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2 This Annual Report was compiled by: SEB Asset Management S.A. 4, rue Petemelchen, L-2370 Howald, Luxembourg Postal address: PO Box 2053, L-1020 Luxembourg Phone ; Fax Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract.
3 Table of Contents Page Additional Information to Investors 2 Organisation 3 General Information 5 Management Report 7 Report of the Board of Directors: SEB deluxe - Multi Asset Defensive 9 SEB deluxe - Multi Asset Defensive Plus 10 SEB deluxe - Multi Asset Balance 11 Schedule of Investments: SEB deluxe - Multi Asset Defensive 12 SEB deluxe - Multi Asset Defensive Plus 14 SEB deluxe - Multi Asset Balance 17 Combined Statement of Operations 20 Combined Statement of Changes in Net Assets 21 Combined Statement of Net Assets 22 Statistical Information 23 Additional information on Management Fees 25 Notes to the Financial Statements 27 Audit Report 32 Notes to the "EU Savings Tax Directive" 34 1
4 Additional Information to Investors Units in circulation; The following Sub-Funds are publicly approved for distribution in Estonia, Germany, Latvia, Luxembourg Singapore* and Sweden: SEB deluxe - Multi Asset Defensive: o Capitalisation units ("C ()" units) SEB deluxe - Multi Asset Defensive Plus: o Capitalisation units ("C ()" units) SEB deluxe - Multi Asset Balance: o Capitalisation units ("C ()" units) LU LU LU The following Sub-Funds are publicly approved for distribution in Germany, Luxembourg, Singapore* and Sweden: SEB deluxe - Multi Asset Defensive Plus: o Distribution units ("ID ()" units) LU SEB deluxe - Multi Asset Balance: o Distribution units ("ID ()" units) LU The following Sub-Funds are publicly approved for distribution in Luxembourg, Singapore* and Sweden: SEB deluxe - Multi Asset Defensive: o Capitalisation units ("C (H-NOK)" units) LU o Capitalisation units ("C (H-SEK)" units) LU SEB deluxe - Multi Asset Defensive Plus: o Capitalisation units ("C (H-SEK)" units) LU SEB deluxe - Multi Asset Balance: o Capitalisation units ("C (H-SEK)" units) LU *Restricted scheme offered to accredited investors only - not to retail investors. 2
5 Organisation Management Company: Board of Directors of the Management Company: SEB Asset Management S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg Chairperson Peter Kubicki Managing Director Skandinaviska Enskilda Banken S.A. Luxembourg Managing Director Ralf Ferner (since 4 December 2012) Managing Director SEB Asset Management S.A. Luxembourg Rudolf '<omen (until 4 December 2012) Managing Director SEB Asset Management S.A. Luxembourg Members Marie Winberg Global Head of Product Management SEB Investment Management AB Stockholm, Sweden Alexander Klein Managing Director SEB Investment GmbH Frankfurt am Main, Germany Raoul Anders Johnsson (until 25 April 2013) Head of SEB Wealth Management Skandinaviska Enskilda Banken AB (publ) Stockholm, Sweden Conducting officers: Central Administration (including Registrar, Transfer Agent, Administrative Agent and Paying Agent): Ralf Ferner, Luxembourg (since 4 December 2012) Matthias Ewald, Luxembourg (since 4 December 2012) Rudolf '<omen, Luxembourg (until 4 December 2012) Matthias Muller, Luxembourg (until 4 December 2012) The Bank of New York Mellon (Luxembourg) S.A. 2-4, rue Eugene Ruppert L-2453 Luxembourg Investment Manager: SEB Investment Management AB Sveavagen 8 SE Stockholm, Sweden 3
6 Custodian Bank: Auditor of the Fund and the Management Company: Global Distributor: Representatives and paying agents outside Luxembourg Skandinaviska Enskilda Banken S.A. 4, rue Petemelchen L-2370 Howald, Luxembourg PricewaterhouseCoopers, Societe cooperative 400, Route d'esch B.P L-1014 Luxembourg Skandinaviska Enskilda Banken AB (publ) Kungstraclgardsgatan 8 SE Stockholm, Sweden The full list of representatives and paying agents outside Luxembourg can be obtained, free of charge, at the registered office of the Management Company and on the website 4
7 General Information SEB deluxe (the "Fund") is a Luxembourg investment fund ("Fonds Commun de Placement") governed by Part I of the Luxembourg Law on Undertaking for Collective Investment of 17 December 2010 (the "Law"). The Fund, which was established on 2 January 2001 for an undetermined duration, is managed by SEB Asset Management S.A. (the "Management Company"). The Management Regulations, lastly modified with effect from 11 November 2011, have been deposited with the Luxembourg Trade Register and the relating notice has been published in the Memorial C on 17 November The Management Company was established on 15 July 1988, with subsequent publication of the Articles of Incorporation in the Memorial C on 16 August The Articles of Incorporation were last amended on 6 March 2013 and published on 9 April The Management Company is registered under Corporate Identity Number B SEB Asset Management S.A. has delegated the Central Administration, including the administrative, registrar, transfer agent and paying agent functions under its continued responsibility and control at its own expense to The Bank of New York Mellon (Luxembourg) S.A., 2-4, rue Eugene Ruppert, L-2453 Luxembourg. This company was incorporated in Luxembourg as a "Societe Anonyme" on 15 December 1998 and is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation. It is registered with the Luxembourg Trade and Companies' Register under Corporate Identity Number B (the "Administrative Agent" and the "Registrar and Transfer Agent"). In its capacity as Administrative Agent, it assumes certain administrative duties which are necessary within the framework of managing the Fund, including the calculation of the Net Asset Value per unit and the provision of accounting services for the Fund. In its capacity as Registrar and Transfer Agent, it will process all subscriptions, redemptions and transfers of units, and will register these transactions in the unitholders' register of the Fund. The main objective of each Sub-Fund will be to invest in units or shares of other UCITS and/or UCIs and other Eligible Assets, as described in the prospectus, with the purpose of spreading investment risks and achieving capital growth. At present, three Sub-Funds are at the Unitholders' disposal: SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive Plus SEB deluxe - Multi Asset Balance The Management Company may decide to issue capitalisation units ("C") and distribution units ("D"). Several unit classes may be offered, which differ in their charges, use of income, persons authorised to invest, minimum investment amount, reference currency or other characteristics. The unit class "ID ()" is only offered to institutional investors. The minimum investment amount for units of unit class "I" is 1,000,000; there is no minimum investment amount for units of unit class "C". The "ID" units may pay a dividend. The "C" units will capitalise income, with the result that their value will become greater than that of "ID" units, in the proportion of the dividends paid to the "ID" units. 5
8 The Management Company may furthermore issue unit classes whose reference currency is not the base currency of the respective Sub-Fund. The reference currency of a unit class will be put in brackets. Investors must be aware that an investment in unit classes having a reference currency not being the same as the base currency of the respective Sub- Fund may lead to a currency risk. The Management Company may furthermore issue unit classes whose reference currency is not the base currency of the respective Sub-Fund, but where the currency exposure of the reference currency against the base currency will be hedged. In case of a currency hedge in favour of the reference currency of a respective unit class, an "H-" will precede the currency denomination of this unit class. For example "(H-SEK)" means that the reference currency of the unit class (SEK) is hedged against fluctuation of the base currency of the Sub-Fund. Currently, the following unit classes are offered for the several Sub-Funds: SEB deluxe - Multi Asset Defensive: o Capitalisation units ("C ()" units) LU o Capitalisation units ("C (H-NOK)" units) LU o Capitalisation units ("C (H-SEK)" units) LU SEB deluxe - Multi Asset Defensive Plus: o Capitalisation units ("C ()" units) LU o Capitalisation units ("C (H-SEK)" units) LU o,ti._ Distribution units ("ID ()" units) LU SEB deluxe - Multi Asset Balance: o Capitalisation units ("C ()" units) LU o Capitalisation units ("C (H-SEK)" units) LU o Distribution units ("ID ()" units) LU The base currency of the Fund and the Sub-Funds is euro. The Net Asset Value per unit as well as the issue and redemption prices, which are computed daily on bank business days in Luxembourg, except 24 December ("Valuation date"), can be obtained from the registered offices of the Management Company, the Custodian Bank and the Paying Agent. In addition, the Net Asset Value, fact sheets and other informational marketing material is published on our website ( under the rubric SEB Asset Management S.A.. For Sub-Funds registered in other countries, the publication media might differ according to the regulatory requirements. Information about ongoing charges can be found in the Key Investor Information Document (KIID). Financial reports of the Fund are published annually and semi-annually. These reports as well as the Sales Prospectus, the Management Regulations and all information concerning the Fund can be obtained free of charge at the offices of the Management Company, the Custodian Bank and the Paying Agent. 6
9 Management Report Dear Unitholders, With this report, we want to give you an overview of the general economic environment, the development of the most important capital markets, our investment policy and the performance of our Fund SEB deluxe. This annual report covers the financial year from 1 October 2012 to 30 September We would like to thank you for your confidence and will do everything within our power to justify your decision of investing in our Fund. The eurozone's economy has started to grow again but continues to be weighed down by large debts and high unemployment. Progress is still patchy in many of the countries in crisis. Performance has been strong primarily in northern Europe but there is considerable potential for a turnaround in southern Europe, as demonstrated not least by Spain during the year. Gross Domestic Product (GDP) is predicted to fall by 0.4% this year and grow just under 1% next year. Low inflation and unease about the economic situation were partly responsible for the European Central Bank's (ECB) cut in the refinancing rate to 0.25% at the beginning of November. The low level of inflation has been the main reason for interest rate stability during the year. The major central banks have pursued a policy of low interest rates and this will continue. In the coming months the opportunities for higher global growth will mainly depend on whether the US reports a surprisingly strong economic performance (20% probability). If progress is slower than expected (25%), this will probably be mainly due to political and economic events, with the recent fiscal deadlock in the US constituting the biggest risk in the short term. The markets were boosted by the renewed commitment of the Federal Reserve System (FED) under its new Chairwoman, Janet Yellen, to continue with quantitative easing (QE), and the upward trend continued. However, this trend displayed a number of specific aspects. The most favourable trend was seen in assets with low sensitivity to cyclical fluctuations, equities with high returns and low dependency on cyclical fluctuations, equity markets with limited dependency on cyclical fluctuations and corporate bonds offering stable yields as an alternative to shares. Assets that are more sensitive to cyclical fluctuations, such as emerging markets and commodities, are lagging behind to a certain extent. We shall probably continue to see this type of trend unless there is clear evidence of a strengthening of the economic situation and the FED changes its QE policy, bringing in the next market stage. The past year amply illustrates that three things are needed to drive a market: accelerating economic growth, good access to liquidity and a reasonable valuation of the markets. This year the equity markets have been largely driven by the extremely good access to liquidity and forecasts of an improved economic situation. The combination of those factors has led to relatively high valuations in the equity markets. In spite of this, the market has remained stable, which speaks volumes about how strong the influence of the liquidity situation has been during the year. 7
10 The markets have been driven by favourable economic conditions, not least the continuing low level of inflation and the prospects of higher global growth in the coming years, indicated by a series of good PMIs (purchasing managers' index) in most countries, with the US as the prime example. There are opportunities for other sectors of the global economy to follow and be boosted by the US example, both in the OECD industrialised countries (DM, developed markets) and in the emerging markets (EM). The differences in economic fluctuations between the main regions have become more pronounced during the year and will persist. In the EM structural problems, for example, have prevented GDP growth from matching its earlier rate. What we have seen during the year is primarily a recovery in the US, Japan, Europe and the developed markets. Luxembourg, 15 November 2013 SEB Asset Management S.A. R. Ferner M. Ewald Note: Performance figures mentioned in this report are historical and are not indicative of future results. 8
11 Report of the Board of Directors SEB deluxe - Multi Asset Defensive Market update The period started off a bit negative with bad European macro and company reports followed by the Hurricane Sandy in United States. From the middle of November until year end, good macro data fueled the markets has so far been quite a strong year for equities but other asset classes have had a tougher time. During the first quarter quantitative easing in Japan and strong positive macro data contributed while worries about Cyprus were negative. In the second quarter the markets moved sideways until middle of April when markets rallied on expected additional stimulus from European Central Bank ("ECB"). Markets continued to rally until the Federal Reserve mentioned tapering, and markets fell hard and sharp from the middle of May. The fall continued with the lack of dovish tone in ECB, announcements until end of June when markets started to recover. The rest of the summer was mixed with both positive and negative news but overall the markets performed strongly. In September the markets were delighted to see that Federal Reserve decided not to taper but instead turned focus on the non-resolved US debt ceiling issue. Fund update From the first of October 2012 the management of the fund was moved to Stockholm. Since then the investment process is focused on both an asset allocation based on longer-term views and manager selection. During the beginning of the period the fund's performance was fairly sideways. The risk in the portfolio was increased during this period. From February to mid-may the increase in risk paid-off. In May when all markets fell rapidly the increase in risk was obviously negative. When markets fell, all asset classes fell and thus the principle of diversification did not help. Especially Emerging Market Debt had a tough time and had a large negative impact despite a modest position. Also when the market recovered it was mainly one asset class which drove the market, equities, the diversification had a negative impact. In the portfolio, Hedge funds and Emerging Market bonds have had a negative impact while all other asset classes have contributed positively with High Yield Bonds as the largest contributor. The fund selection has been mixed but the overall impact is negative. SEB High Yield C was the holding which has contributed most while JP Morgan Emerging Market Local Currency Debt C was the holding which had largest negative impact to the portfolio. Strategy going forward Short term the worries around the US debt ceiling are affecting the management of the portfolio but our main scenario is that this will be resolved in some way rather quickly. Our strategy is to continue focusing on expectations and risks in the different asset classes. As these views change over time the portfolio will change accordingly. Note: Performance figures mentioned in this report are historical and are not indicative of future results. 9
12 Report of the Board of Directors SEB deluxe - Multi Asset Defensive Plus Market update The period started off a bit negative with bad European macro and company reports followed by the Hurricane Sandy in United States. From the middle of November until year end, good macro data fueled the markets has so far been quite a strong year for equities but other asset classes have had a tougher time. During the first quarter quantitative easing in Japan and strong positive macro data contributed while worries about Cyprus were negative. In the second quarter the markets moved sideways until middle of April when markets rallied on expected additional stimulus from European Central Bank ("ECB"). Markets continued to rally until the Federal Reserve mentioned tapering, and markets fell hard and sharp from the middle of May. The fall continued with the lack of dovish tone in ECB, announcements until end of June when markets started to recover. The rest of the summer was mixed with both positive and negative news but overall the markets performed strongly. In September the markets were delighted to see that Federal Reserve decided not to taper but instead turned focus on the non-resolved US debt ceiling issue. Fund update From the first of October 2012 the management of the fund was moved to Stockholm. Since then the investment process is focused on both an asset allocation based on longer-term views and manager selection. During the beginning of the period the fund's performance was fairly stable and positive. The risk in the portfolio was increased during this period. From February to mid-may the increase in risk paid-off. In May when all markets fell rapidly the increase in risk was obviously negative. When markets fell, all asset classes fell and thus the principle of diversification did not help. Especially Emerging Market asset, equities and debt had a tough time and had a large negative impact despite modest positions. Further, our trend following hedge funds (CTA) had a large negative impact during this period when the markets turned very rapidly. Also when the market recovered it was mainly one asset class which drove the market, equities, the diversification had a negative impact since no other assets classes contributed to the return. In the portfolio, Bonds, Hedge funds, Emerging Market bonds and Commodities, all have had a negative impact while all other asset classes e.g. Equities, Investment Grade and High Yield Credits and thematic positions have contributed positively with Equities as the largest contributor. The fund selection has been mixed but overall a large positive contribution. Carmignac Capital Plus A was the holding which has contributed most while the hedge fund, Aspect Diversified Trends Fund C was the holding which had largest negative impact to the portfolio. Strategy going forward Short term the worries around the US debt ceiling are affecting the management of the portfolio but our main scenario is that this will be resolved in some way rather quickly. Our strategy is to continue focusing on expectations and risks in the different asset classes. As these views change over time the portfolio will change accordingly. Note: Performance figures mentioned in this report are historical and are not indicative of future results. 10
13 Report of the Board of Directors SEB deluxe - Multi Asset Balance Market update The period started off a bit negative with bad European macro and company reports followed by the Hurricane Sandy in United States. From the middle of November until year end, good macro data fueled the markets has so far been quite a strong year for equities but other asset classes have had a tougher time. During the first quarter quantitative easing in Japan and strong positive macro data contributed while worries about Cyprus were negative. In the second quarter the markets moved sideways until middle of April when markets rallied on expected additional stimulus from European Central Bank ("ECB"). Markets continued to rally until the Federal Reserve mentioned tapering, and markets fell hard and sharp from the middle of May. The fall continued with the lack of dovish tone in ECB, announcements until end of June when markets started to recover. The rest of the summer was mixed with both positive and negative news but overall the markets performed strongly. In September the markets were delighted to see that Federal Reserve decided not to taper but instead turned focus on the non-resolved US debt ceiling issue. Fund update From the first of October 2012 the management of the fund was moved to Stockholm. Since then the investment process is focused on both an asset allocation based on longer-term views and manager selection. During the beginning of the period the fund's performance was fairly stable and positive. The risk in the portfolio was increased during this period. From February to mid-may the increase in risk paid-off. In May when all markets fell rapidly the increase in risk was obviously negative. When markets fell, all asset classes fell and thus the principle of diversification did not help. Especially Emerging Market asset, equities and debt had a tough time and had a large negative impact despite modest positions. Further, our trend following hedge funds (CTA) had a large negative impact during this period when the markets turned very rapidly. Also when the market recovered it was mainly one asset class which drove the market, equities, the diversification had a negative impact since no other assets classes contributed to the return. In the portfolio, Bonds, Hedge funds, Emerging Market bonds and Commodities, all have had a negative impact while all other asset classes e.g. Equities, Investment Grade and High Yield Credits and thematic positions have contributed positively with Equities as the largest contributor. The fund selection has been mixed but overall a large positive contribution. DB X-Trackers LPX MM Private Equity UCITS ETF was the holding which has contributed most while Threadneedle Lux - Enhanced Commodities I was the holding which had largest negative impact to the portfolio. Strategy going forward Short term the worries around the US debt ceiling are affecting the management of the portfolio but our main scenario is that this will be resolved in some way rather quickly. Our strategy is to continue focusing on expectations and risks in the different asset classes. As these views change over time the portfolio will change accordingly. Note: Performance figures mentioned in this report are historical and are not indicative of future results. 11
14 Schedule of Investments As at 30 September 2013 SEB deluxe - Multi Asset Defensive Security description Total holdings Currency Unit price Transferable securities admitted to an official stock exchange Market value in % of Net Assets Investment Funds Alternative Investment Luxembourg Schroder GAZA CQS Credit A 28, ,765, Total Luxembourg 2,765, Total Alternative Investment 2,765, Debt Funds Ireland Payden Global Funds Plc - International Bond Fund 136, ,962, Pimco Global High Yield Bond Fund I 268, ,947, Total Ireland 6,910, Luxembourg Amundi Funds - Cash 5,500 1, ,579, BlackRock Strategic Funds - European Credit Strategies Fund 12 35, ,964, Goldman Sachs Global Credit Portfolio Hedged I 311, ,008, Goldman Sachs Growth & Emerging Markets Debt Local Portfolio I 22, , Ignis Absolute Return Government Bond Fund 12 2,850, ,363, JPMorgan Funds - Emerging Markets Local Currency Debt C 10, ,126, Robeco Lux-O-Rente SICAV 1 31, ,242, SEB Fund 4 - SEB Short Bond Fund Euro C 4,795, ,093, SEB HighYield C 62, ,199, SKY Harbor Global Funds - US Short Duration High Yield Fund A 67, ,309, Total Luxembourg 44,147, Total Debt Funds 51,057, Total Investment Funds 53,822, Total Transferable securities admitted to an official stock exchange 53,822, Total Portfolio 53,822, Financial futures open with Skandinaviska Enskilda Banken SA. Commitment in Purchased financial futures contracts CBOT 10 year Treasury Note Future 19/12/13 6 USD 560, , Total financial futures contracts (total unrealised) 12, An amount of 6, is held at cash collateral for these positions. Forward foreign exchange contracts open with Skandinaviska Enskilda Banken SA. Buy 1,189,129 Sell 10,316,027 SEK 03/10/13 2, Buy 10,691 NOK Sell 1,325 03/10/13 (12.32) (0.00) Buy 352,367,482 SEK Sell 40,529,982 03/10/13 (4,721.52) (0.01) Total forward foreign exchange contracts (total net unrealised) (2,036.10) (0.00) 12
15 SEB deluxe - Multi Asset Defensive Market value in % of Net Assets Cash at bank Cash at bank 483, Total cash at bank 483, Other assets Bank interest receivable on cash accounts Receivable on sale of securities 405, Receivable on subscriptions Retrocession fees receivable 25, Total other assets 431, Other liabilities Management fees, taxe d abonnement (30,321.08) (0.05) Payable on redemptions (9,690.48) (0.02) Other liabilities (8,839.41) 10.02) Total other liabilities (48,850.97) (0.09) Total Net Assets as at 30 September ,699, A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 13
16 Schedule of Investments As at 30 September 2013 SEB deluxe - Multi Asset Defensive Plus Security description Total holdings Currency Unit price Market value in % of Net Assets Transferable securities admitted to an official stock exchange Investment Funds Alternative Investment Luxembourg Schroder GAZA CQS Credit A 24, ,328, Total Luxembourg 2,328, Total Alternative Investment 2,328, Asset Allocation Funds Ireland GAM Star Fund plc - Keynes Quantitative Strategies I 150, ,466, A0 Total Ireland 1,466, Luxembourg SEB Fund 1- SEB Asset Selection C 69, , Total Luxembourg 925, Total Asset Allocation Funds 2,392, Commodity Fund Luxembourg Threadneedle Lux - Enhanced Commodities Portfolio I 82, ,843, Total Luxembourg 1,843, Total Commodity Fund 1,843, Debt Funds Ireland Payden Global Funds Plc - International Bond Fund 102, ,466, Pimco Global High Yield Bond Fund I 109, ,014, Total Ireland 3,480, Luxembourg BlackRock Strategic Funds - European Credit Strategies Fund 12 25, ,877, Carmignac Capital Plus A 1,275 1, ,437, Goldman Sachs Global Credit Portfolio Hedged I 228, ,935, Goldman Sachs Growth & Emerging Markets Debt Local Portfolio I 19, , Ignis Absolute Return Government Bond Fund 12 2,790, ,292, JPMorgan Funds - Emerging Markets Local Currency Debt C 9, , Robeco Lux-O-Rente SICAV I 22, ,962, SEB HighYield C 31, ,060, SKY Harbor Global Funds - US Short Duration High Yield Fund A 24, ,639, Total Luxembourg 21,401, Total Debt Funds 24,882, Equity Funds Ireland J 0 Hambro Capital Management UK Umbrella Fund - Emerging Markets Fund B 1,080, ,148, Total Ireland 1,148, Luxembourg BlackRock Strategic Funds - European Diversified Equity Absolute Return A2 21, ,388, db x-trackers LPX MM Private Equity UCITS ETF 38, ,222,
17 SEB deluxe - Multi Asset Defensive Plus Security description Total holdings Currency Unit price Market value in % of Net Assets SEB Fund 1- SEB Global Fund C 1,130,000 USD ,639, Total Luxembourg 6,249, United Kingdom M&G Global Dividend Fund C 197, ,633, Total United Kingdom 3,633, Total Equity Funds 11,031, Total Investment Funds 42,478, Total Transferable securities admitted to an official stock exchange 42,478, Other Transferable Securities Investment Fund Equity Fund Ireland Aspect Diversified Trends - C 16, ,390, Total Ireland 1,390, Total Equity Fund 1,390, Total Investment Fund 1,390, Total Other Transferable Securities 1,390, Total Portfolio 43,869, Financial futures open with Skandinaviska Enskilda Banken SA. Commitment in Purchased financial futures contracts CBOT 10 year Treasury Note Future 19/12/13 25 USD 2,334, , Eurex Euro Stoxx 50 Futures 20/12/ ,209, , Sold financial futures contracts CME Si-Poor 500 Mini Index Future 20/12/13 (6) USD 1371,045.81) 1, Total financial futures contracts (total unrealised) 71, An amount of 133, is held at cash collateral for these positions. Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A. Buy 6,033,404 SEK Sell 693,981 03/10/13 (88.47) (0.00) Total forward foreign exchange contracts (total unrealised) (88.47) (0.00) 15
18 SEB deluxe - Multi Asset Defensive Plus Market value in % of Net Assets Cash at bank Cash at bank 3,413, Total cash at bank 3,413, Other assets Receivable on subscriptions 1, Retrocession fees receivable 46, Total other assets 48, Other liabilities Management fees, taxe d'abonnement (66,687.61) (0.13) Payable on redemptions (70,920.27) (0.15) Bank interest payable on cash accounts (24.93) (0.00) Other liabilities (9,957.33) (0.02) Total other liabilities (147,590.14) (0.30) Total Net Assets as at 30 September ,255, A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 16
19 Schedule of Investments As at 30 September 2013 SEB deluxe - Multi Asset Balance Security description Total holdings Currency Unit price Market value in % of Net Assets Transferable securities admitted to an official stock exchange Investment Funds Alternative Investment Ireland GLG Investments VI Plc - GLG European Equity Alternative IN 9, ,058, Total Ireland 1,058, Total Alternative Investment 1,058, Asset Allocation Funds Ireland GAM Star Fund plc - Keynes Quantitative Strategies I 125, ,222, Total Ireland 1,222, Luxembourg SEB Fund 1 - SEB Asset Selection C 57, , Total Luxembourg 771, Total Asset Allocation Funds 1,993, Commodity Fund Luxembourg Threadneedle Lux - Enhanced Commodities Portfolio I 119, ,667, Total Luxembourg 2,667, Total Commodity Fund 2,667, Debt Funds Ireland Payden Global Funds Plc - International Bond Fund 166, ,386, Pimco Global High Yield Bond Fund I 87, ,622, Total Ireland 4,008, Luxembourg BlackRock Strategic Funds - European Credit Strategies Fund 12 21, ,395, Goldman Sachs Global Credit Portfolio Hedged 1 155, ,001, Goldman Sachs Growth & Emerging Markets Debt Local Portfolio 1 36, , Ignis Absolute Return Government Bond Fund 12 1,320, ,557, JPMorgan Funds - Emerging Markets Local Currency Debt C 7, , Robeco Lux-0-Rente SICAV 1 32, ,417, SEB HighYield C 17, ,219, SKY Harbor Global Funds - US Short Duration High Yield Fund A 7, , Total Luxembourg 14,608, Total Debt Funds 18,617, Equity Funds Ireland Eaton Vance International Ireland - Parametric Emerging Markets Fund A2 116,000 USD , J 0 Hambro Capital Management UK Umbrella Fund - Emerging Markets Fund B 1,095, ,163, J 0 Hambro Capital Management Umbrella Fund plc - Global Select Fund B 545, , Total Ireland 2,988, Luxembourg db x-trackers LPX MM Private Equity UCITS E'fF 67, ,154,
20 SEB deluxe - Multi Asset Balance Security description Total holdings Currency Unit price Market value in % of Net Assets Morgan Stanley Investment Funds - Global Brands Fund ZH 43, ,095, SEB Fund 1- SEB Global Fund C 910,000 USD ,125, Total Luxembourg 6,375, United Kingdom M&G Global Dividend Fund C 177, ,269, Total United Kingdom 3,269, Total Equity Funds 12,633, Total Investment Funds 36,970, Total Transferable securities admitted to an official stock exchange 36,970, Other Transferable Securities Investment Fund Equity Fund Ireland Aspect Diversified Trends - C 13, ,164, Total Ireland 1,164, Total Equity Fund 1,164, Total Investment Fund 1,164, Total Other Transferable Securities 1,164, Total Portfolio 38,134, Financial futures open with Skandinaviska Enskilda Banken S.A. Commitment in Purchased financial futures contracts CBOT 10 year Treasury Note Future 19/12/13 12 USD 1,120, , Eurex Euro Stoxx 50 Futures 20/12/ ,209, , Sold financial futures contracts CME S+Poor 500 Mini Index Future 20/12/13 (12) USD (742,091.62) (486.37) 0.00 Total financial futures contracts (total net unrealised) 41, An amount of 134, is held at cash collateral for these positions. Forward foreign exchange contracts open with Skandinaviska Enskilda Banken SA. Buy 8,662,744 SEK Sell 996,416 03/10/13 (127.02) (0.00) Total forward foreign exchange contracts (total unrealised) (127.02) (0.00) 18
21 SEB deluxe - Multi Asset Balance Market value in % of Net Assets Cash at bank Cash at bank 1,702, Total cash at bank 1,702, Other assets Receivable on subscriptions 3, Retrocession fees receivable 33, Other assets 5, Total other assets 41, Other liabilities Management fees, taxe d abonnement (55,524.99) (0.14) Payable on redemptions (1,587.14) (0.00) Bank interest payable on cash accounts (87.39) (0.00) Other liabilities (3,893.22) (0.01) Total other liabilities (61,092.74) (0.15) Total Net Assets as at 30 September ,860, A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 19
22 Combined Statement of Operations For the year ended 30 September 2013 SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive Plus SEB deluxe Multi Asset Balance SEB deluxe Combined Income Investment income (note 1) 10, , , Interest on bonds (note 1) 1, , Bank interest on cash accounts , , Retrocession fees 125, , , , Total income 126, , , , Expenses Management fees (note 2) 311, , , ,708, Performance fees (note 3) 3, , Taxe d abonnement (note 4) 6, , , , Bank interest on cash accounts , , Other expenses 34, , , , Total expenses 356, , , ,837, Net loss for the year (230,409.02) (653,329.41) (536,494.41) (1,420,232.84) The accompanying notes are an integral part of these financial statements. 20
23 Combined Statement of Changes in Net Assets For the year ended 30 September 2013 SEB deluxe - Muth Asset Defensive SEB deluxe - Multi Asset Defensive Plus SEB deluxe - Multi Asset Balance SEB deluxe Combined Net Assets at the beginning of the year 69,353, ,685, ,452, ,491, Net (loss) for the year (230,409.02) (653,329.41) (536,494.41) (1,420,232.84) Net realised gain / (loss) on: - sales of securities 2,040, ,621, ,686, ,348, foreign exchange (89,387.93) (41,590.55) (7,120.81) (138,099.29) - financial futures contracts (49,327.91) 76, , , Total net realised gain 1,902, ,656, ,740, ,298, Change in net unrealised appreciation / (depreciation) on: - securities (1,433,467.01) (886,834.75) (1,474,409.57) (3,794,711.33) - forward foreign exchange contracts (881,613.63) (14,521.12) (21,090.68) (917,225.43) - financial futures contracts 12, , , , Total change in net unrealised depreciation (2,302,822.34) (829,958.35) (1,454,039.00) (4,586,819.69) (Decrease)/ increase in Net Assets as a result of operations (631,213.25) 172, , , Proceeds on issues of units 6,808, ,060, ,295, ,164, Payment on redemptions of units (20,831,604.49) (10,658,217.39) (6,637,591.02) (38,127,412.90) Dividends paid (5,712.38) (5,712.38) Total Net Assets as at 30 September ,699, ,255, ,860, ,814, The accompanying notes are an integral part of these financial statements. 21
24 Combined Statement of Net Assets As at 30 September 2013 SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive Plus SEB deluxe - Multi Asset Balance SEB deluxe Combined Assets Portfolio at cost 53,306, ,365, ,948, ,620, Unrealised appreciation 516, , ,185, ,206, Portfolio at market value (note 1) 53,822, ,869, ,134, ,827, Unrealised appreciation on financial futures contracts (note 6) 12, , , , Receivable interest and / or dividends Cash at bank 483, ,413, ,702, ,600, Other assets 431, , , , Total Assets 54,749, ,402, ,921, ,074, Liabilities Unrealised depreciation on forward foreign exchange contracts (note 6) (2,036.10) (88.47) (127.02) (2,251.59) Other liabilities (48,850.97) (147,590.14) (61,092.74) (257,533.85) Total Liabilities (50,887.07) (147,678.61) (61,219.76) (259,785.44) Total Net Assets as at 30 September ,699, ,255, ,860, ,814, "C ()' units outstanding as at 30 September , , , "C (H-NOK)' units outstanding as at 30 September 'C (H-SEK)' units outstanding as at 30 September ,271, , , 'ID ()' units outstanding as at 30 September , , Net Asset Value per "C ()' unit as at 30 September Net Asset Value per "C (H-NOK)' unit as at 30 September Net Asset Value per "C (H-SEK)' unit as at 30 September Net Asset Value per "ID ()' unit as at 30 September The accompanying notes are an integral part of these financial statements. 22
25 Statistical Information As at 30 September 2013 Number of 'C ()' units outstanding as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Number of 'C (H-NOK)' units outstanding as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Number of 'C (H-SEK)' units outstanding as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Number of 'IC ()' units outstanding as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Number of 1D ()* units outstanding as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Total Net Assets as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Net Asset Value per 'C ()' unit as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Net Asset Value per 'C (H-NOK)" unit as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Net Asset Value per 'C (H-SEKr unit as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Net Asset Value per 'IC ()' unit as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Net Asset Value per 1D ()' unit as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Performance in %'C ()' units * *) as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 Performance in %'C (H-NOK)' units ' 1 as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive Plus SEB deluxe - Multi Asset Balance SEB deluxe Combined 281, , , , , , , , , ,271, , , ,014, , , ,971, , , , , , , , ,699, ,255, ,860, ,814, ,353, ,685, ,452, ,491, ,575, ,343, ,398, ,318, *) (0.1) (3.3) (3.7) (6.0) (1.2) The accompanying notes are an integral part of these financial statements. 23
26 SEB deluxe - SEB deluxe - SEB deluxe - SEB deluxe Multi Asset Multi Asset Multi Asset Combined Defensive Defensive Plus Balance Performance in %'C (H-SEK)' units 1 as at 30 September as at 30 September as at 30 September 2011 (1.7) (2.8) Performance in % 1C ()' units 1 as at 30 September 2013 as at 30 September 2012 as at 30 September 2011 (2.4) - Performance in % ()' units 1 as at 30 September as at 30 September as at 30 September 2011 (2.7) Dividend paid per ID () unit (5.61 (1.3) Ongoing Charges (Unaudited) ) in % 01/10/ /09/2013 'C ()' units /10/ /09/2013 "C (H-NOK)' units /10/ /09/2013 C (H-SEK)' units /10/ /09/2013 'IC ()' units 01/10/ /09/2013 'ID ()' units Portfolio Tumover Rate (Unaudited) ) (PTR) in % 01/10/ /09/ *) since the inception of the unit class on 16 November 2010 at per unit *) since the inception of the unit class on 15 April 2013 at per unit *) Performance is calculated by the following formula: ((NAV / Unit as at 30/09/2013) / (NAV / Unit as at 30/09/2012)- 1) 100 ") Performance is calculated by the following formula: ((NAV / Unit as at 30/09/ dividend / Unit paid during the year) / (NAV / Unit as at 30/09/2012)- I) 100 ) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the transaction fees disclosed in the note 5 to the financial statements but excluding bank interest on cash accounts and performance fees / average TNA) 100 ) PTR is calculated by the following formula: ((Total 1 - Total 2) / average TNA) 100 NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriphons + redemptions) Since the change of the administrative agent the NAV per unit are rounded to three decimal places. For 2011 the NAV per unit was shown to four decimal places. The accompanying notes are an integral part of these financial statements. 24
27 Additional information on Management Fees SEB deluxe - Multi Asset Defensi ISIN Code Fund Name Management fees in % LU Amundi Funds - Cash 0.10 LU BlackRock Strategic Funds - European Credit Strategies Fund LU Goldman Sachs Global Credit Portfolio Hedged I 0.50 LU Goldman Sachs Growth & Emerging Markets Debt Local Portfolio I 0.70' LU Ignis Absolute Return Government Bond Fund LU JPMorgan Funds - Emerging Markets Local Currency Debt C E Payden Global Funds Plc - International Bond Fund 0.30 IE00B2R34Y72 Pimco Global High Yield Bond Fundl 0.55 LU Robeco Lux-O-Rente SICAV LU Schroder GAZA CQS Credit A 2.00 LU SEB Fund 4 - SEB Short Bond Fund Euro C 0.50 LU SEB HighYield C 1.20 LU SKY Harbor Global Funds - US Short Duration High Yield Fund A 0.45 SEB deluxe - Multi Asset Defensive Plus ISIN Code Fund Name Management fees in % 1E00B3Q12S92 Aspect Diversified Trends C 1.50 LU BlackRock Strategic Funds - European Credit Strategies Fund LU BlackRock Strategic Funds - European Diversified Equity Absolute Return A LU Carmignac Capital Plus A 0.94 LU db x-trackers LPX MM Private Equity UCITS ETF 0.70 IE00B4MFWL59 GAM Star Fund plc - Keynes Quantitative Strategies I 0.20 LU Goldman Sachs Global Credit Portfolio Hedged I 0.50 LU Goldman Sachs Growth & Emerging Markets Debt Local Portfolio I 0.70* LU Ignis Absolute Return Government Bond Fund IE00B4WG5Q49 J 0 Hambro Capital Management UK Umbrella Fund - Emerging Markets Fund B 1.50 LU JPMorgan Funds - Emerging Markets Local Currency Debt C 0.50 GB00B39R2T55 M&G Global Dividend Fund C E Payden Global Funds Plc - International Bond Fund 0.30 IE00B2R34Y72 Pimco Global High Yield Bond Fund I 0.55 LU Robeco Lux-O-Rente SICAV I 0.35 LU Schroder GAZA CQS Credit A 2.00 LU SEB Fund 1 - SEB Asset Selection C 1.10 LU SEB Fund 1 - SEB Global Fund C 1.50 LU SEB HighYield C 1.20 LU SKY Harbor Global Funds - US Short Duration High Yield Fund A 0.45 LU Threadneedle Lux - Enhanced Commodities Portfolio I 1.00 Maximum management fees as per Prospectus. 25
28 SEB deluxe - Multi Asset Balance ISIN Code Fund Name Management fees in % 1E00B3Q12S92 Aspect Diversified Trends C 1.50 LU BlackRock Strategic Funds - European Credit Strategies Fund LU db x-trackers LPX MM Private Equity UCITS ETF 0.70 IE00B2NF8N44 Eaton Vance International Ireland - Parametric Emerging Markets Fund A IE00B4MFWL59 GAM Star Fund plc - Keynes Quantitative Strategies IE00B5429P46 GLG Investments VI Plc - GLG European Equity Alternative IN 2.00 LU Goldman Sachs Global Credit Portfolio Hedged I 0.50 LU Goldman Sachs Growth & Emerging Markets Debt Local Portfoliol 0.70' LU Ignis Absolute Return Government Bond Fund E00B4WG5Q49 J 0 Hambro Capital Management UK Umbrella Fund - Emerging Markets Fund B E00B3DBRM10 J 0 Hambro Capital Management Umbrella Fund plc - Global Select Fund B 1.50 LU JPMorgan Funds - Emerging Markets Local Currency Debt C 0.50 GB00B39R2T55 M&G Global Dividend Fund C 0.75 LU Morgan Stanley Investment Funds - Global Brands Fund ZH E Payden Global Funds Plc - International Bond Fund E00B2R34Y72 Pimco Global High Yield Bond Fundl 0.55 LU Robeco Lux-O-Rente SICAV LU SEB Fund 1 - SEB Asset Selection C 1.10 LU SEB Fund 1 - SEB Global Fund C 1.50 LU SEB HighYield C 1.20 LU SKY Harbor Global Funds - US Short Duration High Yield Fund A 0.45 LU Threadneedle Lux - Enhanced Commodities Portfoliol 1.00 Maximum management fees as per Prospectus. 26
29 Notes to the Financial Statements As at 30 September 2013 Note 1. Significant Accounting Policies The financial statements have been prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments. Investments: a) Transferable securities and money market instruments, which are officially listed on the stock exchange, are valued at the last available price. b) Transferable securities and money market instruments, which are not officially listed on a stock exchange, but which are traded on another regulated market are valued at a price no lower than the bid price and no higher than the ask price at the time of the valuation and at which the Management Company considers to be an appropriate market price. c) Transferable securities and money market instruments quoted or traded on several markets are valued on the basis of the last available price on the principal market for the transferable securities or money market instruments in question, unless these prices are not representative. d) In the event that such prices are not in line with market conditions, or for securities and money market instruments other than those covered in a), b) and c) above for which there are no fixed prices, these securities and money market instruments, as well as other assets, will be valued at the current market value as determined in good faith by the Management Company, following generally accepted valuation principles verifiable by the auditor. e) Units or shares of UCI(TS) are valued at the last available Net Asset Value. f) Forward foreign exchange contracts are valued based on the latest available forward exchange rates. g) Financial Futures Contracts, which are not matured, are valued at valuation date at market rates prevailing at this date and resulting unrealised appreciation or depreciation are posted as change in net unrealised appreciation/(depreciation) on financial future contracts to the Statement of Changes in Net Assets. h) Financial instruments which are not traded on futures exchanges but on a regulated market are valued at their settlement value, as stipulated by the Management Company in accordance with generally recognised principles, taking into consideration the generally accepted accounting practices, the customary practices in line with the market and the interests of the Unitholders, provided that the above mentioned principles correspond with generally accepted valuation procedures, which can be verified by the auditor. In the case that extraordinary circumstances occur which make it impossible or even wrong to make a valuation in accordance with the above-mentioned criteria, the Management Company is entitled to temporarily apply other generally accepted valuation procedures, which are determined by it in good faith and which can be verified by the auditor, in order to make an appropriate valuation of the Fund's Assets. Gains and losses on the sale of securities are determined using the average cost method. 27
30 Currency translation: All assets denominated in a different currency to the respective Sub-Fund's currency are converted into this respective Sub-Fund's currency at the last available average exchange rate. Separate accounts are maintained for the Sub-Fund in the currency in which the Net Asset Value per unit to which it relates is expressed (the "accounting currency"). Transactions denominated in a currency other than the accounting currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Sub-Fund. Assets and liabilities, expressed in a currency other than the accounting currency, are translated on the basis of exchange rates ruling at the balance sheet date. The consolidated total is translated into at the year-end date exchange rate. As at 30 September 2013, the exchange rates were as follows: 1 DICK GBP HKD JPY NOK PLN SEK SGD USD Income: Dividends are recorded on the ex-dividend date. Interest income is recognised on an accrual basis. The interest income includes accretion of market discount and amortisation of premiums of the underlying investments. Note 2. Management Fees In payment for its services, the Management Company receives a commission at a maximum annual rate of: 1.00% is charged on SEB deluxe - Multi Asset Defensive "C ()" units (maximum rate: 1.00%) 0.30% is charged on SEB deluxe - Multi Asset Defensive "C (H-NOK)" units (maximum rate: 0.30%) 0.30% is charged on SEB deluxe - Multi Asset Defensive "C (H-SEK)" units (maximum rate: 0.30%) 1.50% is charged on SEB deluxe - Multi Asset Defensive Plus "C ()" units (maximum rate: 1.50%) 1.50% is charged on SEB deluxe - Multi Asset Defensive Plus "C (H-SEK)" units (maximum rate: 1.50%) 0.55% is charged on SEB deluxe - Multi Asset Defensive Plus "ID ()" units (maximum rate: 0.75%) 1.50% is charged on SEB deluxe - Multi Asset Balance "C ()" units (maximum rate: 1.50%) 1.50% is charged on SEB deluxe - Multi Asset Balance "C (H-SEK)" units (maximum rate: 1.50%) 0.55% is charged on SEB deluxe - Multi Asset Balance "ID ()" units (maximum rate: 0.75%) A twelfth of this rate is being payable at the end of each month and based on the average Net Assets of each Sub-Fund calculated daily during the relevant month. The Management Company pays accounting, administration, custodian and all other charges and fees on behalf of the Fund, except for taxes, bank and brokerage fees for transactions in securities making up the Fund's portfolio as well as fees on transfers referring to redemption of units. 28
31 Note 3. Performance Fees In addition to the management fee, the Management Company is entitled to a performance fee in the applicable unit class of the relevant Sub-Fund which is calculated, accrued and crystallised daily in the respective unit classes and is paid out monthly in arrears. The performance fee per unit of the applicable unit class of the Sub-Fund equals 20% ("C" units) or 10% ("I" units) of the appreciation of the Net Asset Value per unit of the applicable unit class of the relevant Sub-Fund pre performance fee, but post the management fee and other types of fees, above the current Hurdle Value of the applicable unit class of the Sub-Fund. The current Hurdle Value is equal to the current High Water mark of the unit class adjusted by the risk free rate return. For the unit classes SEB deluxe - Multi Asset Defensive C (), SEB deluxe - Multi Asset Defensive Plus C () and ID (), and SEB deluxe - Multi Asset Balance C (), the 1 - Month IBOR index is retained for the riskfree rate for calculating the Hurdle Value. For the unit classes SEB deluxe - Multi Asset Defensive C (H-NOK) and C (H-SEK), SEB deluxe - Multi Asset Defensive Plus C (H-SEK) and SEB deluxe - Multi Asset Balance C (H-SEK), the 3-month Treasury Bill Return Index in the reference currency of the respective unit class is retained for the risk-free rate for calculating the Hurdle Value. As at 30 September 2013, no performance fees were accrued. Note 4. Taxation The Fund is liable in Luxembourg to a subscription tax ("taxe d'abonnement") of 0.05% or 0.01% (as applicable) per annum of its NAV, such tax being payable quarterly on the basis of the value of the aggregate Net Assets of the Sub- Funds at the end of the relevant calendar quarter. Investments by a Sub-Fund in shares or units of another Luxembourg undertaking for collective investment which are also subject to the taxe d'abonnement are excluded from the NAV of the Sub-Fund serving as basis for the calculation of this tax to be paid by the Sub-Fund. No stamp duty or other tax is payable in Luxembourg on the issue of units. Interest, dividend and other income realised by the Sub-Fund on the sale of securities of non-luxembourg issuers, may be subject to withholding and other taxes levied by the jurisdictions in which the income is sourced. Note 5. Transaction Fees Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of custodian fees and broker fees. Transaction fees are included in the transaction price used to calculate the realised and unrealised gain/(loss) on securities. For the year ended from 1 October 2012 to 30 September 2013, the transaction fees were as follows: SEB deluxe - Multi Asset Defensive 17, SEB deluxe - Multi Asset Defensive Plus 30, SEB deluxe - Multi Asset Balance 28, Note 6. Financial futures Lontracts and tom and foreign exchange contracts Detailed information on open positions relating to forward foreign exchange transactions may be found in the "Schedule of Investments". 29
32 Note 7. Changes in Portfolio composition A list of changes in the Portfolio composition during the financial year is available, free of charge, from SEB Asset Management S.A.. Note 8. Risk Disclosure In the context of risk measurement and in accordance with CSSF Circular 11/512 a UCITS must calculate its global exposure on at least a daily basis. For SEB deluxe, the global exposure is calculated and monitored daily by using the calculation methodology Value at Risk (VaR). The VaR model used is parametric VaR. The observation period is at least 250 days. The VaR methodology provides an estimate of the maximum potential loss over a specific time period and at a given confidence level, i.e. probability level. Usually for UCITS, the time period is 1 month/20 business days and the confidence level is 99%. For example, a VaR estimate of 3% on a 20-days' time period with a 99% confidence level means that, with 99% certainty, the percentage the Fund can expect to lose over the next 20 days' period should be a maximum of 3%. In case of the VaR methodology, the Fund can use either the "relative" or the "absolute" VaR approach. According to CSSF Circular 11/512, the absolute VaR approach must not be greater than 20% based on a 99% confidence level and a holding period of 1 month/20 business days. In the case of the relative VaR approach, the VaR of the fund must not be greater than twice the VaR of its reference portfolio. Nevertheless, lower limitations than those ones set by the regulator can be set in accordance with the investment policy/strategy of the fund. In addition to the VaR, the level of leverage generated through the use of derivatives and the use of collateral in relation to efficient portfolio management transactions (i.e. securities lending or repurchase agreements) is monitored twice a month. Leverage is measured as the sum of the absolute notional exposures of the financial derivative instruments (i.e. the absolute sum of all long and short notional positions in derivatives compared to the Net Asset Value of the Fund) and the reinvestment of collateral related to securities lending or repurchase agreement used by the Fund. The below overview summarises the Fund indicating the VaR approach, the reference portfolio (in the case of relative VaR), the VaR limit (legal and internal limit), the lowest/highest and average VaR as well as the average level of leverage for the year ended 30 September 2013: Fund Relative/ Absolute VaR Reference portfolio Internal VaRlimit Legal VaRlimit Lowest VaR Highest VaR Average VaR Average Leverage SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive Plus SEB deluxe - Multi Asset Balance Absolute N/A % Absolute N/A % Absolute N/A 6 20% % 30
33 Note 9. Significant Events during the year The Investment Manager moved from SEB Investment Gmbh to SEB Investment Management AB as of 1 October The change of Investment Manager did not cause any change to the management fees borne by the Sub-Funds. Prospectus A new prospectus was issued in October Directors There was a number of appointments and resignations in the Management Company during the year. Please refer to Organisation on page 3 to see these changes. Note 10. Subsequent E ents after the year end Prospectus A new prospectus was issued in November A dividend per unit of was processed and paid on the 17 January 2014 for SEB deluxe - Multi Asset Defensive Plus "ID ()" units. 31
34 _EL pwc Audit Report To the Unitholders of SEB deluxe We have audited the accompanying financial statements of SEB deluxe and of each of its sub-funds, which comprise the Combined Statement of Net Assets and the Schedule of Investments as at 30 September 2013 and the Combined Statement of Operations and the Combined 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 Management Company for the financial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the "Reviseur d'entreprises agree" Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the "Reviseur d'entreprises agree", 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 "Reviseur d'entreprises agree" 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 Management Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers, Societe cooperative, 400 Route d'esch, B.F. 1443, L-1014 Luxembourg , F: , Cabinet de revision agree. Espert-comptable Nutarisation gauvernementale ) R.C.S. Luxembourg B TVA LU
35 Opinion In our opinion, the financial statements give a true and fair view of the financial position of SEB deluxe and of each of its sub-funds as of 30 September 2013, and of the results of their operations and changes in their Net Assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters 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. PricewaterhouseCoopers, Societe cooperative Luxembourg, 22 January 2014 Represented b Emm. uel Chataignier 33
36 Notes to the "EU Savings Tax Directive" The Council of the European Union adopted on 3 June 2003 a Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments (the "Savings Tax Directive") under which Member States of the European Union ("Member States") will be required to provide tax authorities of another Member State with details of payment of interest or other similar income paid by a person within its jurisdiction to an individual resident in that other Member State. Austria, Belgium and the Grand Duchy of Luxembourg have opted alternatively for a withholding tax system for a transitional period in relation to such payments. The Luxembourg law of 21 June 2005 implemented the Savings Directive into Luxembourg law (the "Savings Directive Law"). Pursuant to the Savings Directive Law, from 1 July 2005 until 30 June 2008, the withholding tax rate on interest was 15% and from 1 July 2008 until 30 June 2011, the withholding tax was 20% rising to 35% from 1 July 2011 onwards. Article 9 of the Savings Directive Law provides that no withholding tax will be withheld if the beneficial owner expressly authorizes the paying agent to report information in accordance with the provisions of the Savings Directive Law. Dividends distributed are subject to the Savings Tax Directive if more than 15% of the assets are invested in debt claims as defined in the Savings Directive Law. Proceeds realised by Unitholders on the disposal of units will be subject to such reporting or withholding if more than 40% of the assets are invested in debt claims as defined by the Savings Directive Law. As from 1 January 2011 the application threshold for the EU Savings Directive changed from 40% to 25%. The determination of the portion of debt claims has been carried out based on an asset test. Key dates for this asset test were 31 March 2013 and 30 September The average percentage of the Fund's debt claims is as follows: SEB deluxe - Multi Asset Defensive: % SEB deluxe - Multi Asset Defensive Plus: 67.77% SEB deluxe - Multi Asset Balance: 54.80% Therefore the Sub-Funds, SEB deluxe - Multi Asset Defensive, SEB deluxe - Multi Asset Defensive Plus and SEB deluxe - Multi Asset Balance are subject to the Savings Tax Directive, both in relation to the interest income contained within the dividend payments and to the interest income received on redemption of units (sale) for the period from 1 February 2014 to 31 January
37
Unaudited Semi-Annual Report. SEB Optimix. Status: 30 April 2014 = = = = = = = = = = = = = = = = = = = = = = = = = = = =
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