ASR FONDS SICAV. Annual report (audited) as at 31/12/10. RCS Luxembourg B

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1 ASR FONDS SICAV Annual report (audited) as at 31/12/10 RCS Luxembourg B Page 1

2 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 31 Nederlandfonds 32 Amerikafonds 33 Europafonds 34 Aziëfonds 35 Europa Vastgoedfonds 36 Obligatiefonds 37 Liquiditeitenfonds 38 Dynamisch Mixfonds 39 Profielfonds A 40 Profielfonds Pensioen A 41 Profielfonds B 42 Profielfonds Pensioen B 43 Profielfonds C 44 Profielfonds Pensioen C 45 Profielfonds D 46 Profielfonds Pensioen D 47 Profielfonds E 48 Profielfonds F 49 Profielfonds G 50 Profielfonds H 51 Profielfonds I 52 SRI Obligatiefonds 53 SRI Futurevision 54 SRI Mixfonds 55 SRI Meerwaarde Aandelenfonds Notes to the financial statements 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 semiannual report, if published thereafter. Page 2

3 ASR FONDS Organisation Registered office: 33, rue de Gasperich, L5826 HowaldHesperange Board of Directors: Chairman Members Mr. JeanFrançois Fortemps Chargé de Mission, BNP Paribas Investment Partners, Luxembourg 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: CoPromotor: BNP Paribas Investment Partners Luxembourg, 33, rue de Gasperich, L5826 HowaldHesperange ASR Verzekeringen, Archimedeslaan 10, 3500 HB Utrecht Central Administration Agent, Transfer Agent and Registrar: BNP Paribas Investment Partners Luxembourg, 33, rue de Gasperich, L5826 HowaldHesperange The function of net asset value calculation is delegated until 15 Novemver 2010 to: FASTNET LUXEMBOURG S.A., 31, Allée Scheffer, L2520 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, L5826 HowaldHesperange The functions of register keeping and transfer agent are delegated until 27 January 2011 to: FASTNET LUXEMBOURG S.A., 31, Allée Scheffer, L2520 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, L5826 HowaldHesperange Custodian Bank: BNP Paribas Securities Services, succursale de Luxembourg, 33, rue de Gasperich, L5826 HowaldHesperange Distributor: BNP Paribas Investment Partners, 33, rue de Gasperich, L5826 HowaldHesperange Investment Manager BNP Paribas Investment Partners Netherlands NV, Burgerweeshuispad Tripolis 200, PO box 71770, NL1008 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. Page 3

4 ASR FONDS Organisation Auditor: PricewaterhouseCoopers S.à r.l., 400, route d Esch, B.P. 1443, L1014 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.) Page 4

5 ASR FONDS Information ASR FONDS is an openended 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 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 semiannual 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. Page 5

6 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 precrisis 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 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 , 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 Bushadministration 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. OPE 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 precrisis peak then the US for instance. Nevertheless unemployment has fallen to the lowest level since 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 fullblown sovereign debt crisis in the spring of Risk spreads on especially Greek government bonds surged to unprecedented levels. After some bickering, a 110 billion rescue package specifically for Greece and a 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 750 Page 6

7 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 environmentfriendly 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 Vshaped economic recovery, as their economies were boosted by inventory rebuilding and strong growth of world trade. Despite ongoing 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 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 mortgagebacked 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, Fedchairman 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 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 sixmonth loans and oneyear loans were gradually phased out and replaced by threemonth 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 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

8 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 backstopping 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 flareup 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 midnineties. Expectations for rate hikes in the US and the eurozone were scaled back and bond yields fell. Thus rate differentials with Japan narrowed. Furthermore riskaverse 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 rockbottom 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 mortgagebacked 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 Emerging market equities gained 16.4% and developed equities 9.6%. This came on top of very strong performance in Emerging market equities have surged by 139% from their lows in early 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 midapril equity markets rallied to new postrecession peaks on the back of strong tailwinds from Page 8

9 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 costcutting. 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 Subfund Equities: Equity markets saw large swings during the year but ended at, or close to, postrecession 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 longstanding 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 Subfund 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. Page 9

10 ASR FONDS Manager s Report AMERIKAFONDS Subfund 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. OPAFONDS Subfund 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 OPE 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 Subfund Equities: Equity markets saw large swings during the year but ended at, or close to, postrecession 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 longstanding 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. OPA VASTGOEDFONDS Subfund 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 outperformed the UK in The fund began 2010 with a large overweight to the Netherlands and a slight preference for the UK over Page 10

11 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 refinancing 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 Subfund 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 Subfund 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 Subfund 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 longstanding 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

12 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 Subfund 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 longstanding 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 Subfund 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 longstanding 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. Page 12

13 ASR FONDS Manager s Report PROFIELFONDS E Subfund 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 longstanding 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 Subfund 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 longstanding 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 Subfund 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 longstanding 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

14 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 Subfund 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 longstanding 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 Subfund 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 longstanding 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

15 ASR FONDS Manager s Report PROFIELFONDS PENSIOEN A Subfund 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 Subfund 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 longstanding 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 Subfund 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 longstanding 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

16 ASR FONDS Manager s Report PROFIELFONDS PENSIOEN D Subfund 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 longstanding 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 Subfund 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

17 Audit report To the Shareholders of ASR FONDS We have audited the accompanying financial statements of ASR FONDS and of each of its subfunds, 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, L1014 Luxembourg T: , F: , Cabinet de révision agréé. Expertcomptable (autorisation gouvernementale n ) R.C.S. Luxembourg B Capital social TVA LU Page 17

18 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 subfunds 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

19 ASR FONDS Financial Statements as at 31/12/10 Aandelenfonds Nederlandfonds Amerikafonds Europafonds Expressed in Notes Statement of net assets Assets 164,850, Securities portfolio at cost price 145,845, Unrealised profit (loss) on portfolio 18,420, Securities portfolio at market value 2 164,266, Cash at banks and time deposits 583, Other assets 0.00 Liabilities 570, Bank overdrafts 0.00 Other liabilities 570, Net asset value 164,279, Statement of operations and changes in net assets Income on investments and assets 12, Service fee, placement fee and management fee 3,7 1,085, Custodian & subcustodian fees 4 15, Bank interest 1, General expenses 204, Taxe d'abonnement Total expenses 1,306, Net result from investments (1,293,584.33) Net realised result on investment securities 2 6,096, Other realised results 50, Net realised result 4,853, Movement on net unrealised loss/gain on : Investments securities 18,204, Change in net assets due to operations 23,058, Net subscriptions (redemptions) (3,716,238.22) Increase/Decrease of net assets during the year 19,342, Net assets at the beginning of the year 144,937, Net assets at the end of the year 164,279, ,004, ,126, ,429, ,555, , ,231, ,301, , ,057, ,702, , ,253, , , ,809, (3,713,604.46) (830,439.63) 10, (4,533,351.39) 48,423, ,890, (4,962,449.05) 38,927, ,774, ,702, ,495, ,365, , ,473, , , , ,455, , , , (45,797.66) (43,511.50) (88,996.49) 865, , , , ,580, ,455, ,443, ,494, ,445, ,939, , , , , ,084, , ,125, , , ,319, (1,257,126.85) (223,651.88) 1, (1,479,517.61) 14,926, ,446, (3,037,882.32) 10,408, ,675, ,084, The accompanying notes form an integral part of these financial statements. Page 19

20 ASR FONDS Financial Statements as at 31/12/10 Aziëfonds Europa Vastgoedfonds Obligatiefonds Liquiditeitenfonds Expressed in Notes Statement of net assets Assets 64,714, Securities portfolio at cost price 47,321, Unrealised profit (loss) on portfolio 17,193, Securities portfolio at market value 2 64,515, Cash at banks and time deposits 174, Other assets 25, Liabilities 239, Bank overdrafts 0.00 Other liabilities 239, Net asset value 64,475, Statement of operations and changes in net assets Income on investments and assets Service fee, placement fee and management fee 3,7 560, Custodian & subcustodian fees 4 5, Bank interest General expenses 90, Taxe d'abonnement Total expenses 656, Net result from investments (656,919.99) Net realised result on investment securities 2 1,096, Other realised results 0.00 Net realised result 439, Movement on net unrealised loss/gain on : Investments securities 11,171, Change in net assets due to operations 11,610, Net subscriptions (redemptions) (1,597,124.68) Increase/Decrease of net assets during the year 10,013, Net assets at the beginning of the year 54,462, Net assets at the end of the year 64,475, ,747, ,589, (2,249,659.12) 15,339, , , , , ,349, , , , , (153,371.21) (141,316.50) 0.00 (294,687.71) 1,895, ,600, , ,027, ,321, ,349, ,440, ,754, ,988, ,742, , , , , , ,014, , , , , , , (978,840.19) 10,453, , ,476, (5,392,781.46) 4,083, , ,947, ,066, ,014, ,206, ,884, ,082, ,966, , , , ,854, , , , , (227,364.55) 519, , (200,863.20) 91, (217,686.56) (126,350.11) 60,981, ,854, The accompanying notes form an integral part of these financial statements. Page 20