CARNEGIE INVESTMENT FUND

Société d'investissement à Capital Variable UNAUDITED SEMI-ANNUAL REPORT 30 JUNE 2017 R.C.S. Luxembourg B 158 803 Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document "KIID" accompanied by the latest annual report and the latest semi-annual report if published after the annual report

TABLE OF CONTENTS GENERAL INFORMATION Management and Administration 3 Board of Directors 3 FINANCIAL STATEMENTS Statement of Net Assets 4 Net Asset Value per share 4 Statement of Operations and Changes in Net Assets 5 Statement of Changes in Number of Shares Outstanding 6 SECURITIES PORTFOLIO Carnegie Investment Fund - Nordic Equity Fund 7-9 NOTES TO THE FINANCIAL STATEMENTS 10-13 2

MANAGEMENT AND ADMINISTRATION REGISTERED OFFICE INVESTMENT MANAGER Le Dôme (A) Carnegie Investment Bank, Copenhagen 15, rue Bender branch of Carnegie Investment Bank AB (publ) Sweden L-1229 Luxembourg 9B, Neden Vandet, DK-1414 Copenhagen MANAGEMENT COMPANY CUSTODIAN Carnegie Fund Services S.A. Banque Carnegie Luxembourg S.A. Le Dôme (A) Le Dôme (A) 15, rue Bender 15, rue Bender L-1229 Luxembourg AUDITOR Until 18th June, 2017 PricewaterhouseCoopers, Société coopérative LEGAL COUNSEL 2, rue Gerhard Mercator Bonn & Schmitt L-2182 Luxembourg 148, Avenue de la Faiencerie L-1511 Luxembourg Since 19th June, 2017 Ernst & Young 35E, Avenue John F. Kennedy, FUND ADMINISTRATOR, L-1855 Luxembourg REGISTRAR AND TRANSFER AGENT Carnegie Fund Services S.A. Le Dôme (A) 15, rue Bender L-1229 Luxembourg BOARD OF DIRECTORS CHAIRMAN Stephan KARLSTEDT General Manager Carnegie Fund Services S.A. DIRECTORS Thomas THINGHOLM Chief Investment Officer Carnegie Investment Bank AB Vincent GRUSELLE Managing Director Alcyon S.A. 3

STATEMENT OF NET ASSETS AS AT 30 JUNE 207 COMBINED (EUR) CARNEGIE INVESTMENT FUND - Nordic Equity Fund (SEK) ASSETS Investments at market value (Note 2.1) 116,077,993.85 1,117,889,119.78 Cash at banks 525,580.04 5,061,598.55 Other receivables 400,331.10 3,855,388.62 Brokers receivable 173,891.89 1,674,665.83 Dividends receivable (Note 2.4) 42,552.66 409,803.38 Receivable on subscriptions 59,373.86 571,800.00 Total Assets 117,279,723.40 1,129,462,376.16 LIABILITIES Bank overdrafts (20,631.25) (198,689.25) Payables on investments purchased (7.17) (69.09) Payables on redemptions (672,448.78) (6,476,017.93) Subscription tax payable ("taxe d'abonnement") (13,210.29) (127,221.71) Unrealised loss on forward foreign exchange contracts (Note 5) 0.00 0.00 Total Liabilities (706,297.49) (6,801,997.98) NET ASSET VALUE 116,573,425.91 1,122,660,378.18 NET ASSET VALUE PER SHARE AS AT 30 JUNE 2017 CARNEGIE INVESTMENT FUND - Nordic Equity Fund Class 1 A - Net asset value per share (SEK) 166.93 Class 2 A - Net asset value per share (SEK) 108.31 Class 3 A - Net asset value per share (EUR) 107.57 The accompanying notes form an integral part of this annual report 4

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED 30 JUNE 2017 COMBINED (i) (EUR) CARNEGIE INVESTMENT FUND - Nordic Equity Fund (SEK) INCOME Dividends, net (Note 2.4) 1,833,378.23 17,656,349.08 Other income 0.00 0.00 Total Income 1,833,378.23 17,656,349.08 EXPENSES Management fee (Note 6) (742,718.14) (7,152,747.05) Custody fees (Note 8) (101,050.94) (973,171.12) Administration fees (Note 9) 0.00 0.00 Taxe d abonnement (Note 4) (23,999.05) (231,122.89) Bank and interest expenses (4,483.69) (43,180.14) Total Expenses (872,251.82) (8,400,221.20) Net investment income 961,126.41 9,256,127.88 Net realised gains(losses) on investments (Note 2.2) 1,015,926.03 9,783,875.60 Net realised gains(losses) on forward foreign 0.00 exchange contracts (22,231.54) (214,100.88) Net realised gains/(losses) for the year 1,954,820.89 18,825,902.60 Change in net unrealised appreciation / (depreciation) on investments 7,513,694.47 72,360,634.62 Change in net unrealised appreciation/(depreciation) 0.00 on forward foreign exchange contracts (Note 5) 0.00 0.00 Result of operations for the year 9,468,515.36 91,186,537.22 Subscriptions 40,137,484.78 386,544,047.17 Redemptions (20,560,620.95) (198,009,060.07) Increase / (Decrease) in net assets 29,045,379.19 279,721,524.32 Net assets at the beginning of the year (i) 87,528,046.71 842,938,853.86 NET ASSETS AT THE END OF THE PERIOD 116,573,425.91 1,122,660,378.18 (i) Net assets at the beginning of the year were translated at the exchange rate ruling as at 30 June 2017. The same net assets when translated at EUR = SEK 9.5535, the exchange rates ruling as at 31 December 2016 reflect a figure of EUR 88,233,511.68 The accompanying notes form an integral part of this annual report 5

STATEMENT OF CHANGES IN NUMBER OF SHARES OUTSTANDING FOR THE PERIOD ENDED 30 JUNE 2017 Class 1A CARNEGIE INVESTMENT FUND - Nordic Equity Fund (SEK) Shares outstanding as at 31 December 2016 4,916,003.7823 Class 1A - Shares Issued 2,274,805.5858 Class 1A - Shares Redeemed (1,215,461.2965) Shares outstanding as at 30 June 2017 5,975,348.0716 Class 2A Shares outstanding as at 31 December 2016 300,000.0000 Class 2A - Shares Issued 88,486.8744 Class 2A - Shares Redeemed 0.0000 Shares outstanding as at 30 June 2017 388,486.8744 Class 3A Shares outstanding as at 31 December 2016 66,900.0000 Class 3A - Shares Issued 13,317.3125 Class 3A - Shares Redeemed 0.0000 Shares outstanding as at 30 June 2017 80,217.3125 The accompanying notes form an integral part of this annual report 6

- NORDIC EQUITY FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2017 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (SEK) ASSETS Transferable Securities Admitted To An Official Exchange Listing Shares Denmark 45,000 Ambu B 24,477,736.68 2.18 37,500 Christian Hansen Holding 22,996,445.08 2.05 162,020 Danske Bank 52,542,702.51 4.68 67,980 DSV 35,216,857.98 3.14 100,000 GN Store Nord 24,620,199.70 2.19 170,000 Novo Nordisk B 61,383,428.98 5.47 30,000 Schouw & Co. 27,139,204.88 2.42 65,000 SimCorp 33,201,653.84 2.96 45,000 Vestas Wind Systems 35,026,475.59 3.12 316,604,705.24 28.21 Finland 55,000 Kone B 23,591,835.85 2.10 75,000 Sampo A 32,409,040.13 2.89 56,000,875.98 4.99 Norway 100,000 Schibsted A 20,255,065.57 1.80 100,000 Schibsted B 18,537,001.97 1.65 270,000 XXL 21,769,674.27 1.94 60,561,741.81 5.39 Sweden 160,000 Addtech B 25,680,000.00 2.29 450,000 Ahlsell 25,987,500.00 2.31 250,000 Alimak Group 35,000,000.00 3.12 120,000 Assa Abloy B 22,212,000.00 1.98 185,000 Atlas Copco A 59,755,000.00 5.32 300,000 Boozt 24,900,000.00 2.22 471,633 CLX Communications 63,552,546.75 5.66 275,000 Elekta B 21,958,750.00 1.96 130,000 Hexagon B 52,065,000.00 4.64 250,000 Hexpol B 22,987,500.00 2.05 425,000 Hoist Finance 36,656,250.00 3.27 150,000 Indutrade 28,950,000.00 2.58 50,000 Investor B 20,300,000.00 1.81 250,000 Inwido 29,625,000.00 2.64 100,000 Lifco B 27,080,000.00 2.41 The accompanying notes form an integral part of this annual report 7

- NORDIC EQUITY FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2017 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (SEK) ASSETS Transferable Securities Admitted To An Official Stock Exchange Listing (continued) 225,000 Munters Group 16,560,000.00 1.48 400,000 Mycronic 30,700,000.00 2.73 325,000 NetEnt B 23,936,250.00 2.13 350,000 NIBE Industrier B 27,842,500.00 2.48 200,000 Swedbank A 41,060,000.00 3.66 160,000 Volvo B 22,976,000.00 2.05 375,000 Vostok New Ventures SDB 24,937,500.00 2.22 684,721,796.75 61.01 TOTAL SHARES 1,117,889,119.78 99.60 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 1,117,889,119.78 99.60 TOTAL SECURITIES PORTFOLIO 1,117,889,119.78 99.60 The accompanying notes form an integral part of this annual report 8

- NORDIC EQUITY FUND INDUSTRY SECTOR ANALYSIS AS AT 30 JUNE 2017 SECTOR DESCRIPTION % OF NET ASSETS Automobiles & Parts 2.05 Banks 11.61 Building Materials & Fixtures 4.60 Commercial Vehicles & Trucks 9.27 Durable Household Products 2.64 Farming & Fishing 2.42 Financial Services 6.92 Food & Beverage 2.05 General Retailers 1.94 Health Care 4.14 Household Goods 2.48 Industrial Engineering 10.54 Industrial Transportation 3.14 Internet 2.22 Media 3.45 Medical Equipment 2.41 Personal & Household Goods 1.98 Pharmaceuticals & Biotechnology 5.47 Software & Computer Services 7.82 Support Services 2.31 Technology Hardware & Equipment 2.29 Telecommunications 7.85 99.60 A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Company's registered office The accompanying notes form an integral part of this annual report 9

NOTES TO THE FINANCIAL STATEMENTS 1 GENERAL CARNEGIE INVESTMENT FUND, (hereafter the Company ), was incorporated as a Société Anonyme qualifying as a Société d Investissement à Capital Variable with multiple Sub-Funds on 13 January 2011. The Company is an Undertaking for Collective Investment in Transferable Securities ( UCITS ) pursuant to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment and the Law of 10 August 1915 on commercial companies, as amended (the 1915 Law ). It is established for an undetermined duration from the date of incorporation. The Company presently contains three Sub-Funds: - Carnegie Investment Fund Nordic Equity Fund Class 1A - Carnegie Investment Fund Nordic Equity Fund Class 2A - Carnegie Investment Fund Nordic Equity Fund Class 3A 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. 2.1 Valuation of investments (a) The value of any cash at hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, dividends and interests declared or due but not yet collected will be deemed to be the full value thereof, unless it is unlikely that such values are received in full, in which case the value thereof will be determined by deducting such amount the Directors consider appropriate to reflect the true value thereof. (b) Securities and money market instruments listed on a stock exchange or traded on any other regulated market will be valued at the last available price on such stock exchange or market. If a security is listed on several stock exchanges or markets, the last available price on the stock exchange or market, which constitutes the main market for such securities, will be determining. (c) Securities and money market instruments not listed on any stock exchange or traded on any regulated market will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. (d) Securities for which no price quotation is available or for which the price referred to in (b) and/or (c) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. (e) Investments in investment funds of the open ended type are taken at their latest net asset values reported by the administrator of the relevant investment fund. (f) Futures and options are valued on the basis of their closing price on the concerned market on the preceding day. The prices used are the liquidation prices on the futures markets. (g) Forward foreign exchange contracts are valued by reference to the forward rate prevailing at the valuation date. 2.2 Realised gains and losses on investments Realised gains and losses on sales of investments have been determined on the average cost basis and include transaction costs. 10

NOTES TO THE FINANCIAL STATEMENTS 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.3 Foreign currency translation The combined financial statements of the Company are maintained in EUR. The combined financial statements are the sum of the Sub-Funds financial statements equivalent in EUR translated, where applicable, at the rate of exchange ruling as at 30 June 2017. The market value of the investments and other assets and liabilities expressed in currencies other than the base currency of the Sub-Fund have been converted at the rates of exchange ruling as at 30 June 2017. The cost of investments in currencies other than the base currency of the Sub-Fund is converted at the rates of exchange prevailing at each Net Asset Value calculation date. The realised and change in net unrealised gains and losses on foreign exchange are recognised in the Statement of Operations and Changes in Net Assets. Income and expenses expressed in currencies other than the reference currency are converted at exchange rates ruling at the transaction date. 2.4 Dividend and interest income Dividends are shown net of withholding tax deducted at source, and are recorded as income on the ex-dividend date. Interest income is accrued on a daily basis. Treasury Bills are not interest bearing (zero coupon) and therefore are valued at amortised cost with no interest income booked in the profit and loss account. The income generated by the amortization of the difference between the face value and the purchase price is booked in the statement of operations and changes in the net assets under net realised gains/(losses) on investments and change in net unrealised appreciation/(depreciation) on investments. 3 EXCHANGE RATES AS AT 30 JUNE 2017 1 USD = 0.87565674 EUR 1 DKK = 0.13448090 EUR 1 NOK = 0.10432642 EUR 1 SEK = 0.10383677 EUR 11

NOTES TO THE FINANCIAL STATEMENTS 4 TAXATION The Company is registered under the Luxembourg law as an investment company (Société d Investissement à Capital Variable SICAV ). Accordingly, no Luxembourg income or capital gains tax is, at present, payable. It is subject, however, to an annual taxe d abonnement calculated at an annual % of the net asset value of the Company at the end of each quarter, excluding investments in other Luxembourg funds already subject to tax. This tax is payable quarterly. The tax % applicable to each Share class is as follows: Carnegie Investment Fund - Nordic Equity Fund - Class 1A 0.05% Carnegie Investment Fund - Nordic Equity Fund - Class 2A 0.01% Carnegie Investment Fund - Nordic Equity Fund - Class 3A 0.01% 5 FORWARD FOREIGN EXCHANGE CONTRACTS As at 30 June 2017 CARNEGIE INVESTMENT FUND Nordic Equity Fund had not entered into any forward foreign exchange contracts. 6 MANAGEMENT FEES The Management Company is entitled to be paid a fee based on the net assets of each Sub-Fund as determined on each valuation date. The fee is accrued daily and payable monthly. The management fee rate applicable in % of the total net assets per year is as follows: Carnegie Investment Fund - Nordic Equity Fund - Class 1A 1.50% Carnegie Investment Fund - Nordic Equity Fund - Class 2A 0.6% Carnegie Investment Fund - Nordic Equity Fund - Class 3A 0.6% Administration, audit, legal and other expenses in the Fund are borne by the Management Company. 7 TRANSACTION COSTS For the period from 1 January 2017 to 30 June 2017, the Company incurred transaction costs which have been defined as the commission paid by the Company to the intermediary relating to purchases or sales of transferable securities, money market instruments, derivatives or other eligible assets as follows: Carnegie Investment Fund - Nordic Equity Fund SEK 2,752,969.62 12

NOTES TO THE FINANCIAL STATEMENTS 8 CUSTODIAN FEE In consideration for its services, the Custodian Bank Banque Carnegie Luxembourg S.A. has received 0.075% per annum of the Net Asset Value, calculated daily and paid monthly. 9 ADMINISTRATION FEE In consideration for its services as Administrator, Carnegie Fund Services S.A. is entitled to be paid a fee calculated and accrued on each valuation date and payable monthly. The administration fee rate applicable in % of the total net assets per year is as follows: Carnegie Investment Fund - Nordic Equity Fund - Class 1A 0.10% Carnegie Investment Fund - Nordic Equity Fund - Class 2A 0.20% Carnegie Investment Fund - Nordic Equity Fund - Class 3A 0.20% 13