiditeiten, op voorwaarde dat de beleggingen in schuldvorderingen van alle aard niet meer bedragen dan 15% van het vermogen en dat de beleggingen in andere ICBEs of ICBs niet meer bedragen dan 10% van het vermogen. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Equity Europe

BNP Paribas L1 Equity Europe Stand 01/01/2010 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Beleggingsfondsen EUR 2.304.710,06 120.660.976,00 122.982.653,18 16.967,12

Aandelen EUR 1.061.111.495,22 450.430.585,79 526.258.149,64 102.804.030,48

0,00

1.088.087.961,85

Opties en warrants EUR 427,63 0,00 872.196,41

Totaal EUR 1.063.416.632,91 571.091.561,79 650.112.999,23

871.982,59 213,81

103.692.980,19 1.088.088.175,66

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Equity Europe: 31/12/2010 EUR 1.098.619.845,91 888.409.696,90 199.678.478,76 1.088.088.175,66 0,00 0,00 0,00 5.266.953,65 5.264.716,60

BNP Paribas L1 Equity Europe Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

Vergelijkend overzicht van de aandelencategorie “ASR” van BNP ParibasParuibas L1 Equity Europe over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Equity Europe Nettovermogenswaarde Aantal uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR 503.394.030,47 7.226.784,271 69,66

31/12/2009 EUR 654.055.320,96 7.093.877,219 92,20

31/12/2010 692.462.524,97 6.647.184,564 104,17

In de portefeuille van BNP Paribas L1 Equity Europe waren per 31/12/2010 geen incourante beleggingen opgenomen.

9

ASR FONDS – Europa Vastgoedfonds belegt in beginsel uitsluitend via de aandelencategorie “ASR” in BNP Paribas L1 Real Estate Securities Europe Beleggingsbeleid BNP Paribas L1 Real Estate Securities Europe belegt minimaal 2/3 van zijn vermogen in ofwel effecten die uitgegeven zijn door vastgoedvennootschappen of door bedrijven in sectoren die verband houden met vastgoedactiviteiten (vastgoedcertificaten, aandelen, SICAFI’s, closedend REIT’s, …), ofwel in financiële instrumenten die vastgoed vertegenwoordigen, en in financiële derivaten die afgeleid zijn van dit type activa. De emittenten hebben hun statutaire zetel in of oefenen het merendeel van hun economische activiteiten uit in Europa. Ook kan het tot 1/3 van zijn vermogen beleggen in andere effecten, geldmarktinstrumenten, financiële derivaten of liquiditeiten, op voorwaarde dat de beleggingen in schuldvorderingen van alle aard niet meer bedragen dan 15% van het vermogen en dat de beleggingen in andere ICBE’s of ICB’s (open-end REIT’s) niet meer bedragen dan 5% van het vermogen. Ten minste 75% van de activa zijn altijd belegd in aandelen van bedrijven met hun hoofdkantoor in een lidstaat van de Europese Economische Ruimte met uitzondering van de niet-coöperatieve landen in termen van de bestrijding van fraude en belastingontduiking. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Real Estate Securities Europe BNP Paribas L1 Real Estate Securities Europe Stand 01/01/2010 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Beleggingsfondsen EUR 16.611.236,16 15.268.394,27 16.501.656,44 3.332.361,49

Aandelen EUR 510.620.475,41 352.711.485,17 326.473.296,72 46.596.911,55

Opties en warrants 78.302,21 679,38 104.601,31 25.528,16

Totaal EUR 527.310.013,78 367.980.558,82 343.079.554,47 49.954.801,20

18.710.335,48

583.455.575,41

-91,56

602.165.819,33

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Real Estate Securities Europe: BNP Paribas L1 Real Estate Securities Europe Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

31/12/2010 EUR 607.257.490,70 541.452.314,70 60.713.504,63 602.165.819,33 0,00 0,00 0,00 4.109.560,91 982.110,46

Vergelijkend overzicht van de aandelencategorie “ASR” van BNP Paribas L1 Real Estate Securities Europe over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Real Estate Securities Europe Nettovermogenswaarde Uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR 234.702.764,69 4.797.799,492 48,92

31/12/2009 EUR 308.536.288,29 4.063.782,336 75,92

31/12/2010 372.330.731,37 4.329.689,035 85,99

In de portefeuille van BNP Paribas L1 Real Estate Securities Europe waren per 31/12/2010 geen incourante beleggingen opgenomen.

10

ASR FONDS Profielfonds A belegt in beginsel uitsluitend via de aandelencategorie “ASR” in BNP Paribas L1 Bond Euro. Beleggingsbeleid BNP Paribas L1 Bond Euro belegt minimaal 2/3 van zijn vermogen in obligaties die uitgedrukt zijn in euro. Ook kan het tot 1/3 van zijn vermogen beleggen in andere effecten, geldmarktinstrumenten, financiële derivaten of liquiditeiten, op voorwaarde dat de beleggingen in converteerbare obligaties of opties niet meer bedragen dan 25% van het vermogen, de beleggingen in aandelen en andere winstdelingsrechten niet meer dan 10% van het vermogen en die in andere ICBE’s of ICB’s niet meer dan 5% van het vermogen. De activa die belegd worden in een andere valuta dan de euro zullen het voorwerp uitmaken van een indekking van het wisselkoersrisico in euro. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Bond Euro BNP Paribas L1 Bond Euro Stand 01/01/2010 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Obligaties EUR 2.599.660.725,77 4.705.006.176,30 5.439.277.366,11 -27.451.097,49

Opties EUR 1.036.996,74 8.959.907,27 11.963.464,23 1.966.560,22

Beleggingsfondsen EUR 50.823.621,22 7.831.553,60 29.025.923,39 471.644,53

Aandelen EUR 228.781,50 88.609,98 406.195,24 167.868,65

Totaal EUR 2.651.750.125,23 4.721.886.247,15 5.480.672.948,97 -24.845.024,09

1.837.938.438,47

0,00

30.100.895,96

79.064,89

1.868.118.399,32

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Bond Euro: 31/12/2010 EUR 2.005.260.795,07 1.886.957.873,54 (18.839.474,22) 1.868.118.399,32 0,00 0,00 69.118,11 91.702.570,74 45.370.706,90

BNP Paribas L1 Bond Euro Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

BNP Paribas L1 heeft swapovereenkomsten gesloten waarmee ze vaste inkomsten omzet in inkomsten die gekoppeld zijn aan de ontwikkeling van kredietgebeurtenissen ofwel van een index ofwel van een obligatie en omgekeerd. Deze bedragen worden bij elke berekening van de nettovermogenswaarde berekend en geboekt; de niet-gerealiseerde nettomeerwaarde is opgenomen in de post “Niet-gerealiseerde meerwaarde op financiële instrumenten” en de nettominderwaarde is opgenomen in de post “Niet-gerealiseerde minderwaarde op financiële instrumenten”. Vergelijkend overzicht van de aandelencategorie “ASR” van BNP Paribas L1 Bond Euro over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Bond Euro Nettovermogenswaarde Uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR 1.565.700.200,38 15.874.179,973 98,00

31/12/2009 EUR 1.880.127.080,04 17.659.090,756 106,47

31/12/2010 1.048.142.023,92 9.578.352,79 109,43

In de portefeuille van BNP Paribas L1 Bond Euro waren per 31/12/2010 geen incourante beleggingen opgenomen.

11

ASR FONDS Liquiditeitenfonds belegt in beginsel uitsluitend via de aandelencategorie “ASR” in BNP Paribas L1 Short Term Euro. Beleggingsbeleid BNP Paribas L1 Short Term Euro belegt minimaal 2/3 van zijn vermogen in geldmarktinstrumenten en obligaties die zijn uitgedrukt in euro. Het zal tot 1/3 van zijn vermogen kunnen beleggen in alle andere geldmarktinstrumenten en financiële derivaten en liquiditeiten. Het subfonds kan eveneens maximaal 10% van zijn vermogen beleggen in andere ICBE’s of ICB’s. De gemiddelde looptijd van de portefeuille bedraagt minder dan 12 maanden en de resterende looptijd van elke belegging mag de 12 maanden niet overschrijden. De beleggingen met variabele rente met een resterende looptijd van meer dan 12 maanden zijn toegestaan op voorwaarde dat de rente minstens eenmaal per jaar wordt aangepast aan de marktomstandigheden. In dat geval wordt de volgende renteaanpassing gebruikt als vervaldatum. De activa die belegd worden in een andere valuta dan de euro zullen het voorwerp uitmaken van een indekking van het wisselkoersrisico in euro. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Short Term Euro BNP Paribas L1 Beleggingsfondsen EUR Short Term Euro Stand 01/01/2010 34.044.228,30 Aankopen 215.282.549,81 Verkopen 180.788.489,00 Herwaarderingen en 182.038,00 Valutakoersresultaten Stand 31/12/2010 68.720.327,11

Obligaties EUR 846.141.919,84 2.024.778.574,73 2.385.775.891,40 -367.895,02

Totaal EUR 880.186.148,14 2.240.061.124,54 2.566.564.380,40 -185.857,02

484.776.708,15

553.497.035,26

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Short Term Euro: BNP Paribas L1 Short Term Euro Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

31/12/2010 EUR 693.358.759,85 553.359.830,09 137.205,17 553.497.035,26 0,00 0,00 0,00 129.197.511,21 10.664.213,38

BNP Paribas L1 heeft swapovereenkomsten gesloten waarmee ze vaste inkomsten omzet in inkomsten die gekoppeld zijn aan de ontwikkeling van kredietgebeurtenissen ofwel van een index ofwel van een obligatie en omgekeerd. Deze bedragen worden bij elke berekening van de nettovermogenswaarde berekend en geboekt; de niet-gerealiseerde nettomeerwaarde is opgenomen in de post “Niet-gerealiseerde meerwaarde op financiële instrumenten” en de nettominderwaarde is opgenomen in de post “Niet-gerealiseerde minderwaarde op financiële instrumenten”. BNP Paribas L1 heeft tevens swapovereenkomsten gesloten via welke zij vaste inkomsten (opbrengst van het nominale bedrag en de vaste rente) omzet in variabele inkomsten (opbrengst van het nominale bedrag en de variabele rente) en omgekeerd. Deze bedragen worden bij elke berekening van de nettovermogenswaarde berekend en geboekt; het te ontvangen bedrag wordt opgenomen in de post “Andere activa” en het te betalen bedrag wordt opgenomen in de post “Andere verplichtingen”. Vergelijkend overzicht van de aandelencategorie “ASR” van BNP Paribas L1 Short Term Euro over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Short Term Euro Nettovermogenswaarde Uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR 79.665.892,95 724.032,392 110,03

31/12/2009 EUR 62.783.702,64 560.946,876 111,92

31/12-2010 EUR 62.948.483,79 559.489,474 112,51

In de portefeuille van BNP Paribas L1 Short Term Euro waren per 31/12/2010 geen incourante beleggingen opgenomen.

12

ASR FONDS SRI Obligatiefonds belegt in beginsel uitsluitend via BNP Paribas L1 Sustainable Bond Euro (voorheen genaam: FORTIS L FUND Bond SRI Euro). Beleggingsbeleid BNP Paribas L1 Sustainable Bond Euro belegt minimaal 2/3 van zijn vermogen in obligaties die uitgedrukt zijn in euro, en in financiële derivaten die afgeleid zijn van dit type activa. Ook kan het tot 1/3 van zijn vermogen beleggen in andere effecten, geldmarktinstrumenten, financiële derivaten of liquiditeiten, op voorwaarde dat de beleggingen in converteerbare obligaties of opties niet meer bedragen dan 25% van het vermogen, de beleggingen in aandelen en andere winstdelingsrechten niet meer dan 5% van het vermogen en die in andere ICBEs of ICBs niet meer dan 10% van het vermogen. De activa die belegd worden in een andere valuta dan de euro zullen het voorwerp uitmaken van een indekking van het wisselkoersrisico in euro. De obligaties die zijn uitgegeven door bedrijven en institutionele emittenten worden geselecteerd aan de hand van een universum dat gedefinieerd wordt door een “best in class +”-benadering. De emittenten waarvan de praktijken beschouwd worden als de beste in hun sector (“best in class”), worden beoordeeld op basis van specifieke criteria met betrekking tot hun ecologisch en sociaal beleid en inzake “corporate governance”. Het subfonds zal daarnaast emittenten selecteren die producten en diensten aanbieden die bijdragen tot een oplossing voor milieuproblemen of tot duurzame ontwikkeling. Dit rechtvaardigt de “+” in de “best in class”-benadering. De overheidsobligaties worden geselecteerd uit een universum van landen die voldoen aan specifieke criteria met betrekking tot hun ecologisch en sociaal beleid. De onderzoeksprocessen en -methodes worden bekrachtigd door een onafhankelijk comité van deskundigen (het “Sustainable and Responsible Investment (SRI) Advisory Committee”), waarvan de samenstelling te vinden is in Deel I van het volledige Prospectus van BNP Paribas L1. Het SRI Advisory Committee zal ten minste één maal per jaar een verslag opstellen over het SRI-proces inzake soliditeit, pertinentie en integriteit. Het subfonds zal bijdragen tot de vergoeding van dit comité. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Sustainable Bond Euro BNP Paribas L1 Sustainable Bond Euro Stand 01/01/2010 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Obligaties EUR 34.825.372,45 76.657.425,74 75.547.338,05 307.149,92

Totaal EUR 34.825.372,45 76.657.425,74 75.547.338,05 307.149,92

35.628.310,02

35.628.310,02

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Sustainable Bond Euro: BNP Paribas L1 Sustainable Bond Euro Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

31/12/2010 EUR 37.258.827,36 36.059.906,82 (431.596,80) 35.628.310,02 0,00 0,00 745,00 796.242,55 833.529,79

BNP Paribas L1 heeft swapovereenkomsten gesloten waarmee ze vaste inkomsten omzet in inkomsten die gekoppeld zijn aan de ontwikkeling van kredietgebeurtenissen ofwel van een index ofwel van een obligatie en omgekeerd. Deze bedragen worden bij elke berekening van de nettovermogenswaarde berekend en geboekt; de niet-gerealiseerde nettomeerwaarde is opgenomen in de post “Niet-gerealiseerde meerwaarde op financiële instrumenten” en de nettominderwaarde is opgenomen in de post “Niet-gerealiseerde minderwaarde op financiële instrumenten”.

13

Vergelijkend overzicht van BNP Paribas L1 Sustainable Bond Euro over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Sustainable Bond Euro Nettovermogenswaarde Uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008* EUR 48.099.458,61 444.698,134 108,16

31/12/2009* EUR 2.674.676,95 25.559,122 104,65

31/12/2010 2.974.129,26 27.591,555 107,79

* Cijfers per 31/12/2008 betreffen BNP Paribas L1 Sustainable Bond Euro (“I”); Cijfers per 31/12/2009 betreffen BNP Paribas L1 Sustainable Bond Euro (“ASR”). In de portefeuille van BNP Paribas L1 Sustainable Bond Euro waren per 31/12/2010 geen incourante beleggingen opgenomen. Het jaarverslag 2010, tevens inhoudende jaarrekening over het boekjaar 2009, van BNP Paribas L1 is verkrijgbaar ten kantore van het Fonds te Luxemburg, 46, Avenue J.F. Kennedy, L-1885 Luxemburg. ASR FONDS belegt bij het verschijnen van dit Addendum eveneens een deel van haar assets in subfondsen van andere Luxemburgse paraplufondsen: ÖKOWORLD en TRIODOS SICAV I. ÖKOWORLD en TRIODOS SICAV I beantwoorden aan de bepalingen van Deel I van de Luxemburgse wet van 20 december 2002 betreffende de Instellingen voor Collectieve Belegging. ÖKOWORLD en TRIODOS SICAV I hebben een vergunning van de Luxemburgse toezichthouder, Commission de Surveillance du Secteur Financier (‘CSSF’) en hebben als beleggingsinstelling een registratie van de AFM op grond van artikel 2:72 van de Wft. Dientengevolge staan ÖKOWORLD en TRIODOS SICAV I niet onder toezicht van AFM. ASR FONDS SRI Futurevision belegt in beginsel uitsluitend via ÖKOWORLD ÖkoVision® Classic in een gespreide beleggingsportefeuille. In 2009 is het boekjaar van ÖKOWORLD ÖkoVision® Classic gewijzigd en luidt: 1 november t/m 30 oktober. Het boekjaar 2009 betreft een verkort boekjaar en loopt van 01/01/2009 tot en met 31/10/2009. Beleggingsbeleid Het beleggingsbeleid van ÖKOWORLD ÖkoVision® Classic heeft tot doel een redelijk rendement in euro te realiseren, met inachtneming van strikte criteria van ethische en ecologische aard. In overeenstemming met de beleggingslimieten en met het principe van risicospreiding wordt het vermogen van het subfonds hoofdzakelijk belegd in aandelen en aan aandelen gerelateerde effecten, evenals in obligaties. Hierbij wordt rekening gehouden met de economische, geografische en politieke risico’s, en met het valutarisico. Maximaal 15% van het nettovermogen kan direct of indirect worden belegd in obligaties. De diverse beleggingscriteria zijn bedoeld om duurzame bedrijfspraktijken te bevorderen die ecologisch verantwoord en sociaal aanvaardbaar zijn. Bij het beleggen in activa gaat de voorkeur van het subfonds uit naar effecten van bedrijven met een langetermijnengagement dat verder gaat dan nationale en internationale standaarden. In bepaalde gevallen kunnen andere principes in aanmerking worden genomen bij de beoordeling van het beleggingsbeleid. In die gevallen moet het Beheerreglement dienovereenkomstig worden gewijzigd. De beleggers zullen hiervan op de hoogte worden gebracht. De Beheermaatschappij bepaalt het beleggingsbeleid van ÖKOWORLD ÖkoVision® Classic met de steun van een beleggingscomité. De leden van het beleggingscomité worden gekozen op basis van hun professionele functie of op basis van het feit dat zij organisaties vertegenwoordigen die relevant zijn voor het bedrijfsbeleid. Zij verstrekken de kennis die nodig is om de hieronder vermelde ecologische en sociale beleggingscriteria na te leven. Het comité is onafhankelijk van de beheermaatschappij in de manier waarop het zijn leden benoemt, in zijn werking en in zijn besluitvorming. De rol van het beleggingscomité bestaat er in het bijzonder uit toe te zien op de naleving van de onderstaande beleggingsbeperkingen en relevante aanbevelingen te doen aan de Beheermaatschappij. Mutatie-overzicht effecten voor het subfonds ÖKOWORLD ÖkoVision® Classic ÖKOWORLD ÖkoVision® Classic Stand 31/10/2009 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/10/2010

Aandelen EUR 258.128.497,67 35.385.549,57 26.020.341,07

Totaal EUR 258.128.497,67 35.385.549,57 26.020.341,07

15.721.286,86 283.214.993,03

15.721.286,86 283.214.993,03

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds ÖKOWORLD ÖkoVision® Classic:

14

31/10/2010 EUR 292.924.589,19 249.634.899,12 33.580.093,91 283.214.993,03 0,00 0,00 0,00 10.045.526,14 205.368,13 -541.298,11

ÖKOWORLD ÖkoVision® Classic Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa Andere Verplichtingen

Vergelijkend overzicht van de aandelencategorie “C” van ÖKOWORLD ÖkoVision® Classic over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel:

ÖKOWORLD ÖkoVision® Classic Nettovermogenswaarde Aantal uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR 249.324.361,08 3.775.464,033 66,04

31/10/2009 EUR 275.620.048,85 3.628.640,75 75,96

31/10/2010 EUR 292.924.589,19 3.510.200,95 83,45

In de portefeuille van ÖKOWORLD ÖkoVision® Classic waren per 31/10/2010 geen incourante beleggingen opgenomen. Het jaarverslag over het verkorte boekjaar 2010, tevens inhoudende jaarrekening over dit boekjaar 2010, van ÖKOWORLD is verkrijgbaar ten kantore van de ‘Representative Office’ van ASR FONDS in Nederland. ASR FONDS SRI Meerwaarde Aandelenfonds belegt in beginsel uitsluitend via TRIODOS SICAV I en wel in de I-shares van het subfonds TRIODOS Sustainable Equity FundSustainable Equity Fund (voorheen TRIODOS Sustainable Equity Fund) in een gespreide beleggingsportefeuille. Beleggingsbeleid TRIODOS Sustainable Equity Fund belegt in de eerste plaats in aandelen van beursgenoteerde ondernemingen die naar de mening van de Raad van Bestuur aan de duurzame beleggingsstrategie voldoen en een goed beleggingsperspectief hebben. Tot 20% van de nettovermogenswaarde mag in contanten worden bewaard. In bijzondere omstandigheden zoals grote onzekerheid op de financiële markt kan dit percentage voor een korte periode worden overschreden. Het subfonds maakt uitsluitend gebruik van technieken en instrumenten die gerelateerd zijn aan Verhandelbare Effecten en Geldmarktinstrumenten, om mogelijke risico’s te beperken. Het beleggingsproces is allereerst gebaseerd op de methodologie van een duurzaamheidsonderzoek, dat in drie stappen kan worden opgesplitst: uitsluitende analyse, duurzame sectoren en sectorstudies. Meer informatie over deze opsplitsing is terug te vinden in het volledige Prospectus van TRIODOS SICAV I. Mutatie-overzicht effecten voor het subfonds TRIODOS Sustainable Equity Fund TRIODOS Sustainable Equity Fund Stand 01/01/2010 Saldo aan- en verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Aandelen EUR 21.588.368 140.560.642

Totaal EUR 21.588.368 140.560.642

17.008.093 179.157.103

17.008.093 179.157.103

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds TRIODOS Sustainable Equity Fund: TRIODOS Sustainable Equity Fund Activa Effectenportefeuille tegen marktwaarde Banktegoed Te ontvangen inzake geplaatste aandelen Te ontvangen rente en dividend Andere activa Passiva

31/12/2010 EUR 185.020.809 179.157.103 4.795.116 767.884 189.911 110.795 -4.109.412

15

Vergelijkend overzicht van de aandelencategorie “I” van TRIODOS Sustainable Equity Fund over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: TRIODOS Sustainable Equity Fund Nettovermogenswaarde Aantal uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR 2.394.369 173.883 13,77

31/12/2009 EUR 6.762.412 384.884 17,57

31/12/2010 EUR 7.770.674 378.135 20,55

In de portefeuille van TRIODOS Sustainable Equity Fund waren per 31/12/2010 geen incourante beleggingen opgenomen. Het jaarverslag 2010, tevens inhoudende het financiële verslag over het boekjaar 2010, van TRIODOS SICAV I is verkrijgbaar via de ‘Representative office’ van ASR FONDS in Nederland. De overige subfondsen van ASR FONDS beleggen in meerdere subfondsen van BNP Paribas L1, BNP Paribas Flexi I of in ÖKOWORLD ÖkoVision® Classic. Voor de totale portefeuille per subfonds en het relatieve belang van de subfondsen van ASR FONDS in de subfondsen van BNP Paribas L1, BNP Paribas Flexi I of ÖKOWORLD ÖkoVision® Classic, wordt verwezen naar het jaarverslag 2010 van ASR FONDS. In onderstaande tabel zijn de beleggingen per 31 december 2010 van de subfondsen van ASR FONDS opgenomen, waarbij sprake is van een gemiddeld belegd vermogen van meer dan 20% dat gedurende de verslagperiode direct of indirect werd belegd.

Subfonds ASR FONDS (ASR Fnd) ASR Fnd Aandelenfonds ASR Fnd Aandelenfonds ASR Fnd Nederlandfonds ASR Fnd Amerika Fonds ASR Fnd Europa Fonds ASR Fnd Azië Fonds ASR Fnd Azië Fonds ASR Fnd Europa Vastgoedfonds ASR Fnd Obligatiefonds ASR Fnd Obligatiefonds ASR Fnd Obligatiefonds ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR

Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd Fnd

Liquiditeitenfonds Dynamisch Mixfonds Dynamisch Mixfonds Profielfonds A Profielfonds Pensioen Profielfonds Pensioen Profielfonds B Profielfonds B Profielfonds Pensioen Profielfonds Pensioen Profielfonds C Profielfonds C Profielfonds Pensioen Profielfonds Pensioen Profielfonds D Profielfonds Pensioen Profielfonds Pensioen Profielfonds E Profielfonds F Profielfonds G Profielfonds H Profielfonds I SRI Obligatiefonds

ASR Fnd SRI Futurevision ASR Fnd SRI Mixfonds ASR Fnd SRI Mixfonds ASR Fnd SRI Meerwaarde Aandelenfonds

A A B B C C D D

Belegt in subfonds BNP Paribas L1 (BNPP L1) / ÖKOWORLD / TRIODOS SICAV I BNPP L1 Equity USA (“ASR”) BNPP L1 Equity Europe (“ASR”) BNPP L1 Equity Netherlands (“ASR”) BNPP L1 Equity USA (“ASR”) BNPP L1 Equity Europe (“ASR”) BNPP L1 Equity Pacific Ex Japan (“ASR”) BNPP L1 Equity Japan (“ASR”) BNPP L1 Real Estate Securities Europe (“ASR”) BNPP L1 Bond Euro (‘ASR’) BNPP L1 Bond Euro Corporate (“I”)* BNPP Flexi I Bond Government Euro Restricted (‘ASR’)* BNPP L1 Short Term Euro (“ASR”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Equity Europe (“ASR”) BNPP L1 Short Term Euro (“ASR”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Bond Euro Corporate (“I”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Short Term Euro (“ASR”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Bond Euro Corporate (“I”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Short Term Euro (“ASR”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Bond Euro Corporate (“I”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Bond Euro Corporate (“I”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Bond Euro (“ASR”) BNPP L1 Equity USA (“ASR”) BNPP L1 Equity USA (“ASR”) BNPP L1 Equity USA (“ASR”) BNPP L1 Bond Sustainable Bond Euro (“ASR”) ÖKOWORLD ÖkoVision® Classic (“C”)** ÖKOWORLD ÖkoVision® Classic (“C”)** BNPP L1 Sustainable Bond Euro (“ASR”) TRIODOS Values Equity Fund (“I”)

% 42,36 22,80 99,97 100,40 99,89 74,36

NAV per aandeel subfonds BNPP L1/ ÖKOWORLD/ TRIODOS 31/12/2010 EUR 110,40 EUR 104,17 EUR 104,12 EUR 110,40 EUR 104,17 EUR 179,06

Performance Subfonds BNPP L1/ ÖKOWORLD/ TRIODOS 01/01/2010 t/m 31/12/2010 14,83% 12,98% 11,25% 14,83% 12,98% 25,38%

25,70 99,94

JPY 6,086 EUR 85,99

-3,89% 13,26%

49,93 27,33

EUR 109,43 EUR 377,50

2,78% 4,05%

22,58 100,18 24,57 27,36 74,10 47,51 28,17 25,14 41,57 45,04 25,14 32,58 20,22 42,91 23,81 32,95 37,67 21,08 31,94 27,34 24,38 28,36 34,36 99,78

EUR 96.906,85 EUR 112,51 EUR 109,43 EUR 104,17 EUR 112,51 EUR 109,43 EUR 377,50 EUR 109,43 EUR 112,51 EUR 109,43 EUR 377,50 EUR 109,43 EUR 112,51 EUR 109,43 EUR 377,50 EUR 109,43 EUR 109,43 EUR 377,50 EUR 109,43 EUR 109,43 EUR 110,40 EUR 110,40 EUR 110,40 EUR 107,79

nvt 0,53% 2,78% 12,98% 0,53% 2,78% 4,05% 2,78% 0,53% 2,78% 4,05% 2,78% 0,53% 2,78% 4,05% 2,78% 2,78% 4,05% 2,78% 2,78% 14,83% 14,83% 14,83% 3,00%

99,78

EUR 83,45

9,86%

48,18

EUR 83,45

9,86%

51,63

EUR 107,79

3,00%

100,06

EUR 20,55

16,96%

16

*Een aantal subfondsen van ASR Fonds belegt sinds 1 oktober 2010 in BNP Paribas L1 Bond Euro Corporate en BNP Paribas Flexi I Bond Government Euro Restricted Restricted. Derhalve is voor deze fondsen geen performance opgenomen voor de periode 1 januari 2010 t/m 31 december 2010. ** Het boekjaar 2010 van ÖKOWORLD Ökovision Classic (“C”) loopt van 1 november 2009 t/m 31 oktober 2010. De in deze tabel opgenomen performance is berekend op basis van deze periode. De in deze tabel opgenomen NAV betreft die per 31 oktober 2010. De in de tabel opgenomen subfondsen van ASR FONDS die in beginsel voornamelijk in BNP Paribas L1 beleggen, beleggen in beginsel voornamelijk via de aandelencategorie “ASR” in de verschillende subfondsen van BNP Paribas L1. Deze aandelencategorie is speciaal hiervoor ingericht. Het kostenniveau van deze aandelencategorie is lager dan het niveau van de aandelencategorie “Classic” van BNP Paribas L1. Hieronder zijn per subfonds van BNP Paribas L1, waarin ASR FONDS tenminste 20% van het fondsvermogen belegt, de vergoedingen opgenomen die in rekening worden gebracht door BNP Paribas L1 aan ASR FONDS

BNPP BNPP BNPP BNPP BNPP BNPP BNPP BNPP BNPP BNPP BNPP BNPP

L1 Bond Euro Corporate* L1 Bond Euro L1 Equity Euro L1 Equity Europe L1 Equity Japan L1 Equity Netherlands L1 Equity Pacific ex-Japan L1 Equity USA L1 Short Term Euro L1 Real Estate Securities Europe L1 Sustainable Bond Euro Flexi I Bond Government Euro

Beheerprovisie 0,15% 0,15% 0,15% 0,15% 0,15% 0,15% 0,15% 0,15% 0,15% 0,15% 0,15% 0,15%

Rendementsprovisie Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil

DistributieProvisie Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil Nihil

Taxe d’ abonnement 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0.01% 0,01% 0,01% 0,01% 0,01%

Andere kosten 0,050% 0,050% 0,075% 0,075% 0,075% 0,075% 0,075% 0,075% 0,045% 0,075% 0,050% 0,050%

* Voor BNPP L1 Bond Euro Corporate is geen ‘ASR’-aandelenklasse beschikbaar. ASR Fonds belegt via de I-shares van dit subfondsen onder dezelfde condities als voor beleggen viade ASR-aandelenklasse van de andere subfondsen van BNP Paribas L1. In het subfonds ÖKOWORLD ÖkoVision® Classic worden de volgende vergoedingen in rekening gebracht door ÖKOWORLD aan ASR FONDS:  Beheerprovisie: 1,76% per jaar  Rendementsprovisie: tot 10% van de absolute stijging van de nettovermogenswaarde per aandeel van het betrokken subfonds. De berekening van deze vergoeding wordt gebaseerd op de nettovermogenswaarde per aandeel op de voorgaande betalingsdag (volgens het ‘High Water Mark’-principe). De vergoedingen worden geregistreerd en de resulterende nettowinst/-verlies wordt dagelijks berekend. Er is geen rendementsvergoeding verschuldigd als er op de dag van betaling een nettoverlies gerealiseerd is. In dat geval wordt het verlies naar een aparte rekening overgebracht en moet het eerst worden aangezuiverd voor er verdere betalingen kunnen plaatsvinden. De rendementsvergoeding is per kwartaal betaalbaar aan de Beheermaatschappij.  Administratie: 0,08% per jaar  Bewaarloon: 0,05% per jaar  Ondersteuning: 0,20% per jaar In het subfonds TRIODOS Values Equity Fund worden de volgende vergoedingen in rekening gebracht door TRIODOS SICAV I aan ASR FONDS:  Managementfee: 0,90% per jaar Deze fee wordt gebruikt om de kosten en uitgaven van het subfonds te dekken die verschuldigd zijn aan de vermogensbeheerder, de custodian, het betaalkantoor, de transfer agent, de administrateur, de distributeurs en de adviseur.  Performancefee: nihil  Servicefee: max. 0,25% per jaar

17

Hieronder zijn per subfonds van BNP Paribas L1, waarin door een of meerdere afzonderlijke subfondsen van ASR FONDS tenminste 20%, maar minder dan 95% van het fondsvermogen wordt belegt, opgenomen het mutatie-overzicht effecten alsmede een overzicht van de samenstelling van de activa aan het einde van de verslagperiode Mutatie-overzicht effecten voor het subfonds BNP Paribas Bond Euro Corporate BNP Paribas L1 Bond Euro Corporate Stand 01/01/2010 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Obligaties EUR 964.171.460,85 1.106.676.312,80 661.453.227,30

Beleggingsfondsen EUR 30.901.785,80 11.133.251,30 42.047.921,22

Totaal EUR 995.073.246,65 1.117.809.564,10 703.501.148,52

-9.062.152,07 1.400.332.394,28

12.884,12 0,00

-9.049.267,95 1.400.332.394,28

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Bond Euro Corporate: BNP Paribas L1 Bond Euro Corporate Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

31/12/2010 EUR 1.445.340.147,27 1.392.082.028,58 8.250.365,70 1.400.332.394,28 0,00 0,00 1.626.334,13 7.896.209,89 35.485.208,97

Vergelijkend overzicht van de aandelencategorie “I” van BNP Paribas L1 Bond Euro Corporate over de laatste drie jaren* van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Bond Euro Corporate Nettovermogenswaarde Uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2010 EUR 940.771.511,03 2.492.109,963 377,50

* Met ingang van het boekjaar 2010 wordt door éen of meerdere subfondsen belegt in BNP Paribas L1 Bond Euro Corporate. Derhalve is uitsluitend de informatie per 31/12/2010 opgenomen. In de portefeuille van BNP Paribas L1 Bond Euro Corporate waren per 31/12/2010 geen incourante beleggingen opgenomen. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Equity Euro BNP Paribas L1 Equity Euro Stand 01/01/2010 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Beleggingsfondsen EUR 2.859.007,41 90.532.953,39 90.978.007,43

Aandelen EUR 522.798.334,08 163.308.986,87 159.975.718,13

Opties en warrants EUR 442,30 0,00 725.988,80

Totaal EUR 525.657.783,79 253.841.940,26 251.679.714,36

13.049,36 2.427.002,73

12.936.380,69 539.067.983,51

725.551,61 5,11

13.674.981,66 541.494.991,35

18

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Equity Euro: BNP Paribas L1 Equity Euro

31/12/2010 EUR 542.681.752,36 485.181.679,51 56.313.311,84 541.494.991,35 0,00 0,00 0,00 1.098,30 1.185.662,71

Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

Vergelijkend overzicht van de aandelencategorie “ASR” van BNP Paribas L1 Equity Euro over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel:

BNP Paribas L1 Equity Euro Nettovermogenswaarde Uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR 287.686.741,29 3.675.038,516 78,28

31/12/2009 EUR 360.754.260,68 3.541.316,670 101,87

31/12/2010 EUR 392.330.709,62 3.657.967,488 107,25

In de portefeuille van BNP Paribas L1 Equity Euro waren per 31/12/2010 geen incourante beleggingen opgenomen. Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Equity Japan BNP Paribas L1 Equity Japan Stand 01/01/2010 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Aandelen JPY 30.665.471.640 44.757.405.860 45.264.150.125

Totaal JPY 30.665.471.640 44.757.405.860 45.264.150.125

-2.469.053.875 27.689.673.500

-2.469.053.875 27.689.673.500

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Equity Japan:

BNP Paribas L1 Equity Japan Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

31/12/2010 JPY 27.910.671.316 27.283.767.504 405.905.996 27.689.673.500 0 0 2.721 209.453.323 11.541.772

Vergelijkend overzicht van de aandelencategorie “ASR” van BNP Paribas L1 Equity Japan over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Equity Japan Nettovermogenswaarde Uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 JPY 19.792.925,846 3.459.589,547 5.721,00

31/12/2009 JPY 20.944.687.264 3.307.708.485 6.332,00

31/12/2010 JPY 19.989.870.458,00 3.284.773.872 6.086,00

In de portefeuille van BNP Paribas L1 Equity Japan waren per 31/12/2010 geen incourante beleggingen opgenomen.

19

Mutatie-overzicht effecten voor het subfonds BNP Paribas L1 Equity Pacific ex-Japan BNP Paribas L1 Equity Pacific exJapan Stand 01/01/2010 Aankopen Verkopen Herwaarderingen en Valutakoersresultaten Stand 31/12/2010

Aandelen EUR 212.662.891,83 312.534.856,41 260.517.796,45

Totaal EUR 212.662.891,83 312.534.856,41 260.517.796,45

44.696.663,63 309.376.615,42

44.696.663,63 309.376.615,42

Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas L1 Equity Pacific ex-Japan: BNP Paribas L1 Equity Pacific ex-Japan Activa Effectenportefeuille tegen kostprijs Niet gerealiseerde meer/(minder)waarde Effectenportefeuille tegen marktwaarde Opties gekocht tegen acquisitiekostprijs Opties gekocht tegen waarderingswaarde Niet-gerealiseerde meerwaarde op fin. instrumenten Banktegoed Andere activa

31/12/2010 EUR 318.832.823,04 255.223.112,18 54.153.503,24 309.376.615,42 0,00 0,00 0,00 4.053.288,33 5.402.919,29

Vergelijkend overzicht van de aandelencategorie “ASR” van BNP Paribas L1 Equity Pacific ex-Japan over de laatste drie jaren van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel: BNP Paribas L1 Equity Pacific ex-Japan Nettovermogenswaarde Uitstaande aandelen Nettovermogenswaarde per aandeel

31/12/2008 EUR 84.692.711,78 948.334,729 89,31

31/12/2009 EUR 163.734.961,60 1.143.364,751 143,20

31/12/2010 EUR 203.191.407,41 1.134.780,993 179,06

In de portefeuille van BNP Paribas L1 Equity Pacific ex-Japan waren per 31/12/2010 geen incourante beleggingen opgenomen. ASR Fonds belegt sinds 1 oktober 2010 in BNP Paribas Flexi I Bond Governement Euro Restricted. Het boekjaar van BNP Paribas Flexi I, waarin ASR Fonds als belegger is toegetreden, is gestart op 1 juni 2010 eindigt op 30 juni 2011 In het jaarverslag over het boekjaar 2011 van ASR Fonds zal met betrekking tot BNP Paribas Flex I Bond Governement Euro het volgende beschikbaar worden gesteld:  Mutatie-overzicht effecten voor het subfonds BNP Paribas Flexi I Bond Government Euro Restricted voor de periode 1 juli 2010 tot en met 30 juni 2011;  Een overzicht van de samenstelling van de activa aan het einde van de verslagperiode van het subfonds BNP Paribas Flexi I Bond Government Euro Restricted;  Vergelijkend overzicht van de aandelencategorie “I” van BNP Paribas Flexi I Bond Government Euro Restricted over het laatste boekjaar van de nettovermogenswaarde, het aantal uitstaande rechten van deelneming, nettovermogenswaarde per aandeel;  Een verklaring of er in de portefeuille van BNP Paribas Flexi I Bond Government Euro Restricted per 30/06/2011 incourante beleggingen opgenomen waren.

20

Kosten en vergoedingen Gelieerde partijen ASR FONDS maakt gebruik van de diensten van BNP Paribas Investment Partners, Fastnet Luxemburg (tot 27 januari 2011) en BNP Paribas Securities Services Luxembourg branch (vanaf 16 november 2010), aan ASR FONDS gelieerde partijen. Met deze partijen worden ook transacties verricht: transacties met betrekking tot effecten, treasury, derivaten, het uitzetten van liquide middelen en het opnemen van kredieten. Alle diensten en transacties vinden plaats tegen marktconforme tarieven. BNP Paribas Investment Partners Luxembourg S.A. is gerechtigd tot een maandelijkse plaatsingsvergoeding voor haar rol als distributeur van ASR FONDS. Voor haar overige werkzaamheden ontvangt BNP Paribas Investment Partners Luxembourg S.A. een maandelijkse servicevergoeding op jaarbasis van het gemiddelde vermogen van het fonds. De berekeningsgrondslag van de plaatsingsvergoeding en de servicevergoeding is per subfonds vermeld in Part II van het prospectus van ASR FONDS. BBNP Paribas Investment Partners Netherlands N.V. ontvangt (met uitzondering voor haar werkzaamheden met betrekking tot ASR FONDS SRI Meerwaarde Aandelenfonds, ASR FONDS Futurevision en ASR FONDS SRI Mixfonds) geen vergoeding voor haar werkzaamheden, aangezien het vermogen van de meeste subfondsen van ASR FONDS momenteel volledig is belegd in subfondsen van BNP Paribas L1 en Flexi I, waarvoor vestigingen van BNP Paribas Investment Partners het vermogensbeheer verzorgen. BNP Paribas Investment Partners ontvangt voor deze subfondsen een vermogensbeheervergoeding op het niveau van BNP Paribas L1 en niet op het niveau van ASR FONDS. Hiermee wordt een dubbele vermogensbeheervergoeding voorkomen. De berekeningsgrondslag van de vermogensbeheervergoeding is vermeld in Part II van het prospectus van ASR FONDS. BNP Paribas Securities Services, Luxembourg branche is gerechtigd tot een maandelijkse bewaarvergoeding van 0,01% op jaarbasis van het gemiddelde netto vermogen van het fonds voor haar rol als Custodian van ASR FONDS. De berekeningsgrondslag van de bewaarvergoeding is per subfonds vermeld in Part II van het prospectus van ASR FONDS. De hoogte van de vergoedingen per aandelencategorie, alsmede de totale vergoeding, zijn opgenomen in de tabellen hieronder. Voor gedetailleerde informatie inzake de kosten en vergoedingen per subfonds van ASR FONDS wordt verwezen naar het annual report 2010 van ASR FONDS. Statutaire naam ASR FONDS Aandelenfonds (Classic) ASR FONDS Aandelenfonds (Amersfoortse) ASR FONDS Nederlandfonds (Classic) ASR FONDS Amerikafonds (Classic) ASR FONDS Europafonds (Classic) ASR FONDS Aziëfonds (Classic) ASR FONDS Europa Vastgoedfonds (Classic) ASR FONDS Obligatiefonds (Classic) ASR FONDS Liquiditeitenfonds (Classic) ASR FONDS Dynamisch Mixfonds (Classic) ASR FONDS Profielfonds A (Life cycle) ASR FONDS Profielfonds Pensioen A (Life cycle) ASR FONDS Profielfonds B (Life cycle) ASR FONDS Profielfonds Pensioen B (Life cycle) ASR FONDS Profielfonds C (Life cycle) ASR FONDS Profielfonds Pensioen C (Life cycle) ASR FONDS Profielfonds D (Life cycle) ASR FONDS Profielfonds Pensioen D (Life cycle) ASR FONDS Profielfonds E (Life cycle) ASR FONDS Profielfonds F (Classic) ASR FONDS Profielfonds F (Life cycle) ASR FONDS Profielfonds G (Classic) ASR FONDS Profielfonds G (Life cycle) ASR FONDS Profielfonds H (Life cycle) ASR FONDS Profielfonds İ (Life cycle) ASR FONDS SRI Obligatiefonds ASR FONDS SRI Futurevision ASR FONDS SRI Mixfonds ASR FONDS SRI Meerwaarde Aandelenfonds

Servicefee 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02% 0,02%

Custodyfee 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01% 0,01%

Placementfee 0,85% 0,65% 0,85% 1,10% 1,10% 1,10% 1,10% 0,55% 0,35% 1,25% 1,10% 1,10% 1,10% 1,10% 1,10% 1,10% 1,10% 1,10% 1,10% 0,85% 1,10% 0,85% 1,10% 1,10% 1,10% 0,55% 0,35% 0,30% 0,45%

% op jaarbasis van het gemiddelde netto vermogen

21

Kosten per 31/12/2010 die rechtstreeks ten laste van het resultaat worden gebracht De kosten verband houdend met het houden van Algemene Vergaderingen van Aandeelhouders, verslaglegging, externe adviseurs, accountants alsmede kosten van het door de CSSF en de AFM uitgeoefende toezicht komen niet rechtstreeks ten laste van ASR FONDS, maar worden door BNP Paribas Investment Partners Luxembourg S.A. uit de servicevergoeding betaald. Voor ASR FONDS zijn marketingkosten niet van toepassing. Kostenrubriek Service fee, placement fee and management fee Custodian fee & subcustodian fee Bank Interest Taxe d’abonnement Overige kosten Totale kosten Kostenrubriek Service fee, placement fee and management fee Custodian fee & subcustodian fee Bank Interest Taxe d’abonnement Overige kosten Totale kosten Kostenrubriek Service fee, placement fee and management fee Custodian fee & subcustodian fee Bank Interest Taxe d’abonnement Overige kosten Totale kosten Kostenrubriek Service fee, placement fee and management fee Custodian fee & subcustodian fee Bank Interest Taxe d’abonnement Overige kosten Totale kosten Kostenrubriek Service fee, placement fee and management fee Custodian fee & sub-custodian fee Bank Interest Taxe d’abonnement Overige kosten Totale kosten

Aandelenfonds

Nederlandfonds

Amerikafonds

Europafonds

1.085.414,23

3.253.508,43

39.032,19

1.125.914,57

15.043,15

43.286,96

405,12

11.681,89

1.536,39

0,19

6,42

0,00

174,90 204.362,35 1.306.531,02

24,34 512.578,44 3.809.398,36

0,36 6.355,83 45.799,92

1,71 182.300,53 1.319.898,70

Aziëfonds

Obligatiefonds

560.185,44

Europa Vastgoedfonds 130.971,02

805.703,23

193.370,77

5.820,34

1.356,50

17.349,46

5.984,32

107,16 3,80 90.836,23 656.952,97

3,33 0,16 21.073,98 153.404,99

1.181,25 8,24 155.847,46 980.089,64

94,47 20,42 28.055,20 227.525,18

Dynamisch Mixfonds 3.317.730,55

Profielfonds A

Profielfonds B

11.039,63

Profielfonds Pensioen A 36.237,54

30.172,05

98,62

329,36

140,69

243,51 182,92 490.129,44 3.838.458,47

98,41 0,15 1.974,30 13.211,11

21,98 0,01 7.970,09 44.558,98

9,80 0,22 2.237,38 18.062,40

Profielfonds Pensioen B 87.859,54

Profielfonds C

Profielfonds D

13.088,63

Profielfonds Pensioen C 235.367,50

792,83

117,93

2.129,30

117,52

78,32 5,13 11.949,36 100.685,18

10,12 0,04 2.181,07 15.397,79

47,92 15,01 43.404,11 280.963,84

74,71 0,26 1.432,84 14.716,73

Profielfonds Pensioen D 638.574,46

Profielfonds E

Profielfonds F

Profielfonds G

8.444.424,84

3.754.487,15

17.619.885,12

5.757,32

75.989,03

24.124,88

170.858,44

212,07 34,34 102.425,45 747.003,64

10.761,85 475,96 1.322.911,43 9.854.563,11

332,51 194,98 691.953,05 4.471.092,57

2.361,14 1.142,14 3.196.311,24 20.990.558,08

Liquiditeitenfonds

15.674,31

13.091,40

22

Kostenrubriek Service fee, placement fee and management fee Custodian fee & sub-custodian fee Bank Interest Taxe d’abonnement Overige kosten Totale kosten Kostenrubriek Service fee, placement fee and management fee Custodian fee & sub-custodian fee Bank Interest Taxe d’abonnement Overige kosten Totale kosten

Profielfonds H

Profielfonds I 124.200,68

SRI Obligatiefonds 9.663,55

SRI Futurevision (677,40)

226.726,63 2.025,28

1.106,28

195,24

93,08

23,70 3,08 35.616,20 264.394,89

208,51 1,44 19.884,35 145.401,26

0,19 0,28 1.462,88 11.322,14

0,08 0,21 455,82 (128,21)

SRI Mixfonds 1.421,31

SRI Meerwaarde Aandelenfonds 5.503,92

Geconsolideerd 41.748.399,24

180,18

120,81

415.276,58

28,76 0,75 765,30 2.396,30

0,00 0,45 884,27 6.509,45

17.442,79 2.291,30 7.135.358,60 49.318.768,51

Oprichtingskosten De oprichtingskosten ad EUR 22.919,65 zijn in vijf jaar lineair afgeschreven. Kosten bij uitgifte en inkoop van aandelen Bij uitgifte, inkoop en omzetting van aandelen ASR FONDS worden voor beleggers geen kosten in rekening gebracht. De aankoopkosten (transactiekosten) van de beleggingen in de portefeuilles van de afzonderlijke subfondsen van ASR FONDS zijn opgenomen in de kostprijs en worden derhalve meegeactiveerd. Deze kosten worden als gevolg van de waardering tegen reële waarde verwerkt in de koersresultaten. Eventuele verkoopkosten worden in mindering gebracht op de opbrengsten en komen eveneens tot uitdrukking in de koersresultaten. Transactiekosten ASR FONDS betaalt geen aankoop- respectievelijk verkoopkosten bij aankoop respectievelijk verkoop van aandelen in subfondsen van BNP Paribas L1, ÖKOWORLD en TRIODOS SICAV I. Vergelijking werkelijke kosten met kosten volgens prospectus in het boekjaar 2010 De werkelijke kosten die in het boekjaar 2010 gemaakt zijn met betrekking tot de servicefee, de placementfee, de custodian fee en sub-custodian fee zijn conform de kosten zoals voorzien in het prospectus van ASR FONDS. Total Expense Ratio De TER wordt berekend per subfonds per aandelencategorie volgens de door de AFM voorgeschreven berekeningswijze. Voor het boekjaar 2010, lopend van 1 januari 2010 tot en met 31 december 2010 is de kostenratio per subfonds per aandelencategorie opgenomen in hierna volgende tabel. In deze kostenratio is rekening gehouden met de kosten in de subfondsen van BNP Paribas L1, ÖKOWORLD en TRIODOS SICAV waarin door het betreffende subfonds van ASR FONDS wordt belegd. De TER wordt als volgt berekend: totale kosten gedeeld door de gemiddelde nettovermogenswaarde per aandelencategorie van ASR FONDS. Onder totale kosten worden begrepen de kosten die in de verslagperiode ten laste van het resultaat alsmede ten laste van het eigen vermogen worden gebracht. De kosten verband houdend met het toe- en uittreden van deelnemers, voor zover deze gedekt worden uit de ontvangen open afslagen, worden buiten beschouwing gelaten. De gemiddelde nettovermogenswaarde wordt berekend als de som van de nettovermogenswaarden gedeeld door het aantal waarnemingen. Per aandelencategorie van ASR FONDS wordt de som van de nettovermogenswaarden gebaseerd op de cijfers per de start van de betreffende aandelencategorie, 31 december 2009, 31 maart 2010, 30 juni 2010, 30 september 2010 en 31 december 2010.

23

Statutaire naam ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR (1)

(2)

(3)

(4)

FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS

Aandelenfonds (Classic) Aandelenfonds (Amersfoortse) Nederlandfonds (Classic) Amerikafonds (Classic) Europafonds (Classic) Aziëfonds (Classic) Europa Vastgoedfonds (Classic) Obligatiefonds (Classic) Liquiditeitenfonds (Classic) Dynamisch Mixfonds (Classic) Profielfonds A (Life cycle) Profielfonds Pensioen A (Life cycle) Profielfonds B (Life cycle) Profielfonds Pensioen B (Life cycle) Profielfonds C (Life cycle) Profielfonds Pensioen C (Life cycle) Profielfonds D (Life cycle) Profielfonds Pensioen D (Life cycle) Profielfonds E (Life cycle) Profielfonds F (Classic) Profielfonds F (Life cycle) Profielfonds G (Classic) Profielfonds G (Life cycle) Profielfonds H (life cycle) Profielfonds İ (Life cycle) SRI Obligatiefonds (Classic) SRI Futurevision (Classic) SRI Mixfonds (Classic) SRI Meerwaarde Aandelenfonds (Classic)

TER 2009

TER 2010

1,10% 0,66% 1,14% 1,34% 1,36% 1,37% 1,37% 0,78% 0,57% 1,52% 1,35% 1,37% 1,35% 1,40% 1,34% 1,42% 1,27% 1,41% 1,36% 1,13% 1,40% 1,11% 1,41% 1,41% 1,39% 0,72% 2,53% 1,53% 1,75%

1,11% 0,91% 1,10% 1,36% 1,35% 1,36% 1,34% (3) 0,80% 0,58% 1,49% (3) 1,33% 1,41% 1,30% (3) 1,32% 1,33% (3) 1,36% 1,39% (3) 1,36% 1,35% 1,10% 1,36% 1,10% 1,36% 1,36% 1,36% (4) 0,79% 2,57% (4) 1,57% 1,68%

(1)(4) (2) (1)(2)(4))

ASR FONDS SRI Obligatiefonds en ASR FONDS SRI Mixfonds belegden van 01/01/2009 tot 31/03/2009 in BNP Paribas L1 Sustainable Bond Euro (“I”) en van 01/04/2009 tot en met 31/12/2009 in BNP Paribas L1 Sustainable Bond Euro (“ASR”). De berekening van de TER van ASR Fonds SRI Obligatiefonds (classic) is gebaseerd op het gewogen gemiddelde van de TER van BNP Paribas L1 Sustainable Bond Euro (“I”) met een gewicht van 3/12 en de geannualiseerde TER van BNP Paribas L1 Sustainable Bond Euro (“ASR”) met een gewicht van 9/12. De TER (ASR FONDS SRI FUTUREVISION EN ASR FONDS SRI MIXFONDS) is berekend op basis van de geannualiseerde TER van ÖKOWORLD ÖkoVision® Classic (“C”) per 31/10/2009 De distributievergoeding over 2010 ten behoeve van ASR Fonds Obligatiefonds, ASR Fonds Profielfonds Pensioen A, ASR Fonds Profielfonds Pensioen B, ASR Fonds Profielfonds Pensioen C en ASR Fonds Profielfonds Pensioen D in verband met de beleggingen in BNP Paribas L1 Bond Euro Corporate (‘I’) bedraagt 0,22% van de vermogensbeheervergoeding van laatstgenoemd fonds

De distributievergoeding ten behoeve van ASR Fonds SRI Obligatiefonds en ASR Fonds SRI Mixfonds in verband met de beleggingen in ÖKOWORLD ÖkoVision® Classic bedraagt 22,73% van de

vermogensbeheervergoeding van laatstgenoemd fonds. Bij de berekening van de verwachte kostenratio van ASR Fonds SRI Futurevision wordt geen rekening gehouden met de performancefee in ÖKOWORLD ÖkoVision® Classic.

24

Enkele subfondsen van ASR FONDS beleggen tenminste 95% van het beheerde vermogen in een andere beleggingsinstelling. Derhalve is van de onderliggende beleggingsinstelling eveneens de TER opgenomen: ASR FONDS

Belegt in

ASR FONDS Nederlandfonds

BNP Paribas L1 Equity Netherlands (“ASR”) BNP Paribas L1 Equity USA (“ASR”) BNP Paribas L1 Equity Europe (“ASR”) BNP Paribas L1 Real Estate Securities Europe (“ASR”)

ASR FONDS Amerikafonds ASR FONDS Europafonds ASR FONDS Europa Vastgoedfonds ASR FONDS Obligatiefonds ASR FONDS Profielfonds Pensioen A ASR FONDS Liquiditeitenfonds

ASR FONDS SRI Obligatiefonds ASR FONDS SRI Futurevision ASR FONDS SRI Meerwaarde Aandelenfonds

TER 31/12/2009 % 0,24

TER 31/12/2010 % 0,23

0,23 0,22

0,23 0,23

0,24

0,23

0,21

0,21

0,20

0,20

BNP Paribas L1 Bond Euro (“ASR”) BNP Paribas L1 Short Term Euro (“ASR”) BNP Paribas L1 Sustainable Bond Euro (“ASR”) ÖKOWORLD ÖkoVision® Classic (C) TRIODOS Values Equity Fund (“I”)

(1) (2)

0,16 2,56

(3)

1,21

1,15

(1) ASR FONDS SRI Obligatiefonds en ASR FONDS SRI Mixfonds belegde van 01/01/2009 tot en met 31/03/2009 in BNP Paribas L1 Sustainable Bond Euro (“I”) en van 01/04/2009 tot en met 31/12/2009 in BNP Paribas L1 Sustainable Bond Euro (“ASR”).De TER van BNP Paribas L1 Sustainable Bond Euro (“ASR”) is een geannualiseerde TER. (2) Dit betreft de geschatte TER op jaarbasis, rekening houdend met het verkorte boekjaar van ÖKOWORLD ÖkoVision® Classic (“C”) lopend van 01/01/2009 t/m 31/10/2009. (3) Dit betreft de TER van ÖKOWORLD ÖkoVision® Classic (“C”) over het boekjaar 2009/2010, eindigend op 31 oktober 2010.

Portfolio Turnover Ratio De Portfolio Turnover Ratio (PTR) wordt per subfonds uitgedrukt als een percentage van de som van de aan- en verkopen van de beleggingen minus de som van de geplaatste en ingekochte aandelen in de afzonderlijke subfondsen van ASR FONDS, gedeeld door de gemiddelde nettovermogenswaarde van de afzonderlijke subfondsen van ASR FONDS. Naam ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR ASR

FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS FONDS

Aandelenfonds Nederlandfonds Amerikafonds Europafonds Aziëfonds Europa Vastgoedfonds Obligatiefonds Liquiditeitenfonds Dynamisch Mixfonds Profielfonds A Profielfonds Pensioen A Profielfonds B Profielfonds Pensioen B Profielfonds C Profielfonds Pensioen C Profielfonds D Profielfonds Pensioen D Profielfonds E Profielfonds F Profielfonds G Profielfonds H Profielfonds İ SRI Obligatiefonds SRI Futurevision SRI Mixfonds SRI Meerwaarde Aandelenfonds

PTR 2009 105,34 -3,75 -6,31 -7,64 47,81 -13,36 -17,31 -20,75 50,44 43,07 -8,45 84,36 2,61 85,38 7,36 84,61 14,69 40,72 39,55 37,55 33,34 38,48 202,40 -1,66 133,04 -2,15

0,21 2,59

PTR 2010 110,65 -2,25 -7,01 -3,52 31,24 -1,77 98,06 -15,23 99,29 43,07 103,13 108,12 95,29 184,97 123,13 126,66 105,34 107,82 94,70 75,52 63,83 46,62 -3,65 -1,40 22,81 -2,11

25

Overige informatie Website Actuele informatie, waaronder de nettovermogenswaarde, van de in Nederland genotificeerde subfondsen van ASR FONDS wordt beschikbaar gesteld via de website www.asrverzekeringen.nl. Persoonlijke belangen Aan het begin en het einde van het verslagperiode werden door de Raad van Bestuur geen belangen in effecten aangehouden, welke op hetzelfde moment ook door (de afzonderlijke subfondsen van) ASR FONDS werden aangehouden.

26

Independent Assurance Report

PricewaterhouseCoopers Société à responsabilité limitée Réviseur d'entreprises 400, route d'Esch B.P. 1443 L-1014 Luxembourg Telephone +352 494848-1 Facsimile +352 494848-2900 www.pwc.com/lu [email protected]

To the Shareholders of ASR FONDS

We have examined the accompanying Dutch supplement dated May 24th 2011 to the audited annual report and accounts dated December 31, 2010 (the “Supplement”) of ASR FONDS (the “Fund”), for the purpose of determining whether this supplement together with the audited annual report and accounts of the Fund, at least contain the information which, to the extent applicable, is required to be included therein pursuant to sections 119 up to and including 124 of the Netherlands Decree on Supervision of Collective Investment Schemes 2005 (the “Decree”). This Supplement together with the audited annual report and accounts of the Fund are the responsibility of the Fund’s Board of Directors. Our responsibility is to express an opinion based on our examination. The definitions set out in sections 119 up to and including 124 of the Netherlands Decree on Supervision of Collective Investment Schemes were the criteria used for our examination. Our engagement was conducted in accordance with the International Standard on Assurance Engagements 3000 (“ISAE 3000”) and, accordingly, included examining, on a test basis, evidence supporting the compliance of the attached Supplement with the requirements of the Decree, and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. In our opinion, the attached Supplement together with the audited annual report and accounts dated December 31, 2010 of the Fund, at least contain, in all material respects, the information which, to the extent applicable, is required pursuant to sections 119 up to and including 124 of the Netherlands Decree on Supervision of Collective Investment Schemes 2005. PricewaterhouseCoopers S.à r.l. Represented by

Sébastien Sadzot

Luxembourg, May 24th, 2011

10. RCS Luxembourg B

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