STATEMENT OF THE BOARD OF DIRECTORS We have the pleasure to present the financial statements of <strong>ABN</strong> <strong>AMRO</strong> <strong>Funds</strong> for the financial year from May 1, 2007 to April 30, 2008. On April 30, 2008 the total net assets of <strong>ABN</strong> <strong>AMRO</strong> <strong>Funds</strong> amounted to USD 25.9 billion, a decrease of 22 % over the financial year. This decrease in total assets is mainly attributable to the evolution of market conditions during the last quarter of 2007 and the first quarter of 2008. Furthermore, during the financial year, the Fund range within the SICAV has been aligned with prevailing market conditions that resulted in the closure of 4 <strong>Funds</strong> and the merger of 5 <strong>Funds</strong> as well as the launch of 6 <strong>Funds</strong> and a number of additional share classes. As a consequence of the recent integration of <strong>ABN</strong> <strong>AMRO</strong> Asset Management into Fortis Investments, <strong>ABN</strong> <strong>AMRO</strong> <strong>Funds</strong> will probably be moved, in the next 6 months, into the Fortis L Fund SICAV. This move, resulting in a broader investment offer, will allow shareholders to benefit from economies of scale and from a number of favorable fee adjustments. Details and conditions will be <strong>com</strong>municated in the next weeks and investors who do not wish to follow the merger will have the possibility to redeem their shares free of charge within a period of one month as will be specified in the forth<strong>com</strong>ing notice. Tom Leavitt, Chairman On behalf of The Board of Directors August 22, 2008 14
Statement of investments - Asian Tigers Equity Fund 30-04-2008 Statement of investments - Asian Tigers Equity Fund 30-04-2008 Number Transferable securities and money market instruments admitted to an official stock exchange listing Fair value x USD % of Total Net Assets SHARES Cayman Islands 4,586,000 Belle International Holdings 4,883,355 0.92 4,883,355 0.92 China 558,000 Anhui Conch Cement - H - 4,463,513 0.84 5,046,000 China Communications 12,028,158 2.26 Construction - H - 11,295,000 China Construction Bank - H - 10,187,033 1.91 2,800,000 China Life Insurance - H - 12,159,700 2.29 1,280,500 China Merchants Bank - H - 5,355,541 1.01 1,080,500 China Shenhua Energy - H - 4,962,654 0.93 1,852,000 COSCO Holdings - H - 5,536,089 1.04 38,600 New Oriental Education & 2,897,316 0.54 Technology Group 4,864,000 PetroChina - H - 7,238,653 1.36 426,600 Tencent Holdings 2,821,342 0.53 3,915,000 Xinjiang Xinxin Mining Industry - 2,767,512 0.52 H - 730,800 ZTE - H - 3,051,797 0.57 73,469,308 13.80 Hong Kong 1,524,000 BOC Hong Kong Holdings 3,959,279 0.75 1,775,000 China Mobile Hong Kong 30,514,715 5.73 3,222,000 China Overseas Land & 6,779,155 1.27 Investment 2,482,000 China Uni<strong>com</strong> 5,375,024 1.01 8,201,000 CNOOC 14,477,428 2.72 963,500 Parkson Retail Group 9,079,244 1.71 8,344,000 PCCW 5,384,538 1.01 75,569,383 14.20 India 48,833 Bharat Heavy Electricals 2,293,698 0.43 121,603 DLF 2,112,107 0.40 192,337 Housing Development Finance 13,197,029 2.48 77,046 Larsen & Toubro 5,752,540 1.08 187,339 Reliance Communications 2,661,310 0.50 226,999 Reliance Industries 14,612,203 2.75 572,904 Satyam Computer Services 6,688,476 1.26 62,180 Sun Pharmaceutical Industries 2,255,915 0.42 239,607 Tata Power 8,273,730 1.55 57,847,008 10.87 Indonesia 5,486,000 Bumi Resources 3,896,476 0.73 2,617,000 Indocement Tunggal Prakarsa Tbk 1,589,156 0.30 2,286,500 Perusahaan Perkebunan London 2,231,457 0.42 Sumatra Indonesia Tbk 5,077,000 Telekomunikasi Indonesia 4,899,729 0.92 12,616,818 2.37 Korea 37,628 DC Chemical 15,236,591 2.86 19,653 Hyundai Development 1,256,428 0.24 39,544 Hyundai Heavy Industries 14,119,336 2.65 106,946 Kookmin Bank 7,455,768 1.40 75,791 LG Electronics 11,829,942 2.22 15,480 MegaStudy 5,110,338 0.96 26,922 POSCO 13,170,340 2.48 41,095 Samsung Electronics 29,141,320 5.48 217,678 Shinhan Financial Group 12,570,245 2.36 17,742 Shinsegae 11,501,820 2.16 170,497 Sung Kwang Bend 5,262,935 0.99 126,655,063 23.80 Malaysia 4,538,400 Gamuda 4,482,370 0.84 4,875,200 IJM Plantations 5,740,976 1.08 1,968,900 KNM Group 3,988,908 0.75 Number Transferable securities and money market instruments admitted to an official stock exchange listing Fair value x USD % of Total Net Assets Malaysia (continued) 3,264,300 Resorts World 3,492,667 0.66 2,330,000 Sime Darby 7,080,722 1.33 24,785,643 4.66 Philippines 76,210 Philippines Long Distance 4,624,524 0.87 Telephone 4,624,524 0.87 Singapore 326,430 Genting International 146,662 0.03 3,235,000 Macquarie MEAG Prime REIT 2,930,728 0.55 3,515,000 StarHub 7,870,369 1.48 1,643,000 Straits Asia Resources 3,993,445 0.75 14,941,204 2.81 Taiwan 1,431,000 Acer 3,101,930 0.58 3,444,000 Asustek Computer 11,175,538 2.10 9,103,000 Cathay Financial Holding 25,562,246 4.80 7,201,000 Far Eastern Textile 12,109,080 2.27 2,273,673 HON HAI Precision Industry 13,180,172 2.48 746,000 MediaTek 9,677,970 1.82 1,502,000 Silitech Technology 5,377,059 1.01 1,737,000 Synnex Technology International 4,649,495 0.87 1,632,000 Taiwan Fertilizer 7,906,068 1.49 9,350,077 Taiwan Semiconductor 20,482,803 3.85 Manufacturing 10,224,000 Yuanta Financial Holding 9,737,942 1.83 122,960,303 23.10 Thailand 515,100 Electricity Generating 1,575,676 0.30 464,200 PTT - NVDR - 4,889,398 0.92 2,697,400 Siam City Bank 1,514,151 0.28 7,979,225 1.50 TOTAL SHARES 526,331,834 98.90 TOTAL TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 526,331,834 98.90 TOTAL INVESTMENTS IN SECURITIES 526,331,834 98.90 OTHER ASSETS LESS LIABILITIES 5,853,572 1.10 TOTAL NET ASSETS 532,185,406 100.00 The ac<strong>com</strong>panying notes to the financial statements form an integral part of these financial statements. 15
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