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					FORTIS Plan


Société d’Investissement à Capital Variable


Prospectus October 2008

English
FORTIS Plan
Contents
 3 Important Information and Terms

 6 Fund Descriptions

 7 Guaranteed Funds
    8 Target Click Fund 2008-2054
   10 Capital Protected Life Cycle Fund 2010-2035
   12 Garantifond
   14 Target Click Fund (USD) 2010-2035
   16 Target Click Fund (NOK) 2010-2020

18 Derivatives Funds
   19 International Derivatives Fund


21 More About Risk and Investment                   29 Investing In Our Funds                    36 The SICAV
   Restrictions
                                                    30   Share Classes                           37   Operations and Business Structure
22 More About Risk                                  30   Business Hours and Dealing Times        37   The Board of Directors
24 Investment Restrictions and Techniques           30   Buying, Selling and Converting Shares   38   Service Providers
                                                    31   Other Policies About Share Trading      41   Policies
                                                    31   Fund Costs
                                                    32   Share Prices
                                                    33   Dividends                               43 For More Information
                                                    33   Taxation
                                                    34   Our Investor Information Policies
                                                    35   Country-Specific Information
                                                                                                                        FORTIS Plan         3


Important Information and Terms
This Prospectus describes the FORTIS Plan including      Countries Where Fund Shares Are Registered
investment objectives and strategies, main risks,        FORTIS Plan complies with Part I of The Law of 20 December 2002 (see section
                                                         “The SICAV” for more information), and Fund Shares are legally available to
costs, and corporate structure. It also describes how    investors in several countries, including various countries of the European
to buy, sell and convert Shares. Each of the Funds       Union. The current list of countries where Fund Shares are registered is
                                                         available at www.fortisinvestments.com.
offers various Share Classes, which have different
costs, investment minimums, and tax characteristics.       European Union (EU)                  Non-EU
                                                           Austria                              Hong Kong
In addition to this Full Prospectus, which covers all      Czech Republic                       Norway
Funds, there is a Simplified Prospectus for each Fund.     Denmark                              Singapore
                                                           Finland
These contain performance information that is not          France
included in this Full Prospectus.                          Ireland
                                                           Luxembourg
                                                           Netherlands
The Directors of the FORTIS Plan are responsible for       Sweden
                                                           United Kingdom
the information in the Prospectus and have taken all
reasonable care to ensure that it is materially          Distributing this Prospectus, offering Fund Shares for sale, or investing in Fund
                                                         Shares is legally permitted only in jurisdictions where the Shares are
accurate and complete. The Prospectus (including         registered for public sale. This Prospectus does not constitute an offering in
information from any other sources it may cite) is the   any jurisdiction or circumstances where such an offering would not legally be
                                                         permitted. It is your responsibility to know and follow the laws and regulations
only authorised source of information about the          that apply to you with respect to the Prospectus and Fund Shares. Note that in
offering of Shares in these Funds. Anyone who gives      the case of any discrepancy due to translation, the English version prevails.
you information not consistent with the Prospectus is
                                                         The Shares have not been registered under the United States Securities Act of
acting without authority, and if you invest on the       1933, as amended (the “1933 Act”), and the SICAV has not been registered
basis of that information, you do so entirely at your    under the United States Investment Company Act of 1940, as amended.
                                                         Accordingly, the Shares may not be directly or indirectly offered or sold in the
own risk.                                                United States of America or any of its states, territories, possessions or other
                                                         areas subject to its jurisdiction (the “United States”) or to or for the benefit of a
                                                         United States person. A “United States person”, as defined in Regulation S of
Any material change to the FORTIS Plan, such as the      the 1933 Act, includes a national or resident of the United States and any
addition, modification or deletion of Funds, Share       partnership, corporation or other entity organised or created under the laws of
                                                         the United States or of any political subdivision thereof. Consequently, Shares
Classes or investment policies, will subsequently be     that are acquired by United States persons may be mandatorily redeemed by
noted in an addendum to, or a revised version of, the    the SICAV. This Prospectus may not be delivered in the United States.
                                                         Notwithstanding the foregoing, the Shares may be offered or sold in the United
Prospectus.                                              States or to or for the benefit of United States persons with the prior consent
                                                         of the SICAV and in a manner exempt from registration under the said Acts.

The Prospectus must be accompanied by the most
recent annual report, and any subsequent semi-
annual report, for these Funds. Past performance is
no guarantee of future performance. Please read the
Prospectus thoroughly before investing, in particular
the sections about risks. If you have questions, we
strongly recommend that you consult an authorised
financial advisor.
4        FORTIS Plan

Terms Used in This Prospectus                          Guarantee Mechanism by which the Guarantor              At Recalculation Moments, the current Guaranteed
                                                       guarantees the payment to each Guaranteed Fund          Value will be increased (for each Fund the “New
The following terms have these specific meanings       at its Maturity Date of the Total Amount Callable.      Guaranteed Value”) with the positive difference, if
within the context of this document:                                                                           any, between the NAV per Share and the current
                                                       Guaranteed Value The amount per Share in the            Guaranteed Value. The Guaranteed Value can
Accounting Agent State Street Bank Luxembourg          Reference Currency of each Guaranteed Fund,             never be decreased. The Guaranteed Value and
S.A. Fastnet Luxembourg S.A. will take over the        which after a Recalculation Moment will be              each New Guaranteed Value will be available at
related functions as of 10 November 2008.              guaranteed to be the minimum liquidation value          the registered office of the SICAV within three
                                                       per Share for all outstanding Shares at the             Business Days following a Recalculation Moment
Articles The Articles of Incorporation of the SICAV    Maturity Date of a Guaranteed Fund.                     unless exceptional circumstances apply which
as amended from time to time.                                                                                  have an influence on the pricing of the assets in
                                                       Guarantor Fortis Bank S.A./N.V.                         which a Guaranteed Fund invests.
Business Day Any day on which banks in
Luxembourg City are open for business.                 Initial Guaranteed Value EUR 50, USD 50 or GBP          The Management Company reserves the right not
                                                       50 per Share for Guaranteed Funds with the EUR,         to increase the Guaranteed Value at a
CET Central European Time.                             USD or GBP as their Reference Currency                  Recalculation Moment if a Fund’s assets consist
                                                       respectively; SEK 500 per Share for Guaranteed          solely of fixed income securities such as money
Class Any Class of Shares of a Fund, whose assets      Funds with the SEK as their Reference Currency          market instruments or time deposits.
will be invested in common with those of other         and NOK 500 per Share for Guaranteed Funds with
Classes, but which may have its own fee structure,     the NOK as their Reference Currency.                    Reference Currency The currency used for a
subscription minimum, dividend policy, Reference                                                               Fund’s performance measurement and accounting
Currency or other features.                            Investment Manager A company appointed by               purposes; note that it may differ from a Fund’s
                                                       the Management Company to handle day-to-day             investment currency.
Custodian The Custodian of the SICAV,                  management of part or all of a Fund’s assets.
BNY Mellon Asset Servicing B.V. acting through                                                                 Registrar and Transfer Agent State Street Bank
its Luxembourg branch. Fortis Banque Luxembourg        Management Company The company engaged by               Luxembourg S.A. Fastnet Luxembourg S.A. will take
S.A. will take over the related functions as of 10     the Directors to assume responsibility for all          over the related functions as of 3 October 2008.
November 2008.                                         business and investment management activities of
                                                       the SICAV.                                              Regulated Market A securities market that is
Directive The European Council Directive 85/611/                                                               regulated, operates regularly, is recognised and is
EEC of 20 December 1985, on the coordination of        Maturity Date 31 October of the year specified in       open to the public.
laws, regulations and administrative provisions        the name of each Guaranteed Fund (except for
relating to UCITS, as amended by the European          Garantifond, for which the maturity date will be        Settlement Date The date on which a transaction
Council Directives 2001/107/EC and 2001/108/EC.        31 October 2015), or, if that is not a Valuation Day,   in Shares is settled (currently two days after the
                                                       then the next Valuation Day after 31 October, e.g.      transaction, at the latest).
Directors The Board of Directors of the SICAV.         Target Click Fund 2011’s Maturity Date is 31
                                                       October 2011.                                           Share Class, Share Classes One, some or all of
Distributors Any person or entity who distributes                                                              the Share Classes offered by the Funds.
Shares.                                                Member State A member state of the EU.
                                                                                                               Shareholder Any person or entity owning Shares
Estimated Expenses Expected estimated                  Money Market Instruments Instruments                    of a Fund.
expenses relating to each Fund being the               normally dealt on the money market that are liquid
estimated total amount of all expenses expected to     and whose value can be accurately determined at         Share Price Normally, the Net Asset Value per
be incurred by a Fund in the course of the             any time.                                               Share.
prospective financial year based on the
management fee, service fee and taxe                   Nominees Any person or entity who registers             Simplified Prospectus A summary Prospectus for
d’abonnement.                                          Shares in their own name while holding them for         an individual Fund, as prescribed by the Law.
                                                       the benefit of the rightful owner.
EU The European Union.                                                                                         Supervisory Authority/Regulator The
                                                       OECD Organisation for Economic Co-operation and         Commission de Surveillance du Secteur Financier
Financial Year The SICAV’s business year:              Development.                                            in Luxembourg or the relevant supervisory authority
1 November - 31 October.                                                                                       in the jurisdictions where the SICAV is registered
                                                       Parties The Management Company, Investment              for public offering.
FORTIS Plan See “The SICAV”.                           managers, Custodian, Accounting Agent, Registrar,
                                                       Distributors and their respective affiliates,           Synthetic Zero Coupon Bond Asset resulting
Full Prospectus This document.                         directors, officers and shareholders.                   from investments in Transferable Debt Securities
                                                                                                               and/or over the counter (OTC) interest rate swaps,
Fund, Funds One, some or all of the sub-funds of       Prospectus This document; the Prospectus of             which result in a similar cash flow pattern to that
the SICAV, or the portfolio of such subfund(s).        FORTIS Plan.                                            of a zero coupon bond. A zero coupon bond is a
                                                                                                               bond that does not pay any coupons (i.e. zero
Fund Shares Share Class of one, some or all of         Recalculation Moment For all Guaranteed Funds:          coupon), and is typically bought at a discount to its
the Funds.                                             Every Valuation Day of the month provided that          face value and is redeemed at its face value on
                                                       the NAV per Share of a Guaranteed Fund at that          maturity date.
Group of Companies Companies grouped for               moment is higher than both the Initial Guaranteed
purposes of consolidated accounts (as these            Value and the Guaranteed Value at a preceding           The Law The Luxembourg law of 20 December
accounts are defined by Directive 83/349/EEC or        Recalculation Moment.                                   2002 relating to UCIs, transposing under
recognised international accounting rules), and                                                                Luxembourg law the EU Council Directives
which are treated as a single body when                                                                        EC/2001/107 and EC 2001/108, as amended,
calculating the limits set by Article 43 of the Law.                                                           relating to UCITS.
                                                       FORTIS Plan   5

The SICAV FORTIS Plan, the umbrella company of
the Funds described in the Prospectus. (In this
document, “SICAV” means both the SICAV and all
of the Funds unless context requires otherwise.)

Total Amount Callable The amount which, by
virtue of the Guarantee: (i) does not exceed the
Guaranteed Value in respect of all Shares
outstanding on the Maturity Date, and (ii) is equal
to the positive difference between the Guaranteed
Value calculated in respect of all Shares
outstanding on the Maturity Date and the NAV per
Share on the Maturity Date multiplied by the
number of Shares outstanding on the Maturity
Date.

Transferable Securities, Transferable Debt
Securities, Transferable Equities,
Transferable Preferred Securities Transferable
Securities of each type indicated or equivalent to
this type, or any other negotiable securities which
carry the right to buy or sell any such transferable
securities by subscription or exchange.

UCI An undertaking for collective investment.

UCITS An undertaking for collective investment in
transferable securities.

Valuation Day Any day a Fund calculates a Share
Price, which is defined as any Business Day except
when valuation of Shares is suspended (which may
occur under certain conditions, including any day
when prices are not available for a substantial
portion of its assets due to a market closure or
holiday).

We, Us The SICAV and/or one or more Fortis
companies, as determined by context.

You A past, current or prospective Shareholder, or
an agent for the same.

 Currency Abbreviations
 EUR Euro
 GBP British pound sterling
 SEK Swedish krona
 USD United States dollar
 NOK Norwegian krone
6        FORTIS Plan


Fund Descriptions
On the following pages, you will find descriptions of                               Derivatives Funds1
the FORTIS Plan. The Funds are divided into two basic                               The Derivatives Funds aim to provide capital growth through investment in a
                                                                                    quantitatively managed portfolio of derivatives based on international equity
categories: Guaranteed Funds and Derivatives Funds.                                 and equity indices. The Funds entail high risk but at the same time aim for a
                                                                                    high expected return. The Funds will invest in options and futures, both listed
                                                                                    and over-the-counter (OTC), as the Investment Manager deems appropriate.
The descriptions include each Fund’s investment                                     The Funds may also invest in other derivatives such as swaps and forward
objective, the type of strategy it intends to use in                                foreign exchange contracts.

pursuing its objective, and a summary of the main                                   Each Fund’s holdings will vary according to market conditions. See Investment
risks an investor in each Fund should be prepared to                                Restrictions and Techniques for more information on each Fund’s allowable
                                                                                    investments and limitations on their uses.
encounter. There is also information about the type of
investor that may be interested in a given Fund. Note
that there is no guarantee that a Fund will achieve its
objective.

Following the Fund-by-Fund descriptions is more
complete information on risks as well as more about
the Funds’ investment policies and restrictions.
Guaranteed Funds1
The Guaranteed Funds aim to provide long-term capital appreciation. The Funds
will invest in short term debt instruments, swaps, options and futures as part
of their investment policy. The Funds may also invest in bonds, other debt
securities or hold Money Market Instruments with a residual maturity not
exceeding 12 months. As further described below, the Guaranteed Funds each
provide a Guarantee in their respective Reference Currency which will be
issued by Fortis Bank S.A./N.V. (the Guarantor) and will be effective on the
Maturity Date of each Guaranteed Fund.

The objective of each Fund is to achieve the best possible result in its
respective Reference Currency to the extent that, on Maturity Date, the final
value per Share is at least equal to the Guaranteed Value.

Each Fund has the same investment objective and strategy, both of which are
described in the Fund-by-Fund descriptions. Each Fund is differentiated only by
its Reference currency, its Maturity Date and, consequently, by the different
proportions of the various components in its portfolio.

The initial allocation of the assets of each Guaranteed Fund will be constructed
in such a way that the Initial Guaranteed Value (see Terms Used in this
Prospectus) at the Maturity Date shall be realised. Thereafter, the allocation of
the assets may be changed periodically as more fully described in he Fund-by-
Fund descriptions.

When the Guaranteed Value (see Terms Used in the Prospectus) is increased, a
reallocation of assets will take place among the different categories of
investments as described in the Section “Investments Objectives and Policies”
in the Prospectus. This new allocation is such that the New Guaranteed Value
at the Maturity Date will be met.

In order to permit a flexible issuing and redemption policy and ensure optimum
risk management, a part of a Guaranteed Fund’s assets may be invested in
cash.




Redemptions and/or dividends may be subject to withholding tax pursuant to the EU Savings Directive (for more information, see section “Taxation”).
1
                                                   FORTIS Plan          7




Guaranteed Funds




                                                                 Guaranteed Funds
 8   Target Click Fund 2008-2054
10   Capital Protected Life Cycle Fund 2010-2035
12   Garantifond
14   Target Click Fund (USD) 2010-2035
16   Target Click Fund (NOK) 2010-2020
8        FORTIS Plan


Target Click Fund 2008-2054
Investing worldwide for guaranteed returns in Euro, using a life-cycle investment approach

About the Funds
                                                                                       Who May Want to Invest
There are currently 47 Target Click Funds. Each has a specified life span, and
invests in progressively lower risk investments as its Maturity Date                   The Fund may be suitable as a core or supplemental investment for those:
approaches. Except where noted, information applies to each Target Click Fund.
                                                                                       ◆ who want to invest for future financial needs in a convenient way
                                                                                       ◆ who would like to receive a minimum Guaranteed Value at Maturity Date
Investment Objective                                                                     with a daily profit lock-in mechanism
Each Fund seeks to achieve the best possible result in EUR to the extent               ◆ who can accept the possibility of losses, especially in the short term


that, on its Maturity Date, the final value per Share is at least equal to the           but want their risk automatically reduced when they come closer to the
Guaranteed Value.                                                                        Maturity Date
                                                                                       ◆ who have experience with the risks and rewards of equity investing


Investment Strategies
For each Fund, the Fund’s Investment Manager may invest up to 100% of the
                                                                                     Risk Summary
Fund’s net assets in Transferable Debt Securities and/or over the counter (OTC)
interest rate swaps on fixed income or a combination thereof resulting in the        All investments involve risks; there is no assurance that a Fund will achieve its
creation of a Synthetic Zero Coupon Bond. The Investment Manager tailors the         investment objective. The value of each Fund’s Shares will go up and down and
percentage of the total net assets invested in such assets so that the               you could incur significant losses, especially in the short term. The Funds are
Guaranteed Value will be realised at the Maturity Date of the Fund.                  designed to have a high level of risk 50 years prior to their Maturity Date,
                                                                                     which declines over the life of a Fund until the level of risk immediately prior to
The Investment Manager generally invests the remaining assets in time                the Maturity Date is very low. Thus a Fund’s level of risk at any given time is,
deposits, Money Market Instruments, Transferable Debt Securities and                 broadly, a function of the time remaining before its Maturity Date. Below are
derivatives. Investment in derivatives may consist of geographically diversified     some of the factors that could negatively affect Fund performance:
portfolios of futures and options on stocks and/or stock indices, either listed or
OTC. The Investment Manager may invest in bought or written derivatives with         Interest rate risk When interest rates rise, the prices of debt securities tend
written positions being hedged using other derivatives or cash and Money             to fall. This risk is generally greater the longer a security’s maturity.
Market Instruments. For derivatives, the Investment Manager generally
aims for approximately equal weightings (both among Europe, America                  Equity market risk Prices of equities fluctuate daily and can be influenced by
and the Far East and, within each region, among countries with sufficiently          many factors, such as political and economic news, corporate earnings reports,
efficient derivatives markets). The Investment Manager may deviate from              demographic trends and catastrophic events.
equal weightings to pursue more attractive diversification opportunities or
in response to a lack of liquidity in one or more derivatives markets. The           Credit risk Prices of a debt security may fall if the issuer’s creditworthiness
Investment Manager periodically brings the portfolio back to its target              deteriorates, or if investors believe it may do so. This risk tends to be greater
weightings. The Investment Manager may add or remove regions or countries            with lower quality debt securities. In extreme cases, an issuer’s securities
at any time.                                                                         could become worthless if it fails to make timely debt service payments.

Additional policies and limitations                                                  Additional risk factors include:
◆ No more than 20% of a Fund’s net assets may be allocated to cash holdings          ◆ Changes in currency exchange rates could adversely affect performance at


  with a given counterparty.                                                           the Fund or Shareholder level.
◆ OTC swaps are made with first-class financial institutions specialising in this    ◆ The Fund’s strategic analysis, or the execution of it, could be flawed

                                                                                     ◆ Certain securities could become hard to value, or to sell at a desired time and
  type of transaction.
◆ OTC swap transactions are collateralised to reduce the single counterparty           price.
                                                                                     ◆ Certain derivatives could increase Fund volatility or expose the Fund to losses
  exposure to less than 10% of the net assets. The collateral is liquid, highly
  rated debt securities, money market instruments or cash and is marked-to-            greater than the cost of the derivative
  market daily.                                                                      For more complete risk information, see More About Risk.
◆ A Fund may invest in other derivatives besides interest rate swaps, options

  and futures.
◆ Where a derivative is linked to an index, that index will be sufficiently

  diversified, will constitute an adequate benchmark for the market it
  represents and will be published in an appropriate manner.
                                                                                                                                                                         FORTIS Plan        9

Fund Costs                                                                                               Shareholder transaction fees These fees are paid directly by Shareholders
                                                                                                         when they buy, sell or convert the Fund’s Class A Shares.
Annual operating expenses The following costs are deducted from the
Fund’s assets. Expenses shown are for Class A shares.
                                                                                                           Maximum Charges on Shareholder Transactions (% of Share Price)
 Annual Operating Expenses (% of Fund’s net Assets)                                                        On Purchases                                           5.25%
 Management fee                                                                  1.25%                     On redemptions/switches                                1.00%
 Service fee                                                                  Max. of 0.50%
 Distribution services fee                                                       None
 Estimated Expenses                                                              1.80%

As of April 1, 2009 the Management fee and Service fee will change into the
following schedule.

Management fee:
Funds with remaining time to maturity of 3 years or shorter: 1.00%
Funds with remaining time to maturity between 3 and 14 years: 1.25%
Funds with remaining time to maturity of 14 years or longer: 1.50%

Service fee: 0.20%



Fund Details                               For Class A Shares as at 30 April 2008

                                           Reference Currency: Euro                                     Dividend Distribution: No
                                           Minimum Initial Investment: EUR 250                          Guarantor: Fortis Bank S.A./N.V.
                                           Minimum Subsequent Investment: EUR 250
                                           Initial Guaranteed Value: EUR 50 per Share


Fund              ISIN                     Inception                  Current Risk Level                 Fund               ISIN                     Inception         Current Risk Level
2008              LU0111801832             31 October 2000                        Ø                      2032               LU0111809066             31 October 2000            II
2009              LU0111801915             31 October 2000                        Ø                      2033               LU0111809140             31 October 2000           III
2010              LU0111802053             31 October 2000                         I                     2034               LU0111809223             31 October 2000           III
2011               LU0111802996            31 October 2000                         I                     2035               LU0111809579             31 October 2000           III
2012               LU0111805072            31 October 2000                         I                     2036               LU0184022035             3 May 2004                III
2013               LU0111805155            31 October 2000                         I                     2037               LU0184022118             3 May 2004                III
2014               LU0111805312            31 October 2000                         I                     2038               LU0184022209             3 May 2004                III
2015               LU0111805585            31 October 2000                         I                     2039               LU0184022464             3 May 2004                III
2016               LU0111805742            31 October 2000                        II                     2040               LU0184022548             3 May 2004                III
2017               LU0111805825            31 October 2000                        II                     2041               LU0184022894             3 May 2004                III
2018               LU0111806476            31 October 2000                        II                     2042               LU0184022977             3 May 2004                III
2019               LU0111806559            31 October 2000                        II                     2043               LU0184023272             3 May 2004                III
2020               LU0111806633            31 October 2000                        II                     2044               LU0184023355             3 May 2004                III
2021               LU0111806989            31 October 2000                        II                     2045               LU0184023868             3 May 2004                III
2022               LU0111807102            31 October 2000                        II                     2046               LU0184024163             3 May 2004                III
2023               LU0111807797            31 October 2000                        II                     2047               LU0184024247             3 May 2004                III
2024               LU0111807870            31 October 2000                        II                     2048               LU0184024759             3 May 2004                III
2025               LU0111808092            31 October 2000                        II                     2049               LU0184024833             3 May 2004                III
2026               LU0111808258            31 October 2000                        II                     2050               LU0184025053             3 May 2004                III
2027               LU0111808332            31 October 2000                        II                     2051               LU0184025483             3 May 2004                III
2028               LU0111808506            31 October 2000                        II                     2052               LU0184025640             3 May 2004                III
2029               LU0111808688            31 October 2000                        II                     2053               LU0184025996             3 May 2004                III
2030               LU0111808845            31 October 2000                        II                     2054               LU0184026028             3 May 2004                III
2031               LU0111808928            31 October 2000                        II



The current Risk Level in the tables uses the same scale as the Risk Indicator and indicates each Fund’s risk level as at the date of this Prospectus.
10       FORTIS Plan


Capital Protected Life Cycle Fund 2010-2035
Investing worldwide for guaranteed returns in Sterling, using a life cycle investment approach


  The sub-funds Capital Protected Life Cycle Fund 2011-2014, 2016-2019,               Who May Want to Invest
  2021-2024, 2026-2029 and 2031-2034 are not open to subscriptions at the             The Fund may be suitable as a core or supplemental investment for those:
  time of dating of this Prospectus. This Prospectus shall be updated and
  prospective investors shall be informed upon determination by the                   ◆ who want to invest for future financial needs in a convenient way
  Directors of the initial offering period for Shares of the sub-funds. Please        ◆ who would like to receive a minimum Guaranteed Value at Maturity Date
  contact your usual Fortis Investments representative or the Fund Services             with a daily profit lock-in mechanism
  team to determine if the sub-funds have been opened since the date of this          ◆ who can accept the possibility of losses, especially in the short term

  Prospectus.                                                                           but want their risk automatically reduced when they come closer to the
                                                                                        Maturity Date
                                                                                      ◆ who have experience with the risks and rewards of equity investing
About the Funds
There will be 26 Capital Protected Life Cycle Funds. Each has a specified life
span, and invests in progressively lower risk investments as its Maturity Date      Risk Summary
approaches. Except where noted, information applies to each Capital Protected
Life Cycle Fund.                                                                    All investments involve risks; there is no assurance that a Fund will achieve its
                                                                                    investment objective. The value of each Fund’s Shares will go up and down and
                                                                                    you could incur significant losses, especially in the short term. The Funds are
Investment Objective
                                                                                    designed to have a high level of risk 30 years prior to their Maturity Date,
Each Fund seeks to achieve the best possible result in GBP to the extent            which declines over the life of a Fund until the level of risk immediately prior to
that, on its Maturity Date, the final value per Share is at least equal to the      the Maturity Date is very low. Thus a Fund’s level of risk at any given time is,
Guaranteed Value.                                                                   broadly, a function of the time remaining before its Maturity Date. Below are
                                                                                    some of the factors that could negatively affect Fund performance:
Investment Strategies
                                                                                    Interest rate risk When interest rates rise, the prices of debt securities tend
For each Fund, the Fund’s Investment Manager may invest up to 100% of the           to fall. This risk is generally greater the longer a security’s maturity.
Fund’s net assets in Transferable Debt Securities and/or over the counter (OTC)
interest rate swaps on fixed income or a combination thereof resulting in the       Equity market risk Prices of equities fluctuate daily and can be influenced by
creation of a Synthetic Zero Coupon Bond. The Investment Manager tailors the        many factors, such as political and economic news, corporate earnings reports,
percentage of the total net assets invested in such assets so that the              demographic trends and catastrophic events.
Guaranteed Value will be realised at the Maturity Date of the Fund.
                                                                                    Credit risk Prices of a debt security may fall if the issuer’s creditworthiness
The Investment Manager generally invests the remaining assets in time               deteriorates, or if investors believe it may do so. This risk tends to be greater
deposits, Money Market Instruments, Transferable Debt Securities and                with lower quality debt securities. In extreme cases, an issuer’s securities
derivatives. Investment in derivatives may consist of geographically diversified    could become worthless if it fails to make timely debt service payments.
portfolios of futures and options on stocks and/or stock indices, either
listed or OTC. The Investment Manager may invest in bought or written               Additional risk factors include:
derivatives with written positions being hedged using other derivatives or cash     ◆ Changes in currency exchange rates could adversely affect performance at
and Money Market Instruments. For derivatives, the Investment Manager                 the Fund or Shareholder level.
generally aims for approximately equal weightings (both among Europe,               ◆ The Fund’s strategic analysis, or the execution of it, could be flawed
America and the Far East and, within each region, among countries with              ◆ Certain securities could become hard to value, or to sell at a desired time and
sufficiently efficient derivatives markets). The Investment Manager may               price.
deviate from equal weightings to pursue more attractive diversification             ◆ Certain derivatives could increase Fund volatility or expose the Fund to losses
opportunities or in response to a lack of liquidity in one or more derivatives        greater than the cost of the derivative
markets. The Investment Manager periodically brings the portfolio back to its       For more complete risk information, see More About Risk.
target weightings. The Investment Manager may add or remove regions or
countries at any time.

Additional policies and limitations
◆ No more than 20% of a Fund’s net assets may be allocated to cash holdings

  with a given counterparty.
◆ OTC swaps are made with first-class financial institutions specialising in this

  type of transaction.
◆ OTC swap transactions are collateralised to reduce the single counterparty

  exposure to less than 10% of the net assets. The collateral is liquid, highly
  rated debt securities, money market instruments or cash and is marked-to-
  market daily.
◆ A Fund may invest in other derivatives besides interest rate swaps, options

  and futures.
◆ Where a derivative is linked to an index, that index will be sufficiently

  diversified, will constitute an adequate benchmark for the market it
  represents and will be published in an appropriate manner.
                                                                                                                                                                         FORTIS Plan    11

Fund Costs                                                                                               Shareholder transaction fees These fees are paid directly by Shareholders
                                                                                                         when they buy, sell or convert the Fund’s Class A Shares.
Annual operating expenses The following costs are deducted from the
Fund’s assets. Expenses shown are for Class A shares.
                                                                                                           Maximum Charges on Shareholder Transactions (% of Share Price)
 Annual Operating Expenses (% of Fund’s net Assets)                                                        On Purchases                                           5.25%
 Management fee                                                                  1.25%                     On redemptions/switches                                1.00%
 Service fee                                                                  Max. of 0.50%
 Distribution services fee                                                       None
 Estimated Expenses                                                              1.80%

As of April 1, 2009 the Management fee and Service fee will change into the
following schedule.

Management fee:
Funds with remaining time to maturity of 3 years or shorter: 1.00%
Funds with remaining time to maturity between 3 and 14 years: 1.25%
Funds with remaining time to maturity of 14 years or longer: 1.50%

Service fee: 0.20%



Fund Details                               For Class A Shares as at 30 April 2008

                                           Reference Currency: Pound Sterling                           Dividend Distribution: No
                                           Minimum Initial Investment: GBP 250                          Guarantor: Fortis Bank S.A./N.V.
                                           Minimum Subsequent Investment: GBP 250
                                           Initial Guaranteed Value: GBP 50 per Share


Fund              ISIN                     Inception                  Current Risk Level                 Fund               ISIN                     Inception         Current Risk Level
2010              LU0240842996             30 January 2006                        Ø                      2023               N/A                      N/A                      N/A
2011              N/A                      N/A                                   N/A                     2024               N/A                      N/A                      N/A
2012               N/A                     N/A                                   N/A                     2025               LU0240843960             30 January 2006            II
2013               N/A                     N/A                                   N/A                     2026               N/A                      N/A                      N/A
2014               N/A                     N/A                                   N/A                     2027               N/A                      N/A                      N/A
2015               LU0240843614            30 January 2006                         I                     2028               N/A                      N/A                      N/A
2016               N/A                     N/A                                   N/A                     2029               N/A                      N/A                      N/A
2017               N/A                     N/A                                   N/A                     2030               LU0240844265             30 January 2006            II
2018               N/A                     N/A                                   N/A                     2031               N/A                      N/A                      N/A
2019               N/A                     N/A                                   N/A                     2032               N/A                      N/A                      N/A
2020               LU0240843705            30 January 2006                        II                     2033               N/A                      N/A                      N/A
2021               N/A                     N/A                                   N/A                     2034               N/A                      N/A                      N/A
2022               N/A                     N/A                                   N/A                     2035               LU0240844422             30 January 2006           III




The current Risk Level in the tables uses the same scale as the Risk Indicator and indicates each Fund’s risk level as at the date of this Prospectus.
12       FORTIS Plan


Garantifond
Investing worldwide for guaranteed returns in Swedish krona, using a life cycle investment approach

Investment Objective
                                                                                      Who May Want to Invest
The Fund seeks to achieve the best possible result in SEK to the extent that, on
its Maturity Date, the final value per Share is at least equal to the Guaranteed      The Fund may be suitable as a core or supplemental investment for those:
Value.
                                                                                      ◆ who want to invest for future financial needs in a convenient way
                                                                                      ◆ who would like to receive a minimum Guaranteed Value at Maturity Date
Investment Strategies                                                                   with a daily profit lock-in mechanism
The Fund has a specified life span, and invests in progressively lower risk           ◆ who can accept the possibility of losses, especially in the short term


investments as its Maturity Date approaches.                                            but want their risk automatically reduced when they come closer to the
                                                                                        Maturity Date
The Fund’s Investment Manager may invest up to 100% of the Fund’s                     ◆ who have experience with the risks and rewards of equity investing


net assets in Transferable Debt Securities and/or over the counter (OTC)
interest rate swaps on fixed income or a combination thereof resulting in the
creation of a Synthetic Zero Coupon Bond. The Investment Manager tailors            Risk Summary
the percentage of the total net assets invested in such assets so that the
                                                                                    All investments involve risks; there is no assurance that the Fund will achieve
Guaranteed Value will be realised at the Maturity Date of the Fund.
                                                                                    its investment objective. The value of the Fund’s Shares will go up and down
                                                                                    and you could incur significant losses, especially in the short term. The Fund is
The Investment Manager generally invests the remaining assets in time
                                                                                    designed to have a high level of risk 10 years prior to its Maturity Date, which
deposits, Money Market Instruments, Transferable Debt Securities and
                                                                                    declines over the life of the Fund until the level of risk immediately prior to the
derivatives. Investment in derivatives may consist of geographically diversified
                                                                                    Maturity Date is very low. Thus the Fund’s level of risk at any given time is,
portfolios of futures and options on stocks and/or stock indices, either
                                                                                    broadly, a function of the time remaining before its Maturity Date. Below are
listed or OTC. The Investment Manager may invest in bought or written
                                                                                    some of the factors that could negatively affect the Fund performance:
derivatives with written positions being hedged using other derivatives or cash
and Money Market Instruments. For derivatives, the Investment Manager
                                                                                    Interest rate risk When interest rates rise, the prices of debt securities tend
generally aims for approximately equal weightings (both among Europe,
                                                                                    to fall. This risk is generally greater the longer a security’s maturity.
America and the Far East and, within each region, among countries with
sufficiently efficient derivatives markets). The Investment Manager may deviate
                                                                                    Equity market risk Prices of equities fluctuate daily and can be influenced by
from equal weightings to pursue more attractive diversification opportunities or
                                                                                    many factors, such as political and economic news, corporate earnings reports,
in response to a lack of liquidity in one or more derivatives markets. The
                                                                                    demographic trends and catastrophic events.
Investment Manager periodically brings the portfolio back to its target
weightings. The Investment Manager may add or remove regions or countries
                                                                                    Credit risk Prices of a debt security may fall if the issuer’s creditworthiness
at any time.
                                                                                    deteriorates, or if investors believe it may do so. This risk tends to be greater
                                                                                    with lower quality debt securities. In extreme cases, an issuer’s securities
Additional policies and limitations
◆ No more than 20% of the Fund’s net assets may be allocated to cash holdings
                                                                                    could become worthless if it fails to make timely debt service payments.
  with a given counterparty.
◆ OTC swaps are made with first-class financial institutions specialising in this
                                                                                    Additional risk factors include:
                                                                                    ◆ Changes in currency exchange rates could adversely affect performance at
  type of transaction.
◆ OTC swap transactions are collateralised to reduce the single counterparty
                                                                                      the Fund or Shareholder level.
                                                                                    ◆ The Fund’s strategic analysis, or the execution of it, could be flawed
  exposure to less than 10% of the net assets. The collateral is liquid, highly
                                                                                    ◆ Certain securities could become hard to value, or to sell at a desired time and
  rated debt securities, money market instruments or cash and is marked-to-
                                                                                      price.
  market daily.
                                                                                    ◆ Certain derivatives could increase Fund volatility or expose the Fund to losses
◆ The Fund may invest in other derivatives besides interest rate swaps, options
                                                                                      greater than the cost of the derivative
  and futures.
◆ Where a derivative is linked to an index, that index will be sufficiently
                                                                                    For more complete risk information, see More About Risk.
  diversified, will constitute an adequate benchmark for the market it
  represents and will be published in an appropriate manner.
                                                                                                                                                                FORTIS Plan      13

Fund Costs                                                                                               Shareholder transaction fees These fees are paid directly by Shareholders
                                                                                                         when they buy, sell or convert the Fund’s Class A Shares.
Annual operating expenses The following costs are deducted from the
Fund’s assets. Expenses shown are for Class A shares.
                                                                                                           Maximum Charges on Shareholder Transactions (% of Share Price)
 Annual Operating Expenses (% of Fund’s net Assets)                                                        On Purchases                                           5.25%
 Management fee                                                                  1.25%                     On redemptions/switches                                1.00%
 Service fee                                                                  Max. of 0.50%
 Distribution services fee                                                       None
 Estimated Expenses                                                              1.80%

As of April 1, 2009 the Service fee will decrease to 0.20%



Fund Details                               For Class A Shares as at 30 April 2008

                                           Reference Currency: Swedish krona                            Dividend Distribution: No
                                           Minimum Initial Investment: SEK 2,500                        Guarantor: Fortis Bank S.A./N.V.
                                           Minimum Subsequent Investment: SEK 2,500
                                           Initial Guaranteed Value: SEK 500 per share


ISIN                        Inception                                 Current Risk Level
LU0244925086                7 March 2006                                           I




The current Risk Level in the tables uses the same scale as the Risk Indicator and indicates each Fund’s risk level as at the date of this Prospectus.
                   14       FORTIS Plan


                   Target Click Fund (USD) 2010-2035
                   Investing worldwide for guaranteed returns in USD, using a life cycle investment approach

                   About the Funds
                                                                                                         Who May Want to Invest
                   There are currently 6 Target Click Funds (USD). Each has a specified life span,
                   and invests in progressively lower risk investments as its Maturity Date              The Fund may be suitable as a core or supplemental investment for those:
                   approaches. Except where noted, information applies to each Target Click Fund
                   (USD).
                                                                                                         ◆ who want to invest for future financial needs in a convenient way
                                                                                                         ◆ who would like to receive a minimum Guaranteed Value at Maturity Date
                                                                                                           with a daily profit lock-in mechanism
                   Investment Objective                                                                  ◆ who can accept the possibility of losses, especially in the short term


                   Each Fund seeks to achieve the best possible result in USD to the extent that,          but want their risk automatically reduced when they come closer to the
                   on its Maturity Date, the final value per Share is at least equal to the                Maturity Date
                   Guaranteed Value.                                                                     ◆ who have experience with the risks and rewards of equity investing




                   Investment Strategies
Guaranteed Funds




                                                                                                       Risk Summary
                   For each Fund, the Fund’s Investment Manager may invest up to 100% of the
                   Fund’s net assets in Transferable Debt Securities and/or over the counter (OTC)     All investments involve risks; there is no assurance that a Fund will achieve its
                   interest rate swaps on fixed income or a combination thereof resulting in the       investment objective. The value of each Fund’s Shares will go up and down and
                   creation of a Synthetic Zero Coupon Bond. The Investment Manager tailors the        you could incur significant losses, especially in the short term. The Funds are
                   percentage of the total net assets invested in such assets so that the              designed to have a high level of risk 30 years prior to their Maturity Date,
                   Guaranteed Value will be realised at the Maturity Date of the Fund.                 which declines over the life of a Fund until the level of risk immediately prior to
                                                                                                       the Maturity Date is very low. Thus a Fund’s level of risk at any given time is,
                   The Investment Manager generally invests the remaining assets in time               broadly, a function of the time remaining before its Maturity Date. Below are
                   deposits, Money Market Instruments, Transferable Debt Securities and                some of the factors that could negatively affect Fund performance:
                   derivatives. Investment in derivatives may consist of geographically diversified
                   portfolios of futures and options on stocks and/or stock indices, either            Interest rate risk When interest rates rise, the prices of debt securities tend
                   listed or OTC. The Investment Manager may invest in bought or written               to fall. This risk is generally greater the longer a security’s maturity.
                   derivatives with written positions being hedged using other derivatives or cash
                   and Money Market Instruments. For derivatives, the Investment Manager               Equity market risk Prices of equities fluctuate daily and can be influenced by
                   generally aims for approximately equal weightings (both among Europe,               many factors, such as political and economic news, corporate earnings reports,
                   America and the Far East and, within each region, among countries with              demographic trends and catastrophic events.
                   sufficiently efficient derivatives markets). The Investment Manager may deviate
                   from equal weightings to pursue more attractive diversification opportunities or    Credit risk Prices of a debt security may fall if the issuer’s creditworthiness
                   in response to a lack of liquidity in one or more derivatives markets. The          deteriorates, or if investors believe it may do so. This risk tends to be greater
                   Investment Manager periodically brings the portfolio back to its target             with lower quality debt securities. In extreme cases, an issuer’s securities
                   weightings. The Investment Manager may add or remove regions or countries           could become worthless if it fails to make timely debt service payments.
                   at any time.
                                                                                                       Additional risk factors include:
                                                                                                       ◆ Changes in currency exchange rates could adversely affect performance at
                   Additional policies and limitations
                   ◆ No more than 20% of a Fund’s net assets may be allocated to cash holdings           the Fund or Shareholder level.
                                                                                                       ◆ The Fund’s strategic analysis, or the execution of it, could be flawed
                     with a given counterparty.
                   ◆ OTC swaps are made with first-class financial institutions specialising in this   ◆ Certain securities could become hard to value, or to sell at a desired time and


                     type of transaction.                                                                price.
                   ◆ OTC swap transactions are collateralised to reduce the single counterparty        ◆ Certain derivatives could increase Fund volatility or expose the Fund to losses


                     exposure to less than 10% of the net assets. The collateral is liquid, highly       greater than the cost of the derivative
                     rated debt securities, money market instruments or cash and is marked-to-         For more complete risk information, see More About Risk.
                     market daily.
                   ◆ A Fund may invest in other derivatives besides interest rate swaps, options

                     and futures.
                   ◆ Where a derivative is linked to an index, that index will be sufficiently

                     diversified, will constitute an adequate benchmark for the market it
                     represents and will be published in an appropriate manner.
                                                                                                                                                                FORTIS Plan      15

Fund Costs                                                                                               Shareholder transaction fees These fees are paid directly by Shareholders
                                                                                                         when they buy, sell or convert the Fund’s Class A Shares.
Annual operating expenses The following costs are deducted from the
Fund’s assets. Expenses shown are for Class A shares.
                                                                                                           Maximum Charges on Shareholder Transactions (% of Share Price)
 Annual Operating Expenses (% of Fund’s net Assets)                                                        On Purchases                                           5.25%
 Management fee                                                                  1.25%                     On redemptions/switches                                1.00%
 Service fee                                                                  Max. of 0.50%
 Distribution services fee                                                       None
 Estimated Expenses                                                              1.80%

As of April 1, 2009 the Management fee and Service fee will change into the
following schedule.

Management fee:
Funds with remaining time to maturity of 3 years or shorter: 1.00%
Funds with remaining time to maturity between 3 and 14 years: 1.25%
Funds with remaining time to maturity of 14 years or longer: 1.50%




                                                                                                                                                                                      Guaranteed Funds
Service fee: 0.20%



Fund Details                               For Class A Shares as at 30 April 2008

                                           Reference Currency: USD                                      Dividend Distribution: No
                                           Minimum Initial Investment: USD 250                          Guarantor: Fortis Bank S.A./N.V.
                                           Minimum Subsequent Investment: USD 250
                                           Initial Guaranteed Value: USD 50 per Share


Fund           ISIN                     Inception                     Current Risk Level
2010           LU0270382475             17 November 2006                          Ø
2015           LU0270382632             17 November 2006                           I
2020           LU0270382806             17 November 2006                          II
2025           LU0270382988             17 November 2006                          II
2030           LU0270383101             17 November 2006                          II
2035           LU0270383283             17 November 2006                          III




The current Risk Level in the tables uses the same scale as the Risk Indicator and indicates each Fund’s risk level as at the date of this Prospectus.
                   16       FORTIS Plan


                   Target Click Fund (NOK) 2010-2020
                   Investing worldwide for guaranteed returns in Norwegian krone, using a life cycle investment approach

                   About the Funds
                                                                                                         Who May Want to Invest
                   There are currently 3 Target Click Funds (NOK). Each has a specified life span,
                   and invests in progressively lower risk investments as its Maturity Date              The Fund may be suitable as a core or supplemental investment for those:
                   approaches. Except where noted, information applies to each Target Click Fund
                   (NOK).
                                                                                                         ◆ who want to invest for future financial needs in a convenient way
                                                                                                         ◆ who would like to receive a minimum Guaranteed Value at Maturity Date
                                                                                                           with a daily profit lock-in mechanism
                   Investment Objective                                                                  ◆ who can accept the possibility of losses, especially in the short term


                   Each Fund seeks to achieve the best possible result in NOK to the extent that,          but want their risk automatically reduced when they come closer to the
                   on its Maturity Date, the final value per Share is at least equal to the                Maturity Date
                   Guaranteed Value.                                                                     ◆ who have experience with the risks and rewards of equity investing




                   Investment Strategies
Guaranteed Funds




                                                                                                       Risk Summary
                   For each Fund, the Fund’s Investment Manager may invest up to 100% of the
                   Fund’s net assets in Transferable Debt Securities and/or over the counter (OTC)     All investments involve risks; there is no assurance that a Fund will achieve its
                   interest rate swaps on fixed income or a combination thereof resulting in the       investment objective. The value of each Fund’s Shares will go up and down and
                   creation of a Synthetic Zero Coupon Bond. The Investment Manager tailors the        you could incur significant losses, especially in the short term. The Funds are
                   percentage of the total net assets invested in such assets so that the              designed to have a high level of risk 14 years prior to their Maturity Date,
                   Guaranteed Value will be realised at the Maturity Date of the Fund.                 which declines over the life of a Fund until the level of risk immediately prior to
                                                                                                       the Maturity Date is very low. Thus a Fund’s level of risk at any given time is,
                   The Investment Manager generally invests the remaining assets in time               broadly, a function of the time remaining before its Maturity Date. Below are
                   deposits, Money Market Instruments, Transferable Debt Securities and                some of the factors that could negatively affect Fund performance:
                   derivatives. Investment in derivatives may consist of geographically diversified
                   portfolios of futures and options on stocks and/or stock indices, either            Interest rate risk When interest rates rise, the prices of debt securities tend
                   listed or OTC. The Investment Manager may invest in bought or written               to fall. This risk is generally greater the longer a security’s maturity.
                   derivatives with written positions being hedged using other derivatives or cash
                   and Money Market Instruments. For derivatives, the Investment Manager               Equity market risk Prices of equities fluctuate daily and can be influenced by
                   generally aims for approximately equal weightings (both among Europe,               many factors, such as political and economic news, corporate earnings reports,
                   America and the Far East and, within each region, among countries with              demographic trends and catastrophic events.
                   sufficiently efficient derivatives markets). The Investment Manager may deviate
                   from equal weightings to pursue more attractive diversification opportunities or    Credit risk Prices of a debt security may fall if the issuer’s creditworthiness
                   in response to a lack of liquidity in one or more derivatives markets. The          deteriorates, or if investors believe it may do so. This risk tends to be greater
                   Investment Manager periodically brings the portfolio back to its target             with lower quality debt securities. In extreme cases, an issuer’s securities
                   weightings. The Investment Manager may add or remove regions or countries           could become worthless if it fails to make timely debt service payments.
                   at any time.
                                                                                                       Additional risk factors include:
                                                                                                       ◆ Changes in currency exchange rates could adversely affect performance at
                   Additional policies and limitations
                   ◆ No more than 20% of a Fund’s net assets may be allocated to cash holdings           the Fund or Shareholder level.
                                                                                                       ◆ The Fund’s strategic analysis, or the execution of it, could be flawed
                     with a given counterparty.
                   ◆ OTC swaps are made with first-class financial institutions specialising in this   ◆ Certain securities could become hard to value, or to sell at a desired time and


                     type of transaction.                                                                price.
                   ◆ OTC swap transactions are collateralised to reduce the single counterparty        ◆ Certain derivatives could increase Fund volatility or expose the Fund to losses


                     exposure to less than 10% of the net assets. The collateral is liquid, highly       greater than the cost of the derivative.
                     rated debt securities, money market instruments or cash and is marked-to-         For more complete risk information, see More About Risk.
                     market daily.
                   ◆ A Fund may invest in other derivatives besides interest rate swaps, options

                     and futures.
                   ◆ Where a derivative is linked to an index, that index will be sufficiently

                     diversified, will constitute an adequate benchmark for the market it
                     represents and will be published in an appropriate manner.
                                                                                                                                                                FORTIS Plan      17

Fund Costs                                                                                               Shareholder transaction fees These fees are paid directly by Shareholders
                                                                                                         when they buy, sell or convert the Fund’s Class A Shares.
Annual operating expenses The following costs are deducted from the
Fund’s assets. Expenses shown are for Class A shares.
                                                                                                           Maximum Charges on Shareholder Transactions (% of Share Price)
 Annual Operating Expenses (% of Fund’s net Assets)                                                        On Purchases                                           5.25%
 Management fee                                                                  1.25%                     On redemptions/switches                                1.00%
 Service fee                                                                  Max. of 0.50%
 Distribution services fee                                                       None
 Estimated Expenses                                                              1.80%

As of April 1, 2009 the Management fee and Service fee will change into the
following schedule.

Management fee:
Funds with remaining time to maturity of 3 years or shorter: 1.00%
Funds with remaining time to maturity between 3 and 14 years: 1.25%




                                                                                                                                                                                      Guaranteed Funds
Service fee: 0.20%




Fund Details                               For Class A Shares as at 30 April 2008

                                           Reference Currency: Norwegian krone                          Dividend Distribution: No
                                           Minimum Initial Investment: NOK 2,500                        Guarantor: Fortis Bank S.A./N.V.
                                           Minimum Subsequent Investment: NOK 2,500
                                           Initial Guaranteed Value: NOK 500 per Share


Fund           ISIN                     Inception                     Current Risk Level
2010           LU0279814536             26 January 2007                           Ø
2015           LU0279815004             26 January 2007                            I
2020           LU0279815343             26 January 2007                           II




The current Risk Level in the tables uses the same scale as the Risk Indicator and indicates each Fund’s risk level as at the date of this Prospectus.
                    18   FORTIS Plan




                         Derivatives Funds
Derivatives Funds




                         19 International Derivatives Fund
                                                                                                                                                 FORTIS Plan         19


International Derivatives Fund
Searching for long-term growth by providing worldwide equity exposure

Investment Objective
                                                                                       Who May Want to Invest
The Fund seeks the highest possible return in the form of capital growth,
through investment in a quantitatively and dynamically managed derivatives             The Fund may be suitable as a core or supplemental investment for those:
portfolio, with the accompanying high risks being managed in a professional
manner.
                                                                                       ◆ interested in an indirect way to gain leveraged exposure to international
                                                                                         equity markets
                                                                                       ◆ seeking short or long-term growth of their investment (1 year or longer)

Investment Strategies                                                                  ◆ who can accept the possibility of significant losses, especially in the


The Investment Manager generally invests in geographically diversified                   short term
portfolios of futures and options on stocks and/or stock indices, either               ◆ who have experience with the risks and rewards of derivatives investing


listed or OTC. The Investment Manager may invest in written or bought
derivatives with written positions being hedged using other derivatives or cash
and Money Market Instruments. Regional and country allocations are based on          Risk Summary




                                                                                                                                                                          Derivatives Funds
diversification of risk. For derivatives, the Investment Manager generally aims      All investments involve risks; there is no assurance that the Fund will achieve
for approximately equal weightings (both among Europe, America and the Far           its investment objective. The value of the Fund’s Shares will go up and down
East and, within each region, among countries with sufficiently efficient            and you could incur significant losses, especially in the short term. The Fund
derivatives markets). The Investment Manager may deviate from equal                  aims to have the most aggressive level of risk. Below are some of the factors
weightings to pursue more attractive diversification opportunities or in             that could negatively affect the Fund’s performance:
response to a lack of liquidity in one or more derivatives markets. The
Investment Manager periodically brings the portfolio back to its target              Equity market risk Prices of equities fluctuate daily and can be influenced by
weightings. The Investment Manager may add or remove regions or countries            many factors, such as political and economic news, corporate earnings reports,
at any time.                                                                         demographic trends and catastrophic events. By investing in derivatives on
                                                                                     international equity indices the Fund will be exposed to substantially larger
In determining the structure of the derivatives portfolios, the Investment           fluctuations in its NAV than in the case of a direct investment in international
Manager uses a large number of return projections (scenarios) for each               equities.
applicable stock and/or stock index. Based on these scenarios and on the
actual price/index level and option prices, the Investment Manager constructs        Derivatives risk Certain derivatives could increase Fund volatility or expose
an “optimum portfolio”: a portfolio that includes derivatives with a variety of      the Fund to losses greater than the cost of the derivative.
maturities and exercise prices, and which is projected to produce the best
trade-off between average return and risk over all these scenarios.                  Additional risk factors include:
                                                                                     ◆ Changes in currency exchange rates could adversely affect performance at
The Investment Manager dynamically manages the optimum portfolio,                      the Fund or Shareholder level.
adjusting it periodically in response to daily market fluctuations in options        ◆ The Fund’s strategic analysis, or the execution of it, could be flawed
prices, while taking transaction costs into account. This strategy allows the        ◆ Certain securities could become hard to value, or to sell at a desired time and
Investment Manager to respond actively to changing market conditions, by               price.
maintaining a portfolio that is optimal for the prevailing market conditions.        ◆ Any debt investments could expose the Fund to losses from credit risk and

                                                                                       interest rate risk.
To permit a flexible issuing and redemption policy and to ensure optimum risk        For more complete risk information, see More About Risk.
management, a part of the Fund’s assets will consist of cash and/or money
market instruments. The Investment Manager may not invest more than 10% of
its net assets in units or shares of UCITS or other UCIs.

Additional policies and limitations
◆ May invest up to 100% of net assets in short-term deposits and money

  market instruments.
◆ No more than 20% of a Fund’s net assets in Cash holdings may be allocated

  to a given counterpart.
◆ OTC derivatives are made with first class financial institutions specialising in

  this type of transaction.
◆ The Fund may invest in other derivatives besides options and futures.

◆ When a derivative is linked to an index, that index will be sufficiently

  diversified, will constitute an adequate benchmark for the market it
  represents and will be published in an appropriate manner.
                    20          FORTIS Plan

                    Fund Costs                                                                                      Shareholder transaction fees These fees are paid directly by Shareholders
                                                                                                                    when they buy, sell or convert the Fund’s Shares.
                    Annual operating expenses The following costs are deducted from the
                    Fund’s assets.
                                                                                                                    Maximum Charges on Shareholder Transactions (% of Share Price)
                        Annual Operating Expenses (% of Fund’s net Assets)                                                                               Class A          Class I
                                                                 Class A                           Class I          On Purchases                          5.25%            None
                        Management fee                            4.00%                             4.00%           On redemptions/switches               1.00%            None
                        Service fee                               0.10%                             0.05%
                        Performance fee                          10.00%1                           10.00%1
                        Distribution services fee                  None                             None
                        Estimated Expenses*                       4.15%                             4.06%
                    1
                     For more information on this performance fee, see the Fund Costs section in Investing in Our
                     Funds
                    *Excludes performance fees.
Derivatives Funds




                    Fund Details                              As at 30 April 2008

                                                              Reference Currency: Euro


                                                                       Class A               Class I
                    ISIN                                               LU0258897114          LU0238588510
                    Minimum Initial Investment                         EUR 250               EUR 1 million
                    Minimum Subsequent Investment                      EUR 250               EUR 250
                    Inception                                          30 June 2006          27 January 2006
                    Dividend Distribution                              No                    No
                                            FORTIS Plan   21




More About Risk and Investment Restrictions




22 More About Risk
24 Investment Restrictions and Techniques
22       FORTIS Plan

More About Risk                                                                       Credit Risk - Investment-Grade Debt Securities
The following information supplements the risk information provided in the            Investment grade debt securities are defined as those that meet any of these
Fund-by-Fund descriptions above. Information in this section applies to a given       criteria:
Fund if 1) it is noted as applying to all Funds, 2) it is noted as applying to that   • are rated at least BBB- by Standard & Poor’s
Fund or its category, or 3) the risk, strategy or investment vehicle being            • are rated at least Baa3 by Moody’s or have an equivalent rating from
discussed is mentioned in the Fund’s description (in which case the language               another rating agency
below is intended as a continuation of the language that appears in the               • are unrated, but the Management company has determined that they are
Fund-by-Fund information). While this Prospectus discusses the main risks of               of comparable quality
the Funds, as identified by the Management Company, other risks may exist.            Although these securities carry less credit risk than sub-investment grade debt
                                                                                      securities, there is always the possibility of a decline in credit quality (which
                                                                                      could lower a security’s price) or a sudden default (which could make the
Guaranteed Fund Risks
                                                                                      security worthless), such as may follow an earnings restatement or the
Notwithstanding the Guarantee, the investments within each Guaranteed Fund            revelation of possible corporate malfeasance.
are subject to market fluctuations and to risks inherent to all investments,
including adverse fluctuations in interest rates. No assurance can furthermore        Emerging Markets Risk
be given that the investment objectives will be achieved, and the NAV of
Shares in any of the Guaranteed Funds may go down as well as up. The                  Emerging markets are defined as countries with emerging economies or stock
Guaranteed Value of each Guaranteed Fund shall be realised only at the                markets and which may lack the social, political and economic stability
Maturity Date. Therefore redemptions and subscriptions before the relevant            characteristic of more developed countries. The emerging markets category
Maturity Date may take place at prices that are (substantially) different from        encompasses certain countries in Asia, the Pacific region, Latin America, Africa
the Guaranteed Value at the relevant moment.                                          and Eastern Europe.

Each Guaranteed Fund may use swap contracts to realise the Guaranteed                 The small size and limited trading volume of securities markets in these
Value. Where swap contracts are entered into for the account of a Guaranteed          countries may mean that exposure to these markets may entail more volatility
Fund it is exposed to a potential counterparty risk. In case of insolvency or         than investments in more established markets, and that market prices can be
default of the swap counterparty, such event would affect the assets of the           more easily manipulated by large individual investors. The Funds will seek,
Fund. The swaps will be made with first class institutions specialising in this       where possible, to reduce these risks, but may not always succeed in doing so.
type of transaction.
                                                                                      Taxation Risk (All Funds)
Equity market risk                                                                    Because certain countries may have tax practices that are unclear or subject to
While equities have historically been a leading choice of long-term investors,        changes in interpretation or law (including changes effective retrospectively), a
they do fluctuate in price. When equity prices fall, the value of Shares in any       Fund could become subject to additional taxation that is not anticipated either
Fund that invests in equities is likely to fall as well. Because equity securities    at the date of the Prospectus or when investments are made, valued or
represent ownership in their issuers, prices of these securities can suffer for       disposed of. For more information, see Taxation.
such reasons as poor management, shrinking product demand and other
business risks.                                                                       Currency Risk
                                                                                      Whenever there is a difference between the Shareholder’s home currency, a
Many factors can affect equity market performance. World, national and                Fund’s reference currency and the currency of a Fund’s holdings, changes in
business news can influence market-wide trends, over the short term as well           currency exchange rates could erode investment gains or widen investment
as the long term. Other factors may affect the price of an individual industry or     losses for the Shareholder. Although a Fund may use hedging or other
security.                                                                             techniques in seeking to minimise its exposure to currency risk, it may not be
                                                                                      possible or desirable to hedge against all currency risk exposure, nor is it
Counterparty Risk                                                                     guaranteed that a hedging technique will perform as anticipated.
The Funds may enter into over-the-counter derivatives transactions. The parties
involved in such OTC transactions are typically not subject to credit evaluation      Derivatives Risk (All Funds)
and regulatory oversight as are members of Regulated Markets. To the extent a         Some derivatives are “leveraged,” meaning that the effect of market actions on
Fund invests in swaps, derivatives or other OTC transactions on these markets,        the derivative’s value is amplified, potentially allowing a small market
the Fund may be subject to a counterparty risk with regard to parties with            movement to generate a large loss. Leveraged derivatives, which include
whom it trades and may also bear the risk of settlement default. These risks          options, futures and currency forwards, can increase Fund volatility.
may differ materially from those entailed in exchange-traded transactions
which generally are backed by clearing organisation guarantees, daily marking-        Selling an option generally entails considerably greater risk than purchasing
to-market and settlement. Such “counterparty risk” is accentuated with longer         options. Although the premium received by the seller is fixed, the seller may
maturities where events can take place that result in adverse consequences as         sustain a loss well in excess of that amount. The seller will be exposed to the
to the settlement of the contracts, or where the Funds have concentrated their        risk of the purchaser exercising the option and the seller will be obliged either
transactions with a single or small group of counterparties.                          to settle the option in cash or acquire or deliver the underlying asset.
                                                                                      “Covering” an option by taking an opposite position (whether involving the
The Guaranteed Funds may invest in swap agreements. In order to adhere to             security itself or another derivative) may reduce an option’s risks.
the 10% single issuer counterparty exposure limit as detailed under Investment
Restrictions 5. (a) or 5% in the case of a counterparty that is not a credit          Some derivatives, especially over-the-counter derivatives, may be valued
institution, Fortis Bank S.A./N.V. or other credit institutions of good financial     differently by different allowable means, or may only be able to be valued
standing, as counterparty to such transactions, will pledge assets as collateral      subjectively, and potentially by a counterparty to the transaction (because of
(which is liquid and consists of highly rated debt securities, money market           the relative scarcity of knowledgeable market specialists). An inaccurate
instruments or cash and is marked-to-market daily) to the SICAV to maintain           valuation could cause a Fund to make excess payments or lose money.
the counterparty exposure below 10% of the net assets of the Fund.
                                                                                     FORTIS Plan   23

A derivative may not correlate its underlying reference to the extent expected,
and may therefore prove ineffective or even counterproductive for a Fund.

An adverse movement of a derivative’s price could require a Fund to post cash
or to sell securities under disadvantageous circumstances.

If the counterparty to a derivative fails to meet its contractual obligations, the
Fund could lose money.

Swap Agreement Risk
The Funds may enter into swap agreements that can be individually negotiated
and structured to include exposure to a variety of different types of investments
or market factors. Depending on their structure, swap agreements may
increase or decrease a Fund’s exposure to long-term or short-term interest
rates, foreign currency values, corporate borrowing rates, or other factors.
Swap agreements can take many different forms and are known by a variety
of names.

The performance of each Fund between two Recalculation Moments depends
in part on interest rate changes. Participation in swap contracts involves
investment risks and transaction costs to which the Funds would not be subject
if the SICAV did not use this strategy. Adverse movements of interest rates
may leave the Fund in a worse position than if such strategy was not used.

Risk Indicator Definition
Risk is generally measured by the standard deviation of the total return of a
fund. The greater the standard deviation is, the wider the fluctuation of fund
prices. Risk for guaranteed funds is displayed by Roman numerals that cover 7
risk categories, going from ‘low’ (Ø) to ‘high’ (VI). Risk for other funds is
displayed by 7 risk categories going from ‘low’ (0) to ‘high’ (6).
24       FORTIS Plan

Investment Restrictions and Techniques                                                  (f) deposits with credit institutions which are repayable on demand or
                                                                                            have the right to be withdrawn, and maturing in no more than twelve
                                                                                            months, provided that the credit institution has its registered office
Investment Restrictions                                                                     in a Member State of the EU or, if the registered office of the credit
The Directors have adopted the following restrictions relating to the                       institution is situated in a non-Member State, provided that it is
investment of the SICAV’s assets and its activities. These restrictions and                 subject to prudential rules considered by the Supervisory Authority as
policies may be amended from time to time by the Directors if and, as they                  equivalent to those laid down in EU law;
shall deem it to be, in the best interests of the SICAV.
                                                                                        (g) financial derivative instruments, including equivalent cash-settled
The investment restrictions imposed by Luxembourg law must be complied                      instruments, dealt in on a regulated market referred to in items a), b)
with by each Fund. Those restrictions in (9) below are applicable to the SICAV              and c) above; and/or financial derivative instruments dealt in over-the-
as a whole. The investment policy of the SICAV and each of its Funds (with the              counter (OTC Derivatives), provided that:
exception of the investment restrictions relating to the holding of securities      	   	 ◆ the underlying portfolio consists of instruments covered by paragraph
of a single issuer which shall also apply to the different Funds taken together)            (1) above, financial indices, interest rates, foreign exchange rates or
shall comply with the following rules and restrictions and the investments of               currencies, in which the UCITS may invest according to its investment
each Fund shall consist solely of:                                                          objectives as stated in the UCITS constitutional documents;
                                                                                    	   	 ◆ the counterparties to OTC Derivative transactions are institutions
(1) (a) Transferable Securities and Money Market Instruments admitted to or                 subject to prudential supervision, and belonging to the categories
        dealt in on a regulated market;                                                     approved by the Supervisory Authority; and
                                                                                    	   	 ◆ the OTC Derivatives are subject to reliable and verifiable valuation
     (b) Transferable Securities and Money Market Instruments dealt in                      on a daily basis and can be sold, liquidated or closed by an offsetting
         on another regulated market in a Member State of the EU which                      transaction at any time at their fair value at the UCITS initiative;
         operates regularly and is recognised and open to the public;
                                                                                        (h) Money Market Instruments other than those dealt in on a regulated
     (c) Transferable Securities and Money Market Instruments admitted to                   market, which fall under Article 1 of the Law, if the issue or issuer
         official listing on a stock exchange in a non-Member State of the EU               of such instruments is itself regulated for the purpose of protecting
         or dealt in on another regulated market in a non-Member State of the               investors and savings, and provided that they are:
         EU which operates regularly and is recognised and open to the public       	   	 ◆ issued or guaranteed by a central, regional or local authority or
         provided that the choice of the stock exchange or the market has                   central bank of a Member State, the European Central Bank, the EU
         been provided for in the constitutional documents of the SICAV;                    or the European Investment Bank, a non-Member State or, in the case
                                                                                            of a Federal State, by one of the members making up the federation,
     (d) recently issued Transferable Securities and Money Market                           or by a public international body to which one or more Member States
         Instruments, provided that:                                                        belong; or
	    	 ◆ the terms of issue include an undertaking that application will be         	   	 ◆ issued by an undertaking any securities of which are dealt in on
         made for admission to official listing on a stock exchange or to                   regulated markets referred to in items a), b) or c) above; or
         another regulated market which operates regularly and is recognised        	   	 ◆ issued or guaranteed by an establishment subject to prudential
         and open to the public, provided that the choice of the stock exchange             supervision, in accordance with criteria defined by Community law, or
         or the market has been provided for in the constitutional documents                by an establishment which is subject to and complies with prudential
         of the SICAV;                                                                      rules considered by the Supervisory Authority to be at least as
	    	 ◆ such admission is secured within one year of issue.                                stringent as those laid down by EU Law; or
                                                                                    	   	 ◆ issued by other bodies belonging to the categories approved by the
     (e) units of UCITS authorised according to the Directive and/or other UCIs             Supervisory Authority provided that investments in such instruments
         within the meaning of Article 1, paragraph (2) first and second indents            are subject to investor protection equivalent to that laid down in the
         of the Directive, should they be situated in a Member State of the EU              first, the second and the third indents and provided that the issuer is
         or not, provided that:                                                             a company whose capital and reserves amount to at least ten million
	    	 ◆ such other UCIs are authorised under laws which provide that they                  Euros (EUR 10,000,000) and which presents and publishes its annual
         are subject to supervision considered by the Supervisory Authority                 accounts in accordance with the fourth directive 78/660/EEC, is an
         to be equivalent to that laid down in EU law, and that cooperation                 entity which, within a Group of Companies which includes one or
         between authorities is sufficiently ensured, for the purpose of that               several listed companies, is dedicated to the financing of the group
         restriction such countries may be Member States of the EU, Member                  or is an entity which is dedicated to the financing of securitisation
         States of the European Free Trade Association, the Unites States of                vehicles which benefit from a banking liquidity line.
         America and Hong Kong;
	    	 ◆ the level of protection for unit-holders in the other UCIs is equivalent   (2) However
         to that provided for unit-holders in a UCITS, and in particular that the
         rules on asset segregation, borrowing, lending, uncovered sales of             (a) A Fund may invest no more than 10% of its net assets in Transferable
         Transferable Securities and Money Market Instruments are equivalent                Securities and Money Market Instruments other than those referred
         to the requirements of the Directive;                                              to in paragraph (1);
	    	 ◆ the business of the other UCIs is reported in half-yearly and annual
         reports to enable an assessment to be made of the assets and                   (b) A Fund may acquire movable and immovable property which is
         liabilities, income and operations over the reporting period;                      essential for the direct pursuit of its business;
	    	 ◆ no more than 10% of the UCITS’ or the other UCIs’ assets, whose
         acquisition is contemplated, can, according to their constitutional            (c) A Fund may not acquire either precious metals or certificates
         documents, be invested in aggregate in units of other UCITS or other               representing them.
         UCIs;
                                                                                    (3) A Fund may hold ancillary liquid assets.
                                                                                                                                              FORTIS Plan         25

(4) (a) The SICAV is authorized to employ techniques and instruments                       When a Fund invests more than 5% of its net assets in such debt
        relating to Transferable Securities and to Money Market Instruments                securities as referred to in the first paragraph and issued by one
        under the conditions and within the limits laid down by the                        issuer, the total value of these investments may not exceed 80% of
        Supervisory Authority provided that such techniques and instruments                the value of the Fund’s assets.
        are used for the purpose of efficient portfolio management. When
        these operations concern the use of derivative instruments, these             (e) The Transferable Securities and Money Market Instruments referred
        conditions and limits shall conform to the provisions laid down in the            to in (c) and (d) above are not taken into account for the purpose of
        Law.                                                                              applying the limit of 40% referred to in item (b). The limits set out
                                                                                          in items (a), (b), (c) and (d) may not be combined; thus investments
         Under no circumstances shall these operations cause the SICAV                    in Transferable Securities or Money Market Instruments issued by
         to diverge from its investment objectives as laid down in its                    the same body, in deposits or derivative instruments made with this
         constitutional documents or prospectus.                                          body carried out in accordance with paragraphs (a), (b), (c) and (d)
                                                                                          shall under no circumstances exceed in total 35% of the net assets
    (b) A Fund shall ensure that its global exposure relating to derivative               of a Fund. A Group of Companies is regarded as a single body for the
        instruments does not exceed the total net value of its portfolio.                 purpose of calculating the limits contained in this section. A Fund
                                                                                          may invest in aggregate up to 20% of its net assets in Transferable
    (c) A Fund may invest, as a part of its investment policy and within the              Securities and Money Market Instruments within the same group.
        limits laid down in paragraph (5) (e) below, in financial derivative
        instruments provided that the exposure to the underlying assets           (6) (a) Without prejudice to the limits laid down in paragraph 9, the limits
        does not exceed in aggregate the investment limits laid down in in                laid down in paragraph 5 are raised to a maximum of 20% for
        paragraph (5). If the SICAV invests in index-based financial derivative           investment in shares and/or debt securities issued by the same body
        instruments, these investments are not necessarily combined to the                when, according to the SICAV’s constitutional documents, the aim
        limits laid down in paragraph (5). When a Transferable Security or                of the SICAV’s investment policy is to replicate the composition of
        Money Market Instrument embeds a derivative, the latter must be                   a certain stock or debt securities index which is recognized by the
        taken into account when complying with the requirements of this                   Supervisory Authority, on the following basis:
        paragraph.                                                                	   	 ◆ the composition of the index is sufficiently diversified;
                                                                                  	   	 ◆ the index represents an adequate benchmark for the market to which
(5) (a) A Fund may invest no more than 10% of its net assets in Transferable              it refers;
        Securities or Money Market Instruments issued by the same body.           	   	 ◆ it is published in an appropriate manner.
        The SICAV may not invest more than 20% of its net assets in deposits
        made with the same body. The risk exposure to a counterparty of the           (b) The limit laid down in (a) above is 35% where that proves to be
        SICAV in an OTC Derivative transaction may not exceed 10% of its                  justified by exceptional market conditions in particular in regulated
        net assets when the counterpart is a credit institution referred to in            markets where certain Transferable Securities or Money Market
        paragraph (1), item f) or 5% of its net assets in other cases.                    Instruments are highly dominant. The investment up to this limit is
                                                                                          only permitted for a single issuer.
    (b) The total value of the Transferable Securities and Money Market
        Instruments held by a Fund in the issuing bodies in each of which it      (7) (a) Notwithstanding the limits set out above, any Fund is
        invests more than 5% of its net assets must not exceed 40% of the                 authorised to invest, in accordance with the principle of
        value of its net assets. This limitation does not apply to deposits               risk spreading, up to 100% of its net assets in Transferable
        made with financial institutions subject to prudential supervision                Securities or Money Market Instruments issued or guaranteed
        and to OTC Derivatives with such institutions. Notwithstanding the                by any Member State, by its local authorities, by a non-
        individual limits laid down in paragraph (a) above, a fund may not                Member State of the OECD or public international bodies of
        combine: investments in Transferable Securities or Money Market                   which one or more Member State(s) of the EU are member(s),
        Instruments issued by a single body; deposits made with a single                  provided that such Fund must hold securities from at least
        body; and/or exposures arising from OTC Derivative transactions                   six different issues and the value of the securities from any
        undertaken with a single body, in excess of 20% of its net assets.                one issue must not account for more than 30% of the net asset
                                                                                          value of the Fund.
    (c) The limit laid down in (a) above, first sentence is raised to a maximum
        of 35% if the Transferable Securities or Money Market Instruments             (b) A Fund must make express mention, in its constitutional documents,
        are issued or guaranteed by a Member State of the European                        of the States, local authorities or public international bodies issuing
        Union, by its local authorities, by a non-member State or by public               or guaranteeing securities in which they intend to invest more than
        international bodies of which one or more Member States are                       35% of its net assets.
        members.
                                                                                      (c) In addition, a Fund must include a prominent statement in their
    (d) The limit laid down in (a) above, first sentence, is raised to a                  prospectuses and in any promotional literature, drawing attention to
        maximum of 25% for certain debt securities if they are issued by                  such authorisation and indicating the States, local authorities and
        a credit institution having its registered office a Member State of               public international bodies in the securities of which they intend to
        the EU and which is subject, by law, to special public supervision                invest or have invested more than 35% of its net assets.
        designed to protect the holders of debt securities. In particular, sums
        deriving from the issue of such debt securities must be invested in       (8) (a) A Fund may acquire the units of UCITS and/or other UCIs referred
        accordance with the law in assets which, during the whole period                  to in paragraph 1(e), provided that no more than 20% of its net
        of validity of such debt securities, are capable of covering claims               assets are invested in a single UCITS or other UCI. For the purposes
        attaching to the debt securities and which, in the event of bankruptcy            of applying this investment limit, each compartment of a UCI with
        of the issuer, would be used on a priority basis for the reimbursement            multiple compartments, within the meaning of Article 133 of the Law,
        of the principal and payment of the accrued interest.                             shall be considered as a separate issuer, provided that the principle of
                                                                                          segregation of liabilities of the different compartments is ensured in
                                                                                          relation to third parties.
26       FORTIS Plan

     (b) Investments made in units of UCIs other than UCITS may not exceed,                     compartment, each compartment is to be considered as a separate
         in aggregate, 30% of the net assets of a Fund. When a Fund has                         issuer for the purpose of applying the risk spreading rules referred to
         acquired units of UCITS and/or other UCIs, the net assets of the                       in paragraphs (5), (6) and (8).
         respective UCITS or other UCIs do not have to be combined for the
         purposes of the limits laid down in paragraph 5 above.                        (11) (a) In principle, the SICAV may not borrow, however, it may acquire
                                                                                                foreign currencies by means of a back-to-back loan.
     (c) When a Fund invests in the units of other UCITS and/or other UCIs
         that are managed, directly or by delegation, by the same management               (b) By way of derogation from paragraph (a), a Fund may borrow the
         company or by any other company with which the management                             equivalent of:
         company is linked by common management or control, or by a                    	   	 ◆ up to 10% of its net assets provided that the borrowing is on a
         substantial direct or indirect holding (at least 10%), that management                temporary basis;
         company or other company may not charge management, subscription              	   	 ◆ up to 10% of its net assets provided that the borrowing is to make
         or redemption fees on account of the UCITS’ investment in the units                   possible the acquisition of immovable property essential for the
         of such other UCITS and/or UCIs.                                                      direct pursuit of its business; in this case, these borrowings and those
                                                                                               referred to in sub-paragraph (a) may not in any case in total exceed
(9) (a) The SICAV may not acquire any shares carrying voting rights which                      15% of its net assets.
        would enable it to exercise significant influence over the management
        of an issuing body.                                                            (12) (a) Without prejudice to the application of paragraphs (1) and (2), the
                                                                                                SICAV may not grant loans or act as a guarantor on behalf of third
     (b) Moreover, the SICAV may acquire no more than:                                          parties. Collateral arrangements with respect to the purchase or sale
	    	 ◆ 10% of the non-voting shares of the same issuer;                                       of forward contracts are not deemed to constitute borrowings for the
	    	 ◆ 10% of the debt securities of the same issuer;                                         purpose of this restriction.
	    	 ◆ 25% of the units or shares of the same nature issued by a single
         UCITS and/or other UCI;                                                           (b) Item (a) above shall not prevent the SICAV from acquiring Transferable
	    	 ◆ 10% of the Money Market Instruments issued by the same issuer.                        Securities, Money Market Instruments or other financial instruments
                                                                                               referred to in paragraph (1), items (e), (g) and (h) which are not fully
         The limits laid down in the second, third and fourth indents may be                   paid.
         disregarded at the time of acquisition if at that time the gross amount
         of debt securities or Money Market Instruments or the net amount of           (13) The SICAV may not carry out uncovered sales of Transferable Securities,
         the securities in issue cannot be calculated.                                      Money Market Instruments or other financial instruments referred to in
                                                                                            paragraph (1), items (e), (g) and (h).
     (c) Items (a) and (b) above are waived as regards:
	    	 ◆ Transferable Securities and Money Market Instruments issued or                    The Directors reserve the right to introduce, at any time, further
         guaranteed by a Member State of the European Union or its local                   investment restrictions, where these are essential to comply with the laws
         authorities;                                                                      and regulations in force in certain States where the SICAV’s Shares may
	    	 ◆ Transferable Securities and Money Market Instruments issued or                    be offered or sold.
         guaranteed by a non-Member State of the European Union;
	    	 ◆ Transferable Securities and Money Market Instruments issued by                    If any of the investment limit percentages referred to above are exceeded
         public international bodies of which one or more Member States of                 as a result of the exercise of rights, take-over, mergers, price moments,
         the European Union are members;                                                   large redemption or in any way other than the purchase of securities, the
	    	 ◆ shares held by the SICAV in the capital of a company incorporated in              SICAV will give priority to the correction of the situation, but with due
         a non-Member State of the EU which invests its assets mainly in the               regard to the interests of the Shareholders.
         securities of issuing bodies having their registered office in that State,
         where under the legislation of that State, such a holding represents          Special Investment Techniques and Instruments
         the only way in which the SICAV can invest in the securities of issuing
         bodies of that State. This derogation, however, shall apply only if in        Risk Management Process The SICAV is authorised to employ techniques
         its investment policy the company from the non-Member State of the            and instruments relating to Transferable Securities and to Money Market
         EU complies with the limits laid down in paragraphs (5), (8) and (9)          Instruments under the conditions and within the limits laid down by the law,
         (a) and (b) Where the limits set in paragraphs (5) and (8) above are          regulation and administrative practice. When these operations concern the use
         exceeded paragraph (10) below shall apply mutatis mutandis;                   of derivative instruments, these conditions and limits shall conform to the
	    	 ◆ shares held by one or several investment companies in the capital of          provisions laid down in Part I of the Law.
         subsidiary companies carrying on only the business of management,
         advice or marketing in the country where the subsidiary is located, in        The SICAV employs a risk management process which enables it to monitor
         regard to the repurchase of units at unit-holders request exclusively         and measure at any time the risk of the positions and their contribution to the
         on its or their behalf.                                                       overall risk profile of the portfolio; it employs a process for accurate and
                                                                                       independent assessment of the value of OTC Derivatives. It communicates to
(10) (a) If the limits referred to in paragraph (a) above are exceeded for             the Supervisory Authority regularly and in accordance with the detailed rules
         reasons beyond the control of the SICAV or as a result of the exercise        defined by the latter, the types of derivative instruments, the underlying risks,
         of subscription rights, it must adopt as a priority objective for its sales   the quantitative limits and the methods which are chosen in order to estimate
         transactions the remedying of that situation, taking due account of           the risks associated with transactions in derivative instruments.
         the interests of its unit-holders.
                                                                                       Under no circumstances shall these operations cause the SICAV to diverge
     (b) Considering that the SICAV is a legal entity with multiple                    from its investment objectives as laid down in its constitutional documents.
         compartments where the assets of each compartment are                         The SICAV will ensure that at all times its exposure via derivatives will not
         exclusively answerable for the rights of the investors relating to that       exceed its total net assets.
         compartment and to those of the creditors whose claim arose on the
         occasion of the constitution, the operation or the liquidation of this
                                                                                                                                                  FORTIS Plan          27

The SICAV may invest, as a part of its investment policy and within the limits               be comanaged with assets intended to be invested in accordance
laid down in Article 43 (5) of the Law, in financial derivative instruments                  with investment objectives identical to those applicable to the
provided that the exposure to the underlying assets does not exceed in                       co-managed assets in order to assure that investment decisions are
aggregate the investment limits laid down in Article 43 of the Law.                          fully compatible with the investment policy of the relevant Fund.
                                                                                             Co-managed assets shall only be co-managed with assets which are
When a Transferable Security or Money Market Instrument embeds a                             also on deposit with the same Custodian in order to assure that the
derivative, the latter must be taken into account when complying with the                    Custodian is able, with respect to the SICAV and its Funds, to fully
requirements of this section.                                                                carry out its functions and responsibilities pursuant to the Law. The
                                                                                             Custodian shall at all times keep the SICAV’s assets segregated from
A.       Repurchase Agreements                                                               the assets of other co-managed entities, and shall therefore be able
         The SICAV may enter into repurchase agreement (‘repo’ transactions                  at all times to identify the assets of the SICAV and of each Fund.
         which consist of the purchase and sale of securities with a clause                  Since co-managed entities may have investment policies which are
         reserving the seller the right or the obligation to repurchase from the             not strictly identical to the investment policy of the relevant Funds, it
         acquirer the securities sold at a price and term specified by the two               is possible that as a result the common policy implemented may be
         parties in their contractual arrangement.                                           more restrictive than that of the Funds concerned.

         The SICAV can act either as purchaser or seller in ‘repo’ transactions.             Shareholders may at all times inform themselves on the assets of the
         Its involvement in such transactions is however, subject to the                     Funds that are co-managed by contacting the registered office of the
         following rules:                                                                    SICAV. Funds and assets which are co-managed shall be disclosed in
                                                                                             the annual audited report and the semi-annual report of the SICAV.
     (i) the SICAV may not buy or sell securities using a ‘repo’ transaction
         unless the counterpart in such transactions is a first class financial         C.   Pooling
         institution specialising in this type of transaction;                               For the purpose of effective management, and subject to the
                                                                                             provisions of the Articles of Incorporation and to applicable laws and
     (ii) during the life of a ‘repo’ contract of purchase, the SICAV cannot                 regulations, the Management Company may invest and manage all or
          sell the securities which are the object of the contract, either before            any part of the portfolio of assets established for two or more Funds
          the right to repurchase these securities has been exercised by the                 (for the purposes hereof “Participating Funds”) on a two level pooled
          Counterparty, or the repurchase term has expired;                                  basis.

     (iii) where the SICAV is exposed to redemption of its own Shares, it must               Any such first level asset pools shall be formed by transferring to
           take care to ensure that the level of its exposure to ‘repo’ transactions         them cash or other assets (subject to such assets being appropriate
           is such that it is able, at all times, to meet its redemption obligations.        with respect to the investment policy of the pool concerned) from
                                                                                             each of the Participating Funds. Thereafter, the Management
B.       Co-Managing                                                                         Company may from time to time make further transfers to each
         Where the investment policies of the Funds so permit and in order                   first level asset pool. Assets may also be transferred back to a
         to reduce operational and administrative charges, the Directors may                 Participating Fund up to the amount of the participation of the Fund
         decide that part or all of the assets of any Fund will be co-managed                concerned.
         with assets of one or more other Funds. Under the co-management
         arrangement, the Management Company shall be entitled to take, on                   Second level asset pools shall be formed by transferring to them cash
         a consolidated basis for the relevant co-managed Funds, investment                  or other assets (subject to such assets being appropriate with respect
         and disinvestment decisions which influence the portfolio of each co-               to the investment policy of the pools concerned) from each of the first
         managed Fund. The co-management method, which is intended to be                     level asset pools. Thereafter, the Management Company may from
         used, shall be limited to the assets of the various Funds of the SICAV.             time to time make further transfers to each second level asset pool.
                                                                                             Assets may also be transferred back to a first level pool up to the
         At first, cash or other assets from each of the participating Funds,                amount of the participation of the first level asset pool concerned.
         which will be subject to the co-management techniques shall be
         identified (the “co-managed assets”). The co-managed assets do not                  The share of a Participating Fund in a first level asset pool shall be
         constitute an undivided co-ownership of assets and each participating               measured by reference to notional units in the first level asset pool.
         Fund remains entitled to its assets under co-management, which                      In the same way, the share of a first level asset pool in a second level
         represent a portion of the value of the co-managed assets. The                      pool shall be measured by reference to notional units in the second
         co-managed assets will be rebalanced between participating Funds                    level asset pool.
         on a daily basis: the value for each Fund will be its previous position
         increased or decreased by the amount of capital that has flowed                     On formation of either a first or second level asset pool, the
         in or out. By this means it is possible at all times to allocate to a               Management Company shall, in their discretion, determine the initial
         specific Fund, its entitlement to the co-managed assets. Dividends,                 value of notional units (which shall be expressed in such currency as
         interest and other distributions of an income nature received by the                the Management Company consider appropriate) and shall allocate
         co-managed assets will be credited to the participating Funds, in                   to each Participating Fund and to each first level asset pool notional
         proportion to their respective holding and participation into the co-               units having an aggregate value equal to the amount of cash (or to
         managed assets at the time of receipt. The rebalancing includes the                 the value of other assets) contributed.
         attribution on a daily basis of income purchased and accrued against
         the inflows or outflows of capital, thereby allowing an accurate                    Thereafter, the value of the notional unit shall be determined by
         attribution of income paid and received between participating Funds.                dividing the net asset value of the first or second level asset pool by
                                                                                             the number of notional units.
         Redemption and subscription in each of the Funds participating in the
         co-management arrangement will be processed through a specific                      When additional cash or assets are contributed to or withdrawn from
         account kept outside of the co-managed assets and through which                     an asset pool, the allocation of units of the Participating Fund or of
         subscription and redemption must pass.                                              first level asset pool (in the case of assets contributed or withdrawn
         co-managed assets of the Funds shall, as the case may be, only                      from a second level asset pool) concerned will be increased or
28   FORTIS Plan

     reduced, as the case may be, by a number of units determined by
     dividing the amount of cash or the value of assets contributed or
     withdrawn by the current value of a unit.

     Where a contribution is made in cash, the notional units issued
     will be adjusted for the purpose of this calculation as reduced by
     an amount which the Management Company consider appropriate
     to reflect fiscal charges and dealing and purchase costs which may
     be incurred in investing the cash concerned; in the case of cash
     withdrawal, a corresponding adjustment of the notional units will be
     made to reflect costs which may be incurred in realising securities or
     other assets of the asset pool.

     Dividends, interest and other distributions of an income nature
     received in respect of the assets in second level asset pools will be
     credited on a timely basis to the first level pools in proportion to their
     respective participation in the second level asset pools. Dividends
     interest and other distributions of an income nature received in
     respect of the assets in the first level asset pools will be credited
     on a timely basis to the Participating Funds in proportion to their
     respective participation in the first level asset pools.

     Upon the dissolution of the SICAV, the assets in any first and second
     level asset pools will be allocated to the Participating Funds in
     proportion to their respective participation in such asset pools.

D.   Delayed delivery/When issued Transactions
     The SICAV may purchase or sell securities on a “delayed delivery
     basis”. This practice refers to negotiated settlement periods
     which are longer than standard used by the market. This practice
     is employed to facilitate cash management within a particular
     Fund, for example to co-ordinate the settlement date of purchase
     and sales transactions which would not otherwise match. While
     having recourse to that practice, the SICAV shall ensure to have,
     at settlement date, sufficient cash available to meet its payment
     obligations arising out of such transactions.

     The SICAV may purchase or sell securities on a “when issued” basis.
     This practice involves securities which are traded prior to the trade
     of their issue. Trading typically extends from the date the issue is
     announced until the issue day.
                                             FORTIS Plan   29




Investing In Our Funds




30   Share Classes
30   Business Hours and Dealing Times
30   Buying, Selling and Converting Shares
31   Other Policies About Share Trading
31   Fund Costs
32   Share Prices
33   Dividends
33   Taxation
34   Our Investor Information Policies
35   Country-Specific Information
30           FORTIS Plan


Investing In Our Funds                                                               deliver an application by fax or by means of agreed electronic format, but
                                                                                     unless you have arranged otherwise with the Directors, you must follow up by
                                                                                     promptly mailing the original Application Form.

Share Classes                                                                        An investment may be either for a specific number of Shares or in a specific
Available Classes                                                                    amount of the relevant Fund’s reference currency or dual-pricing currency. If
Each Fund can issue multiple Classes of Shares. Each Class represents an             you invest using a currency that must be converted before a Fund can accept it,
interest in the Fund’s portfolio, but may have its own characteristics, such as      you will be charged for the currency conversion.
fee structure, investment minimum, dividend policy or reference currency. In
each Class currently in existence, all net investment income and capital gains       Investments must be paid for with a bank transfer (with any transfer-related
are reinvested. The types of Share Classes currently in existence are:               fees to be paid by the investor). If a Fund has not received cleared payment
                                                                                     within two days of an initial order’s Valuation Day, the Fund may cancel the
◆		   Class A: Capital Growth Shares                                                 order and hold the investor responsible for any costs or losses.
◆			
  	   Class I: Institutional Shares Different fee and/or tax structure from other
      Classes. Designed for institutional investors such as banks, insurance and     Fund Shares may also be purchased through a contribution-in-kind of securities
      reinsurance companies, social security institutions and pension funds, large   or other assets that are consistent with the Fund’s investment policy, subject to
      industrial and financial groups, Luxembourg and foreign investment funds and   the investor obtaining (and paying for) a valuation report from the SICAV’s
      investment holding companies.                                                  statutory auditors and otherwise complying with the relevant terms of
                                                                                     Luxembourg law.
Forms of Issuance
Shares are normally issued in registered form, meaning that the Shareholder’s        Note that the Directors may refuse to accept an application to buy Shares for
name is recorded in the Fund’s register of Shares. A written confirmation of this    any reason, in which case any investment money will be returned (at the cost
ownership will be sent to each Shareholder.                                          and risk of the investor).

All Fund Shares must be fully paid-up. Shares have no par value and carry no         Selling (Redeeming) Shares
preferential or pre-emptive rights. Each Share, regardless of Class, is entitled     To place an order to sell registered Shares, draw up a redemption request that
to one vote in all matters brought before a general meeting of Shareholders. A       includes:
Fund may issue fractional Shares of as little as 1/100 (i.e., to two decimal
places) of a Share. Fractional Shares do not have voting rights but are entitled     ◆		the Shareholder’s full name and registered address
to their full pro-rata of any dividends, reinvestments, and liquidation proceeds.    ◆		the Shareholder’s account number in the Register
                                                                                     ◆		the Shareholder’s bank account references and payment details

                                                                                     ◆		the Fund name, quantity (or currency value) and Share Class to be redeemed


Business Hours and Dealing Times                                                     ◆		the name in which the Shares are held

                                                                                     ◆		the signature(s) necessary to authorize redemption
All Funds Each Fund calculates its Net Asset Value per Share on each
Valuation Day. Orders to buy, sell or convert Shares that are received and
                                                                                     Deliver your redemption request to the Registrar by regular mail, fax or by
accepted by the Registrar or Management Company before 12:00 CET on any
                                                                                     means of agreed electronic format.
Valuation Day will be processed at the Share Price to be calculated the
following Valuation Day. Orders accepted after 12:00 CET on any Valuation Day
                                                                                     Redemption proceeds, in the relevant Fund’s reference currency, will be
will be processed at the Share Price to be calculated two Valuation Days later.
                                                                                     transferred to a bank account previously specified by the Shareholder. The
Note that a Fund may suspend calculation of its Share Price under certain
                                                                                     Funds do not issue cheques for redemption proceeds.
conditions, including any day when prices are not available for a substantial
portion of its assets due to a market closure or holiday.
                                                                                     Redemptions will be suspended during any period when the calculation of a
                                                                                     Fund’s Net Asset Value per Share is suspended.
The Directors may extend or limit the cut-off time for accepting orders, and will
notify Shareholders if and when a new time takes effect, either by sending a
                                                                                     If an order to sell Shares would bring an account below the required minimum
notice or by advertising in the relevant newspapers.
                                                                                     balance, a Fund may sell all Shares in the account and deliver the proceeds to
                                                                                     the Shareholder.
Orders are normally settled two Luxembourg Business Days after the
applicable Valuation Day. The Directors may reduce or extend the settlement
                                                                                     The Directors at times may permit Fund Shares to be redeemed through a
period as required by market practice. If on Settlement Date banks are not
                                                                                     payment-in-kind of securities, done on an equitable basis and in a way
open for business in the country of a Fund’s reference currency, settlement will
                                                                                     consistent with the interests of all Shareholders of the relevant Fund. The
occur the next day those banks are open.
                                                                                     redeeming Shareholder bears the costs associated with redemption-in-kind,
                                                                                     including cost of a valuation report from the SICAV’s statutory auditors, unless
Note that any phone call to the Funds’ Registrar or Transfer Agent may be
                                                                                     the SICAV considers that the redemption-in-kind is in its interest.
recorded, and that by placing such a call you give your consent to being
recorded and to the use of the recording for any purpose the Registrar or
                                                                                     Converting (Switching) Shares
Transfer Agent considers appropriate, including legal proceedings.
                                                                                     Owners of registered Shares have the right to convert, at their own expenses,
                                                                                     Shares of one Fund for the same Class of Shares of another Fund. For a
                                                                                     conversion order to be accepted and processed, it must:
Buying, Selling and Converting Shares
You can buy, sell or convert (switch) Shares by submitting a request in proper          be requested through a properly completed and signed conversion request
                                                                                     ◆			

form to the Registrar or an authorised distributor.                                     addressed to the Registrar (with any relevant registered Share certificates
                                                                                        included)
Buying (Subscribing to) Shares                                                          meet all applicable terms concerning the purchase and sale of Shares in the
                                                                                     ◆			

To place a request to make a first investment in a Fund, you must complete the          Funds concerned, including the minimum investment amount for the Fund and
application form available at the office of the Management Company (the                 Shares being acquired
“Application Form”) and send it to the Registrar by regular mail. You may also
                                                                                                                                                  FORTIS Plan        31

   not be submitted during the initial offering period of the Shares being
◆			                                                                                  The right to convert or exchange shares is not intended to facilitate excessive
   acquired                                                                           and/or short-term trading. The Directors at all times reserve the right to reject
                                                                                      any conversion order for any reason without prior notice. Where possible the
                                                                                      Registrar, in consultation with the investment manager, will endeavour to
Other Policies About Share Trading                                                    monitor “round trips.” A “round trip” is a redemption or exchange out of a Fund
Large Redemptions and Conversions                                                     (by any means) followed by a purchase or exchange back into any Fund (by any
If on any Valuation Day a Fund receives requests to sell or convert Shares            means).The Board of Directors may limit the number of round trips carried out
totalling more than 10% of its net assets, the Fund may defer part or all of          by a Shareholder.
these requests until the next Valuation Day, or further, if it believes this action
is necessary to protect the general interests of Shareholders. Requests
deferred under this policy will be processed ahead of orders received                 Fund Costs
subsequently, and at the Share Price in effect when processing occurs,                Management Fee and Service Fee
adjusted for any applicable dealing charges and commissions.                          The Management Fee is defined at Share Class level for each of the Funds. The
                                                                                      Management Fee is accrued daily at the rates specified in the Fund-by-Fund
If in exceptional circumstances, and for whatever reason, redemption proceeds         information in this Prospectus and is paid periodically in arrears to the
cannot be paid within two Business Days from the relevant Valuation Day, for          Management Company. The Management Fee is used by the Management
example when the liquidity of the relevant Fund does not permit, then payment         Company to pay and compensate the Investment Manager to whom the daily
will be made as soon as reasonably practicable thereafter (not exceeding,             management of the assets of the Funds has been delegated. Some proceeds
however, ten Business Days from the relevant Valuation Day) at the NAV per            from Management fees may also be used by the Management Company to pay
Share calculated on the relevant Valuation Day.                                       and compensate Distributors for marketing Fund Shares.

Frequent Trading                                                                      Apart from the Management Fee, each Fund will be charged a service fee (the
Investment in the Funds is intended for long-term purposes only. The Directors        “Service Fee”) to cover the administration and safekeeping of assets and other
will take reasonable steps to seek to prevent excessive and/or short-term             ongoing operating and administrative expenses. The Service Fee does not
trading or similar abusive practices. Excessive and/or short-term trading into        include brokerage charges, non-custody related transaction costs, interest and
and out of a Fund can disrupt or impair portfolio investment strategies, are          bank charges, and Extraordinary Expenses (as defined below). These will be
likely to unnecessarily increase expenses, and might negatively impact                paid directly from the assets of the relevant Funds.
investment returns for all Shareholders, including long-term Shareholders who
do not generate these expenses. The Directors reserve the right to reject any         The fixed Service Fee is defined at Share Class level for each of the Funds. The
redemption, purchase or conversion request delivered by any investor or group         fixed Service Fee is accrued daily at the rates specified in the Fund-by-Fund
of investors for any reason without prior notice if the Directors believe that        information in this Prospectus and is paid periodically in arrears to the
such redemption, purchase or conversion request disrupts or impairs the               Management Company. The Service Fee is fixed in the sense that the
trading activity in the portfolio(s) and account(s) of a Fund. For example, the       Management Company will bear the excess of any such expenses above the
Directors may refuse a purchase order if they believe it would be unable to           annual rate specified for each Class of Shares of any Fund. Conversely, the
invest the money effectively in accordance with that Fund’s investment policies       Management Company will be entitled to retain any amount which falls below
or that the Fund would otherwise be adversely affected due to the size of the         such annual rate specified for each Class of Shares of any Fund.
transaction, frequency of trading or other factors.
                                                                                      Such Service Fee covers (i) for costs and expenses related to other services
The trading history of accounts under common ownership or control within any          rendered by the Management Company that may have been delegated, such as
of the Funds may be considered in enforcing these policies. Transactions              functions related to the daily NAV calculation of the Funds and other
placed through the same financial intermediary on an omnibus basis may be             accounting and administrative services, registrar and transfer agency
deemed a part of a group for purposes of this policy and may be rejected on           functions, costs related to the distribution and marketing of the Funds and to
the same grounds in whole or in part by or on behalf of the Directors without         the registration of Funds for public offering in foreign jurisdictions including
prior notice.                                                                         fees due to supervisory authorities in such countries;

Transactions accepted by a financial intermediary or placed with the SICAV in         (ii) statements of fees and expenses related to other agents and service
violation of the SICAV’s excessive and/or short-term trading policy are not           providers directly appointed by the SICAV like the Custodian, principal or local
deemed accepted by the SICAV and may be cancelled or revoked by the SICAV             paying agents, listing agent and stock exchange listing expenses, auditors and
on the next Business Day following receipt by the respective agent.                   legal advisors, Director’s fee and reasonable attendance and out-of-pocket
                                                                                      expenses incurred by the SICAV’s Directors;
Investors should be aware that there are practical restraints both in
determining the policy which is appropriate in the interests of long-term             (iii) other fees like formation expenses and costs related to the creation of new
investors, and in applying and enforcing such policy. For example, the SICAV          Funds, expenses incurred in the issue and redemption of Shares and payment
cannot always identify or reasonably detect excess and/or short term trading          of dividends (if any), insurance, rating expenses as the case may be, Shares
practices that may be facilitated by financial intermediaries or made difficult to    prices publication, costs of printing, reporting and publishing expenses,
identify by the use of omnibus accounts by those intermediaries that transmit         including the cost of preparing, printing and distributing prospectuses,
purchase, exchange and redemption orders to the Funds. Also, investors such           explanatory brochures, information newsletters for shareholders and other
as fund of funds, asset allocation funds, structured products and unit-linked         periodical reports or registration statements, and all other operating expenses,
products will change the proportion of their assets invested in a Fund in             including postage, telephone, telex and telefax.
accordance with their own investment mandate or investment strategies. The
Directors will, however, use their best endeavour and efforts to identify any         Fund Extraordinary Expenses
excess and/or short term trading or similar abusive practices and will seek to        Each of the Funds shall bear its own extraordinary expenses (“Extraordinary
balance the interests of such investors in a way which is consistent with the         Expenses”) including, without limitation, litigation expenses and the full
interests of long term investors but no assurance can be given that the               amount of any tax, levy, duty or similar charge imposed on the Funds or their
Directors or the investment manager will succeed in doing so in all                   assets that would not be considered as ordinary expenses. Extraordinary
circumstances.                                                                        Expenses are accounted for on a cash basis and are paid when incurred or
                                                                                      invoiced, from the net assets of the Funds to which they are attributable. Each
                                                                                      Fund will be charged Extraordinary Expenses in respect of all such expenses
32       FORTIS Plan

and disbursements attributable to it. The Extraordinary Expenses not                 In certain prevailing market conditions, taking into account the level of buying
attributable to a given Fund will be allocated to all the Funds to which they are    and selling in a relevant Fund and the size of the Fund, the Directors may
attributable on an equitable basis, in proportion to their respective net assets.    consider it in the best interest of Shareholders to calculate the NAV per share
                                                                                     of such Fund using securities or instruments bid or offer prices, and/or by
Shareholder Transaction charges                                                      applying an estimate of the bid/offer spread applicable to the markets in which
The maximum transaction fees charged on a purchase or redemption                     the Fund’s securities are traded. It may further adjust such NAV for any dealing
transaction of any class of Shares for each Fund are specified in the Fund-by-       charges and sales commissions incurred, provided always that such dealing
Fund information in this Prospectus. Some proceeds from transaction fees may         charges and sales commissions shall not exceed 1% of the net asset value of
be used by the Management Company to pay and compensate Distributors for             the Fund at such time.
marketing Fund Shares.
                                                                                     Policies for valuing assets Values of assets are determined as follows:
Note that while the maximum transaction fees include all transaction fees
charged by the SICAV, Distributors and any sub-distribution agents, they do not      (a) The value of any cash on hand or on deposit, bills and demand notes
include any fees (such as administrative charges) that may be imposed by                 and accounts receivable, prepaid expenses, cash dividends and interest
anyone you engage as your agent (such as a bank). It is your agent’s duty to             declared or accrued and not yet received is deemed to be the full amount
disclose any of its fees, and your responsibility to pay them.                           thereof, unless in any case the same is unlikely to be paid or received
                                                                                         in full, in which case the value thereof is arrived at after making such
Additional Cost Information for International Derivatives Fund                           discount as may be considered appropriate in such case to reflect the true
Pursuant to the Investment Management Agreement, the Investment Manager                  value thereof.
is entitled to receive from the net assets of any Class of Shares of International
Derivatives Fund an annual performance-based incentive fee (the “Performance         (b) The valuation of any security admitted to official listing or traded on any
Fee”) of 10% based on the total number of participating Shares outstanding,              other regulated market, operating regularly, which is recognized and open
calculated on the value increase per participating Share. The Performance Fee            to the public, is based on the last known price in Luxembourg, on the
will be calculated on a daily basis. The term “value increase” is understood as          valuation day, and, if that security is traded on several markets, based
the positive difference between the NAV per Share on the day (before                     on the last known price on the principal market for the security; if the
deduction of the performance fee) and the Highest NAV per Share recorded up              last known price is not representative, the valuation will be based on
to that moment (before deduction of the performance fee). The Highest NAV                the probable realisation value that the Board of Directors will regularly
per Share is defined as not being less than EUR 85.49 per Share. On each                 estimate prudently and in good faith by a qualified professional appointed
Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is            for this purpose in common agreement by the Board of Directors and the
made, when appropriate, and the Performance Fee is payable monthly.                      Custodian.

Computation of Performance Fees Performance Fee computations are made                (c) Securities not listed or traded on a stock market or any other regulated
by the Accounting Agent and audited annually by the independent auditors of              market, operating regularly, which is recognized and open to the public,
the Fund. The Directors may make such adjustments of accruals as they deem               will be valued on the basis of their probable realisation value estimated
appropriate to ensure that the accrual represents fairly and accurately the              prudently and in good faith.
Performance Fee liability that may eventually be payable by the Fund or Class
to the Investment Manager.                                                           (d) The liquidating value of futures, forward or options contracts not traded
                                                                                         on exchanges or on regulated markets and/or other regulated markets
Monthly Payment of Performance Fees The monthly Performance Fee                          shall mean their net liquidating value determined, in accordance with
payable is equal to the Performance Fee accrued through to close of business             the policies established by the Directors, on a basis consistently applied
on the last Valuation Day of each month.                                                 for each different variety of contracts. The liquidating value of futures,
                                                                                         forward and options contracts traded on exchanges or on regulated
                                                                                         markets and/or other regulated markets shall be based upon the last
Share Prices                                                                             available settlement prices of these contracts on exchanges and regulated
Share Price Calculation          Share Price Publication                                 markets and/or other regulated markets on which the particular futures,
Daily                            Bloomberg, Reuters, many major newspapers,              forward or options contracts are traded by the SICAV; provided that if a
                                 www.fortisinvestments.com or at the                     futures, forward or options contract could not be liquidated on the day
                                 Registrar’s or SICAV’s offices during business          with respect to which net assets are being determined, the basis for
                                 hours                                                   determining the liquidating value of such contract shall be such value
                                                                                         as the board of directors may deem fair and reasonable. Swaps will be
How Share Prices are Calculated                                                          valued at their market value.
For each Share Class of each Fund, the Net Asset Value (NAV) per Share is
expressed in the applicable reference currency (as defined in the Prospectus).       (e) The value of money market instruments not listed or dealt in on any stock
NAV per Share is determined as of each Valuation Day. For any given Fund and             exchange or any regulated market and/or other regulated market and with
Share Class, NAV per Share is calculated by taking the portion of SICAV assets           remaining maturity of less than 12 months and of more than 90 days is
attributable to that Fund and Share Class (as valued according to the valuation          deemed to be the nominal value thereof, increased by any interest accrued
policies below), subtracting the portion of SICAV liabilities attributable to that       thereon. Money market instruments with a remaining maturity of 90 days
Fund and Share Class, and dividing the result by the total number of Shares in           or less will be valued by the amortized cost method, which approximates
that Share Class then outstanding. NAV per Share may be rounded up or down               market value.
to the nearest unit of the relevant reference currency, as determined by the
Directors.                                                                           (f) Units or shares of open-ended UCI will be valued at their last determined
                                                                                         and available net asset value or, if such price is not representative of the
If there has been a material change in quoted prices in markets where a                  fair market value of such assets, then the price shall be determined by the
substantial portion of the assets of any Share Class and Fund are traded or              Directors on a fair and equitable basis. Units or shares of a closed-ended
quoted, the SICAV may, in order to safeguard the interests of Shareholders and           UCI will be valued at their last available stock market value.
itself, cancel the first NAV per share and calculate a new one.
                                                                                                                                                             FORTIS Plan         33

(g) All other securities and other assets will be valued at fair market value as                Dividends
    determined in good faith in accordance with procedures established by the
    Directors.                                                                                  As there will only be issued capital growth Shares, no distribution of dividends
                                                                                                will be made, but there will be aimed at an increase in the net asset value of
The value of all assets and liabilities not expressed in the reference currency of              such Shares. The value of such increase will be reflected, for each Fund’s
a Fund will be converted into the reference currency of such Fund at the rate of                Shares, in the NAV.
exchange ruling in Luxembourg on the relevant Valuation Day. If such
quotations are not available, the rate of exchange will be determined in good
faith by or under procedures established by the Directors.                                      Taxation
                                                                                                The following summary is based on current law and practices in the Grand
The Directors, in their discretion, may permit some other method of valuation                   Duchy of Luxembourg, which may change in the future.
to be used if they consider that such valuation better reflects the fair value of
any asset of the SICAV.                                                                         Taxes Incurred by Funds
                                                                                                Each Fund
Temporary Suspension of NAV per Share Calculation The Board of
                                                                                                Each Fund incurs a Luxembourg annual subscription tax (taxe d’abonnement) of
Directors may temporarily suspend the calculation of any Fund’s NAV per Share
                                                                                                0.05% of total assets (0.01% for Class I Shares, if any). Neither any Fund nor
and the issue, redemption and conversion of Shares if any of the following
                                                                                                the SICAV currently incurs any Luxembourg stamp duty or any taxes on profits,
apply:
                                                                                                income, capital appreciation, Share issuance or distributions paid. Interest,
                                                                                                dividends and other revenue from foreign investments may be subject to non-
   a market where a substantial portion of Fund assets trades is unexpectedly
◆			
                                                                                                recoverable withholding taxes in the countries of origin. Taxes incurred by a
   closed
                                                                                                Fund are paid from Fund assets and their effect is reflected in the Share Price.
   there is a restriction or suspension of trading in securities, or there is a
◆			

   breakdown in communications systems, that could affect portfolio value
                                                                                                All Funds
   the Directors believe it would be unwise or impractical for the Fund to sell or
◆			
                                                                                                The annual subscription tax, or taxe d’abonnement, is payable quarterly and is
   value assets as a result of an emergency
                                                                                                based on the aggregate net assets of the Funds at the end of the relevant
   the Directors believe the Fund is unable to repatriate monies needed for
◆			
                                                                                                calendar quarter.
   redemption at normal rates of exchange
   a
◆			 notice has been published concerning the winding-up or merging of the
                                                                                                Special risks created by German tax publication requirements
   SICAV
                                                                                                If requested by the German fiscal authorities, a SICAV must document the
   any other condition exists that prevents the Fund from promptly or accurately
◆			
                                                                                                accuracy of its published tax information. Because the basis for calculating
   assessing the value of its assets
                                                                                                these figures is open to interpretation, there is no guarantee that the German
   or any other cases of force majeure, when the Board of Directors considers
◆			
                                                                                                authorities will accept the SICAV’s calculation methodology in every material
   by reasoned decision that such a suspension is necessary to safeguard the
                                                                                                aspect. Any resulting correction generally will take effect only during the
   general interests of the shareholders concerned.
                                                                                                current financial year, not retrospectively, and as a result may positively or
                                                                                                negatively affect investors who receive a distribution, or an attribution of
Notice of any suspension will published in a Luxembourg daily newspaper and
                                                                                                deemed income distribution, in the current year.
in any other newspapers the Directors choose, prior to the end of the
suspension. If you place an order to buy, sell or convert Shares and it has not
been executed when a suspension begins, or if you place an order during a                       Taxes Incurred by Investors
suspension, we will attempt to notify you of the suspension and give you the                    Buying, holding or selling Shares in the Funds may create tax consequences for
opportunity to change or withdraw your order. If we do not hear from you, we                    you. Each investor’s tax situation is different, therefore you should consult your
will hold the orders over and execute them on the first Valuation Day following                 professional tax adviser.
the suspension.
                                                                                                General
Dual Pricing Provided it has no significant adverse impact on a Fund, the                       In principle, under current legislation and in the cases where the provisions of
Directors may arrange for any Share Class of any Fund to be offered in certain                  the EU Savings Directive, as further detailed below, do not apply, there are only
jurisdictions with a price calculated in a different currency than the reference                three categories of Shareholders who are subject to any Luxembourg capital
currency (at present only in Singapore dollar, but other major currencies may                   gains, income or withholding tax:
also be facilitated in the future). Price conversion is effectively instantaneous
and occurs at the conversion rates then in effect. Transactions involving the                      those domiciled, resident or having a permanent establishment in
                                                                                                ◆			

second currency are stated and paid in that currency. Redemption or conversion                     Luxembourg
orders can only be settled in the same currency as the currency in which the                       non-residents of Luxembourg who hold at least 10% of the SICAV’s Shares
                                                                                                ◆			

initial purchase or conversion order was settled.                                                  and who sell Shares within 6 months following purchase
                                                                                                   certain former residents of Luxembourg who hold at least 10 % of the
                                                                                                ◆			

Policies concerning Share Price publication The Directors are not                                  SICAV’s Shares
responsible for the timeliness and accuracy of Share Price publication beyond
the mandatory publication at the registered office of the SICAV. The Directors                  EU Savings Directive
may change where Share Prices are published at any time without notice.                         The Council of the European Union adopted Directive 2003/48/EC on the
                                                                                                taxation of savings income on 3 June 2003. This Directive, which has been
Calculation of pricing for conversion                                                           implemented in Luxembourg under the law of June 21, 2005, requires Member
The rate used for a conversion is calculated on the relevant Valuation Day,                     States of the European Union to provide the tax authorities of other Member
using the following formula:                                                                    States with details of payments of interest or similar payments paid by an
                         (AxBxC)x(1-D)                                                          agent within its jurisdiction to an individual resident in that other Member
                                                   =F
                                     E                                                          State. Austria, Belgium and Luxembourg apply automatic withholding tax in
                                                                                                relation to such payments in lieu of automatic exchange of information. The
A: number of Shares to be converted, B: Net Asset Value of the Shares to be converted, C: the
currency conversion factor (if any), D: conversion charge (to pay recognised agents; maximum    rate of withholding tax will be 15% from July 1, 2005 to June 30, 2008, 20%
1%), E: Net Asset Value of the Shares to be allotted, F: number of Shares to be allotted        from July 1, 2008 to June 30, 2011 and 35% from July 1, 2011.
34       FORTIS Plan


For Funds that directly or indirectly invest between 15% and 40% of their net
assets in debt claims, dividend distributions will be subject to withholding
while redemptions are not. For Funds that invest directly or indirectly more than
40% of their net assets in debt claims, both distributions and redemptions will
be subject to withholding. For Funds that directly or indirectly invest less than
15% of their net assets in debt claims, distributions and redemptions will be
excluded from the scope of this Directive. Funds with an objective of investing
in equities only are not within the scope of the above directive.

Because the SICAV is likely to have Shareholders in many different
jurisdictions, the Prospectus does not attempt to summarise the taxation
consequences that Share transactions may have for each Shareholder. These
consequences will vary depending on a Shareholder’s personal circumstances
and country of citizenship, residence, domicile or incorporation.

In general, any time you sell Shares or receive a distribution from a Fund, you
may be liable for taxes or other charges in your jurisdiction.


Our Investor Information Policies
Information Required by Law
By law, all persons and entities seeking to make a first investment in a Fund
(including individuals, corporations and financial intermediaries) must deliver
proper and sufficient identification to the Registrar before any investments in a
Fund are accepted. The Registrar may require additional information from
investors before accepting an order, and may delay or refuse any order to buy
or sell Fund Shares if it believes there is reasonable doubt about an investor’s
identity or the authenticity or propriety of an order. Investors should be aware
that the Registrar is required by law to monitor transactions in Fund Shares for
any suspicious activity.

Handling of Personal Information
In applying to invest in a Fund, you authorise the SICAV to store, modify
and use whatever confidential information about you it may acquire,
from you or any other source, and at whatever time, for purposes
related to your account and your business relationship with FORTIS
Plan. To the extent that this requires the SICAV to share information
with various service providers, either within or outside of the Fortis
Group of Companies, you authorise this use of the information as well.
Note that some service providers based outside the European Union
may have lower data protection standards. Allowable uses of
information may include recordkeeping, processing orders and
responding to your enquiries, as well as providing you with
information on other products and services. Neither the SICAV nor
the Management Company will divulge any confidential Shareholder
information unless required to do so by law or regulation.
                                                                                                                                                  FORTIS Plan        35

Country-Specific Information                                                         Sweden
                                                                                     ABN AMRO Kapitalförvaltning AB,
                                                                                     Birger Jarlsgatan 7, S-107 25 Stockholm
Representatives in Registered Countries                                              United Kingdom
                                                                                     FORTIS Investment Management UK Ltd.
Austria                                                                              82 Bishopsgate, London EC2N 4BN
ABN AMRO Bank N.V. Filiale Wien
Operngasse 2, A-1010 Vienna                                                          Copies of the latest Articles of Incorporation of the SICAV, its Full Prospectus,
                                                                                     Simplified Prospectuses and financial reports, in English language, may be
Czech Republic                                                                       obtained, free of charge, upon request at the registered office of the
Atlantik-Kilcullen Asset Management, a.s.                                            Representative of the SICAV in the United Kingdom. Share prices may also be
Hilleho 6, 60200 Brno                                                                requested from the United Kingdom Representative of the SICAV and are
                                                                                     available at www.fortisinvestments.com. Representative of the SICAV in the
Denmark                                                                              United Kingdom may arrange for the subscription/redemption of Shares upon
ABN AMRO Asset Management                                                            request. Further information about the SICAV and the relevant dealing
Fondsmaeglerselskab A/S, Amaliegade 35                                               procedures or complaints may be obtained from or raised to any Distributor or
Postboks 2198, DK-1017 Copenhagen                                                    the Representative of the SICAV in the United Kingdom

Finland
ABN AMRO Omaisuudenhoito Suomi Oy
Pohjoisesplanadi 37 A, FIN-00100 Helsinki

France
Neuflize OBC Asset Management (NOAM) S.A.
3, Avenue Hoche, F-75410 Paris Cedex 08

Hong Kong
ABN AMRO Asset Management (Asia) Limited
37/F Cheung Kong Centre, 2 Queens’s Road Central, Hong Kong

Ireland
BNY Fund Services (Ireland) Limited, Guild House,
Guild Street, IFSC, Dublin 1

Copies of the latest Articles of Incorporation of the SICAV, its Prospectus and
financial reports and any other documents mentioned herein are available for
inspection at the offices of the Ireland Representative of the SICAV provided
the interested investor has given notice to the Ireland Representative of the
SICAV. The Ireland Representative of the SICAV may also arrange for the
subscription or conversion of Shares, the payment of dividends, if any, and the
payment of redemption and repurchase proceeds upon request. The Ireland
Representative of the SICAV also may receive complaints for forwarding to the
SICAV. Irish investors may be liable to income tax or other taxes. Irish investors
may request Irish taxation information from the Ireland Representative of the
SICAV and should consult their professional tax adviser for information on Irish
taxation.

Luxembourg
ABN AMRO Bank (Luxembourg) S.A
46, avenue J-F. Kennedy,
L-1855 Luxembourg-Kirchberg

Netherlands
ABN AMRO Bank N.V.
Gustav Mahlerlaan 10, 1082 PP Amsterdam

Norway
ABN AMRO Förvaltning ASA,
Olav V’s gate 5, P.O. Box 1294 Vika
N-0111 Oslo

Singapore
FORTIS Investment Management (Singapore) Ltd
One Raffles Quay #21-10
South Tower
Singapore 048583
36   FORTIS Plan




     The SICAV




     37   Operations and Business Structure
     37   The Board of Directors
     38   Service Providers
     41   Policies
                                                                                                                                                  FORTIS Plan      37


The SICAV
Operations and Business Structure                                                     The Directors have applied to have all Shares listed on the Luxembourg Stock
                                                                                      Exchange, as and when issued, and may arrange for the Shares of any Class or
    SICAV name                             Registration number                        Fund to be listed on any other Stock Exchange.
    FORTIS Plan                            B 77227

    SICAV incorporation                    Capital                                    The Board of Directors
    7 August 2000                          Total net assets of all the Funds          The Directors shall have the broadest powers to act in any circumstances on
                                                                                      behalf of the SICAV, subject to the powers expressly assigned by law to the
    Financial year                         Minimum capital (under                     general meetings of Shareholders. The Directors are responsible for the overall
    1 November - 31 October                Luxembourg law)                            management of the SICAV, including setting general policy and reviewing the
                                           EUR 1,250,000 or equivalent in any         actions of the Management Company and all other service providers.
    Legal jurisdiction                     other currency
    Grand Duchy of Luxembourg                                                         Directors serve until their term ends, they resign, or they are revoked, in
                                           Par value of Shares                        accordance with the Articles. Any additional Directors will be appointed in
    Registered office                      None                                       accordance with the Articles and Luxembourg law. Independent directors may
    46, avenue J-F. Kennedy, L-1855                                                   receive a fee for their work on the board, and all Directors may be reimbursed
    Luxembourg-Kirchberg                   Share capital currency                     for out-of-pocket expenses in connection with the performance of their duties
                                           Euro                                       as Directors.

Structure and Governing Law                                                           The Directors of the SICAV as of the date of this Prospectus are:
The SICAV has an “umbrella structure” under which its capital is divided into
different investment portfolios. There is no cross-liability between Funds. Each      Mrs Claire Collet
Fund is exclusively responsible for those liabilities attributable to it; the claim   Head of Fund Structuring
of any third party against a Fund can only be made against the assets of that         FORTIS Investment Management Luxembourg S.A.
Fund. The SICAV was originally authorised under part II of the Luxembourg
law of 30 March 1988. In keeping with a decision of the general meeting               Mr Thomas Leavitt
of Shareholders on 27 January 2006, the SICAV is now authorised under                 Head of Marketing
part I of The Law. The SICAV qualifies as a UCITS under Article 1(2) of the           FORTIS Investment Management Belgium S.A.
amended Council Directive EEC/85/611 of 20 December 1985, and Shares may              Brussels
therefore be offered for sale in EU Member States (subject to registration in
countries other than Luxembourg). You can look at, or obtain copies of, various       Mr Bernard Wester
documents pertaining to the SICAV and its operations at the SICAV’s registered        Managing Director
office. These documents include the Articles and the agreements between the           FORTIS Investment Management Luxembourg S.A.
Management Company and the Investment Managers and service providers.
                                                                                      Mr Nicolas Faller
Purpose                                                                               Head of Distribution Partners
The SICAV’s purpose is to manage its capital for the benefit of its Shareholders.     FORTIS Investment Management Belgium S.A.
Funds within the SICAV invest in a variety of Transferable Securities, Money          Brussels
Market Instruments and derivative instruments, using the principle of risk
spreading, and have the general investment goal of seeking the best possible          Mr Marnix Arickx
result.                                                                               Managing Director
                                                                                      FORTIS Investment Management Belgium S.A.
Share Class Policies                                                                  Brussels
All Shares must be fully paid-up. No Shares carry any preferential or pre-
emptive rights. The SICAV is open-ended, meaning that Shareholders may                Mr Thierry Sciard
redeem their Shares at prices based on the last applicable NAV.                       Global Head of Alternatives
                                                                                      FORTIS Investment Management U.K. Ltd.
Each Share, regardless of Class, is entitled to one vote in all matters brought
before a general meeting of Shareholders. A Fund may issue fractional Shares
of as little as 1/100 of a Share. Fractional Shares do not have voting rights but
are entitled to their full pro-rata amount of the any dividends, reinvestments,
and liquidation proceeds.

The Directors determine which Funds will issue which Share Classes and
when, and set the issue price. The Directors reserve the right to change the
characteristics of a Share Class, create additional Share Classes, or merge or
close existing Share Classes, and also to determine the availability of any
Share Class to any Distributor and in any jurisdiction.

The Directors may add new Funds, and will set the offering period for any Fund
that is added. The offering period will be made public through the Prospectus,
the Application Form or the relevant newspapers, as the Directors choose.
38       FORTIS Plan

Service Providers
Management Company
The SICAV has delegated responsibility for investment management,
administration and marketing to the Management Company. The Management
Company, with the SICAV’s permission, has in turn delegated certain
administrative functions to specialised service providers based in Luxembourg
(see table below) and has delegated the investment management functions to
various Investment Managers (see following page).

The exercise of these functions is subject to the overall supervision of the
Board of Directors of the SICAV. For this purpose, the Management Company
presents periodic reports to the Board of the SICAV.

The Management Company monitors the activities of the Investment Managers
and administrative service providers, and may impose limitations, give
additional instructions, or summarily withdraw any and all responsibilities
delegated if it believes that doing so is in the best interests of Shareholders.
Any delegation of duty does not affect the Management Company’s liability
toward the SICAV.

Custodian and Paying Agent
With regard to the current agreement delegating the SICAV’s custodian and
paying agent functions, either the SICAV or the Custodian can end this
delegation with three month’s prior notice, with the Custodian continuing to act
as such until it is replaced and all SICAV assets have been transferred to the
new Custodian.

The Custodian may delegate responsibility for SICAV assets (especially foreign
securities) to other entities it believes competent, such as a clearing system or
correspondent bank, although its liability for these assets remains unchanged.

Distributors, Nominee and Market Maker Services
The SICAV may contract with various companies, either within or outside of
Fortis Group, to distribute Fund Shares.

Distributors may act as Nominees for investors who buy Shares through them.
A Nominee buys, sells and converts Shares on behalf of individual investors.
However, rather than registering each investor’s ownership with the Registrar,
the Nominee registers all its investors’ Shares in its own name. The Nominee
then maintains its own records of Share ownership, and provides its investors
with individualised information as to their holdings of Fund Shares. Except
where contradictory to local law, any investor holding Shares in a nominee
account has a direct claim to those Shares. A Nominee may charge a fee for its
services, as determined by the terms and conditions governing the relationship
between it and its investors.

The SICAV may also, within Luxembourg laws and regulations, contract with
companies within the Fortis Group to act as market maker for Fund Shares.

Except otherwise provided by local law, you may buy Shares directly from the
SICAV, on the same terms available through Distributors and Nominees.
                                                                                                                                           FORTIS Plan           39


Name
and Registered Address                      Incorporation                                              Main responsibilities for the SICAV
Management Company and Promoter             11 October 1991, as a Luxembourg société anonyme,          Investment management, administration and marketing
ABN AMRO Investment Funds                   a wholly owned subsidiary of ABN AMRO Asset                functions.
S.A. 46, avenue J-F. Kennedy                Management Holding N.V., Amsterdam, The Netherlands,
L-1855 Luxembourg-Kirchberg                 in Luxembourg, authorised as a management company
Luxembourg                                  under chapter 13 of The Law, provides collective portfolio
                                            management services to UCI’s. The current capital of AAIF
                                            has been set at EUR 1,500,000,-. The Directors are David
                                            Suetens, Tonika Hirdman, Julian Kramer, Derek Ramage
                                            and Bernard Wester, while Derek Ramage and Bernard
                                            Wester are responsible for the conduct of the management
                                            company’s daily business and operations.

As of 1 July 2008:                          25 March 1998, as a Luxembourg limited company (société Investment management, administration and marketing
FORTIS Investment Management                anonyme), authorised as a management company under      functions.
Luxembourg S.A.                             chapter 13 of The Law, provides collective portfolio
14, rue Aldringen                           management services to UCI’s. Its current fully paid up
L-1118 Luxembourg                           capital is of EUR 1,308,879.29.
                                            The Directors are: Mr Thomas Rostron, Mr Marnix Arickx,
                                            Mr William de Vijlder, Mr Jean-François Fortemps,
                                            Mr Jean Pfeiffenschneider, Mr Benoit Quisquater and
                                            Mr Keith Rake.
Service Providers
Registrar and Transfer Agent                19 July 1990, as a société anonyme                       Processing orders to buy and sell Fund Shares,
State Street Bank Luxembourg                in Luxembourg.                                           maintaining the Register of Shareholders and delivering
S.A 49, avenue J-F. Kennedy                                                                          and receiving Share certificates.
L-1855 Luxembourg-Kirchberg

As of 3 October 2008:                       14 January 1998, as a société anonyme                    Processing orders to buy and sell Fund Shares,
Fastnet Luxembourg S.A.                     in Luxembourg.                                           maintaining the Register of Shareholders and delivering
31-33 avenue Pasteur                                                                                 and receiving Share certificates.
L-2311 Luxembourg
Custodian and Paying Agent                  24 October 2002, a limited liability company under       As Custodian: collecting income and the proceeds of
BNY Mellon Asset Servicing B.V. acting      Dutch law                                                transactions, executing all financial transactions
through its Luxembourg branch established                                                            according to Management Company instructions and
at, 1A, rue Hoehenhof,                                                                               providing all banking facilities. Also, ensuring that the
L-1736 Luxembourg-Senningerberg                                                                      scale, issue, redemption and cancellation of Shares
                                                                                                     are carried out according to the Law and the Articles,
                                                                                                     that the SICAV makes and receives payments within
                                                                                                     the customary settlement dates, and that all income
                                                                                                     received is applied according to the Articles. As Paying
                                                                                                     Agent: making payment of the SICAV’s distributions and
As of 10 November 2008:                                                                              redemption proceeds.
Fortis Banque Luxembourg S.A.
50 avenue J.F. Kennedy                      21 June 1935, as a société anonyme                       As Custodian: collecting income and the proceeds of
L-2951 Luxembourg                           in Luxembourg.                                           transactions, executing all financial transactions
                                                                                                     according to Management Company instructions and
                                                                                                     providing all banking facilities. Also, ensuring that the
                                                                                                     scale, issue, redemption and cancellation of Shares
                                                                                                     are carried out according to the Law and the Articles,
                                                                                                     that the SICAV makes and receives payments within
                                                                                                     the customary settlement dates, and that all income
                                                                                                     received is applied according to the Articles. As Paying
                                                                                                     Agent: making payment of the SICAV’s distributions and
                                                                                                     redemption proceeds.
Accounting Agent                            19 July 1990, as a société anonyme in Luxembourg;        Responsible for the calculation of the Net Asset Value
State Street Bank Luxembourg                                                                         per Share for each Fund, the bookkeeping and other
S.A. 49, avenue J-F. Kennedy                                                                         accounting related duties.
L-1855 Luxembourg-Kirchberg
Luxembourg

As of 10 November 2008:                     14 January 1998, as a société anonyme                    Responsible for the calculation of the Net Asset Value
Fastnet Luxembourg S.A.                     in Luxembourg.                                           per Share for each Fund, the bookkeeping and other
31-33 avenue Pasteur                                                                                 accounting related duties.
L-2311 Luxembourg
40       FORTIS Plan


Name
and Registered Address                         Incorporation                                                 Main responsibilities for the SICAV
Service Providers
Investment Manager                             5 December 1929, under Netherlands law; indirectly a
ABN AMRO Asset Management                      wholly owned subsidiary of Fortis Bank S.A./N.V. and
(Netherlands) B.V.                             registered with the Netherlands Authority for the Financial
De Entree 99-197                               Markets (Autoriteit Financiële Markten)
1101 HE Amsterdam
The Netherlands
Guarantor
Fortis Bank S.A./N.V.
3, Montagne du Parc / Warandeberg,
1000 Brussels, Belgium.
Auditor
Ernst & Young
7, Parc d’Activité Syrdall, L-5365 Munsbach,
Luxembourg
Principal Legal Adviser
Bonn Schmitt Steichen
44, rue de la Vallee, L-2661 Luxembourg
                                                                                                                                                    FORTIS Plan         41

Policies                                                                              Notices, including general meeting notices, are made according to Luxembourg
                                                                                      law. Each meeting notice will specify the place and time of the meeting, the
Conflicts of Interest                                                                 conditions of admission, the agenda and the quorum and voting requirements.
The Management Company, the Investment Managers, the Custodian, the                   Shareholders receive one vote for each whole Share they own.
Registrar, Distributors and their respective affiliates, directors, officers and
shareholders are or may be involved in other financial, investment and                Before 28 February each year, the SICAV publishes a detailed report on its
professional activities that may create conflicts of interest with the                financial and investment activities for the fiscal year that ended the previous
management and administration of the SICAV. These include the management              31 October. The report includes the consolidated accounts of all Funds, a list of
of other funds, purchases and sales of securities, brokerage services, custodian      each Fund’s assets, and the Auditor’s report. An abridged version of this annual
and safekeeping services and serving as directors, officers, advisors or agents       audited report may be sent to registered Shareholders with the annual general
of other funds or other companies, including companies in which a Fund may            meeting notice. Before 30 June each year, the SICAV also publishes an
invest. Each of the Parties will ensure that the performance of their respective      unaudited semi-annual report, which includes a list of Fund assets and the
duties will not be impaired by any such involvement that they might have. In          number of Shares issued and redeemed since the last publication.
the event that a conflict of interest does arise, the Directors and the relevant
Parties involved shall endeavour to resolve it fairly within reasonable time and      Copies of the SICAV’s meeting notices and reports are sent to Shareholders
in the interest of the Shareholders.                                                  automatically, and may also be obtained free of charge at the registered office
                                                                                      of the SICAV.
Choice of Counterpart
In executing securities transactions and in selecting any broker, dealer or other     Dissolution of the SICAV
counterpart, the Management Company and any Investment Managers will use              The SICAV may at any time be dissolved by a resolution of the general meeting
due diligence in seeking the best overall terms available. For any transaction,       of Shareholders subject to the quorum and majority requirements referred to in
this will involve consideration of all factors deemed relevant, such as market        the Articles.
breadth, security price and the financial condition and execution capability of
the counterpart. An Investment Manager may select counterparts from within            Whenever the Share capital falls below two-thirds of the minimum capital
the Fortis Group so long as they appear to offer the best overall terms available.    indicated in the Articles, the question of the dissolution of the SICAV shall be
                                                                                      referred to the general meeting by the Directors. The general meeting, for
Guarantee                                                                             which no quorum shall be required, shall decide by simple majority of the votes
The Guarantor will guarantee the Guaranteed Value to investors at the                 of the Shares represented at the meeting.
respective Maturity Date of each Guaranteed Fund. The Guarantee will apply to
all Shares outstanding on the Maturity Date.                                          The question of the dissolution of the SICAV shall further be referred to the
                                                                                      general meeting whenever the Share capital falls below one-fourth of the
In case of a call of the Guarantee, the Guarantor will pay the SICAV on behalf        minimum capital set in the Articles; in such an event, the general meeting shall
of the relevant shareholders of any Guaranteed Fund the Total Amount Callable         be held without any quorum requirements and the dissolution may be decided
within 15 Business Days upon receipt of a drawing certificate (the “Drawing           by Shareholders holding one-fourth of the votes of the Shares represented at
Certificate”) to be issued by the SICAV no later than 5 Business Days after the       the meeting.
Maturity Date.
                                                                                      The meeting must be convened so that it is held within a period of forty days
The Guarantee shall be payable to any Guaranteed Fund as from the Maturity            from ascertainment that the net assets of the SICAV have fallen below
Date only. See “Dissolution of the SICAV” and ”Merger of Funds” below in the          two-thirds or one-fourth of the legal minimum, as the case may be.
event the SICAV or any Guaranteed Fund is liquidated before its Maturity Date.
                                                                                      Liquidation shall be carried out by one or several liquidators, who may be
Shareholders who redeem their Shares on a date other than the Maturity Date,          physical persons or legal entities, appointed by the general meeting of
will be paid the NAV per Share on the date of such redemption.                        Shareholders which shall determine their powers and their compensation.

The Guarantor reserves the right to terminate the Guarantee (i) in the event          In the event that for any reason the value of the net assets in any Fund has
where the Board of Directors of the SICAV is no longer composed of a majority         decreased to an amount determined by the Directors to be the minimum level
of representatives of the Fortis Group for reasons other than voluntary               for such Fund to be operated in an economically efficient manner, or if a change
resignation or (ii) if the Management Company is replaced by a company                in the economical or political situation relating to the Fund concerned would
chosen from outside the Fortis Group without the consent of the Guarantor             have material adverse consequences on the investments of that Fund or in
(provided that the Guarantor will not unreasonably withhold its consent               order to proceed to an economic rationalization, the Directors may decide to
regarding the replacement).                                                           compulsorily redeem all the Shares of the relevant Class or Classes issued in
                                                                                      such Fund at the net asset value per Share (taking into account actual
In the event that the SICAV or any Fund is liquidated before the Maturity Date,       realization prices of investments and realization expenses), calculated on the
Fortis Bank S.A./N.V. will meet its obligation as Guarantor by ensuring that the      Valuation Day at which such decision shall take effect. The SICAV shall:
shareholders of the Fund will be entitled to the higher of 1) the NAV of
the Fund on the date of liquidation, or 2) the present value at the date of              serve a notice to the holders of the relevant Class or Classes of Shares at
                                                                                      ◆			
liquidation of the Guaranteed Value of the Fund at the Maturity Date. This               least thirty days prior to the effective date for the compulsory redemption,
present value will be determined by applying the discount rate prevailing at             which will indicate the reasons for, and the procedure of the redemption
the date of liquidation that corresponds to the remaining period to the Maturity         operations: registered holders shall be notified in writing;
Date of the Fund.
                                                                                      Unless it is otherwise decided in the interests of, or to keep equal treatment
Meetings and Reports                                                                  between, the Shareholders, the Shareholders of the Fund concerned may
The annual general meeting of Shareholders of the SICAV is held in                    continue to request redemption or conversion of their Shares, free of charge
Luxembourg, at a place specified each year in the convening notice, on the            (but taking into account actual realization prices of investments and realization
third Thursday in February at 10.00 a.m. CET. If this day is not a Business Day, it   expenses), prior to the date effective for the compulsory redemption.
is held on the next Business Day.
42       FORTIS Plan

Notwithstanding the powers conferred to the Directors by the preceding
paragraph, the general meeting of Shareholders of the Class or Classes of
Shares issued in any Fund may, upon proposal from the Directors, redeem all
the Shares of the relevant Class or Classes issued in such Fund and refund to
the Shareholders the net asset value of their Shares (taking into account actual
realization prices of investments and realization expenses) calculated on the
Valuation Day at which such decision shall take effect. There shall be no
quorum requirements for such general meeting of Shareholders which shall
decide by resolution taken by simple majority of the Shares present or
represented.

Assets which may not be distributed to their beneficiaries upon the
implementation of the redemption will be deposited with the Custodian for a
period of six months thereafter; after such period, the assets will be deposited
with the Caisse de Consignations on behalf of the persons entitled thereto. All
redeemed Shares shall be cancelled.

Merger of Funds
Under the same circumstances as provided above in respect of, the Directors
may decide to allocate the assets of any Fund to those of another existing Fund
within the SICAV or to another undertaking for collective investment organized
under the provisions of Part I of the Law or to another Fund within such other
undertaking for collective investment (the “New Fund”) and to redesignate the
Shares of the Class or Classes concerned as Shares of another Class (following
a split or consolidation, if necessary, and the payment of the amount
corresponding to any fractional entitlement to Shareholders). The SICAV shall:

   serve a notice to the holders of the relevant Class or Classes of Shares
◆			

   at least thirty days prior to the effective date for any such merger, which
   will indicate the reasons for, and the procedure of the merger operations:
   registered holders shall be notified in writing.
   inform holders of bearer Shares by publication of a notice in newspapers to
◆			

   be determined by the Directors, which will contain information in relation to
   the New Fund.
   enable Shareholders to request redemption or conversion of their Shares,
◆			

   free of charge, during such period.

Notwithstanding the powers conferred to the Directors by the preceding
paragraph, a contribution of the assets and of the liabilities attributable to any
Fund to another Fund of the SICAV may be decided upon by a general meeting
of the Shareholders of the Class or Classes of Shares issued in the Fund
concerned for which there shall be no quorum requirements and which will
decide upon such a merger by resolution taken by simple majority of the Shares
present or represented.

A contribution of the assets and of the liabilities attributable to any Fund to
another undertaking for collective investment as referred to in the Articles or to
another Fund within such other undertaking for collective investment shall
require a resolution of the Shareholders of the Class or Classes of Shares
issued in the Fund concerned taken with 50% quorum requirement of the
Shares in issue and adopted at a two-thirds majority of the Shares present or
represented at such meeting, except when such a merger is to be implemented
with a Luxembourg undertaking for collective investment of the contractual
type (fonds commun de placement) or a foreign based undertaking for
collective investment, in which case resolutions shall be binding only on such
Shareholders who have voted in favour of such merger.
                                                                      FORTIS Plan   43


For More Information
Contact Information
Investor Services
FORTIS Investments Fund Services
P.O. Box 283 (AF 0540)
1000 EA Amsterdam
The Netherlands
Website: www.fortisinvestments.com
Email: fund.services@fortisinvestments.com
Telephone: +31 20 383 2600



Local Agents
Luxemburg
ABN AMRO Investment Funds S.A.
46, Avenue J-F. Kennedy
L-1855 Luxembourg-Kirchberg
Telephone: +352 26073304
Fax: +352 26072950

Netherlands
ABN AMRO Asset Management (Netherlands) B.V
P.O. BOX 283 (AF 0540)
1000 EA Amsterdam
The Netherlands



Regulator
Commission de Surveillance du Secteur Financier
Luxembourg
Website: www.cssf.lu



Out-of-Court Complaints and Redress Mechanism
FIN-NET
www.europa.eu.int/comm/internal_market/finservices-retail/index.htm

				
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