HANDELSBANKEN FUNDS

SOCIETE D’INVESTISSEMENT A CAPITAL VARIABLE (SICAV)

SEMI-ANNUAL REPORT For the period ended 30 June 2014

Handelsbanken Funds 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg

R.C.S. Luxembourg B 22175

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Table of Contents

Page SHAREHOLDERS' INFORMATION 3 ADMINISTRATION AND SERVICE PROVIDERS 4 THE INVESTMENT MANAGER'S REPORT 5 STATEMENT OF NET ASSETS 7 STATEMENT OF OPERATIONS 12 STATEMENT OF CHANGES IN NET ASSETS 17 STATEMENT OF CHANGES IN NUMBER OF SHARES OUTSTANDING 22 STATISTICAL INFORMATION 26 STATEMENT OF INVESTMENTS, CASH AT BANK AND OTHER NET ASSETS OR OTHER NET LIABILITIES 38 Swedish Bonds Shares 38 Swedish Short Term Assets Shares 39 Russia Shares 42 Global Criteria 43 Euro Liquidity 63 Europe Selective 64 Nordic Shares 65 America Small Cap 66 Far East Shares 67 Global Thematic 71 Commodity 73 Brazil 74 Global Dynamic Allocation Preserve 90 75 Multi Asset (L) 77 Multi Asset (M) 78 Multi Asset (H) 79 Global Selective 80 Pension 40 81 Pension 50 82 Pension 60 83 Pension 70 84 Pension 80 85 MSCI Emerging Markets Index 86 Emerging Markets Bond Fund 95 STATEMENT OF INVESTMENTS 96 Swedish Bonds Shares 96 Swedish Short Term Assets Shares 96 Russia Shares 97 Global Criteria 97 Euro Liquidity 98 Europe Selective 99 Nordic Shares 99 America Small Cap 100 Far East Shares 100 Global Thematic 101 Commodity 102 Brazil 102 Global Dynamic Allocation Preserve 90 103 Multi Asset (L) 103 Multi Asset (M) 104 Multi Asset (H) 104

1 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Table of Contents

Global Selective 105 Pension 40 105 Pension 50 106 Pension 60 106 Pension 70 107 Pension 80 107 MSCI Emerging Markets Index 108 Emerging Markets Bond Fund 109 NOTES TO THE FINANCIAL STATEMENTS 110

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HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Shareholders' Information

Information to Shareholders of HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable, SICAV) hereafter called “Handelsbanken Funds” or “the Fund”:

Audited annual and unaudited semi-annual reports are available at the office of the domiciliary, registrar and transfer agent – paying agent.

The certified Articles of Incorporation were lodged at the office of the Registrar “Registre de Commerce et des Sociétés” of Luxembourg where they are available for inspection and where copies may be obtained upon request.

The sale and repurchase prices of the shares may be obtained at the registered office of the Fund.

Copies of portfolio changes are available at the office of the domiciliary, registrar and transfer agent – paying agent.

No subscription can be accepted on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest available semi-annual report and the latest available annual report if published thereafter.

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HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Administration and Service Providers

Directors Christian DAHL, chairman Head of HCA International, Stockholm Eric CALLANS Regional Area Manager, Handelsbanken Asset Management, Stockholm Rudy HOYLAERTS Head of Handelsbanken Asset Management, Luxembourg Pär NURNBERG Head of Business Development, Handelsbanken Fonder AB, Stockholm

Registered Office Handelsbanken Funds 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg N° B 22175

Investment Manager Handelsbanken Fonder AB Blasieholmstorg 12 S-106 70 Stockholm Sweden

Domiciliary, Registrar Svenska Handelsbanken AB, Luxembourg Branch and Transfer agent – 15, rue Bender Paying agent, L-1229 Luxembourg Administrative agent Grand Duchy of Luxembourg

Custodian J.P. Morgan Bank Luxembourg S.A. 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Listing Agent Svenska Handelsbanken AB, Luxembourg Branch 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg

Cabinet de KPMG Luxembourg S.à r.l. Révision agréé 9, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

Legal Adviser Elvinger, Hoss & Prussen 2, Place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg

Conducting Officers Rudy HOYLAERTS Oliver O’ROURKE

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HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

The Investment Manager's Report

Global markets in brief Markets in the west continued to reach new highs in the first half of 2014, with the World Index rising by 10.5 percent. Low inflation resulted in declining rates, which was positive for the market. In addition, the underlying risk appetite was strong, as seen in a higher number of M&As and several IPOs. The crisis in Ukraine escalated during the period. However, the financial markets were relatively calm, as the economic effects are expected to be limited as long as the crisis does not worsen. Emerging markets also posted strength after several years of decline. A reform- friendly party won the election in India, the market in Brazil is expecting the election of a new president in the autumn and the macroeconomic situation in many countries has stabilised.

Company reports in the period continued to show a weak recovery. Earnings forecasts in Sweden and the eurozone continue to be revised downward. However, it is interesting to note that many companies are confirming that a turnaround is becoming more apparent in the eurozone. Earnings are beginning to rise in the US, where the economic recovery has made the most progress and analysts have begun to make upward revisions to earnings estimates for the first time in two years.

US macro data was weak in the spring, although the markets reacted calmly given that the harsh winter weather was the likely reason for the weaker results. Growth in China slowed in the period and data was weak due to a downturn in the real estate market and uncertainty about the banking system. However, exports recently accelerated and the government has announced stimulus measures. Data in the eurozone indicates a continued recovery, although unemployment and debt levels remain a concern. The European Central Bank, ECB, cut key rates at the beginning of June. A number of unconventional measures were announced at the same time to stimulate lending to small and mid- sized companies and increase liquidity in the financial system. The ECB also warned of the possibility of stimulating the economy through bond-buying (quantitative measures, QE) if the situation worsens. Growth in Sweden has been divided: private consumption and the real estate market remain strong, while export companies are experiencing difficulties.

Inflation data was weak in Sweden as well as abroad, and bond rates declined sharply in the period. Many investors have short durations in their holdings. Low inflation surprised investors and resulted in significant rate fluctuations. Interest rates in southern Europe continued to decline as risk appetite increased and investors sought out high-yield bonds.

We expect bond rates to increase going forward as the global economy recovers. In the equity market, stock market performance has soared ahead of earnings and valuations are reaching or have exceeded the historical average, at least in some parts of the world. After several years of strong market performance, we are now approaching the end of a stock market cycle. However, we believe it will take some time before rates rise to such levels that would create stock market turbulence. Low inflation delays an upturn in interest rates, and thus the stock market cycle. Higher sales due to a stronger economy also contribute to higher corporate earnings. We also expect markets to be supported by further high M&A activity ahead. Strong cash holdings in companies, low interest rates and rising optimism among company executives is expected to result in additional mergers and acquisitions. All of these factors support the market for some time to come.

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HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

The Investment Manager's Report (continued)

Risk Disclosures The SICAV uses a risk management process that allows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios at any time. The SICAV reports to the Commission de Surveillance du Secteur Financier ("CSSF") on a regular basis on the risk management process, in accordance with the Law of 17 December 2010 and the applicable regulatory requirements of the CSSF. The SICAV assures, based on appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the portfolio. The SICAV's global exposure is calculated on a daily basis. The SICAV does not consider that the investment strategies motivate a more frequent calculation. The Commitment approach is used to calculate global exposure for all sub-funds of the SICAV. This process, in relation to financial instruments on the basis of the commitment approach, is implemented in accordance with the steps provided for in point 2 of Box 2, of ESMA Guidelines 10-788.

6

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Net Assets As at 30 June 2014

Combined Swedish Bonds Shares Swedish Short Term Russia Shares Global Criteria Euro Liquidity Assets Shares

(expressed in) USD SEK SEK SEK SEK EUR

Assets Investment securities at cost 13,272,122,056.69 2,585,502,103.33 30,995,030,697.24 1,016,778,978.23 8,612,345,988.51 2,318,360.51 Unrealised appreciation/(depreciation) in investments securities 1,169,900,087.76 33,825,924.57 11,287,141.11 65,295,961.52 2,236,504,707.21 (2,911.52) Investment securities at market value (Note 2) 14,442,022,144.45 2,619,328,027.90 31,006,317,838.35 1,082,074,939.75 10,848,850,695.72 2,315,448.99

Cash at bank 527,559,384.39 162,897,287.61 388,833,490.75 18,229,443.26 244,046,935.83 282,363.07 Unrealised gain on futures (Note 2) 81,357.33 - - - 354,576.36 - Unrealised gain on swaps already cashed (Note 2) 9,680,529.50 - - - - - Unrealised gain on swaps (Note 2) 136,509.44 - - - - - Unrealised gain on forwards (Note 2) 231,435.61 - - - - - Interest receivable on bonds 25,508,075.26 33,172,023.40 100,230,166.21 - - 11,414.39 Interest receivable on cash at bank 863,385.37 308,936.47 2,161,212.64 28,948.87 112,661.94 0.31 Income receivable on rebate of management fees 3,110,579.10 - - - - - Income receivable on securities lending 1,532.85 - - - 2,749.84 - Dividends receivable 5,100,258.17 - - 2,026,608.59 14,056,688.23 - Subscriptions receivable 2,039,538.86 - 4,093,937.98 11,620.95 2,466,520.99 99.99 Receivable on securities sold 11,674,166.01 - - - - - 585,986,751.89 196,378,247.48 495,318,807.58 20,296,621.67 261,040,133.19 293,877.76 Total assets 15,028,008,896.34 2,815,706,275.38 31,501,636,645.93 1,102,371,561.42 11,109,890,828.91 2,609,326.75

Liabilities Bank overdraft 4,952,253.22 - - - 2,891,324.34 - Unrealised loss on futures (Note 2) 504,051.16 2,193,750.00 - - - - Fees and commissions payable (Note 3) 8,642,792.19 2,041,978.82 10,171,877.23 2,274,800.68 4,081,691.21 651.80 Interest payable on bank overdraft 35,213.67 526.06 92.57 261.28 213,338.81 16.61 Payable on securities purchased 26,576,634.53 - - - 110,992,574.19 - Redemptions payable 2,953,791.32 14,949.20 - 695,167.00 584,874.23 12,573.96 Total liabilities 43,664,736.09 4,251,204.08 10,171,969.80 2,970,228.96 118,763,802.78 13,242.37 Total net assets 14,984,344,160.25 2,811,455,071.30 31,491,464,676.13 1,099,401,332.46 10,991,127,026.13 2,596,084.38

The accompanying notes are an integral part of these financial statements. 7 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Net Assets (continued) As at 30 June 2014

Europe Selective Nordic Shares America Small Cap Far East Shares Global Thematic Commodity

(expressed in) EUR EUR USD USD USD SEK

Assets Investment securities at cost 30,590,372.82 35,476,645.91 473,284,538.09 29,865,188.50 121,882,881.88 399,284,486.99 Unrealised appreciation/(depreciation) in investments securities 10,163,498.79 6,652,562.12 66,160,297.64 7,028,938.09 20,709,378.23 1,790,885.50 Investment securities at market value (Note 2) 40,753,871.61 42,129,208.03 539,444,835.73 36,894,126.59 142,592,260.11 401,075,372.49

Cash at bank 485,455.33 1,338,522.85 9,078,041.40 408,534.33 2,366,647.36 1,991,109,269.94 Unrealised gain on futures (Note 2) ------Unrealised gain on swaps already cashed (Note 2) - - - - - 64,717,641.31 Unrealised gain on swaps (Note 2) - - - - - 912,612.15 Unrealised gain on forwards (Note 2) ------Interest receivable on bonds ------Interest receivable on cash at bank 17.84 296.44 47,092.60 0.97 9,577.38 724,466.18 Income receivable on rebate of management fees ------Income receivable on securities lending - - 453.68 667.85 - - Dividends receivable 56,554.52 88,680.27 131,428.85 173,650.07 129,813.80 - Subscriptions receivable 8,378.21 87,722.65 349,632.21 6,831.43 2,237.97 609,391.57 Receivable on securities sold 433,227.31 793,211.65 4,225,135.24 - 4,174,570.52 - 983,633.21 2,308,433.86 13,831,783.98 589,684.65 6,682,847.03 2,058,073,381.15 Total assets 41,737,504.82 44,437,641.89 553,276,619.71 37,483,811.24 149,275,107.14 2,459,148,753.64

Liabilities Bank overdraft ------Unrealised loss on futures (Note 2) ------Fees and commissions payable (Note 3) 70,047.32 58,396.95 731,798.02 50,545.34 214,701.44 1,259,032.37 Interest payable on bank overdraft - - 1,119.43 22.47 0.88 1,584.64 Payable on securities purchased - 1,438,973.38 4,401,341.41 - 1,492,868.40 - Redemptions payable 479,202.21 215,025.43 340,495.95 403,420.38 352,218.79 683,759.85 Total liabilities 549,249.53 1,712,395.76 5,474,754.81 453,988.19 2,059,789.51 1,944,376.86 Total net assets 41,188,255.29 42,725,246.13 547,801,864.90 37,029,823.05 147,215,317.63 2,457,204,376.78

The accompanying notes are an integral part of these financial statements. 8 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Net Assets (continued) As at 30 June 2014

Brazil Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Global Selective Allocation Preserve 90

(expressed in) SEK SEK SEK SEK SEK EUR

Assets Investment securities at cost 567,311,149.85 2,091,370,448.59 7,490,312,346.49 5,557,436,133.38 2,727,345,619.19 122,646,212.88 Unrealised appreciation/(depreciation) in investments securities 15,817,437.34 137,721,171.36 540,461,960.16 656,931,354.34 450,378,393.83 15,153,008.55 Investment securities at market value (Note 2) 583,128,587.19 2,229,091,619.95 8,030,774,306.65 6,214,367,487.72 3,177,724,013.02 137,799,221.43

Cash at bank 36,359,166.46 13,211,833.42 170,513,992.13 114,242,101.60 74,720,356.89 7,087,966.16 Unrealised gain on futures (Note 2) - - - - 41,555.51 - Unrealised gain on swaps already cashed (Note 2) ------Unrealised gain on swaps (Note 2) ------Unrealised gain on forwards (Note 2) - - 581,642.35 544,394.32 421,189.29 - Interest receivable on bonds ------Interest receivable on cash at bank 44,156.78 320,640.07 732,529.79 366,065.11 172,953.13 11,358.16 Income receivable on rebate of management fees - - 5,079,869.19 5,094,143.68 3,236,407.16 - Income receivable on securities lending ------Dividends receivable 1,343,801.95 4,791,889.52 - - - 156,965.11 Subscriptions receivable 438,944.61 - 249,999.99 990,537.98 - 149,124.56 Receivable on securities sold ------38,186,069.80 18,324,363.01 177,158,033.45 121,237,242.69 78,592,461.98 7,405,413.99 Total assets 621,314,656.99 2,247,415,982.96 8,207,932,340.10 6,335,604,730.41 3,256,316,475.00 145,204,635.42

Liabilities Bank overdraft - 2,402,559.71 - - - - Unrealised loss on futures (Note 2) - - 837,066.65 338,937.26 - - Fees and commissions payable (Note 3) 950,897.16 778,709.64 7,460,530.49 7,289,112.50 4,266,061.94 192,801.85 Interest payable on bank overdraft 1,405.91 454.97 1,821.49 3,224.84 390.78 93.89 Payable on securities purchased 8,511,314.82 - - - - 611,140.56 Redemptions payable 353,082.76 - 742,305.47 492,629.02 700,000.00 181,574.70 Total liabilities 9,816,700.65 3,181,724.32 9,041,724.10 8,123,903.62 4,966,452.72 985,611.00 Total net assets 611,497,956.34 2,244,234,258.64 8,198,890,616.00 6,327,480,826.79 3,251,350,022.28 144,219,024.42

The accompanying notes are an integral part of these financial statements. 9 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Net Assets (continued) As at 30 June 2014

Pension 40 Pension 50 Pension 60 Pension 70 Pension 80 MSCI Emerging Markets Index

(expressed in) SEK SEK SEK SEK SEK SEK

Assets Investment securities at cost 2,286,883,015.51 5,731,367,084.08 5,635,543,778.96 3,301,705,676.46 716,687,410.60 1,632,956,998.68 Unrealised appreciation/(depreciation) in investments securities 147,392,496.77 771,064,384.42 974,210,443.09 613,445,189.08 125,711,744.98 65,967,178.93 Investment securities at market value (Note 2) 2,434,275,512.28 6,502,431,468.50 6,609,754,222.05 3,915,150,865.54 842,399,155.58 1,698,924,177.61

Cash at bank 702,704.63 2,812,858.56 1,645,000.18 4,713,361.48 1,300,938.95 122,464,346.71 Unrealised gain on futures (Note 2) - - - - - 147,769.64 Unrealised gain on swaps already cashed (Note 2) ------Unrealised gain on swaps (Note 2) ------Unrealised gain on forwards (Note 2) ------Interest receivable on bonds ------Interest receivable on cash at bank 12,920.64 34,962.83 47,728.94 31,313.07 9,105.01 80,421.76 Income receivable on rebate of management fees 1,043,768.20 2,482,552.77 2,250,768.97 1,324,920.17 282,851.99 - Income receivable on securities lending ------Dividends receivable - - - - - 6,204,464.24 Subscriptions receivable - - - - - 12,039.50 Receivable on securities sold - - 10,665,000.00 - - - 1,759,393.47 5,330,374.16 14,608,498.09 6,069,594.72 1,592,895.95 128,909,041.85 Total assets 2,436,034,905.75 6,507,761,842.66 6,624,362,720.14 3,921,220,460.26 843,992,051.53 1,827,833,219.46

Liabilities Bank overdraft 24,691,183.65 - 3,007,316.02 - - 115,118.03 Unrealised loss on futures (Note 2) ------Fees and commissions payable (Note 3) 714,381.02 1,858,626.29 1,820,805.82 1,041,335.99 189,295.50 746,884.08 Interest payable on bank overdraft 80.52 205.53 198.78 112.86 19.46 2,875.45 Payable on securities purchased ------Redemptions payable - - - - - 918.72 Total liabilities 25,405,645.19 1,858,831.82 4,828,320.62 1,041,448.85 189,314.96 865,796.28 Total net assets 2,410,629,260.56 6,505,903,010.84 6,619,534,399.52 3,920,179,011.41 843,802,736.57 1,826,967,423.18

The accompanying notes are an integral part of these financial statements. 10 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Net Assets (continued) As at 30 June 2014

Emerging Markets Bond Fund

(expressed in) SEK

Assets Investment securities at cost 1,453,687,370.68 Unrealised appreciation/(depreciation) in investments securities 53,036,705.16 Investment securities at market value (Note 2) 1,506,724,075.84

Cash at bank 15,710,829.22 Unrealised gain on futures (Note 2) - Unrealised gain on swaps already cashed (Note 2) - Unrealised gain on swaps (Note 2) - Unrealised gain on forwards (Note 2) - Interest receivable on bonds 37,023,514.51 Interest receivable on cash at bank 97,294.41 Income receivable on rebate of management fees - Income receivable on securities lending - Dividends receivable - Subscriptions receivable 118,455.64 Receivable on securities sold - 52,950,093.78 Total assets 1,559,674,169.62

Liabilities Bank overdraft - Unrealised loss on futures (Note 2) - Fees and commissions payable (Note 3) 1,222,000.97 Interest payable on bank overdraft 170.16 Payable on securities purchased - Redemptions payable 19,862.24 Total liabilities 1,242,033.37 Total net assets 1,558,432,136.25

The accompanying notes are an integral part of these financial statements. 11 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Operations For the period ended 30 June 2014

Combined Swedish Bonds Shares Swedish Short Term Russia Shares Global Criteria Euro Liquidity Assets Shares

(expressed in) USD SEK SEK SEK SEK EUR

Income Dividends, net 47,409,003.60 - - 11,299,468.26 127,302,320.27 - Rebate on Management fees (Note 4) 14,833,557.02 - - - - - Income from securities lending, net 191,689.73 - - 10,678.59 457,552.63 - Interest on bonds, net 42,449,932.74 41,451,310.34 202,871,330.96 - - 13,767.03 Interest on bank deposits 913,570.25 311,315.65 2,204,215.05 30,139.29 113,005.21 5.59 Total income 105,797,753.34 41,762,625.99 205,075,546.01 11,340,286.14 127,872,878.11 13,772.62

Expenses Interest on bank overdraft 96,975.30 1,748.11 10,471.78 10,996.81 273,339.96 16.61 Flat All-in fee (Note 4) 43,330,319.95 9,851,751.68 57,113,895.45 11,419,237.50 19,995,718.99 3,589.55 Transaction costs (Note 8) 2,010,260.56 49,632.00 - 887,086.00 2,872,436.02 - "Taxe d'abonnement" (Note 5) 1,391,421.29 666,870.85 1,570,077.95 229,448.21 658,818.02 145.67 Total expenses 46,828,977.10 10,570,002.64 58,694,445.18 12,546,768.52 23,800,312.99 3,751.83

Net income/(loss) from investments 58,968,776.24 31,192,623.35 146,381,100.83 (1,206,482.38) 104,072,565.12 10,020.79 Net realised gain/(loss) on foreign currencies (Note 2) (6,071,144.18) (6,230,890.35) (9,040.18) (8,143,214.28) (16,472,248.34) (29.97) Net realised gain/(loss) on sales of investment securities (Note 2) 245,951,452.51 11,872,540.23 63,977,561.40 (8,545,922.88) 556,853,333.74 (34,459.80) Net realised gain/(loss) on futures (Note 2) 19,177,290.28 1,328,782.30 - - 9,632,273.31 - Net realised gain/(loss) on swaps (Note 2) (670,232.57) - - - - -

Net realised gain/(loss) for the year/period 317,356,142.28 38,163,055.53 210,349,622.05 (17,895,619.54) 654,085,923.83 (24,468.98) Change in net unrealised appreciation/(depreciation) on investment securities 341,179,768.09 51,008,122.64 (24,553,504.32) (23,615,874.53) 381,578,464.67 22,622.76 Change in net unrealised appreciation/(depreciation) on forwards 786,354.93 - - - - - Change in net unrealised appreciation/(depreciation) on futures (1,275,119.85) (3,098,880.20) - - (1,522,222.54) - Change in net unrealised appreciation/(depreciation) on swaps 2,693,887.67 - - - - - Net increase/(decrease) in net assets as a result of operations 660,741,033.12 86,072,297.97 185,796,117.73 (41,511,494.07) 1,034,142,165.96 (1,846.22)

The accompanying notes are an integral part of these financial statements. 12 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Operations (continued) For the period ended 30 June 2014

Europe Selective Nordic Shares America Small Cap Far East Shares Global Thematic Commodity

(expressed in) EUR EUR USD USD USD SEK

Income Dividends, net 735,525.51 1,034,330.28 2,363,843.86 550,085.05 2,048,811.55 - Rebate on Management fees (Note 4) ------Income from securities lending, net 6,273.97 6,972.33 18,716.19 4,450.85 53,786.17 - Interest on bonds, net ------Interest on bank deposits 467.86 777.55 47,287.40 6.00 14,952.53 839,314.98 Total income 742,267.34 1,042,080.16 2,429,847.45 554,541.90 2,117,550.25 839,314.98

Expenses Interest on bank overdraft 13.17 4.40 2,639.40 233.42 6,064.94 12,552.18 Flat All-in fee (Note 4) 399,673.51 312,258.81 3,950,223.34 274,744.54 1,585,459.51 4,735,426.84 Transaction costs (Note 8) 32,684.61 48,145.05 284,452.91 7,092.53 380,324.57 - "Taxe d'abonnement" (Note 5) 10,784.32 10,763.49 140,292.10 9,254.36 49,605.71 297,616.68 Total expenses 443,155.61 371,171.75 4,377,607.75 291,324.85 2,021,454.73 5,045,595.70

Net income/(loss) from investments 299,111.73 670,908.41 (1,947,760.30) 263,217.05 96,095.52 (4,206,280.72) Net realised gain/(loss) on foreign currencies (Note 2) 26,022.41 (456,643.03) (1,350,957.90) 18,402.58 (1,038,737.79) 47,810,757.15 Net realised gain/(loss) on sales of investment securities (Note 2) 3,454,160.39 3,270,456.68 12,851,819.47 111,021.20 19,892,104.88 - Net realised gain/(loss) on futures (Note 2) - - - - 85,390.07 71,309,732.98 Net realised gain/(loss) on swaps (Note 2) - - - - - (4,480,733.30)

Net realised gain/(loss) for the year/period 3,779,294.53 3,484,722.06 9,553,101.27 392,640.83 19,034,852.68 110,433,476.11 Change in net unrealised appreciation/(depreciation) on investment securities (2,292,431.86) 299,311.66 (1,503,445.52) 1,349,692.71 (10,601,830.50) 1,790,885.50 Change in net unrealised appreciation/(depreciation) on forwards ------Change in net unrealised appreciation/(depreciation) on futures ------Change in net unrealised appreciation/(depreciation) on swaps - - - - - 18,009,557.93 Net increase/(decrease) in net assets as a result of operations 1,486,862.67 3,784,033.72 8,049,655.75 1,742,333.54 8,433,022.18 130,233,919.54

The accompanying notes are an integral part of these financial statements. 13 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Operations (continued) For the period ended 30 June 2014

Brazil Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Global Selective Allocation Preserve 90

(expressed in) SEK SEK SEK SEK SEK EUR

Income Dividends, net 6,992,414.66 30,776,988.17 36,506.30 60,142.70 36,610.80 1,299,601.19 Rebate on Management fees (Note 4) - 20,812.90 22,762,168.36 22,998,636.95 14,735,993.71 - Income from securities lending, net - 46,082.81 - - 870.08 7,439.30 Interest on bonds, net - - 3,958,743.65 3,103,795.07 1,648,261.10 - Interest on bank deposits 44,565.95 368,258.12 749,840.41 381,488.00 182,094.14 12,293.40 Total income 7,036,980.61 31,212,142.00 27,507,258.72 26,544,062.72 16,603,829.83 1,319,333.89

Expenses Interest on bank overdraft 4,493.65 107,190.99 24,973.69 24,782.62 15,394.39 604.87 Flat All-in fee (Note 4) 4,496,327.11 3,342,430.42 33,502,495.07 33,982,788.45 20,260,508.49 1,023,945.73 Transaction costs (Note 8) 252,376.89 2,190,065.64 187,974.37 261,253.61 146,177.45 100,054.35 "Taxe d'abonnement" (Note 5) 112,496.77 73,333.33 1,367,980.40 1,076,526.40 579,525.91 20,829.93 Total expenses 4,865,694.42 5,713,020.38 35,083,423.53 35,345,351.09 21,001,606.24 1,145,434.88

Net income/(loss) from investments 2,171,286.19 25,499,121.62 (7,576,164.81) (8,801,288.37) (4,397,776.41) 173,899.01 Net realised gain/(loss) on foreign currencies (Note 2) (19,418,514.34) (10,441,696.82) (2,609,210.38) (2,226,039.98) (914,161.18) (816,757.46) Net realised gain/(loss) on sales of investment securities (Note 2) 8,318,546.17 47,723,650.33 (8,559,658.96) (14,649,970.80) (4,741,824.40) 4,045,572.29 Net realised gain/(loss) on futures (Note 2) - - 8,658,094.47 8,525,311.40 5,182,516.77 - Net realised gain/(loss) on swaps (Note 2) ------

Net realised gain/(loss) for the year/period (8,928,681.98) 62,781,075.13 (10,086,939.68) (17,151,987.75) (4,871,245.22) 3,402,713.84 Change in net unrealised appreciation/(depreciation) on investment securities 95,494,720.66 70,958,014.42 265,763,404.02 322,152,594.98 216,411,396.53 1,051,122.44 Change in net unrealised appreciation/(depreciation) on forwards - - 1,962,042.33 1,665,969.30 1,629,039.27 - Change in net unrealised appreciation/(depreciation) on futures - - (1,240,098.23) (680,011.06) (123,706.69) - Change in net unrealised appreciation/(depreciation) on swaps ------Net increase/(decrease) in net assets as a result of operations 86,566,038.68 133,739,089.55 256,398,408.44 305,986,565.47 213,045,483.89 4,453,836.28

The accompanying notes are an integral part of these financial statements. 14 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Operations (continued) For the period ended 30 June 2014

Pension 40 Pension 50 Pension 60 Pension 70 Pension 80 MSCI Emerging Markets Index

(expressed in) SEK SEK SEK SEK SEK SEK

Income Dividends, net 83,285.77 13,363,449.11 26,520,619.87 15,829,428.39 3,216,518.22 20,154,532.84 Rebate on Management fees (Note 4) 6,083,694.80 13,101,840.45 11,392,393.89 6,684,658.46 1,387,188.17 - Income from securities lending, net - - - - - 62,528.52 Interest on bonds, net ------Interest on bank deposits 12,939.13 34,989.40 47,756.60 31,331.48 9,121.69 89,757.43 Total income 6,179,919.70 26,500,278.96 37,960,770.36 22,545,418.33 4,612,828.08 20,306,818.79

Expenses Interest on bank overdraft 22,264.88 29,293.43 849.51 767.69 683.24 12,602.39 Flat All-in fee (Note 4) 3,922,567.42 9,610,949.93 9,169,266.67 5,178,398.53 892,977.38 3,529,096.42 Transaction costs (Note 8) - - - - - 444,894.85 "Taxe d'abonnement" (Note 5) 83,795.85 240,818.00 250,597.93 146,857.38 31,269.43 97,744.79 Total expenses 4,028,628.15 9,881,061.36 9,420,714.11 5,326,023.60 924,930.06 4,084,338.45

Net income/(loss) from investments 2,151,291.55 16,619,217.60 28,540,056.25 17,219,394.73 3,687,898.02 16,222,480.34 Net realised gain/(loss) on foreign currencies (Note 2) 1,523,911.83 (17,529.58) (159,780.82) 27,515.80 27,200.20 5,719,019.86 Net realised gain/(loss) on sales of investment securities (Note 2) 85,628,145.22 203,829,830.04 252,160,593.82 112,556,839.00 23,180,425.30 693,916.11 Net realised gain/(loss) on futures (Note 2) - - - - - 22,999,153.05 Net realised gain/(loss) on swaps (Note 2) ------

Net realised gain/(loss) for the year/period 89,303,348.60 220,431,518.06 280,540,869.25 129,803,749.53 26,895,523.52 45,634,569.36 Change in net unrealised appreciation/(depreciation) on investment securities 20,805,610.97 222,670,039.88 294,267,738.78 211,851,242.35 44,922,129.59 122,713,508.17 Change in net unrealised appreciation/(depreciation) on forwards ------Change in net unrealised appreciation/(depreciation) on futures - - - - - (1,859,692.35) Change in net unrealised appreciation/(depreciation) on swaps ------Net increase/(decrease) in net assets as a result of operations 110,108,959.57 443,101,557.94 574,808,608.03 341,654,991.88 71,817,653.11 166,488,385.18

The accompanying notes are an integral part of these financial statements. 15 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Operations (continued) For the period ended 30 June 2014

Emerging Markets Bond Fund

(expressed in) SEK

Income Dividends, net - Rebate on Management fees (Note 4) - Income from securities lending, net - Interest on bonds, net 30,632,824.03 Interest on bank deposits 117,285.85 Total income 30,750,109.88

Expenses Interest on bank overdraft 30,306.29 Flat All-in fee (Note 4) 3,907,686.45 Transaction costs (Note 8) 26.64 "Taxe d'abonnement" (Note 5) 97,721.07 Total expenses 4,035,740.45

Net income/(loss) from investments 26,714,369.43 Net realised gain/(loss) on foreign currencies (Note 2) (1,783,026.21) Net realised gain/(loss) on sales of investment securities (Note 2) (3,941,830.55) Net realised gain/(loss) on futures (Note 2) - Net realised gain/(loss) on swaps (Note 2) -

Net realised gain/(loss) for the year/period 20,989,512.67 Change in net unrealised appreciation/(depreciation) on investment securities 87,004,613.45 Change in net unrealised appreciation/(depreciation) on forwards - Change in net unrealised appreciation/(depreciation) on futures - Change in net unrealised appreciation/(depreciation) on swaps - Net increase/(decrease) in net assets as a result of operations 107,994,126.12

The accompanying notes are an integral part of these financial statements. 16 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Net Assets For the period ended 30 June 2014

Combined Swedish Bonds Shares Swedish Short Term Russia Shares Global Criteria Euro Liquidity Assets Shares

(expressed in) USD SEK SEK SEK SEK EUR Net increase/(decrease) in net assets as a result of operations 660,741,033.12 86,072,297.97 185,796,117.73 (41,511,494.07) 1,034,142,165.96 (1,846.22)

Proceeds from shares issued 3,455,271,431.26 501,641,398.76 5,576,415,120.40 268,883,429.57 2,087,319,777.10 1,073,529.69 Payments for shares redeemed (1,904,743,335.28) (292,571,999.18) (6,211,177,187.80) (246,783,691.38) (880,137,889.58) (1,551,537.02) Dividend paid to Shareholders (Note 7) (18,047,589.47) - - - (76,195,567.37) -

Net Assets at the beginning of the period 13,274,042,412.29 2,516,313,373.75 31,940,430,625.80 1,118,813,088.34 8,825,998,540.02 3,075,937.93 Reevaluation (482,919,791.67) Net assets at the end of the period 14,984,344,160.25 2,811,455,071.30 31,491,464,676.13 1,099,401,332.46 10,991,127,026.13 2,596,084.38

The accompanying notes are an integral part of these financial statements. 17 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Net Assets (continued) For the period ended 30 June 2014

Europe Selective Nordic Shares America Small Cap Far East Shares Global Thematic Commodity

(expressed in) EUR EUR USD USD USD SEK Net increase/(decrease) in net assets as a result of operations 1,486,862.67 3,784,033.72 8,049,655.75 1,742,333.54 8,433,022.18 130,233,919.54

Proceeds from shares issued 3,793,638.26 5,582,682.60 224,298,186.84 1,238,796.87 61,972,141.20 1,295,763,842.77 Payments for shares redeemed (9,288,324.15) (7,219,142.00) (169,772,630.42) (4,163,632.82) (155,011,019.02) (266,325,726.89) Dividend paid to Shareholders (Note 7) - - - - (761,945.72) (1,975,431.53)

Net Assets at the beginning of the period 45,196,078.51 40,577,671.81 485,226,652.73 38,212,325.46 232,583,118.99 1,299,507,772.89 Reevaluation Net assets at the end of the period 41,188,255.29 42,725,246.13 547,801,864.90 37,029,823.05 147,215,317.63 2,457,204,376.78

The accompanying notes are an integral part of these financial statements. 18 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Net Assets (continued) For the period ended 30 June 2014

Brazil Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Global Selective Allocation Preserve 90

(expressed in) SEK SEK SEK SEK SEK EUR Net increase/(decrease) in net assets as a result of operations 86,566,038.68 133,739,089.55 256,398,408.44 305,986,565.47 213,045,483.89 4,453,836.28

Proceeds from shares issued 199,048,132.02 1,414,523,794.34 3,096,750,148.06 2,021,260,156.87 1,015,031,107.45 44,589,992.91 Payments for shares redeemed (172,028,210.24) (355,712,799.94) (577,839,475.30) (387,892,237.68) (292,218,206.82) (14,166,836.41) Dividend paid to Shareholders (Note 7) - (5,018,879.67) (1,492,512.21) (748,702.40) (122,332.59) (1,079,192.06)

Net Assets at the beginning of the period 497,911,995.88 1,056,703,054.36 5,425,074,047.01 4,388,875,044.53 2,315,613,970.35 110,421,223.70 Reevaluation Net assets at the end of the period 611,497,956.34 2,244,234,258.64 8,198,890,616.00 6,327,480,826.79 3,251,350,022.28 144,219,024.42

The accompanying notes are an integral part of these financial statements. 19 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Net Assets (continued) For the period ended 30 June 2014

Pension 40 Pension 50 Pension 60 Pension 70 Pension 80 MSCI Emerging Markets Index

(expressed in) SEK SEK SEK SEK SEK SEK Net increase/(decrease) in net assets as a result of operations 110,108,959.57 443,101,557.94 574,808,608.03 341,654,991.88 71,817,653.11 166,488,385.18

Proceeds from shares issued 70,562,255.69 450,472,305.01 588,049,332.23 395,123,964.09 141,286,132.36 353,525,120.83 Payments for shares redeemed (192,319,598.07) (97,118,470.51) (59,223,899.79) (24,657,194.25) (10,011,891.54) (132,780,555.92) Dividend paid to Shareholders (Note 7) - - - - - (2,185,628.61)

Net Assets at the beginning of the period 2,422,277,643.37 5,709,447,618.40 5,515,900,359.05 3,208,057,249.69 640,710,842.64 1,441,920,101.70 Reevaluation Net assets at the end of the period 2,410,629,260.56 6,505,903,010.84 6,619,534,399.52 3,920,179,011.41 843,802,736.57 1,826,967,423.18

The accompanying notes are an integral part of these financial statements. 20 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Net Assets (continued) For the period ended 30 June 2014

Emerging Markets Bond Fund

(expressed in) SEK Net increase/(decrease) in net assets as a result of operations 107,994,126.12

Proceeds from shares issued 1,198,122,769.05 Payments for shares redeemed (40,964,335.87) Dividend paid to Shareholders (Note 7) (17,943,271.16)

Net Assets at the beginning of the period 311,222,848.11 Reevaluation Net assets at the end of the period 1,558,432,136.25

The accompanying notes are an integral part of these financial statements. 21 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Number of Shares Outstanding For the period ended 30 June 2014

Swedish Bonds Shares Swedish Short Term Russia Shares Global Criteria Euro Liquidity Europe Selective Assets Shares

Changes in shares outstanding Number of shares outstanding at the beginning of the period 695,683.5305 222,859,408.2620 18,410,988.9367 65,720,645.2287 29,626.2456 468,495.0439 Number of shares issued 136,110.3661 38,876,736.5874 5,287,052.9338 14,869,133.0493 10,335.2814 47,101.1148 Number of shares redeemed 79,470.5931 43,288,200.9214 4,672,880.2951 6,651,688.0672 14,973.3166 102,853.3309 Number of shares outstanding at the end of the period 752,323.3035 218,447,943.9280 19,025,161.5754 73,938,090.2108 24,988.2104 412,742.8278

Number of shares outstanding at the end of the period by Class EUR A Class - - 562,635.6564 160,585.1089 3.3520 319,247.7237 EUR AI Class - - - 595,756.7956 24,984.8584 - NOK A Class - - 154,428.5257 1,086,820.3772 - 15,322.7358 NOK AI Class - - - 1,576,940.6398 - - SEK A Class 752,323.3035 179,877,630.9602 18,308,097.3933 4,548,973.5138 - 78,172.3683 SEK AI Class - - - 44,388,495.5975 - - SEK BI Class - - - 21,580,518.1780 - - USD A Class ------EUR A2 Class ------SEK A2 Class - 38,570,312.9678 - - - - SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------Number of shares outstanding at the end of the period 752,323.3035 218,447,943.9280 19,025,161.5754 73,938,090.2108 24,988.2104 412,742.8278

The accompanying notes are an integral part of these financial statements. 22 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Number of Shares Outstanding (continued) For the period ended 30 June 2014

Nordic Shares America Small Cap Far East Shares Global Thematic Commodity Brazil

Changes in shares outstanding Number of shares outstanding at the beginning of the period 513,862.5594 7,698,504.1054 3,120,784.4638 1,854,865.7984 13,259,327.5183 6,771,792.2315 Number of shares issued 70,189.5742 3,693,474.0426 101,583.6700 508,567.4380 13,317,400.5190 2,506,787.5742 Number of shares redeemed 90,696.0200 2,802,735.4894 337,760.7725 1,231,774.6924 2,627,931.2479 2,261,177.1649 Number of shares outstanding at the end of the period 493,356.1136 8,589,242.6586 2,884,607.3613 1,131,658.5440 23,948,796.7894 7,017,402.6408

Number of shares outstanding at the end of the period by Class EUR A Class 127,109.3945 8,932.6836 14,803.5006 8,569.2756 1,629,815.2485 198,909.5852 EUR AI Class ------NOK A Class 218,962.8020 439,040.9186 302,052.7595 117,289.9403 275,499.2813 79,686.8120 NOK AI Class ------SEK A Class 147,283.9171 7,275,647.1018 - 548,847.0053 9,681,331.5768 6,738,806.2436 SEK AI Class ------SEK BI Class - - - 308,447.8232 12,362,150.6828 - USD A Class - 865,621.9546 2,567,751.1012 148,504.4996 - - EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------Number of shares outstanding at the end of the period 493,356.1136 8,589,242.6586 2,884,607.3613 1,131,658.5440 23,948,796.7894 7,017,402.6408

The accompanying notes are an integral part of these financial statements. 23 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Number of Shares Outstanding (continued) For the period ended 30 June 2014

Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Global Selective Pension 40 Allocation Preserve 90

Changes in shares outstanding Number of shares outstanding at the beginning of the period 9,212,324.0666 48,472,314.3832 37,146,807.0839 18,367,485.4062 8,133,212.9056 22,320,197.8144 Number of shares issued 11,945,477.6654 27,335,916.1123 16,770,020.2511 7,822,913.9914 3,312,379.0294 639,366.8247 Number of shares redeemed 3,038,067.9562 5,145,267.7178 3,238,236.1350 2,269,238.1493 1,040,409.3161 1,737,726.9061 Number of shares outstanding at the end of the period 18,119,733.7758 70,662,962.7777 50,678,591.2000 23,921,161.2483 10,405,182.6189 21,221,837.7330

Number of shares outstanding at the end of the period by Class EUR A Class - - - - 487,406.4781 - EUR AI Class - - - - 347,284.9716 - NOK A Class - - - - 1,176,199.6096 - NOK AI Class ------SEK A Class - - - - 3,076,465.9110 - SEK AI Class 16,539,398.7546 - - - 3,103,064.2020 - SEK BI Class 1,580,335.0212 373,656.0393 188,243.1918 32,222.9759 2,214,761.4466 - USD A Class ------EUR A2 Class - 221,753.4838 298,748.4136 54,118.9970 - - SEK A2 Class - 70,067,553.2546 50,191,599.5946 23,827,013.6359 - - SEK L Class - - - - - 19,767,629.3529 SEK SPA Class - - - - - 1,454,208.3801 NOK A2 Class - - - 7,805.6395 - - NOK BI Class ------Number of shares outstanding at the end of the period 18,119,733.7758 70,662,962.7777 50,678,591.2000 23,921,161.2483 10,405,182.6189 21,221,837.7330

The accompanying notes are an integral part of these financial statements. 24 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Changes in Number of Shares Outstanding (continued) For the period ended 30 June 2014

Pension 50 Pension 60 Pension 70 Pension 80 MSCI Emerging Emerging Markets Markets Index Bond Fund

Changes in shares outstanding Number of shares outstanding at the beginning of the period 48,959,797.1635 44,565,362.7599 25,957,333.2768 5,179,033.4115 15,024,236.7555 3,516,410.2123 Number of shares issued 3,753,602.4162 4,575,649.4369 3,081,221.0172 1,098,668.7380 3,631,712.0734 13,327,957.4135 Number of shares redeemed 820,408.0561 472,051.0234 195,711.7272 78,945.3492 1,329,947.2044 463,188.7776 Number of shares outstanding at the end of the period 51,892,991.5236 48,668,961.1734 28,842,842.5668 6,198,756.8003 17,326,001.6245 16,381,178.8482

Number of shares outstanding at the end of the period by Class EUR A Class - - - - 90,115.2801 15,464.5257 EUR AI Class - - - - 109,930.0402 428.7715 NOK A Class - - - - 9,613.3670 90,391.9183 NOK AI Class ------SEK A Class - - - - 1,369,645.9470 4,589,995.5692 SEK AI Class - - - - 14,510,565.7159 1,444,387.9948 SEK BI Class - - - - 1,236,131.2743 9,773,479.2836 USD A Class ------EUR A2 Class - - - - - 2,542.3728 SEK A2 Class - - - - - 464,488.4123 SEK L Class 47,229,440.0602 42,586,962.3263 24,253,209.0420 4,353,920.6063 - - SEK SPA Class 4,663,551.4634 6,081,998.8471 4,589,633.5248 1,844,836.1940 - - NOK A2 Class ------NOK BI Class ------Number of shares outstanding at the end of the period 51,892,991.5236 48,668,961.1734 28,842,842.5668 6,198,756.8003 17,326,001.6245 16,381,178.8482

The accompanying notes are an integral part of these financial statements. 25 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information

Swedish Bonds Shares Swedish Short Term Assets Shares (expressed in) SEK SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 2,811,455,071.30 2,516,313,373.75 1,836,209,324.65 31,491,464,676.13 31,940,430,625.80 29,428,983,989.82 Number of shares outstanding 752,323.3035 695,683.5305 507,410.7016 218,447,943.9280 222,859,408.2620 208,003,795.7136

Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class 3,737.03 3,617.04 3,618.78 144.02 143.20 141.41 SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class - - - 144.81 143.85 141.83 SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------

The accompanying notes are an integral part of these financial statements. 26 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Russia Shares Global Criteria (expressed in) SEK SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 1,099,401,332.46 1,118,813,088.34 1,348,823,126.28 10,991,127,026.13 8,825,998,540.02 5,865,018,986.48 Number of shares outstanding 19,025,161.5754 18,410,988.9367 22,864,715.1102 73,938,090.2108 65,720,645.2287 54,412,391.8953

Net asset value per share (in share class currency) EUR A Class 6.31 6.87 6.88 16.81 15.70 12.99 EUR AI Class - - - 17.10 15.94 13.16 NOK A Class 53.04 57.40 50.47 141.25 131.25 95.33 NOK AI Class - - - 143.64 133.27 96.59 SEK A Class 57.79 60.77 58.99 153.89 138.95 111.43 SEK AI Class - - - 156.49 141.09 112.91 SEK BI Class - - - 130.34 121.16 99.96 USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------

The accompanying notes are an integral part of these financial statements. 27 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Euro Liquidity Europe Selective (expressed in) EUR EUR 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 2,596,084.38 3,075,937.93 4,242,677.90 41,188,255.29 45,196,078.51 37,796,436.42 Number of shares outstanding 24,988.2104 29,626.2456 40,787.3293 412,742.8278 468,495.0439 450,240.1869

Net asset value per share (in share class currency) EUR A Class 103.11 103.24 103.51 99.79 96.47 83.95 EUR AI Class 103.89 103.94 104.09 - - - NOK A Class - - - 838.40 806.48 615.94 NOK AI Class ------SEK A Class - - - 913.42 853.77 720.00 SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------

The accompanying notes are an integral part of these financial statements. 28 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Nordic Shares America Small Cap (expressed in) EUR USD 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 42,725,246.13 40,577,671.81 29,348,363.06 547,801,864.90 485,226,652.73 94,274,381.76 Number of shares outstanding 493,356.1136 513,862.5594 455,464.9676 8,589,242.6586 7,698,504.1054 2,097,456.1160

Net asset value per share (in share class currency) EUR A Class 86.60 78.97 64.44 46.58 45.74 (xi) - EUR AI Class ------NOK A Class 727.58 660.14 472.78 391.36 382.39 250.14 NOK AI Class ------SEK A Class 792.68 698.85 552.65 426.38 404.81 (xviii) - SEK AI Class ------SEK BI Class ------USD A Class - - - 63.77 63.03 44.95 EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------(xi) launched on 18 January 2013 (xviii) launched on 15 July 2013

The accompanying notes are an integral part of these financial statements. 29 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Far East Shares Global Thematic (expressed in) USD USD 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 37,029,823.05 38,212,325.46 34,923,615.44 147,215,317.63 232,583,118.99 132,710,264.41 Number of shares outstanding 2,884,607.3613 3,120,784.4638 3,028,227.8660 1,131,658.5440 1,854,865.7984 1,253,415.8546

Net asset value per share (in share class currency) EUR A Class 9.38 8.89 8.75 96.95 91.23 80.31 (i) EUR AI Class ------NOK A Class 78.77 74.29 64.18 814.49 762.71 589.24 NOK AI Class ------SEK A Class - - - 887.37 807.43 688.79 (ii) SEK AI Class ------SEK BI Class - - - 822.49 779.40 688.79 USD A Class 12.84 12.24 11.53 132.73 125.72 105.88 EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------(i) launched on 15 May 2012 (ii) launched on 15 November 2012

The accompanying notes are an integral part of these financial statements. 30 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Commodity Brazil (expressed in) SEK SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 2,457,204,376.78 1,299,507,772.89 1,749,217,365.80 611,497,956.34 497,911,995.88 893,911,935.19 Number of shares outstanding 23,948,796.7894 13,259,327.5183 15,987,393.4539 7,017,402.6408 6,771,792.2315 9,587,610.9729

Net asset value per share (in share class currency) EUR A Class 11.70 11.13 12.82 9.52 8.31 10.87 EUR AI Class ------NOK A Class 98.26 93.04 94.04 79.98 69.45 79.76 NOK AI Class ------SEK A Class 107.06 98.49 109.92 87.14 73.53 93.24 SEK AI Class ------SEK BI Class 98.43 92.30 104.91 - - - USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------

The accompanying notes are an integral part of these financial statements. 31 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Global Dynamic Allocation Preserve 90 Multi Asset (L) (expressed in) SEK SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 2,244,234,258.64 1,056,703,054.36 772,557,272.30 8,198,890,616.00 5,425,074,047.01 1,955,362,794.39 Number of shares outstanding 18,119,733.7758 9,212,324.0666 8,018,715.6998 70,662,962.7777 48,472,314.3832 18,644,988.5195

Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class ------SEK AI Class 124.44 115.06 96.34 - - - SEK BI Class 117.69 112.19 96.34 (iii) 107.03 126.08 104.87 (iv) USD A Class ------EUR A2 Class - - - 12.68 14.25 12.23 SEK A2 Class - - - 116.08 116.84 104.87 SEK L Class ------SEK SPA Class ------NOK A2 Class ------NOK BI Class ------(iii) launched on 15 November 2012 (iv) launched on 20 December 2012

The accompanying notes are an integral part of these financial statements. 32 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Multi Asset (M) Multi Asset (H) (expressed in) SEK SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 6,327,480,826.79 4,388,875,044.53 1,764,955,553.16 3,251,350,022.28 2,315,613,970.35 918,220,710.23 Number of shares outstanding 50,678,591.2000 37,146,807.0839 16,548,251.4776 23,921,161.2483 18,367,485.4062 8,389,560.6144

Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class ------SEK AI Class ------SEK BI Class 106.91 105.36 99.00 (v) 120.96 116.84 105.63 (vii) USD A Class ------EUR A2 Class 13.65 13.36 12.44 14.85 14.25 12.76 (vi) SEK A2 Class 124.92 118.21 106.66 135.94 126.08 109.46 SEK L Class ------SEK SPA Class ------NOK A2 Class - - - 124.78 119.10 (xvi) - NOK BI Class ------(v) launched on 2 February 2012 (vi) launched on 23 November 2012 (vii) launched on 25 September 2012 (xvi) launched on 30 April 2013

The accompanying notes are an integral part of these financial statements. 33 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Global Selective Pension 40 (expressed in) EUR SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 144,219,024.42 110,421,223.70 39,862,993.19 2,410,629,260.56 2,422,277,643.37 80,441,239.24 Number of shares outstanding 10,405,182.6189 8,133,212.9056 3,460,495.1912 21,221,837.7330 22,320,197.8144 799,890.1635

Net asset value per share (in share class currency) EUR A Class 14.04 13.66 11.52 (viii) - - - EUR AI Class 14.20 13.76 11.52 (viii) - - - NOK A Class 117.94 114.18 84.51 (viii) - - - NOK AI Class ------SEK A Class 128.49 120.88 98.79 (viii) - - - SEK AI Class 130.01 121.78 98.83 (viii) - - - SEK BI Class 118.49 116.10 98.79 (viii) - - - USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class - - - 113.55 108.51 100.57 (x) SEK SPA Class - - - 114.12 108.80 100.57 (ix) NOK A2 Class ------NOK BI Class ------(viii) launched on 6 November 2012 (ix) launched on 17 September 2012 (x) launched on 13 December 2012

The accompanying notes are an integral part of these financial statements. 34 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Pension 50 Pension 60 (expressed in) SEK SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 6,505,903,010.84 5,709,447,618.40 207,206,932.75 6,619,534,399.52 5,515,900,359.05 226,273,194.62 Number of shares outstanding 51,892,991.5236 48,959,797.1635 2,071,944.6609 48,668,961.1734 44,565,362.7599 2,267,071.3427

Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class ------SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class 125.32 116.59 100.01 (x) 135.93 123.74 99.81 (x) SEK SPA Class 125.93 116.90 100.01 (ix) 136.59 124.06 99.81 (ix) NOK A2 Class ------NOK BI Class ------(ix) launched on 17 September 2012 (x) launched on 13 December 2012

The accompanying notes are an integral part of these financial statements. 35 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

Pension 70 Pension 80 (expressed in) SEK SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 3,920,179,011.41 3,208,057,249.69 187,746,228.34 843,802,736.57 640,710,842.64 77,225,224.72 Number of shares outstanding 28,842,842.5668 25,957,333.2768 1,880,275.3344 6,198,756.8003 5,179,033.4115 772,884.0465

Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class ------SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class 135.81 123.54 99.85 (x) 135.93 123.62 99.92 (x) SEK SPA Class 136.47 123.87 99.85 (ix) 136.58 123.94 99.92 (ix) NOK A2 Class ------NOK BI Class ------(ix) launched on 17 September 2012 (x) launched on 13 December 2012

The accompanying notes are an integral part of these financial statements. 36 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statistical Information (continued)

MSCI Emerging Markets Index Emerging Markets Bond Fund (expressed in) SEK SEK 30 June 2014 31 December 2013 31 December 2012 30 June 2014 31 December 2013 31 December 2012 Total net assets 1,826,967,423.18 1,441,920,101.70 - 1,558,432,136.25 311,222,848.11 - Number of shares outstanding 17,326,001.6245 15,024,236.7555 - 16,381,178.8482 3,516,410.2123 -

Net asset value per share (in share class currency) EUR A Class 11.51 10.83 (xiii) - 10.56 9.99 (xv) - EUR AI Class 11.57 10.86 (xiii) - 10.62 10.01 (xv) - NOK A Class 96.70 90.52 (xii) - 88.74 83.50 (xiv) - NOK AI Class - - - 89.19 83.72 (xiv) - SEK A Class 105.35 95.83 (xii) - 96.68 88.40 (xiv) - SEK AI Class 105.90 96.11 (xii) - 97.17 88.63 (xiv) - SEK BI Class 100.19 93.45 (xii) - 94.01 88.51 (xiv) - USD A Class ------EUR A2 Class - - - 10.58 10.00 (xvii) - SEK A2 Class - - - 96.88 88.49 (xiv) - SEK L Class - - - - - SEK SPA Class - - - - - NOK A2 Class - - - 88.92 83.59 (xv) - NOK BI Class - - - 86.29 83.61 (xv) - (xii) launched on 31 January 2013 (xiii) launched on 1 March 2013 (xiv) launched on 22 April 2013 (xv) launched on 29 April 2013 (xvii) launched on 3 May 2013

The accompanying notes are an integral part of these financial statements. 37 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities As at 30 June 2014 Swedish Bonds Shares (expressed in SEK)

Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Bonds Bonds (continued)

SEK - Sweden SEK - Sweden (continued) 46,000,000.00 Forvaltnings 2.25% 84,000,000.00 Swedish Govt Bonds 2018-04-25 45,785,180.00 47,250,280.00 1.68 1057 1.50% 2023-11-13 79,137,152.13 82,419,120.00 2.93 50,000,000.00 ICA FRN 2015-06-25 50,000,000.00 50,266,000.00 1.79 54,000,000.00 Swedish Govt Bonds 139,000,000.00 Kommuninvest 2.25% 1058 2.50% 2025-05-12 56,807,500.00 57,390,120.00 2.04 2019-03-12 138,346,330.89 144,163,850.00 5.13 57,000,000.00 Vasakronan 1.8375% 162,900,000.00 Kommuninvest 4.00% 2018-05-21 57,000,000.00 57,179,607.00 2.03 2017-08-12 176,560,811.84 177,833,043.00 6.33 2,585,502,103.33 2,619,328,027.90 93.16 35,300,000.00 Länsförsäkring Hyp 508 4.00% 2016-03-15 37,197,295.00 37,225,968.00 1.32 Total Investments 2,585,502,103.33 2,619,328,027.90 93.16 1,000,000.00 Länsförsäkring Hyp 510 2.25% 2015-06-17 1,016,400.00 1,014,950.00 0.04 Cash at bank 162,897,287.61 5.79 2,000,000.00 Lfhypotek RB 2.5% Other net assets 29,229,755.79 1.05 2019-06-19 1,951,720.00 2,080,920.00 0.07 77,000,000.00 Nordea Hypotek 5527 Total net assets 2,811,455,071.30 100.00 4.50% 2016-06-15 82,540,920.00 82,464,690.00 2.93 48,400,000.00 Nordea Hypotek 5528 3.00% 2017-06-21 50,317,538.56 51,165,576.00 1.82 49,000,000.00 Nordea Hypotek 5529 2% 2018-06-20 48,636,060.00 50,221,080.00 1.79 210,000,000.00 SEB Bolån 3% 2018-06- 20 219,384,408.72 223,368,600.00 7.94 2,000,000.00 SEB Bolån 568 4.00% 2015-06-17 2,088,901.88 2,063,340.00 0.07 59,000,000.00 SEB Bolån 569 4.25% 2016-06-15 62,516,310.00 62,896,360.00 2.24 176,000,000.00 Stadshypotek 1577 6.00% 2015-12-16 193,375,449.64 189,376,000.00 6.74 67,000,000.00 Stadshypotek 3.00% 2018-03-21 69,602,370.00 71,227,030.00 2.53 700,000.00 Swedbank 183 3.75% 2015-09-16 723,606.60 725,592.00 0.03 76,400,000.00 Swedbank 184 3.75% 2016-06-15 80,445,878.20 80,716,600.00 2.87 400,000.00 Swedbank 185 3.75% 2017-03-15 416,360.87 429,568.00 0.02 94,200,000.00 Swedbank 186 3.75% 2017-12-20 100,544,973.18 102,411,414.00 3.64 60,000,000.00 Swedbank 3.92% 2014- 11-03 59,922,000.00 60,343,800.00 2.15 161,080,000.00 Swedish Govt Bonds 1047 5.00% 2020-12-01 193,936,925.62 197,725,700.00 7.03 1,600,000.00 Swedish Govt Bonds 1050 3.00% 2016-07-12 1,690,925.49 1,682,096.00 0.06 195,100,000.00 Swedish Govt Bonds 1051 3.75% 2017-08-12 213,249,511.64 213,763,266.00 7.60 322,100,000.00 Swedish Govt Bonds 1052 4.25% 2019-03-12 367,841,501.47 370,553,502.90 13.18 100,000.00 Swedish Govt Bonds 1053 3.50% 2039-03-30 130,714.09 118,523.00 0.00 174,200,000.00 Swedish Govt Bonds 1054 3.50% 2022-06-01 193,085,927.51 199,864,886.00 7.11 1,400,000.00 Swedish Govt Bonds 1056 2.25% 2032-06-01 1,249,430.00 1,386,546.00 0.05

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

38 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Swedish Short Term Assets Shares (expressed in SEK)

Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Bonds Bonds (continued)

SEK - Sweden SEK - Sweden (continued) 200,000,000.00 BMW FRN 2015-10-21 200,000,000.00 200,058,000.00 0.64 100,000,000.00 NCC FRN 2014-12-29 100,000,000.00 100,238,000.00 0.32 300,000,000.00 BMW FRN 2015-12-02 300,000,000.00 300,147,000.00 0.95 156,000,000.00 Nordea Bank FRN 2015- 200,000,000.00 BMW FRN 2016-01-22 200,000,000.00 199,882,000.00 0.63 01-16 157,538,160.00 157,224,600.00 0.50 79,000,000.00 BMW US Capital llc 0% 120,000,000.00 Nordea Bank FRN 2015- 2015-10-19 79,538,440.00 79,415,540.00 0.25 02-27 121,906,000.00 120,960,000.00 0.38 330,000,000.00 Castellum FRN 2015-03- 100,000,000.00 Nordea Bank FRN 2016- 26 330,000,000.00 330,801,900.00 1.05 01-05 100,259,000.00 100,201,000.00 0.32 174,000,000.00 Danske Bank FRN 2015- 330,000,000.00 Nykredit FRN 2015-11- 08-17 177,855,160.00 177,168,540.00 0.56 11 330,000,000.00 330,066,000.00 1.05 150,000,000.00 Danske Bank FRN 2015- 200,000,000.00 Realkredit FRN 2015- 08-21 150,238,500.00 150,267,000.00 0.48 04-01 200,548,000.00 200,498,000.00 0.64 240,000,000.00 Fortum FRN 2015-09-14 242,925,600.00 242,150,400.00 0.77 209,000,000.00 Realkredit FRN 2016- 50,000,000.00 General Electric Cap 10-01 209,209,000.00 209,221,540.00 0.66 3.875% 2015-09-21 51,987,540.00 51,657,500.00 0.16 425,000,000.00 Rikshem FRN 2014-11- 160,000,000.00 General Electric Cap 24 425,000,000.00 425,272,000.00 1.35 FRN 2015-02-24 162,075,160.00 161,089,600.00 0.51 93,000,000.00 SAMPO Oyj FRN 2015- 185,000,000.00 General Electric Cap 05-28 93,000,000.00 93,318,060.00 0.30 FRN 2015-09-21 188,845,200.00 187,553,000.00 0.60 75,000,000.00 Sandvik 3.51% 2015-10- 90,000,000.00 General Electric Cap. 01 77,452,500.00 77,244,000.00 0.25 3.125% 2015-02-24 91,815,300.00 91,178,100.00 0.29 284,000,000.00 Sandvik FRN 2016-05- 200,000,000.00 Hemso FRN 1511 2014- 23 283,999,370.00 284,067,171.68 0.90 11-12 200,000,000.00 200,282,000.00 0.64 60,000,000.00 SBAB FRN 2014-09-15 59,933,400.00 60,028,800.00 0.19 140,000,000.00 Hufvudstaden FRN 700,000,000.00 SBAB FRN 2015-07-03 700,000,000.00 700,805,000.00 2.23 2014-12-01 140,000,000.00 140,114,800.00 0.44 223,000,000.00 SBAB FRN 2015-10-01 224,616,310.00 224,235,420.00 0.71 73,000,000.00 Hufvudstaden FRN 33,000,000.00 SBAB FRN 2015-11-20 33,221,430.00 33,167,970.00 0.11 2016-03-11 73,021,160.00 72,989,050.00 0.23 300,000,000.00 SBAB FRN 2016-06-30 300,000,000.00 299,676,000.00 0.95 411,000,000.00 ICA FRN 2015-06-25 411,663,160.00 413,186,520.00 1.31 170,000,000.00 Scania FRN 2015-05-12 172,286,500.00 171,210,400.00 0.54 50,000,000.00 Industrivärden 3.60% 98,000,000.00 SEB FRN 2015-03-13 99,641,300.00 98,884,940.00 0.31 2016-01-12 52,062,000.00 52,013,500.00 0.17 560,000,000.00 SEB FRN 2015-07-03 560,000,000.00 560,532,000.00 1.78 681,000,000.00 Industrivärden FRN 0% 100,000,000.00 SEB FRN 2016-09-02 100,263,000.00 100,192,000.00 0.32 2014-12-19 681,000,000.00 681,851,250.00 2.17 143,000,000.00 Securitas FRN 2014-09- 200,000,000.00 Landshyp FRN 2015-06- 10 143,650,190.00 143,361,790.00 0.46 19 200,000,000.00 199,994,000.00 0.64 91,000,000.00 Securitas FRN 2014-09- 610,000,000.00 Landshypotek 2.69% 22 91,490,000.00 91,236,600.00 0.29 2015-01-26 612,521,050.00 611,738,500.00 1.94 255,000,000.00 Skandiabanken Covered 140,000,000.00 Landshypotek FRN 0% FRN 2016-01-28 255,000,000.00 255,303,450.00 0.81 2014-12-08 140,005,600.00 140,036,400.00 0.44 193,000,000.00 Skandiabanken FRN 680,000,000.00 Landshypotek FRN 2015-06-25 193,015,340.00 192,994,210.00 0.61 2014-09-22 680,000,000.00 680,333,200.00 2.16 1,525,000,000.00 Stadshypotek 1577 250,000,000.00 Landshypotek FRN 6.00% 2015-12-16 1,699,757,503.04 1,640,900,000.03 5.21 2015-04-02 250,000,000.00 249,972,500.00 0.79 630,000,000.00 Stadshypotek FRN 2014- 300,000,000.00 Landshypotek FRN 10-03 630,000,000.00 630,151,200.00 2.00 2015-04-16 299,910,000.00 299,928,000.00 0.95 87,000,000.00 Stadshypotek FRN 2016- 64,000,000.00 Landshypotek FRN 06-03 87,196,620.00 87,104,400.00 0.28 2015-04-17 63,963,520.00 63,975,040.00 0.20 50,000,000.00 Stangastaden FRN 2014- 550,000,000.00 Landshypotek FRN 11-17 50,508,000.00 50,150,500.00 0.16 2016-03-21 550,000,000.00 552,068,000.00 1.75 100,000,000.00 Swedbank 3.41% 2014- 545,000,000.00 Landshypotek FRN 09-15 101,814,000.00 100,510,000.00 0.32 2017-11-30 549,610,700.00 557,665,800.00 1.77 92,000,000.00 Swedbank 3.92% 2014- 600,000,000.00 Länsförsäkringar Ab 11-03 93,434,280.00 92,527,160.00 0.29 1.49% 2016-01-15 600,141,000.00 603,708,000.00 1.92 175,000,000.00 Swedbank FRN 2015- 408,000,000.00 Länsförsäkringar Bank 04-07 177,877,000.00 176,440,250.00 0.56 FRN 2014-07-17 408,000,000.00 408,061,200.00 1.30 68,000,000.00 Swedbank FRN 2015- 131,000,000.00 Länsförsäkringar Bank 08-01 68,973,760.00 68,669,120.00 0.22 FRN 2015-02-10 132,862,480.00 132,003,460.00 0.42 68,000,000.00 Swedbank FRN 2016- 330,000,000.00 Länsförsäkringar Bank 01-25 70,232,440.00 69,865,240.00 0.22 FRN 2015-05-27 330,000,000.00 330,445,500.00 1.05 138,000,000.00 Tele2 FRN 2015-03-06 138,967,480.00 138,756,240.00 0.44 878,000,000.00 Länsförsäkringar Bank 44,000,000.00 Uppsalahem FRN 2015- Frn 2016-04-08 878,000,000.00 876,893,720.00 2.78 03-18 44,221,320.00 44,150,480.00 0.14 61,000,000.00 LF Bank 4.75% 2015- 280,000,000.00 Vasakronan 1.4% 2016- 02-10 62,880,630.00 62,400,560.00 0.20 03-04 280,000,000.00 281,674,400.00 0.89 120,000,000.00 Linköping FRN 2015- 135,000,000.00 Vasakronan 3.49% 2015- 09-25 120,000,000.00 119,971,200.00 0.38 09-16 139,558,950.00 139,038,286.05 0.44 150,000,000.00 Linkopings FRN 2015- 215,000,000.00 Vasakronan FRN 2015- 03-18 151,141,500.00 150,600,000.00 0.48 09-23 215,000,000.00 215,318,200.00 0.68

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

39 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Swedish Short Term Assets Shares (continued) (expressed in SEK)

Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Other money market instruments (continued) listing (continued) Certificates of deposits and Commercial papers (continued) Bonds (continued) SEK - Sweden (continued) SEK - Sweden (continued) 110,000,000.00 Hexagon Cert 2015-03- 190,000,000.00 Vasakronan FRN 2016- 11 108,131,499.30 109,020,093.88 0.35 01-07 190,117,800.00 190,220,400.00 0.60 120,000,000.00 Holmen Cert 2014-08-04 119,420,539.92 119,896,188.50 0.38 50,000,000.00 Vasakronan FRN 395 150,000,000.00 Holmen Cert 2014-08-25 149,123,530.50 149,789,960.08 0.48 2015-01-27 50,728,500.00 50,497,500.00 0.16 58,000,000.00 Holmen Cert 2014-10-06 57,728,355.84 57,854,899.13 0.18 249,000,000.00 Volkswagen FRN 2015- 150,000,000.00 Hufvudstaden Cert 2015- 03-27 249,622,500.00 249,338,640.00 0.79 03-12 147,838,477.50 148,657,437.52 0.47 620,000,000.00 Volkswagen FRN 2015- 450,000,000.00 Husqvarna Cert 2014-08- 12-02 620,000,000.00 620,390,600.00 1.97 07 446,859,103.50 449,467,617.26 1.43 600,000,000.00 Volkswagen FRN 2016- 58,000,000.00 Intrum Justiia 2014-10- 02-03 600,000,000.00 599,634,000.00 1.90 13 57,588,347.32 57,804,988.45 0.18 16,000,000.00 Volkswagen FRN 2016- 58,000,000.00 Kraftringen 57,697,028.30 57,846,192.40 0.18 04-11 16,006,560.00 15,985,600.00 0.05 58,000,000.00 Landshypotek Cert 2014- 640,000,000.00 Volvo Treasury FRN 10-22 57,724,174.62 57,871,486.08 0.18 2015-07-17 640,050,500.00 641,747,200.00 2.04 250,000,000.00 Lfba Cert 2014-09-25 246,436,797.50 249,584,752.33 0.79 60,000,000.00 Volvo Treasury FRN 54,000,000.00 Loomis Cert 2014-09-08 53,738,543.88 53,880,704.13 0.17 2016-01-12 60,297,000.00 60,231,600.00 0.19 58,000,000.00 Loomis Cert 2015-01-29 57,362,006.96 57,580,886.96 0.18 200,000,000.00 Volvo Treasury FRN 300,000,000.00 Nordea Bank Cert 2014- 2016-03-17 200,000,000.00 199,906,000.00 0.63 12-23 296,874,162.00 298,928,836.87 0.95 42,000,000.00 Volvofinans FRN 2015- 300,000,000.00 Nordea Bank Cert 2015- 06-18 42,553,140.00 42,422,100.00 0.13 06-09 297,443,637.00 297,619,512.75 0.95 21,261,010,553.04 21,207,168,847.76 67.31 50,000,000.00 Rikshem Cert 2014-08- 18 49,805,559.00 49,923,363.45 0.16 Other money market instruments 175,000,000.00 Sandvik Cert 2014-10-30 174,017,222.75 174,451,225.77 0.55 90,000,000.00 Sandvik Cert 2014-11-24 89,500,468.50 89,657,524.20 0.28 Certificates of deposits and Commercial papers 175,000,000.00 Sandvik Cert 2015-04-28 172,942,274.75 173,490,242.72 0.55 116,000,000.00 Sandvik Cert 2015-04-29 114,632,308.96 114,995,471.12 0.37 250,000,000.00 SCA Finans Cert 2014- SEK - Sweden 11-17 246,461,362.50 249,185,885.10 0.79 35,000,000.00 Arla Cert 2014-10-06 34,762,585.90 34,890,480.03 0.11 275,000,000.00 SCA Finans Cert 2015- 150,000,000.00 Arla Cert 2014-10-09 147,282,274.50 149,515,665.42 0.47 03-26 271,784,785.25 273,121,669.30 0.87 275,000,000.00 Assa Cert 2014-07-23 273,832,718.50 274,858,096.87 0.87 600,000,000.00 SCA Finans Ert 2014- 100,000,000.00 Assa Cert 2023-09-14 99,655,425.00 99,809,761.90 0.32 10-09 590,447,868.00 598,629,798.11 1.90 40,000,000.00 Atrium Ljungberg ZCP 200,000,000.00 SEB Cert 2015-02-27 197,879,174.00 198,965,348.02 0.63 2014-08-25 39,713,894.40 39,929,723.39 0.13 200,000,000.00 Skandiabanken 2014-07- 110,000,000.00 Atrium Ljungberg ZCP 14 198,964,952.00 199,941,548.49 0.63 2015-04-08 108,248,775.80 108,890,168.42 0.35 425,000,000.00 Skanska Cert 2014-12-05 422,585,485.75 422,803,379.34 1.34 110,000,000.00 Atrium Ljungberg ZCP 58,000,000.00 Stångåstaden Cert 2014- 2016-03-21 110,000,000.00 110,425,700.00 0.35 10-22 57,725,635.06 57,859,176.55 0.18 12,000,000.00 Balder Cert 2015-04-02 11,811,023.64 11,881,935.02 0.04 58,000,000.00 Sveaskog Cert 2014-08- 100,000,000.00 Balder Cert 2015-05-15 98,407,978.00 98,833,141.59 0.31 26 57,857,759.64 57,927,775.89 0.18 225,000,000.00 Billerud Cert 2015-04-30 221,625,567.00 222,520,184.52 0.71 60,000,000.00 Sveaskog Cert 2014-08- 300,000,000.00 Boliden Cert ZCP 2014- 29 59,742,397.20 59,921,253.49 0.19 10-07 293,727,546.00 299,051,289.69 0.95 100,000,000.00 Sveaskog Cert 2014-09- 95,000,000.00 Bonnier Cert 2014-10-14 94,292,047.65 94,677,410.80 0.30 29 99,577,013.00 99,798,308.97 0.32 100,000,000.00 Bonnier Cert 2014-12-16 99,297,873.00 99,444,753.42 0.32 100,000,000.00 Svenska Volkswagen 27,000,000.00 Castellum Cert 2014-09- Finans ZCP 2014-11-24 98,558,985.00 99,656,361.06 0.32 10 26,849,423.16 26,938,596.16 0.09 325,000,000.00 Svenska Volkswagen 65,000,000.00 Castellum Cert 2014-09- Finans ZCP 2014-11-25 320,364,460.00 323,874,776.67 1.03 16 63,830,539.41 64,839,453.19 0.21 160,000,000.00 Svenska Volkswagen 166,000,000.00 Castellum Cert 2014-11- Finans ZCP 2014-11-26 157,688,116.80 159,441,904.81 0.51 17 164,838,642.42 165,245,206.82 0.52 60,000,000.00 Swedavia Cert 2014-09- 42,000,000.00 Castellum Cert 2014-12- 16 59,866,743.00 59,851,802.95 0.19 17 41,727,222.18 41,765,324.00 0.13 90,000,000.00 Swedavia Cert 2014-09- 80,000,000.00 Fabege Cert 2014-11-27 78,570,025.60 79,608,701.12 0.25 19 89,710,958.70 89,768,864.25 0.29 35,000,000.00 Fabege Cert 2015-02-05 34,427,900.15 34,737,264.06 0.11 59,000,000.00 Tele 2 Cert 2014-08-11 58,739,405.85 58,922,718.93 0.19 260,000,000.00 Fabege Cert 2015-04-27 255,954,972.00 257,167,793.17 0.82 58,000,000.00 Tele 2 Cert 2014-08-15 57,748,716.16 57,916,651.08 0.18 170,000,000.00 Getinge Cert 2014-10-08 168,758,682.10 169,456,744.69 0.54 50,000,000.00 Tele 2 Cert 2014-08-22 49,784,552.00 49,916,966.15 0.16 200,000,000.00 Hemsö Cert 2015-01-09 197,306,762.00 198,712,172.54 0.63 58,000,000.00 Tele 2 Cert 2014-10-16 57,613,123.18 57,799,171.00 0.18 60,000,000.00 Hemsö Cert 2015-02-20 59,180,222.40 59,512,966.28 0.19 100,000,000.00 Trelleborg Cert 2014-11- 70,000,000.00 Hexagon Cert 2014-11- 12 98,227,083.00 99,562,423.15 0.32 18 68,649,923.30 69,679,311.81 0.22 320,000,000.00 Hexagon Cert 2014-11- 20 313,859,340.80 318,512,011.77 1.01 100,000,000.00 Hexagon Cert 2015-02- 04 98,257,416.00 99,253,351.77 0.32

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

40 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Swedish Short Term Assets Shares (continued) (expressed in SEK)

Market % of Value net Nominal Denomination Cost (Note 2) assets

Other money market instruments (continued)

Certificates of deposits and Commercial papers (continued)

SEK - Sweden (continued) 200,000,000.00 Trelleborg Cert 2014-11- 24 196,635,952.00 199,042,464.21 0.63 100,000,000.00 Vasakronan Cert 2015- 01-29 98,761,747.00 99,277,391.31 0.32 230,000,000.00 Vasakronan Cert 2015- 04-28 227,561,050.10 227,484,759.71 0.72 9,734,020,144.20 9,799,148,990.59 31.12

Total Investments 30,995,030,697.24 31,006,317,838.35 98.43

Cash at bank 388,833,490.75 1.23 Other net assets 96,313,347.03 0.34

Total net assets 31,491,464,676.13 100.00

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

41 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Russia Shares (expressed in SEK)

Market % of Market % of Number of Value net Number of Value net Shares Denomination Cost (Note 2) assets Shares Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Equities Equities (continued)

EUR - Austria USD - Russian Federation (continued) 60,000.00 Cat Oil AG 5,485,741.97 10,322,116.59 0.94 30,739.00 MMC Norilsk 5,485,741.97 10,322,116.59 0.94 Nickel OJJC 36,263,711.20 40,548,127.06 3.69 530,053.00 Mobile Telsystems 27,225,735.25 31,428,021.60 2.86 GBP - Malaysia 2,922,300.00 Moscow Exchange 1,050,000.00 Steppe Cement Ord Shs 4,511,281.77 5,011,040.82 0.46 Ord Shs 29,701,936.79 38,697,523.69 3.52 4,511,281.77 5,011,040.82 0.46 47,000,000.00 Mosenergo 6,597,424.35 7,190,828.93 0.65 262,294.00 Mostotrest OAO 11,577,322.18 5,632,519.42 0.51 HKD - Hong Kong 383,180.00 MVideo 20,184,089.54 20,305,529.60 1.85 600,000.00 Summit Ascent Holdings 366,302.00 Nizhnekamskneft Ord Shs1 3,411,148.68 3,053,557.45 0.28 Ord Shs 2,595,631.14 1,582,044.34 0.14 3,411,148.68 3,053,557.45 0.28 1,071,173.00 Nizhnekamskneftekhim Pref Shs 5,541,560.84 3,049,117.00 0.28 SEK - Sweden 488,772.00 Novatek Comm 37,039,433.72 40,302,504.20 3.67 5,000.00 Ferronord Pref 4,879,290.01 4,445,000.00 0.40 21,200,000.00 OGK-5 Holding 5,907,251.61 4,297,782.21 0.39 4,879,290.01 4,445,000.00 0.40 158,000.00 Ojsc Megafon GRD WI 27,462,275.26 33,272,986.95 3.03 66,771.00 O'Key Group GDR 4,059,512.88 4,100,069.23 0.37 USD - Cyprus 100,000.00 Otcpharm USD 1,305,949.02 1,390,552.80 0.13 63,000.00 Global Ports GDR 5,512,029.04 4,527,653.29 0.41 1,998,962.00 PIK Group 33,899,163.73 31,179,910.38 2.84 163,307.00 Hydraulic Machine GDR 6,156,461.56 1,801,411.35 0.16 1,407,600.00 Protek 12,052,811.95 11,241,819.94 1.02 20,000.00 IG Seismic 257,465.00 Rosneft Oil Co 12,357,904.42 12,601,344.95 1.15 Services GDR 3,468,998.00 3,743,796.00 0.34 181,392.00 Rostelekom Pref 3,807,255.09 2,177,664.71 0.20 15,137,488.60 10,072,860.64 0.91 1,194,285.00 Sberbank Pref 11,126,989.13 16,178,322.60 1.47 USD - Georgia 4,723,494.00 Sberbank Savings Bank 65,000.00 Tbc Bank Joint Stock of Russian GDR When Issued 5,600,871.25 6,148,850.66 0.56 Federation OJSC 83,560,439.24 78,360,373.92 7.13 5,600,871.25 6,148,850.66 0.56 89,157.00 Severstal 8,105,657.13 4,842,871.72 0.44 480,000.00 Severstal Cherepovets USD - Kazakhstan Metal Factory JSC 30,273,761.17 26,291,893.43 2.39 67,000.00 Halyk Savings 1,801,547.00 Sistema JSFC 12,021,337.99 16,128,235.72 1.47 Bank Of K 3,462,100.38 4,846,477.63 0.44 159,814.00 Sollers Comm. 17,769,855.74 18,668,447.81 1.70 3,462,100.38 4,846,477.63 0.44 8,064,795.00 Surgutneftegaz Pref 32,306,935.53 44,333,067.95 4.03 790,000.00 Tatneft Lokala 30,081,723.33 34,412,931.59 3.13 USD - Netherlands 11,550,000,000.00 TGK-1 15,593,557.57 14,013,508.52 1.27 25,000.00 X 5 Retail Group NV 3,325,718.70 3,608,417.66 0.33 420,000.00 TMK GDR 28,406,293.10 27,236,115.90 2.48 3,325,718.70 3,608,417.66 0.33 625.00 Transneft Pref 5,337,165.02 9,136,491.87 0.83 962,828,283.70 1,025,901,301.61 93.34 USD - Russian Federation 30,000.00 Acron Holding 8,621,744.43 7,273,854.93 0.66 USD - Switzerland 3,181,970.00 Aeroflot 32,183,546.35 35,251,901.97 3.21 25,000.00 Luxoft Holding Ord Shs 2,192,423.00 Avtovaz Pref Shs 4,513,159.54 1,338,631.87 0.12 Class A 5,686,065.99 6,026,843.03 0.55 653,923.00 Bank of St Petersburg 10,903,947.66 4,954,248.81 0.45 5,686,065.99 6,026,843.03 0.55 15,000.00 Bashneft pref 3,132,423.66 4,806,634.01 0.44 86,427.00 CTC Media Inc 5,336,774.50 6,361,520.14 0.58 USD - Ukraine 103,000.00 Dixy 6,807,851.71 8,170,704.55 0.74 26,311.00 Myronivsky 7,016,341.00 E.ON Russia Jsc 3,684,459.43 3,912,059.49 0.36 Hliboproduct (Spring 293,497.00 Etalon Group GDR 9,260,882.31 8,707,933.69 0.79 Chicken) 2,450,987.18 2,638,473.66 0.24 60,500.00 Eurasia Drilling Co Ltd 10,674,211.12 12,740,605.76 1.16 2,450,987.18 2,638,473.66 0.24 215,000.00 Farmstandart 11,932,931.06 13,223,622.30 1.20 2,524,407.00 Gazprom 79,646,211.58 73,825,341.08 6.72 Total Investments 1,016,778,978.23 1,082,074,939.75 98.45 160,000.00 Gazprom Neft JSC 4,523,720.87 4,727,514.89 0.43 470,000,000.00 IDGC of Center and Cash at bank 18,229,443.26 1.66 Volga Region 6,125,007.27 8,656,122.95 0.79 Other net liabilities (903,050.55) (0.11) 68,000.00 Lenta Reg S GDR When Issued 4,437,714.00 5,864,389.02 0.53 Total net assets 1,099,401,332.46 100.00 357,894.00 LSR Group 42,300,236.76 41,834,990.11 3.81 380,000.00 LSR Group GDR 6,321,824.73 9,915,310.00 0.90 209,459.00 Lukoil Oil Company JSC 82,287,674.32 83,724,627.15 7.62 50,535.00 Magnit Krasnodar 58,068,773.52 87,902,740.49 8.00 295,000.00 Magnitogorsk Iron & Steel Works 3,725,826.23 5,167,107.02 0.47 23,000.00 Mail.ru Group Ltd 5,013,693.17 5,420,147.51 0.49 213,000.00 MD Medical Group Investments GRD WI 11,162,985.56 13,520,685.83 1.23

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

42 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Equities Equities (continued)

AUD - Australia BRL - Brazil 9,775.00 ALS 684,263.79 546,484.21 0.00 15,530.00 Aes Tiete SA 910,290.17 915,715.51 0.01 134,214.00 AMP Ltd 4,485,464.87 4,488,495.75 0.04 27,546.00 All America Latina 153,163.00 ANZ Bank 24,282,657.85 32,221,561.93 0.29 Logistica 701,022.02 695,979.42 0.01 51,184.00 Apa Group 1,997,808.79 2,225,259.04 0.02 9,607.00 Anhanguera Edu 529,992.41 536,165.01 0.00 57,659.00 Asciano Group NPV 2,031,612.18 2,048,342.75 0.02 145,694.00 Banco Bradesco Ord Shs 14,851,775.50 14,247,201.10 0.13 50,872.00 Aurizon Holdings 52,420.00 Banco do Brasil 4,072,268.90 3,951,084.01 0.04 Ord Shs 1,313,461.36 1,598,583.34 0.01 6,032.00 Banco Santander Brazil 62,009.00 Australian Gas Light 6,171,930.06 6,056,933.61 0.06 SA/Brazil Com Shs & 15,081.00 Bank Of Queensland Pref Shs 279,392.11 276,634.27 0.00 Ord Shs 1,164,906.85 1,160,007.97 0.01 38,451.00 BB Seguridade Ord Shs 3,754,371.91 3,783,391.98 0.03 71,098.00 Bendigo and 90,139.00 BM&F Bovespa 3,242,705.98 3,168,757.66 0.03 Adelaide Bank 5,383,105.39 5,473,238.13 0.05 3,249.00 BR Malls Participacoes 186,809.62 185,268.00 0.00 167,288.00 BHP Billiton Ltd 38,814,858.91 37,895,388.75 0.34 13,766.00 BR Properties SA 558,667.62 555,748.98 0.01 39,580.00 Brambles Ltd 1,662,074.81 2,295,188.88 0.02 17,023.00 BRF Brasil Foods 2,752,957.81 2,757,212.32 0.03 4,957.00 Caltex Australia Nvp 675,936.91 674,677.45 0.01 14,063.00 CBD Grupo Pao de 193,562.00 Cfs Retail Property Trust 2,567,284.49 2,491,594.69 0.02 Acucar Pref 4,458,894.74 4,393,047.40 0.04 87,553.00 Commonwealth Bank of 76,826.00 Cemig Cia Energy Australia 33,274,178.57 44,682,689.25 0.41 BRL Pref 4,156,238.29 3,761,011.03 0.03 46,516.00 Computershare Limited 2,952,015.09 3,663,060.37 0.03 23,263.00 CETIP 2,224,603.79 2,219,112.01 0.02 20,943.00 CSL Limited 5,202,989.69 8,794,559.30 0.08 16,111.00 Cia de Saneamento 629,118.00 Dexus Property Group Basico do Estado 1,174,921.09 1,150,816.99 0.01 fd. DB Rreef Trust 4,206,073.19 4,406,382.76 0.04 26,624.00 Cia Energetica de Sao 215,704.00 Federation Centres Units 3,109,025.40 3,389,102.27 0.03 Paulo B Prf 2,286,848.34 2,244,972.14 0.02 3,933.00 Flight Centre 1,062,375.60 1,103,120.21 0.01 24,118.00 Cia Paranaense De 99,916.00 Fortescue Metals Energia Copel Pref Sh 2,429,718.65 2,478,435.08 0.02 Group Ltd 2,896,048.04 2,742,530.24 0.02 42,728.00 Cielo SA 6,016,796.21 5,896,805.67 0.05 36,623.00 Incitec Pivot 638,406.94 670,160.84 0.01 16,072.00 Companhia Concessoes 7,560.00 Leighton Holdings Rodoviarias 894,990.83 877,476.07 0.01 Limited 956,001.08 941,187.19 0.01 1,414.00 Companhia de 15,157.00 Lend Lease 1,020,532.13 1,253,842.75 0.01 Saneamento de Minas 17,045.00 Macquarie Group Ltd 3,547,677.57 6,413,409.10 0.06 Gerais 175,701.10 173,698.99 0.00 229,231.00 Mirvac Group 2,409,132.69 2,581,895.73 0.02 5,188.00 Cosan Industria e 113,127.00 National Australia Comercio Ord Shs 635,794.66 631,011.38 0.01 Bank Ltd 19,361,951.05 23,399,272.15 0.21 32,469.00 Cyrela Brazil Realty 1,357,342.76 1,361,036.62 0.01 31,419.00 Newcrest Mining 36,477.00 Duratex SA 995,089.06 997,972.34 0.01 Limited 6,044,918.54 2,085,620.21 0.02 35,102.00 EcoRodovias 18,291.00 Orica Ltd 2,616,972.86 2,248,296.23 0.02 Infraestrurura e Logistica 1,632,292.03 1,611,946.38 0.01 50,255.00 Origin Energy Limited 4,771,560.73 4,636,110.50 0.04 41,319.00 EDP Energias do Brasil 23,494.00 QBE Insurance Group Ord Shs 1,367,944.82 1,359,791.73 0.01 Limited 2,701,595.09 1,611,438.14 0.01 54,766.00 Eletrobras ON 1,087,860.09 1,061,462.69 0.01 2,263.00 Ramsay Health Care Ltd 657,328.66 649,715.28 0.01 23,974.00 Estacio Participacoes SA 2,158,070.51 2,126,959.53 0.02 20,549.00 Santos Ltd 1,828,943.09 1,849,001.85 0.02 4,496.00 Fibria Celulose SA 300,225.75 292,241.12 0.00 265,673.00 Scentre Group 5,026,242.89 5,364,441.67 0.05 11,172.00 Gerdau Pref 465,349.88 438,488.35 0.00 14,359.00 Seek Ord Shs 1,461,865.44 1,436,086.47 0.01 130,804.00 Itau Unibanco Banco 24,584.00 Sonic Healthcare 2,230,379.96 2,688,303.14 0.02 Holding SA Pref 12,899,515.81 12,684,008.24 0.12 9,570.00 Suncorp-Metway 16,431.00 Itausa Investimentos Limited 531,626.83 817,631.72 0.01 Itau Pref 440,189.36 433,088.47 0.00 186,074.00 Telstra Corp Ltd 4,510,082.43 6,117,169.94 0.06 20,737.00 Kroton Educacional 17,262.00 Toll Holdings 557,117.26 555,505.57 0.01 Ord Shs 3,894,542.33 3,897,177.54 0.04 25,571.00 Tpg Telecom Ord Shs 927,030.89 889,050.52 0.01 26,171.00 Localiza Rent A Car Sa 2,962,200.04 2,892,621.04 0.03 71,103.00 Transurban Group 16,842.00 Lojas Renner 3,751,477.23 3,616,760.70 0.03 Stapled Units NPV 2,941,848.61 3,315,579.86 0.03 4,541.00 M Dias Branco Industria 76,303.00 Westfield Corp 2,973,337.11 3,442,506.62 0.03 Ord Shs 1,348,057.22 1,345,946.55 0.01 161,087.00 Westpac Banking 5,656.00 Multiplan Corporation 25,916,788.93 34,437,453.06 0.31 Empreendimentos 49,075.00 Woodside Petroleum Ltd 12,295,732.12 12,717,804.37 0.12 Imobiliari SA 896,654.86 880,074.87 0.01 4,377.00 Worleyparsons 738,361.38 480,842.06 0.00 8,996.00 Natura On 1,082,189.42 1,016,409.18 0.01 250,603,506.12 288,559,525.87 2.61 141,233.00 Oi Pref Shs 887,737.24 835,340.72 0.01 76,808.00 Petrobras 3,803,697.83 3,783,426.80 0.03 AUD - Ireland 228,012.00 Petrobras Pref 12,029,116.45 11,957,642.13 0.11 18,888.00 James Hardie Industries 1,223,898.48 1,649,488.12 0.02 4,741.00 Porto Seguro Ord Shs 459,303.96 458,150.94 0.00 1,223,898.48 1,649,488.12 0.02 40,500.00 Qualicorp Ord Shs 3,126,486.63 3,206,183.57 0.03 9,661.00 Raia Drogasil 547,999.51 534,490.23 0.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

43 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

BRL - Brazil (continued) CAD - Canada (continued) 18,263.00 Siderurgica Nacional 532,740.34 520,706.29 0.00 80,668.00 Manulife Financial Corp 8,425,614.37 10,738,789.65 0.10 20,744.00 Sul American SA Com 3,995.00 Methanex Corporation 1,680,740.02 1,654,156.69 0.02 Shs & Pref Shs 950,699.94 984,690.39 0.01 24,921.00 National Bank of Canada 5,994,459.08 7,079,350.13 0.06 6,682.00 Telefonica Brasil 10,401.00 New Gold Inc 444,229.32 441,954.07 0.00 SA Pref 904,053.15 912,035.70 0.01 10,754.00 Open Text Corporation 2,720,440.23 3,455,837.96 0.03 2,737.00 TIM Participacoes Ord 109,111.01 107,258.12 0.00 15,681.00 Pacific Rubiales Energy 8,311.00 Tractebel Energy 867,559.84 831,878.84 0.01 Corp 2,059,963.05 2,133,764.13 0.02 19,785.00 Transmissora Alianca 13,330.00 Pembina Pipeline Corp 2,469,020.26 3,841,057.60 0.03 Energia Eletrica U Com 13,180.00 Penn West & Pref 1,204,822.93 1,194,213.52 0.01 Petroleum Ltd 1,401,319.32 861,978.64 0.01 8,875.00 Ultrapar Participacoes 1,446,421.07 1,415,946.88 0.01 13,881.00 Peyto Exploration & 24,517.00 Usiminas PN Pref Development Ord Shs 3,427,343.96 3,511,938.72 0.03 A NPV 600,708.68 563,675.80 0.01 39,469.00 Potash Corp Of 169,652.00 Vale Pref A 13,365,839.87 13,559,149.77 0.12 Saskatchewan 10,106,948.40 10,052,672.71 0.09 4,303.00 WEG SA 366,194.48 369,230.14 0.00 5,682.00 Power Corp of Canada 949,722.99 1,057,400.00 0.01 134,136,255.85 132,149,550.21 1.18 15,402.00 Rogers Communications -Cl B 3,400,478.52 4,150,998.12 0.04 CAD - Canada 84,020.00 Royal Bank of Canada 31,612,314.30 40,225,989.77 0.37 10,753.00 Agnico-Eagle Mines 3,828,117.59 2,757,664.23 0.03 22,513.00 Saputo Inc 6,664,761.83 9,033,404.40 0.08 3,499.00 Agrium Inc 2,160,779.00 2,146,713.49 0.02 23,263.00 Shaw Communications 9,436.00 Athabasca Oil Corp 429,091.30 453,659.57 0.00 Inc-B 3,162,522.65 3,994,801.38 0.04 40,842.00 Bank of Montreal 15,795,904.54 20,143,382.64 0.18 18,949.00 Silver Wheaton Corp 3,188,845.74 3,339,617.87 0.03 73,205.00 Bank of Nova Scotia 26,050,341.22 32,686,467.13 0.30 41,461.00 Sun Life Financial 10,941.00 Bce Inc 2,577,199.42 3,323,653.62 0.03 Svsc Can 8,027,358.54 10,206,121.62 0.09 24,119.00 Blackberry Ltd 1,234,760.27 1,656,113.12 0.02 87,713.00 Suncor Energy 18,771,498.07 25,048,904.62 0.23 19,817.00 Bombardier Inc 'B' 474,226.81 468,913.39 0.00 46,753.00 Talisman Energy Inc 4,200,981.90 3,310,030.23 0.03 13,303.00 Cameco Corp 1,720,398.88 1,747,560.41 0.02 19,124.00 Teck Resources Ltd-B 3,893,988.78 2,923,946.33 0.03 33,241.00 Canadian Imperial Bank 7,505.00 Telus (Non-Tradable of Commerce 16,860,295.80 20,258,472.09 0.18 Non-Resident) 1,668,706.19 1,873,353.19 0.02 36,552.00 Canadian National 21,126.00 Thomson Corp 4,653,806.80 5,151,357.32 0.05 Railway Co 8,257,645.23 15,921,500.42 0.14 8,126.00 Tim Hortons Inc 2,698,598.64 2,977,007.22 0.03 61,757.00 Canadian Natural 4,941.00 Tourmaline Oil Corp 1,729,228.14 1,744,728.92 0.02 Resources 13,762,563.16 19,004,719.38 0.17 19,035.00 Transcanada Corp 4,949,498.66 6,084,710.70 0.06 28,993.00 Canadian Oil Sands Ltd 4,518,765.25 4,400,102.86 0.04 22,302.00 Turquoise Hill Resources 7,542.00 Canadian Pacific Ord Shs 512,682.05 499,718.47 0.00 Railway Ltd 2,597,372.49 9,150,698.07 0.08 16,995.00 Valeant Pharmaceuticals 44,868.00 Cenovus Energy Inc 9,021,079.51 9,740,935.11 0.09 International 8,991,565.78 14,393,792.98 0.13 17,033.00 CGI 2,606,867.61 4,043,207.67 0.04 15,456.00 Vermilion Energy Inc 5,745,870.13 7,202,892.68 0.07 9,775.00 CI Financial Corp 1,425,186.29 2,150,394.62 0.02 18,468.00 Yamana Gold 1,580,509.51 1,017,718.71 0.01 2,738.00 Crescent Point 330,482,953.38 406,404,375.77 3.72 Energy Corp 797,433.89 812,673.57 0.01 9,238.00 Dollarama Ord Shs 3,803,108.23 5,093,696.93 0.05 CAD - United States 14,166.00 Eldorado Gold 9,682.00 Catamaran Ord Shs 3,075,614.77 2,863,411.32 0.03 Corporation 672,654.80 725,522.31 0.01 107,092.00 Toronto Dominion Bank 1,511.00 Empire Company Ltd 636,036.59 688,137.33 0.01 (USA) 26,600,954.25 36,921,556.87 0.34 17,656.00 Enbridge Inc 3,619,079.31 5,610,655.78 0.05 29,676,569.02 39,784,968.19 0.37 43,022.00 Encana Corp 7,177,129.91 6,826,231.98 0.06 6,791.00 Enerplus Corp 748,499.57 1,146,140.63 0.01 CHF - Switzerland 1,331.00 Fairfax Financial 103,593.00 ABB Ltd 13,837,984.12 15,947,206.30 0.15 Holdings Ltd 4,158,656.15 4,228,932.30 0.04 5,116.00 Actelion holdg 1,627,842.25 4,327,348.35 0.04 5,233.00 Finning International 928,016.57 980,083.17 0.01 10,192.00 Adecco 4,154,378.22 5,608,939.29 0.05 23,484.00 First Quantum 15,958.00 Aryzta AG 7,516,689.59 10,105,462.88 0.09 Minerals Ltd 2,917,182.74 3,363,574.79 0.03 246.00 Barry Callebaut 1,960,696.90 2,234,707.15 0.02 2,367.00 Franco-Nevada Corp 879,834.19 909,950.42 0.01 22,654.00 Compagnie Financiere 11,566.00 Gildan Activewear Inc 3,352,297.12 4,563,941.04 0.04 Richemont Ord Shs 8,304,965.59 15,891,311.40 0.14 39,907.00 Goldcorp Inc 10,757,205.50 7,459,112.40 0.07 360.00 Emsn Vx 960,428.27 960,736.36 0.01 5,027.00 Great-West Lifeco Inc 798,440.50 952,229.21 0.01 3,500.00 Kuehne & Nagel 2,876,431.97 3,113,497.46 0.03 16,412.00 Husky Energy Inc 3,260,856.78 3,549,687.81 0.03 57.00 Lindt & Spruengli AG 1,221,384.44 1,939,701.38 0.02 19,375.00 Imperial Oil Ltd 5,443,369.86 6,837,906.72 0.06 113,258.00 Novartis AG-Reg Shs 46,738,325.29 68,561,909.47 0.62 5,361.00 Industrial Alliance 1,569.00 Partners Group 2,834,712.45 2,867,173.83 0.03 Insurance 1,553,272.91 1,573,380.22 0.01 1,403.00 Schindler-Hldg 1,420,177.94 1,425,758.69 0.01 4,689.00 Keyera Ord Shs 2,277,175.04 2,313,510.13 0.02 264.00 Sgs Holdings SA 2,964,854.01 4,229,230.21 0.04 46,745.00 Kinross Gold Corp 3,528,055.85 1,296,793.46 0.01 156.00 Sika AG 4,204,444.27 4,264,330.56 0.04 13,053.00 Magna International 4,721,036.27 9,410,062.92 0.09

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

44 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

CHF - Switzerland (continued) DKK - Denmark 1,396.00 Sulzer AG 1,317,556.28 1,309,194.77 0.01 478.00 AP Moller-Maersk B 4,978,904.66 7,940,283.45 0.07 1,945.00 Swatch Group I 5,367,968.97 7,851,950.36 0.07 5,243.00 Coloplast B Ord Shs 1,886,038.28 3,169,627.42 0.03 2,845.00 Swiss Life Holding 3,191,367.85 4,510,451.40 0.04 27,868.00 Danske Bank A/S 4,699,978.15 5,265,683.29 0.05 4,551.00 Syngenta AG 9,213,221.25 11,332,190.68 0.10 10,983.00 DSV A/S 2,367,011.43 2,393,479.18 0.02 119,713,429.66 166,481,100.54 1.51 91,826.00 Novo Nordisk B-Share 13,692,568.30 28,252,510.59 0.26 6,205.00 Pandora Holding A/S 3,055,522.04 3,180,596.51 0.03 CHF - United Kingdom 52,238.00 TDC A/S 2,760,828.53 3,614,021.85 0.03 73,948.00 Credit Suisse Group 16,187,569.37 14,137,549.75 0.13 2,316.00 Tryg A/S 1,511,625.03 1,563,909.28 0.01 3,236.00 Geberit AG 4,702,045.52 7,594,271.13 0.07 8,308.00 Vestas Wind 604.00 Givaudan-Reg 4,610,592.31 6,734,472.40 0.06 Systems A/S 2,840,579.01 2,801,982.77 0.03 12,092.00 Holcim Ltd 5,400,406.03 7,105,795.79 0.06 3,500.00 William Demant Holding 2,114,634.91 2,124,500.41 0.02 2,503.00 Julius Baer Group Ltd 611,734.91 689,867.21 0.01 39,907,690.34 60,306,594.75 0.55 1,391.00 Lonza Group AG 770,187.41 1,011,935.68 0.01 154,943.00 Nestle SA 59,717,446.89 80,246,697.34 0.73 EUR - Austria 33,691.00 Roche Holding AG- 221.00 Andriz Ag 86,004.09 85,375.13 0.00 Genusschein 43,225,057.39 67,179,698.28 0.61 5,718.00 Erste Group Bank 957,420.13 1,236,229.84 0.01 2,450.00 Sonova Holding 2,172,352.09 2,498,977.50 0.02 15,303.00 OMV AG 4,049,924.07 4,622,380.56 0.04 21,454.00 Swiss Re Holding 9,218,638.40 12,760,971.65 0.12 2,102.00 Raiffeisen Bank 1,752.00 Swisscom AG-Reg 4,747,135.33 6,808,653.55 0.06 International Ag 450,089.29 448,583.52 0.00 153,243.00 UBS AG 16,646,463.78 18,796,053.08 0.17 8,296.00 Voestalpine 2,391,417.76 2,639,132.63 0.02 8,601.00 Zurich Financial 7,934,855.34 9,031,701.68 0.07 Services 15,416,886.20 17,331,907.83 0.16 183,426,515.63 242,896,851.19 2.21 EUR - Belgium 11,741.00 Ageas 3,143,217.37 3,131,088.12 0.03 CLP - Chile 12,435.00 Belgacom 2,759,169.71 2,758,442.87 0.03 203,001.00 Aguas Andinas Ord Shs 873,817.86 854,939.45 0.01 9,247.00 Colruyt 3,213,808.56 3,140,146.77 0.03 4,990,671.00 Banco de Chile 4,568,403.83 4,430,948.10 0.04 6,915.00 Delhaize le Lion 2,680,547.34 3,127,391.26 0.03 3,713,538.00 Banco Santander Chile 1,678,471.12 1,634,400.78 0.01 2,129.00 Groupe Bruxelles 1,618.00 CAP SA 162,517.84 153,324.19 0.00 Lambert Sa 1,475,001.72 1,478,888.37 0.01 28,236.00 Centros Comerciales 9,381.00 KBC Sudamericanos SA 630,630.26 619,144.72 0.01 Bankverzekeringsholdg 2,534,639.36 3,413,197.73 0.03 3,101.00 Embotelladora Andina 2,012.00 Solvay et Cie 1,513,030.83 2,314,933.04 0.02 Pref Shs 79,119.29 77,882.21 0.00 3,601.00 Telenet Group 77,861.00 Empresa Nacional de Holding Nv 1,387,680.15 1,371,830.26 0.01 Electricidad SA/Chi 794,243.01 779,847.21 0.01 1,048.00 UCB 393,915.84 593,110.63 0.01 34,038.00 Empresas COPEC SA 3,025,288.43 2,959,209.54 0.03 19,101,010.88 21,329,029.05 0.20 3,531,400.00 Enersis SA 8,070,079.89 7,948,148.58 0.07 490.00 Soquimich Comercial 99,293.63 95,611.60 0.00 EUR - Finland 19,981,865.16 19,553,456.38 0.18 21,864.00 Elisa Communications Oyj-A 3,938,268.81 4,470,828.05 0.04 COP - Colombia 27,284.00 Fortum Oyj 4,388,101.87 4,897,346.29 0.04 12,300.00 Almacenes Exito 1,396,309.55 1,382,344.37 0.01 5,308.00 Kone Oyj 1,248,179.39 1,480,884.05 0.01 29,858.00 Banco Davivienda 1,849.00 Metso Oyj 426,172.14 468,296.86 0.00 SA Pref 3,250,510.93 3,219,689.31 0.03 1,590.00 Neste Oil 229,693.48 207,389.69 0.00 15,654.00 Bancolombia Pref Shs1 1,540,491.80 1,531,024.28 0.01 192,129.00 Nokia Oyj 7,252,063.96 9,725,081.14 0.09 13,075.00 Cementos Argos SA1 560,939.28 549,646.20 0.01 1,391.00 Nokian Renkaat Oyj 365,973.50 362,866.75 0.00 6,170.00 Corporacion Financiera 8,207.00 Orion B 1,424,184.47 2,045,536.60 0.02 Colombiana SA 846,696.96 841,320.22 0.01 28,540.00 Sampo Oyj-A 6,321,111.71 9,652,584.03 0.09 293,272.00 Grupo Aval Acc y 33,019.00 Stora Enso Oyj-R 1,470,600.68 2,148,862.84 0.02 Valores SA Pref 1,423,073.17 1,408,083.55 0.01 28,981.00 Upm-Kymmene Oyj 2,193,602.71 3,310,572.72 0.03 12,890.00 Interconexion Electrica 29,257,952.72 38,770,249.02 0.34 SA ESP 438,062.89 420,384.13 0.00 8,396.00 Inversiones Argos SA 680,716.36 674,846.38 0.01 EUR - France 10,136,800.94 10,027,338.44 0.09 13,302.00 Air Liquide 9,835,151.96 12,005,190.01 0.11 94,404.00 Alcatel-Lucent 2,649,921.05 2,253,580.95 0.02 COP - Spain 10,748.00 Alstom 2,653,654.30 2,619,343.49 0.02 3,556.00 Cemex Latam Holding 2,693.00 Arkema 1,856,620.85 1,752,100.25 0.02 Ord Shs 239,407.05 232,703.88 0.00 3,545.00 Atos Origin 2,093,097.81 1,974,152.17 0.02 239,407.05 232,703.88 0.00 98,920.00 Axa 13,333,838.00 15,804,441.04 0.14 1,404.00 Bic 1,271,542.43 1,284,087.78 0.01 CZK - Czech Republic 51,573.00 BNP Paribas 21,298,193.23 23,388,232.77 0.21 4,574.00 CEZ 917,585.84 922,749.99 0.01 934.00 Bollore 4,000,927.03 4,052,288.88 0.04 322.00 Komercni Banka 494,785.63 494,981.89 0.00 7,688.00 Bouygues 2,094,583.70 2,138,549.24 0.02 1,412,371.47 1,417,731.88 0.01

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

45 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

EUR - France (continued) EUR - Germany (continued) 8,584.00 Bureau Veritas 10,930.00 Deutsche Boerse AG 5,189,254.71 5,670,549.99 0.05 Registre Int 1,532,098.24 1,592,643.73 0.01 58,513.00 Deutsche Post AG 7,585,782.09 14,144,771.83 0.13 6,250.00 Cap Gemini SA 1,938,523.26 2,980,526.04 0.03 149,567.00 Deutsche Telekom AG 13,263,806.41 17,523,503.19 0.16 29,081.00 Carrefour SA 6,454,988.88 7,171,039.38 0.07 105,504.00 E.ON AG 19,544,328.19 14,562,818.83 0.13 4,984.00 Casino 3,261,197.74 4,417,363.57 0.04 7,698.00 Fresenius 6,309,983.72 7,673,278.59 0.07 2,459.00 Christian Dior 3,292,229.83 3,270,388.32 0.03 9,112.00 Fresenius Medical Care 3,744,041.70 4,094,321.32 0.04 18,937.00 CNP Assurances 2,636,793.59 2,627,759.17 0.02 10,408.00 Fuchs Petrolub Ag 3,099,600.90 3,145,716.15 0.03 15,503.00 Compagnie De Saint- 1,140.00 GEA Group 250,803.46 360,831.98 0.00 Gobain 4,612,822.25 5,847,104.36 0.05 9,686.00 Heidelberg Cement AG 4,354,125.40 5,526,074.95 0.05 51,492.00 Credit Agricole SA 3,228,119.70 4,854,585.62 0.04 15,026.00 Henkel Kgaa-Vorzug 8,078,066.75 11,612,222.63 0.11 24,494.00 Danone 11,061,815.49 12,160,587.98 0.11 3,285.00 Hochtief 1,837,026.01 1,900,624.59 0.02 2,317.00 Dassault System 1,689,477.24 1,992,710.56 0.02 1,698.00 Hugo Boss N 1,701,332.48 1,696,432.58 0.02 14,241.00 Edenred 2,906,589.53 2,886,631.53 0.03 48,156.00 Infineon 2,487,741.11 4,023,914.95 0.04 8,185.00 Electricite De France 1,735,748.22 1,723,144.51 0.02 9,739.00 K&S AG 2,662,871.52 2,140,780.48 0.02 8,121.00 Essilor International 3,561,488.74 5,757,131.01 0.05 2,481.00 Kabel Deutschland 743.00 Eurazeo 411,781.63 413,152.40 0.00 Holding AG 1,703,189.43 2,428,749.55 0.02 11,994.00 Eutelsat 2,351.00 Lanxess 1,255,100.81 1,060,793.08 0.01 Communications 7,724.00 Linde AG 7,206,886.47 10,979,660.22 0.10 Promesses 2,749,924.83 2,785,770.12 0.03 11,353.00 Lufthansa 1,750,304.56 1,629,415.62 0.01 72,925.00 Gaz De France 14,918,784.50 13,420,098.24 0.12 5,972.00 Merck Kgaa 2,443,998.88 3,465,099.66 0.03 2,185.00 Gecina 2,130,280.49 2,129,983.45 0.02 4,217.00 Metro 1,222,415.46 1,228,613.89 0.01 13,702.00 Groupe Eurotunnel SA 864,764.64 1,238,751.51 0.01 8,660.00 Munchener 1,379.00 Iliad 2,240,583.48 2,786,378.81 0.03 Ruckversicherungs- 2,951.00 Imerys 1,642,241.77 1,662,271.20 0.02 Gesellschaft AG 9,968,854.70 12,833,346.50 0.12 2,991.00 Kering 3,239,334.20 4,384,484.47 0.04 4,270.00 Osram Licht 909,290.96 1,439,672.57 0.01 3,932.00 Klepierre 1,315,458.70 1,339,388.95 0.01 2,854.00 Porsche 2,011,779.76 1,987,726.98 0.02 9,454.00 Lafarge 3,397,176.93 5,486,306.11 0.05 8,573.00 Prosieben Sat.1 Media N 11,669.00 Legrand 2,920,701.27 4,772,770.83 0.04 Ord Shs 2,652,682.46 2,553,047.03 0.02 12,622.00 L'Oreal 11,852,889.79 14,539,737.82 0.13 3,558.00 Qiagen NV 575,380.75 576,440.37 0.01 9,204.00 Michelin (Cgde)-B 4,666,098.52 7,351,348.28 0.07 24,464.00 RWE AG 9,583,402.19 7,023,408.67 0.06 36,059.00 Natixis 865,257.82 1,545,326.55 0.01 43,528.00 SAP AG 17,544,400.08 22,471,030.88 0.20 93,959.00 Orange 11,324,922.88 9,911,844.95 0.09 36,634.00 Siemens AG 24,534,069.13 32,341,618.71 0.29 13,415.00 Peugeot SA 1,233,392.12 1,325,526.77 0.01 2,189.00 Sky Deutschland Ag 134,062.59 134,805.29 0.00 7,016.00 Publicis 2,542,730.44 3,977,736.05 0.04 11,525.00 Thyssenkrupp AG 2,180,789.33 2,245,907.03 0.02 8,262.00 Renault SA 2,467,779.04 4,993,461.06 0.05 9,184.00 United Internet Ag 2,851,379.61 2,704,740.54 0.02 16,856.00 Rexel Sa 2,576,954.41 2,635,224.19 0.02 9,017.00 Volkswagen AG Pfd 10,510,227.51 15,830,179.97 0.14 52,544.00 Sanofi-Aventis 29,061,433.66 37,311,961.97 0.34 319,670,953.51 408,927,580.27 3.69 29,866.00 Schneider Electric SA 12,397,295.10 18,794,247.55 0.17 36,073.00 Societe Generale-A 12,083,419.61 12,631,230.13 0.11 EUR - Greece 2,003.00 Sodexo 983,975.61 1,440,132.06 0.01 226,429.00 Alpha Credit Bank 1,403,319.17 1,409,341.18 0.01 7,879.00 Stmicroelectronics NV 488,598.39 472,519.97 0.00 132,708.00 Bank Of Piraeus Ord Shs 1,931,656.81 1,967,828.74 0.02 6,338.00 Suez Environnement Sa 823,033.13 811,025.64 0.01 402,046.00 Eurobank Ergasias 5,206.00 Technip-Coflexip SA 2,792,989.27 3,806,902.59 0.03 Ord Shs 1,402,285.56 1,357,929.71 0.01 4,561.00 Unibail-Rodamco 6,129,520.91 8,869,353.96 0.08 12,554.00 Hellenic Telecom 1,312,453.63 1,241,026.51 0.01 3,646.00 Valeo 3,309,602.41 3,273,531.91 0.03 10,192.00 Jumbo Ord Shs1 1,111,834.71 1,115,747.12 0.01 6,188.00 Vallourec 2,933,350.18 1,852,420.75 0.02 85,075.00 National Bank Of Greece 2,040,511.24 2,079,162.33 0.02 16,017.00 Veolia Environnement 2,576,326.67 2,040,044.15 0.02 848.00 Power Public/R 87,023.63 87,632.45 0.00 23,070.00 Vinci SA 7,475,214.91 11,529,631.23 0.10 2,730.00 Titan Cement 624,796.23 591,724.46 0.01 51,403.00 Vivendi Universal SA 8,606,337.02 8,407,912.79 0.08 9,913,880.98 9,850,392.50 0.09 21,185.00 Zodiac Aerospace 4,763,131.51 4,793,493.19 0.04 276,784,708.91 327,287,552.01 2.96 EUR - Ireland 1,029,922.00 Bank Of Ireland 2,640,606.95 2,328,501.21 0.02 EUR - Germany 30,808.00 CRH Plc 5,650,298.44 5,284,553.17 0.05 9,427.00 Adidas 4,418,203.01 6,382,698.14 0.06 5,976.00 Kerry Group Plc-A 3,004,573.75 3,000,284.24 0.03 27,191.00 Allianz SE 24,157,525.57 30,289,418.64 0.28 11,295,479.14 10,613,338.62 0.10 44,470.00 BASF 23,866,165.09 34,611,027.16 0.31 38,915.00 Bayer AG 20,744,735.70 36,741,886.12 0.33 EUR - Italy 22,437.00 BMW AG 12,562,501.31 19,021,499.24 0.17 79,631.00 Assicurazioni Generali 10,771,599.42 11,669,404.15 0.11 1,708.00 Brenntag AG 1,855,677.69 2,040,203.83 0.02 5,681.00 Atlantia 768,891.03 1,082,631.59 0.01 36,333.00 Commerzbank K 200,652.00 Banca Monte Dei Paschi Ord Shs 5,209,904.43 3,817,845.30 0.03 Di Siena Spa Sie 2,755,310.16 2,598,813.49 0.02 7,386.00 Continental 7,048,959.40 11,435,534.94 0.10 21,532.00 Banche Popolari 49,529.00 Daimler AG 19,921,892.66 31,009,219.91 0.28 Unite Scrl 596,881.43 1,245,594.35 0.01 70,445.00 Deutsche Bank AG 20,738,409.52 16,568,148.37 0.15

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

46 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

EUR - Italy (continued) EUR - Spain (continued) 12,212.00 Banco Popolare Ord 1,578,663.15 1,344,706.80 0.01 51,878.00 Distribuidora 261,403.00 Enel Green Power 4,744,590.79 4,948,075.09 0.05 Internacional 1,889,116.69 3,192,905.83 0.03 348,055.00 Enel Spa 11,967,528.76 13,552,535.15 0.12 17,032.00 Enagas 3,480,744.30 3,663,605.40 0.03 110,220.00 Eni Spa 17,544,529.04 20,157,240.16 0.18 26,990.00 Gas Natural SDG 3,511,417.61 5,698,119.11 0.05 12,716.00 Exor 3,240,822.41 3,490,616.72 0.03 11,574.00 Grifols 2,844,722.32 4,228,582.34 0.04 40,467.00 Fiat Spa 1,817,553.83 2,670,616.04 0.02 346,584.00 Iberdrola SA 14,854,806.61 17,711,335.80 0.16 639,019.00 Intesa SanPaolo 12,489,488.02 13,195,566.70 0.12 9,815.00 Inditex SA 5,381,663.83 10,097,916.96 0.09 1,883.00 Luxottica 525,961.79 728,547.29 0.01 116,147.00 Mapfre 2,786,460.02 3,094,748.65 0.03 37,251.00 Mediobanca Spa 2,245,630.77 2,482,244.14 0.02 10,734.00 Red Electrica 5,808.00 Pirelli 630,589.94 623,059.32 0.01 Corporacion 4,584,571.21 6,563,163.65 0.06 7,880.00 Prysmian 1,309,914.16 1,190,105.17 0.01 55,065.00 Repsol Ypf SA 8,975,894.16 9,707,493.45 0.09 89,749.00 Snam SpA 3,568,096.08 3,614,576.95 0.03 232,329.00 Telefonica SA 29,361,977.51 26,624,590.18 0.24 972,505.00 Telecom Italia 132,951,651.05 155,868,489.09 1.42 S.p.A. Risp 5,041,391.26 6,422,488.84 0.06 18,192.00 Tenaris Sa 2,618,709.20 2,864,072.94 0.03 EUR - United Kingdom 38,368.00 Terna Trasmissione 1,364,219.10 1,352,790.73 0.01 68,871.00 Cnhi 4,979,714.66 4,727,949.53 0.04 210,592.00 Unicredit 6,052,964.44 11,787,277.56 0.11 69,700.00 International Airlines 23,989.00 Unipolsai 521,788.28 515,567.36 0.00 Group Ord Shs1 2,318,728.61 2,954,491.46 0.03 92,155,123.06 107,536,530.54 0.97 7,298,443.27 7,682,440.99 0.07

EUR - Luxembourg GBP - Guernsey 1,808.00 Altice Sa Ord Shs 843,954.78 842,016.71 0.01 63,896.00 Resolution Ltd 1,642,670.87 2,302,925.05 0.02 2,043.00 RTL Group Ord Shs 1,510,429.36 1,519,194.79 0.01 1,642,670.87 2,302,925.05 0.02 9,554.00 SES Global 1,654,267.88 2,422,368.36 0.02 4,008,652.02 4,783,579.86 0.04 GBP - Ireland 87,700.00 WPP Ord Shs NEW 9,181,703.77 12,771,772.77 0.12 EUR - Netherlands 9,181,703.77 12,771,772.77 0.12 81,469.00 Aegon NV 3,357,131.67 4,753,129.25 0.04 8,546.00 Ahold 3,021,829.55 4,160,715.86 0.04 GBP - Jersey 12,467.00 Akzo Nobel 4,904,963.70 6,247,715.75 0.06 5,246.00 Randgold Resources Ltd 3,066,762.58 2,922,179.30 0.03 45,294.00 Arcelormittal 7,042,249.74 4,489,979.02 0.04 3,066,762.58 2,922,179.30 0.03 13,247.00 ASML Holding 4,303,389.87 8,246,420.77 0.08 8,528.00 Corio Nv 2,912,392.99 2,911,596.60 0.03 GBP - Mexico 12,388.00 Delta Lloyd 2,085,540.69 2,102,258.45 0.02 18,163.00 Fresnillo Plc 2,811,542.66 1,810,448.73 0.02 3,430.00 Gemalto 2,391,111.18 2,376,649.72 0.02 2,811,542.66 1,810,448.73 0.02 190,354.00 ING Groep NV-Cva 12,385,718.70 17,876,584.57 0.16 GBP - Switzerland 12,757.00 Koninklijke Boskalis 4,704.00 Coca Cola HBC 770,665.50 721,609.08 0.01 Westminster 3,600,029.49 4,890,826.48 0.04 7,778.00 Wolseley Ord Shs 2,427,676.83 2,847,783.96 0.03 210,998.00 Koninklijke Kpn NV 3,047,855.93 5,139,234.01 0.05 3,198,342.33 3,569,393.04 0.04 49,947.00 Philips Electronics NV 8,541,564.21 10,595,082.20 0.10 4,691.00 Randstad Hld 1,082,276.82 1,699,910.73 0.02 GBP - United Kingdom 38,375.00 Reed Elsevier NV 3,366,213.31 5,883,535.52 0.05 58,772.00 Aberdeen Asset ORD 2,315,624.42 3,049,388.89 0.03 77,253.00 Unilever NV 17,427,920.82 22,595,884.97 0.21 13,220.00 Admiral Group Plc 2,096,917.99 2,340,803.91 0.02 9,924.00 Wolters Kluwer 1,502,230.17 1,963,892.11 0.02 12,137.00 Aggreko 3,169,673.26 2,289,166.90 0.02 6,232.00 Ziggo NV Ord Shs 1,332,461.82 1,926,343.29 0.02 12,997.00 Amec 1,575,854.48 1,805,101.21 0.02 82,304,880.66 107,859,759.30 1.00 68,635.00 Anglo American Plc 15,591,151.37 11,219,250.30 0.10 31,464.00 Antofagasta 3,487,295.34 2,744,230.79 0.02 EUR - Portugal 56,716.00 ARM Holding 3,880,582.74 5,711,677.32 0.05 111,780.00 Energias De Portugal SA 2,565,135.61 3,748,821.40 0.03 16,214.00 Associated British 6,866.00 Jeronimo Martins Sgps 753,630.95 755,097.02 0.01 Foods PLC 2,758,852.60 5,651,057.87 0.05 3,318,766.56 4,503,918.42 0.04 58,280.00 Astrazeneca Plc 20,480,572.87 28,916,216.34 0.26 EUR - Spain 129,223.00 Aviva Plc 6,034,322.79 7,540,805.29 0.07 12,324.00 Abertis 1,493,792.03 1,895,681.56 0.02 773,388.00 Barclays Plc 20,867,033.12 18,812,703.66 0.17 9,075.00 Acs Actividades Cons 159,838.00 BG Group Plc 20,586,492.39 22,564,678.81 0.21 Y Serv 1,926,328.36 2,774,394.92 0.03 109,776.00 BHP Billiton Plc 21,935,742.38 23,710,267.84 0.22 16,900.00 Amadeus IT Holdings 3,107,862.15 4,659,258.99 0.04 10,654.00 British Land 614,240.59 855,541.70 0.01 209,176.00 Banco Bilbao Vizcaya 63,481.00 British Sky Argenta 15,012,661.10 17,823,379.89 0.16 Broadcasting Plc 4,670,944.53 6,559,856.69 0.06 66,918.00 Banco De Sabadell SA 1,543,145.45 1,526,392.31 0.01 344,589.00 British Telecom 30,387.00 Banco Popular Espanol Group Plc 7,023,739.37 15,161,126.89 0.14 Ord Shs 1,205,020.82 1,357,321.81 0.01 32,323.00 Bunzl Plc 3,756,280.80 5,993,005.47 0.05 464,358.00 Banco Santander SA 29,363,895.18 32,430,425.71 0.30 17,873.00 Burberry Group 2,815,791.69 3,029,847.49 0.03 217,512.00 Bankia Ord Shs 1,627,571.70 2,819,172.53 0.03 48,148.00 Capita Group Plc 4,949,792.54 6,301,818.64 0.06 2,459.00 Carnival 625,759.70 620,640.00 0.01

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

47 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

GBP - United Kingdom (continued) HKD - China 326,584.00 Centrica Plc 11,264,357.66 11,669,870.57 0.11 60,000.00 BBMG Corp 261,619.09 256,705.85 0.00 114,599.00 Compass Group Plc 7,826,989.20 13,322,445.20 0.12 5,500.00 Biostime International 19,259.00 Easyjet Ord 3,418,919.68 3,005,028.16 0.03 Holdings Ord Shs 210,611.36 204,001.79 0.00 41,010.00 Experian Group Ltd 4,105,235.95 4,631,576.86 0.04 318,000.00 China Communications 45,537.00 Gkn 1,880,534.94 1,890,047.97 0.02 Services 1,018,059.93 1,028,634.82 0.01 205,670.00 Glaxosmithkline Plc 29,838,019.26 36,769,680.69 0.33 1,018,000.00 China Everbright Bank 544,304.00 Glencore Intl Plc 19,710,344.50 20,255,426.27 0.18 Ord Shs H 3,133,424.15 3,143,646.02 0.03 17,756.00 Group 4 Securicor ord 149,000.00 China Huishan Dairy GBP 025 492,167.78 517,974.01 0.00 Holdings Company Or 222,602.06 218,493.25 0.00 29,991.00 Hammerson Plc 1,435,870.18 1,988,387.86 0.02 74,000.00 China Longyuan Power 7,693.00 Hargreaves Group 533,436.11 536,183.99 0.00 Lansdown Or 1,106,884.68 1,088,675.72 0.01 430,500.00 China Minsheng 855,671.00 HSBC Holdings Plc 57,632,234.05 57,992,313.28 0.53 Banking Corp Ltd 2,610,800.45 2,606,832.35 0.02 12,758.00 ICAP Ord 472,440.24 554,176.82 0.01 397,000.00 Country Garden Holding 1,009,593.10 1,047,887.76 0.01 6,739.00 Imi 1,120,436.61 1,145,482.84 0.01 114,000.00 CSR Corp Ltd 582,232.76 573,292.47 0.01 16,899.00 Inmarsat Plc 1,399,999.42 1,443,957.35 0.01 38,000.00 Enn Energy 5,787.00 Intertek Group 1,902,063.38 1,818,487.77 0.02 Holdings Ltd 1,868,247.61 1,825,751.33 0.02 4,117.00 Investec 243,455.77 253,659.89 0.00 25,000.00 Golden Eagle Retail 233,983.00 ITV 2,886,314.74 4,766,220.90 0.04 Group Ltd 199,992.68 199,688.86 0.00 10,218.00 Johnson Matthey 2,909,044.18 3,620,843.50 0.03 225,600.00 Guangzhou R&F 87,582.00 Kingfisher Plc 2,531,102.74 3,594,110.86 0.03 Properties 1,842,376.65 1,858,426.12 0.02 39,368.00 Land Securities 9,000.00 Haitian International Group Plc 3,190,965.44 4,662,139.55 0.04 Ord Shs 143,751.61 139,583.80 0.00 240,136.00 Legal & General 2,964,668.78 6,187,188.47 0.06 26,000.00 Kingsoft Ord Shs 511,512.22 523,676.48 0.00 2,838,236.00 Lloyds Tsb Group Plc 17,607,115.32 24,089,463.28 0.22 418,000.00 Lenovo Group 3,779,525.66 3,793,104.91 0.03 37,807.00 London Stock Exchange 6,717,645.63 8,673,647.16 0.08 125,500.00 Longfor Properties 172,608.00 National Grid Plc 11,607,120.40 16,573,810.47 0.15 Co Ltd 1,017,425.73 1,027,336.63 0.01 10,608.00 Next Plc 3,667,433.41 7,851,550.81 0.07 11,000.00 Shanghai Fosun 324,822.00 Old Mutual new 5,246,713.97 7,340,645.77 0.07 Pharmaceutical 35,356.00 Pearson Plc 3,400,012.40 4,663,920.04 0.04 (Group) H 267,873.28 274,690.78 0.00 30,212.00 Persimmon 4,012,118.86 4,396,327.54 0.04 35,000.00 Shenzhou Group 42,171.00 Persimmon B/C Share 0.00 337,438.09 0.00 Holdings Ltd 804,704.53 801,558.83 0.01 12,076.00 Petrofac Ltd 1,851,797.28 1,660,622.41 0.02 138,000.00 Sihuan Pharmaceutical 146,716.00 Prudential Plc 13,787,189.84 22,489,946.25 0.20 Holding Grp Ltd 556,786.39 561,854.57 0.01 27,148.00 Reckitt Benckiser Group 406,500.00 Sino-Ocean Land Plc 10,661,474.47 15,826,693.00 0.14 Holdings 1,390,293.86 1,378,021.31 0.01 27,275.00 Reed Elsevier Plc 1,966,829.77 2,930,723.01 0.03 129,500.00 Sinopec Engineering 18,118.00 Rexam New 703,812.54 1,108,016.43 0.01 Group Ord Shs H 962,151.19 976,301.68 0.01 113,007.00 Royal Bank of 24,000.00 Sinopharm Group Scotland New 4,336,849.50 4,242,195.28 0.04 Co Ltd 435,771.93 445,094.82 0.00 18,020.00 Royal Mail Ord Shs 1,141,984.04 1,027,868.35 0.01 106,000.00 SOHO China 553,895.90 555,005.63 0.01 5,634.00 Rsa Insurance Group 246,400.00 Tencent Holdings Ord Shs 368,563.84 305,780.45 0.00 Ord Shs 24,648,365.13 25,186,155.91 0.23 39,059.00 Sainsbury 1,395,654.26 1,408,648.53 0.01 356,000.00 Want Want China 52,232.00 Scottish and Southern Holdings Ltd 3,132,623.48 3,420,881.44 0.03 Energy Plc 7,376,691.99 9,355,948.31 0.09 41,000.00 Zhuzhou CSR Times 8,632.00 Segro PLC 230,759.28 340,615.48 0.00 Electric Ord Shs H 870,086.98 829,334.13 0.01 1,119.00 Severn Trent 203,078.87 247,126.53 0.00 52,567,763.84 53,412,145.53 0.48 29,491.00 Shire Ltd 6,946,307.31 15,405,927.89 0.14 37,677.00 Smith & Nephew Plc 4,438,782.07 4,474,804.07 0.04 HKD - Hong Kong 30,766.00 Smiths Group 4,447,238.33 4,561,347.65 0.04 52,000.00 AAC Technologies 9,403.00 Sports Di Int Ord 765,561.61 759,382.81 0.01 Holding 2,316,700.95 2,260,667.62 0.02 108,915.00 Standard Chartered Plc 17,210,552.03 14,865,317.32 0.14 212,000.00 Agile Property 15,296.00 Standard Life 469,844.07 654,105.42 0.01 Holdings Ltd 962,338.89 998,461.53 0.01 22,698.00 Tate & Lyle 1,706,641.60 1,776,001.00 0.02 1,724,000.00 Agricultural Bank of 18,950.00 Travis Perkins 3,423,496.81 3,548,176.98 0.03 China 5,100,307.54 5,085,881.08 0.05 65,321.00 Tui Travel 3,137,013.06 2,971,789.60 0.03 452,301.00 AIA Group Ltd 10,433,324.82 15,215,806.91 0.14 51,747.00 Tullow Oil ORD 6,484,527.03 5,048,598.85 0.05 179,000.00 Anhui Conch Cement 4,258,403.77 4,130,281.49 0.04 54,703.00 Unilever Plc 12,673,054.48 16,576,889.17 0.15 80,000.00 Anta Sports Products 11,946.00 United Utilities Group Limited 837,236.67 846,025.18 0.01 Plc 820,788.36 1,204,406.96 0.01 2,400.00 Asm Pacific Technology 182,342.88 175,760.70 0.00 1,208,315.00 Vodafone Group 26,203,788.20 26,933,757.14 0.25 4,937,000.00 Bank of China Ltd 14,708,183.67 14,777,311.75 0.13 16,836.00 Weir Group Plc/The 3,474,993.10 5,040,302.21 0.05 734,000.00 Bank of 496,054,147.88 594,746,674.81 5.43 Communications Co Ltd 3,362,792.34 3,399,955.08 0.03

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

48 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

HKD - Hong Kong (continued) HKD - Hong Kong (continued) 294,000.00 Belle International 2,158,066.15 2,178,428.59 0.02 354,000.00 Guangdong Investment 2,735,470.42 2,720,719.69 0.02 301,460.00 BOC Hong Kong 41,000.00 Haier Electronics Group Holdings Ltd 5,671,710.98 5,837,795.45 0.05 Co Ltd 695,932.83 717,931.04 0.01 30,000.00 Brilliance China 178,000.00 Hanergy Solar Group Automotive Holdings 367,030.21 375,225.28 0.00 Ord Shs 183,984.58 182,713.15 0.00 96,979.00 Cheung Kong 32,000.00 Hang Lung Holdings Ltd 9,241,371.16 11,493,896.12 0.10 Properties Ltd 658,565.77 659,706.42 0.01 20,000.00 Cheung Kong 21,197.00 Hang Seng Bank Ltd 2,081,976.66 2,320,271.77 0.02 Infrastructure 915,840.52 925,555.69 0.01 60,722.00 Henderson Land 386,000.00 China Bluechemical Development 2,315,684.37 2,377,961.14 0.02 Ltd 1,418,047.55 1,405,084.97 0.01 211,000.00 HKT Trust and HKT Ltd 1,631,985.17 1,654,432.95 0.02 528,000.00 China Citic Bank 2,119,260.53 2,140,595.53 0.02 60,800.00 Hong Kong Exchanges 3,923,000.00 China Construction Bank And Clearing Ltd 7,607,960.13 7,573,098.51 0.07 Corp 19,605,933.68 19,829,819.35 0.18 624,000.00 Huaneng Power 4,530,792.32 4,693,576.58 0.04 57,000.00 China Everbright 102,211.00 Hutchison Whampoa Ltd 5,713,075.97 9,336,765.06 0.08 International Ltd 539,357.45 543,792.00 0.00 41,007.00 Hysan Development 1,294,471.79 1,287,544.40 0.01 82,000.00 China Gas Holdings 3,741,000.00 Industrial & Commercial Ord Shs 987,966.79 1,131,713.95 0.01 Bank of China 15,661,746.68 15,811,993.31 0.14 116,000.00 China Life Insurance Co 66,000.00 Jiangsu Express 533,140.09 524,901.35 0.00 Ltd 2,050,049.25 2,031,219.52 0.02 38,500.00 Kerry Properties 894,775.80 899,979.99 0.01 56,000.00 China Mengniu Dairy 1,685,279.29 1,729,314.12 0.02 78,000.00 Kunlun Energy Co Ltd 861,291.73 859,861.08 0.01 544,500.00 China Merchants Bank 147,000.00 Lee & Man Paper Co Ltd 7,222,134.97 7,186,081.67 0.07 Manufacturing 547,707.38 522,417.10 0.00 266,000.00 China Mobile 17,229,815.31 17,254,497.30 0.16 246,196.00 Li & Fung 3,441,587.40 2,442,202.47 0.02 554,000.00 China National Building 38,500.00 MTR Corp 979,226.91 992,966.85 0.01 Material Co Ltd 3,299,000.36 3,268,652.11 0.03 40,000.00 New World China 159,229.78 159,751.08 0.00 92,000.00 China Oilfield 1,477,052.38 1,477,645.78 0.01 632,000.00 PCCW 2,443,094.93 2,518,615.59 0.02 250,000.00 China Overseas Land & 72,000.00 PICC Property and Invest 4,098,395.03 4,054,158.20 0.04 Casualty 719,710.98 730,369.54 0.01 287,000.00 China Railway Group 78,500.00 Ping An Insurance Ltd 934,470.20 943,212.84 0.01 Group Co of China Ltd 4,070,729.73 4,059,398.41 0.04 354,000.00 China Resources Cement 21,910.00 Power Assets Holdings Ltd 1,441,069.33 1,484,028.92 0.01 Holdings Ltd 1,065,037.25 1,283,260.97 0.01 12,000.00 China Resources Gas 247,461.43 252,047.88 0.00 158,500.00 Shimao Property 164,000.00 China Resources Land 1,952,999.34 2,008,792.26 0.02 Holdings Ltd 1,911,154.36 1,952,361.83 0.02 200,000.00 China Resources Power 3,664,578.12 3,795,382.14 0.03 232,000.00 Sino Biopharmaceutical 278,500.00 China Shenhua Energy 5,338,779.59 5,381,161.81 0.05 Ord Shs 1,251,877.56 1,268,761.75 0.01 76,000.00 China State Construction 78,000.00 Sino Land 839,300.09 855,824.17 0.01 Int. Holding L 896,697.86 892,880.90 0.01 148,000.00 Sinopec Shanghai 398,000.00 China Telecom Corp Petrochemical Co Ltd 272,541.42 275,751.76 0.00 Ltd 1,292,912.50 1,304,576.35 0.01 150,500.00 Sun Art Retail Group Ltd 1,193,027.51 1,146,304.60 0.01 188,000.00 China Unicom Hong 76,774.00 Sun Hung Kai Kong Ltd 1,897,485.37 1,945,995.94 0.02 Properties Ltd 7,261,143.48 7,046,259.44 0.06 531,000.00 Chongqing Rural 29,914.00 Swire Pacific Ltd 'A' 2,123,291.29 2,460,356.39 0.02 Commercial 1,640,562.75 1,644,340.69 0.01 86,400.00 Swire Properties Ltd 1,708,732.45 1,688,047.96 0.02 106,000.00 Citic 21Cn Ord Shs 538,695.07 551,348.26 0.01 79,500.00 Techtronic Ind 1,676,406.83 1,704,105.02 0.02 115,833.00 CLP Holdings 6,117,653.84 6,334,675.84 0.06 34,018.00 The Bank of East 943,000.00 Cnooc Ltd 11,047,009.55 11,355,334.83 0.10 Asia Ltd 876,457.11 943,392.87 0.01 48,000.00 Dongfeng Motor Group 69,000.00 The Hong Kong and Co Ltd 565,347.38 574,689.86 0.01 China Gas Company Ltd 998,148.48 1,010,624.01 0.01 163,000.00 Evergrande Real Estate 32,000.00 Tingyi (Cayman Group 421,285.60 424,617.00 0.00 Isl.) USD 591,249.41 598,980.31 0.01 344,000.00 Far East Horizon Ltd 1,704,384.77 1,673,556.50 0.02 65,667.00 Wharf Holdings Ltd 3,069,884.26 3,172,035.48 0.03 182,914.00 First Pacific 35,250.00 Wheelock 1,196,508.85 991,241.68 0.01 Company Ltd 1,198,037.56 1,375,834.72 0.01 182,000.00 Yingde Gases Group 17,500.00 Fosun International 155,955.20 154,877.47 0.00 Co Ltd 1,339,218.03 1,326,572.32 0.01 86,000.00 Franshion Properties 23,500.00 Yua Yuen Industrial 517,656.71 532,108.26 0.00 China Ltd 156,986.74 152,074.06 0.00 116,000.00 Zhejiang Expressway Co 340,000.00 GCL-Poly Energy Ltd 785,053.22 782,469.78 0.01 Hld Ltd 738,478.07 756,661.19 0.01 2,602,000.00 Zijin Mining Group Co 410,000.00 Geely Automobile 975,701.96 965,493.46 0.01 Ltd 3,916,248.04 3,950,233.74 0.04 134,000.00 Gome Electrical 259,239,633.97 271,471,796.45 2.46 Appliances Holding 147,816.52 145,639.16 0.00 63,000.00 Great Wall Motor 1,562,244.31 1,565,077.58 0.01

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

49 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

HUF - Hungary JPY - Japan (continued) 4,713.00 Gedeon Richter Ord Shs 606,248.53 604,905.59 0.01 136,575.00 Astellas Pharma Inc 8,582,975.75 11,996,167.82 0.11 6,978.00 OTP Bank 919,546.58 897,265.41 0.01 15,337.00 Bank of Kyoto Ltd/The 928,852.95 932,166.12 0.01 1,525,795.11 1,502,171.00 0.02 86,386.00 Bank of Yokohama Ltd/The 2,934,093.38 3,323,572.74 0.03 IDR - Indonesia 7,900.00 Benesse Holdings Inc 1,870,704.57 2,291,285.67 0.02 1,391,800.00 Adaro Energy PT 896,470.55 922,225.85 0.01 39,400.00 Bridgestone 9,502,768.14 9,217,342.58 0.08 94,100.00 Astra Agro Lestari 27,600.00 Brother Industries 2,561,911.73 3,196,535.05 0.03 Tbk PT 1,531,727.31 1,495,120.30 0.01 3,100.00 Calbee Ord Shs 586,046.86 571,585.71 0.01 1,122,500.00 Astra International Tbk 4,550,452.07 4,605,130.46 0.04 49,212.00 Canon Inc 12,564,803.60 10,704,132.75 0.10 167,200.00 Bank Central Asia 16,617.00 Casio Computer 1,005,590.36 1,611,993.26 0.01 Tbk Pt 1,004,847.24 1,037,173.83 0.01 14,032.00 Central Japan 431,300.00 Bank Mandiri (Persero) Railway Co 9,764,491.79 13,380,757.23 0.12 Tbk Pt 2,361,913.93 2,365,329.56 0.02 63,000.00 Chiba Bank 2,994,106.99 2,972,623.18 0.03 249,800.00 Bank Negara Indonesia 1,000.00 Chiyoda 81,538.22 80,972.55 0.00 (Persero) Ord Shs 671,358.31 671,240.16 0.01 16,381.00 Chubu Electric Power 651,200.00 Bank Rakyat Indonesia 3,683,973.25 3,791,639.53 0.03 Co Inc 2,013,309.58 1,361,004.02 0.01 1,109,200.00 Bumi Serpong Damai 11,518.00 Chugai Pharmaceuticals 1,527,585.67 2,170,083.55 0.02 Ord Shs 915,272.36 928,878.49 0.01 25,900.00 Chugoku Bank 2,863,308.43 2,662,934.51 0.02 348,500.00 Charoen Pokphand 3,500.00 Citizen Watch 188,256.38 183,623.58 0.00 Indonesia Tbk Pt 749,983.19 740,912.16 0.01 1,200.00 Credit Saison 159,226.93 166,934.12 0.00 79,400.00 Indo Tambangraya 62,300.00 Dai Ichi Life Mwgah Tbk Pt 1,217,419.07 1,208,945.87 0.01 Insurance Co 6,063,041.78 6,203,982.36 0.06 49,900.00 Indocement Tunggal 26,208.00 Dai Nippon Printing Prakarsa Tbk Pt 632,715.25 634,555.60 0.01 Co Ltd 1,876,986.16 1,829,838.73 0.02 950,400.00 Kalbe Farma Tbk 885,246.97 889,686.72 0.01 15,000.00 Daicel Chemical 167,200.00 Matahari Department Industries 982,809.05 958,208.20 0.01 Store Ord Shs 1,293,075.81 1,301,181.71 0.01 11,000.00 Daido Steel Co Npv 367,614.09 376,024.13 0.00 79,600.00 Media Nusantara Citra 28,660.00 Daihatsu Motor Tbk Pt 121,607.95 123,892.42 0.00 company Ltd 3,520,554.56 3,406,302.14 0.03 770,000.00 Perusahaan Gas Negara 47,715.00 Daiichi Sankyo Co Ltd 6,070,019.79 5,951,274.75 0.05 (Persero) 2,337,062.92 2,420,795.97 0.02 15,554.00 Daikin Industries Ltd 3,862,423.70 6,561,031.59 0.06 238,900.00 Semen Gresik Persero 5,082.00 Daito Trust Construct Tbk Pt 2,011,733.34 2,030,935.17 0.02 Co Ltd 2,740,962.22 3,994,290.89 0.04 430,900.00 Surya Citra Media 37,897.00 Daiwa House Industry 4,022,405.82 5,251,911.44 0.05 Ord Shs1 811,846.46 871,140.58 0.01 107,232.00 Daiwa Securities 146,400.00 Tambang Batubara Bukit Group Inc 3,542,597.61 6,206,078.54 0.06 Asam Tbk PT 847,265.55 885,443.73 0.01 6,600.00 DeNA Co 894,528.65 596,702.38 0.01 3,709,000.00 Telekomunikasi 19,259.00 Denso Corp 3,892,199.14 6,145,022.53 0.06 Indonesia Ord Shs 5,103,908.88 5,155,803.39 0.05 13,661.00 Dentsu 2,749,937.11 3,718,773.37 0.03 54,100.00 Unilever Indonesia 15,499.00 East Japan Railway Co 7,092,924.34 8,161,038.21 0.07 Ord Shs 902,887.58 893,134.28 0.01 8,568.00 Eisai Co Ltd 2,352,631.21 2,399,651.10 0.02 136,100.00 United Tractors Tbk Pt 1,750,167.17 1,772,934.52 0.02 9,355.00 Fanuc Ltd 10,389,000.08 10,785,243.75 0.10 34,280,935.16 34,746,100.30 0.33 2,044.00 Fast Retailing Co Ltd 2,784,272.43 4,495,825.78 0.04 5,100.00 Former Mediceo ILS - Israel Paltac Nvp 476,019.71 483,301.21 0.00 52,789.00 Bank Leumi Le-Israel 1,377,954.00 1,378,200.30 0.01 37,000.00 Fuji Electric 276,542.00 Bezeq Israeli Holdings Co 1,168,231.03 1,172,023.26 0.01 Telecommunicatio 3,095,280.49 3,467,052.36 0.03 56,630.00 Fuji Heavy 42,001.00 ICL Isreal Chemicals 2,890,866.11 2,407,660.73 0.02 Industries Ltd 7,451,468.24 10,482,688.85 0.10 29.00 Israel Co 112,740.58 110,543.47 0.00 10,397.00 Fujifilm Holdings Corp. 1,545,798.13 1,938,294.50 0.02 5,214.00 Nice Systems 1,416,717.59 1,425,303.56 0.01 89,000.00 Fujitsu Limited 3,739,757.86 4,457,845.89 0.04 44,391.00 Teva Pharmaceuticals 15,256,386.98 15,700,755.10 0.14 84,000.00 Fukuoka Financial 24,149,945.75 24,489,515.52 0.21 Group 2,281,505.63 2,710,699.73 0.02 13,200.00 Gree Inc 867,440.23 773,535.35 0.01 JPY - Japan 28,873.00 Gungho Online 1,800.00 Abc-Mart Inc 643,077.47 643,820.88 0.01 Entertainment Ord Shs 1,135,745.44 1,246,128.78 0.01 6,000.00 Air water Inc Ordinary 625,675.62 641,445.16 0.01 10,000.00 Gunma Bank Npv 390,882.47 395,293.88 0.00 3,956.00 Aisin Seiki 790,884.33 1,052,094.13 0.01 60,000.00 Hachijuni Bank 2,463,943.81 2,482,630.34 0.02 11,754.00 Ajinomoto Co Inc 831,249.00 1,231,769.52 0.01 15,300.00 Hakuhodo Dy Hld 987,337.48 1,015,740.29 0.01 6,500.00 Alfresa Holdings Npv 2,491,561.72 2,801,043.19 0.03 56,129.00 Hankyu Corporation 1,953,176.28 2,140,959.30 0.02 15,000.00 Amada 1,008,516.32 1,019,581.04 0.01 1,800.00 Hikari Tsushin Inc 889,867.35 908,713.98 0.01 79,000.00 ANA Holdings 1,249,769.25 1,246,000.63 0.01 17,118.00 Hino Motors 1,645,105.28 1,575,870.40 0.01 57,984.00 Asahi Kasei Corp 2,137,279.62 2,965,535.60 0.03 2,800.00 Hirose Electronics 2,703,878.41 2,780,915.54 0.03 9,900.00 Asics Corp Npv 1,566,819.10 1,543,804.08 0.01 58,000.00 Hiroshima Bank Npv 1,846,573.62 1,852,535.86 0.02

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

50 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

JPY - Japan (continued) JPY - Japan (continued) 1,000.00 Hisamitsu 2,000.00 Mitsubishi Gas Pharmaceutical Co Inc 294,974.55 298,945.12 0.00 Chemicals 80,681.31 85,526.02 0.00 15,100.00 Hitachi Chemical 1,652,252.95 1,670,106.74 0.02 97,999.00 Mitsubishi Materials 2,356,255.81 2,295,848.71 0.02 13,570.00 Hitachi Construction 19,000.00 Mitsubishi Motors 1,310,061.27 1,401,808.45 0.01 Machines 1,837,004.04 1,807,150.31 0.02 719,554.00 Mitsubishi UFJ 11,600.00 Hitachi High- Finn NPV 26,532,991.28 29,488,199.77 0.27 Technologies 1,850,641.43 1,844,880.75 0.02 76,377.00 Mitsui & Co Ltd 7,229,289.84 8,185,437.35 0.07 175,261.00 Hitachi Ltd 5,958,598.57 8,581,880.42 0.08 17,000.00 Mitsui Chemicals 309,278.34 310,757.74 0.00 11,000.00 Hitachi Metals Ltd 1,098,491.80 1,113,554.08 0.01 34,977.00 Mitsui Fudosan Co Ltd 4,372,312.77 7,884,854.56 0.07 7,200.00 Hokuriku Electric Power 665,054.90 638,119.15 0.01 68,218.00 Mitsui O.S.K. Lines Ltd 2,685,133.56 1,697,202.26 0.02 75,354.00 Honda Motor Co Ltd 16,968,537.02 17,588,736.34 0.16 34,186.00 Mitsui Sumitomo 22,727.00 Hoya Corporation 3,200,734.93 5,048,350.41 0.05 Insurance Group 9,300.00 Ibiden 1,241,977.97 1,252,005.92 0.01 Holdings Inc 5,412,756.20 5,520,463.28 0.05 7,632.00 Iida Group Holdings 96,718.00 Mitsui Trust Ord Shs 771,171.51 775,122.33 0.01 Holdings Inc 2,443,572.69 2,955,163.86 0.03 57,736.00 Inpex Holdings Inc 5,208,825.06 5,867,602.45 0.05 1,390,745.00 Mizuho Financial 14,000.00 Ishikawajima-Harima Group Inc 17,856,162.29 19,089,920.08 0.17 Heavy 430,036.63 436,077.12 0.00 10,245.00 Murata Manufacturing 35,934.00 Isuzu Motors Ltd 1,414,337.30 1,588,816.11 0.01 Co Ltd 3,558,640.17 6,410,019.89 0.06 96,093.00 Itochu Corporation 6,155,165.42 8,250,158.97 0.08 4,520.00 Namco Bandai 2,900.00 Itochu Techno-Science 856,381.97 843,018.64 0.01 Holdings Inc 495,116.73 707,532.49 0.01 50,012.00 Iyo Bank Ltd 3,188,984.30 3,379,616.70 0.03 115,943.00 NEC 1,581,472.05 2,471,384.53 0.02 10,950.00 Japan Airlines Ord Shs 3,607,926.14 4,046,647.87 0.04 17,000.00 Nexon Ord Shs 1,277,495.56 1,084,847.43 0.01 5,600.00 Japan Display Ord Shs 233,290.26 229,864.38 0.00 5,000.00 Ngk Insulators 762,319.69 758,911.46 0.01 9,942.00 Japan Exchange Group 1,550,526.33 1,636,958.15 0.01 11,000.00 Nh Foods 1,444,353.58 1,436,586.39 0.01 21.00 Japan Real Estate 809,779.28 817,644.60 0.01 7,300.00 Nidec Corp 3,000,204.23 2,994,519.42 0.03 99.00 Japan Retail Fund Reit 1,547,544.12 1,488,271.56 0.01 19,060.00 Nikon Corp 2,652,920.98 2,006,212.13 0.02 20,333.00 Jfe Holdings Inc 3,717,129.37 2,805,748.64 0.03 3,400.00 Nintendo Co Ltd 4,746,102.93 2,720,532.59 0.02 11,431.00 JGC 2,328,558.17 2,321,913.88 0.02 32.00 Nippon Building 7,048.00 JSR Corporation 777,154.62 808,367.67 0.01 Fund Reit 1,242,386.65 1,250,158.14 0.01 64,641.00 JX Holdings Inc 2,193,571.29 2,312,068.10 0.02 8,000.00 Nippon Paint 1,083,660.68 1,131,899.94 0.01 5,944.00 Kakaku.Com Inc 674,043.69 696,258.37 0.01 13,000.00 Nippon Seiko 956,942.11 1,129,854.18 0.01 38,348.00 Kamigumi 2,343,647.89 2,358,586.99 0.02 351,391.00 Nippon Steel 2,000.00 Kaneka 80,881.15 83,678.24 0.00 Corporation 7,426,949.01 7,513,268.55 0.07 27,015.00 Kansai Electric Power 20,115.00 Nippon Telegraph & Co Inc 2,813,820.96 1,702,556.81 0.02 Telephone Corp NTT 5,975,498.74 8,386,735.11 0.08 8,000.00 Kansai Paint Co Npv 896,458.96 893,799.72 0.01 100,758.00 Nippon Yusen KK 2,030,518.52 1,941,581.65 0.02 21,587.00 Kao Corporation 3,840,216.51 5,679,783.68 0.05 72,475.00 Nissan Motor Co Ltd 3,776,247.43 4,596,263.09 0.04 36,088.00 KDDI 10,275,719.52 14,715,474.73 0.13 5,500.00 Nisshin Seifun Group 431,783.41 438,815.80 0.00 2,049.00 Keyence Corporation 3,023,747.83 5,975,969.40 0.05 1,000.00 Nissin Food Products 336,172.11 343,819.89 0.00 197,381.00 Kobe Steel Ltd 2,128,626.83 1,979,895.19 0.02 8,000.00 Nitori Co Ltd 2,280,969.22 2,924,778.76 0.03 10,000.00 Koito Manufacturing Co 14,992.00 Nitto Denko Corporation 4,806,436.17 4,696,475.63 0.04 Ltd Ordinary 1,598,337.14 1,712,500.20 0.02 20,228.00 NKSJ Holdings Inc 3,272,188.93 3,641,586.07 0.03 57,519.00 Komatsu Ltd 8,359,920.11 8,927,747.78 0.08 4,500.00 Nok Corp 601,550.33 604,324.49 0.01 14,187.00 Konica Corporation 817,776.84 937,169.00 0.01 130,640.00 Nomura Holdings Inc 4,954,611.67 6,181,424.87 0.06 64,201.00 Kubota Corp 4,003,816.69 6,084,004.14 0.06 11,966.00 Nomura Research 36,817.00 Kuraray Co Ltd 3,309,990.39 3,119,655.87 0.03 Institute 2,177,366.93 2,519,027.74 0.02 9,164.00 Kyocera Corporation 2,626,168.75 2,907,654.55 0.03 8,300.00 Nomura Rl Est Inc Npv 1,055,910.00 1,050,010.09 0.01 5,000.00 Kyowa Hakko Kirin 461,083.12 452,377.22 0.00 3,317.00 Ntt Data Corporation 803,896.16 851,507.23 0.01 3,400.00 Kyushu Electric Power 83,226.00 Ntt Docomo Inc 9,202,462.39 9,512,620.65 0.09 Co Inc 249,663.82 256,010.53 0.00 17,000.00 Obayashi 819,139.37 811,111.37 0.01 6,684.00 LIXIL Group Corp 768,862.81 1,205,946.99 0.01 5,000.00 Oji Holdings 137,435.07 137,593.95 0.00 39,400.00 M UFJ Lease 1,480,343.77 1,513,256.24 0.01 8,500.00 Olympus Optical Co Ltd 1,994,621.18 1,957,661.59 0.02 10,119.00 M3 Ord Shs 1,002,090.43 1,076,455.05 0.01 10,263.00 Omron Corporation 1,302,511.71 2,891,981.24 0.03 400.00 Mabuchi Motor 205,394.57 202,728.35 0.00 1,155.00 Ono Pharmaceutical 4,898.00 Makita 1,382,423.65 2,023,421.60 0.02 Co Ltd 386,279.89 679,892.27 0.01 11,100.00 Maruichi Steel Tube Ltd 1,976,968.84 1,992,439.54 0.02 7,300.00 Oracle Japan 2,195,600.95 2,134,125.01 0.02 170,923.00 Mazda 2,475,511.72 5,357,810.94 0.05 247.00 Oriental Land 192,132.89 282,888.20 0.00 4,800.00 Miraca Holdings Inc 1,550,773.80 1,555,306.54 0.01 80,440.00 Orix Corp 5,428,380.37 8,912,838.27 0.08 52,224.00 Mitsubishi Chemical 121,372.00 Osaka Gas Co Ltd 3,397,549.89 3,412,097.05 0.03 Holdings Corp 1,708,119.65 1,547,425.47 0.01 2,700.00 Otsuka Corp Npv 899,359.26 874,859.93 0.01 25,068.00 Mitsubishi Corporation 3,461,378.32 3,485,599.54 0.03 33,157.00 Otsuka Holdings Co Ltd 6,656,622.61 6,870,655.06 0.06 98,000.00 Mitsubishi Electric 8,229,756.88 8,084,056.81 0.07 116,579.00 Panasonic Corp 9,044,578.23 9,493,552.43 0.09 45,039.00 Mitsubishi Estate Co Ltd 6,595,042.04 7,433,540.28 0.07 21,400.00 Park 24 Co Ltd Npv 2,595,794.46 2,601,337.29 0.02

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

51 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

JPY - Japan (continued) JPY - Japan (continued) 33,124.00 Rakuten 2,238,902.60 2,861,381.01 0.03 3,416.00 Tokyo Electron Ltd 1,067,336.55 1,543,742.57 0.01 136,487.00 Resona Holdings 4,093,750.54 5,314,183.76 0.05 142,459.00 Tokyo Gas Co Ltd 4,445,076.12 5,565,508.70 0.05 28,820.00 Ricoh Company Limited 2,335,330.84 2,295,591.01 0.02 9,000.00 Tokyo Tatemono 475,237.85 556,513.07 0.01 2,600.00 Rinnai Corp 1,674,400.76 1,678,052.22 0.02 767.00 Tokyu Corporation 25,384.34 36,342.36 0.00 4,208.00 Rohm Company Limited 1,448,196.86 1,613,411.44 0.01 17,000.00 Toppan Printing 884,132.64 879,545.38 0.01 4,700.00 Santen Pharmaceutical 1,816,671.90 1,767,933.73 0.02 116,130.00 Toshiba Corp 3,604,573.62 3,624,923.41 0.03 14,287.00 Secom Co Ltd 4,709,988.17 5,836,130.06 0.05 191.00 Toyo Seikan 17,250.55 19,612.65 0.00 3,400.00 Seiko Epson 963,693.38 967,051.17 0.01 2,000.00 Toyo Suisan Kaisha 400,769.89 412,451.88 0.00 13,094.00 Sekisui Chemical Co Ltd 572,864.95 1,013,593.03 0.01 133,254.00 Toyota 50,267,643.31 53,501,103.04 0.49 41,450.00 Sekisui House 2,962,269.16 3,799,444.01 0.03 3,946.00 Toyota Industries Corp 730,259.44 1,361,921.38 0.01 87,000.00 Sharp Corp 1,715,780.25 1,865,932.30 0.02 25,200.00 Toyota Tsusho 4,551,578.02 4,844,336.40 0.04 14,000.00 Shimadzu 855,459.14 858,295.86 0.01 9,600.00 Trend Micro 1,946,685.33 2,112,809.49 0.02 800.00 Shimamura 528,383.45 525,826.65 0.00 10,159.00 Uni Charm 3,828,676.52 4,047,300.07 0.04 3,245.00 Shimano 1,415,637.03 2,406,989.97 0.02 12.00 United Urban 10,000.00 Shimizu 474,595.92 473,164.79 0.00 Investment Reit 129,010.99 129,476.89 0.00 10,352.00 Shin-Etsu Chemical 29,600.00 Uss 3,306,896.90 3,377,380.35 0.03 Co Ltd 3,899,487.60 4,206,851.83 0.04 11,800.00 West Japan Railway Co 3,094,576.60 3,473,042.79 0.03 96,344.00 Shinsei Bank Ltd 1,080,864.71 1,449,615.38 0.01 68,298.00 Yahoo Japan 11,070.00 Shionogi & Co Ltd 1,421,977.49 1,544,350.50 0.01 Corporation 1,706,440.28 2,109,342.52 0.02 24,000.00 Shiseido Company 37,700.00 Yamada Denki Co Ltd 914,493.60 898,135.41 0.01 Limited 2,907,066.38 2,925,306.70 0.03 58,704.00 Yamaguchi Financial 35,393.00 Shizuoka Bank Ltd/The 2,533,834.65 2,557,553.71 0.02 Group 3,996,161.52 4,137,444.82 0.04 23,090.00 Showa Shell Sekiyu 1,659,760.16 1,753,850.31 0.02 11,051.00 Yamaha 1,051,828.92 1,167,578.74 0.01 3,004.00 Smc Corp 2,783,926.24 5,374,310.00 0.05 12,843.00 Yamaha Motor Co Ltd 1,236,925.57 1,477,260.68 0.01 47,264.00 Softbank Corp 11,055,055.39 23,527,070.26 0.21 14,192.00 Yamato Transport 47,170.00 Sony Corp 6,511,262.99 5,235,825.16 0.05 Co Ltd 1,430,518.57 1,965,845.17 0.02 15,200.00 Sony Financial Holdings 1,735,333.61 1,733,327.37 0.02 3,000.00 Yaskawa Electric 700.00 Stanley Electric 125,919.53 121,999.97 0.00 Corp Npv 244,416.90 242,917.66 0.00 74,425.00 Sumitomo Chemical 1,600.00 Yokogawa Electric 134,996.17 135,257.82 0.00 Co Ltd 1,801,699.33 1,881,095.68 0.02 728,346,114.49 835,090,332.98 7.65 25,758.00 Sumitomo Corporation 2,123,344.34 2,325,367.00 0.02 9,800.00 Sumitomo Dainippon KRW - South Korea Pharma Co Ltd 768,067.58 753,434.09 0.01 176.00 Amorepacific 1,758,109.96 1,772,258.67 0.02 17,734.00 Sumitomo Electric 15,707.00 BS Financial Group 1,547,206.97 1,546,354.23 0.01 Industries 1,445,127.36 1,667,688.13 0.02 2,177.00 Celltrion Inc 645,490.39 669,587.89 0.01 31,000.00 Sumitomo Heavy 1,171.00 Cheil Comm (KRW) 169,539.12 176,409.19 0.00 Industries 980,831.56 986,056.95 0.01 2,061.00 Cheil Industries 989,198.65 955,970.69 0.01 38,564.00 Sumitomo Metal Mining 64.00 CJ CheilJeng Corp 145,125.26 145,679.58 0.00 Co Ltd 3,848,779.49 4,186,405.04 0.04 714.00 Cj Ord Shs 660,838.21 660,473.99 0.01 73,465.00 Sumitomo Mitsui 1,365.00 Daelim Industry 725,533.72 760,308.24 0.01 Financial Group Inc 19,861,712.41 20,575,439.76 0.19 796.00 Doosan Heavy Industries 11,149.00 Sumitomo Realty & & Construction 181,025.77 184,344.66 0.00 Developmnt 1,551,568.89 3,198,297.24 0.03 1,061.00 E-mart 1,602,767.36 1,626,420.51 0.01 28,200.00 Sumitomo Rubber 715.00 Glovis Co Ltd 1,224,262.95 1,273,193.13 0.01 Industries 2,439,533.99 2,720,756.96 0.02 1,362.00 GS Engineering & 6,400.00 Suntory Beverage & Construction 299,840.47 303,274.91 0.00 Food Ord Shs 1,649,484.48 1,678,844.12 0.02 8,609.00 GS Holdings 2,504,067.12 2,565,421.46 0.02 13,000.00 Suruga Bank Npv 1,719,619.87 1,686,631.22 0.02 3,622.00 Halla Visteon Climate 8,100.00 Suzuken 2,000,226.02 2,015,206.88 0.02 Control Ord Shs 1,072,135.96 1,096,082.89 0.01 18,417.00 Suzuki Motor Corp 2,716,716.50 3,856,401.37 0.04 8,227.00 Hana Financial 10,000.00 Sysmex Corp Ordinary 2,204,726.37 2,511,007.03 0.02 Group Inc 2,028,706.55 2,038,460.21 0.02 61,950.00 T&D Holdings Inc 5,303,611.24 5,629,483.09 0.05 4,410.00 Hankook Tire Ord Shs 1,784,263.18 1,759,968.93 0.02 59,000.00 Taiheiyo Cement 1,575,065.20 1,588,566.66 0.01 3,477.00 Hanwha Chem Corp 413,757.71 421,570.52 0.00 55,000.00 Taisei 2,044,717.41 2,036,192.43 0.02 1,655.00 Hanwha Life Insurance 42,824.00 Takeda pharmaceutical Co Ltd 69,258.11 70,641.51 0.00 Co Ltd 13,078,259.12 13,279,629.04 0.12 27,194.00 Hynix 3,500.00 Tdk Corp 1,087,780.43 1,097,122.00 0.01 Semiconductor Inc 8,953,056.76 8,723,520.81 0.08 40,000.00 Teijin 667,070.93 670,481.77 0.01 1,173.00 Hyundai Department 1,050,766.48 1,077,313.96 0.01 12,114.00 Terumo Corporation 2,056,727.20 1,810,710.60 0.02 1,498.00 Hyundai 29,000.00 Toho Gas 1,055,509.89 1,065,973.63 0.01 Development Co 309,973.85 318,216.18 0.00 21,349.00 Tohoku Electric Power 4,983.00 Hyundai Engineering & Co Inc 2,177,418.12 1,675,145.98 0.02 Construction 1,749,259.78 1,896,456.32 0.02 48,876.00 Tokio Marine 2,260.00 Hyundai Merchant Holdings Inc 9,479,276.16 10,747,165.01 0.10 Marine Co LTD 132,974.19 136,783.40 0.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

52 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

KRW - South Korea (continued) MXN - Mexico (continued) 3,473.00 Hyundai Mobis 6,428,826.67 6,517,073.17 0.06 14,718.00 Coca-Cola Femsa SAB 11,123.00 Hyundai Motor Co Ltd 16,802,621.47 16,866,854.59 0.15 de CV 1,123,461.82 1,117,893.80 0.01 970.00 Hyundai Steel Co 468,768.06 476,841.61 0.00 29,733.00 Fibra Uno 1,134.00 Hyundai Wia Corp 1,383,178.81 1,468,583.35 0.01 Administracion SA 697,897.42 697,009.02 0.01 23,962.00 Industrial Bank of Korea 2,091,057.12 2,137,402.47 0.02 115,040.00 Fomento Economico 11,966.00 KB Financial Group Inc 2,756,897.90 2,783,050.81 0.03 Mexicano SAB 7,399,456.39 7,206,481.82 0.07 225.00 KCC Corp 889,513.62 917,269.93 0.01 66,648.00 Genomma Lab 16,616.00 Kia Motor 5,986,760.54 6,214,016.31 0.06 International SA 1,223,648.46 1,207,247.13 0.01 19,901.00 Korea Electric 59,894.00 Gentera Sab De Cv Power Corp 5,223,171.77 4,904,708.55 0.04 Ord Shs 779,528.87 773,478.27 0.01 2,394.00 Korea Telecom 484,300.01 483,242.18 0.00 42,188.00 Grupo Aeroportuario del 908.00 Korea Zinc Ord Shs 2,326,089.70 2,381,802.95 0.02 Pacifico Ord Sh 1,960,135.44 1,910,134.14 0.02 2,180.00 Korean Air Lines 2,153.00 Grupo Aeroportuario del Ord Shs 480,641.46 481,096.76 0.00 Sureste 190,600.08 182,901.27 0.00 2,810.00 LG Chem Ltd 5,396,614.04 5,495,756.79 0.05 35,557.00 Grupo Comercial 7,751.00 LG Corp 3,240,555.98 3,200,864.04 0.03 Chedraui Ord Shs 835,105.20 838,300.92 0.01 8,200.00 LG Display Co Ltd 1,694,075.56 1,722,941.16 0.02 106,889.00 Grupo Financiero 9,973.00 LG Electronics Inc 4,878,950.82 4,896,030.41 0.04 Banorte-O 5,286,088.30 5,110,590.85 0.05 584.00 LG House&Health Care 1,691,047.71 1,757,643.14 0.02 105,568.00 Grupo Financiero 1,746.00 LG Innotek Ord Shs 1,685,256.45 1,672,791.12 0.02 Inbursa Sa 2,141,401.85 2,103,730.95 0.02 16,362.00 LG Uplus Corp 1,004,895.74 996,774.19 0.01 57,114.00 Grupo Financiero 957.00 Lotte Chemical 1,129,325.31 1,166,642.47 0.01 Santander Mexico B Ord 1,012,238.77 1,012,476.03 0.01 778.00 Lotte Shopping 1,524,284.56 1,585,857.79 0.01 25,795.00 Grupo Lala Ord Shs 450,761.08 456,078.90 0.00 1,319.00 LS Industrial Systems 168,281.00 Grupo Televisa SA 7,913,818.46 7,718,071.93 0.07 Co Ltd 578,048.33 574,327.60 0.01 7,567.00 Industrias Penoles SAB 1,316.00 Naver Corp 7,151,491.20 7,260,588.75 0.07 de CV 1,282,452.75 1,266,592.34 0.01 746.00 NCSoft Corporation 865,535.43 899,562.14 0.01 52,010.00 Mexichem SAB de CV 1,451,734.74 1,440,350.70 0.01 228.00 OCI Company 260,011.67 259,115.13 0.00 280,277.00 Ohl Mexico Ord Shs 5,628,736.48 5,719,609.48 0.05 105.00 Pacific 513,676.76 518,250.08 0.00 3,047.00 Promotora y Operadora 1,777.00 S1 934,565.79 955,743.40 0.01 de Infraestructur 281,048.85 271,786.68 0.00 5,548.00 Samsung C&T Corp 2,681,160.00 2,734,668.91 0.02 234,523.00 Wal-Mart de Mexico V 4,192,888.43 4,203,380.93 0.04 2,637.00 Samsung 61,073,946.42 60,817,093.04 0.55 Electromechanic 1,000,670.10 1,015,799.88 0.01 6,247.00 Samsung Electronics MYR - Malaysia Co Ltd 54,514,790.45 54,567,297.18 0.50 161,700.00 AirAsia BHD 748,742.70 774,322.18 0.01 1,127.00 Samsung Enginee 575,933.46 596,466.29 0.01 92,100.00 Alliance Financial Group 992.00 Samsung Fire & Ord Shs 922,261.83 905,076.88 0.01 Marine Ins 1,665,767.14 1,687,789.88 0.02 60,100.00 Axiata Group Berhad 880,201.20 872,149.82 0.01 2,609.00 Samsung Heavy 65,300.00 CIMB Group Holdings Industries 459,663.69 466,305.81 0.00 Berhad 1,000,140.16 995,194.82 0.01 133.00 Samsung Life 228,600.00 Digi.Com 2,734,907.51 2,727,185.58 0.02 Insurance Co 89,245.55 89,635.76 0.00 98,400.00 Gamuda Bhd 957,329.64 964,938.98 0.01 858.00 Samsung SDI Company 938,759.16 918,399.79 0.01 35,400.00 Genting Plantations 2,721.00 Samsung Securities 786,101.96 796,455.91 0.01 Ord Shs 860,382.49 854,958.62 0.01 16,755.00 Shinhan Financial Group 91,100.00 Hong Leong Financial Co Ltd 5,134,085.21 5,186,608.90 0.05 Group Bhd 3,063,808.42 3,061,299.01 0.03 138.00 Shinsegae Co Ltd 193,412.19 199,232.42 0.00 74,800.00 IHH Healthcare Ord Shs 688,717.91 682,118.07 0.01 284.00 SK C&C 311,670.24 312,436.71 0.00 72,300.00 Ijm Corp 1,013,432.26 1,008,548.86 0.01 1,390.00 SK Holdings 1,617,321.54 1,676,127.85 0.02 139,400.00 IOI Corp Bhd 1,536,309.90 1,523,722.64 0.01 2,871.00 SK Innovation Co Ltd 2,087,828.30 2,143,586.98 0.02 265,600.00 IOI Property Group 1,422,892.61 1,393,517.59 0.01 1,229.00 Sk Networks Ord Shs 82,468.26 87,295.09 0.00 54,000.00 KL Kepong (MYR) 2,750,143.98 2,720,777.13 0.02 4,910.00 Woongjin Coway 2,729,525.61 2,747,858.57 0.03 36,500.00 Lafarge Malaysia Bhd 761,773.95 748,536.42 0.01 14,438.00 Woori Finance Holdings 300,900.00 Malayan Banking 6,197,349.88 6,158,281.67 0.06 Co Ltd 1,126,310.02 1,149,538.60 0.01 130,300.00 MISC BHD 1,766,359.13 1,763,362.56 0.02 183,882,033.88 185,149,047.30 1.69 138,500.00 Petronas Chemicals Group Bhd 1,967,477.51 1,952,190.91 0.02 MXN - Mexico 4,300.00 Petronas Dagangan BHD 217,668.56 215,222.05 0.00 87,571.00 Alfa 1,653,084.11 1,620,087.56 0.01 40,400.00 Petronas Gas Bhd 2,087,581.75 2,060,778.40 0.02 1,634,956.00 America Movil 10,930,710.61 11,357,420.16 0.10 69,500.00 Public Bank 2,915,272.72 2,833,226.76 0.03 23,581.00 Arca Continental SAB 62,100.00 Rhb Capital Bhd 1,114,980.46 1,105,456.25 0.01 de CV 1,072,590.32 1,067,427.23 0.01 20,500.00 Sapura Kencana Ord Shs 187,271.06 186,944.12 0.00 21,579.00 Bimbo A 432,360.96 421,791.56 0.00 290,400.00 Sime Darby 5,877,654.43 5,846,647.75 0.05 20,723.00 Carso 738,198.74 719,774.17 0.01 139,300.00 Telekom Malaysia 1,853,340.23 1,841,656.73 0.02 270,618.00 Cemex 2,395,998.29 2,394,477.20 0.02 159,800.00 Tenaga Nasional Bhd 4,084,763.49 4,052,358.94 0.04

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

53 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

MYR - Malaysia (continued) QAR - Qatar 96,100.00 UEM Sunrise Bhd 416,796.48 406,165.72 0.00 12,900.00 Commercial Bank Of 90,200.00 UMW Holdings Bhd 2,056,201.84 2,050,751.41 0.02 Qatar Ord Shs 1,559,197.37 1,466,329.40 0.01 362,000.00 YTL Corp Bhd 1,198,383.91 1,220,976.85 0.01 4,900.00 Doha Bank Ord Shs 518,774.82 487,693.03 0.00 51,282,146.01 50,926,366.72 0.48 16,200.00 Mark 1,492,875.33 1,353,560.26 0.01 1,970.00 ORDS 487,990.93 430,129.54 0.00 NOK - Norway 3,800.00 Qnbk 1,222,592.65 1,139,517.41 0.01 12,421.00 Aker Solutions ASA 1,453,720.37 1,442,551.52 0.01 5,281,431.10 4,877,229.64 0.03 76,839.00 Den Norske Bank Holding 6,763,438.86 9,392,736.22 0.09 SEK - Sweden 70,343.00 Norsk Hydro Asa 2,082,202.74 2,515,992.45 0.02 8,156.00 Alfa Laval Ab 1,423,505.34 1,404,463.20 0.01 9,680.00 Orkla Asa 540,660.91 576,345.74 0.01 20,671.00 Assa Abloy B 5,140,200.14 7,028,140.00 0.06 5,703.00 Royal Carribean Cruise 2,154,912.16 2,119,836.24 0.02 56,974.00 Atlas Copco Ab -B- Shs 9,461,353.18 10,169,859.00 0.09 17,433.00 Seadrill Ltd 4,314,404.12 4,620,955.69 0.04 11,240.00 Boliden Ab 1,084,098.00 1,089,718.00 0.01 58,198.00 Statoil Asa 9,798,317.53 11,945,560.27 0.11 11,052.00 Electrolux Ab-Ser B 1,846,319.51 1,867,788.00 0.02 23,150.00 Subsea 7 SA 3,161,453.32 2,885,323.98 0.03 19,426.00 Elekta Ab 1,914,835.06 1,651,210.00 0.02 35,909.00 Telenor Asa 3,761,139.31 5,465,341.23 0.05 134,015.00 Ericsson Lm-B Shs 9,355,251.76 10,821,711.25 0.10 16,259.00 Yara International Asa 4,570,500.26 5,443,446.47 0.05 12,901.00 Getinge Ab 2,122,470.42 2,265,415.60 0.02 38,600,749.58 46,408,089.81 0.43 28,382.00 Handelsbanken 6,418,654.43 9,283,752.20 0.08 37,482.00 Hennes & Mauritz Ab - NZD - New Zealand B- Shs 8,482,948.11 10,944,744.00 0.10 42,546.00 Fletcher Building Ltd 1,979,075.19 2,194,015.77 0.02 6,364.00 Hexagon B 928,590.57 1,370,805.60 0.01 156,068.00 Telecom New Zealand 2,003,788.78 2,448,238.71 0.02 6,553.00 Husqvarna Ab 340,100.70 340,428.35 0.00 3,982,863.97 4,642,254.48 0.04 39,078.00 Industrivärden C 4,728,255.19 5,158,296.00 0.05 12,851.00 Investor Ab -B- Shs 2,046,577.11 3,221,745.70 0.03 PHP - Philippines 11,106.00 Kinnevik Investment Ab 36,370.00 Aboitiz Equity -B- Shs 2,947,938.21 3,162,988.80 0.03 Ventures Inc 310,076.14 311,940.12 0.00 4,934.00 Lundin Petroleum Ab 641,913.40 667,076.80 0.01 54,500.00 Aboitiz Power Corp 311,157.61 305,921.77 0.00 1,271.00 Millicom International 248,700.00 Ayala Land 1,194,706.16 1,161,757.61 0.01 Cellular Sa 740,665.43 777,852.00 0.01 168,410.00 DMCI Holdings Ord Shs 1,937,792.96 1,908,708.01 0.02 170,035.00 Nordea Ab 12,343,096.66 16,034,300.50 0.15 1,862,900.00 Energy 22,840.00 Sandvik Ab 2,025,444.08 2,085,292.00 0.02 Development Corp 1,858,420.04 1,797,504.53 0.02 70,667.00 Securitas B 5,545,105.22 5,600,359.75 0.05 2,267,000.00 Megaworld Corp 1,579,604.47 1,562,442.11 0.01 90,965.00 Skandinaviska Enskilda 1,831,100.00 Metro Pacific Inv Bank -A- Shs 5,576,935.92 8,123,174.50 0.07 Ord Shs 1,411,080.90 1,405,043.24 0.01 22,647.00 Skanska Ab -B- Shs 2,740,169.76 3,453,667.50 0.03 4,430.00 SM Investments Ord Shs 561,936.92 553,648.06 0.01 7,264.00 Skf Ab -B- Shs 947,096.50 1,238,512.00 0.01 704,800.00 SM Prime Holdings Inc 1,763,636.24 1,712,020.57 0.02 23,462.00 Svenska Cellulosa Ab - 28,810.00 Universal Robina Corp 676,954.47 680,846.31 0.01 B- Shs 2,768,006.06 4,084,734.20 0.04 11,605,365.91 11,399,832.33 0.11 50,294.00 Swedbank Ab -A- Shs 6,602,203.00 8,912,096.80 0.08 116,489.00 Teliasonera Ab 5,292,155.22 5,685,828.09 0.05 PLN - Poland 86,237.00 Volvo Ab -B- Shs 7,493,495.36 7,938,115.85 0.07 32,320.00 Bank Millennium 569,990.77 552,859.31 0.01 110,957,384.34 134,382,075.69 1.22 6,453.00 Bank Pekao 2,489,248.18 2,469,781.99 0.02 21,643.00 Bank PKO BP 1,848,662.58 1,796,309.10 0.02 SGD - China 23,366.00 Enea Ord Shs 828,181.26 812,762.61 0.01 350,022.00 Yangzijiang 42,120.00 Energa Ord Shs 1,908,885.85 1,917,613.84 0.02 Shipbuilding 39,181.00 Getin Noble Bank 271,189.99 270,849.12 0.00 Holding Ltd 2,056,473.21 2,027,209.84 0.02 1,338.00 Grupa Azoty SA 221,141.39 213,528.81 0.00 2,056,473.21 2,027,209.84 0.02 10,898.00 KGHM Polska Miedz 2,954,747.68 2,985,822.35 0.03 446.00 MBank 494,505.73 495,847.92 0.00 SGD - Singapore 55,010.00 Polska Grupa 49,000.00 Capitaland 847,939.12 840,863.82 0.01 Energetyczna 2,588,856.69 2,621,934.30 0.02 113,000.00 Comfort Delgro 1,504,662.02 1,514,949.16 0.01 80,604.00 Polskie Gornictwo 4,647.00 Cycle & Carriage Ltd 840,692.47 1,102,969.97 0.01 Naftowe i Gazownictwo 906,139.90 931,618.61 0.01 101,916.00 Dbs Group Holdings Ltd 7,441,987.38 9,154,545.53 0.08 8,250.00 Polsky Koncern Naftowy 762,876.78 744,663.50 0.01 601,000.00 Golden Agri-Resources 1,846,770.34 1,788,739.36 0.02 3,039.00 Powszechny Zaklad 61,892.00 Keppel Corp Ltd 2,898,519.36 3,581,257.67 0.03 Ubezpieczen SA 2,974,282.08 2,968,870.99 0.03 374,000.00 Noble Group Ltd 2,847,190.88 2,747,715.58 0.02 248,124.00 Tauron Polska Energy 3,038,289.41 2,824,109.79 0.03 68,000.00 Olam Inter 887,131.17 940,823.65 0.01 52,986.00 Telekom Polska 1,144,605.15 1,131,501.49 0.01 196,843.00 Oversea-Chinese 23,001,603.44 22,738,073.73 0.22 Banking Corp 8,580,405.95 10,080,984.67 0.09 148,000.00 Sembcorp Industries Ltd 4,045,017.82 4,262,021.23 0.04 50,000.00 Sembcorp Marine Ltd 1,088,967.53 1,099,343.64 0.01 2,000.00 Singapore Exchange Ltd 74,502.63 74,540.86 0.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

54 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

SGD - Singapore (continued) TWD - Taiwan 322,658.00 Singapore 230,000.00 Acer Inc 1,107,795.75 1,099,484.60 0.01 Telecommunications Ltd 5,567,569.88 6,661,664.78 0.06 355,000.00 Advanced Semi 2,981,292.01 3,088,039.25 0.03 75,401.00 United Overseas 21,000.00 Advantech Co Ltd 1,150,571.69 1,199,010.29 0.01 Bank Ltd 7,077,470.23 9,105,946.61 0.08 82,000.00 Asia Cement Corp 746,636.59 750,931.97 0.01 18,674.00 United Overseas 288,000.00 Asia Pacific Telecom Land Ltd 685,268.23 652,926.89 0.01 Ord Shs 1,131,709.85 1,157,498.34 0.01 46,234,095.01 53,609,293.42 0.48 54,000.00 Asustek Computer 3,874,085.34 4,026,256.40 0.04 391,000.00 AU Optronics 1,018,449.05 1,107,466.81 0.01 THB - Thailand 48,000.00 Catcher Technology Co 2,942,445.62 2,993,159.58 0.03 41,600.00 Advanced Info Service 1,857,493.89 1,885,204.84 0.02 381,000.00 Cathay Financial 34,800.00 Bangkok Bank Foreign 1,391,251.30 1,383,499.76 0.01 Holding 3,909,720.73 3,979,605.84 0.04 68,600.00 Bangkok Dusit MF 236,498.18 235,984.31 0.00 198,000.00 Chailease Holding 96,300.00 Banpu Ord Shs F1 574,989.27 585,181.84 0.01 Ord Shs 3,263,139.46 3,329,419.83 0.03 88,700.00 BEC World Ord Shs F 888,825.57 890,719.12 0.01 139,000.00 Cheng Shin Rubber 10,200.00 Bumrungrad Hospital F 242,549.99 245,826.43 0.00 Industry 2,390,826.89 2,377,779.59 0.02 228,000.00 Central Pattana Ord 42,000.00 Chicony Electric 735,611.41 757,962.58 0.01 Shs F1 2,343,881.49 2,301,301.19 0.02 1,078,000.00 China Dev Fin 2,323,898.60 2,370,247.43 0.02 121,600.00 Glow Energy Ord Shs F 2,053,855.12 2,085,260.67 0.02 1,205,000.00 China Trust 5,316,847.00 5,369,125.54 0.05 70,700.00 Kasikornbank f 3,013,277.61 2,970,927.93 0.03 53,000.00 Chunghwa Telecom 1,143,678.14 1,141,601.10 0.01 463,000.00 Krung Thai Bank Ord 149,000.00 Compal Electronics 802,975.09 814,028.35 0.01 Shs F 2,038,508.17 1,993,286.90 0.02 20,000.00 CTCI Corp 226,791.06 231,517.58 0.00 13,200.00 Minor International Ord 93,000.00 Delta Electronics 4,280,961.98 4,529,034.67 0.04 Shs F 76,073.35 79,532.08 0.00 91,000.00 E.Sun Financial Holding 389,261.04 390,187.73 0.00 164,800.00 PTT Global Chem 2,276,011.52 2,291,413.75 0.02 5,000.00 Eclat Textile Ord Shs 344,677.51 405,267.72 0.00 24,300.00 Siam Cement Pcl 2,281,078.93 2,282,515.06 0.02 123,000.00 Farglory Dev Co Ltd 1,135,976.74 1,119,512.89 0.01 77,500.00 Siam Commercial BK 37,000.00 Formosa Petrochemical 640,561.25 644,532.40 0.01 THB10 2,687,904.15 2,689,949.60 0.02 77,000.00 Formosa Plastic 1,367,639.92 1,375,805.53 0.01 394,100.00 True Corporation Ord 559,000.00 Fubon Financial Shs F 777,545.20 775,268.86 0.01 Holding 5,378,574.59 5,400,774.48 0.05 22,739,743.74 22,695,872.34 0.21 15,000.00 Giant Manufacturing Co Ltd 788,155.08 780,868.05 0.01 TRY - Turkey 46,000.00 High Tech Computer 1,363,440.92 1,421,347.77 0.01 69,409.00 Akbank 1,749,038.44 1,704,826.08 0.02 64,000.00 Highwealth 12,709.00 BIM Birlesik Magazalar Construction Corp 963,705.19 957,237.87 0.01 Anonim 1,977,879.21 1,947,486.63 0.02 34,000.00 Hotai Motor Co Ltd 2,893,494.68 2,900,462.99 0.03 598,056.00 Emlak Konut 369,000.00 InnoluxDisplay 1,023,288.01 1,156,692.28 0.01 Gayrimenkul Yati 5,007,799.31 5,015,916.80 0.05 99,000.00 Inotera Memories Inc 1,184,859.80 1,203,645.12 0.01 45,170.00 Enka Insaat San 813,028.22 818,926.21 0.01 253,000.00 Inventec 1,607,724.09 1,620,130.47 0.01 48,132.00 Eregli Demir ve Celik 34,000.00 Kinsus Fabrikalari A Ord 545,643.56 575,174.94 0.01 Interconnect Tech 992,491.58 1,020,110.34 0.01 123,734.00 Garanti Banka 3,332,872.96 3,234,226.41 0.03 6,000.00 Largan Precision 2,990,947.47 3,197,360.77 0.03 37,057.00 Isbank 679,871.86 669,501.75 0.01 94,000.00 Lite-On Technology 1,019,481.96 1,049,195.58 0.01 2,776.00 Koza Altin 83,000.00 Mediatek 9,411,829.08 9,384,970.37 0.09 Isletmeleri AS 210,383.36 211,817.41 0.00 802,000.00 Mega Financial Holding 4,475,126.57 4,462,355.81 0.04 6,500.00 Tav Havalimanlari 30,000.00 Merida Industry Ord Shs 1,328,972.95 1,329,994.61 0.01 Holding 333,539.60 345,334.60 0.00 70,000.00 Novatek 9,186.00 Tupras 1,457,711.91 1,430,804.26 0.01 Microelectronics 2,247,701.52 2,303,980.56 0.02 5,093.00 Turk Telecom 99,229.21 98,277.01 0.00 224,000.00 Pegatron 2,791,550.98 2,858,816.69 0.03 29,945.00 Turkcell 1,243,456.93 1,251,028.00 0.01 42,000.00 Phison Electronics 2,244,557.88 2,261,662.55 0.02 54,076.00 Turkiye Halk Bankasi 142,000.00 Pou Chen 1,125,557.31 1,143,011.70 0.01 A.S. (Halkbank) 2,732,154.27 2,710,993.77 0.02 39,000.00 President Chain 93,685.00 Turkiye Vakiflar Bankasi 1,491,012.46 1,468,092.05 0.01 Store Corp 2,079,853.68 2,087,016.79 0.02 20,080.00 Ulker Biskuvi Sanayi A 69,000.00 Quanta Computer 1,306,114.43 1,344,100.61 0.01 Ord Shs 1,113,058.53 1,123,799.67 0.01 20,000.00 Radiant Opto- 22,786,679.83 22,606,205.59 0.21 Electronics Corp 552,382.19 573,196.33 0.01 58,000.00 Realtek TWD - China Semiconductor Corp 1,232,036.83 1,228,520.95 0.01 132,000.00 Zhen Ding Technology 218,000.00 SiliconWare Holding Ord Shs 2,815,689.27 2,905,299.33 0.03 Precision Ind 2,445,099.56 2,394,191.81 0.02 2,815,689.27 2,905,299.33 0.03 64,000.00 Simplo Technology 2,464,612.57 2,651,033.02 0.02 146,000.00 Sinopac Holdings 437,661.84 439,681.89 0.00 754,000.00 Taishin Financial 2,598,868.39 2,583,010.74 0.02 221,000.00 Taiwan Cement 2,215,737.45 2,236,629.99 0.02 1,261,000.00 Taiwan Semiconductor 34,969,273.15 35,716,512.60 0.32

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

55 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

TWD - Taiwan (continued) USD - Russian Federation (continued) 360,000.00 Teco Electric & 563,449.00 Sberbank Savings Bank Machinery Co 2,716,103.65 2,768,806.96 0.03 of Russian 12,000.00 TPK Holding Co Ltd 759,862.33 800,683.62 0.01 Federation OJSC 9,518,398.61 9,347,333.63 0.09 75,000.00 Transcend Information 1,852,501.25 1,721,268.27 0.02 2,528.00 Severstal Cherepovets 110,000.00 Uni-President Metal Factory JSC 143,827.65 138,470.64 0.00 Enterprises 1,316,510.89 1,320,142.80 0.01 10,226.00 Sistema JSFC GDR 2,099,975.57 2,105,623.18 0.02 228,000.00 United Micro Electronics 747,467.41 763,201.96 0.01 1,046,857.00 Surgutneftegaz OJC 5,596,499.62 5,433,247.98 0.05 56,000.00 Vanguard International 98,509.00 Tatneft Lokala 4,410,686.30 4,291,118.33 0.04 Semi Corp 568,369.84 601,229.21 0.01 65.00 Transneft Pref 966,188.87 950,195.15 0.01 32,000.00 WPG Holdngs CO 291,729.65 294,479.61 0.00 47,438.00 Uralkalii 1,469,240.25 1,452,872.13 0.01 145,611,197.49 148,233,801.19 1.36 71,542,445.63 70,061,781.79 0.64

USD - Bermuda USD - Singapore 8,196.00 Everest Re Group 7,737,184.12 8,793,749.21 0.08 16,801.00 Avago Technologies Ltd 4,608,743.01 8,094,943.14 0.07 8,304.00 Nabors Industries 1,222,312.70 1,630,479.85 0.01 409,000.00 Hutchison Port Holdings 9,816.00 Partnerre 6,432,286.84 7,166,731.03 0.07 Trust 1,982,733.84 1,968,701.87 0.02 7,990.00 Renaissance Re Holdings 5,602,624.46 5,715,506.28 0.05 6,591,476.85 10,063,645.01 0.09 20,994,408.12 23,306,466.37 0.21 USD - Sweden USD - Canada 2,041.00 Autoliv Inc 1,046,164.06 1,454,262.71 0.01 4,403.00 Lululemon Athletica 2,222,453.29 1,191,552.93 0.01 1,046,164.06 1,454,262.71 0.01 2,222,453.29 1,191,552.93 0.01 USD - Switzerland USD - Hong Kong 8,483.00 Garmin Ltd 2,822,773.43 3,453,750.08 0.03 10,686.00 Michael Kors Holdings 890.00 Mettler Toledo Ord Shs 1,490,199.92 1,506,411.25 0.01 Ord Shs 5,255,594.22 6,333,124.98 0.06 17,458.00 Noble Ord Shs 4,300,794.88 3,916,882.92 0.04 5,255,594.22 6,333,124.98 0.06 13,032.00 Pentair Ord Shs 4,734,440.71 6,283,345.46 0.06 34,927.00 Weatherford1 3,958,949.26 5,370,482.05 0.05 USD - Ireland 17,307,158.20 20,530,871.76 0.19 4,761.00 Endo International Ord Shs 2,297,064.87 2,228,663.17 0.02 USD - United Kingdom 5,127.00 Perrigo Co Plc 4,565,414.61 4,996,039.07 0.05 19,521.00 Delphi Automotive 3,693.00 XL Group Plc 650,351.92 808,070.89 0.01 Ord Shs 5,394,880.32 8,970,894.27 0.08 7,512,831.40 8,032,773.13 0.08 13,191.00 Ensco PLC 5,130,456.40 4,900,521.13 0.04 10,525,336.72 13,871,415.40 0.12 USD - Netherlands 7,176.00 Chicago Bridge And Iron USD - United States Ord Shs 3,643,200.63 3,271,831.68 0.03 6,799.00 (HP.N) Helmerich & 1,461.00 Core Laboratories Payne Inc 3,128,193.61 5,277,628.49 0.05 Ord Shs 1,110,578.69 1,631,724.53 0.01 30,561.00 3M Co 20,786,216.35 29,265,504.97 0.27 32,828.00 LyondellBasell 54,072.00 Abbott Laboratories 11,031,066.74 14,784,951.03 0.13 Industries 14,787,900.04 21,430,920.31 0.19 76,046.00 AbbVie Ord Shs 16,818,498.71 28,693,764.48 0.26 19,541,679.36 26,334,476.52 0.23 31,717.00 Accenture Ltd 12,407,146.32 17,141,252.64 0.16 21,948.00 Ace Ltd 11,215,283.80 15,215,907.41 0.14 USD - Peru 9,696.00 Actavis Ord Shs1 9,875,417.61 14,458,358.31 0.13 4,242.00 Credicorp Ltd 4,458,530.06 4,409,013.33 0.04 29,447.00 Activision Blizzard Inc 2,644,994.31 4,390,056.08 0.04 4,458,530.06 4,409,013.33 0.04 19,088.00 Adobe Systems Inc 4,862,132.76 9,233,856.76 0.08 6,729.00 ADT Corp 1,374,492.39 1,571,801.06 0.01 USD - Russian Federation 5,225.00 Advanced Auto Parts Inc 3,344,068.89 4,712,884.28 0.04 135,960.00 Alrosa Co Ltd 1,153,427.54 1,115,742.20 0.01 36,093.00 AES 3,724,967.67 3,752,126.95 0.03 582,586.00 Gazprom 17,420,051.38 17,037,510.26 0.16 24,770.00 Aetna Inc 8,301,132.59 13,426,533.37 0.12 32,446.00 Lukoil Oil Company JSC 13,211,303.07 12,969,264.88 0.12 2,472.00 Affiliated Managers 12,006.00 Magnit JSC 4,874,434.80 4,735,594.41 0.04 Group Ord Shs 3,035,302.65 3,394,478.44 0.03 29,529.00 Mobile 35,194.00 Aflac Inc 12,436,804.18 14,646,441.94 0.13 Telesystems OJSC 3,942,694.72 3,896,906.96 0.04 15,482.00 Agco Corp Com 5,519,770.27 5,818,915.54 0.05 73,255.00 Moscow Exchange 8,759.00 Agilent Technologies Inc 1,862,638.33 3,363,512.97 0.03 Ord Shs 966,722.79 970,053.42 0.01 7,266.00 Air Products & 4,196.00 Novatek OAO 3,579,486.34 3,489,635.04 0.03 Chemicals Inc 3,867,353.99 6,247,813.36 0.06 973.00 Ojsc Megafon GRD WI 208,131.91 204,902.63 0.00 8,804.00 Akamai Tech 2,242,326.13 3,593,858.57 0.03 26,983.00 Rosneft Oil Co 1,343,498.01 1,320,653.65 0.01 55,392.00 Alcoa Inc 4,074,927.98 5,513,988.97 0.05 7,457.00 Rostelecom 128,331.60 126,357.69 0.00 9,946.00 Alexion Pharma 6,430,773.21 10,389,451.73 0.09 3,621,004.00 Rusdhydro OJSC 509,546.60 476,299.61 0.00 14,574.00 Allergan Inc 8,116,461.25 16,487,492.27 0.15 3,536.00 Alliance Data Systems 5,328,559.85 6,648,580.58 0.06 4,278.00 Alliant Energy Corp Com Isin 1,725,404.00 1,740,591.58 0.02

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

56 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

USD - United States (continued) USD - United States (continued) 15,754.00 Allstate Corp 3,981,034.58 6,184,449.35 0.06 9,409.00 BlackRock Inc 14,956,014.84 20,103,625.62 0.18 5,154.00 Altera Corporation 905,570.67 1,197,700.78 0.01 7,019.00 BorgWarner 1,617,614.63 3,059,006.31 0.03 18,232.00 Amazon.Com 24,146,446.07 39,586,557.68 0.36 397.00 Boston Properties Inc 316,438.58 313,659.64 0.00 15,705.00 Ameren Corporation 3,368,907.33 4,292,131.08 0.04 64,948.00 Boston Scientific Corp 3,977,217.21 5,544,735.43 0.05 3,756.00 American Airlines 1,111,040.22 1,078,733.10 0.01 77,334.00 Bristol-Myers Squibb Co 16,024,048.17 25,079,905.61 0.23 10,252.00 American Capital 29,708.00 Broadcom Corp-Cl A 6,122,514.09 7,372,342.98 0.07 Agency Ord Shs 1,807,949.88 1,604,479.45 0.01 4,931.00 Bunge Ltd 2,301,410.00 2,493,507.46 0.02 24,249.00 American Electric 17,814.00 CA Inc 2,994,936.74 3,422,727.79 0.03 Power Inc 6,601,151.54 9,041,044.92 0.08 11,351.00 Cablevision 42,788.00 American Express Co 13,268,293.49 27,137,824.94 0.25 Systems Corp 1,335,116.38 1,339,377.45 0.01 36,200.00 American General 18,444,149.71 28,646,684.64 0.26 18,646.00 Cabot Oil & Gas 2,557,988.80 4,255,722.93 0.04 70,284.00 American International 9,663.00 Calpine Corp 1,539,514.86 1,538,138.79 0.01 Group 15,747,582.52 25,645,675.95 0.23 6,878.00 Camden Property Trust 3,283,714.31 3,271,607.72 0.03 40,997.00 American Realty Capital 13,549.00 Cameron Properties Reit 3,773,727.14 3,434,213.55 0.03 International Corp 4,390,724.08 6,133,158.74 0.06 23,436.00 American Tower 9,073,913.38 14,097,874.08 0.13 13,610.00 Campbell Soup Co 3,389,063.08 4,168,142.57 0.04 5,085.00 Ameriprise Financial Inc 1,604,711.28 4,079,400.57 0.04 31,543.00 Capital One 11,980.00 Amerisourcebergen Corp 2,347,690.54 5,819,375.22 0.05 Financial Corp 10,520,408.27 17,418,357.19 0.16 27,361.00 Ametek Inc 9,194,132.89 9,562,945.79 0.09 13,505.00 Cardinal Health Inc 3,867,236.80 6,189,984.28 0.06 12,674.00 Amphenol 8,207,513.37 8,162,900.33 0.07 14,972.00 CareFusion Corp 3,085,875.33 4,439,127.22 0.04 23,142.00 Anadarko 10,574.00 Carmax Inc 2,678,088.20 3,676,633.24 0.03 Petroleum Corp 17,081,787.38 16,936,363.11 0.15 10,098.00 Carnival 2,587,035.88 2,541,701.21 0.02 6,269.00 Analog Devices Inc 2,269,956.32 2,266,098.53 0.02 32,596.00 Caterpillar Inc 17,583,141.76 23,680,895.71 0.22 67,523.00 Annaly Capital 17,545.00 CBRE Group Inc 2,427,152.50 3,758,114.68 0.03 Management Inc 6,241,961.76 5,159,672.17 0.05 27,440.00 CBS Corp 4,305,866.28 11,399,334.69 0.10 4,746.00 Ansys Inc 2,309,608.36 2,405,667.84 0.02 43,626.00 Celgene Corp 12,672,216.03 25,047,338.19 0.23 2,321.00 Antero Resources 38,467.00 Centerpoint Energy Inc 4,735,809.40 6,568,003.25 0.06 Ord Shs 995,209.03 1,018,360.85 0.01 33,082.00 Centurylink 7,688,566.87 8,006,163.90 0.07 16,579.00 AON Corp 5,666,297.70 9,985,252.87 0.09 10,454.00 Cerner Corp 2,863,294.25 3,604,856.51 0.03 16,547.00 Apache Corp 10,614,090.01 11,130,834.59 0.10 3,920.00 CF Industries Holdings 5,127,276.48 6,303,466.76 0.06 301,481.00 Apple Computer Inc 115,239,952.24 187,300,973.89 1.70 11,379.00 Ch Robinson 47,014.00 Applied Materials Inc 4,182,509.54 7,087,578.76 0.06 Worldwide Inc 4,697,491.98 4,852,671.00 0.04 28,580.00 Archer-Daniels- 42,912.00 Charles Schwab Corp 4,827,092.80 7,725,725.24 0.07 Midland Co 6,296,049.80 8,427,978.74 0.08 2,040.00 Charter Communications 9,102.00 Arrow Electronics 2,307,472.01 3,675,951.86 0.03 Ord Shs Class A 1,804,967.70 2,160,004.50 0.02 10,627.00 Assurant Inc 3,858,201.89 4,657,013.81 0.04 6,957.00 Cheniere Energy 238,705.00 At&T Inc 50,689,921.32 56,428,425.04 0.51 Ord Shs 3,153,179.88 3,334,765.56 0.03 4,664.00 Autodesk 1,287,331.33 1,757,955.03 0.02 25,658.00 Chesapeake Energy Corp 3,999,754.52 5,331,236.64 0.05 20,348.00 Automatic Data 1,189.00 Chipotle Mexican Processing Inc 7,650,808.90 10,784,736.02 0.10 Grill Inc 2,640,588.01 4,709,791.57 0.04 2,178.00 AutoZone 5,917,530.50 7,808,025.64 0.07 11,535.00 Chubb Corp 6,689,305.29 7,107,736.76 0.06 4,416.00 Avalonbay 11,817.00 Church & Dwight Co Inc 3,942,617.73 5,526,104.63 0.05 Communities Inc 3,185,922.71 4,197,805.07 0.04 17,625.00 Cigna Corp 6,300,942.19 10,836,760.15 0.10 3,585.00 Avery Dennison 1,227,580.64 1,228,307.71 0.01 3,222.00 Cimarex Energy 2,998,168.91 3,090,156.76 0.03 7,789.00 Avnet 1,639,682.95 2,307,318.79 0.02 3,708.00 Cintas Corp 716,041.28 1,575,110.71 0.01 1.00 Avon Products Inc 164.93 97.67 0.00 264,440.00 Cisco Systems Inc 37,335,874.37 43,931,667.76 0.40 2,520.00 Axis Capital 4,757.00 CIT Group Inc 1,247,718.24 1,455,269.13 0.01 Holdings Ltd 612,837.33 745,988.79 0.01 138,935.00 Citigroup 39,375,028.61 43,747,850.72 0.40 7,946.00 B/E Aerospace Ord Shs 4,273,099.72 4,913,234.46 0.04 12,693.00 Citrix Systems Inc 4,906,404.94 5,307,814.58 0.05 20,944.00 Baker Hughes Inc 6,738,107.36 10,424,337.90 0.09 63.00 Clorox Company 28,995.92 38,495.58 0.00 11,300.00 Ball Corp. 4,736,409.15 4,735,126.44 0.04 15,802.00 Cme Group Inc 6,183,794.80 7,495,292.85 0.07 480,645.00 Bank of America Corp 40,693,395.46 49,388,115.38 0.45 15,578.00 Coach Inc 4,017,147.86 3,560,696.43 0.03 31,981.00 Bank of New York 188,621.00 Coca-Cola Co 41,470,821.26 53,415,850.96 0.49 Mellon Corp/The 5,878,831.78 8,013,380.60 0.07 14,205.00 Coca-Cola Enterprise 2,855,661.32 4,537,446.66 0.04 2,936.00 Bard (C.R.) Inc 1,787,121.26 2,807,027.11 0.03 32,299.00 Cognizant Technology 31,802.00 Baxter International Inc 13,125,862.43 15,371,522.30 0.14 Solutions Corp 6,972,822.27 10,561,142.15 0.10 18,999.00 Bb&T Corporation 3,861,716.50 5,008,200.06 0.05 46,634.00 Colgate-Palmolive Co 14,572,992.26 21,256,111.24 0.19 6,554.00 Becton Dickinson & Co 3,463,710.61 5,183,407.24 0.05 90,608.00 Comcast Corp Class -A- 18,233,158.11 32,516,455.63 0.30 10,276.00 Bed Bath & Beyond Inc 2,864,589.39 3,941,928.92 0.04 34,160.00 Comcast Corp Special 49,214.00 Berkshire Hathaway B 30,336,914.73 41,639,861.85 0.38 Class -A- 5,637,616.34 12,179,055.08 0.11 14,650.00 Best Buy Co Inc 2,933,738.45 3,037,131.11 0.03 19,091.00 Conagra Foods Inc 3,565,294.08 3,788,058.90 0.03 11,862.00 Biogen Idec Inc 9,821,091.24 25,004,594.34 0.23 5,538.00 Concho Resources 2,379.00 Biomarin Inc/Midland T 3,707,729.68 5,349,891.17 0.05 Pharmaceuticals Inc 1,002,609.79 989,415.69 0.01

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

57 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

USD - United States (continued) USD - United States (continued) 65,782.00 ConocoPhillips Co 23,618,926.16 37,701,970.22 0.34 11,356.00 Equity Residential 3,870,907.82 4,782,886.58 0.04 8,750.00 Consol Energy Inc 2,250,877.98 2,694,948.15 0.02 41,850.00 Exelon Corp 10,846,266.59 10,206,443.62 0.09 18,554.00 Consolidated Edison Inc 6,631,850.48 7,162,068.67 0.07 5,837.00 Expedia Inc 2,268,480.29 3,073,403.27 0.03 3,753.00 Continental 12,189.00 Expeditors International Resources Inc 2,023,884.48 3,965,242.34 0.04 Washington Inc 3,105,896.01 3,598,498.21 0.03 68,755.00 Corning Inc 6,884,894.33 10,089,344.70 0.09 30,267.00 Express Scripts Hld 10,777,461.49 14,028,612.71 0.13 19,827.00 Costco Wholesale Corp 9,987,103.42 15,264,508.03 0.14 202,876.00 Exxon Mobil 19,416.00 Covidien Public 9,561,711.30 11,705,612.50 0.11 Corporation 122,597,447.56 136,551,989.67 1.24 1,576.00 Cree Inc 558,227.92 526,278.77 0.00 5,901.00 F5 Networks Inc 4,787,792.06 4,396,335.90 0.04 16,827.00 Crown Castle 89,268.00 Facebook Class A International Corp 8,136,724.43 8,353,832.99 0.08 Ord Shs 26,163,687.71 40,157,852.66 0.37 6,581.00 Crown Holdings Inc 1,901,380.17 2,189,255.31 0.02 12,056.00 Fastenal 3,538,688.35 3,988,823.70 0.04 47,941.00 Csx Corp 6,047,193.90 9,874,677.85 0.09 12,318.00 Fedex Corp 8,181,201.33 12,466,164.39 0.11 10,358.00 Cummins Inc 5,753,571.96 10,684,097.30 0.10 13,205.00 Fidelity National 62,278.00 CVS Corp 19,209,987.07 31,380,316.63 0.29 Financial 2,202,538.20 2,892,054.33 0.03 17,358.00 D R Horton inc 2,470,849.73 2,852,369.02 0.03 1,965.00 Fidelity National 31,074.00 Danaher Corp 10,726,521.91 16,355,414.75 0.15 Information Services Inc 360,026.06 719,103.66 0.01 4,033.00 Davita Inc 1,002,119.53 1,949,893.04 0.02 25,358.00 Fifth Third Bancorp 2,194,748.12 3,619,403.70 0.03 28,431.00 Deere & Co 14,538,140.88 17,210,945.88 0.16 898.00 Fireeye Ord Shs 232,602.00 243,439.67 0.00 7,353.00 Delta Air Lines 1,949,171.55 1,903,373.70 0.02 11,980.00 Firstenergy Corp 3,629,941.32 2,780,741.92 0.03 20,516.00 Denbury Res Inc Hldg 6,525.00 Fiserv Inc 1,160,825.78 2,631,273.54 0.02 Co Com New 2,150,908.72 2,531,911.59 0.02 4,407.00 FleetCor Technologies 2,488.00 Dentsply International 804,846.93 787,579.69 0.01 Ord Shs 3,453,877.27 3,883,136.08 0.04 16,336.00 Devon Energy 13,443.00 Flextronics Intl Ltd 549,950.61 994,873.74 0.01 Corporation 7,467,809.73 8,671,423.08 0.08 9,003.00 Flowserve Corp 3,108,649.47 4,474,993.12 0.04 2,116.00 Dick´s Sporting 10,462.00 Fluor Corp (New) 4,399,949.86 5,378,549.93 0.05 Goods Inc 636,755.02 658,647.10 0.01 4,578.00 Fmc Corp 2,177,931.73 2,178,807.84 0.02 9,060.00 Digital Realty Trust 3,876,460.96 3,532,399.88 0.03 16,027.00 FMC Technologies 24,664.00 DirecTV Class A 7,363,941.63 14,017,084.03 0.13 Inc Com 4,425,529.10 6,543,412.60 0.06 27,961.00 Discover Financial 177,856.00 Ford Motor Co 13,173,082.70 20,498,870.47 0.19 Services 4,841,933.41 11,585,863.84 0.11 9,818.00 Forest Laboratories Inc 2,136,314.48 6,498,039.86 0.06 13,516.00 Discovery 4,011.00 Fossil Group Ord Shs 3,166,835.66 2,802,697.41 0.03 Communications Inc A 5,474,450.66 6,711,880.68 0.06 23,430.00 Franklin Resources Inc 6,774,518.50 9,059,927.49 0.08 5,633.00 Dish Network 1,709,726.84 2,450,820.16 0.02 63,085.00 Frontier 17,127.00 Dollar General Communications 2,037,583.72 2,462,992.58 0.02 Corporation 5,954,065.38 6,567,719.39 0.06 6,416.00 Gamestop 1,455,594.41 1,735,888.03 0.02 10,035.00 Dollar Tree Stores 3,047,480.62 3,653,584.56 0.03 12,784.00 Gap Inc/The 2,187,469.31 3,552,801.43 0.03 24,312.00 Dominion Resources 504,088.00 General Electric 89,712,639.87 88,563,724.80 0.81 Inc/Va 7,606,296.76 11,624,448.07 0.11 42,758.00 General Growth 11,479.00 Dover Corp 5,816,414.40 6,979,606.01 0.06 Properties 5,972,457.23 6,734,677.72 0.06 53,700.00 Dow Chemical Co 10,621,598.07 18,474,309.56 0.17 29,226.00 General Mills Inc 7,415,171.78 10,265,582.49 0.09 12,609.00 Dr Pepper Snapple 56,734.00 General Motors 11,059,111.22 13,768,105.28 0.13 Group Inc 3,127,441.83 4,938,034.97 0.04 13,660.00 Genuine Parts Co 5,912,843.15 8,018,061.15 0.07 9,540.00 Dte Energy Company 3,449,236.47 4,966,411.47 0.05 22,446.00 Genworth Financial Inc 29,886.00 Duke Energy 13,614,730.79 14,823,041.08 0.13 Com CL A 2,635,585.48 2,611,032.97 0.02 33,103.00 Duke Realty Corp 3,588,934.88 4,018,901.36 0.04 77,585.00 Gilead Sciences Inc 19,426,497.62 43,003,997.56 0.39 2,964.00 Dun & Bradstreet Corp 2,113,995.39 2,183,654.59 0.02 24,483.00 Goldman Sachs 49,830.00 DuPont 14,281,421.25 21,800,092.02 0.20 Group Inc 23,258,859.87 27,406,147.88 0.25 21,500.00 Eaton 5,947,263.31 11,093,469.23 0.10 12,126.00 Google Inc 27,496,613.43 47,397,182.19 0.43 23,005.00 Eaton Vance Corp 6,045,484.98 5,811,968.86 0.05 16,910.00 Google Ord Shs Class C 43,381,414.72 65,034,984.18 0.59 64,115.00 Ebay Inc 15,710,735.69 21,457,278.64 0.20 3,874.00 Grainger 5,385,042.75 6,585,350.40 0.06 14,407.00 Ecolab Inc 5,518,907.20 10,723,805.34 0.10 7,788.00 H&R Block 967,097.55 1,745,235.75 0.02 8,312.00 Edison International 2,356,521.01 3,229,093.04 0.03 46,864.00 Halliburton Co 10,472,654.43 22,247,592.23 0.20 6,516.00 Edwards LifeSciences 3,746,304.02 3,739,339.81 0.03 12,056.00 Harley-Davidson Inc 3,001,697.76 5,629,810.79 0.05 15,090.00 Electronic Arts Inc 2,087,694.80 3,618,634.88 0.03 20,184.00 Hartford Financial 50,786.00 Eli Lilly & Co 15,596,401.38 21,108,094.25 0.19 Svcs Grp 3,330,689.05 4,832,097.71 0.04 98,342.00 Emc Corp/Mass 13,358,121.92 17,317,251.17 0.16 8,891.00 Hasbro Inc 3,177,435.62 3,153,262.66 0.03 38,735.00 Emerson Electric Co 13,738,244.07 17,184,388.66 0.16 16,387.00 HCA Holdings Inc 3,608,619.90 6,176,588.58 0.06 3,699.00 Energizer Holdings Inc 2,059,492.62 3,017,693.25 0.03 34,769.00 Hcp Inc 8,470,850.48 9,618,488.62 0.09 18,404.00 Entergy Corp 8,414,598.60 10,100,122.22 0.09 13,128.00 Health Care REIT Inc 5,213,897.94 5,500,249.77 0.05 26,709.00 Eog Resources Inc 9,894,392.51 20,866,406.28 0.19 9,186.00 Henry Schein 5,827,458.65 7,286,796.38 0.07 8,296.00 EQT Corp 3,311,482.18 5,928,851.84 0.05 6,415.00 Herbalife Ltd 2,510,900.17 2,767,896.02 0.03 7,940.00 Equifax Inc. 3,851,179.49 3,850,544.99 0.04 7,479.00 Hershey Foods 3,558,565.59 4,868,473.97 0.04 372.00 Equinix Ord Shs 522,253.57 522,483.37 0.00 19,867.00 Herzt Global Holdings 2,711,822.09 3,722,884.29 0.03

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

58 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

USD - United States (continued) USD - United States (continued) 17,221.00 Hess Corp 7,638,065.80 11,385,048.70 0.10 4,226.00 Linear Technology 1,031,897.09 1,329,835.25 0.01 91,290.00 Hewlett-Packard Co 18,766,464.52 20,555,092.66 0.19 4,600.00 Linkedin Ord Shs 12,268.00 HollyFrontier Corp 3,623,520.00 3,583,273.53 0.03 Class A 3,828,673.88 5,273,150.04 0.05 20,446.00 Hologic Inc 2,674,202.28 3,465,057.69 0.03 18,888.00 LKQ Ord Shs 3,019,260.60 3,370,223.46 0.03 63,265.00 Home Depot Inc 18,869,761.41 34,241,924.14 0.31 40,868.00 Lowe'S Cos Inc 7,327,607.57 13,111,678.25 0.12 10,573.00 Hospira Inc 2,989,331.03 3,631,047.64 0.03 3,086.00 Macerich Co Com. 1,381,230.97 1,377,118.59 0.01 7,706.00 Humana Inc 3,513,869.76 6,579,790.46 0.06 16,791.00 Macy's Inc 3,619,840.04 6,512,960.36 0.06 45,625.00 IBM 49,789,264.04 55,290,812.12 0.50 5,812.00 Manpower Group 3,244,779.28 3,296,868.32 0.03 6,101.00 IHS Inc Class A 4,677,073.86 5,533,615.75 0.05 62,432.00 Marathon Oil Corp 13,126,526.46 16,661,800.47 0.15 20,606.00 Illinois Tool Works Inc 7,249,402.59 12,062,118.68 0.11 14,772.00 Marathon Petroleum 5,895,889.28 7,709,880.15 0.07 5,746.00 Illumnia Inc 2,548,157.51 6,858,439.33 0.06 348.00 Martin Marietta Matls 7,924.00 Ingersoll-Rand Plc 2,877,760.43 3,311,449.33 0.03 Inc Com 306,944.02 307,214.56 0.00 246,951.00 Intel Corp 36,262,480.56 51,014,475.52 0.46 31,502.00 Marvell Technology 4,667.00 Intercontinentalexchange Group Ltd 2,937,623.53 3,017,925.17 0.03 Group 5,066,259.87 5,893,779.82 0.05 845.00 Masco Corp 79,553.08 125,410.48 0.00 20,264.00 International Paper Co 3,540,351.65 6,837,268.43 0.06 43,190.00 Mastercard Inc 12,110,060.52 21,213,747.38 0.19 8,014.00 Interpublic Group 609,936.22 1,045,275.46 0.01 11,630.00 Mattel Inc 2,740,654.32 3,029,941.68 0.03 13,008.00 Intl Flavors & 15,637.00 Maxim Integrated Fragrances 7,506,768.21 9,068,505.06 0.08 Products 3,121,426.11 3,534,457.43 0.03 9,586.00 Intuit Inc 3,012,074.95 5,160,826.66 0.05 10,819.00 Mc Cormick & Co Inc 4,320,195.99 5,178,018.91 0.05 1,682.00 Intuitive Surgical Inc 4,113,007.53 4,630,591.63 0.04 43,041.00 Mcdonald'S Corporation 23,282,534.33 28,987,345.61 0.26 42,240.00 Invesco Ltd 7,935,142.99 10,660,191.70 0.10 9,337.00 Mcgraw-Hill 3,000.00 Iron Mountain Inc 601,645.75 710,986.97 0.01 Companies Inc 4,793,909.97 5,182,825.01 0.05 12,503.00 Jm Smucker Co/The 7,219,782.23 8,907,859.24 0.08 10,808.00 Mckesson Corp 6,939,811.16 13,454,652.49 0.12 141,619.00 Johnson & Johnson 69,480,649.64 99,051,348.49 0.90 8,686.00 Mdu Resources Group 1,988,309.38 2,038,220.15 0.02 18,329.00 Johnson Controls Inc 3,389,403.61 6,118,211.50 0.06 13,844.00 Mead Johnson 5,161.00 Joy Global Inc Com 2,886,195.69 2,124,700.37 0.02 Nutrition Co 6,357,919.78 8,623,068.48 0.08 175,984.00 JP Morgan Chase & Co 51,186,254.52 67,790,774.23 0.62 46,657.00 Medtronic Inc 13,189,497.81 19,887,915.59 0.18 28,196.00 Juniper Networks Inc 4,182,572.96 4,625,793.16 0.04 137,738.00 Merck & Co Inc 37,036,997.72 53,269,827.81 0.48 3,960.00 Kansas City Southern 2,447,907.51 2,846,218.23 0.03 46,961.00 Metlife Inc 12,557,943.98 17,443,102.08 0.16 10,097.00 KBR 2,251,419.63 1,609,922.20 0.01 16,871.00 Microchip Technology 5,135,009.13 5,505,208.63 0.05 11,997.00 Kellogg Co 4,174,840.97 5,269,412.26 0.05 50,289.00 Micron Technology Inc 2,187,493.39 11,077,775.70 0.10 6,372.00 Keurig Green Mountain 385,895.00 Microsoft Corp 75,630,181.51 107,579,459.87 0.98 Ord Shs 2,948,220.05 5,308,267.65 0.05 3,082.00 Mohawk Industries 1,943,862.58 2,850,391.77 0.03 75,105.00 Keycorp 4,881,590.40 7,195,139.02 0.07 76,316.00 Mondelez International 16,407.00 Kimberly-Clark Corp 7,843,978.41 12,199,336.70 0.11 Ord Shs Class A 12,399,209.25 19,188,590.81 0.17 44,405.00 Kimco Realty Corp 5,850,804.44 6,821,910.98 0.06 12,097.00 Monster Beverage Corp 5,162,278.20 5,744,386.39 0.05 27,523.00 Kinder Morgan Inc 6,669,249.56 6,671,872.20 0.06 10,258.00 Moody'S Corp 3,302,269.83 6,011,575.56 0.05 1,557.00 Kinder Morgan 67,983.00 Morgan Stanley 10,753,274.20 14,693,666.52 0.13 Management LLC 813,518.01 821,589.47 0.01 4,976.00 Mosaic 1,809,733.67 1,645,018.61 0.01 512.00 KLA Tencor Corporation 170,615.97 248,639.40 0.00 9,438.00 Murphy Oil Corp 3,293,454.39 4,194,644.24 0.04 13,650.00 Kohls Corp 4,600,646.16 4,807,314.85 0.04 17,501.00 Mylan Labs Inc 2,813,299.97 6,032,536.00 0.05 21,192.00 Kraft Foods Group 5,955.00 Nasdaq Stock Market Ord Shs 5,418,686.06 8,493,472.44 0.08 Inc/The 947,879.28 1,537,510.83 0.01 24,434.00 Kroger Co 4,218,490.80 8,074,382.69 0.07 23,382.00 National-Oilwell Inc 8,577,669.10 12,872,692.90 0.12 10,898.00 L Brands Ord Shs 2,948,904.02 4,273,788.35 0.04 17,781.00 Netapp Inc 4,209,721.71 4,341,213.05 0.04 2,985.00 Laboratory Corp of 2,498.00 NetFlix Inc 3,005,572.98 7,358,021.89 0.07 America Holdings 1,673,554.66 2,043,470.82 0.02 25,805.00 New York Community 10,614.00 LAM Research 3,615,029.44 4,795,362.25 0.04 Bancorp Inc 2,351,639.82 2,756,797.00 0.03 7,325.00 Lauder Estee Cos 13,277.00 Newell Rubbermaid Inc 1,394,293.89 2,750,715.54 0.03 Inc CL A 2,084,523.04 3,636,526.22 0.03 22,372.00 Newmont Mining Corp 7,580,655.89 3,804,924.70 0.03 11,839.00 Legget & Platt 2,719,632.11 2,713,188.59 0.02 15,915.00 News Corp A 1,788,058.96 1,908,768.37 0.02 1,300.00 Lennar 363,614.72 364,846.29 0.00 16,742.00 NextEra Energy Inc 8,392,591.17 11,470,189.77 0.10 6,678.00 Level 3 16,729.00 Nielsen Holding Nv 4,790,711.14 5,414,136.65 0.05 Communications Usd 1,973,580.34 1,960,351.73 0.02 26,639.00 Nike Inc -Cl B 7,479,136.87 13,810,960.05 0.13 11,279.00 Liberty Global A 2,475,829.31 3,334,367.65 0.03 5,450.00 Nisource Inc 507,683.60 1,433,359.10 0.01 27,956.00 Liberty Global Ord Shs 12,397.00 Noble Energy Inc 4,347,879.33 6,419,751.87 0.06 Class C 7,188,944.06 7,907,554.72 0.07 9,479.00 Nordstrom 3,484,784.27 4,304,753.49 0.04 25,333.00 Liberty Media Holding 13,626.00 Norfolk Southern Corp 5,577,649.69 9,385,474.48 0.09 Corp - Interactive 2,379,009.60 4,972,408.76 0.05 9,903.00 Northeast Utilities 2,437,282.29 3,129,511.35 0.03 2,788.00 Liberty Media Ord Shs 9,091.00 NRG Energy Inc 2,255,558.72 2,260,886.43 0.02 Series A 2,510,354.11 2,547,545.14 0.02 16,035.00 Nuance 8,498.00 Liberty Property Trust 2,176,554.77 2,154,883.12 0.02 Communication Inc 2,184,173.54 2,012,136.25 0.02 17,663.00 Lincoln National Corp 4,051,570.76 6,074,206.86 0.06 9,430.00 Nucor Corp 2,734,756.41 3,104,860.39 0.03

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

59 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

USD - United States (continued) USD - United States (continued) 44,096.00 NVIDIA Corp 4,891,327.49 5,465,539.97 0.05 76,670.00 Regions Financial Corp 3,336,610.43 5,443,448.63 0.05 5,258.00 O Reilly Automotive Inc 2,350,640.62 5,293,826.49 0.05 6,947.00 Resmed Ord Shs 1,966,660.38 2,351,415.49 0.02 42,169.00 Occidental 4,093.00 Robert Half International 1,317,709.07 1,306,316.19 0.01 Petroleum Corp 24,363,574.32 28,932,887.61 0.26 2,549.00 Rock-Tenn Co 1,855,119.37 1,799,354.67 0.02 9,857.00 Oceaneering Intl 4,690,492.24 5,148,571.28 0.05 6,834.00 Rockwell Automation 4,245,027.26 5,718,270.27 0.05 3,885.00 Ocwen Financial 9,298.00 Roper Inds Inc 7,117,547.64 9,076,037.71 0.08 Ord Shs 974,372.06 963,582.89 0.01 13,886.00 Ross Stores 5,880,551.48 6,139,031.09 0.06 781.00 Omnicare 347,086.95 347,579.17 0.00 27,322.00 Salesforce.com 5,781,077.92 10,608,726.27 0.10 12,979.00 Omnicom Group 3,539,014.23 6,179,699.41 0.06 13,643.00 Sandisk Corp 4,093,600.22 9,524,875.46 0.09 180,403.00 Oracle Corp 34,579,462.71 48,881,499.16 0.44 6,585.00 SBA 8,955.00 P G & E Corp 2,560,999.70 2,874,828.19 0.03 Communications Corp 3,068,754.80 4,503,555.94 0.04 16,744.00 Paccar Inc 4,776,311.64 7,033,158.81 0.06 63,024.00 Schlumberger Ltd 30,683,786.58 49,696,758.94 0.45 11,627.00 Parker Hannifin 9,862,866.36 9,773,063.87 0.09 6,922.00 Scripps Networks 3,378,650.14 3,754,834.05 0.03 17,859.00 Paychex Inc 4,864,498.29 4,962,000.74 0.05 15,469.00 Seagate Technology 2,789,410.27 5,876,078.89 0.05 4,224.00 Peabody Energy Corp 1,006,436.37 461,706.32 0.00 16,162.00 Sealed Air Corp 3,710,525.75 3,692,021.57 0.03 10,547.00 Pepco Holdings Inc 1,411,983.98 1,937,625.42 0.02 1,238.00 Sears Holdings Corp 324,005.53 330,727.47 0.00 76,817.00 Pepsico Inc 35,905,881.26 45,880,425.76 0.42 4,433.00 Sempra Energy 1,870,291.45 3,103,201.95 0.03 4,783.00 Petsmart 2,252,877.40 1,912,166.54 0.02 14,384.00 Sensata Technologies 286,962.00 Pfizer Inc 43,343,788.92 56,939,341.95 0.52 Holding Ord Shs 4,431,202.90 4,498,461.84 0.04 1,902.00 Pharmacyclics Ord Shs 1,795,090.01 1,140,710.71 0.01 2,829.00 Servicenow Ord Shs 1,180,252.12 1,171,840.51 0.01 21,787.00 Phillips 66 Ord Shs 5,972,729.50 11,714,928.74 0.11 4,825.00 Sherwin-Williams 5,322.00 Pinnacle West Capital 2,121,486.40 2,057,914.39 0.02 Co/The 3,395,779.11 6,674,257.33 0.06 6,663.00 Pioneer Natural 7,507.00 Sigma-Aldrich 3,531,025.43 5,092,968.89 0.05 Resources Co 2,732,248.32 10,236,768.57 0.09 8,441.00 Simon Property 4,534.00 Plum Creek Timber Co 1,189,696.96 1,367,043.10 0.01 Group Inc 5,749,165.06 9,383,353.22 0.09 27,031.00 Pnc Financial Services 23,686.00 Sirius Xm Holding 547,301.46 547,888.23 0.00 Group 10,773,707.63 16,092,376.52 0.15 36,447.00 Southern Co 9,722,043.90 11,057,333.98 0.10 6,679.00 Polaris Industries 3,101.00 Southwest Airlines 325,888.10 556,841.92 0.01 Ord Shs 4,784,058.54 5,815,405.19 0.05 20,023.00 Southwestern Energy Co 5,363,326.17 6,089,326.11 0.06 4,379.00 Ppg Industries Inc 2,680,689.64 6,152,172.28 0.06 15,428.00 Spectra Energy Corp 3,377,937.28 4,381,454.31 0.04 24,031.00 Ppl Corporation 4,839,798.66 5,708,095.10 0.05 29,328.00 Sprint Communications 1,706,648.34 1,672,459.57 0.02 10,122.00 Praxair Inc 7,102,366.91 8,989,164.93 0.08 17,803.00 St Jude Medical Inc 5,104,093.37 8,242,085.56 0.07 2,868.00 Priceline.com Inc 11,867,811.95 23,065,821.31 0.21 7,507.00 Stanley Black & 18,267.00 Principal Financial Decker Inc 3,292,887.47 4,407,415.53 0.04 Group 3,376,419.18 6,164,682.64 0.06 29,448.00 Staples Inc 3,609,956.07 2,134,072.82 0.02 126,845.00 Procter & Gamble Co 58,447,206.36 66,644,574.12 0.61 35,286.00 Starbucks Corp 8,104,972.67 18,253,884.75 0.17 40,538.00 Progressive Corp 6,466,300.76 6,872,831.82 0.06 18,018.00 State Street Corp 5,607,962.41 8,101,913.36 0.07 14,821.00 Prologis 4,149,481.26 4,071,343.99 0.04 9,189.00 Stericycle Inc 6,295,275.39 7,274,739.68 0.07 26,815.00 Prudential Financial Inc 10,737,699.85 15,913,590.20 0.14 13,774.00 Stryker Corp 6,094,256.73 7,764,523.80 0.07 38,816.00 Public Service Enterprise 23,906.00 Suntrust Banks Inc 3,957,569.68 6,402,388.28 0.06 Group Inc 8,763,839.23 10,584,945.68 0.10 10,680.00 Superior Energy 3,918.00 Public Storage Inc 3,164,911.94 4,488,205.04 0.04 Services Inc 1,894,012.13 2,580,379.30 0.02 4,510.00 PVH Ord Shs 3,449,022.19 3,515,598.26 0.03 41,591.00 Symantec Corp 5,299,085.94 6,367,353.97 0.06 3,789.00 QEP Resources Inc 830,495.10 873,912.29 0.01 17,262.00 Synopsys 4,437,942.16 4,479,925.50 0.04 94,157.00 Qualcomm Inc 37,469,137.88 49,854,223.00 0.45 36,011.00 Sysco Corp 7,604,587.85 9,015,942.90 0.08 27,226.00 Quanta Services Inc 5,366,549.31 6,294,090.43 0.06 6,819.00 T Mobile Us Ord Shs 1,516,835.63 1,532,648.44 0.01 5,540.00 Quest Diagnostics Inc 2,186,857.54 2,173,692.08 0.02 28,396.00 T Rowe Price Group Inc 13,531,534.55 16,024,157.93 0.15 8,849.00 Quintiles Transnational 25,363.00 Target Corp 9,007,050.50 9,826,032.83 0.09 Holdings Ord Sh 3,049,407.10 3,152,565.11 0.03 18,633.00 TD Ameritrade Holding 3,987,580.90 3,905,210.77 0.04 6,048.00 Rackspace Hosting 16,782.00 TE Connectivity 3,276,776.35 6,938,048.74 0.06 Ord Shs 1,488,671.45 1,360,974.67 0.01 4,118.00 Teradata Corp 1,779,887.40 1,106,716.91 0.01 2,137.00 Ralph Lauren Corp 2,290,829.98 2,295,712.62 0.02 3,380.00 Tesla Motors Ord Shs 4,909,145.87 5,424,511.71 0.05 5,823.00 Range Recources 3,301,201.79 3,384,858.56 0.03 6,464.00 Tesoro Ord Shs 2,159,683.71 2,535,371.39 0.02 2,564.00 Rayonier Advanced 46,326.00 Texas Instruments Inc 10,869,452.06 14,800,827.00 0.13 Materials Ord Shs Whe 618,361.21 664,222.95 0.01 83,213.00 The Walt Disney Co 26,055,201.79 47,697,850.99 0.43 7,695.00 Rayonier Inc 1,854,836.31 1,828,825.96 0.02 19,580.00 Thermo Electron Corp 10,365,797.19 15,446,100.05 0.14 2,719.00 Realogy Holdings 5,376.00 Tiffany 2,474,435.90 3,603,029.27 0.03 Ord Shs 676,073.66 685,472.27 0.01 13,162.00 Time Warner Cable Inc 5,043,173.34 12,961,306.55 0.12 16,123.00 Realty Income Reit 4,331,468.50 4,787,938.43 0.04 54,670.00 Time Warner Inc 17,452,653.41 25,675,537.94 0.23 6,530.00 Red Hat Inc 2,445,946.71 2,412,830.39 0.02 32,150.00 Tjx Companies Inc 6,667,262.60 11,423,742.23 0.10 20,704.00 Regency Ctrs Corp 6,336.00 Torchmark 2,531,700.24 3,469,998.29 0.03 Com Com 6,873,027.77 7,706,862.92 0.07 6,984.00 Total System Services 1,466,028.59 1,466,548.12 0.01 4,347.00 Regeneron 1,990.00 Towers Watson Ord Shs 1,404,127.05 1,386,659.92 0.01 Pharmaceuticals Ord Shs 5,067,004.40 8,208,921.81 0.07 5,191.00 Tractor Supply Ord Shs 1,700,784.03 2,096,100.57 0.02

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

60 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

USD - United States (continued) USD - United States (continued) 2,715.00 TransDigm Group 11,251.00 Wisconsin Energy Corp 2,207,633.73 3,529,175.67 0.03 Ord Shs 2,749,373.03 3,035,890.31 0.03 2,516.00 Workday Ord Shs 16,849.00 Transocean Ltd 5,055,767.06 5,063,022.87 0.05 Class A 1,475,604.80 1,511,475.81 0.01 27,434.00 Travelers Cos Inc/The 12,499,883.37 17,252,992.25 0.16 13,653.00 Wr Berkley Corp 3,035,638.75 4,226,949.12 0.04 10,428.00 Trimble Navigation 11,892.00 Wyndham Worldwide Ord Shs 2,027,053.31 2,575,962.96 0.02 Ord Shs 6,021,191.40 6,019,905.24 0.05 6,797.00 TripAdvisor Inc 4,285,915.16 4,937,545.60 0.04 23,181.00 Xcel Energy Inc 3,879,457.88 4,994,782.96 0.05 10,069.00 TRW Automotive 28,012.00 Xerox Corp 1,687,234.72 2,329,639.10 0.02 Holdings Corp 3,562,498.08 6,026,019.92 0.05 16,254.00 Xilinx Inc 3,414,060.03 5,140,878.65 0.05 77,690.00 Twenty-First Century 9,210.00 Xylem Inc 2,310,936.56 2,406,236.63 0.02 Fox A 7,746,987.50 18,256,377.18 0.17 47,784.00 Yahoo 10,703,231.34 11,222,375.61 0.10 4,718.00 Twitter Ord Shs 1,102,200.48 1,292,254.49 0.01 20,954.00 Yum! Brands Inc 6,886,629.91 11,374,887.70 0.10 15,473.00 Tyson Foods Inc 2,166,464.02 3,883,228.47 0.04 7,895.00 Zimmer Holdings Inc 3,543,183.55 5,481,817.86 0.05 8,385.00 Udr Namnändr Fr Utd 20,140.00 Zoetis Ord Shs Class A 3,030,014.92 4,344,927.96 0.04 Dominionrlty 070319 1,604,213.50 1,604,902.17 0.01 3,857,281,470.31 5,344,814,024.47 48.58 2,868.00 Ulta Salon Cosmetics and Fragrance Ord 1,784,005.70 1,752,657.30 0.02 ZAR - South Africa 6,484.00 Under Armour Inc 2,348,710.66 2,578,761.18 0.02 108,979.00 African Bank Investment 465,704.46 464,992.70 0.00 44,214.00 Union Pacific Corp 15,334,916.78 29,484,709.97 0.27 17,925.00 African Rainbow 3,033.00 United Continental Mineral 2,143,646.72 2,106,706.25 0.02 Holdings 854,266.43 832,762.70 0.01 4,527.00 Aspen Pharmacare 16,665.00 United Parcel Ord Shs 892,401.15 850,267.20 0.01 Service Inc 7,902,155.31 11,437,489.99 0.10 3,951.00 Assore Limited Ord Shs 882,880.51 885,513.08 0.01 7,448.00 United Rentals Ord Shs 5,051,394.84 5,214,767.14 0.05 19,742.00 Barloworld 1,252,621.04 1,256,087.01 0.01 50,025.00 Unitedhealth Group Inc 15,420,356.70 27,340,031.31 0.25 16,684.00 Bidvest Group 2,998,706.40 2,962,614.52 0.03 4,214.00 Universal Health 6,684.00 Coronation Fund Services Ord Shs Class 2,753,355.26 2,697,756.93 0.02 Managers 409,431.61 401,161.12 0.00 16,687.00 Unum Group 2,822,965.01 3,877,771.22 0.04 110,149.00 FirstRand 2,844,599.39 2,820,601.40 0.03 5,382.00 Urban Outfitters Inc 1,395,069.75 1,218,301.55 0.01 17,089.00 Gold Fields 426,173.25 412,364.64 0.00 70,648.00 US Bancorp 13,524,418.05 20,460,322.21 0.19 260,253.00 Growthpoint Prop Units 4,033,352.67 4,044,393.52 0.04 28,881.00 Valero Energy Corp 6,144,641.07 9,673,287.63 0.09 17,133.00 Impala Platinum 1,195,155.47 1,150,703.42 0.01 5,040.00 Vantiv Ord Shs Class A 1,131,975.15 1,132,797.79 0.01 18,083.00 Imperial Holding 2,231,858.58 2,272,657.67 0.02 8,746.00 Varian Medical 11,993.00 Kumba Iron Ore 2,604,580.15 2,554,824.53 0.02 Systems Inc 3,546,349.58 4,861,201.71 0.04 29,057.00 Liberty Holdings 19,528.00 Ventas Inc 7,422,564.82 8,368,352.10 0.08 Ord Shs 2,439,575.53 2,373,710.06 0.02 4,963.00 Verisign Inc 1,702,446.34 1,619,486.13 0.01 20,893.00 Mr Price Group Ord Shs 2,371,993.98 2,373,869.26 0.02 8,411.00 Verisk Analytics Inc 2,859,217.46 3,374,953.34 0.03 104,292.00 MTN Group Limited 14,937,439.94 14,679,564.49 0.13 194,070.00 Verizon 19,396.00 Naspers 15,241,077.09 15,259,842.45 0.14 Communications Inc 48,235,126.87 63,483,049.04 0.58 8,964.00 Nedbank Group Ltd 1,284,802.43 1,290,901.66 0.01 5,179.00 Vertex 35,307.00 Netcare 641,572.95 636,760.71 0.01 Pharmaceuticals Inc 3,135,112.19 3,278,146.13 0.03 63,870.00 Pretoria Portland Cement 1,300,958.41 1,258,253.09 0.01 25,403.00 Vf Corp 5,843,512.00 10,699,160.60 0.10 577,629.00 Redefine Properties Ltd 3,503,220.54 3,480,976.90 0.03 26,633.00 Viacom Inc 8,878,489.03 15,442,356.86 0.14 4,446.00 RMB Holdings 148,874.92 146,928.54 0.00 26,662.00 Visa Inc 21,888,462.92 37,557,962.17 0.34 103,791.00 Sanlam 4,079,854.17 4,027,450.43 0.04 3,834.00 VMware Inc 2,413,620.98 2,481,398.28 0.02 34,568.00 Sappi 860,088.18 831,316.23 0.01 4,715.00 Vornado Realty Trust 3,377,367.13 3,364,281.72 0.03 35,701.00 Sasol 14,226,800.04 14,186,599.79 0.13 1,749.00 Vulcan Materials Co 748,176.90 745,408.17 0.01 50,788.00 Standard Bank New 4,690,535.74 4,627,672.95 0.04 42,571.00 Walgreen Co 10,742,147.19 21,097,548.84 0.19 100,192.00 Steinhoff International 18,866.00 Waste Management Inc 4,320,264.57 5,641,607.62 0.05 Holdings 3,599,693.91 3,730,396.08 0.03 987.00 Waters 701,804.50 689,141.12 0.01 27,320.00 The Foschini Group 1,955,959.33 1,914,207.92 0.02 15,932.00 Wellpoint Inc 6,538,193.87 11,461,648.30 0.10 4,750.00 Tiger Brands 906,458.60 915,284.19 0.01 245,161.00 Wells Fargo & Company 54,338,227.31 86,145,162.52 0.78 24,138.00 Truworhts International 1,116,020.47 1,137,465.37 0.01 13,921.00 Western Digital 5,800,672.36 8,590,061.70 0.08 15,936.00 Vodacom Group Ord Shs 1,306,401.30 1,316,356.30 0.01 43,429.00 Western Union Co/The 5,086,730.22 5,034,462.05 0.05 68,916.00 Woolworths Holding 5,531.00 Westlake Chemical Ord Shs 3,350,724.79 3,384,407.04 0.03 Ord Shs 3,015,080.00 3,097,165.95 0.03 100,343,163.72 99,754,850.52 0.90 27,190.00 Weyerhaeuser Co 3,316,885.93 6,014,923.71 0.05 5,646.00 Whirlpool Corp 3,637,392.24 5,254,926.57 0.05 11,645.00 Whiting Petroleum Corp 4,161,424.04 6,247,534.79 0.06 16,364.00 Whole Foods Market 4,905,283.59 4,226,085.97 0.04 29,644.00 Williams Cos Inc 7,874,953.70 11,536,087.80 0.10 3,816.00 Willis Group Holding 1,117,220.38 1,104,639.10 0.01 13,774.00 Windstream Holdings Ord Shs 802,655.49 917,156.75 0.01

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

61 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Criteria (continued) (expressed in SEK)

Number of Market % of Shares / Value net Nominal Denomination Cost (Note 2) assets

Other Transferable Securities

Warrants

USD - United Arab Emirates 5,700.00 Deutsche Bank AG (London Branch) Call 0 69,449.01 67,257.96 0.00 23,100.00 Deutsche Bank AG (London Branch) Call2 604,818.46 599,194.55 0.01 102,500.00 Deutsche Bank AG ZT Abu Dhabi Commercial 1,321,051.63 367,550.45 0.00 18,100.00 Deutsche Bank AG ZT Dubai Financial 104,769.32 86,518.46 0.00 52,100.00 Deutsche Bank AG ZT First Gulf Bank 11F 1,546,209.08 1,504,685.10 0.01 179,200.00 Deutsche Bank AgGCall Aldar Properties 1,183,508.43 1,018,312.51 0.01 5,500.00 Deutsche Bank DP World Ltd 706,412.89 714,246.08 0.01 5,536,218.82 4,357,765.11 0.04 Investment Funds

AUD - Australia 142,736.00 General Property Trust 3,793,733.32 3,458,532.61 0.03 15,111.00 Goodman New 430,293.76 481,517.10 0.00 90,594.00 Stockland 2,195,693.32 2,217,983.39 0.02 6,419,720.40 6,158,033.10 0.05

GBP - United Kingdom 33,577.00 3i Group Plc 1,229,136.26 1,542,559.98 0.01 1,229,136.26 1,542,559.98 0.01

HKD - Hong Kong 99,491.00 The Link Real Estate Investment Trust 2,601,347.84 3,578,678.50 0.03 2,601,347.84 3,578,678.50 0.03

SGD - Singapore 243,110.00 Ascendas Real Estate Investment Trust 2,713,346.19 2,998,542.90 0.03 201,639.00 CapitaCommercial Trust 1,857,761.30 1,838,243.61 0.02 232,000.00 Capitamall Trust 2,451,362.95 2,457,167.10 0.02 7,022,470.44 7,293,953.61 0.07

Total Investments 8,612,345,988.51 10,848,850,695.72 98.69

Cash at bank 244,046,935.83 2.22 Bank overdraft (2,891,324.34) (0.03) Other net liabilities (98,879,281.08) (0.88)

Total net assets 10,991,127,026.13 100.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

62 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Euro Liquidity (expressed in EUR)

Market % of Value net Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange listing

Bonds

EUR - France 100,000.00 BNP Paribas FRN 2015- 04-03 100,032.00 99,993.00 3.85 450,000.00 France T-Bill 0% 2014- 10-02 449,624.43 449,950.49 17.33 400,000.00 France T-Bill 0% 2014- 11-27 399,958.34 399,932.00 15.41 100,000.00 Societe General FRN 2015-01-14 100,239.00 100,143.00 3.86 1,049,853.77 1,050,018.49 40.45

EUR - Germany 100,000.00 BMW 4% 2017-09-14 101,750.00 100,740.00 3.88 101,750.00 100,740.00 3.88

EUR - Netherlands 200,000.00 Dutch Treasury 0% 2015-01-30 199,995.24 199,986.00 7.70 200,000.00 Rabobank FRN 2015-04- 22 200,192.00 200,150.00 7.71 400,187.24 400,136.00 15.41

EUR - Norway 200,000.00 Nordea Bank Ab 2.75% 2015-08-11 205,912.00 205,376.00 7.91 100,000.00 Statoil 4.375% 2015-03- 11 103,652.00 102,778.00 3.96 309,564.00 308,154.00 11.87

EUR - Sweden 100,000.00 Länsförsäkringar Hyp 2.875% 2015-03-23 102,060.00 101,845.00 3.92 150,000.00 Skandinaviska E.B. 2.5% 2015-09-01 153,991.50 153,691.50 5.92 200,000.00 Swedbank FRN 2016- 03-18 200,954.00 200,864.00 7.74 457,005.50 456,400.50 17.58

Total Investments 2,318,360.51 2,315,448.99 89.19

Cash at bank 282,363.07 10.88 Other net liabilities (1,727.68) (0.07)

Total net assets 2,596,084.38 100.00

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

63 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Europe Selective (expressed in EUR)

Market % of Number of Value net Shares Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange listing

Equities

CHF - Switzerland 13,300.00 Kuehne & Nagel 1,211,757.74 1,292,578.52 3.14 1,050.00 Sgs Holdings SA 1,497,905.63 1,837,686.89 4.46 4,400.00 Swatch Group I 1,317,192.87 1,940,597.36 4.71 4,026,856.24 5,070,862.77 12.31

CHF - United Kingdom 9,000.00 Roche Holding AG- Genusschein 1,833,063.05 1,960,611.16 4.76 1,833,063.05 1,960,611.16 4.76

DKK - Denmark 100,600.00 Novo Nordisk B-Share 2,153,264.12 3,381,536.29 8.21 2,153,264.12 3,381,536.29 8.21

EUR - France 18,890.00 Air Liquide 1,390,264.89 1,862,554.00 4.52 36,500.00 Legrand 1,624,834.36 1,631,002.50 3.96 3,015,099.25 3,493,556.50 8.48

EUR - Spain 77,900.00 Ebro Puleva Sa 1,117,077.18 1,263,927.50 3.07 478,900.00 Prosegur Compania de Seguridad SA 2,009,203.03 2,509,436.00 6.09 3,126,280.21 3,773,363.50 9.16

GBP - United Kingdom 61,460.00 Aggreko 1,221,282.22 1,266,436.68 3.07 97,900.00 Bunzl Plc 1,060,651.26 1,983,081.32 4.81 108,300.00 Burberry Group 1,449,190.30 2,005,749.02 4.87 49,500.00 Johnson Matthey 1,282,131.91 1,916,345.78 4.65 51,900.00 Reckitt Benckiser Group Plc 2,215,371.62 3,305,554.98 8.03 98,100.00 Rolls Royce Holdings 751,935.78 1,309,645.32 3.18 47,000.00 Rotork Plc 1,399,460.56 1,567,169.97 3.80 111,300.00 Spectris Plc 1,599,553.92 3,085,709.09 7.49 10,979,577.57 16,439,692.16 39.90

SEK - Sweden 25,500.00 Autoliv Inc 1,869,364.07 1,991,916.10 4.84 73,800.00 Handelsbanken 2,001,427.84 2,637,312.46 6.40 62,000.00 Hennes & Mauritz Ab - B- Shs 1,585,440.47 1,977,877.37 4.80 5,456,232.38 6,607,105.93 16.04 Other Transferable Securities

Equities

GBP - United Kingdom 21,734,800.00 Rolls Royce C Share 2014 0.00 27,143.30 0.07 0.00 27,143.30 0.07

Total Investments 30,590,372.82 40,753,871.61 98.93

Cash at bank 485,455.33 1.18 Other net liabilities (51,071.65) (0.11)

Total net assets 41,188,255.29 100.00

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

64 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Nordic Shares (expressed in EUR)

Market % of Market % of Number of Value net Number of Value net Shares Denomination Cost (Note 2) assets Shares Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Equities Equities (continued)

CHF - Switzerland NOK - Norway (continued) 40,000.00 ABB Ltd 668,572.55 672,985.23 1.58 30,000.00 Subsea 7 SA 428,741.44 408,497.75 0.96 668,572.55 672,985.23 1.58 69,500.00 Telenor Asa 1,091,005.97 1,155,642.74 2.70 12,000.00 Yara International Asa 415,812.79 438,920.83 1.03 DKK - Denmark 7,472,932.41 8,160,662.68 19.12 485.00 AP Moller-Maersk B 706,846.11 880,186.43 2.06 11,000.00 Coloplast B Ord Shs 489,214.06 726,517.14 1.70 SEK - Sweden 59,133.00 Danske Bank A/S 780,184.60 1,220,685.16 2.86 24,500.00 Assa Abloy B 774,120.63 910,059.57 2.13 14,000.00 DSV A/S 334,008.82 333,320.12 0.78 53,202.00 Atlas Copco Ab -A- Shs 1,000,271.00 1,122,367.42 2.63 8,000.00 Genmab 228,773.69 249,379.78 0.58 10,000.00 Axis 199,202.38 213,039.16 0.50 22,000.00 GN Store Nord 438,535.88 460,343.92 1.08 10,000.00 Betsson B 227,015.76 252,369.46 0.59 7,000.00 Nkt Holding A/S 322,388.16 351,159.79 0.82 22,000.00 Electrolux Ab-Ser B 418,416.04 406,194.66 0.95 102,400.00 Novo Nordisk B-Share 2,064,905.42 3,442,041.49 8.06 89,772.00 Ericsson Lm-B Shs 719,712.68 791,969.13 1.85 21,000.00 Novo Zymes A/S 606,682.89 769,265.27 1.80 30,000.00 Fingerprint 184,254.51 162,565.26 0.38 12,000.00 Pandora Holding A/S 302,122.69 672,005.55 1.57 15,217.00 Handelsbanken 438,216.38 543,793.99 1.27 3,500.00 Rockwool 49,020.00 Hennes & Mauritz Ab - International B 426,915.36 471,812.28 1.10 B- Shs 1,435,286.16 1,563,799.17 3.66 40,000.00 Rtx Telecom 248,542.56 300,457.57 0.70 26,000.00 Hexagon B 632,293.60 611,848.45 1.43 19,000.00 Vestas Wind 6,000.00 Hexpol 348,967.23 397,236.09 0.93 Systems A/S 324,003.97 700,079.55 1.64 80,000.00 Hiq International 325,022.00 332,996.59 0.78 7,273,124.21 10,577,254.05 24.75 85,000.00 KappAhl 377,494.45 382,596.47 0.90 15,000.00 Kinnevik Investment Ab EUR - Finland -B- Shs 382,512.57 466,719.63 1.09 24,000.00 Amer Sports Oyj A 331,534.70 358,800.00 0.84 45,000.00 Lindab International AB 308,510.51 385,682.81 0.90 13,000.00 Cargotec Corp 443,253.38 361,920.00 0.85 80,000.00 Lundin Mining SDB 311,164.47 314,729.85 0.74 19,000.00 Huhtamäki 325,665.57 362,900.00 0.85 30,000.00 Lundin Petroleum Ab 455,745.18 443,121.44 1.04 40,000.00 Kemira 462,572.00 467,600.00 1.09 3,500.00 Millicom International 11,500.00 Kesko B 284,508.85 332,005.00 0.78 Cellular Sa 255,880.31 234,015.32 0.55 8,600.00 Kone Oyj 222,664.70 262,128.00 0.61 189,463.00 Nordea Ab 1,578,779.90 1,951,915.10 4.57 9,000.00 Metso Oyj 198,734.20 249,030.00 0.58 81,666.00 Rezidor Hotel Group 233,229.55 394,355.93 0.92 162,000.00 Nokia Oyj 578,630.14 895,860.00 2.10 117,048.00 Skandinaviska Enskilda 48,000.00 Outokumpu Oyj 324,000.00 352,560.00 0.83 Bank -A- Shs 866,186.63 1,141,932.09 2.67 40,000.00 Ramirent 316,072.00 326,800.00 0.76 40,000.00 SSAB -A- Shs 206,391.16 271,597.61 0.64 20,700.00 Sampo Oyj-A 636,218.87 764,865.00 1.79 27,159.00 Swedbank Ab -A- Shs 480,011.59 525,777.88 1.23 25,000.00 Upm-Kymmene Oyj 197,616.22 312,000.00 0.73 23,000.00 Swedish Match 589,473.01 582,962.53 1.36 12,000.00 Uponor A 156,718.54 161,400.00 0.38 170,000.00 Teliasonera Ab 888,706.09 906,530.77 2.12 8,000.00 Wartsila B 261,785.40 289,760.00 0.68 15,000.00 Trelleborg B 223,128.27 233,032.06 0.55 4,739,974.57 5,497,628.00 12.87 84,535.00 Volvo Ab -B- Shs 889,371.28 850,129.66 1.99 14,749,363.34 16,393,338.10 38.37 GBP - United Kingdom 10,000.00 Astrazeneca Plc 385,684.27 542,867.47 1.27 Total Investments 35,476,645.91 42,129,208.03 98.63 385,684.27 542,867.47 1.27 Cash at bank 1,338,522.85 3.13 NOK - Faroe Islands Other net liabilities (742,484.75) (1.76) 20,000.00 Bakkafrost P/F 186,994.56 284,472.50 0.67

186,994.56 284,472.50 0.67 Total net assets 42,725,246.13 100.00 NOK - Norway 30,000.00 Atea 234,529.40 249,954.91 0.59 11,111.00 Avance Gas Holding Ord Shs 164,380.81 207,632.43 0.49 72,344.00 Den Norske Bank Holding 780,142.21 966,134.88 2.26 100,000.00 Dno International 198,921.07 280,782.69 0.66 50,000.00 Marine Harvest ASA 413,693.41 498,422.00 1.17 50,000.00 Nordic Semiconductor 219,236.43 180,919.75 0.42 180,000.00 Norsk Hydro Asa 667,017.05 703,373.13 1.65 25,000.00 Opera 226,312.96 243,408.48 0.57 45,000.00 Petroleum Geo- Services Asa 370,154.21 348,151.49 0.81 20,000.00 Rec Solar 223,448.80 222,459.87 0.52 60,000.00 Sparebank 1 Sr Bank Asa 441,576.45 426,708.75 1.00 62,633.00 Statoil Asa 1,177,876.02 1,404,515.38 3.29 10,000.00 Stolt Nielsen 172,794.23 178,539.22 0.42 60,000.00 Storebrand Asa 247,289.16 246,598.38 0.58

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

65 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 America Small Cap (expressed in USD)

Market % of Market % of Number of Value net Number of Value net Shares Denomination Cost (Note 2) assets Shares Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Equities Equities (continued)

MXN - Mexico USD - United States (continued) 1,585,966.00 Gruma SA DE CV 12,858,092.95 18,981,957.98 3.47 421,900.00 Sensient Technologies 3,161,000.00 Grupo Aeroportuario del Ord Shs 20,604,496.06 23,508,267.81 4.29 Centro Norte 10,303,004.65 12,750,723.04 2.33 1,051,700.00 Service Ord Shs 19,133,034.34 21,791,224.00 3.98 2,503,800.00 Grupo Herdez SAB 8,093,432.78 7,650,553.61 1.40 189,000.00 Sothebys 9,681,520.91 7,936,110.00 1.45 4,253,363.00 Hoteles City 353,087.00 Southside Bancshares 8,920,966.63 10,225,399.52 1.87 Express ORD 7,383,248.50 7,681,823.41 1.40 14,900.00 Susser Holdings Corp 705,085.16 1,202,728.00 0.22 387,970.00 Promotora y Operadora 379,800.00 Wolverine World Wide de Infraestructur 3,494,060.47 5,176,422.36 0.94 Ord Shs 10,451,746.04 9,897,588.00 1.81 42,131,839.35 52,241,480.40 9.54 456,900.00 Xylem Inc 15,071,035.57 17,855,652.00 3.26 68,000.00 Zebra Technologies Ord USD - Ireland Shs Class A 4,703,206.24 5,597,760.00 1.02 282,000.00 Allegion Ord Shs 15,273,509.00 15,983,760.00 2.92 415,879,189.74 471,219,595.33 86.03 15,273,509.00 15,983,760.00 2.92 Total Investments 473,284,538.09 539,444,835.73 98.49 USD - United States 418,000.00 A O Smith Ord Shs 16,973,079.69 20,724,440.00 3.78 Cash at bank 9,078,041.40 1.66 104,100.00 Albemarle Ord Shs 6,700,625.03 7,443,150.00 1.36 Other net liabilities (721,012.23) (0.15) 121,000.00 Aol Inc 5,103,883.90 4,814,590.00 0.88 280,400.00 Atmos Energy Ord Shs 12,547,937.66 14,973,360.00 2.73 Total net assets 547,801,864.90 100.00 397,500.00 Bright Horizons Family Solutions Ord Sh 15,944,451.30 17,068,650.00 3.12 297,400.00 Cardtronics Ord Shs 9,617,570.58 10,135,392.00 1.85 32,800.00 Chart Industries Inc 3,172,636.43 2,713,544.00 0.50 401,600.00 Cognex Ord Shs 10,531,111.97 15,421,440.00 2.82 109,100.00 Cooper Ord Shs 14,501,462.78 14,786,323.00 2.70 87,000.00 Cullen Frost Bankers Ord Shs 6,573,905.70 6,909,540.00 1.26 246,000.00 Drew Industries Ord Shs 12,190,951.05 12,302,460.00 2.25 185,000.00 Fair Isaac Ord Shs 9,229,228.96 11,795,600.00 2.15 48,700.00 First Cash Financial services 2,747,475.15 2,804,633.00 0.51 461,800.00 First Financial Bankshares 13,561,671.82 14,486,666.00 2.64 415,200.00 First Republic Bank 17,829,803.98 22,831,848.00 4.17 149,400.00 Gartner Ord Shs 8,621,159.08 10,535,688.00 1.92 394,600.00 Grand Canyon Education Ord Shs 13,437,043.37 18,139,762.00 3.31 139,800.00 Harman International Industries 8,376,614.22 15,018,714.00 2.74 34,000.00 Hsn Inc 2,061,756.60 2,014,160.00 0.37 168,900.00 Hubbell 17,881,973.21 20,800,035.00 3.80 258,000.00 Huron Consulting Group Ord Shs 16,603,604.98 18,271,560.00 3.34 75,100.00 IDEXX Laboratories Ord Shs 7,103,629.35 10,031,107.00 1.83 72,000.00 Interactivecorp 5,481,559.00 4,984,560.00 0.91 200,900.00 International Bancshares 4,837,153.24 5,424,300.00 0.99 100,000.00 Keryx Biopharmaceuticals Ord Shs 1,561,080.00 1,538,000.00 0.28 105,400.00 Life Time Fitness 5,189,817.73 5,137,196.00 0.94 156,000.00 Mastec Ord Shs 6,418,462.30 4,807,920.00 0.88 144,600.00 Micros Systems Inc 7,353,218.60 9,818,340.00 1.79 44,000.00 Newlink Genetics Ord Shs 1,614,381.60 1,168,200.00 0.21 52,000.00 NPS Pharma 1,767,105.60 1,718,600.00 0.31 253,500.00 On Assignment Ord Shs 9,115,250.40 9,016,995.00 1.65 58,000.00 Oncomed Pharmaceuticals Ord Shs 1,605,271.80 1,351,400.00 0.25 277,100.00 PDC Energy Ord Shs 15,653,626.39 17,498,865.00 3.19 220,000.00 Performant Financial Ord Shs 2,469,163.19 2,222,000.00 0.41 279,300.00 Pool Ord Shs 14,956,654.00 15,797,208.00 2.88 298,700.00 Prosperity Bancshares 17,273,778.13 18,698,620.00 3.41

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

66 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Far East Shares (expressed in USD)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Equities Equities (continued)

HKD - China HKD - Hong Kong (continued) 76,800.00 China Minsheng 33,000.00 China Merchants Bank Banking Corp Ltd 60,476.59 69,562.79 0.19 Co Ltd 81,486.72 65,145.45 0.18 120,000.00 Dongyue Group Ltd 70,928.06 50,010.64 0.14 8,000.00 China Merchants 106.00 Forgame Holdings Holdings 29,383.66 24,927.91 0.07 Ordinary Shares Ord Sh 697.23 361.07 0.00 76,563.00 China Mobile 688,329.95 742,874.53 2.01 33,000.00 Shenzhou Group 35,368.00 China National Building Holdings Ltd 66,051.52 113,046.51 0.31 Material Co Ltd 28,645.76 31,213.70 0.08 97,000.00 Tencent Holdings 23,000.00 China Oilfield 36,626.97 55,256.86 0.15 Ord Shs 478,305.46 1,483,094.31 4.01 153,120.00 China Overseas Land & 676,458.86 1,716,075.32 4.65 Invest 294,924.21 371,422.71 1.00 20,000.00 China Pacific Insurance HKD - Hong Kong Group Co Ltd 57,721.52 70,706.48 0.19 21,500.00 AAC Technologies 21,000.00 China Railway Holding 56,073.77 139,813.04 0.38 Construction Corp Ltd 27,662.09 18,533.36 0.05 49,200.00 Agile Property 46,000.00 China Railway Group Holdings Ltd 62,210.33 34,660.63 0.09 Ltd 30,572.59 22,613.17 0.06 210,000.00 Agricultural Bank of 18,000.00 China Resources 75,803.34 50,165.48 0.14 China 107,568.99 92,666.78 0.25 27,000.00 China Resources Land 59,589.01 49,468.73 0.13 142,796.00 AIA Group Ltd 448,349.03 718,553.87 1.94 22,000.00 China Resources Power 47,339.29 62,448.79 0.17 28,000.00 Aluminium Corporation 3,500.00 China Shenhua Energy 15,467.04 10,115.67 0.03 of China 27,206.19 10,043.42 0.03 274,000.00 China South City 16,000.00 Angang Newsteel 26,823.71 10,301.47 0.03 Holdings Ord Shs 135,476.36 144,241.23 0.39 21,600.00 Anhui Conch Cement 51,326.41 74,551.47 0.20 116,000.00 China Telecom Corp 18,000.00 Anhui Expressway Co 11,217.78 11,008.54 0.03 Ltd 54,580.30 56,874.85 0.15 27,000.00 Anta Sports Products 240,000.00 China Travel Intl 49,367.63 47,378.51 0.13 Limited 56,481.93 42,710.33 0.12 114,000.00 China Unicom Hong 1,118,224.00 Bank of China Ltd 522,571.68 500,653.17 1.35 Kong Ltd 170,810.62 176,508.16 0.48 136,620.00 Bank of 7,200.00 CLP Holdings 57,284.02 58,897.99 0.16 Communications Co 217,000.00 Cnooc Ltd 406,070.49 390,862.35 1.06 Ltd 140,492.69 94,660.16 0.26 36,000.00 Cosco Pacific 55,004.47 49,979.68 0.13 77,000.00 Beijing Capital Land 42,000.00 Dongfeng Motor Group Ltd 28,906.79 24,638.89 0.07 Co Ltd 57,245.22 75,217.25 0.20 28,800.00 Beijingwest Industries 60,000.00 Evergrande Real Estate Int'L Ord Shs 27,711.95 1,560.70 0.00 Group 29,800.36 23,379.59 0.06 95,000.00 Belle International 166,467.51 105,292.02 0.28 35,000.00 Fosun International 27,662.72 46,333.39 0.13 72,400.00 BOC Hong Kong 113,000.00 Galaxy Entertainment Holdings Ltd 199,392.57 209,716.98 0.57 Group Ltd 249,713.52 901,043.18 2.43 230,000.00 Bosideng Intl 140,000.00 Gome Electrical Holdings Ltd 111,349.02 34,424.25 0.09 Appliances Holding 38,269.33 22,760.26 0.06 10,000.00 Cathay Pacific Airways 28,414.90 18,683.03 0.05 111,000.00 Guangdong Investment 76,481.09 127,608.43 0.34 270,000.00 CC Land Holdings Ltd 89,360.32 50,513.85 0.14 19,000.00 Guangzhou Automobile 75,000.00 Chaoda Modern Group Company Ltd 29,138.28 22,063.52 0.06 Agriculture 64,599.13 10,644.68 0.03 166,000.00 Hainan Meilan 19,800.00 Cheung Kong International Airport Ord 145,442.48 152,070.55 0.41 Holdings Ltd 282,969.04 351,018.99 0.95 4,000.00 Hang Lung Group Ltd 13,451.97 21,650.64 0.06 35,100.00 China Agri-Industries 14,000.00 Hang Lung Holdings Ltd 16,243.41 13,360.04 0.04 Properties Ltd 68,712.41 43,172.24 0.12 20,000.00 China Bluechemical 5,500.00 Hang Seng Bank Ltd 81,289.57 90,054.00 0.24 Ltd 10,717.42 10,889.83 0.03 38,000.00 Harbin Electric 58,814.43 23,044.12 0.06 128,000.00 China Citic Bank 78,379.15 77,622.30 0.21 9,680.00 Henderson Land 58,000.00 China Coal Energy Co 66,968.09 30,083.80 0.08 Development 48,822.08 56,703.50 0.15 35,000.00 China Communications 6,000.00 Hengan International 57,101.14 63,287.46 0.17 Construction Co Ltd 42,904.16 23,573.13 0.06 3,956.00 HKT Trust and HKT Ltd 1,935.83 4,639.80 0.01 1,054,911.00 China Construction Bank 11,600.00 Hong Kong Exchanges Corp 804,247.50 797,612.81 2.15 And Clearing Ltd 188,680.82 216,124.43 0.58 95,000.00 China Dongxiang 60,000.00 Hopson Development 64,772.87 58,061.89 0.16 Group Co 58,775.00 17,895.97 0.05 45,000.00 Huaneng Power 27,973.30 50,629.97 0.14 14,000.00 China Everbright Ltd 17,073.89 18,786.25 0.05 26,700.00 Hutchison Whampoa Ltd 246,240.69 364,826.10 0.99 174,000.00 China Green Holdings 173,133.84 9,317.00 0.03 1,263,440.00 Industrial & Commercial 100,200.00 China Life Insurance Co Bank of China 855,961.58 798,784.05 2.16 Ltd 358,697.63 262,447.50 0.71 24,000.00 Jiangsu Express 13,394.80 28,550.97 0.08 55,000.00 China Medical System 21,000.00 Jiangxi Copper 55,989.40 33,273.34 0.09 Holdings Ord Shs 39,950.32 67,345.35 0.18 3,500.00 Kerry Logistics Network 4,731.09 5,527.49 0.01 17,000.00 China Mengniu Dairy 53,041.72 78,525.49 0.21 7,000.00 Kerry Properties 34,694.65 24,476.31 0.07

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

67 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Far East Shares (continued) (expressed in USD)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

HKD - Hong Kong (continued) IDR - Indonesia (continued) 22,440.00 Kingboard Chemical 76,503.20 46,267.74 0.12 140,000.00 Bank Rakyat Indonesia 102,781.54 121,931.67 0.33 47,000.00 Li & Fung 97,014.85 69,738.79 0.19 120,000.00 Charoen Pokphand 12,000.00 Luk Fook 41,847.61 35,146.80 0.09 Indonesia Tbk Pt 36,713.72 38,161.11 0.10 10,000.00 MTR Corp 38,037.29 38,578.90 0.10 140,000.00 Gajah Tunggal 44,144.02 21,611.13 0.06 50,000.00 NagaCorp Ord Shs 21,121.90 44,062.53 0.12 56,000.00 Indocement Tunggal 76,000.00 New World Prakarsa Tbk Pt 119,521.49 106,520.46 0.29 Development 102,260.88 86,489.00 0.23 116,000.00 Indofood Sukses 51,000.00 NWS Holdings Ltd 65,789.09 94,625.40 0.26 Makmur Tbk Pt 66,337.41 65,558.84 0.18 31,000.00 Pacific Basin 51,917.00 Mayora Indah 49,898.83 128,752.41 0.35 Shipping Ltd 44,382.89 19,279.13 0.05 70,000.00 Perusahaan Gas Negara 91,000.00 PCCW 22,262.10 54,245.29 0.15 (Persero) 38,360.41 32,918.60 0.09 152,362.00 Petrochina Co Ltd 156,193.32 192,262.33 0.52 39,000.00 Semen Gresik Persero 24,420.00 PICC Property and Tbk Pt 43,294.24 49,593.00 0.13 Casualty 30,629.15 37,053.71 0.10 627,500.00 Telekomunikasi 35,000.00 Ping An Insurance Indonesia Ord Shs 91,135.57 130,475.54 0.35 Group Co of China Ltd 311,493.52 270,729.71 0.73 500.00 Tempo Scan Pacific 25,000.00 Poly Property Group 27,195.70 10,451.14 0.03 Tbk Pt 186.67 126.53 0.00 10,000.00 Power Assets 1,096,035.19 1,295,861.22 3.50 Holdings Ltd 62,196.41 87,608.95 0.24 13,500.00 Qualipak International KRW - South Korea Holding 4,703.17 1,393.49 0.00 800.00 Daelim Industry 49,785.59 66,653.49 0.18 72,600.00 Sands China Ltd 251,166.74 548,924.89 1.48 3,000.00 DGB Financial 43,667.96 44,919.94 0.12 12,000.00 Shanghai Industrial 38,554.21 36,695.12 0.10 320.00 Dongkuk Steel Mill 28,000.00 Shimao Property Rights Issue 14 0.00 98.04 0.00 Holdings Ltd 55,859.00 51,589.93 0.14 220.00 E-mart 47,164.45 50,444.75 0.14 15,400.00 Sino Land 29,350.06 25,274.73 0.07 5,768.00 Eugene Technology 278,590.00 Sinopec China (China Ord Shs 94,656.98 108,598.93 0.29 Petroleum) 164,175.39 265,996.50 0.72 1,100.00 Gamevil Ord Shs 109,747.05 92,735.72 0.25 142,500.00 Sinopec Shanghai 2,000.00 GKL Ord Shs 53,040.31 82,229.69 0.22 Petrochemical Co Ltd 36,652.84 39,714.34 0.11 1,000.00 GS Engineering & 141,000.00 SJM Holdings Ltd 250,477.51 352,575.04 0.95 Construction 76,836.68 33,306.98 0.09 9,524.00 Sun Art Retail Group Ltd 8,910.08 10,850.73 0.03 1,900.00 GS Holdings 99,419.60 84,690.65 0.23 23,800.00 Sun Hung Kai 800.00 Hana Tour Service Properties Ltd 359,590.86 326,736.21 0.88 Ord Shs 50,303.56 53,607.43 0.14 5,000.00 Swire Pacific Ltd 'A' 42,923.75 61,513.35 0.17 3,340.00 Handsome ORD 55,908.16 91,273.97 0.25 3,500.00 Swire Properties Ltd 6,413.89 10,228.57 0.03 3,631.00 Hankook Tire Manft 61,968.34 80,565.28 0.22 13,700.00 The Bank of East 7,000.00 Hynix Asia Ltd 50,591.09 56,830.34 0.15 Semiconductor Inc 154,452.54 335,886.54 0.91 41,141.00 The Hong Kong and 276.00 Hyundai Engineering & China Gas Company Ltd 57,098.77 90,134.53 0.24 Construction 12,667.19 15,712.20 0.04 15,000.00 Tingyi (Cayman 200.00 Hyundai Mipo Dockyard 33,477.94 28,958.29 0.08 Isl.) USD 42,590.04 41,998.10 0.11 1,550.00 Hyundai Mobis 358,351.80 435,066.22 1.17 16,800.00 Weichai Power 76,920.52 64,812.56 0.18 3,019.00 Hyundai Motor Co Ltd 469,889.27 684,780.09 1.85 24,932.00 Wharf Holdings Ltd 133,651.49 180,145.67 0.49 1,000.00 Hyundai Motor Second 17,000.00 Wheelock 55,188.63 71,506.45 0.19 Preferred 70,198.51 158,134.02 0.43 19,000.00 Wynn Macau Ltd 67,257.44 74,770.82 0.20 673.00 Hyundai Steel Co 34,639.44 49,487.25 0.13 28,000.00 Yanzhou Coal Mining 4,850.00 Industrial Bank of Korea 74,195.44 64,711.41 0.17 Co Ltd 43,850.17 21,134.53 0.06 1,500.00 Kangwon Land Inc 34,667.17 44,030.44 0.12 13,300.00 Yua Yuen Industrial 35,775.00 45,046.35 0.12 3,100.00 KB Financial Group Inc 148,505.14 107,847.40 0.29 42,000.00 Zhejiang Expressway Co 5,000.00 Kia Motor 242,211.10 279,699.55 0.76 Ltd 31,226.98 42,377.44 0.11 1,300.00 Korea Electric 75,000.00 Zijin Mining Group Co Power Corp 36,812.27 47,924.49 0.13 Ltd 64,321.29 17,031.49 0.05 1,200.00 Korea Telecom 37,188.55 36,232.46 0.10 12,112,268.37 13,220,314.43 35.71 1,618.00 Korea Tobacco & Ginseng Corp 114,800.32 143,122.16 0.39 IDR - Indonesia 1,340.00 LG Corp 80,717.15 82,773.28 0.22 665,000.00 ACE Hardware 1,263.00 LG Electronics Inc 110,845.37 92,746.49 0.25 Indonesia 50,466.97 49,363.14 0.13 1,200.00 LG Electronics Pref 39,311.89 43,882.19 0.12 377,000.00 Adhi Karya 43,542.06 88,565.58 0.24 1,500.00 LG Fashion Cor 42,037.56 40,991.30 0.11 330,000.00 Astra International Tbk 172,977.86 202,509.49 0.55 1,140.00 Lg International Corp 20,171.71 32,392.77 0.09 144,000.00 Bank Central Asia 200.00 Lotte Shopping 43,979.09 60,980.43 0.16 Tbk Pt 122,372.94 133,614.51 0.36 400.00 Mando Corp 60,539.54 50,207.55 0.14 153,791.00 Bank Mandiri (Persero) 1,150.00 Meritz Finance Holdings 7,911.67 8,535.78 0.02 Tbk Pt 114,301.46 126,159.21 0.34 2,749.00 Meritz Fire & Marine Insurance 18,901.19 33,554.21 0.09

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

68 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Far East Shares (continued) (expressed in USD)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

KRW - South Korea (continued) SGD - Singapore 712.00 Naver Corp 196,465.45 587,586.48 1.59 10,000.00 Capitaland 32,167.00 25,668.79 0.07 200.00 NCSoft Corporation 49,796.99 36,074.32 0.10 3,000.00 City Development Ltd 28,490.77 24,617.98 0.07 327.00 NHN Entertainment 24,262.68 25,337.81 0.07 19,000.00 Cosco Corp 348.00 Pohang Iron & Steel 145,049.76 104,558.21 0.28 Singapore Ltd 27,502.78 10,897.20 0.03 400.00 Samsung 2,200.00 Cycle & Carriage Ltd 55,731.64 78,106.93 0.21 Electromechanic 42,004.49 23,048.03 0.06 26,452.00 Dbs Group Holdings Ltd 278,897.07 355,409.30 0.96 1,267.00 Samsung Electronics 60,000.00 Genting Singapore PLC 97,629.17 64,011.55 0.17 Co Ltd 1,053,767.73 1,655,439.81 4.47 71,000.00 Golden Agri-Resources 24,154.53 31,608.71 0.09 630.00 Samsung 62,000.00 Indofood Agri Electronics Pref 335,524.46 660,011.86 1.78 Resources Ltd 66,322.51 48,987.29 0.13 283.00 Samsung Fire & 18,508.00 Keppel Corp Ltd 88,127.94 160,190.37 0.43 Marine Ins 45,343.39 72,022.63 0.19 5,765.00 K-Green Trust 0.00 4,832.49 0.01 1,420.00 Samsung Heavy 14,000.00 M1 17,744.37 39,417.64 0.11 Industries 38,944.88 37,963.04 0.10 18,000.00 Noble Group Ltd 27,709.57 19,781.01 0.05 1,100.00 Samsung Life 37,000.00 Oversea-Chinese Insurance Co 87,028.09 110,891.48 0.30 Banking Corp 253,715.85 283,439.62 0.77 5,141.00 Shinhan Financial Group 24,100.00 Sembcorp Industries Ltd 72,767.49 103,811.82 0.28 Co Ltd 207,155.52 238,046.90 0.64 24,000.00 Sembcorp Marine Ltd 63,994.39 78,931.54 0.21 377.00 Shinsegae Co Ltd 90,018.21 81,413.82 0.22 6,000.00 Singapore Airlines 74,443.62 49,909.76 0.13 400.00 SK Holdings 44,158.57 72,148.65 0.19 8,000.00 Singapore Exchange Ltd 57,839.32 44,599.53 0.12 200.00 Sk Telecom Co Ltd 33,496.97 46,748.37 0.13 9,000.00 Singapore Press 300.00 S-Oil Corp 19,252.06 16,870.92 0.05 Holdings Ltd 29,226.01 30,104.68 0.08 2,200.00 Wonjin Thinkbig 49,007.75 16,590.24 0.04 91,382.00 Singapore 3,253.00 Woori Investment & Sec 52,722.31 28,067.49 0.08 Telecommunications Ltd 203,945.76 282,212.89 0.76 5,502,969.84 7,479,601.45 20.19 12,000.00 Tat Hong Holdings Ltd 26,443.78 8,470.70 0.02 15,000.00 United Overseas MYR - Malaysia Bank Ltd 204,879.86 270,966.19 0.73 90,300.00 Cb Industrial Product 5,900.00 United Overseas Holdings Bhd 51,841.45 123,174.71 0.33 Land Ltd 10,102.77 30,857.10 0.08 34,000.00 CIMB Group Holdings 13,900.00 Wilmar International Berhad 90,000.56 77,508.56 0.21 Ltd 40,369.58 35,568.12 0.10 92,000.00 Evergreen 1,782,205.78 2,082,401.21 5.61 Fibreboard Bhd 45,821.67 14,898.79 0.04 14,000.00 Genting 46,552.30 43,556.52 0.12 THB - Thailand 26,000.00 Genting Malaysia 29,913.51 34,008.10 0.09 35,000.00 Advanced Info Service 240,311.74 237,251.58 0.64 12,000.00 Hong Leong Bank 35,567.32 51,572.72 0.14 44,500.00 Airports of Thailand 29,000.00 IOI Corp Bhd 41,353.89 47,415.14 0.13 (Foreign) 209,223.89 272,169.16 0.73 14,499.00 IOI Property Group 12,934.49 11,378.85 0.03 22,000.00 Bangkok Bank Foreign 111,034.61 130,827.30 0.35 17,000.00 Malayan Banking 49,475.59 52,042.98 0.14 32,000.00 Banpu Ord Shs F1 60,092.76 29,086.43 0.08 29,000.00 Malaysia Mining Corp 29,041.71 22,939.89 0.06 67,000.00 CP ALL PCL 106,064.37 99,091.05 0.27 21,300.00 Naim Cendera 860,000.00 Erawan Group Ord Shs F 107,600.12 116,592.20 0.31 Holdings Bhd 28,014.05 28,457.49 0.08 113,000.00 IRPC Pcl 10,080.58 11,768.29 0.03 29,976.00 Parkson Holdings Bhd 54,447.13 24,085.36 0.07 13,000.00 Kasikornbank f 53,328.89 81,713.14 0.22 10,000.00 Petronas Gas Bhd 35,649.90 76,300.22 0.21 92,000.00 Land & House NVDR 35,941.40 27,921.74 0.08 8,600.00 Public Bank 0.00 52,440.98 0.14 53,000.00 LPN Development 15,000.00 Rhb Capital Bhd 36,508.75 39,940.83 0.11 Foreign 43,347.53 33,150.52 0.09 16,000.00 Sime Darby 44,542.93 48,184.37 0.13 75,000.00 Minor International Ord 27,000.00 Telekom Malaysia 30,539.01 53,394.58 0.14 Shs F 50,222.49 67,593.59 0.18 15,000.00 Tenaga Nasional Bhd 34,457.26 56,898.16 0.15 18,175.00 PTT Exploration & 696,661.52 858,198.25 2.32 Production Pcl 97,630.65 93,801.03 0.25 11,034.00 PTT Global Chem 10,027.56 22,948.54 0.06 PHP - Philippines 10,200.00 PTT Pcl 56,347.40 99,941.46 0.27 400,000.00 Alliance Global 210,000.00 Sansiri Ord Shs F 35,305.26 13,070.41 0.04 Group Inc 114,062.48 266,666.67 0.72 8,200.00 Siam Cement Pcl 99,071.73 115,211.83 0.31 280,000.00 Ayala Land 170,425.72 195,647.19 0.53 27,000.00 Siam Commercial BK 82,000.00 Banco De Oro THB10 92,676.74 140,178.71 0.38 Unibank Inc 165,062.25 175,647.19 0.47 198,500.00 Tata Steel 11,263.57 5,382.22 0.01 511,000.00 Energy 10,000.00 Thai Oil Pcl 10,200.69 16,022.18 0.04 Development Corp 74,215.47 73,752.58 0.20 45,000.00 Thanachart Capital New 58,393.88 48,875.37 0.13 41,000.00 First Philippine Hldgs 66,656.53 71,386.03 0.19 63,393.00 Ticon Industrial 890.00 Philippine Long Connection 28,634.66 33,986.70 0.09 Distance Tel 50,061.36 60,923.71 0.16 1,526,800.52 1,696,583.45 4.56 70,000.00 Universal Robina Corp 77,155.45 247,445.59 0.67 717,639.26 1,091,468.96 2.94

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

69 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Far East Shares (continued) (expressed in USD)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

TWD - Taiwan USD - South Korea 6,000.00 Asustek Computer 45,599.80 66,916.74 0.18 953.00 Kookmin Bank ADR 44,024.54 33,126.28 0.09 15,000.00 Catcher Technology Co 145,353.89 139,912.25 0.38 3,300.00 KT Corp ADR 70,045.68 49,962.00 0.13 77,472.00 Cathay Financial 114,070.22 83,088.28 0.22 Holding 106,676.51 121,041.89 0.33 44,049.00 Cheng Shin Rubber USD - Taiwan Industry 63,506.78 112,711.62 0.30 5,100.00 AU Optronics US 49,392.68 21,369.00 0.06 20,199.00 Cheng Uei Precision Ind 42,063.08 39,575.37 0.11 1,033.00 Chunghwa ADR 25,664.69 33,117.98 0.09 162,000.00 China Dev Fin 38,844.24 53,280.19 0.14 75,057.37 54,486.98 0.15 36,409.00 China Steel 35,383.89 30,607.07 0.08 Options 139,438.00 China Trust 71,796.79 92,933.76 0.25 43,000.00 Chipbond HKD - Hong Kong Technology Corp 84,608.20 75,607.88 0.20 1,983.00 Sun Hung Kai Warrant 32,000.00 Chunghwa Telecom 93,593.81 103,101.35 0.28 160422 0.00 2,589.30 0.01 54,000.00 Compal Electronics 63,527.77 44,128.88 0.12 35,000.00 Delta Electronics 184,625.82 254,956.80 0.69 0.00 2,589.30 0.01 45,448.00 Far Eastern New THB - Thailand Century Corp 66,250.56 48,936.74 0.13 18,400.00 Lh-R3 0.00 3,401.63 0.01 5,303.00 First FHC 2,751.64 3,410.06 0.01 0.00 3,401.63 0.01 38,572.00 Flytech Technology 63,545.48 173,107.64 0.47 Other Transferable Securities 38,110.00 Formosa Chem & Fibre 132,303.35 96,493.94 0.26 54,080.00 Formosa Plastic 143,961.75 144,536.94 0.39 Equities 22,774.00 Foxconn Technology 62,573.92 55,222.64 0.15 68,346.00 Fubon Financial Holding 77,384.33 98,771.85 0.27 HKD - Hong Kong 188,804.00 Hon Hai Precision 712.00 Hkt Trust Rights 2014 0.00 206.70 0.00 Industry 553,226.04 632,339.74 1.71 26,000.00 Peace Mark Holdings 71,662.00 Hua Nan Finance 35,045.38 44,881.75 0.12 Ltd 27,823.27 0.34 0.00 1,300.00 Largan Precision 81,745.80 103,623.82 0.28 27,823.27 207.04 0.00 29,144.00 Lite-On Technology 42,637.36 48,657.93 0.13 103,798.00 Macronix International 39,288.01 25,586.22 0.07 MYR - Malaysia 17,300.00 Mediatek 194,558.03 292,601.65 0.79 860.00 Public Bank Right 2014 0.00 1,473.06 0.00 121,831.00 Mega Financial Holding 83,438.18 101,396.62 0.27 0.00 1,473.06 0.00 59,590.00 Nan Ya Plastics 142,549.26 143,496.58 0.39 22,000.00 Novatek THB - Thailand Microelectronics 52,058.17 108,312.68 0.29 12,678.00 Ticon Industrial Con 36,000.00 Quanta Computer 58,307.11 104,896.51 0.28 Right 2014 0.00 937.52 0.00 9,250.00 Radiant Opto- 0.00 937.52 0.00 Electronics Corp 12,277.27 39,654.36 0.11 Investment Funds 11,000.00 Simplo Technology 50,713.70 68,155.94 0.18 15,000.00 Taiwan Mobile 46,812.16 46,419.72 0.13 HKD - Hong Kong 441,000.00 Taiwan Semiconductor 1,100,459.11 1,868,393.67 5.05 123,500.00 iShares FTSE/Xinhua 13,000.00 Transcend Information 37,072.32 44,627.91 0.12 A50 China Index ETF 209,284.33 134,330.06 0.36 16,000.00 Unimicron Technology 26,435.68 15,486.64 0.04 20,000.00 The Link Real Estate 35,160.00 Uni-President Investment Trust 61,996.16 107,608.04 0.29 Enterprises 46,204.19 63,117.96 0.17 271,280.49 241,938.10 0.65 90,000.00 United Micro Electronics 39,138.93 45,063.30 0.12 160,000.00 Yuanta Financial SGD - Singapore Holdings 77,973.75 86,542.97 0.23 11,133.00 Ascendas Real Estate 4,244,292.06 5,638,509.58 15.22 Investment Trust 17,648.18 20,539.77 0.06 20,000.00 Capitamall Trust 32,932.88 31,684.92 0.09 USD - China 5,181.00 Keppel REIT 3,641.89 5,319.60 0.01 1,300.00 Qihoo 360 Technology 25,000.00 Parkway Life REIT 53,946.57 47,326.84 0.13 Two Adr Reptg Thre 111,647.90 119,652.00 0.32 108,169.52 104,871.13 0.29 111,647.90 119,652.00 0.32 Total Investments 29,865,188.50 36,894,126.59 99.60 USD - Hong Kong

9,000.00 Changyou.com ADR 289,136.71 233,820.00 0.63 Cash at bank 408,534.33 1.10 42,102.00 Giant Interactive Other net liabilities (272,837.87) (0.70) Group ADR 214,260.29 498,487.68 1.35

6,000.00 NetEasy.com Inc 298,411.33 470,160.00 1.27 Total net assets 37,029,823.05 100.00 801,808.33 1,202,467.68 3.25

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

70 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Thematic (expressed in USD)

Market % of Market % of Number of Value net Number of Value net Shares Denomination Cost (Note 2) assets Shares Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Equities Equities (continued)

BRL - Brazil GBP - United Kingdom (continued) 110,000.00 Abril Educacao 10,000.00 Reckitt Benckiser Group UNT Pref 1,569,954.25 1,737,761.44 1.18 Plc 634,597.63 872,023.50 0.59 270,000.00 Banco Daycoval Pref 1,214,714.50 1,146,590.45 0.78 22,000.00 Rio Tinto Plc 1,089,523.57 1,169,315.12 0.79 100,000.00 International Meal Co 55,000.00 Royal Dutch Shell Plc 1,903,529.24 2,274,399.72 1.54 Holdings SA 761,574.03 930,084.84 0.63 17,000.00 Shire Ltd 794,322.20 1,328,382.47 0.90 75,000.00 Valid Solucoes e 6,908,572.05 9,206,282.64 6.24 Servicos 993,142.66 1,302,572.48 0.88 4,539,385.44 5,117,009.21 3.47 HKD - Hong Kong 1,500,000.00 Agricultural Bank of CAD - Canada China 644,314.26 661,905.59 0.45 40,000.00 Pacific Rubiales Energy 600,000.00 China Shineway Corp 713,921.83 814,157.63 0.55 Pharmaceutical 713,921.83 814,157.63 0.55 Group Ltd 960,187.30 1,051,307.36 0.71 5,500,000.00 China Water Affairs CHF - Switzerland Group Ltd 1,614,282.65 1,916,042.50 1.30 16,000.00 Adecco 1,338,794.04 1,317,095.17 0.89 848,000.00 Hainan Meilan 1,338,794.04 1,317,095.17 0.89 International Airport Ord 787,152.40 776,842.34 0.53 1,800,000.00 Sound Global 1,270,741.41 1,683,794.93 1.14 CHF - United Kingdom 1,000,000.00 Wasion Group Ltd 493,144.34 753,514.36 0.51 6,000.00 Roche Holding AG- 5,769,822.36 6,843,407.08 4.64 Genusschein 1,355,707.79 1,789,580.51 1.22 1,355,707.79 1,789,580.51 1.22 IDR - Indonesia 1,100,000.00 Bank Rakyat Indonesia 775,172.32 958,034.58 0.65 CLP - Chile 3,500,000.00 Bank Tabungan Negara 750,000.00 Banmedica Ord Shs 1,590,405.44 1,232,683.73 0.84 (Persero) Ord Shs 307,054.40 307,043.44 0.21 1,590,405.44 1,232,683.73 0.84 1,082,226.72 1,265,078.02 0.86

COP - Colombia JPY - Japan 31,500.00 Banco de Bogota 70,000.00 Air water Inc Ordinary 960,582.69 1,119,391.94 0.76 Ord Shs 1,100,007.23 1,147,892.01 0.78 40,000.00 Asahi Group Holdings 1,071,310.11 1,255,614.23 0.85 1,100,007.23 1,147,892.01 0.78 90,000.00 Astellas Pharma Inc 930,767.17 1,182,468.78 0.80 30,000.00 Bridgestone 1,044,199.88 1,049,800.11 0.71 DKK - Denmark 225,000.00 Mitsubishi UFJ 20,000.00 Novo Nordisk B-Share 793,746.04 920,443.69 0.63 Finn NPV 1,373,933.62 1,379,250.78 0.94 793,746.04 920,443.69 0.63 33,000.00 Obic Co Ltd 750,166.74 1,088,001.58 0.74 EUR - France 6,130,960.21 7,074,527.42 4.80 15,000.00 Accor 745,685.56 780,210.13 0.53 MXN - Mexico 6,000.00 Arkema 627,898.78 583,915.09 0.40 117,500.00 Gruma SA DE CV 973,016.07 1,406,322.75 0.96 12,000.00 BNP Paribas 753,692.74 814,014.44 0.55 380,000.00 Grupo Aeroportuario del 26,000.00 Total 1,715,335.35 1,878,857.16 1.28 Centro Norte 1,217,063.45 1,532,829.72 1.04 3,842,612.43 4,056,996.82 2.76 2,190,079.52 2,939,152.47 2.00

EUR - Germany NOK - Norway 20,000.00 ADC African 50,000.00 Den Norske Bank Development Corp Holding 937,198.28 914,231.70 0.62 Ord Shs 270,137.00 250,143.71 0.17 17,500.00 Yara International Asa 830,128.23 876,383.16 0.60 14,000.00 Bayer AG 1,407,365.47 1,977,189.52 1.34 1,767,326.51 1,790,614.86 1.22 8,000.00 BMW AG 823,077.49 1,014,485.38 0.69 45,000.00 Commerzbank K PHP - Philippines Ord Shs 779,617.32 707,302.89 0.48 2,700,000.00 EEI Corporation 444,269.07 692,783.51 0.47 6,000.00 Kuka Ord 360,567.36 363,262.88 0.25 700,000.00 Philippine National Bank 1,228,628.02 1,451,317.30 0.99 3,640,764.64 4,312,384.38 2.93 1,672,897.09 2,144,100.81 1.46

EUR - Italy SEK - Sweden 104,000.00 Finecobank Ord Shs 522,923.96 526,848.92 0.36 30,000.00 Meda 528,745.14 520,989.93 0.35 522,923.96 526,848.92 0.36 528,745.14 520,989.93 0.35

EUR - Netherlands TWD - Taiwan 20,000.00 Ahold 1,239,088.25 1,456,501.77 0.99 200,000.00 Cleanaway Ord Shs 1,384,908.11 1,209,056.20 0.82 1,239,088.25 1,456,501.77 0.99 50,000.00 Mediatek 744,330.55 845,669.50 0.57 2,129,238.66 2,054,725.70 1.39 GBP - United Kingdom 6,000.00 Astrazeneca Plc 421,346.72 445,960.20 0.30 1,100,000.00 Lloyds Tsb Group Plc 870,869.06 1,396,519.99 0.95 75,000.00 Prudential Plc 1,194,383.63 1,719,681.64 1.17

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

71 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Thematic (continued) (expressed in USD)

Market % of Market % of Number of Value net Number of Value net Shares Denomination Cost (Note 2) assets Shares Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

USD - Chile USD - United States (continued) 70,000.00 Embotelladora Andina 15,000.00 Hormels Foods Corp 742,488.00 740,250.00 0.50 ADR B 1,715,322.32 1,584,800.00 1.08 10,000.00 Hubbell 975,702.43 1,231,500.00 0.84 1,715,322.32 1,584,800.00 1.08 17,500.00 Interactivecorp 1,281,005.80 1,211,525.00 0.82 32,000.00 Johnson & Johnson 2,908,625.21 3,347,840.00 2.27 USD - China 20,000.00 Kroger Co 624,513.97 988,600.00 0.67 35,000.00 Hollysys Automation 11,000.00 Las Vegas Sands Corp 804,176.27 838,420.00 0.57 Technology 383,328.61 857,150.00 0.58 10,000.00 Lauder Estee Cos 383,328.61 857,150.00 0.58 Inc CL A 760,651.00 742,600.00 0.50 16,000.00 Mead Johnson USD - India Nutrition Co 1,359,820.80 1,490,720.00 1.01 15,000.00 ICICI Bank ADR 629,533.92 748,500.00 0.51 30,000.00 Morgan Stanley 901,306.00 969,900.00 0.66 629,533.92 748,500.00 0.51 32,000.00 Nielsen Holding Nv 1,424,634.31 1,549,120.00 1.05 18,000.00 Noble Energy Inc 1,171,431.46 1,394,280.00 0.95 USD - Nigeria 23,000.00 Occidental 40,000.00 Guaranty Trust Petroleum Corp 1,966,097.61 2,360,490.00 1.60 Bank GDR 286,000.00 356,000.00 0.24 12,500.00 PDC Energy Ord Shs 655,930.78 789,375.00 0.54 286,000.00 356,000.00 0.24 10,000.00 Pool Ord Shs 473,381.80 565,600.00 0.38 8,000.00 Procter & Gamble Co 648,520.00 628,720.00 0.43 USD - Peru 20,000.00 Prosperity Bancshares 1,002,448.65 1,252,000.00 0.85 7,500.00 Credicorp Ltd 991,469.75 1,166,025.00 0.79 10,000.00 Rockwell Automation 838,817.37 1,251,600.00 0.85 991,469.75 1,166,025.00 0.79 18,000.00 Schlumberger Ltd 1,386,566.88 2,123,100.00 1.44 USD - Switzerland 29,000.00 Sensient Technologies 15,000.00 Pentair Ord Shs 864,932.45 1,081,800.00 0.73 Ord Shs 1,291,341.92 1,615,880.00 1.10 864,932.45 1,081,800.00 0.73 16,600.00 Sothebys 838,968.70 697,034.00 0.47 23,000.00 The Walt Disney Co 1,790,140.95 1,972,020.00 1.34 USD - United Kingdom 8,000.00 TripAdvisor Inc 398,608.76 869,280.00 0.59 32,000.00 Delphi Automotive 14,000.00 Tyco International Ltd 571,015.60 638,400.00 0.43 Ord Shs 1,877,185.50 2,199,680.00 1.49 50,000.00 Wells Fargo & Company 2,493,214.62 2,628,000.00 1.79 1,877,185.50 2,199,680.00 1.49 32,500.00 Wolverine World Wide Ord Shs 937,722.83 846,950.00 0.58 USD - United States 35,000.00 Xylem Inc 1,279,770.45 1,367,800.00 0.93 30,000.00 A O Smith Ord Shs 928,526.37 1,487,400.00 1.01 6,800.00 Zimmer Holdings Inc 474,186.34 706,248.00 0.48 60,000.00 Activision Blizzard Inc 1,251,866.32 1,338,000.00 0.91 63,852,982.99 75,518,970.86 51.32 1,000.00 Alliance Data Systems 278,938.60 281,250.00 0.19 20,000.00 American Express Co 1,321,337.06 1,897,400.00 1.29 ZAR - South Africa 38,000.00 Apple Computer Inc 2,898,468.22 3,531,339.86 2.40 80,000.00 MTN Group Limited 1,548,137.88 1,684,333.22 1.14 16,000.00 Ashland Inc 1,502,144.79 1,739,840.00 1.18 250,000.00 Nampak 876,763.11 864,528.26 0.59 30,000.00 Bb&T Corporation 964,247.54 1,182,900.00 0.80 2,424,900.99 2,548,861.48 1.73 25,000.00 CBS Corp 883,220.28 1,553,500.00 1.06 17,000.00 Check Point Software Total Investments 121,882,881.88 142,592,260.11 96.85 Technologies Ltd 868,339.27 1,139,510.00 0.77 75,000.00 Cisco Systems Inc 1,609,249.61 1,863,750.00 1.27 Cash at bank 2,366,647.36 1.61 15,000.00 Citrix Systems Inc 994,372.93 938,250.00 0.64 Other net assets 2,256,410.16 1.54 27,000.00 Colgate-Palmolive Co 1,557,923.94 1,840,860.00 1.25 37,000.00 Comcast Corp Class -A- 1,569,208.15 1,986,160.00 1.35 Total net assets 147,215,317.63 100.00 9,000.00 Cooper Ord Shs 1,190,927.59 1,219,770.00 0.83 14,000.00 CVS Corp 1,064,070.00 1,055,180.00 0.72 33,000.00 Discover Financial Services 1,823,086.50 2,045,340.00 1.39 21,000.00 Eaton 1,536,267.30 1,620,780.00 1.10 20,000.00 Ebay Inc 1,078,804.70 1,001,200.00 0.68 12,000.00 Ecolab Inc 1,311,264.60 1,336,080.00 0.91 45,000.00 Emc Corp/Mass 1,093,778.89 1,185,300.00 0.81 8,000.00 Eog Resources Inc 819,534.40 934,880.00 0.64 13,000.00 Expedia Inc 656,634.54 1,023,880.00 0.70 8,000.00 Facebook Class A Ord Shs 511,524.00 538,320.00 0.37 20,000.00 First Republic Bank 786,800.18 1,099,800.00 0.75 35,000.00 Fortinet Inc 659,651.00 879,550.00 0.60 14,000.00 Gilead Sciences Inc 1,104,408.00 1,160,740.00 0.79 4,000.00 Google Inc 1,537,007.12 2,338,680.00 1.59 1,800.00 Google Ord Shs Class C 692,627.38 1,035,504.00 0.70 1,500.00 Grainger 381,882.45 381,405.00 0.26 15,000.00 Halliburton Co 975,782.75 1,065,150.00 0.72

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

72 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Commodity (expressed in SEK)

Market % of Value net Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange listing

Bonds

USD - United States 30,000,000.00 Us Treasury Bill 2014- 09-11 198,933,815.68 200,552,477.58 8.16 30,000,000.00 Us Treasury Bill 2014- 11-13 200,350,671.31 200,522,894.91 8.16 399,284,486.99 401,075,372.49 16.32

Total Investments 399,284,486.99 401,075,372.49 16.32

Cash at bank 1,991,109,269.94 81.03 Other net assets 65,019,734.35 2.65

Total net assets 2,457,204,376.78 100.00

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

73 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Brazil (expressed in SEK)

Market % of Number of Value net Shares Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange listing

Equities

BRL - Brazil 195,400.00 Abril Educacao UNT Pref 17,018,166.71 20,636,981.77 3.37 234,900.00 Aliansce Shopping Centers 13,117,643.54 12,796,234.89 2.09 606,800.00 Anhanguera Edu 19,705,382.19 33,865,403.11 5.54 135,000.00 Banco ABC Brasil Pref Shs 5,414,882.38 5,568,850.14 0.91 655,300.00 Banco Daycoval Pref 28,251,815.03 18,604,108.82 3.04 643,762.00 BR Malls Participacoes 43,425,779.83 36,709,294.76 6.00 263,830.00 Brazil Hospitality Group 18,217,834.61 11,099,246.40 1.82 64,000.00 CBD Grupo Pao de Acucar Pref 20,333,234.21 19,992,535.99 3.27 333,113.00 CETIP 25,445,460.04 31,776,428.69 5.20 137,000.00 Cielo SA 13,864,134.72 18,907,095.52 3.09 422,000.00 Companhia Concessoes Rodoviarias 25,540,434.59 23,039,752.55 3.77 398,976.00 Duratex SA 18,216,777.66 10,915,563.59 1.79 254,000.00 Estacio Participacoes SA 9,319,051.02 22,534,734.28 3.69 536,200.00 Even Construtora e Incorpora 15,533,794.71 10,652,731.09 1.74 35,000.00 Gaec Educacao Ord Shs 2,617,774.49 3,161,444.72 0.52 350,230.00 International Meal Co Holdings SA 18,888,768.13 21,777,100.71 3.56 255,950.00 Kroton Educacional Ord Shs 10,303,203.31 48,101,586.27 7.87 47,000.00 Linx Ord Shs 6,540,984.44 7,383,063.83 1.21 164,100.00 Localiza Rent A Car Sa 17,597,263.39 18,137,599.32 2.97 72,100.00 Lojas Renner 16,029,958.13 15,483,223.28 2.53 300,200.00 Lopes 16,954,187.61 9,105,494.62 1.49 59,700.00 M Dias Branco Industria Ord Shs 15,122,335.57 17,695,003.13 2.89 151,300.00 Mahle-Metal Leve SA 11,217,371.44 10,550,444.41 1.73 293,500.00 Mills Estruturas 25,235,462.77 23,083,596.63 3.77 447,917.00 Sao Paulo Alpargatas SA Pref 15,460,680.28 15,623,856.46 2.56 50,000.00 Saraiva Pref Shs 3,182,833.02 2,957,314.21 0.48 455,000.00 T4F Entretenimento S/A 23,222,928.25 7,259,220.61 1.19 152,783.00 Tegma 16,073,991.02 9,736,299.84 1.59 81,100.00 Telefonica Brasil SA Pref 14,522,533.84 11,069,454.57 1.81 345,600.00 Tempo Participados 7,036,839.81 5,136,445.31 0.84 297,670.00 Valid Solucoes e Servicos 25,404,160.80 34,562,078.39 5.65 227,500.00 WEG SA 14,705,382.13 19,521,231.10 3.19 533,521,049.67 557,443,419.01 91.17

USD - Chile 169,700.00 Embotelladora Andina ADR B 33,790,100.18 25,685,168.18 4.20 33,790,100.18 25,685,168.18 4.20

Total Investments 567,311,149.85 583,128,587.19 95.37

Cash at bank 36,359,166.46 5.95 Other net liabilities (7,989,797.31) (1.32)

Total net assets 611,497,956.34 100.00

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

74 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Dynamic Allocation Preserve 90 (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Equities Equities (continued)

AUD - Australia JPY - Japan 235,291.00 ANZ Bank 45,607,389.65 49,499,184.06 2.21 109,094.00 Astellas Pharma Inc 8,433,252.29 9,582,353.52 0.43 45,607,389.65 49,499,184.06 2.21 136,465.00 Canon Inc 28,232,529.95 29,682,587.08 1.32 115,771.00 Eisai Co Ltd 29,753,520.94 32,424,137.16 1.44 CAD - Canada 79,812.00 Komatsu Ltd 11,295,839.68 12,387,931.05 0.55 89,839.00 Canadian National 711,558.00 Mizuho Financial Railway Co 32,648,228.91 39,132,514.68 1.74 Group Inc 9,498,837.37 9,767,128.66 0.44 98,307.00 Enbridge Inc 28,891,343.03 31,239,620.38 1.39 97,301.00 Toto 8,638,538.06 8,764,824.47 0.39 61,539,571.94 70,372,135.06 3.13 95,852,518.29 102,608,961.94 4.57

CAD - United States NOK - Norway 117,143.00 Toronto Dominion Bank 271,093.00 Den Norske Bank (USA) 35,119,292.41 40,386,788.33 1.80 Holding 29,767,525.64 33,138,185.57 1.48 35,119,292.41 40,386,788.33 1.80 131,077.00 Telenor Asa 19,092,963.21 19,949,888.11 0.89 80,959.00 Yara International Asa 22,959,341.20 27,104,740.92 1.21 CHF - Switzerland 71,819,830.05 80,192,814.60 3.58 446,914.00 ABB Ltd 72,005,548.26 68,798,372.05 3.07 50,928.00 Compagnie Financiere SEK - Sweden Richemont Ord Shs 31,883,303.38 35,724,936.31 1.59 434,203.00 Ericsson Lm-B Shs 35,351,691.34 35,061,892.25 1.56 103,888,851.64 104,523,308.36 4.66 126,577.00 Handelsbanken 40,374,097.05 41,403,336.70 1.84 180,488.00 Hennes & Mauritz Ab - DKK - Denmark B- Shs 49,991,732.09 52,702,496.00 2.35 166,883.00 Danske Bank A/S 27,737,682.88 31,532,690.73 1.41 481,778.00 Nordea Ab 42,975,115.15 45,431,665.40 2.02 215,493.00 Novo Nordisk B-Share 58,962,987.53 66,301,682.14 2.95 420,179.00 Sandvik Ab 38,552,155.21 38,362,342.70 1.71 86,700,670.41 97,834,372.87 4.36 406,093.00 Volvo Ab -B- Shs 39,125,396.95 37,380,860.65 1.67 246,370,187.79 250,342,593.70 11.15 EUR - Belgium 46,926.00 KBC USD - United States Bankverzekeringsholdg 17,929,107.71 17,073,629.34 0.76 100,780.00 Allstate Corp 35,624,024.66 39,562,574.93 1.76 17,929,107.71 17,073,629.34 0.76 89,985.00 Analog Devices Inc 29,764,824.66 32,527,496.55 1.45 62,713.00 Apple Computer Inc 31,535,916.71 38,961,678.89 1.74 EUR - Finland 151,220.00 At&T Inc 33,995,079.71 35,747,497.05 1.59 294,486.00 Nokia Oyj 13,506,802.00 14,906,132.04 0.66 239,747.00 Bank of America Corp 24,389,624.16 24,634,922.36 1.10 104,677.00 Sampo Oyj-A 33,244,919.13 35,403,067.23 1.58 19,498.00 Capital One 46,751,721.13 50,309,199.27 2.24 Financial Corp 9,336,260.51 10,766,988.83 0.48 34,570.00 Citigroup 11,040,220.46 10,885,401.08 0.49 EUR - France 15,004.00 Eastman Chemical Co 8,155,372.11 8,761,815.70 0.39 6,366.00 L'Oreal 6,989,126.23 7,333,225.40 0.33 31,353.00 Eli Lilly & Co 11,717,010.92 13,031,191.25 0.58 23,778.00 Societe Generale-A 9,220,350.22 8,326,044.14 0.37 108,674.00 Emerson Electric Co 46,221,003.36 48,212,114.45 2.15 203,460.00 Vivendi Universal SA 35,110,275.83 33,279,651.70 1.48 579,220.00 Ford Motor Co 60,160,169.38 66,758,252.48 2.97 51,319,752.28 48,938,921.24 2.18 33,856.00 IBM 41,601,690.08 41,028,508.52 1.83 EUR - Germany 367,003.00 Intel Corp 60,981,243.94 75,814,494.34 3.38 384,776.00 Deutsche Telekom AG 39,922,727.41 45,080,956.79 2.01 93,677.00 JP Morgan Chase & Co 34,193,864.60 36,085,304.71 1.61 42,004.00 Munchener 89,446.00 Kinder Morgan Fractions 0.00 418.58 0.00 Ruckversicherungs- 85,396.00 Microsoft Corp 21,156,055.68 23,806,619.60 1.06 Gesellschaft AG 58,571,821.77 62,246,176.27 2.77 153,962.00 Oracle Corp 38,611,897.51 41,717,117.89 1.86 98,494,549.18 107,327,133.06 4.78 229,886.00 Pfizer Inc 45,816,793.07 45,614,253.22 2.03 80,006.00 Procter & Gamble Co 41,484,093.90 42,035,284.93 1.87 EUR - Spain 28,190.00 Rockwell Automation 21,809,309.41 23,587,655.67 1.05 110,711.00 Banco Bilbao Vizcaya 64,911.00 St Jude Medical Inc 26,255,483.98 30,051,228.20 1.34 Argenta 8,702,782.18 9,433,415.93 0.42 42,757.00 State Street Corp 18,787,700.02 19,225,969.00 0.86 8,702,782.18 9,433,415.93 0.42 32,065.00 The Walt Disney Co 16,251,835.92 18,379,719.21 0.82 79,317.00 Tyson Foods Inc 19,769,221.78 19,906,031.95 0.89 GBP - United Kingdom 13,885.00 Whirlpool Corp 13,100,148.82 12,923,247.52 0.58 272,023.00 Amec 33,264,545.05 37,780,183.72 1.68 42,508.00 Yum! Brands Inc 20,543,579.97 23,075,485.65 1.03 57,757.00 Astrazeneca Plc 24,457,039.07 28,699,453.30 1.28 59,313.00 Zimmer Holdings Inc 36,159,083.28 41,183,415.17 1.84 332,918.00 Barclays Plc 9,272,460.92 8,098,247.81 0.36 758,461,508.60 824,284,687.73 36.75 417,452.00 HSBC Holdings Plc 28,465,324.77 28,292,424.01 1.26 1,548,043.00 Vodafone Group 37,856,300.56 34,506,411.17 1.54 133,315,670.37 137,376,720.01 6.12

HKD - Hong Kong 139,363.00 Hang Seng Bank Ltd 14,761,489.93 15,254,990.53 0.68 14,761,489.93 15,254,990.53 0.68

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

75 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Dynamic Allocation Preserve 90 (continued) (expressed in SEK)

Number of Market % of Shares / Value net Nominal Denomination Cost (Note 2) assets

Investment Funds

EUR - France 1,308,975.00 Lyxor ETF Commodities EX-CRB 214,735,555.03 223,332,763.92 9.95 214,735,555.03 223,332,763.92 9.95

Total Investments 2,091,370,448.59 2,229,091,619.95 99.34

Cash at bank 13,211,833.42 0.59 Bank overdraft (2,402,559.71) (0.11) Other net assets 4,333,364.98 0.18

Total net assets 2,244,234,258.64 100.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

76 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Multi Asset (L) (expressed in SEK)

Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Investment Funds Investment Funds (continued)

EUR - Luxembourg SEK - Sweden (continued) 19,216.51 JPM European Strategic 553,361.48 SHB Nordenfond A1 344,012,907.47 425,590,532.92 5.19 Div I (acc) -EUR 17,176,031.00 25,666,373.92 0.31 312,000.31 SHB 26,342.14 UBS Equity Sicav Small Tillväxtmarknadsfond A 59,062,362.82 64,922,146.67 0.79 Caps Europe 51,289,581.06 66,914,551.21 0.82 624,600.00 XACT Nordic 30 46,481,423.10 53,365,824.00 0.65 68,465,612.06 92,580,925.13 1.13 3,187,166,061.08 3,523,203,308.15 42.96

GBP - Ireland USD - Luxembourg 3,700.00 iShares Msci Emerging 250,485.43 Handelsbanken Markets 985,636.33 1,010,415.58 0.01 American Small Cap A - 4,100.00 iShares MSCI Europe 621,726.67 818,530.01 0.01 Se 96,000,000.06 106,800,981.34 1.30 32,000.00 iShares S&P 500 32,387.44 JPM US Strat I (acc) - Index Fund 3,005,852.02 4,183,799.28 0.05 USD 25,344,135.27 34,270,998.53 0.42 4,613,215.02 6,012,744.87 0.07 338,673.84 UBS Equity Sicav USA Growth B 43,539,547.18 54,747,223.32 0.67 SEK - Finland 164,883,682.51 195,819,203.19 2.39 240,779.46 Handelsbanken Norden Selektiv 43,563,100.89 52,495,479.55 0.64 Total Investments 7,490,312,346.49 8,030,774,306.65 97.94 425,246.00 Handelsbankens Kinafond 37,999,999.87 43,344,185.07 0.53 Cash at bank 170,513,992.13 2.08 156,391.68 SHB Europa Selektiv 28,200,000.00 32,972,671.92 0.40 Other net liabilities (2,397,682.78) (0.02) 1,275,371.79 SHB Företagsobligationsfond Total net assets 8,198,890,616.00 100.00 Andelsserie A 145,418,974.85 154,790,101.35 1.89

255,182,075.61 283,602,437.89 3.46

SEK - Luxembourg 395,213.37 BSF Global Absolute Return Bond 401,999,999.61 404,817,054.89 4.94 127,680.31 Handelsbanken Funds Brazil (A) 10,851,939.82 11,126,089.28 0.14 3,317,294.07 Handelsbanken Funds Commodity (BI) 321,000,000.02 326,517,248.49 3.98 2,741,024.44 Handelsbanken Funds Emerging Markets Bond (BI) 247,458,743.69 257,680,226.27 3.14 7,074.74 Handelsbanken Funds Global Thematic (A) 5,000,000.07 6,277,899.78 0.08 742,317.37 Handelsbanken Funds Russia Shares (A) 39,610,023.34 42,896,071.79 0.52 116,366.88 Handelsbanken Swedish Bonds Shares (A) 419,256,435.95 434,866,569.55 5.30 9,858,033.29 Handelsbanken Swedish Short Term Assets Shares (A) 1,399,524,556.36 1,419,753,865.57 17.32 952,780.59 JPMORGAN Systematic Alpha Fund C (SEK) 965,300,001.35 1,025,620,661.80 12.51 3,810,001,700.21 3,929,555,687.42 47.93

SEK - Sweden 185,433.80 Handelsbanken Asienfond (A) 56,979,533.86 65,874,059.84 0.80 250,910.33 Handelsbanken Europafond (A) 60,418,165.88 73,318,833.92 0.89 594,939.49 Handelsbanken Japanfond (A) 26,654,214.77 29,810,633.24 0.36 167,239.11 Handelsbanken Latinamerikafond (A) 41,759,891.88 44,224,909.93 0.54 2,327,819.68 Handelsbanken Norden Aggressiv (A) 230,915,424.89 288,565,373.66 3.52 380,348.65 Handelsbanken Nordiska Småbolagsfond (A) 160,544,436.92 219,976,466.07 2.68 74,899.35 Handelsbanken Sverigefond (A) 85,063,571.41 103,722,608.59 1.27 527,566.28 SHB Amerikafond A1 211,385,559.92 254,169,192.00 3.10 13,994,885.05 SHB Korträntefond Sverige A1 1,438,937,515.28 1,457,943,740.47 17.78 4,022,747.42 SHB Långräntefond Sverige A1 424,951,052.88 441,718,986.84 5.39

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

77 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Multi Asset (M) (expressed in SEK)

Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Investment Funds Investment Funds (continued)

EUR - Luxembourg SEK - Sweden (continued) 31,396.28 JPM European Strategic 781,976.14 SHB Nordenfond A1 478,371,422.71 601,418,161.53 9.50 Div I (acc) -EUR 28,122,213.11 41,934,183.79 0.66 454,057.03 SHB 36,578.39 UBS Equity Sicav Small Tillväxtmarknadsfond A 86,379,067.01 94,481,821.28 1.49 Caps Europe 69,122,729.60 92,916,753.85 1.47 858,400.00 XACT Nordic 30 61,596,503.49 73,341,696.00 1.16 97,244,942.71 134,850,937.64 2.13 2,512,521,160.25 2,961,245,038.94 46.79

GBP - Ireland USD - Luxembourg 3,700.00 iShares Msci Emerging 351,006.19 Handelsbanken Markets 985,636.33 1,010,415.58 0.02 American Small Cap A - 4,400.00 iShares MSCI Europe 667,403.91 878,422.45 0.01 Se 134,035,440.69 149,660,627.59 2.37 64,100.00 iShares S&P 500 46,449.67 JPM US Strat I (acc) - Index Fund 6,021,122.69 8,380,672.94 0.13 USD 35,903,667.93 49,151,050.54 0.78 7,674,162.93 10,269,510.97 0.16 490,770.83 UBS Equity Sicav USA Growth B 61,872,231.27 79,333,970.22 1.25 SEK - Finland 231,811,339.89 278,145,648.35 4.40 333,972.40 Handelsbanken Norden Selektiv 58,698,773.62 72,813,689.08 1.15 Total Investments 5,557,436,133.38 6,214,367,487.72 98.20 623,114.86 Handelsbankens Kinafond 55,999,999.93 63,512,427.23 1.00 Cash at bank 114,242,101.60 1.81 217,030.42 SHB Europa Selektiv 38,689,588.53 45,757,374.33 0.72 Other net liabilities (1,128,762.53) (0.01) 1,023,694.99 SHB Företagsobligationsfond Total net assets 6,327,480,826.79 100.00 Andelsserie A 117,371,527.21 124,244,438.11 1.96

270,759,889.29 306,327,928.75 4.83

SEK - Luxembourg 302,805.30 BSF Global Absolute Return Bond 308,000,000.04 310,163,468.79 4.90 200,401.45 Handelsbanken Funds Brazil (A) 16,753,333.08 17,463,024.53 0.28 5,098,985.26 Handelsbanken Funds Commodity (BI) 491,000,000.00 501,886,959.21 7.93 2,226,526.08 Handelsbanken Funds Emerging Markets Bond (BI) 201,603,795.10 209,312,889.05 3.31 4,989.37 Handelsbanken Funds Global Thematic (A) 3,351,970.09 4,427,406.10 0.07 961,430.66 Handelsbanken Funds Russia Shares (A) 52,199,384.79 55,557,905.91 0.88 139.33 Handelsbanken Swedish Bonds Shares (A) 491,727.31 520,677.83 0.01 4,373,967.56 Handelsbanken Swedish Short Term Assets Shares (A) 620,774,429.59 629,938,768.04 9.96 737,848.78 JPMORGAN Systematic Alpha Fund C (SEK) 743,249,998.31 794,257,323.61 12.55 2,437,424,638.31 2,523,528,423.07 39.89

SEK - Sweden 272,218.13 Handelsbanken Asienfond (A) 84,212,464.70 96,703,585.72 1.53 376,759.35 Handelsbanken Europafond (A) 90,659,604.38 110,093,338.14 1.74 882,006.66 Handelsbanken Japanfond (A) 39,548,938.67 44,194,707.92 0.70 232,248.65 Handelsbanken Latinamerikafond (A) 58,612,865.28 61,416,112.44 0.97 3,299,484.01 Handelsbanken Norden Aggressiv (A) 322,897,701.26 409,016,576.13 6.46 547,487.83 Handelsbanken Nordiska Småbolagsfond (A) 237,330,134.19 316,642,211.65 5.00 98,978.41 Handelsbanken Sverigefond (A) 109,489,357.52 137,067,931.47 2.17 748,598.28 SHB Amerikafond A1 297,401,712.28 360,657,282.47 5.70 6,260,291.12 SHB Korträntefond Sverige A1 642,204,945.85 652,177,721.89 10.31 36,736.77 SHB Långräntefond Sverige A1 3,816,442.91 4,033,892.30 0.06

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

78 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Multi Asset (H) (expressed in SEK)

Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Investment Funds Investment Funds (continued)

EUR - Luxembourg SEK - Sweden (continued) 24,969.74 JPM European Strategic 567,859.12 SHB Nordenfond A1 347,580,916.28 436,740,679.25 13.43 Div I (acc) -EUR 22,451,099.42 33,350,628.36 1.03 340,350.83 SHB 27,364.87 UBS Equity Sicav Small Tillväxtmarknadsfond A 64,332,039.66 70,821,426.34 2.18 Caps Europe 51,783,185.76 69,512,491.64 2.14 628,600.00 XACT Nordic 30 45,359,363.39 53,707,584.00 1.65 74,234,285.18 102,863,120.00 3.17 1,384,417,008.70 1,706,894,555.57 52.51

GBP - Ireland USD - Luxembourg 3,700.00 iShares Msci Emerging 256,369.84 Handelsbanken Markets 985,636.33 1,010,415.58 0.03 American Small Cap A - 4,100.00 iShares MSCI Europe 621,726.67 818,530.01 0.03 Se 98,000,001.06 109,309,953.57 3.36 32,000.00 iShares S&P 500 36,531.35 JPM US Strat I (acc) - Index Fund 3,001,798.77 4,183,799.28 0.13 USD 28,367,509.09 38,655,910.96 1.19 4,609,161.77 6,012,744.87 0.19 373,860.09 UBS Equity Sicav USA Growth B 47,604,713.74 60,435,142.83 1.86 SEK - Finland 173,972,223.89 208,401,007.36 6.41 250,497.94 Handelsbanken Norden Selektiv 43,743,612.82 54,614,332.24 1.68 Total Investments 2,727,345,619.19 3,177,724,013.02 97.77 465,497.63 Handelsbankens Kinafond 41,499,999.93 47,446,926.27 1.46 Cash at bank 74,720,356.89 2.30 151,766.42 SHB Europa Selektiv 26,400,000.01 31,997,509.71 0.98 Other net liabilities (1,094,347.63) (0.07) 5,227.95 SHB Företagsobligationsfond Total net assets 3,251,350,022.28 100.00 Andelsserie A 576,291.76 634,508.71 0.02

112,219,904.52 134,693,276.93 4.14

SEK - Luxembourg 160,306.29 BSF Global Absolute Return Bond 163,000,012.57 164,201,732.85 5.05 144,395.97 Handelsbanken Funds Brazil (A) 12,485,349.68 12,582,695.21 0.39 2,605,046.71 Handelsbanken Funds Commodity (BI) 251,000,001.01 256,411,601.10 7.89 1,264,500.70 Handelsbanken Funds Emerging Markets Bond (BI) 114,648,262.13 118,874,104.96 3.66 8,563.61 Handelsbanken Funds Global Thematic (A) 6,000,000.11 7,599,079.13 0.23 797,176.50 Handelsbanken Funds Russia Shares (A) 43,359,413.40 46,066,200.07 1.42 383,783.64 JPMORGAN Systematic Alpha Fund C (SEK) 387,399,996.23 413,123,894.97 12.71 977,893,035.13 1,018,859,308.29 31.35

SEK - Sweden 193,865.38 Handelsbanken Asienfond (A) 59,797,893.69 68,869,318.51 2.12 256,512.21 Handelsbanken Europafond (A) 60,556,523.12 74,955,765.06 2.31 684,934.51 Handelsbanken Japanfond (A) 30,664,850.57 34,320,013.70 1.06 175,670.78 Handelsbanken Latinamerikafond (A) 44,984,342.67 46,454,590.86 1.43 2,374,260.03 Handelsbanken Norden Aggressiv (A) 229,912,621.80 294,322,295.82 9.05 391,760.27 Handelsbanken Nordiska Småbolagsfond (A) 168,487,956.84 226,576,430.93 6.97 73,925.73 Handelsbanken Sverigefond (A) 82,131,334.55 102,374,316.58 3.15 533,970.16 SHB Amerikafond A1 210,481,189.68 257,254,434.35 7.91 383,373.38 SHB Korträntefond Sverige A1 39,600,979.91 39,938,650.44 1.23 5,091.28 SHB Långräntefond Sverige A1 526,996.54 559,049.73 0.02

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

79 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Global Selective (expressed in EUR)

Market % of Number of Value net Shares Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange listing

Equities

CHF - Switzerland 3,195.00 Sgs Holdings SA 5,537,156.53 5,591,818.69 3.88 5,537,156.53 5,591,818.69 3.88

CHF - United Kingdom 35,200.00 Roche Holding AG- Genusschein 7,232,363.45 7,668,168.10 5.32 7,232,363.45 7,668,168.10 5.32

DKK - Denmark 187,000.00 Novo Nordisk B-Share 4,947,649.36 6,285,760.17 4.36 4,947,649.36 6,285,760.17 4.36

EUR - France 72,530.00 Air Liquide 6,474,983.68 7,151,458.00 4.96 6,474,983.68 7,151,458.00 4.96

GBP - United Kingdom 105,418.00 Aggreko 2,340,080.90 2,172,229.46 1.51 149,800.00 Johnson Matthey 4,700,627.75 5,799,365.61 4.02 132,600.00 Reckitt Benckiser Group Plc 6,878,459.43 8,445,408.91 5.86 278,800.00 Rolls Royce Holdings 3,422,856.89 3,722,009.32 2.58 125,000.00 Rotork Plc 3,922,885.48 4,168,005.24 2.89 159,000.00 Spectris Plc 4,043,060.67 4,408,157.27 3.06 25,307,971.12 28,715,175.81 19.92

USD - Ireland 52,950.00 Perrigo Co Plc 5,093,327.28 5,637,068.25 3.91 5,093,327.28 5,637,068.25 3.91

USD - United States 108,350.00 Automatic Data Processing Inc 5,483,624.49 6,273,956.83 4.35 61,300.00 Brown-Forman Corp 3,193,846.43 4,216,207.87 2.92 123,400.00 Church & Dwight Co Inc 5,521,859.81 6,304,517.40 4.37 110,950.00 Intuit Inc 5,471,462.06 6,525,803.24 4.52 103,900.00 Johnson & Johnson 7,572,578.25 7,939,245.52 5.50 132,100.00 Mastercard Inc 6,140,259.02 7,088,622.14 4.92 111,750.00 Nike Inc -Cl B 5,180,982.48 6,329,629.70 4.39 118,700.00 Petsmart 5,812,063.47 5,184,428.29 3.59 72,700.00 Rockwell Automation 5,418,939.39 6,645,825.51 4.61 83,000.00 Schlumberger Ltd 5,371,960.93 7,150,312.24 4.96 241,200.00 Tjx Companies Inc 8,929,906.71 9,363,313.31 6.49 64,097,483.04 73,021,862.05 50.62

ZAR - South Africa 869,600.00 AVI Ltd 3,955,278.42 3,656,655.02 2.54 3,955,278.42 3,656,655.02 2.54 Other Transferable Securities

Equities

GBP - United Kingdom 57,057,200.00 Rolls Royce C Share 2014 0.00 71,255.34 0.05 0.00 71,255.34 0.05

Total Investments 122,646,212.88 137,799,221.43 95.56

Cash at bank 7,087,966.16 4.91 Other net liabilities (668,163.17) (0.47)

Total net assets 144,219,024.42 100.00

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

80 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Pension 40 (expressed in SEK)

Market % of Value net Nominal Denomination Cost (Note 2) assets

Investment Funds

NOK - Norway 1,221,000.00 XACT OBX 74,040,180.27 73,463,049.73 3.05 74,040,180.27 73,463,049.73 3.05

SEK - Luxembourg 2,043,563.49 Handelsbanken Funds Global Criteria (AI) 244,059,114.52 319,790,218.52 13.27 505,215.50 Handelsbanken Funds MSCI Emerging Markets Index (AI) 49,546,456.90 53,502,232.28 2.22 84,396.40 Handelsbanken Swedish Bonds Shares (A) 302,060,336.66 315,391,929.63 13.08 2,328,803.77 Handelsbanken Swedish Short Term Assets Shares (A) 330,394,476.65 335,394,297.69 13.91 926,060,384.73 1,024,078,678.12 42.48

SEK - Sweden 4,391,202.28 SHB Korträntefond Sverige A1 450,674,405.80 457,461,840.34 18.98 4,292,024.60 SHB Långräntefond Sverige A1 451,390,928.77 471,287,048.86 19.55 70,041.64 SHB Mega Avkastning A Reinvesterad 126,500,000.00 126,971,880.83 5.27 3,289,010.00 XACT Nordic 30 258,217,115.94 281,013,014.40 11.66 1,286,782,450.51 1,336,733,784.43 55.46

Total Investments 2,286,883,015.51 2,434,275,512.28 100.99

Cash at bank 702,704.63 0.03 Bank overdraft (24,691,183.65) (1.02) Other net assets 342,227.30 0.00

Total net assets 2,410,629,260.56 100.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

81 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Pension 50 (expressed in SEK)

Market % of Value net Nominal Denomination Cost (Note 2) assets

Investment Funds

NOK - Norway 3,198,000.00 XACT OBX 193,925,264.49 192,411,820.66 2.96 193,925,264.49 192,411,820.66 2.96

SEK - Luxembourg 7,048,455.87 Handelsbanken Funds Global Criteria (AI) 854,182,627.38 1,102,988,605.27 16.95 3,141,863.08 Handelsbanken Funds MSCI Emerging Markets Index (AI) 308,297,850.45 332,722,747.12 5.11 59,783.73 Handelsbanken Swedish Bonds Shares (A) 214,601,767.07 223,413,602.43 3.43 1,520,790.34 Handelsbanken Swedish Short Term Assets Shares (A) 216,087,175.43 219,024,210.92 3.37 1,593,169,420.33 1,878,149,165.74 28.86

SEK - Sweden 3,115,124.82 Handelsbanken MSCI USA Index A1 420,357,615.46 548,076,617.72 8.42 103,912.36 Handelsbanken Sverige Omxsb Index 16,484,362.21 17,163,370.55 0.26 2,457,343.71 SHB Europa Index A1 164,101,070.41 213,279,863.95 3.28 7,080,004.39 SHB Korträntefond Sverige A1 728,588,921.30 737,572,909.40 11.34 6,375,877.64 SHB Långräntefond Sverige A1 672,775,899.29 700,105,157.16 10.76 129,996.86 SHB Mega Avkastning A Reinvesterad 234,799,999.98 235,659,042.17 3.62 65,918.33 SHB Sverigefond Index 510,500,000.00 504,233,132.95 7.75 9,709,291.00 XACT Nordic 30 646,086,242.71 829,561,823.04 12.75 2,339,505.00 XACT OMXS30 279,016,310.81 336,327,238.80 5.17 869,236.00 XACT OMXSB 271,561,977.09 309,891,326.36 4.76 3,944,272,399.26 4,431,870,482.10 68.11

Total Investments 5,731,367,084.08 6,502,431,468.50 99.93

Cash at bank 2,812,858.56 0.04 Other net assets 658,683.78 0.03

Total net assets 6,505,903,010.84 100.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

82 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Pension 60 (expressed in SEK)

Market % of Value net Nominal Denomination Cost (Note 2) assets

Investment Funds

NOK - Norway 3,222,000.00 XACT OBX 195,067,678.69 193,855,811.81 2.93 195,067,678.69 193,855,811.81 2.93

SEK - Luxembourg 8,316,200.29 Handelsbanken Funds Global Criteria (AI) 1,042,428,063.56 1,301,373,567.66 19.66 4,091,066.39 Handelsbanken Funds MSCI Emerging Markets Index (AI) 399,628,531.92 433,243,210.25 6.54 1,442,056,595.48 1,734,616,777.91 26.20

SEK - Sweden 4,300,901.85 Handelsbanken MSCI USA Index A1 593,642,109.21 756,702,821.57 11.43 319,339.90 Handelsbanken Sverige Omxsb Index 50,129,716.71 52,745,882.21 0.80 8,910,077.09 SHB Europa Index A1 636,351,373.77 773,330,984.73 11.68 102,080.61 SHB Sverigefond Index 789,999,999.98 780,851,558.70 11.80 11,181,393.00 XACT Nordic 30 755,675,285.66 955,338,217.92 14.43 5,260,470.00 XACT OMXS30 638,365,554.24 756,245,167.20 11.42 1,700,000.00 XACT OMXSB 534,255,465.22 606,067,000.00 9.16 3,998,419,504.79 4,681,281,632.33 70.72

Total Investments 5,635,543,778.96 6,609,754,222.05 99.85

Cash at bank 1,645,000.18 0.02 Bank overdraft (3,007,316.02) (0.05) Other net assets 11,142,493.31 0.18

Total net assets 6,619,534,399.52 100.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

83 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Pension 70 (expressed in SEK)

Market % of Value net Nominal Denomination Cost (Note 2) assets

Investment Funds

NOK - Norway 1,901,000.00 XACT OBX 115,428,654.54 114,376,132.29 2.92 115,428,654.54 114,376,132.29 2.92

SEK - Luxembourg 4,780,383.10 Handelsbanken Funds Global Criteria (AI) 588,919,802.88 748,065,702.17 19.08 2,802,947.62 Handelsbanken Funds MSCI Emerging Markets Index (AI) 272,064,829.26 296,831,660.03 7.57 860,984,632.14 1,044,897,362.20 26.65

SEK - Sweden 3,138,493.88 Handelsbanken MSCI USA Index A1 428,242,444.27 552,188,183.16 14.09 194,851.97 Handelsbanken Sverige Omxsb Index 30,854,858.00 32,184,011.70 0.82 4,438,433.83 SHB Europa Index A1 306,765,983.90 385,224,321.71 9.83 53,453.23 SHB Sverigefond Index 414,000,000.01 408,883,125.47 10.43 6,625,294.00 XACT Nordic 30 447,495,043.09 566,065,119.36 14.44 3,081,949.00 XACT OMXS30 373,544,003.33 443,060,988.24 11.30 1,032,991.00 XACT OMXSB 324,390,057.18 368,271,621.41 9.39 2,325,292,389.78 2,755,877,371.05 70.30

Total Investments 3,301,705,676.46 3,915,150,865.54 99.87

Cash at bank 4,713,361.48 0.12 Other net assets 314,784.39 0.01

Total net assets 3,920,179,011.41 100.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

84 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Pension 80 (expressed in SEK)

Market % of Value net Nominal Denomination Cost (Note 2) assets

Investment Funds

NOK - Norway 401,000.00 XACT OBX 24,475,063.29 24,126,685.45 2.86 24,475,063.29 24,126,685.45 2.86

SEK - Luxembourg 1,048,588.31 Handelsbanken Funds Global Criteria (AI) 131,465,943.98 164,089,975.97 19.45 625,749.77 Handelsbanken Funds MSCI Emerging Markets Index (AI) 61,033,732.82 66,266,790.97 7.85 192,499,676.80 230,356,766.94 27.30

SEK - Sweden 658,219.35 Handelsbanken MSCI USA Index A1 90,954,577.96 115,807,440.86 13.72 61,749.17 Handelsbanken Sverige Omxsb Index 9,778,686.23 10,199,208.51 1.21 1,000,646.99 SHB Europa Index A1 70,810,666.97 86,849,004.05 10.29 11,499.00 SHB Sverigefond Index 89,000,000.00 87,959,989.54 10.42 1,405,481.00 XACT Nordic 30 95,776,402.95 120,084,296.64 14.23 646,552.00 XACT OMXS30 78,576,262.54 92,948,315.52 11.02 207,757.00 XACT OMXSB 64,816,073.86 74,067,448.07 8.78 499,712,670.51 587,915,703.19 69.67

Total Investments 716,687,410.60 842,399,155.58 99.83

Cash at bank 1,300,938.95 0.15 Other net assets 102,642.04 0.02

Total net assets 843,802,736.57 100.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

85 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Equities Equities (continued)

BRL - Brazil BRL - Brazil (continued) 7,300.00 Aes Tiete SA 442,125.69 430,439.36 0.02 2,000.00 M Dias Branco Industria 31,400.00 All America Latina Ord Shs 616,844.15 592,797.42 0.03 Logistica 803,170.50 793,354.89 0.04 17,400.00 Metalurgica Gerdau Pref 1,213,241.31 824,899.58 0.05 312,516.00 Ambev 17,255,762.80 14,938,993.03 0.82 5,100.00 Multiplan 26,500.00 Anhanguera Edu 1,066,233.34 1,478,960.42 0.08 Empreendimentos 75,380.00 Banco Bradesco Ord Shs 7,839,843.48 7,371,298.88 0.40 Imobiliari SA 895,184.68 793,561.15 0.04 105,080.00 Banco Bradesco Pref 10,760,422.53 10,215,060.72 0.56 11,700.00 Natura On 1,866,916.66 1,321,919.45 0.07 56,600.00 Banco do Brasil 4,097,221.95 4,266,145.65 0.23 17,000.00 Odontoprev 515,275.85 489,852.56 0.03 11,800.00 Banco do Estado Rio 184,300.00 Oi Pref Shs 1,887,706.65 1,090,066.02 0.06 Grande do Sul pref 566,913.72 384,754.16 0.02 198,700.00 Petrobras 10,569,685.12 9,787,612.04 0.54 62,500.00 Banco Santander Brazil 275,200.00 Petrobras Pref 15,556,286.37 14,432,324.24 0.79 SA/Brazil Com Shs & 8,100.00 Porto Seguro Ord Shs 663,297.56 782,751.02 0.04 Pref Shs 2,881,852.01 2,866,319.93 0.16 15,800.00 Qualicorp Ord Shs 1,054,019.27 1,250,807.42 0.07 46,300.00 BB Seguridade Ord Shs 3,216,110.90 4,555,695.53 0.25 13,800.00 Raia Drogasil 866,661.70 763,478.44 0.04 119,300.00 BM&F Bovespa 4,989,790.75 4,193,887.09 0.23 101,218.00 Santander Seguros 48,994.00 52,191.47 0.00 29,500.00 BR Malls Participacoes 2,199,940.98 1,682,180.99 0.09 50,400.00 Siderurgica Nacional 1,689,120.22 1,436,981.72 0.08 14,800.00 BR Properties SA 1,032,657.14 597,492.73 0.03 24,200.00 Souza Cruz ON 2,253,622.19 1,671,364.80 0.09 15,600.00 Bradespar Non cum Prf 1,399,252.96 958,169.80 0.05 9,076.00 Sul American SA Com 11,600.00 Braskem Pref 583,644.85 495,748.99 0.03 Shs & Pref Shs 445,682.26 430,825.78 0.02 42,600.00 BRF Brasil Foods 6,153,708.38 6,899,914.52 0.38 20,247.00 Suzano Bahia Sul Papel 9,406.00 CBD Grupo Pao de Celulose Class A 527,101.28 515,247.03 0.03 Acucar Pref 2,937,469.20 2,938,278.02 0.16 19,600.00 Telefonica Brasil 49,754.00 Cemig Cia Energy SA Pref 3,008,289.46 2,675,231.93 0.15 BRL Pref 2,324,164.17 2,435,703.31 0.13 55,900.00 TIM Participacoes Ord 1,681,520.75 2,190,620.64 0.12 14,100.00 CETIP 1,131,217.67 1,345,032.00 0.07 9,800.00 Totvs Sa 1,234,269.04 1,129,542.37 0.06 23,100.00 Cia de Saneamento 11,800.00 Tractebel Energy 1,287,518.51 1,181,105.80 0.06 Basico do Estado 1,999,804.28 1,650,044.84 0.09 7,134.00 Transmissora Alianca 12,500.00 Cia Energetica de Sao Energia Eletrica U Com Paulo B Prf 820,572.35 1,054,017.12 0.06 & Pref 448,457.38 430,604.97 0.02 7,199.00 Cia Paranaense De 24,500.00 Ultrapar Participacoes 3,940,800.29 3,908,811.10 0.21 Energia Copel Pref Sh 717,756.86 739,789.95 0.04 23,500.00 Usiminas PN Pref 47,200.00 Cielo SA 4,048,103.05 6,513,977.43 0.36 A NPV 794,386.72 540,293.72 0.03 57,900.00 Companhia Concessoes 107,399.00 Vale 12,265,296.75 9,525,120.10 0.52 Rodoviarias 3,544,039.43 3,161,141.40 0.17 102,800.00 Vale Pref A 11,558,382.74 8,216,116.50 0.45 3,700.00 Companhia de 17,420.00 WEG SA 1,103,227.07 1,494,768.55 0.08 Saneamento de Minas 206,977,891.28 197,267,215.15 10.75 Gerais 497,289.56 454,516.45 0.02 7,600.00 Cosan Industria e CLP - Chile Comercio Ord Shs 1,010,085.07 924,380.59 0.05 132,683.00 AES Gener Ord Shs 581,414.88 459,080.51 0.03 17,599.00 CPFL Energia Ord Shs 1,046,004.57 1,085,221.09 0.06 152,572.00 Aguas Andinas Ord Shs 686,849.30 642,557.54 0.04 20,600.00 Cyrela Brazil Realty 1,084,095.24 863,511.48 0.05 1,545,074.00 Banco de Chile 1,426,020.30 1,371,788.02 0.08 15,917.00 Duratex SA 572,523.76 435,472.37 0.02 2,157.00 Banco de Credito e 16,600.00 EcoRodovias Inversiones 958,721.03 833,177.52 0.05 Infraestrurura e Logistica 811,058.28 762,301.58 0.04 4,136,321.00 Banco Santander Chile 1,908,437.06 1,820,475.86 0.10 18,799.00 EDP Energias do Brasil 4,789.00 CAP SA 887,801.72 453,813.06 0.02 Ord Shs 676,658.59 618,667.55 0.03 76,122.00 Centros Comerciales 28,600.00 Eletrobras Pref 938,145.12 910,852.78 0.05 Sudamericanos SA 2,630,502.40 1,669,164.70 0.09 44,799.00 Embraer 2,437,399.64 2,743,452.80 0.15 9,439.00 Cia Cervecerias 19,539.00 Estacio Participacoes SA 965,459.11 1,733,488.87 0.09 Unidas SA 848,091.12 739,349.42 0.04 17,500.00 Fibria Celulose SA 1,354,957.37 1,137,504.37 0.06 539,051.00 Colbun SA 1,036,317.83 904,076.66 0.05 55,800.00 Gerdau Pref 2,968,808.54 2,190,086.81 0.12 8,067,365.00 Corpbanca Sociedad 24,400.00 Hypermarcas Ord Shs 1,379,116.61 1,424,667.16 0.08 Anonima Bancaria 726,469.47 665,312.32 0.04 181,587.00 Itau Unibanco Banco 18,597.00 Embotelladora Andina Holding SA Pref 16,546,475.17 17,608,414.15 0.96 Pref Shs 739,339.43 467,067.21 0.03 207,295.00 Itausa Investimentos 268,089.00 Empresa Nacional de Itau Pref 5,452,196.93 5,463,883.84 0.30 Electricidad SA/Chi 2,772,647.23 2,685,149.94 0.15 43,400.00 JBS Ord Shs 1,047,006.91 1,000,451.81 0.05 80,871.00 Empresas CMPC SA 1,816,413.50 1,176,763.14 0.06 32,400.00 Klabin Units 1,158,072.33 1,090,839.47 0.06 30,597.00 Empresas COPEC SA 2,936,099.85 2,660,054.48 0.15 14,400.00 Kroton Educacional 1,370,687.00 Enersis SA 3,272,026.12 3,085,015.56 0.17 Ord Shs 1,413,643.03 2,706,242.78 0.15 7,802.00 ENTEL Chile SA 953,836.14 641,543.66 0.04 9,360.00 Localiza Rent A Car Sa 1,028,363.97 1,034,539.49 0.06 21,411.00 Latam Airlines SA 2,646,893.55 1,926,044.78 0.11 45,125.00 Lojas Americanas 1,922,993.23 1,929,875.01 0.11 7,700.00 Lojas Renner 1,863,971.28 1,653,548.12 0.09

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

86 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

CLP - Chile (continued) HKD - China (continued) 64,780.00 SACI Falabella 4,329,385.92 3,918,788.51 0.21 77,000.00 Changsha Zoomlion 7,170.00 Soquimich Comercial 2,214,719.60 1,399,051.39 0.08 Heavy ind Co Ltd 609,253.93 318,812.10 0.02 54,052.00 Vina Concha y Toro SA 700,603.13 730,975.71 0.04 273,000.00 China Chinda Asset 34,072,589.58 28,249,249.99 1.58 Management Ord Shs 918,421.02 906,621.91 0.05 136,000.00 China Communications COP - Colombia Services 539,454.54 439,919.29 0.02 12,106.00 Almacenes Exito 1,416,502.07 1,360,541.54 0.07 160,500.00 China Cosco Holdings 524,604.76 419,488.92 0.02 7,545.00 Banco Davivienda 407,000.00 China Huishan Dairy SA Pref 636,241.87 813,602.92 0.04 Holdings Company Or 645,295.97 596,823.84 0.03 16,908.00 Bancolombia Ord Shs1 1,675,215.98 1,595,942.40 0.09 26,400.00 China International 29,713.00 Bancolombia Pref Shs1 2,968,813.99 2,906,051.14 0.16 Marine Containers 354,202.93 338,851.72 0.02 27,413.00 Cementos Argos SA1 1,009,819.72 1,152,386.33 0.06 189,000.00 China Longyuan Power 6,045.00 Corporacion Financiera Group 1,129,858.15 1,369,442.88 0.07 Colombiana SA 752,220.35 824,275.65 0.05 420,000.00 China Minsheng 326,135.00 Ecopetrol 5,836,306.49 3,955,267.34 0.22 Banking Corp Ltd 2,968,071.19 2,543,251.07 0.14 56,986.00 Grupo Aval Acc y 236,000.00 China Shipping Valores SA Pref 256,295.16 273,606.24 0.01 Container 440,840.09 409,176.70 0.02 15,436.00 Grupo De Inversiones 73,500.00 CITIC Securities Suramericana Ord S 2,043,037.41 2,190,441.81 0.12 Company Ord Shs H 1,146,877.89 1,085,410.29 0.06 9,142.00 Grupo de Inversiones 289,000.00 Country Garden Holding 1,107,094.28 762,820.06 0.04 Suramericana Pref 1,186,577.51 1,294,041.92 0.07 149,000.00 CSR Corp Ltd 766,034.58 749,303.32 0.04 35,970.00 Interconexion Electrica 174,000.00 Datang Power 501,247.09 454,773.04 0.02 SA ESP 1,181,170.99 1,173,096.74 0.06 52,000.00 Enn Energy 6,139.00 Inversiones Argos Holdings Ltd 1,800,004.57 2,498,396.55 0.14 Pref Shs 499,403.97 489,068.52 0.03 47,000.00 Golden Eagle Retail 21,129.00 Inversiones Argos SA 1,676,526.67 1,698,288.38 0.09 Group Ltd 528,243.88 375,415.05 0.02 44,073.00 Isagen Ord Shs 390,156.89 485,912.83 0.03 70,400.00 Guangzhou R&F 21,528,289.07 20,212,523.76 1.10 Properties 737,345.47 579,934.39 0.03 50,995.00 Haitian International COP - Spain Ord Shs 675,211.29 790,897.34 0.04 11,921.00 Cemex Latam Holding 101,000.00 Intime Department Store 777,422.89 590,682.22 0.03 Ord Shs 590,517.08 780,107.70 0.04 46,000.00 Kingsoft Ord Shs 929,736.19 926,504.54 0.05 590,517.08 780,107.70 0.04 426,000.00 Lenovo Group 2,845,896.98 3,865,700.22 0.21 92,000.00 Longfor Properties CZK - Czech Republic Co Ltd 1,063,629.86 753,107.33 0.04 13,771.00 Cesky Telecom 1,397,228.29 1,304,116.33 0.07 120,000.00 Shandong Weigao Group 11,661.00 CEZ 2,245,023.69 2,352,467.79 0.13 Medical 827,961.46 781,503.69 0.04 1,107.00 Komercni Banka 1,511,453.43 1,701,692.41 0.09 242,000.00 Shanghai Electric 585,102.25 651,287.58 0.04 5,153,705.41 5,358,276.53 0.29 28,500.00 Shanghai Fosun Pharmaceutical EUR - Greece (Group) H 712,516.94 711,698.85 0.04 279,535.00 Alpha Credit Bank 1,805,448.14 1,739,883.96 0.10 35,900.00 Shanghai Parmaceuticals 146,057.00 Bank Of Piraeus Ord Shs 2,222,666.56 2,165,771.18 0.12 Holding Co Ltd 492,878.91 499,185.91 0.03 533,589.00 Eurobank Ergasias 38,000.00 Shenzhou Group Ord Shs 2,000,571.78 1,802,222.53 0.10 Holdings Ltd 847,135.90 870,263.87 0.05 1,934.00 Folli Follie Group 418,658.38 515,139.25 0.03 279,165.00 Shui on Land Ltd com 649,782.55 455,119.67 0.02 18,465.00 Hellenic Telecom 1,536,561.80 1,825,358.81 0.10 304,000.00 Sihuan Pharmaceutical 5,639.00 Jumbo Ord Shs1 553,272.06 617,317.31 0.03 Holding Grp Ltd 687,554.54 1,237,708.62 0.07 105,828.00 National Bank Of Greece 2,875,718.03 2,586,348.42 0.14 221,500.00 Sino-Ocean Land 17,343.00 OPAP/R 1,464,346.94 2,063,681.90 0.11 Holdings 1,016,768.57 750,877.54 0.04 6,756.00 Power Public/R 660,435.11 698,166.11 0.04 77,500.00 Sinopec Engineering 2,796.00 Titan Cement 548,642.95 606,029.89 0.03 Group Ord Shs H 683,762.59 584,273.20 0.03 14,086,321.75 14,619,919.36 0.80 66,200.00 Sinopharm Group HKD - China Co Ltd 1,233,374.35 1,227,719.86 0.07 108,000.00 Air China 564,539.02 423,875.18 0.02 102,000.00 SOHO China 582,798.97 534,062.02 0.03 116,000.00 Avichina Industry & 340,076.00 Tencent Holdings Technology Co Ltd 381,748.72 436,261.93 0.02 Ord Shs 19,553,025.74 34,761,392.68 1.90 70,000.00 BBMG Corp 404,608.76 299,490.15 0.02 24,000.00 Tsingtao Brewery 1,065,122.93 1,255,581.42 0.07 112,000.00 Beijing Capital Intl 393,000.00 Want Want China Airport 596,990.18 512,031.55 0.03 Holdings Ltd 3,516,885.00 3,776,422.49 0.21 11,146.00 Biostime International Holdings Ord Shs 651,836.29 413,418.90 0.02 43,000.00 BYD Company 1,197,554.05 1,652,414.50 0.09

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

87 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

HKD - China (continued) HKD - Hong Kong (continued) 46,500.00 Zhongsheng Group 110,000.00 China Resources Cement Holdings Ltd 407,397.61 401,102.89 0.02 Holdings Ltd 457,801.72 461,138.93 0.03 32,000.00 Zhuzhou CSR Times 64,000.00 China Resources Gas 1,134,907.78 1,344,255.35 0.07 Electric Ord Shs H 696,686.56 647,285.17 0.04 142,000.00 China Resources Land 2,596,950.88 1,739,320.13 0.10 55,400.00 ZTE 700,820.74 730,190.12 0.04 132,000.00 China Resources Power 2,262,481.40 2,504,952.22 0.14 59,065,600.18 74,388,500.57 4.05 217,000.00 China Shenhua Energy 5,276,913.03 4,192,862.16 0.23 118,000.00 China State Construction HKD - Hong Kong Int. Holding L 1,114,632.38 1,386,315.08 0.08 48,728.00 AAC Technologies 59,400.00 China Taiping 778,899.71 710,153.95 0.04 Holding 1,478,700.57 2,118,419.46 0.12 958,000.00 China Telecom Corp 114,000.00 Agile Property Ltd 3,277,327.98 3,140,161.17 0.17 Holdings Ltd 954,256.18 536,908.56 0.03 312,000.00 China Unicom Hong 1,368,999.00 Agricultural Bank of Kong Ltd 3,084,392.53 3,229,525.17 0.18 China 4,434,791.70 4,038,611.43 0.22 251,000.00 Chongqing Rural 322,000.00 Aluminium Corporation Commercial 811,443.59 777,268.39 0.04 of China 852,520.56 772,153.25 0.04 167,406.00 Citic 21Cn Ord Shs 841,448.45 870,745.35 0.05 86,000.00 Anhui Conch Cement 2,058,084.71 1,984,381.05 0.11 109,000.00 Citic Pacific 1,049,915.63 1,276,818.31 0.07 70,000.00 Anta Sports Products 1,188,000.00 Cnooc Ltd 15,026,458.01 14,305,554.38 0.78 Limited 533,725.07 740,272.04 0.04 132,000.00 Cosco Pacific 1,240,052.53 1,225,149.36 0.07 5,258,000.00 Bank of China Ltd 16,055,435.59 15,738,121.37 0.86 194,000.00 Dongfeng Motor Group 583,000.00 Bank of Co Ltd 1,966,872.99 2,322,704.87 0.13 Communications Co 438,000.00 Evergrande Real Estate Ltd 2,915,715.94 2,700,509.28 0.15 Group 1,372,238.02 1,140,995.38 0.06 33,500.00 Beijing Enterprise 1,629,692.41 2,116,680.31 0.12 81,000.00 Far East Horizon Ltd 397,567.86 394,064.18 0.02 296,785.00 Beijing Enterprises 124,000.00 Fosun International 735,580.12 1,097,417.50 0.06 Water Group 1,138,937.17 1,326,094.70 0.07 274,000.00 Franshion Properties 313,000.00 Belle International 3,746,005.99 2,319,211.39 0.13 China Ltd 598,437.89 484,515.03 0.03 208,000.00 Brilliance China 710,000.00 GCL-Poly Energy Automotive Holdings 1,972,591.10 2,601,561.94 0.14 Hld Ltd 1,346,031.09 1,580,086.59 0.09 188,000.00 China Agri-Industries 380,000.00 Geely Automobile 1,145,341.03 894,847.60 0.05 Holdings Ltd 570,259.17 478,390.67 0.03 719,000.00 Gome Electrical 106,000.00 China Bluechemical Appliances Holding 666,446.48 781,451.93 0.04 Ltd 476,658.18 385,852.35 0.02 70,500.00 Great Wall Motor 2,098,310.97 1,751,396.34 0.10 551,000.00 China Citic Bank 2,190,158.47 2,233,841.17 0.12 182,000.00 Guangdong Investment 1,035,835.42 1,398,788.09 0.08 262,000.00 China Coal Energy Co 1,565,827.10 908,510.97 0.05 138,000.00 Guangzhou Automobile 219,000.00 China Communications Group Company Ltd 836,220.87 1,071,332.87 0.06 Construction Co Ltd 1,390,975.40 986,092.04 0.05 66,000.00 Haier Electronics Group 4,770,000.00 China Construction Bank Co Ltd 935,797.00 1,155,693.86 0.06 Corp 24,874,855.50 24,111,200.17 1.32 92,800.00 Haitong Securities 170,000.00 China Everbright Company Ord Shs H 937,951.10 960,576.72 0.05 International Ltd 1,042,100.58 1,621,835.80 0.09 780,000.00 Hanergy Solar Group 68,000.00 China Everbright Ltd 729,700.47 610,021.42 0.03 Ord Shs 807,813.51 800,653.12 0.04 142,000.00 China Gas Holdings 51,000.00 Hengan International 3,456,780.05 3,596,340.23 0.20 Ord Shs 888,232.71 1,959,797.33 0.11 204,000.00 Huaneng Power 1,354,494.72 1,534,438.50 0.08 486,000.00 China Life Insurance Co 4,882,000.00 Industrial & Commercial Ltd 9,553,080.04 8,510,109.35 0.47 Bank of China 22,321,527.27 20,634,630.13 1.13 92,000.00 China Mengniu Dairy 2,122,180.94 2,841,016.05 0.16 47,200.00 Inner Mongolia Yitai 308,211.00 China Merchants Bank Coal Co. Limited 847,530.53 393,298.20 0.02 Co Ltd 4,168,859.02 4,067,638.97 0.22 70,000.00 Jiangsu Express 468,808.07 556,713.55 0.03 72,000.00 China Merchants 98,000.00 Jiangxi Copper 1,344,389.37 1,038,071.52 0.06 Holdings 1,610,314.52 1,499,866.02 0.08 49,800.00 Kingboard Chemical 745,634.76 686,450.07 0.04 400,500.00 China Mobile 27,360,685.16 25,979,045.74 1.42 214,000.00 Kunlun Energy Co Ltd 2,568,792.56 2,359,106.03 0.13 226,000.00 China National Building 131,000.00 Lee & Man Paper Material Co Ltd 1,768,299.88 1,333,421.26 0.07 Manufacturing 521,568.29 465,555.38 0.03 122,000.00 China Oilfield 1,859,936.09 1,959,486.79 0.11 58,400.00 New China Life 272,000.00 China Overseas Land & Insurance Company Invest 5,279,780.11 4,410,924.12 0.24 Ord Sh 1,264,623.54 1,289,601.85 0.07 179,400.00 China Pacific Insurance 192,000.00 New World China 1,058,789.31 766,805.21 0.04 Group Co Ltd 4,278,286.82 4,240,097.42 0.23 91,000.00 Nine Dragons Paper 133,000.00 China Railway Holdings 522,516.86 414,455.73 0.02 Construction Corp Ltd 912,663.83 784,712.51 0.04 1,408,000.00 Petrochina Co Ltd 11,820,519.17 11,878,027.96 0.65 279,000.00 China Railway Group 205,660.00 PICC Property and Ltd 1,000,945.94 916,921.20 0.05 Casualty 1,926,852.34 2,086,219.43 0.11 84,000.00 China Resources 1,837,868.67 1,565,077.58 0.09 137,000.00 Ping An Insurance Group Co of China Ltd 7,359,087.96 7,084,555.19 0.39

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

88 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

HKD - Hong Kong (continued) IDR - Indonesia (continued) 170,000.00 Poly Property Group 639,685.24 475,112.84 0.03 1,465,500.00 Kalbe Farma Tbk 1,064,748.01 1,371,881.19 0.08 27,000.00 Shanghai Industrial 618,312.97 551,969.33 0.03 1,268,000.00 Lippo Karawaci Tbk PT 1,154,202.22 686,456.59 0.04 89,500.00 Shimao Property 99,564.00 Matahari Department Holdings Ltd 1,329,973.36 1,102,437.75 0.06 Store Ord Shs 778,126.25 774,825.69 0.04 196,000.00 Sino Biopharmaceutical 310,500.00 Media Nusantara Citra Ord Shs 879,749.85 1,071,884.92 0.06 Tbk Pt 473,237.23 483,273.83 0.03 1,695,199.00 Sinopec China (China 729,000.00 Perusahaan Gas Negara Petroleum) 9,755,686.75 10,820,697.12 0.59 (Persero) 2,253,677.13 2,291,896.44 0.13 262,000.00 Sinopec Shanghai 198,900.00 Semen Gresik Persero Petrochemical Co Ltd 407,810.34 488,155.15 0.03 Tbk Pt 1,945,999.08 1,690,887.43 0.09 164,000.00 Sun Art Retail Group Ltd 1,501,132.44 1,249,129.27 0.07 255,500.00 Surya Citra Media 338,000.00 The People's Insurance Ord Shs1 404,412.97 516,538.45 0.03 Co (Group) of Ch 1,050,705.06 892,156.33 0.05 62,500.00 Tambang Batubara Bukit 138,000.00 Tingyi (Cayman Asam Tbk PT 516,114.77 378,007.06 0.02 Isl.) USD 2,461,217.79 2,583,102.58 0.14 3,375,806.00 Telekomunikasi 78,000.00 Uni-President Ord Shs 515,580.55 400,326.56 0.02 Indonesia Ord Shs 4,397,131.95 4,692,637.37 0.26 37,000.00 Weichai Power 965,085.61 954,279.83 0.05 130,400.00 Tower Bersama 110,000.00 Yanzhou Coal Mining Infrastructure Ord Shs 480,224.13 591,965.04 0.03 Co Ltd 942,092.19 555,074.64 0.03 103,500.00 Unilever Indonesia 61,500.00 Yingde Gases Group Ord Shs 1,594,118.54 1,708,676.49 0.09 Co Ltd 430,440.76 448,264.82 0.02 105,000.00 United Tractors Tbk Pt 1,253,900.09 1,367,804.00 0.07 300,000.00 Yuexiu Property Co Ltd 679,385.92 382,988.56 0.02 229,000.00 XL Axiata Tbk Pt 697,677.98 658,609.89 0.04 86,000.00 Zhejiang Expressway Co 45,850,196.38 44,401,892.70 2.43 Ltd 494,644.75 580,106.91 0.03 350,000.00 Zijin Mining Group Co KRW - South Korea Ltd 817,663.15 531,353.50 0.03 215.00 Amorepacific 1,277,721.17 2,164,975.08 0.12 268,157,277.09 259,266,836.83 14.21 12,680.00 BS Financial Group 1,174,887.94 1,248,346.06 0.07 4,335.00 Celltrion Inc 1,256,083.70 1,333,331.87 0.07 HUF - Hungary 6,650.00 Cheil Comm (KRW) 947,300.88 1,001,811.39 0.05 10,746.00 Gedeon Richter Ord Shs 1,398,809.18 1,379,230.94 0.08 3,303.00 Cheil Industries 1,624,290.54 1,532,057.83 0.08 2,706.00 Mol Hungarian Oil and 500.00 CJ CheilJeng Corp 981,731.91 1,138,121.70 0.06 Gas Plc 1,358,562.69 968,308.15 0.05 955.00 Cj Ord Shs 745,976.96 883,407.09 0.05 13,693.00 OTP Bank 1,817,084.09 1,760,712.99 0.10 1,860.00 Daelim Industry 1,088,050.59 1,036,024.42 0.06 4,574,455.96 4,108,252.08 0.23 7,360.00 Daewoo Engineering & Constr 388,483.70 426,488.06 0.02 IDR - Indonesia 3,180.00 Daewoo Intl 718,851.10 769,020.08 0.04 886,500.00 Adaro Energy PT 823,291.64 587,407.11 0.03 10,650.00 Daewoo Securities 688,293.12 613,614.43 0.03 1,325,499.00 Astra International Tbk 6,061,685.80 5,437,947.28 0.30 6,970.00 Daewoo Shipbuilding & 826,000.00 Bank Central Asia Marine Engineering Tbk Pt 5,194,552.10 5,123,837.21 0.28 Co Ltd 1,347,564.66 1,183,573.89 0.06 223,500.00 Bank Danamon 8,980.00 DGB Financial 824,163.95 898,914.62 0.05 Indonesia Ord Shs 738,046.34 522,425.84 0.03 3,059.00 Dongbu Insurance 932,518.37 1,051,023.18 0.06 613,000.00 Bank Mandiri (Persero) 4,080.00 Doosan Heavy Industries Tbk Pt 3,479,811.58 3,361,806.21 0.18 & Construction 997,669.74 944,882.18 0.05 529,000.00 Bank Negara Indonesia 9,670.00 Doosan Infracore 847,188.40 827,419.43 0.05 (Persero) Ord Shs 1,483,968.77 1,421,481.36 0.08 1,421.00 E-mart 2,003,531.07 2,178,269.13 0.12 733,000.00 Bank Rakyat Indonesia 3,766,308.72 4,267,923.49 0.23 810.00 Glovis Co Ltd 994,783.86 1,442,358.65 0.08 530,500.00 Bumi Serpong Damai 3,304.00 GS Engineering & Ord Shs 526,675.98 444,257.16 0.02 Construction 893,440.90 735,697.73 0.04 442,500.00 Charoen Pokphand 3,354.00 GS Holdings 1,323,075.09 999,468.41 0.05 Indonesia Tbk Pt 1,067,372.42 940,756.47 0.05 2,748.00 Halla Visteon Climate 468,500.00 Global Mediacom Control Ord Shs 695,444.07 831,594.64 0.05 Ord Shs 582,948.00 561,424.19 0.03 20,776.00 Hana Financial 30,500.00 Gudang Garam 960,794.04 920,187.25 0.05 Group Inc 4,895,514.54 5,147,812.00 0.28 28,000.00 Indo Tambangraya 4,690.00 Hankook Tire Ord Shs 1,442,142.74 1,871,712.99 0.10 Mwgah Tbk Pt 600,473.00 426,328.52 0.02 7,370.00 Hanwha Chem Corp 854,666.80 893,579.16 0.05 98,500.00 Indocement Tunggal 15,950.00 Hanwha Life Insurance Prakarsa Tbk Pt 1,411,085.78 1,252,579.70 0.07 Co Ltd 691,796.66 680,804.91 0.04 81,500.00 Indofood CBP Sukses 2,616.00 Hotel Shilla Ordinary Makmur 567,909.98 459,600.19 0.03 Shares Korea Ord 1,573,704.71 1,579,841.10 0.09 271,500.00 Indofood Sukses 38,149.00 Hynix Makmur Tbk Pt 1,080,515.16 1,025,810.71 0.06 Semiconductor Inc 6,939,130.98 12,237,758.16 0.67 129,000.00 Jasa Marga 491,186.72 434,660.54 0.02 1,539.00 Hyosung Corp 602,744.78 687,408.33 0.04 1,022.00 Hyundai Department 1,001,628.08 938,631.60 0.05

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

89 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

KRW - South Korea (continued) KRW - South Korea (continued) 3,960.00 Hyundai 2,205.00 Samsung Fire & Development Co 628,933.69 841,212.34 0.05 Marine Ins 2,934,563.92 3,751,589.41 0.21 4,683.00 Hyundai Engineering & 11,140.00 Samsung Heavy Construction 1,807,275.77 1,782,280.74 0.10 Industries 2,593,534.19 1,991,048.94 0.11 2,680.00 Hyundai Heavy 3,812.00 Samsung Life Industries 3,596,749.12 3,134,278.14 0.17 Insurance Co 2,310,229.83 2,569,109.04 0.14 4,950.00 Hyundai Marine & Fire 2,371.00 Samsung SDI Company 2,237,297.83 2,537,908.98 0.14 Insurance Co Ltd 938,348.72 943,583.83 0.05 4,057.00 Samsung Securities 1,278,906.63 1,187,512.55 0.06 682.00 Hyundai Mipo Dockyard 554,990.65 660,163.45 0.04 2,627.00 Samsung Techwin 896,862.39 919,952.53 0.05 4,405.00 Hyundai Mobis 7,622,158.16 8,265,968.13 0.45 27,939.00 Shinhan Financial Group 10,197.00 Hyundai Motor Co Ltd 13,787,823.21 15,462,673.41 0.85 Co Ltd 7,059,296.28 8,648,681.96 0.47 4,075.00 Hyundai Motor Second 508.00 Shinsegae Co Ltd 719,764.14 733,406.29 0.04 Preferred 2,766,665.84 4,308,013.64 0.24 1,388.00 SK C&C 923,593.22 1,526,979.40 0.08 4,842.00 Hyundai Steel Co 2,350,108.89 2,380,275.32 0.13 1,741.00 SK Holdings 1,923,094.98 2,099,380.28 0.11 1,012.00 Hyundai Wia Corp 947,762.97 1,310,587.61 0.07 3,985.00 SK Innovation Co Ltd 3,659,023.73 2,975,337.55 0.16 15,050.00 Industrial Bank of Korea 1,130,101.82 1,342,455.02 0.07 11,080.00 Sk Networks Ord Shs 590,598.08 787,005.38 0.04 9,530.00 Kangwon Land Inc 1,769,724.80 1,870,160.26 0.10 573.00 Sk Telecom Co Ltd 643,653.76 895,396.19 0.05 25,069.00 KB Financial Group Inc 5,864,523.73 5,830,544.95 0.32 2,771.00 S-Oil Corp 1,496,618.33 1,041,785.40 0.06 318.00 KCC Corp 693,308.85 1,296,408.17 0.07 3,770.00 Woongjin Coway 1,229,790.41 2,109,862.89 0.12 17,230.00 Kia Motor 5,649,680.31 6,443,638.72 0.35 20,151.00 Woori Finance Holdings 3,460.00 Korea Aerospace Co Ltd 1,568,072.01 1,604,401.74 0.09 Industires Ltd 631,262.27 713,280.20 0.04 10,830.00 Woori Investment & Sec 680,020.29 624,700.96 0.03 16,980.00 Korea Electric 764.00 Yuhan 834,814.86 913,695.33 0.05 Power Corp 3,246,188.84 4,184,812.38 0.23 252,388,723.76 282,762,020.47 15.46 1,598.00 Korea Gas Corp 640,474.70 582,834.60 0.03 3,490.00 Korea Invest Holding 810,228.86 927,002.60 0.05 MXN - Mexico 4,140.00 Korea Telecom 773,481.93 835,681.96 0.05 192,500.00 Alfa 3,084,744.45 3,561,302.90 0.19 7,278.00 Korea Tobacco & 2,260,200.00 America Movil 17,004,602.80 15,700,753.44 0.86 Ginseng Corp 3,339,574.10 4,303,923.67 0.24 28,300.00 Arca Continental SAB 559.00 Korea Zinc Ord Shs 1,166,422.46 1,466,330.23 0.08 de CV 1,251,803.72 1,281,039.42 0.07 2,357.00 Korean Air Lines 111,200.00 Bimbo A 1,990,797.54 2,173,558.64 0.12 Ord Shs 574,536.36 520,158.29 0.03 39,100.00 Carso 1,269,643.33 1,358,064.46 0.07 1,258.00 Kumho 793,219.00 Cemex 5,377,827.34 7,018,545.74 0.38 Petrochemical Ltd 770,390.96 737,282.18 0.04 28,100.00 Coca-Cola Femsa SAB 3,407.00 LG Chem Ltd 6,017,592.19 6,663,360.63 0.36 de CV 2,666,047.86 2,134,312.80 0.12 6,238.00 LG Corp 2,269,185.30 2,576,053.40 0.14 26,700.00 Controladora Comercial 14,820.00 LG Display Co Ltd 2,459,593.84 3,113,900.98 0.17 Mexicana Ord Shs 673,709.30 669,387.87 0.04 7,255.00 LG Electronics Inc 3,112,196.85 3,561,686.62 0.19 12,300.00 El Puerto de Liverpool 630.00 LG House&Health Care 2,110,778.34 1,896,087.63 0.10 SAB de CV 881,609.02 967,323.71 0.05 13,100.00 LG Uplus Corp 681,134.76 798,052.92 0.04 87,600.00 Fibra Uno 1,085.00 Lotte Chemical 1,508,731.90 1,322,682.42 0.07 Administracion SA 1,864,289.28 2,053,542.87 0.11 53.00 Lotte Confectionery 129,300.00 Fomento Economico Ord Shs 550,162.13 676,569.58 0.04 Mexicano SAB 8,600,056.74 8,099,774.85 0.44 661.00 Lotte Shopping 1,495,806.43 1,347,367.61 0.07 47,800.00 Genomma Lab 1,470.00 LS Cable Ltd 747,361.82 721,664.97 0.04 International SA 751,436.02 865,838.63 0.05 1,054.00 LS Industrial Systems 76,700.00 Gentera Sab De Cv Co Ltd 426,154.97 458,939.56 0.03 Ord Shs 835,785.29 990,512.96 0.05 1,880.00 Naver Corp 5,033,621.99 10,372,269.65 0.57 22,900.00 Grupo Aeroportuario del 997.00 NCSoft Corporation 948,529.91 1,202,229.83 0.07 Pacifico Ord Sh 885,420.04 1,036,836.82 0.06 1,133.00 OCI Company 1,257,338.37 1,287,620.35 0.07 14,200.00 Grupo Aeroportuario del 221.00 Orion(South Korea) Sureste 1,125,001.73 1,206,315.83 0.07 Ord Shs 1,270,145.83 1,353,634.71 0.07 24,000.00 Grupo Comercial 183.00 Pacific 464,546.13 903,235.85 0.05 Chedraui Ord Shs 549,613.93 565,830.13 0.03 4,257.00 Pohang Iron & Steel 8,518,239.65 8,550,799.19 0.47 164,200.00 Grupo Financiero 1,599.00 S1 723,665.68 860,007.71 0.05 Banorte-O 7,079,741.13 7,850,751.88 0.43 8,313.00 Samsung C&T Corp 3,173,373.98 4,097,567.17 0.22 160,700.00 Grupo Financiero 2,650.00 Samsung Card Co Ltd 575,701.03 755,537.71 0.04 Inbursa Sa 2,788,666.58 3,202,386.75 0.18 4,087.00 Samsung 119,100.00 Grupo Financiero Electromechanic 2,068,157.89 1,574,354.99 0.09 Santander Mexico B Ord 2,265,633.04 2,111,319.38 0.12 6,962.00 Samsung Electronics 173,700.00 Grupo Televisa SA 6,490,049.48 7,966,609.98 0.44 Co Ltd 59,812,977.25 60,812,793.70 3.33 9,290.00 Industrias Penoles SAB 1,776.00 Samsung de CV 2,485,743.77 1,554,994.43 0.09 Electronics Pref 10,287,708.08 12,438,794.72 0.68 101,500.00 Kimberly Clark de 2,036.00 Samsung Enginee 1,483,186.54 1,077,555.79 0.06 Mexico 1,861,965.04 1,904,453.85 0.10

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

90 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

MXN - Mexico (continued) PHP - Philippines 63,600.00 Mexichem SAB de CV 2,052,694.76 1,761,320.98 0.10 116,850.00 Aboitiz Equity 47,499.00 Minera Frisco SAB Ventures Inc 989,700.09 1,002,205.18 0.05 de CV 1,005,630.76 624,422.66 0.03 105,300.00 Aboitiz Power Corp 617,872.26 591,074.54 0.03 256,400.00 Nuevo Grupo Mexico 5,833,071.86 5,719,911.87 0.31 138,600.00 Alliance Global 50,500.00 Ohl Mexico Ord Shs 883,023.60 1,030,552.91 0.06 Group Inc 410,088.26 617,726.34 0.03 18,638.00 Promotora y Operadora 10,580.00 Ayala 965,889.50 1,049,217.05 0.06 de Infraestructur 1,494,276.13 1,662,474.59 0.09 390,800.00 Ayala Land 1,797,091.13 1,825,552.37 0.10 346,000.00 Wal-Mart de Mexico V 6,597,381.34 6,201,395.18 0.34 86,240.00 Banco De Oro 89,650,265.88 91,273,535.53 5.00 Unibank Inc 1,044,444.46 1,234,980.95 0.07 49,620.00 Bank of the Philippine MYR - Malaysia Islands 729,714.00 691,573.04 0.04 98,300.00 AirAsia BHD 503,731.00 470,722.76 0.03 49,200.00 DMCI Holdings Ord Shs 465,659.05 557,617.92 0.03 73,700.00 Alliance Financial Group 2,045.00 Globe Tel Ord Shs 406,150.40 501,133.22 0.03 Ord Shs 648,089.37 724,258.05 0.04 51,910.00 International Container 91,500.00 AMMB Holdings 1,216,562.75 1,356,391.10 0.07 Terminal Servic 680,402.39 882,498.36 0.05 114,252.00 Astro Malaysia Holdings 185,709.00 JG Summit Holdings 1 Ord Shs 709,783.68 834,939.05 0.05 Ord Shs 1,240,307.61 1,457,695.19 0.08 162,700.00 Axiata Group Berhad 2,172,768.77 2,361,044.51 0.13 36,590.00 Jollibee Foods Corp 784,536.82 986,313.50 0.05 30,186.00 Berjaya Sports Toto 777,000.00 Metro Pacific Inv Berhad 264,275.41 243,849.09 0.01 Ord Shs 547,976.48 596,209.16 0.03 9,000.00 British American 3,150.00 Philippine Long Tobacco 1,112,156.63 1,228,097.34 0.07 Distance Tel 1,363,700.43 1,441,554.44 0.08 72,500.00 Bumi Armada Bhd 568,058.40 513,216.68 0.03 9,677.00 SM Investments Ord Shs 1,139,720.48 1,209,402.33 0.07 358,700.00 CIMB Group Holdings 485,800.00 SM Prime Holdings Inc 1,229,974.12 1,180,050.50 0.06 Berhad 5,375,317.84 5,466,713.34 0.30 60,380.00 Universal Robina Corp 945,464.25 1,426,917.73 0.08 128,700.00 Dialog Group Ord Shs 819,537.48 1,015,550.68 0.06 15,358,691.73 17,251,721.82 0.94 232,800.00 Digi.Com 2,362,465.81 2,777,291.35 0.15 56,600.00 Felda Global Ventures PLN - Poland Holdings 532,813.96 490,222.91 0.03 2,898.00 Alior Bank Ord Shs 566,150.16 529,539.95 0.03 120,200.00 Gamuda Bhd 1,033,802.91 1,178,716.11 0.06 3,140.00 Bank Handlowy 707,640.74 827,803.83 0.05 137,000.00 Genting 2,766,216.44 2,849,508.12 0.16 32,855.00 Bank Millennium 530,066.87 562,010.91 0.03 195,800.00 Genting Malaysia 1,576,806.34 1,712,165.81 0.09 9,094.00 Bank Pekao 3,194,403.17 3,480,582.28 0.19 41,900.00 Hong Leong Bank 1,229,468.73 1,203,862.68 0.07 60,450.00 Bank PKO BP 4,608,535.02 5,017,182.69 0.27 8,900.00 Hong Leong Financial 2,045.00 Bank Zachodni Ord Shs 1,297,939.33 1,661,276.56 0.09 Group Bhd 252,205.13 299,073.12 0.02 17,656.00 Cyfrowy Polsat SA 707,382.14 868,744.58 0.05 151,500.00 IHH Healthcare Ord Shs 1,152,331.18 1,381,562.66 0.08 4,971.00 Eurocash Ord Shs 499,960.59 440,048.04 0.02 74,700.00 Ijm Corp 804,713.21 1,042,027.66 0.06 2,886.00 Grupa Azoty SA 404,381.11 460,571.10 0.03 198,500.00 IOI Corp Bhd 1,699,610.37 2,169,719.83 0.12 3,596.00 Grupa Lotos SA 295,291.27 292,916.39 0.02 141,400.00 IOI Property Group 811,427.29 741,880.22 0.04 8,963.00 KGHM Polska Miedz 3,076,450.86 2,455,673.12 0.13 32,600.00 KL Kepong (MYR) 1,486,561.28 1,642,543.23 0.09 964.00 MBank 793,141.91 1,071,743.04 0.06 34,700.00 Lafarge Malaysia Bhd 620,790.09 711,622.30 0.04 52,924.00 Polska Grupa 331,100.00 Malayan Banking 6,327,727.97 6,776,361.12 0.37 Energetyczna 1,950,544.03 2,522,509.56 0.14 50,299.00 Malaysia Airports 112,997.00 Polskie Gornictwo Holdings Ord Shs 738,455.32 835,691.69 0.05 Naftowe i Gazownictwo 1,317,707.56 1,306,015.94 0.07 139,500.00 Maxis Berhad 1,893,113.87 1,960,477.33 0.11 22,345.00 Polsky Koncern Naftowy 2,218,852.76 2,016,909.80 0.11 80,000.00 MISC BHD 967,605.16 1,082,647.77 0.06 3,948.00 Powszechny Zaklad 178,600.00 Petronas Chemicals Ubezpieczen SA 3,419,103.56 3,856,894.59 0.21 Group Bhd 2,342,832.99 2,517,410.08 0.14 22,357.00 Synthos 241,019.60 217,549.48 0.01 19,400.00 Petronas Dagangan BHD 1,098,545.72 971,001.80 0.05 93,359.00 Tauron Polska Energy 972,436.38 1,062,598.00 0.06 40,000.00 Petronas Gas Bhd 1,670,021.87 2,040,374.65 0.11 48,960.00 Telekom Polska 1,149,747.32 1,045,527.36 0.06 36,800.00 PPB Group 1,062,430.47 1,159,998.79 0.06 27,950,754.38 29,696,097.22 1.63 171,000.00 Public Bank 6,838,453.56 6,970,960.81 0.38 40,300.00 Rhb Capital Bhd 652,711.66 717,389.48 0.04 QAR - Qatar 242,000.00 Sapura Kencana Ord Shs 1,839,769.71 2,206,852.56 0.12 200.00 Mark 18,805.34 16,710.62 0.00 185,500.00 Sime Darby 3,548,973.21 3,734,687.18 0.20 18,805.34 16,710.62 0.00 90,500.00 Telekom Malaysia 1,035,729.23 1,196,481.94 0.07 192,900.00 Tenaga Nasional Bhd 3,215,524.43 4,891,739.93 0.27 THB - Thailand 100,700.00 UEM Sunrise Bhd 458,508.80 425,607.58 0.02 67,000.00 Advanced Info Service 3,209,532.29 3,036,267.42 0.17 40,600.00 UMW Holdings Bhd 939,608.81 923,065.49 0.05 31,300.00 Airports of Thailand 290,400.00 YTL Corp Bhd 987,116.56 979,479.77 0.05 (Foreign) 1,023,655.54 1,279,815.55 0.07 150,240.00 YTL Power Intl 460,714.02 459,818.83 0.03 51,799.00 Bangkok Bank Foreign 2,371,281.71 2,059,307.59 0.11 65,797,337.43 72,265,025.40 3.98 17,200.00 Bangkok Bank NVDR 767,067.86 683,798.73 0.04 173,300.00 Bangkok Dusit MF 503,320.39 596,152.77 0.03

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

91 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

THB - Thailand (continued) TRY - Turkey (continued) 74,700.00 Banpu Ord Shs F1 551,568.59 453,926.10 0.02 54,649.00 Turkcell 2,167,566.47 2,283,100.00 0.12 75,300.00 BEC World Ord Shs F 988,110.96 756,157.27 0.04 39,307.00 Turkiye Halk Bankasi 438,002.00 Bts Group Holdings Ord A.S. (Halkbank) 2,363,238.22 1,970,579.04 0.11 Shs F 776,614.28 780,431.40 0.04 57,670.00 Turkiye Vakiflar Bankasi 895,910.22 903,718.51 0.05 89,300.00 Central Pattana Ord 10,913.00 Ulker Biskuvi Sanayi A Shs F1 833,951.78 901,342.97 0.05 Ord Shs 601,536.24 610,758.26 0.03 42,600.00 Charoen Pokphand 70,419.00 Yapi Ve Kredi Bankasi 1,087,436.83 1,025,790.48 0.06 Foods Pcl 238,877.21 239,121.51 0.01 32,551,963.06 30,621,113.68 1.69 150,900.00 Charoen Pokphand Foods PCL 1,088,151.59 847,029.00 0.05 TWD - Taiwan 291,000.00 CP ALL PCL 2,713,930.05 2,877,244.46 0.16 154,000.00 Acer Inc 757,191.60 736,176.64 0.04 30,600.00 Glow Energy Ord Shs F 489,324.92 524,744.87 0.03 414,000.00 Advanced Semi 2,429,335.42 3,601,262.67 0.20 196,114.00 Home Product Center 20,000.00 Advantech Co Ltd 682,798.38 1,141,914.56 0.06 Ord Shs F 374,374.16 389,832.86 0.02 125,460.00 Asia Cement Corp 982,812.72 1,148,925.92 0.06 99,500.00 Indorama Ventures Ord 116,000.00 Asia Pacific Telecom Shs F 531,424.67 568,759.42 0.03 Ord Shs 441,242.82 466,214.61 0.03 847,500.00 IRPC Pcl 698,988.61 590,063.76 0.03 46,000.00 Asustek Computer 3,228,246.68 3,429,773.97 0.19 90,200.00 Kasikornbank f 3,726,331.23 3,790,349.35 0.21 612,000.00 AU Optronics 1,476,563.20 1,733,426.31 0.09 27,500.00 Kasikornbank Public 45,000.00 Catcher Technology Co 1,620,982.28 2,806,087.11 0.15 Non-Voting DR 1,164,802.40 1,155,594.32 0.06 510,659.00 Cathay Financial 248,700.00 Krung Thai Bank Ord Holding 3,962,465.81 5,333,914.79 0.29 Shs F 1,153,351.30 1,070,692.12 0.06 56,800.00 Chailease Holding 126,654.00 Minor International Ord Shs 930,009.60 955,106.30 0.05 Public Non Voting D 668,296.03 763,110.30 0.04 272,910.00 Chang HWA Bank 922,133.06 1,130,458.47 0.06 90,400.00 PTT Exploration & 110,250.00 Cheng Shin Rubber Production Pcl 3,115,857.15 3,119,074.71 0.17 Industry 1,701,963.77 1,885,972.66 0.10 119,400.00 PTT Global Chem 1,961,128.40 1,660,162.64 0.09 46,200.00 Chicony Electric 790,916.46 833,758.84 0.05 55,600.00 PTT Pcl 3,833,462.75 3,642,037.78 0.20 251,000.00 China Airlines 642,163.04 576,051.12 0.03 5,600.00 Siam Cement Non- 878,000.00 China Dev Fin 1,621,740.43 1,930,498.37 0.11 Voting DR 496,330.55 521,397.56 0.03 166,760.00 China Life Insurance Co 20,400.00 Siam Cement Pcl 1,979,547.03 1,916,185.48 0.10 Ltd (Taiwan) 944,552.23 1,028,672.01 0.06 101,200.00 Siam Commercial BK 789,220.00 China Steel 4,580,025.70 4,435,424.99 0.24 THB10 3,694,788.26 3,512,553.54 0.19 913,850.00 China Trust 3,395,763.57 4,071,846.78 0.22 60,600.00 Thai Oil Pcl 808,244.07 649,110.30 0.04 255,000.00 Chunghwa Telecom 5,164,600.79 5,492,609.04 0.30 1,100,800.00 Tmb Bank Ord Shs F 576,332.90 548,739.63 0.03 33,000.00 Clevo Corp 419,691.92 392,348.41 0.02 429,488.00 True Corporation Ord 278,000.00 Compal Electronics 1,329,097.10 1,518,791.15 0.08 Shs F 720,267.18 844,883.72 0.05 46,000.00 CTCI Corp 530,196.83 532,490.43 0.03 41,058,913.86 39,777,887.13 2.17 118,999.00 Delta Electronics 3,294,414.17 5,795,167.70 0.32 363,988.00 E.Sun Financial Holding 1,361,025.41 1,560,699.46 0.09 TRY - Turkey 11,310.00 Eclat Textile Ord Shs 730,835.25 916,715.58 0.05 126,632.00 Akbank 3,718,345.01 3,110,339.24 0.17 59,000.00 Epistar Corp 734,046.73 977,568.43 0.05 12,348.00 Anadolou Efes 1,116,698.25 1,010,324.35 0.06 155,000.00 Eva Airways Corp 599,102.18 498,020.29 0.03 13,672.00 Arcelik 567,773.75 556,094.49 0.03 46,350.00 Far Eastern Department 15,824.00 BIM Birlesik Magazalar Stores Ltd 283,273.49 291,102.57 0.02 Anonim 2,376,191.81 2,424,819.29 0.13 195,560.00 Far Eastern New 6,447.00 Coca-Cola Icecek A Century Corp 1,432,754.88 1,407,746.45 0.08 Ord Shs 1,074,410.28 1,063,129.56 0.06 102,000.00 Far Eastone Telecom 1,615,355.54 1,553,003.80 0.09 129,019.00 Emlak Konut 41,000.00 Farglory Dev Co Ltd 486,110.07 373,170.96 0.02 Gayrimenkul Yati 1,194,981.23 1,082,086.91 0.06 525,525.00 First FHC 1,998,562.45 2,259,217.51 0.12 35,921.00 Enka Insaat San 583,746.48 651,243.05 0.04 211,780.00 Formosa Chem & Fibre 3,615,486.79 3,584,843.28 0.20 100,773.00 Eregli Demir ve Celik 71,000.00 Formosa Petrochemical 1,288,704.14 1,236,805.42 0.07 Fabrikalari A Ord 816,143.93 1,204,232.19 0.07 274,560.00 Formosa Plastic 4,422,969.75 4,905,729.44 0.27 5,790.00 Ford Otomotiv 68,000.00 Formosa Taffeta Co Ltd 555,134.90 502,442.41 0.03 Sanayi AS 443,684.32 481,958.15 0.03 62,550.00 Foxconn Technology 1,056,494.43 1,013,979.83 0.06 155,985.00 Garanti Banka 4,601,426.01 4,077,220.54 0.22 464,000.00 Fubon Financial 101,303.00 Isbank 2,213,752.07 1,830,221.97 0.10 Holding 4,081,969.15 4,482,932.67 0.25 40,743.00 Koc Holding 1,329,322.17 1,336,020.67 0.07 20,000.00 Giant Manufacturing 56,361.00 Sabanci Holding 1,992,779.00 1,757,526.24 0.10 Co Ltd 789,659.99 1,041,157.40 0.06 9,769.00 Tav Havalimanlari 3,000.00 Hermes Microvision Holding 420,435.33 519,011.34 0.03 Ord Shs 693,376.10 795,981.62 0.04 7,888.00 Tupras 1,284,549.73 1,228,628.79 0.07 46,000.00 High Tech Computer 2,413,119.79 1,421,347.77 0.08 47,943.00 Turk Hava Yollari AO A 13,210.00 Hiwin Technology Corp 716,865.19 1,089,942.90 0.06 Ord Shs 986,811.04 981,062.64 0.05 726,499.00 Hon Hai Precision 26,598.00 Turk Telecom 715,224.67 513,247.97 0.03 Industry 12,107,704.72 16,266,662.50 0.89

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

92 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)

Equities (continued) Equities (continued)

TWD - Taiwan (continued) USD - Egypt 15,000.00 Hotai Motor Co Ltd 894,527.92 1,279,616.02 0.07 15,288.00 Commercial 343,700.00 Hua Nan Finance 1,253,230.43 1,439,078.80 0.08 International Bank 583,000.00 InnoluxDisplay 1,748,472.78 1,827,511.11 0.10 (Egypt) 336,963.36 498,763.48 0.03 156,000.00 Inotera Memories Inc 1,609,249.18 1,896,652.92 0.10 25,481.00 Global Telecom 178,000.00 Inventec 674,627.95 1,139,854.64 0.06 Holding GDR 527,415.73 607,806.67 0.03 19,000.00 Kinsus 864,379.09 1,106,570.15 0.06 Interconnect Tech 422,412.42 570,061.66 0.03 7,000.00 Largan Precision 1,758,844.91 3,730,254.24 0.20 USD - Peru 142,428.00 Lite-On Technology 1,427,101.66 1,589,732.21 0.09 13,800.00 Compania de Minas 92,732.00 Mediatek 7,492,626.54 10,485,386.41 0.57 Buenaventura ADR 2,011,536.62 1,089,564.97 0.06 639,000.00 Mega Financial Holding 3,366,255.12 3,555,418.16 0.19 4,400.00 Credicorp Ltd 4,274,833.88 4,573,234.00 0.25 12,000.00 Merida Industry Ord Shs 429,597.44 531,997.84 0.03 6,286,370.50 5,662,798.97 0.31 312,900.00 Nan Ya Plastics 4,203,796.22 5,037,300.84 0.28 37,000.00 Novatek USD - Russian Federation Microelectronics 918,628.71 1,217,818.29 0.07 130,500.00 Alrosa Co Ltd 1,034,468.81 1,070,935.26 0.06 114,000.00 Pegatron 980,569.90 1,454,933.50 0.08 781,792.00 Gazprom 22,917,959.46 22,863,215.42 1.25 150,000.00 Pou Chen 1,047,864.07 1,207,406.72 0.07 33,420.00 Lukoil Oil Company JSC 13,837,255.42 13,358,590.65 0.73 56,000.00 Powertech Tech 576,804.57 677,088.16 0.04 17,209.00 Magnit JSC 5,513,141.69 6,787,843.10 0.37 40,000.00 President Chain 3,697.00 MMC Norilsk Store Corp 1,554,021.11 2,140,530.04 0.12 Nickel OJJC 4,307,992.44 4,876,750.24 0.27 174,000.00 Quanta Computer 2,620,210.88 3,389,471.11 0.19 35,100.00 Mobile 27,540.00 Radiant Opto- Telesystems OJSC 4,521,286.20 4,632,105.20 0.25 Electronics Corp 652,436.06 789,291.35 0.04 82,384.00 Moscow Exchange 43,200.00 Realtek Ord Shs 986,415.08 1,090,940.97 0.06 Semiconductor Corp 734,766.16 915,036.29 0.05 5,893.00 Novatek OAO 4,507,113.06 4,900,957.88 0.27 49,930.00 Ruentex Development 5,885.00 Ojsc Megafon GRD WI 1,085,287.63 1,239,313.47 0.07 Ord Shs 627,816.35 604,814.60 0.03 75,501.00 Rosneft Oil Co 3,998,822.17 3,695,314.49 0.20 31,000.00 Ruentex Industries 515,428.27 535,849.01 0.03 55,731.00 Rostelecom 1,353,539.28 944,353.02 0.05 514,352.00 Shin Kong Financial 7,753,519.00 Rusdhydro OJSC 1,104,138.46 1,019,882.36 0.06 Holding 975,152.60 1,060,677.85 0.06 754,160.00 Sberbank Savings Bank 206,000.00 SiliconWare of Russian Precision Ind 1,574,471.37 2,262,401.43 0.12 Federation OJSC 15,940,426.13 12,511,132.56 0.68 25,000.00 Simplo Technology 748,902.55 1,035,559.77 0.06 15,599.00 Severstal Cherepovets 395,388.00 Sinopac Holdings 1,132,718.34 1,190,718.78 0.07 Metal Factory JSC 1,077,721.94 854,431.76 0.05 19,500.00 Standard Foods Corp 329,407.69 362,389.94 0.02 11,311.00 Sistema JSFC GDR 1,883,971.96 2,329,034.21 0.13 74,000.00 Synnex Technology 972,427.00 Surgutneftegaz OJC 5,910,002.16 5,046,952.00 0.28 Int Corp 885,283.53 833,418.51 0.05 94,426.00 Tatneft Lokala 4,244,488.88 4,113,260.10 0.23 466,459.00 Taishin Financial 1,162,160.58 1,597,968.97 0.09 111.00 Transneft Pref 1,752,448.70 1,622,640.96 0.09 439,440.00 Taiwan Business Bank 840,817.94 916,036.34 0.05 87,435.00 Uralkalii 3,732,022.47 2,677,850.55 0.15 215,000.00 Taiwan Cement 1,946,168.61 2,175,907.00 0.12 343,198,594.00 VTB Bank OJSC 3,406,587.94 2,769,260.08 0.15 466,780.00 Taiwan Cooperative 103,115,089.88 98,404,764.28 5.40 Financial 1,603,433.60 1,787,194.36 0.10 44,000.00 Taiwan Glass Ind 274,137.72 248,265.66 0.01 USD - United States 108,000.00 Taiwan Mobile 2,376,590.91 2,234,390.94 0.12 10,300.00 Southern Copper 2,402,478.75 2,091,251.02 0.11 1,642,000.00 Taiwan Semiconductor 37,504,875.80 46,507,941.32 2.55 2,402,478.75 2,091,251.02 0.11 149,000.00 Teco Electric & ZAR - South Africa Machinery Co 902,050.32 1,145,978.43 0.06 81,765.00 African Bank Investment 1,061,214.69 348,875.73 0.02 16,000.00 TPK Holding Co Ltd 1,592,756.99 1,067,578.16 0.06 8,115.00 African Rainbow 24,000.00 TSRC Corp 309,389.53 226,770.80 0.01 Mineral 1,100,946.98 953,747.35 0.05 59,000.00 TWN Fertilizer 952,214.73 782,054.74 0.04 3,982.00 Anglo American 103,000.00 Unimicron Technology 641,365.15 666,497.47 0.04 Platinum 1,191,938.57 1,153,723.31 0.06 287,020.00 Uni-President 26,886.00 Anglogold 3,875,846.89 3,004,786.43 0.16 Enterprises 3,184,324.92 3,444,612.59 0.19 22,109.00 Aspen Pharmacare 805,999.00 United Micro Electronics 2,097,738.70 2,697,982.52 0.15 Ord Shs 3,070,089.99 4,152,541.97 0.23 331,000.00 Walsin Lihwa 699,532.12 789,298.06 0.04 2,431.00 Assore Limited Ord Shs 684,791.12 544,844.92 0.03 132,300.00 Wistron 871,573.94 807,216.05 0.04 21,210.00 Barclays Africa Group 83,000.00 WPG Holdngs CO 709,005.64 763,806.50 0.04 Ord Shs 2,377,020.69 2,152,517.75 0.12 611,999.00 Yuanta Financial 15,248.00 Barloworld 962,109.19 970,155.75 0.05 Holdings 2,119,098.32 2,213,026.81 0.12 22,635.00 Bidvest Group 3,653,797.36 4,019,346.66 0.22 59,000.00 Yulon Motor 676,067.00 642,024.67 0.04 17,100.00 Coronation Fund 184,449,985.78 220,630,784.73 12.11 Managers 1,028,563.86 1,026,309.86 0.06 18,109.00 Discovery Ltd 892,220.46 1,105,530.73 0.06 9,072.00 Exxaro Resources Ord Shs 1,051,390.44 789,562.22 0.04

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

93 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 MSCI Emerging Markets Index (continued) (expressed in SEK)

Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Other Transferable Securities (continued) listing (continued) Equities (continued) Equities (continued) MYR - Malaysia ZAR - South Africa (continued) 17,100.00 Public Bank Right 2014 0.00 195,813.51 0.01 207,781.00 FirstRand 4,751,862.55 5,320,678.17 0.29 0.00 195,813.51 0.01 51,043.00 Gold Fields 2,526,074.98 1,231,688.71 0.07 Warrants 143,374.00 Growthpoint Prop Units 2,414,311.71 2,228,066.06 0.12 25,139.00 Harmony Gold Mining Co Ltd 842,895.61 492,084.40 0.03 USD - Qatar 36,753.00 Impala Platinum 3,621,157.30 2,468,441.19 0.14 5,720.00 Deutsche Bank AG Call 12,673.00 Imperial Holding 1,748,047.23 1,592,732.99 0.09 Barwa Real Estate 432,642.43 371,503.56 0.02 18,469.00 Investec Ltd Ord Shs 874,801.01 1,131,338.19 0.06 3,100.00 Deutsche Bank AG ZT 4,119.00 Kumba Iron Ore 1,587,704.64 877,455.37 0.05 Industries Qatar 14 1,063,437.27 961,931.61 0.05 6,619.00 Liberty Holdings 25,410.00 Deutsche Bank AG ZT Ord Shs 535,972.22 540,716.07 0.03 Masraf Al Rayan 08J 2,839,429.95 2,124,283.67 0.12 58,420.00 Life Healthcare Group 3,240.00 Deutsche Bank AG ZT Holdings Ltd 1,366,881.30 1,523,135.47 0.08 Qatar Electric & Wa 1,152,241.34 1,029,850.09 0.06 7,698.00 Massmart Holdings Ltd 913,831.55 638,535.99 0.03 2,730.00 Deutsche Bank AG ZT 23,511.00 Mediclinic International Qatar Islamic Bank 529,396.05 415,392.89 0.02 Ord Shs 1,119,471.42 1,206,906.27 0.07 3,360.00 Deutsche Bank AG ZT 67,436.00 Metropolitan Holdings 1,098,529.73 1,112,383.80 0.06 Qatar National Bank 1,152,874.66 1,014,868.22 0.06 14,709.00 Mr Price Group Ord Shs 1,330,197.27 1,671,241.22 0.09 6,610.00 Deutsche Bank AG ZT 112,426.00 MTN Group Limited 14,280,898.94 15,824,461.29 0.87 Qatar Telecom 14Apr 1,898,388.61 1,438,168.87 0.08 37,910.00 Nampak 836,119.73 876,429.76 0.05 22,620.00 Deutsche Bank AG ZT 26,164.00 Naspers 13,071,965.62 20,584,580.21 1.13 Vodafone Qatar 30Ju 824,867.06 655,550.04 0.04 12,835.00 Nedbank Group Ltd 1,770,126.00 1,848,362.65 0.10 9,893,277.37 8,011,548.95 0.45 61,711.00 Netcare 916,907.58 1,112,956.08 0.06 23,050.00 Northam Platinum USD - United Arab Emirates 39,350.00 Deutsche Bank AG Ord Shs 623,768.41 659,046.22 0.04 (London Branch) Call 0 542,261.15 464,315.94 0.03 14,241.00 Pick n Pay Stores Ltd 454,119.48 521,099.70 0.03 74,300.00 Deutsche Bank AG 30,402.00 Pretoria Portland Cement 664,824.97 598,926.11 0.03 (London Branch) Call1 887,307.33 355,155.88 0.02 181,967.00 Redefine Properties Ltd 1,188,175.24 1,096,591.28 0.06 46,740.00 Deutsche Bank AG 32,346.00 Remgro 3,953,623.29 4,675,003.75 0.26 (London Branch) Call2 1,367,294.67 1,212,396.24 0.07 47,352.00 RMB Holdings 1,466,985.11 1,564,858.39 0.09 65,940.00 Deutsche Bank AG ZT 46,784.00 RMI Holdings 784,129.84 963,695.53 0.05 Abu Dhabi Commercial 1,051,305.33 236,451.48 0.01 115,800.00 Sanlam 3,786,166.00 4,493,441.24 0.25 146,570.00 Deutsche Bank AG ZT 39,011.00 Sappi 814,265.17 938,164.71 0.05 Dubai Financial 1,053,862.05 700,608.30 0.04 37,217.00 Sasol 11,270,212.09 14,789,016.68 0.81 115,960.00 Deutsche Bank AG ZT 29,205.00 Shoprite Holdings Ltd 3,386,780.75 2,826,255.87 0.15 Emaar Properties 19 2,138,469.57 1,786,912.49 0.10 12,722.00 Spar Group 1,010,843.48 994,590.32 0.05 27,540.00 Deutsche Bank AG ZT 78,840.00 Standard Bank New 6,541,844.23 7,183,699.60 0.39 First Gulf Bank 11F 881,354.83 795,374.81 0.04 120,921.00 Steinhoff International 190,220.00 Deutsche Bank AgGCall Holdings 3,038,854.41 4,502,188.04 0.25 Aldar Properties 1,454,980.79 1,080,934.19 0.06 15,009.00 The Foschini Group 1,097,030.54 1,051,623.23 0.06 10,460.00 Deutsche Bank DP 10,624.00 Tiger Brands 2,138,962.95 2,047,153.53 0.11 World Ltd 1,467,148.78 1,358,366.18 0.07 25,811.00 Truworhts International 1,748,933.36 1,216,302.87 0.07 23,137.00 Vodacom Group Ord Shs 1,960,773.75 1,911,178.20 0.10 10,843,984.50 7,990,515.51 0.44 50,822.00 Woolworths Holding Investment Funds Ord Shs 2,312,174.37 2,495,825.86 0.14 124,800,154.07 137,032,797.70 7.51 EUR - France Other Transferable Securities 75,520.00 Lyxor ETF MSCI Emerging Markets - C- Equities EUR 5,468,979.52 5,458,826.60 0.30 5,468,979.52 5,458,826.60 0.30 CLP - Chile 4,256.00 CMPC Rights 0.00 6,166.75 0.00 Total Investments 1,632,956,998.68 1,698,924,177.61 93.05 0.00 6,166.75 0.00 Cash at bank 122,464,346.71 6.70 HKD - Hong Kong Bank overdraft (115,118.03) (0.01) 2,403.00 Jinmao Investments And Other net assets 5,694,016.89 0.26 Jcihl Right 2014 0.00 0.21 0.00 0.00 0.21 0.00 Total net assets 1,826,967,423.18 100.00

KRW - South Korea 1,799.00 Bs Financial Group Right 2014 0.00 15,452.69 0.00 0.00 15,452.69 0.00

The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.

94 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 30 June 2014 Emerging Markets Bond Fund (expressed in SEK)

Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets

Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)

Bonds Bonds (continued)

BRL - Brazil PLN - Poland 15,580,000.00 Brazil Government 8.5% 18,050,000.00 Poland Government 2024-01-05 41,536,337.54 45,988,003.68 2.95 3.75% 2018-04-25 39,546,774.66 41,064,630.83 2.63 25,300,000.00 European Investment 800,000.00 Poland Government Bank 10.5% 2017-12-21 71,782,815.47 78,308,582.28 5.02 5.75% 2021-10-25 2,039,563.51 2,041,919.09 0.13 25,100,000.00 Government 3,000.00 Poland Government Development Banks 6% 6.25% 2015-10-24 6,716.03 6,931.26 0.00 2016-03-15 70,666,958.91 71,944,630.16 4.62 26,100,000.00 Republic Of Poland 5,400,000.00 Nordic Investment Bank 5.25% 2017-10-25 58,930,729.85 61,951,365.07 3.98 10% 2016-02-04 16,048,394.69 16,311,817.23 1.05 100,523,784.05 105,064,846.25 6.74 200,034,506.61 212,553,033.35 13.64 RON - Romania COP - Colombia 25,200,000.00 Romania Govt 5.5% 12,062,000,000.00 Colombia Rep of 7.75% 2018-11-28 56,184,771.98 57,420,306.72 3.68 2021-04-14 46,700,345.24 49,167,850.19 3.15 2,520,000.00 Romania Govt 5.75% 46,700,345.24 49,167,850.19 3.15 2016-01-27 5,158,094.74 5,513,140.82 0.35 13,530,000.00 Romania Govt 5.9% HUF - Hungary 2017-07-26 28,448,910.38 30,546,584.39 1.96 2,336,250,000.00 Hungary Government 89,791,777.10 93,480,031.93 5.99 5.5% 2016-02-12 70,252,200.21 72,607,587.03 4.66 2,262,300,000.00 Republic of Hungary 7% RUB - Russian Federation 2022-06-24 74,837,230.83 79,798,139.18 5.12 118,925,000.00 Russia Government 145,089,431.04 152,405,726.21 9.78 6.88% 2015-07-15 23,032,688.51 23,126,188.58 1.48 67,000,000.00 Russia Government IDR - Indonesia 6.9% 2016-08-03 12,476,189.42 12,877,569.94 0.83 64,555,000,000.00 Republic Of Indonesia 303,857,000.00 Russia Government 2025-09-15 43,397,486.29 43,081,763.52 2.76 7.6% 2022-07-20 55,518,586.30 57,805,537.72 3.71 43,397,486.29 43,081,763.52 2.76 145,000,000.00 Russia Government 7.85% 2018-03-10 27,196,656.05 28,196,740.33 1.81 MXN - Mexico 118,224,120.28 122,006,036.57 7.83 24,400,000.00 Mexican Govt 10% 2024-12-05 15,826,636.27 16,843,505.62 1.08 TRY - Turkey 70,477,000.00 Mexican Govt 6.5% 36,500,000.00 Republic Of Turkey 2021-06-10 37,720,882.40 38,940,985.92 2.50 10.5% 2020-01-15 119,044,840.30 125,183,990.66 8.03 77,705,000.00 Mexican Govt 7.75% 400,000.00 Republic Of Turkey 2031-05-29 43,951,396.58 45,866,295.64 2.94 6.3% 2018-02-14 1,024,843.83 1,183,013.40 0.08 39,000,000.00 Mexicav Govt 6.25% 14,000,000.00 Republic Of Turkey 2016-06-16 20,693,749.34 21,208,194.55 1.36 8.76% 2018-11-14 44,993,068.49 44,848,567.84 2.88 118,192,664.59 122,858,981.73 7.88 165,062,752.62 171,215,571.90 10.99

MYR - Malaysia ZAR - South Africa 15,047,000.00 Malaysian Government 108,169,000.00 South Africa Gov 6.75% 4.262% 2016-09-15 31,553,600.17 31,902,736.78 2.05 2021-03-31 64,068,943.71 63,805,671.33 4.09 45,330,000.00 Malaysian Government 95,692,000.00 South Africa Govt 6.25% 4.378% 2019-11-29 95,003,699.79 97,378,760.92 6.25 2036-03-31 45,729,161.42 44,720,400.62 2.87 493,000.00 Malaysian Government 64,045,000.00 South Africa Govt 8.25% 4.392% 2026-04-15 1,055,508.50 1,040,468.82 0.07 2017-09-15 41,776,549.55 41,302,306.66 2.65 127,612,808.46 130,321,966.52 8.37 151,574,654.68 149,828,378.61 9.61

NGN - Nigeria Total Investments 1,453,687,370.68 1,506,724,075.84 96.67 705,000,000.00 Nigeria Government 13.05% 2016-08-16 28,108,293.79 29,872,329.14 1.92 Cash at bank 15,710,829.22 1.01 1,493,700,000.00 Nigeria Government Other net assets 35,997,231.19 2.32 16.39% 2022-01-27 69,126,053.03 74,227,094.03 4.76 97,234,346.82 104,099,423.17 6.68 Total net assets 1,558,432,136.25 100.00 PEN - Peru 11,460,000.00 Peru Government 6.95% 2031-08-12 29,081,340.55 29,378,343.32 1.89 7,760,000.00 Peru Government 7.84% 2020-08-12 21,167,352.35 21,262,122.57 1.36 50,248,692.90 50,640,465.89 3.25

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

95 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments As at 30 June 2014

Swedish Bonds Shares Swedish Short Term Assets Shares

% of net % of net assets assets Economic sectors Economic sectors Banks 38.15 Banks 45.84 Financial Services 11.30 Commercial Services & Supplies 0.62 Government 40.00 Consumer Durables & Apparel 11.05 Real Estate 3.71 Diversified Financials 6.81 TOTAL 93.16 Health Care Equipment & Service 0.54 Insurance 0.30

Materials 6.95 Real Estate 22.32 Geographical sectors Telecommunication Services 3.23 Sweden 93.16 Utilities 0.77 TOTAL 93.16 TOTAL 98.43

Geographical sectors Sweden 98.43 TOTAL 98.43

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

96 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Russia Shares Global Criteria

% of net % of net assets assets Economic sectors Economic sectors Automobiles & Components 1.82 Automobiles & Components 3.17 Banks 10.05 Banks 10.42 Commercial Services & Supplies 6.24 Chemicals 0.20 Computer Services 0.55 Commercial Services & Supplies 5.43 Diversified Financials 4.01 Computer Services 4.52 Energy 8.38 Consumer Durables & Apparel 0.69 Food & Staples Retailing 2.21 Consumer Services 1.07 Health Care Equipment & Service 2.25 Diversified Financials 7.44 Household & Personal Products 1.85 Energy 3.66 Materials 6.99 Food & Staples Retailing 3.79 Media 0.58 Food Beverage & Tobacco 1.16 Oil & Gas Drilling 28.02 Health Care Equipment & Service 2.80 Petrochemicals 1.08 Household & Personal Products 4.39 Pharmaceuticals, Biotechnology 1.33 Industry 1.97 Real Estate 3.63 Insurance 4.95 Retailing 8.28 Investment Funds 0.03 Telecommunication Services 7.56 Materials 2.25 Transportation 3.62 Media 3.16 TOTAL 98.45 Oil & Gas Drilling 6.82 Petrochemicals 2.74

Pharmaceuticals, Biotechnology 8.51 Professional Services 0.47 Geographical sectors Real Estate 2.56 Austria 0.94 Retailing 2.01 Cyprus 0.91 Semiconductors & Semiconductor 2.44 Georgia 0.56 Software & Services 2.41 Hong Kong 0.28 Technology Hardware & Equipment 3.20 Kazakhstan 0.44 Telecommunication Services 4.32 Malaysia 0.46 Transportation 2.09 Netherlands 0.33 Utilities 0.02 Russian Federation 93.34 TOTAL 98.69 Sweden 0.40

Switzerland 0.55 Ukraine 0.24 TOTAL 98.45

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

97 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Global Criteria (continued) Euro Liquidity

% of net % of net assets assets Geographical sectors Economic sectors Australia 2.66 Banks 44.79 Austria 0.07 Government 40.44 Belgium 0.20 Oil & Gas Drilling 3.96 Bermuda 0.21 TOTAL 89.19 Brazil 1.18

Canada 3.73 Chile 0.18 China 0.53 Geographical sectors Colombia 0.09 France 40.45 Czech Republic 0.01 Germany 3.88 Denmark 0.55 Netherlands 15.41 Finland 0.34 Norway 11.87 France 2.96 Sweden 17.58 3.69 Germany TOTAL 89.19 Greece 0.09 Guernsey 0.02 Hong Kong 2.55 Hungary 0.02 Indonesia 0.33 Ireland 0.32 Israel 0.21 Italy 0.97 Japan 7.65 Jersey 0.03 Luxembourg 0.04 Malaysia 0.48 Mexico 0.57 Netherlands 1.23 New Zealand 0.04 Norway 0.43 Peru 0.04 Philippines 0.11 Poland 0.22 Portugal 0.04 Qatar 0.03 Russian Federation 0.64 Singapore 0.64 South Africa 0.90 South Korea 1.69 Spain 1.42 Sweden 1.23 Switzerland 1.74 Taiwan 1.36 Thailand 0.21 Turkey 0.21 United Arab Emirates 0.04 United Kingdom 7.84 United States 48.95 TOTAL 98.69

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

98 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Europe Selective Nordic Shares

% of net % of net assets assets Economic sectors Economic sectors Automobiles & Components 4.84 Banks 15.86 Banks 6.40 Commercial Services & Supplies 16.95 Commercial Services & Supplies 12.96 Computer Services 1.37 Consumer Durables & Apparel 4.71 Consumer Durables & Apparel 0.95 Food & Staples Retailing 3.07 Consumer Services 2.35 Household & Personal Products 17.70 Diversified Financials 1.66 Petrochemicals 9.17 Energy 1.77 Pharmaceuticals, Biotechnology 12.97 Food & Staples Retailing 2.62 Professional Services 4.46 Food Beverage & Tobacco 1.36 Retailing 4.81 Health Care Equipment & Service 2.78 Technology Hardware & Equipment 14.70 Household & Personal Products 8.93 Transportation 3.14 Insurance 3.94 TOTAL 98.93 Materials 3.86 Oil & Gas Drilling 5.48

Petrochemicals 3.05 Pharmaceuticals, Biotechnology 11.71 Geographical sectors Semiconductors & Semiconductor 0.42 Denmark 8.21 Technology Hardware & Equipment 4.94 France 8.48 Telecommunication Services 5.37 Spain 9.16 Transportation 3.26 Sweden 16.04 TOTAL 98.63 Switzerland 12.31

United Kingdom 44.73 TOTAL 98.93 Geographical sectors Denmark 24.75 Faroe Islands 0.67 Finland 12.87 Norway 19.12 Sweden 38.37 Switzerland 1.58 United Kingdom 1.27 TOTAL 98.63

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

99 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

America Small Cap Far East Shares

% of net % of net assets assets Economic sectors Economic sectors Automobiles & Components 2.25 Automobiles & Components 5.22 Banks 14.34 Banks 15.19 Commercial Services & Supplies 17.85 Commercial Services & Supplies 2.67 Computer Services 5.56 Computer Services 2.23 Consumer Services 2.34 Consumer Durables & Apparel 0.37 Diversified Financials 2.30 Consumer Services 6.95 Energy 3.19 Diversified Financials 7.81 Food & Staples Retailing 7.97 Energy 1.41 Health Care Equipment & Service 2.70 Food & Staples Retailing 3.49 Household & Personal Products 13.08 Food Beverage & Tobacco 0.39 Materials 2.73 Household & Personal Products 1.80 Petrochemicals 5.65 Industry 3.37 Pharmaceuticals, Biotechnology 1.05 Insurance 4.61 Professional Services 4.99 Investment Funds 0.65 Retailing 0.37 Materials 1.44 Software & Services 2.15 Media 0.12 Technology Hardware & Equipment 7.64 Oil & Gas Drilling 3.73 Transportation 2.33 Petrochemicals 1.57 TOTAL 98.49 Pharmaceuticals, Biotechnology 0.18 Real Estate 7.05

Retailing 0.36 Semiconductors & Semiconductor 13.30 Geographical sectors Software & Services 3.67 Ireland 2.92 Technology Hardware & Equipment 4.03 Mexico 9.54 Telecommunication Services 5.82 United States 86.03 Transportation 2.17 TOTAL 98.49 TOTAL 99.60

Geographical sectors China 4.97 Hong Kong 39.62 Indonesia 3.50 Malaysia 2.32 Philippines 2.94 Singapore 5.90 South Korea 20.41 Taiwan 15.37 Thailand 4.57 TOTAL 99.60

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

100 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Global Thematic Global Thematic (continued)

% of net % of net assets assets Economic sectors Geographical sectors Automobiles & Components 2.89 Brazil 3.47 Banks 13.13 Canada 0.55 Commercial Services & Supplies 8.23 Chile 1.92 Computer Services 4.71 China 0.58 Consumer Services 1.10 Colombia 0.78 Diversified Financials 8.80 Denmark 0.63 Energy 2.70 France 2.76 Food & Staples Retailing 3.86 Germany 2.93 Food Beverage & Tobacco 1.93 Hong Kong 4.64 Health Care Equipment & Service 2.65 India 0.51 Household & Personal Products 4.87 Indonesia 0.86 Industry 0.43 Italy 0.36 Insurance 1.17 Japan 4.80 Materials 1.26 Mexico 2.00 Media 4.63 Netherlands 0.99 Oil & Gas Drilling 6.56 Nigeria 0.24 Petrochemicals 5.94 Norway 1.22 Pharmaceuticals, Biotechnology 9.31 Peru 0.79 Professional Services 1.05 Philippines 1.46 Retailing 1.55 South Africa 1.73 Software & Services 2.15 Sweden 0.35 Technology Hardware & Equipment 2.78 Switzerland 1.62 Telecommunication Services 1.14 Taiwan 1.39 Transportation 1.57 United Kingdom 8.95 Utilities 2.44 United States 51.32 TOTAL 96.85 TOTAL 96.85

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

101 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Commodity Brazil

% of net % of net assets assets Economic sectors Economic sectors Government 16.32 Automobiles & Components 1.73 TOTAL 16.32 Banks 3.95 Commercial Services & Supplies 20.99

Computer Services 3.09 Consumer Durables & Apparel 1.74 Geographical sectors Consumer Services 1.19 United States 16.32 Diversified Financials 5.20 9.72 TOTAL 16.32 Food & Staples Retailing Food Beverage & Tobacco 4.20 Health Care Equipment & Service 0.84 Household & Personal Products 10.65 Industry 3.19 Media 6.13 Real Estate 11.40 Software & Services 1.21 Telecommunication Services 1.81 Transportation 8.33 TOTAL 95.37

Geographical sectors Brazil 91.17 Chile 4.20 TOTAL 95.37

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

102 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Global Dynamic Allocation Preserve 90 Multi Asset (L)

% of net % of net assets assets Economic sectors Economic sectors Automobiles & Components 2.97 Investment Funds 97.94 Banks 15.05 TOTAL 97.94 Commercial Services & Supplies 7.47

Computer Services 3.57 Consumer Durables & Apparel 0.58 Consumer Services 1.03 Geographical sectors Diversified Financials 4.54 Finland 3.46 Energy 1.68 Ireland 0.07 Food & Staples Retailing 0.89 Luxembourg 51.45 Health Care Equipment & Service 3.18 Sweden 42.96 6.53 Household & Personal Products TOTAL 97.94 Insurance 6.11 Investment Funds 9.95 Media 2.30 Oil & Gas Drilling 1.39 Petrochemicals 1.60 Pharmaceuticals, Biotechnology 8.71 Semiconductors & Semiconductor 4.83 Software & Services 2.92 Technology Hardware & Equipment 6.27 Telecommunication Services 6.03 Transportation 1.74 TOTAL 99.34

Geographical sectors Australia 2.21 Belgium 0.76 Canada 3.13 Denmark 4.36 Finland 2.24 France 12.13 Germany 4.78 Hong Kong 0.68 Japan 4.57 Norway 3.58 Spain 0.42 Sweden 11.15 Switzerland 4.66 United Kingdom 6.12 United States 38.55 TOTAL 99.34

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

103 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Multi Asset (M) Multi Asset (H)

% of net % of net assets assets Economic sectors Economic sectors Investment Funds 98.20 Investment Funds 97.77 TOTAL 98.20 TOTAL 97.77

Geographical sectors Geographical sectors Finland 4.83 Finland 4.14 Ireland 0.16 Ireland 0.19 Luxembourg 46.42 Luxembourg 40.93 Sweden 46.79 Sweden 52.51 TOTAL 98.20 TOTAL 97.77

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

104 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Global Selective Pension 40

% of net % of net assets assets Economic sectors Economic sectors Commercial Services & Supplies 4.40 Investment Funds 100.99 Computer Services 9.27 TOTAL 100.99 Energy 4.96

Food & Staples Retailing 2.54 Food Beverage & Tobacco 2.92 Household & Personal Products 24.70 Geographical sectors Petrochemicals 8.98 Luxembourg 42.48 Pharmaceuticals, Biotechnology 19.09 Norway 3.05 Professional Services 3.88 Sweden 55.46 4.52 Software & Services TOTAL 100.99 Technology Hardware & Equipment 10.30

TOTAL 95.56

Geographical sectors Denmark 4.36 France 4.96 Ireland 3.91 South Africa 2.54 Switzerland 3.88 United Kingdom 25.29 United States 50.62 TOTAL 95.56

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

105 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Pension 50 Pension 60

% of net % of net assets assets Economic sectors Economic sectors Investment Funds 99.93 Investment Funds 99.85 TOTAL 99.93 TOTAL 99.85

Geographical sectors Geographical sectors Luxembourg 28.86 Luxembourg 26.20 Norway 2.96 Norway 2.93 Sweden 68.11 Sweden 70.72 TOTAL 99.93 TOTAL 99.85

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

106 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Pension 70 Pension 80

% of net % of net assets assets Economic sectors Economic sectors Investment Funds 99.87 Investment Funds 99.83 TOTAL 99.87 TOTAL 99.83

Geographical sectors Geographical sectors Luxembourg 26.65 Luxembourg 27.30 Norway 2.92 Norway 2.86 Sweden 70.30 Sweden 69.67 TOTAL 99.87 TOTAL 99.83

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

107 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

MSCI Emerging Markets Index MSCI Emerging Markets Index

(continued) % of net assets % of net Economic sectors assets Automobiles & Components 3.12 Geographical sectors Banks 17.06 Brazil 10.75 Commercial Services & Supplies 3.96 Chile 1.58 Computer Services 2.02 China 4.05 Consumer Durables & Apparel 0.65 Colombia 1.10 Consumer Services 0.67 Czech Republic 0.29 Diversified Financials 6.33 Egypt 0.06 Energy 2.34 France 0.30 Food & Staples Retailing 4.61 Greece 0.80 Food Beverage & Tobacco 2.26 Hong Kong 14.21 Health Care Equipment & Service 0.62 Hungary 0.23 Household & Personal Products 1.75 Indonesia 2.43 Industry 1.78 Malaysia 3.99 Insurance 3.28 Mexico 5.00 Investment Funds 0.30 Peru 0.31 Materials 4.70 Philippines 0.94 Media 1.85 Poland 1.63 Oil & Gas Drilling 9.68 Qatar 0.45 Petrochemicals 2.24 Russian Federation 5.40 Pharmaceuticals, Biotechnology 0.81 South Africa 7.51 Real Estate 1.75 South Korea 15.46 Retailing 1.05 Spain 0.04 Semiconductors & Semiconductor 8.27 Taiwan 12.11 Software & Services 0.18 Thailand 2.17 Technology Hardware & Equipment 3.53 Turkey 1.69 Telecommunication Services 6.58 United Arab Emirates 0.44 Transportation 1.44 United States 0.11 Utilities 0.22 TOTAL 93.05 TOTAL 93.05

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

108 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Statement of Investments (continued) As at 30 June 2014

Emerging Markets Bond Fund

% of net assets Economic sectors Banks 4.62 Government 85.98 Supranational 6.07 TOTAL 96.67

Geographical sectors Brazil 13.64 Colombia 3.15 Hungary 9.78 Indonesia 2.76 Malaysia 8.37 Mexico 7.88 Nigeria 6.68 Peru 3.25 Poland 6.74 Romania 5.99 Russian Federation 7.83 South Africa 9.61 Turkey 10.99 TOTAL 96.67

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

109 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements For the period ended 30 June 2014

Note 1 – GENERAL

Svenska Handelsbanken International Growth Fund S.A., an investment company, was incorporated in Luxembourg as a société anonyme on 28 November 1984.

An extraordinary General Meeting of Shareholders held on the 29 March 1988 resolved to change the name of the Fund to Svenska Selection Fund and to convert the Fund into a Société d’Investissement à Capital Variable (SICAV) à compartiments multiples, that is an open-ended investment Fund with an umbrella structure. The Directors have the right to issue shares of different classes from time to time. Each class entitles the holders to participate in separate assets of the Fund. On the 16 June 2008, an Extraordinary Meeting of shareholders resolved to change the name of the Fund to Handelsbanken Funds (“the Fund”).

The Fund is now an Undertaking for Collective Investment in Transferable Securities compliant with Part 1 of the law dated 17 December 2010 on undertakings for collective investments.

From 18 July 2007 the sub-funds launched additional dealing currencies.

The following sub-funds are currently available to investors:

Handelsbanken Funds – Swedish Bonds Shares The shares are offered at offering price expressed in Swedish Krona (SEK) and an additional dealing currency is available in Euro (EUR).

Handelsbanken Funds – Swedish Short Term Assets Shares The shares are offered at offering price expressed in Swedish Krona (SEK) and an additional dealing currency is available in Euro (EUR).

Handelsbanken Funds – Russia Shares The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR), Danish Krone (DKK) and Norwegian Krone (NOK).

Handelsbanken Funds – Global Criteria The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).

Handelsbanken Funds – Euro Liquidity The shares are offered at offering price expressed in Euro (EUR).

Handelsbanken Funds – Europe Selective The shares are offered at offering price expressed in Euro (EUR) and additional dealing currencies are available in Norwegian Krone (NOK) and Swedish Krona (SEK).

Handelsbanken Funds – Nordic Shares The shares are offered at offering price expressed in Euro (EUR) and additional dealing currencies are available in Norwegian Krone (NOK) and Swedish Krona (SEK).

110

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Handelsbanken Funds – America Small Cap The shares are offered at offering price expressed in US Dollars (USD) and additional dealing currencies are available in Euro (EUR) Norwegian Krone (NOK) and Swedish Krona (SEK).

Handelsbanken Funds – Far East Shares The shares are offered at offering price expressed in US Dollars (USD) and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).

Handelsbanken Funds – Global Thematic The shares are offered at offering price expressed in US Dollars (USD) and an additional dealing currency is available in Norwegian Krone (NOK), Swedish Krona (SEK) and in Euro (EUR).

Handelsbanken Funds – Commodity The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).

Handelsbanken Funds – Brazil The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).

Handelsbanken Funds – Global Dynamic Allocation Preserve 90 The shares are offered at offering price expressed in Swedish Krona (SEK).

Handelsbanken Funds – Multi Asset (L) The shares are offered at offering price expressed in Swedish Krona (SEK), and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).

Handelsbanken Funds – Multi Asset (M) The shares are offered at offering price expressed in Swedish Krona (SEK), and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).

Handelsbanken Funds – Multi Asset (H) The shares are offered at offering price expressed in Swedish Krona (SEK), and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).

Handelsbanken Funds – Global Selective The shares are offered at offering price expressed in Euro (EUR) and additional dealing currencies are available in Norwegian Krone (NOK) and Swedish Krona (SEK).

Handelsbanken Funds – Pension 40 The shares are offered at offering price expressed in Swedish Krona (SEK).

Handelsbanken Funds – Pension 50 The shares are offered at offering price expressed in Swedish Krona (SEK).

Handelsbanken Funds – Pension 60 The shares are offered at offering price expressed in Swedish Krona (SEK).

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Handelsbanken Funds – Pension 70 The shares are offered at offering price expressed in Swedish Krona (SEK).

Handelsbanken Funds – Pension 80 The shares are offered at offering price expressed in Swedish Krona (SEK).

Handelsbanken Funds – MSCI Emerging Markets Index The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Norwegian Krone (NOK) and Euro (EUR).

Handelsbanken Funds – Emerging Markets Bond Fund The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR), Danish Krone (DKK), Norwegian Krone (NOK), British Pound (GBP) and US Dollar (USD).

The Board of directors has decided to postpone the launch of the Fund of Funds Fixed Income, Alternative Asset Allocation, Global Protect 80, Pension 90, Nordic Selective and Swedish Selective due to the market conditions.

Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation of financial statements The financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings for collective investment. a) Valuation of investment securities Investment securities are valued at each valuation date for subscription and redemption purposes as follows: – Securities which are listed on an official stock exchange are valued at the last available closing price on the principal market on which such securities are listed. – Securities traded on other organised markets are valued at the last available closing price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. – If such prices are not representative of their fair value, all such securities and all other eligible assets are valued at their fair value at which it is expected they may be sold, as determined in good faith by, or under the direction of, the Board of Directors of the Fund. – Zero coupon bonds are accrued on a straight line basis until maturity date. – Shares or units in open-ended investment funds are valued at their last available calculated net asset value. Money market instruments are valued at: – Market value plus any accrued interest for instruments having, at the moment of their acquisition by the Fund, an initial or remaining maturity of more than 12 months, until the instruments have a remaining maturity of less than 12 months at which time they will move to an amortised cost basis plus accrued interest, and – On an amortised cost basis plus accrued interest for instruments having, at the moment of their acquisition by the Fund, an initial or remaining maturity of less than 12 months.

In the event that it is impossible or incorrect to carry out a valuation in accordance with the above rules owing to particular circumstances, the Board of Directors or their delegate shall be entitled to use other generally recognised valuation principles, in order to reach a fair valuation of the total assets of each sub-fund.

112

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the period ended 30 June 2014 b) Net realised gain/(loss) on sales of investment securities The net realised gain or loss on sales of securities is determined on the basis of the average cost of securities sold. c) Foreign exchange translation in each sub-fund The financial statements of each sub-fund are expressed in the base currency designated in the prospectus for that particular sub-fund. Bank accounts, other net assets or other net liabilities and the market value of the investments in currencies other than the sub-fund’s currency are translated into the sub-fund’s currency at applicable exchange rates at the year/period end.

Income and expenses in currencies other than the sub-fund’s currency are translated into the sub-fund’s currency at the applicable exchange rates prevailing at transaction date.

Resulting realised and unrealised foreign exchange gains or losses are included in the statement of operations. Foreign exchange rates used as at 30 June 2014 are as follows:

USD 1 = AUD 1.05949 USD 1 = MXN 12.973 USD 1 = BRL 2.2041 USD 1 = MYR 3.211 USD 1 = CAD 1.06515 USD 1 = NGN 162.85 USD 1 = CHF 0.8868 USD 1 = NOK 6.1363 USD 1 = CLP 553.67 USD 1 = NZD 1.142139 USD 1 = COP 1879.75 USD 1 = PEN 2.793 USD 1 = CZK 20.04895 USD 1 = PHP 43.65 USD 1 = DKK 5.4452 USD 1 = PLN 3.0367 USD 1 = EUR 0.73038 USD 1 = QAR 3.6406 USD 1 = GBP 0.584847 USD 1 = RON 3.20175 USD 1 = HKD 7.75035 USD 1 = RUB 34.0524 USD 1 = HUF 226.06 USD 1 = SEK 6.68535 USD 1 = IDR 11855 USD 1 = SGD 1.24665 USD 1 = ILS 3.42875 USD 1 = THB 32.455 USD 1 = JPY 101.305 USD 1 = TRY 2.1203 USD 1 = KRW 1011.8 USD 1 = TWD 29.858 USD 1 = LTL 2.52185 USD 1 = ZAR 10.63875 d) Cost of investment securities The cost of investment securities denominated in currencies other than the sub-fund’s currency is translated into the sub-fund’s currency at the exchange rate prevailing at the date of purchase. e) Allocation of shared expenses The Fund adopted a “Flat All-in Fee” model for the payment of shared expenses from 1 August 2012. The “Flat All- in Fee” model is described in note 5. f) Dividends Dividends are recorded at ex-date, net of withholding taxes. Interest are accrued on each valuation date on a prorata basis, net of withholding taxes.

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HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the period ended 30 June 2014 g) Combined financial statements The combined statement of net assets, the combined statement of operations and the combined statement of changes in net assets have been prepared in US Dollars. The cross sub-funds investments (meaning when one sub-fund has invested in another sub-fund of the Fund) are not retreated in the calculation of the combined figures. For the purpose of preparing these combined statements, the assets, liabilities and the income and expenses of the sub-funds expressed in currencies other than US Dollar have been translated into US Dollars at the applicable exchange rate at 30 June 2014.

USD 1 = EUR 0.73038 USD 1 = SEK 6.68535 h) Financial derivative instruments The value of financial derivative instruments which are quoted or dealt in on any Regulated Market is based on the last available price and, if appropriate, on the average price on the Regulated Market which is normally the principal market of such financial derivative instruments.

The value of financial derivative instruments dealt in on another organised market is valued in a manner as similar as possible to that provided for quoted financial derivative instruments.

The financial derivative instruments which are not listed on any official stock exchange or traded on any other Regulated Market are valued in a reliable and verifiable manner on a daily basis in accordance with market practice and verified by a competent and independent professional appointed by the Board of Directors.

The swap transactions are consistently valued based on a calculation of the net present value of their expected cash flows.

114

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the year ended 30 June 2014

Notes 3 - FEES AND COMMISSIONS PAYABLE

Combined Swedish Bonds Swedish Short Term Russia Shares Global Criteria Euro Liquidity Shares Assets Shares (expressed in) USD SEK SEK SEK SEK EUR

Flat All-in fee (Note 4) 7,848,603.69 1,704,114.97 9,387,177.14 2,152,467.64 3,742,355.85 578.09 "Taxe d'abonnement" (Note 5) 794,188.50 337,863.85 784,700.09 122,333.04 339,335.36 73.71 Total 8,642,792.19 2,041,978.82 10,171,877.23 2,274,800.68 4,081,691.21 651.80

Europe Selective Nordic Shares America Small Cap Far East Shares Global Thematic Commodity (expressed in) EUR EUR USD USD USD SEK

Flat All-in fee (Note 4) 64,685.80 53,140.53 663,676.72 45,911.42 192,198.66 1,098,874.60 "Taxe d'abonnement" (Note 5) 5,361.52 5,256.42 68,121.30 4,633.92 22,502.78 160,157.77 Total 70,047.32 58,396.95 731,798.02 50,545.34 214,701.44 1,259,032.37

115

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the year ended 30 June 2014

Notes 3 - FEES AND COMMISSIONS PAYABLE (continued)

Brazil Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Global Selective Allocation Preserve 90 (expressed in) SEK SEK SEK SEK SEK EUR

Flat All-in fee (Note 4) 883,252.09 731,675.52 6,536,113.01 6,572,759.71 3,897,140.47 182,832.34 "Taxe d'abonnement" (Note 5) 67,645.07 47,034.12 924,417.48 716,352.79 368,921.47 9,969.51 Total 950,897.16 778,709.64 7,460,530.49 7,289,112.50 4,266,061.94 192,801.85

Pension 40 Pension 50 Pension 60 Pension 70 Pension 80 MSCI Emerging Markets Index (expressed in) SEK SEK SEK SEK SEK SEK

Flat All-in fee (Note 4) 653,780.04 1,700,787.72 1,662,122.14 947,390.89 169,375.69 686,030.27 "Taxe d'abonnement" (Note 5) 60,600.98 157,838.57 158,683.68 93,945.10 19,919.81 60,853.81 Total 714,381.02 1,858,626.29 1,820,805.82 1,041,335.99 189,295.50 746,884.08

116

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the year ended 30 June 2014

Notes 3 - FEES AND COMMISSIONS PAYABLE (continued)

Emerging Markets Bond Fund (expressed in) SEK

Flat All-in fee (Note 4) 1,159,131.62 "Taxe d'abonnement" (Note 5) 62,869.35 Total 1,222,000.97

117

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the period ended 30 June 2014

Note 4 –FLAT ALL-IN FEE

A Flat All-in Fee, as described under the Section Fund Charges of the Fund's Prospectus, has been implemented as and from 1 August 2012.

The Fund pays a maximum monthly Flat All-in Fee calculated on the average net asset value of the Sub-Funds and its share classes as described for each Sub-Fund in the relevant Appendix.

The relevant Flat All-in Fee will not be charged until the corresponding share classes have been launched.

Out of the aforementioned Flat All-in Fee, the Fund will bear all internal and external costs incurred in connection with the Administration, Portfolio Management and Safekeeping of the Fund’s assets as well as Distribution, such as:

• annual fees and expenses for approving and supervising the Fund in Luxembourg and abroad;

• other fees charged by the supervisory authorities;

• printing of the regulations, prospectuses and annual and semi-annual reports;

• production of the KII or the corresponding documents for the Fund’s sales countries;

• price publications and publication of notices to investors;

• fees incurred in connection with the listing of the Fund and sales within Luxembourg and abroad;

• commission and expenses of the Custodian Bank for the safekeeping of the Fund’s assets, dealing with payments and other duties, as required under the Law of 2010;

• fees and other expenses for the payment of dividends to investors; and

• legal and auditor’s fees.

Unless otherwise provided in the relevant Appendix, the Fund will also, in addition to the Flat All-in Fee, bear all transaction expenses arising in connection with the administration of the Fund assets (brokerage commission in line with the market, fees, fiscal charges, etc.).

In the Sub-Funds that may invest in other UCI or UCITS under the terms of their investment policies, fees may be incurred both at the level of the Sub-Fund as well as at the level of the relevant target fund but the maximum investment management fee is set at 3% of the value of the relevant investments. The management fee charged to the Sub-Fund by an investment fund of the HANDELSBANKEN Group is refunded to the Sub-Fund and is included in the Rebate on Management fees of the Statement of Operations. Such investments may however entail a duplication of certain fees and expenses such as administration, operating and auditing costs.

The allocation of the Flat All-In Fee is performed by Svenska Handelsbanken AB (publ), Luxembourg Branch.

118

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the period ended 30 June 2014

The rates in effect on 30 June 2014 for the Flat All-in Fee are as follows:

Sub Fund Name Share Class All in Fee Rate Swedish Bonds Shares Class A 0.75% Swedish Short Term Assets Shares Class A 0.40% Swedish Short Term Assets Shares Class A2 0.20% Russia Shares Class A 2.40% Global Criteria Class A 0.65% Global Criteria Class AI and BI 0.40% Euro Liquidity Class A 0.37% Euro Liquidity Class AI 0.22% Europe Selective Class A 1.85% Nordic Shares Class A 1.50% America Small Cap Class A 1.50% Far East Shares Class A 1.50% Global Thematic Class A and BI 1.50% Commodity Class A 0.70% Commodity Class AI and BI 0.50% Brazil Class A 1.85% Global Dynamic Allocation Preserve 90 Class AI and BI 0.40% Multi Asset (L) Class A2 1.00% Multi Asset (L) Class BI 1.00% Multi Asset (M) Class A2 1.30% Multi Asset (M) Class BI 1.30% Multi Asset (H) Class A2 1.50% Multi Asset (H) Class BI 1.50% Global Selective Class A and BI 1.85% Global Selective Class AI 1.00% Pension 40 Class A and L 0.35% Pension 40 Class SPA 0.00% Pension 50 Class A and L 0.35% Pension 50 Class SPA 0.00% Pension 60 Class A and L 0.35% Pension 60 Class SPA 0.00% Pension 70 Class A and L 0.35% Pension 70 Class SPA 0.00% Pension 80 Class A and L 0.35% Pension 80 Class SPA 0.00% MSCI Emerging Markets Index Class A 0.80% MSCI Emerging Markets Index Class AI 0.40% MSCI Emerging Markets Index Class BI 0.80% Emerging Markets Bond Fund Class A 1.10% Emerging Markets Bond Fund Class A2 0.90% Emerging Markets Bond Fund Class AI 0.65% Emerging Markets Bond Fund Class BI 0.90%

119

HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the period ended 30 June 2014

Note 5 – “TAXE D’ABONNEMENT”

Under current law and practice, the Fund is not liable to any Luxembourg tax on profits or income, nor are dividends paid by the Fund liable to any Luxembourg withholding tax. However with the exception of the Swedish Short Term Assets Shares sub-fund, the Fund is liable in Luxembourg to a subscription tax, “taxe d’abonnement”, of 0.05% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the Fund at the end of the relevant calendar quarter. The Swedish Short Term Assets Shares sub-fund is liable in Luxembourg to a subscription tax, “taxe d’abonnement”, of 0.01% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the sub fund at the end of the relevant calendar quarter. In respect of any class of shares which comprise only institutional investors (within the meaning of article 174 of the Law of 2010), the tax will be at the rate of 0.01% per annum. This tax is not applicable for the portion of the assets of the Fund invested in other Luxembourg collective investment undertakings already subject to the “taxe d’abonnement”. No stamp duty or other tax is payable in Luxembourg on the issue of the shares in the Fund. No tax is payable in Luxembourg on realised or unrealised capital appreciation of the assets of the Fund.

Dividends, interest and capital gains on investments held by the Fund may be subject to non-recoverable tax, and withholding and capital gain taxes in the countries of origin.

Investors should consult their professional advisers on the taxation applicable under the laws of their countries of citizenship, residence or domicile.

Note 6 – CHANGES IN INVESTMENT PORTFOLIO

The schedule of changes in the investment portfolio is available upon request from the Registered Office of the Fund.

Note 7 – DIVIDEND PAID TO SHAREHOLDERS

As per a circular resolution dated 26 March 2014, the Board of Directors resolved to:

- distribute a dividend of 3.0% of the assets of Handelsbanken Funds – Global Criteria BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 76,195,567.37

- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Multi Asset H BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 122,332.59

- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Multi Asset L BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 1,492,512.21

- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Multi Asset M BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 748,702.40

- distribute a dividend of 3.0% of the assets of Handelsbanken Funds – Global Dynamic Allocation Preserve 90 BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 5,018,879.67

- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Global Selective BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 9,598,279.30

- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Global Thematic BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 4,916,743.29

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HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)

Notes to the Financial Statements (continued) For the period ended 30 June 2014

- distribute a dividend of 2.5% of the assets of Handelsbanken Funds – MSCI Emerging Markets Index BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 2,185,628.61

- distribute a dividend of 3.0% of the assets of Handelsbanken Funds –Emerging Markets Bond BI SEK Class. The dividend was calculated based on net assets as at 31 March 2014 and amounted to SEK 17,943,271.16

As per a circular resolution dated 22 April 2014, the Board of Directors resolved to:

- distribute a dividend of 2.0% of the assets of Handelsbanken Funds –Commodity BI SEK Class. The dividend was calculated based on net assets as at 23 April 2014 and amounted to SEK 1,975,431.53

Note 8 – TRANSACTION COSTS

Unless otherwise provided in the Appendix of the Fund’s prospectus, in addition to the Flat All-in Fee, the Fund bears all transaction expenses arising in connection with the administration of the Fund assets (brokerage commission in line with the market, fees, fiscal charges, etc.).

These costs are shown as a separate entry in the Statement of Operations and are excluded from the purchase cost of securities. Note 9 – SECURITIES LENDING AND COLLATERAL INFORMATION

From 15 October 2012, Handelsbanken Funds has entered into a Securities Lending Agreement (with J.P. Morgan Bank, N.A. (London Branch) as agent). As of 30 June 2014 the value of the securities lent by sub-fund was as follows:

Handelsbanken Funds – America Small Cap Currency Total market value of Total amount of Counterparty Type of collateral securities on loan collateral received USD 623,931.00 657,840.36 Credit Suisse Group Sovereign Bonds

USD 623,931.00 657,840.36

Income of Handelsbanken Funds America Small Cap sub-fund from securities lending for the period ending 30 June 2014 was USD 18,716.19. In order to mitigate risk with the above listed counterparties the sub-fund received collateral for an amount of USD 657,840.36 consisting of sovereign bonds with not less than an Aa1 rating. The cost of securities lending amounts to USD 5,156.35.

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Handelsbanken Funds – Far East Shares Currency Total market value of Total amount of Counterparty Type of collateral securities on loan collateral received USD 129,800.00 122,130.37 Deutsche Bank Sovereign Bonds USD 15,125.27 Deutsche Bank Treasury Notes USD 129,800.00 137,255.64

Income of Handelsbanken Funds Far East sub-fund from securities lending for the period ending 30 June 2014 was USD 4,450.85. In order to mitigate risk with the above listed counterparties the sub-fund received collateral for an amount of USD 137,225.64. This consisted of USD 122,130.37 in sovereign bonds with not less than an Aa1 rating and USD 15,125.27 in United States Treasury Notes. The cost of securities lending amounts to USD 1,530.21.

Handelsbanken Funds – Global Criteria Currency Total market value of Total amount of Counterparty Type of collateral securities on loan collateral received USD 2,955,811.64 3,137,505.80 Credit Suisse Group Equities USD 143,192.72 Credit Suisse Group Sovereign Bonds USD 2,955,811.64 3,280,698.52

Income of Handelsbanken Funds Global Criteria sub-fund from securities lending for the period ending 30 June 2014 was SEK 457,552.63. In order to mitigate risk with the above listed counterparties the sub-fund received collateral for an amount of USD 3,280,698.52. This consisted of USD 3,137,505.80 in equities and USD 143,192.72 in sovereign bonds with not less than an Aa1 rating. The cost of securities lending amounts to SEK 116,030.88.

Handelsbanken Funds – Russia Shares Income of Handelsbanken Funds Russia sub-fund from securities lending for the period ending 30 June 2014 was SEK 10,678.59. The cost of securities lending amounts to SEK 2,669.65. No securities were lent by the sub-fund as at 30 June 2014.

Handelsbanken Funds – Europe Selective Income of Handelsbanken Funds Europe Selective sub-fund from securities lending for the period ending 30 June 2014 was EUR 6,273.97. The cost of securities lending amounts to EUR 1,568.49. No securities were lent by the sub-fund as at 30 June 2014.

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Handelsbanken Funds – Nordic Shares Income of Handelsbanken Funds Nordic sub-fund from securities lending for the period ending 30 June 2014 was EUR 6,972.33. The cost of securities lending amounts to EUR 1,743.08. No securities were lent by the sub-fund as at 30 June 2014.

Handelsbanken Funds – Global Thematic Income of Handelsbanken Funds Global Thematic sub-fund from securities lending for the period ending 30 June 2014 was USD 53,786.17. The cost of securities lending amounts to USD 13,446.54. No securities were lent by the sub-fund as at 30 June 2014.

Handelsbanken Funds – Global Dynamic Allocation Preserve 90 Income of Handelsbanken Funds Global Dynamic Allocation Preserve 90 sub-fund from securities lending for the period ending 30 June 2014 was SEK 46,082.81. The cost of securities lending amounts to SEK 11,520.70. No securities were lent by the sub-fund as at 30 June 2014.

Handelsbanken Funds – Global Selective Income of Handelsbanken Funds Global Selective sub-fund from securities lending for the period ending 30 June 2014 was EUR 7,439.30. The cost of securities lending amounts to EUR 1,884.54. No securities were lent by the sub-fund as at 30 June 2014.

Handelsbanken Funds – MSCI Emerging Markets Index Income of Handelsbanken Funds MSCI Emerging Markets Index sub-fund from securities lending for the period ending 30 June 2014 was SEK 62,528.52. The cost of securities lending amounts to SEK 15,632.13. No securities were lent by the sub-fund as at 30 June 2014.

Handelsbanken Funds – Multi Asset H Income of Handelsbanken Funds Multi Asset H sub-fund from securities lending for the period ending 30 June 2014 was SEK 870.08. The cost of securities lending amounts to SEK 217.52. No securities were lent by the sub-fund as at 30 June 2014.

Note 10 – FORWARD CURRENCY CONTRACTS Handelsbanken Funds – Multi Asset L sub-fund has entered into the following forward currency contracts as of 30 June 2014:

Amount bought Currency Amount sold Currency Sold Maturity Date Unrealised gain Counterparty bought SEK Svenska 20,300,000.00 USD 135,232,510.00 SEK 09/09/2014 581,642.35 Handelsbanken

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Handelsbanken Funds – Multi Asset M sub-fund has entered into the following forward currency contracts as of 30 June 2014:

Amount bought Currency Amount sold Currency Sold Maturity Date Unrealised gain Counterparty bought SEK Svenska 19,000,000.00 USD 126,572,300.00 SEK 09/09/2014 544,394.32 Handelsbanken

Handelsbanken Funds – Multi Asset H sub-fund has entered into the following forward currency contracts as of 30 June 2014:

Amount bought Currency Amount sold Currency Sold Maturity Date Unrealised Counterparty bought (loss) SEK Svenska 14,700,000.00 USD 97,926,990.00 SEK 09/09/2014 421,189.29 Handelsbanken

Note 11 – FUTURES CONTRACTS – OPEN POSITIONS

At 30 June 2014, the following futures contracts were outstanding:

Handelsbanken Funds – Swedish Bonds Shares

Number of Description Maturity Contract Commitment as Unrealised contracts Date Currency at 30/06/2014 gain/(loss) in SEK Total in SEK (125) Statstermin 10 år 17 sep 2014 17/09/2014 SEK (171,470,000.00) (2,193,750.00) (2,193,750.00)

Handelsbanken Funds – Global Criteria (formerly Global Ethical)

Number of Description Maturity Contract Commitment as Unrealised contracts Date Currency at 30/06/2014 gain/(loss) in SEK Total in SEK 24 EuroStoxx50 Fut Sep 2014 19/09/2014 EUR 775,680.00 (17,574.23) 165 MSCI India Future Sep 2014 19/09/2014 USD 8,781,630.00 316,584.75 3 Topix Future September 2014 12/09/2014 JPY 37,875,000.00 15,838.15 29 E-mini S&P 500 Future Sep 2014 19/09/2014 USD 2,830,980.00 39,727.69 354,576.36

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Handelsbanken Funds – Multi Asset L

Number of Description Maturity Date Contract Commitment as Unrealised contracts Currency at 30/06/2014 gain/(loss) in SEK Total in SEK 275 EuroStoxx50 Fut Sep 2014 19/09/2014 EUR 8,888,000.00 (974,625.15) (310) OMX index Fut Jul 2014 21/07/2014 SEK (42,764,500.00) 162,750.00 7 Topix Future September 2014 12/09/2014 JPY 88,375,000.00 43,884.88 13 Nasdaq 100 Future Sep 2014 19/09/2014 USD 4,992,650.00 594,026.77 (46) USTRE 30Y Future 2014-09-19 19/09/2014 USD (6,310,625.00) (663,103.15) (837,066.65)

Handelsbanken Funds – Multi Asset M

Number of Description Maturity Date Contract Commitment as Unrealised contracts Currency at 30/06/2014 gain/(loss) in SEK Total in SEK 235 EuroStoxx50 Fut Sep 2014 19/09/2014 EUR 7,595,200.00 (832,861.49) (266) OMX index Fut Jul 2014 21/07/2014 SEK (36,694,700.00) 139,650.00 10 Topix Future September 2014 12/09/2014 JPY 126,250,000.00 62,692.69 19 Nasdaq 100 Future Sep 2014 19/09/2014 USD 7,296,950.00 868,192.99 (40) USTRE 30Y Future 2014-09-19 19/09/2014 USD (5,487,500.00) (576,611.43) (338,937.26)

Handelsbanken Funds – Multi Asset H

Number of Description Maturity Date Contract Commitment as Unrealised contracts Currency at 30/06/2014 gain/(loss) in SEK Total in SEK 133 EuroStoxx50 Fut Sep 2014 19/09/2014 EUR 4,298,560.00 (471,364.16) (137) OMX index Fut Jul 2014 21/07/2014 SEK (18,899,150.00) 71,925.00 7 Topix Future September 2014 12/09/2014 JPY 88,375,000.00 43,884.88 15 Nasdaq 100 Future Sep 2014 19/09/2014 USD 5,760,750.00 685,415.51 (20) USTRE 30Y Future 2014-09-19 19/09/2014 USD (2,743,750.00) (288,305.72) 41,555.51

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Handelsbanken Funds – MSCI Emerging Markets Index

Number of Description Maturity Contract Commitment as Unrealised contracts Date Currency at 30/06/2014 gain/(loss) in SEK Total in SEK 352 MSCI India Future Sep 2014 19/09/2014 USD 18,734,144.00 147,769.64 147,769.64

Note 12 - SWAP CONTRACTS – OPEN POSITIONS At 30 June 2014, the following swap contracts were outstanding: Handelsbanken Funds – Commodity

Number of Description Counterparty Maturity Contract Value as at Unrealised Unrealised Total Unrealised

Contracts Date Currency 30/06/2014 gain/(loss) gain/(loss) gain/(loss) in SEK already cashed in SEK in SEK in SEK 4,445,985.00 1-SHB Commodity Index SHB Capital 10/09/2014 USD 334,669,833.01 64,687,508.91 831,896.86 65,519,405.77 September 2014 Markets 24,191.00 2-SHB Commodity Index SHB Capital 10/09/2014 USD 1,822,376.73 352,240.95 4,529.93 356,770.87 September 2014 Markets 1,490.00 3-SHB Commodity Index SHB Capital 10/09/2014 USD 112,245.93 7,967.91 279.01 8,246.92 September 2014 Markets 1,232.00 4-SHB Commodity Index SHB Capital 10/09/2014 USD 92,810.06 5,299.68 230.70 5,530.38 September 2014 Markets 4,885.00 5-SHB Commodity Index SHB Capital 10/09/2014 USD 368,000.92 (763.24) 914.75 151.51 September 2014 Markets 4,816.00 6-SHB Commodity Index SHB Capital 10/09/2014 USD 362,802.96 (8,957.09) 901.83 (8,055.26) September 2014 Markets 197,614.00 7-SHB Commodity Index SHB Capital 10/09/2014 USD 14,886,823.84 (325,655.80) 37,004.54 (288,651.27) September 2014 Markets 196,813.00 8-SHB Commodity Index SHB Capital 10/09/2014 USD 14,826,482.24 (0.02) 36,854.54 36,854.52 September 2014 Markets 5,323.00 9-SHB Commodity Index SHB Capital 10/09/2014 USD 400,996.71 (0.02) (0.02) September 2014 Markets

Unrealised Gain * 64,717,641.31 912,612.14 65,630,253.46

* The net unrealized gain from 27/06/2014 to 30/06/2014 on open swap contracts amounts to SEK 912,612.15 and is included in the Statement of Net Assets under – Unrealized gain on swaps. The net unrealized gain from contract opening to 27/06/2014 on open swap contracts on 30/06/2014 amounts to SEK 64,717,641.31 and is included in the Statement of Net Assets under – Unrealized gain on swaps already cashed.

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Note 13 - COMMODITY INDEX Further to the announcement in the Handelsbanken Index Rules (1 January 2013), effective from 1 January 2013 the Index Calculator for the SHB Commodity Index Excess Return changed from NASDAQ OMX Group, Inc to Handelsbanken Capital Markets.

The SHB Commodity Index Excess Return (the "Index") measures the performance of a basket of commodities, each such commodity represented by an index based on futures contracts in the relevant commodity. It is designed as benchmark for investment in the Nordic commodity markets. It is also designed as a "tradable" index that is readily accessible to market participants. In order to achieve its objectives the Index consists primarily of commodities that are important to the Nordic markets on a world production-weighted basis adjusted for liquidity. There is no limit to the number of contracts that may be included in the Index.

The Index as at 1 June 2014 consisted of the following 15 underlying assets:

Underlying Asset Ci Weight as of SHB Commodity Index June 2014 1 June 2014 1 2 3 4 5 SHB Crude Oil 18% 60,240,569.94 328,027.81 20,204.27 16,705.81 66,240.17 SHB Gasoil 10% 33,466,983.30 182,237.67 11,224.59 9,281.01 36,800.09 SHB Gold 12% 40,160,379.96 218,685.21 13,469.51 11,137.21 44,160.11 SHB Copper 11% 36,813,681.63 200,461.44 12,347.05 10,209.11 40,480.10 SHB Gasoline 12% 40,160,379.96 218,685.21 13,469.51 11,137.21 44,160.11 SHB Power 10% 33,466,983.30 182,237.67 11,224.59 9,281.01 36,800.09 SHB Aluminium 7% 23,426,888.31 127,566.37 7,857.22 6,496.70 25,760.06 SHB Live Cattle 3% 10,040,094.99 54,671.30 3,367.38 2,784.30 11,040.03 SHB Lean Hogs 3% 10,040,094.99 54,671.30 3,367.38 2,784.30 11,040.03 SHB Milling Wheat 3% 10,040,094.99 54,671.30 3,367.38 2,784.30 11,040.03 SHB Nickel 3% 10,040,094.99 54,671.30 3,367.38 2,784.30 11,040.03 SHB Coffee 2% 6,693,396.66 36,447.53 2,244.92 1,856.20 7,360.02 SHB Silver 2% 6,693,396.66 36,447.53 2,244.92 1,856.20 7,360.02 SHB Soybeans 2% 6,693,396.66 36,447.53 2,244.92 1,856.20 7,360.02 SHB Zinc 2% 6,693,396.66 36,447.53 2,244.92 1,856.20 7,360.02 Value as at 30/06/2014 in SEK 334,669,833.01 1,822,376.73 112,245.93 92,810.06 368,000.92

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Underlying Asset Ci Weight as of SHB Commodity Index June 2014 1 June 2014 6 7 8 9 SHB Crude Oil 18% 65,304.53 2,679,628.29 2,668,766.80 72,179.41 SHB Gasoil 10% 36,280.30 1,488,682.38 1,482,648.22 40,099.67 SHB Gold 12% 43,536.35 1,786,418.86 1,779,177.87 48,119.60 SHB Copper 11% 39,908.33 1,637,550.62 1,630,913.05 44,109.64 SHB Gasoline 12% 43,536.35 1,786,418.86 1,779,177.87 48,119.60 SHB Power 10% 36,280.30 1,488,682.38 1,482,648.22 40,099.67 SHB Aluminium 7% 25,396.21 1,042,077.67 1,037,853.76 28,069.77 SHB Live Cattle 3% 10,884.09 446,604.72 444,794.47 12,029.90 SHB Lean Hogs 3% 10,884.09 446,604.72 444,794.47 12,029.90 SHB Milling Wheat 3% 10,884.09 446,604.72 444,794.47 12,029.90 SHB Nickel 3% 10,884.09 446,604.72 444,794.47 12,029.90 SHB Coffee 2% 7,256.06 297,736.48 296,529.64 8,019.93 SHB Silver 2% 7,256.06 297,736.48 296,529.64 8,019.93 SHB Soybeans 2% 7,256.06 297,736.48 296,529.64 8,019.93 SHB Zinc 2% 7,256.06 297,736.48 296,529.64 8,019.93 Value as at 30/06/2014 in SEK 362,802.96 14,886,823.84 14,826,482.24 400,996.71

On each quarterly reset Date (i.e. the first business day in March, June, September and December, the underlying asset Ci are rebalanced by the Index calculator to reset the cash amounts invested in each underlying asset according to the weights, (Weight as of 1 June 2014 in the table above). If, on any Calculation Date, either (1) the percentage weight of any underlying asset (Ci) reaches 35 % or more or (2) the percentage weight of any two underlying assets (Ci) each reaches 20 % or more, the underlying assets, Ci, will be rebalanced as of the nearest following calculation date (the "Rebalancing Date") to reset the cash amounts invested in each underlying asset according to the weights, within the table above."

Note 14 – INDEX TRACKING Tracking error is usually defined as the volatility of the difference between the return of the index-tracking UCITS' portfolio and the return of the benchmark or index tracked. The tracking error helps to measure the quality of the replication. Performance of Performance of the Sub-fund Name Sub-fund Currency Realised Tracking Error the fund benchmark Commodity SEK 0.02% 8.70% (1) 9.22% Global Criteria SEK 0.20% 10.91% (2) 10.97% MSCI Emerging Markets Index SEK 0.32% 10.18% (3) 10.48% (1) Calculated on a monthly basis, including all-in fees and transaction costs. Based on SEK A class (2) Calculated on a monthly basis, including all-in fees and transaction costs. Based on SEK AI class (3) Calculated on a monthly basis, including all-in fees and transaction costs. Based on SEK AI class Trading in emerging markets incurs additional costs due to local taxes and transaction fees, which are borne by the sub-fund but not by the benchmark index.

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Notes to the Financial Statements (continued) For the period ended 30 June 2014

Note 15 – MANAGEMENT FEES OF THE UNDERLYING FUNDS

Per group policy 100% of the management fee charged on holdings of Handelsbanken funds in other Handelsbanken funds is rebated. The maximum management fee applied by the underlying funds of the group Svenska Handelsbanken is as follows:

Target fund Management fee Target fund Management fee Handelsbanken American Small Cap A - SE 1.50% SHB Långräntefond Sverige 0.75% Handelsbanken Funds Brazil (A) 1.85% SHB Latinamerikafond 1.60% Handelsbanken Funds Commodity (BI) 0.50% SHB Lux Korträntefond Sverige 0.40% Handelsbanken Funds Emerging Markets Index (AI) 0.40% SHB Långräntefond Sverige 0.75% Handelsbanken Funds Emerging Markets Bond Fund (BI) 0.90% SHB Mega Avkastning A Reinvesterad 0.30% Handelsbanken Funds Global Thematic (A) 1.50% SHB Norden Aggressiv 1.85% Handelsbanken Funds Global Criteria (AI) 0.40% SHB Norden Selektiv 1.85% Handelsbanken MSCI USA Index 0.40% SHB Nordenfonden 1.60% Handelsbanken Sverige OMXSB Index 0.40% SHB Nordiska Småbolagsfond 1.60% Handelsbankens Kinafond 1.85% SHB Rysslandsfonden 2.40% SHB Amerikafond 1.60% SHB Sverigefond 1.40% SHB Asienfond 1.60% SHB Sverigefond Index 0.65% SHB Europa Index 0.40% SHB Tillväxtmarknadsfond 1.60% SHB Europa Selektiv 1.85% XACT Nordic 30 0.40% SHB Europafond 1.60% XACT OBX 0.30% SHB Företagsobligationsfond icke utd 0.95% XACT OMXS30 0.30% SHB Japanfond 1.60% XACT OMXSB 0.30% SHB Korträntefond Sverige 0.40%

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