SWEDBANK ROBUR INTERNATIONAL SICAV Société d Investissement à Capital Variable à compartiments multiples

Transcription

1 SWEDBANK ROBUR INTERNATIONAL SICAV Société d Investissement à Capital Variable à compartiments multiples Audited annual report at December 31, 2012 R.C.S. Luxembourg B

2

3 SWEDBANK ROBUR INTERNATIONAL SICAV Société d Investissement à Capital Variable à compartiments multiples Audited annual report at December 31,

4 Audited annual report at December 31, 2012 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

5 Table of contents Organisation of the SICAV 5 General information 6 Determination of the Net Asset Value of shares 7 Information to shareholders 7 Report of the Board of Directors 8 Report of the réviseur d entreprises agréé 27 Financial statements Statement of net assets 30 Statement of operations and changes in net assets 34 Number of shares outstanding and net asset value per share 38 SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND * Statement of Investments and other net assets 39 SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND Statement of Investments and other net assets 42 SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND Statement of Investments and other net assets 44 SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND Statement of Investments and other net assets 46 SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND Statement of Investments and other net assets 48 SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND Statement of Investments and other net assets 50 SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB- FUND Statement of Investments and other net assets 53 SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND Statement of Investments and other net assets 55 * On August 28, 2012, the GLOBAL EQUITY SUB FUND changed its name into GLOBAL HIGH DIVIDEND SUB-FUND. 3

6 Table of contents (continued) SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND Statement of Investments and other net assets 57 SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Statement of Investments and other net assets 59 SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND * Statement of Investments and other net assets 61 SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB- FUND Statement of Investments and other net assets 63 SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Statement of Investments and other net assets 65 Notes to the financial statements 77 * On June 18, 2012, the SWEDISH SAFE SUB FUND changed its investment objectifs and its name into FRN SUB-FUND. 4

7 Organisation of the SICAV REGISTERED OFFICE SWEDBANK ROBUR INTERNATIONAL SICAV, 65, boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg BOARD OF DIRECTORS Chairman Ms Cecilia VERNERSON, Head of Legal and Compliance, SWEDBANK ASSET MANAGEMENT S.A. Luxembourg, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg Directors Mr Lars FRIBERG, Managing Director, SWEDBANK ASSET MANAGEMENT S.A. Luxembourg, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg Ms Sarah Olsson, Legal Counsel, SWEDBANK ROBUR FONDER AB, S STOCKHOLM, Sweden CONDUCTING PERSONS Mr Per-Olov CARLSSON, Chief Financial Officer, SWEDBANK ROBUR FONDER AB, S STOCKHOLM, Sweden Mr Petter BRANDT, Chief Risk Officer, SWEDBANK ROBUR FONDER AB, S STOCKHOLM, Sweden (until December 31, 2012) 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 ADVISOR / INVESTMENT MANAGER SWEDBANK ROBUR FONDER AB, Malmskillnadsgatan 32, S STOCKHOLM, Sweden DOMICILIARY AGENT / ADMINISTRATOR / DEPOSITARY BANK / PAYING AGENT / PLACEMENT AGENT / REGISTRAR AND TRANSFER AGENT SWEDBANK AB (publ) Luxembourg Branch, 65, boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg (from April 17, 2012) SWEDBANK S.A., 8-10, Avenue de la Gare, L-1610 LUXEMBOURG, Grand Duchy of Luxembourg (until April 17, 2012) LEGAL ADVISOR ELVINGER, HOSS & PRUSSEN, 2, Place Winston Churchill, L-1340 LUXEMBOURG, Grand Duchy of Luxembourg DISTRIBUTOR IN ESTONIA SWEDBANK AS, Liivalaia 8, EE TALLINN, Estonia DISTRIBUTOR IN LATVIA AS SWEDBANK, Balasta dambis 1a, LV-1048 RIGA, Latvia DISTRIBUTOR IN LITHUANIA "SWEDBANK", AB, Konstitucijos pr. 20A, LT VILNIUS, Lithuania 5

8 General information Swedbank Robur International SICAV (the "SICAV") was incorporated in the Grand Duchy of Luxembourg under the name "Robur International SICAV" on October 25, 1989 (name change was decided by the annual general meeting held on August 2007). It is organized as a variable capital investment company (société d investissement à capital variable: "SICAV") under the modified law of August 10, 1915 relating to commercial companies and to the part I of the Law of December 17, 2010, relating to undertakings for collective investment. It is established for an undetermined duration from the date of incorporation. The Articles were amended for the last time on June 3, 2011 as published in the Mémorial on October 12, 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 capital conservation and longer term capital growth. At the date of the report, the following Sub-Funds are offered to investors: SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND (formerly SWEDBANK ROBUR INTERNATIONAL GLOBAL EQUITY SUB-FUND) SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND (formerly SWEDBANK ROBUR INTERNATIONAL SWEDISH SAFE PLUS SUB-FUND) SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND The Swedbank Robur International Mix Sub-Fund has been "dormant" since September The Swedbank Robur International Eastern Europe Equity Sub-Fund has been "dormant" since September As at August 28, 2012, the name of Swedbank Robur International Global Equity Sub-Fund changed into Swedbank Robur International Global High Dividend Sub-Fund. As at June 18, 2012, the name of Swedbank Robur International Swedish Safe Plus Sub-Fund changed into Swedbank Robur International FRN Sub-Fund. The registered office of the SICAV is at 65, boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG. The Articles of Incorporation and by-laws of the SICAV were published in the Mémorial, Recueil Spécial des Sociétés et Associations, dated November 28, The Articles of Incorporation, together with the mandatory Legal Notice 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. Two Classes of shares are offered in SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND, SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND, SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND and SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND, with different 6

9 currencies: Class EUR shares denominated in EUR and Class SEK shares denominated in SEK. One Class of shares is offered in SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND: Class JPY shares denominated in Japanese Yen. One Class of shares is also offered in SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND: Class EUR shares denominated in EUR. One Class of shares is offered in SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND, SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB- FUND, SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND, SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND, SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND, SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND and SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND: Class SEK shares denominated in SEK. Determination of the Net Asset Value of shares The Net Asset Value of each Sub-Fund is expressed in Swedish Krona (SEK) except SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND and SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND which are denominated in Euro (EUR), as 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 outstanding. Information to shareholders Net Asset Value The Net Asset Value, the issue and repurchase 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 published, if required, in a newspaper in Luxembourg and in the Mémorial. Any other financial information to be published concerning the SICAV including the daily Net Asset Value of the shares of the SICAV and any suspension of such valuation, is made available to the public at the SICAV s registered office. 7

10 Report of the Board of Directors SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND Investment Policy Global High Dividend Sub Fund invests in equities in a concentrated selection of large and small companies globally. The fund may also make use of derivative instruments to increase the return. The fund's investment process identifies companies that are expected to have good share price growth potential plus a high and stable direct return i.e. the size of the dividend in relation to the share price is high. The fund is expected to have holdings in companies. The fund does not normally distribute dividends, instead profits are re-invested in the fund. Fund return Fund returns for the period were 9.1% based on closing prices. The market 2012 was a good year for equities, especially in Europe and Asia, but also in the USA, while Japan performed much more poorly. There were, however, large price fluctuations as a consequence of significant macro economic uncertainty. Several major central banks intervened with various stimulation measures, the effects of which were reflected in rising stock exchange indices in the final quarter of the year. The Swedish krona strengthened against the Japanese yen by 16% during the year and by 5.6% against the US dollar and 3.8% against the Euro. Fund strategy The fund's new investment process consists of two separate elements. A quantitative process is firstly used to select around 200 companies from the MSCI World All Countries Index. Companies should have a high direct return plus the capacity to be able to maintain or increase dividends to shareholders in the long-term. From here, a portfolio of equities is created. The equities selected are based on the risk they bring to the portfolio, where the companies with the lowest risk (measured in terms of standard deviation) are picked. The aim is to gain a portfolio with the highest possible return and lowest possible risk. This process is repeated monthly and around 5% of the fund is bought and sold each month. In association with the restructuring, larger posts were bought in Telus, Cheung Kong Infrastructure and Nomura Research Institute. The biggest divestments included shares in Apple, Exxon Mobile and Microsoft. The best performer was Persusahaan Gas Negara Perser of Indonesia. Other significant contributions came from Siam Cement and Tate & Lyle. Poorer performers were the Japanese investments NTT Docomo and Mitsubishi Tanabe Pharma, very largely due to the weaker Japanese yen. External comparisons Morningstar has placed the fund in its Morningstar Global category, mixed fund, where it had a fund rating of 4 on a 5 point scale as of December 31, Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. Further changes to the fund prospectus were made on April 17, 2012, and August 28, 2012, (see and the fund was renamed the Global High Dividend Fund on August 28, Credits The fund has a credit line of MSEK 5. 8

11 Report of the Board of Directors (continued) Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.99% 1.12% 2.37% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND Investment Policy European Equity Sub Fund invests in equities in different companies and sectors in Europe. The fund may use derivatives to enhance the efficiency of management in order to reduce costs and risks. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 12.7% based on closing prices. The market The equities market in Europe in 2012 was marked by a combination of macro economic uncertainty and good company profits. The Morgan Stanley Pan-Europe Index, made up of 200 companies rose by around 8% expressed in SEK (13% in Euro). The best performing sectors in Europe were consumer goods and finance that rose by around 29% and 27% respectively. The poorest performing sectors were telecom operators, -10% and energy, -5%. The best performing country index in Europe was the German DAX that climbed 30%. The poorest performer was the Spanish IBEX that fell 4%. The Euro weakened against the Swedish krona by around 4% in

12 Report of the Board of Directors (continued) Fund strategy The fund strategy is to create a good return over time, with the focus on selecting companies with the right initial value and quality plus a balance between sectors and countries. Great emphasis in research is placed on analysing whether companies will continue to over/under perform and if this is factored into the market valuation. The fund should have a concentrated but balanced portfolio with long-term holdings. The best investment during the year was in Europe's largest bank, HSBC, whose shares rose by over 30%. Another powerful contribution came from software company SAP, that rose over 50% thanks to new products that proved highly successful. Other good investments included pharmaceutical company Roche, drinks company Diageo and the chemicals group BASF. The fund's worst investment was in the oil company BG Group that fell sharply on the news of a lower rate of growth in the immediate future. Telecom operators KPN, Millicom and Vodafone also made a negative contribution when their share prices fell due to intense price pressure and high investment costs. Larger investments were made in the likes of pharmaceutical company Novo Nordisk, credit rating company Experian and the outsourcing and catering Compass Group. Major divestments included pharmaceutical companies Novartis and Bayer plus the oil company BP, all replaced by other companies in their respective sectors. External comparisons Morningstar has placed the fund in its Morningstar Europe category, mixed fund, where it had a fund rating of 2 on a 5 point scale as of December 31, Other The funds option, as permitted under fund rules, to use derivatives in its investment policy for effective management was exercised to a limited extent during the period. As of April 17, 2012 changes were made to the fund prospectus (see Credits The fund has a credit line of MSEK 5. Risk assessment method To calculate the market risk for the fund, the fund uses a relative Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 1.00% 1.03% 1.10% Relative VaR 2.00% 10

13 Report of the Board of Directors (continued) SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND Investment Policy Rysslandsfonden invests in equities in companies within different sectors in Russia. The fund may make use of derivative instruments to increase the return. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 29% based on closing prices. The market 2012 saw big differences between sectors and individual companies on the Russian equities market. The MSCI Russia rose by around 10% over the full year. This can be compared with the BRENT Oil price to which the Russian market is very closely linked and that ended the year unchanged and with the emerging markets indices MSCI EMEA that rose by an average of 17%. In terms of the different sectors and companies on the Russian exchange, growth was mixed. Of the large companies, Gazprom and Novatek sustained falls of 11 and 6% respectively. On the other hand, companies in the oil sector, including service companies and pipe manufacturers, rose by some 30-70%. Steel was one of the weak commodities sectors with falls of 25-30% along with power companies. The FMCG sector benefited from the growing middle class in Russia. This sector includes several of the stock exchange winners, with jumps of 40-80%. Fund strategy During the year, the fund was underweight in the power sector and telecom sector, where the fund was underexposed to Rostelekom, an index heavyweight. Within energy, the fund was relatively underweight in Gazprom but fully invested in oil companies such as Lukoil and Rosneft along with smaller companies such as TNK BP, Sibneft and Bashneft. This benefited the fund, as the small companies delivered better returns than the larger ones. The exception was TNK BP, which was one of the stock exchange winners for a larger part of the year, until the news of the acquisition of a company from Rosneft caused the share price to slide by around 30%. In the bank sector, the fund was overweight in Sberbank and underweight in VTB. The fund took a cautious approach to investing in steel and metal producers, in view of the risk of reduced global demand. Companies with exposure to the Russian construction and property sector were preferred instead, that benefited from the rise in purchasing power of Russian consumers and higher demand for housing. Several of the fund's smaller companies made a big contribution to the return, such as the oil services company EDC (+57%) and car manufacturer Sollers (+131%). The latter benefited from underlying strong local demand and the successful development of a joint venture with foreign car makers. Other The fund's option, as permitted under fund rules, to use derivatives in accordance with its investment policy was not exercised during the period. As of April 17, 2012 changes were made to the fund prospectus (see 11

14 Report of the Board of Directors (continued) Credits The fund has a credit line of MJPY 50. Risk assessment method To calculate the market risk for the fund, the fund uses the commitment approach. SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND Investment Policy Tomorrow Equity Sub Fund is an equity fund that invests globally in sectors and companies whose products and/or services offer solutions related to the sustainable use of natural resources, reduced pollution and greater social welfare. The fund invests globally based on different themes: energy, materials, land and water, climate, atmosphere and air, biodiversity and social welfare. The fund may make use of derivative instruments to increase the return. The fund does not normally distribute dividends, instead profits are re-invested in the fund. Fund return Fund returns for the period were 1.8% based on closing prices. The market Strong growth in the fund's theme areas in early 2012 was followed by a weak period that bottomed out in late July. A modest recovery occurred in the second half of the year. There was a discernible swing in the mood of investors throughout the year between optimism and pessimism, risk propensity and aversion to risk. Companies in wind power and solar power both had a tough year, although manufacturers of wind turbines and wind farms saw slight improvements in the second half of the year. Within the solar power sector, there is an overcapacity on the supply side which resulted in significant losses and even a number of insolvencies. The financing situation for small companies did not improve during the year, something that continued to be an obstacle to growth and led to very disadvantageous financing solutions. Fund strategy Large companies with manufacturing or pharmacology oriented activities enjoyed stable growth while the majority of small companies endured weak growth. The fund mostly avoided any direct exposure to solar and wind power. A number of holdings were wholly divested such as Alfa Laval, Photonstar, New Oriental Education, Deutsche Biogas, China Suntien Green Energy and ABB. The acquisition of International Power provided a significant boost to the fund's growth. New investments included Gilead Sciences, Nibe, Novo Nordisk and China Longyuan Power. The largest positive contributions to the fund's return during the period came from Aspen Pharmacare, Sweco, Flowserve and China Liansu. Negative returns came from New Oriental Education, Blutip Power and Agrimarine. The strengthening Swedish krona had a negative effect on the value of international holdings expressed in Swedish kronor. 12

15 Report of the Board of Directors (continued) External comparisons Morningstar has placed the fund in its Morningstar Sector Fund Environment category, where it had a fund rating of 1 on a 5 point scale as of December 31, Other The fund's option, as permitted under fund rules, to use derivatives in accordance with its investment policy was not exercised during the period. As of April 17, 2012 changes were made to the fund prospectus (see Credits The fund has a credit line of MSEK 3. Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 1.87% 2.63% 3.24% Absolute VaR 4.47% 13

16 Report of the Board of Directors (continued) SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND Investment Policy Africa Equity Sub Fund invests in equities in companies with a head office, significant investments or business operations on the African continent, including Madagascar and Mauritius. Direct investments in Africa are only made if the markets are deemed to be adequately regulated. Investments include equities traded on exchanges in South Africa, Egypt, Morocco, Nigeria and Kenya, for instance. The fund may make use of derivative instruments to increase the return. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 16.0% based on closing prices. The market 2012 was a positive year on African equities markets, albeit with varied results. The fund's largest investment market, South Africa, rose by 13.9%. South Africa was affected by a weakening of the country's currency, the Rand, as a consequence of conflicts within trades unions and with mining companies. Egypt enjoyed a significant recovery after the stock exchange fall following the political turmoil in However the rise on the Egyptian exchange was marked by large fluctuations and abrupt turns. The most positive markets in 2012 were Nigeria that rose by 36% and Kenya that climbed by 25.6%. In all cases, the fund return was adversely affected, expressed in SEK, by the strong SEK. Fund strategy The fund invests broadly at country, sector and company level. Exposure was split between South Africa, Africa south of the Sahara, North Africa and holdings in commodities companies to achieve good diversification. SMEs performed best on the fund's largest market, South Africa. The fund continued to have a low exposure to South African mining companies as a result of a series of conflicts in the mining industry. For much of the year, however, the fund reduced its exposure to mining companies, while holdings in the energy sector were increased up to the final quarter. One holding, Net 1, was wholly divested following the disclosure of doubts surrounding the allocation to the company of a public contract. The equity markets in Nigeria and Kenya performed well and the fund continued to increase its existing holdings in these countries. The continued uncertainty surrounding the political situation in Egypt meant the fund had low exposure there. External comparisons Morningstar has placed the fund in its Morningstar Africa category, SEK, where it had a fund rating of 2 on a 5 point scale as of December 31, Other The fund's option, as permitted under fund rules, to use derivatives in accordance with its investment policy was exercised to a limited extent during the period. As of April 17, 2012 changes were made to the fund prospectus (see Credits The fund has a credit line of MSEK 5. 14

17 Report of the Board of Directors (continued) Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 2.26% 2.59% 2.99% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND Investment Policy Global Bond Sub Fund invests globally in interest bearing securities and money market instruments issued by governments, mortgage institutions and companies. The fund also invests in derivatives. The fund may invest more than 35% of fund assets in bonds and other promissory notes that have been issued or guaranteed by a government in the EU and OECD. The average term of fund holdings shall be 2-9 years. The fund may also make use of derivative instruments to increase the return. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were -0.3% based on closing prices. The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. The ECB cut its prime rate to 0.75% and introduced a number of support programmes. Other central banks also gradually eased their fiscal policies during the year and implemented various measures to stimulate their economies. Between them, these measures had a positive effect on markets where investors sought more risky investments. This lead to rising stock exchanges, a narrowing of the spread between corporate and government bonds, and falling government bond rates. During the year, the 2 year US bond rate remained unchanged at 0.24% while the 10 year rate fell from 1.88% to 1.72%. In Germany, the 2 year German bond rate fell from 0.20% to minus 0.03% while the 10 year rate fell from 1.91% to 1.37%. 15

18 Report of the Board of Directors (continued) Fund strategy The fund's asset value fell somewhat during the year. The fund chose to refrain from strategies that actively involved crisis hit European countries, choosing instead to maintain a neutral position, that is, close to the fund benchmark index. Value at Risk was therefore relatively low during the year. The fund actively sought to remain well invested during the period, despite significant in and outflows. External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, Euro global bonds, where it had a fund rating of 4 on a 5 point scale as of December 31, Other The fund's option, as permitted under the fund rules, to use derivatives in accordance with its investment policy was exercised to a limited extent during the period. As of April 17, 2012 changes were made to the fund prospectus (see This fund will be terminated on March 15, Risk assessment method To calculate the market risk for the fund, the fund uses the commitment approach. SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND Investment Policy Total Return Fixed Income Sub Fund is a fixed income fund that is a total return fund, which enables a positive return on both falling and rising interest rates. The fund primarily invests in interest bearing securities denominated in Swedish kronor issued by states, mortgage institutions, Swedish banks and companies with very high credit ratings. The fund may also make use of derivative instruments to increase the return. The asset allocation of the fund allows for a good risk diversification. The average duration of fund holdings may vary between - 3 and 9 years. The fund does not normally distribute dividends, instead profits are re-invested in the fund. Fund return Fund returns for the period were 2.6% based on closing prices. The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. The two-year Swedish government bond rate fell marginally during the year from 0.84% to 0.76% while the corresponding ten-year rate fell from 1.61% to 1.53%. On the other hand, the market rate for mortgage backed bonds fell sharply. 16

19 Report of the Board of Directors (continued) Fund strategy During the whole of 2012, the fund was overweighted in short term bonds. Mortgage backed bonds maturing in were gradually increased and made a positive contribution to the return. At the end of the year, exposure to these was concentrated on maturity in The rates were low throughout the year, with relatively minor changes and rate rises were shortlived. Based on the assessment that the best prospects of economic recovery and with it, the start of a rise in rates ought to be in the USA, the fund took a short position in US rates on several occasions. This position was reduced when these hopes were not realised. Towards the end of the year, long Swedish rates rose relative to German rates following a period of high international demand for Swedish investments. At the end of the year, the fund was positioned for positive movements in long Swedish rates relative to the rest of the world. External comparisons Morningstar has placed the fund in its Morningstar Interest rate category, SEK bonds, medium, where it had a fund rating of 2 on a 5 point scale as of December 31, Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 800 million. As of April 17, 2012 changes were made to the fund prospectus (see Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.06% 0.13% 0.19% Absolute VaR 4.47% 17

20 Report of the Board of Directors (continued) SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND Investment Policy Swedbank Robur International Swedish Liquidity Sub Fund is a fixed income fund which mainly invests in money market instruments and bonds with short durations issued in Swedish kronor by the Swedish government, mortgage institutes, Swedish banks and companies. The fund may also make use of derivative instruments to increase the return. The asset allocation of the fund allows for a good risk diversification. The maximum average term of fund holdings may not exceed one year. The fund does not normally distribute dividends, instead profits are reinvested in the fund. Fund return The fund's return during the period, estimated on the final price, was 1.8%. The market Market interest rates fluctuated wildly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. Short-term market rates fell during the year. The 1 year government bond rate fell from 1.26% to 0.73%. This downward trend was even more pronounced in mortgage backed bonds. The rate on a 1 year Stadshypotek bond fell from 2.44% to 1.34%. Fund strategy During the year, the fund had a large overweight in mortgage backed bonds, whose very strong growth made a positive contribution to the fund's return. The fund also had a high proportion of Floating Rate Notes (FRNs). During the year new investments in and extensions to FRNs were made with a view to increasing fund yield and the expected future return. At the end of the year, around half of fund assets were invested in FRNs. They offer a good yield plus a low interest rate risk. FRN investments mostly consisted of covered bonds and the remainders were municipal bonds and Swedish bank bonds. External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK money market, where it had a fund rating of 3 on a 5 point scale as of December 31, Other The fund's option, as permitted under the fund rules, to use derivatives in accordance with its investment policy was exercised extensively during the period. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 2,311 million. As of April 17, 2012 changes were made to the fund prospectus (see 18

21 Report of the Board of Directors (continued) Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.01% 0.02% 0.03% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND Investment Policy Euro Bond Sub Fund primarily invests in bonds issued in Euro by governments, mortgage institutions and companies. The fund may also make use of derivative instruments to increase the return. The average term of fund holdings is to be 2-9 years. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 6.6% based on closing prices. The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. The ECB cut its prime rate to 0.75% and introduced a number of support programmes. Other central banks also gradually eased their fiscal policies during the year and implemented various measures to stimulate their economies. Between them, these measures had a positive effect on markets where investors sought more risky investments. This lead to rising exchanges, a narrowing of the spread between corporate and government bonds, and falling government bond rates. During the year, the 2 year US bond rate remained unchanged at 0.24% while the 10 year rate fell from 1.88% to 1.72%. In Germany, the 2 year German bond rate fell from 0.20% to minus 0.03 % while the 10 year rate fell from 1.91% to 1.37%. Fund strategy The fund's asset value rose during the year. The falling rate level on government bonds with longer terms in particular made a positive contribution to the return. The fund chose to refrain from strategies that actively involved crisis hit European countries, choosing instead to maintain a neutral position, that is, close to the fund benchmark index. Value at Risk was therefore relatively low during the year. The fund actively sought to remain well invested during the period, despite significant in and outflows. 19

22 Report of the Board of Directors (continued) External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, Euro bonds, mixed, where it had a fund rating of 3 on a 5 point scale as of December 31, Other The fund's option, as permitted under the fund rules, to use derivatives in accordance with its investment policy was exercised extensively during the period. As of April 17, 2012 changes were made to the fund prospectus (see The fund will be liquidated on May 3, Risk assessment method To calculate the market risk for the fund, the fund uses the commitment approach. SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Investment Policy Swedish Bond Mega is a fixed income fund that is an absolute return fixed income fund, which enables a positive return on both falling and rising interest rates. The fund mainly invests in bonds issued in Swedish kronor by the Swedish government, mortgage institutes, Swedish banks and companies. The fund may also invest in derivative instruments to increase the return. The average term of fund holdings is to be 9 years at most. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 2.2% based on closing prices. The market Market interest rates fluctuated wildly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro project. Short-term market rates fell during the year. The 1 year government bond rate fell from 1.26% to 0.73%. This downward trend was even more pronounced in mortgage backed bonds. The rate on a 1 year Stadshypotek bond fell from 2.44% to 1.34%. Fund strategy The average term for the fund was relatively short during the year with an overweight of bonds with a short term. During the period, the fund also had a large overweight in mortgage backed bonds, both fixed rate bonds and Floating Rate Notes (FRN). The mortgage backed bonds performed very well, which made a positive contribution to the return. The term of the mortgage backed bonds was extended such that holdings at the end of the year were concentrated in bonds that mature in 2014 and 2015, while various strategies to protect the fund against rising interest rates were applied. The fund was also positioned for short bond rates to perform better than long bonds rates during the year. At the end of the year, the fund had an overweight in 2-3 year fixed rate mortgage backed bonds and an underweight in 5 year Swedish government bond futures. At the same time, around 45% of fund assets were invested in FRNs. These bonds offer a good yield plus a low interest rate risk. 20

23 Report of the Board of Directors (continued) External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK bonds, medium long, where it had a fund rating of 2 on a 5 point scale as of December 31, Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 256 million. As of April 17, 2012 changes were made to the fund prospectus (see Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.01% 0.05% 0.09% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND Investment Policy FRN Sub Fund is a fixed income fund that primarily invests in interest bearing securities denominated in Swedish kronor. Examples of such investments include covered bonds, bonds issued by banks, municipalities, county councils and governments and corporate bonds issued by well-known companies with high credit ratings. Investments may also be made in securities issued in Euros. Derivatives may be used to increase returns and to hedge exchange rate risk. At least 65% of the fund assets are invested in Floating Rate Notes (FRNs). The interest on floating rate notes usually changes every three months. Thus, when market rates are rising, reinvestment is made at higher interest rate levels, and at lower interest levels when market rates fall. As a result, the securities in the fund follow the general interest rate level. The fund does not normally distribute dividends, but instead profits are re-invested in the fund. Fund return Fund returns for the period were 2.1% based on closing prices. 21

24 Report of the Board of Directors (continued) The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. Short-term market rates fell in Interest rates on one year government bonds declined from 1.26% to 0.73%. This downward trend was even more pronounced in mortgage backed bonds. The rate on a 1 year Stadshypotek bond fell from 2.44% to 1.34%. Fund strategy The fund invests in bonds with floating rates, so-called FRNs, with a credit rating of Investment grade or higher. Up until the changes of the fund in June, the portfolio largely comprised mortgage backed bonds, both fixed rate and FRNs. During the second half of the year, the fund further increased its holdings in FRNs and extended its existing holdings in FRNs. The fund also increased its proportion of corporate FRNs. At the end of the year, 89% of the fund's total assets were invested in FRNs. The average term of the bonds was 1.75 years. External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK money market, where it had a fund rating of 3 on a 5 point scale as of December 31, Other The fund's option, as permitted under fund rules, to use derivatives in accordance with its investment policy was exercised to a limited extent during the period. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 1,301 million. As of April 17, 2012 and June 18, 2012, changes were made to the investment objective (see and the fund name was changed from Swedbank Robur Swedish Liquidity Plus to Swedbank Robur FRN Fund on June 18, Credit Risk Holdings in the fund have a credit risk. The credit risk is associated with the ability of issuers to pay. Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. 22

25 Report of the Board of Directors (continued) The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.01% 0.01% 0.02% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND Investment Policy Swedish Total Return Plus Sub Fund is a fixed income total return fund, which enables a positive return on both falling and rising interest rates. The fund primarily invests in bonds denominated in Swedish kronor issued by the Swedish government, mortgage institutions, Swedish banks and companies. The fund may also make use of derivative instruments to increase the return. The asset allocation of the fund allows for a good risk diversification. The average term of fund holdings shall be three years at most. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 2.4% based on closing prices. The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The 1 year government bond rate fell from 1.26% to 0.73%. This downward trend was even more pronounced in mortgage backed bonds. The rate on a 1 year Stadshypotek bond fell from 2.44% to 1.34%. Fund strategy The average term for the fund was relatively short during the year with an overweight of bonds with a short term. During the period, the fund also had a large overweight in mortgage backed bonds, both fixed rate bonds and Floating Rate Notes (FRN). The mortgage backed bonds performed very well and made a positive contribution to the return. The term of the mortgage backed bonds was extended such that holdings at the end of the year were concentrated in bonds that mature in 2014 and 2015, while various strategies to protect the fund against rising interest rates were applied. The fund was also positioned for short bond rates to perform better than long bonds. At the end of the year, the fund had an overweight in 2-3 year fixed rate mortgage backed bonds and an underweight in 5 year Swedish government bond futures. At this same point in time, around 45% of fund assets were invested in FRNs. These bonds offer a good yield plus a low interest rate risk. 23

26 Report of the Board of Directors (continued) External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK bonds, medium, where it had a fund rating of 3 on a 5 point scale as of December 31, Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. The fund invested in other funds managed by Swedbank Robur and participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 1,424 million. As of April 17, 2012 changes were made to the fund prospectus (see Credit Risk Holdings in the fund have a credit risk. The credit risk is associated with the ability of issuers to pay. Risk assessment method To calculate the market risk for the fund, the fund uses an absolute Value-at-Risk model. The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.01% 0.05% 0.09% Absolute VaR 4.47% SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Investment Policy Corporate Bond Sub Fund mainly invests in corporate bonds with a certain focus on Europe. The fund may invest in government bonds and covered bonds. The fund may also make use of derivative instruments to increase the return. The average term of fund holdings can eventually vary from 0 to 10 years. The fund strategy is mainly to seek exposure to companies with high credit ratings through asset allocation between various companies, sectors and countries. The fund does not normally distribute dividends, profits are re-invested in the fund instead. Fund return Fund returns for the period were 11.0% based on closing prices. 24

27 Report of the Board of Directors (continued) The market Market interest rates fluctuated significantly in 2012 in the wake of the Euro crisis. The European Central Bank (ECB) signalled it would take the necessary measures required to halt all speculation on the Euro cooperation. This had a calming effect on the bond market. Speculation that Spain could apply to enter a support programme caused the premium on corporate bonds to shrink in the second half of The Spanish 2 year rate reached just above 7.5% in the middle of the year before gradually sliding back to just over 5% by the end of the period. Fund strategy The fund enjoyed very favourable growth in 2012, although influenced by significant exchange rate fluctuations. What favoured the return most was the narrowing of the premium between corporate bonds and government bonds. The premium on Spanish and Italian corporate bonds narrowed most. The fund was slightly underweight in southern Europe during the year, to the benefit of northern Europe. The fund benefited from an overweight in Swedish mortgage backed bonds, that enjoyed strong growth during the period. External comparisons Morningstar has placed the fund in its Morningstar Fixed Income category, SEK bonds, long, where it had a fund rating of 3 on a 5 point scale as of December 31, Other The fund's freedom in the fund rules to use derivatives as part of its investment strategy was leveraged extensively during the period. Investment in securities in other currencies than SEK are hedged to minimise the fund's currency risk. The fund participated in new issues of interest bearing securities managed by Swedbank to a value of SEK 13 million and Euro 9.5 million. As of April 17, 2012 changes were made to the fund prospectus (see On April 30, 2012 Pia Wallace left the fund management team which was joined by Fredrik Mattsson (May 1, 2012) and Anthony Clark (May 16, 2012). Credit The fund has a credit line of MSEK 400. Credit Risk Holdings in the fund have a credit risk. The credit risk is associated with the ability of issuers to pay. Risk assessment method To calculate the market risk for the fund, the fund uses a relative Value-at-Risk model. 25

28 Report of the Board of Directors (continued) The VaR model Calculating Value-at-Risk (VaR) aims to show how much the fund concerned under normal market conditions can be expected to fall by at most over 1 day and with a 99% confidence level. Relative VaR expresses the ratio between the fund's absolute VaR and its comparative index absolute VaR, and is a measure of the risk that the fund's yield can come to deviate from its comparative index return. Min VaR utilisation Average VaR utilisation Max VaR utilisation Type of model VaR Limit 0.97% 1.17% 1.42% Relative VaR 2.00% 26

29 To the Shareholders of SWEDBANK ROBUR INTERNATIONAL SICAV 65, boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg BP 1173 L-1011 Luxembourg Tel: Fax: REPORT OF THE RÉVISEUR D ENTREPRISES AGRÉÉ Following our appointment by the general meeting of the Shareholders of SWEDBANK ROBUR INTERNATIONAL SICAV (the SICAV ) dated April 27, 2012 we have audited the accompanying financial statements of the "SICAV" and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at December 31, 2012 and the 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 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 réviseur d entreprises agréé s judgement, 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. Société à responsabilité limitée au capital de EUR RCS Luxembourg B

30

31 29

32 Statement of net assets at December 31, 2012 COMBINED GLOBAL HIGH DIVIDEND SUB-FUND EUROPEAN EQUITY SUB-FUND SEK SEK SEK ASSETS Investments, at cost 87,726,125, ,203, ,465, Unrealized result on investments 425,540, ,289, ,381, Investments, at market value (Note 1) 88,151,666, ,492, ,846, Cash at banks 762,191, ,990, ,757, Cash as margin deposit 394,473, ,309, ,513, Receivable on sales of securities 6,285,302, ,926, Dividends receivable 1,333, , , Net unrealized result on futures (Note 8) 3,631, Net unrealized result on forward foreign exchange transactions (Note 10) 53,367, , Net unrealized result on forward rate agreements (Note 11) 7, Net accrued interest on bank accounts 628, , , Net accrued interest on bonds 1,066,649, ,719,252, ,291, ,489, LIABILITIES Payable on purchases of securities 6,398,759, ,517, Net unrealized result on futures (Note 8) 1,184, , Net unrealized result on forward foreign exchange transactions (Note 10) 57, , Net unrealized result on forward rate agreements (Note 11) 73,500, Net accrued expenses (Note 7) 67,326, , , Net accrued interest on bank accounts 7, Bank overdraft 70,738, , ,611,574, , ,404, TOTAL NET ASSETS AT DECEMBER 31, ,107,677, ,377, ,084, TOTAL NET ASSETS AT DECEMBER 31, ,166,436, ,677, ,056, TOTAL NET ASSETS AT DECEMBER 31, ,303,041, ,679, ,435, The accompanying notes form an integral part of these financial statements. 30

33 Statement of net assets at December 31, 2012 (continued) RUSSIAN EQUITY SUB- FUND TOMORROW EQUITY SUB-FUND AFRICA EQUITY SUB- FUND GLOBAL BOND SUB- FUND TOTAL RETURN FIXED INCOME SUB-FUND EUR SEK SEK SEK SEK 5,976, ,612, ,379, ,377, ,803,929, , ,173, ,170, ,421, ,848, ,571, ,439, ,550, ,955, ,047,777, , ,172, ,618, ,869, ,882, ,191, , ,810, , , , , , ,193, , , , ,246, ,016, ,682, ,268, ,513, ,581, ,095,680, , , ,088, ,277, , , , , ,629, ,060, , ,408, , , ,962, ,012, ,315, ,618, ,550, ,551, ,568, ,004,365, ,824, ,784, ,396, ,285, ,049,743, ,425, ,737, ,744, ,897, ,538,553, The accompanying notes form an integral part of these financial statements. 31

34 Statement of net assets at December 31, 2012 (continued) SWEDISH LIQUIDITY SUB-FUND EURO BOND SUB-FUND SWEDISH BOND MEGA SUB-FUND SEK EUR SEK ASSETS Investments, at cost 18,176,507, ,141, ,156,195, Unrealized result on investments -26,637, , ,333, Investments, at market value (Note 1) 18,149,869, ,868, ,157,528, Cash at banks 81,554, , ,153, Cash as margin deposit 14,284, , ,093, Receivable on sales of securities Dividends receivable Net unrealized result on futures (Note 8) , Net unrealized result on forward foreign exchange transactions (Note 10) Net unrealized result on forward rate agreements (Note 11) Net accrued interest on bank accounts 445, , Net accrued interest on bonds 150,453, , ,957, ,396,607, ,435, ,194,912, LIABILITIES Payable on purchases of securities Net unrealized result on futures (Note 8) Net unrealized result on forward foreign exchange transactions (Note 10) Net unrealized result on forward rate agreements (Note 11) 9,917, ,276, Net accrued expenses (Note 7) 10,082, , , Net accrued interest on bank accounts Bank overdraft 22, , , ,022, , ,136, TOTAL NET ASSETS AT DECEMBER 31, ,376,584, ,398, ,192,776, TOTAL NET ASSETS AT DECEMBER 31, ,845,441, ,103, ,736,577, TOTAL NET ASSETS AT DECEMBER 31, ,581,852, ,005, ,908,630, The accompanying notes form an integral part of these financial statements. 32

35 FRN SUB-FUND Statement of net assets at December 31, 2012 (continued) SWEDISH TOTAL RETURN PLUS SUB- FUND CORPORATE BOND SUB-FUND SEK SEK SEK 7,874,282, ,053,339, ,241,695, ,436, ,958, ,001, ,884,718, ,056,297, ,353,697, ,330, ,382, ,552, ,565, ,024, ,273,473, , ,405, , ,228, ,061, ,425, ,982,375, ,404,643, ,080,580, ,933, ,280,181, ,059, , ,781, ,734, ,079, ,501, , , , ,542, ,219, ,713, ,351,292, ,978,155, ,281,930, ,729,287, ,826,525, ,556,394, ,805,254, ,046,024, ,763,418, ,925,718, The accompanying notes form an integral part of these financial statements. 33

36 Statement of operations and changes in net assets for the year ended December 31, 2012 COMBINED GLOBAL HIGH DIVIDEND SUB-FUND EUROPEAN EQUITY SUB-FUND SEK SEK SEK NET ASSETS AT THE BEGINNING OF THE YEAR 72,166,436, ,677, ,056, INCOME Dividends, net 35,057, ,569, ,140, Interest on bonds, net 2,338,538, , , Interest on bank accounts, net 14,759, , Other Income 288, Total income 2,388,645, ,592, ,642, EXPENSES Advisory fees (Note 3) 553,788, ,450, ,471, Depositary fees (Note 5) 14,946, , , Administrator fees (Note 6) 15,265, , , Audit and legal fees 1,744, , , Fees paid to authorities (Note 2) 39,995, , , Interest on bank accounts, net 114, , Transaction fees (Note 12) 13,798, ,290, ,968, Other administration expenses 2,837, , , Total expenses 642,490, ,385, ,944, NET INVESTMENT RESULT 1,746,154, ,207, ,697, Net realized result on futures -113,540, , Net realized result on forward foreign exchange transactions 372,988, ,086, , Net realized result on forward rate agreement -10,183, Net realized result on sales of securities 68,426, ,620, ,364, Net realized result on foreign exchange -173,904, ,025, ,546, NET REALIZED RESULT FOR THE YEAR 1,889,939, ,080, ,523, Change in net unrealized result on: - futures 43,875, , forward foreign exchange transactions 34,162, , , forward rate agreement -68,712, investments 468,029, ,714, ,793, NET CHANGE IN UNREALIZED RESULT FOR THE YEAR 477,355, ,846, ,807, NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE YEAR 2,367,294, ,233, ,330, Proceeds from shares subscribed 32,756,553, ,997, ,944, Payments for shares redeemed -17,175,567, ,530, ,247, Currency revaluation of net assets at beginning of the year -7,040, NET ASSETS AT THE END OF THE YEAR 90,107,677, ,377, ,084, The accompanying notes form an integral part of these financial statements. 34

37 Statement of operations and changes in net assets for the year ended December 31, 2012 (continued) RUSSIAN EQUITY SUB- FUND TOMORROW EQUITY SUB-FUND AFRICA EQUITY SUB- FUND GLOBAL BOND SUB- FUND TOTAL RETURN FIXED INCOME SUB-FUND EUR SEK SEK SEK SEK 8,824, ,784, ,396, ,285, ,049,743, , , ,413, , ,952, ,147,224, , , ,379, , , , ,586, ,219, ,154,604, , , ,209, ,208, ,878, , , ,298, , ,620, , , , , ,139, , , , , , , , , ,102, , , , , ,585, , ,510, , , , , , , ,070, ,658, ,723, ,714, , , ,072, ,495, ,889, , ,174, , , ,951, , ,475, ,215, ,485, ,926, , ,761, ,757, , ,442, , ,530, ,615, , ,246, , ,214, , ,371, ,189, ,932, ,158, ,593, ,152, ,189, ,932, ,158, ,566, ,995, ,166, ,402, ,543, ,004, ,242, ,332, ,314, ,725, ,121, ,408,823, ,704, ,950, ,114, ,833, ,324,443, ,618, ,550, ,551, ,568, ,004,365, The accompanying notes form an integral part of these financial statements. 35

38 Statement of operations and changes in net assets for the year ended December 31, 2012 (continued) SWEDISH LIQUIDITY SUB-FUND EURO BOND SUB-FUND SWEDISH BOND MEGA SUB-FUND SEK EUR SEK NET ASSETS AT THE BEGINNING OF THE YEAR 17,845,441, ,103, ,736,577, INCOME Dividends, net 341, , Interest on bonds, net 457,606, , ,639, Interest on bank accounts, net 1,971, , Other Income , Total income 459,920, , ,341, EXPENSES Advisory fees (Note 3) 84,142, , ,487, Depositary fees (Note 5) 2,969, , , Administrator fees (Note 6) 3,242, , , Audit and legal fees 216, , , Fees paid to authorities (Note 2) 9,014, , , Interest on bank accounts, net Transaction fees (Note 12) 388, , , Other administration expenses 51, , , Total expenses 100,024, , ,266, NET INVESTMENT RESULT 359,895, , ,075, Net realized result on futures 2,161, , ,801, Net realized result on forward foreign exchange transactions , Net realized result on forward rate agreement -2,962, , , Net realized result on sales of securities -39,195, , ,416, Net realized result on foreign exchange -1,031, , , NET REALIZED RESULT FOR THE YEAR 318,867, , ,020, Change in net unrealized result on: - futures 87, , forward foreign exchange transactions forward rate agreement -5,910, , ,303, investments 15,087, ,371, ,319, NET CHANGE IN UNREALIZED RESULT FOR THE YEAR 9,264, ,374, ,502, NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE YEAR 328,131, ,320, ,518, Proceeds from shares subscribed 4,029,352, ,660, ,514, Payments for shares redeemed -3,826,341, ,685, ,833, Currency revaluation of net assets at beginning of the year NET ASSETS AT THE END OF THE YEAR 18,376,584, ,398, ,192,776, The accompanying notes form an integral part of these financial statements. 36

39 FRN SUB-FUND Statement of operations and changes in net assets for the year ended December 31, 2012 (continued) SWEDISH TOTAL RETURN PLUS SUB- FUND CORPORATE BOND SUB-FUND SEK SEK SEK 7,826,525, ,556,394, ,805,254, , ,718, ,552, ,953, ,925, ,216, ,303, ,330, ,567, ,975, ,256, ,734, ,614, ,612, ,291, ,524, ,045, ,410, ,667, ,142, , , , ,882, ,162, ,339, , ,518, , , , ,439, ,704, ,640, ,069, ,863, ,335, ,186, , ,132, ,531, ,987, ,988, ,237, ,917, ,095, ,024, , , ,598, ,227, ,188, ,018, , , , ,525, ,576, ,738, ,828, ,932, ,656, ,441, ,178, ,844, ,668, ,009, ,863, ,294,239, ,602,165, ,560,736, ,302,278, ,079,640, ,272,566, ,978,155, ,281,930, ,729,287, The accompanying notes form an integral part of these financial statements. 37

40 Number of shares outstanding and net asset value per share Sub-funds Ccy Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB- FUND 31/12/ /12/ /12/ /12/2010 SEK 1,043, EUR SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND SEK 2,251, EUR 1, SWEDBANK ROBUR INTERNATIONAL RUSSIAN EQUITY SUB-FUND JPY 90, , , , SWEDBANK ROBUR INTERNATIONAL TOMORROW EQUITY SUB-FUND SEK 1,353, EUR 6, SWEDBANK ROBUR INTERNATIONAL AFRICA EQUITY SUB-FUND SEK 4,438, EUR 7, SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND SEK 515, SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND SEK 144,359, SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND SEK 133,300, SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND (the official share class is EUR, which allows subscriptions and redemptions in SEK) EUR 8,489, SEK 8,489, SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB- FUND SEK 7,764, SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND SEK 56,352, SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND SEK 133,084, SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND SEK 61,915, The accompanying notes form an integral part of these financial statements 38

41 GLOBAL HIGH DIVIDEND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING SHARES SHARES IN AUD GOODMAN GRP 73,610 2,150, SHOPPING CENTRES AUSTRALASIA 1,361 13, SONIC HEALTHCARE 31,194 2,804, WOOLWORTHS LTD 6,807 1,346, ,315, SHARES IN CAD BCE INC 4,998 1,386, CANADIAN IMPERIAL BANK OF COMMERCE 5,460 2,850, ,236, SHARES IN EUR AHOLD KONINKLIJKE 66,231 5,763, ALSTOM RGPT 6,698 1,732, BMW3 9,266 3,878, CAP GEMINI 10,624 2,997, CASINO GUICHARD 9,477 5,866, DEUTSCHE POST AG REGISTERED 10,704 1,525, ENI 37,634 5,925, EUTELSAT 4,946 1,065, K+S NAMEN 6,734 2,023, LEGRAND HOLDING 10,475 2,866, METSO 4,116 1,132, REXEL 8,259 1,094, ROYAL DUTCH SHELL -A- 12,247 2,744, SES GLOB FID DEP REC 1-A- SHS 4, , THALES 20,956 4,721, ,098, SHARES IN GBP BT GROUP 37, , CAPITAL GROUP 23,038 1,836, CENTRICA 177,377 6,248, MORRISON SUPERMARKET 126,204 3,504, NATIONAL GRID 24,587 1,825, ROYAL DUTCH SHELL -B- 11,890 2,730, SAGE 84,507 2,626, SAINSBURY J. 46,541 1,695, TATE LYLE 42,516 3,420, TESCO PLC 136,120 4,829, UTD UTILITIES 80,662 5,736, ,371, SHARES IN HKD BOC HONG KONG 213,000 4,304, CHEUNG KONG INFRASTRUCTURE 114,000 4,540, CHINA MOBILE HK 31,000 2,345, HUTCHINSON WHAMPOA 31,000 2,102, NWS HLDGS 394,781 4,336, The accompanying notes form an integral part of these financial statements. 39

42 GLOBAL HIGH DIVIDEND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares Market Value (in SEK) % of NAV SJM HOLDINGS 142,000 2,143, THE LINK REIT 31,500 1,022, YUE YUEN INDUSTRIAL 202,500 4,397, ,191, SHARES IN IDR PERUSAHAAN GAS NEGA 1,669,000 5,105, TELEKOM INDONESIA 114, , ,794, SHARES IN JPY ASTELLAS PHARMA 17,100 4,985, EISAI CO LTD 13,200 3,575, HOYA CORP 16,000 2,035, ITOCHU 42,500 2,900, JAPAN REAL ESTATE 56 3,581, KAO 19,900 3,367, LAWSON INC 8,100 3,577, MARUBENI CORP 29,000 1,339, MITSUBISHI TANABE PHARMA CORP 72,000 6,100, NOMURA RESEARCH INSTITUTE 33,200 4,476, NTT DOCOMO 639 5,962, ONO PHARMACEUTICAL 6,600 2,190, RESONA HOLDING 102,200 3,014, SHINOGI AND CO 22,100 2,389, ,497, SHARES IN MYR KUALA LUMP KEP 46,300 2,364, PUBLIC BANK 145,900 5,060, ,425, SHARES IN NOK TELENOR 23,936 3,138, ,138, SHARES IN PHP ABOITIZ POWER CORP 793,099 4,661, ,661, SHARES IN SEK ATLAS COPCO -B- 24,272 3,839, ,839, SHARES IN THB SIAM CEMENT 39,000 3,647, ,647, SHARES IN TWD FAR EASTONE TELECOM 153,000 2,544, ,544, SHARES IN USD ALTRIA GROUP 14,507 2,931, AMERICAN ELECTRIC 20,388 5,571, AT&T 12,420 2,709, BRISTOL MYERS SQUIB 16,590 3,526, The accompanying notes form an integral part of these financial statements. 40

43 GLOBAL HIGH DIVIDEND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares Market Value (in SEK) % of NAV CENTERPOINT ENERGY 17,077 2,100, DTE ENERGY 8,541 3,281, H&R BLOCK INC 22,910 2,723, PUBLIC SERV 14,397 2,799, WASTE MANAGEMENT 12,141 2,629, XCEL ENERGY 4, , ,070, TOTAL SHARES 224,833, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 224,833, II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET SHARES SHARES IN NGN ZENITH BANK TOTAL SHARES TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET III. OTHER TRANSFERABLE SECURITIES SHARES SHARES IN CAD TELUS NON VOTING 15,018 6,290, ,290, SHARES IN ZAR BHP BILLITON zar 11,044 2,481, ,481, TOTAL SHARES 8,771, OPTIONS OPTIONS IN SEK AOM.0113.CALL , CGM.0113.CALL , DPW.0113.CALL , , TOTAL OPTIONS -111, TOTAL OTHER TRANSFERABLE SECURITIES 8,659, TOTAL INVESTMENT, AT MARKET VALUE 233,492, CASH 9,490, OTHER NET ASSETS 9,394, TOTAL NET ASSETS 252,377, The accompanying notes form an integral part of these financial statements. 41

44 EUROPEAN EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares or nominal value Market Value (in SEK) % of NAV TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN EUR REPSOL YPF RIGHTS 10 JANUARY , , , TOTAL BONDS 162, SHARES SHARES IN CHF ABB REGISTERED 32,927 4,391, CIE FINANC RICHEMONT SA 21,298 10,815, CREDIT SUISSE GROUP REGISTERED 54,703 8,660, NESTLE REGISTERED 73,574 31,188, ROCHE HOLDING GENUSSSCHEIN 18,586 24,323, ZURICH FINL SVCS RGD 4,916 8,510, ,889, SHARES IN DKK DANSKE BANK AS 36,766 4,047, MOELLER-MAERSK -B ,961, NOVO NORDISK -B- 10,031 10,580, ,588, SHARES IN EUR ALLIANZ AG REGISTERRED VINKULIERT 13,076 11,765, BANCO BILBAO VIZCAYA ARGENTARIA RGD 178,540 10,668, BASF 28,066 17,181, BEIERSDORF AG 8,461 4,495, BNP PARIBAS 30,755 11,244, BRENNTAG AG 6,957 5,938, CONTINENTAL 9,122 6,859, DAIMLER 27,491 9,752, ENI 71,577 11,270, HENKEL KGAA PREF 19,948 10,652, IBERDOLA 179,255 6,456, ING GROUP 117,042 7,095, LEGRAND HOLDING 14,903 4,078, LINDE AG 7,851 8,897, PERNOD RICARD 11,040 8,287, REPSOL YPF 41,094 5,410, ROYAL DUTCH SHELL -A- 37,016 8,254, SANOFI AVENTIS 35,890 21,997, SAP 29,603 15,424, SCHNEIDER ELECTRIC 22,803 10,734, SOCIETE GENERALE-A- 22,736 5,531, TECHNIP 7,540 5,621, TELEFONICA 60,222 5,268, TOTAL 49,159 16,464, UNICREDIT BANCA SPA 60,701 1,931, ,283, The accompanying notes form an integral part of these financial statements. 42

45 EUROPEAN EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares or nominal value Market Value (in SEK) % of NAV SHARES IN GBP ASSOCIATED BRITISH FOOD PLC 51,568 8,516, BARCLAYS 166,816 4,621, BG GROUP 101,756 10,878, BHP BILLITON 79,589 17,895, BT GROUP 328,643 8,019, BURBERRY GROUP 26,758 3,463, CENTRICA 355,229 12,512, COMPASS GROUP 158,559 12,138, DIAGEO 83,442 15,744, EXPERIAN PLC 73,873 7,644, GLENMORE 56,643 2,101, HSBC HOLDING 231,964 15,844, IMI ORD 53,668 6,216, IMPERIAL TOBACCO 50,318 12,607, LLOYDS TSB 646,901 3,272, PRUDENTIAL 102,975 9,410, SHIRE 54,274 10,813, SPECTRIS 22,175 4,797, STANDARD CHARTERED PLC 55,621 9,241, TULLOW OIL 57,645 7,675, VODAFONE NEW ORD SHARES 604,003 9,850, XSTRATA 78,090 8,731, ,999, SHARES IN SEK ASTRAZENECA 28,391 8,699, ATLAS COPCO AB 24,116 4,299, MILLICOM INT 11,573 6,509, SWEDBANK -A- 58,373 7,413, ,922, TOTAL SHARES 569,683, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 569,846, TOTAL INVESTMENT, AT MARKET VALUE 569,846, CASH 9,756, OTHER NET ASSETS 2,481, TOTAL NET ASSETS 582,084, The accompanying notes form an integral part of these financial statements. 43

46 RUSSIAN EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in EUR) Description Number of shares Market Value (in EUR) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING SHARES SHARES IN USD ETALON GROUP 6,000 24, EURASIA DRILLIN SP GDR REG S 4, , GAZPROM OAO 50, , GLOBALTRANS GDR 5,500 68, GROUP LSR OJSC GDR 19,000 59, JSFC SISTEMA GDR REG S 5,400 82, LUKOIL HLDG SPONSORED ADR REPR 4 SHS 12, , MAIL. RU GROUP LTD 2,200 57, MD MEDICAL GROUP INVESTMENT 3,420 32, MEGAFON -GDR -WI 3,733 67, MMC NORILSK NICKEL SP GDR REG S 18, , NOVATEK SP GDR REPR 10 REG -S- 5, , NOVOLIPET GDR REG S 2,300 35, PHOSAGRO SP GDR REG-S 4,134 42, RUSHYDRO-SP GDR 42,000 73, TATNFT SP GDR REG S 9, , URALKALI GDR REG S 9, , VNESHTORGBANK GDR REG S 17,000 44, X5 RTL SP GDR 3,000 40, YANDEX 2,500 41, ,096, TOTAL SHARES 3,096, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 3,096, II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET SHARES SHARES IN USD ALROSA CJSC 100,000 74, ARMADA 12,000 63, DIXY GROUP 7,500 74, ENEL WGC-5 710,000 28, EON RUSSIA 871,165 56, FGC UES 42,000, , GAZPROM NEFT 19,500 68, JSFC SISTEMA 64,000 40, M VIDEO COMPANY 12,730 75, MAGNIT 2, , MOBILE TELESYSTEMS OJSC 90, , MOSTOTREST OAO 10,800 48, PHARMSTANDARD 1,700 68, ROSNEFT OIL 60, , SBERBANK PREF 84, , SBERBANK SHS 210, , SEVERSTAL 9,600 87, SOLLERS , SURGUTNEFTEGAZ 415, , SURGUTNEFTEGAZ OJSC 40,000 26, The accompanying notes form an integral part of these financial statements. 44

47 RUSSIAN EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in EUR) (continued) Description Number of shares Market Value (in EUR) % of NAV TNK BP 20,000 28, TRANSNEFT , VOZROZHDENIYE BANK 6,500 86, ,475, TOTAL SHARES 3,475, TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 3,475, TOTAL INVESTMENT, AT MARKET VALUE 6,571, CASH 59, OTHER NET LIABILITIES -12, TOTAL NET ASSETS 6,618, The accompanying notes form an integral part of these financial statements. 45

48 TOMORROW EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING SHARES SHARES IN CAD AGRIMARINE HOLDINGS 877, , BLUTIP POWER TECHNOLOGIES 2,833, SUSTAIN ENERGY TECH 401, , ,133, SHARES IN DKK NOVO NORDISK -B- 3,500 3,691, NOVOZYMES -B- 8,800 1,612, ,303, SHARES IN EUR GEA GROUP 10,516 2,209, UMICORE 6,650 2,380, ,589, SHARES IN GBP ALENT PLC 29, , VESUVIUS PLC 29,625 1,082, ,048, SHARES IN HKD CHINA EVERBRIGHT INTERNATIONAL LTD 688,200 2,261, CHINA LIANSU GROUP HOLDINGS LTD 320,000 1,424, CN LONGYUAN PWR 430,000 1,932, ,619, SHARES IN NOK TOMRA SYSTEMS 37,700 2,213, ,213, SHARES IN SEK AF -B- 14,600 2,270, ELEKTA AB 19,100 1,936, FLEXENCLOSURE 4,000 1,400, NIBE INDUSTRIER -B- 20,400 1,912, SWECO -B- 66,200 4,832, ,352, SHARES IN USD CHINA ENERGY 375, , DEERE & CO 3,800 2,094, FLOWSERVE 4,603 4,292, GILEAD SCIENCES 3,400 1,613, ,367, SHARES IN ZAR ASPEN PHARMACARE 35,446 4,594, LIFE HEALTHCARE 85,000 2,216, ,811, TOTAL SHARES 48,439, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 48,439, The accompanying notes form an integral part of these financial statements. 46

49 TOMORROW EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares Market Value (in SEK) % of NAV II. OTHER TRANSFERABLE SECURITIES WARRANTS WARRANTS IN CAD WTS SUSTAINABLE ENERGY CAD ,320, WTS HY DRIVE TECHNOLOGIE 666, TOTAL WARRANTS TOTAL OTHER TRANSFERABLE SECURITIES TOTAL INVESTMENT, AT MARKET VALUE 48,439, CASH 1,172, OTHER NET LIABILITIES -61, TOTAL NET ASSETS 49,550, The accompanying notes form an integral part of these financial statements. 47

50 AFRICA EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING SHARES SHARES IN CAD FIRST QUANTUM MINERALS 100,000 13,969, IAMGOLD 20,000 1,457, LUCARA DIAMOND CORP 270,000 1,092, PERSEUS MINING 400,000 5,666, PLATINUM GROUP METALS LTD 400,000 2,141, ,327, SHARES IN GBP AFREN 400,000 5,537, AFRICAN MINERALS 50,000 1,677, CENTAMIN 500,000 2,072, CHAR OIL & GAS 500,000 1,451, KENMARE RESOURCES 1,000,000 3,283, OPHIR ENERGY 60,000 3,196, TULLOW OIL 225,000 29,958, ,177, SHARES IN SEK AFRICA OIL CORP. 350,000 15,995, ,995, SHARES IN ZAR ADVTECH LTD 1,000,000 4,755, AFRICAN RAINBOW MINERALS 20,000 2,913, ANGLOGOLD ASHANTI 65,000 13,079, ARCELOR MITTAL SOUTH AFRICA LIMITED 60,000 1,656, AVI 150,000 6,897, BIDVEST GROUP 65,000 10,743, BLUE LABEL TELECONS LTD 500,000 3,091, CLOVER INDUSRTIES LIMITED 100,000 1,343, CORONATION FUND MANAGERS LTD 250,000 7,605, DISCOVERY HOLDING LTD 240,000 11,448, EOH HOLDINGS LTD 180,000 5,225, EXXARO RESOURCES 30,000 3,888, FAMOUS BRANDS 50,000 2,722, FIRSTRAND 1,000,000 23,777, HUDACO INDUSTRIES LTD 50,000 4,410, IMPERIAL HOLDING LTD 100,000 15,246, JSE LTD 150,000 9,002, LEWIS GROUP 150,000 7,938, LIFE HEALTHCARE 300,000 7,823, MTN 160,000 21,795, NASPERS -N- 40,000 16,665, OCEANA GROUP 60,000 3,213, PSG GROUP 100,000 4,655, SABMILLER PLC 25,000 7,467, SASOL 40,000 11,131, SPUR CORP LTD 150,000 2,623, The accompanying notes form an integral part of these financial statements. 48

51 AFRICA EQUITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares Market Value (in SEK) % of NAV THE FOSCHINI GROUP 90,000 9,716, TIGER BRANDS 30,000 7,484, WOOLWORTHS HOLDINGS 140,000 7,624, ,947, TOTAL SHARES 323,447, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 323,447, II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET SHARES SHARES IN EGP GHABBOUR AUTO 40,000 1,133, ,133, SHARES IN KES EAST AFRICAN BREWERIES 250,000 5,001, EQUITY BANK 2,500,000 4,482, KENYA COMMERCIAL BANK 3,000,000 6,737, SAFARICOM 6,000,000 2,287, ,508, SHARES IN MAD ATTIJARIWAFA BANK 15,000 3,529, ,529, SHARES IN NGN DANGOTE CEMENT SHS 165, , FBN HOLDINGS PLC 3,000,000 1,962, FLOUR MILLS OF NIGERIA 1,000,000 2,704, NIGERIA TRUST BANK 6,000,000 5,742, NIGERIAN BREWERIES 1,200,000 7,340, ZENITH BANK 9,000,000 7,299, ,930, TOTAL SHARES 49,102, TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 49,102, TOTAL INVESTMENT, AT MARKET VALUE 372,550, CASH 3,557, OTHER NET LIABILITIES -1,556, TOTAL NET ASSETS 374,551, The accompanying notes form an integral part of these financial statements. 49

52 GLOBAL BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN AUD AUSTRALIA 4.5% ,000 1,410, AUSTRALIA 6.25% , , ,629, BONDS IN CAD CANADA 3.00% , , CANADA 3.50% , , CANADA 5.000% XW , , ,098, BONDS IN DKK DENMARK GOV 4% ,000 27, , BONDS IN EUR BELGIAN OLO 49 4,000% ,000 58, BELGIUM 4.000% , , BELGIUM SERIE % , , BELGIUM T-BILL 3.75% , , FRANCHE GVT TREASURY BOND 5.750% ,000 1,007, FRANCHE GVT TREASURY BOND , , FRANCHE GVT TREASURY BOND 3.50% , , FRANCHE GVT TREASURY BOND 3.500% ,000 1,301, FRANCHE GVT TREASURY BOND 4.00% , , FRENCH REPUBLIC 4.000% ,000 1,160, FRENCH REPUBLIC 4.000% , , FRENCH REPUBLIC 4.250% ,000 2,318, FRENCH REPUBLIC 5.000% ,000 70, FRENCH T-BILL 4% ,000 44, FRENCH T-BILL 8.5% , , GERMANY 5.500% , , GERMANY 2.250% ,000 18, GERMANY 2.500% ,000 2,206, GERMANY 4.750% , , ITALIAN REPUBLIC 4% , , ITALY 3 % , , ITALY 4.25% ,000 1,547, ITALY 6% , , ITALY BOUNI ORID 3.750% , , ITALY TREASURY BOND 4.000% , , ITALY TREASURY BOND 4.000% , , ITALY TREASURY BOND 4.250% ,000 1,748, ITALY TREASURY BOND 4.500% ,000 1,276, ITALY TREASURY BOND 4.500% , , ITALY TREASURY BOND 5.250% ,000 44, ITALY TREASURY BOND 6.500% , , KINGDOM OF BELGIUM 4.25% , , KINGDOM OF BELGIUM 5.50% , , KINGDOM OF SPAIN 3% , , NETH 3.75% GOVERNMENT BOND ,000 34, The accompanying notes form an integral part of these financial statements. 50

53 GLOBAL BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV NETHERL 4% , , NETHERLANDS 3.500% GOVERNEMENT BOND , , NETHERLANDS 3.75% , , NETHERLANDS 4.00% GOVERNEMENT BOND , , NETHERLANDS 4.00% GOVERNEMENT BOND ,000 48, NETHERLANDS 4.50% GOVERNEMENT BOND ,000 71, NETHERLANDS 5.50% GOVERNEMENT BOND , , SPAIN 3.15% ,000 1,107, SPAIN 4.60% GOVERNEMENT BOND , , ,772, BONDS IN GBP UK 3.75% ,000 1,982, UK T-BILL 2% ,000 1,932, UNITED KINGDOM GILT TREASURY STOCK 5.000% ,000 1,540, UNITED KINGDOM TREASURY STOCK 4.250% ,000 1,235, UNITED KINGDOM TREASURY STOCK 4.250% , , UNITED KINGDOM TREASURY STOCK 4.75% ,000 1,915, ,431, BONDS IN SEK SWEDEN 3.50% , , , BONDS IN USD UNITED STATES TREASURY BONDS 5.375% ,000 1,450, UNITED STATES TREASURY BONDS 8% , , UNITED STATES TREASURY NOTES 4% ,000 2,371, US TREASURY NOTES 2.125% ,200,000 8,138, ,311, TOTAL BONDS 49,680, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 49,680, II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN CAD CANADA 4.000% , , CANADA 5.750% , , CANADA GVT 3.00% , , ,318, BONDS IN DKK DENMARK 4% ,000 98, DENMARK 4.5% , , DENMARK TREASURY BOND 3% , , , BONDS IN EUR FRENCH REPUBLIC 2.5% , , GERMANY 3.25% , , GERMANY 3.250% ,000 1,004, GERMANY 3.5% ,000 86, GERMANY 3.75% , , GERMANY 3.750% ,000 2,700, The accompanying notes form an integral part of these financial statements. 51

54 GLOBAL BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV GERMANY BRD 4.750% , , GERMANY GOVERNMENT BOND 4.25% , , GERMANY GOVERNMENT BOND 4.750% , , ITALY TREASURY BOND 5.000% ,000 1,867, SPAIN 2.5% GOVERNEMENT BOND , , SPAIN 4.10% GOVERNEMENT BOND , , SPAIN 4.20% GOVERNEMENT BOND , , SPAIN 5.5% , , ,211, BONDS IN GBP UNITED KINGDOM GILT TREASURY STOCK 4.25% ,000 1,695, ,695, BONDS IN USD UNITED STATES TREASURY BONDS 4.500% ,000 4,003, UNITED STATES TREASURY NOTES 0.875% ,000 4,872, UNITED STATES TREASURY NOTES 2.625% ,000 28, UNITED STATES TREASURY NOTES 3.5% ,000 6,883, UNITED STATES TREASURY NOTES 4.125% ,000 56, UNITED STATES TREASURY NOTES 4.250% , , UNITED STATES TREASURY NOTES 4.250% ,000 3,337, UNITED STATES TREASURY NOTES 4.750% ,000 41, US T-BILL 4.375% , , US TREAS 3.125% ,000 66, US TREASURY NOTES 2% ,000 5,095, US TREASURY NOTES 4.75% ,000 1,518, US TREASURY NOTES 3.125% 41 15, , USA TREAS NOTES E 4.875% 16 1,264,000 9,510, USD TREASURY BILL 3.500% , , USD TREASURY BILL 4.500% , , ,879, TOTAL BONDS 50,832, TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 50,832, III. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN USD UNITED STATES TREASURY NOTES 3.625% ,000 1,442, ,442, TOTAL BONDS 1,442, TOTAL OTHER TRANSFERABLE SECURITIES 1,442, TOTAL INVESTMENT, AT MARKET VALUE 101,955, CASH 2,086, OTHER NET ASSETS 1,526, TOTAL NET ASSETS 105,568, The accompanying notes form an integral part of these financial statements. 52

55 TOTAL RETURN FIXED INCOME SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK AKADEMISK 2.9% ,000, ,799, AKADEMISK 4.1% ,000, ,778, AKADEMISK 4.4% ,000, ,641, AKADEMISKA HUS FRN ,000, ,815, AKADEMISKA HUS FRN ,000, ,802, E.I.B. 2.95% ,000, ,059, E.I.B % ,500,000 50,542, EURO INV BANK 75,000,000 82,954, FOERENINGS N % ,000,000 79,175, HELSINGBORGS FRN ,000, ,816, LANDSHYP FRN ,000, ,946, LANDSHYPOTEK FRN ,000, ,406, LANDSHYPOTEK FRN COVERED ,000, ,574, LANSF HYPO 4.5% ,000, ,228, NORDEA HYP 3.250% ,688,200,000 4,891,577, NORDEA HYP COVERED 4.250% ,029,000,000 1,042,933, NORDEA HYP FRN ,000, ,878, NORDEA HYPO COVERED 4.5% ,000, ,158, SBAB FRN ,450,000,000 1,472,475, SCBC 4% ,670, ,039, SCBC 4% ,000, ,106, SEB 4.00% ,847,000,000 1,960,021, SEB 4.25% ,000, ,714, SEB FRN EMTN ,000,000,000 1,005,545, SEB FRN EMTN ,000, ,120, SKANDINAVISKA ENSKILDA BANKEN 3% ,000, ,412, SPECIALFA ST SVERIGE MTN 4.25% ,000, ,887, SPECIALFA ST SVERIGE N 174 MTN 2.255% ,000,000 61,382, SPECIALFAST FRN ,000, ,934, SPECIALFAST FRN ,000, ,123, SPECIALFAST FRN ,000, ,133, SPECIALFAST FRN ,000, ,522, SPECIALFAST SVERIGE 3.47% ,000, ,883, SPECIALFAST SVERIGE NR % ,000, ,103, STADSHYPO FRN 15 1,500,000,000 1,505,400, STADSHYPOTEK COVERED NR % ,921,000,000 3,210,630, STADSHYPOTEK COVERED NR % ,000,000 57,502, STADSHYPOTEK COVERED NR % ,000, ,800, SUNDSVALLS FRN ,000, ,704, SWEDBANK AB FRN ,000, ,932, SWEDBANK FRN ,000, ,999, SWEDBANK HYPOTEK ,000, ,013, SWEDBANK HYPOTEK COVERED FRN ,000, ,517, SWEDBANK HYPOTEK COVERED NR % ,000, ,885, SWEDBANK HYPOTHEK SPNTAB FRN ,000, ,257, SWEDBANK MORT COVERED 3.75% ,743,600,000 1,831,908, SWEDBANK MORTGAGE 3.75% ,803,100,000 1,910,056, SWEDBANK MORTGAGE AB 3.75% ,600, ,438, SWEDBANK MORTGAGE AB 3.75% ,000, ,915, SWEDEN 3.000% ,000, ,590, The accompanying notes form an integral part of these financial statements. 53

56 TOTAL RETURN FIXED INCOME SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV SWEDEN TREASURY BOND 4.500% ,470, ,522, SWEDISH GOV 4% 15 18,000,000 19,242, SWEDISH T-BILL ,000, ,741, ,865,552, TOTAL BONDS 33,865,552, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 33,865,552, II. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK LINKOPINGS STADS FRN ,000, ,007, SBAB CERT 0% ,000, ,638, SBAB CERTIF ,000, ,991, SEB CERTIFIKAT 0% ,000,000, ,001, SPECIALFA ST SVERIGE MTN 4.500% ,000,000 86,586, ,182,225, TOTAL BONDS 2,182,225, TOTAL OTHER TRANSFERABLE SECURITIES 2,182,225, TOTAL INVESTMENT, AT MARKET VALUE 36,047,777, CASH 243,474, OTHER NET ASSETS 713,113, TOTAL NET ASSETS 37,004,365, The accompanying notes form an integral part of these financial statements. 54

57 SWEDISH LIQUIDITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares or nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK CITY OF GOTHENBURG 3.53% EMTN 13 35,000,000 35,184, GOTEBORG FRN ,000,000 69,055, GOTH CITY FRN ,000,000 15,018, GOTH CITY FRN 14 52,000,000 52,034, LANDSHYPOTEK FRN ,000, ,870, LANDSHYPOTEK FRN COVERED ,000, ,069, LANDSHYPOTEK FRN COVERED ,000, ,023, LANSFORAK FRN ,000, ,929, NORDEA COVERED FRN ,000,000 52,008, NORDEA FRN ,000, ,834, NORDEA HYP COVERED 4.250% ,000, ,453, NORDEA HYPOTEK FRN ,000, ,691, NORDEA HYPOTEK FRN COVERED ,000,000 82,056, NORDEA HYPOTHEK COVERED 4% ,000, ,422, OREBRO KOMMUN ,000, ,141, SBAB 4% COV ,700, ,805, SBAB FIN FRN ,000, ,219, SBAB FRN ,000,000 28,177, SBAB FRN ,000, ,940, SBAB MTN FRN ,000,000 12,014, SCBC COVERED FRN ,000, ,851, SEB BOLAN 4.25% ,500, ,589, SHBASS FRN ,000, ,766, SHBASS FRN ,000, ,964, SPINTAB COVERED FRN ,000, ,871, STADSHYPO COVERED FRN ,000, ,201, STADSHYPO EMTN COVERED FRN ,000, ,415, STADSHYPO FRN ,000, ,181, STADSHYPOTEK AB COVERED FRN ,000, ,801, STADSHYPOTEK AB FRN COVERED ,000,000 26,018, STADSHYPOTEK COVERED FRN ,000, ,249, STADSHYPOTEK COVERED FRN ,000, ,863, STADSHYPOTEK COVERED FRN ,000, ,259, STADSHYPOTEK LOAN COVERED % ,000, ,654, STHLM LNDST FRN ,000, ,046, STOCKHOLM 3.30% ,000,000 53,363, STOCKHOLM LANS 3.25% ,000, ,090, STOCKHOLM LANS 3.7% ,000,000 17,177, SWED HYP COVERED FRN ,000, ,539, SWEDBANK AB FRN ,000, ,257, SWEDBANK FRN ,000, ,820, SWEDBANK FRN ,000, ,749, SWEDBANK FRN 13 32,000,000 32,038, SWEDBANK FRN ,000,000 53,156, SWEDBANK FRN ,000, ,772, SWEDBANK HYP FRN ,000, ,779, SWEDBANK HYP FRN ,000, ,122, SWEDBANK HYP FRN ,000, ,185, SWEDBANK HYPOTEK ,000, ,799, SWEDBANK HYPOTEK COVERED NR % ,112,000,000 1,192,592, The accompanying notes form an integral part of these financial statements. 55

58 SWEDISH LIQUIDITY SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares or nominal value Market Value (in SEK) % of NAV SWEDBANK HYPOTEK FRN ,000, ,910, SWEDBANK HYPOTEK FRN ,000, ,380, SWEDBANK HYPOTHEK SPNTAB FRN ,000, ,801, SWEDEN 0% T BILL ,120, ,906, SWEDISH T-BILL ,100, ,021, SWEDISH T-BILL ,500, ,879, ,226,031, TOTAL BONDS 16,226,031, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 16,226,031, II. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK GÖTEBORG CERT 0% 13 67,000,000 66,923, HANDEL CERT 0% 13 60,000,000 59,967, KOMMUNINVEST CERT ,000, ,930, NORDEA 0% CERTIF ,000,000 25,983, NORDEA CERT 0% ,000,000 26,947, NORDEA CERT 0% ,000, ,821, SBAB CERT 0% ,000, ,825, SBAB CERT 0% ,000, ,697, SBAB CERT 0% ,000,000 98,777, SEB CERT ,000, ,562, SEB CERT ,000, ,507, SEB CERTIFIKAT 0% ,000, ,360, SWED CERT 0% ,000, ,532, ,923,837, TOTAL BONDS 1,923,837, TOTAL OTHER TRANSFERABLE SECURITIES 1,923,837, TOTAL INVESTMENT, AT MARKET VALUE 18,149,869, CASH 81,531, OTHER NET ASSETS 145,183, TOTAL NET ASSETS 18,376,584, The accompanying notes form an integral part of these financial statements. 56

59 EURO BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in EUR) Description Nominal value Market Value (in EUR) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN EUR AUSTRIA 3.5% , , AUSTRIA 3.900% , , AUSTRIA 4.15% ,000 45, AUSTRIA 4.300% , , AUSTRIA 4.85% ,000 77, BELGIAN OLO 49 4,000% , , BELGIUM 4.000% , , BELGIUM 4.25% 80,000 82, BELGIUM 5.000% , , BELGIUM SERIE % ,000 92, DEUTSCH BUNDESREPUBLIK 4.000% , , FINLAND T.BILL 3.375% , , FRANCE GVT TREASURY BOND 5.750% , , FRANCE GVT TREASURY BOND , , FRANCE GVT TREASURY BOND 3.50% ,000 48, FRANCE GVT TREASURY BOND 3.500% , , FRANCE GVT TREASURY BOND 4.00% ,000 97, FRENCH REPUBLIC 4.000% , , FRENCH REPUBLIC 4.000% , , FRENCH REPUBLIC 4.250% , , FRENCH REPUBLIC 5.000% , , IRELAND TREASURY 4.5% , , IRELAND TREASURY 4.6% , , ITALIAN REPUBLIC 4% , , ITALY 3 % , , ITALY 4.25% ,000 51, ITALY BOUNI ORID 3.750% , , ITALY TREASURY BOND 4.000% , , ITALY TREASURY BOND 4.250% , , ITALY TREASURY BOND 4.250% , , ITALY TREASURY BOND 4.500% , , ITALY TREASURY BOND 4.500% , , ITALY TREASURY BOND 5.000% , , ITALY TREASURY BOND 5.250% , , KINGDOM OF BELGIUM 3.75% ,000 98, KINGDOM OF BELGIUM 4.25% ,000 45, KINGDOM OF SPAIN 3% , , NETH 3.75% GOVERNMENT BOND ,000 13, NETHERL 4% , , NETHERLANDS 3.25% GOVERNEMENT BOND ,000 6, NETHERLANDS 3.75% , , NETHERLANDS 3.75% GOVERNEMENT BOND , , NETHERLANDS 4.00% GOVERNEMENT BOND , , NETHERLANDS 4.00% GOVERNEMENT BOND ,000 5, NETHERLANDS 4.50% GOVERNEMENT BOND , , NETHERLANDS 5.50% GOVERNEMENT BOND ,000 65, The accompanying notes form an integral part of these financial statements. 57

60 EURO BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in EUR) (continued) Description Nominal value Market Value (in EUR) % of NAV OBRIGACOES DO TESOURO 4.35% , , OBRIGACOES DO TESOURO 4.8% , , SPAIN 3.15% , , ,435, TOTAL BONDS 9,435, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 9,435, II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN EUR FRENCH REPUBLIC 2.5% , , FUNGIBLE T BD 3.750% , , GERMANY 3.000% , , GERMANY 3.25% ,000 63, GERMANY 3.250% , , GERMANY 3.5% ,000 15, GERMANY 3.75% , , GERMANY 3.750% , , GERMANY 5.625% , , GERMANY 6.500% , , GERMANY BOND 2.25% , , GERMANY BRD 4.250% ,000 83, GERMANY BRD 4.750% ,000 75, GERMANY GOVERNMENT BOND 4.25% ,000 55, GERMANY GOVERNMENT BOND 4.750% ,000 57, GERMANY SERIES % ,600 6, GERMANY T-BILL 3.25 % , , REPUBLIC OF FINLAND 1.75% , , SPAIN 2.5% GOVERNEMENT BOND , , SPAIN 3.3% GOVERNEMENT BOND , , SPAIN 3.8% STRIPPABLE GOVERNEMENT BOND ,000 39, SPAIN 4.10% GOVERNEMENT BOND ,000 80, SPAIN 4.20% GOVERNEMENT BOND , , SPAIN 4.3% , , SPAIN 4.8% GOVERNEMENT BOND , , SPAIN 5.5% , , SPAIN 5.75% GOVERNEMENT BOND ,000 62, ,433, TOTAL BONDS 4,433, TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 4,433, TOTAL INVESTMENT, AT MARKET VALUE 13,868, CASH 274, OTHER NET ASSETS 255, TOTAL NET ASSETS 14,398, The accompanying notes form an integral part of these financial statements. 58

61 SWEDISH BOND MEGA SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares or nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK AKADEMISKA HUS FRN ,000,000 14,990, CITY OF GOTH FRN 15 9,000,000 9,102, GOTH CITY FRN ,000,000 1,001, GOTHBG FRN ,000,000 18,011, LANDSHYPOTEK FRN ,000,000 9,035, LANDSHYPOTEK FRN COVERED ,000,000 3,001, LANDSHYPOTEK FRN COVERED ,000,000 15,017, LANDSHYPOTEK FRN COVERED ,000,000 20,016, LANDSHYPOTEK FRN COVERED ,000,000 26,001, LANSFOR HYP COVERED 4.5% ,000,000 3,128, LANSFORAK FRN ,000,000 12,059, LANSFORSAKRINAR BK FRN ,000,000 8,055, LANSFORSAKRINAR BK FRN COVERED ,000,000 10,005, NORDEA COVERED FRN ,000,000 4,000, NORDEA FRN ,000,000 12,990, NORDEA HYP 3.250% ,000,000 32,344, NORDEA HYPO COVERED 4.5% ,500,000 48,759, NORDEA HYPOTEK FRN ,000,000 25,028, NORDEA HYPOTEK FRN COVERED ,000,000 14,009, OREBRO KOMMUN ,000,000 13,009, SBAB 4% COV ,500,000 30,511, SBAB BANK FRN ,000,000 9,078, SBAB FRN ,000,000 12,963, SBAB FRN ,000,000 1,006, SBAB FRN ,000,000 13,057, SCBC COVERED FRN ,000,000 9,023, SEB 4.00% ,000,000 12,734, SEB BOLAN 4.25% ,000,000 27,364, SEB FRN ,000,000 9,030, SHBASS FRN ,000,000 18,001, SPECIALFAST FRN ,000,000 13,017, SPECIALFAST FRN ,000,000 9,098, SPINTAB COVERED FRN ,000,000 18,078, STADSHYPO COVERED FRN ,000,000 9,004, STADSHYPO EMTN COVERED FRN ,000,000 7,016, STADSHYPO FRN 15 23,000,000 23,082, STADSHYPOTEK AB COVERED FRN ,000,000 22,039, STADSHYPOTEK AB FRN COVERED ,000,000 7,004, STADSHYPOTEK COVERED FRN ,000,000 4,003, STADSHYPOTEK COVERED FRN ,000,000 22,040, STADSHYPOTEK COVERED FRN ,000,000 6,002, STADSHYPOTEK COVERED NR % ,000,000 63,750, STADSHYPOTEK LOAN COVERED % ,000,000 56,820, STOCKH FRN ,000,000 14,046, SWEDBANK AB FRN ,000,000 1,007, SWEDBANK COVERED FRN ,000,000 5,007, SWEDBANK FRN ,000,000 30,237, SWEDBANK FRN ,000,000 9,124, SWEDBANK FRN ,000,000 17,036, SWEDBANK FRN ,000,000 11,054, The accompanying notes form an integral part of these financial statements. 59

62 SWEDISH BOND MEGA SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares or nominal value Market Value (in SEK) % of NAV SWEDBANK HYP FRN 14 13,000,000 13,073, SWEDBANK HYP FRN 14 25,000,000 25,134, SWEDBANK HYPOTEK ,000,000 20,141, SWEDBANK HYPOTEK COVERED NR % ,500,000 35,927, SWEDBANK HYPOTHEK SPNTAB FRN ,000,000 16,104, SWEDBANK MORT COVERED 3.75% ,500,000 46,753, SWEDBANK MORTGAGE 3.75% ,000,000 47,669, SWEDEN 0% T BILL ,890,000 8,873, SWEDISH COVERED FRN ,000,000 13,008, SWEDISH T-BILL ,110,000 2,109, SWEDISH T-BILL ,000,000 12,984, ,032,599, TOTAL BONDS 1,032,599, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 1,032,599, II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN SEK STOCKH FRN 14 11,000,000 11,069, ,069, TOTAL BONDS 11,069, TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 11,069, III. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK KOMMUNINVEST CERT ,000,000 15,995, LINKOPINGS STADS FRN ,000,000 5,000, MALMO KOMMUN FRN ,000,000 18,034, SBAB CERT 0% ,000,000 2,996, SBAB CERT 0% ,000,000 24,949, SEB CERT ,000,000 32,912, SEB CERT ,000,000 3,990, SEB CERTIFIKAT 0% ,000,000 9,980, ,859, TOTAL BONDS 113,859, TOTAL OTHER TRANSFERABLE SECURITIES 113,859, TOTAL INVESTMENT, AT MARKET VALUE 1,157,528, CASH 17,956, OTHER NET ASSETS 17,291, TOTAL NET ASSETS 1,192,776, The accompanying notes form an integral part of these financial statements. 60

63 FRN SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Number of shares or nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK ASSA ABLOY FRN ,000, ,003, CITY OF GOTH FRN ,000, ,034, FORTUM CORPORATION FRN ,000, ,099, FORVALTING FRN ,000, ,593, GOTH CITY FRN ,000,000 31,039, GOTH CITY FRN 14 23,000,000 23,015, HELSINGBORG FRN ,000, ,188, LANDSHYPOTEK FRN ,000, ,532, LANDSHYPOTEK FRN COVERED ,000,000 30,013, LANDSHYPOTEK FRN COVERED ,000,000 55,146, LANDSHYPOTEK FRN COVERED ,000, ,106, LANDSHYPOTEK FRN COVERED ,000, ,011, LANSFORSAKRINAR BK FRN ,000,000 84,585, LANSFORSAKRINAR BK FRN COVERED ,000, ,053, NORDEA FRN ,000, ,908, SBAB BANK FRN ,000, ,314, SBAB FRN ,000,000 30,232, SBAB FRN ,000,000 91,740, SBAB FRN ,000,000 18,114, SBAB FRN ,000,000 50,318, SCANIA CV EMTN FRN ,000, ,564, SCANIA FRN ,000,000 40,585, SCBC COVERED FRN ,000, ,902, SCBC COVERED FRN ,000, ,359, SEB FRN ,000, ,822, SHBASS FRN ,000, ,748, SHBASS FRN ,000, ,022, SKANDINAVISKA ENSKILDA FRN ,000,000 51,253, SPECIALFAST FRN ,000,000 50,066, SPINTAB COVERED FRN ,000, ,871, STADSHYPO EMTN COVERED FRN ,000,000 51,119, STADSHYPO FRN ,000, ,512, STADSHYPOTEK AB COVERED FRN ,000, ,350, STADSHYPOTEK COVERED FRN ,000,000 19,017, STADSHYPOTEK COVERED FRN ,000, ,569, STHLM LNDST FRN ,000,000 77,020, STOCKH FRN ,000, ,347, STOCKH FRN ,000, ,792, STOCKHOLM 3.30% ,000,000 26,178, STOCKHOLM LANS 3.7% ,000,000 8,083, SWED HYP COVERED FRN ,000,000 77,234, SWEDBANK FRN ,000, ,329, SWEDBANK FRN ,000, ,775, SWEDBANK FRN ,000,000 20,450, SWEDBANK FRN ,000, ,649, SWEDBANK HYP FRN 13 73,000,000 73,217, SWEDBANK HYP FRN 14 19,000,000 19,107, SWEDBANK HYP FRN ,000, ,549, SWEDBANK HYPOTEK ,000, ,167, SWEDBANK HYPOTEK FRN ,000,000 53,120, The accompanying notes form an integral part of these financial statements. 61

64 FRN SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Number of shares or nominal value Market Value (in SEK) % of NAV SWEDBANK HYPOTHEK SPNTAB FRN ,000, ,572, SWEDEN 0% T BILL ,755,000 44,672, SWEDISH T-BILL ,245,000 24,237, UPPSALA KOMMUN FRN ,000,000 8,006, UPPSALA KOMMUN FRN ,000, ,436, VASTERAS CITY FRN ,000,000 99,992, VOLVO TREASURY AB FRN ,000, ,176, ,039,932, TOTAL BONDS 7,039,932, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 7,039,932, II. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK GÖTEBORG CERT 0% 13 30,000,000 29,965, KOMMUNINVEST CERT ,000,000 3,998, LINKOPINGS STADS FRN ,000, ,010, NORDEA CERT 0% ,000,000 35,929, NORDEA CERT 0% ,000, ,774, SBAB CERT 0% ,000, ,693, SEB CERT ,000,000 79,718, SEB CERTIFIKAT 0% ,000, ,738, SWED CERT 0% ,000,000 19,955, ,785, TOTAL BONDS 844,785, TOTAL OTHER TRANSFERABLE SECURITIES 844,785, TOTAL INVESTMENT, AT MARKET VALUE 7,884,718, CASH 80,091, OTHER NET ASSETS 13,345, TOTAL NET ASSETS 7,978,155, The accompanying notes form an integral part of these financial statements. 62

65 SWEDISH TOTAL RETURN PLUS SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN SEK AKADEMISKA HUS FRN ,000, ,886, CITY OF GOTH FRN 15 91,000,000 92,040, GOTH CITY FRN ,000,000 18,022, GOTHBG FRN ,000, ,115, LANDSHYPOTEK FRN ,000,000 91,359, LANDSHYPOTEK FRN COVERED ,000, ,310, LANDSHYPOTEK FRN COVERED ,000, ,205, LANDSHYPOTEK FRN COVERED ,000, ,019, LANSFOR HYP COVERED 4.5% ,500,000 29,721, LANSFORAK FRN ,000, ,869, LANSFORSAKRINAR BK FRN ,000, ,995, LANSFORSAKRINAR BK FRN COVERED ,000, ,074, NORDEA COVERED FRN ,000,000 41,006, NORDEA FRN ,000, ,899, NORDEA HYP 3.250% ,500, ,689, NORDEA HYP COVERED 4.250% ,000, ,330, NORDEA HYPO COVERED 4.5% ,500, ,647, NORDEA HYPOTEK FRN ,000, ,392, NORDEA HYPOTEK FRN COVERED ,000, ,098, OREBRO KOMMUN ,000, ,117, SBAB 4% COV ,850, ,199, SBAB BANK FRN ,000,000 91,797, SBAB FRN ,000, ,590, SBAB FRN ,000,000 16,101, SBAB FRN ,000, ,607, SCBC COVERED FRN ,000,000 99,261, SEB 4.00% ,000, ,526, SEB BOLAN 4.25% ,000, ,757, SEB FRN ,000,000 91,304, SHBASS FRN ,000, ,020, SPECIALFAST FRN ,000, ,182, SPECIALFAST FRN ,000,000 91,995, SPINTAB COVERED FRN ,000, ,792, STADSHYPO COVERED FRN ,000, ,050, STADSHYPO EMTN COVERED FRN ,000,000 69,162, STADSHYPO FRN ,000, ,177, STADSHYPOTEK AB COVERED FRN ,000, ,418, STADSHYPOTEK AB FRN COVERED ,000,000 69,048, STADSHYPOTEK COVERED FRN ,000,000 21,019, STADSHYPOTEK COVERED FRN ,000, ,511, STADSHYPOTEK COVERED FRN ,000,000 4,001, STADSHYPOTEK COVERED NR % ,000,000 13,878, STADSHYPOTEK COVERED NR % ,228,000,000 1,349,761, STADSHYPOTEK LOAN COVERED % ,000, ,940, STOCKH FRN ,000, ,481, SWEDBANK AB FRN ,000,000 91,719, SWEDBANK COVERED FRN ,000, ,218, SWEDBANK FRN ,000, ,548, SWEDBANK FRN ,000, ,470, SWEDBANK FRN ,000, ,483, The accompanying notes form an integral part of these financial statements. 63

66 SWEDISH TOTAL RETURN PLUS SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV SWEDBANK FRN ,000, ,639, SWEDBANK HYP FRN ,000, ,963, SWEDBANK HYP FRN ,000, ,363, SWEDBANK HYPOTEK ,000, ,429, SWEDBANK HYPOTEK COVERED NR % ,500, ,441, SWEDBANK HYPOTHEK SPNTAB FRN ,000, ,106, SWEDBANK MORT COVERED 3.75% ,400, ,808, SWEDBANK MORTGAGE 3.75% ,000, ,921, SWEDEN 0% T BILL ,405, ,815, SWEDISH COVERED FRN ,000, ,091, SWEDISH T-BILL ,595, ,546, SWEDISH T-BILL ,000, ,852, ,990,815, TOTAL BONDS 13,990,815, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 13,990,815, II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN SEK STOCKH FRN ,000, ,725, ,725, TOTAL BONDS 114,725, TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 114,725, III. OTHER TRANSFERABLE SECURITIES BONDS BONDS IN SEK GÖTEBORG CERT 0% ,000,000 99,886, KOMMUNINVEST CERT ,000, ,954, LINKOPINGS STADS FRN ,000,000 55,004, MALMO KOMMUN FRN ,000, ,351, NORDEA 0% CERTIF ,000, ,784, NORDEA CERT 0% ,000, ,727, NORDEA CERT 0% ,000, ,807, SBAB CERT 0% ,000,000 26,970, SBAB CERT 0% ,000, ,485, SEB CERT ,000, ,088, SEB CERT ,000,000 37,906, SEB CERTIFIKAT 0% ,000, ,790, ,950,756, TOTAL BONDS 1,950,756, TOTAL OTHER TRANSFERABLE SECURITIES 1,950,756, TOTAL INVESTMENT, AT MARKET VALUE 16,056,297, CASH 140,464, OTHER NET ASSETS 85,168, TOTAL NET ASSETS 16,281,930, The accompanying notes form an integral part of these financial statements. 64

67 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) Description Nominal value Market Value (in SEK) % of NAV I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN EUR 3CIF MTN 3.75% ,000,000 17,475, A2A SPA MTN 4.5% ,000,000 8,931, AAREAL BANK 3.25% ,000 4,525, AAREAL BK 4% ,000,000 8,910, ABBEY NAT 4.125% ,000,000 8,894, ABBEY NATIONAL TREASURY SERVICES 3.375% ,000,000 9,121, ABERTIS 4.75% ,500,000 13,613, ABN AMRO 3.375% ,000,000 17,668, ABN AMRO 3.625% ,000,000 9,488, ABN AMRO 4.25% ,000,000 9,475, ABN AMRO 4.625% ,000,000 18,201, ACHMEA 2.375% ,000 6,195, ACHMEA 7.375% 14 2,000,000 18,763, AEGON NV 3% ,750,000 16,087, AEGON NV 4.125% ,000,000 9,119, AIR FRANCE KLM 6.25% ,000 4,507, ALLIANDER PERPETUAL FIX TO FLOAT 4.875% UNTIL 15 THEN FRN 500,000 4,577, ALLIANZ 5.5% WITHOUT FIXED MATURITY 1,000,000 8,832, ALLIANZ 6.5% UNTIL 2015 AND FRN ,000,000 9,438, ALLIANZ FIN 4.375% NO EXPIR DATE 1,000,000 8,637, ALLIANZ FIN II ,000 4,930, ALSTOM 2.875% ,000,000 8,967, ALSTOM 3.875% 16 1,500,000 13,813, ALSTOM EMTN 2.25% ,000,000 8,761, AMERIC EMTN 4.375% ,000,000 9,295, AMERICA MOVIL SAB DE CV 3.75% ,000,000 9,549, AMGEN 2.125% ,000,000 8,808, AMGEN 4.375% ,000 5,001, ANG WATER SVS FINAN 6.25% ,000 5,091, ANGLO AME 2.75% ,000 4,423, ANGLO AMER 5.875% ,000 4,757, ANH BUSCH 2.875% 24 1,000,000 8,948, ANH-BUSCH INBEV 8.625% ,000 5,608, ANZ BANKING 3.75% 1,000,000 9,563, ARCELOR MITTAL 9.375% ,000,000 10,434, AREVA 3.875% ,000,000 9,149, ASIF III 4.75% ,000,000 8,809, ASSICURAZ GENERALI PSA 4.875% EMTN ,000,000 9,088, ATLANTIA 4.375% EMTN ,000 4,596, ATLANTIA 5.625% EMTN ,000 4,776, ATLANTIA SPA 3.375% ,000,000 8,917, ATLAS COPCO 2.625% 19 1,000,000 9,194, AVIVA 5.7% NO MAT 500,000 4,260, AVIVA PLC % PERPETUAL 1,000,000 8,381, AXA 4.50% ,000,000 9,228, AXA MTN 5.777% - VRN ,500,000 12,731, B.A.T 5.875% ,500,000 14,287, BAA FUND NOTES 4.375% ,000,000 9,592, BANCA INTESA SPA 3.75% ,500,000 13,331, BANK OF AMERICA 4% 15 1,000,000 9,129, The accompanying notes form an integral part of these financial statements. 65

68 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV BANK OF AMERICA 4.625% ,000,000 19,387, BANK OF AMERICA 4.75% VAR RATE SUB 1,000,000 8,375, BANK OF AMERICA 4.75% EMTN ,000,000 19,361, BANK OF AMERICA 5.125% ,000,000 9,171, BANK OF AMERICA 7% ,000,000 30,497, BANQUE FEDERATIVE DU CREDIT MUTUEL 3% ,000,000 27,235, BANQUE PSA FINANCE 3.875% ,000,000 8,793, BARC BK 5.25% ,000,000 27,376, BARCLAYS 4% ,000,000 9,558, BARCLAYS 4.5% VRN ,000,000 17,359, BARCLAYS BANK 3.5% ,500,000 22,709, BARCLAYS BANK 6.000% ,000,000 9,758, BARCLAYS MTN 4.125% ,000,000 18,864, BASF 5.125% ,500,000 23,833, BASF FINANCE 5% ,000,000 9,257, BAYER % NO FIXED MATURITY 500,000 4,551, BAYER CAPITAL 4.625% ,000,000 18,385, BBVA 3.875% EMTN ,000 4,354, BBVA EMTN 4.375% ,000,000 8,807, BBVA MTN 4.875% ,000 4,494, BERTELSMANN AG 2.625% ,000,000 8,669, BERTELSMANN AG 7.875% ,000,000 27,651, BFCM 5.000% ,000 1,394, BFCM EMTN 2.875% ,000 4,588, BFCM EMTN 3.25% ,000 4,621, BFCM EMTN 4.25% ,000,000 8,921, BG ENERGY CAPITAL 3% ,000,000 9,332, BHP BILLITON FIN 2.125% EMTN ,000,000 8,953, BILFINGER BERGER SE 2.375% ,000 6,679, BMW FINANCE 3.25% ,000,000 9,220, BMW FINANCE NV EMTN 5% ,000,000 10,246, BMW FINANCIAL EMTN 2.125% 15 1,000,000 8,840, BNP 2.5% ,000,000 8,954, BNP 5.431% ,500,000 14,726, BNP PARIBAS 2.875% 15 1,500,000 13,507, BNP PARIBAS 3.500% ,000,000 9,236, BNP PARIBAS FIX TO FLOAT 4.73% UNTIL THEN FRN PERPETUA 500,000 4,075, BNP PARIBAS FIX TO FLOAT 8.667% UNTIL THEN FRN PERP 500,000 4,402, BNP PARIBAS WITHOUT MATURITY 500,000 4,298, BNP PARIBAS WITHOUT MATURITY 5.019% 250,000 2,039, BNZ INTL FUNDING LTD 4% MEDIUM TERM 500,000 4,792, BOUYGUES 4.75% ,000,000 9,601, BP CAPITAL MARKETS 3.472% ,000,000 9,333, BPCE 1.75% EMTN ,000,000 8,759, BPCE 2% ,000,000 8,759, BPCE 2.875% 15 1,000,000 9,015, BRIT. TELECOM 5.25% ,000,000 9,145, BRITISH AMERICAN TOBACCO 3.625% ,000,000 9,592, BRITISH TELECOM 6.5% ,000,000 9,760, CAMPARI 4.5% 19 1,000,000 9,022, CAPITAL IRELAND PLC 4.375% ,000,000 8,808, CARGILL 1.875% ,000,000 8,688, CARGILL INC 6.25% ,000,000 9,769, CARLSBERG BREW 6% 14 1,000,000 9,209, The accompanying notes form an integral part of these financial statements. 66

69 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV CARREFOUR 1.875% ,500,000 12,906, CARREFOUR 4.375% ,000 8,540, CASINO GUICHARD PERRRACHON 5.5% ,000 4,672, CEZ AS 5.75% 26/05/2015 1,000,000 9,591, CITIGROUP 3.95% ,000,000 8,796, CITIGROUP 4% ,000,000 18,591, CITIGROUP 4.375% EMTN ,000,000 9,640, CITIGROUP 4.75% ,000 4,168, CITIGROUP 4.750% ,500,000 13,310, CITIGROUP 4.750% ,000,000 7,984, CITIGROUP EMTN 3.5% ,500,000 22,795, CLERICAL MED 4.25% NO MATURITY 500,000 3,608, CLOVERIE PLC FIX 6.625% TILL FLOAT ,000 5,208, CNP ASS 4.75% NO MAT 1,000,000 7,337, COCA COLA HBC EMTN 4.25% ,000,000 9,239, COCA-COLA 2% MTN ,000,000 8,731, COLLECTIVITES TERRITORIALES DE FRANCE 4.3% ,000,000 8,693, COMMERZBANK AG 3.875% ,500,000 14,223, COMMERZBANK EMTN 3.625% ,000,000 9,423, COMMERZBANK EMTN 4.75% ,000 4,637, COMPASS 3.125% 19 1,000,000 9,325, COVENTRY BLDG SOCIETY 2.25% ,000,000 8,759, CREDIT AGRICOLE 1.875% EMTN ,000,000 17,441, CREDIT MUTUEL ARKEA 5% EMTN ,000,000 9,941, CREDIT MUTUEL ARKEA 5.375% ,000 4,548, CREDIT SUISSE AG LDN MTN 5.125% ,500,000 25,343, CREDIT SUISSE LONDON 3.875% ,000,000 19,064, CREDIT SUISSE MTN 2.875% ,000,000 18,092, CS MTN 6.125% ,000,000 9,227, CWTH AUSTRALIA 4.25% ,000,000 9,674, DAIMLER AG 1.75% EMTN ,500,000 13,176, DAIMLER AG 6.125% ,500,000 34,205, DANONE 1.125% ,000,000 17,276, DANSKE BANK AS 3.875% ,000 4,669, DANSKE BANK AS 4.750% ,000,000 27,161, DANSKE BK 2.5% ,000 4,445, DELHAIZE GROUP 3.125% ,000,000 17,703, DELTA LLOYD LEVENSV FRN ,000 4,788, DEUT POSTBK 5.983% PERPETUAL NO MATURITY 500,000 3,715, DEUTSCH PFANDBRIEFBANK 2.5% 15 1,000,000 8,775, DEUTSCH POST AG 2.875% ,000,000 8,789, DEUTSCHE BANK 5.125% ,000,000 10,141, DEUTSCHE BANK 9.5% FRN PERPETUAL 1,000,000 9,427, DEUTSCHE BOERSE 2.375% ,000,000 8,808, DEUTSCHE TEL 4% ,000,000 9,123, DEUTSCHE TEL 5.75% ,000,000 9,514, DEUTSCHE TELEKOM 6% EMTN ,500,000 15,293, DNB NOR BANK ASA 4.5% ,000,000 18,138, DONG ENERGY 4.875% ,000,000 10,295, DONG ENERGY 5.5% FIXED TO FLOAT 500,000 4,533, E.ON FINANCE 5.25% ,000,000 19,195, E.ON INTER FIN 5.25% ,000,000 9,157, EDF 5.125% ,000,000 18,710, EDF MTN 2.75% ,000 4,370, The accompanying notes form an integral part of these financial statements. 67

70 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV EDISON 3.875% ,500,000 14,052, EDISON 4.25% ,000,000 8,992, EDISON SPA 3.25% ,000 4,467, EMIXIS EMTN 1.875% ,000,000 8,616, ENAGAS 4.25% 17 1,200,000 10,837, ENBW 7.375% FIX TO FLOAT FROM TO ,000,000 19,153, ENBW INTL FINANCE 4.25% ,000 4,815, ENEL 4.625% ,500,000 13,704, ENEL 5.25% ,000,000 9,130, ENEL 5.25% ,000,000 9,471, ENEL FIN INTL 3.625% EMTN ,500,000 13,362, ENEL FNC 4.875% ,000 4,640, ENI 5% EMTN 16 1,000,000 9,570, ENI 5.875% ,500,000 13,571, EON INTL 5.5% ,000,000 19,539, EP ENERGY 5.875% ,000,000 9,265, ERSTE GROUP MTN 4.25% ,000 4,701, ESB FINANACE 4.375% EMTN ,000 6,837, ESB FINANACE 6.25% EMTN ,500,000 14,799, EUTELSAT 4.125% ,000 4,780, EVERYTHING EVERYWHERE FINANCE PLC 3.25% ,000,000 8,932, EVERYTHING EVERYWHERE LTD 3.5% ,000,000 9,056, EVONIK INDUSTR VRN 7.000% ,000,000 9,491, F. VAN LANSCHOT 2.875% EMTN ,000 4,377, FCE BANK 4.75% 15 2,000,000 18,264, FIAT FIN 7.75% EMTN ,000 4,563, FON REG 3.875% ,000,000 9,117, FONCIERE LYONNAISE 3.5% ,000 1,781, FORTIS 4% EMTN ,000,000 18,266, FORTIS 4.5% EMTN 14 2,000,000 18,060, FORTIS 4.625% 1,000,000 8,188, FORTIS 5.757% EMTN ,500,000 14,515, FRANCE TELECOM 4.75% ,000,000 19,586, G4S FIN 2.625% 18 2,250,000 19,327, G4S INTL FIN 2.875% ,000,000 8,876, GAS NATURAL 5% ,000 4,736, GAZ CAPITAL 3.755% GAZPROM OAO REG S SENIOR 2,000,000 18,212, GAZ CAPITAL 5.875% ,500,000 14,104, GAZPROM 5.440% ,000,000 9,742, GAZPRU 8.125% ,500,000 14,590, GDF SUEZ 5% EMTN 15 1,000,000 9,359, GDF SUEZ 5.625% ,500,000 14,708, GE CAP 2% EMTN ,000,000 8,806, GE CAP 4.625% FIX TO FLOAT ,000,000 8,427, GE CAP EUROPEAN FUNDING 2.875% ,000,000 9,191, GE CAP EUROPEAN FUNDING 6% ,000,000 10,698, GE CAP EUROPEAN FUNDING 4.750% ,000,000 45,616, GE CAP FIX 5.5% TO FLOAT EUR3M + 2% ,000 4,285, GE CAPITAL 4.125% EMTN ,000,000 19,050, GE CAPITAL 4.25% EMTN ,000,000 8,923, GE CAPITAL EUROPEAN FUNDING 3.75% ,000,000 9,329, GECINA 4.25% ,000 4,625, GENERALI 4.75% ,500,000 13,439, GENERALI FIN FIXED 5.317% UNTIL AFTER VAR RATE 1,000,000 7,421, The accompanying notes form an integral part of these financial statements. 68

71 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV GENERALI FINANCE BV 5.479% UNTIL 2017 THEN VAR RATE 500,000 3,671, GERRESHEIMER 5% ,000,000 9,642, GLAXOSMITH MTN ,000,000 18,597, GLENCORE FNC EMTN 5.25% ,000 4,442, GOLD SACHS 4.5% 17 1,000,000 9,443, GOLDMAN SACHS 4% ,000,000 18,106, GOLDMAN SACHS 4.375% ,000,000 9,412, GOLDMAN SACHS 4.5% ,000,000 9,328, GOLDMAN SACHS 4.5% ,000,000 9,335, GOLDMAN SACHS 4.75% ,000,000 17,841, GOLDMAN SACHS 5.125% ,000,000 18,345, GROUPE AUCHAN 2.375% ,500,000 12,973, HAMMERSON 2.75% ,000,000 8,867, HAMMERSON 4.875% ,000 4,671, HANNOVER FINANCE SA 5% UNTIL 06/15 THEN FRN PERP 1,000,000 8,832, HENKEL 5.375% FIX TO FLOAT 500,000 4,629, HOLCIM FIN 9% 14 1,000,000 9,428, HSBC 3.75% ,000 4,751, HSBC 3.75% ,500,000 23,060, HSBC 4.5% 30/04/2014 1,000,000 9,034, HSBC 4.500% ,000 4,767, HSBC 4.875% ,500,000 13,463, HSBC 4.875% ,000,000 9,871, HSBC 6.250% ,000 5,153, HSBC BANK 3.125% ,000,000 9,378, HSBC CAP FUND NON CUMUL PERPETUAL 1,500,000 12,909, HSBC FIXTOFLOAT 5.13% ,000 4,289, HSBC MTN 3.875% ,500,000 14,039, HUTCH WHAMPOA 2.500% ,000,000 18,072, HUTCH WHAMPOA 4.750% ,000,000 9,752, HUTCHISON FIN 4.625% ,000 4,855, IBERDROLA INTERNATIONAL BV 4.5% ,800,000 16,867, IBREDROLA 3.5% EMT15 500,000 4,484, IMP TOBACCO 8.375% 2,500,000 26,071, IMPERIAL TOBACCO FRN ,000,000 9,492, ING 4% ,000,000 9,472, ING BANK 3.5% 20 1,000,000 8,462, ING BANK ,000,000 18,736, ING BANK 4.625% 19 1,000,000 8,515, ING BANK NV 2.125% ,500,000 22,104, ING BANK NV 3.375% ,500,000 13,551, ING GROEP NV 4.75% ,000,000 9,850, INTESA S.PAOLO 3.25% ,000 4,370, INTESA SAN PAOLO 3.875% EMTN ,000 6,206, INTESA SANPAOLO 3.375% 15 1,050,000 9,234, INTESA SANPAOLO 5.375% ,150,000 19,131, INTESA SANPAOLO BANK EMTN 4% ,000,000 17,781, INTESA SANPAOLO EMTN 4.875% ,000,000 18,170, INVESTOR MTN 4% ,000,000 9,415, IPIC GMTN 4.875% ,000,000 9,557, JP MORGAN 3.75% ,000,000 9,403, JPM 3.875% FIX TO FLOAT TILL ,500,000 12,435, JPM 4.625% FIX TO FLOAT TILL ,000,000 8,362, JPMORGAN CHASE EMTN 2.75% ,000,000 17,780, The accompanying notes form an integral part of these financial statements. 69

72 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV JPMORGAN CHASE EMTN 6.125% ,000,000 27,484, JPMORGAN CHASE FRN ,000 4,187, JTI FIN EMTN 4.5% ,000,000 9,003, KBC IFIMA 4.500% ,000,000 18,123, KBC IFIMA 5% EMTN ,000 4,764, KESKO 2.75% ,000,000 8,731, KLEPIERRE 2.75% ,300,000 11,398, KONINKLIJKE 6.5% 1,000,000 9,807, KONINKLIJKE KPN NV 4% ,000,000 9,135, KONINKLIJKE KPN NV 7.50% EMTN ,000 5,475, KRAFT FOODS 6.25 % ,000,000 9,573, LAGARDERE SCA 4.125% ,000,000 8,966, LANXESS FINANCE 4.125% ,000 4,875, LEASE EMTN 2.5% ,000,000 8,851, LEASEPLAN EMTN 4.125% ,000,000 9,049, LEG&GEN FIX TO FLOAT ,000,000 8,592, LINDE FIN 7.375% ,000,000 10,072, LINDE FINANCE 6.75% ,000,000 10,107, LLOYDS 3.375% EMTN ,000 4,524, LLOYDS 5.875% ,000 4,554, LLOYDS TSB % 21 1,500,000 16,191, LLOYDS TSB 4.625% 17 1,500,000 14,530, LLOYDS TSB BANK PLC 3.750% ,000,000 9,206, LLOYDS TSB BANK PLC 6.25% ,000,000 9,194, LLOYDS TSB BANK PLC 6.375% ,000,000 20,136, MAN 2.125% EMTN ,000 3,578, MAN 7.25% ,000,000 10,332, MAPFRE 5.125% ,000 4,502, MEDIOBANCA 3.75% ,000,000 8,786, MEDIOBANCA 3.75% ,000 4,389, MERCK FINANCIAL SERVICES GMBH 3.375% ,000,000 18,169, MERRILL LYNCH 4.625% ,000,000 17,617, MERRILL LYNCH 4.875% ,000,000 27,087, METRO 3.5% ,000 2,756, METRO 7.625% EMTN 15 2,500,000 24,275, METRO AG 5.75% 500,000 4,583, MICHELIN 8.625% ,000 7,590, MICHELIN LUXEMBOURG MTN 2.75% ,000 4,521, MORG STAN 5.5% 17 1,500,000 14,709, MORGAN STANLEY 3.75% ,250,000 11,453, MORGAN STANLEY 4% ,000,000 9,114, MORGAN STANLEY 4.375% ,000,000 9,299, MORGAN STANLEY 4.5% ,500,000 23,096, MORGAN STANLEY 4.500% ,000,000 18,135, MORGAN STANLEY FRN ,000,000 8,559, MUNICH RE 5.767% FIX UNTIL TO FLOAT PE 1,000,000 9,099, MUNICH RE 6% FIX UNTIL TO FLOAT ,000,000 10,304, NAT AUSTRALIA 5.5% ,000,000 9,553, NATIONAL AUSTRALIA BANK 3.5% ,000,000 18,166, NATIONAL GRID 3.250% ,000,000 27,227, NATIONAL GRID 6.5 % ,000 2,767, NATIONWIDE BUILD 3.125% ,000 6,945, NATIONWIDE BUILD 3.75% ,000,000 9,082, NATIXIS 4.125% EMTN ,000 4,512, The accompanying notes form an integral part of these financial statements. 70

73 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV NATIXIS 4.5% EMTN ,000,000 8,241, NEDERLANDSE GASUNIE 2.625% ,000,000 9,009, NEDERLANDSE GASUNIE 4.25% ,000 4,805, NEDERLANDSE GASUNIE N.V % ,500,000 12,969, NESTLE 1.5% EMTN ,000,000 8,773, NESTLE FIN 0.75% ,000,000 8,648, NOMURA 5.125% ,000,000 9,136, NORDEA 4.5% EURO MEDIUM TERM NOTES SERIES 107 SENIOR 1,000,000 9,058, NORDEA 4.625% EMTN ,500,000 13,937, NORDEA BANK 2.25% EMTN ,500,000 13,507, NORDEA BANK 3.625% ,000,000 9,309, NORDEA BANK AB 3.750% ,000,000 9,516, NORDEA BANK AB 6.250% ,000,000 8,856, NY LIFE GLOBAL FUNDING 4.375% ,000 4,855, NYKREDIT BANK AS 3.500% ,000 5,427, OMV AG 6.750% ,000,000 9,561, ORIGIN ENERGY 2.875% EMTN ,000 6,700, PERNOD RICARD 4.875% ,500,000 14,321, PERNOD RICARD 5% ,000 4,921, PERNOD-RICARD 7% ,000,000 9,608, PETROLEOS MEXICANOS PEMEX ,000,000 9,795, PETROLEOS MEXICANOS PEMEX 6.375% ,000 4,985, PFIZER 4.75% - 03/06/2016 1,000,000 9,732, PFIZER 4.75% ,000,000 27,868, PGNIG FIN 4% ,000 4,489, PHILIP M 5.875% ,000,000 9,765, PHILIP MORRIS 2.125% ,000 5,338, POHJOLA BANK 3.125% ,000 4,514, POHJOLA BANK 4.5% REG S SERIES 99 SENIOR 1,000,000 9,054, POHJOLA BANK PLC 3.125% ,000 4,583, POHJOLA BK 2.625% ,000 8,233, PPR 3.125% ,000 4,654, PPR 3.75% ,000,000 9,118, PROCTER AND GAMBLE 4.875% ,500,000 16,565, PROCTER&GAMBLE 5.125% 17 2,000,000 20,580, RABOBANK 3% ,500,000 22,592, RABOBANK 3.375% 17 2,000,000 18,757, RABOBANK 3.875% ,000,000 46,988, RABOBANK 4.25% ,000,000 9,649, RABOBANK 4.25% ,000,000 9,014, RABOBANK ,000,000 47,734, RABOBANK 4.375% ,500,000 31,296, RAIFFAISEN BANK 3.625% EMTN ,000,000 8,845, RAIFFEISEN ZENTRALBANK OESTERREICH 4.5% EMTN ,000 4,001, RBS 4.25% EMTN 16 2,000,000 18,818, RBS 4.75% ,000,000 8,911, RBS 4.875% EMTN ,000 4,485, RBS 5.250% ,470,000 21,563, RBS 5.75% EMTN ,000,000 18,295, RCI BANQUE 4% ,000,000 9,161, RCI BANQUE 4% ,000,000 8,804, RCI BANQUE ,000,000 9,079, RENAULT 4.625% ,000,000 8,998, RENAULT EMTN 4.625% ,000 4,483, The accompanying notes form an integral part of these financial statements. 71

74 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV RENAULT EMTN 4.625% ,000 4,485, RENAULT EMTN 6% ,000 4,579, RENTOKIL INITIAL 3.375% EMTN ,000,000 17,835, REPSOL EMTN 6.5% ,000 4,554, ROCHE HOLDING 5.625% ,000 5,035, ROYAL BANK OF SCOTLAND 6.934% ,000,000 9,701, ROYAL BANK SCOTLAND 4.35% EMTN ,000 4,405, ROYAL BANK SCOTLAND 4.875% ,000,000 9,721, ROYAL BK FIX TO VARIABLE 1,000,000 10,541, ROYAL BK SCOT 4.875% ,500,000 14,067, RWE AG FIX TO FLOAT 3,000,000 26,245, RWE FIN 6.25% EMTN ,000 5,032, SABMILLER PLC ,000 4,627, SAMPO 4.25% EMTN ,000 4,725, SANPAOLO 3.75% EMTN ,000 3,294, SANTANDER 3.5% ,000,000 8,696, SANTANDER 4.5% ,000,000 17,737, SANTANDER ISS ,000 3,646, SANTANDER MTN 3.5% ,500,000 13,048, SAP 1% 15 1,000,000 8,612, SAP 2.250% ,000,000 8,700, SAP 2.50% ,000 4,386, SAP 3.5% ,000,000 9,326, SCOTTISH & SOUTHERN ENERGY 5.025% FRN PERPETUAL 500,000 4,459, SEB 1.875% 19 2,000,000 17,352, SEB 2.500% ,000 4,482, SEB 4% ,000,000 18,158, SEB 5.5% ,000,000 9,158, SEB EMTN 9.250% PERP FIX TO FLOAT 500,000 4,722, SEB EMTN FRN ,000 6,499, SHELL INT 4.5% ,000,000 9,623, SIEMENS 5.125% ,000,000 20,138, SIEMENS 5.25% FIX 5.25% UNTIL THEN FRN 500,000 4,783, SNAM 2% 15 1,000,000 8,674, SNS BANK 4.625% ,000 4,412, SOC GEN EMTN 3% ,000,000 8,962, SOCIETE GEN 3.75% ,000,000 8,997, SOCIETE GENERALE 2.375% ,000,000 8,870, SOCIETE GENERALE 4% ,000,000 9,367, SOLVAY FIX % TO FLOAT MATURITY ,000 4,647, SPBK 3.5% EMTN ,000 4,606, SSE PLC FIX TO FLOAT 5.625% UNTIKL THEN FRN 1,000,000 9,122, ST GOBAIN 3.625% ,500,000 13,385, ST GOBAIN 4.75% EMTN ,000 4,841, STAND CHART 1.75% 17 1,500,000 13,138, STANDARD CHARTERED 3.625% ,000,000 8,806, STANDARD CHARTERED 3.875% ,000,000 9,452, STANDARD CHARTERED BANK 5.875% ,000,000 10,025, STATKRAFT 4.625% MTN ,000 4,947, STD CHART 3.625% ,000,000 9,266, STD CHARTERED 5.75% ,000,000 9,158, STOCK LAND 2.125% 22 4,000,000 35,158, SUEZ ENVIRONMENT FIX TO VAR 4.82% UNTIL VAR AFTER 1,000,000 8,763, SVENSKA HANDELSBANK EMTN 17 1,000,000 9,453, The accompanying notes form an integral part of these financial statements. 72

75 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV SVENSKA HANDELSBANKEN 2.625% EMTN ,000,000 8,887, SVENSKA HANDELSBANKEN FIX TO FLOAT PERP 4.194% UNTIL ,000 7,824, SWEDBANK 1.75% ,000,000 8,772, SWEDBANK 2.375% 16 2,500,000 22,441, SWEDBANK 3.375% ,000,000 9,350, SWEDBANK COVERED 3% ,000,000 34,808, TELECOM ITALIA 4.5% ,500,000 13,774, TELECOM ITALIA 7% ,000,000 9,981, TELECOM ITALIA 8.25% ,000,000 10,162, TELEFON ERICSSON 5.375% ,000 4,987, TELEFONICA 3.406% ,000,000 8,886, TELEFONICA 4.375% ,000,000 9,147, TELEFONICA 4.674% 14 1,000,000 8,868, TELEFONICA 4.75% ,000,000 18,638, TELEFONICA 4.967% 16 2,000,000 18,548, TELEFONICA 5.811% EMTN ,000,000 9,753, TELEFONICA EMIS SA 5.431% 500,000 4,468, TELEFONICA EMIS SA 5.496% ,000,000 18,854, TELEFONICA EMISIONES SA 3.661% ,000,000 8,967, TELEKOM 6.375% ,500,000 14,708, TELIASONERA 4.125% ,000,000 9,273, TELSTRA 4% ,000,000 9,738, TENNE T 6.655% ,000,000 9,186, TENNE T HOLDING B.V % 500,000 5,087, TERNA EMTN 2.875% ,000,000 8,885, TERNA EMTN 4.125% ,000 4,684, THALES 2.750% ,000,000 9,049, TORONTO DOMINION BK 5.375% ,500,000 14,335, TOYOTA 6.625% ,000,000 10,145, TWUCFH 3.25% ,000 4,652, UBI BANCA 3.875% ,000 4,310, UBS 6.250% ,000,000 8,917, UBS FIX TO FLOAT 7.152% TILL THEN FRN PERP 250,000 2,342, UBS FIX/FLOAT 4.125% ,000 2,593, UBS JERSEY BRANCH 4.5% ,500,000 13,244, UBS MTN 3.5% ,000,000 18,319, UBS MTN 5.625% ,000,000 27,500, UBS PERPETUAL FIX-TO FLOAT 4.28% UNTIL 04/15 THEN FLOATING 500,000 4,121, UNIBAIL ROD 2.25% 18 1,500,000 13,302, UNIBAIL ROD 3% EMTN ,000 4,602, UNICREDIT 4.375% ,000 4,425, UNICREDIT 4.375% EMTN ,500,000 22,627, UNICREDIT 4.5% EMTN ,000 4,109, UNICREDIT 6% ,000 4,489, UNICREDITO MTN 5.25% ,000 4,457, UNIONE DI BANCHE UBIIM 3.75% ,000,000 8,769, VATTENFALL AB 5.25% EMTN ,000,000 9,798, VATTENFALL VRN 5.25% NO EXP. DATE 1,500,000 13,702, VERBUND INT FIN 4.75% ,000 4,678, VINCI 4.125% EMTN 17 1,000,000 9,590, VIVENDI 4% ,500,000 14,058, VODAFONE 6.25% ,000,000 9,993, VOESTALPINE 4% 18 2,000,000 18,069, VOITH AG 5.375% ,000 5,013, The accompanying notes form an integral part of these financial statements. 73

76 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV VOLKSWAGEN ,000,000 18,274, VOLKSWAGEN EMTN 3.5% ,000,000 9,059, VOLKSWAGEN INT FINANCE NV 7 % ,500,000 15,229, VOLKSWAGEN LEASING 2.75% ,000,000 17,994, VOLVO 5% MTN ,000,000 9,846, VOLVO TREASURY 9.875% ,500,000 14,221, WELLS FARGO 4.375% ,000,000 9,644, WESFARMERS 2.75% MTN ,500,000 13,252, WESPAC 4.25% ,000,000 9,633, WESTPAC BK 3.875% ,000,000 9,559, WPP 6.625% ,000,000 10,074, XSTRATA CANADA FIN CORP 6.25% ,000,000 9,591, XSTRATA FINANCE DUBAI LT 1.5% ,000 4,286, XSTRATA FINANCE DUBAI LT 2.375% ,000 4,316, ZURICH FINANCE 6.5% 1,000,000 9,896, ,369,932, BONDS IN GBP BP CAPITAL MARKET 2.177% ,000,000 8,938, DANSKE BANK AS ,000 5,183, NATIONAL AUSTRALIA BANK LTD 3.625% ,000,000 11,391, S.GÉNÉRALE 3.875% ,000,000 11,067, SVENSKA HANDELSBANKEN 5.500% ,000,000 11,932, ,514, BONDS IN SEK FORTUM CORPORATION FRN ,000,000 10,072, FORVALTING FRN ,000,000 15,084, HUSQVARNA FRN ,000,000 8,050, LE LUNDBERGFORETAGEN AB 3.05% ,000,000 10,155, MEDA AB FRN ,000,000 25,135, NORDEA BANK 2.710% ,000,000 15,181, NORDEA HYP 3.000% ,000, ,165, NORDEA HYP 3.250% ,000,000 20,867, NORDEA HYPOTHEK COVERED 4% ,000,000 31,167, PEAB FIN FRN ,000,000 4,989, SEB 4.00% ,000,000 53,059, SEB 4.25% ,000, ,595, SEFYR VAERME 7% ,000,000 10,614, SKANDINAVISKA ENSKILDA BANKEN 3% ,000,000 62,978, SKANSKA FIN FRN ,000,000 15,044, SSAB 4.875% ,000,000 20,013, STADSHYPOTEK COVERED NR % ,000,000 49,461, STADSHYPOTEK COVERED NR % ,000,000 48,482, STADSHYPOTEK COVERED NR % ,000,000 40,396, STADSHYPOTEK COVERED NR % ,000, ,735, SWEDBANK MORTGAGE AB 3.75% ,000, ,060, SWEDBANK MORTGAGE AB 3.75% 17 60,000,000 64,774, TELE 2 EMTN 4.875% 17 15,000,000 15,833, ,071,920, TOTAL BONDS 6,490,367, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 6,490,367, The accompanying notes form an integral part of these financial statements. 74

77 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV II. TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET BONDS BONDS IN EUR 3CIF FRN ,000,000 8,655, ACCOR 2.875% 17 1,000,000 8,910, AIR LIQUIDE FINANCE 2.125% ,000 6,086, AKZO NOBEL 4% EMTN ,000 7,262, ALLIANZ 4% ,000,000 9,658, AP MOELLER 3.375% 19 1,500,000 13,534, ATLANTIA EMTN 4.5% ,000,000 9,353, AUTOROUTE PARIS RHIN RHONE 5.125% 18 1,500,000 14,751, BANCA INTESA SPA 4.125% ,500,000 22,444, BANQUE PSA 4.25% ,000 4,435, BANQUE PSA 6% ,000,000 9,050, BBVA 4.375% FIX TO FLOAT TO ,000,000 7,297, BMW FIN 3.25% EMTN 19 2,500,000 23,607, BNP 2.875% 17 1,000,000 9,193, BNP PARIBAS 3% 17 1,000,000 9,194, BOUYGUES 4.5% 22 1,000,000 9,767, BPCE 3.75% 17 1,000,000 9,486, BRE FINANCE FRANCE SA 2.75% ,000,000 8,636, CARLSBERG 2.625% ,000 4,479, CATERPILLAR 2.750% ,000 6,198, CATERPILLAR INT 1.375% EMTN ,500,000 13,091, CEZ 3.625% EMTN ,000 4,685, CM ARKEA 4.5% ,000 4,863, CREDIT AGRICOLE EMTN 3% ,500,000 13,532, DAIMLER 2.625% ,000,000 9,109, DANSKE BK 3.875% 17 1,000,000 9,437, DEUTSCH POST FINANCE B.V % ,000,000 17,771, DNB BK 4.75% EMTN ,500,000 14,383, DVB BANK 2.5% ,000 4,436, E.ON INTL 6.375% ,000 5,264, ELM 5.252% - NO EXPIR. DATE 500,000 4,414, ERSTE GROUP 3.375% EMTN 17 1,000,000 9,302, EWE EMTN 4.875% ,000 5,059, FRANZ HANIEL 6.25% 18 1,000,000 9,583, GLENCORE 5.25% ,000,000 9,654, HEINEKEN 2.5% 19 1,000,000 9,042, HOLCIM 2.625% EMTN ,000 4,367, IBERDROLA EMTN 4.75% ,000,000 18,554, IBERDROLA FINANZAS SAU 3.875% ,000,000 8,831, IBERDROLA INTERNATIONAL BV 4.25% ,500,000 13,957, IBM 1.375% 19 3,500,000 29,876, ING 4% ,000,000 26,321, ING BANK 4.25% EMTN ,000 4,816, INT SAN BK 4% ,000 6,101, INTESA SANPAOLO 5% ,000 6,485, INTESA SANPAOLO EMTN 4.375% ,000 4,423, KBC IFIMA 3% 16 2,000,000 18,077, KBC IFIMA 3.625% EMTN ,000,000 26,531, KBC IFIMA 3.875% ,000,000 18,142, KBC IFIMA 4.5% 17 1,000,000 9,563, The accompanying notes form an integral part of these financial statements. 75

78 CORPORATE BOND SUB-FUND Statement of Investments and other net assets at December 31, 2012 (in SEK) (continued) Description Nominal value Market Value (in SEK) % of NAV KBC IFIMA EMTN 4.375% ,000,000 9,280, LINDE 1.75% EMTN ,000 3,457, LINDE FINANCE BV % 1,500,000 14,259, LOTTOMATICA SPA 3.500% ,000 1,765, MAN EMTN 1% ,000,000 8,657, NATIONAL AUSTRALIA BANK 4.75% ,000 4,871, RAIFFAISEN BANK 2.875% EMTN ,000 4,466, RCI BANQUE EMTN 5.625% ,000 4,667, RENAULT EMTN 4.25% ,000 6,973, REPSO EMTN 4.375% ,000 4,624, REPSOL EMTN 4.25% ,000,000 9,164, ROBERT BOSCH 4.375% 19/05/2016 1,000,000 9,645, ROCHE FINANCE 2% EMTN ,000 6,774, SANOFI 1% ,000 4,319, SANTANDER 4.000% ,000 4,421, SANTANDER 4.375% 14 3,000,000 26,385, SANTANDER 4.625% EMTN ,000,000 17,948, SANTANDER US DEBT 3.381% EMTN ,000,000 8,662, SHB 2.25% EMTN 18 1,000,000 9,014, SNAM SPA 4.375% ,500,000 13,990, SPAREBANK ASA 2.000% ,000 4,373, SPAREBANKEN 1 SR 3.5% ,000 4,658, SWISS RE EMTN 7.000% ,000,000 9,323, TDC 3.5% ,000,000 9,054, TDC 4.375% ,000,000 9,773, TELECOM ITALIA 6.125% ,000 4,914, TVO POWER 4.625% 19 1,000,000 9,750, UBS LONDON 3.125% ,000,000 9,161, UNICREDIT 4.875% EMTN ,000,000 9,212, UNICREDIT 6.95% EMTN ,000 4,482, VIVENDI 4.125% EMTN 17 3,000,000 28,298, VW FIN 1.875% EMTN ,500,000 31,000, WELLS FARGO 4.125% ,000,000 9,639, WILLOW NO % ,000 4,644, ,330, TOTAL BONDS 863,330, TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 863,330, TOTAL INVESTMENT, AT MARKET VALUE 7,353,697, CASH 99,009, OTHER NET ASSETS 276,580, TOTAL NET ASSETS 7,729,287, The accompanying notes form an integral part of these financial statements. 76

79 Notes to the financial statements at December 31, 2012 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the SICAV have been prepared in accordance with generally accepted accounting principles in Luxembourg applicable to UCITS and other UCIs. A. Valuation policy Securities admitted to official listing on a stock exchange or which are traded on another regulated market which operates regularly and is recognized and open to the public in Europe, North or South America, Asia, Australia, New Zealand or Africa are valued on the basis of the last known available price. If the same security is 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. As of December 31, 2012, the SICAV had portfolio securities priced using theoretical models as follows: Sub-Funds % of Total Portfolio % of net assets Swedbank Robur International SICAV Total Return Fixed Income Sub-Fund Swedbank Robur International SICAV Swedish Liquidity Sub-Fund Swedbank Robur International SICAV Swedish Bond Mega Sub-Fund Swedbank Robur International SICAV FRN Sub-Fund Swedbank Robur International SICAV Swedish Total Return Plus Sub-Fund Swedbank Robur International SICAV Corporate Bond Sub-Fund Cash and cash equivalent are valued at their nominal value plus accrued interest. Unexpired futures contracts are valued at their last known price on the date of valuation or on closing date and unrealised appreciations or depreciations resulting from them are recorded in the statement of net assets. Unexpired forward foreign exchange rate contracts are valued at the forward foreign exchange rates applicable on the valuation date or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the statement of net assets. The liquidating value of forward rate agreement is determined by the difference of the contract rate and the expected forward rate at maturity date. This difference is applied to the notional amount of the contract and discounted using the inter-banking rates based on remaining life period. B. Currency translation policy The financial statements of the SICAV are expressed in Swedish Krona (SEK). The market value of investments and other assets and liabilities expressed in currencies other than SEK have been converted at the exchange rates ruling at December 31, The costs of investments and transactions in currencies other than SEK have been converted at the exchange rates ruling at the transaction date. Profits and losses arising from foreign exchange transactions are included in the statement of operations. Exchange rates prevailing at December 31, 2012 were as follows: AUD SEK LTL SEK BRL SEK LVL SEK CAD SEK MAD SEK CHF SEK MYR SEK CZK SEK NGN SEK DKK SEK NOK SEK 77

80 Notes to the financial statements at December 31, 2012 (continued) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Currency translation policy (continued) EGP SEK NZD SEK EUR SEK PHP SEK GBP SEK PLN SEK HKD SEK RSD SEK HUF SEK RUB SEK IDR SEK SGD SEK ILS SEK THB SEK INR SEK TND SEK ISK SEK TRY SEK JPY SEK TWD SEK KES SEK USD SEK KRW SEK ZAR SEK KZT SEK C. Income recognition policy Realized gains and losses on sales of securities are determined on the basis of the average cost of securities sold. Realized gains and losses on Futures Rates Agreements and Foreign Exchange Trades are determined on the basis of the forwarded and foreign exchange rates prevailing at the settlement date. Dividends are recognized as income on the date securities are first quoted ex-dividend. Interest is accrued on a daily basis and calculated in accordance with the settlement day valuation method. The settlement day valuation method is widely used for fixed income funds in Scandinavia. In order to reflect the impact of settlement lags incurred by a fixed-income fund in its payable securities and receivable securities accounts, a number of days are added to the fund s fixed income component for the calculation of accrued interests. This number of days corresponds to the settlement lag of the fixed-income security belonging to a specific market, usually 1, 2 or 3 days. 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. D. NAV calculation policy The Net Asset Value of each Sub-Fund is expressed in SEK, except for Swedbank Robur International SICAV Euro Bond and Swedbank Robur International SICAV Russian Equity Sub- Funds which are expressed in Euros (EUR), 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. The difference between the opening net assets stated at the rate of exchange used for translation into SEK as of December 31, 2011 and December 31, 2012 is shown as currency revaluation in the combined statement of operations and changes in net assets. 78

81 Notes to the financial statements at December 31, 2012 (continued) 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 0.01% for Swedbank Robur International SICAV Russian Equity Sub-Fund and 0.05% for the other Sub-Funds based on the Net Asset Value at the end of each quarter. The reduced rate applied to the Swedbank Robur International SICAV Russian Equity Sub- Fund is based on the application of the Chapter 23 of the law of 2010; the JPY class of the Sub- Fund being dedicated to only one investor which is an institutional investor. NOTE 3 INVESTMENT ADVISORY FEES In consideration for its services, the Investment Advisor is paid monthly in arrears fees based on the average net asset value. At December 31, 2012, the maximum annual investment advisory rates are: 1.300% for Swedbank Robur International Global Equity Sub-Fund until August 27, 2012; 1.000% for Swedbank Robur International Global High Dividend Sub-Fund (formerly Swedbank Robur International Global Equity Sub-Fund) as from August 28, 2012; 1.300% for Swedbank Robur International European Equity Sub-Fund; 1.900% for Swedbank Robur International Russian Equity Sub-Fund; 1.100% for Swedbank Robur International Tomorrow Equity Sub-Fund; 1.900% for Swedbank Robur International Africa Equity Sub-Fund; 1.300% for Swedbank Robur International Global Bond Sub-Fund 1.300% for Swedbank Robur International Total Return Fixed Income Sub-Fund as from June 18, 2012, (1.200% until June 17, 2012); 0.750% for Swedbank Robur International Swedish Liquidity, Swedish Bond Mega, FRN, Swedish Total Return Plus Sub-Funds as from June 18, 2012, (1.300% until June 17, 2012); 1.300% for Swedbank Robur International Euro Bond Sub-Fund; 1.300% for Swedbank Robur International Corporate Bond Sub-Fund. The Swedbank Robur International Total Return Fixed Income Sub-Fund invests in Sub-Funds of Swedbank Robur International II: Swedbank Robur International Currency Hedge and Swedbank Robur International Global Macro Hedge. The management fees of those two Sub- Funds amount to 0.956%. The Investment Advisor / Investment Manager retrocedes to Swedbank Robur International Total Return Fixed Income Sub-Fund all advisory and administration fees earned due to its investment in other investments funds (Swedbank Robur International II Global Macro Hedge and Swedbank Robur International II Currency Hedge) advised. NOTE 4 COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS An issue commission of the Net Asset Value may be charged to the investors by the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch upon subscribing for shares in the following Sub-Funds: Swedbank Robur International Russian Equity Sub-Fund, Swedbank Robur International Eastern European Equity Sub-Fund, and Swedbank Robur International Mix Sub-Fund. 79

82 Notes to the financial statements at December 31, 2012 (continued) NOTE 4 COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS (CONTINUED) A maximum of: From SEK 1 to 19, % From SEK 20,000 to 49, % From SEK 50,000 to 499, % From SEK 500,000 to 999, % From SEK 1,000,000 to 1.50% An issue commission of maximum 1% since June 18, 2012 of the Net Asset Value may be charged to the investors by the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch upon subscribing for shares in the following Sub-Funds: Swedbank Robur International Swedish Bond Mega Sub-Fund, No issue commission will be charged to the investors upon subscribing for shares in the following Sub-Funds: Swedbank Robur International Global High Dividend Sub-Fund, Swedbank Robur International European Equity Sub-Fund, Swedbank Robur International Tomorrow Equity Sub-Fund, Swedbank Robur International Africa Equity Sub-Fund, Swedbank Robur International Global Bond Sub-Fund, Swedbank Robur International Total Return Fixed Income Sub-Fund, Swedbank Robur International Swedish Liquidity Sub-Fund, Swedbank Robur International Euro Bond Sub-Fund, Swedbank Robur International FRN Sub-Fund, Swedbank Robur International Swedish Total Return Plus Sub-Fund and Swedbank Robur International Corporate Bond Sub-Fund. All shares will be allotted immediately upon subscription and payment must be received by the SICAV within five business days from the relevant Valuation Date. Shares will be repurchased at the respective Net Asset Value of shares of each Sub-Fund. A repurchase commission of maximum 1% may be charged by the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch, upon the redemption of shares in the following Sub-Funds: Swedbank Robur International Russian Equity Sub-Fund, Swedbank Robur International Eastern European Equity Sub-Fund, and Swedbank Robur International Mix Sub-Fund. Shares of any Sub-Fund may be converted into shares of any other Sub-Fund upon written instructions addressed to the Main Distributor or SWEDBANK AB (publ) Luxembourg Branch. No conversion commission will be charged. NOTE 5 DEPOSITARY FEES SWEDBANK AB (publ) Luxembourg Branch from April 17, 2012, has been appointed (SWEDBANK S.A. until April 17, 2012) to act as depositary bank, domiciliary and paying agent. The depositary fees are payable monthly in arrear and are calculated on the average of the Total Net Asset Value of each Sub-Fund during the preceding month. 80

83 Notes to the financial statements at December 31, 2012 (continued) NOTE 5 DEPOSITARY FEES (CONTINUED) Swedbank Robur International Global High Dividend Sub-Fund % Swedbank Robur International European Equity Sub-Fund % Swedbank Robur International Russian Equity Sub-Fund % Swedbank Robur International Tomorrow Equity Sub-Fund % Swedbank Robur International Africa Equity Sub-Fund % Other Sub-Funds % NOTE 6 ADMINISTRATOR FEES The administrator fees are payable monthly in arrear and are calculated on the average of the Total Net Asset Value of each Sub-Fund during the preceding month. At December 31, 2012, annual administrator fee rates are: Swedbank Robur International Global High Dividend Sub-Fund % Swedbank Robur International European Equity Sub-Fund % Swedbank Robur International Russian Equity Sub-Fund % Swedbank Robur International Tomorrow Equity Sub-Fund % Swedbank Robur International Africa Equity Sub-Fund % Other Sub-Funds % NOTE 7 ACCRUED EXPENSES At December 31, 2012, accrued expenses consist of: GLOBAL HIGH DIVIDEND SUB- FUND (SEK) EUROPEAN EQUITY SUB-FUND (SEK) RUSSIAN EQUITY SUB-FUND (EUR) Fees paid to authorities (Note 2) 32, , Advisory fees (Note 3) 213, , , Depositary fees (Note 5) 21, , Administrator fees (Note 6) 21, , , Total 288, , , TOMORROW EQUITY SUB-FUND (SEK) AFRICA EQUITY SUB-FUND (SEK) GLOBAL BOND SUB- FUND (SEK) Fees paid to authorities (Note 2) 6, , , Advisory fees (Note 3) 46, , , Depositary fees (Note 5) 4, , , Administrator fees (Note 6) 16, , , Total 73, , , TOTAL RETURN FIXED INCOME SUB- FUND (SEK) SWEDISH LIQUIDITY SUB-FUND (SEK) EURO BOND SUB- FUND (EUR) Fees paid to authorities (Note 2) 4,742, ,356, , Advisory fees (Note 3) 28,822, ,201, , Depositary fees (Note 5) 501, , Administrator fees (Note 6) 563, , , Total 34,629, ,082, ,

84 Notes to the financial statements at December 31, 2012 (continued) NOTE 7 ACCRUED EXPENSES (CONTINUED) SWEDISH BOND MEGA SUB-FUND (SEK) FRN SUB-FUND (SEK) SWEDISH TOTAL RETURN PLUS SUB- FUND (SEK) Fees paid to authorities (Note 2) 154, ,030, ,061, Advisory fees (Note 3) 474, ,473, ,564, Depositary fees (Note 5) 16, , , Administrator fees (Note 6) 18, , , Total 663, ,734, ,079, CORPORATE BOND SUB-FUND (SEK) Fees paid to authorities (Note 2) 987, Advisory fees (Note 3) 6,293, Depositary fees (Note 5) 103, Administrator fees (Note 6) 116, Total 7,501, NOTE 8 FUTURES CONTRACTS - OPEN POSITIONS At December 31, 2012, the following futures contracts were opened: SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND * Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 2 S&P 500 FUTURE 03/13 USD 107, , EURO STOXX 50 03/13 EUR 36, , Total -125, SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 10 Euro Bund 03/13 EUR 169, , KSS2 SWED MTG BD 03/13 SEK -639,620, , R10 SWED GVT 03/13 SEK 172,073, , ,777 R2 SWED GVT 03/13 SEK -1,958,932, ,323, ,682 R5 SWED GVT 03/13 SEK -4,580,643, ,363, ,000 US 10 YR NOTE 03/13 USD -2,034,488, ,249, FUTURE -350 KSS5 SWED MTG BD 03/13 SEK -416,596, , Euro OAT 03/13 EUR -7,929, ,335, Total 3,193, SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 32 KSS2 SWED MTG BD 03/13 SEK 34,868, , R5 SWED GVT 03/13 SEK -79,620, , Total 101,

85 Notes to the financial statements at December 31, 2012 (continued) NOTE 8 FUTURES CONTRACTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -861 R5 SWED GVT 03/13 SEK -1,071,139, , Total 336, SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -263 Euro Bund 03/13 EUR -4,461, ,093, Euro-Bobl 03/13 EUR -59, , ,310 Euro-Schatz 03/13 EUR 16,914, ,349, R5 SWED GVT 03/13 SEK -680,503, , R2 SWED GVT 03/13 SEK -316,383, , Total -1,059, NOTE 9 COLLATERAL GIVEN BY THE SICAV FOR TRADING FUTURES In connection with the futures trades, some of the counterparties receive securities as collateral or additional collateral as the case may be. At December 31, 2012, the following collateralized securities were included in the SICAV s portfolio. SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND Quantity Description Currency Market Value 100, SVENSKA STATEN 3.50% NR1054 SEK 117, SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND Quantity Description Currency Market Value 500,000, STADHYPOTHEK 6% NR 1576 SEK 549,577, SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND Quantity Description Currency Market Value 30,000, SCBC 4% NR 126 SEK 31,028, SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND Quantity Description Currency Market Value 100, GERMANY 3.75% SEK 118, SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Quantity Description Currency Market Value 28,000, SCBC 4% NR 126 SEK 28,960, ,000, NORDEA HYPOTHEK 3.25% NR 5520 SEK 22,954,

86 Notes to the financial statements at December 31, 2012 (continued) NOTE 9 COLLATERAL GIVEN BY THE SICAV FOR TRADING FUTURES (CONTINUED) SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND Quantity Description Currency Market Value 14,000, STADSHYPOTEK AB SEK VAR% SEK 14,025, SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND Quantity Description Currency Market Value 55,000, SWEDBANK HYP. 3.75% NR 182 SEK 57,785, SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Quantity Description Currency Market Value 5,000, SEB 4.25% NR 569 SEK 52,559, ,000, NORDEA HYPOTEK 3% NR 5528 SEK 5,436, NOTE 10 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS At December 31, 2012, the following forward foreign exchange transactions were opened: SWEDBANK ROBUR INTERNATIONAL GLOBAL HIGH DIVIDEND SUB-FUND Currency Buy Currency Sell Maturity Unrealized Result (SEK) SEK 8,967, NZD -1,660, , SEK 203, AUD -30, , SEK 9,756, SGD -1,825, , SEK 29,384, JPY -380,000, , SEK 11,817, EUR -1,365, , SEK 19,060, CAD -2,900, , SEK 11,348, GBP -1,070, , NOK 7,780, SEK -9,113, , ZAR 1,000, SEK -755, , CHF 1,390, SEK -9,970, , USD 8,680, SEK -56,559, , Total 961, SWEDBANK ROBUR INTERNATIONAL EUROPEAN EQUITY SUB-FUND Currency Buy Currency Sell Maturity Unrealized Result (SEK) SEK 20,147, GBP -1,900, , EUR 2,150, SEK -18,607, , CHF 220, SEK -1,577, , Total -57,

87 Notes to the financial statements at December 31, 2012 (continued) NOTE 10 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB-FUND Currency Buy Currency Sell Maturity Unrealized Result (SEK) SEK 6,218,045, EUR -718,000, ,656, SEK 23,459, GBP -2,200, , SEK 12,543, EUR -1,450, , SEK 24,237, EUR -2,800, , SEK 3,897, EUR -450, , SEK 21,836, EUR -2,500, , SEK 36,394, EUR -4,200, , SEK 6,254,007, EUR -728,000, ,236, SEK 23,079, GBP -2,200, , SEK 85,936, EUR -10,000, , EUR 1,400, SEK -12,131, , Total 52,405, NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS At December 31, 2012, the following forward rate agreements were outstanding: SWEDBANK ROBUR INTERNATIONAL GLOBAL BOND SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 90 IMM-FRA MAR % 03/13 SEK 89,821, , IMM-FRA MAR % 03/13 SEK -89,799, , IMM-FRA MAR % 03/14 SEK 99,884, , IMM-FRA MAR % 03/14 SEK -99,856, , IMM-FRA JUN % 06/13 SEK -69,913, , IMM-FRA JUN % 06/13 SEK 69,906, , IMM-FRA DEC % 12/13 SEK 99,869, , IMM-FRA DEC % 12/13 SEK -99,851, , IMM-FRA DEC % 12/13 SEK -49,920, , IMM-FRA DEC % 12/13 SEK -49,916, , IMM-FRA DEC % 12/13 SEK 99,777, , Total 1, SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND Number of Contracts Description 85 Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 10,000 IMM-FRA MAR % 03/13 SEK 9,980,588, ,412, ,000 IMM-FRA DEC % 12/13 SEK -4,992,409, ,591, ,000 IMM-FRA JUN % 06/13 SEK -9,986,310, ,690, ,000 IMM-FRA JUN % 06/13 SEK 4,992,967, ,033, ,000 IMM-FRA JUN % 06/13 SEK 4,988,383, ,617, ,000 IMM-FRA DEC % 12/13 SEK 9,982,827, ,173, ,000 IMM-FRA MAR % 03/13 SEK 4,997,668, ,332, ,000 IMM-FRA MAR % 03/13 SEK -3,997,428, ,571, ,000 IMM-FRA MAR % 03/13 SEK -15,988,705, ,294, ,000 IMM-FRA MAR % 03/14 SEK -4,998,822, ,177, ,000 IMM-FRA MAR % 03/14 SEK 3,997,025, ,974, ,000 IMM-FRA MAR % 03/14 SEK 5,995,018, ,981, ,500 IMM-FRA JUN % 06/13 SEK 2,499,623, , ,500 IMM-FRA JUN % 06/ , ,000 IMM-FRA JUN % 06/13 SEK -2,999,359, , ,000 IMM-FRA JUN % 06/13 SEK 9,997,739, ,261, ,000 IMM-FRA JUN % 06/13 SEK 11,996,684, ,315, ,000 IMM-FRA JUN % 06/14 SEK 10,001,357, ,357, ,000 IMM-FRA MAR % 03/14 SEK -4,998,884, ,115, ,000 IMM-FRA MAR % 03/13 SEK 4,997,416, ,584, ,000 IMM-FRA MAR % 03/14 SEK 4,999,938, ,000.00

88 Notes to the financial statements at December 31, 2012 (continued) NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL TOTAL RETURN FIXED INCOME SUB-FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 5,000 IMM-FRA MAR % 03/14 SEK 4,999,876, , ,000 IMM-FRA MAR % 03/14 SEK 17,998,884, ,116, ,000 IMM-FRA MAR % 03/14 SEK -4,999,008, , ,000 IMM-FRA MAR % 03/14 SEK 4,997,831, ,169, ,000 IMM-FRA JUN % 06/13 SEK -5,000,188, , ,000 IMM-FRA JUN % 06/13 SEK -5,000,000, ,000 IMM-FRA JUN % 06/13 SEK -4,999,937, , ,000 IMM-FRA JUN % 06/13 SEK -17,999,546, , ,000 IMM-FRA JUN % 06/13 SEK -4,999,811, , ,000 IMM-FRA JUN % 06/13 SEK 5,999,020, , ,000 IMM-FRA JUN % 06/13 SEK 9,998,116, ,884, ,000 IMM-FRA JUN % 06/13 SEK 2,999,208, , ,000 IMM-FRA JUN % 06/14 SEK 10,000,493, , ,000 IMM-FRA SEP % 09/13 SEK 4,999,812, , ,000 IMM-FRA SEP % 09/13 SEK 2,999,474, , ,000 IMM-FRA SEP % 09/13 SEK -9,997,999, ,001, ,000 IMM-FRA SEP % 09/13 SEK -6,998,511, ,488, ,000 IMM-FRA SEP % 09/13 SEK 1,999,549, , ,000 IMM-FRA SEP % 09/13 SEK 9,997,373, ,627, ,000 IMM-FRA SEP % 09/13 SEK 6,997,111, ,888, ,000 IMM-FRA DEC % 12/13 SEK 5,000,000, ,000 IMM-FRA DEC % 12/13 SEK 4,999,751, , ,000 IMM-FRA DEC % 12/13 SEK 4,996,515, ,484, ,000 IMM-FRA DEC % 12/13 SEK -999,216, , ,000 IMM-FRA DEC % 12/13 SEK -2,997,536, ,463, ,000 IMM-FRA DEC % 12/13 SEK 8,992,495, ,504, IMM-FRA DEC % 12/13 SEK 749,197, , IMM-FRA DEC % 12/13 SEK -749,188, , ,000 IMM-FRA DEC % 12/14 SEK -5,000,795, , ,000 IMM-FRA DEC % 12/14 SEK 3,000,220, , ,000 IMM-FRA DEC % 12/14 SEK 5,000,244, , ,000 IMM-FRA DEC % 12/14 SEK 4,999,510, , ,000 IMM-FRA DEC % 12/14 SEK 4,999,449, , ,000 IMM-FRA DEC % 12/14 SEK -1,999,730, , ,000 IMM-FRA DEC % 12/14 SEK 1,999,657, , ,000 IMM-FRA DEC % 12/14 SEK 1,999,583, , Total -52,277, SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 6,000 IMM-FRA MAR % 03/13 SEK 5,988,731, ,268, ,000 IMM-FRA MAR % 03/13 SEK -2,994,176, ,823, ,000 IMM-FRA MAR % 03/13 SEK -2,993,987, ,012, IMM-FRA JUN % 06/13 SEK -729,019, , ,910 IMM-FRA JUN % 06/13 SEK 2,905,394, ,605, IMM-FRA DEC % 12/13 SEK -599,163, , ,400 IMM-FRA DEC % 12/13 SEK -1,397,874, ,125, ,400 IMM-FRA DEC13 1.9% 12/13 SEK 3,393,568, ,431, ,130 IMM-FRA JUN % 06/13 SEK 4,121,649, ,356, ,000 IMM-FRA MAR % 03/13 SEK 1,999,747, , IMM-FRA MAR % 03/13 SEK 769,737, , IMM-FRA MAR % 03/13 SEK 769,728, , ,800 IMM-FRA MAR % 03/13 SEK 1,799,319, , ,780 IMM-FRA MAR % 03/14 SEK 1,779,580, , IMM-FRA MAR % 03/14 SEK -219,945, ,

89 Notes to the financial statements at December 31, 2012 (continued) NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL SWEDISH LIQUIDITY SUB-FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -2,540 IMM-FRA JUN % 06/13 SEK -2,539,553, , ,780 IMM-FRA MAR % 03/13 SEK -1,779,730, , ,780 IMM-FRA MAR % 03/13 SEK -1,779,685, , ,780 IMM-FRA MAR % 03/13 SEK -1,779,640, , ,780 IMM-FRA MAR % 03/14 SEK 1,779,602, , ,540 IMM-FRA JUN % 06/13 SEK 2,539,585, , ,080 IMM-FRA MAR13 1.4% 03/13 SEK -2,078,793, ,207, ,080 IMM-FRA MAR % 03/13 SEK 2,078,767, ,233, ,080 IMM-FRA MAR % 03/14 SEK 2,078,608, ,393, ,260 IMM-FRA JUN % 06/13 SEK -2,258,211, ,790, ,050 IMM-FRA JUN % 06/13 SEK -4,045,269, ,730, ,400 IMM-FRA DEC % 12/13 SEK -1,398,885, ,114, Total -9,917, SWEDBANK ROBUR INTERNATIONAL EURO BOND SUB-FUND Number of Contracts Description Expiration Date Currency Market Value (EUR) Unrealized Result (EUR) 90 IMM-FRA MAR % 03/13 EUR 771,165, , IMM-FRA MAR % 03/13 EUR -770,970, , IMM-FRA MAR % 03/14 EUR 857,560, , IMM-FRA MAR % 03/14 EUR -857,315, , IMM-FRA JUN % 06/13 EUR -342,997, , IMM-FRA JUN % 06/13 EUR 342,962, , IMM-FRA DEC % 12/13 EUR 857,428, , IMM-FRA DEC % 12/13 EUR -857,278, , IMM-FRA DEC % 12/13 EUR -428,591, , IMM-FRA DEC % 12/13 EUR -428,559, , IMM-FRA DEC % 12/13 EUR 856,637, , Total SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND Number of Contracts Description 87 Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 1,000 IMM-FRA MAR % 03/13 SEK 998,121, ,878, IMM-FRA MAR % 03/13 SEK -499,029, , IMM-FRA MAR % 03/13 SEK -498,997, ,002, ,000 IMM-FRA MAR % 03/13 SEK 997,945, ,054, IMM-FRA MAR % 03/13 SEK -598,729, ,270, IMM-FRA MAR % 03/13 SEK -399,127, , IMM-FRA JUN % 06/13 SEK 599,148, , IMM-FRA JUN % 06/13 SEK -599,027, , IMM-FRA DEC % 12/13 SEK -399,532, , IMM-FRA DEC % 12/13 SEK -798,885, ,114, IMM-FRA DEC % 12/13 SEK 299,548, , IMM-FRA DEC13 1.9% 12/13 SEK 399,243, , IMM-FRA DEC % 12/13 SEK 498,892, ,107, ,500 IMM-FRA MAR % 03/13 SEK 1,499,810, , IMM-FRA MAR % 03/13 SEK -699,849, , IMM-FRA MAR % 03/13 SEK -699,832, , IMM-FRA MAR % 03/13 SEK -699,823, , IMM-FRA MAR % 03/13 SEK 139,952, , IMM-FRA MAR % 03/13 SEK 139,950, , IMM-FRA MAR % 03/13 SEK 319,878, , IMM-FRA MAR % 03/13 SEK 799,626, , IMM-FRA MAR % 03/13 SEK 799,606, ,280.00

90 Notes to the financial statements at December 31, 2012 (continued) NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL SWEDISH BOND MEGA SUB-FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -1,000 IMM-FRA MAR % 03/13 SEK -999,357, , IMM-FRA MAR % 03/13 SEK -599,576, , IMM-FRA MAR % 03/14 SEK 699,835, , ,500 IMM-FRA MAR % 03/14 SEK -1,499,628, , IMM-FRA MAR % 03/14 SEK 699,817, , IMM-FRA MAR % 03/14 SEK -899,631, , ,000 IMM-FRA MAR % 03/14 SEK 999,256, , IMM-FRA MAR % 03/14 SEK 599,501, , IMM-FRA JUN % 06/13 SEK 249,962, , IMM-FRA JUN % 06/13 SEK -589,896, , IMM-FRA JUN % 06/13 SEK 249,949, , ,000 IMM-FRA JUN % 06/13 SEK -999,786, , IMM-FRA JUN % 06/13 SEK 749,830, , IMM-FRA JUN % 06/13 SEK -589,851, , IMM-FRA JUN % 06/13 SEK 989,726, , IMM-FRA JUN % 06/13 SEK 439,845, , IMM-FRA JUN % 06/13 SEK -499,792, , IMM-FRA JUN % 06/14 SEK -420,056, , IMM-FRA JUN % 06/14 SEK -900,099, , IMM-FRA JUN % 06/14 SEK 499,913, , IMM-FRA JUN % 06/14 SEK 499,901, , IMM-FRA JUN % 06/14 SEK 499,895, , IMM-FRA JUN % 06/14 SEK -179,926, , IMM-FRA SEP % 09/13 SEK 699,649, , IMM-FRA SEP % 09/13 SEK -699,641, , IMM-FRA DEC % 12/14 SEK 300,018, , IMM-FRA DEC % 12/14 SEK 149,992, , IMM-FRA DEC % 12/14 SEK 199,982, , Total -1,276, SWEDBANK ROBUR INTERNATIONAL FRN SUB-FUND * Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -1,300 IMM-FRA JUN % 06/13 SEK -1,298,253, ,746, ,300 IMM-FRA JUN % 06/13 SEK 1,297,942, ,057, IMM-FRA MAR % 03/14 SEK 779,816, , IMM-FRA MAR % 03/14 SEK 779,806, , ,340 IMM-FRA MAR % 03/13 SEK 2,339,881, , IMM-FRA MAR % 03/13 SEK -779,881, , IMM-FRA MAR % 03/13 SEK -779,862, , IMM-FRA MAR % 03/13 SEK -779,842, , ,340 IMM-FRA MAR % 03/14 SEK -2,339,680, , IMM-FRA MAR % 03/14 SEK 779,825, , Total -247, SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND Number of Contracts Description 88 Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) 3,000 IMM-FRA MAR % 03/13 SEK 2,994,365, ,634, ,500 IMM-FRA MAR % 03/13 SEK -1,497,088, ,911, ,500 IMM-FRA MAR % 03/13 SEK -1,496,993, ,006, ,000 IMM-FRA MAR % 03/13 SEK 3,991,781, ,218, ,400 IMM-FRA MAR % 03/13 SEK -2,394,917, ,082, ,600 IMM-FRA MAR % 03/13 SEK -1,596,511, ,488, ,500 IMM-FRA JUN % 06/13 SEK 1,498,285, ,714,350.00

91 Notes to the financial statements at December 31, 2012 (continued) NOTE 11 FORWARD RATE AGREEMENTS - OPEN POSITIONS (CONTINUED) SWEDBANK ROBUR INTERNATIONAL SWEDISH TOTAL RETURN PLUS SUB-FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (SEK) Unrealized Result (SEK) -1,500 IMM-FRA JUN % 06/13 SEK -1,497,984, ,015, ,400 IMM-FRA JUN % 06/13 SEK 2,396,593, ,406, ,500 IMM-FRA JUN % 06/13 SEK -1,497,777, ,223, ,500 IMM-FRA JUN % 06/13 SEK 1,497,626, ,373, ,400 IMM-FRA JUN % 06/13 SEK -2,396,111, ,888, ,300 IMM-FRA DEC % 12/13 SEK -1,298,479, ,520, ,600 IMM-FRA DEC % 12/13 SEK -3,594,982, ,017, ,200 IMM-FRA DEC % 12/13 SEK 1,198,193, ,806, IMM-FRA DEC % 12/13 SEK -599,089, , ,200 IMM-FRA DEC13 1.9% 12/13 SEK 1,197,730, ,269, ,600 IMM-FRA DEC % 12/13 SEK 1,596,615, ,384, ,500 IMM-FRA DEC % 12/13 SEK 1,496,677, ,322, ,500 IMM-FRA MAR % 03/13 SEK 6,499,180, , ,300 IMM-FRA MAR % 03/13 SEK -4,299,078, , ,300 IMM-FRA MAR % 03/13 SEK -4,298,970, ,029, ,300 IMM-FRA MAR % 03/13 SEK -4,298,915, ,084, ,390 IMM-FRA MAR % 03/13 SEK 1,389,526, , ,390 IMM-FRA MAR % 03/13 SEK 1,389,509, , ,240 IMM-FRA MAR % 03/13 SEK 3,238,774, ,226, ,200 IMM-FRA MAR % 03/13 SEK 4,198,041, ,958, ,200 IMM-FRA MAR % 03/13 SEK 4,197,935, ,064, ,000 IMM-FRA MAR % 03/13 SEK -4,996,785, ,214, ,400 IMM-FRA MAR % 03/13 SEK -3,397,599, ,400, ,300 IMM-FRA MAR % 03/14 SEK 4,298,987, ,012, ,500 IMM-FRA MAR % 03/14 SEK -6,498,388, ,611, ,300 IMM-FRA MAR % 03/14 SEK 4,298,880, ,119, ,100 IMM-FRA MAR % 03/14 SEK -4,098,323, ,676, ,000 IMM-FRA MAR % 03/14 SEK 4,996,282, ,718, ,400 IMM-FRA MAR % 03/14 SEK 3,397,176, ,823, ,250 IMM-FRA JUN % 06/13 SEK 2,249,660, , ,410 IMM-FRA JUN % 06/13 SEK -5,409,048, , ,250 IMM-FRA JUN % 06/13 SEK 2,249,547, , ,000 IMM-FRA JUN % 06/13 SEK 999,786, , ,250 IMM-FRA JUN % 06/13 SEK 4,249,039, , ,910 IMM-FRA JUN % 06/13 SEK -5,908,515, ,484, ,010 IMM-FRA JUN % 06/13 SEK 7,008,063, ,936, IMM-FRA JUN % 06/13 SEK -439,845, , ,500 IMM-FRA JUN % 06/13 SEK -4,498,134, ,865, ,580 IMM-FRA JUN % 06/14 SEK -5,580,757, , ,100 IMM-FRA JUN % 06/14 SEK -6,100,677, , ,000 IMM-FRA JUN % 06/14 SEK 2,999,666, , ,500 IMM-FRA JUN % 06/14 SEK 4,499,222, , ,500 IMM-FRA JUN % 06/14 SEK 4,499,111, , ,500 IMM-FRA JUN % 06/14 SEK 4,499,055, , IMM-FRA JUN % 06/14 SEK 179,926, , ,300 IMM-FRA SEP % 09/13 SEK 4,297,848, ,151, ,300 IMM-FRA SEP % 09/13 SEK -4,297,794, ,205, ,700 IMM-FRA DEC % 12/14 SEK 3,700,226, , ,850 IMM-FRA DEC % 12/14 SEK 1,849,909, , ,800 IMM-FRA DEC % 12/14 SEK 2,799,760, , Total -9,781, NOTE 12 TRANSACTION FEES As at year-end the transactions fees are composed of fees on purchases and sales on portfolio, options, warrants, futures, forward foreign exchange transactions and forward rate agreements. 89

92 Notes to the financial statements at December 31, 2012 (continued) NOTE 12 TRANSACTION FEES (CONTINUED) The amounts disclosed in the statement of operations and changes in net assets correspond to the amounts of transaction fees for the whole year. NOTE 13 RELATED - PARTIES TRANSACTIONS During the year, the Sub-Fund Swedbank Robur International Total Return Fixed Income Sub- Fund invested part of its assets into other collective investment Undertakings promoted by Swedbank group. NOTE 14 CHANGES IN THE INVESTMENT PORTFOLIO Changes in the investment portfolio during the reporting year are available to the shareholders at the address of the Depositary bank. NOTE 15 SUBSEQUENT EVENTS Following the Board of Directors meeting dated November 7, 2012, it was resolved to close the following Sub-Funds: Swedbank Robur International Euro Bond Sub-Fund on May 3, 2013 Swedbank Robur International Russian Equity Sub-Fund on March 12, 2013 Swedbank Robur International Global Bond Sub-Fund on March 15,