Unaudited Semi-Annual Report

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1 Société d Investissement à Capital Variable R.C.S. Luxembourg B Unaudited Semi-Annual Report For the period ended 30 June 2013 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 Table of Contents Management and Service Providers 2 Schedule of Investments AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 75 PM 3 AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 80 PM 4 AMREGO I SICAV JP GLOBAL TREND 5 AMREGO I SICAV - TRYGGHET 75 S 6 AMREGO I SICAV - TRYGGHET 80 S 7 AMREGO I SICAV - TRYGGHET 85 S 8 AMREGO I SICAV - TRYGGHET 90 S 9 Combined Statement of Net Assets 10 Combined Statement of Operations and Changes in Net Assets 12 Statement of Changes in the Number of Shares 14 Statistical Information 15 Notes to the Financial Statements 16 Appendix Total Expense Ratios 20 Page

3 Management and Service Providers Board of Directors Carl-Adam Högberg (Chairman) Branch Manager Amrego Luxembourg Branch Niklas Vesterlund Portfolio Manager Amrego Luxembourg Branch Martin Grund Head of Mergers & Acquisitions PO Söderberg & Partner AB Management Company MDO Management Company S.A. 19, rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg Promoter PO Söderberg & Partner AB Regeringsgatan 45 S Stockholm Sweden Registered Office 5-11, avenue Gaston Diderich L-1420 Luxembourg Grand Duchy of Luxembourg Investment Manager Amrego Kapitalförvaltning AB Regeringsgatan 45 S Stockholm Sweden Custodian, Administration and Paying Agent Registrar and Transfer Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Center 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 400, route d'esch B.P 1443 L-1014 Luxembourg Grand Duchy of Luxembourg Legal Advisors Arendt & Medernach 14, rue Erasme L Luxembourg Grand Duchy of Luxembourg 2

4 - SÖDERBERG & PARTNERS TRYGGHET 75 PM Schedule of Investments Market % of Value Net Quantity Security Description SEK Assets Units or shares of UCITS and/or other UCI's Germany 70,071 ishares STOXX Europe 600 DE 17,738, ,738, Luxembourg 113,075 DB X Trackers MSCI Emerging Markets Index UCITS ETF 27,183, ,183, Sweden 46,528 Handelsbanken Asienfond 14,299, ,984,695 Handelsbanken Europa Index 135,634, ,206 Handelsbanken MSCI USA Index 66,467, ,461 Handelsbanken Sverigefond Index 123,290, ,549 Handelsbanken Tillvaxtmarknad 64,693, ,967 Ohman Etisk Index Europa 72,289, ,379 Ohman Etisk Index Japan 20,943, ,887 Ohman Etisk Index Pacific 67,857, ,790 Ohman Etisk Index USA 60,568, ,130 Ohman Index Emerging Markets MSCI EM50 63,032, ,750 Ohman Index Nordamerika MSCI North America 111,354, ,463 Ohman Index Sverige 44,266, ,554 SPP AktieIndex Japan 22,647, ,695,002 SPP AktieIndex USA 163,914, ,191 XACT OMXS30 16,617, ,047,876, United States of America 54,095 ishares MSCI Japan Index Fund 4,074, ,018 ishares Russell 2000 Index Fund 14,420, ,610 SPDR S&P 500 ETF Trust 38,423, ,918, Total Units or shares of UCITS and/or other UCI's 1,149,717, Total Investment in Securities 1,149,717, Other Assets Less Liabilities 11,720, Total Net Assets 1,161,437,

5 - SÖDERBERG & PARTNERS TRYGGHET 80 PM Schedule of Investments Market % of Value Net Quantity Security Description SEK Assets Units or shares of UCITS and/or other UCI's Germany 155,057 ishares STOXX Europe 600 DE 39,252, ,252, Luxembourg 180,060 DB X Trackers MSCI Emerging Markets Index UCITS ETF 43,287, ,287, Sweden 309,221 Handelsbanken Asienfond 95,032, ,503,109 Handelsbanken Europa Index 171,062, ,333,796 Handelsbanken Kortrantefond 240,007, ,750 Handelsbanken MSCI USA Index 10,507, ,634 Handelsbanken Sverigefond Index 124,333, ,115,167 Handelsbanken Tillvaxtmarknad 200,094, ,181,025 Lannebo Likviditetsfond 129,912, ,015,646 Ohman Etisk Index Europa 173,264, ,282 Ohman Etisk Index Japan 51,203, ,347 Ohman Etisk Index Pacific 103,456, ,230,534 Ohman Etisk Index USA 302,991, ,824 Ohman Index Emerging Markets MSCI EM50 71,392, ,750 Ohman Index Nordamerika MSCI North America 111,354, ,027,703 Ohman Index Sverige 121,813, ,530,622 Ohman Penningmarknadsfond 149,159, ,034,400 SPP AktieIndex Japan 48,750, ,780,543 SPP AktieIndex USA 365,595, ,152 XACT OMXS30 31,351, ,501,284, United States of America 140,076 ishares MSCI Japan Index Fund 10,551, ,014 ishares Russell 2000 Index Fund 20,966, ,008 SPDR S&P 500 ETF Trust 57,196, ,714, Total Units or shares of UCITS and/or other UCI's 2,672,538, Total Investment in Securities 2,672,538, Other Assets Less Liabilities 227,035, Total Net Assets 2,899,574,

6 - JP GLOBAL TREND Schedule of Investments Market % of Value Net Quantity Security Description SEK Assets Units or shares of UCITS and/or other UCI's Sweden 42,370 Carnegie Likviditetsfond 49,991, ,239 Handelsbanken Kortrantefond 50,004, ,587 Lannebo Likviditetsfond 50,004, ,084 Ohman Penningmarknadsfond 50,000, ,984 SPP Penningmarknadsfond 50,003, ,004, Total Units or shares of UCITS and/or other UCI's 250,004, Total Investment in Securities 250,004, Other Assets Less Liabilities 23,069, Total Net Assets 273,073,

7 TRYGGHET 75 S Schedule of Investments Market % of Value Net Quantity Security Description SEK Assets Units or shares of UCITS and/or other UCI's France 2,570,000 Lyxor ETF MSCI Emerging Markets 161,710, ,710, Germany 546,846 ishares STOXX Europe 600 DE 138,432, ,432, Ireland 186,054 Legg Mason Global Funds PLC Royce Global Smaller Companies Fund II 126,995, ,268,040 Montanaro European Smaller Companies Fund 201,798, ,935,259 Old Mutual Global Investors Series PLC Pacific Equity Fund 202,950, ,744, Luxembourg 915,768 Aberdeen Global Emerging Markets Smaller Companies Fund 120,005, ,182,437 Fidelity Funds Emerging Asia Fund 159,554, ,327,508 Fidelity Funds Japan Advantage Fund 120,173, ,864,630 JPMorgan Funds US Smaller Companies 165,474, ,342,250 Morgan Stanley Investment Funds US Advantage Fund 362,508, ,202 Schroder International Selection Fund European Special Situations Fund 160,457, ,088,173, Sweden 135,643 Carnegie Sverigefond 185,550, ,565,258 East Capital Eastern European Fund 82,319, ,707 Handelsbanken Latinamerikafond 59,410, ,442 Skandia Europa Exponering 193,188, ,805,665 Skandia Nordamerika Exponering 193,170, ,811 Skandia Smabolag Sverige 185,223, ,006,847 Skandia Sverige Exponering 99,959, ,326 Skandia USA 452,122, ,161,184 XACT OMXS30 134,755, ,585,700, United States of America 342,251 ishares MSCI Japan Index Fund 25,779, ,337 SPDR S&P 500 ETF Trust 224,800, ,579, Total Units or shares of UCITS and/or other UCI's 3,756,341, Total Investment in Securities 3,756,341, Other Assets Less Liabilities 169,080, Total Net Assets 3,925,421,

8 TRYGGHET 80 S Schedule of Investments Market % of Value Net Quantity Security Description SEK Assets Units or shares of UCITS and/or other UCI's France Germany 2,082,000 Lyxor ETF MSCI Emerging Markets 131,004, ,004, ,210 ishares STOXX Europe 600 DE 112,703, ,703, Ireland 188,182 Legg Mason Global Funds PLC Royce Global Smaller Companies Fund II 128,447, ,679,755 Montanaro European Smaller Companies Fund 150,663, ,967,110 Old Mutual Global Investors Series PLC Pacific Equity Fund 162,746, ,858, Luxembourg 725,813 Aberdeen Global Emerging Markets Smaller Companies Fund 95,113, ,491 Fidelity Funds Emerging Asia Fund 114,897, ,204,729 Fidelity Funds Japan Advantage Fund 109,058, ,493,692 JPMorgan Funds US Smaller Companies 132,556, ,358,779 Morgan Stanley Investment Funds US Advantage Fund 366,972, ,403 Schroder International Selection Fund European Special Situations Fund 117,445, ,043, Sweden 110,208 Carnegie Sverigefond 150,756, ,100,106 East Capital Eastern European Fund 67,392, ,457 Handelsbanken Latinamerikafond 49,057, ,562 Skandia Europa Exponering 126,921, ,806,426 Skandia Penningmarknadsfonden 365,733, ,065 Skandia Smabolag Sverige 147,189, ,634 Skandia Sverige Exponering 66,977, ,891 Skandia USA 362,075, ,224 XACT OMXS30 109,693, ,445,797, United States of America 263,400 ishares MSCI Japan Index Fund 19,840, ,924 SPDR S&P 500 ETF Trust 182,272, ,113, Total Units or shares of UCITS and/or other UCI's 3,269,520, Total Investment in Securities 3,269,520, Other Assets Less Liabilities 342,691, Total Net Assets 3,612,211,

9 TRYGGHET 85 S Schedule of Investments Market % of Value Net Quantity Security Description SEK Assets Units or shares of UCITS and/or other UCI's France Germany 232,000 Lyxor ETF MSCI Emerging Markets 14,597, ,597, ,888 ishares STOXX Europe 600 DE 13,135, ,135, Ireland 107,500 Legg Mason Global Funds PLC Royce Global Smaller Companies Fund II 73,376, ,080,932 Montanaro European Smaller Companies Fund 34,800, ,282,688 Old Mutual Global Investors Series PLC Pacific Equity Fund 46,629, ,805, Luxembourg 193,114 Aberdeen Global Emerging Markets Smaller Companies Fund 25,306, ,165 Fidelity Funds Emerging Asia Fund 30,383, ,129 Fidelity Funds Japan Advantage Fund 34,863, ,077 JPMorgan Funds US Smaller Companies 26,275, ,823 Morgan Stanley Investment Funds US Advantage Fund 99,880, ,576 Schroder International Selection Fund European Special Situations Fund 33,288, ,996, Sweden 31,080 Carnegie Sverigefond 42,515, ,195 East Capital Eastern European Fund 19,035, ,910 Handelsbanken Latinamerikafond 11,773, ,845 Lannebo Likviditetsfond 89,522, ,846 Simplicity Likviditet 104,440, ,155 Skandia Europa Exponering 57,716, ,435,239 Skandia Penningmarknadsfonden 187,040, ,863 Skandia Smabolag Sverige 42,381, ,564 Skandia Sverige Exponering 14,352, ,111 Skandia USA 69,480, ,733 XACT OMXS30 10,645, ,905, United States of America 45,980 ishares MSCI Japan Index Fund 3,463, ,652 SPDR S&P 500 ETF Trust 19,046, ,510, Total Units or shares of UCITS and/or other UCI's 1,103,951, Total Investment in Securities 1,103,951, Other Assets Less Liabilities 214,612, Total Net Assets 1,318,564,

10 TRYGGHET 90 S Schedule of Investments Market % of Value Net Quantity Security Description SEK Assets Units or shares of UCITS and/or other UCI's France Germany Ireland 57,000 Lyxor ETF MSCI Emerging Markets 3,586, ,586, ,338 ishares STOXX Europe 600 DE 3,376, ,376, ,011 Legg Mason Global Funds PLC Royce Global Smaller Companies Fund II 6,833, ,377 Montanaro European Smaller Companies Fund 9,541, ,457 Old Mutual Global Investors Series PLC Pacific Equity Fund 12,878, ,253, Luxembourg 47,430 Aberdeen Global Emerging Markets Smaller Companies Fund 6,215, ,984 Fidelity Funds Emerging Asia Fund 4,585, ,474 Fidelity Funds Japan Advantage Fund 6,289, ,441 Handelsbanken Funds Swedish Short Term Assets Shares 55,224, ,019 JPMorgan Funds US Smaller Companies 6,568, ,742 Morgan Stanley Investment Funds US Advantage Fund 25,317, ,894 Schroder International Selection Fund European Special Situations Fund 8,322, ,522, Sweden 5,305 Carnegie Sverigefond 7,257, ,294 East Capital Eastern European Fund 4,822, ,727 Handelsbanken Latinamerikafond 2,943, ,080 Lannebo Likviditetsfond 80,748, ,323 Simplicity Likviditet 65,306, ,789 Skandia Europa Exponering 14,429, ,850 Skandia Penningmarknadsfonden 66,443, ,276 Skandia Smabolag Sverige 8,709, ,703 Skandia USA 18,470, ,152 XACT OMXS30 2,454, ,586, United States of Amreica 11,457 ishares MSCI Japan Index Fund 862, ,521 SPDR S&P 500 ETF Trust 4,878, ,741, Total Units or shares of UCITS and/or other UCI's 426,067, Total Investment in Securities 426,067, Other Assets Less Liabilities 64,761, Total Net Assets 490,828,

11 Combined Statement of Net Assets AMREGO I SICAV SÖDERBERG & PARTNERS SÖDERBERG & PARTNERS Combined TRYGGHET 75 PM TRYGGHET 80 PM JP GLOBAL TREND Notes SEK SEK SEK SEK Assets Investments in Securities at Market Value 3b) 12,628,141,079 1,149,717,479 2,672,538, ,004,276 Acquisition Cost: 12,200,333,112 1,029,624,661 2,425,589, ,000,000 Cash at Bank 1,048,413,451 12,502, ,051,632 23,909,876 Amounts Receivable on Sale of Investments 20,694,667 Amounts Receivable on Subscriptions 5,018, ,613 2,050 Dividends Receivable, Net 3,204, , ,579 Tax Reclaims Receivable 510, , ,751 1,437 Other Assets 34,881 8,912 23,682 2,287 Total Assets 13,706,017,752 1,162,954,778 2,906,351, ,919,926 Liabilities Amounts Payable on Redemptions 6,021,560 2,678, ,434 Management Company Fees Payable 4a) 684, , ,416 67,908 Investment Management Fees Payable 4b) 16,440,482 1,178,218 3,181, ,048 Custodian and Administration Fees 4c) 1,430, , ,937 74,388 Taxe d'abonnement Payable 6) 292,965 21,410 63,765 9,766 Other Liabilities 36,081 Total Liabilities 24,906,163 1,516,798 6,777, ,544 Total Net Assets 13,681,111,589 1,161,437,980 2,899,574, ,073,382 Shares outstanding as at 30 June 2013 Class A 10,094, ,800, ,387, Class B 298, Net Asset Value per Share as at 30 June 2013 Class A Class B

12 Combined Statement of Net Assets (continued) TRYGGHET 75 S (a) TRYGGHET 80 S (a) TRYGGHET 85 S (a) TRYGGHET 90 S (a) Notes SEK SEK SEK SEK Assets Investments in Securities at Market Value 3b) 3,756,341,126 3,269,520,035 1,103,951, ,067,409 Acquisition Cost: 3,728,187,857 3,245,018,522 1,097,577, ,335,135 Cash at Bank 172,796, ,902, ,593,931 44,656,349 Amounts Receivable on Sale of Investments 20,694,667 Amounts Receivable on Subscriptions 4,625,505 Dividends Receivable, Net 1,287,934 1,039, ,292 29,233 Tax Reclaims Receivable Other Assets Total Assets 3,930,425,834 3,620,087,935 1,320,830, ,447,658 Liabilities Amounts Payable on Redemptions 1,943,403 1,115, ,353 Management Company Fees Payable 4a) Investment Management Fees Payable 4b) 2,669,726 7,509, , ,526 Custodian and Administration Fees 4c) 308, , ,009 62,229 Taxe d'abonnement Payable 6) 83,093 76,324 28,028 10,579 Other Liabilities 36,081 Total Liabilities 5,004,610 7,876,682 2,265, ,768 Total Net Assets 3,925,421,224 3,612,211,253 1,318,564, ,828,890 Shares outstanding as at 30 June 2013 Class A 39,039, ,943, ,072, ,897, Class B Net Asset Value per Share as at 30 June 2013 Class A Class B (a) Sub-fund launched on 12 April

13 Combined Statement of Operations and Changes in Net Assets For the period ended 30 June 2013 AMREGO I SICAV SÖDERBERG & PARTNERS SÖDERBERG & PARTNERS Combined TRYGGHET 75 PM TRYGGHET 80 PM JP GLOBAL TREND Notes SEK SEK SEK SEK Net Assets at the Beginning of the Period 4,311,809,493 1,092,329,084 2,936,633, ,847,300 Income Dividend Income, Net 3c) 9,428, ,032 1,383, ,851 Other Income 13,104,521 1,422,257 3,169,704 2,110 Bank Interest Total Income 22,533,033 2,040,293 4,553, ,964 Expenses Management Company Fees 4a) 2,457, , ,566 98,585 Investment Management Fees 4b) 88,240,625 14,239,885 36,775,526 3,394,894 Custodian and Administration Fees 4c) 2,517, , , ,958 Taxe d abonnement 6) 422,626 56, ,117 20,520 Overdraft Interest 1,602 1,574 Other Fees 25,527 6,516 17,336 1,675 Total Expenses 93,665,180 14,985,533 38,597,748 3,695,632 Net Investment (Loss) (71,132,147) (12,945,240) (34,044,408) (2,876,668) Net Realised Gain on Sale of Investments 3c) 240,734,401 16,229,492 83,503,644 26,022,444 Net Realised (Loss) on Forward Foreign Exchange Contracts 3e) (983,823) (947,743) Net Realised Gain/(Loss) on Foreign Exchange 3d) (12,227,208) (2,633) 177,804 (692,277) Net Realised Gain for the Period 227,523,370 16,226,859 83,681,448 24,382,424 Net Change in Unrealised Gain/(Loss) on Investments 265,099,478 80,374, ,068,709 (17,104,925) Net Change in Unrealised Gain on Foreign Exchange 3d) 265,673 4,639 9, Net Change in Unrealised Gain/(Loss) for the Period 265,365,151 80,378, ,078,248 (17,104,894) Increase in Net Assets as a Result of Operations 421,756,374 83,660, ,715,288 4,400,862 Movements in Share Capital Subscriptions 9,433,449,282 21,497,862 51,147,836 6,420,424 (Redemptions) (485,903,560) (36,049,438) (278,922,148) (20,595,204) Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 8,947,545,722 (14,551,576) (227,774,312) (14,174,780) Net Assets at the End of the Period 13,681,111,589 1,161,437,980 2,899,574, ,073,382 12

14 Combined Statement of Operations and Changes in Net Assets (continued) For the period ended 30 June 2013 TRYGGHET 75 S (a) TRYGGHET 80 S (a) TRYGGHET 85 S (a) TRYGGHET 90 S (a) Notes SEK SEK SEK SEK Net Assets at the Beginning of the Period Income Dividend Income, Net 3c) 3,207,784 2,602, ,783 76,491 Other Income 3,770,700 3,246,432 1,122, ,629 Bank Interest Total Income 6,978,497 5,849,343 1,845, ,120 Expenses Management Company Fees 4a) 581, , ,175 74,049 Investment Management Fees 4b) 14,539,869 12,973,746 4,624,158 1,692,547 Custodian and Administration Fees 4c) 374, , ,744 75,606 Taxe d abonnement 6) 83,093 76,324 28,028 10,579 Overdraft Interest 28 Other Fees Total Expenses 15,579,552 13,936,801 5,017,105 1,852,809 Net Investment (Loss) (8,601,055) (8,087,458) (3,171,629) (1,405,689) Net Realised Gain on Sale of Investments 3c) 46,702,312 51,026,328 13,183,027 4,067,154 Net Realised (Loss) on Forward Foreign Exchange Contracts 3e) (36,080) Net Realised Gain/(Loss) on Foreign Exchange 3d) (6,729,384) (2,536,303) (2,096,161) (348,254) Net Realised Gain for the Period 39,972,928 48,490,025 11,086,866 3,682,820 Net Change in Unrealised Gain/(Loss) on Investments 28,153,269 24,501,513 6,374,424 1,732,274 Net Change in Unrealised Gain on Foreign Exchange 3d) 18,610 15,070 4, ,572 Net Change in Unrealised Gain/(Loss) for the Period 28,171,879 24,516,583 6,378,636 1,945,846 Increase in Net Assets as a Result of Operations 59,543,752 64,919,150 14,293,873 4,222,977 Movements in Share Capital Subscriptions 3,899,285,960 3,585,330,047 1,334,366, ,400,452 (Redemptions) (33,408,488) (38,037,944) (30,095,799) (48,794,539) Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 3,865,877,472 3,547,292,103 1,304,270, ,605,913 Net Assets at the End of the Period 3,925,421,224 3,612,211,253 1,318,564, ,828,890 (a) Sub-fund launched on 12 April

15 Statement of Changes in the Number of Shares For the period ended 30 June 2013 Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Period of the Period AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 75 PM Class A 10,236, , , ,094, AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 80 PM Class A 27,895, , ,526, ,800, AMREGO I SICAV - JP GLOBAL TREND Class A 2,511, , , ,387, Class B 316, , , , AMREGO I SICAV - TRYGGHET 75 S (a) Class A 39,368, , ,039, AMREGO I SICAV - TRYGGHET 80 S (a) Class A 36,317, , ,943, AMREGO I SICAV - TRYGGHET 85 S (a) Class A 13,370, , ,072, AMREGO I SICAV - TRYGGHET 90 S (a) Class A 5,385, , ,897, (a) Sub-fund launched on 12 April

16 Statistical Information Currency 30 June December 2012 Net Asset Value per Shares in Share Class Currency AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 75 PM Class A SEK AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 80 PM Class A SEK AMREGO I SICAV - JP GLOBAL TREND Class A SEK Class B SEK AMREGO I SICAV - TRYGGHET 75 S (a) Class A SEK AMREGO I SICAV - TRYGGHET 80 S (a) Class A SEK AMREGO I SICAV - TRYGGHET 85 S (a) Class A SEK AMREGO I SICAV - TRYGGHET 90 S (a) Class A SEK Shares Outstanding AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 75 PM Class A 10,094, ,236, AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 80 PM Class A 25,800, ,895, AMREGO I SICAV - JP GLOBAL TREND Class A 2,387, ,511, Class B 298, , AMREGO I SICAV - TRYGGHET 75 S (a) Class A 39,039, AMREGO I SICAV - TRYGGHET 80 S (a) Class A 35,943, AMREGO I SICAV - TRYGGHET 85 S (a) Class A 13,072, AMREGO I SICAV - TRYGGHET 90 S (a) Class A 4,897, (a) Sub-fund launched on 12 April

17 Notes to the Financial Statements 1. Organisation The AMREGO I SICAV (the Company ) is an open-ended collective investment company organised under Luxembourg law as a société anonyme qualifying as a société d'investissement à capital variable ("SICAV"). The Company is registered under part I of the Luxembourg law of 17 December 2010 concerning Undertakings for Collective Investment, as may be amended (the "Law"). The Company qualifies as an Undertaking for Collective Investment in Transferable Securities under the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to Undertakings for Collective Investment in Transferable Securities ("UCITS"). The Company is managed by MDO Management Company pursuant to chapter 15 of the Law. The Company has been initially incorporated on 24 November 2011 for an unlimited period of time. The articles of incorporation have been published in the Mémorial on 4 February The articles of incorporation have been filed with the Registre de Commerce et des Sociétés of Luxembourg under number B , the Company is composed of seven sub-funds: AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 75 PM AMREGO I SICAV - SÖDERBERG & 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 The following Share Class was subscribed: Accumulation share class A ( Class A ) in SEK restricted to institutional investors. Accumulation share class B ( Class B ) in SEK. 2. Investment Objective The investment objective of the sub-funds is to seek to preserve the Shareholder s capital and to provide an adequate rate of return on the investment. AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 75 PM has the objective of not falling below 75 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 80 PM has the objective of not falling below 80 per cent of the highest price achieved over a one-year period. AMREGO I SICAV - JP GLOBAL TREND has the objective of outperform the MSCI World Index on a long-term basis. AMREGO I SICAV TRYGGHET 75 S has the objective of not falling below 75 per cent of the highest price achieved over a oneyear period. AMREGO I SICAV TRYGGHET 80 S has the objective of not falling below 80 per cent of the highest price achieved over a oneyear period. AMREGO I SICAV TRYGGHET 85 S has the objective of not falling below 85 per cent of the highest price achieved over a oneyear period. AMREGO I SICAV TRYGGHET 90 S has the objective of not falling below 90 per cent of the highest price achieved over a oneyear period. 16

18 Notes to the Financial Statements (continued) 3. Significant accounting policies a) General The financial statements are prepared in accordance with Luxembourg GAAP and in accordance with Luxembourg regulations relating to Undertakings for Collective Investment in Transferable Securities (UCITS). b) Investment Valuation In determining the value of the assets of the sub-funds: (A) Investment funds are valued at their net asset value or bid price, if bid and offer prices are quoted. (B) Liquid assets are valued at their nominal value plus accrued interest. (C) Fixed term deposits are valued at their nominal value plus accrued interest. Fixed term deposits with an original term of more than 30 days can be valued at their yield adjusted price if an arrangement between the Company and the bank, with which the fixed term deposit is invested has been concluded including that the fixed term deposits are terminable at any time and the yield adjusted price corresponds to the realisation value. (D) Securities or financial instruments admitted for official listing on a Regulated Market are valued on the basis of the last available price at the time when the valuation is carried out. If the same security is quoted on a Regulated Market, the quotation on the principal market for this security will be used. If there is no relevant quotation or if the quotations are not representative of the fair value, the evaluation will be made in good faith by the Board of Directors or their delegate with a view to establishing the probable bid price for such securities. (E) Unlisted securities or financial instruments are valued on the basis of their probable bid price as determined by the Board of Directors or their delegate using valuation principles which can be examined by the auditor of the Company, in order to reach a proper and fair valuation of the total assets of each sub-fund. (F) Any other assets are valued on the basis of their probable bid price as determined by the Board of Directors or their delegate using valuation principles which can be examined by the auditor of the Company, in order to reach a proper and fair valuation of the total assets of each sub-fund. c) Investment Transactions and Investment Income Investment transactions are recorded on a trade date basis. Realised gains and losses on sales of investments are determined the basis of the average cost of investments sold. Dividend income is accrued on the ex-dividend date. Interest income is recorded on the accrual basis and includes amortization of premium and accretion of discounts. d) Conversion of Foreign Currencies The books and records of the sub-funds are denominated in SEK. Amounts denominated in other currencies are translated into SEK on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted on each business day into SEK using currency exchange rates prevailing on each such business day, and (ii) purchases and sales of foreign investments, income and expenses are converted into SEK using currency exchange rates prevailing on the respective dates of such transactions. Net realised gains and losses on foreign exchange represent: (i) foreign exchange gains and losses from the holding and sale of foreign currencies, (ii) gains and losses between trade date and settlement date on securities transactions, and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. The resulting gains and losses on translation are included in Net Realised Gain/ (Loss) on Foreign Exchange in the Combined Statement of Operations and Changes in Net Assets. The accounts of the Company are maintained in SEK. 17

19 Notes to the Financial Statements (continued) The exchange rates applied as at 30 June 2013 are as follows: 1 SEK = EUR 1 SEK = SEK 1 SEK = USD 1 SEK = JPY e) Forward Foreign Exchange Contracts Unrealised gains or losses on outstanding forward foreign exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under Net Change in Unrealized Gain/Loss on Forward Foreign Exchange Contracts. When a contract is closed, the Realised Gain/Loss is recorded under Net Realized Gain/(Loss) on Forward Foreign Exchange Contracts in the Combined Statement of Operations and Changes in Net Assets. Unrealised Gains or Losses are recorded under Net Unrealised Gain/Loss on Forward Foreign Exchanges Contracts in the Combined Statement of Net Assets. f) Formation Cost The formation costs were supported by the Promoter. No formation costs were supported by the sub-funds. 4. Fees and Expenses a) Management Company Fees For its services as Management Company, MDO Management Company S.A. shall receive remuneration as further described below: All classes of sub-fund: up to 0.07% per annum of the daily Total Net Assets payable quarterly with a minimum fee of EUR 12,500 b) Investment Management Fees For its services as Investment Manager, Amrego Kapitalförvaltning AB shall receive remuneration from the Company as further described below: Class A Class B AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 75 PM up to 2.5% per annum * - AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 80 PM up to 2.5% per annum * - AMREGO I SICAV JP GLOBAL TREND up to 2.5% per annum * up to 1.75% per annum * AMREGO I SICAV - TRYGGHET 75 S up to 1.75% per annum * - AMREGO I SICAV - TRYGGHET 80 S up to 1.70% per annum * - AMREGO I SICAV - TRYGGHET 85 S up to 1.65% per annum * - AMREGO I SICAV - TRYGGHET 90 S up to 1.60% per annum * - * of the daily Total Net Assets payable monthly Each sub-fund incurs costs of its own management and administration comprising the fees paid to the Management Company, the Investment Manager, the Custodian and other service providers. It should be noted that, in addition, each sub-fund incurs similar costs in its capacity as an investor in the funds in which a sub-fund invests, which in turn pay similar fees to their manager and other service providers. It is endeavoured to reduce duplication of management charges by negotiating rebates where applicable in favour of the Company with such funds or their managers. 18

20 Notes to the Financial Statements (continued) c) Custodian and Administration fees For its services under the Services Agreement and as Custodian, J.P. Morgan Bank Luxembourg S.A. shall receive remuneration as further described below: All classes of each sub-fund: up to 0.07% per annum of the daily Total Net Assets payable monthly with a minimum fee of: Minimum Fees AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 75 PM EUR 20,000 AMREGO I SICAV - SÖDERBERG & PARTNERS TRYGGHET 80 PM EUR 20,000 AMREGO I SICAV JP GLOBAL TREND EUR 20,000 AMREGO I SICAV - TRYGGHET 75 S EUR 28,000 AMREGO I SICAV - TRYGGHET 80 S EUR 28,000 AMREGO I SICAV - TRYGGHET 85 S EUR 28,000 AMREGO I SICAV - TRYGGHET 90 S EUR 28, Distribution Policy Class A and B being capital appreciation Classes of shares, the Board of Directors does intend to recommend at the annual general meeting the reinvestment of their net assets., no dividends were distributed. 6. Taxation Under current law and practice, the Company is not liable to any Luxembourg income tax, nor are dividends paid by the Company liable to any Luxembourg withholding tax. However, any Class reserved to retail investors is liable in Luxembourg to a "taxe d abonnement" of 0.05% per annum of its net assets, such tax being payable quarterly and calculated on the total net asset value of each Class at the end of the relevant quarter. Any Class reserved to institutional investors is liable in Luxembourg to a "taxe d abonnement" of 0.01% per annum of their net assets. Such tax being payable quarterly and calculated on the total net asset value of each Class at the end of the relevant quarter. Market value of Luxembourg investment funds held in portfolio is not subject to this taxe d abonnement. No tax is payable in Luxembourg on realised or unrealised capital appreciation of the assets of the Company. 7. Statement of Changes in investments A statement giving the changes in the portfolio of investments for the period under review can be obtained free of charge from the registered office of the Company. 19

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