Audited Annual Report

Transcription

1 AMREGO I SICAV Société d nvestissement a Capital Variable R.C.S. Luxembourg B Audited Annual Report For the year ended 31 December 2015 Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus, as supplemented by the latest audited annual report and, if published thereafter the latest semi-annual report.

2 AMREGO I SICAV Table of Contents Page Management and Service Providers 1 Investment Manager s Report 2 Audit Report 4 Schedule of Investments AMREGO I SICAV Soderberg & Partners Trygghet 75 PM 5 AMREGO I SICAV - Soderberg & Partners Trygghet 80 PM 7 AMREGO I SICAV - JP Giobal Trend 9 AMREGO I SICAV - Trygghet 75 s 10 AMREGO I SICAV - Trygghet 80 s 12 AMREGO I SICAV - Trygghet 85 s 14 AMREGO I SICAV - Trygghet 90 s 16 AMREGO I SICAV - Tillvaxt AMREGO I SICAV - Trygghet AMREGO I SICAV - Trygghet so 21 AMREGO I SICAV - Trygghet AMREGO I SICAV - Trygghet AMREGO I SICAV Tryghed AMREGO I SICAV Contrarian Combined Statement of Net Assets 29 Combined Statement of Operations and Changes in Net Assets 32 Statement of Changes in the Number of Shares 35 Statistical Information 36 Notes to the Financial Statements 38 Appendix - Total Expense Ratios (unaudited) 46

3 AMREGO I SICAV Management and Service Providers Board of Directors Carl-Adam Hogberg (Chairman) Conducting Officer, Soderberg & Partners Asset Management S.A. Niklas Vesterlund Conducting Officer, Soderberg & Partners Asset Management S.A. Henri Stengérd Mergers & Acquisitions PO Soderberg & Partner AB Management Company Soderberg & Partners Asset Management S.A. 1, rue Louvigny L-1946 Luxembourg Grand Duchy of Luxembourg Promoter PO Soderberg & Partner AB Regeringsgatan 45 S Stockholm Sweden Registered Office 1, rue Louvigny L-1946 Luxembourg Grand Duchy of Luxembourg Investment Manager Soderberg & Partners Asset Management S.A. 1, rue Louvigny L-1946 Luxembourg Grand Duchy of Luxembourg Custodian, Administration and Paying Agent Registrar and Transfer Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Center 6, route de Tréves L-2633 Senningerberg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P.1443, L-1014 Luxembourg Grand Duchy of Luxembourg Legal Advisors Arendt & Medernach 41A, avenue J.F. Kennedy L Luxembourg Grand Duchy of Luxembourg

4 AMREGO I SICAV Investment Manager s Report Management Report This report gives an overview of the general economic environment, the development and future outlook of the most important capital markets for the open-ended investment company Amrego I SICAV with its sub-funds: Amrego I SICAV - Soderberg & Partners Trygghet 75 PM Amrego I SICAV Soderberg & Partners Trygghet 80 PM Amrego I SICAV - JP Global Trend Amrego I SICAV - Trygghet 75 S Amrego I SICAV - Trygghet 80 S Amrego I SICAV Trygghet 85 S Amrego I SICAV - Trygghet 90 S Amrego I SICAV - Tillvaxt 75 Amrego I SICAV - Trygghet 75 Amrego I SICAV - Trygghet 80 Amrego I SICAV Trygghet 85 Amrego I SICAV Trygghet 90 Amrego I SICAV - Tryghed 75 Amrego I SICAV - Contrarian 65 This annual report covers the period from January 1st 2015 to December Amrego I SICAV Soderberg & Partners Trygghet 75 PM returned 0,53 % during the period. Amrego I SICAV - Soderberg & Partners Trygghet 80 PM returned 0,61 /o during the period. Amrego I SICAV - Tillvaxt 75 returned -9,82 % from its inception 23rd of March to 31st of December. Amrego I SICAV JP Global Trend, A class, returned 5,60 %, whereas the B class returned 6,20 % during the period. Amrego I SICAV - Trygghet 75 S, A class, returned 4,49 % during the period whereas the C class returned 3,69 %. Amrego I SICAV - Trygghet 80 S, A class, returned 3,65 % during the period whereas the C class returned 2,89 %. Amrego I SICAV - Trygghet 85 S, A class, returned 2,97 % during the period whereas the C class returned 2,47 %. Amrego I SICAV Trygghet 90 S, A class, returned 2,27 % during the period whereas the C class returned 1,90 %. Amrego I SICAV - Trygghet 75, A class, returned -9,81 % from its inception 17th of April to 31 st of December whereas the C class returned -9,78 % from its inception 28th of April to 315' of December. Amrego I SICAV - Trygghet 80, A class, returned -8,37 % from its inception 17th of April to 31st of December whereas the C class returned -8,34 % from its inception 28th of April to 315 of December. Amrego I SICAV Trygghet 85, A class, returned -6,59 % from its Inception 17th of April to 31st of December whereas the C class returned 6,46 % from its inception 28th of April to 315 of December. Amrego I SICAV - Trygghet 90, A class, returned -4,74 % from its inception 17th of April to 31 st of December whereas the C class returned -4,63 % from its inception 28th of April to 315' of December. Amrego I SICAV - Tryghed 75 returned 1,61 % from its inception 11th of December to 315 of December. Amrego I SICAV Contrarian 65 returned 2,17 % from its inception 11th of December to 31st of December.

5 AMREGO I SICAV Investment Manager s Report (continued) 2015 Review The year started off with quantitative easing being widely used, combined with a low rate environment and increased liquidity coming from the back of The financial markets continued to rise and, given the appreciation of the US dollar against Swedish kronor, this led to Swedish-based investor returns closer to 20 percent in the beginning of April. Mid-year that changed with Greece, and its strained debts, in the limelight. That in turn led to the markets retracting given the uncertainty around a potential Greek exit from the European Union, something that has never happened before. After a political carousel the country finally received a bailout package and the markets could exhale. An expected U.S. rate hike in September failed to materialize with the Federal Reserve (the Fed), expressing concerns about the global economy in general and the slowdown in China in particular. However, in the last meeting during 2015 the Fed, after 7 years of zero rate policy, raised the Fed funds rate, citing improvement in the labor market and inflation expectations. A global equity market index in Swedish kronor ended the year positive thanks to the rebound in the last quarter. Emerging markets underperformed developed markets and contracted during This was the result of a big drop in commodity prices in general and oil prices in particular, rising geopolitical concerns and China s slowing economy. Outlook With the US Federal Reserve the FED starting to raise their interest rate they are showing that they believe the economy is returning to the road of normal growth. This has led to the appreciation of an already strong US dollar which in turn will become a headwind for large US companies with considerable overseas sales. There is a monetary policy divergence with the Fed ending their quantitative easing, which started in 2008, and the Eurozone and Japan doing the opposite and lowering rates even further to stimulate their economies. With the Euro area likely to grow at 1,5 % and Japan at 1,3 % in 2016 combined with inflation well below 2 % this sets a scene which, historically, has been good for equities. We still think the Eurozone has more to give with a weaker euro, lower oil prices, falling unemployment and improvements in business sentiment. Backdrops could come in the limelight of a potential Brexit (i.e. UK leaving the EU), the European refugee crisis or policy problems in southern European countries. China will most probably continue to decelerate in the rotation from investment and export to a domestic demand driven economy and we believe more stimulus will be put fonrvard to help cushion the drop. in the emerging markets space India is a bright spot, with growth expected to pick up further led by stronger consumption demand and investment recovery. Countries correlated to commodity prices and countries with political and fiscal uncertainties are not in favor going fonrvard. The valuations in the emerging markets are more attractive than developed markets but that has not translated to higher returns yet and the strong US dollar along with slowing growth in China is going to be a problem for emerging markets going forward. The Investment Manager Luxembourg, 28 April 2016 The information stated in this report is historical and not necessarily indicative of future perfonnance. 3

6 j. pwc Audit report To the Shareholders of AMREGO I SICAV We have audited the accompanying financial statements of AMREGO I SICAV and of each of its sub-funds, which comprise the combined statement of net assets and the schedule of investments as at 31 December 2015 and the combined statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV 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 Réviseur d'entreprises agréé 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 Réviseur d'entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d'entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of AMREGO I SICAV and of each of its sub-funds as of 31 December 2015, 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. Pri ousecoopers, Société cooperative Luxembourg, 29 April 2016 Represented by Anne Laurent Pricewaterhousecoopers, Société coopérative, 2 rue Gerhard Mercator, B. P. 1443, L-1014 Luxembourg T: , F: , wvvw.pwc.lu Cabinet de révision agrée. Expert-comptable (autorisation gouvemementale n ) R. C.S. Luxembourg B TVA LU

7 AMREGO I SICAV - Séiderberg & Partners Trygghet 75 PM Schedule of Investments Quantity! Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Handelsbanken Funds - MSCI Emerging Markets Index Fund AI 280,247 29,168, ,168, Svleden Handelsbanken Kortranta Criteria Fund (A1) 1,316, ,349, Handelsbanken MSCI USA Index Fund (A1 ) 348,777 82,677, Handelsbanken Sverigefond Index Fund 6,881 60,858, Handelsbankens Europafond Index Fund (A1 ) 1,150, ,063, Ohman Etisk Index Europa Fund 936, ,222, Ohman Etisk Index Japan Fund 576,588 50,261, Ohman Etisk Index Pacifi c Fund 51,724 9,534, Ohman Index Emerging Markets MSCI EM50 Fund 179,658 20,507, Ohman Index Nordamerika MSCI North America Fund A 835, ,853, Ohman Index Sverige Fund A 525,441 86,724, Ohman Penningmarknadsfond Fund 2,048, ,587, Spiltan Rantefond Sverige Fund 685,225 79,664, SPP Aktiefond Japan Fund 332,974 22,649, SPP Aktielndex USA Fund 511,102 81,404, SPP Penningmarknadsfond Fund 1,326, ,324, Swedbank Robur Access Asien Fund 288,966 47,107, Swedbank Robur Access Sverige Fund 623,825 88,021, ,501,812, Total Collective Investment Schemes - UCITS 1,530,980, Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE 83,071 28,210, ,210, Ire/and ishares Core MSCI Japan IMI Fund 37,000 10,460, Vanguard Funds plc - S&P 500 Fund 89,965 29,857, Vanguard Funds plc Vanguard FTSE Emerging Markets Fund 30,000 11,084, ,402, Sweden XACT OMXS30 Fund 188,191 29,291, ,291, United States of America ishares Russell 2000 Growth Fund 11,000 13,196, ,196, Total Exchange Traded Funds 122,101, Total Units of authorised UCITS or other collective investment undertakings 1,653,082, Total Investments 1,653,082, Cash 43,236, Other AssetsI(Liabilities) g695,920) go.o4) Total Net Assets 1,695,623,

8 AMREGO I SICAV - Soderberg & Partners Trygghet 75 PM Schedule of Investments (continued) Geographic Allocation of Portfolio % of Net Assets Sweden Ireland 3.03 Luxembourg 1.72 Germany 1.66 United States of America 0.78 Total Investments Cash and Other Assetsl(Liabi ities) Total

9 AMREGO I SICAV - Séiderberg & Partners Trygghet 80 PM Schedule of Investments Quantity] Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective in\restment undertakings Collective Investment Schemes UCITS Luxembourg Handelsbanken Funds - MSCI Emerging Markets Index Fund Al 262,208 27,290, ,290, Svleden Handelsbanken Kortranta Criteria Fund (A1) 5,439, ,505, Handelsbanken MSCI USA Index Fund (A1 ) 447, ,166, Handelsbanken Sverigefond Index Fund 11, ,494, Handelsbankens Europafond Index Fund (A1 ) 1,488, ,161, Ohman Etisk Index Europa Fund 1,504, ,743, Ohman Etisk Index Japan Fund 786,620 68,569, Ohman Etisk Index Pacifi c Fund 162,020 29,866, Ohman Etisk Index USA Fund A 572,786 88,552, Ohman Index Emerging Markets MSCI EM50 Fund 398,824 45,525, Ohman Index Nordamerika MSCI North America Fund A 967, ,570, Ohman Index Sverige Fund A 727, ,107, Ohman Penningmarknadsfond Fund 3,615, ,003, Spiltan Rantefond S\erige Fund 4,511, ,531, SPP Aktiefond Japan Fund 612,246 41,645, SPP Aktielndex USA Fund 802, ,895, SPP Penningmarknadsfond Fund 3,220, ,981, Swedbank Robur Access Asien Fund 356,918 58,184, Swedbank Robur Access Sverige Fund 903, ,427, ,245,934, Total Collective Investment Schemes UCITS 3,273,224, Exchange Traded Funds Germany ishares STO)O( Europe 600 Fund DE 130,057 44,166, ,166, Ireland ishares Core MSCI Japan IMI Fund 57,890 16,366, Vanguard Funds pic - S&P 500 Fund 141,542 46,975, Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund 67,500 24,939, ,280, Svieden XACT OMXS30 Fund 300,152 46,718, ,718, United States of America ishares Russell 2000 Growth Fund 18,000 21,594, ,594, Total Exchange Traded Funds 200,760, Total Units of authorised UCITS or other collective investment undertakings 3,473,985, Total Investments 3,473,985, Cash 75,697, Other Asse1.sI(Liabi ities) g1,062,728) (0.03) Total Net Assets 3,548,620,

10 AMREGO I SICAV - Soderberg & Partners Trygghet 80 PM Schedule of Investments (continued) Geographic Allocation of Portfolio % of Net Assets Sweden Ireland 2.49 Germany 1.24 Luxembourg 0.77 United States of America 0.61 Total Investments Cash and Other Assets/(Liabilities) 2.10 Total

11 AMREGO I SICAV - JP Global Trend Schedule of Investments Qua ntityl Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Co ecti\e Investment Schemes UCITS Sweden Handelsbanken Sverigefond Index Fund 4,937 43,667, Handelsbankens Europafond Index Fund (A1 ) 324,648 30,786, Ohman Etisk Index Europa Fund 253,872 30,152, Ohman Index Nordamerika MSCI North America Fund A 236,236 44,336, Ohman Index Sverige Fund A 286,349 47,261, Simplicity Likviditet Fund 222,600 24,218, Spiltan Rantefond Sverige Fund 108,233 12,583, SPP Aktielndex Sverige Fund A 214,746 51,001, SPP Aktielndex USA Fund 122,663 19,536, ,544, Total Collective Investment Schemes - UCITS 303,544, Total Units of authorised UCITS or other collective investment undertakings 303,544, Total Investments 303,544, Cash 12,123, Other AssetsI(LiabiIities) 763,189I 10.24! Total Net Assets 314,905, Geographic Allocation of Portfolio % of Net Assets Sweden Total Investments Cash and Other Assets/(Liabilities) 3.61 Total

12 AMREGO I SICAV - Trygghet 75 S Schedule of Investments Investments Currency Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Ballista SICAV - Ballista Absolute Return Fund Class I B ackrock Global Funds - Emerging Europe Fund 2 Carnegie Fund - Swedish Small Cap Sub-Fund sub-class 1A Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds Japan Equity Fund - JPMorgan Japan Equity C (acc) - JPMorgan Funds - Latin America Equity Fund JPM Latin America Equity I (acc) - JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) - Morgan Stanley Investment Funds US Advantage Fund Class 2 Schroder ISF Frontier Markets Equity Acc T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund Class I Threadneedle Lux - Pan European Small Cap Opportunities Fund AE UBS Lux Equity SICAV European Opportunity Unconstrained () Fund class IA1 acc Svreden Carnegie Sverigefond Fund Handelsbanken Kortranta Criteria Fund (A1) Lannebo Fonder Lannebo Lik\n'ditetsfond Fund Simplicity Likviditet Fund Skandia Nordamerika Exponering Fund Skandia Sverige Exponering Fund Skandia USA Fund Spiltan Rantefond Sverige Fund United Kingdom First State Investments lcvc- First State Asia Pacifi c Leaders Fund Class B (Accumulation) Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ire/and ishares Core MSCI Japan Ml Fund Vanguard Funds plc S&P 500 Fund Vanguard Funds plc Vanguard FTSE Emerging Markets Fund Sweden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collective investment undertakings Total Investments Cash Other AssetsI(Liabi ities) Total Net Assets Qua ntityl Nominal Value 2,377,452 51, ,791 3,034,849 2,428, , , , , , , , ,168 2,479, ,184 2,567,462 1,706,968 2,075, ,924 2,141,218 21,228, , , , , ,184 49,000 Market Value % of Net Assets 225,762, ,170, ,666, ,217, ,461, ,361, ,452, ,560, ,730, ,115, ,140, ,127, ,151,766, ,255, ,746, ,729, ,339, ,489, ,623, ,427, ,937, ,163,548, ,837, ,837, ,684,152, ,465, ,465, ,324, ,627, ,809, ,762, ,825, ,825, ,784, ,784, ,837, ,292,989, ,292,989, ,099, (2,365,158) (0.05) 5,463,724,

13 AMREGO I SICAV - Trygghet 75 S Schedule of Investments (continued) Geographic Allocation of Portfolio Sweden Luxembourg United Kingdom Ireland Germany United States of America Total Investments Cash and Other Assets/(Liabilities) Total % of Net Assets

14 AMREGO I SICAV - Trygghet 80 S Schedule of Investments Quantity! Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Co ecti\e Investment Schemes - UCITS Luxembourg Ballista SICAV - Ballista Absolute Return Fund Class I 1,808, ,689, B ackrock Global Funds - Emerging Europe Fund 2 26,677 18,860, Carnegie Fund - Swedish Small Cap Sub-Fund sub-class 1A 440, ,795, Henderson Gartmore Fund - Pan European Fund Class I Acc 1,924, ,956, JPMorgan Funds - Japan Equity Fund - JPMorgan Japan Equity C (acc) - 1,489, ,191, JPMorgan Funds - Latin America Equity Fund - JPM Latin America Equity I (acc) 185,849 19,139, JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) - 146, ,329, Morgan Stanley Investment Funds - US Advantage Fund Class 2 57,547 29,457, Schroder ISF Frontier Markets Equity Acc 19,276 18,944, T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund Class I 204,351 74,571, Threadneedle Lux Pan European Small Cap Opportunities Fund AE 331, ,327, UBS Lux Equity SICAV European Opportunity Unconstrained () Fund class IA1 acc 125, ,694, ,260,957, Sweden Carnegie Sverigefond Fund 91, ,401, Handelsbanken Kortranta Criteria Fund (A1) 6,879, ,827, Lannebo Fonder - Lannebo Likviditetsfond Fund 880,359 99,586, Simplicity Likviditet Fund 3,301, ,202, Skandia Nordamerika Exponering Fund 1,290, ,181, Skandia Sverige Exponering Fund 1,289, ,744, Skandia USA Fund 303, ,765, Spiltan Rantefond Sven'ge Fund 5,297, ,848, ,611,557, United Kingdom First State ln\/estments CVC- First State Asia Pacifi c Leaders Fund Class B (Accumulation) 12,306, ,823, ,823, Total Collective Investment Schemes UCITS 4,086,339, Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE 253,473 86,078, , 078, Ireland ishares Core MSCI Japan IMI Fund 114,000 32,230, Vanguard Funds plc - S&P 500 Fund 275,876 91,557, Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund 128,987 47,656, ,444, Sweden XACT OMXS30 Fund 566,816 88,224, ,224, United States of America ishares Russell 2000 Growth Fund 35,667 42,788, ,788, Total Exchange Traded Funds 388,536, Total Units of authorised UCITS or other collective investment undertakings 4,474,876,

15 AMREGO I SICAV - Trygghet so s Schedule of Investments (continued) Market Value % of Net Assets Total Investments 4,474,876, Cash 97,924, Other A$etsI(Lia bilities) (5,211,159) 10.11) Total Net Assets 4,567,589, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg United Kingdom 4.68 Ireland 3.75 Germany 1.89 United States of America 0.94 Total lnveslments Cash and Other Assets/(Liabilities) 2.03 Total

16 AMREGO I SICAV - Trygghet 85 s Schedule of Investments Investments Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Ballista SICAV - Ballista Absolute Return Fund Class I BlackRock Global Funds Emerging Europe Fund 2 Carnegie Fund Swedish Small Cap Sub Fund sub-class 1A Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - Japan Equity Fund JPMorgan Japan Equity C (acc) - JPMorgan Funds - Latin America Equity Fund - JPM Latin America Equity I (acc) - JPMorgan Funds - US Smaller Companies Fund JPM US Smaller Companies C (pert) (acc) - Morgan Stanley Investment Funds - US Advantage Fund Class Z Schroder ISF Frontier Markets Equity Acc T. Rowe Price Funds SICAV US Smaller Companies Equity Fund Class I Threadneedle Lux - Pan European Small Cap Opportunities Fund AE UBS Lux Equity SICAV - European Opportunity Unconstrained () Fund class IA1 acc Sweden Carnegie Syerigefond Fund Handelsbanken Kortranta Criteria Fund (A1) Lannebo Fonder - Lannebo Likviditetsfond Fund Simplicity Likviditet Fund Skandia Nordamerika Exponering Fund Skandia S\erige Exponering Fund Skandia USA Fund Spiltan Rantefond S\.erige Fund United Kingdom First State Imestments CVC First State Asia Pacifi c Leaders Fund Class B (Accumulation) Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STO)0( Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund Sweden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collectiue investment undertakings Curre ncy Quantity] Market Value Nominal Value 469,512 10, , , ,013 61,910 34, ,973 8,468 78,634 95,381 30, , 958 2, 770, 707 1,322,21 1 2, 582, , ,092 53, , 674, 809 3,102,459 76, ,000 84,611 40, ,489 10,733 44,584,815 7,522,211 35,048,007 56,051,065 50, 243, 760 6, 375, ,690,610 67,556,083 8,322,390 28, 694, , 207, ,332, ,629,863 61,794, ,095, ,568, ,001,187 37,707,992 41,863,931 40,309, ,973,287 1,212,314,351 53, 904,078 53, 904,078 1,683,848,292 26,123,443 26,123,443 8,764,345 28,080,738 14,895,092 51,740,175 27,781,813 27,781,813 12,876,107 12,876, ,521,538 1,802,369, 830 % of Net Assets

17 AMREGO I SICAV - Trygghet 85 s Schedule of Investments (continued) Market Value % of Net Assets Total Investments 1,802,369, Cash 47,678, other Assets/(Liabilities) (2,658,140) (0.14) Total Net Assets 1,847,390, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg United Kingdom 2.92 Ireland 2.80 Germany 1.41 United States of America 0.70 Total Investments Cash and Other Assets/(Liabilities) 2.44 Total

18 AMREGO I SICAV - Trygghet 90 s Schedule of Investments Investments Currency Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Ballista SICAV - Ballista Absolute Return Fund Class I B ackrock Global Funds - Emerging Europe Fund 2 Carnegie Fund Swedish Small Cap Sub-Fund sub-class 1A Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - Japan Equity Fund - JPMorgan Japan Equity C (acc) - JPMorgan Funds - Latin America Equity Fund - JPM Latin America Equity I (acc) - JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) Morgan Stanley Investment Funds US Advantage Fund Class Z Schroder ISF Frontier Markets Equity Acc T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund Class I Threadneedle Lux - Pan European Small Cap Opportunities Fund AE UBS Lux Equity SICAV - European Opportunity Unconstrained () Fund class IA1 acc Sweden Carnegie Sverigefond Fund Handelsbanken Kortranta Criteria Fund (A1) Lannebo Fonder Lannebo Likviditetsfond Fund Simplicity Likviditet Fund Skandia Nordamerika Exponering Fund Skandia S\erige Exponering Fund Skandia USA Fund Spiltan Rantefond Sverige Fund United Kingdom First State Investments lcvc- First State Asia Pacifi c Leaders Fund Class B (Accumulation) Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc Vanguard FTSE Emerging Markets Fund Svieden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collectixe investment undertakings Qua ntityl Market Value Nominal Value 105,907 2,332 25, ,723 92,319 14,741 10,723 34,841 1,867 22,467 20, ,002 5,558 1,029,403 1,035,866 1,167,120 53,042 56,667 12,260 1,001, , , 225 4,600 20,050 6, ,435 1,733 10,056,938 1,648,720 7,238,450 10,203,380 10,736,847 1,518,068 11,704,594 17,835,090 1,835,035 8,198,535 7,304,837 15,190, ,471,293 11,465, ,407, ,177, ,982,634 9,088,796 7,852,873 9,290, ,479, ,744,812 11,580,720 11,580, ,796,825 6,528,738 6,528,738 1,300,516 6,654,203 2,397,476 10,352,195 6,449,358 6,449,358 2,079,036 2,079,036 25,409, , 206, 1 52 % of Net Assets

19 AMREGO I SICAV - Trygghet 90 S Schedule of Investments (continued) Market Value % of Net Assets Total Investments 646,206, Cash 20,691, Other AssetsI(LiabiIities) 237, Total Net Asets 667,135, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg United Kingdom 1.73 Ireland 1.55 Germany 0.98 United States ofamerica 0.31 Total Investments Cash and Other Assets/(Liabilities) 3.14 Total

20 AMREGO I SICAV - Tillvfixt 75 Schedule of Investments Qua ntityl Market Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Luxembourg Danske Invest - India Fund 44,651 23,081, Fidelity Funds - Greater China Fund Y ACC 446,600 58,639, lnvesco Funds - lnvesco Greater China Equity Fund accumulation 146,976 54,711, JPMorgan Funds - Emerging Markets Small Cap Fund - JPM Emerging Markets Small Cap I (perf) (acc) - 18,372 15,929, JPMorgan Funds Greater China Fund - JPMorgan Greater China I (acc) 39,056 39,949, ,311, Sweden Carnegie Rysslandsfond Fund 377,027 15,866, Handelsbanken Kortranta Criteria Fund (A1) 957,305 99,885, Handelsbanken Latinamerikafond Fund (A1 ) 90,469 17,993, Lannebo Fonder Lannebo Likvlditetsfond Fund 1,102, ,710, Simplicity Likviditet Fund 1,127, ,643, Spiltan Rantefond Sven'ge Fund 1,107, ,722, ,822, United Kingdom First State Investments ICVC Stewart Investors Global Emerging Markets Leaders Fund Class B (Accumulation) GBP GBP 1,756,595 95,658, ,658, Total Collective Investment Schemes - UCITS 797,792, Total Units of authorised UCITS or other collective investment undertakings 797,792, Total Investments 797,792, Cash 38,873, Other AssetsI(Liabilities) g675,349) 10.08) Total Net Assets 835,990, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg United Kingdom Total Investments Cash and Other Assets/(Liabilities) 4.57 Total

21 AMREGO I SICAV - Trygghet 75 Schedule of lnvestrnents Investments Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes UCITS Finland Evli Swedish Small Cap Fund Luxembourg Aberdeen Global - Japanese Smaller Companies Fund Class I - 2 Acc Ballista SICAV - Ballista Absolute Return Fund Class I B ackrock Global Funds - Asian Dragon Fund 2 Fidelity Funds - America Fund Y ACC Franklin Templeton Investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) Franklin Templeton Investment Funds - Templeton Frontier Markets Fund Class I (acc) Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (perf) (acc) - Jupiter Global Fund - Jupiter European Growth Class I Acc Schroder ISF Japanese Opportunities Acc Schroder ISF US Small & Mid-Cap Equity 1 Acc Threadneedle Lux - Pan European Small Cap Opportunities Fund AE Svleden Didner & Gerge Aktiefond Fund DNB Sweden Micro Cap Fund Handelsbanken Kortranta Criteria Fund (A1) Handelsbanken Latinamerikafond Fund (A1 ) Handelsbanken MSCI USA Index Fund (A1 ) Lannebo Fonder Lannebo Likviditetsfond Fund Lannebo Fonder - Lannebo Sverige 130/30 Fund Spiltan Rantefond Sverige Fund SPP Penningmarknadsfond Fund Swedbank Robur Osteuropafond Fund Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ire/and ishares Core MSCI Japan IMI Fund Vanguard Funds plc S&P 500 Fund Vanguard Funds plc Vanguard FTSE Emerging Markets Fund Svleden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collective investment undertakings Currency JPY JPY Quantity! Market Value Nominal Value 43,492 1,657,540 2,377,449 1,287,830 3,714, , ,187 5,686, , , 970 1, 833, , , , , , ,744 2,477,759 4,775,141 11,592,013 1,456,132 3,504,984 1,829, , , , , 852 1,264,667 78, ,308, ,308, ,848, , 762, , 306, , 895, ,040,401 40, 757, , 842, ,402, , 532, ,797, , 802, ,422, 661 3,335,410, ,139, ,533, ,326,428 39,727, ,352, ,163, ,035, ,289, ,778,017 38,331,105 2,896,677,947 6,377,397, ,247, ,247,722 87,078, ,520, ,982, ,581, ,845, ,845,418 94,248,832 94,248, ,923,098 7,249,320,715 % of Net Assets

22 AMREGO l SICAV - Trygghet 75 Schedule of Investments (continued) Market Value % of Net Assets Total Investments 7,249,320, Cash 260,193, Other AssetsI(Liabi ities) 12,910, Total Net Asets 7,522,424, Geographic Allocation of Portfolio % of Net Assets Luxembourg Sweden Ireland 5.22 Germany 2.50 Finland 1.93 United States of America 1.25 Total Investments Cash and Other Assets/(Liabilities) 3.63 Total

23 AMREGO I SICAV - Trygghet 80 Schedule of Investments Investments Units of authorised UCITS or other collective investment undertakings Collective lmestment Schemes UCITS Finland Evli Swedish Small Cap Fund Luxembourg Aberdeen Global - Japanese Smaller Companies Fund Class I 2 Acc Ballista SICAV - Ballista Absolute Return Fund Class I BlackRock Global Funds - Asian Dragon Fund 2 Fidelity Funds - America Fund Y ACC Franklin Templeton Investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) Franklin Templeton investment Funds - Templeton Frontier Markets Fund Class I (acc) Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (perf) (acc) - Jupiter Global Fund Jupiter European Growth Class I Acc Schroder ISF Japanese Opportunities Acc Schroder ISF US Small & Mid-Cap Equity 1 Acc Threadneedle Lux Pan European Small Cap Opportunities Fund AE Svieden Didner & Gerge Aktiefond Fund DNB Sweden Micro Cap Fund Handelsbanken Kortranta Criteria Fund (A1) Handelsbanken Latinamerikafond Fund (A1 ) Handelsbanken MSCI USA Index Fund (A1 ) Lannebo Fonder - Lannebo Likviditetsfond Fund Lannebo Fonder - Lannebo S\erige 130/30 Fund SPP Penningmarknadsfond Fund Swedbank Robur Osteuropafond Fund Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund Svieden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collective investment undertakings Currency JPY JPY Quantity! Market Value Nominal Value 26, , 139 2, 1 97, , 647 2,248, , ,097 3,623, , , 586 1,370, , , , ,475 3,702, ,134 1,318,787 8,558,369 7,017,803 8,380,218 1,423, , , , , ,097 31,484 89,341,918 89,341,918 82,787, ,686, ,971, ,526,533 75,613,633 34,728, ,986, ,431, ,360, ,538,042 76,901, ,735,172 2,090,267, ,865,158 99,765, ,358,532 30,456, ,618, ,122, ,711, ,101,680 29,812,280 3,351,812,565 5,531,421, ,675, ,675,763 43, 256, , 935, , 953, , 145, ,468, ,468,998 37,770,554 37,770, ,061,107 6,044,482,872 % of Net Assets

24 AMREGO I SICAV Trygghet 80 Schedule of Investments (continued) Market Value % of Net Assets Total Investments 6,044,482, Cash 264,935, Other AssetsI(Liabilities) 21,488, Total Net Assets 6,330,906, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg Ireland 3.64 Germany 1.89 Finland 1.41 United States of America 0.60 Total Investments Cash and Other Assets/(Liabilities) 4.52 Total

25 AMREGO I SICAV - Trygghet 85 Schedule of Investments Investments Units of authorised UCITS or other collecthe investment undertakings Collective Investment Schemes - UCITS Fin/and Evli Swedish Small Cap Fund Luxembourg Aberdeen Global - Japanese Smaller Companies Fund Class I - 2 Ace Ballista SICAV - Ballista Absolute Return Fund Class I BlackRock Global Funds - Asian Dragon Fund 2 Fidelity Funds - America Fund Y ACC Franklin Templeton Investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) Franklin Templeton Imestment Funds - Templeton Frontier Markets Fund Class I (acc) Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (perf) (acc) - Jupiter Global Fund - Jupiter European Growth Class I Acc Schroder ISF Japanese Opportunities Acc Schroder ISF US Small & Mid-Cap Equity 1 Acc Threadneedle Lux Pan European Small Cap Opportunities Fund AE Sweden Didner & Gerge Aktiefond Fund DNB Sweden Micro Cap Fund Handelsbanken Kortranta Criteria Fund (A1) Handelsbanken Latinamerikafond Fund (A1 ) Handelsbanken MSCI USA Index Fund (A1 ) Lannebo Fonder Lannebo Likviditetsfond Fund Lannebo Fonder - Lannebo S\erige 130/30 Fund SPP Penningmarknadsfond Fund Swedbank Robur Osteuropafond Fund Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund Sweden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collectiue investment undertakings Currency JPY JPY Quantity! Market Value Nominal Value 6, , , , , , , , , , ,232 9, ,983 30,616 27,793 3,948,732 34, ,306 3,603,466 1,629,679 3,472, ,902 94, , , , , ,435 21,893,078 21,893,078 26,242,417 45,058,761 47,979,575 87,363,351 19,379,805 6, 698,290 83, 463, ,143,103 45,220,598 41,490,735 19,132,729 41,772, ,945,992 67,254,077 21,923, ,010,742 6,939,099 97,263, ,624,064 59,613, ,932,009 8,126,552 1,492,686, 867 2,045,525,937 32, 239, ,239,232 11,026,111 34,357,261 14,937,211 60,320,583 34, 336, ,336,857 16,117,628 16,117, ,014,300 2,188,540,237 % of Net Assets

26 AMREGO I SICAV - Trygghet 85 Schedule of Investments (continued) Market Value % of Net Assets Total Investments 2,188,540, Cash 157,387, Other AssetsI(Liabi ities) 4,025, Total Net Assets 2,349,952, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg Ireland 2.57 Germany 1.37 Finland 0.93 United States of America 0.69 Total Investments Cash and Other Assets/(Liabilities) 6.87 Total

27 AMREGO I SICAV - Trygghet 90 Schedule of Investments Investments Units of authorised UCITS or other collective investment undertakings Col ecti\/e Investment Schemes - UCITS Fin/and Evli Swedish Small Cap Fund Luxembourg Aberdeen Global Japanese Smaller Companies Fund Class I - 2 Acc Ballista SICAV Ballista Absolute Return Fund Class I BlackRock Global Funds Asian Dragon Fund 2 Fidelity Funds America Fund Y ACC Franklin Templeton investment Funds - Templeton Asian Smaller Companies Fund Class I (acc) Franklin Templeton Investment Funds - Templeton Frontier Markets Fund Class I (acc) Henderson Gartmore Fund - Pan European Fund Class I Acc JPMorgan Funds - US Smaller Companies Fund - JPM US Smaller Companies C (pert) (acc) - Jupiter Global Fund - Jupiter European Growth Class I Acc Schroder ISF Japanese Opportunities Acc Schroder ISF US Small & Mid-Cap Equity 1 Acc ' 'hreadneed e Lux - Pan European Small Cap Opportunities Fund AE Svieden Didner & Gerge Aktiefond Fund DNB Sweden Micro Cap Fund Handelsbanken Kortranta Criteria Fund (A1) Handelsbanken Latinamerikafond Fund (A1 ) Handelsbanken MSCI USA Index Fund (A1 ) Lannebo Fonder - Lannebo Likviditetsfond Fund Lannebo Fonder - Lannebo S\erige 130/30 Fund Spiltan Rantefond Sverige Fund SPP Penningmarknadsfond Fund Swedbank Robur Osteuropafond Fund Total Collective Investment Schemes - UCITS Exchange Traded Funds Germany ishares STOXX Europe 600 Fund DE Ireland ishares Core MSCI Japan IMI Fund Vanguard Funds plc - S&P 500 Fund Vanguard Funds plc - Vanguard FTSE Emerging Markets Fund Svieden XACT OMXS30 Fund United States of America ishares Russell 2000 Growth Fund Total Exchange Traded Funds Total Units of authorised UCITS or other collective investment undertakings Currency JPY JPY Quantity] Market Value Nominal Value 3,181 88, ,859 50, ,469 16,412 13, ,089 14,527 36, ,872 5,901 27,611 10,207 9,627 1,869,964 11,630 89,107 1,703, ,283 1,440,926 1,641, ,139 29, ,000 31,470 12,794 64,498 3,183 10,628,212 10,628,212 7,893,834 14,325,584 13,072,685 26,026,670 5,419,161 2,629,692 25,116,209 15,856,819 13,059,253 12,634,965 11,414,025 9,612, ,061,869 22,422,619 7,593, ,1 12,012 2,313,033 21,122, ,662,053 13,691, ,522, ,753,749 2,118, ,312, ,002,412 10,142,722 10,142,722 3,392,650 10,444,278 4,726,970 18,563,898 10,039,114 10,039,114 3,818,564 3,818,564 42,564,298 1,029,566,710 % of Net Assets

28 AMREGO I SICAV - Trygghet 90 Schedule of Investments (continued) Market Value % of Net Assets Total Investments 1,029,566, cash 14,556, Other AssetsI(Liabilities) 738, Total Net Assets 1,044,861, Geographic Allocation of Portfolio % of Net Assets Sweden Luxembourg Ireland 1.78 Finland 1.02 Germany 0.97 United States of America 0.37 Total Investments Cash and Other Assets/(Liabilities) 1.46 Total

29 AMREGO I SICAV - Tryghed 75 Schedule of Investments Investments Units of authorised UCITS or other collective investment undertakings Co ecti\e Investment Schemes - UCITS Ireland Vanguard Investment Series plc - European Stock Index Fund Institutional "Euro Shares Vanguard Investment Series plc - Japan Stock Index Fund Institutional "JPY" Shares Vanguard Investment Series plc - US 500 Stock Index Fund Institutional "U.S. Dollar Shares Luxembourg Fidelity Funds - America Fund Y ACC Schroder ISF US Small & Mid Cap Equity 1 Acc Threadneedle Lux - Pan European Small Cap Opportunities Fund AE UBS Lux Equity SICAV European Opportunity Unconstrained () Fund class IA1 acc United Kingdom First State Investments CVC- First State Asia Pacifi c Leaders Fund Class B (Accumulation) Total Collective Investment Schemes - UCITS Total Units of authorised UCITS or other collective investment undertakings Total Investments Cash Other AssetsI(Liabilities) Total Net Assets Currency JPY Quantity! Market Value % of Net Nominal Value DKK Assets , , , , , , , , , , , ,943 69, , , , , , ,016, Geographic Allocation of Portfolio Luxembourg Ireland United Kingdom Total Investments Cash and Other Assets/(Liabilities) Total % of Net Assets

30 AMREGO I SICAV - Contrarian 65 Schedule of Investments Market Quantityl Value % of Net Investments Currency Nominal Value Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes UCITS Sweden Handelsbanken Sverigefond Index Fund , Handelsbankens Europafond Index Fund (A1 ) 1, , Ohman Etisk Index Europa Fund , Ohman Index Emerging Markets MSCI EM50 Fund , Ohman Index Nordamerika MSCI North America Fund A , SPP Aktiefond Japan Fund 1, , SPP Aktielndex USA Fund , Swedbank Robur Access Asien Fund , Swedbank Robur Access Sven'ge Fund 1, , ,014, Total Collective Investment Schemes UCITS 1,014, Total Units of authorised UCITS or other collective investment undertakings 1,014, Total Investments 1,014, Cash 8, Other Assetd(Liabi ities) Total Net Assets 1,021, Geographic Allocation of Portfolio % of Net Asets Sweden Total Investments Cash and Other Assets/(Liabilities) 0.70 Total

31 AMREGO I SICAV Combined Statement of Net Assets Assets AMREGO I SICAV S/liderberg & Partners Soderberg & Partners Combined Trygghet 75 PM Trygghet 80 PM JP Global Trend Trygghet 75 S Notes SE( Investments in Securities at Market Value 3b) 34,958,980,416 1,653,082,232 3,473,985, ,544,719 5,292,989,638 Acquisition Cost: 34,082,366,308 1,406,126,987 3,068,631, ,685,034 4,731,976,376 Cash at Bank 1,206,452,286 43,236,921 75,697,971 12,123, ,099,719 Amounts Receiiable on Subscriptions 65,783, ,775,052 Dividends Receiwble, Net 893,831 38,894 63, ,253 Tax Reciaims Receiwable 1,166, , , , ,878 Rebate 4a) 5,793,752 1,366,102 3,158, Other Assets 8, TotalAssets 36, ,744 1,697,863,706 3,553,349, ,905,849 5,470,210,540 Llabllltles Amounts Payable on Redemptions 12,513, ,632 1,509, , ,877 Interest Payable 740,204 38,734 55,478 21, ,261 Managem ent Fees Payable 4a) 28,486,182 1,459,895 2,697, ,386 4,460,990 Custodian and Administration Fees 4b) 4,122, , , , ,952 Taxe d'abonnement Payable 6) 1,780,607 31,239 71,783 9, ,360 Other Liabilities 36,477 2,729 6, ,901 Total Liabilities 47,679,108 2,240,473 4,728,993 1,000,830 6,486,341 Total Net Assets 36, ,636 1,695,623,233 3,548,62D, fi 314,905,019 5,463,724,1 99 Shares Outstanding as at 31 " ,127, ,203, ,282, ,418, Class B - 199, Class C , Net Asset Value per Share as at 31 December Class B Class C

32 AMREGO I SICAV Combined Statement of Net Assets (continued) Trygghet 80 S Trygghet 85 S Trygghet 90 S Tilivaxt 75 (1) Trygghet 75 (2) Notes Assets Investments in Securities at Market Value 3b) 4,474,876,290 1,802,369, ,206, ,792,411 7,249,320,715 Acquisition Cost: 4,128,910,304 1,716,730, ,055, ,219,536 7,639,646,110 Cash at Bank 97,924,293 47,678,784 20,691,541 38,873, ,193,912 Amounts Receivable on Subscriptions 85, ,122 4,427, ,643 20,414,251 Dividends Receivable, Net 126,110 37,949 6, ,777 Tax Reclaims Receivable 141,352 26,296 4, Rebate 4a) 442, ,652 86, ,868 - Other Assets Total Assets 4,573,596,084 1,850,563, ,423, ,707,294 7,530,206,655 Liabilities Amounts Payable on Redempfi ons 1,062,752 1,127,144 3,607, ,061 1,129,732 Interest Payable 61,171 42,932 8,181 18, ,837 Management Fees Payable 4a) 4,069,072 1,659, , ,469 5,454,697 Custodian and Administration Fees 4b) 450, , , , ,049 Taxe d'abonnement Payable 5) 355, ,613 32,756 37, ,684 Other Liabilities 8,067 2, ,060 1,800 Total Liabilities 6,006,660 3,173,159 4,287,819 1,716,860 7,781,799 Total Net Assets 4,567,589,424 1,847,390, ,135, ,990,434 L522,424,856 Shares f -- " as at 31 f ,013, ,966, ,716, ,723, ,430, Class B - ~ - Class C 127, , , , Net Asset Value per share as at 31 December Class B Class C (1) This Sub Fund was launched on 23 March (2) This Sub Fund was launched on 17 April