SEB Fund 2
Upcoming SlideShare
Loading in...5
×
 

SEB Fund 2

on

  • 576 views

 

Statistics

Views

Total Views
576
Views on SlideShare
576
Embed Views
0

Actions

Likes
0
Downloads
9
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    SEB Fund 2 SEB Fund 2 Document Transcript

    • VISA 2010/63412-198-0-PS L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 24/06/2010 Commission de Surveillance du Secteur Financier = = Simplified Prospectus SEB Fund 2 A Luxembourg mutual investment fund investing in marketable transferable securities with its current Sub-Funds SEB Choice Asia ex. Japan Fund SEB Currency Alpha Fund SEB Generation Fund 80 SEB Nordic Focus Fund SEB Russia Fund Undertaking for Collective Investment in Transferable Securities under the Luxembourg law of 20 December 2002 (hereafter “the Fund”). June 2010
    • This Simplified Prospectus provides general information on the Fund. If you require further information before investing in the Fund, please consult the full sales prospectus dated October 2009 (“the Full Prospectus”), which lays down the rights and the obligations of the investors. Detailed information regarding the Fund’s holdings is presented in its most recent annual and semi-annual reports. These documents are available, free of charge, at the registered office of SEB Asset Management S.A. or at any local Paying and Information Agent mentioned hereafter. -2-
    • General Information: Management Company : SEB Asset Management S.A. 6a, Circuit de la Foire Internationale, L-1347 Luxembourg incorporated on 15 July 1988. Central Administration (including the administrative, registrar and transfer agent functions) : Skandinaviska Enskilda Banken S.A. 6a, Circuit de la Foire Internationale, L-1347 Luxembourg Promoter: Skandinaviska Enskilda Banken AB (publ) Kungsträdgårdsgatan 8, S-10640 Stockholm Custodian Bank: Skandinaviska Enskilda Banken S.A. 6a, Circuit de la Foire Internationale, L-1347 Luxembourg Paying Agents: In Luxembourg: Skandinaviska Enskilda Banken S.A. Phone + 352 2623 -1 In Sweden: Skandinaviska Enskilda Banken AB (publ) Phone: + 46-771-365365 Distribution Agent: In Luxembourg Skandinaviska Enskilda Banken S.A., 6a, Circuit de la Foire Internationale, L-1347 Luxembourg In Sweden Skandinaviska Enskilda Banken AB (publ), Kungsträdgårdsgatan 8, S-10640 Stockholm Independent Auditor: PricewaterhouseCoopers S. à r.l 400, route d´Esch, L- 1471 Luxembourg Supervisory Authority: Commission de Surveillance du Secteur Financier 110, route d’Arlon, L-2991 Luxembourg (www.cssf.lu) Launch of the Fund: 21 April 1986 Legal structure: Umbrella Fund in the form of a Luxembourg mutual investment fund “fonds commun de placement”” -3-
    • Financial year: 1 January – 31 December Number of Sub-Funds: 5 -4-
    • SEB Fund 2 Objectives and investment policy: The Fund's objective is to place the funds available to it in transferable securities and other permitted assets of any kind with the purpose of spreading investment risks and allowing its unitholders to achieve capital growth, income or balance between growth and income. The specific investment objective and policy of each Sub-Fund is described in the Sub-Fund particulars. In order to achieve its main objective the Fund’s portfolio will include but not be limited to bonds, equities, currencies, equity and interest related transferable securities. The transferable securities should be (a) admitted to or dealt in on regulated markets, (b) dealt in on another market in a Member State of the European Union, which is regulated, operates regularly and is open to the public, or (c) admitted to official listing on a stock exchange in a non-Member State of the European Union or dealt in on another market in a non-Member State of the European Union which is regulated, operates regularly and is recognised and open to the public. The Fund may also hold money market instruments. The Fund may use derivatives. Their use need not to be limited to hedging the Fund’s assets; they may also be part of the investment strategy. Trading in derivatives is conducted within the confines of the investment limits and provides for the efficient management of the Fund’s assets, while also regulating maturities and risks. The use of derivatives for a particular sub-fund is laid down in the respective section. Risk factors: Investing in the Fund units involves financial risks. These can involve amongst others risk associated with equity markets, bond markets, and foreign exchange markets such as changes in prices, interest rates, exchange rates and credit worthiness. The risk involved in bond markets may be incurred in the event of interest-rate fluctuations in the denomination currency of the securities of the Fund respectively the Sub-Fund. Any of these risks may also occur along with other risks. A Sub-Fund may consist of investments in or has exposure towards the asset-classes equities, bonds and/or currencies. Equities are generally inherent with a higher risk than bonds. This implies that the price of an equity normally varies more than the price of a bond. The higher risk associated with equities offers at the same time a higher possibility of better return than bonds can offer. A combination of both asset classes can often give the individual investor the most suitable level of risk. If investments are made in securities traded in other currencies than the base currency a foreign exchange factor that can change the value of the investment must also be taken into account. Investors should have a clear picture of the Sub-Fund, of the risks involved in investing in units of the Sub-Fund and they should not make a decision to invest until they have obtained financial and tax expert advice. Investors assume the risk of receiving a lesser amount than originally invested. For more information on risk please refer to the Full Prospectus of the Fund. Profile of the typical investor: The Fund offers several Sub-Funds with different investment strategies and different risk profiles. The investor profile for each Sub-Fund will be described in the Sub-Fund particulars. Distributions : The Management Company has decided to issue two classes of units: capitalisation units (C units) and distribution units (D units). Dividends are paid annually. Capitalisation units are not entitled to a dividend payment and all income is reinvested. The Management Company may furthermore issue units which may only be acquired by institutional investors (I unit class) as defined by Article 129 Para. 2d of the Law or units which may only be purchased by retail as well as institutional investors (R class). Fees : Charges to be borne by the unitholder (% of the net asset value) -5-
    • Maximum allowed subscription fee 5% Maximum allowed redemption fee 1% Maximum redemption fee to prevent Late Trading and Market Timing 2% Maximum conversion fee to cover costs and expenses: Conversions are executed free of commission, but the Management Company may levy a fee to cover costs and expenses related to the conversion. The fee will in no event exceed 1% of the conversion amount or a maximum of USD 250 or its equivalent in another currency. Tax rules: The Fund is subject to Luxembourg legislation. With regard to their citizenship, residence or nationality, buyers of the Fund’s units should consult a local adviser to inform themselves of the legislation and taxation, relating to the rules applicable to the purchase, holding and redemption of units as well as to fund mergers. In accordance with current legislation in Luxembourg neither the Fund nor the unitholders, except those whose domicile, residence or permanent establishment is Luxembourg, are subject to any tax on income, capital gains or wealth. The Fund’s income may however be subject to withholding tax in the countries where the Fund’s assets are invested. In such cases neither the Custodian Bank nor the Management Company is required to obtain tax certificates. From July 2008 until June 2011, the applicable withholding tax rate would be 20%, rising to 35% from July 1, 2011. Depending on the unit class of the respective Sub-Funds the net assets of the Fund are subject to a Luxembourg tax at an annual rate of 0.05% or of 0.01% (Institutional unit classes) payable at the end of each quarter and calculated on the amount of the net assets of each Sub-Fund’s unit class at the end of that quarter. The value of the assets represented by the shares held in other Luxembourg undertakings for collective investment already subject to a “taxe d’abonnement” is exempt from the payment of such tax. Net Asset Value : The Net Asset Value calculation is done each day which is a Bank Business Day both in Luxembourg and in Sweden; this day is called the “Valuation Day”. The Net Asset Value is published on our webside www.sebgroup.lu under the rubric Asset Management. The Net Asset Value is also available at the registered offices of the Management Company, the Custodian Bank and the Paying Agents. Subscription, Redemption and Conversion of units: Units are issued on each Valuation Day. Unless otherwise provided in the Sub-Fund’s particulars the following is applicable: For a subscription, redemption and/or conversion order to be executed on a Valuation Day, written instructions must reach the Registrar and Transfer Agent (on behalf of the Management Company or directly from the unitholder) before 15:30 (CET) on a Valuation Day; otherwise, the order will be executed on the next Valuation Day. Payment for subscriptions which has to be made in the base currency of the respective Sub-Fund, Euro or Swedish Krona must have reached the subscription account before 15:30 (CET) on the same Valuation Day on which the order has to be received; otherwise the order will be executed on the next applicable Valuation Day. At the unitholder’s costs, payments in other major currencies may be accepted by the Management Company. Payment for redemption is made in the base currency of the Sub-Fund, Euro or Swedish Krona, according to the choice of the unitholder, with a value date within ten bank business days following the corresponding Valuation Day. -6-
    • SEB Choice Asia ex. Japan Fund A Sub-Fund of SEB Fund 2 Investment policy: This Sub-Fund is focused on Asia, except Japan. The portfolio will mainly include shares and equity related transferable securities issued by companies in Asia, with the exception of Japan, or traded on Asian markets, without being restricted to a specific industrial sector. The transferable securities shall be admitted to official listing on stock exchanges or dealt in on regulated markets or on other markets that are regulated, operate regularly and are recognised and open to the public in Asia, the Pacific area, the European Union or the United States. The Sub-Fund may use futures contracts, options, swaps and other derivatives as part of the investment strategy. It may also use derivatives to hedge various investments, for risk management and to increase the Sub-Fund’s income or gain. The underlying assets of the above mentioned derivatives consist of instruments as described under Article 4 Section A sub-paragraphs a) to g) of the Management Regulations (General Section) as well as financial indices, interest rates, foreign exchange rates. Under no circumstances will the respective sub-fund be permitted to derogate from its investment policy by using the aforementioned derivatives. The Sub-Fund may invest up to 100% of its assets in different transferable securities and money market instruments issued or guaranteed by any Member State of the EU, its local authorities, or public international bodies of which one or more of such Member States are members, or by any other State of the OECD. The Sub-Fund can only make use of this provision if it holds securities and money market instruments from at least six different issues, and if securities and money market instruments from any one issue may not account for more than 30% of the Sub – Fund’s total net assets. The Sub-Fund will not invest more than 5% of its net assets in units / shares of other UCITS or UCIs. Investment Manager: Schroder Investment Management Limited Subscription, Redemption and Conversion of units: Orders received by the Registrar and Transfer Agent (on behalf of the Management Company or directly from the unitholder) for this Sub-Fund before 15.30 hrs (Central European time) on a Valuation Day are processed on the net asset value per unit of the following Valuation Day. Orders received after 15.30 hrs (Central European time) are processed on the basis of the net asset value per unit of the next but one Valuation Day. Risk Profile: This Sub-Fund faces the same risks as those normally associated with investments in equities. The Sub-Fund will be exposed to the equity market and a specific part of the world, Asia except Japan, including its developing markets. It is not restricted to a specific industrial sector. Investors assume the risk of receiving a lesser amount than originally invested. For further description of risks involved for the Sub-Fund, please refer to the respective section in the Full Prospectus. -7-
    • Charges and Portfolio turnover rate: Charges to be borne by the Sub-Fund Maximum annual management fee 1.75% This fee includes remuneration to the Custodian Bank and the Central Administration. Ratios for the financial year ended 31 December 2009 TER (Total Expense Ratio) C (USD) 1.80% D (USD) 1.80% (transaction and brokerage fees are not included) Portfolio turnover rate 67% Net Asset Value: The Net Asset Value per unit is expressed in US Dollars (USD). Issue of Classes and ISIN: The Management Company has decided to offer C (LU0011900676) and D (LU0397043406) units in this Sub-Fund. Dividend Policy: It is intended that the D units of this Sub-Fund will distribute at least 85% of the net investment income attributable to this D unit class, computed broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to the application of any de minimis threshold) so that the D units of the Sub-Fund continue to qualify as "distributing" for the purposes of United Kingdom tax legislation relating to offshore funds. The above position reflects the Fund’s Management Company's understanding of the current UK tax laws, regulations and practice. Past performance: Performance Average annual performance Unit classes 2005 2006 2007 2008 2009 Last 3 Last 5 years years C 24.8% 28.9% 29.2% -50.3% 63.6% 14.17% 19.24% D N/A N/A N/A 20.7%* 63.1% N/A N/A * since launch on November 21, 2008 at NAV per unit USD 0.6744 The chart shows annual returns measured in USD. Neither has inflation been taken into consideration, nor have fees or taxes. The historical performance of the Sub-Fund is not a guarantee of future returns. -8-
    • SEB Currency Alpha Fund A Sub-Fund of SEB Fund 2 Investment policy: The portfolio of this Sub-Fund seeks to achieve a high appreciation of value through the investment in currencies and related markets. Its investment objective will be achieved primarily through transactions in forward and spot contracts on currencies in the over-the-counter currency markets and options and futures on currencies. The portfolio seeks to profit from fluctuations in currency exchange rates, volatility in the currency markets and differentials between various interest rates reflected in the values of currencies. The main currencies the Sub-Fund will invest in will be Euro, Swedish Krona, US Dollar, British Pound, Japanese Yen, Swiss Franc, Norwegian Krona, New Zealand Dollar, Australian Dollar, Canadian Dollar and currencies of emerging market countries such as Brazil Real, Hungarian Forint, Indonesian Rupiah, Polish Zloty, Turkish Lira, Mexican Peso, Czech Koruna, Slovak Koruna, Taiwan Dollar, Thai Baht and South Korean Won. The portfolio of the Sub-Fund will include bonds and/or other debt instruments as well as money market instruments. The Sub-Fund may also invest in mortgage and asset backed bonds. The issuers will not have ratings lower than investment grade. The Sub-Fund may use future contracts, options, swaps, credit default swaps and other derivatives as part of the investment strategy. The Sub-Fund may also use derivatives to hedge various investments, for risk management and to increase the Sub-Fund’s income or gain. Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned derivatives. The Sub-Fund may invest up to 100% of its assets in different transferable securities and money market instruments issued or guaranteed by any Member State of the EU, its local authorities, or public international bodies of which one or more of such Member States are members, or by any other State of the OECD. The Sub-Fund can only make use of this provision if it holds securities and money market instruments from at least six different issues, and if securities and money market instruments from any one issue may not account for more than 30% of the Sub-Fund’s total net assets. The Sub-Fund will not invest more than 10% of its net assets in units/ shares of other UCITS or UCIs. Investment Manager: SEB Investment Management AB Risk Profile: The Sub-Fund faces the risks associated with investment in different currencies and debt instruments. Investors assume the risk of receiving a lesser amount than originally invested. For further descriptions of risks involved for the Sub-Fund, please refer to the respective section in the Full Prospectus. Typical Investor: The Sub-Fund is intended for investors who seek capital appreciation over the mid-term arising out of the Sub-Fund’s participation in the currencies and related markets. Investors must be able to accept substantial year-to-year volatility and significant temporary decrease in value. Investors should consider their mid-term investment goals and financial needs when making an investment decision about this Sub-Fund. As a consequence, this Sub-Fund is suitable for investors who can afford to set aside the capital invested for at least three years. -9-
    • Charges and Portfolio turnover rate: Charges to be borne by the Sub-Fund Maximum annual management fee for retail classes 1.25% p.a. Maximum annual management fee for institutional classes 1.10% p.a. These fees include remuneration to the Custodian Bank and the Central Administration. In addition, the Management Company is entitled to receive a performance fee, payable out of the assets attributable to the relevant unit class. The performance fee will be calculated, accrued and crystallised on each Valuation Day in the respective unit classes as described below and will be paid out monthly in arrears. The performance fee in a particular unit class will be calculated by taking the number of units in the unit class times the performance fee rate, 20%, times any positive excess performance per unit recorded on that day. The Sub-Fund uses the principle of High Water Mark and the Risk Free Rate as a hurdle. The 1 Month Inter Bank Offered Rate Index is used as the Risk Free Rate Index, also referred to as “Index”. The definitions and calculations are as follows: The calculation of the performance fee takes place on the basis of the number of units of the relevant class as of the relevant Valuation Day calculated before any subscriptions and redemptions with trade date equal to the Valuation Day. Performance fee = 20% x MAX (0, BaseNAV (t) - Hurdle Value (t) ) Where Base NAV(t) Base Net Asset Value per unit of the relevant unit class on the Valuation Day(t), is calculated after deduction of the management fee but prior to the deduction of any performance fee and any distributions or corporate actions on the relevant Valuation Day. Hurdle Hurdle Value is the larger value of NAV(HWM) * [ Index(t) / Index(tHWM) ] and Value(t) NAV(HWM) NAV(HWM) The highest Net Asset Value (High Water Mark) per unit previously achieved (in the relevant unit class) and for which a performance fee was accrued and crystallised; or the Net Asset Value at inception if no performance fee has been accrued and crystallised or, where the Management Company decides to start calculation of performance fee at a later date, the start date for calculation of performance fee. NAV(HWM) is adjusted to reflect distributions and other corporate actions in the unit class. Index(t)* The 1 Month Inter Bank Offered Rate Index of the same currency as the relevant unit class, value for the specific unit class on the current Valuation Day(t). Index(tHWM)* The 1 Month Inter Bank Offered Rate Index of the same currency as the relevant unit class, value for the specific unit class on the Valuation Day when the most recent (current) NAV(HWM) was achieved. *The 1 Month- Inter Bank Offered Rate Index for the unit class denominated in Euro is the 1- Month EURIBOR and the 1- Month Inter Bank Offered Rate Index for the unit class denominated in Swedish Crowns is the 1- Month STIBOR. The Management Company will use the 1 Month Inter Bank Offered Rate Index constructed and supplied by an external data provider. Failing to find an appropriate external data provider the Management Company will choose to calculate the 1 Month Inter Bank Offered Rate Index itself. In case the 1 Month Inter Bank Offered Rate Index does not exist for a specific unit class at a specific point in time, it will be substituted by the Debt Instrument that the Management Company deems to resemble the 1 Month Inter Bank Offered Rate Index the most. - 10 -
    • Ratios for the financial year ended 31 December 2009 TER (Total Expense Ratio) IC (EUR) 0.5% (no Performance fee incurred) C (EUR) 1.0% C (SEK) 1.2% ID (SEK) 0.8% (transaction and brokerage fees are not included) Portfolio turnover rate 367% Net Asset Value: The Net Asset Value per unit is expressed in Euro (EUR). Issue of Classes: The Management Company has decided to offer the following unit classes: IC (EUR) LU0273118736 C (EUR) LU0273118900 C (SEK) LU0273119387 ID (SEK) LU0273119114 A unitholder's initial subscription must be a minimum amount equivalent to EUR 100,000 for the IC(EUR) class and SEK 1.000.000 for the ID(SEK) class. For subsequent subscriptions, no minimum is required. For the C(EUR) and C(SEK) unit class no minimum subscription amount is required. Past performance: Performance Average annual performance Unit classes 2005 2006 2007 2008 2009 Last 3 Last 5 years years C (EUR) N/A N/A 2.2%* 6.5% -6.2% 0.8% N/A IC (EUR) N/A N/A 2.2%* 6.9% -5.7% 1.1% N/A 1 – Month EURIBOR N/A N/A 3.6% 4.4% 0.9% 3.8% N/A C (SEK) N/A N/A 1.6%* 6.4% -6.5% 0.5% N/A ID (SEK) N/A N/A 2.0%* 6.8% -6.0% 0.9 N/A 1 – Month STIBOR N/A N/A 3.3% 4.6% 0.8% 3.1% N/A * since launch on March 1, 2007 at NAV per unit SEK 100.00 and EUR 10.00 - 11 -
    • SEB Generation Fund 80 A Sub-Fund of SEB Fund 2 Investment policy: The Sub-Fund seeks an attractive return, while limiting the risks, from an actively managed portfolio of transferable securities (both equity and debt) from markets worldwide. The Sub-Fund is a so called “Lifecycle Fund” especially designed for investors with a certain investment horizon, for example in the context of retirement planning. Lifecycle Funds have a specific target investment date. In general Lifecycle Funds start with a moderately high risk profile when the target date is still relatively far away (10 years or longer). As the target date approaches the assets are to a larger extent progressively invested in fixed income related instruments. The target date of the Sub-Fund is January 1, 2045. Until 2035 the Sub-Fund will invest mainly in equity-related transferable securities. The regroupment / reallocation from mainly equity-related to interest related transferable securities will take place gradually at an annual rate of approximately five per cent from 2035 to 2045. The aim of the reinvestment is to achieve a balanced fund with an equal exposure to equity-related and interest related transferable securities. The Sub-Fund is not aimed to be closed at the target date. The Sub-Fund will invest in a mix of equity and interest related transferable securities, money market instruments, deposits with credit institutions and units/shares of UCI/UCITS. The Sub-Fund may use futures contracts, options, swaps and other derivatives as part of the investment strategy. It may also use derivatives to hedge various investments, for risk management and to increase the Sub-Fund’s income or gain. The underlying assets of the above mentioned derivatives consist of instruments as described under Article 4 Section A sub-paragraphs a) to g) of the Management Regulations as well as financial indices, interest rates, foreign exchange rates. The Sub-Fund may invest up to 100% of its assets in different transferable securities and money market instruments issued and guaranteed by any Member State of the EU, its local authorities, or public international bodies of which one or more of such Member States are members, or by any other State of the OECD. The Sub-Fund can only make use of this provision if it holds securities and money market instruments from at least six different issues, and if securities and money market instruments from any one issue may not account for more than 30% of the Sub - Fund’s total net assets. Investment Manager: SEB Investment Management AB Risk Profile: The Sub-Fund is intended for investors who seek capital appreciation over the long-term. The history has indeed shown that equities have the potential to give better long-term returns than money market instruments or bonds. Investors should however consider the risks associated with equities and equity-related instruments. Investors must be able to accept substantial year-to-year volatility and significant temporary decrease in value. Investors should consider their long-term investment goals and financial needs when making an investment decision about this Sub-Fund. As a consequence, this Sub-Fund is suitable for investors who can afford to set aside the capital invested for at least five years. Investors assume the risk of receiving a lesser amount than originally invested. For further descriptions of risks involved for the Sub-Fund, please refer to the respective section in the Full Prospectus. Typical Investor: The Sub-Fund may be suitable as a core or supplemental investment for those: - who want to invest for future financial needs in a convenient way, using a diversified mutual fund; - 12 -
    • - who can accept the possibility of losses, especially in the short term but want their risk automatically reduced when they come closer to the target date; - who have experience with risks and rewards of investing in more risky assets. Charges and Portfolio turnover rate: Charges to be borne by the Sub-Fund Maximum annual management fee 1.75% This fee includes remuneration to the Custodian Bank and the Central Administration. Ratios for the financial year ended 31 December 2009 TER (Total expense ratio) 0.10% (transaction and brokerage fees are not included) PTR (Portfolio Turn Over Rate) -37% Net Asset Value : The net asset value per unit is expressed in Swedish Krona (SEK). Issue of Classes : The Management Company has decided to offer C (SEK) (LU0303408685) units in this Sub-Fund. No minimum subscription amount is required. Past performance : Performance Average annual performance Unit classes 2005 2006 2007 2008 2009 Last 3 Last 5 years years C N/A N/A -5.5%* -30.8%* 20.1% -5.4 N/A *since launch on July 2, 2007 at NAV per unit SEK 10.00 - 13 -
    • SEB Nordic Focus Fund A Sub-Fund of SEB Fund 2 Investment policy: This Sub-Fund is focused on the Nordic region which includes the following countries: Denmark, Finland, Norway and Sweden. The portfolio will mainly include equities and equity related transferable securities issued by Nordic companies or traded on Nordic markets without being restricted to a specific industrial sector. The Sub-Fund may use future contracts, options, swaps and other derivatives as part of the investment strategy. It may also use derivatives to hedge various investments, for risk management and to increase the Sub-Fund’s income or gain. The underlying assets of the above mentioned derivatives consist of instruments as described under Article 4 Section A sub-paragraphs a) to g) of the Management Regulations (General Section) as well as financial indices, interest rates, foreign exchange rates. Under no circumstances will the Sub-Fund be permitted to derogate from its investment policy by using the aforementioned derivatives. The Sub-Fund may invest up to 100% of its assets in different transferable securities issued or guaranteed by any Member State of the EU, its local authorities, or public international bodies of which one or more of such Member States are members, or by any other State of the OECD. The Sub-Fund can only make use of this provision if it holds securities from at least six different issues, and if securities from any one issue may not account for more than 30% of the Sub - Fund’s total net assets. The Sub-Fund will not invest more than 10% of its net assets in units / shares of other UCITS or UCIs. Investment Manager: SEB Investment Management AB Sub-Investment Managers: SEB Gyllenberg Asset Management Ltd., Finland Skandinaviska Enskilda Banken A/S, Denmark Risk Profile: This Sub-Fund faces the same risks as those normally associated with investments in equities. In accordance with the investment policy the Sub-Fund's assets are risk exposed mainly to the Nordic equity markets and thus to a limited geographical market. This normally results in a higher risk than for an equity fund exposed to more than one geographical market. For further descriptions of risks involved for the Sub-Fund, please refer to the respective section in the Full Prospectus. Typical Investor: The Sub-Fund is intended for investors who seek capital appreciation over the long-term. The history has indeed shown that equities have the potential to give better long-term returns than money market instruments or bonds. Investors should however consider the risks associated with equities and assimilated equity instruments. Investors must be able to accept substantial year-to-year volatility and significant temporary decrease in value. Investors should consider their long-term investment goals and financial needs when making an investment decision about this Sub-Fund. As a consequence, this Sub-Fund is suitable for investors who can afford to set aside the capital invested for at least five years. Charges and Portfolio turnover rate: Charges to be borne by the Sub-Fund Maximum annual management fee 1.75% - 14 -
    • This fee includes remuneration to the Custodian Bank and the Central Administration. In addition, the Management Company is entitled to receive a performance fee, payable out of the assets attributable to the relevant unit class. The performance fee will be calculated, accrued and crystallised on each Valuation Day in the respective unit classes as described below and will be paid out monthly in arrears. The performance fee in a particular unit class will be calculated by taking the number of units in the unit class times the performance fee rate, 20%, times any positive excess performance per unit recorded on that day. The Sub-Fund uses the VINX Top 100 as index when calculating excess performance. The definitions and calculations are as follows: The calculation of the performance fee takes place on the basis of the number of units of the relevant class as of the relevant Valuation Day calculated before any subscriptions and redemptions with trade date equal to the Valuation Day. Performance fee = 20% x MAX ( 0, BaseNAV (t) - Hurdle Value (t) ) Where Base NAV(t) Base Net Asset Value per unit of the relevant unit class on the Valuation Day(t), is calculated after deduction of the management fee but prior to the deduction of any performance fee and any distributions or corporate actions on the relevant Valuation Day. Hurdle Hurdle Value is Hurdle NAV * [ Index(t) / Index(t Hurdle NAV) ] Value(t) The Net Asset Value per unit previously achieved (in the relevant unit class) Hurdle NAV when a performance fee was accrued and crystallised (Hurdle NAV); or the Net Asset Value at inception if no performance fee has been accrued and crystallised or, where the Management Company decides to start calculation of performance fee at a later date, the start date for calculation of performance fee. The Hurdle NAV is adjusted to reflect distributions and other corporate actions in the unit class. Index(t) The VINX Top 100 Index of the same currency as the relevant unit class, on the current Valuation Day(t). The Sub-Fund uses the VINX Top 100 Index, which is expressed in SEK , as index when calculating excess performance. For calculating the excess performance in unit classes with a reference currency other than SEK, the VINX Top 100 Index will be converted in the currency of the respective unit class. Index (tHurdle The VINX Top 100 Index of the same currency as the relevant unit class, on the NAV) Valuation Day when the most recent (current) Hurdle NAV was achieved. Ratios for the financial year ended 31 December 2009 TER (Total Expense Ratio) C (EUR) 2.1% (thereof performance fee) (0.7%) C (SEK) 2.1% (0.7%) C (NOK) 2.1% (0.7%) - 15 -
    • (transaction and brokerage fees are not included) PTR (Portfolio turnover rate) 165% (transaction and brokerage fees are not included) Cut-off time and order processing: Notwithstanding the general rules laid down in the section "Subscription, Redemption and Conversion of units" here before, orders placed at the Registrar and Transfer Agent before 15:30 (CET) on a Valuation Day (Order date) will be processed on the basis of the net asset value calculated for the Order date. Calculation of the net asset value is performed on the Valuation Day immediately following the Order date. Orders received after 15:30 (CET) on an Order date will be considered as orders being placed on the next Order date before 15:30 (CET). Net Asset Value: The Net Asset Value per unit is expressed in Euro (EUR). Issue of Classes: The Management Company has decided to offer C (EUR) (LU0324984854), C (SEK) (LU0324985315) and C (NOK) (LU0324986040) units in this Sub-Fund. No minimum subscription amount is required. Past performance: Performance Average annual performance Unit classes 2005 200 2007 2008 2009 Last 3 Last 5 6 years years C (EUR) N/A N/A -0.5%* -49.7% 61.3% 3.7% N/A VINX Top 100 EUR N/A N/A -1% -36.6% 65.0% 9.1% N/A C (SEK) N/A N/A 0.2%* -41.5% 50.3% 3.0% N/A VINX Top 100 SEK N/A N/A -1.5% -45.5% 53.7% 2.2% N/A C (NOK) N/A N/A -1.7%* -38.3% 37.4% -0.9 N/A VINX Top 100 NOK N/A N/A 0.1% -48.3% 40.5% -2.6% N/A * since on December 6, 2007 at NAV per unit EUR 100.00, SEK 100.00 and NOK 100.00 - 16 -
    • SEB Russia Fund A Sub-Fund of SEB Fund 2 Investment policy: The investment objective of the Sub-Fund is to achieve capital appreciation through investment in a portfolio consisting primarily of Russian equities and/or CIS equities1). In pursuit of its investment objective the Sub-Fund will invest mainly in equities and equity related transferable securities issued by companies having their registered office in a member state of the Commonwealth of Independent States (“CIS”) as well as issued by companies which carry out a preponderant part of their activity in Russia and/or any other CIS member country which will be listed and traded on a regulated market. The Sub-Fund’s investments in securities traded on a local Russian stock exchange are only allowed if the Sub-Fund invests in securities which are listed on the “Russian Trading System Stock Exchange” (RTS Stock Exchange) or the “Moscow Interbank Currency Exchange” (MICEX). Investments of the Sub-Fund in securities traded on local CIS member country stock exchanges are allowed only if these markets are regulated, recognized and open to the public. Subject to the investment restrictions referred to above and those imposed by the Management Regulations, the allocation of the Sub-Fund’s assets between each of Russia and the CIS will be determined by the Investment Manager at its sole discretion and may vary according to market conditions. The Sub-Fund may invest up to 10% of its net assets in non listed securities or securities issued by the above mentioned companies which are listed on a stock exchange but where the stock exchange is not being considered as a regulated, recognized and open market by the Luxembourg Financial Authority. The Sub-Fund will not invest more than 10 per cent of its net assets in units / shares of other UCITS or UCIs. In pursuit of its investment objective the Sub-Fund may hold Russian Equity and CIS Equity indirectly in the form of Depository Receipts such as ADRs (American Depositary Receipts) and GDRs (Global Depositary Receipts) which are transferable securities or other securities convertible into securities of eligible issuers and issued in registered form. The ADR's/GDR'S conversion rights will only be exercised if the underlying securities are listed and traded on a regulated market. If conversion rights will be exercised and if the underlying securities received by the Sub-Fund are not listed on a regulated market, recognized and open to the public these securities will be imputed on the above mentioned 10% limit of non quoted securities. ADRs are designed for use in the US securities markets and GDRs and other similar global instruments in bearer form are designed for use in non-US securities markets. ADRs are denominated in US dollars and represent an interest in the right to receive securities of issuers deposited at US bank or correspondent bank. GDRs are not necessarily denominated in the same currency as the underlying securities which they represent. The Depository Receipts acquired by the Sub-Fund will be listed or traded on a regulated market throughout the world. The Sub-Fund may use future contracts, options, swaps and other derivatives as part of the investment strategy. It may also use derivatives to hedge various investments for risk management and to increase the Sub-Fund’s income or gain. The underlying assets of the above mentioned derivatives consist of instruments as described in Article 4 Section A sub-paragraph a) to g) of the Management Regulations as well as financial indices, interest rates, foreign exchange rates. The Sub-Fund may invest up to 100% of its assets in different transferable securities and money market instruments issued and guaranteed by any Member State of the EU, its local authorities, or public international bodies of which one or more of such Member States are members, or by any other State of the OECD. The Sub-Fund can only make use of this provision if it holds securities and money market instruments from at least six different issues, and if securities and money market instruments from any one issue may not account for more than 30% of the Sub - Fund’s total net assets. - 17 -
    • 1)Members of the Commonwealth of Independent States: Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Ukraine, Uzbekistan; Associate Member: Turkmenistan Investment Manager: AS SEB Varahaldus Risk Profile: Investors should recognise that investing in the Sub-Fund involves significant risks especially market, emerging market, liquidity, currency as well as risks with regard to investments in Russia and CIS countries. There is also risk of loss due to lack of adequate systems for transferring, pricing, accounting for and safekeeping or record keeping of securities. Additionally, risks arise from corruption and organised crime and from lack of developed securities markets. The specific nature of such risks may vary according to the securities purchased and the country in which investments are made. These risks are not typically associated with investing in securities of developed markets and the risks of investing in this Sub-Fund may be considerably higher. There is no assurance that the investment objective of a Sub-Fund will actually be achieved. Investors assume the risk of receiving a lesser amount than originally invested. For further descriptions of risks involved for the Sub-Fund, please refer to the respective section in the Full Prospectus. Typical Investor: The Sub-Fund is intended for investors who seek long term capital growth arising out of the Sub- Fund’s investments in the Russian and/or CIS equity markets that means in a particular geographical area and who can accept the possibility of significant losses especially in the short term. Investors must furthermore be able to accept substantial year-to-year volatility. Investors should have experience with the risks and rewards of equity investing considering their long-term investment goals and financial needs when making an investment decision about this Sub-Fund. As a consequence, this Sub-Fund is suitable for investors who can afford to set aside the capital invested for at least five years. Charges and Portfolio turnover rate: Charges to be borne by the Sub-Fund Management fee: 2.5% This fee includes remuneration to the Custodian Bank and the Central Administration. Ratios (Total Expense Ratio (TER); Portfolio Turn Over Rate (PTR)) Ratios for the financial year ended 31 December 2009 TER (Total Expense Ratio) 2.7% (transaction and brokerage fees are not included) PTR (Portfolio turnover rate) -60% Net Asset Value: The Net Asset Value per unit is expressed in Euro (EUR). Issue of Classes: The Management Company has decided to offer C (EUR) (LU0273119544) units in this Sub-Fund. No minimum subscription amount is required. - 18 -
    • Past performance:- Performance Average annual performance Unit classes 2005 2006 2007 2008 2009 Last 3 Last 5 years years C % % 22.2%* -71.1% 151.2 34.1% N/A * since launch on December 1, 2006 at NAV per unit EUR 10.00 This Simplified Prospectus contains a summary of the key information on the Fund. For further information, please contact SEB Asset Management S.A., 6a, Circuit de la Foire Internationale, L- 1347 Luxembourg, Phone: +352-26682-1, Fax: +352-26682-555 - 19 -