HANDELSBANKEN FUNDS. (formerly SVENSKA SELECTION FUND) SOCIETE D INVESTISSEMENT A CAPITAL VARIABLE (SICAV)

Transcription

1 HANDELSBANKEN FUNDS (formerly SVENSKA SELECTION FUND) SOCIETE D INVESTISSEMENT A CAPITAL VARIABLE (SICAV) ANNUAL REPORT For the year ended 31 December 2008

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3 Table of Contents SHAREHOLDERS INFORMATION Page 2 ADMINISTRATION AND SERVICE PROVIDERS 3 THE INVESTMENT MANAGER S REPORT 5 REPORT OF THE RÉVISEUR D ENTREPRISES 7 STATEMENT OF NET ASSETS 8 STATEMENT OF OPERATIONS 10 STATEMENT OF CHANGES IN NET ASSETS 12 STATEMENT OF CHANGES IN NUMBER OF SHARES OUTSTANDING 14 STATISTICAL INFORMATION 16 STATEMENT OF INVESTMENTS, CASH AT BANK AND OTHER NET ASSETS OR OTHER NET LIABILITIES Swedish Bonds Shares 19 Swedish Fixed Income Shares 20 Swedish Short Term Assets Shares 21 Sweden Shares 23 Russia Shares 24 Global Ethical 25 Euro Liquidity 32 Europe Selective 33 Nordic Shares 34 America Shares 35 Far East Shares 36 International Shares 41 STATEMENT OF INVESTMENTS Swedish Bonds Shares 42 Swedish Fixed Income Shares 42 Swedish Short Term Assets Shares 43 Sweden Shares 43 Russia Shares 44 Global Ethical 44 Euro Liquidity 45 Europe Selective 45 Nordic Shares 46 America Shares 46 Far East Shares 47 International Shares 47 NOTES TO THE FINANCIAL STATEMENTS 48 1

4 Shareholders Information Information to Shareholders of HANDELSBANKEN FUNDS (Société d Investissement à Capital Variable, SICAV) hereafter called Handelsbanken Funds or the Fund : Audited annual and unaudited semi-annual reports are available at the office of the domiciliary, registrar and transfer agent paying agent. Financial information concerning the Fund is published in the following newspapers: Cote Officielle de la Bourse de Luxembourg, Financial Times. Notices for the Annual General Meeting of Shareholders are published in: Mémorial C-Recueil des Sociétés et Associations, d Wort, Financial Times. The certified Articles of Incorporation were lodged at the office of the Registrar Registre de Commerce et des Sociétés of Luxembourg where they are available for inspection and where copies may be obtained upon request. The sale and repurchase prices of the shares may be obtained at the registered office of the Fund. Copies of portfolio changes are available at the office of the domiciliary, registrar and transfer agent - paying agent. No subscription can be accepted on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest available annual report and the latest available semi-annual report if published thereafter. 2

5 Administration and Service Providers Directors Registered Office Investment Manager Claes NORLEN, Stockholm, Sweden Chairman of the Company, Head of Handelsbanken Asset Management Appointed on 8 September 2008 Patrik HERTSBERG, Stockholm, Sweden Chairman of the Company, Head of Handelsbanken Asset Management Resigned on 8 September 2008 Julie KRENTZ, Mamer, Grand Duchy of Luxembourg Head of Investment Funds, Svenska Handelsbanken AB, Luxembourg Branch Dag TJERNSMO, Stockholm, Sweden Head of Regional Bank Norway Handelsbanken Funds 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg N B Handelsbanken Fonder AB S Stockholm Sweden Domiciliary, Svenska Handelsbanken S.A. (up to September 1, 2008) Registrar and 15, rue Bender Transfer agent L-1229 Luxembourg Paying agent, Grand Duchy of Luxembourg Administrative agent Svenska Handelsbanken AB, Luxembourg Branch (from September 1, 2008) 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg Custodian Listing Agent Réviseur d Entreprises / Auditor Svenska Handelsbanken S.A. 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg Svenska Handelsbanken S.A. 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg KPMG Audit S.à r.l. 9, Allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg 3

6 Administration and Service Providers (continued) Legal Adviser Conducting Officers Elvinger, Hoss & Prussen 2, Place Winston Churchill L Luxembourg Grand Duchy of Luxembourg Julie KRENTZ Alexander LAGUS 4

7 The Investment Manager s Report Global markets in brief Equity markets 2008 a notable year In 2008, the consequences of high loan levels or rather, unwise lending, became evident. Borrowing itself is not a negative, in fact, it has been one of the factors in the growing prosperity of the Western world. However, problems arise when too many loans are granted to borrowers that lack creditworthiness in an attempt to increase demand, and thereby prices, on assets that are already overvalued. This is what occurred when various banks and financial institutions began targeting new customer groups within mortgage financing and lent money to so-called subprime borrowers. The consequences of this were incalculable throughout the vast housing markets of the US and Europe. The most disturbing effect of this has been that the banks borrowing levels, and thereby risk, have become increasingly higher. This has caused a decrease in access to loans, which led to decreasing prices of assets and uncertainty about banks ability to withstand losses in the wake of falling real estate prices. The problem with this is that as access to loans becomes limited, the demand for real estate decreases. Hence, the relationship between debts versus underlying assets increases rather than decreases over time. The past decades have seen strong global growth with economies closely interlinked. Thus, it is no longer possible to isolate the problems to just one country or sector. We have seen a downward spiral in the global economy. Companies earnings have begun to contract and are expected to decline on average to half the level of their highs. Many companies are expected to post losses, in addition to a sharp drop in earnings. We also expect more companies, both within and outside the financial sector, to declare bankruptcy in Bright spots in the equity market Are there no bright spots in this dismal picture? The answer is, yes, given that no situation is unequivocally negative. There are currently a number of factors that are important to highlight. Firstly, we have never before had a stimulus package equivalent to that presented by the majority of the politicians and governors of the Riksbank. Second, nations, in particular Europe s, government debt levels are at historic lows. This provides an opportunity to move debt levels from the private to the public sectors, thereby making it possible to grant loans for sound investments. This creates the conditions to halt the decline in asset prices, e.g. real estate prices. Third, many companies have entered the economic downturn with more solid balance sheets, in comparison to previous recessions. Finally, companies stocks are limited and should be consumed relatively quickly. As a result, the underlying demand for various products should gradually lead to increased production and start the economic wheel spinning once again. Equity market 2009 Many difficult questions must be answered in Firstly, we need to determine the extent to which the economic stimulus packages work. Above all, the credit market has to start functioning in order to halt the decline in real estate prices. It is an old adage it s always darker before the dawn. If this holds true, the outlook for 2009 should be positive. The outlook of the global economy currently appears dismal following the worst year in seventy for the equity markets. On the positive side, however, it should be noted that the yield curve (the spread between short and long-term rates) has become steeper, which implies that the market expects higher economic activity going forward. In addition, leading indicators are at historic lows and past experience tells us that markets turn up well before the real economy. Consequently, we expect markets to show volatility at the beginning of the year, but the fundamentals appear solid for a positive close to

8 The Investment Manager s Report (continued) Global markets in brief Fixed income markets 2008 was a turbulent year for the financial markets, with the first half split between concerns about the credit market and recession on the one side and escalating commodity prices and inflation on the other. However, developments were unequivocal in the second half of the year as the credit crisis worsened and global economies went into recession. Commodity prices fell sharply and concerns shifted from inflation to deflation. Both long and short-term market rates declined sharply for full-year International 2008 had a shaky start on the back of concerns about the global credit markets. The markets were reassured somewhat with the US Federal Reserve s bailout of Bear Stearns in March. The bailout was interpreted as the Federal Reserve s intent to avoid a collapse in any of the major financial institutions, thereby guaranteeing important components in the US banking system. Focus then shifted to the high inflation that followed by escalating prices of commodities. Central banks expressed great concern for the development and interest rates were gradually increased in European countries. However, during the summer, commodity prices took a sharp turn downward and focus returned to the crisis and growth. In early autumn, investor confidence indices, consumption and incoming orders signalled a clear slowdown and concerns increased once again. In September, the fourth-largest US investment bank, Lehman Brothers, filed for bankruptcy protection. This dealt a blow to the fragile global financial system, causing chaos and pushing confidence to record lows. Affected governments implemented comprehensive joint measures to counteract the immediate systemic risks facing the markets. As massive measures such as guarantee programmes, capital injection plans, rate cuts, nationalisations and increased deposit guarantees was established the uncertainty in the market decreased. At the same time as the financial crisis worsened the three largest global economies the US, Japan and Eurozone fell into recession. Economic activity slowed to a standstill and outlooks for both companies and households hit new lows. In addition, weak demand caused an additional fall in commodity prices, which led to a sharp decline in global inflation rates. As concerns about inflation shifted to the weak economy and the increasing risk of deflation, central banks were forced to make a coordinated effort to slash key interest rates. Europe Overall, market rates rose in the first half of 2008 on the back of concerns about persisting high inflation. The European Central Bank, ECB, focused on keeping inflation down and increased rates up to July. The turning point for the ECB came during a joint action among several banks in October when key rates were cut 50bp as a result of the financial crisis. Thereafter, it became clear that economic activity in the Eurozone was at a standstill. Following the joint central bank action, the ECB cut rates by an additional 125bp. Sweden Inflation also rose quickly in Sweden in the second quarter of As the ECB, the Riksbank focused on keeping inflation down and gradually hiked the repo rate until September. However, at that point, the worst concerns about inflation had subsided and the weakening economy became evident. In October, the Riksbank participated in the central banks joint action, which set the tone for subsequent measures taken by the Riksbank. At year-end, key rates in Sweden were cut by an additional 175bp to 2.0%. The labour market as well as retail sales and industrial production weakened significantly, with economic growth falling into negative territory in the fourth quarter. Inflation and the inflation expectations declined sharply at year-end 2008, increasing the risk that inflation may undershoot the target set by the Riksbank within two years. Fixed income market outlook for 2009 The outlook appears weak, in particular for the first half of Global economic growth is under pressure from shrinking demand. In addition, both companies and households are in need of lowering their debt levels. Consequently, we expect financial credit institutions to further tighten the extension of credit, which will make borrowing even more difficult and costly for companies and households. During the period of debt restructuring, we expect a sharp decrease in consumption and investments, which has a negative impact on growth and may delay an economic recovery. We expect negative growth to persist during the first half of 2009 in the US, the Eurozone, Japan and Sweden. We also expect to see growth below trend in all regions throughout We do not believe the measures taken to date are sufficient to reverse the current negative trend in economic growth. Therefore, we expect to see additional financial support measures and stimulus packages worldwide during the first half of We also expect further rate cuts by central banks and believe these rates will remain low for the rest of

9 Report of the Réviseur d Entreprises To the Shareholders of HANDELSBANKEN FUNDS 15, rue Bender L-1229 Luxembourg Report on the financial statements Following our appointment by the annual general meeting of the Shareholders of April 4, 2008, we have audited the accompanying financial statements of Handelsbanken Funds (formerly Svenska Selection Fund) (the SICAV ) and each of its sub-funds, which comprise the statement of net assets and the statement of investments, cash at bank and other net assets or other net liabilities as at December 31, 2008 and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the Réviseur d Entreprises Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs d Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d Entreprises, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d Entreprises considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Handelsbanken Funds (formerly Svenska Selection Fund) and each of its sub-funds as of December 31, 2008, and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, April 28, 2009 KPMG Audit S.à r.l. Réviseurs d Entreprises Pascale Leroy 7

10 Statement of Net Assets Combined Swedish Bonds Swedish Fixed Swedish Short Term Sweden Russia Global Shares Income Shares Assets Shares Shares Shares Ethical * (expressed in) USD SEK SEK SEK SEK SEK SEK Assets Investment securities at cost 2,061,490, ,363, ,219, ,968,928, ,790, ,875, ,324, Unrealised appreciation / (depreciation) in investment securities (60,500,059.83) 27,855, ,770, (20,458,382.73) (4,440,772.35) (241,207,857.93) (29,229,004.40) Investment securities at market value (Note 2) 2,000,990, ,218, ,989, ,948,470, ,349, ,667, ,095, Cash at bank 126,139, ,731, ,661, ,737, , ,531, ,301, Interest receivable on bonds 12,780, ,302, ,836, ,051, Dividends receivable 316, , , Subscriptions receivable 14,783, ,112, ,315, ,118, , ,243, , Receivable on securities sold 3,579, ,915, , ,599, ,147, ,813, ,025,823, , ,582, ,078, Total assets 2,158,590, ,365, ,802, ,974,293, ,143, ,250, ,173, Liabilities Fees and commissions payable (Note 3) 2,030, , , ,362, , , , Payable on securities purchased 372, , Redemptions payable 6,416, ,653, ,871, ,141, , Total liabilities 8,820, ,167, ,701, ,503, , ,066, , Total net assets 2,149,770, ,197, ,101, ,922,790, ,600, ,183, ,704, * The first NAV was calculated on 30 September 2008 (launch date) 8

11 Statement of Net Assets (continued) Euro Europe Nordic America Far East International Liquidity ** Selective Shares Shares Shares Shares (expressed in) EUR EUR EUR USD USD USD Assets Investment securities at cost 9,016, ,134, ,252, ,620, ,870, ,957, Unrealised appreciation / (depreciation) in investment securities 12, (4,641,798.07) (4,643,869.58) (4,428,922.32) (6,575,531.91) (5,912,965.86) Investment securities at market value (Note 2) 9,028, ,492, ,608, ,191, ,294, ,044, Cash at bank 5,330, , , ,092, , , Interest receivable on bonds 170, Dividends receivable - 6, , , , Subscriptions receivable 313, , , , , , Receivable on securities sold ,814, , , ,241, , ,009, Total assets 14,843, ,963, ,744, ,432, ,759, ,053, Liabilities Fees and commissions payable (Note 3) 9, , , , , , Payable on securities purchased , , Redemptions payable - 20, , , , , Total liabilities 9, , , , , , Total net assets 14,833, ,905, ,553, ,354, ,587, ,993, ** The first NAV was calculated on 29 August 2008 (launch date) 9

12 Statement of Operations For the year ending 31 December 2008 Combined Swedish Bonds Swedish Fixed Swedish Short Term Sweden Russia Global Shares Income Shares Assets Shares Shares Shares Ethical * (expressed in) USD SEK SEK SEK SEK SEK SEK Income Dividends, net 5,002, ,570, ,382, ,233, Interest on bonds, net 59,235, ,958, ,001, ,764, Interest on bank deposits 1,843, , , ,651, , , , Total income 66,081, ,223, ,319, ,416, ,586, ,658, ,392, Expenses Interest on bank borrowings 64, , , , , Interest on repo s 27, , Custody fee 1,453, , , ,826, , , , Investment manager fee (Note 5) 11,478, ,047, ,917, ,055, , ,848, , Administrative expenses (Note 4) 4,172, , ,413, ,756, , ,898, ,994, Taxe d abonnement (Note 7) 1,210, , , ,234, , , , Total expenses 18,406, ,291, ,031, ,101, ,039, ,019, ,399, Net income/(loss) from investments 47,674, ,931, ,287, ,315, , (5,360,423.87) (7,556.29) Net realised gain/(loss) on foreign currencies (Note 2) 11,433, , , , , ,552, ,589, Net realised gain/(loss) on sales of investment securities (Note 2) (60,886,359.02) (2,839,946.62) (8,657,088.96) 64,769, ,426, (322,778,100.77) (17,366,105.82) Net realised gain/(loss) for the year/period (1,778,876.24) 10,093, ,633, ,157, ,978, (238,586,344.47) (10,783,856.23) Change in net unrealised appreciation/ (depreciation) on investment securities (79,640,905.92) 34,821, ,467, (10,198,960.55) (20,723,597.60) (249,467,516.23) (29,229,004.40) Net increase/(decrease) in net assets as a result of operations (81,419,782.16) 44,915, ,101, ,958, (18,745,440.31) (488,053,860.70) (40,012,860.63) * For the period from 30 September 2008 (launch date) 10

13 Statement of Operations (continued) For the year ending 31 December 2008 Euro Europe Nordic America Far East International Liquidity ** Selective Shares Shares Shares Shares (expressed in) EUR EUR EUR USD USD USD Income Dividends, net - 494, , , , , Interest on bonds, net 63, Interest on bank deposits 36, , , , , , Total income 100, , , , ,044, , Expenses Interest on bank borrowings - 2, , , , , Interest on repo s Custody fee 1, , , , , , Investment manager fee (Note 5) 8, , , , , , Administrative expenses (Note 4) 7, , , , , , Taxe d abonnement (Note 7) , , , , , Total expenses 17, , , , , , Net income/(loss) from investments 82, , , (91,987.96) 472, , Net realised gain/(loss) on foreign currencies (Note 2) - (526,600.49) (337,103.45) (164,405.86) 345, , Net realised gain/(loss) on sales of investment securities (Note 2) 27, (4,423,063.55) (2,669,594.17) (5,539,772.10) (3,653,961.73) (5,775,734.07) Net realised gain/(loss) for the year/period 109, (4,798,570.41) (2,692,525.70) (5,796,165.92) (2,836,082.84) (5,204,656.14) Change in net unrealised appreciation/ (depreciation) on investment securities 12, (2,106,491.68) (7,585,901.51) (9,694,925.52) (15,056,129.98) (11,169,230.62) Net increase/(decrease) in net assets as a result of operations 121, (6,905,062.09) (10,278,427.21) (15,491,091.44) (17,892,212.82) (16,373,886.76) ** For the period from 29 August 2008 (launch date) 11 11

14 Statement of Changes in Net Assets For the year ending 31 December 2008 Combined Swedish Bonds Swedish Fixed Swedish Short Term Sweden Russia Global Shares Income Shares Assets Shares Shares Shares Ethical * (expressed in) USD SEK SEK SEK SEK SEK SEK Income Net assets at the beginning of the year 3,938,396, ,304, ,135, ,707,109, ,734, ,432, Exchange rate effect on net assets at the beginning of the year (710,654,540.73) Net income/(loss) from investments 47,674, ,931, ,287, ,315, , (5,360,423.87) (7,556.29) Net realised gain/(loss) on foreign currencies 11,433, , , , , ,552, ,589, Net realised gain/(loss) on sales of investment securities (60,886,359.02) (2,839,946.62) (8,657,088.96) 64,769, ,426, (322,778,100.77) (17,366,105.82) 3,225,962, ,398, ,768, ,103,267, ,712, (6,153,797.37) (10,783,856.23) Proceeds from shares issued 809,770, ,742, ,691, ,892,165, , ,832, ,271, Payments for shares redeemed (1,806,321,869.50) (238,764,914.45) (325,826,193.32) (13,062,443,571.93) (19,216,243.14) (429,026,878.04) (4,554,313.95) Change in the net unrealised appreciation/ (depreciation) on investment securities (79,640,905.92) 34,821, ,467, (10,198,960.55) (20,723,597.60) (249,467,516.23) (29,229,004.40) Net assets at the end of the year 2,149,770, ,197, ,101, ,922,790, ,600, ,183, ,704, * For the period from 30 September 2008 (launch date) 12

15 Statement of Changes in Net Assets (continued) For the year ending 31 December 2008 Euro Europe Nordic America Far East International Liquidity ** Selective Shares Shares Shares Shares (expressed in) EUR EUR EUR USD USD USD Income Net assets at the beginning of the year - 21,063, ,393, ,082, ,557, ,955, Exchange rate effect on net assets at the beginning of the year Net income/(loss) from investments 82, , , (91,987.96) 472, , Net realised gain/(loss) on foreign currencies - (526,600.49) (337,103.45) (164,405.86) 345, , Net realised gain/(loss) on sales of investment securities 27, (4,423,063.55) (2,669,594.17) (5,539,772.10) (3,653,961.73) (5,775,734.07) 109, ,265, ,700, ,286, ,721, ,751, Proceeds from shares issued 17,189, ,064, ,432, ,604, ,739, ,002, Payments for shares redeemed (2,477,959.98) (3,318,514.75) (3,993,523.10) (5,841,270.38) (3,816,267.62) (2,590,584.73) Change in the net unrealised appreciation/ (depreciation) on investment securities 12, (2,106,491.68) (7,585,901.51) (9,694,925.52) (15,056,129.98) (11,169,230.62) Net assets at the end of the year 14,833, ,905, ,553, ,354, ,587, ,993, ** For the period from 29 August 2008 (launch date) 13

16 Statement of Changes in Number of Shares Outstanding For the year ending 31 December 2008 Swedish Bonds Swedish Fixed Swedish Short Term Sweden Russia Global Shares Income Shares Assets Shares Shares Shares Ethical * Changes in shares outstanding Number of shares outstanding at the beginning of the year 129, ,997, ,400, , ,254, Number of shares issued 95, ,468, ,977, , ,810, ,181, Number of shares redeemed 83, ,359, ,739, , ,078, , Number of shares outstanding at the end of the year 141, ,106, ,638, , ,986, ,130, Number of shares outstanding at the end of the year by Class EUR A Class - - 4, , , EUR AI Class ,935, NOK A Class , , NOK AI Class , SEK A Class 141, ,106, ,633, , ,730, , SEK AI Class ,316, USD A Class Number of shares outstanding at the end of the year 141, ,106, ,638, , ,986, ,130, * For the period from 30 September 2008 (launch date) 14

17 Statement of Changes in Number of Shares Outstanding (continued) For the year ending 31 December 2008 Euro Europe Nordic America Far East International Liquidity ** Selective Shares Shares Shares Shares Changes in shares outstanding Number of shares outstanding at the beginning of the year - 350, , , ,177, , Number of shares issued 171, , , , , , Number of shares redeemed 24, , , , , , Number of shares outstanding at the end of the year 146, , , ,100, ,407, , Number of shares outstanding at the end of the year by Class EUR A Class 2, , , EUR AI Class 144, NOK A Class - 19, , , , , NOK AI Class SEK A Class SEK AI Class USD A Class , ,155, , Number of shares outstanding at the end of the year 146, , , ,100, ,407, , ** For the period from 29 August 2008 (launch date) 15

18 Statistical Information Swedish Bonds Shares (expressed in SEK) Swedish Fixed Income Shares (expressed in SEK) Total net assets at the 31 December 439,197, ,304, ,064, ,101, ,135, ,046,025, Number of shares outstanding at 31 December 141, , , ,106, ,997, ,777, Net asset value per share at 31 December DKK A Share Class EUR A Share Class EUR AI Share Class NOK A Share Class NOK AI Share Class SEK A Share Class 3, , , SEK AI Share Class USD A Share Class Swedish Short Term Assets Shares (expressed in SEK) Sweden Shares (expressed in SEK) Total net assets at the 31 December 13,922,790, ,707,109, ,155,826, ,600, ,734, ,167, Number of shares outstanding at 31 December 105,638, ,400, ,484, , , , Net asset value per share at 31 December DKK A Share Class EUR A Share Class EUR AI Share Class NOK A Share Class NOK AI Share Class SEK A Share Class SEK AI Share Class USD A Share Class

19 Statistical Information (continued) Russia Shares (expressed in SEK) Global Ethical (expressed in SEK) * ** Total net assets at the 31 December 144,183, ,432, ,704, Number of shares outstanding at 31 December 4,986, ,254, ,130, Net asset value per share at 31 December DKK A Share Class EUR A Share Class EUR AI Share Class NOK A Share Class NOK AI Share Class SEK A Share Class SEK AI Share Class USD A Share Class Euro Liquidity (expressed in EUR) Europe Selective (expressed in EUR) 2008*** Total net assets at the 31 December 14,833, ,905, ,063, ,076, Number of shares outstanding at 31 December 146, , , , Net asset value per share at 31 December DKK A Share Class EUR A Share Class EUR AI Share Class NOK A Share Class NOK AI Share Class SEK A Share Class SEK AI Share Class USD A Share Class * For the period from 19 April 2007 (launch date) ** For the period from 30 September 2008 (launch date) *** For the period from 29 August 2008 (launch date) 17

20 Statistical Information (continued) Nordic Shares (expressed in EUR) America Shares (expressed in USD) Total net assets at the 31 December 9,553, ,393, ,198, ,354, ,082, ,800, Number of shares outstanding at 31 December 333, , , ,100, , , Net asset value per share at 31 December DKK A Share Class EUR A Share Class EUR AI Share Class NOK A Share Class NOK AI Share Class SEK A Share Class SEK AI Share Class USD A Share Class Far East Shares (expressed in USD) International Shares (expressed in USD) Total net assets at the 31 December 24,587, ,557, ,275, ,993, ,955, ,868, Number of shares outstanding at 31 December 3,407, ,177, ,760, , , , Net asset value per share at 31 December DKK A Share Class EUR A Share Class EUR AI Share Class NOK A Share Class NOK AI Share Class SEK A Share Class SEK AI Share Class USD A Share Class

21 Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities Swedish Bonds Shares (expressed in SEK) Market % of Market % of value net value net Nominal Denomination Cost (note 2) assets Nominal Denomination Cost (note 2) assets Transferable securities and money market instruments admitted to an official exchange listing Bonds SEK - FINLAND 6,000,000 Fortum Oyj 3.75% ,993, ,949, ,993, ,949, SEK - NORWAY 7,000,000 Den Norske Bank 5.875% ,000, ,429, ,000, ,429, SEK - SWEDEN 4,000,000 AP Fastigheter % ,994, ,990, ,000,000 Kreditanstalt fur Wiederaufbau 4.75% ,939, ,522, ,700,000 Nordea Hypotek 3.75% ,520, ,836, ,900,000 Nordea Hypotek 4% ,858, ,087, ,600,000 Nordea Hypotek % ,461, ,629, ,500,000 Riksobligation % ,668, ,043, ,900,000 Riksobligation % ,922, ,692, ,300,000 Riksobligation % ,965, ,349, ,200,000 Riksobligation % ,303, ,008, ,500,000 Riksobligation % ,873, ,773, ,800,000 Riksobligation % ,161, ,372, ,700,000 Riksobligation % ,782, ,846, ,100,000 SCBC % ,660, ,482, ,000,000 SEB Bolån ,895, ,097, ,000,000 Skandinaviska Enskilda Banken AB % ,863, ,313, ,800,000 Skandinaviska Enskilda Banken Bolan AB % ,803, ,212, ,100,000 Spintab AB % ,356, ,714, ,000,000 Stadshypotek % ,199, ,541, ,000,000 Stadshypotek % ,536, ,946, ,000,000 Stadshypotek % ,181, ,522, ,000,000 Stadshypotek % ,331, ,601, ,000,000 Stadshypotek % 9,691, ,006, ,500,000 Swedbank Hypotek AB % ,121, ,629, ,500,000 Swedbank Hypotek AB 175 4% ,359, ,689, ,000,000 Sydkraft 3.41% ,000, ,994, ,451, ,905, SEK - UNITED STATES 5,000,000 General Electric Cap 3.25% ,918, ,934, ,918, ,934, Total investments 393,363, ,218, Cash at bank 10,731, Other net assets 7,247, Total net assets 439,197,

22 Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities Swedish Fixed Income Shares (expressed in SEK) Market % of Market % of value net value net Nominal Denomination Cost (note 2) assets Nominal Denomination Cost (note 2) assets Transferable securities and money market instruments admitted to an official exchange listing Bonds SEK - FINLAND 14,000,000 Fortum Oyj 3.75% ,809, ,883, ,809, ,883, SEK - LUXEMBOURG 12,000,000 LeasePlan Finance FRN ,000, ,582, ,000, ,582, SEK - NORWAY 8,000,000 Den Norske Bank 5.875% ,000, ,490, ,000, ,490, SEK - SWEDEN 8,000,000 City of Gothenburg 4.7% ,028, ,422, ,000,000 EON Sverige AB % ,000, ,989, ,000,000 Handelsbanken 11% ,006, ,057, ,000,000 Husquarna FRN ,000, ,229, ,000,000 KFW 4.6% ,231, ,553, ,000,000 Nordea Bank FRN ,000, ,355, ,000,000 Nordea Hypotek 3.75% ,725, ,630, ,000,000 Nordea Hypotek 4% ,373, ,735, ,000,000 Riksobligation % ,536, ,610, ,000,000 Riksobligation % ,077, ,829, ,400,000 Riksobligation % ,753, ,733, ,000,000 Riksobligation % ,996, ,232, ,700,000 Riksobligation % ,991, ,909, ,400,000 Riksobligation % ,342, ,159, ,700,000 Riksobligation % ,017, ,204, ,900,000 Riksobligation % ,302, ,968, ,600,000 SCBC % ,585, ,702, ,000,000 Skandinaviska Enskilda Banken AB 565 8,996, ,282, ,000,000 Skandinaviska Enskilda Banken Bolan AB ,700, ,395, ,000,000 Stadshypotek % ,181, ,437, ,000,000 Stadshypotek % ,346, ,582, ,000,000 Stadshypotek % ,564, ,807, ,000,000 Stadshypotek % ,408, ,730, ,000,000 Stadshypotek % ,074, ,133, ,000,000 Stadshypotek % 4,184, ,447, ,000,000 Stat Akademiska Hus % ,000, ,730, ,000,000 Swedbank Hypotek AB ,470, ,202, ,000,000 Swedbank Hypotek AB ,505, ,512, ,000,000 Vattenfall 4.20% ,000, ,396, ,400, ,981, SEK - UNITED KINGDOM 6,000,000 HSBC Finance Corp Emtn 6,000, ,105, ,000, ,105, SEK - UNITED STATES 7,000,000 General Electric Cap FRN ,008, ,818, ,000,000 General Electric Cap FRN ,000, ,127, ,008, ,946, Total investments 642,219, ,989, Cash at bank 60,661, Other net assets 20,450, Total net assets 748,101,

23 Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities Swedish Short Term Assets Shares (expressed in SEK) Market % of Market % of value net value net Nominal Denomination Cost (note 2) assets Nominal Denomination Cost (note 2) assets Transferable securities and money market instruments admitted to an official exchange listing Bonds SEK - SWEDEN 37,000,000 AP Fastigheter % ,078, ,908, ,000,000 AP Fastigheter ,112, ,744, ,000,000 Assa ABloy AB Emtn 117,002, ,573, ,000,000 ASSA cert ,666, ,749, ,000,000 ASSA cert ,884, ,561, ,000,000 ASSA cert ,612, ,926, ,000,000 Autoliv cert ,214, ,067, ,000,000 Electrolux FRN ,000, ,837, ,000,000 Fastighets AB förvalt cert ,144, ,341, ,000,000 Handelsbanken cert ,543, ,867, ,000,000 Handelsbanken cert ,153, ,769, ,000,000 Husquarna FRN ,000, ,061, ,000,000 Landshypotek cert ,677, ,283, ,000,000 Landshypotek cert ,689, ,777, ,000,000 Landshypotek FRN ,046, ,839, ,000,000 Länsförsäkringar Bank ,702, ,122, ,000,000 Länsförsäkringar Bank cert ,414, ,731, ,000,000 Länsförsäkringar bank cert ,767, ,168, ,500,000 Länsförsäkringar Hypo 502 4% ,326, ,155, ,000,000 Linköpings Komm Fast Cert ,533, ,372, ,000,000 Lunds Energikoncern cert ,476, ,742, ,000,000 MKB cert ,851, ,754, ,000,000 NCC Cert ,625, ,762, ,000,000 Nordea Bank FRN ,000, ,150, ,000,000 Nordea Bank FRN ,931, ,540, ,000,000 Nordea Hypotek % ,119, ,747, ,000,000 Riksobligation % ,811, ,736, ,000,000 SAndvik cert ,796, ,976, ,000,000 SAndvik cert ,853, ,769, ,000,000 SBAB 4.623% ,049, ,820, ,000,000 SBAB cert ,670, ,952, ,000,000 SBAB cert ,708, ,008, ,000,000 SBAB Cert ,754, ,483, ,000,000 SCA Finans cert ,646, ,762, ,000,000 SCA Finans cert ,750, ,213, ,000,000 Scania cert ,721, ,970, ,000,000 Scania cert ,478, ,975, ,000,000 Scania cert ,675, ,911, ,000,000 Scania cert ,811, ,964, ,000,000 Scania cert ,518, ,815, ,000,000 SCBC 130 4% ,419, ,710, ,000,000 SEB Cert ,687, ,410, ,000,000 SEB Cert ,240, ,752, ,000,000 SEB cert ,477, ,237, ,000,000 SEB FRN ,000, ,186, ,000,000 Securitas cert ,357, ,782, ,000,000 Specialfastigheter cert ,587, ,068, ,000,000 SSAB cert ,948, ,975, ,000,000 Stadshypotek % ,060, ,630, ,000,000 Stadshypotek cert ,441, ,939, ,000,000 Stadshypotek cert ,631, ,008, ,000,000 Stadshypotek cert ,299, ,778, ,000,000 Stadshypotek cert ,264, ,868, ,000,000 Stångåstaden cert ,147, ,888, ,000,000 Stångåstaden cert ,727, ,432, ,000,000 Stångåstaden cert ,445, ,462, ,000,000 Sveaskog cert ,516, ,848, ,000,000 Sveaskog cert ,356, ,733, ,000,000 Sveaskog cert ,979, ,700, ,000,000 Svenska staten ,701, ,980, ,022,000,000 Svenska staten ,008,505, ,016,544, ,000,000 Swedbank FRN ,864, ,096, ,000,000 Swedbank FRN ,000, ,884, ,000,000 Swedbank LTII FRN ,018, ,568, ,000,000 Tekniska verken cert ,416, ,817, ,000,000 Tekniska verken cert ,399, ,729, ,000,000 Tekniska verken cert ,891, ,066, ,000,000 Tekniska verken cert ,808, ,404, ,000,000 Telia cert ,830, ,961, ,000,000 Telia cert ,854, ,900, ,000,000 Telia cert ,771, ,978, ,000,000 Trelleborg 5.18% ,989, ,923, ,000,000 Trelleborg cert ,436, ,819, ,000,000 Trelleborg FRN ,869, ,851, ,000,000 Uppsalahem cert ,246, ,891, ,000,000 Uppsalahem cert ,256, ,858, ,000,000 Uppsalahem cert ,924, ,748, ,000,000 Uppsalahem cert ,129, ,648,

24 Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities Swedish Short Term Assets Shares (continued) (expressed in SEK) Market % of Market % of value net value net Nominal Denomination Cost (note 2) assets Nominal Denomination Cost (note 2) assets Transferable securities and money market instruments admitted to an official exchange listing 245,000,000 Vasakronan cert ,481, ,700, ,000,000 Volkswagen Finans cert ,163, ,845, ,000,000 Volkswagen Finans cert ,163, ,861, ,000,000 Volkswagen Finans cert ,866, ,668, ,000,000 Volvo Finans FRN ,873, ,057, ,000,000 Volvo Finans FRN ,000, ,681, ,000,000 Volvo Finans FRN ,903, ,279, ,000,000 Volvo Finans Statsgar. cert ,640, ,136, ,000,000 Volvo Finans Statsgar. cert ,627, ,527, ,000,000 Volvo Treasury cert ,882, ,904, ,000,000 Volvo Treasury FRN ,997, ,803, ,968,928, ,948,470, Total investments 12,968,928, ,948,470, Cash at bank 831,737, Other net assets 142,581, Total net assets 13,922,790,

25 Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities Sweden Shares (expressed in SEK) Number Market % of Number Market % of of value net of value net shares Denomination Cost (note 2) assets shares Denomination Cost (note 2) assets Transferable securities and money market instruments admitted to an official exchange listing Equities SEK - SWEDEN 890 Aarhuskarlshamn AB 145, , ,068 Alfa Laval AB 526, , Angpanneforeningen AB 92, , ,739 Assa ABloy AB-B 401, , ,102 Atlas Copco AB-A Shs 532, , ,582 Atlas Copco AB-B Shs 235, , ,600 Betsson B 105, , ,707 Boliden AB 106, , ,600 Clas Ohlson AB-B Shs 107, , ,853 Electrolux AB-Ser B 277, , ,700 Elekta AB 153, , ,637 Ericsson Lm-B Shs 3,230, ,860, ,289 Getinge AB 380, , ,795 Hennes & Mauritz AB-B Shs 1,605, ,075, ,741 Hexagon AB 313, , ,054 Husqvarna AB 258, , ,637 Intrum Justitia AB 233, , ,837 Investor AB-B Shs 1,028, ,033, ,000 Kappahl Holding AB 112, , ,937 Kinnevik Investment AB-B 358, , ,869 Loomis AB 155, , ,500 Lundin Petroleum AB 359, , ,406 Meda AB 402, , ,120 Mekonomen AB 113, , Millicom International Cellular SA 341, , ,353 Modern Times Group-B Shs 402, , ,992 Nordea AB 1,778, ,421, Oriflame Cosmetics SA 291, , ,000 Q-Med AB 112, , ,236 Ratos AB 123, , ,616 SAndvik AB 661, , ,609 Scania AB-B Shs 461, , ,548 Securitas AB-B Shs 343, , ,972 Skandinaviska Enskilda Ban-A 844, , ,574 Skanska AB-B Shs 450, , ,374 Skf AB-B Shs 421, , Ssab Svenskt Stal AB 29, , ,909 Ssab Svenskt Stal AB-Ser A 456, , ,682 Svenska Cellulosa AB-B Shs 916, , ,807 Svenska Handelsbanken- A Shs 1,003, , ,086 Swedbank AB A Shares 858, , ,932 Swedish Match AB 223, , ,301 Tele2 AB -B Shs 404, , ,574 Teliasonera AB 1,477, ,228, ,807 Volvo AB-A Shs 469, , ,035 Volvo AB-B Shs 826, , ,137, ,807, SEK - SWITZERLAND 7,298 ABB Ltd 682, , , , SEK - UNITED KINGDOM 4,501 Astrazeneca Plc 1,447, ,381, Investment Funds Listed Investment Fund 1,447, ,381, SEK - SWEDEN 1,650 XACT OMXSB 523, , , , Total investments 26,790, ,349, Cash at bank 363, Other net liabilities (112,606.54) (0.50) Total net assets 22,600,