Société d’Investissement à Capital Variable - swedbank.lui/@sbg/@sb/@lux/documents/... · SEK SEK SEK ASSETS Investments, at cost 5,873,805,932.96 767,517,319.54 3,361,911,467.15

R.C.S. Luxembourg B 168.502

SEF Société d’Investissement à Capital Variable

Unaudited semi-annual report at June 30, 2013

1

SEF, SICAV Société d’Investissement à Capital Variable


SEF, SICAV


No subscription can be received on the basis of financial reports. Subscriptions are only valid on the basis of the current Prospectus accompanied by the latest available annual report and the latest semi-annual report if it is more recent than the annual report.

2

SEF, SICAV

Table of contents

3

Organisation of the SICAV 4

General information 6

Determination of the Net Asset Value of shares 7

Information to shareholders 7

Financial statements

Statement of net assets 8

Statement of operations and changes in net assets 12

Number of shares outstanding and net asset value per share 15

SEF - INDECAP FONDGUIDE I Statement of Investments and other net assets 16

SEF - INDECAP FONDGUIDE II Statement of Investments and other net assets 17

SEF - PLACERUM BALANSERAD Statement of Investments and other net assets 18

SEF - PLACERUM DYNAMISK Statement of Investments and other net assets 19

SEF - PLACERUM OPTIMERA Statement of Investments and other net assets 20

SEF - AVIATUM TREND Statement of Investments and other net assets 21

SEF - AVIATUM STABIL Statement of Investments and other net assets 22

SEF - ASCENSUS BALANSERAD Statement of Investments and other net assets 23

SEF - ASCENSUS OFFENSIV Statement of Investments and other net assets 24

SEF - ASCENSUS TREND Statement of Investments and other net assets 25

Notes to the financial statements 26

SEF, SICAV

4

Organisation of the SICAV

REGISTERED OFFICE SEF, SICAV, 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG, Grand Duchy of Luxembourg

BOARD OF DIRECTORS

Chairman Ms TIINA NORBERG, Head of Securities Services - SWEDBANK AB (publ), Brunkebergstorg 8, S-105 34 STOCKHOLM, Sweden

Directors Mr LARS FRIBERG, Managing Director - SWEDBANK ASSET MANAGEMENT S.A., L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg

Mr FREDRIC BLOMMÉ SEKUND, Head of the Group Depositary Banking, Swedbank AB (publ), Brunkebergstorg 8 S-105 34 STOCKHOLM, Sweden

CONDUCTING PERSONS Ms DANIELA KLASEN-MARTIN, Managing Director - Dominion Corporate Group S.A. & DCG Management Company S.A., 9A boulevard Prince Henri, L-1724 LUXEMBOURG, Grand-Duchy of Luxembourg

Ms LUDIVINE NICOLAI, Risk Manager - Dominion Corporate Group S.A., 9A boulevard Prince Henri, L-1724 LUXEMBOURG, Grand-Duchy of Luxembourg

REVISEUR D’ENTREPRISES AGREE / CABINET DE REVISION AGREE

DELOITTE AUDIT, Société à responsabilité limitée, 560, Rue de Neudorf, L-2220 LUXEMBOURG, Grand Duchy of Luxembourg

INVESTMENT MANAGER In respect of SEF - INDECAP FONDGUIDE I and SEF - INDECAP FONDGUIDE II

INDECAP AB, Regeringsgatan 60, S-111 56 STOCKHOLM, Sweden

In respect of SEF - PLACERUM BALANSERAD, SEF - PLACERUM DYNAMISK and SEF - PLACERUM OPTIMERA

PLACERUM KAPITALFÖRVALTNING AB, Renmarkstorget 12C, S - 903 26 UMEÅ, Sweden

In respect of SEF - AVIATUM TREND and SEF - AVIATUM STABIL

AVIATUM AB, Solna Torg 19, Plan 8, SE-171 45 SOLNA, Sweden

In respect of SEF - ASCENSUS BALANSERAD, SEF - ASCENSUS OFFENSIV, SEF - ASCENSUS TREND

UNITED SECURITIES AB, Brunnsgatan 21 A, S-103 93 STOCKHOLM, Sweden

SEF, SICAV

5

Organisation of the SICAV

DOMICILIARY AGENT / ADMINISTRATOR / DEPOSITARY BANK / PAYING AGENT / REGISTRAR AND TRANSFER AGENT

SWEDBANK AB (publ) Luxembourg Branch, 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG, Grand Duchy of Luxembourg

DISTRIBUTOR SWEDBANK AB (publ), Brunkebergstorg 8, S-111 51 STOCKHOLM, Sweden

RISK MANAGER SWEDBANK ROBUR FONDER AB, Malmskillnadsgatan 32 60, S-111 56 STOCKHOLM, Sweden

SWEDBANK AB (publ) Luxembourg Branch, 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg

LEGAL ADVISORS ARENDT & MEDERNACH, 14, Rue Erasme, L-2082 LUXEMBOURG, Grand Duchy of Luxembourg

SEF, SICAV

6

General information

SEF, SICAV (the "Fund / SICAV") was incorporated in the Grand Duchy of Luxembourg on April 25, 2012. It is organized as a variable capital investment company (société d’investissement à capital variable: "SICAV") under the amended Law of August 10, 1915 relating to commercial companies and Part I of the Law of December 17, 2010, relating to undertakings for collective investment, as amended. It is established for an undetermined duration from the date of incorporation.

The main objective of the SICAV is to provide a range of sub-funds combined with active professional management to diversify investment risk and satisfy the needs of investors seeking income, capital conservation and longer term capital growth.

At the date of the report, the following sub-funds are offered to investors:

SEF - INDECAP FONDGUIDE I SEF - INDECAP FONDGUIDE II SEF - PLACERUM BALANSERAD SEF - PLACERUM DYNAMISK SEF - PLACERUM OPTIMERA SEF - AVIATUM TREND SEF - AVIATUM STABIL SEF - ASCENSUS BALANSERAD SEF - ASCENSUS OFFENSIV SEF - ASCENSUS TREND

SEF - INDECAP FONDGUIDE I and SEF - INDECAP FONDGUIDE II have been launched on June 26, 2012.

SEF - ASCENSUS BALANSERAD, SEF - ASCENSUS OFFENSIV and SEF - ASCENSUS TREND have been launched on April 5, 2013.

SEF - AVIATUM STABIL, SEF - AVIATUM TREND, SEF - PLACERUM BALANSERAD, SEF - PLACERUM DYNAMISK and SEF - PLACERUM OPTIMERA have been launched on January 2, 2013.

The registered office of the SICAV is at 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG. The Articles of Incorporation of the SICAV were published in the Mémorial, Recueil Spécial des Sociétés et Associations, dated May 14, 2012. The Articles of Incorporation have been deposited with the Register of the Tribunal d’Arrondissement of Luxembourg where they are available for inspection and where copies thereof can be obtained.

The financial year of the SICAV starts on January 1 and ends on December 31 of each year.

SEF, SICAV

7

Determination of the Net Asset Value of shares

The Net Asset Value of each sub-fund is expressed in the denomination currency of the respective sub-fund as per share figure, and shall be determined on any Valuation Date by SWEDBANK AB (publ) Luxembourg Branch by dividing the value of the net assets of the sub-fund, being the value of the assets of that sub-fund less its liabilities, on the valuation date, by the number of shares outstanding.

Information to shareholders

Net Asset Value

The Net Asset Value, the issue and redemption prices are available to the public at the registered office of the SICAV.

Financial Statements

Audited annual reports and unaudited semi-annual reports are published and made available to the shareholders free of charge at the SICAV’s registered office.

Other Information

All notices to shareholders are available at the SICAV’s registered office, and are published, if required, in a newspaper in Luxembourg and in the Mémorial.

Any other financial information to be published concerning the SICAV including any suspension of the net asset value, is made available to the public at the SICAV’s registered office and are published in the relevant Swedish newspaper.

SEF, SICAV

Statement of net assets at June 30, 2013

The accompanying notes form an integral part of these financial statements.

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COMBINED INDECAP FONDGUIDE I INDECAP FONDGUIDE II

SEK SEK SEK

ASSETS Investments, at cost 5,873,805,932.96 767,517,319.54 3,361,911,467.15

Unrealized result on investments 384,247,190.80 28,825,425.76 337,696,998.67

Investments, at market value (Note 1) 6,258,053,123.76 796,342,745.30 3,699,608,465.82

Cash at banks 126,485,142.75 26,594,622.44 29,891,063.14

Receivable on subscriptions 1,698,206.18 0.00 0.00

Accrued interest on bonds 1,209,701.62 0.00 0.00

6,387,446,174.31 822,937,367.74 3,729,499,528.96

LIABILITIES Payable on redemptions 1,276,524.09 0.00 0.00 Net unrealized result on forward foreign exchange transactions (Note 10) 209,204.55 0.00 0.00

Accrued expenses (Note 7) 29,479,493.09 5,157,073.74 22,096,032.08

30,965,221.73 5,157,073.74 22,096,032.08

TOTAL NET ASSETS AT JUNE 30, 2013 6,356,480,952.58 817,780,294.00 3,707,403,496.88

TOTAL NET ASSETS AT DECEMBER 31, 2012 3,928,533,042.20 670,924,296.58 3,257,608,745.62

SEF, SICAV

Statement of net assets at June 30, 2013 (continued)


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PLACERUM BALANSERAD

PLACERUM DYNAMISK PLACERUM OPTIMERA AVIATUM TREND AVIATUM STABIL

SEK SEK SEK SEK SEK

139,465,238.69 276,181,464.23 204,989,635.80 222,199,972.70 80,309,395.76

-640,459.36 -5,921,299.71 1,589,831.74 -1,383,125.05 -242,131.51

138,824,779.33 270,260,164.52 206,579,467.54 220,816,847.65 80,067,264.25

5,940,675.31 3,681,014.30 5,392,840.95 12,893,068.83 14,688,885.39

135,815.21 240,657.62 247,052.00 179,226.21 91,007.22

240,296.19 29,562.50 939,842.93 0.00 0.00

145,141,566.04 274,211,398.94 213,159,203.42 233,889,142.69 94,847,156.86

0.00 0.00 0.00 970,874.64 0.00

0.00 0.00 209,204.55 0.00 0.00

104,612.70 352,667.00 144,270.19 365,714.38 83,458.15

104,612.70 352,667.00 353,474.74 1,336,589.02 83,458.15

145,036,953.34 273,858,731.94 212,805,728.68 232,552,553.67 94,763,698.71

0.00 0.00 0.00 0.00 0.00

SEF, SICAV

Statement of net assets at June 30, 2013 (continued)


10

ASCENSUS BALANSERAD

ASCENSUS OFFENSIV ASCENSUS TREND

SEK SEK SEK

ASSETS Investments, at cost 279,744,358.76 463,336,894.19 78,150,186.14

Unrealized result on investments 5,885,167.92 16,779,323.38 1,657,458.96

Investments, at market value (Note 1) 285,629,526.68 480,116,217.57 79,807,645.10

Cash at banks 11,639,642.88 9,158,433.75 6,604,895.76

Receivable on subscriptions 272,566.05 294,101.48 237,780.39

Accrued interest on bonds 0.00 0.00 0.00

297,541,735.61 489,568,752.80 86,650,321.25

LIABILITIES Payable on redemptions 11,471.08 294,178.37 0.00 Net unrealized result on forward foreign exchange transactions (Note 10) 0.00 0.00 0.00

Accrued expenses (Note 7) 420,958.84 697,321.34 57,384.67

432,429.92 991,499.71 57,384.67

TOTAL NET ASSETS AT JUNE 30, 2013 297,109,305.69 488,577,253.09 86,592,936.58

TOTAL NET ASSETS AT DECEMBER 31, 2012 0.00 0.00 0.00

SEF, SICAV

11

SEF, SICAV

Statement of operations and changes in net assets for the period ended June 30, 2013


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COMBINED INDECAP FONDGUIDE I INDECAP FONDGUIDE II

SEK SEK SEK

NET ASSETS AT THE BEGINNING OF THE PERIOD 3,928,533,042.20 670,924,296.58 3,257,608,745.62

INCOME Interest on bonds, net 3,487,983.04 0.00 0.00

Interest on bank accounts, net 875,449.14 181,349.22 320,438.11

Other Income (Note 11) 11,081,680.86 1,243,821.43 8,538,169.59

Total income 15,445,113.04 1,425,170.65 8,858,607.70

EXPENSES Advisory fees 1,195,778.45 221,451.78 805,163.06

Depositary fees (Note 5) 689,870.65 124,116.89 339,633.03

Administrator fees (Note 5) 1,562,081.31 236,612.10 667,643.48

Audit and legal fees 74,627.89 523.39 49,763.20

Fees paid to authorities (Note 2) 363,762.80 34,407.34 144,113.24

Management fees (Note 6) 70,234,686.95 10,149,872.54 48,805,513.63

Transaction fees (Note 9) 227,619.91 4,917.42 12,762.25

Other administration expenses 1,582,077.45 135,229.70 1,267,738.26

Total expenses 75,930,505.41 10,907,131.16 52,092,330.15

NET INVESTMENT RESULT -60,485,392.37 -9,481,960.51 -43,233,722.45

Net realized result on forward foreign exchange transactions 2,559,189.13 2,559,189.13 0.00

Net realized result on sales of securities 7,084,845.94 -2,559,189.13 16,836,352.69

Net realized result on foreign exchange -5,096,532.31 -47,905.52 -5,104,713.94

NET REALIZED RESULT FOR THE PERIOD -55,937,889.61 -9,529,866.03 -31,502,083.70

Change in net unrealized result on: - forward foreign exchange transactions -209,204.55 0.00 0.00

- investments 274,927,133.89 22,203,396.98 234,998,970.54

- on foreign exchange 15,435.55 38.80 179.47

NET CHANGE IN UNREALIZED RESULT FOR THE PERIOD 274,733,364.89 22,203,435.78 234,999,150.01

NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE PERIOD 218,795,475.28 12,673,569.75 203,497,066.31

Proceeds from shares subscribed 2,566,352,040.77 135,038,178.49 257,370,643.69

Payments for shares redeemed -357,199,605.67 -855,750.82 -11,072,958.74

NET ASSETS AT THE END OF THE PERIOD 6,356,480,952.58 817,780,294.00 3,707,403,496.88

SEF, SICAV

Statement of operations and changes in net assets for the period ended June 30, 2013 (continued)


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PLACERUM BALANSERAD

PLACERUM DYNAMISK PLACERUM OPTIMERA AVIATUM TREND AVIATUM STABIL

SEK SEK SEK SEK SEK

0.00 0.00 0.00 0.00 0.00

812,404.01 294,687.50 2,380,891.53 0.00 0.00

55,560.34 54,789.53 138,738.04 59,941.58 35,002.77

81,184.08 156,468.01 121,853.77 288,766.28 57,370.62

949,148.43 505,945.04 2,641,483.34 348,707.86 92,373.39

15,802.53 27,363.31 27,042.90 29,115.58 9,261.58

22,596.40 41,856.23 36,206.40 41,550.97 13,236.64

64,689.74 101,299.31 100,284.58 109,364.52 39,876.07

4,831.20 4,831.20 4,831.20 4,923.85 4,923.85

5,667.18 45,905.85 37,913.91 57,755.27 21,071.63

878,505.79 1,755,921.29 1,081,742.75 2,426,301.05 694,620.36

17,746.28 21,967.49 11,931.36 80,116.71 78,178.40

22,336.05 30,071.06 29,882.36 31,143.88 17,894.87

1,032,175.17 2,029,215.74 1,329,835.46 2,780,271.83 879,063.40

-83,026.74 -1,523,270.70 1,311,647.88 -2,431,563.97 -786,690.01

0.00 0.00 0.00 0.00 0.00

560.00 218,377.20 30,560.00 -7,180,073.65 -838,752.31

30,746.13 24,970.85 2,468.48 -3,103.71 -1,223.91

-51,720.61 -1,279,922.65 1,344,676.36 -9,614,741.33 -1,626,666.23

0.00 0.00 -209,204.55 0.00 0.00

-640,459.36 -5,921,299.71 1,589,831.74 -1,383,125.05 -242,131.51

4,633.60 3,658.91 4,171.77 2,477.74 3,422.21

-635,825.76 -5,917,640.80 1,384,798.96 -1,380,647.31 -238,709.30

-687,546.37 -7,197,563.45 2,729,475.32 -10,995,388.64 -1,865,375.53

239,219,088.76 291,220,362.20 219,921,735.00 419,354,555.64 112,384,987.86

-93,494,589.05 -10,164,066.81 -9,845,481.64 -175,806,613.33 -15,755,913.62

145,036,953.34 273,858,731.94 212,805,728.68 232,552,553.67 94,763,698.71

SEF, SICAV

Statement of operations and changes in net assets for the period ended June 30, 2013 (continued)


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ASCENSUS BALANSERAD

ASCENSUS OFFENSIV ASCENSUS TREND

SEK SEK SEK

NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00 0.00 0.00

INCOME Interest on bonds, net 0.00 0.00 0.00

Interest on bank accounts, net 16,793.39 4,030.48 8,805.68

Other Income (Note 11) 186,994.41 352,477.69 54,574.98

Total income 203,787.80 356,508.17 63,380.66

EXPENSES Advisory fees 20,481.20 34,266.64 5,829.87

Depositary fees (Note 5) 23,894.73 39,977.81 6,801.55

Administrator fees (Note 5) 81,924.93 137,066.96 23,319.62

Audit and legal fees 0.00 0.00 0.00

Fees paid to authorities (Note 2) 5,797.95 9,497.31 1,633.12

Management fees (Note 6) 1,501,830.84 2,512,854.55 427,524.15

Transaction fees (Note 9) 0.00 0.00 0.00

Other administration expenses 16,119.52 25,309.78 6,351.97

Total expenses 1,650,049.17 2,758,973.05 471,460.28

NET INVESTMENT RESULT -1,446,261.37 -2,402,464.88 -408,079.62

Net realized result on forward foreign exchange transactions 0.00 0.00 0.00

Net realized result on sales of securities -361,615.92 1,033,939.13 -95,312.07

Net realized result on foreign exchange 104.34 2,014.84 110.13

NET REALIZED RESULT FOR THE PERIOD -1,807,772.95 -1,366,510.91 -503,281.56

Change in net unrealized result on: - forward foreign exchange transactions 0.00 0.00 0.00

- investments 5,885,167.92 16,779,323.38 1,657,458.96

- on foreign exchange -1,066.16 -3,148.42 1,067.63

NET CHANGE IN UNREALIZED RESULT FOR THE PERIOD 5,884,101.76 16,776,174.96 1,658,526.59

NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE PERIOD 4,076,328.81 15,409,664.05 1,155,245.03

Proceeds from shares subscribed 304,941,720.26 497,907,269.96 88,993,498.91

Payments for shares redeemed -11,908,743.38 -24,739,680.92 -3,555,807.36

NET ASSETS AT THE END OF THE PERIOD 297,109,305.69 488,577,253.09 86,592,936.58

SEF, SICAV

Number of shares outstanding and net asset value per share


15

Sub-funds Ccy Number of

shares outstanding

30/06/2013

Net asset value

per share

30/06/2013

Net asset value

per share

31/12/2012

SEF - INDECAP FONDGUIDE I SEK 8,003,074.3136 102.18 100.30

SEF - INDECAP FONDGUIDE II SEK 33,209,577.3752 111.64 104.95

SEF - PLACERUM BALANSERAD A - SEK 10,853.9186 100.96 0.00

I - SEK 1,437,895.5621 100.11 0.00

SEF - PLACERUM DYNAMISK A - SEK 1,704,615.0976 97.41 0.00

I - SEK 1,107,826.8023 97.31 0.00

SEF - PLACERUM OPTIMERA A - SEK 2,097,823.5442 101.41 0.00

I - SEK 747.3181 101.34 0.00

SEF - AVIATUM TREND A - SEK 2,463,585.7450 94.40 0.00

SEF - AVIATUM STABIL A - SEK 978,252.6091 96.87 0.00

SEF - ASCENSUS BALANSERAD A - SEK 5,658.3472 100.55 0.00

I - SEK 2,950,384.8119 100.51 0.00

SEF - ASCENSUS OFFENSIV A - SEK 1,921.2196 101.74 0.00

I - SEK 4,802,042.0085 101.70 0.00

SEF - ASCENSUS TREND A - SEK 11.0000 100.59 0.00

I - SEK 861,342.5749 100.53 0.00

SEF, SICAV INDECAP FONDGUIDE I

Statement of Investments and other net assets at June 30, 2013 (in SEK)


16

Description Number of shares

Market Value (in SEK) % of NAV

OPEN-ENDED FUNDS

INVESTMENT FUNDS

INVESTMENT FUNDS IN SEK

SPP FÖRETAGSOBLIGATION 886,106 91,162,582.99 11.15

91,162,582.99 11.15

INVESTMENT FUNDS IN EUR

SAXO INVEST CPH CAPITAL GLOBAL EQUITIES 61,674 83,444,446.23 10.20

83,444,446.23 10.20


AMF PENSIONS RANTEFOND KORT 383,619 42,132,873.49 5.15 AMF RANTEFOND LANG 426,334 53,807,675.73 6.58 DNB FORETAGSOBLIGATI 461,555 48,800,228.55 5.97 LANNEBO LIKVIDITET 779,064 85,704,859.00 10.48 NORDEA OBLIGATIONSFOND 681,309 75,727,520.73 9.26 PRIOR AND NILSSON YIELD HEDGE FUND 59,686 62,062,987.77 7.59 PRIOR NILSSON SVERIGE AKTIV A 12,862 15,486,198.69 1.89 ROBUR SVERIGE MEGA 751,792 32,695,427.70 4.00 SPILTAN RANTEFOND SVERIGE 1,047,709 115,918,548.78 14.17 SPP AKT USA 630,369 60,684,090.49 7.42

593,020,410.93 72.51

INVESTMENT FUNDS IN USD

VONTOBEL GLOBAL VALUE EQUITY 36,831 28,715,305.15 3.51

28,715,305.15 3.51

TOTAL INVESTMENT FUNDS 796,342,745.30 97.37

TOTAL OPEN-ENDED FUNDS 796,342,745.30 97.37

TOTAL INVESTMENT, AT MARKET VALUE 796,342,745.30 97.37

CASH 26,594,622.44 3.25

OTHER NET LIABILITIES -5,157,073.74 -0.62

TOTAL NET ASSETS 817,780,294.00 100.00

SEF, SICAV INDECAP FONDGUIDE II



17



OPEN-ENDED FUNDS

INVESTMENT FUNDS


DNB SMABOLAG 91,861 145,755,282.88 3.93

145,755,282.88 3.93


DANSKE INV-GLOBAL EMERGING MARKETS 631,602 318,453,775.09 8.59

318,453,775.09 8.59


SAXO INVEST CPH CAPITAL GLOBAL EQUITIES X6 33,367 319,058,566.38 8.61

319,058,566.38 8.61


AMF AKTIEFOND SVERIG 2,120,165 680,615,335.25 18.36 CARNEGIE WORLDWIDE ASIA FUND CLASS 1A 51,406 38,163,514.40 1.03 CLIENS ABSOLUT AKTIER SVERIG FUND B 95,456 151,269,129.06 4.08 DNB SVERIGEFOND 2,452,221 263,294,992.32 7.10 LANNEBO SVER 130/30 12,559,668 271,037,625.99 7.31 PRIOR NILSSON SVERIGE AKTIV A 12,862 15,486,198.69 0.42 ROBUR SVERIGE MEGA 12,253,812 532,918,301.99 14.37 SPP AKT USA 5,672,942 546,120,558.56 14.73 TREETOP GLOBAL OPPORTUNITIES 527,345 62,922,778.43 1.70

2,561,828,434.69 69.10


NORDEA 1 - GLOBAL EMERGING MARKETS EQUITY FUND 181,266 47,340,890.56 1.28 VONTOBEL EMERG MARKETS EQUITY 123,917 247,633,042.58 6.68 VONTOBEL GLOBAL VALUE EQUITY 76,365 59,538,473.64 1.61

354,512,406.78 9.57

TOTAL INVESTMENT FUNDS 3,699,608,465.82 99.80

TOTAL OPEN-ENDED FUNDS 3,699,608,465.82 99.80

TOTAL INVESTMENT, AT MARKET VALUE 3,699,608,465.82 99.80

CASH 29,891,063.14 0.81


TOTAL NET ASSETS 3,707,403,496.88 100.00

SEF, SICAV PLACERUM BALANSERAD



18

Description Number of shares or

nominal value


I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING

BONDS

BONDS IN SEK

AKELIUS FASTIGHETER AB FRN 25/06/2015 2,000,000 2,075,040.00 1.43 BAYPORT MGT 13% 15 2,000,000 2,153,260.00 1.48 EGIDACO 12.75% 13 3,000,000 3,075,360.00 2.12 FERRONORDIC MACHINES AB 12% 28.06.2014 1,000,000 985,050.00 0.68 KGH CUSTOMS 9% 15 3,000,000 3,112,500.00 2.15 MCBTREAS 13% 15 3,000,000 3,052,500.00 2.10 NORDAX FRN 21.03.2016 2,000,000 2,000,000.00 1.38 SBAB 7.16% 08.06.2015 FIX TO FLOAT 2,000,000 2,122,840.00 1.46 SPARBANK SPGRIP FRN 22 3,000,000 3,097,650.00 2.14 STUDSVIK FRN 16 3,000,000 3,034,560.00 2.09 WA WALLVISION 9% 17 2,000,000 2,007,020.00 1.38

26,715,780.00 18.41

TOTAL BONDS 26,715,780.00 18.41

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 26,715,780.00 18.41

II. OPEN-ENDED FUNDS

INVESTMENT FUNDS


UBS LUX-EUROPEAN OPPORTUNITY UNCONSTRAINED CLASS P 2,526 2,903,775.27 2.00

2,903,775.27 2.00


CATELLA AVKASTNINGSFOND 88,256 10,769,928.21 7.43 CATELLA SVERIGE PASSIVE -B- (INSTIT) 19,927 21,267,792.53 14.66 FRANKLIN TEMPLETON INV GLOBAL BOND-A A SEK 1,170,340 14,605,849.14 10.07 GUSTAVIA RYSSLAND 117,270 6,422,878.09 4.43 NEKTAR HEDGEFOND 5,548 13,126,336.71 9.05 NORRON SICAV PRESERVE FUND 64,206 7,067,153.10 4.87 ÖHMAN SVERIGE INDEX 92,846 10,915,935.82 7.53 SPP AKTIEFOND EUROPA 90,411 7,120,829.05 4.91 SPP AKTIEFOND GLOBAL 165,433 10,417,734.84 7.18

101,714,437.49 70.13


DB X-TRACK MSCI RUSSIA 41,651 7,490,786.57 5.16

7,490,786.57 5.16




CASH 5,940,675.31 4.10

OTHER NET ASSETS 271,498.70 0.20

TOTAL NET ASSETS 145,036,953.34 100.00

SEF, SICAV PLACERUM DYNAMISK



19


nominal value



BONDS

BONDS IN SEK

EGIDACO 12.75% 13 3,000,000 3,075,360.00 1.12 KGH CUSTOMS 9% 15 3,000,000 3,112,500.00 1.14

6,187,860.00 2.26

TOTAL BONDS 6,187,860.00 2.26



INVESTMENT FUNDS


UBS LUX-EUROPEAN OPPORTUNITY UNCONSTRAINED CLASS P 5,894 6,775,476.07 2.47

6,775,476.07 2.47


CATELLA SVERIGE PASSIVE -B- (INSTIT) 44,574 47,573,497.20 17.37 GUSTAVIA RYSSLAND 454,849 24,912,091.71 9.10 HANDELSBANK EUROPAFOND INDEX 370,872 25,211,863.87 9.21 ÖHMAN SVERIGE INDEX 193,931 22,800,504.69 8.33 SPP AKTIEFOND EUROPA 307,963 24,255,287.44 8.86 SPP AKTIEFOND GLOBAL 406,504 25,598,604.20 9.35 SPP AKTIEFOND JAPAN 211,766 10,269,322.21 3.75 SPP AKTIEFOND SVERIGE 178,665 29,653,551.50 10.83

210,274,722.82 76.80


DB X-TRACK EMERGING MKTS 115,608 28,055,134.05 10.24 DB X-TRACK MSCI RUSSIA 105,462 18,966,971.58 6.93

47,022,105.63 17.17




CASH 3,681,014.30 1.34

OTHER NET LIABILITIES -82,446.88 -0.04

TOTAL NET ASSETS 273,858,731.94 100.00

SEF, SICAV PLACERUM OPTIMERA



20


nominal value



BONDS

BONDS IN EUR

GEN ELECTRIC 5.5% FIX TO FLOAT 67 500,000 4,446,814.38 2.09

4,446,814.38 2.09

BONDS IN SEK

AKELIUS FASTIGHETER AB FRN 25/06/2015 2,000,000 2,075,040.00 0.98 BAYPORT MGT 13% 12/06/2017 4,000,000 4,273,720.00 2.01 BAYPORT MGT 13% 15 2,500,000 2,691,575.00 1.26 CATELLA FRN 17 3,000,000 3,015,000.00 1.42 EGIDACO 12.75% 13 4,000,000 4,100,480.00 1.93 FERRONORDIC MACHINES AB 12% 28.06.2014 2,000,000 1,970,100.00 0.93 KAHRS HLDG FRN 17 2,000,000 2,085,000.00 0.98 KGH CUSTOMS 9% 15 4,000,000 4,150,000.00 1.95 LANSFORAK FRN 28.03.2023 5,000,000 5,099,900.00 2.40 MCBTREAS 13% 15 5,000,000 5,087,500.00 2.39 MEDA AB FRN 05/04/2018 5,000,000 5,087,450.00 2.39 NCC TREASURY AB FRN 06.03.2017 7,000,000 7,053,200.00 3.31 NORDAX FRN 21.03.2016 8,000,000 8,000,000.00 3.76 NORDNET 7.25% 20 FIX TO FLOAT 2,000,000 2,110,000.00 0.99 NORDNET 7.25% 20 FIX TO FLOAT 2,881,000 3,046,657.50 1.43 SBAB 7.16% 08.06.2015 FIX TO FLOAT 6,000,000 6,368,520.00 2.99 SBAB FRN PERPETUAL 4,000,000 3,888,040.00 1.83 SCANDINAVIAN AIRLINES 10.5% 16/06/2014 4,000,000 4,090,840.00 1.92 SPARBANK SPGRIP FRN 22 11,000,000 11,358,050.00 5.34 STUDSVIK FRN 16 6,000,000 6,069,120.00 2.85 WA WALLVISION 9% 17 4,000,000 4,014,040.00 1.89 WEST AIR EUROPE EMTN 8% 08/05/2018 2,000,000 2,065,000.00 0.97 WIHLNORG FASTIGHETER AB FRN 15/02/2016 4,000,000 4,028,040.00 1.89

101,727,272.50 47.81

TOTAL BONDS 106,174,086.88 49.90



INVESTMENT FUNDS INVESTMENT FUNDS IN SEK

CARNEGIE CORP BOND -A- 70,654 25,590,988.68 12.03 CATELLA AVKASTNINGSFOND 180,897 22,074,862.73 10.37 FRANKLIN TEMPLETON INV GLOBAL BOND-A A SEK 1,640,249 20,470,310.76 9.62 NEKTAR HEDGEFOND 8,100 19,163,142.75 9.00 NORRON SICAV PRESERVE FUND 119,070 13,106,075.74 6.16

100,405,380.66 47.18




CASH 5,392,840.95 2.53


TOTAL NET ASSETS 212,805,728.68 100.00

SEF, SICAV AVIATUM TREND



21



OPEN-ENDED FUNDS

INVESTMENT FUNDS


ÖHMAN PENNINGMARKNADSFONDEN 297,812 29,024,712.55 12.48 ROB PENNINGMARKNADSFD 200,337 20,173,931.21 8.67 SHB KORTRÄNTEFOND 300,247 30,874,424.94 13.28 SHB LANGRÄNTEFOND 223,408 23,419,812.31 10.07 SPP FÖRETAGSOBLIGATION 344,815 35,474,536.71 15.25 SPP OBLIGATIONSFOND 181,990 23,428,915.87 10.07 SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB FUND 21 CBF 279,574 35,100,554.47 15.09 SWEDBANK ROBUR OBLIGATIONSFONDEN A 192,076 23,319,959.59 10.03

220,816,847.65 94.94




CASH 12,893,068.83 5.54


TOTAL NET ASSETS 232,552,553.67 100.00

SEF, SICAV AVIATUM STABIL



22



OPEN-ENDED FUNDS

INVESTMENT FUNDS


ÖHMAN PENNINGMARKNADSFONDEN 78,662 7,666,378.91 8.09 ROB PENNINGMARKNADSFD 61,058 6,148,517.15 6.49 SHB FÖRETAGSOBLIGATIONSFOND 41,553 4,773,979.59 5.04 SHB KORTRÄNTEFOND 113,329 11,653,627.20 12.30 SHB LANGRÄNTEFOND 41,776 4,379,395.85 4.62 SPP FÖRETAGSOBLIGATION 138,414 14,240,010.12 15.03 SPP OBLIGATIONSFOND 76,595 9,860,600.88 10.41 SPP PENNINGMARKNADSFOND 67,373 7,890,229.05 8.33 SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB FUND 21 CBF 37,677 4,730,323.01 4.99 SWEDBANK ROBUR OBLIGATIONSFONDEN A 71,857 8,724,202.49 9.21

80,067,264.25 84.51




CASH 14,688,885.39 15.50

OTHER NET ASSETS 7,549.07 -0.01

TOTAL NET ASSETS 94,763,698.71 100.00

SEF, SICAV ASCENSUS BALANSERAD



23



OPEN-ENDED FUNDS

INVESTMENT FUNDS


CARNEGIE CORP BOND -A- 55,830 20,221,782.60 6.81 CARNEGIE LIKVIDITETSFONDS 27,962 32,990,260.41 11.10 CARNEGIE SVERIGEFOND 4,377 5,964,571.55 2.01 CATELLA SVERIGE PASSIVE -B- (INSTIT) 9,545 10,187,883.12 3.43 DANSKE INVEST - EUROPE FOCUS-A 107,294 13,469,695.80 4.53 DANSKE INVEST GLOBAL INDEX 46,812 36,717,037.77 12.36 DANSKE INV-GLOBAL EMERGING MARKETS 5,518 2,781,998.63 0.94 OHMANS FORETAGSOBLIGATIONEN 210,846 21,693,995.60 7.30 ROBUR INDEXFOND EUROPA 45,022 3,477,038.85 1.17 SHB MSCI EMERG IND A 82,318 7,639,112.68 2.57 SHB MSCI USA INDEX 127,067 18,260,826.74 6.15 SHB SVER OMXSB INDEX 76,875 10,149,072.71 3.42 SPP AKTIEFOND GLOBAL 577,173 36,346,061.29 12.23 SPP AKTIEFOND JAPAN 53,960 2,616,732.21 0.88 SPP AKTIEFOND SVERIGE 34,946 5,800,130.02 1.95 SPP FÖRETAGSOBLIGATION 211,478 21,756,809.61 7.32 SPP OBLIGATIONSFOND 276,194 35,556,517.09 11.97

285,629,526.68 96.14




CASH 11,639,642.88 3.92


TOTAL NET ASSETS 297,109,305.69 100.00

SEF, SICAV ASCENSUS OFFENSIV



24



OPEN-ENDED FUNDS

INVESTMENT FUNDS


CARNEGIE SVERIGEFOND 14,758 20,108,869.48 4.12 CATELLA SVERIGE PASSIVE -B- (INSTIT) 32,164 34,328,138.66 7.03 DANSKE INVEST - EUROPE FOCUS-A 363,056 45,578,088.20 9.33 DANSKE INVEST GLOBAL INDEX 119,924 94,062,386.81 19.25 DANSKE INV-GLOBAL EMERGING MARKETS 18,687 9,421,933.77 1.93 ROBUR INDEXFOND EUROPA 309,329 23,889,453.99 4.89 SHB MSCI EMERG IND A 232,895 21,612,681.38 4.42 SHB MSCI USA INDEX 459,308 66,007,200.28 13.51 SHB SVER OMXSB INDEX 260,175 34,348,357.32 7.03 SPP AKTIEFOND GLOBAL 1,452,168 91,446,811.85 18.72 SPP AKTIEFOND JAPAN 358,766 17,397,906.53 3.56 SPP AKTIEFOND SVERIGE 44,890 7,450,473.65 1.52 SWEDBANK ROBUR INDEXFOND USA 125,598 14,463,915.65 2.96

480,116,217.57 98.27




CASH 9,158,433.75 1.87


TOTAL NET ASSETS 488,577,253.09 100.00

SEF, SICAV ASCENSUS TREND



25



OPEN-ENDED FUNDS

INVESTMENT FUNDS


CARNEGIE CORP BOND -A- 16,145 5,847,702.30 6.75 CARNEGIE LIKVIDITETSFONDS 7,501 8,849,854.46 10.22 CARNEGIE SVERIGEFOND 1,543 2,101,986.66 2.43 CATELLA SVERIGE PASSIVE -B- (INSTIT) 2,689 2,870,148.47 3.31 DANSKE INVEST - EUROPE FOCUS-A 39,938 5,013,849.79 5.79 DANSKE INVEST GLOBAL INDEX 13,187 10,343,087.76 11.94 DANSKE INV-GLOBAL EMERGING MARKETS 1,537 775,123.80 0.90 OHMANS FORETAGSOBLIGATIONEN 63,640 6,547,963.00 7.56 SHB MSCI EMERG IND A 24,502 2,273,818.03 2.63 SHB MSCI USA INDEX 36,498 5,245,091.95 6.06 SHB SVER OMXSB INDEX 21,726 2,868,329.73 3.31 SPP AKTIEFOND GLOBAL 163,115 10,271,752.98 11.86 SPP AKTIEFOND JAPAN 28,059 1,360,700.75 1.57 SPP AKTIEFOND SVERIGE 12,346 2,049,150.83 2.37 SPP FÖRETAGSOBLIGATION 63,750 6,558,648.30 7.57 SPP OBLIGATIONSFOND 53,057 6,830,436.29 7.89

79,807,645.10 92.16




CASH 6,604,895.76 7.63


TOTAL NET ASSETS 86,592,936.58 100.00

SEF, SICAV

Notes to the financial statements at June 30, 2013

26

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Presentation of the financial statements

The financial statements of the SICAV are presented in accordance with generally accepted accounting principles in Luxembourg applicable to UCITS and other UCIs.

B. Valuation policy

Liquid assets are valued at their nominal value plus accrued interest.

Investments in investment funds are taken at their latest Net Asset Values reported by the administrator of the relevant investment fund.

Securities and money market instruments admitted to official listing on a stock exchange or which are traded on another regulated market are valued on the basis of the last known sales price. If the same security or money market instruments are quoted on different markets, the quotation of the main market for this security is used. If there is no relevant quotation or if the quotations are not representative of the fair value, the valuation is made in good faith by the Board of Directors or its delegate with a view to establishing the probable sale price for such securities.

C. Income recognition policy

Realized gains and losses on sales of investments or financial instruments are determined on the basis of the average cost of investments or financial instruments sold.

Interest is accrued on a daily basis and calculated in accordance with the settlement day valuation method.

Interest income on bank deposits is based on interest rates arranged between the depositary bank and the Fund’s management and may differ from prevailing market rates of interest.

Dividends are recognized as income on the date securities are first quoted ex-dividend.

D. NAV calculation policy

The Net Asset Value of each sub-fund is expressed in Swedish Krona (SEK), as a per share figure and is determined on any valuation date, by dividing the value of the net assets of the sub-fund, being the value of the assets of that sub-fund less its liabilities, on the valuation date, by the number of shares then outstanding.

NOTE 2 FEES PAID TO AUTHORITIES

Fees paid to authorities are mainly composed of the subscription tax.

Under the prevailing laws and regulations, the SICAV is subject to a tax called "taxe d’abonnement", payable quarterly and calculated at the annual rate of 0.05% based on the aggregate Net Asset Value at the end of each quarter, except for Class I which will be subject to the reduced subscription tax of 0.01% per annum as its shares are reserved for Institutional Investors.

Pursuant to Article 129 (3) of the amended Law of December 17, 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax.

SEF, SICAV

Notes to the financial statements at June 30, 2013 (continued)

27

NOTE 3 CURRENCY TRANSLATION POLICIES

Rates used are as at June 30, 2013.

EUR = 8.7731 SEK USD = 6.7485 SEK

NOTE 4 COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS

There are no commissions on subscription, redemptions and conversions.

NOTE 5 DEPOSITARY FEES AND CENTRAL ADMINISTRATION FEES

SWEDBANK AB (Publ) Luxembourg Branch has been appointed to act as depositary bank, domiciliary, paying agent and central administrator.

The Depositary Bank, Administrative, Registrar and Transfer, Domiciliary, Paying Agent and Risk Manager are entitled to receive out of the assets of each sub-fund a fee of up to 0.30% per annum of the average quarterly Net Asset Value thereof during the relevant quarter and payable quarterly in arrears, subject to a minimum of EUR 80,000 per annum for SEF – INDECAP FONDGUIDE I and SEF – INDECAP FONDGUIDE II.

The Depositary Bank, Administrative, Registrar and Transfer, Domiciliary, Paying Agent and Risk Manager is entitled to receive out of the assets of each Compartment a fee of up to 0.50 % per annum of the average quarterly net asset value thereof during the relevant quarter and payable monthly in arrears, subject to a minimum of EUR 50,000 per annum for SEF – PLACERUM BALANSERAD, SEF – PLACERUM DYNAMISK, SEF – PLACERUM OPTIMERA, SEF – AVIATUM TREND, SEF – AVIATUM STABIL, SEF – ASCENSUS BALANSERAD and SEF – ASCENSUS OFFENSIV.

The Depositary Bank, Administrative, Registrar and Transfer, Domiciliary, Paying Agent and Risk Manager is entitled to receive out of the assets of each Compartment a fee of up to 0.50 % per annum of the average quarterly net asset value thereof during the relevant quarter and payable monthly in arrears for SEF – ASCENSUS TREND.

NOTE 6 MANAGEMENT FEES

The Management Fees are normally payable by the Fund on a quarterly basis.

At June 30, 2013, maximum annual management fee rates are:

SEF – INDECAP FONDGUIDE I 3.20% SEF – INDECAP FONDGUIDE II 3.20% SEF – PLACERUM BALANSERAD – CLASS A 1.65% SEF – PLACERUM BALANSERAD – CLASS I 2.00% SEF – PLACERUM DYNAMISK – CLASS A 1.95% SEF – PLACERUM DYNAMISK – CLASS I 2.50% SEF – PLACERUM OPTIMERA – CLASS A 1.35% SEF – PLACERUM OPTIMERA – CLASS I 1.65% SEF – AVIATUM TREND 2.70% SEF – AVIATUM STABIL 2.70% SEF – ASCENSUS BALANSERAD – CLASS A 2.20% SEF – ASCENSUS BALANSERAD – CLASS I 2.40% SEF – ASCENSUS OFFENSIV – CLASS A 2.20% SEF – ASCENSUS OFFENSIV – CLASS I 2.40% SEF – ASCENSUS TREND – CLASS A 2.20% SEF – ASCENSUS TREND – CLASS I 2.40%

Investment Management fees of other UCIs or UCITS (excluding any performance fees) may be in total up to 0.50% of the sub-fund’s Net Asset Value.

SEF, SICAV


28

NOTE 7 ACCRUED EXPENSES

At June 30, 2013, accrued expenses consist of:

SEF - INDECAP FONDGUIDE I

(SEK)

SEF - INDECAP FONDGUIDE II

(SEK)

SEF - PLACERUM BALANSERAD

(SEK)Fees paid to authorities (Note 2) 17,595.12 73,145.03 -6,194.80Advisory fees (Note 3) 5,515,026.42 25,848,185.71 184,188.64Kickback fees -552,185.66 -4,327,139.72 -57,544.10Formation expenses 0.00 0.00 -66,894.39Risk management fees 0.00 0.00 0.00Promotor fees 0.00 0.00 6,497.65Depositary fees (Note 5) 58,879.27 167,280.46 12,995.32Administrator fees (Note 5) 117,758.59 334,560.60 31,564.38Total 5,157,073.74 22,096,032.08 104,612.70

SEF - PLACERUM DYNAMISK

(SEK)

SEF - PLACERUM OPTIMERA

(SEK)

SEF - AVIATUM TREND

(SEK)Fees paid to authorities (Note 2) 13,522.35 9,859.53 15,328.80Advisory fees (Note 3) 434,178.03 192,281.09 473,961.88Kickback fees -131,817.97 -73,107.40 -154,356.21Formation expenses -66,840.96 -66,840.96 -66,840.96Risk management fees 0.00 0.00 0.00Promotor fees 13,183.20 10,439.95 11,653.15Depositary fees (Note 5) 26,366.46 20,879.86 23,306.30Administrator fees (Note 5) 64,075.89 50,758.12 62,661.42Total 352,667.00 144,270.19 365,714.38

SEF - AVIATUM STABIL

(SEK)

SEF - ASCENSUS BALANSERAD

(SEK)

SEF - ASCENSUS OFFENSIV

(SEK)Fees paid to authorities (Note 2) 1,935.76 5,797.99 9,497.30Advisory fees (Note 3) 150,110.26 540,554.20 883,301.11Kickback fees -38,018.90 -183,092.68 -349,459.53Formation expenses -66,840.96 -85,229.96 -85,229.96Risk management fees 0.00 20,916.59 35,006.55Promotor fees 4,333.23 13,944.60 23,337.93Depositary fees (Note 5) 8,666.45 24,402.54 40,840.95Administrator fees (Note 5) 23,272.31 83,665.56 140,026.99Total 83,458.15 420,958.84 697,321.34

SEF - ASCENSUS TREND

(SEK)

Fees paid to authorities (Note 2) 1,633.18Advisory fees (Note 3) 154,884.10Kickback fees -54,574.98Formation expenses -85,229.96Risk management fees 5,952.04Promotor fees 3,968.03Depositary fees (Note 5) 6,944.00Administrator fees (Note 5) 23,808.26Total 57,384.67

NOTE 8 CHANGES IN THE INVESTMENT PORTFOLIO

Changes in the investment portfolio during the reporting period are available to the shareholders at the address of the depositary bank and domiciliary agent.

SEF, SICAV


29

NOTE 9 TRANSACTION FEES

As at year-end, the transaction fees are composed of fees on purchases and sales on portfolio.

NOTE 10 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS

SEF – PLACERUM OPTIMERA

Currency Buy Currency Sell Maturity Unrealized Result (SEK)

SEK 237,495.50 EUR -27,500.00 16.09.2013 -4,249.19 SEK 239,329.75 EUR -27,500.00 15.09.2014 -3,090.53 SEK 241,623.25 EUR -27,500.00 15.09.2015 -5,833.74 SEK 243,540.00 EUR -27,500.00 15.09.2016 -7,718.34 SEK 4,701,976.75 EUR -527,500.00 15.09.2017 -188,312.75

Total -209,204.55

NOTE 11 RELATED - PARTIES TRANSACTIONS

During the period, the sub-funds SEF – INDECAP FONDGUIDE I, SEF – INDECAP FONDGUIDE II, SEF – AVIATUM TREND, SEF – AVIATUM STABIL, SEF – ASCENSUS BALANSERAD and SEF – ASCENSUS OFFENSIV invested part of their assets into other collective investment undertakings promoted by Swedbank group.

NOTE 12 OTHER INCOME

At June 30, 2013, other income consists of:

SEF - INDECAP FONDGUIDE I

(SEK)

SEF - INDECAP FONDGUIDE II

(SEK)

SEF -PLACERUM

BALANSERAD(SEK)

Kickback fees 552,185.66 4,327,139.72 57,544.10

SEF - PLACERUM DYNAMISK

(SEK)

SEF - PLACERUM OPTIMERA

(SEK)

SEF - AVIATUM TREND

(SEK)

Kickback fees 131,817.97 73,107.40 154,356.21

SEF - AVIATUM STABIL

(SEK)

SEF - ASCENSUS BALANSERAD

(SEK)

SEF -ASCENSUS OFFENSIV

(SEK)

Kickback fees 38,018.90 183,092.68 349,459.53

SEF - ASCENSUS TREND

(SEK)

Kickback fees 54,574.98

These fees represent a rebate on management fees paid by underlying funds.

NOTE 13 GLOBAL RISK EXPOSURE (UNAUDITED NOTE)

In terms of risk management, the Board of Directors of SEF, SICAV selected the commitment approach in order to determine the global risk for all the sub-funds.

Documents

Société d’Investissement à Capital Variable - swedbank.lui/@sbg/@sb/@lux/documents/... · SEK SEK SEK ASSETS Investments, at cost 5,873,805,932.96 767,517,319.54 3,361,911,467.15