[PDF] MONYX FUND Investment Company (SICAV), Luxembourg - Free Download PDF (2024)

1 Annual report including audited financial statements MONYX FUND Investment Company (SICAV), Luxembourg R.C.S. Luxembou...

Annual report including audited financial statements as at 31st December 2015

MONYX FUND

Investment Company (SICAV), Luxembourg R.C.S. Luxembourg B 67 545

Notice The sole legally binding basis for the purchase of shares of the Fund described in this report is the latest valid sales prospectus with its terms of contract.

MONYX FUND Contents

Organisation ........................................................................................................................................................... 3 General information .............................................................................................................................................. 5 Report on activities of the Board of Directors ..................................................................................................... 7 Report of the Investment Manager....................................................................................................................... 9 Report of the Réviseur d'Entreprises agréé ....................................................................................................... 13 Combined statement of net assets ....................................................................................................................... 15 Combined statement of operations and other changes in net assets ................................................................ 16 MONYX FUND - Monyx Svenska Aktier .......................................................................................................... 17 Statement of net assets ........................................................................................................................................ 17 Statement of operations and other changes in net assets..................................................................................... 18 Statistical information ......................................................................................................................................... 19 Statement of investments and other net assets .................................................................................................... 20 Industrial and geographical classification of investments .................................................................................. 22 MONYX FUND - Monyx Strategi Offensiv ....................................................................................................... 23 Statement of net assets ........................................................................................................................................ 23 Statement of operations and other changes in net assets..................................................................................... 24 Statistical information ......................................................................................................................................... 25 Statement of investments and other net assets .................................................................................................... 26 Industrial and geographical classification of investments .................................................................................. 38 MONYX FUND - Monyx Strategi Nya Marknader .......................................................................................... 41 Statement of net assets ........................................................................................................................................ 41 Statement of operations and other changes in net assets..................................................................................... 42 Statistical information ......................................................................................................................................... 43 Statement of investments and other net assets .................................................................................................... 44 Industrial and geographical classification of investments .................................................................................. 49 MONYX FUND - Monyx Strategi Världen ....................................................................................................... 51 Statement of net assets ........................................................................................................................................ 51 Statement of operations and other changes in net assets..................................................................................... 52 Statistical information ......................................................................................................................................... 53 Statement of investments and other net assets .................................................................................................... 54 Industrial and geographical classification of investments .................................................................................. 68 MONYX FUND - Monyx Strategi Sverige/Världen .......................................................................................... 71 Statement of net assets ........................................................................................................................................ 71 Statement of operations and other changes in net assets..................................................................................... 72 Statistical information ......................................................................................................................................... 73 Statement of investments and other net assets .................................................................................................... 74 Industrial and geographical classification of investments .................................................................................. 90 MONYX FUND - Monyx Strategi Balanserad .................................................................................................. 93 Statement of net assets ........................................................................................................................................ 93 Statement of operations and other changes in net assets..................................................................................... 94 Statistical information ......................................................................................................................................... 95 Statement of investments and other net assets .................................................................................................... 96 Industrial and geographical classification of investments ................................................................................ 111 MONYX FUND - Monyx Strategi Trygghet .................................................................................................... 114 Statement of net assets ...................................................................................................................................... 114 Statement of operations and other changes in net assets................................................................................... 115 Statistical information ....................................................................................................................................... 116 Statement of investments and other net assets .................................................................................................. 117 Industrial and geographical classification of investments ................................................................................ 131

1

MONYX FUND Contents (continued)

MONYX FUND - Monyx Aktiv Ränta ............................................................................................................. 134 Statement of net assets ...................................................................................................................................... 134 Statement of operations and other changes in net assets................................................................................... 135 Statistical information ....................................................................................................................................... 136 Statement of investments and other net assets .................................................................................................. 137 Industrial and geographical classification of investments ................................................................................ 140 MONYX FUND - Monyx Genesis ..................................................................................................................... 141 Statement of net assets ...................................................................................................................................... 141 Statement of operations and other changes in net assets................................................................................... 142 Statistical information ....................................................................................................................................... 143 Statement of investments and other net assets .................................................................................................. 144 Industrial and geographical classification of investments ................................................................................ 146 Notes to the financial statements ...................................................................................................................... 147

2

MONYX FUND Organisation

Registered Office

4, rue Peternelchen L-2370 Howald

Board of Directors of the Fund

Chairman Lars PURLUND Independent Director Denmark Directors Peter REEDTZ Chairman of Monyx Financial Group AB Sweden Lars Erik HØGH Independent Director Luxembourg

Management Company and Central Administration Agent

SEB Fund Services S.A. 4, rue Peternelchen L-2370 Howald

Board of Directors of the Management Company

Chairman Gustaf UNGER Head of Investor Services, Transaction Banking Skandinaviska Enskilda Banken AB (publ), Sweden Vice-Chairman Peter KUBICKI Head of Wealth Management SEB Wealth Management, Denmark (until 2nd March 2015) Directors Göran FORS Head of Sales and Market Development Asset Servicing Skandinaviska Enskilda Banken AB (publ), Sweden Jonas LINDGREN Head of Prime Brokerage, SEB Equities, Skandinaviska Enskilda Banken AB (publ), Sweden Erika LUNDQUIST Managing Director Skandinaviska Enskilda Banken S.A., Luxembourg (since 2nd March 2015) Magnus WALLBERG Deputy Managing Director, CFO/COO Skandinaviska Enskilda Banken S.A., Luxembourg

3

MONYX FUND Organisation (continued)

Ralf FERNER Managing Director SEB Fund Services S.A., Luxembourg (until 11th December 2015) Custodian and Paying Agent in Luxembourg

Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald

Administration Agent, Registrar and Transfer Agent

European Fund Administration S.A. 2, rue d'Alsace L-1122 Luxembourg

Investment Manager

Monyx Financial Group AB Strandvägen 5B SE-114 51 Stockholm

Placement and Distribution Agent and Nominee in Sweden

Monyx Financial Group AB Strandvägen 5B SE-114 51 Stockholm

Paying Agent in Sweden

Skandinaviska Enskilda Banken AB (publ) Sergels Torg 2 SE-106 40 Stockholm

Cabinet de révision agréé

KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg

4

MONYX FUND General information

MONYX FUND (the "Fund") is an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a "Société d'Investissem*nt à Capital Variable" (SICAV) with multiple Sub-Funds. The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities under the Council Directive 2009/65/CE as amended and is governed by Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment. The Fund was incorporated on 16th December 1998 for an unlimited period of time under the denomination "The Modern Funds, SICAV". Its articles of incorporation (the "Articles") were published in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial") on 1st March 1999. The last amendment of the Articles took place on 3rd April 2012 and was published in the "Mémorial" on 18th May 2012. At the date of the present report, the following Sub-Funds are offered to investors: MONYX FUND - Monyx Svenska Aktier MONYX FUND - Monyx Strategi Offensiv MONYX FUND - Monyx Strategi Nya Marknader MONYX FUND - Monyx Strategi Världen MONYX FUND - Monyx Strategi Sverige/Världen MONYX FUND - Monyx Strategi Balanserad MONYX FUND - Monyx Strategi Trygghet MONYX FUND - Monyx Aktiv Ränta MONYX FUND - Monyx Genesis

(hereafter "Svenska Aktier") (hereafter "Strategi Offensiv") (hereafter "Strategi Nya Marknader") (hereafter "Strategi Världen") (hereafter "Strategi Sverige/Världen") (hereafter "Strategi Balanserad") (hereafter "Strategi Trygghet") (hereafter "Aktiv Ränta") (hereafter "Genesis")

in SEK in SEK in SEK in SEK in SEK in SEK in SEK in SEK in SEK

The following Classes of Shares are available in the different Sub-Funds: Sub-Funds - Svenska Aktier - Strategi Offensiv

Classes of shares Class B Shares (the "Class BC Share") Class A Shares (the "Class AC Share")

Description - Class B Shares are available to all investors

Class B Shares (the "Class BC Share")

- Class B Shares are available to all investors subject to a minimum initial investment and holding amount of SEK 50 million - Class C Shares are available to all investors subject to a minimum initial investment and holding amount of SEK 100 million - Class D Shares are available to all investors

Class C Shares (the "Class CC Share")

-

Strategi Nya Marknader Strategi Världen Strategi Sverige/Världen Strategi Balanserad Strategi Trygghet

Class D Shares (the "Class DC Share") Class A Shares (the "Class AC Share") Class B Shares (the "Class BC Share") Class C Shares (the "Class CC Share") Class D Shares (the "Class DC Share")

5

- Class A Shares are reserved to Institutional Investors

- Class A Shares are reserved to Institutional Investors - Class B Shares are available to all investors subject to a minimum initial investment and holding amount of SEK 25 million - Class C Shares are available to all investors subject to a minimum initial investment and holding amount of SEK 100 million - Class D Shares are available to all investors

MONYX FUND General information (continued)

Sub-Funds - Aktiv Ränta

Classes of shares Class A Shares (the "Class AC Share") Class B Shares (the "Class BC Share") Class C Shares (the "Class CC Share")

- Genesis

Class R Shares (the "Class RC Share") Class I Shares (the "Class IC Share")

Description - Class A Shares are available to all investors - Class B Shares are available to all investors subject to a minimum initial investment and holding amount of SEK 50 million - Class C Shares are available to all investors subject to a minimum initial investment and holding amount of SEK 100 million - Class R Shares are available to all investors - Class I Shares are reserved to Institutional Investors and subject to a minimum initial investment and holding amount of SEK 25 million

All the Share Classes are only available as Accumulation Shares. At the date of the present report, only the Class AC, BC, DC and RC Shares are issued. The reference currency of the Fund is expressed in SEK. The Net Asset Value per share of the Sub-Funds is calculated on any day on which banks are normally open for business in Luxembourg, except for 24th December in each year. The financial year of the Fund ends on the 31st December of each year. Financial reports of the Fund are published annually and semi-annually. These reports as well as the current prospectus and Key Investor Information Documents can be obtained free of charge at the Registered Office of the Fund and the Placement and Distribution Agent.

6

MONYX FUND Report on activities of the Board of Directors

2015 was another eventful year for the global economy. Markets proved again to be very volatile and diverse with huge dispersions in returns across geographical regions and sectors. The US economy continues to rebound and is now going into its eight straight year of economic recovery. The Fed ended the historical era of zero interest rate policy in December whereas the ECB announced further easing in the same month. This reflects the difference in growth cycles and it is very unusual that the monetary policy between the two central banks is totally uncoordinated. Growth is still sluggish in Europe but despite hovering around recessionary growth rates, Europe has after all faced a growth rate at some 2 per cent in recent months. Growing uncertainty about China's economic and financial trajectories raising the risk premium on global stocks and US interest rates hikes were the main focus in the latter part of the year, whereas the first half of 2015 almost exclusively were dominated by the Greek debt problems. The continuously lower commodities and oil price were the predominant topic throughout the entire year and with a profound impact on markets. The fall in oil prices from about 120 USD/barrel two years ago and close to 35 USD at the end of 2015 has had a devastating impact on oil producing companies and the plethora of companies that service the industry, including banks. The turbulence in Greece in itself was insignificant given the size of the economy, whereas the oil price wash-out will have lasting repercussions that the market is still trying to coming to terms with. Where a lower oil price would normally be considered positive for risk assets, we have now reached a level where price drops are considered negative and structurally redefining the marketplace. Markets have not moved in sync in 2015. Geographical asset allocation was key and investors having a bias towards Nordic markets with returns of 15-35% will look back at 2015 with different eyes than investors having their main exposure to emerging markets, in particular Brazil which saw markets tumble around 40%. There are sound reasons to envisage in a positive year for risk assets in 2016. As mentioned, the economy is still in recovery mode and companies globally continue to find ways to rationalise and improve bottom line growth. However, it seems equally evident that investors will have to endure high volatility as well as some painful moments to achieve positive returns. The perils are numerous; the UK referendum on the so-called Brexit, a potential hard landing for the economy in China, the US presidential election, the impact of refugee crisis on the European economy and how emerging markets will cope with low commodity prices and increased debt burden as a result of an appreciating USD are just some of the risk factors that investors will have to deal with in 2016. The Monyx sub-funds have not been immune to the volatility in 2015. The sub-funds have on average performed in positive territory, but also under-performed slightly in comparison to those of the peers we normally compare ourselves to. Svenska Aktier was the highflier sub-fund with a yearly return of 11 per cent whereas Nya Marknader and Genesis performed negatively, respectively 6 and 8 per cent. The relative underperformance can be explained by a more prudent investment approach in a generally positive market environment. The Board expresses its satisfaction with the investment results in 2015 in a very challenging environment. While the markets were turbulent in 2015, it has been a very calm year with regards to product development. After the restructurings in previous years, there were no material changes made to the product range of Monyx Fund during 2015. At the end of 2015, Monyx Fund contained 6 multi-strategy and 3 single strategy sub-funds, and the SEK 29bn assets under management at year end represents the sixth consecutive increase in assets. For the past several years, the directors have worked diligently with the management company in order to investigate a smaller number of dormant accounts among the Funds’s many investors. It should be noted, that the number of dormant accounts represents an insignificant proportion of the assets under management in the Fund. However, changes in the law governing the fund industry has placed onerous administrative burdens on the industry requiring that the structures have detailed information on file of the various investors in the funds. The number of dormant accounts in the Monyx Fund has been reduced significantly especially over the past three years and it currently stands at less than 27 accounts. The directors are of the view that all possibilities to reduce the number further have been exhausted and the management company has been instructed to close this matter in Q1, 2016 in order to avoid spending further of the Fund’s time and resources on this matter. In close corporation with the investment manager and the management company the Board will continue to monitor and evaluate the range of strategies offered to shareholders in order to be able to provide an attractive offer of balanced risk/return strategies at reasonable cost in the best interest of shareholders also in the future.

7

MONYX FUND Report on activities of the Board of Directors (continued)

Again, the Board would like to thank all stakeholders involved in the management of Monyx Fund for their contribution in 2015. In this spirit of commitment, the Board looks forward to continue to service shareholders in the best possible way in 2016.

Luxembourg, 19th January 2016

The Board of Directors

Note: The information in this report represents historical data and is not an indication of future results.

8

MONYX FUND Report of the Investment Manager

Financial markets comment 2015 was a turbulent year in the financial markets. While many equity markets saw strong returns in the first half of the year, most markets closed the year off the highs from the summer. Despite the volatile markets, most equity markets delivered positive returns in Swedish kronor as the krona weakened in the year. In the first half of the year, equity markets generally strengthened, and commodity prices stabilized after having fallen in the second half of 2014. In the beginning of the year, the European markets were supported by the expansionary monetary policy from the European Central Bank, as it initiated its quantitative easing program which was announced in January. Markets were also helped by signs of economic recovery in the Eurozone. The Swedish Riksbank reduced interest rates to negative during 2015 when it reduced the repo rate from 0 to -0.1 percent in February, and announced its own quantitative easing program in the spring. The Swedish Riksbank continued to decrease the repo rate with further reductions to -0.25 percent in March and to -0.35 percent in July, the latter being somewhat of a surprise to the market. In the early summer however, markets where rattled by the political crisis in Greece. In late summer, financial markets in developed markets weakened in line with drops in the Chinese equity markets, as market began to fear a slowdown in the Chinese economy. In August, markets were shaken by a surprise devaluation of the Chinese currency. At the same time, commodity prices fell, due to oversupply and decreasing demand. However, equity markets recovered some of the losses in the fourth quarter, as economic optimism returned to the markets. In December, the US Federal Reserve Bank increased interest rates for the first time in nine years, as the US labour market continues to improve. The US equity market finished the year close to unchanged in USD terms, including dividends. However, in Swedish kronor, the index nevertheless returned close to 10 percent as the US dollar appreciated. In Europe, equity markets returned a little more than 4 percent in euro terms including dividends, but in Swedish kronor, the European equity market returned more than 7 percent. At the same time the Swedish equity market returned around 10 percent in Swedish krona terms. Emerging market equities underperformed in the year, and fell around 10 percent in Swedish kronor, as market worries about weaker economic growth in China. In the fixed income markets, government bond yields fell in the beginning of the year, as inflation continued to fall, and central banks continued to be supportive. In the spring, bond markets sold off, partly driven by higher European inflation data and government bond yields rose in the second quarter. In the fall, the news media were dominated by the European migration crisis that also had an impact on the financial markets. Swedish bond yields increased by the end of the year, as the market expects an increase in the supply of Swedish government bonds, as the migration crisis will lead to an increase in government spending. Credit markets weakened in the year, against a background of weaker growth expectations and falling commodity prices. Commodity prices fell dramatically in the year, with oil and iron ore prices falling more than 30 percent.

9

MONYX FUND Report of the Investment Manager (continued)

Monyx Aktiv Ränta The value of the Monyx Aktiv Ränta fund decreased by 0.31 percent in 2015. The sub-fund’s exposure to the oil and energy related Norwegian bond market hurt performance in the year, and explains the negative performance of the sub-fund. By the end of the year, the duration of the Monyx Aktiv Ränta fund was reduced from 1.7 to 0.6 years through a short position in Swedish 5 year government futures. We believe the market overestimates the probability of future interest rate cuts from the Riksbank, as well as underestimates the risks of a future increase in government bond supply. Oil prices started to decline in the summer, and continued to fall by the end of the year. The falling oil prices, in combination with redemptions from Norwegian High Yield funds, lead to significant price declines in the Norwegian high yield market. Our exposure to the oil and energy exposed Norwegian market has hurt performance in the year, and explains the negative performance of the fund in the year. We have actively worked to reduce the exposure to riskier segments of the Norwegian bond market. Nevertheless, even bonds issued by larger and traditionally more stable issuers such saw significant draw downs in the period. Monyx Svenska Aktier The broad Swedish equity market experienced a fairly volatile 2015 along with most other equity markets, but ended the year in positive territory. The sub-fund developed approximately in line with the market from mid-January until the end of April. The overweight in the real estate sector as well as the newly increased overweight in cyclical stocks contributed positively to the performance until the end of February, partly due to a weaker SEK. The markets turned more volatile again in May and the sub-fund´s performance was negatively impacted by falling equity markets which was mainly due to the renewed Greek political crisis. The weak sentiment continued until the second week of July when sentiment improved somewhat. A more active allocation towards different sectors in the sub-fund during Q2 contributed negatively to the fund´s performance as health care, materials and industrials underperformed. Again, the financial markets turned very volatile in August, mainly due to signs that China´s economy was struggling and due to falling oil prices. The sub-fund lost performance but managed to perform better than the broader Swedish equity market due to a shift towards a more defensive stance in the portfolio. In the beginning of the fourth quarter the sub-fund performed strongly, especially during the company earnings season, where stock selection turned out to be very profitable for the sub-fund. Among the largest contributors were the overweight in Fastighetsbolaget Balder AB, Unibet, ITAB and being underweight Volvo and H&M. In general, Swedish small caps performed very well during the second half of 2015 and the fund benefitted from being slightly over weighted in that market segment. Monyx Genesis During the first half of the year the fund performed more or less in line with expectation. However, during the beginning of summer, volatility in the market began to increase significantly. In general, the statistical models used to manage the sub-fund signaled short positions during this period, which increased confidence in the models as such short positions created positive performance. This together with our expectations of a bear market after the summer led us to allocate more risk to our model based positions. In hindsight this was a bad decision as shortly after, markets rallied significantly against the backdrop of the US

10

MONYX FUND Report of the Investment Manager (continued)

Federal Reserve leaving the Fed Funds Rate unchanged in September and ECB’s monetary policy and the statistical equity models struggled. As a result of this the allocation to the statistical models was decreased but the sub-fund nonetheless fell with 8.4 percent during the year. Overall the sub-fund main losses came from equity models, as predominately trend following and mean reversion models underperformed significantly. In contrast market neutral equity models performed well showing positive contribution to portfolio performance which suggests that 2015 was a difficult year for directional position taking within equity markets. Currency position of the sub-fund has also detracted from performance as central banks around the world have been very active, both directly and indirectly in currency markets in 2015. In 2015 the USD, measured as the US Dollar against other major global currencies, appreciated by almost 10 percent in the first quarter. But, although with major price fluctuations for the remaining months of the year, ended the year virtually unchanged relative end of Q1. Commodity exposure through ETCs has also hurt portfolio performance. The portfolios positioning has been to hold gold and silver exposure in the fund as worries of a bear market in riskier assets should benefit assets such as precious metals. Precious metal exposure contributed positively in volatile periods as April and May as well as August to mid-October but as global central banks increased already aggressive monetary policies risker assets rallied and commodities were traded lower. 2015 was a year, very much like 2014, where markets to a large extent were driven more by monetary policies of major central banks than fundamentals and the models on which the investment management of Monyx Genesis is mainly based, does not perform as well in markets driven by exogenous events due to the lack of more robust mid-term market trends. Monyx Strategi Trygghet, Monyx Strategi Balanserad, Monyx Strategi Världen, Monyx Strategi Sverige/Världen, Monyx Strategi Nya Marknader and Monyx Strategi Offensiv. All Strategi sub-funds, except sub-fund Nya Marknader, ended 2015 with flat or positive returns. Global equity markets and other riskier assets, such as oil, rallied up to end of April against a backdrop of even more expansionary monetary policies by European and Japanese Central Banks as well as the US Fed keeping its Fed Funds Rate on hold. From Q2 volatility rose and asset prices for more riskier assets fell. At first in emerging markets, but developed markets equities joined the negative trend as the Greek drama with Greece’s negotiations with EU and IMF intensified and investors started worrying about a possible hard landing for the world’s second largest economy, China and elevated Chinese equity valuations together with falling oil and commodity prices which led to investor’s risk appetite vanishing. In all Strategi sub-funds the exposure to equities on the strategic allocation level has been reduced every month in 2015, with the exception of November driven by increased market risk and correlations. Most of the reduction in equity exposure was done during the first six months of the year and continued rising volatility in the latter part of 2015 contributed to a further decrease of risk in the sub-funds, and reduction of equity exposure. In parallel the portfolios holdings of bonds and cash increased, predominantly with Swedish mortgage bonds and corporate bonds. The overall strategy for the bond portfolios in all Strategi sub-funds has been to keep the duration at the shorter end of the scale at approximately 2.5 years.

11

MONYX FUND Report of the Investment Manager (continued)

In addition to the monthly reductions of the sub-funds strategic equity exposure, tactical short equity exposure to the US market and global emerging markets has been the theme for most of 2015 due to precautionary reasons and expected higher market volatility. The contribution from the tactical positions has however been negative in 2015, mostly due to poor market timing. US dollar exposure has occasionally been hedged to Swedish krona for cautionary reasons. But as the US dollar kept moving higher in 2015 the US dollar hedges have slightly affected the sub-fund´s performance negatively.

Luxembourg, 4th February 2016

The Investment Manager

Note: The information in this report represents historical data and is not an indication of future results.

12

Report of the Réviseur d'Entreprises agréé

To the Shareholders of MONYX FUND We have audited the accompanying financial statements of MONYX FUND and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at 31st December 2015 and the statement of operations and other changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Responsibility of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d'Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circ*mstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

13

MONYX FUND Combined statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Swap contracts at market value Cash collateral for future contracts Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Unrealised gain on forward foreign exchange contracts Other receivables Prepaid expenses

13,565,968,814.06 14,453,538,374.30 3,586,387.89 943,201,298.06 133,194,146.10 239,073.60 20,850,107.37 77,599,095.85 22,037,498.65 27,724,607.81 9,275,565.30 26,379.70

Total assets

29,257,241,348.69

Liabilities Bank overdrafts Other liquid liabilities Payable on swap contracts Payable on redemptions of shares Interest payable on swap contracts Unrealised loss on forward foreign exchange contracts Expenses payable Other liabilities Total liabilities

2,622.49 1,143,800.37 17,000.15 17,483,435.16 798,003.47 12,431,682.42 48,158,788.86 29,900,261.48 109,935,594.40

Net assets at the end of the year

29,147,305,754.29

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

15

MONYX FUND Combined statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts Commissions received Other income

40,462,375.83 192,768,618.42 205,680.94 70,415.77 7,598,724.34

Total income

241,105,815.30

Expenses Management fees Performance fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Interest paid on swap contracts Other expenses

494,990,283.97 60,343.15 85,736.69 13,192,685.95 16,495,253.27 503,026.09 59,504,748.45 4,454,910.30 163,749.57 536,600.15 21,214,211.79 1,334,244.14

Total expenses

612,535,793.52

Net investment loss

-371,429,978.22

Net realised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts - on foreign exchange

75,887,578.86 -307,890,687.32 1,667,722,095.62 -151,228,945.79 32,336,387.97

Realised result

945,396,451.12

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts

-282,455,503.56 53,943,297.52 -619,575,493.08 80,396,744.45

Result of operations

177,705,496.45

Subscriptions

3,703,352,785.47

Redemptions

-3,119,075,813.63

Total changes in net assets

761,982,468.29

Total net assets at the beginning of the year

28,385,323,286.00

Total net assets at the end of the year

29,147,305,754.29

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

16

MONYX FUND - Monyx Svenska Aktier Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Cash at banks Other liquid assets Receivable on issues of shares Other receivables

1,259,962,101.50 61,985,026.79 8,083,260.02 199,693.03 12,919.77

Total assets

1,330,243,001.11

Liabilities Payable on redemptions of shares Expenses payable

274,152.36 1,305,654.53

Total liabilities

1,579,806.89

Net assets at the end of the year

1,328,663,194.22

Number of Class BC Shares outstanding Net asset value per Class BC Share

4,532,398.4418 293.15

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

17

MONYX FUND - Monyx Svenska Aktier Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Dividends, net Interest on bank accounts Commissions received

39,084,865.81 12,070.98 70,415.77

Total income

39,167,352.56

Expenses Management fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Other expenses

9,762,201.84 4,959.99 825,805.25 1,045,740.62 22,653.64 2,638,589.46 654,256.91 7,409.00 71,042.01 30,187.73

Total expenses

15,062,846.45

Net investment income

24,104,506.11

Net realised gain/(loss) - on securities portfolio - on futures contracts - on foreign exchange

86,281,941.83 -13,406,821.50 739,932.66

Realised result

97,719,559.10

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts

43,334,158.57 -3,164,024.00

Result of operations

137,889,693.67

Subscriptions

49,532,055.11

Redemptions

-109,505,250.23

Total changes in net assets

77,916,498.55

Total net assets at the beginning of the year

1,250,746,695.67

Total net assets at the end of the year

1,328,663,194.22

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

18

MONYX FUND - Monyx Svenska Aktier Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

1,328,663,194.22 1,250,746,695.67 1,307,323,825.78

Number of Class BC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

4,744,164.0966 173,514.5379 -385,280.1927 4,532,398.4418

Net asset value per Class BC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

293.15 263.64 227.58

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

19

MONYX FUND - Monyx Svenska Aktier Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Shares SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

12,803 95,924 11,178 20,744 5,953 253,602 26,719 250,072 74,842 16,938 6,232 48,000 7,939 51,832 52,314 134,227 75,808 47,100 35,055 48,600 14,152 108,705 20,000 17,247 15,848 62,303 92,358 83,908 16,600 105,999 23,003 2,416 6,000 12,832 13,047 14,000 266,950 64,242 163,420 1,856 37,292 34,628 175,063 31,568 9,760 80,000 11,156 48,000 3,904 39,100 168,000 33,200 17,014 36,480 12,299 26,973 56,558 16,600 40,467 28,300

AAK AB ABB Ltd Reg Addtech AB B AF AB Alfa Laval AB Assa Abloy AB B AstraZeneca Plc Atlas Copco AB A Atrium Ljungberg AB B Autoliv Inc SDR Avanza Bank Holding AB Axfood AB Beijer Alma AB B Betsson AB B Bilia AB A BillerudKorsnas AB Boliden AB Bure Equity AB Byggmax Group AB Castellum AB Clas Ohlson AB B Cloetta AB B Com Hem Holding AB Concentric AB Dios Fastigheter AB Duni AB Electrolux AB B Fabege AB fa*gerhult AB Fastighets Balder AB B FastPartner AB Fenix Outdoor Intl SA B Reg Fingerprint Cards AB B Getinge AB B Haldex AB Hemfosa Fastigheter AB Hennes & Mauritz AB B Hexagon AB B Hexpol AB B HMS Networks AB Holmen AB B Hufvudstaden AB A Husqvarna AB B ICA Gruppen AB Industrial & Financial Syst AB Industrivaerden AB C Indutrade AB Intrum Justitia AB Investment AB Oeresund Investments AB Kinnevik B Investor AB B ITAB Shop Concept AB JM AB Kambi Group Plc B KappAhl AB Lagercrantz Group AB B Latour Investment AB Lindap Intl AB Loomis AB Lucara Diamond Corp

5,055,081.61 15,231,821.07 819,720.00 2,080,792.00 898,206.56 25,823,303.51 9,338,009.92 49,310,196.92 8,228,122.59 11,510,969.97 1,383,242.52 3,583,103.78 1,288,113.75 5,835,778.10 5,040,159.15 11,824,993.80 8,658,097.55 1,412,014.08 1,511,435.17 5,626,682.66 1,548,521.81 2,332,437.72 1,250,937.50 1,462,029.50 881,260.85 6,108,855.72 19,787,147.86 7,399,302.02 1,976,748.58 9,389,018.23 1,964,673.75 637,676.95 1,286,000.00 2,624,045.26 1,269,049.33 1,211,000.00 66,377,235.59 11,869,008.40 7,848,830.57 198,592.00 8,070,335.38 2,991,859.20 7,715,824.74 5,754,292.33 1,691,346.99 13,184,000.00 2,931,104.69 9,828,266.02 375,562.70 10,083,145.77 54,966,760.80 4,834,690.15 3,625,980.18 1,957,055.98 309,934.80 1,030,209.04 9,245,155.80 1,094,375.31 7,770,412.59 371,654.00

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

20

8,033,882.50 14,657,187.20 1,606,837.50 2,981,950.00 922,715.00 45,141,156.00 15,443,582.00 52,115,004.80 9,953,986.00 18,174,474.00 2,290,260.00 7,046,400.00 1,742,610.50 8,059,876.00 10,044,288.00 21,100,484.40 10,832,963.20 3,238,125.00 3,049,785.00 5,866,020.00 2,165,256.00 3,043,740.00 1,536,000.00 1,845,429.00 970,690.00 8,815,874.50 18,951,861.60 11,755,510.80 2,614,500.00 22,121,991.30 3,496,456.00 985,728.00 3,546,000.00 2,855,120.00 1,037,236.50 1,319,500.00 80,645,595.00 20,223,381.60 14,887,562.00 454,720.00 9,755,587.20 4,151,897.20 9,803,528.00 9,704,003.20 3,557,520.00 11,608,000.00 5,360,458.00 13,852,800.00 866,688.00 10,244,200.00 52,516,800.00 10,026,400.00 4,299,437.80 4,578,240.00 377,579.30 2,144,353.50 17,629,128.60 1,044,140.00 10,703,521.50 379,220.00

0.61 1.10 0.12 0.22 0.07 3.40 1.16 3.92 0.75 1.37 0.17 0.53 0.13 0.61 0.76 1.59 0.82 0.24 0.23 0.44 0.16 0.23 0.12 0.14 0.07 0.66 1.43 0.89 0.20 1.67 0.26 0.07 0.27 0.22 0.08 0.10 6.07 1.52 1.12 0.03 0.73 0.31 0.74 0.73 0.27 0.87 0.40 1.04 0.07 0.77 3.95 0.76 0.32 0.35 0.03 0.16 1.33 0.08 0.81 0.03

MONYX FUND - Monyx Svenska Aktier Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

Number / nominal value

Total shares

37,104 35,000 65,606 92,202 6,800 26,972 3,993 9,887 7,400 34,173 17,983 57,561 28,731 46,912 20,612 806,389 30,287 3,797 4,913 100,200 36,200 200,000 32,990 144,090 371,666 53,924 6,080 105,434 388,551 20,423 91,065 390 166,658 319,703 8,775 199,869 14,800 111,393 8,523 46,186 637,812 468,275 4,850 114,009 20,180 77,200 6,182 364,951 118,782 34,297

Description

Cost

Lundbergforetagen AB B Lundin Mining Corp SDR repr 1 Sh Lundin Petroleum AB Meda AB A Medivir AB B Melker Schorling AB Millicom Intl Cellular SA SDR Modern Times Group MTG AB B Mycronic AB NCC AB B NetEnt AB B Nibe Industrier AB B Nobia AB Nokia Oyj Nolato AB B Nordea Bank AB Nordnet AB B OEM Intl AB Shares B Orexo AB Peab AB RaySearch Laboratories AB B Rottneros AB Saab AB B Sagax AB B Sandvik AB SAS AB Sectra AB B Securitas AB B Skandinaviska Enskilda Banken A Skanska AB B SKF AB B Skistar AB B Svenska Cellulosa SCA AB B Svenska Handelsbanken AB A Sweco AB B Swedbank AB A Swedish Match AB Swedish Orphan Biovitrum AB Systemair AB Tele2 AB B Telefon AB LM Ericsson B TeliaSonera AB Tethys Oil AB Trelleborg AB B Unibet Group Plc SDR Victoria Park AB B Vitrolife AB Volvo AB B Wallenstam Byggnads AB B Wihlborgs Fastigheter AB

Market value

% of total net assets

11,217,182.82 1,217,412.90 7,980,609.71 8,269,649.23 875,974.52 10,204,140.17 2,144,241.00 2,822,649.33 332,260.00 6,860,941.94 3,352,116.06 9,488,798.86 1,051,554.60 1,734,718.12 3,357,934.58 67,747,983.48 861,075.97 249,402.95 276,356.25 4,840,016.86 3,311,622.58 1,185,135.10 5,314,964.00 5,750,213.73 32,241,426.75 757,632.20 322,240.00 7,586,551.54 30,086,236.69 2,443,089.69 15,140,320.41 29,152.50 33,872,758.83 33,461,389.76 687,375.00 34,917,368.40 3,317,656.16 8,233,001.61 877,869.00 3,792,388.25 52,996,434.06 21,799,130.19 260,942.25 14,514,884.61 5,959,242.50 683,945.68 441,666.00 33,024,238.19 6,016,873.50 4,176,060.50 977,801,011.85

17,342,409.60 812,350.00 8,043,295.60 9,874,834.20 445,400.00 14,497,450.00 1,942,594.50 2,142,512.90 608,650.00 8,987,499.00 8,892,593.50 16,376,104.50 3,045,486.00 2,840,521.60 5,307,590.00 75,236,093.70 1,241,767.00 535,377.00 308,290.75 6,497,970.00 4,434,500.00 1,630,000.00 8,603,792.00 10,338,457.50 27,521,867.30 1,315,745.60 711,360.00 13,706,420.00 34,736,459.40 3,365,710.40 12,494,118.00 48,360.00 41,081,197.00 36,094,468.70 1,090,293.75 37,395,489.90 4,442,960.00 14,993,497.80 911,961.00 3,914,263.50 52,491,927.60 19,756,522.25 278,875.00 18,788,683.20 17,435,520.00 1,158,000.00 1,783,507.00 28,867,624.10 8,077,176.00 5,864,787.00 1,226,489,575.55

1.31 0.06 0.61 0.74 0.03 1.09 0.15 0.16 0.05 0.68 0.67 1.23 0.23 0.21 0.40 5.66 0.09 0.04 0.02 0.49 0.33 0.12 0.65 0.78 2.07 0.10 0.05 1.03 2.61 0.25 0.94 0.00 3.09 2.72 0.08 2.82 0.33 1.13 0.07 0.30 3.95 1.49 0.02 1.41 1.31 0.09 0.13 2.17 0.61 0.44 92.31

30,000,000.03 30,000,000.03

33,472,525.95 33,472,525.95

2.52 2.52

1,007,801,011.88

1,259,962,101.50

94.83

61,985,026.79

4.67

6,716,065.93

0.50

1,328,663,194.22

100.00

Open-ended investment funds Investment funds (UCITS) SEK

42,322.071

Ohman Sweden Micro Cap Units Dist

Total investment funds (UCITS) Total investments in securities Cash at banks Other net assets/(liabilities) Total

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

21

MONYX FUND - Monyx Svenska Aktier Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets) Capital goods

14.27 %

Banks

13.81 %

Consumer durables and apparel

9.89 %

Real estate

7.72 %

Materials

7.38 %

Automobiles and components

6.15 %

Investment companies

5.88 %

Technology hardware and equipment

4.68 %

Diversified financial services

4.55 %

Household and personal products

3.09 %

Investment funds

2.52 %

Pharmaceuticals and biotechnology

2.47 %

Hotels, restaurants and leisure

2.27 %

Food retailing, drugstores and pharmacies

2.02 %

Telecommunication services

1.94 %

Health care equipment and services

1.29 %

Food, beverage and tobacco

1.17 %

Software and services

1.16 %

Commercial services and supplies

1.03 %

Energy

0.63 %

Media

0.28 %

Retailing

0.26 %

Transportation

0.24 %

Semiconductors and semiconductor equipment

0.13 %

Total

94.83 %

Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden

89.02 %

Malta

1.66 %

United States of America

1.37 %

Switzerland

1.17 %

United Kingdom

1.16 %

Finland

0.21 %

Luxembourg

0.15 %

Canada

0.09 %

Total

94.83 %

22

MONYX FUND - Monyx Strategi Offensiv Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Swap contracts at market value Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Other receivables

149,764,802.63 1,198,384,966.72 45,088,800.57 5,910,785.35 54,630.73 576,735.57 513,715.28 1,579,539.04 598,776.47

Total assets

1,402,472,752.36

Liabilities Bank overdrafts Other liquid liabilities Payable on redemptions of shares Interest payable on swap contracts Unrealised loss on forward foreign exchange contracts Expenses payable Other liabilities

153.04 92,306.25 572,436.77 55,954.75 826,625.87 2,344,563.19 2,142,924.35

Total liabilities

6,034,964.22

Net assets at the end of the year

1,396,437,788.14

Number of Class AC Shares outstanding Net asset value per Class AC Share

5,798,701.7839 162.60

Number of Class DC Shares outstanding Net asset value per Class DC Share

2,847,541.3634 159.28

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

23

MONYX FUND - Monyx Strategi Offensiv Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Interest on bonds and other debt securities, net Interest on bank accounts Other income

701,506.05 3,276.92 1,097,375.03

Total income

1,802,158.00

Expenses Management fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Interest paid on swap contracts Other expenses

24,180,212.50 10,505.61 703,853.77 1,325,487.70 25,299.04 3,251,442.14 321,108.63 8,327.95 26,403.28 1,569,464.05 108,343.04

Total expenses

31,530,447.71

Net investment loss

-29,728,289.71

Net realised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts - on foreign exchange

2,384,729.18 -21,331,215.47 126,580,039.32 -10,994,374.73 2,482,871.17

Realised result

69,393,759.76

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts

-8,498,003.44 4,069,515.53 -54,469,764.24 3,950,858.07

Result of operations

14,446,365.68

Subscriptions

73,320,038.49

Redemptions

-138,169,574.77

Total changes in net assets

-50,403,170.60

Total net assets at the beginning of the year

1,446,840,958.74

Total net assets at the end of the year

1,396,437,788.14

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

24

MONYX FUND - Monyx Strategi Offensiv Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

1,396,437,788.14 1,446,840,958.74 683,072,353.96

Number of Class AC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

5,815,564.4090 392,944.0445 -409,806.6696 5,798,701.7839

Net asset value per Class AC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

162.60 161.35 134.23

Number of Class DC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

3,192,054.5382 51,626.1776 -396,139.3524 2,847,541.3634

Net asset value per Class DC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

159.28 159.30 133.58

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

25

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK SEK SEK

Total bonds

25,000,000 25,000,000 15,000,000

Lansforsakringar Hypotek AB 2.5% Ser 511 12/20.06.18 Swedbank Mortgage AB 3.75% MTN Ser 186 10/20.12.17 Swedbank Mortgage AB 3.75% Ser 187 11/19.09.18

26,603,000.00 26,854,000.00 16,594,950.00 70,051,950.00

26,390,375.00 26,826,125.00 16,391,925.00 69,608,425.00

1.89 1.92 1.17 4.98

87,593,460.54 87,593,460.54

80,156,377.63 80,156,377.63

5.74 5.74

157,645,410.54

149,764,802.63

10.72

1,520,747.92 2,564,203.03 821,780.25 4,515,168.06 1,908,307.40 1,016,332.40 926,058.46 1,819,364.75 2,091,212.65 971,714.40 826,304.82 929,275.05 1,255,438.33 1,848,606.97 2,972,187.59 1,329,885.32 1,195,811.99 28,512,399.39

0.11 0.18 0.06 0.32 0.14 0.07 0.07 0.13 0.15 0.07 0.06 0.07 0.09 0.13 0.21 0.10 0.09 2.05

1,378,240.56 1,490,520.65 885,591.28 2,053,232.72 1,116,386.25 1,092,727.31 1,181,925.51 235,121.88 664,942.81 1,140,014.30 689,011.09 552,340.84 850,255.25 991,911.49 688,134.63 840,258.98 1,375,473.54 1,508,794.34 875,227.37 880,081.47 542,333.25 2,176,207.15 421,621.25

0.10 0.11 0.06 0.15 0.08 0.08 0.08 0.02 0.05 0.08 0.05 0.04 0.06 0.07 0.05 0.06 0.10 0.11 0.06 0.06 0.04 0.16 0.03

Open-ended investment funds Investment funds (UCITS) SEK

854,819

Monyx Fd Genesis RC Cap

Total investment funds (UCITS) Total investments in securities

Swap contracts at market value Exposures through SFMAMXAC swap Securities AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

18,364.24 14,900.35 14,341.27 8,567.82 2,940.99 39,461.58 27,032.02 3,567.48 11,238.44 70,092.42 10,651.96 3,373.3 16,783.85 7,210.44 14,373.72 7,515.27 7,921.58

Amcor Ltd ANZ Banking Group Ltd Coca-Cola Amatil Ltd Commonwealth Bank of Australia CSL Ltd Harvey Norman Holdings Ltd Insurance Australia Group Ltd Macquarie Group Ltd National Australia Bank Ltd Orora Ltd QBE Insurance Group Ltd Rio Tinto Ltd Suncorp Group Ltd Wesfarmers Ltd Westpac Banking Corp Woodside Petroleum Ltd Woolworths Ltd

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

2,889.3 4,367.2 9,494.41 4,379.69 6,081.51 1,021.31 4,292.83 5,653.23 5,917.55 5,018.38 1,783.64 5,659.68 4,050.78 8,071.73 2,518.26 2,109.43 4,024.38 11,901.01 3,567.28 6,086.55 1,743.73 4,797.89 4,081.21

Bank of Montreal Bank of Nova Scotia CAE Inc Canadian National Railway Co Canadian Natural Resources Ltd Canadian Pacific Railway Ltd Enbridge Inc EnCana Corp First Capital Realty Inc Fortis Inc Franco Nevada Corporation Goldcorp Inc Great-West Lifeco Inc H&R REIT Units Cons 1 Imperial Oil Ltd Loblaw Co Ltd Magna International Inc Manulife Financial Corp National Bank of Canada Potash Corp of Saskatschew Inc Restaurant Brands Intl Inc When Issued Royal Bank Canada Silver Wheaton Corp The accompanying notes are an integral part of these financial statements.

26

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

CAD CAD CAD CAD CAD CAD

2,792.66 7,535.63 7,568.78 7,365.63 4,655.4 1,351.64

CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF

3,141.02 11,303.14 724.54 196.4 13,452.58 8,899.66 2,628.8 3,814.87 568.85 22,110.39

DKK DKK DKK

91.7 9,726.48 9,939.01

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

3,395.57 4,016.11 27,263.49 4,018.23 5,074.41 2,368.71 32,782.6 5,204.3 53,269.37 247,903.8 6,762.82 4,186.01 3,602.05 5,730.72 7,294.79 6,346.63 10,056.71 15,781.08 30,802.86 5,930.45 32,195.21 13,483.71 12,902.27 3,258.22 744.8 37,670.68 15,008.37 26,823.13 85,334.88 1,225.87 47,655.94 2,051.39 1,397.69 1,556.81 26,307.48 3,824.75 16,408.48 2,204.16 7,412.18 7,412.18 11,312.81 5,410.48

Description

Cost

Market value

% of total net assets

SNC-Lavalin Group Inc Sun Life Financial Inc Suncor Energy Inc Toronto Dominion Bank (The) Transcanada Corp Valeant Pharm Intl Inc

698,589.28 1,986,317.43 1,633,322.97 2,436,848.91 1,267,880.51 1,174,197.25 32,827,510.27

0.05 0.14 0.12 0.17 0.09 0.08 2.35

Cie Financière Richemont SA Credit Suisse Group AG Reg Geberit AG Reg Givaudan SA Reg Nestlé SA Reg Novartis AG Reg Roche Holding AG B de jouis Pref Swiss Prime Site AG Reg Syngenta AG Reg UBS Group Inc

1,910,402.21 2,068,127.94 2,079,294.21 3,020,308.14 8,460,029.93 6,516,461.91 6,129,357.07 2,526,205.04 1,882,500.06 3,640,784.00 38,233,470.51

0.14 0.15 0.15 0.22 0.61 0.47 0.44 0.18 0.13 0.26 2.75

A.P. Moeller - Maersk A/S B Novo Nordisk AS B Tryg A/S

1,010,294.36 4,774,691.27 1,676,362.14 7,461,347.77

0.07 0.34 0.12 0.53

Airbus Gr SE Akzo Nobel NV Alcatel-Lucent Amadeus IT Holding SA A Anheuser-Busch InBev SA ASML Holding NV Banco Bilbao Vizcaya Argent SA Reg Banco Pop Societa Cooperativa Banco Santander SA Bank of Ireland Plc BASF SE Reg Bayer AG Reg Bayerische Motorenwerke AG BNP Paribas SA A Daimler AG Reg Danone Deutsche Bank AG Reg Deutsche Telekom AG Reg EDP-Energias de Portugal SA Reg Enagas SA ENEL SpA Engie SA ENI SpA Essilor Intl SA Hermes Intl SA Iberdrola SA Infineon Technologies AG Reg ING Groep NV Certif Intesa Sanpaolo SpA Kering Koninklijke KPN NV L'Oréal SA Linde AG LVMH Moët Hennessy L Vuit SE Nokia Oyj OMV AG Orange SA Red Electrica Corporacion SA Repsol SA Repsol SA Droits d'attribut 07.01.16 Royal Philips NV RWE AG A

1,928,583.43 2,269,262.18 892,378.19 1,497,626.13 5,317,967.05 1,791,282.99 2,023,826.50 610,725.15 2,224,263.85 767,598.86 4,381,313.76 4,440,618.30 3,221,565.63 2,741,978.28 5,184,379.02 3,620,983.52 2,075,176.45 2,412,834.76 937,118.15 1,412,523.19 1,147,885.30 2,016,495.10 1,631,096.20 3,434,005.75 2,127,051.76 2,260,368.24 1,856,789.48 3,059,237.29 2,414,005.91 1,773,781.56 1,524,493.99 2,918,459.19 1,714,452.40 2,066,508.29 1,589,382.83 915,538.89 2,327,630.43 1,556,995.83 687,165.12 31,166.88 2,441,632.64 580,399.17

0.14 0.16 0.06 0.11 0.38 0.13 0.15 0.04 0.16 0.06 0.31 0.32 0.23 0.20 0.37 0.26 0.15 0.17 0.07 0.10 0.08 0.14 0.12 0.25 0.15 0.16 0.13 0.22 0.17 0.13 0.11 0.21 0.12 0.15 0.11 0.07 0.17 0.11 0.05 0.00 0.17 0.04

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

27

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

3,272.32 5,660.59 5,648.9 5,247.63 6,004.22 5,575.94 118,284.46 19,555.75 38,896.76 11,794.29 25,935.34 13,305.85 7,676

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

11,380.53 12,154.45 4,112.05 3,041.46 28,401.6 97,380 18,741.22 20,746.76 79,925.82 10,434.7 34,728.18 13,586.2 16,080.47 7,157.84 20,703.22 61,259.17 82,621.03 5,548.53 2,343.42 8,185.9 32,759.52 12,569.12 272,271.05 304.02 17,341.01 4,579.62 20,389.12 5,553.57 14,845.02 1,376,133.76 15,006.96 9,178.89 5,933.37 2,954.7 26,894.37 13,216.37 47,859.09 134,665.73 3,440.51

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

8,717.67 64,674.59 13,579.45 236,336.95 88,355.79 6,202.94 52,322.63 49,596.88 97,397.23 18,846.12

Description

Cost

Salzgitter AG Sanofi SA SAP SE Schneider Electric SE Siemens AG Reg Société Générale Telecom Italia SpA Telefonica SA Terna Rete Elettr Nazional SpA Total SA Unicredit SpA Post Raggruppamento Unilever NV Certif of Shares Zardoya Otis SA Anglo American Plc ARM Holdings Plc Associated British Foods Plc AstraZeneca Plc Aviva Plc Barclays Plc BG Group Plc BHP Billiton Plc BP Plc British American Tobacco Plc BT Group Plc Capita Plc Diageo Plc Experian Plc GlaxoSmithKline Plc Glencore Plc HSBC Holdings Plc Indivior Plc Intercontinental Hotels Gr Plc John Wood Group Plc Kingfisher Plc Land Securities Group Plc Reits Lloyds Banking Group Plc Lonmin Plc Prudential Plc Reckitt Benckiser Group Plc Relx Plc Rio Tinto Plc Rolls-Royce Holdings PLC Rolls-Royce Holdings Plc Pref C Entitlement 01 2016 Royal Dutch Shell Plc A Royal Dutch Shell Plc B SABMiller Plc Shire Plc South32 Ltd Standard Chartered Plc Tesco Plc Vodafone Group Plc Whitbread Plc AAC Technologies Hgs Inc AIA Group Ltd Anta Sports Products Ltd Bank of China Ltd H Bank of Communications Co Ltd H Beijing Enterprises Hgs Ltd Beijing Enterprises Wat Gr Ltd Belle Intl Hgs Ltd Bosideng International Hgs Ltd Cheung Kong Property Hgs Ltd

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

28

Market value

% of total net assets

681,231.46 4,075,853.42 3,797,309.12 2,526,696.20 4,943,719.51 2,174,484.22 1,273,209.86 1,833,566.83 1,694,687.66 4,458,494.82 1,220,019.48 4,888,501.11 758,033.18 124,152,354.51

0.05 0.29 0.27 0.18 0.35 0.16 0.09 0.13 0.12 0.32 0.09 0.35 0.05 8.88

424,512.96 1,573,095.00 1,711,861.22 1,749,727.36 1,825,561.96 2,655,336.98 2,299,525.45 1,964,119.66 3,524,475.39 4,901,629.98 2,040,572.35 2,044,414.74 3,718,757.76 1,070,850.93 3,540,891.76 690,442.98 5,518,506.28 129,800.92 775,906.52 624,563.60 1,344,612.40 1,842,830.82 2,478,247.59 3,162.28 3,307,149.03 3,583,129.79 3,040,162.57 1,369,404.91 1,063,292.86 171.42 2,852,669.61 1,764,251.14 3,007,786.02 1,729,138.87 175,883.38 928,034.98 891,271.04 3,707,263.87 1,886,159.47 77,759,175.85

0.03 0.11 0.12 0.13 0.13 0.19 0.16 0.14 0.25 0.35 0.15 0.15 0.27 0.08 0.25 0.05 0.40 0.01 0.06 0.04 0.10 0.13 0.18 0.00 0.24 0.26 0.22 0.10 0.08 0.00 0.20 0.13 0.22 0.12 0.01 0.07 0.06 0.27 0.14 5.60

478,338.87 3,271,401.38 313,961.16 887,609.55 523,650.93 316,116.48 308,392.37 313,322.53 70,833.00 1,031,019.29

0.03 0.23 0.02 0.06 0.04 0.02 0.02 0.02 0.01 0.07

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

42,476.94 69,954.77 348,526.5 96,564.66 7,619.57 40,570.56 22,945.47 18,065.96 40,377.78 26,026.23 234,473.9 29,073.84 62,843.59 11,153.9 21,605.32 16,414.53 177,413.34 23,465.35 91,925.38 30,847 18,846.12 9,865.24 87,824.62 49,534.2 57,563.1 18,608.81 8,520.36 15,820.99 23,261.09 35,876.46 16,358.6 61,694.1 9,625.81 66,294.38 5,908.38 34,901.1 24,396.57 299,684.19 51,300.01 20,931.27 9,472.44 10,091.47 30,195.72 14,708.58 16,445.77 16,740.82 17,519.07 58,760.26 68,022.79 14,384.1 23,271.97 46,693.98

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

15,770.6 9,301.13 997.63 9,129.82 2,730.88 17,534.09 2,347.96 3,144.04 1,521.64 423.24 6,630.71 13,805.58

Description

Cost

China BlueChemical Ltd H China Com Construction Cie Ltd H China Construction Bank Corp H China Huishan Dairy Hgs Co Ltd China Intl Marine Cont Gr Ltd H China Life Insurance Co Ltd H China Mengniu Dairy Co Ltd China Merchant Hgs Intl Co Ltd China MinSheng Banking Corp H China Mobile Ltd China Oversea Property Hgs Ltd China Overseas Land & Inv Ltd China Petroleum & Chem Corp H China Resources Gas Group Ltd China Resources Land Ltd China Resources Pow Hgs Co Ltd China Shipping Con Line Co Ltd H China Taiping Insurance Hdgs Co Ltd China Telecom Corp Ltd H China Unicom (Hong Kong) Ltd CK Hutchison Holdings Ltd CLP Holdings Ltd CNOOC Ltd Cosco Pacific Ltd Dah Chong Hong Holdings Ltd Dongfeng Motor Group Co Ltd H ENN Energy Hgs Ltd Galaxy Entertainment Gr Ltd Great Wall Motor Co Ltd H Guangdong Investment Ltd Haier Electronics Group Co Ltd Hanergy Thin Film Power Gr Ltd Hengan Intl Group Co Ltd Hong Kong and China Gas Co Ltd Hong Kong Sec Clearing Co Ltd Huaneng Power Intl Inc H Hysan Development Co Ltd Industr & Cial Bk of China Ltd H Lenovo Group Ltd Link Real Esta Inv Trust (The) Units New China Life Ins Co Ltd H PetroChina Co Ltd H Ping An Ins Gr Co of China Ltd H Power Assets Holdings Ltd Sands China Ltd Shanghai Pharmaceuti Hg Co Ltd H Shimao Property Hgs Ltd Sihuan Pharm Hgs Group Ltd Sino Ocean Land Hgs Ltd Sinopharm Group Co Ltd H Tencent Holdings Ltd Want Want China Holdings Ltd Astellas Pharma Inc Canon Inc Central Japan Railway Co Daiichi Sankyo Co Ltd Daikin Industries Ltd Daiwa Securities Group Inc East Japan Railway Co Eisai Co Ltd Fanuc Corp Fast Retailing Holdings Co Ltd Fuji Heavy Industries Ltd Fujitsu Ltd

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

29

Market value

% of total net assets

97,285.89 601,390.75 2,008,836.40 311,307.02 117,279.18 1,103,145.86 314,817.10 483,383.84 336,602.96 2,471,915.28 323,230.60 858,391.69 319,242.76 280,279.86 530,009.25 268,685.34 415,962.58 611,297.29 363,204.38 316,416.37 2,139,774.17 705,143.98 769,314.79 459,174.02 244,306.60 209,263.05 382,426.17 419,881.48 227,998.49 427,588.64 279,134.11 261,839.16 764,826.09 1,093,791.43 1,273,044.03 253,442.52 840,788.42 1,522,382.99 438,234.35 1,054,211.55 334,677.91 55,645.82 1,409,379.80 1,138,346.73 473,950.39 304,917.95 262,044.24 279,173.70 366,965.38 485,576.13 3,852,274.35 292,449.57 42,669,297.97

0.01 0.04 0.14 0.02 0.01 0.08 0.02 0.03 0.02 0.18 0.02 0.06 0.02 0.02 0.04 0.02 0.03 0.04 0.03 0.02 0.15 0.05 0.06 0.03 0.02 0.02 0.03 0.03 0.02 0.03 0.02 0.02 0.05 0.08 0.09 0.02 0.06 0.11 0.03 0.08 0.02 0.00 0.10 0.08 0.03 0.02 0.02 0.02 0.03 0.03 0.28 0.02 3.02

1,913,466.00 2,395,206.47 1,509,985.78 1,606,099.09 1,703,303.36 915,109.00 1,883,845.66 1,776,377.10 2,247,664.40 1,264,591.91 2,335,708.77 587,112.89

0.14 0.17 0.11 0.12 0.12 0.07 0.14 0.13 0.16 0.09 0.17 0.04

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

Number / nominal value 27,711.92 35,975.11 12,787.79 9,942.74 13,412.57 7,880.26 5,119.15 8,454.66 473.62 9,794.9 11,084.77 9,280.97 3,345.58 3,305.28 38,635.46 6,298.16 9,573.21 8,162.42 26,561.42 64,140.5 6,449.32 139,698.32 1,894.49 6,499.71 3,772.95 43,391.83 12,142.86 16,244.23 31,742.75 6,560.17 41,416.73 3,668.05 4,443.98 7,678.72 13,200.95 4,292.83 2,922.35 5,612.92 7,588.03 40,106.71 4,212.21 13,785.42 370.43 1,226.08 268.25 155.69 1,327.75 291.63 296.27 261.9 1,061.01 2,355.21 1,238.87 1,867.38 972.64 1,220.63 1,475.89 315.41 3,142.33 77.39 40.01 160.23 213.33 3,581.09

Description

Cost

f*ckuoka Financial Group Inc Hitachi Ltd Honda Motor Co Ltd Isetan Mitsukoshi Holdings Ltd Itochu Corp Japan Tobacco Inc Kao Corp KDDI Corp Keyence Corp Komatsu Ltd Kubota Corp Kurita Water Industries Ltd Kyocera Corp Mabuchi Motor Co Ltd Marubeni Corp Mazda Motor Corp Mitsubishi Electric Corp Mitsubishi Estate Co Ltd Mitsubishi Heavy Ind Ltd Mitsubishi UFJ Fin Group Inc Mitsui Fudosan Co Ltd Mizuho Financial Group Inc Murata Manufacturing Co Ltd Nippon Steel & Sumi Metal Corp Nitto Denko Corp Nomura Holdings Inc Orix Corp Panasonic Co Ltd Resona Holdings Inc Seven & I Holdings Co Ltd Sharp Corp Shin-Etsu Chemical Co Ltd Softbank Group Corp Sony Corp Sumitomo Metal Mining Co Ltd Sumitomo Mitsui Fin Group Inc Sumitomo Realty & Dev Co Ltd Takeda Pharmaceutical Co Ltd Tokio Marine Holdings Inc Toshiba Corp Toyota Industries Corp Toyota Motor Corp Amorepacific Gr Inc BNK Financial Group Inc BNK Financial Group Inc Droits de sousc 14.01.16 E-MART Co Ltd (tentative) Hankook Tire Co Ltd Hotel Shilla Co Ltd Hyundai Dpt Store Co Ltd Hyundai Heavy Industrie Co Ltd Hyundai Motor Co Ltd KB Financial Gr Inc Kia Motors Corp Korea Electric Power Corp Korean Air Lines Co Ltd KT&G Corp Kwangju Bank Co Ltd LG Chem Ltd LG Display Co Ltd LG Household & Health Care Ltd Lotte Confectionery Co Ltd NAVER Corp NCsoft Corp NH Investment & Sec

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

30

Market value

% of total net assets

1,174,821.76 1,743,188.34 3,503,662.72 1,104,991.71 1,355,274.38 2,468,853.59 2,243,752.44 1,868,562.21 2,226,254.57 1,367,223.49 1,466,488.25 1,652,525.64 1,325,494.10 1,537,891.99 1,692,331.82 1,113,918.15 860,329.65 1,443,351.94 992,596.85 3,402,793.28 1,381,074.91 2,383,636.91 2,332,456.34 1,100,374.60 2,356,169.50 2,064,865.02 1,459,693.52 1,412,035.83 1,315,009.50 2,551,278.59 362,773.66 1,700,773.30 1,911,701.74 1,615,286.53 1,368,579.96 1,385,534.82 711,601.28 2,385,447.77 2,505,440.94 702,317.10 1,927,406.75 7,233,289.47 96,849,525.35

0.08 0.12 0.25 0.08 0.10 0.18 0.16 0.13 0.16 0.10 0.11 0.12 0.10 0.11 0.12 0.08 0.06 0.10 0.07 0.24 0.10 0.17 0.17 0.08 0.17 0.15 0.10 0.10 0.09 0.18 0.03 0.12 0.14 0.12 0.10 0.10 0.05 0.17 0.18 0.05 0.14 0.52 6.96

392,007.11 73,816.31 2,551.04 210,400.62 446,683.53 161,188.76 267,975.19 164,421.09 1,130,394.73 558,259.52 465,946.10 667,614.24 192,643.26 912,062.79 80,835.95 740,860.50 551,602.37 581,041.63 651,915.88 753,840.99 324,905.60 258,618.07

0.03 0.01 0.00 0.02 0.03 0.01 0.02 0.01 0.08 0.04 0.03 0.05 0.01 0.07 0.01 0.05 0.04 0.04 0.05 0.05 0.02 0.02

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

65.2 318.94 937.77 539.93 479.87 460.32 38.39 334.16 539.53 381.01 169.8 147.63 1,338.94 307.55

NOK NOK

10,255.23 5,491.09

PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN

Description

Cost

Orion Corp Posco S-1 CORP Samsung C&T Corp Samsung Electro-Mechanics Co Ltd Samsung Electronics Co Ltd Samsung Electronics Co Ltd Pref Samsung Fire & Marine Insur Samsung Life Insurance Co Ltd Samsung SDI Co Ltd Shinsegae Co Ltd SK Holdings Co Ltd SK Hynix Inc Yuhan Corp

Market value

% of total net assets

543,575.11 379,703.57 668,520.82 540,489.76 215,822.52 4,147,184.62 299,506.64 734,710.71 424,353.49 310,576.26 279,244.40 253,868.86 294,393.88 599,249.62 19,280,785.54

0.04 0.03 0.05 0.04 0.02 0.30 0.02 0.05 0.03 0.02 0.02 0.02 0.02 0.04 1.39

Telenor ASA TGS Nopec Geophysical Co ASA

1,452,145.98 741,364.99 2,193,510.97

0.10 0.05 0.15

1,850.65 966.39 5,690.32 5,861.73 4,116.08 574.8 1,271.12 455.68 5,160.77 2,859.27 20,837.25

Alior Bank SA Bank Polska Kasa Opieki SA Cyfrowy Polsat SA ENEA SA Eurocash SA Grupa Azoty SA KGHM Polska Miedz SA mBank SA PKO Bank Polski SA Polski Koncern Naftowy Orle SA Tauron Polska Energia SA

263,741.95 297,192.02 254,624.12 141,950.42 427,816.87 122,565.78 172,951.68 306,638.61 302,264.04 415,754.59 128,607.28 2,834,107.36

0.02 0.02 0.02 0.01 0.03 0.01 0.01 0.02 0.02 0.03 0.01 0.20

SEK SEK SEK SEK SEK SEK SEK

13,789.05 8,547.26 7,312.62 17,373.56 13,264.74 16,956.47 14,964.74

ABB Ltd Reg Boliden AB Hennes & Mauritz AB B Svenska Handelsbanken AB A Swedbank AB A Tele2 AB B Volvo AB B

2,106,966.77 1,221,404.00 2,209,143.14 1,961,475.10 2,481,832.85 1,437,061.00 1,183,710.97 12,601,593.83

0.15 0.09 0.16 0.14 0.18 0.10 0.08 0.90

SGD SGD SGD SGD SGD SGD

6,264.51 167,057.55 152,304.73 184,823.41 104,982.84 27,510.38

Ascendas Real Estate Inv Trust Droits de sousc 13.01.16 Ascendas Real Estate Inv Trust Units CapitaLand Commercial Trust REITS Uts CapitaLand Mall Trust Units ComfortDelgro Corp Ltd UOL Group Ltd

0.00 2,265,021.19 1,222,695.95 2,121,219.48 1,904,098.80 1,020,827.88 8,533,863.30

0.00 0.16 0.09 0.15 0.14 0.07 0.61

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

3,185.56 10,828.91 7,949.09 2,091.6 3,005.79 5,647.69 3,235.64 39,815.78 4,613.98 3,073.5 1,991.73 1,186.78 1,823.14 2,754.57 1,323.82 1,006.4 11,006.17

3M Co Abbott Laboratories AbbVie Inc Abercrombie & Fitch Co A Accenture Plc A Activision Blizzard Inc Adobe Systems Inc Advanced Semicond Engineer Inc ADR spons repr 5 Shares Aflac Inc AGCO Corp Air Products and Chemicals Inc Alexion Pharmaceuticals Inc Allergan Plc Alliant Energy Corp Alphabet Inc A Alphabet Inc C Altria Group Inc

4,050,715.38 4,124,408.85 3,995,964.91 478,996.26 2,656,312.62 1,859,764.84 2,580,143.27 1,906,048.39 2,338,834.96 1,179,139.04 2,199,528.31 1,916,163.74 4,815,720.10 1,438,471.17 8,734,984.53 6,489,026.53 5,413,290.34

0.29 0.30 0.29 0.03 0.19 0.13 0.18 0.14 0.17 0.08 0.16 0.14 0.34 0.10 0.63 0.46 0.39

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

31

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 1,778.6 32,972.75 6,624.86 4,297.97 4,723.12 7,523.64 2,458.7 3,378.54 2,820.37 2,929 1,799.36 22,390.53 7,899.21 2,660.45 23,727.85 21,331.73 1,655.16 1,723.18 2,969.21 15,981.82 4,400.75 10,756.56 3,188.38 1,531.31 10,360.53 41,529.99 2,471.1 2,721.11 4,479.25 2,519.27 1,018.79 1,219.32 3,426.2 12,606.41 5,298.52 7,416.72 4,198.1 3,476.59 1,688.92 2,297.57 4,207.98 2,540.23 2,770.69 4,323.06 2,179.16 3,835.63 10,067.29 4,937.76 9,506.9 1,181.03 2,065.8 7,038.93 262 7,660.18 2,071.24 3,128.42 3,428.42 7,973.68 4,904.91 5,226.37 2,786.31 4,664.27 25,234.88 12,386.32 3,065.34 5,356.16

Description

Cost

Amazon.com Inc Ambev SA spons ADS repr 1 Share America Movil SAB de CV spons ADR repr 20 L Shares American Electric Power Co Inc American Express Co American Intl Group Inc American Tower Corp Amgen Inc Anadarko Petroleum Corp Aon Plc Apache Corp Apple Inc Applied Materials Inc Assurant Inc AT&T Inc Au Optronics Corp ADR repr 10 Shares Avalon Bay Communities Inc B/E Aerospace Inc Baker Hughes Inc Banco Bradesco SA spons ADR repr 1 Pref Share Banco do Brasil SA ADR repr 1 Share Banco Santander SA ADR repr 1 Share Banco Santander-Chile spons ADR repr 400 Shares Bancolombia SA ADR repr 4 Pref Shares Bank Mandiri Persero (PT) Tbk unspons ADR repr 10 Shares Bank of America Corp Becton Dickinson & Co Bed Bath and Beyond Inc Berkshire Hathaway Inc Best Buy Co Inc Biogen Inc BioMarin Pharmaceutical Inc Boeing Co (The) Boston Scientific Corp BRF SA ADR repr 1 share Bristol Myers Squibb Co Broadcom Corp A Cabot Oil & Gas Corp California Resources Corp When Issued Camden Property Trust Cardinal Health Inc Care Capital Properties Inc Caterpillar Inc CB Richard Ellis Gr Inc A CBS Corp B Celgene Corp Cemex SAB de CV ADR repr 10 CPO Cerner Corp Charles Schwab Corp Chemours (The) Co Cheniere Energy Inc Chevron Corp Chipotle Mexican Shares A Chunghwa Telecom Co Ltd spons ADR rep 10 Shares Cia Brasileira de Dist spons ADR repr 1 Pref Share Cia Cervecerias Unidas SA ADR repr 2 Shares Cia de Minas Buenaventura SAA spons ADR repr 1 Share Cia Energetica Minas Gerais spons ADR repr 1 Pref Cia Sanea Bas Est de Sao Paulo ADR repr 1 Shares Cia Siderurgica Nacional SA spons ADR repr 1 Share Cielo SA spons ADR repr 1 Share Cincinnati Financial Corp Cisco Systems Inc Citigroup Inc Cliffs Natural Resources Inc CMS Energy Corp The accompanying notes are an integral part of these financial statements.

32

Market value 10,256,262.96 1,240,021.23 789,792.67 2,091,499.86 2,779,604.52 3,956,162.82 2,016,865.70 4,629,521.74 1,155,108.48 2,298,410.43 679,418.49 19,924,765.30 1,254,734.71 1,813,256.93 6,887,219.90 527,642.54 2,579,111.67 617,598.24 1,156,362.40 648,096.39 136,251.50 442,083.50 474,531.06 348,495.27 572,682.27 5,936,728.44 3,225,373.49 1,099,689.68 5,006,116.70 645,186.09 2,642,132.41 1,078,275.52 4,184,621.01 1,971,682.75 618,743.12 4,318,639.98 2,054,559.23 507,187.48 30,265.93 1,494,220.46 3,185,915.69 653,759.79 1,593,747.96 1,261,716.93 865,546.60 3,895,996.45 457,375.22 2,524,144.32 2,654,283.08 52,861.51 652,973.26 5,339,331.29 1,061,245.49 1,937,288.62 183,321.09 574,047.28 121,867.22 101,834.94 193,539.77 44,850.42 195,506.65 2,343,526.06 5,789,655.89 5,436,627.69 43,068.70 1,617,310.50

% of total net assets 0.73 0.09 0.06 0.15 0.20 0.28 0.14 0.33 0.08 0.16 0.05 1.43 0.09 0.13 0.49 0.04 0.18 0.04 0.08 0.05 0.01 0.03 0.03 0.03 0.04 0.43 0.23 0.08 0.36 0.05 0.19 0.08 0.30 0.14 0.04 0.31 0.15 0.04 0.00 0.11 0.23 0.05 0.11 0.09 0.06 0.28 0.03 0.18 0.19 0.00 0.05 0.38 0.08 0.14 0.01 0.04 0.01 0.01 0.01 0.00 0.01 0.17 0.41 0.39 0.00 0.12

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

16,746.77 704.79 4,274.09 4,323.06 11,602.93 3,537.05 2,381.81 1,037.53 4,978.57 10,994.08 1,787.77 2,381.81 6,964.76 1,652.64 5,399.39 2,720.81 4,343.72 1,622.41 2,438.65 2,106.11 3,118.95 3,486.87 2,426.76 6,069.21 1,987.3 4,358.53 3,511.05 8,525.2 3,524.25 4,695.61 2,267.34 805.56 2,822.48 4,506.97 1,912.12 10,836.47 3,375.72 1,989.31 1,435.78 4,348.25 3,022.61 989.47 999.64 1,632.48 6,610.55 5,209.84 14,232.04 8,891.8 2,673.75 1,645.89 6,017.52 10,218.14 3,043.78 1,907.08 1,920.89

USD USD USD USD USD USD USD USD USD USD

6,332.33 2,396.33 32,563.52 39,245.93 7,978.01 5,871.8 1,985.89 781.68 3,981.65 1,132.36

Description

Cost

Coca-Cola Co Coca-Cola Femsa SAB de CV ADR repr 10 Local Shares Cognizant Tec Solutions Corp Colgate-Palmolive Co Comcast Corp A Comerica Inc Computer Sciences Corp Concho Resources Inc ConocoPhillips Corning Inc Crown Castle International Corp CSRA Inc CSX Corp Cummins Inc CVS Health Corp Devon Energy Corp Discover Financial Services Discovery Communication Inc Discovery Communications Inc C DISH Network Corp A Dollar General Corp Dominion Resources Inc Dover Corp Dow Chemical Co Dr Reddy's Laboratories Ltd spons ADR repr 1 Share Du Pont de Nemours (EI) & Co Duke Energy Corp Duke Realty Corp Eaton Corp Public Ltd Cie EBay Inc Ecolab Inc Ecopetrol SA spons ADR repr 20 Shares Electronic Arts Inc Eli Lilly & Co Embraer SA spons ADR rep 4 Shares EMC Corp Emerson Electric Co Empresa Natl de Ele SA Chile ADR repr 30 Shares Endo International Plc Enersis SA ADR repr 50 Shares EOG Resources Inc EQT Corp Essex Property Trust Inc Everest Reinsurance Group Ltd Exelon Corp Express Scripts Hg Co Exxon Mobil Corp Facebook Inc A Fastenal Co Fedex Corp Fibria Celulose SA ADR repr 1 Share Fifth Third Bancorp Fiserv Inc FMC Technologies Inc Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) Freeport McMoRan Inc Garmin Ltd Reg Gazprom PJSC spons ADR repr 2 Shares General Electric Co Gerdau SA COSG ADR repr 1 Pref Shares Gilead Sciences Inc Goldman Sachs Group Inc Gr Aero del Sureste SA de CV ADR repr 10 Shs Ser B Gr Televisa SA spons ADR repr 5 Ord Part Certif Grupo Aerop del Paci SAB de CV B ADR repr 10 B Shares The accompanying notes are an integral part of these financial statements.

33

Market value

% of total net assets

6,069,781.81 420,705.67 2,180,563.62 2,440,143.81 5,534,994.14 1,246,275.70 659,881.65 817,042.64 1,952,317.04 1,703,784.70 1,307,820.14 601,167.61 1,515,894.85 1,231,350.79 4,459,084.50 723,354.49 1,979,825.47 362,811.62 516,825.43 1,018,505.51 1,887,491.84 1,968,741.87 1,260,752.54 2,633,273.15 776,297.08 2,468,232.82 2,093,465.69 1,525,591.25 1,554,283.52 1,090,353.64 2,194,862.03 47,170.85 1,648,475.70 3,226,102.55 478,756.90 2,354,021.65 1,368,355.61 614,069.03 742,294.31 434,607.86 1,804,016.01 430,469.25 2,043,200.74 2,541,309.15 1,525,006.26 3,851,514.23 9,301,278.83 7,914,831.27 922,296.48 2,070,592.48 650,559.32 1,741,717.57 2,363,637.54 466,103.50 1,482,450.48

0.43 0.03 0.16 0.17 0.40 0.09 0.05 0.06 0.14 0.12 0.09 0.04 0.11 0.09 0.32 0.05 0.14 0.03 0.04 0.07 0.14 0.14 0.09 0.19 0.06 0.18 0.15 0.11 0.11 0.08 0.16 0.00 0.12 0.23 0.03 0.17 0.10 0.04 0.05 0.03 0.13 0.03 0.15 0.18 0.11 0.28 0.67 0.57 0.07 0.15 0.05 0.12 0.17 0.03 0.11

364,406.16 750,191.01 1,008,000.06 10,265,537.38 79,538.85 5,027,070.79 3,032,309.70 924,062.53 924,902.08 843,795.81

0.03 0.05 0.07 0.74 0.01 0.36 0.22 0.07 0.07 0.06

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 5,158.45 4,469.88 2,897.26 3,565.16 2,166.97 3,051.94 1,384.69 8,361.75 6,220.47 4,311.67 3,369.17 8,361.75 3,082.57 10,291 912.18 11,711.26 16,144.26 2,235.39 332.54 6,242.74 13,615.32 9,470.12 15,226.54 12,525.29 1,320.1 635.26 3,181.13 866.63 12,767.64 2,330.12 2,005.34 735.73 1,760.26 3,806.71 4,349.97 2,857.65 1,856.4 4,616.71 2,700.65 4,025.79 1,930.66 5,860.11 2,520.27 715.47 5,871.5 1,400.71 2,059.85 1,084.49 3,725.39 3,119.96 5,159.46 5,078.84 4,407.4 3,060.61 8,279.21 11,141.91 5,150.19 1,887.43 5,233.02 31,018.81 4,257.06 3,060.3 10,018.01 2,460.21 2,418.5 9,794.9

Description

Cost

Grupo Financi Santan Mex SAB ADR repr 5 Shares B Halliburton Co (Hg Co) Halyard Health Inc Harley Davidson Inc HCP Inc HDFC Bank Ltd ADR repr 3 Shares Helmerich and Payne Inc Hewlett Packard Enterprise Co Home Depot Inc Honeywell Intl Inc Host Hotels & Resorts Inc HP Inc IBM Corp ICICI Bank Ltd ADR repr 2 Shares Illumina Inc Infosys Ltd spons ADR repr 1 Share Intel Corp Intuit Inc Intuitive Surgical Inc Invesco Ltd Itau Unibanco Hg SA spons ADR Repr 1 Share Johnson & Johnson JPMorgan Chase & Co JSC Surgutneftegaz ADR repr 10 Shares Kansas City Southern Kasikornbank PCL ADR repr 4 Shares Kellogg Co Keurig Green Mountain Inc KeyCorp Kimberly-Clark Corp KLA-Tencor Corp KLX Inc KOC Holding AS unspons ADR repr 5 Shares B Kraft Heinz Co (The) Kroger Co L Brands Inc Lam Research Corp Larsen & Toubro Ltd spons GDR repr 1 Reg Share Las Vegas Sands Corp Latam Airlines Gr SA spons ADR repr 1 Share Liberty Global Plc Liberty Global Plc C Liberty Property Trust LinkedIn Corp A Lowe's Companies Inc Lululemon Athletica Inc Lyondellbasell Industries NV M & T Bank Corp Mahindra & Mahindra Ltd GDR repr 1 Share Marathon Petroleum Corp Marsh & McLennan Cos Inc Master Card Inc A Mc Donald's Corp McGraw-Hill Financial Inc Medtronic Plc Merck & Co Inc Metlife Inc Michael Kors Holdings Limited Micron Technology Inc Microsoft Corp MMC Norilsk Nickel PJSC spons ADR repr 1 Share Mobile Telesystems PJSC ADR repr 2 Shs Mondelez Intl Inc Monsanto Co Moody's Corp Morgan Stanley The accompanying notes are an integral part of these financial statements.

34

Market value 374,972.32 1,277,867.66 815,116.27 1,377,960.86 704,825.22 1,581,695.82 622,915.10 1,072,835.52 6,948,475.56 3,770,464.77 438,792.94 838,570.45 3,577,939.56 681,394.52 1,482,695.62 1,655,309.77 4,707,746.78 1,835,003.60 1,540,180.43 1,756,337.27 743,428.07 8,225,644.01 8,503,641.13 482,635.73 840,084.85 87,651.71 1,939,570.93 656,645.14 1,423,288.14 2,510,095.14 1,175,774.07 189,410.53 275,310.59 2,344,056.39 1,527,948.39 2,315,994.35 1,251,347.86 753,529.53 994,515.78 184,592.32 689,282.70 1,999,725.61 666,647.98 1,365,939.49 3,777,518.78 621,638.07 1,512,056.12 1,113,878.56 601,782.11 1,354,193.87 2,429,548.68 4,199,912.18 4,395,931.20 2,565,451.80 5,374,619.22 4,956,981.64 2,104,973.99 638,516.59 625,182.78 14,543,889.65 453,787.23 159,375.47 3,808,818.05 2,049,360.39 2,063,442.46 2,641,983.62

% of total net assets 0.03 0.09 0.06 0.10 0.05 0.11 0.04 0.08 0.50 0.27 0.03 0.06 0.26 0.05 0.11 0.12 0.34 0.13 0.11 0.13 0.05 0.59 0.61 0.03 0.06 0.01 0.14 0.05 0.10 0.18 0.08 0.01 0.02 0.17 0.11 0.17 0.09 0.05 0.07 0.01 0.05 0.14 0.05 0.10 0.27 0.04 0.11 0.08 0.04 0.10 0.17 0.30 0.31 0.18 0.39 0.36 0.15 0.05 0.04 1.04 0.03 0.01 0.27 0.15 0.15 0.19

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 2,761.12 1,402.22 2,308.86 13,513.34 4,569.14 7,476.78 4,046.14 704.29 3,455.02 3,420.66 3,500.77 2,192.06 2,409.63 14,637.94 5,876.74 4,695.61 2,695.82 21,438.25 6,094.51 1,066.86 14,275.17 24,099.6 3,879.27 1,616.26 6,568.13 3,432.15 3,144.04 957.32 3,432.15 1,067.87 274.3 9,661.99 2,878.92 6,203.54 1,500.88 1,786.97 684.74 1,773.56 2,211.21 395.42 17,655.01 3,840.07 2,740.96 3,227.78 1,934.8 1,733.25 11,414.59 5,293.78 4,261.79 1,110.39 11,604.95 1,282.71 1,210.86 6,727.65 3,234.74 5,538.35 8,274.88 2,063.98 6,237.7 4,243.05 26,334.69 2,842.34 2,249.6 3,818.8 3,030.37 5,543.69

Description

Cost

Mylan N.V. National Oilwell Varco Inc NetFlix Inc New York Community Bancorp Inc Newmont Mining Corp Nike Inc B Novolipetsk Steel (NLMK) GDR repr 10 Shares NOW Inc NRG Energy Inc Nucor Corp Occidental Petroleum Corp Oil Co Lukoil PJSC spons ADR repr 1 Share Omnicom Group Inc Oracle Corp Paychex Inc PayPal Holdings Inc Pentair Plc People's United Fin Inc Pepsico Inc Perrigo Co Plc Petroleo Brasileiro SA spons ADR repr 2 Pref Shares Pfizer Inc PG & E Corp Pharmastandard PJSC GDR repr 1 Share Philip Morris Intl Inc Philippine Lg Distance Tel Co ADR repr 1 Share Phillips 66 Pioneer Natural Resources Co PNC Financial Serv Group Precision Castparts Corp Priceline Group Inc (The) Procter & Gamble Co Prudential Financial Inc Qualcomm Inc Range Resources Corp Rayonier Advance Materials Inc When Issued Rayonier Inc REIT Realogy Holdings Corp Red Hat Inc Regeneron Pharmaceuticals Inc Regions Financial Corp Reliance Industries Ltd GDR repr 2 Shares 144A RenaissanceRe Holdings Ltd Salesforce.com Inc SanDisk Corp SBA Communications Corp A Sberbank of Russia PJSC spons ADR repr 4 Shares Schlumberger Ltd Sealed Air Corp Shinhan Financial Group Co Ltd spons ADR repr 1 Share Siliconware Prec Ind Co Ltd ADR repr 5 Shares Simon Property Group Inc Soc Quimica y Minera Chile SA ADR repr 1Pref Shares B Southern Co Southwestern Energy Co Spectra Energy Corp Starbucks Corp Starwood Htls & Res Wld Inc Symantec Corp T. Rowe Price Group Inc Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares Tata Motors Ltd spons ADR repr 5 Shares Tatneft PJSC spons ADR repr 6 Shares TE Connectivity Ltd Telefonica Brasil SA spons ADR repr 1 Share Telekom Indonesia (PT) Tbk ADR repr 200 Shares The accompanying notes are an integral part of these financial statements.

35

Market value 1,265,807.63 394,266.61 2,267,880.82 1,869,093.08 691,948.09 3,957,943.08 289,692.39 95,279.93 328,469.92 1,164,687.34 1,977,182.69 595,231.28 1,530,605.22 4,520,961.01 2,625,412.09 1,436,817.46 1,132,901.33 2,932,757.53 5,146,975.85 1,303,465.93 409,545.31 6,583,524.55 1,727,825.50 57,043.95 4,881,083.77 1,221,730.05 2,156,878.29 1,005,167.71 2,765,712.69 2,084,083.40 2,950,133.24 6,489,317.48 1,987,105.97 2,614,309.70 301,793.30 148,839.34 128,986.39 547,619.71 1,551,537.91 1,814,414.50 1,433,381.36 988,613.47 2,633,973.48 2,151,323.26 1,240,547.87 1,544,129.54 564,682.16 3,111,883.17 1,605,978.12 314,640.49 761,560.02 2,103,541.22 192,336.74 2,629,150.18 184,244.29 1,104,787.15 4,214,737.59 1,210,855.63 1,108,370.35 2,568,830.67 5,060,468.09 704,728.73 498,715.62 2,090,938.47 228,949.12 2,069,450.75

% of total net assets 0.09 0.03 0.16 0.13 0.05 0.28 0.02 0.01 0.02 0.08 0.14 0.04 0.11 0.32 0.19 0.10 0.08 0.21 0.37 0.09 0.03 0.47 0.12 0.00 0.35 0.09 0.15 0.07 0.20 0.15 0.21 0.46 0.14 0.19 0.02 0.01 0.01 0.04 0.11 0.13 0.10 0.07 0.19 0.15 0.09 0.11 0.04 0.22 0.12 0.02 0.05 0.15 0.01 0.19 0.01 0.08 0.30 0.09 0.08 0.18 0.36 0.05 0.04 0.15 0.02 0.15

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

679.7 4,439.05 4,579.72 4,128.87 1,828.08 1,609.71 2,140.07 1,773.66 4,807.97 4,463.33 5,880.57 987.55 1,058.09 10,422.1 22,908.99 7,210.04 2,458.8 4,148.12 5,532.31 3,088.12 2,116.18 3,772.55 4,027.7 53,896.77 2,883.25 3,718.13 8,833.45 5,960.99 7,876.43 2,938.27 4,135.12 3,829.49 14,711.71 1,532.62 3,743.23 1,063.94 9,075.71 3,826.97 5,319.98 4,791.04 7,872.91 5,888.93 18,330.38 4,937.76 3,194.43 3,310.11 4,514.52 9,024.21 5,633.08 856.55 1,187.18 4,358.23 3,122.78

Tesla Motors Inc Teva Pharma Ind Ltd ADR repr 1 Share Texas Instruments Inc Textron Inc Thermo Fisher Scientific Inc Tim Participacoes SA spons ADR repr 5 Shares Time Inc Time Warner Cable Inc Time Warner Inc TJX Cos Inc Torchmark Corp TransDigm Group Inc TripAdvisor Inc Turkcell Iletisim Hizmet ADR repr 2500 Sh Turkiye Garanti Bankasi AS Spons ADR Repr 1 Sh Twenty-First Century Fox Inc A Twitter Inc Tyco International Plc UDR Inc Ultrapar Particip SA spons ADR repr 1 Share Under Armour Inc A Union Pacific Corp United Health Group Inc United Microelectronics Corp ADR repr 5 Shares United Parcel Service Inc B United Technologies Corp US Bancorp Vale SA spons ADR repr 1 Share Vale SA spons ADR Repr 1 Share A Valero Energy Corp Vedanta Ltd spons ADS repr 4 Shares Ventas Inc Verizon Communications Inc Vertex Pharmaceuticals Inc VF Corp Viacom Inc B Visa Inc A Wal-Mart de Mexico SAB de CV ADR repr 10 Shares V Wal-Mart Stores Inc Walgreens Boots Alliance Inc Walt Disney Co (The) Waste Management Inc Wells Fargo & Co New Weyerhaeuser Co Whole Foods Market Inc Williams Companies Inc Willis Towers Watson Plc Wipro Ltd spons ADR repr 1 Share WP Glimcher Inc Wynn Resorts Ltd XL Group Plc Yahoo Inc Yum! Brands Inc

1,387,251.45 2,445,483.74 2,142,300.30 1,464,878.83 2,196,751.83 114,708.98 280,878.24 2,770,784.87 2,622,430.46 2,667,648.36 2,848,276.08 1,890,532.58 765,753.65 747,069.94 462,576.55 1,657,236.92 472,483.08 1,119,572.61 1,757,537.77 396,473.80 1,445,958.67 2,499,175.69 4,015,860.50 857,019.88 2,340,377.15 3,002,768.90 3,191,978.94 164,497.12 170,305.68 1,744,034.56 195,867.86 1,823,895.48 5,730,735.80 1,637,459.32 1,967,360.27 365,746.65 5,981,014.75 810,086.94 2,747,284.04 3,459,673.92 7,019,810.70 2,658,109.33 8,437,320.11 1,252,517.30 897,379.24 697,059.93 1,862,639.52 878,433.69 507,102.70 496,161.67 394,229.95 1,231,280.78 1,923,963.96 694,579,200.65

0.10 0.18 0.15 0.11 0.16 0.01 0.02 0.20 0.19 0.19 0.20 0.14 0.05 0.05 0.03 0.12 0.03 0.08 0.13 0.03 0.10 0.18 0.29 0.06 0.17 0.22 0.23 0.01 0.01 0.13 0.01 0.13 0.41 0.12 0.14 0.03 0.43 0.06 0.20 0.25 0.50 0.19 0.60 0.09 0.06 0.05 0.13 0.06 0.04 0.04 0.03 0.09 0.14 49.73

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

2,964.47 6,171.7 10,117.87 2,964.17 14,411.31 2,066.5 19,262.61 4,490.44 1,068.57 3,696.97 22,374.2

AngloGold Ashanti Ltd Arcelormittal South Africa Ltd Arcelormittal South Africa Ltd Droits de sousc 15.01.16 Astral Foods Ltd Aveng Ltd Barclays Africa Group Ltd Firstrand Ltd Impala Platinum Holdings Ltd Kumba Iron Ore Ltd Lewis Group Ltd MMI Hgs Ltd

172,286.76 15,095.16 54.99 186,888.02 17,702.41 161,167.84 443,610.06 61,114.45 23,928.84 110,356.36 267,541.36

0.01 0.00 0.00 0.01 0.00 0.01 0.03 0.00 0.00 0.01 0.02

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

36

MONYX FUND - Monyx Strategi Offensiv Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

1,357.08 5,255.99 1,890.36 1,185.97 49,073.68 5,251.56 4,097.33 5,061.61 10,607.42 2,707.3 2,792.05 8,929.18 10,221.37 935.76 5,779.2 2,490.85 4,691.78

Description

Cost

Mr Price Group Ltd MTN Group Ltd Naspers Ltd N Nedbank Group Netcare Ltd Remgro Ltd Reunert Ltd RMB Holdings Ltd Sanlam Ltd Sasol Ltd Shoprite Holdings Ltd Standard Bank Group Ltd Steinhoff Intl Hgs N.V. Tiger Brands Ltd Truworths Intl Ltd Wilson Bayly Holmes-Ovcon Ltd Woolworths Holdings Ltd

Market value

% of total net assets

147,521.56 388,591.25 2,179,715.63 121,579.10 904,209.41 699,918.09 152,060.19 154,788.06 349,038.06 613,142.09 216,664.06 550,843.63 436,303.80 160,943.96 286,315.41 153,336.14 255,393.14 9,230,109.83

0.01 0.03 0.16 0.01 0.06 0.05 0.01 0.01 0.03 0.04 0.02 0.04 0.03 0.01 0.02 0.01 0.02 0.65

1,197,718,253.10

85.77

AUD

83,325.10

0.01

CAD

120,559.20

0.01

CHF

9,740.67

0.00

DKK

-0.01

0.00

EUR

146,441.59

0.01

GBP

268,162.13

0.02

HKD

1,020.26

0.00

JPY

131,700.55

0.01

KRW

194,063.28

0.01

NOK

-30.22

0.00

PLN

907.24

0.00

SEK

-1,134,125.23

-0.08

SGD

18,878.79

0.00

USD

826,067.04

0.06

ZAR

3.23

0.00

666,713.62

0.05

1,198,384,966.72

85.82

45,088,800.57

3.23

-153.04

0.00

3,199,371.26

0.23

1,396,437,788.14

100.00

Total securities Cash

Total cash Total swap contracts at market value Cash at banks Bank overdrafts Other net assets/(liabilities) Total

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

37

MONYX FUND - Monyx Strategi Offensiv Industrial and geographical classification of investments as at 31st December 2015

Industrial classification including exposure through swap contracts (in percentage of net assets) Banks

13.73 %

Pharmaceuticals and biotechnology

8.29 %

Software and services

6.09 %

Food, beverage and tobacco

5.83 %

Investment funds

5.74 %

Capital goods

5.00 %

Energy

5.00 %

Technology hardware and equipment

4.52 %

Insurance

4.29 %

Materials

4.18 %

Diversified financial services

4.18 %

Retailing

3.61 %

Telecommunication services

3.13 %

Utilities

2.73 %

Media

2.45 %

Automobiles and components

2.34 %

Semiconductors and semiconductor equipment

2.26 %

Health care equipment and services

2.12 %

Consumer durables and apparel

1.93 %

Real estate funds

1.82 %

Transportation

1.61 %

Household and personal products

1.56 %

Real estate

1.35 %

Hotels, restaurants and leisure

1.01 %

Food retailing, drugstores and pharmacies

0.85 %

Commercial services and supplies

0.62 %

Investment companies

0.25 %

Total

96.49 %

38

MONYX FUND - Monyx Strategi Offensiv Industrial and geographical classification of investments (continued) as at 31st December 2015

Geographical classification including exposure through swap contracts (by domicile of the issuer) (in percentage of net assets) United States of America

43.28 %

Japan

6.96 %

United Kingdom

5.77 %

Luxembourg

5.74 %

Sweden

5.73 %

Switzerland

3.10 %

France

2.67 %

Germany

2.51 %

Canada

2.39 %

Australia

2.06 %

The Netherlands

1.51 %

Ireland

1.44 %

South Korea

1.41 %

Hong Kong

1.32 %

Spain

1.05 %

China

0.82 %

Taiwan

0.79 %

Cayman Islands

0.78 %

Italy

0.71 %

India

0.62 %

South Africa

0.62 %

Singapore

0.61 %

Bermuda

0.60 %

Denmark

0.53 %

Mexico

0.52 %

Brazil

0.48 %

Belgium

0.38 %

Russia

0.28 %

Curacao

0.22 %

Poland

0.20 %

Indonesia

0.19 %

Israel

0.18 %

Jersey

0.17 %

Chile

0.16 %

Norway

0.15 %

Finland

0.11 %

Turkey

0.10 %

Philippines

0.09 %

39

MONYX FUND - Monyx Strategi Offensiv Industrial and geographical classification of investments (continued) as at 31st December 2015

Austria

0.07 %

Portugal

0.07 %

British Virgin Islands

0.05 %

Colombia

0.03 %

Thailand

0.01 %

Peru

0.01 %

Total

96.49 %

40

MONYX FUND - Monyx Strategi Nya Marknader Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Swap contracts at market value Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Prepaid expenses

180,015,900.29 209,278,107.98 9,167,120.78 4,646,508.73 8,722.41 1,525.00 1,760,904.23 122,067.45 5,275.94

Total assets

405,006,132.81

Liabilities Bank overdrafts Payable on redemptions of shares Interest payable on swap contracts Expenses payable Other liabilities

549.59 172,456.83 15,047.11 941,613.85 151,947.99

Total liabilities

1,281,615.37

Net assets at the end of the year

403,724,517.44

Number of Class AC Shares outstanding Net asset value per Class AC Share

4,259,324.2986 94.74

Number of Class DC Shares outstanding Net asset value per Class DC Share

2,142.6385 94.69

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

41

MONYX FUND - Monyx Strategi Nya Marknader Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Interest on bonds and other debt securities, net Interest on bank accounts Other income

1,891,721.67 51,211.40 30,133.48

Total income

1,973,066.55

Expenses Management fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Interest paid on swap contracts Other expenses

10,380,031.50 5,860.61 225,219.31 667,144.21 7,548.62 1,183,668.97 39,534.27 2,548.26 13,964.66 546,078.79 31,520.23

Total expenses

13,103,119.43

Net investment loss

-11,130,052.88

Net realised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts - on foreign exchange

628,150.95 -3,696,125.19 818,581.61 -2,652,505.85 -53,919.96

Realised result

-16,085,871.32

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts

-3,912,379.01 182,539.71 -5,752,741.55 1,005,786.09

Result of operations

-24,562,666.08

Subscriptions

36,173,322.42

Redemptions

-56,148,797.11

Total changes in net assets

-44,538,140.77

Total net assets at the beginning of the year

448,262,658.21

Total net assets at the end of the year

403,724,517.44

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

42

MONYX FUND - Monyx Strategi Nya Marknader Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

403,724,517.44 448,262,658.21 444,196,267.79

Number of Class AC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

4,429,257.0072 367,547.8425 -537,480.5511 4,259,324.2986

Net asset value per Class AC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

94.74 101.17 90.84

Number of Class DC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

1,642.2166 1,270.1100 -769.6881 2,142.6385

Net asset value per Class DC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

94.69 101.16 -

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

43

MONYX FUND - Monyx Strategi Nya Marknader Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

Total bonds

2,000,000 5,000,000 1,000,000 2,000,000 1,000,000 10,000,000 10,000,000 20,000,000 10,000,000 1,000,000 1,000,000 1,000,000 20,000,000 1,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 1,000,000

BPCE SA FRN EMTN Sen 14/17.11.17 Deutsche Pfandbriefbank AG FRN EMTN Ser 35234 14/16.02.18 Hexagon AB 1.625% Ser 103 14/26.11.19 Ikano Bank AB FRN MTN Sen 14/14.11.18 Jyske Bank AS FRN EMTN Reg S Ser 167 13/03.10.16 Lansforsakringar Hypotek AB 2.5% Ser 512 13/19.06.19 Lansforsakringar Hypotek AB 3.25% Ser 513 13/16.09.20 Nordea Hypotek AB 2% Ser 5529 12/20.06.18 Nordea Hypotek AB 2.25% Ser 5530 13/19.06.19 Saab AB FRN Ser 106 14/12.12.19 Sampo Plc FRN EMTN Sen 13/29.05.18 SeaDrill Ltd FRN 14/18.03.19 Skandiabanken AB 0.42% Ser 551 15/21.03.18 Sparbanken Oresund AB FRN EMTN Sen 13/21.08.17 Stadshypotek AB 3% Ser 1580 12/21.03.18 Swedbank Mortgage AB 3.75% MTN Ser 186 10/20.12.17 Swedbank Mortgage AB 3.75% MTN Ser 188 11/19.06.19 Swedbank Mortgage AB 5.7% 08/12.05.20 Swedish Covered Bond Corp 4% Ser 134 09/21.03.18 Trelleborg Treasury AB 2% Sen 14/18.01.21

2,000,000.00 5,000,000.00 996,910.00 2,000,000.00 1,010,540.00 10,735,900.00 10,954,200.00 20,997,400.00 10,579,200.00 1,005,660.00 1,000,000.00 885,000.00 20,088,800.00 1,000,000.00 10,750,800.00 10,741,600.00 11,222,900.00 12,039,200.00 11,013,800.00 997,860.00 145,019,770.00

1,982,850.00 4,947,000.00 1,001,445.00 1,981,470.00 1,001,120.00 10,619,750.00 10,911,900.00 20,881,200.00 10,550,450.00 997,330.00 1,016,480.00 475,155.00 20,042,200.00 1,021,415.00 10,635,400.00 10,730,450.00 11,061,850.00 11,976,750.00 10,852,650.00 989,980.00 143,676,845.00

0.49 1.23 0.25 0.49 0.25 2.63 2.70 5.17 2.61 0.25 0.25 0.12 4.96 0.25 2.63 2.66 2.74 2.97 2.69 0.25 35.59

1,718,837.03 1,718,837.03

1,514,205.27 1,514,205.27

0.38 0.38

13,961,556.82 22,328,860.29 36,290,417.11

14,147,908.63 20,676,941.39 34,824,850.02

3.50 5.12 8.62

183,029,024.14

180,015,900.29

44.59

436,601.03 629,890.00 2,827,276.09 969,671.64 634,227.02 618,728.26 628,623.86 142,112.93 195,185.89 608,674.28 4,213,693.80 624,576.30 235,295.02 2,213,249.48 631,624.40 817,548.36 675,326.97

0.11 0.16 0.70 0.24 0.16 0.15 0.16 0.04 0.05 0.15 1.04 0.15 0.06 0.55 0.16 0.20 0.17

Transferable securities dealt in on another regulated market Bonds USD

Total bonds

200,000

Millicom Intl Cellular SA 4.75% Reg S Sen 13/22.05.20

Open-ended investment funds Investment funds (UCITS) SEK SEK

129,358.221 220,507

Monyx Fd Aktiv Ränta AC Cap Monyx Fd Genesis RC Cap

Total investment funds (UCITS) Total investments in securities

Swap contracts at market value Exposures through SFMAMXEM swap Shares HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

7,957 27,244 752,797 163,613 12,445 104,975 99,507 195,409 85,222 70,802 731,062 193,738 15,287 81,397 46,036 30,555 81,010

AAC Technologies Hgs Inc Anta Sports Products Ltd Bank of China Ltd H Bank of Communications Co Ltd H Beijing Enterprises Hgs Ltd Beijing Enterprises Wat Gr Ltd Belle Intl Hgs Ltd Bosideng International Hgs Ltd China BlueChemical Ltd H China Com Construction Cie Ltd H China Construction Bank Corp H China Huishan Dairy Hgs Co Ltd China Intl Marine Cont Gr Ltd H China Life Insurance Co Ltd H China Mengniu Dairy Co Ltd China Merchant Hgs Intl Co Ltd China MinSheng Banking Corp H The accompanying notes are an integral part of these financial statements.

44

MONYX FUND - Monyx Strategi Nya Marknader Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

42,928 327,944 55,745 113,928 7,857 43,347 30,893 193,434 26,335 174,082 61,077 176,203 16,556 94,732 37,335 13,860 46,668 68,738 31,533 123,777 10,727 70,022 661,002 102,923 19,005 249,446 57,812 33,587 35,149 117,891 136,474 28,859 39,305 93,683

KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

577 2,460 312 604 585 595 526 1,777 4,725 2,485 3,168 1,951 2,147 2,961 527 2,231 137 51 322 234 7,185 93 640 1,353 570 963 969 77 671 1,083

Description

Cost

China Mobile Ltd China Oversea Property Hgs Ltd China Overseas Land & Inv Ltd China Petroleum & Chem Corp H China Resources Gas Group Ltd China Resources Land Ltd China Resources Pow Hgs Co Ltd China Shipping Con Line Co Ltd H China Taiping Insurance Hdgs Co Ltd China Telecom Corp Ltd H China Unicom (Hong Kong) Ltd CNOOC Ltd Cosco Pacific Ltd Dah Chong Hong Holdings Ltd Dongfeng Motor Group Co Ltd H ENN Energy Hgs Ltd Great Wall Motor Co Ltd H Guangdong Investment Ltd Haier Electronics Group Co Ltd Hanergy Thin Film Power Gr Ltd Hengan Intl Group Co Ltd Huaneng Power Intl Inc H Industr & Cial Bk of China Ltd H Lenovo Group Ltd New China Life Ins Co Ltd H PetroChina Co Ltd H Ping An Ins Gr Co of China Ltd H Shanghai Pharmaceuti Hg Co Ltd H Shimao Property Hgs Ltd Sihuan Pharm Hgs Group Ltd Sino Ocean Land Hgs Ltd Sinopharm Group Co Ltd H Tencent Holdings Ltd Want Want China Holdings Ltd Amorepacific Gr Inc BNK Financial Group Inc E-MART Co Ltd (tentative) Hankook Tire Co Ltd Hotel Shilla Co Ltd Hyundai Dpt Store Co Ltd Hyundai Heavy Industrie Co Ltd Hyundai Motor Co Ltd KB Financial Gr Inc Kia Motors Corp Korea Electric Power Corp Korean Air Lines Co Ltd KT&G Corp Kwangju Bank Co Ltd LG Chem Ltd LG Display Co Ltd LG Household & Health Care Ltd Lotte Confectionery Co Ltd NAVER Corp NCsoft Corp NH Investment & Sec Orion Corp Posco S-1 CORP Samsung C&T Corp Samsung Electro-Mechanics Co Ltd Samsung Electronics Co Ltd Samsung Electronics Co Ltd Pref Samsung Fire & Marine Insur Samsung Life Insurance Co Ltd

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

45

Market value

% of total net assets

4,077,208.77 452,082.45 1,645,845.50 578,749.42 197,434.02 1,063,363.44 505,679.87 453,524.55 686,054.80 687,811.59 626,503.85 1,543,480.24 153,471.43 402,057.07 419,846.13 622,089.66 457,426.35 819,244.38 538,061.69 525,328.49 852,321.81 508,481.16 3,357,862.19 879,227.80 671,480.04 1,375,480.69 2,698,364.97 611,754.84 525,746.55 560,107.57 736,241.94 974,217.46 6,506,267.06 586,746.95 54,401,870.06

1.01 0.11 0.41 0.14 0.05 0.26 0.13 0.11 0.17 0.17 0.16 0.38 0.04 0.10 0.10 0.15 0.11 0.20 0.13 0.13 0.21 0.13 0.83 0.22 0.17 0.34 0.67 0.15 0.13 0.14 0.18 0.24 1.61 0.15 13.48

610,604.91 148,105.08 421,637.44 203,197.96 323,339.03 538,183.35 330,219.74 1,893,199.86 1,119,974.44 934,619.64 1,132,603.62 386,420.19 1,604,246.51 162,177.25 1,237,852.10 391,628.09 1,028,567.11 831,069.35 1,514,971.74 356,384.02 518,884.76 775,361.56 761,933.34 964,529.96 570,591.97 433,111.48 8,730,057.20 600,673.18 1,475,334.19 851,812.30

0.15 0.04 0.10 0.05 0.08 0.13 0.08 0.47 0.28 0.23 0.28 0.10 0.40 0.04 0.31 0.10 0.25 0.21 0.38 0.09 0.13 0.19 0.19 0.24 0.14 0.11 2.16 0.15 0.37 0.21

MONYX FUND - Monyx Strategi Nya Marknader Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

KRW KRW KRW KRW KRW

765 258 479 3,481 564

PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN

1,959 2,622 3,705 8,352 6,846 1,153 2,550 695 12,386 3,422 21,975

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

64,053 53,930 10,638 72,029 30,240 899 8,829 19,430 11,274 4,247 20,787 5,296 20,198 20,277 2,629 2,656 6,878 12,674 9,841 40,745 5,590 1,414 738 3,987 13,037 2,796 3,991 8,724 6,312 2,065

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

65,332 16,006 782 7,989 1,902 10,349 6,328 20,647 21,247 30,057 17,233 18,316 3,532 9,263 8,077

Description

Cost

Samsung SDI Co Ltd Shinsegae Co Ltd SK Holdings Co Ltd SK Hynix Inc Yuhan Corp

Market value

% of total net assets

623,575.51 424,297.34 823,708.15 765,370.84 1,098,925.82 34,587,169.03

0.15 0.10 0.20 0.19 0.27 8.57

Alior Bank SA Bank Polska Kasa Opieki SA Cyfrowy Polsat SA ENEA SA Eurocash SA Grupa Azoty SA KGHM Polska Miedz SA mBank SA PKO Bank Polski SA Polski Koncern Naftowy Orle SA Tauron Polska Energia SA

279,182.86 806,338.25 165,787.35 202,256.09 711,559.64 245,858.41 346,959.02 467,678.20 725,443.14 497,579.56 135,629.46 4,584,271.98

0.07 0.20 0.04 0.05 0.18 0.06 0.09 0.12 0.18 0.12 0.03 1.14

Advanced Semicond Engineer Inc ADR spons repr 5 Shares Ambev SA spons ADS repr 1 Share America Movil SAB de CV spons ADR repr 20 L Shares Au Optronics Corp ADR repr 10 Shares Banco Bradesco SA spons ADR repr 1 Pref Share Banco de Chile Spons ADR Repr 600 Shs Banco do Brasil SA ADR repr 1 Share Banco Santander SA ADR repr 1 Share Banco Santander-Chile spons ADR repr 400 Shares Bancolombia SA ADR repr 4 Pref Shares Bank Mandiri Persero (PT) Tbk unspons ADR repr 10 Shares BRF SA ADR repr 1 share Cemex SAB de CV ADR repr 10 CPO Chunghwa Telecom Co Ltd spons ADR rep 10 Shares Cia Brasileira de Dist spons ADR repr 1 Pref Share Cia Cervecerias Unidas SA ADR repr 2 Shares Cia de Minas Buenaventura SAA spons ADR repr 1 Share Cia Energetica Minas Gerais spons ADR repr 1 Pref Cia Sanea Bas Est de Sao Paulo ADR repr 1 Shares Cia Siderurgica Nacional SA spons ADR repr 1 Share Cielo SA spons ADR repr 1 Share Coca-Cola Femsa SAB de CV ADR repr 10 Local Shares Credicorp Ltd Dr Reddy's Laboratories Ltd spons ADR repr 1 Share Ecopetrol SA spons ADR repr 20 Shares Embraer SA spons ADR rep 4 Shares Empresa Natl de Ele SA Chile ADR repr 30 Shares Enersis SA ADR repr 50 Shares Fibria Celulose SA ADR repr 1 Share Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) Gazprom PJSC spons ADR repr 2 Shares Gerdau SA COSG ADR repr 1 Pref Shares Gr Aero del Sureste SA de CV ADR repr 10 Shs Ser B Gr Televisa SA spons ADR repr 5 Ord Part Certif Grupo Aerop del Paci SAB de CV B ADR repr 10 B Shares Grupo Financi Santan Mex SAB ADR repr 5 Shares B HDFC Bank Ltd ADR repr 3 Shares ICICI Bank Ltd ADR repr 2 Shares Infosys Ltd spons ADR repr 1 Share Itau Unibanco Hg SA spons ADR Repr 1 Share JSC Surgutneftegaz ADR repr 10 Shares Kasikornbank PCL ADR repr 4 Shares KOC Holding AS unspons ADR repr 5 Shares B Larsen & Toubro Ltd spons GDR repr 1 Reg Share Latam Airlines Gr SA spons ADR repr 1 Share

3,066,324.53 2,028,169.83 1,268,224.71 1,781,644.66 1,226,295.69 453,208.32 273,354.17 798,553.00 1,677,923.82 966,531.26 1,149,009.34 618,448.89 917,631.90 5,128,130.31 232,687.31 487,360.26 244,486.71 161,864.59 388,309.89 349,655.91 392,233.09 844,050.02 605,379.00 1,557,439.89 763,401.98 700,061.94 1,231,957.75 871,963.83 682,396.03 1,593,667.90

0.76 0.50 0.31 0.44 0.30 0.11 0.07 0.20 0.42 0.24 0.28 0.15 0.23 1.27 0.06 0.12 0.06 0.04 0.10 0.09 0.10 0.21 0.15 0.39 0.19 0.17 0.30 0.22 0.17 0.39

2,022,344.43 159,575.99 924,443.48 1,855,774.50 1,417,305.70 752,278.25 3,279,544.72 1,367,093.02 3,003,124.07 1,641,181.84 664,037.71 2,527,207.25 552,416.27 1,511,888.52 370,350.52

0.50 0.04 0.23 0.46 0.35 0.19 0.81 0.34 0.74 0.41 0.16 0.63 0.14 0.37 0.09

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

46

MONYX FUND - Monyx Strategi Nya Marknader Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

8,873 8,414 6,140 1,949 5,016 41,752 7,843 6,214 9,458 22,901 4,848 22,786 2,611 1,409 58,005 5,198 4,513 6,080 10,604 3,230 20,910 45,962 6,196 108,133 11,960 30,915 15,111 7,678 17,878

Mahindra & Mahindra Ltd GDR repr 1 Share MMC Norilsk Nickel PJSC spons ADR repr 1 Share Mobile Telesystems PJSC ADR repr 2 Shs Novolipetsk Steel (NLMK) GDR repr 10 Shares Oil Co Lukoil PJSC spons ADR repr 1 Share Petroleo Brasileiro SA spons ADR repr 2 Pref Shares Pharmastandard PJSC GDR repr 1 Share Philippine Lg Distance Tel Co ADR repr 1 Share Reliance Industries Ltd GDR repr 2 Shares 144A Sberbank of Russia PJSC spons ADR repr 4 Shares Shinhan Financial Group Co Ltd spons ADR repr 1 Share Siliconware Prec Ind Co Ltd ADR repr 5 Shares Soc Quimica y Minera Chile SA ADR repr 1Pref Shares B Southern Copper Corp Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares Tata Motors Ltd spons ADR repr 5 Shares Tatneft PJSC spons ADR repr 6 Shares Telefonica Brasil SA spons ADR repr 1 Share Telekom Indonesia (PT) Tbk ADR repr 200 Shares Tim Participacoes SA spons ADR repr 5 Shares Turkcell Iletisim Hizmet ADR repr 2500 Sh Turkiye Garanti Bankasi AS Spons ADR Repr 1 Sh Ultrapar Particip SA spons ADR repr 1 Share United Microelectronics Corp ADR repr 5 Shares Vale SA spons ADR repr 1 Share Vale SA spons ADR Repr 1 Share A Vedanta Ltd spons ADS repr 4 Shares Wal-Mart de Mexico SAB de CV ADR repr 10 Shares V Wipro Ltd spons ADR repr 1 Share

1,433,303.25 896,903.04 319,760.93 139,542.91 1,362,040.92 1,197,837.87 276,809.22 2,211,977.22 2,434,933.54 1,132,917.14 1,373,729.01 1,495,302.54 414,739.34 311,294.96 11,146,227.57 1,288,791.87 1,000,489.02 459,352.72 3,958,453.28 230,171.90 1,498,856.32 928,061.03 795,485.59 1,719,437.65 330,043.66 668,449.73 715,760.91 1,625,268.51 1,740,278.15 97,615,152.60

0.35 0.22 0.08 0.03 0.34 0.30 0.07 0.55 0.60 0.28 0.34 0.37 0.10 0.08 2.76 0.32 0.25 0.11 0.98 0.06 0.37 0.23 0.20 0.43 0.08 0.17 0.18 0.40 0.43 24.18

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

9,731 106,273 3,926 28,914 4,146 38,647 36,288 33,219 18,716 7,417 37,975 2,723 11,653 2,891 2,379 19,814 11,098 8,221 10,155 21,282 5,587 5,602 13,368 42,349 1,878 6,372 4,319 9,413

AngloGold Ashanti Ltd Arcelormittal South Africa Ltd Astral Foods Ltd Aveng Ltd Barclays Africa Group Ltd Firstrand Ltd Growthpoint Properties Ltd Impala Platinum Holdings Ltd Kumba Iron Ore Ltd Lewis Group Ltd MMI Hgs Ltd Mr Price Group Ltd MTN Group Ltd Naspers Ltd N Nedbank Group Netcare Ltd Remgro Ltd Reunert Ltd RMB Holdings Ltd Sanlam Ltd Sasol Ltd Shoprite Holdings Ltd Standard Bank Group Ltd Steinhoff Intl Hgs N.V. Tiger Brands Ltd Truworths Intl Ltd Wilson Bayly Holmes-Ovcon Ltd Woolworths Holdings Ltd

565,538.63 259,929.83 247,530.63 35,517.08 323,349.06 890,024.77 458,176.61 452,107.33 419,112.80 221,400.95 454,089.16 296,004.50 861,540.85 3,333,529.36 243,882.04 365,083.77 1,479,120.54 305,097.63 310,548.11 700,286.13 1,265,327.16 434,716.89 824,675.26 1,807,686.88 323,003.80 315,684.39 265,876.79 512,388.86 17,971,229.81

0.14 0.06 0.06 0.01 0.08 0.22 0.11 0.11 0.10 0.05 0.11 0.07 0.21 0.83 0.06 0.09 0.37 0.08 0.08 0.17 0.31 0.11 0.20 0.45 0.08 0.08 0.07 0.13 4.44

209,159,693.48

51.81

Total shares

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

47

MONYX FUND - Monyx Strategi Nya Marknader Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Warrants and rights KRW

5,116.31

0.00

946.95

0.00

6,063.26

0.00

CHF

-0.09

0.00

HKD

2,030.53

0.00

KRW

360,246.14

0.09

PLN

1,752.32

0.00

SEK

-574,316.20

-0.14

USD

317,343.24

0.08

ZAR

5,295.30

0.00

112,351.24

0.03

209,278,107.98

51.84

9,167,120.78

2.27

-549.50

0.00

ZAR

538 174,223

BNK Financial Group Inc Droits de sousc 14.01.16 Arcelormittal South Africa Ltd Droits de sousc 15.01.16

Total warrants and rights Cash

Total cash Total swap contracts at market value Cash at banks Bank overdrafts Other net assets/(liabilities) Total

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

48

5,263,937.89

1.30

403,724,517.44

100.00

MONYX FUND - Monyx Strategi Nya Marknader Industrial and geographical classification of investments as at 31st December 2015

Industrial classification including exposure through swap contracts (in percentage of net assets) Banks

40.16 %

Investment funds

8.62 %

Semiconductors and semiconductor equipment

6.82 %

Telecommunication services

5.78 %

Diversified financial services

5.09 %

Software and services

4.08 %

Energy

3.35 %

Materials

3.16 %

Food, beverage and tobacco

2.77 %

Insurance

2.67 %

Automobiles and components

1.73 %

Utilities

1.64 %

Capital goods

1.60 %

Technology hardware and equipment

1.32 %

Pharmaceuticals and biotechnology

1.26 %

Real estate

1.20 %

Transportation

1.07 %

Retailing

0.81 %

Investment companies

0.79 %

Household and personal products

0.61 %

Consumer durables and apparel

0.51 %

Media

0.50 %

Food retailing, drugstores and pharmacies

0.45 %

Commercial services and supplies

0.24 %

Health care equipment and services

0.09 %

Hotels, restaurants and leisure

0.08 %

Total

96.40 %

49

MONYX FUND - Monyx Strategi Nya Marknader Industrial and geographical classification of investments (continued) as at 31st December 2015

Geographical classification including exposure through swap contracts (by domicile of the issuer) (in percentage of net assets) Sweden

33.25 %

Luxembourg

8.99 %

South Korea

8.91 %

China

6.12 %

Taiwan

6.03 %

India

4.53 %

South Africa

3.99 %

Hong Kong

3.57 %

Cayman Islands

3.19 %

Brazil

3.12 %

Mexico

2.77 %

Russia

1.93 %

Chile

1.37 %

Indonesia

1.26 %

Germany

1.23 %

Poland

1.14 %

Bermuda

0.87 %

Turkey

0.74 %

Thailand

0.63 %

Philippines

0.55 %

France

0.49 %

The Netherlands

0.45 %

Colombia

0.43 %

Denmark

0.25 %

Finland

0.25 %

Spain

0.20 %

United States of America

0.08 %

Peru

0.06 %

Total

96.40 %

50

MONYX FUND - Monyx Strategi Världen Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Swap contracts at market value Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Other receivables Prepaid expenses

2,804,490,965.84 5,345,296,910.39 252,612,420.20 29,556,056.56 14,810.79 2,590,109.46 12,173,138.42 7,041,159.99 2,696,893.40 5,275.94

Total assets

8,456,477,740.99

Liabilities Bank overdrafts Other liquid liabilities Payable on redemptions of shares Interest payable on swap contracts Unrealised loss on forward foreign exchange contracts Expenses payable Other liabilities

1,919.86 346,314.96 3,203,641.94 249,581.54 4,040,869.09 17,049,102.69 9,583,719.99

Total liabilities

34,475,150.07

Net assets at the end of the year

8,422,002,590.92

Number of Class AC Shares outstanding Net asset value per Class AC Share

57,190,521.3415 147.14

Number of Class DC Shares outstanding Net asset value per Class DC Share

47,592.0458 147.05

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

51

MONYX FUND - Monyx Strategi Världen Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Interest on bonds and other debt securities, net Interest on bank accounts Other income

19,938,126.84 11,627.77 4,230,875.01

Total income

24,180,629.62

Expenses Management fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Interest paid on swap contracts Other expenses

183,693,555.92 16,564.14 2,979,326.19 3,884,024.74 147,095.40 17,099,558.01 791,256.80 48,348.26 136,037.58 7,641,044.88 524,595.37

Total expenses

216,961,407.29

Net investment loss

-192,780,777.67

Net realised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts - on foreign exchange

878,529.25 -83,062,137.25 706,983,344.56 -49,331,659.21 11,852,703.68

Realised result

394,540,003.36

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts

-72,765,749.11 26,081,636.98 -298,409,987.70 17,834,978.40

Result of operations

67,280,881.93

Subscriptions

711,463,633.00

Redemptions

-778,489,401.77

Total changes in net assets

255,113.16

Total net assets at the beginning of the year

8,421,747,477.76

Total net assets at the end of the year

8,422,002,590.92

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

52

MONYX FUND - Monyx Strategi Världen Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

8,422,002,590.92 8,421,747,477.76 4,536,234,534.15

Number of Class AC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

57,581,098.6539 4,641,035.6662 -5,031,612.9786 57,190,521.3415

Net asset value per Class AC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

147.14 146.23 123.17

Number of Class DC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

11,723.6905 37,965.1483 -2,096.7930 47,592.0458

Net asset value per Class DC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

147.05 146.20 -

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

53

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds EUR

200,000

NOK NOK NOK NOK

5,000,000 20,000,000 2,000,000 2,000,000

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

10,000,000 24,000,000 5,000,000 21,000,000 25,000,000 4,000,000 8,590,905 10,000,000 10,000,000 41,000,000 5,000,000 30,000,000 16,000,000 4,000,000 10,000,000 25,000,000 35,000,000 10,000,000 8,000,000 6,000,000 15,000,000 45,000,000 15,000,000 5,000,000 2,000,000 2,000,000 4,000,000 4,000,000 20,000,000 25,000,000 6,000,000 15,000,000 10,000,000 7,000,000 7,000,000 10,000,000 24,000,000 4,000,000 10,000,000 5,000,000 60,000,000 17,000,000 40,000,000 100,000,000 15,000,000 12,000,000 15,000,000 9,000,000 10,000,000 5,000,000 90,000,000 75,000,000

European Energy AS FRN Sen 14/05.03.18 Arion Bank FRN EMTN Reg S Sen 15/07.07.20 Citycon Treasury BV FRN Reg S 15/01.03.21 North Atlantic Drilling Ltd FRN 13/30.10.18 Ship Finance Intl Ltd FRN Sen 14/19.03.19 AF AB FRN Reg S 15/12.05.20 Akelius Residential Prop AB FRN Sen 14/09.03.18 Akelius Residential Prop AB FRN Sen 15/27.03.19 Aker ASA FRN Sen 14/24.07.19 Aktia Bank Plc FRN EMTN Reg S Sen 15/26.10.18 Aligera Holding AB FRN 14/07.05.19 Arise AB FRN Ser 102 14/25.04.19 Atrium Ljungberg AB FRN Ser 104 15/28.04.17 Bank of Aland Plc FRN EMTN 14/16.12.19 Bank of Aland Plc FRN EMTN Reg S Ser 11 14/25.03.19 BMW Finance NV FRN EMTN Reg S Ser 864 14/27.11.17 BNP Paribas SA FRN EMTN 15/13.05.20 BPCE SA FRN EMTN Reg S Sen 14/14.03.17 BPCE SA FRN EMTN Sen 14/17.11.17 Castellum AB FRN MTN Ser 104 13/26.09.18 CS AG London 0.875% EMTN Sen 14/12.12.17 CS AG London FRN EMTN Reg S Sen 15/29.05.19 CS AG London FRN EMTN Sen 14/12.12.17 Danske Bank A/S VAR Ser 527 Sub 13/05.06.24 Delarka AB 4.58% Sen 13/13.11.20 DNB Bank ASA FRN EMTN Ser 606 14/30.01.19 DNB Bank ASA FRN EMTN Sub 15/28.05.25 Elekta AB 1.58% MTN Ser 102 15/26.03.20 Elekta AB FRN MTN Ser 101 15/26.03.20 Fastighets Balder AB 2.327% Ser 1O3 14/21.05.18 Fastighets Balder AB FRN Ser 102 14/12.03.19 FastPartner AB FRN Reg S Sen 15/05.04.19 Heimstaden AB FRN 14/16.09.19 Hemso Fastighets AB FRN Ser MTN 15/21.10.19 Hexagon AB 1.625% Sen 15/17.09.20 Hexagon AB 1.625% Ser 103 14/26.11.19 Hexagon AB FRN MTN 15/10.03.17 Hoist Kredit AB FRN Sen 13/18.12.16 Ikano Bank AB 3.1% 14/25.03.19 Ikano Bank AB FRN MTN Sen 14/14.11.18 Ikano Bank FRN MTN Ser 111 15/15.04.20 Islandsbanki HF FRN EMTN Sen 15/13.02.19 Jyske Bank AS FRN EMTN Reg S Ser 167 13/03.10.16 Klovern AB FRN MTN 13/04.04.18 Landsbankinn hf FRN EMTN Reg S Sen 15/08.06.19 Landshypotek Bank AB 0.65% Ser 519 15/03.02.20 Lansforsakringar Bank 2.75% Ser 754 14/22.01.19 Lansforsakringar Hypotek AB 2.5% Ser 512 13/19.06.19 Lansforsakringar Hypotek AB 3.25% Ser 513 13/16.09.20 Lantmannen Ekonomisk Forening FRN Reg S Ser 1 15/07.12.20 Leaseplan Corp NV 1% EMTN Sen 15/05.04.19 Leaseplan Corp NV FRN EMTN 15/05.06.20 Lifco AB FRN 15/03.04.18 Loomis AB 1.875% Reg S Ser DMTN 14/18.12.19 Mortgage Society of Finland FRN EMTN Sen 13/23.05.16 Nordea Hypotek AB 2% Ser 5529 12/20.06.18 Nordea Hypotek AB 2.25% Ser 5530 13/19.06.19

1,881,159.27

1,666,819.08

0.02

5,270,958.48 20,201,193.61 1,672,048.00 1,928,997.88 29,073,197.97

4,801,459.37 18,595,915.29 980,273.56 1,772,953.44 26,150,601.66

0.06 0.22 0.01 0.02 0.31

10,000,000.00 24,121,500.00 5,000,000.00 20,555,000.00 25,000,000.00 3,900,000.00 8,118,401.36 10,000,000.00 10,000,000.00 41,000,790.00 4,989,750.00 30,903,600.00 16,063,040.00 4,000,000.00 10,265,700.00 25,098,550.00 35,000,000.00 10,000,000.00 8,872,000.00 6,405,000.00 15,127,200.00 45,000,000.00 15,000,000.00 5,027,650.00 1,991,080.00 1,985,000.00 4,000,000.00 3,982,000.00 20,000,000.00 24,978,500.00 5,981,460.00 15,000,000.00 9,975,000.00 7,378,630.00 7,000,000.00 10,000,000.00 24,203,100.00 4,042,160.00 10,340,300.00 5,000,000.00 59,380,800.00 18,350,310.00 42,967,750.00 109,542,000.00 15,000,000.00 11,981,160.00 15,000,000.00 9,000,000.00 9,986,300.00 5,051,450.00 94,488,300.00 79,344,000.00

9,871,300.00 24,116,040.00 5,066,525.00 20,406,855.00 24,959,250.00 3,780,000.00 8,152,554.07 9,963,100.00 9,938,200.00 40,856,295.00 4,949,750.00 30,288,600.00 16,001,280.00 3,965,700.00 10,066,750.00 25,073,750.00 34,403,075.00 9,954,150.00 8,683,880.00 6,285,000.00 14,876,250.00 43,900,425.00 14,752,875.00 4,936,150.00 1,983,380.00 1,971,470.00 3,972,860.00 3,943,500.00 19,930,500.00 24,589,250.00 6,008,670.00 15,029,100.00 10,242,200.00 7,369,880.00 6,935,145.00 9,820,600.00 24,600,000.00 4,004,480.00 10,198,550.00 5,012,500.00 58,909,200.00 17,902,615.00 42,479,000.00 109,119,000.00 14,982,375.00 11,693,880.00 14,320,200.00 9,005,850.00 10,020,700.00 5,012,975.00 93,965,400.00 79,128,375.00

0.12 0.29 0.06 0.24 0.30 0.04 0.10 0.12 0.12 0.49 0.06 0.36 0.19 0.05 0.12 0.30 0.41 0.12 0.10 0.07 0.18 0.52 0.17 0.06 0.02 0.02 0.05 0.05 0.24 0.29 0.07 0.18 0.12 0.09 0.08 0.12 0.29 0.05 0.12 0.06 0.70 0.21 0.50 1.29 0.18 0.14 0.17 0.11 0.12 0.06 1.12 0.94

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

54

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

40,000,000 15,000,000 10,000,000 3,000,000 15,000,000 62,000,000 5,000,000 16,000,000 4,000,000 28,000,000 15,000,000 15,000,000 20,000,000 15,000,000 15,000,000 13,000,000 12,000,000 50,000,000 7,000,000 5,000,000 10,000,000 90,000,000 25,000,000 165,000,000 13,000,000 15,000,000 12,000,000 80,000,000 25,000,000 50,000,000 25,000,000 6,000,000 5,000,000 8,000,000 21,000,000 15,000,000 17,000,000 15,000,000 5,000,000 5,000,000 15,000,000 2,000,000

USD

851,352

Description Nykredit Realkredit AS FRN Sen 15/01.07.19 Olav Thon Eiendomsselkap ASA FRN 15/28.05.18 Pohjola Bank Plc FRN Reg S Sub 15/25.08.25 Real People Inv Holdings Ltd FRN Sen 13/19.09.18 Realkredit Danmark A/S FRN 15/01.10.18 Realkredit Danmark A/S FRN Ser 15G 14/01.10.19 Resurs Bk AB FRN Sen 15/03.04.18 Saab AB FRN EMTN 13/10.12.18 Saab AB FRN Ser 106 14/12.12.19 Sampo Plc FRN EMTN Reg S Sen 15/28.05.20 Santander Consumer Bank AS FRN EMTN Reg S Sen 15/12.06.18 Santander Consumer Bank AS FRN EMTN Sen 15/10.08.17 SBAB Bank AB FRN EMTN Sub 15/10.11.25 SBAB Bank AB FRN Sen 15/22.04.20 Scania CV AB 0.875% EMTN Sen 14/03.12.18 SeaDrill Ltd FRN 14/18.03.19 Sefyr Vearme AB 7% Sen 12/24.02.17 Skandiabanken AB 0.42% Ser 551 15/21.03.18 Skandiabanken AB FRN Ser DMTN 14/28.02.20 Sparbanken Skane AB FRN Reg S Sen 15/09.04.18 Sparbanken Syd FRN Sen 15/12.06.20 Sparebank 1 Naeringskreditt AS FRN 13/10.10.18 Stadshypotek AB 3% Ser 1580 12/21.03.18 Stadshypotek AB 3% Ser SH1581 12/19.12.18 Steen & Stroem Asa FRN Sen 14/08.12.17 Svensk Fastighets Finansier AB 0.605% Ser 102 15/09.03.17 Svensk Fastighets Finansier AB 0.858% Ser 104 15/09.03.18 Swedbank Mortgage AB 3.75% MTN Ser 186 10/20.12.17 Swedbank Mortgage AB 3.75% MTN Ser 188 11/19.06.19 Swedbank Mortgage AB 5.7% 08/12.05.20 Swedish Covered Bond Corp 4% Ser 134 09/21.03.18 Tele2 AB 4.875% EMTN Reg S Ser 1 12/15.05.17 TeliaSonera AB 1.125% EMTN Sen 14/04.12.19 Trelleborg Treasury AB 2% Sen 14/18.01.21 TVO Power Co 5.3% EMTN Reg S Ser 3 09/28.03.17 Vacse AB 2.75% 14/03.06.19 Vattenfall AB VAR Reg S Sub 15/19.03.77 Volvo Treasury AB FRN EMTN Reg S 15/11.09.17 VolvoFinans Bank AB 1.04% DMTN Sen 15/13.02.20 VolvoFinans Bank AB FRN MTN Sen 14/29.06.18 VolvoFinans Bank AB FRN Ser MTN 14/27.11.19 YA Holding AB FRN Sen 14/18.06.19 IGas Energy Plc 10% 13/22.03.18

Total bonds

Cost

Market value

% of total net assets

40,299,200.00 15,000,000.00 10,000,000.00 2,295,000.00 15,018,750.00 62,085,340.00 5,000,000.00 16,145,680.00 4,022,640.00 28,000,000.00 15,000,000.00 15,000,000.00 20,000,000.00 15,000,000.00 14,953,050.00 10,466,828.12 12,535,000.00 50,222,000.00 6,996,360.00 5,000,000.00 10,000,000.00 91,124,500.00 26,877,000.00 178,459,050.00 12,999,520.00 15,044,250.00 12,000,000.00 88,096,000.00 28,057,250.00 60,196,000.00 27,534,500.00 6,580,020.00 4,985,500.00 7,982,880.00 23,030,390.00 15,285,525.00 17,023,100.00 15,066,900.00 5,000,000.00 5,000,000.00 15,000,000.00 1,870,000.00 2,045,649,714.48

40,017,800.00 14,890,425.00 9,830,400.00 1,796,250.00 14,906,325.00 61,135,100.00 5,036,325.00 16,095,680.00 3,989,320.00 27,593,020.00 14,898,900.00 14,953,425.00 19,875,200.00 14,710,875.00 14,825,700.00 6,177,015.00 12,375,000.00 50,105,500.00 6,811,490.00 4,994,000.00 9,954,750.00 90,354,150.00 26,588,500.00 177,502,875.00 12,986,025.00 15,027,900.00 12,020,340.00 85,843,600.00 27,654,625.00 59,883,750.00 27,131,625.00 6,354,420.00 4,954,450.00 7,919,840.00 22,042,020.00 15,697,950.00 15,604,725.00 14,985,000.00 4,908,000.00 4,969,450.00 14,777,025.00 1,670,000.00 2,021,248,179.07

0.47 0.18 0.12 0.02 0.18 0.73 0.06 0.19 0.05 0.33 0.18 0.18 0.24 0.17 0.18 0.07 0.15 0.59 0.08 0.06 0.12 1.07 0.31 2.11 0.15 0.18 0.14 1.02 0.33 0.71 0.32 0.07 0.06 0.09 0.26 0.19 0.18 0.18 0.06 0.06 0.17 0.02 24.01

6,208,907.59

5,061,573.27

0.06

2,082,812,979.31

2,054,127,173.08

24.40

4,962,100.00 4,962,100.00

4,966,000.00 4,966,000.00

0.06 0.06

20,000,000.00 20,000,000.00

19,839,600.00 19,839,600.00

0.23 0.23

0.00 0.00

0.00 0.00

0.00 0.00

Transferable securities dealt in on another regulated market Bonds SEK

Total bonds

5,000,000

Gjensidige Bank ASA FRN Sen 15/21.09.18

Other transferable securities Bonds SEK

Total bonds

20,000,000

Stangastaden AB FRN Reg S Sen 15/09.09.20

Warrants and rights CAD

3,171

Total warrants and rights

Iona Energy Inc Call Wts 27.09.18

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

55

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Open-ended investment funds Investment funds (UCITS) SEK SEK

2,726,481.018 4,557,566

Monyx Fd Aktiv Ränta AC Cap Monyx Fd Genesis RC Cap

290,445,233.18 465,513,386.81 755,958,619.99

298,195,228.94 427,362,963.82 725,558,192.76

3.54 5.07 8.61

2,863,733,699.30

2,804,490,965.84

33.30

Amcor Ltd ANZ Banking Group Ltd Coca-Cola Amatil Ltd Commonwealth Bank of Australia CSL Ltd Harvey Norman Holdings Ltd Insurance Australia Group Ltd Macquarie Group Ltd National Australia Bank Ltd Orora Ltd QBE Insurance Group Ltd Rio Tinto Ltd Suncorp Group Ltd Wesfarmers Ltd Westpac Banking Corp Woodside Petroleum Ltd Woolworths Ltd

6,783,170.19 11,437,415.30 3,665,482.77 20,139,533.26 8,511,847.12 4,533,266.50 4,130,607.07 8,115,125.82 9,327,680.88 4,334,251.61 3,685,664.21 4,144,954.43 5,599,778.72 8,245,558.31 13,257,196.62 5,931,843.34 5,333,820.36 127,177,196.51

0.08 0.14 0.04 0.24 0.10 0.05 0.05 0.10 0.11 0.05 0.04 0.05 0.07 0.10 0.16 0.07 0.06 1.51

6,147,527.88 6,648,343.94 3,950,106.56 9,158,274.51 4,979,548.41 4,874,019.67 5,271,880.88 1,048,741.69 2,965,922.32 5,084,939.40 3,073,276.91 2,463,670.59 3,792,493.14 4,424,339.05 3,069,367.54 3,747,905.60 6,135,185.81 6,729,852.23 3,903,879.22 3,925,530.54 2,419,032.57 9,706,791.80 1,880,606.68 3,115,999.65 8,859,804.40 7,285,301.85 10,869,362.79 5,655,276.04 5,237,409.61 146,424,391.28

0.07 0.08 0.05 0.11 0.06 0.06 0.06 0.01 0.04 0.06 0.04 0.03 0.04 0.05 0.04 0.04 0.07 0.08 0.05 0.05 0.03 0.12 0.02 0.04 0.11 0.09 0.13 0.07 0.06 1.76

8,521,190.88 9,224,713.42

0.10 0.11

Total investment funds (UCITS) Total investments in securities

Swap contracts at market value Exposures through SFMAMXAC swap Securities AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

81,912.16 66,461.77 63,968.06 38,216.06 13,118.05 176,015.09 120,574.1 15,912.46 50,128.15 312,641.44 47,512.18 15,046.31 74,862.98 32,161.57 64,112.79 33,521.25 35,333.55

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

12,887.46 19,479.52 42,349.02 19,535.26 27,126.06 4,555.47 19,147.81 25,215.77 26,394.76 22,384.06 7,955.78 25,244.54 18,068.16 36,003.27 11,232.48 9,408.94 17,950.39 53,083.47 15,911.56 27,148.53 7,777.79 21,400.6 18,203.9 12,456.41 33,612.04 33,759.92 32,853.77 20,765.03 6,028.86

Bank of Montreal Bank of Nova Scotia CAE Inc Canadian National Railway Co Canadian Natural Resources Ltd Canadian Pacific Railway Ltd Enbridge Inc EnCana Corp First Capital Realty Inc Fortis Inc Franco Nevada Corporation Goldcorp Inc Great-West Lifeco Inc H&R REIT Units Cons 1 Imperial Oil Ltd Loblaw Co Ltd Magna International Inc Manulife Financial Corp National Bank of Canada Potash Corp of Saskatschew Inc Restaurant Brands Intl Inc When Issued Royal Bank Canada Silver Wheaton Corp SNC-Lavalin Group Inc Sun Life Financial Inc Suncor Energy Inc Toronto Dominion Bank (The) Transcanada Corp Valeant Pharm Intl Inc

CHF CHF

14,010.26 50,416.72

Cie Financière Richemont SA Credit Suisse Group AG Reg The accompanying notes are an integral part of these financial statements.

56

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

CHF CHF CHF CHF CHF CHF CHF CHF

3,231.75 876.03 60,004.1 39,696.19 11,725.56 17,015.93 2,537.31 98,621.54

Geberit AG Reg Givaudan SA Reg Nestlé SA Reg Novartis AG Reg Roche Holding AG B de jouis Pref Swiss Prime Site AG Reg Syngenta AG Reg UBS Group Inc

DKK DKK DKK

409.03 43,384.17 44,332.12

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

15,145.65 17,913.54 121,606.55 17,922.98 22,633.97 10,565.45 146,224.07 23,213.34 237,603.61 1,105,754.39 30,164.99 18,671.36 16,066.63 25,561.42 32,537.79 28,308.64 44,857.11 70,390.22 137,393.61 26,452.29 143,604.06 60,142.99 57,549.5 14,533.01 3,322.1 168,026.95 66,943.61 119,642.33 380,629.19 5,467.91 212,565.38 9,150.04 6,234.27 6,944 117,342.35 17,059.98 73,188.67 9,831.46 33,061.43 33,061.43 50,459.87 24,132.98 14,595.93 25,248.59 25,196.45 23,406.62 26,781.31 24,871.02 527,598.05 87,226.8 173,495.76

Market value

% of total net assets

9,274,519.66 13,471,834.36 37,735,262.95 29,066,138.77 27,339,489.67 11,267,928.39 8,396,735.66 16,239,415.56 170,537,229.32

0.11 0.16 0.45 0.35 0.32 0.13 0.10 0.19 2.02

A.P. Moeller - Maersk A/S B Novo Nordisk AS B Tryg A/S

4,506,334.33 21,297,115.03 7,477,274.52 33,280,723.88

0.05 0.25 0.09 0.39

Airbus Gr SE Akzo Nobel NV Alcatel-Lucent Amadeus IT Holding SA A Anheuser-Busch InBev SA ASML Holding NV Banco Bilbao Vizcaya Argent SA Reg Banco Pop Societa Cooperativa Banco Santander SA Bank of Ireland Plc BASF SE Reg Bayer AG Reg Bayerische Motorenwerke AG BNP Paribas SA A Daimler AG Reg Danone Deutsche Bank AG Reg Deutsche Telekom AG Reg EDP-Energias de Portugal SA Reg Enagas SA ENEL SpA Engie SA ENI SpA Essilor Intl SA Hermes Intl SA Iberdrola SA Infineon Technologies AG Reg ING Groep NV Certif Intesa Sanpaolo SpA Kering Koninklijke KPN NV L'Oréal SA Linde AG LVMH Moët Hennessy L Vuit SE Nokia Oyj OMV AG Orange SA Red Electrica Corporacion SA Repsol SA Repsol SA Droits d'attribut 07.01.16 Royal Philips NV RWE AG A Salzgitter AG Sanofi SA SAP SE Schneider Electric SE Siemens AG Reg Société Générale Telecom Italia SpA Telefonica SA Terna Rete Elettr Nazional SpA

8,602,286.71 10,121,856.03 3,980,379.02 6,680,037.35 23,720,351.67 7,989,869.46 9,027,110.51 2,724,088.96 9,921,144.73 3,423,811.17 19,542,487.20 19,807,010.22 14,369,526.74 12,230,367.06 23,124,493.34 16,151,097.17 9,256,152.72 10,762,249.63 4,179,937.89 6,300,442.74 5,120,047.32 8,994,409.41 7,275,369.55 15,317,098.30 9,487,538.22 10,082,185.37 8,282,055.73 13,645,474.63 10,767,473.48 7,911,805.78 6,799,879.21 13,017,545.56 7,647,172.95 9,217,489.10 7,089,310.50 4,083,685.42 10,382,202.77 6,944,850.96 3,065,043.10 139,017.27 10,890,700.22 2,588,822.43 3,038,576.53 18,180,006.69 16,937,582.89 11,270,119.20 22,051,051.52 9,699,106.80 5,679,047.17 8,178,473.00 7,559,013.99

0.10 0.12 0.05 0.08 0.28 0.09 0.11 0.03 0.12 0.04 0.23 0.24 0.17 0.15 0.27 0.19 0.11 0.13 0.05 0.07 0.06 0.11 0.09 0.18 0.11 0.12 0.10 0.16 0.13 0.09 0.08 0.15 0.09 0.11 0.08 0.05 0.12 0.08 0.04 0.00 0.13 0.03 0.04 0.22 0.20 0.13 0.26 0.12 0.07 0.10 0.09

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

57

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

EUR EUR EUR EUR

52,607.48 115,682.42 59,349.66 34,238.17

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

Description

Cost

Market value

% of total net assets

Total SA Unicredit SpA Post Raggruppamento Unilever NV Certif of Shares Zardoya Otis SA

19,886,746.94 5,441,795.84 21,804,754.41 3,381,144.22 553,771,296.80

0.24 0.06 0.26 0.04 6.57

50,761.92 54,213.91 18,341.44 13,566.18 126,682.97 434,355.42 83,593.66 92,539.19 356,502.5 46,543.1 154,902.16 60,600.11 71,725.62 31,926.95 92,345.02 273,241.45 368,524.27 24,748.77 10,452.64 36,512.53 146,121.14 56,063.52 1,214,442.47 1,356.08 77,348.15 20,427.02 90,943.99 24,771.24 66,215 6,138,130.7 66,937.32 40,941.7 26,465.33 13,179.17 119,960.11 58,950.52 213,471.53 600,665.36 15,346.11

Anglo American Plc ARM Holdings Plc Associated British Foods Plc AstraZeneca Plc Aviva Plc Barclays Plc BG Group Plc BHP Billiton Plc BP Plc British American Tobacco Plc BT Group Plc Capita Plc Diageo Plc Experian Plc GlaxoSmithKline Plc Glencore Plc HSBC Holdings Plc Indivior Plc Intercontinental Hotels Gr Plc John Wood Group Plc Kingfisher Plc Land Securities Group Plc Reits Lloyds Banking Group Plc Lonmin Plc Prudential Plc Reckitt Benckiser Group Plc Relx Plc Rio Tinto Plc Rolls-Royce Holdings PLC Rolls-Royce Holdings Plc Pref C Entitlement 01 2016 Royal Dutch Shell Plc A Royal Dutch Shell Plc B SABMiller Plc Shire Plc South32 Ltd Standard Chartered Plc Tesco Plc Vodafone Group Plc Whitbread Plc

1,893,504.92 7,016,659.99 7,635,615.21 7,804,513.98 8,142,767.96 11,843,910.71 10,256,842.87 8,760,793.12 15,720,630.64 21,863,314.66 9,101,804.00 9,118,942.65 16,587,211.04 4,776,441.91 15,793,854.50 3,079,663.74 24,614,840.29 578,966.25 3,460,866.80 2,785,814.21 5,997,532.27 8,219,794.29 11,054,018.17 14,105.07 14,751,264.38 15,982,253.73 13,560,393.39 6,108,117.20 4,742,729.75 764.61 12,724,096.60 7,869,296.13 13,415,980.48 7,712,680.73 784,513.26 4,139,423.18 3,975,440.65 16,535,943.52 8,413,058.14 346,838,365.00

0.02 0.08 0.09 0.09 0.10 0.14 0.12 0.10 0.19 0.26 0.11 0.11 0.20 0.06 0.19 0.04 0.29 0.01 0.04 0.03 0.07 0.10 0.13 0.00 0.18 0.19 0.16 0.07 0.06 0.00 0.15 0.09 0.16 0.09 0.01 0.05 0.05 0.20 0.10 4.13

38,884.43 288,475.65 60,570 1,054,161.39 394,103.67 27,667.68 233,380.75 221,222.8 434,432.28 84,061.57 189,464.85 312,027.45 1,554,573.6 430,718.68 33,986.46 180,961.61 102,346.38 80,581.7 180,101.76

AAC Technologies Hgs Inc AIA Group Ltd Anta Sports Products Ltd Bank of China Ltd H Bank of Communications Co Ltd H Beijing Enterprises Hgs Ltd Beijing Enterprises Wat Gr Ltd Belle Intl Hgs Ltd Bosideng International Hgs Ltd Cheung Kong Property Hgs Ltd China BlueChemical Ltd H China Com Construction Cie Ltd H China Construction Bank Corp H China Huishan Dairy Hgs Co Ltd China Intl Marine Cont Gr Ltd H China Life Insurance Co Ltd H China Mengniu Dairy Co Ltd China Merchant Hgs Intl Co Ltd China MinSheng Banking Corp H

2,133,590.93 14,591,814.98 1,400,397.73 3,959,108.89 2,335,701.63 1,410,011.38 1,375,558.64 1,397,549.19 315,944.74 4,598,776.19 433,935.67 2,682,453.64 8,960,248.41 1,388,559.20 523,114.05 4,920,490.77 1,404,215.59 2,156,093.58 1,501,389.62

0.03 0.17 0.02 0.05 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.11 0.02 0.01 0.06 0.02 0.03 0.02

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

58

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

Number / nominal value 116,087.85 1,045,851.42 129,681.44 280,308.61 49,751.04 96,368.76 73,215.64 791,337.51 104,665.24 410,025.57 137,590.48 84,061.57 44,003.1 391,734.47 220,943.22 256,755.46 83,003.05 38,004.35 70,568.21 103,754.15 160,023.98 72,966.18 275,181.41 42,935.14 295,700.57 26,353.86 155,673.47 108,818.88 1,336,716.5 228,819.44 93,362.19 42,251.03 45,012.18 134,685.5 65,606.41 73,354.98 74,671.05 78,142.38 262,095.27 303,410.04 64,159.09 103,802.69 208,274.65 70,343.47 41,486.92 4,449.84 40,722.8 12,180.88 78,209.35 10,472.86 14,023.75 6,787.13 1,887.81 29,575.72 61,578.63 123,606.74 160,464.02 57,038.89 44,348.75 59,825.66 35,149.26 22,833.54 37,711.29 2,112.55

Description

Cost

China Mobile Ltd China Oversea Property Hgs Ltd China Overseas Land & Inv Ltd China Petroleum & Chem Corp H China Resources Gas Group Ltd China Resources Land Ltd China Resources Pow Hgs Co Ltd China Shipping Con Line Co Ltd H China Taiping Insurance Hdgs Co Ltd China Telecom Corp Ltd H China Unicom (Hong Kong) Ltd CK Hutchison Holdings Ltd CLP Holdings Ltd CNOOC Ltd Cosco Pacific Ltd Dah Chong Hong Holdings Ltd Dongfeng Motor Group Co Ltd H ENN Energy Hgs Ltd Galaxy Entertainment Gr Ltd Great Wall Motor Co Ltd H Guangdong Investment Ltd Haier Electronics Group Co Ltd Hanergy Thin Film Power Gr Ltd Hengan Intl Group Co Ltd Hong Kong and China Gas Co Ltd Hong Kong Sec Clearing Co Ltd Huaneng Power Intl Inc H Hysan Development Co Ltd Industr & Cial Bk of China Ltd H Lenovo Group Ltd Link Real Esta Inv Trust (The) Units New China Life Ins Co Ltd H PetroChina Co Ltd H Ping An Ins Gr Co of China Ltd H Power Assets Holdings Ltd Sands China Ltd Shanghai Pharmaceuti Hg Co Ltd H Shimao Property Hgs Ltd Sihuan Pharm Hgs Group Ltd Sino Ocean Land Hgs Ltd Sinopharm Group Co Ltd H Tencent Holdings Ltd Want Want China Holdings Ltd Astellas Pharma Inc Canon Inc Central Japan Railway Co Daiichi Sankyo Co Ltd Daikin Industries Ltd Daiwa Securities Group Inc East Japan Railway Co Eisai Co Ltd Fanuc Corp Fast Retailing Holdings Co Ltd Fuji Heavy Industries Ltd Fujitsu Ltd f*ckuoka Financial Group Inc Hitachi Ltd Honda Motor Co Ltd Isetan Mitsukoshi Holdings Ltd Itochu Corp Japan Tobacco Inc Kao Corp KDDI Corp Keyence Corp

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

59

Market value

% of total net assets

11,025,773.42 1,441,743.34 3,828,785.06 1,423,955.89 1,250,165.11 2,364,062.37 1,198,448.70 1,855,366.65 2,726,640.96 1,620,043.08 1,411,349.03 9,544,285.50 3,145,236.33 3,431,464.90 2,048,107.70 1,089,709.38 933,400.50 1,705,780.26 1,872,846.57 1,016,968.38 1,907,223.73 1,245,054.58 1,167,911.90 3,411,443.42 4,878,766.08 5,678,307.46 1,130,459.38 3,750,267.13 6,790,463.26 1,954,708.01 4,702,223.34 1,492,803.11 248,203.55 6,286,421.89 5,077,501.32 2,114,016.46 1,360,061.28 1,168,826.62 1,245,231.15 1,636,818.69 2,165,872.11 17,182,750.74 1,304,447.11 190,322,870.28

0.13 0.02 0.05 0.02 0.01 0.03 0.01 0.02 0.03 0.02 0.02 0.11 0.04 0.04 0.02 0.01 0.01 0.02 0.02 0.01 0.02 0.01 0.01 0.04 0.06 0.07 0.01 0.04 0.08 0.02 0.06 0.02 0.00 0.07 0.06 0.03 0.02 0.01 0.01 0.02 0.03 0.20 0.02 2.27

8,534,856.65 10,683,620.13 6,735,166.54 7,163,871.99 7,597,443.61 4,081,767.94 8,402,737.59 7,923,382.96 10,025,520.91 5,640,607.49 10,418,235.55 2,618,768.44 5,240,195.16 7,775,347.25 15,627,797.42 4,928,724.01 6,045,089.14 11,012,116.99 10,008,071.97 8,334,567.02 9,930,024.16

0.10 0.13 0.08 0.09 0.09 0.05 0.10 0.09 0.12 0.07 0.12 0.03 0.06 0.09 0.19 0.06 0.07 0.13 0.12 0.10 0.12

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

Number / nominal value 43,689.36 49,442.69 41,397.02 14,922.7 14,742.91 172,330.26 28,092.44 42,700.51 36,407.8 118,475.03 286,093.41 28,766.66 623,112.79 8,450.21 28,991.4 16,828.94 193,545.67 54,162.22 72,456.02 141,585.9 29,261.09 184,735.88 16,361.04 19,822.03 34,250.3 58,881.75 19,147.81 13,034.89 25,035.98 33,845.77 178,892.66 18,788.22 61,488.73 1,652.28 5,468.81 1,196.51 694.45 5,922.34 1,300.79 1,321.47 1,168.2 4,732.56 10,505.22 5,525.9 8,329.3 4,338.37 5,444.54 6,583.07 1,406.87 14,016.1 345.2 178.44 714.67 951.55 15,973.14 290.81 1,422.6 4,182.85 2,408.31 2,140.42 2,053.22 171.25 1,490.47 2,406.51

Description

Cost

Komatsu Ltd Kubota Corp Kurita Water Industries Ltd Kyocera Corp Mabuchi Motor Co Ltd Marubeni Corp Mazda Motor Corp Mitsubishi Electric Corp Mitsubishi Estate Co Ltd Mitsubishi Heavy Ind Ltd Mitsubishi UFJ Fin Group Inc Mitsui Fudosan Co Ltd Mizuho Financial Group Inc Murata Manufacturing Co Ltd Nippon Steel & Sumi Metal Corp Nitto Denko Corp Nomura Holdings Inc Orix Corp Panasonic Co Ltd Resona Holdings Inc Seven & I Holdings Co Ltd Sharp Corp Shin-Etsu Chemical Co Ltd Softbank Group Corp Sony Corp Sumitomo Metal Mining Co Ltd Sumitomo Mitsui Fin Group Inc Sumitomo Realty & Dev Co Ltd Takeda Pharmaceutical Co Ltd Tokio Marine Holdings Inc Toshiba Corp Toyota Industries Corp Toyota Motor Corp Amorepacific Gr Inc BNK Financial Group Inc BNK Financial Group Inc Droits de sousc 14.01.16 E-MART Co Ltd (tentative) Hankook Tire Co Ltd Hotel Shilla Co Ltd Hyundai Dpt Store Co Ltd Hyundai Heavy Industrie Co Ltd Hyundai Motor Co Ltd KB Financial Gr Inc Kia Motors Corp Korea Electric Power Corp Korean Air Lines Co Ltd KT&G Corp Kwangju Bank Co Ltd LG Chem Ltd LG Display Co Ltd LG Household & Health Care Ltd Lotte Confectionery Co Ltd NAVER Corp NCsoft Corp NH Investment & Sec Orion Corp Posco S-1 CORP Samsung C&T Corp Samsung Electro-Mechanics Co Ltd Samsung Electronics Co Ltd Samsung Electronics Co Ltd Pref Samsung Fire & Marine Insur Samsung Life Insurance Co Ltd

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

60

Market value

% of total net assets

6,098,387.16 6,541,149.40 7,370,953.79 5,912,256.69 6,859,639.88 7,548,505.94 4,968,539.67 3,837,429.17 6,437,951.81 4,427,396.06 15,177,877.65 6,160,170.28 10,632,015.04 10,403,728.36 4,908,129.78 10,509,498.95 9,210,159.46 6,510,842.10 6,298,268.91 5,865,491.00 11,379,766.87 1,618,121.87 7,586,158.49 8,526,987.30 7,204,851.81 6,104,437.60 6,180,063.34 3,174,038.57 10,640,092.26 11,175,311.86 3,132,627.25 8,597,038.20 32,263,488.70 431,989,288.14

0.07 0.08 0.09 0.07 0.08 0.09 0.06 0.05 0.08 0.05 0.18 0.07 0.13 0.12 0.06 0.12 0.11 0.08 0.07 0.07 0.14 0.02 0.09 0.10 0.09 0.07 0.07 0.04 0.13 0.13 0.04 0.10 0.38 5.14

1,748,515.27 329,251.54 11,378.68 938,474.55 1,992,394.91 718,969.11 1,195,281.14 733,386.66 5,042,032.08 2,490,070.37 2,078,314.00 2,977,838.02 859,269.29 4,068,180.54 360,562.05 3,304,546.91 2,460,376.68 2,591,688.07 2,907,816.81 3,362,445.30 1,449,214.50 1,153,544.48 2,424,571.76 1,693,636.34 2,981,881.75 2,410,809.84 962,658.49 18,498,173.60 1,335,924.57 3,277,116.29 1,892,793.62

0.02 0.00 0.00 0.01 0.02 0.01 0.01 0.01 0.06 0.03 0.02 0.04 0.01 0.05 0.00 0.04 0.03 0.03 0.03 0.04 0.02 0.01 0.03 0.02 0.04 0.03 0.01 0.22 0.02 0.04 0.02

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

KRW KRW KRW KRW KRW

1,699.48 757.37 658.49 5,972.23 1,371.81

NOK NOK

45,742.58 24,492.56

PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN

Description

Cost

Samsung SDI Co Ltd Shinsegae Co Ltd SK Holdings Co Ltd SK Hynix Inc Yuhan Corp

Market value

% of total net assets

1,385,299.70 1,245,546.52 1,132,361.03 1,313,119.54 2,672,903.29 86,000,347.30

0.02 0.01 0.01 0.02 0.03 1.01

Telenor ASA TGS Nopec Geophysical Co ASA

6,477,176.88 3,306,797.14 9,783,974.02

0.08 0.04 0.12

8,254.68 4,310.5 25,381.18 26,145.75 18,359.42 2,563.83 5,669.73 2,032.54 23,019.17 12,753.52 92,942.83

Alior Bank SA Bank Polska Kasa Opieki SA Cyfrowy Polsat SA ENEA SA Eurocash SA Grupa Azoty SA KGHM Polska Miedz SA mBank SA PKO Bank Polski SA Polski Koncern Naftowy Orle SA Tauron Polska Energia SA

1,176,399.13 1,325,600.40 1,135,729.79 633,158.09 1,908,241.73 546,694.51 771,436.65 1,367,736.14 1,348,223.73 1,854,438.92 573,642.12 12,641,301.21

0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.02 0.02 0.02 0.01 0.16

SEK SEK SEK SEK SEK SEK SEK

61,504.91 38,124.36 32,617.35 77,493.33 59,166.27 75,632.94 66,748.99

ABB Ltd Reg Boliden AB Hennes & Mauritz AB B Svenska Handelsbanken AB A Swedbank AB A Tele2 AB B Volvo AB B

9,397,950.82 5,447,971.41 9,853,700.05 8,748,997.26 11,070,009.92 6,409,891.57 5,279,844.77 56,208,365.80

0.11 0.06 0.12 0.10 0.13 0.08 0.06 0.66

SGD SGD SGD SGD SGD SGD

27,942.31 745,146.35 679,342.62 824,389.51 468,267.26 122,707.78

Ascendas Real Estate Inv Trust Droits de sousc 13.01.16 Ascendas Real Estate Inv Trust Units CapitaLand Commercial Trust REITS Uts CapitaLand Mall Trust Units ComfortDelgro Corp Ltd UOL Group Ltd

0.00 10,102,939.44 5,453,734.03 9,461,523.83 8,493,075.01 4,553,318.23 38,064,590.54

0.00 0.12 0.06 0.11 0.10 0.05 0.44

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

14,208.93 48,301.47 35,456.26 9,329.39 13,407.06 25,191.05 14,432.32 177,595.01 20,580.3 13,709.11 8,883.95 5,293.51 8,131.97 12,286.51 5,904.81 4,488.95 49,092.1 7,933.31 147,072.24 29,549.65 19,170.73 21,067.08 33,558.55 10,966.84 15,069.68 12,580.02

3M Co Abbott Laboratories AbbVie Inc Abercrombie & Fitch Co A Accenture Plc A Activision Blizzard Inc Adobe Systems Inc Advanced Semicond Engineer Inc ADR spons repr 5 Shares Aflac Inc AGCO Corp Air Products and Chemicals Inc Alexion Pharmaceuticals Inc Allergan Plc Alliant Energy Corp Alphabet Inc A Alphabet Inc C Altria Group Inc Amazon.com Inc Ambev SA spons ADS repr 1 Share America Movil SAB de CV spons ADR repr 20 L Shares American Electric Power Co Inc American Express Co American Intl Group Inc American Tower Corp Amgen Inc Anadarko Petroleum Corp

18,067,880.51 18,396,584.13 17,823,670.59 2,136,523.14 11,848,262.46 8,295,327.06 11,508,515.40 8,501,771.03 10,432,179.69 5,259,452.06 9,810,813.89 8,546,889.70 21,480,120.74 6,416,181.52 38,961,675.17 28,943,765.51 24,145,533.29 45,747,211.66 5,531,012.00 3,522,804.81 9,328,961.94 12,398,195.81 17,646,136.67 8,996,062.45 20,649,598.39 5,152,265.73

0.21 0.22 0.21 0.03 0.14 0.10 0.14 0.10 0.12 0.06 0.12 0.10 0.25 0.08 0.46 0.34 0.29 0.54 0.07 0.04 0.11 0.15 0.21 0.11 0.25 0.06

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

61

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 13,064.56 8,025.9 99,871.1 35,233.76 11,866.7 105,836.13 95,148.42 7,382.69 7,686.09 13,243.9 71,285.58 19,629.2 47,978.74 14,221.52 6,830.28 46,212.29 185,241.1 11,022.12 12,137.28 19,979.34 11,236.98 4,544.23 5,438.7 15,282.29 56,229.83 23,633.61 33,081.66 18,725.3 15,507.03 7,533.27 10,248.12 18,769.35 11,330.47 12,358.43 19,282.65 9,719.98 17,108.52 44,904.3 22,024.47 42,404.75 5,267.89 9,214.32 31,396.56 1,168.65 34,167.6 9,238.59 13,954.08 15,292.18 35,565.93 21,877.94 23,311.78 12,428.1 20,804.59 112,558.09 55,248.17 13,672.7 23,890.71 74,697.57 3,143.66 19,064.2 19,282.65 51,753.92 15,776.71 10,623.89 4,627.84 22,206.51

Description

Cost

Aon Plc Apache Corp Apple Inc Applied Materials Inc Assurant Inc AT&T Inc Au Optronics Corp ADR repr 10 Shares Avalon Bay Communities Inc B/E Aerospace Inc Baker Hughes Inc Banco Bradesco SA spons ADR repr 1 Pref Share Banco do Brasil SA ADR repr 1 Share Banco Santander SA ADR repr 1 Share Banco Santander-Chile spons ADR repr 400 Shares Bancolombia SA ADR repr 4 Pref Shares Bank Mandiri Persero (PT) Tbk unspons ADR repr 10 Shares Bank of America Corp Becton Dickinson & Co Bed Bath and Beyond Inc Berkshire Hathaway Inc Best Buy Co Inc Biogen Inc BioMarin Pharmaceutical Inc Boeing Co (The) Boston Scientific Corp BRF SA ADR repr 1 share Bristol Myers Squibb Co Broadcom Corp A Cabot Oil & Gas Corp California Resources Corp When Issued Camden Property Trust Cardinal Health Inc Care Capital Properties Inc Caterpillar Inc CB Richard Ellis Gr Inc A CBS Corp B Celgene Corp Cemex SAB de CV ADR repr 10 CPO Cerner Corp Charles Schwab Corp Chemours (The) Co Cheniere Energy Inc Chevron Corp Chipotle Mexican Shares A Chunghwa Telecom Co Ltd spons ADR rep 10 Shares Cia Brasileira de Dist spons ADR repr 1 Pref Share Cia Cervecerias Unidas SA ADR repr 2 Shares Cia de Minas Buenaventura SAA spons ADR repr 1 Share Cia Energetica Minas Gerais spons ADR repr 1 Pref Cia Sanea Bas Est de Sao Paulo ADR repr 1 Shares Cia Siderurgica Nacional SA spons ADR repr 1 Share Cielo SA spons ADR repr 1 Share Cincinnati Financial Corp Cisco Systems Inc Citigroup Inc Cliffs Natural Resources Inc CMS Energy Corp Coca-Cola Co Coca-Cola Femsa SAB de CV ADR repr 10 Local Shares Cognizant Tec Solutions Corp Colgate-Palmolive Co Comcast Corp A Comerica Inc Computer Sciences Corp Concho Resources Inc ConocoPhillips The accompanying notes are an integral part of these financial statements.

62

Market value 10,251,869.39 3,030,489.92 88,872,765.75 5,596,640.26 8,087,882.40 30,719,874.08 2,353,505.87 11,503,914.06 2,754,745.79 5,157,858.75 2,890,780.30 607,738.53 1,971,876.86 2,116,606.50 1,554,434.31 2,554,401.85 26,480,285.61 14,386,511.39 4,905,074.75 22,329,369.01 2,877,799.12 11,785,012.83 4,809,558.65 18,665,155.51 8,794,527.64 2,759,852.47 19,262,936.02 9,164,191.34 2,262,267.76 134,998.65 6,664,846.62 14,210,513.14 2,916,041.40 7,108,780.79 5,627,783.87 3,860,698.93 17,377,769.57 2,040,084.28 11,258,736.73 11,839,209.88 235,784.40 2,912,533.13 23,815,645.09 4,733,597.61 8,641,115.46 817,688.54 2,560,490.38 543,578.63 454,226.31 863,268.11 200,051.59 872,041.20 10,453,103.94 25,824,280.69 24,249,627.63 192,104.36 7,213,879.57 27,073,759.17 1,876,522.80 9,726,223.46 10,884,059.39 24,688,383.01 5,558,909.56 2,943,347.44 3,644,351.02 8,708,148.48

% of total net assets 0.12 0.04 1.06 0.07 0.10 0.36 0.03 0.14 0.03 0.06 0.03 0.01 0.02 0.03 0.02 0.03 0.31 0.17 0.06 0.27 0.03 0.14 0.06 0.22 0.10 0.03 0.23 0.11 0.03 0.00 0.08 0.17 0.03 0.08 0.07 0.05 0.21 0.02 0.13 0.14 0.00 0.03 0.28 0.06 0.10 0.01 0.03 0.01 0.01 0.01 0.00 0.01 0.12 0.31 0.29 0.00 0.09 0.32 0.02 0.12 0.13 0.29 0.07 0.03 0.04 0.10

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

49,038.16 7,974.21 10,623.89 31,065.74 7,371.46 24,083.54 12,135.93 19,374.79 7,236.61 10,877.39 9,394.11 13,911.83 15,552.87 10,824.35 27,071.22 8,864.18 19,440.87 15,660.75 38,025.93 15,719.63 20,944.37 10,113.28 3,593.14 12,589.46 20,102.95 8,528.86 48,335.18 15,057.1 8,873.17 6,404.18 19,395.02 13,482.12 4,413.43 4,458.83 7,281.56 29,485.82 23,238.07 63,480.82 39,661.13 11,926.03 7,341.34 26,840.64 45,577.17 13,576.51 8,506.39 8,567.97

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

28,244.81 10,688.61 145,246.9 175,053.21 35,585.26 26,190.69 8,857.88 3,486.61 17,759.82 5,050.8 23,008.83 19,937.54 12,922.97 15,902.12 9,665.6 13,612.92 6,176.29 37,296.87 27,745.89

Description

Cost

Corning Inc Crown Castle International Corp CSRA Inc CSX Corp Cummins Inc CVS Health Corp Devon Energy Corp Discover Financial Services Discovery Communication Inc Discovery Communications Inc C DISH Network Corp A Dollar General Corp Dominion Resources Inc Dover Corp Dow Chemical Co Dr Reddy's Laboratories Ltd spons ADR repr 1 Share Du Pont de Nemours (EI) & Co Duke Energy Corp Duke Realty Corp Eaton Corp Public Ltd Cie EBay Inc Ecolab Inc Ecopetrol SA spons ADR repr 20 Shares Electronic Arts Inc Eli Lilly & Co Embraer SA spons ADR rep 4 Shares EMC Corp Emerson Electric Co Empresa Natl de Ele SA Chile ADR repr 30 Shares Endo International Plc Enersis SA ADR repr 50 Shares EOG Resources Inc EQT Corp Essex Property Trust Inc Everest Reinsurance Group Ltd Exelon Corp Express Scripts Hg Co Exxon Mobil Corp Facebook Inc A Fastenal Co Fedex Corp Fibria Celulose SA ADR repr 1 Share Fifth Third Bancorp Fiserv Inc FMC Technologies Inc Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) Freeport McMoRan Inc Garmin Ltd Reg Gazprom PJSC spons ADR repr 2 Shares General Electric Co Gerdau SA COSG ADR repr 1 Pref Shares Gilead Sciences Inc Goldman Sachs Group Inc Gr Aero del Sureste SA de CV ADR repr 10 Shs Ser B Gr Televisa SA spons ADR repr 5 Ord Part Certif Grupo Aerop del Paci SAB de CV B ADR repr 10 B Shares Grupo Financi Santan Mex SAB ADR repr 5 Shares B Halliburton Co (Hg Co) Halyard Health Inc Harley Davidson Inc HCP Inc HDFC Bank Ltd ADR repr 3 Shares Helmerich and Payne Inc Hewlett Packard Enterprise Co Home Depot Inc The accompanying notes are an integral part of these financial statements.

63

Market value

% of total net assets

7,599,590.57 5,833,423.42 2,681,458.34 6,761,523.47 5,492,338.24 19,889,377.15 3,226,462.82 8,830,847.56 1,618,291.20 2,305,257.01 4,542,959.49 8,419,001.06 8,781,410.09 5,623,482.30 11,745,496.82 3,462,608.86 11,009,348.10 9,337,730.34 6,804,773.46 6,932,752.93 4,863,432.11 9,790,000.33 210,401.68 7,352,889.37 14,389,763.26 2,135,455.52 10,499,918.66 6,103,436.87 2,739,004.08 3,310,942.30 1,938,532.38 8,046,664.04 1,920,072.45 9,113,527.70 11,335,299.04 6,802,164.16 17,179,360.30 41,487,584.01 35,303,449.49 4,113,827.08 9,235,706.31 2,901,765.97 7,768,787.01 10,542,809.51 2,079,016.06 6,612,347.63

0.09 0.07 0.03 0.08 0.07 0.24 0.04 0.10 0.02 0.03 0.05 0.10 0.10 0.07 0.14 0.04 0.13 0.11 0.08 0.08 0.06 0.12 0.00 0.09 0.17 0.03 0.12 0.07 0.03 0.04 0.02 0.10 0.02 0.11 0.13 0.08 0.20 0.49 0.42 0.05 0.11 0.03 0.09 0.13 0.02 0.08

1,625,403.48 3,346,164.90 4,496,100.78 45,788,579.43 354,776.47 22,422,832.97 13,525,366.31 4,121,704.42 4,125,449.15 3,763,681.33 1,672,532.98 5,699,822.86 3,635,758.62 6,146,280.31 3,143,814.55 7,055,023.24 2,778,461.24 4,785,294.00 30,993,099.85

0.02 0.04 0.05 0.54 0.00 0.27 0.16 0.05 0.05 0.04 0.02 0.07 0.04 0.07 0.04 0.08 0.03 0.06 0.37

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 19,231.86 15,027.88 37,296.87 13,749.56 45,902.15 4,068.68 52,237.11 72,010.14 9,970.79 1,483.28 27,845.23 60,730.01 42,240.69 67,916.73 55,868 5,888.18 2,833.52 14,189.15 3,865.52 56,948.99 10,393.3 8,944.63 3,281.65 7,851.5 16,979.52 19,402.66 12,746.33 8,280.3 20,592.43 12,046.04 17,956.69 8,611.57 26,138.55 11,241.47 3,191.3 26,189.35 6,247.76 9,187.8 4,837.29 16,616.79 13,916.32 23,013.33 22,653.74 19,658.86 13,651.58 36,928.75 49,697.55 22,971.97 8,418.74 23,341.45 138,356.84 18,988.24 13,650.23 44,684.51 10,973.58 10,787.5 43,689.36 12,315.73 6,254.5 10,298.46 60,275.14 20,380.28 33,349.55 18,047.48 3,141.41 15,410.84

Description

Cost

Honeywell Intl Inc Host Hotels & Resorts Inc HP Inc IBM Corp ICICI Bank Ltd ADR repr 2 Shares Illumina Inc Infosys Ltd spons ADR repr 1 Share Intel Corp Intuit Inc Intuitive Surgical Inc Invesco Ltd Itau Unibanco Hg SA spons ADR Repr 1 Share Johnson & Johnson JPMorgan Chase & Co JSC Surgutneftegaz ADR repr 10 Shares Kansas City Southern Kasikornbank PCL ADR repr 4 Shares Kellogg Co Keurig Green Mountain Inc KeyCorp Kimberly-Clark Corp KLA-Tencor Corp KLX Inc KOC Holding AS unspons ADR repr 5 Shares B Kraft Heinz Co (The) Kroger Co L Brands Inc Lam Research Corp Larsen & Toubro Ltd spons GDR repr 1 Reg Share Las Vegas Sands Corp Latam Airlines Gr SA spons ADR repr 1 Share Liberty Global Plc Liberty Global Plc C Liberty Property Trust LinkedIn Corp A Lowe's Companies Inc Lululemon Athletica Inc Lyondellbasell Industries NV M & T Bank Corp Mahindra & Mahindra Ltd GDR repr 1 Share Marathon Petroleum Corp Marsh & McLennan Cos Inc Master Card Inc A Mc Donald's Corp McGraw-Hill Financial Inc Medtronic Plc Merck & Co Inc Metlife Inc Michael Kors Holdings Limited Micron Technology Inc Microsoft Corp MMC Norilsk Nickel PJSC spons ADR repr 1 Share Mobile Telesystems PJSC ADR repr 2 Shs Mondelez Intl Inc Monsanto Co Moody's Corp Morgan Stanley Mylan N.V. National Oilwell Varco Inc NetFlix Inc New York Community Bancorp Inc Newmont Mining Corp Nike Inc B Novolipetsk Steel (NLMK) GDR repr 10 Shares NOW Inc NRG Energy Inc The accompanying notes are an integral part of these financial statements.

64

Market value 16,817,845.88 1,957,199.58 3,740,374.06 15,959,103.13 3,039,303.82 6,613,441.04 7,383,372.18 20,998,514.66 8,184,881.63 6,869,847.27 7,833,996.95 3,315,999.36 36,689,803.99 37,929,787.12 2,152,756.73 3,747,128.91 390,963.19 8,651,295.53 2,928,911.25 6,348,458.89 11,196,071.50 5,244,442.88 844,849.97 1,228,000.07 10,455,469.41 6,815,287.26 10,330,301.03 5,581,533.52 3,361,056.09 4,435,955.28 823,358.75 3,074,488.43 8,919,610.48 2,973,528.11 6,092,659.99 16,849,309.72 2,772,765.12 6,744,401.13 4,968,363.09 2,684,199.25 6,040,269.64 10,836,800.71 18,733,360.48 19,607,687.09 11,442,985.30 23,973,043.99 22,110,206.12 9,389,062.18 2,848,050.39 2,788,576.00 64,871,815.47 2,024,080.35 710,881.09 16,988,917.54 9,141,002.33 9,203,814.20 11,784,349.15 5,646,030.10 1,758,593.55 10,115,694.58 8,336,934.89 3,086,377.16 17,654,077.35 1,292,148.90 424,988.23 1,465,112.87

% of total net assets 0.20 0.02 0.04 0.19 0.04 0.08 0.09 0.25 0.10 0.08 0.09 0.04 0.44 0.45 0.03 0.04 0.00 0.10 0.03 0.08 0.13 0.06 0.01 0.01 0.12 0.08 0.12 0.07 0.04 0.05 0.01 0.04 0.11 0.04 0.07 0.20 0.03 0.08 0.06 0.03 0.07 0.13 0.22 0.23 0.14 0.28 0.26 0.11 0.03 0.03 0.77 0.02 0.01 0.20 0.11 0.11 0.14 0.07 0.02 0.12 0.10 0.04 0.21 0.02 0.00 0.02

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 15,257.57 15,614.9 9,777.52 10,747.94 65,291.33 26,212.72 20,944.37 12,024.46 95,623.52 27,184.04 4,758.63 63,673.2 107,494.26 17,303.15 7,209.19 29,296.59 15,308.81 14,023.75 4,270.05 15,308.81 4,763.13 1,223.48 43,096.5 12,841.17 27,670.38 6,694.54 7,970.61 3,054.21 7,910.83 9,862.92 1,763.76 78,748.73 17,128.3 12,225.83 14,397.26 8,630 7,731.04 50,913.84 23,612.48 19,009.37 4,952.81 51,762.91 5,721.42 5,400.94 30,008.12 14,428.28 24,703.37 36,909.42 9,206.23 27,822.75 18,925.76 117,463.71 12,678.01 10,034.17 17,033.46 13,516.73 24,727.19 3,031.74 19,800 20,427.47 18,416.5 8,154 7,179.98 9,545.59 7,911.28 21,445.54

Description

Cost

Nucor Corp Occidental Petroleum Corp Oil Co Lukoil PJSC spons ADR repr 1 Share Omnicom Group Inc Oracle Corp Paychex Inc PayPal Holdings Inc Pentair Plc People's United Fin Inc Pepsico Inc Perrigo Co Plc Petroleo Brasileiro SA spons ADR repr 2 Pref Shares Pfizer Inc PG & E Corp Pharmastandard PJSC GDR repr 1 Share Philip Morris Intl Inc Philippine Lg Distance Tel Co ADR repr 1 Share Phillips 66 Pioneer Natural Resources Co PNC Financial Serv Group Precision Castparts Corp Priceline Group Inc (The) Procter & Gamble Co Prudential Financial Inc Qualcomm Inc Range Resources Corp Rayonier Advance Materials Inc When Issued Rayonier Inc REIT Realogy Holdings Corp Red Hat Inc Regeneron Pharmaceuticals Inc Regions Financial Corp Reliance Industries Ltd GDR repr 2 Shares 144A RenaissanceRe Holdings Ltd Salesforce.com Inc SanDisk Corp SBA Communications Corp A Sberbank of Russia PJSC spons ADR repr 4 Shares Schlumberger Ltd Sealed Air Corp Shinhan Financial Group Co Ltd spons ADR repr 1 Share Siliconware Prec Ind Co Ltd ADR repr 5 Shares Simon Property Group Inc Soc Quimica y Minera Chile SA ADR repr 1Pref Shares B Southern Co Southwestern Energy Co Spectra Energy Corp Starbucks Corp Starwood Htls & Res Wld Inc Symantec Corp T. Rowe Price Group Inc Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares Tata Motors Ltd spons ADR repr 5 Shares Tatneft PJSC spons ADR repr 6 Shares TE Connectivity Ltd Telefonica Brasil SA spons ADR repr 1 Share Telekom Indonesia (PT) Tbk ADR repr 200 Shares Tesla Motors Inc Teva Pharma Ind Ltd ADR repr 1 Share Texas Instruments Inc Textron Inc Thermo Fisher Scientific Inc Tim Participacoes SA spons ADR repr 5 Shares Time Inc Time Warner Cable Inc Time Warner Inc The accompanying notes are an integral part of these financial statements.

65

Market value 5,194,991.44 8,819,059.65 2,654,979.85 6,827,137.86 20,165,372.23 11,710,433.21 6,408,805.28 5,053,212.56 13,081,322.09 22,957,659.57 5,814,001.83 1,826,742.93 29,365,266.09 7,706,822.58 254,439.82 21,771,669.96 5,449,425.71 9,620,577.00 4,483,467.33 12,336,232.44 9,295,881.43 13,158,825.04 28,945,063.24 8,863,321.64 11,660,911.96 1,346,124.01 663,885.57 575,333.12 2,442,612.36 6,920,506.36 8,093,045.61 6,393,478.86 4,409,628.52 11,748,620.58 9,595,799.26 5,533,361.05 6,887,461.97 2,518,718.01 13,880,297.18 7,163,332.41 1,403,427.83 3,396,875.42 9,382,671.42 857,902.09 11,727,106.67 821,806.40 4,927,811.61 18,799,487.99 5,400,921.26 4,943,794.18 11,458,056.50 22,571,798.90 3,143,384.13 2,224,479.73 9,326,457.91 1,021,208.61 9,230,613.70 6,187,720.20 10,907,877.73 9,555,553.11 6,533,970.71 9,798,429.63 511,649.92 1,252,834.15 12,358,856.48 11,697,133.92

% of total net assets 0.06 0.10 0.03 0.08 0.24 0.14 0.08 0.06 0.16 0.27 0.07 0.02 0.35 0.09 0.00 0.26 0.06 0.11 0.05 0.15 0.11 0.16 0.34 0.11 0.14 0.02 0.01 0.01 0.03 0.08 0.10 0.08 0.05 0.14 0.11 0.07 0.08 0.03 0.16 0.09 0.02 0.04 0.11 0.01 0.14 0.01 0.06 0.22 0.06 0.06 0.14 0.27 0.04 0.03 0.11 0.01 0.11 0.07 0.13 0.11 0.08 0.12 0.01 0.01 0.15 0.14

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

19,908.33 26,229.8 4,404.89 4,719.53 46,486.92 102,183.67 32,159.78 10,967.29 18,502.36 24,676.4 13,774.29 9,439.06 16,827.15 17,965.23 240,402.07 12,860.49 16,584.43 39,400.88 26,588.48 35,132.18 13,105.91 18,444.37 17,081.1 65,620.34 6,836.13 16,696.35 4,745.6 40,481.43 17,069.87 23,729.35 21,370.03 35,116.45 26,267.11 81,761.14 22,024.47 14,248.49 14,764.49 20,136.66 40,251.75 25,125.88 3,820.57 5,295.31 19,439.52 13,928.91

TJX Cos Inc Torchmark Corp TransDigm Group Inc TripAdvisor Inc Turkcell Iletisim Hizmet ADR repr 2500 Sh Turkiye Garanti Bankasi AS Spons ADR Repr 1 Sh Twenty-First Century Fox Inc A Twitter Inc Tyco International Plc UDR Inc Ultrapar Particip SA spons ADR repr 1 Share Under Armour Inc A Union Pacific Corp United Health Group Inc United Microelectronics Corp ADR repr 5 Shares United Parcel Service Inc B United Technologies Corp US Bancorp Vale SA spons ADR repr 1 Share Vale SA spons ADR Repr 1 Share A Valero Energy Corp Vedanta Ltd spons ADS repr 4 Shares Ventas Inc Verizon Communications Inc Vertex Pharmaceuticals Inc VF Corp Viacom Inc B Visa Inc A Wal-Mart de Mexico SAB de CV ADR repr 10 Shares V Wal-Mart Stores Inc Walgreens Boots Alliance Inc Walt Disney Co (The) Waste Management Inc Wells Fargo & Co New Weyerhaeuser Co Whole Foods Market Inc Williams Companies Inc Willis Towers Watson Plc Wipro Ltd spons ADR repr 1 Share WP Glimcher Inc Wynn Resorts Ltd XL Group Plc Yahoo Inc Yum! Brands Inc

11,898,824.60 12,704,499.60 8,432,564.04 3,415,580.74 3,332,243.61 2,063,284.40 7,391,968.06 2,107,471.67 4,993,760.94 7,839,351.70 1,768,438.57 6,449,578.93 11,147,366.21 17,912,413.22 3,822,666.19 10,439,058.46 13,393,602.05 14,237,557.75 733,725.78 759,634.37 7,779,121.75 873,652.35 8,135,334.74 25,561,472.48 7,303,751.72 8,775,247.60 1,631,382.65 26,677,821.01 3,613,325.70 12,254,032.97 15,431,589.02 31,311,284.33 11,856,276.55 37,633,967.68 5,586,749.71 4,002,685.79 3,109,178.10 8,308,149.34 3,918,180.76 2,261,889.60 2,213,088.03 1,758,430.07 5,492,025.95 8,581,681.95 3,098,113,008.80

0.14 0.15 0.10 0.04 0.04 0.02 0.09 0.02 0.06 0.09 0.02 0.08 0.13 0.21 0.05 0.12 0.16 0.17 0.01 0.01 0.09 0.01 0.10 0.30 0.09 0.10 0.02 0.32 0.04 0.15 0.18 0.37 0.14 0.45 0.07 0.05 0.04 0.10 0.05 0.03 0.03 0.02 0.07 0.10 36.76

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

13,222.77 27,528.34 45,129.94 13,221.43 64,280.45 9,217.47 85,919.27 20,029.24 4,766.28 16,490.04 99,798.28 6,053.13 23,443.93 8,431.78 5,289.92 218,889.1 23,424.15 18,275.82 22,576.88 47,313.51

AngloGold Ashanti Ltd Arcelormittal South Africa Ltd Arcelormittal South Africa Ltd Droits de sousc 15.01.16 Astral Foods Ltd Aveng Ltd Barclays Africa Group Ltd Firstrand Ltd Impala Platinum Holdings Ltd Kumba Iron Ore Ltd Lewis Group Ltd MMI Hgs Ltd Mr Price Group Ltd MTN Group Ltd Naspers Ltd N Nedbank Group Netcare Ltd Remgro Ltd Reunert Ltd RMB Holdings Ltd Sanlam Ltd

768,470.83 67,330.72 245.29 833,598.56 78,960.16 718,875.83 1,978,685.95 272,595.93 106,732.59 492,235.40 1,193,346.07 658,007.69 1,733,279.10 9,722,441.07 542,293.49 4,033,151.20 3,121,926.68 678,251.87 690,419.32 1,556,855.38

0.01 0.00 0.00 0.01 0.00 0.01 0.02 0.00 0.00 0.01 0.01 0.01 0.02 0.12 0.01 0.05 0.04 0.01 0.01 0.02

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

66

MONYX FUND - Monyx Strategi Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

12,075.7 12,453.72 39,827.89 45,591.56 4,173.86 25,777.62 11,110.22 20,927.29

Description

Cost

Sasol Ltd Shoprite Holdings Ltd Standard Bank Group Ltd Steinhoff Intl Hgs N.V. Tiger Brands Ltd Truworths Intl Ltd Wilson Bayly Holmes-Ovcon Ltd Woolworths Holdings Ltd

Market value

% of total net assets

2,734,869.53 966,412.09 2,456,992.38 1,946,096.98 717,877.21 1,277,086.19 683,943.14 1,139,159.96 41,170,140.61

0.03 0.01 0.03 0.02 0.01 0.02 0.01 0.01 0.50

5,342,323,089.49

63.44

AUD

371,664.69

0.00

CAD

537,744.32

0.01

CHF

43,447.43

0.00

DKK

-0.03

0.00

EUR

653,190.57

0.01

GBP

1,196,114.97

0.01

HKD

4,550.79

0.00

JPY

587,439.42

0.01

KRW

865,603.18

0.01

NOK

-134.80

0.00

PLN

4,046.68

0.00

SEK

-5,058,671.62

-0.06

SGD

84,207.28

0.00

USD

3,684,603.62

0.04

ZAR

14.40

0.00

Total securities Cash

Total cash Total swap contracts at market value Cash at banks Bank overdrafts Other net assets/(liabilities) Total

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

67

2,973,820.90

0.03

5,345,296,910.39

63.47

252,612,420.20

3.00

-1,919.86

0.00

19,604,214.35

0.23

8,422,002,590.92

100.00

MONYX FUND - Monyx Strategi Världen Industrial and geographical classification of investments as at 31st December 2015

Industrial classification including exposure through swap contracts (in percentage of net assets) Banks

24.36 %

Investment funds

8.61 %

Pharmaceuticals and biotechnology

6.13 %

Diversified financial services

4.97 %

Capital goods

4.68 %

Software and services

4.64 %

Food, beverage and tobacco

4.31 %

Energy

3.98 %

Insurance

3.48 %

Technology hardware and equipment

3.35 %

Materials

3.07 %

Real estate

2.92 %

Retailing

2.83 %

Utilities

2.64 %

Telecommunication services

2.45 %

Media

1.81 %

Health care equipment and services

1.78 %

Automobiles and components

1.70 %

Semiconductors and semiconductor equipment

1.69 %

Consumer durables and apparel

1.43 %

Transportation

1.42 %

Real estate funds

1.36 %

Household and personal products

1.15 %

Hotels, restaurants and leisure

0.73 %

Food retailing, drugstores and pharmacies

0.60 %

Commercial services and supplies

0.46 %

Investment companies

0.19 %

Total

96.74 %

68

MONYX FUND - Monyx Strategi Världen Industrial and geographical classification of investments (continued) as at 31st December 2015

Geographical classification including exposure through swap contracts (by domicile of the issuer) (in percentage of net assets) United States of America

31.97 %

Sweden

16.71 %

Luxembourg

8.61 %

United Kingdom

5.14 %

Japan

5.12 %

Norway

2.88 %

France

2.57 %

Switzerland

2.27 %

Denmark

1.95 %

Germany

1.87 %

Canada

1.79 %

Finland

1.76 %

The Netherlands

1.70 %

Australia

1.52 %

Ireland

1.06 %

South Korea

1.03 %

Hong Kong

0.98 %

Spain

0.78 %

China

0.63 %

Cayman Islands

0.59 %

Taiwan

0.59 %

Italy

0.53 %

Bermuda

0.52 %

South Africa

0.50 %

India

0.47 %

Singapore

0.44 %

Iceland

0.41 %

Brazil

0.36 %

Mexico

0.36 %

Belgium

0.28 %

Russia

0.22 %

Curacao

0.16 %

Poland

0.16 %

Indonesia

0.14 %

Jersey

0.13 %

Israel

0.13 %

Chile

0.12 %

Turkey

0.07 %

69

MONYX FUND - Monyx Strategi Världen Industrial and geographical classification of investments (continued) as at 31st December 2015

Philippines

0.06 %

Portugal

0.05 %

Austria

0.05 %

British Virgin Islands

0.03 %

Colombia

0.02 %

Peru

0.01 %

Total

96.74 %

70

MONYX FUND - Monyx Strategi Sverige/Världen Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Swap contracts at market value Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Other receivables Prepaid expenses

2,057,928,900.27 4,037,917,357.99 172,964,570.20 17,922,195.46 14,810.70 3,496,057.84 10,264,246.82 5,136,202.09 2,037,574.01 5,275.94

Total assets

6,307,687,191.32

Liabilities Other liquid liabilities Payable on redemptions of shares Interest payable on swap contracts Unrealised loss on forward foreign exchange contracts Expenses payable Other liabilities

417,909.63 8,110,838.88 253,624.32 1,817,837.47 11,369,793.69 7,075,034.38

Total liabilities

29,045,038.37

Net assets at the end of the year

6,278,642,152.95

Number of Class AC Shares outstanding Net asset value per Class AC Share

43,197,278.9576 145.23

Number of Class DC Shares outstanding Net asset value per Class DC Share

36,450.4850 145.16

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

71

MONYX FUND - Monyx Strategi Sverige/Världen Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Interest on bonds and other debt securities, net Interest on bank accounts Other income

16,127,064.26 33,795.22 436,446.97

Total income

16,597,306.45

Expenses Management fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Interest paid on swap contracts Other expenses

120,803,192.10 14,219.83 2,664,780.69 3,111,453.52 109,480.19 12,885,890.94 589,563.37 36,183.99 106,916.72 6,832,906.00 198,518.21

Total expenses

147,353,105.56

Net investment loss

-130,755,799.11

Net realised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts - on foreign exchange

3,533,656.04 -61,963,502.68 398,031,223.18 -15,972,739.68 5,549,195.50

Realised result

198,422,033.25

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts

-42,789,040.73 12,011,556.39 -81,399,827.69 5,725,558.22

Result of operations

91,970,279.44

Subscriptions

638,066,027.11

Redemptions

-805,687,960.11

Total changes in net assets

-75,651,653.56

Total net assets at the beginning of the year

6,354,293,806.51

Total net assets at the end of the year

6,278,642,152.95

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

72

MONYX FUND - Monyx Strategi Sverige/Världen Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

6,278,642,152.95 6,354,293,806.51 2,797,021,653.30

Number of Class AC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

44,199,548.3002 4,250,344.0999 -5,252,613.4425 43,197,278.9576

Net asset value per Class AC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

145.23 143.74 126.54

Number of Class DC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

5,957.6942 33,680.5823 -3,187.7915 36,450.4850

Net asset value per Class DC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

145.16 143.73 -

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

73

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds NOK NOK

5,000,000 10,000,000

Arion Bank FRN EMTN Reg S Sen 15/07.07.20 Citycon Treasury BV FRN Reg S 15/01.03.21

5,270,958.48 10,100,596.81 15,371,555.29

4,801,459.37 9,297,957.64 14,099,417.01

0.08 0.15 0.23

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

10,000,000 16,000,000 17,000,000 10,000,000 4,772,725 5,000,000 20,000,000 25,000,000 4,000,000 10,000,000 10,000,000 14,000,000 5,000,000 20,000,000 20,000,000 10,000,000 40,000,000 5,000,000 4,000,000 50,000,000 10,000,000 25,000,000 10,000,000 5,000,000 6,000,000 2,000,000 3,000,000 3,000,000 10,000,000 15,000,000 6,000,000 10,000,000 6,000,000 8,000,000 7,000,000 11,000,000 4,000,000 10,000,000 5,000,000 25,000,000 5,000,000 30,000,000 70,000,000 10,000,000 12,000,000 15,000,000 10,000,000 4,000,000 15,000,000 5,000,000 20,000,000 65,000,000 30,000,000 10,000,000 15,000,000 10,000,000

AF AB FRN Reg S 15/12.05.20 Akelius Residential Prop AB FRN Sen 14/09.03.18 Aker ASA FRN Sen 14/24.07.19 Aktia Bank Plc FRN EMTN Reg S Sen 15/26.10.18 Arise AB FRN Ser 102 14/25.04.19 Atrium Ljungberg AB FRN Ser 104 15/28.04.17 Bank of Aland Plc FRN EMTN 14/16.12.19 Bank of Aland Plc FRN EMTN Reg S Ser 11 14/25.03.19 BMW Finance NV FRN EMTN Reg S Ser 864 14/27.11.17 BNP Paribas SA FRN EMTN 15/13.05.20 BPCE SA FRN EMTN Reg S Sen 14/14.03.17 BPCE SA FRN EMTN Sen 14/17.11.17 Castellum AB FRN MTN Ser 104 13/26.09.18 CS AG London 0.875% EMTN Sen 14/12.12.17 CS AG London FRN EMTN Reg S Sen 15/29.05.19 CS AG London FRN EMTN Sen 14/12.12.17 Danske Bank A/S 3.375% 12/04.04.17 Danske Bank A/S VAR Ser 527 Sub 13/05.06.24 Delarka AB 4.58% Sen 13/13.11.20 Deutsche Pfandbriefbank AG 2.1% Reihe 15221 14/23.02.18 DNB Bank ASA FRN EMTN Ser 606 14/30.01.19 DNB Bank ASA FRN EMTN Sub 15/28.05.25 Elekta AB 1.58% MTN Ser 102 15/26.03.20 Elekta AB FRN MTN Ser 101 15/26.03.20 Fastighets Balder AB 2.327% Ser 1O3 14/21.05.18 Fastighets Balder AB FRN Ser 102 14/12.03.19 FastPartner AB FRN Reg S Sen 15/05.04.19 Heimstaden AB FRN 14/16.09.19 Hemso Fastighets AB FRN Ser MTN 15/21.10.19 Hexagon AB 1.625% Sen 15/17.09.20 Hexagon AB 1.625% Ser 103 14/26.11.19 Hexagon AB FRN MTN 15/10.03.17 Hoist Kredit AB FRN Sen 13/18.12.16 Ikano Bank AB 3.1% 14/25.03.19 Ikano Bank AB FRN MTN Sen 14/14.11.18 Islandsbanki HF FRN EMTN Sen 15/13.02.19 Jyske Bank AS FRN EMTN Reg S Ser 167 13/03.10.16 Klovern AB FRN MTN 13/04.04.18 Landsbankinn hf FRN EMTN Reg S Sen 15/08.06.19 Landshypotek Bank AB 0.65% Ser 519 15/03.02.20 Lansforsakringar Bank 2.75% Ser 754 14/22.01.19 Lansforsakringar Hypotek AB 2.5% Ser 512 13/19.06.19 Lansforsakringar Hypotek AB 3.25% Ser 513 13/16.09.20 Lantmannen Ekonomisk Forening FRN Reg S Ser 1 15/07.12.20 Leaseplan Corp NV 1% EMTN Sen 15/05.04.19 Leaseplan Corp NV 3.0825% EMTN 14/31.01.19 Leaseplan Corp NV FRN EMTN 15/05.06.20 Lifco AB FRN 15/03.04.18 Loomis AB 1.875% Reg S Ser DMTN 14/18.12.19 Mortgage Society of Finland FRN EMTN Sen 13/23.05.16 Nordea Hypotek AB 2% Ser 5529 12/20.06.18 Nordea Hypotek AB 2.25% Ser 5530 13/19.06.19 Nykredit Realkredit AS FRN Sen 15/01.07.19 Olav Thon Eiendomsselkap ASA FRN 15/28.05.18 Pohjola Bank Plc FRN Reg S Sub 15/25.08.25 Realkredit Danmark A/S FRN 15/01.10.18

10,000,000.00 16,081,000.00 16,695,000.00 10,000,000.00 4,555,780.79 5,000,000.00 20,000,000.00 25,026,550.00 3,991,800.00 10,301,200.00 10,039,400.00 14,000,000.00 5,132,850.00 20,055,200.00 20,000,000.00 10,000,000.00 42,038,000.00 5,545,000.00 4,270,000.00 51,597,000.00 10,084,800.00 25,000,000.00 10,000,000.00 5,027,650.00 6,000,000.00 1,985,000.00 3,000,000.00 2,986,500.00 10,000,000.00 14,987,100.00 5,981,460.00 10,000,000.00 5,985,000.00 8,432,720.00 7,000,000.00 11,024,000.00 4,042,160.00 10,340,300.00 5,000,000.00 24,742,000.00 5,397,150.00 32,231,850.00 76,679,400.00 10,000,000.00 11,981,160.00 15,000,000.00 10,000,000.00 4,000,000.00 14,979,450.00 5,051,450.00 20,997,400.00 68,764,800.00 30,224,400.00 10,000,000.00 15,000,000.00 10,012,500.00

9,871,300.00 16,077,360.00 16,519,835.00 9,983,700.00 4,529,196.70 4,981,550.00 19,876,400.00 24,912,375.00 3,959,800.00 10,096,200.00 10,000,800.00 13,879,950.00 5,033,375.00 20,059,000.00 19,658,900.00 9,954,150.00 41,623,600.00 5,427,425.00 4,190,000.00 51,742,000.00 9,917,500.00 24,389,125.00 9,835,250.00 4,936,150.00 5,950,140.00 1,971,470.00 2,979,645.00 2,957,625.00 9,965,250.00 14,753,550.00 6,008,670.00 10,019,400.00 6,145,320.00 8,422,720.00 6,935,145.00 11,275,000.00 4,004,480.00 10,198,550.00 5,012,500.00 24,545,500.00 5,265,475.00 31,859,250.00 76,383,300.00 9,988,250.00 11,693,880.00 15,614,850.00 9,546,800.00 4,002,600.00 15,031,050.00 5,012,975.00 20,881,200.00 68,577,925.00 30,013,350.00 9,926,950.00 14,745,600.00 9,937,550.00

0.16 0.26 0.26 0.16 0.07 0.08 0.32 0.40 0.06 0.16 0.16 0.22 0.08 0.32 0.31 0.16 0.66 0.09 0.07 0.82 0.16 0.39 0.16 0.08 0.09 0.03 0.05 0.05 0.16 0.24 0.10 0.16 0.10 0.13 0.11 0.18 0.06 0.16 0.08 0.39 0.08 0.51 1.22 0.16 0.19 0.25 0.15 0.06 0.24 0.08 0.33 1.09 0.48 0.16 0.23 0.16

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

74

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

33,000,000 3,000,000 5,000,000 17,000,000 4,000,000 23,000,000 10,000,000 5,000,000 5,000,000 10,000,000 15,000,000 10,000,000 10,000,000 20,000,000 8,000,000 5,000,000 8,000,000 73,000,000 15,000,000 90,000,000 14,000,000 10,000,000 5,000,000 40,000,000 15,000,000 50,000,000 410,000 15,000,000 25,000,000 7,000,000 5,000,000 6,000,000 6,000,000 10,000,000 15,000,000 9,000,000 15,000,000 5,000,000 15,000,000

Description Realkredit Danmark A/S FRN Ser 15G 14/01.10.19 Resurs Bk AB FRN Sen 15/03.04.18 Rodamco Sverige AB FRN EMTN Sen 13/10.12.18 Saab AB FRN EMTN 13/10.12.18 Saab AB FRN Ser 106 14/12.12.19 Sampo Plc FRN EMTN Reg S Sen 15/28.05.20 Santander Consumer Bank AS FRN EMTN Reg S Sen 15/12.06.18 Santander Consumer Bank AS FRN EMTN Sen 15/10.08.17 SBAB Bank AB FRN EMTN Sub 15/10.11.25 SBAB Bank AB FRN Sen 15/22.04.20 Scania CV AB 0.875% EMTN Sen 14/03.12.18 SeaDrill Ltd FRN 14/18.03.19 Sefyr Vearme AB 7% Sen 12/24.02.17 Skandiabanken AB 0.42% Ser 551 15/21.03.18 Skandiabanken AB FRN Ser DMTN 14/28.02.20 Sparbanken Skane AB FRN Reg S Sen 15/09.04.18 Sparbanken Syd FRN Sen 15/12.06.20 Sparebank 1 Naeringskreditt AS FRN 13/10.10.18 Stadshypotek AB 3% Ser 1580 12/21.03.18 Stadshypotek AB 3% Ser SH1581 12/19.12.18 Steen & Stroem Asa FRN Sen 14/08.12.17 Svensk Fastighets Finansier AB 0.605% Ser 102 15/09.03.17 Svensk Fastighets Finansier AB 0.858% Ser 104 15/09.03.18 Swedbank Mortgage AB 3.75% MTN Ser 186 10/20.12.17 Swedbank Mortgage AB 3.75% MTN Ser 188 11/19.06.19 Swedbank Mortgage AB 5.7% 08/12.05.20 Sweden 3% Ser 1050 05/12.07.16 Swedish Covered Bond Corp 4% Ser 134 09/21.03.18 Swedish Covered Bond Corp FRN EMTN Ser 069 14/04.02.19 Swedish Match AB FRN EMTN Reg S Ser 33 13/15.02.19 Tele2 AB 4.875% EMTN Reg S Ser 1 12/15.05.17 TeliaSonera AB 1.125% EMTN Sen 14/04.12.19 Trelleborg Treasury AB 2% Sen 14/18.01.21 TVO Power Co 5.3% EMTN Reg S Ser 3 09/28.03.17 Vacse AB 2.75% 14/03.06.19 Vattenfall AB VAR Reg S Sub 15/19.03.77 Volvo Treasury AB FRN EMTN Reg S 15/11.09.17 VolvoFinans Bank AB 1.04% DMTN Sen 15/13.02.20 VolvoFinans Bank AB FRN Ser MTN 14/27.11.19

Total bonds

Cost

Market value

% of total net assets

33,028,810.00 3,000,000.00 5,000,000.00 17,186,660.00 4,022,640.00 23,000,000.00 10,000,000.00 5,000,000.00 5,000,000.00 10,000,000.00 14,953,050.00 8,275,833.33 10,445,000.00 20,088,800.00 7,995,840.00 5,000,000.00 8,000,000.00 73,668,520.00 16,126,200.00 97,341,300.00 14,000,000.00 10,029,500.00 5,000,000.00 44,048,000.00 16,834,350.00 60,196,000.00 437,014.90 16,520,700.00 25,175,250.00 7,015,205.67 5,483,350.00 5,982,600.00 5,987,160.00 10,980,000.00 15,285,525.00 9,013,200.00 15,066,900.00 5,000,000.00 15,000,000.00 1,490,454,439.69

32,539,650.00 3,021,795.00 5,022,525.00 17,101,660.00 3,989,320.00 22,665,695.00 9,932,600.00 4,984,475.00 4,968,800.00 9,807,250.00 14,825,700.00 4,751,550.00 10,312,500.00 20,042,200.00 7,784,560.00 4,994,000.00 7,963,800.00 73,287,255.00 15,953,100.00 96,819,750.00 13,984,950.00 10,018,600.00 5,008,475.00 42,921,800.00 16,592,775.00 59,883,750.00 417,537.85 16,278,975.00 24,964,000.00 7,136,640.00 5,295,350.00 5,945,340.00 5,939,880.00 10,496,200.00 15,697,950.00 8,261,325.00 14,985,000.00 4,908,000.00 14,777,025.00 1,475,362,669.55

0.52 0.05 0.08 0.27 0.06 0.36 0.16 0.08 0.08 0.16 0.24 0.08 0.16 0.32 0.12 0.08 0.13 1.17 0.25 1.54 0.22 0.16 0.08 0.68 0.26 0.95 0.01 0.26 0.40 0.11 0.08 0.09 0.09 0.17 0.25 0.13 0.24 0.08 0.24 23.50

1,505,825,994.98

1,489,462,086.56

23.73

4,962,100.00 4,962,100.00

4,966,000.00 4,966,000.00

0.08 0.08

10,000,000.00 10,000,000.00

9,919,800.00 9,919,800.00

0.16 0.16

122,803,486.42 347,621,371.15 92,270,071.08 562,694,928.65

127,034,332.19 318,363,778.12 108,182,903.40 553,581,013.71

2.02 5.07 1.72 8.81

2,083,483,023.63

2,057,928,900.27

32.78

Transferable securities dealt in on another regulated market Bonds SEK

Total bonds

5,000,000

Gjensidige Bank ASA FRN Sen 15/21.09.18

Other transferable securities Bonds SEK

Total bonds

10,000,000

Stangastaden AB FRN Reg S Sen 15/09.09.20

Open-ended investment funds Investment funds (UCITS) SEK SEK SEK

1,161,509.849 3,395,156 369,036

Monyx Fd Aktiv Ränta AC Cap Monyx Fd Genesis RC Cap Monyx Fd Svenska Aktier BC Cap

Total investment funds (UCITS) Total investments in securities

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

75

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Swap contracts at market value Exposures through SFMAMXAC swap Securities AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

31,738.76 25,752.15 24,785.9 14,807.69 5,082.89 68,201.11 46,719.22 6,165.65 19,423.31 121,140.14 18,409.69 5,830.04 29,007.39 12,461.74 24,841.98 12,988.58 13,690.8

Amcor Ltd ANZ Banking Group Ltd Coca-Cola Amatil Ltd Commonwealth Bank of Australia CSL Ltd Harvey Norman Holdings Ltd Insurance Australia Group Ltd Macquarie Group Ltd National Australia Bank Ltd Orora Ltd QBE Insurance Group Ltd Rio Tinto Ltd Suncorp Group Ltd Wesfarmers Ltd Westpac Banking Corp Woodside Petroleum Ltd Woolworths Ltd

2,628,295.91 4,431,690.64 1,420,275.93 7,803,527.17 3,298,111.70 1,756,518.78 1,600,499.08 3,144,392.87 3,614,225.33 1,679,405.86 1,428,095.70 1,606,058.30 2,169,763.56 3,194,931.95 5,136,806.93 2,298,429.66 2,066,711.85 49,277,741.22

0.04 0.07 0.02 0.12 0.05 0.03 0.03 0.05 0.06 0.03 0.02 0.03 0.03 0.05 0.08 0.04 0.03 0.78

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

4,993.55 7,547.79 16,409.1 7,569.39 10,510.62 1,765.12 7,419.26 9,770.43 10,227.26 8,673.22 3,082.65 9,781.58 7,000.93 13,950.3 4,352.28 3,645.71 6,955.29 20,568.42 6,165.3 10,519.33 3,013.68 8,292.16 7,053.52 4,826.52 13,023.76 13,081.06 12,729.95 8,045.89 2,336.02

Bank of Montreal Bank of Nova Scotia CAE Inc Canadian National Railway Co Canadian Natural Resources Ltd Canadian Pacific Railway Ltd Enbridge Inc EnCana Corp First Capital Realty Inc Fortis Inc Franco Nevada Corporation Goldcorp Inc Great-West Lifeco Inc H&R REIT Units Cons 1 Imperial Oil Ltd Loblaw Co Ltd Magna International Inc Manulife Financial Corp National Bank of Canada Potash Corp of Saskatschew Inc Restaurant Brands Intl Inc When Issued Royal Bank Canada Silver Wheaton Corp SNC-Lavalin Group Inc Sun Life Financial Inc Suncor Energy Inc Toronto Dominion Bank (The) Transcanada Corp Valeant Pharm Intl Inc

2,382,001.62 2,576,054.36 1,530,559.99 3,548,584.92 1,929,441.01 1,888,551.46 2,042,711.97 406,359.18 1,149,215.08 1,970,277.18 1,190,812.10 954,606.05 1,469,489.03 1,714,312.32 1,189,297.32 1,452,212.56 2,377,219.40 2,607,636.63 1,512,648.14 1,521,037.44 937,310.02 3,761,120.60 728,684.48 1,207,366.01 3,432,935.78 2,822,858.41 4,211,585.58 2,191,267.28 2,029,355.28 56,735,511.20

0.04 0.04 0.02 0.06 0.03 0.03 0.03 0.01 0.02 0.03 0.02 0.02 0.02 0.03 0.02 0.02 0.04 0.04 0.02 0.02 0.02 0.06 0.01 0.02 0.05 0.05 0.07 0.04 0.03 0.91

CHF CHF CHF CHF CHF CHF CHF

5,428.6 19,535.12 1,252.22 339.44 23,249.98 15,381.21 4,543.34

Cie Financière Richemont SA Credit Suisse Group AG Reg Geberit AG Reg Givaudan SA Reg Nestlé SA Reg Novartis AG Reg Roche Holding AG B de jouis Pref

3,301,732.15 3,574,328.21 3,593,626.79 5,219,973.28 14,621,398.91 11,262,346.58 10,593,316.52

0.05 0.06 0.06 0.08 0.23 0.18 0.17

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

76

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

CHF CHF CHF

6,593.21 983.14 38,213.19

DKK DKK DKK

158.49 16,810.2 17,177.5

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

5,868.53 6,941.01 47,119.27 6,944.67 8,770.05 4,093.83 56,657.89 8,994.55 92,065 428,450.07 11,688.12 7,234.65 6,225.39 9,904.36 12,607.52 10,968.84 17,380.92 27,274.31 53,236.33 10,249.55 55,642.71 23,303.79 22,298.88 5,631.15 1,287.22 65,105.92 25,938.85 46,358.18 147,483.57 2,118.67 82,363.36 3,545.4 2,415.61 2,690.61 45,467 6,610.28 28,358.64 3,809.42 12,810.41 12,810.41 19,551.84 9,350.88 5,655.53 9,783.15 9,762.94 9,069.44 10,377.04 9,636.85 204,430.04 33,798.04 67,224.94 20,383.98 44,823.82 22,996.4 13,266.37

Description

Cost

Market value

% of total net assets

Swiss Prime Site AG Reg Syngenta AG Reg UBS Group Inc

4,366,019.03 3,253,509.10 6,292,336.52 66,078,587.09

0.07 0.05 0.10 1.05

A.P. Moeller - Maersk A/S B Novo Nordisk AS B Tryg A/S

1,746,083.28 8,252,058.95 2,897,242.66 12,895,384.89

0.03 0.13 0.05 0.21

3,333,154.61 3,921,946.82 1,542,289.76 2,588,334.71 9,190,997.94 3,095,859.40 3,497,762.40 1,055,511.16 3,844,176.60 1,326,634.69 7,572,187.89 7,674,683.44 5,567,804.92 4,738,938.11 8,960,118.87 6,258,115.52 3,586,510.09 4,170,082.11 1,619,613.45 2,441,252.01 1,983,880.55 3,485,091.60 2,819,009.92 5,934,963.40 3,676,165.74 3,906,575.51 3,209,073.72 5,287,254.21 4,172,106.21 3,065,611.83 2,634,770.21 5,043,948.60 2,963,073.73 3,571,528.98 2,746,917.04 1,582,318.21 4,022,824.18 2,690,942.86 1,187,621.72 53,865.45 4,219,853.26 1,003,099.02 1,177,366.63 7,044,263.36 6,562,857.57 4,366,867.90 8,544,189.06 3,758,142.87 2,200,477.95 3,168,938.20 2,928,914.50 7,705,579.27 2,108,549.45 8,448,755.55 1,310,102.39 214,571,475.15

0.05 0.06 0.02 0.04 0.15 0.05 0.06 0.02 0.06 0.02 0.12 0.12 0.09 0.08 0.14 0.10 0.06 0.07 0.03 0.04 0.03 0.06 0.05 0.09 0.06 0.06 0.05 0.08 0.07 0.05 0.04 0.08 0.05 0.06 0.04 0.03 0.06 0.04 0.02 0.00 0.07 0.02 0.02 0.11 0.10 0.07 0.14 0.06 0.04 0.05 0.05 0.12 0.03 0.13 0.02 3.43

Airbus Gr SE Akzo Nobel NV Alcatel-Lucent Amadeus IT Holding SA A Anheuser-Busch InBev SA ASML Holding NV Banco Bilbao Vizcaya Argent SA Reg Banco Pop Societa Cooperativa Banco Santander SA Bank of Ireland Plc BASF SE Reg Bayer AG Reg Bayerische Motorenwerke AG BNP Paribas SA A Daimler AG Reg Danone Deutsche Bank AG Reg Deutsche Telekom AG Reg EDP-Energias de Portugal SA Reg Enagas SA ENEL SpA Engie SA ENI SpA Essilor Intl SA Hermes Intl SA Iberdrola SA Infineon Technologies AG Reg ING Groep NV Certif Intesa Sanpaolo SpA Kering Koninklijke KPN NV L'Oréal SA Linde AG LVMH Moët Hennessy L Vuit SE Nokia Oyj OMV AG Orange SA Red Electrica Corporacion SA Repsol SA Repsol SA Droits d'attribut 07.01.16 Royal Philips NV RWE AG A Salzgitter AG Sanofi SA SAP SE Schneider Electric SE Siemens AG Reg Société Générale Telecom Italia SpA Telefonica SA Terna Rete Elettr Nazional SpA Total SA Unicredit SpA Post Raggruppamento Unilever NV Certif of Shares Zardoya Otis SA

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

77

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

19,668.88 21,006.43 7,106.82 5,256.53 49,086.24 168,301.04 32,390.29 35,856.45 138,135.13 18,034.2 60,020.42 23,480.91 27,791.75 12,370.83 35,781.21 105,873.71 142,793.24 9,589.48 4,050.11 14,147.62 56,618.01 21,723.11 470,563.78 525.44 29,970.33 7,914.92 35,238.35 9,598.19 25,656.53 2,378,360.47 25,936.41 15,863.81 10,254.6 5,106.58 46,481.32 22,841.74 82,714.47 232,741.66 5,946.21

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

15,066.67 111,776.55 23,469.24 408,459.17 152,704.57 10,720.48 90,428.76 85,717.88 168,330.82 32,571.6 73,412.53 120,902.24 602,355.43 166,891.9 13,168.84 70,117.75 39,656.47 31,223.24 69,784.58 44,980.92 405,239.28 50,248.07 108,612.04 19,277.19 37,340.3

Description

Cost

Anglo American Plc ARM Holdings Plc Associated British Foods Plc AstraZeneca Plc Aviva Plc Barclays Plc BG Group Plc BHP Billiton Plc BP Plc British American Tobacco Plc BT Group Plc Capita Plc Diageo Plc Experian Plc GlaxoSmithKline Plc Glencore Plc HSBC Holdings Plc Indivior Plc Intercontinental Hotels Gr Plc John Wood Group Plc Kingfisher Plc Land Securities Group Plc Reits Lloyds Banking Group Plc Lonmin Plc Prudential Plc Reckitt Benckiser Group Plc Relx Plc Rio Tinto Plc Rolls-Royce Holdings PLC Rolls-Royce Holdings Plc Pref C Entitlement 01 2016 Royal Dutch Shell Plc A Royal Dutch Shell Plc B SABMiller Plc Shire Plc South32 Ltd Standard Chartered Plc Tesco Plc Vodafone Group Plc Whitbread Plc AAC Technologies Hgs Inc AIA Group Ltd Anta Sports Products Ltd Bank of China Ltd H Bank of Communications Co Ltd H Beijing Enterprises Hgs Ltd Beijing Enterprises Wat Gr Ltd Belle Intl Hgs Ltd Bosideng International Hgs Ltd Cheung Kong Property Hgs Ltd China BlueChemical Ltd H China Com Construction Cie Ltd H China Construction Bank Corp H China Huishan Dairy Hgs Co Ltd China Intl Marine Cont Gr Ltd H China Life Insurance Co Ltd H China Mengniu Dairy Co Ltd China Merchant Hgs Intl Co Ltd China MinSheng Banking Corp H China Mobile Ltd China Oversea Property Hgs Ltd China Overseas Land & Inv Ltd China Petroleum & Chem Corp H China Resources Gas Group Ltd China Resources Land Ltd

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

78

Market value

% of total net assets

733,682.20 2,718,766.92 2,958,595.41 3,024,039.14 3,155,103.46 4,589,196.67 3,974,250.59 3,394,571.58 6,091,321.32 8,471,446.07 3,526,704.12 3,533,344.88 6,427,097.91 1,850,742.70 6,119,693.59 1,193,286.82 9,537,588.21 224,333.84 1,340,992.75 1,079,428.04 2,323,882.36 3,184,949.09 4,283,134.57 5,465.34 5,715,717.98 6,192,693.23 5,254,287.52 2,366,731.04 1,837,680.15 296.27 4,930,245.02 3,049,140.48 5,198,331.40 2,988,456.23 303,977.78 1,603,915.09 1,540,376.27 6,407,233.12 3,259,833.63 134,390,532.79

0.01 0.04 0.05 0.05 0.05 0.07 0.06 0.05 0.10 0.14 0.06 0.06 0.10 0.03 0.10 0.02 0.15 0.00 0.02 0.02 0.04 0.05 0.07 0.00 0.09 0.10 0.08 0.04 0.03 0.00 0.08 0.05 0.08 0.05 0.00 0.03 0.02 0.10 0.05 2.14

826,709.07 5,653,935.63 542,616.44 1,534,048.15 905,021.53 546,341.46 532,991.96 541,512.70 122,420.08 1,781,902.02 168,138.40 1,039,378.60 3,471,855.13 538,029.32 202,692.62 1,906,557.76 544,095.75 835,428.24 581,748.07 4,272,190.49 558,636.75 1,483,551.17 551,744.59 484,405.34 916,010.55

0.01 0.09 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.03 0.00 0.02 0.06 0.01 0.00 0.03 0.01 0.01 0.01 0.07 0.01 0.02 0.01 0.01 0.01

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

28,369.09 306,621.99 40,554.96 158,873.87 53,312.61 32,571.6 17,050.02 151,786.56 85,609.55 99,485.83 32,161.45 14,725.66 27,343.28 40,201.94 62,004.98 28,272.43 106,625.39 16,636.21 114,576.01 10,211.41 60,319.28 42,164.39 517,941.67 88,661.38 36,175.34 16,371.14 17,441.01 52,187 25,420.72 28,423.08 28,933.02 30,278.07 101,554.87 117,563.22 24,859.92 40,220.75 80,700.82

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

27,256.2 16,075.06 1,724.19 15,778.99 4,719.76 30,304.02 4,057.95 5,433.82 2,629.83 731.48 11,459.8 23,860.06 47,894.28 62,175.49 22,101.03 17,183.95 23,180.83 13,619.39 8,847.38 14,612.11 818.56 16,928.45 19,157.71 16,040.23 5,782.15 5,712.48 66,773.34

Description

Cost

China Resources Pow Hgs Co Ltd China Shipping Con Line Co Ltd H China Taiping Insurance Hdgs Co Ltd China Telecom Corp Ltd H China Unicom (Hong Kong) Ltd CK Hutchison Holdings Ltd CLP Holdings Ltd CNOOC Ltd Cosco Pacific Ltd Dah Chong Hong Holdings Ltd Dongfeng Motor Group Co Ltd H ENN Energy Hgs Ltd Galaxy Entertainment Gr Ltd Great Wall Motor Co Ltd H Guangdong Investment Ltd Haier Electronics Group Co Ltd Hanergy Thin Film Power Gr Ltd Hengan Intl Group Co Ltd Hong Kong and China Gas Co Ltd Hong Kong Sec Clearing Co Ltd Huaneng Power Intl Inc H Hysan Development Co Ltd Industr & Cial Bk of China Ltd H Lenovo Group Ltd Link Real Esta Inv Trust (The) Units New China Life Ins Co Ltd H PetroChina Co Ltd H Ping An Ins Gr Co of China Ltd H Power Assets Holdings Ltd Sands China Ltd Shanghai Pharmaceuti Hg Co Ltd H Shimao Property Hgs Ltd Sihuan Pharm Hgs Group Ltd Sino Ocean Land Hgs Ltd Sinopharm Group Co Ltd H Tencent Holdings Ltd Want Want China Holdings Ltd Astellas Pharma Inc Canon Inc Central Japan Railway Co Daiichi Sankyo Co Ltd Daikin Industries Ltd Daiwa Securities Group Inc East Japan Railway Co Eisai Co Ltd Fanuc Corp Fast Retailing Holdings Co Ltd Fuji Heavy Industries Ltd Fujitsu Ltd f*ckuoka Financial Group Inc Hitachi Ltd Honda Motor Co Ltd Isetan Mitsukoshi Holdings Ltd Itochu Corp Japan Tobacco Inc Kao Corp KDDI Corp Keyence Corp Komatsu Ltd Kubota Corp Kurita Water Industries Ltd Kyocera Corp Mabuchi Motor Co Ltd Marubeni Corp

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

79

Market value

% of total net assets

464,366.62 718,904.65 1,056,500.00 627,723.10 546,859.77 3,698,153.79 1,218,694.44 1,329,600.30 793,586.62 422,233.06 361,667.58 660,943.95 725,677.65 394,047.88 738,997.87 482,425.15 452,534.43 1,321,842.52 1,890,390.57 2,200,191.34 438,022.59 1,453,127.59 2,631,121.78 757,396.75 1,821,985.00 578,421.03 96,172.20 2,435,819.31 1,967,395.12 819,124.49 526,987.15 452,888.86 482,493.56 634,223.19 839,217.16 6,657,853.51 505,438.15 73,744,990.55

0.01 0.01 0.02 0.01 0.01 0.06 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.04 0.01 0.02 0.04 0.01 0.03 0.01 0.00 0.04 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.11 0.01 1.19

3,307,027.27 4,139,615.30 2,609,695.79 2,775,807.61 2,943,804.95 1,581,575.23 3,255,834.69 3,070,097.67 3,884,619.56 2,185,583.61 4,036,785.91 1,014,702.30 2,030,434.61 3,012,737.82 6,055,350.95 1,909,747.92 2,342,309.36 4,266,898.99 3,877,858.56 3,229,420.43 3,847,617.14 2,362,960.91 2,534,519.37 2,856,046.24 2,290,840.36 2,657,925.86 2,924,842.91

0.05 0.07 0.04 0.04 0.05 0.03 0.05 0.05 0.06 0.03 0.06 0.02 0.03 0.05 0.10 0.03 0.04 0.07 0.06 0.05 0.06 0.04 0.04 0.05 0.04 0.04 0.05

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

Number / nominal value 10,885.06 16,545.3 14,107.04 45,905.89 110,853.5 11,146.31 241,439.44 3,274.23 11,233.39 6,520.76 74,993.74 20,986.4 28,074.76 54,860.72 11,337.88 71,580.18 6,339.46 7,680.5 13,271.07 22,815.1 7,419.26 5,050.67 9,700.77 13,114.33 69,316.09 7,279.93 23,825.23 640.22 2,119.02 463.62 269.08 2,294.75 504.02 512.03 452.64 1,833.74 4,070.49 2,141.14 3,227.38 1,681 2,109.61 2,550.76 545.12 5,430.86 133.76 69.14 276.92 368.7 6,189.16 112.68 551.22 1,620.74 933.15 829.35 795.57 66.36 577.52 932.46 658.5 293.46 255.15 2,314.08 531.54

Description

Cost

Mazda Motor Corp Mitsubishi Electric Corp Mitsubishi Estate Co Ltd Mitsubishi Heavy Ind Ltd Mitsubishi UFJ Fin Group Inc Mitsui Fudosan Co Ltd Mizuho Financial Group Inc Murata Manufacturing Co Ltd Nippon Steel & Sumi Metal Corp Nitto Denko Corp Nomura Holdings Inc Orix Corp Panasonic Co Ltd Resona Holdings Inc Seven & I Holdings Co Ltd Sharp Corp Shin-Etsu Chemical Co Ltd Softbank Group Corp Sony Corp Sumitomo Metal Mining Co Ltd Sumitomo Mitsui Fin Group Inc Sumitomo Realty & Dev Co Ltd Takeda Pharmaceutical Co Ltd Tokio Marine Holdings Inc Toshiba Corp Toyota Industries Corp Toyota Motor Corp Amorepacific Gr Inc BNK Financial Group Inc BNK Financial Group Inc Droits de sousc 14.01.16 E-MART Co Ltd (tentative) Hankook Tire Co Ltd Hotel Shilla Co Ltd Hyundai Dpt Store Co Ltd Hyundai Heavy Industrie Co Ltd Hyundai Motor Co Ltd KB Financial Gr Inc Kia Motors Corp Korea Electric Power Corp Korean Air Lines Co Ltd KT&G Corp Kwangju Bank Co Ltd LG Chem Ltd LG Display Co Ltd LG Household & Health Care Ltd Lotte Confectionery Co Ltd NAVER Corp NCsoft Corp NH Investment & Sec Orion Corp Posco S-1 CORP Samsung C&T Corp Samsung Electro-Mechanics Co Ltd Samsung Electronics Co Ltd Samsung Electronics Co Ltd Pref Samsung Fire & Marine Insur Samsung Life Insurance Co Ltd Samsung SDI Co Ltd Shinsegae Co Ltd SK Holdings Co Ltd SK Hynix Inc Yuhan Corp

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

80

Market value

% of total net assets

1,925,175.41 1,486,900.54 2,494,533.08 1,715,496.83 5,881,019.14 2,386,900.21 4,119,619.71 4,031,164.77 1,901,768.21 4,072,148.02 3,568,688.94 2,522,776.10 2,440,409.71 2,272,719.92 4,409,353.43 626,978.68 2,939,432.27 3,303,978.11 2,791,686.19 2,365,305.29 2,394,608.23 1,229,854.53 4,122,749.42 4,330,132.61 1,213,808.76 3,331,120.95 12,501,233.64 167,384,224.02

0.03 0.02 0.04 0.03 0.09 0.04 0.07 0.06 0.03 0.06 0.06 0.04 0.04 0.04 0.07 0.01 0.05 0.05 0.04 0.04 0.04 0.02 0.07 0.07 0.02 0.05 0.20 2.68

677,502.61 127,576.11 4,408.93 363,633.63 771,999.41 278,581.18 463,139.28 284,167.59 1,953,651.75 964,835.26 805,290.75 1,153,832.10 332,943.73 1,576,310.48 139,708.09 1,280,423.00 953,329.75 1,004,209.38 1,126,700.76 1,302,857.07 561,531.62 446,967.44 939,456.31 656,238.50 1,155,398.93 934,123.94 373,004.26 7,167,544.47 517,634.82 1,269,794.37 733,406.59 536,766.35 482,615.76 438,759.43 508,798.49 1,035,678.10 33,322,820.24

0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.03 0.02 0.01 0.02 0.01 0.03 0.00 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.11 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.56

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

NOK NOK

17,724.02 9,490.21

Telenor ASA TGS Nopec Geophysical Co ASA

2,509,731.73 1,281,294.90 3,791,026.63

0.04 0.02 0.06

PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN

3,198.47 1,670.2 9,834.53 10,130.77 7,113.78 993.41 2,196.87 787.56 8,919.31 4,941.65 36,012.84

Alior Bank SA Bank Polska Kasa Opieki SA Cyfrowy Polsat SA ENEA SA Eurocash SA Grupa Azoty SA KGHM Polska Miedz SA mBank SA PKO Bank Polski SA Polski Koncern Naftowy Orle SA Tauron Polska Energia SA

455,823.01 513,634.48 440,064.73 245,331.72 739,392.32 211,829.41 298,910.94 529,960.95 522,400.41 718,545.18 222,270.89 4,898,164.04

0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.07

SEK SEK SEK SEK SEK SEK SEK

23,831.5 14,772.16 12,638.34 30,026.58 22,925.34 29,305.73 25,863.44

ABB Ltd Reg Boliden AB Hennes & Mauritz AB B Svenska Handelsbanken AB A Swedbank AB A Tele2 AB B Volvo AB B

3,641,453.04 2,110,942.31 3,818,043.60 3,390,000.99 4,289,330.94 2,483,660.49 2,045,797.76 21,779,229.13

0.06 0.03 0.06 0.05 0.07 0.04 0.03 0.34

SGD SGD SGD SGD SGD SGD

10,826.89 288,724.16 263,226.98 319,428.75 181,440.96 47,545.96

Ascendas Real Estate Inv Trust Droits de sousc 13.01.16 Ascendas Real Estate Inv Trust Units CapitaLand Commercial Trust REITS Uts CapitaLand Mall Trust Units ComfortDelgro Corp Ltd UOL Group Ltd

0.00 3,914,617.16 2,113,175.17 3,666,085.87 3,290,838.01 1,764,288.28 14,749,004.49

0.00 0.06 0.03 0.06 0.05 0.03 0.23

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

5,505.58 18,715.52 13,738.34 3,614.89 5,194.88 9,760.86 5,592.14 68,813.29 7,974.31 5,311.91 3,442.29 2,051.09 3,150.92 4,760.69 2,287.95 1,739.35 19,021.87 3,073.94 56,986.53 11,449.69 7,428.14 8,162.93 13,003.04 4,249.36 5,839.1 4,874.42 5,062.16 3,109.82 38,697.36 13,652.13 4,598.03 41,008.65 36,867.45

3M Co Abbott Laboratories AbbVie Inc Abercrombie & Fitch Co A Accenture Plc A Activision Blizzard Inc Adobe Systems Inc Advanced Semicond Engineer Inc ADR spons repr 5 Shares Aflac Inc AGCO Corp Air Products and Chemicals Inc Alexion Pharmaceuticals Inc Allergan Plc Alliant Energy Corp Alphabet Inc A Alphabet Inc C Altria Group Inc Amazon.com Inc Ambev SA spons ADS repr 1 Share America Movil SAB de CV spons ADR repr 20 L Shares American Electric Power Co Inc American Express Co American Intl Group Inc American Tower Corp Amgen Inc Anadarko Petroleum Corp Aon Plc Apache Corp Apple Inc Applied Materials Inc Assurant Inc AT&T Inc Au Optronics Corp ADR repr 10 Shares

7,000,817.48 7,128,181.28 6,906,192.71 827,845.22 4,590,882.86 3,214,216.00 4,459,240.02 3,294,207.48 4,042,188.89 2,037,896.14 3,801,426.37 3,311,689.75 8,322,968.74 2,486,097.68 15,096,600.64 11,214,930.24 9,355,744.38 17,725,813.43 2,143,118.31 1,364,992.06 3,614,721.70 4,803,967.23 6,837,403.09 3,485,732.11 8,001,163.68 1,996,364.32 3,972,323.50 1,174,233.29 34,435,805.10 2,168,547.49 3,133,836.78 11,903,124.51 911,920.19

0.11 0.11 0.11 0.01 0.07 0.05 0.07 0.05 0.06 0.03 0.06 0.05 0.13 0.04 0.24 0.18 0.15 0.28 0.03 0.02 0.06 0.08 0.11 0.06 0.13 0.03 0.06 0.02 0.55 0.03 0.05 0.19 0.01

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

81

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 2,860.59 2,978.15 5,131.65 27,621.24 7,605.79 18,590.47 5,510.46 2,646.55 17,906.02 71,775.94 4,270.78 4,702.87 7,741.46 4,354.03 1,760.77 2,107.35 5,921.48 21,787.55 9,157.39 12,818.25 7,255.55 6,008.56 2,918.94 3,970.87 7,272.62 4,390.25 4,788.56 7,471.51 3,766.23 6,629.09 17,399.21 8,533.89 16,430.7 2,041.17 3,570.3 12,165.32 452.82 13,239.02 3,579.71 5,406.83 5,925.31 13,780.84 8,477.11 9,032.69 4,815.55 8,061.22 43,613.23 21,407.18 5,297.8 9,257.01 28,943.3 1,218.08 7,386.87 7,471.51 20,053.25 6,113.05 4,116.47 1,793.16 8,604.43 19,000.97 3,089.79 4,116.47 12,037.14 2,856.24 9,331.72 4,702.35

Description

Cost

Avalon Bay Communities Inc B/E Aerospace Inc Baker Hughes Inc Banco Bradesco SA spons ADR repr 1 Pref Share Banco do Brasil SA ADR repr 1 Share Banco Santander SA ADR repr 1 Share Banco Santander-Chile spons ADR repr 400 Shares Bancolombia SA ADR repr 4 Pref Shares Bank Mandiri Persero (PT) Tbk unspons ADR repr 10 Shares Bank of America Corp Becton Dickinson & Co Bed Bath and Beyond Inc Berkshire Hathaway Inc Best Buy Co Inc Biogen Inc BioMarin Pharmaceutical Inc Boeing Co (The) Boston Scientific Corp BRF SA ADR repr 1 share Bristol Myers Squibb Co Broadcom Corp A Cabot Oil & Gas Corp California Resources Corp When Issued Camden Property Trust Cardinal Health Inc Care Capital Properties Inc Caterpillar Inc CB Richard Ellis Gr Inc A CBS Corp B Celgene Corp Cemex SAB de CV ADR repr 10 CPO Cerner Corp Charles Schwab Corp Chemours (The) Co Cheniere Energy Inc Chevron Corp Chipotle Mexican Shares A Chunghwa Telecom Co Ltd spons ADR rep 10 Shares Cia Brasileira de Dist spons ADR repr 1 Pref Share Cia Cervecerias Unidas SA ADR repr 2 Shares Cia de Minas Buenaventura SAA spons ADR repr 1 Share Cia Energetica Minas Gerais spons ADR repr 1 Pref Cia Sanea Bas Est de Sao Paulo ADR repr 1 Shares Cia Siderurgica Nacional SA spons ADR repr 1 Share Cielo SA spons ADR repr 1 Share Cincinnati Financial Corp Cisco Systems Inc Citigroup Inc Cliffs Natural Resources Inc CMS Energy Corp Coca-Cola Co Coca-Cola Femsa SAB de CV ADR repr 10 Local Shares Cognizant Tec Solutions Corp Colgate-Palmolive Co Comcast Corp A Comerica Inc Computer Sciences Corp Concho Resources Inc ConocoPhillips Corning Inc Crown Castle International Corp CSRA Inc CSX Corp Cummins Inc CVS Health Corp Devon Energy Corp The accompanying notes are an integral part of these financial statements.

82

Market value 4,457,457.12 1,067,389.86 1,998,531.47 1,120,099.57 235,482.33 764,049.22 820,128.06 602,301.46 989,761.98 10,260,398.07 5,574,386.01 1,900,584.47 8,652,029.59 1,115,069.72 4,566,375.33 1,863,574.55 7,232,245.47 3,407,642.79 1,069,368.56 7,463,869.33 3,550,877.53 876,567.88 52,308.35 2,582,448.71 5,506,191.43 1,129,887.57 2,754,461.26 2,180,614.80 1,495,916.94 6,733,418.06 790,477.76 4,362,457.50 4,587,375.23 91,360.11 1,128,528.21 9,227,921.58 1,834,141.69 3,348,199.70 316,832.30 992,121.12 210,622.09 176,000.47 334,493.16 77,514.61 337,892.50 4,050,296.48 10,006,213.82 9,396,078.13 74,435.27 2,795,184.20 10,490,353.10 727,102.09 3,768,649.85 4,217,280.11 9,566,084.04 2,153,927.86 1,140,467.93 1,412,087.95 3,374,173.19 2,944,636.84 2,260,294.59 1,038,992.95 2,619,908.39 2,128,133.26 7,706,598.41 1,250,167.52

% of total net assets 0.07 0.02 0.03 0.02 0.00 0.01 0.01 0.01 0.02 0.16 0.09 0.03 0.14 0.02 0.07 0.03 0.12 0.05 0.02 0.12 0.06 0.01 0.00 0.04 0.09 0.02 0.04 0.03 0.02 0.11 0.01 0.07 0.07 0.00 0.02 0.15 0.03 0.05 0.01 0.02 0.00 0.00 0.01 0.00 0.01 0.06 0.16 0.15 0.00 0.04 0.17 0.01 0.06 0.07 0.15 0.03 0.02 0.02 0.05 0.05 0.04 0.02 0.04 0.03 0.12 0.02

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

7,507.21 2,803.99 4,214.7 3,639.97 5,390.46 6,026.32 4,194.15 10,489.37 3,434.63 7,532.81 6,068.12 14,734.02 6,090.93 8,115.38 3,918.62 1,392.24 4,878.08 7,789.35 3,304.71 18,728.58 5,834.22 3,438.11 2,481.45 7,515.05 5,223.96 1,710.09 1,727.68 2,821.41 11,424.96 9,004.13 24,597.11 15,367.62 4,621.01 2,844.57 10,400.03 17,659.93 5,260.53 3,296 3,319.86

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

10,944.11 4,141.55 56,279.27 67,828.41 13,788.33 10,148.19 3,432.19 1,350.97 6,881.45 1,957.05 8,915.3 7,725.26 5,007.3 6,161.64 3,745.16 5,274.64 2,393.15 14,451.53 10,750.79 7,451.83 5,822.9 14,451.53 5,327.59 17,785.85 1,576.51 20,240.47

Description

Cost

Discover Financial Services Discovery Communication Inc Discovery Communications Inc C DISH Network Corp A Dollar General Corp Dominion Resources Inc Dover Corp Dow Chemical Co Dr Reddy's Laboratories Ltd spons ADR repr 1 Share Du Pont de Nemours (EI) & Co Duke Energy Corp Duke Realty Corp Eaton Corp Public Ltd Cie EBay Inc Ecolab Inc Ecopetrol SA spons ADR repr 20 Shares Electronic Arts Inc Eli Lilly & Co Embraer SA spons ADR rep 4 Shares EMC Corp Emerson Electric Co Empresa Natl de Ele SA Chile ADR repr 30 Shares Endo International Plc Enersis SA ADR repr 50 Shares EOG Resources Inc EQT Corp Essex Property Trust Inc Everest Reinsurance Group Ltd Exelon Corp Express Scripts Hg Co Exxon Mobil Corp Facebook Inc A Fastenal Co Fedex Corp Fibria Celulose SA ADR repr 1 Share Fifth Third Bancorp Fiserv Inc FMC Technologies Inc Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) Freeport McMoRan Inc Garmin Ltd Reg Gazprom PJSC spons ADR repr 2 Shares General Electric Co Gerdau SA COSG ADR repr 1 Pref Shares Gilead Sciences Inc Goldman Sachs Group Inc Gr Aero del Sureste SA de CV ADR repr 10 Shs Ser B Gr Televisa SA spons ADR repr 5 Ord Part Certif Grupo Aerop del Paci SAB de CV B ADR repr 10 B Shares Grupo Financi Santan Mex SAB ADR repr 5 Shares B Halliburton Co (Hg Co) Halyard Health Inc Harley Davidson Inc HCP Inc HDFC Bank Ltd ADR repr 3 Shares Helmerich and Payne Inc Hewlett Packard Enterprise Co Home Depot Inc Honeywell Intl Inc Host Hotels & Resorts Inc HP Inc IBM Corp ICICI Bank Ltd ADR repr 2 Shares Illumina Inc Infosys Ltd spons ADR repr 1 Share The accompanying notes are an integral part of these financial statements.

83

Market value

% of total net assets

3,421,715.79 627,044.29 893,225.06 1,760,274.55 3,262,136.35 3,402,560.10 2,178,948.06 4,551,063.94 1,341,667.75 4,265,826.12 3,618,119.22 2,636,666.59 2,686,255.20 1,884,449.06 3,793,361.67 81,524.99 2,849,046.76 5,575,646.03 827,431.55 4,068,435.92 2,364,917.54 1,061,290.37 1,282,901.04 751,129.13 3,117,865.77 743,976.40 3,531,246.73 4,392,123.34 2,635,655.56 6,656,539.81 16,075,322.34 13,679,136.64 1,593,997.29 3,578,587.65 1,124,356.22 3,010,195.90 4,085,054.97 805,562.77 2,562,106.76

0.05 0.01 0.01 0.03 0.05 0.05 0.03 0.07 0.02 0.07 0.06 0.04 0.04 0.03 0.06 0.00 0.05 0.09 0.01 0.06 0.04 0.02 0.02 0.01 0.05 0.01 0.06 0.07 0.04 0.11 0.26 0.22 0.03 0.06 0.02 0.05 0.07 0.01 0.04

629,800.11 1,296,548.85 1,742,118.06 17,741,842.33 137,466.34 8,688,244.36 5,240,715.47 1,597,049.54 1,598,500.53 1,458,325.23 648,061.52 2,208,527.97 1,408,758.62 2,381,518.22 1,218,143.54 2,733,631.65 1,076,578.96 1,854,172.65 12,008,992.15 6,516,462.70 758,362.17 1,449,294.29 6,183,722.99 1,177,648.44 2,562,530.43 2,860,858.03

0.01 0.02 0.03 0.28 0.00 0.14 0.08 0.03 0.03 0.02 0.01 0.04 0.02 0.04 0.02 0.04 0.02 0.03 0.19 0.10 0.01 0.02 0.10 0.02 0.04 0.05

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 27,901.99 3,863.41 574.73 10,789.28 23,531.25 16,367.13 26,315.91 21,647.35 2,281.51 1,097.91 5,497.92 1,497.78 22,066.2 4,027.13 3,465.8 1,271.55 3,042.24 6,579.11 7,518.01 4,938.86 3,208.39 7,979.01 4,667.52 6,957.73 3,336.75 10,127.99 4,355.77 1,236.54 10,147.67 2,420.84 3,560.03 1,874.32 6,438.56 5,392.2 8,917.04 8,777.72 7,617.28 5,289.62 14,308.9 19,256.46 8,901.02 3,262.04 9,044.18 53,609.55 7,357.43 5,289.1 17,314.04 4,251.97 4,179.86 16,928.45 4,772.01 2,423.45 3,990.38 23,354.99 7,896.81 12,922.05 6,992.91 1,217.21 5,971.29 5,911.9 6,050.35 3,788.52 4,164.54 25,298.63 10,156.72 8,115.38

Description

Cost

Intel Corp Intuit Inc Intuitive Surgical Inc Invesco Ltd Itau Unibanco Hg SA spons ADR Repr 1 Share Johnson & Johnson JPMorgan Chase & Co JSC Surgutneftegaz ADR repr 10 Shares Kansas City Southern Kasikornbank PCL ADR repr 4 Shares Kellogg Co Keurig Green Mountain Inc KeyCorp Kimberly-Clark Corp KLA-Tencor Corp KLX Inc KOC Holding AS unspons ADR repr 5 Shares B Kraft Heinz Co (The) Kroger Co L Brands Inc Lam Research Corp Larsen & Toubro Ltd spons GDR repr 1 Reg Share Las Vegas Sands Corp Latam Airlines Gr SA spons ADR repr 1 Share Liberty Global Plc Liberty Global Plc C Liberty Property Trust LinkedIn Corp A Lowe's Companies Inc Lululemon Athletica Inc Lyondellbasell Industries NV M & T Bank Corp Mahindra & Mahindra Ltd GDR repr 1 Share Marathon Petroleum Corp Marsh & McLennan Cos Inc Master Card Inc A Mc Donald's Corp McGraw-Hill Financial Inc Medtronic Plc Merck & Co Inc Metlife Inc Michael Kors Holdings Limited Micron Technology Inc Microsoft Corp MMC Norilsk Nickel PJSC spons ADR repr 1 Share Mobile Telesystems PJSC ADR repr 2 Shs Mondelez Intl Inc Monsanto Co Moody's Corp Morgan Stanley Mylan N.V. National Oilwell Varco Inc NetFlix Inc New York Community Bancorp Inc Newmont Mining Corp Nike Inc B Novolipetsk Steel (NLMK) GDR repr 10 Shares NOW Inc NRG Energy Inc Nucor Corp Occidental Petroleum Corp Oil Co Lukoil PJSC spons ADR repr 1 Share Omnicom Group Inc Oracle Corp Paychex Inc PayPal Holdings Inc The accompanying notes are an integral part of these financial statements.

84

Market value 8,136,359.35 3,171,421.37 2,661,880.94 3,035,463.00 1,284,860.52 14,216,311.70 14,696,771.79 834,135.30 1,451,911.62 151,487.72 3,352,144.21 1,134,874.29 2,459,856.98 4,338,176.41 2,032,080.48 327,356.63 475,816.98 4,051,213.03 2,640,740.41 4,002,713.65 2,162,694.04 1,302,318.79 1,718,813.30 319,029.36 1,191,281.53 3,456,109.03 1,152,162.12 2,360,741.79 6,528,654.09 1,074,371.87 2,613,273.94 1,925,107.00 1,040,054.98 2,340,441.94 4,198,968.65 7,258,673.06 7,597,451.09 4,433,848.87 9,288,909.41 8,567,109.87 3,638,008.93 1,103,542.88 1,080,498.16 25,136,082.75 784,276.66 275,447.29 6,582,748.36 3,541,892.41 3,566,230.32 4,566,118.17 2,187,684.73 681,407.67 3,919,559.43 3,230,337.92 1,195,888.09 6,840,479.89 500,672.93 164,671.50 567,691.81 2,012,919.38 3,417,148.29 1,028,733.24 2,645,332.20 7,813,539.07 4,537,477.73 2,483,239.58

% of total net assets 0.13 0.05 0.04 0.05 0.02 0.23 0.23 0.01 0.02 0.00 0.05 0.02 0.04 0.07 0.03 0.01 0.01 0.06 0.04 0.06 0.03 0.02 0.03 0.01 0.02 0.06 0.02 0.04 0.10 0.02 0.04 0.03 0.02 0.04 0.07 0.12 0.12 0.07 0.15 0.14 0.06 0.02 0.02 0.40 0.01 0.00 0.10 0.06 0.06 0.07 0.03 0.01 0.06 0.05 0.02 0.11 0.01 0.00 0.01 0.03 0.05 0.02 0.04 0.12 0.07 0.04

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 4,659.16 37,051.54 10,533.09 1,843.84 24,671.65 41,651.13 6,704.5 2,793.37 11,351.64 5,931.75 5,433.82 1,654.53 5,931.75 1,845.58 474.07 16,698.73 4,975.61 10,721.53 2,593.95 3,088.4 1,183.42 3,065.23 3,821.62 683.41 30,513.01 6,636.75 4,737.18 5,578.55 3,343.89 2,995.57 19,727.74 9,149.2 7,365.62 1,919.08 20,056.73 2,216.9 2,092.72 11,627.34 5,590.57 9,571.89 14,301.41 3,567.17 10,780.57 7,333.22 45,514.02 4,912.39 3,887.97 6,600.01 5,237.37 9,581.12 1,174.72 7,671.97 7,915.1 7,135.9 3,159.46 2,782.05 3,698.66 3,065.41 8,309.57 7,713.94 10,163.34 1,706.78 1,828.69 18,012.43 39,593.42 12,461.05

Description

Cost

Pentair Plc People's United Fin Inc Pepsico Inc Perrigo Co Plc Petroleo Brasileiro SA spons ADR repr 2 Pref Shares Pfizer Inc PG & E Corp Pharmastandard PJSC GDR repr 1 Share Philip Morris Intl Inc Philippine Lg Distance Tel Co ADR repr 1 Share Phillips 66 Pioneer Natural Resources Co PNC Financial Serv Group Precision Castparts Corp Priceline Group Inc (The) Procter & Gamble Co Prudential Financial Inc Qualcomm Inc Range Resources Corp Rayonier Advance Materials Inc When Issued Rayonier Inc REIT Realogy Holdings Corp Red Hat Inc Regeneron Pharmaceuticals Inc Regions Financial Corp Reliance Industries Ltd GDR repr 2 Shares 144A RenaissanceRe Holdings Ltd Salesforce.com Inc SanDisk Corp SBA Communications Corp A Sberbank of Russia PJSC spons ADR repr 4 Shares Schlumberger Ltd Sealed Air Corp Shinhan Financial Group Co Ltd spons ADR repr 1 Share Siliconware Prec Ind Co Ltd ADR repr 5 Shares Simon Property Group Inc Soc Quimica y Minera Chile SA ADR repr 1Pref Shares B Southern Co Southwestern Energy Co Spectra Energy Corp Starbucks Corp Starwood Htls & Res Wld Inc Symantec Corp T. Rowe Price Group Inc Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares Tata Motors Ltd spons ADR repr 5 Shares Tatneft PJSC spons ADR repr 6 Shares TE Connectivity Ltd Telefonica Brasil SA spons ADR repr 1 Share Telekom Indonesia (PT) Tbk ADR repr 200 Shares Tesla Motors Inc Teva Pharma Ind Ltd ADR repr 1 Share Texas Instruments Inc Textron Inc Thermo Fisher Scientific Inc Tim Participacoes SA spons ADR repr 5 Shares Time Inc Time Warner Cable Inc Time Warner Inc TJX Cos Inc Torchmark Corp TransDigm Group Inc TripAdvisor Inc Turkcell Iletisim Hizmet ADR repr 2500 Sh Turkiye Garanti Bankasi AS Spons ADR Repr 1 Sh Twenty-First Century Fox Inc A The accompanying notes are an integral part of these financial statements.

85

Market value 1,957,983.88 5,068,660.28 8,895,475.28 2,252,769.25 707,813.73 11,378,250.37 2,986,186.35 98,588.58 8,435,936.22 2,111,505.82 3,727,714.69 1,737,222.94 4,779,958.10 3,601,903.89 5,098,690.59 11,215,433.08 3,434,298.62 4,518,289.58 521,586.83 257,237.79 222,926.10 946,446.56 2,681,509.98 3,135,837.38 2,477,301.01 1,708,612.39 4,552,274.31 3,718,113.98 2,144,028.50 2,668,706.17 975,935.45 5,378,241.63 2,775,598.54 543,790.52 1,316,197.81 3,635,532.68 332,413.97 4,543,938.25 318,427.87 1,909,394.39 7,284,295.69 2,092,711.65 1,915,587.20 4,439,688.55 8,745,964.65 1,217,976.76 861,926.03 3,613,751.46 395,690.86 3,576,614.41 2,397,575.06 4,226,509.08 3,702,519.68 2,531,737.82 3,796,627.80 198,250.57 485,439.52 4,788,724.30 4,532,324.61 4,610,474.33 4,922,651.71 3,267,391.64 1,323,445.62 1,291,154.73 799,467.18 2,864,188.70

% of total net assets 0.03 0.08 0.14 0.04 0.01 0.18 0.05 0.00 0.13 0.03 0.06 0.03 0.08 0.06 0.08 0.18 0.05 0.07 0.01 0.00 0.00 0.02 0.04 0.05 0.04 0.03 0.07 0.06 0.03 0.04 0.02 0.09 0.04 0.01 0.02 0.06 0.01 0.07 0.01 0.03 0.12 0.03 0.03 0.07 0.14 0.02 0.01 0.06 0.01 0.06 0.04 0.07 0.06 0.04 0.06 0.00 0.01 0.08 0.07 0.07 0.08 0.05 0.02 0.02 0.01 0.05

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

4,249.53 7,169.16 9,561.44 5,337.16 3,657.38 6,520.07 6,961.04 93,149.33 4,983.1 6,426.02 15,266.78 10,302.32 13,612.77 5,078.19 7,146.7 6,618.47 25,426.12 2,648.82 6,469.39 1,838.79 15,685.47 6,614.11 9,194.48 8,280.31 13,606.68 10,177.8 31,680.24 8,533.89 5,520.9 5,720.84 7,802.41 15,596.47 9,735.6 1,480.37 2,051.79 7,532.29 5,397.08

Twitter Inc Tyco International Plc UDR Inc Ultrapar Particip SA spons ADR repr 1 Share Under Armour Inc A Union Pacific Corp United Health Group Inc United Microelectronics Corp ADR repr 5 Shares United Parcel Service Inc B United Technologies Corp US Bancorp Vale SA spons ADR repr 1 Share Vale SA spons ADR Repr 1 Share A Valero Energy Corp Vedanta Ltd spons ADS repr 4 Shares Ventas Inc Verizon Communications Inc Vertex Pharmaceuticals Inc VF Corp Viacom Inc B Visa Inc A Wal-Mart de Mexico SAB de CV ADR repr 10 Shares V Wal-Mart Stores Inc Walgreens Boots Alliance Inc Walt Disney Co (The) Waste Management Inc Wells Fargo & Co New Weyerhaeuser Co Whole Foods Market Inc Williams Companies Inc Willis Towers Watson Plc Wipro Ltd spons ADR repr 1 Share WP Glimcher Inc Wynn Resorts Ltd XL Group Plc Yahoo Inc Yum! Brands Inc

816,588.56 1,934,947.98 3,037,537.82 685,222.36 2,499,038.27 4,319,304.42 6,940,578.09 1,481,180.28 4,044,854.23 5,189,660.36 5,516,670.49 284,299.00 294,337.88 3,014,200.33 338,516.78 3,152,223.28 9,904,382.71 2,830,007.24 3,400,172.30 632,116.87 10,336,937.72 1,400,066.47 4,748,108.01 5,979,325.47 12,132,280.07 4,593,988.10 14,582,149.72 2,164,715.17 1,550,933.03 1,204,722.84 3,219,184.29 1,518,189.60 876,421.35 857,512.06 681,344.33 2,128,012.26 3,325,170.82 1,200,435,418.58

0.01 0.03 0.05 0.01 0.04 0.07 0.11 0.02 0.06 0.08 0.09 0.00 0.00 0.05 0.01 0.05 0.16 0.05 0.05 0.01 0.16 0.02 0.08 0.10 0.19 0.07 0.23 0.03 0.02 0.02 0.05 0.02 0.01 0.01 0.01 0.03 0.05 19.03

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

5,123.47 10,666.49 17,486.64 5,122.95 24,906.94 3,571.52 33,291.4 7,760.79 1,846.8 6,389.45 38,669.15 2,345.43 9,083.89 3,267.09 2,049.7 84,813.64 9,076.23 7,081.39 8,747.93 18,332.71 4,679.01 4,825.48 15,432.23 17,665.5 1,617.26

AngloGold Ashanti Ltd Arcelormittal South Africa Ltd Arcelormittal South Africa Ltd Droits de sousc 15.01.16 Astral Foods Ltd Aveng Ltd Barclays Africa Group Ltd Firstrand Ltd Impala Platinum Holdings Ltd Kumba Iron Ore Ltd Lewis Group Ltd MMI Hgs Ltd Mr Price Group Ltd MTN Group Ltd Naspers Ltd N Nedbank Group Netcare Ltd Remgro Ltd Reunert Ltd RMB Holdings Ltd Sanlam Ltd Sasol Ltd Shoprite Holdings Ltd Standard Bank Group Ltd Steinhoff Intl Hgs N.V. Tiger Brands Ltd

297,761.77 26,088.84 95.04 322,997.01 30,594.94 278,545.04 766,687.56 105,623.59 41,356.01 190,727.97 462,389.49 254,960.27 671,599.01 3,767,184.28 210,124.13 1,562,737.55 1,209,662.57 262,804.35 267,518.91 603,239.56 1,059,688.35 374,458.68 952,018.43 754,060.21 278,158.10

0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.06 0.00 0.03 0.02 0.00 0.00 0.01 0.02 0.01 0.02 0.01 0.00

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

86

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

ZAR ZAR ZAR

9,988.14 4,304.91 8,108.76

Description

Cost

Truworths Intl Ltd Wilson Bayly Holmes-Ovcon Ltd Woolworths Holdings Ltd

Market value

% of total net assets

494,836.53 265,009.56 441,393.83 15,952,321.58

0.01 0.00 0.01 0.24

2,070,006,431.60

32.92

AUD

144,010.07

0.00

CAD

208,361.45

0.00

CHF

16,834.71

0.00

DKK

-0.01

0.00

EUR

253,093.77

0.00

GBP

463,462.36

0.01

HKD

1,763.31

0.00

JPY

227,616.97

0.00

KRW

335,397.94

0.01

NOK

-52.23

0.00

PLN

1,567.98

0.00

SEK

-1,960,099.20

-0.03

SGD

32,628.05

0.00

USD

1,427,684.75

0.02

ZAR

5.58

0.00

1,152,275.50

0.01

5,906,657.50 2,922,150.00 29,251,135.00 201,096.00 1,362,901.50 105,283,796.00 82,782,106.80 29,906,874.90 3,773,122.50 5,162,809.20 684,090.00 10,386,156.00 2,678,400.00 12,205,794.00 680,667.00 19,732,918.10 1,805,650.00 2,318,811.00 835,935.00 6,482,072.80 931,617.00 1,696,212.00

0.09 0.05 0.47 0.00 0.02 1.68 1.32 0.48 0.06 0.08 0.01 0.17 0.04 0.19 0.01 0.31 0.03 0.04 0.01 0.10 0.01 0.03

Total securities Cash

Total cash Exposures through SFMAMXSE swap Securities SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

9,413 20,328 188,717 2,352 7,387 591,482 397,227 153,133 10,267 35,169 5,528 66,792 13,950 77,645 2,418 138,089 26,264 26,653 14,538 53,704 6,089 60,579

AAK AB AF AB Alfa Laval AB Alimak Group AB Arcam AB Assa Abloy AB B Atlas Copco AB A Atlas Copco AB B Avanza Bank Holding AB Axfood AB B&B TOOLS AB B Betsson AB B Bilia AB A BillerudKorsnas AB Biogaia AB B Boliden AB Bure Equity AB Byggmax Group AB Capio AB Castellum AB Clas Ohlson AB B Cloetta AB B The accompanying notes are an integral part of these financial statements.

87

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

Number / nominal value 10,359 58,131 15,067 19,583 8,951 8,455 146,131 213,896 7,564 63,093 42,615 31,728 119,209 29,966 12,335 24,338 46,876 534,036 123,291 106,660 19,084 15,522 40,970 179,877 45,174 54,651 11,106 30,451 2,261 136,258 264,866 22,814 2,533 43,702 31,003 214,485 73,704 18,803 27,931 26,363 11,435 135,592 118,060 13,547 6,373 28,253 33,294 37,546 39,451 14,106 5,866 31,030 52,203 6,097 13,994 1,479,355 22,500 67,460 9,988 18,209 20,482 53,439 25,159 63,533 6,374 10,638

Description

Cost

Collector AB Com Hem Holding AB Concentric AB Dios Fastigheter AB Duni AB Dustin Group AB Electrolux AB B Elekta AB Shares B Eltel AB Fabege AB Fastighets Balder AB B Fingerprint Cards AB B Getinge AB B Granges AB Reg Gunnebo AB Haldex AB Hemfosa Fastigheter AB Hennes & Mauritz AB B Hexagon AB B Hexpol AB B Hoist Finance AB Holmen AB B Hufvudstaden AB A Husqvarna AB B ICA Gruppen AB Industrivaerden AB C Indutrade AB Intrum Justitia AB Investment AB Oeresund Investments AB Kinnevik B Investor AB B Inwido AB ITAB Shop Concept AB JM AB KappAhl AB Klovern AB B Kungsleden AB Lifco AB B Lindap Intl AB Loomis AB Lundbergforetagen AB B Lundin Petroleum AB Meda AB A Medivir AB B Mekonomen AB Millicom Intl Cellular SA SDR Modern Times Group MTG AB B Mycronic AB NCC AB B NetEnt AB B New Wave Group AB B Nibe Industrier AB B Nobia AB Nolato AB B Nordax Group AB Nordea Bank AB Nordnet AB B Opus Group AB Orexo AB Oriflame Holding SA Pandox AB B Peab AB Qliro Group AB Ratos AB B RaySearch Laboratories AB B Recipharm AB B

Market value 1,315,593.00 4,464,460.80 1,612,169.00 1,199,458.75 1,266,566.50 549,575.00 29,986,081.20 15,421,901.60 639,158.00 8,839,329.30 8,893,750.50 18,751,248.00 26,524,002.50 2,097,620.00 555,075.00 1,934,871.00 4,418,063.00 161,332,275.60 38,812,006.80 9,716,726.00 1,688,934.00 4,060,555.20 4,912,303.00 10,073,112.00 13,886,487.60 7,929,860.10 5,336,433.00 8,788,158.60 501,942.00 35,699,596.00 82,797,111.60 2,532,354.00 764,966.00 11,043,495.40 951,792.10 2,037,607.50 4,459,092.00 3,986,236.00 1,756,859.90 6,973,013.50 5,344,719.00 16,623,579.20 12,644,226.00 887,328.50 1,102,529.00 13,745,084.50 7,214,809.80 3,088,158.50 10,375,613.00 6,975,417.00 202,377.00 8,828,035.00 5,533,518.00 1,569,977.50 713,694.00 138,023,821.50 922,500.00 421,625.00 626,747.00 2,476,424.00 3,193,143.80 3,465,519.15 304,423.90 3,102,316.39 780,815.00 1,345,707.00

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

88

% of total net assets 0.02 0.07 0.03 0.02 0.02 0.01 0.48 0.25 0.01 0.14 0.14 0.30 0.42 0.03 0.01 0.03 0.07 2.57 0.62 0.15 0.03 0.06 0.08 0.16 0.22 0.13 0.09 0.14 0.01 0.57 1.32 0.04 0.01 0.18 0.02 0.03 0.07 0.06 0.03 0.11 0.09 0.26 0.20 0.01 0.02 0.22 0.12 0.05 0.17 0.11 0.00 0.14 0.09 0.03 0.01 2.20 0.01 0.01 0.01 0.04 0.05 0.06 0.00 0.05 0.01 0.02

MONYX FUND - Monyx Strategi Sverige/Världen Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

Number / nominal value

Total securities

36,684 20,233 548,739 43,164 14,958 187,945 784,822 222,953 194,985 5,488 74,987 54,211 343,498 816,565 8,463 495,644 113,498 86,568 200,550 1,591,621 1,407,348 16,719 22,898 17,963 111,439 14,300 6,120 724,592 20,034 53,123 26,545

Description

Cost

Rezidor Hotel Group AB Saab AB B Sandvik AB SAS AB Scandi Standard AB Securitas AB B Skandinaviska Enskilda Banken A Skanska AB B SKF AB B Skistar AB B SSAB AB A SSAB AB B Svenska Cellulosa SCA AB B Svenska Handelsbanken AB A Sweco AB B Swedbank AB A Swedish Match AB Swedish Orphan Biovitrum AB Tele2 AB B Telefon AB LM Ericsson B TeliaSonera AB Tethys Oil AB Thule Group AB Tobii AB Trelleborg AB B Unibet Group Plc SDR Vitrolife AB Volvo AB B Vostok New Ventures Ltd SDR Wallenstam Byggnads AB B Wihlborgs Fastigheter AB

Market value

% of total net assets

1,144,540.80 5,276,766.40 40,634,122.95 1,053,201.60 811,471.50 24,432,850.00 70,163,086.80 36,742,654.40 26,751,942.00 680,512.00 1,695,456.07 1,030,009.00 84,672,257.00 92,190,188.50 1,051,527.75 92,734,992.40 34,072,099.60 11,652,052.80 16,996,612.50 130,990,408.30 59,376,012.12 961,342.50 2,650,443.50 1,208,011.75 18,365,147.20 12,355,200.00 1,765,620.00 57,315,227.20 1,091,853.00 3,612,364.00 4,539,195.00 1,963,030,090.73

0.02 0.08 0.65 0.02 0.01 0.39 1.12 0.59 0.43 0.01 0.03 0.02 1.35 1.47 0.02 1.48 0.54 0.19 0.27 2.09 0.95 0.02 0.04 0.02 0.29 0.20 0.03 0.91 0.02 0.06 0.07 31.32

3,728,560.16 3,728,560.16

0.06 0.06

4,037,917,357.99

64.31

172,964,570.20

2.75

9,831,324.49

0.16

6,278,642,152.95

100.00

Cash SEK

Total cash Total swap contracts at market value Cash at banks Other net assets/(liabilities) Total

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

89

MONYX FUND - Monyx Strategi Sverige/Världen Industrial and geographical classification of investments as at 31st December 2015

Industrial classification including exposure through swap contracts (in percentage of net assets) Banks

26.43 %

Investment funds

8.81 %

Capital goods

8.37 %

Diversified financial services

4.33 %

Technology hardware and equipment

4.21 %

Consumer durables and apparel

4.10 %

Materials

3.95 %

Pharmaceuticals and biotechnology

3.45 %

Real estate

3.29 %

Food, beverage and tobacco

3.02 %

Telecommunication services

2.81 %

Software and services

2.66 %

Energy

2.39 %

Automobiles and components

2.31 %

Investment companies

2.07 %

Insurance

2.01 %

Household and personal products

2.00 %

Health care equipment and services

1.94 %

Retailing

1.58 %

Utilities

1.53 %

Media

1.13 %

Transportation

0.93 %

Semiconductors and semiconductor equipment

0.86 %

Hotels, restaurants and leisure

0.82 %

Real estate funds

0.70 %

Food retailing, drugstores and pharmacies

0.67 %

Commercial services and supplies

0.64 %

Countries and governments

0.01 %

Total

97.02 %

90

MONYX FUND - Monyx Strategi Sverige/Världen Industrial and geographical classification of investments (continued) as at 31st December 2015

Geographical classification including exposure through swap contracts (by domicile of the issuer) (in percentage of net assets) Sweden

45.35 %

United States of America

16.54 %

Luxembourg

9.03 %

United Kingdom

3.00 %

Norway

2.74 %

Japan

2.68 %

Denmark

2.18 %

Germany

1.80 %

Finland

1.76 %

France

1.56 %

The Netherlands

1.36 %

Switzerland

1.23 %

Canada

0.93 %

Australia

0.78 %

South Korea

0.57 %

Ireland

0.55 %

Hong Kong

0.51 %

Spain

0.40 %

Bermuda

0.34 %

Iceland

0.34 %

China

0.32 %

Cayman Islands

0.31 %

Italy

0.29 %

Taiwan

0.29 %

India

0.25 %

South Africa

0.23 %

Singapore

0.23 %

Malta

0.20 %

Mexico

0.19 %

Brazil

0.18 %

Belgium

0.15 %

Russia

0.11 %

Curacao

0.09 %

Chile

0.08 %

Indonesia

0.08 %

Israel

0.07 %

Jersey

0.07 %

Poland

0.07 %

91

MONYX FUND - Monyx Strategi Sverige/Världen Industrial and geographical classification of investments (continued) as at 31st December 2015

Turkey

0.04 %

Portugal

0.03 %

Austria

0.03 %

Philippines

0.03 %

British Virgin Islands

0.02 %

Colombia

0.01 %

Total

97.02 %

92

MONYX FUND - Monyx Strategi Balanserad Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Swap contracts at market value Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Other receivables Prepaid expenses

4,055,347,753.79 2,991,703,192.60 239,386,647.76 27,638,126.76 76,323.37 10,007,854.45 26,869,566.03 5,448,365.28 1,606,932.34 5,275.94

Total assets

7,358,090,038.32

Liabilities Other liquid liabilities Payable on redemptions of shares Interest payable on swap contracts Unrealised loss on forward foreign exchange contracts Expenses payable Other liabilities

194,238.62 3,591,904.78 139,688.01 2,130,324.31 10,826,390.75 6,953,067.83

Total liabilities

23,835,614.30

Net assets at the end of the year

7,334,254,424.02

Number of Class AC Shares outstanding Net asset value per Class AC Share

53,110,350.4915 137.80

Number of Class DC Shares outstanding Net asset value per Class DC Share

113,705.4253 137.72

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

93

MONYX FUND - Monyx Strategi Balanserad Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Interest on bonds and other debt securities, net Interest on bank accounts Other income

54,085,035.95 20,557.02 1,432,537.01

Total income

55,538,129.98

Expenses Management fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Interest paid on swap contracts Other expenses

105,739,144.11 13,201.35 1,769,510.31 3,361,671.77 123,696.34 14,326,777.63 669,401.38 39,653.86 78,776.96 4,169,622.54 308,880.54

Total expenses

130,600,336.79

Net investment loss

-75,062,206.81

Net realised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts - on foreign exchange

6,301,039.62 -44,759,272.08 395,607,987.20 -34,741,325.87 4,365,373.65

Realised result

251,711,595.71

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts

-92,689,002.79 12,174,935.54 -163,371,019.23 13,207,913.59

Result of operations

21,034,422.82

Subscriptions

979,880,963.84

Redemptions

-703,523,215.18

Total changes in net assets

297,392,171.48

Total net assets at the beginning of the year

7,036,862,252.54

Total net assets at the end of the year

7,334,254,424.02

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

94

MONYX FUND - Monyx Strategi Balanserad Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

7,334,254,424.02 7,036,862,252.54 4,951,979,182.03

Number of Class AC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

51,221,234.0729 6,794,606.9409 -4,905,490.5223 53,110,350.4915

Net asset value per Class AC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

137.80 137.37 120.64

Number of Class DC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

5,001.7536 123,813.4447 -15,109.7730 113,705.4253

Net asset value per Class DC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

137.72 137.35 -

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

95

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds EUR EUR

400,000 206,956

NOK NOK NOK NOK

5,000,000 20,000,000 5,000,000 3,000,000

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

17,000,000 13,000,000 42,000,000 15,000,000 24,000,000 10,000,000 5,000,000 19,090,900 4,000,000 10,000,000 30,000,000 35,000,000 20,000,000 9,000,000 50,000,000 10,000,000 12,000,000 8,000,000 5,000,000 5,000,000 25,000,000 30,000,000 35,000,000 10,000,000 12,000,000 5,000,000

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

25,000,000 10,000,000 20,000,000 18,000,000 10,000,000 20,000,000 50,000,000 20,000,000 10,000,000 5,000,000 11,000,000 6,000,000 4,000,000 10,000,000 8,000,000 10,000,000 2,000,000 15,000,000 20,000,000 7,000,000 27,000,000 25,000,000 19,000,000

European Energy AS FRN Sen 14/05.03.18 France 2.5% 10/25.07.16

3,762,318.52 1,902,672.07 5,664,990.59

3,333,638.17 1,925,748.16 5,259,386.33

0.05 0.03 0.08

Arion Bank FRN EMTN Reg S Sen 15/07.07.20 Citycon Treasury BV FRN Reg S 15/01.03.21 North Atlantic Drilling Ltd FRN 13/30.10.18 Ship Finance Intl Ltd FRN Sen 14/19.03.19

5,270,958.48 20,201,193.61 4,180,120.00 2,893,496.82 32,545,768.91

4,801,459.37 18,595,915.29 2,450,683.90 2,659,430.18 28,507,488.74

0.07 0.25 0.03 0.04 0.39

ABN AMRO Bank NV FRN EMTN 14/13.02.19 AF AB FRN Reg S 15/12.05.20 Akelius Residential Prop AB FRN Sen 14/09.03.18 Akelius Residential Prop AB FRN Sen 15/27.03.19 Aker ASA FRN Sen 14/24.07.19 Aktia Bank Plc FRN EMTN Reg S Sen 15/26.10.18 Aligera Holding AB FRN 14/07.05.19 Arise AB FRN Ser 102 14/25.04.19 Arla Foods amba 5% Sen 11/22.06.16 Atrium Ljungberg AB FRN Ser 104 15/28.04.17 Bank of Aland Plc FRN EMTN 14/16.12.19 Bank of Aland Plc FRN EMTN Reg S Ser 11 14/25.03.19 BillerudKorsnas AB FRN Ser 102 13/27.03.18 BMW Finance NV FRN EMTN Reg S Ser 864 14/27.11.17 BNP Paribas SA FRN EMTN 15/13.05.20 BPCE SA 2.125% EMTN 14/28.03.17 BPCE SA FRN EMTN Reg S Sen 14/14.03.17 BPCE SA FRN EMTN Sen 14/07.02.19 Castellum AB FRN MTN Ser 104 13/26.09.18 Castellum AB FRN Sen 15/13.03.20 Cooperatieve Rabobank UA FRN EMTN Ser 2850 14/19.05.17 CS AG London 0.875% EMTN Sen 14/12.12.17 CS AG London FRN EMTN Reg S Sen 15/29.05.19 CS AG London FRN EMTN Sen 14/12.12.17 Danske Bank A/S FRN EMTN Reg S Sub 07/15.02.Perpetual Danske Bank A/S FRN EMTN Reg S Sub Ser233 07/15.05.Perpetual Danske Bank A/S FRN EMTN Sub 13/05.06.24 Delarka AB 4.58% Sen 13/13.11.20 Deutsche Pfandbriefbank AG 2.5% EMTN Ser 15208 13/05.09.16 Deutsche Pfandbriefbank AG FRN EMTN Ser 35234 14/16.02.18 DNB Bank ASA 2.625% EMTN 14/30.01.19 DNB Bank ASA FRN EMTN Ser 606 14/30.01.19 DNB Bank ASA FRN EMTN Sub 15/28.05.25 Elekta AB 1.58% MTN Ser 102 15/26.03.20 Elekta AB 2.75% Conv Sen 12/25.04.17 Elekta AB FRN MTN Ser 101 15/26.03.20 Fastighets Balder AB 2.327% Ser 1O3 14/21.05.18 Fastighets Balder AB FRN Ser 102 14/12.03.19 FastPartner AB FRN Sen 14/21.03.18 Fortum Varme Hg SM St stad AB 1.5% MTN 14/16.09.19 Heimstaden AB FRN 14/16.09.19 Hemso Fastighets AB FRN Ser MTN 15/21.10.19 Hexagon AB 1.625% Sen 15/17.09.20 Hexagon AB 1.625% Ser 103 14/26.11.19 Hexagon AB FRN MTN 15/10.03.17 Hoist Kredit AB FRN Sen 13/18.12.16 Hufvudstaden AB 3% MTN Ser 103 13/22.01.18 Ikano Bank AB 3.1% 14/25.03.19 Ikano Bank AB FRN MTN Sen 14/14.11.18

16,998,300.00 13,000,000.00 42,377,000.00 15,000,000.00 24,090,222.00 10,000,000.00 4,875,000.00 18,120,618.08 4,272,160.00 10,000,000.00 30,000,000.00 35,077,250.00 21,019,600.00 8,981,550.00 51,506,000.00 10,233,900.00 12,047,280.00 8,000,000.00 5,132,850.00 4,980,000.00 25,032,000.00 30,082,800.00 35,000,000.00 10,000,000.00 12,680,200.00 4,819,000.00

17,011,305.00 12,832,690.00 42,203,070.00 15,199,575.00 23,322,120.00 9,983,700.00 4,725,000.00 18,116,786.83 4,084,420.00 9,963,100.00 29,814,600.00 34,877,325.00 20,702,800.00 8,909,550.00 50,481,000.00 10,186,350.00 12,000,960.00 7,962,040.00 5,033,375.00 4,879,400.00 24,916,375.00 30,088,500.00 34,403,075.00 9,954,150.00 12,506,040.00 4,875,000.00

0.23 0.17 0.58 0.21 0.32 0.14 0.06 0.25 0.06 0.14 0.41 0.48 0.28 0.12 0.69 0.14 0.16 0.11 0.07 0.07 0.34 0.41 0.47 0.14 0.17 0.07

25,250,000.00 10,675,000.00 20,693,600.00 18,000,000.00 9,979,200.00 20,169,600.00 50,000,000.00 20,000,000.00 9,962,500.00 5,027,650.00 11,000,000.00 5,955,000.00 3,926,000.00 9,944,200.00 7,989,161.29 10,000,000.00 1,998,280.00 14,953,650.00 20,000,000.00 6,982,500.00 27,604,470.00 25,063,400.00 19,000,000.00

25,649,000.00 10,475,000.00 20,330,200.00 17,809,200.00 10,460,800.00 19,835,000.00 48,778,250.00 19,670,500.00 10,214,450.00 4,936,150.00 10,908,590.00 5,914,410.00 3,934,960.00 10,078,950.00 7,887,000.00 9,965,250.00 1,967,140.00 15,021,675.00 20,038,800.00 7,169,540.00 28,246,995.00 26,321,000.00 18,823,965.00

0.35 0.14 0.28 0.24 0.14 0.27 0.66 0.27 0.14 0.07 0.15 0.08 0.05 0.14 0.11 0.14 0.03 0.20 0.27 0.10 0.38 0.36 0.26

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

96

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

Number / nominal value 11,000,000 34,000,000 14,000,000 19,000,000 10,000,000 90,000,000 17,000,000 135,000,000 100,000,000 20,000,000 20,000,000 10,000,000 20,000,000 20,000,000 14,000,000 20,000,000 16,000,000 140,000,000 125,000,000 30,000,000 20,000,000 15,000,000 17,000,000 4,000,000 20,000,000 110,000,000 10,000,000 22,000,000 3,000,000 22,000,000 8,000,000 30,000,000 12,000,000 20,000,000 25,000,000 20,000,000 20,000,000 15,000,000 16,000,000 12,000,000 90,000,000 24,000,000 50,000,000 8,000,000 10,000,000 20,000,000 13,000,000 75,000,000 120,000,000 35,000,000 18,000,000 20,000,000 20,000,000 10,000,000 70,000,000 120,000,000 70,000,000 85,000 1,455,000 1,270,000 1,580,000 2,295,000 2,365,000 54,000,000 120,000,000 30,000,000

Description

Cost

Ikano Bank FRN MTN Ser 111 15/15.04.20 Islandsbanki HF FRN EMTN Sen 15/13.02.19 Jyske Bank AS FRN EMTN Reg S Ser 167 13/03.10.16 Klovern AB FRN MTN 13/04.04.18 Landsbankinn hf FRN EMTN Reg S Sen 15/08.06.19 Landshypotek Bank AB 0.65% Ser 519 15/03.02.20 Lansforsakringar Bank 2.75% Ser 754 14/22.01.19 Lansforsakringar Hypotek AB 2.5% Ser 512 13/19.06.19 Lansforsakringar Hypotek AB 3.25% Ser 513 13/16.09.20 Lantmannen Ekonomisk Forening FRN Reg S Ser 1 15/07.12.20 Leaseplan Corp NV 1% EMTN Sen 15/05.04.19 Leaseplan Corp NV 3% EMTN 13/19.09.16 Leaseplan Corp NV 3.0825% EMTN 14/31.01.19 Leaseplan Corp NV FRN EMTN 15/05.06.20 Lifco AB FRN 15/03.04.18 Loomis AB 1.875% Reg S Ser DMTN 14/18.12.19 Mortgage Society of Finland FRN EMTN Sen 13/23.05.16 Nordea Hypotek AB 2% Ser 5529 12/20.06.18 Nordea Hypotek AB 2.25% Ser 5530 13/19.06.19 Nykredit Realkredit AS FRN Sen 15/01.07.19 Olav Thon Eiendomsselkap ASA FRN 15/28.05.18 Pohjola Bank Plc FRN Reg S Sub 15/25.08.25 PostNord AB 3.125% Ser 102 12/20.09.17 Real People Inv Holdings Ltd FRN Sen 13/19.09.18 Realkredit Danmark A/S FRN 15/01.10.18 Realkredit Danmark A/S FRN Ser 15G 14/01.10.19 Resurs Bk AB FRN Sen 15/03.04.18 Rodamco Sverige AB FRN EMTN Sen 13/10.12.18 Saab AB 3.25% 13/10.12.18 Saab AB FRN EMTN 13/10.12.18 Saab AB FRN Ser 106 14/12.12.19 Sampo Plc FRN EMTN Reg S Sen 15/28.05.20 Sampo Plc FRN EMTN Sen 13/29.05.18 Santander Consumer Bank AS FRN EMTN Reg S Sen 15/12.06.18 Santander Consumer Bank AS FRN EMTN Sen 15/10.08.17 SBAB Bank AB FRN EMTN Sub 15/10.11.25 SBAB Bank AB FRN Sen 15/22.04.20 Scania CV AB 0.875% EMTN Sen 14/03.12.18 SeaDrill Ltd FRN 14/18.03.19 Sefyr Vearme AB 7% Sen 12/24.02.17 Skandiabanken AB 0.42% Ser 551 15/21.03.18 Skandiabanken AB FRN Ser DMTN 14/28.02.20 Skandinaviska Enskilda Banken FRN Ser 471 13/02.10.18 Sparbanken Oresund AB FRN EMTN Sen 13/21.08.17 Sparbanken Oresund AB FRN Sub Ser122 12/21.11.22 Sparbanken Skane AB FRN Reg S Sen 15/09.04.18 Sparbanken Syd FRN Sen 15/12.06.20 Sparebank 1 Naeringskreditt AS FRN 13/10.10.18 Stadshypotek AB 3% Ser 1580 12/21.03.18 Stadshypotek AB 3% Ser SH1581 12/19.12.18 Steen & Stroem Asa FRN Sen 14/08.12.17 Svensk Fastighets Finansier AB 0.605% Ser 102 15/09.03.17 Svensk Fastighets Finansier AB 0.858% Ser 104 15/09.03.18 Swedbank AB FRN EMTN Reg S Ser 270 15/11.05.20 Swedbank Mortgage AB 3.75% MTN Ser 186 10/20.12.17 Swedbank Mortgage AB 3.75% MTN Ser 188 11/19.06.19 Swedbank Mortgage AB 5.7% 08/12.05.20 Sweden 3% Ser 1050 05/12.07.16 Sweden 3.5% Ser 1054 10/01.06.22 Sweden 3.5% T-Bonds Ser 1053 09/30.03.39 Sweden 3.75% T-Bonds Ser 1051 06/12.08.17 Sweden 4.25% Ser 1052 07/12.03.19 Sweden 5% Ser 1047 04/01.12.20 Sweden ILB Ser 3108 11/01.06.22 Swedish Covered Bond Corp 4% Ser 134 09/21.03.18 Swedish Covered Bond Corp FRN EMTN Ser 069 14/04.02.19

11,000,000.00 34,415,400.00 14,147,560.00 19,246,540.00 10,000,000.00 89,071,200.00 18,350,310.00 144,958,800.00 109,542,000.00 20,000,000.00 19,968,600.00 10,000,000.00 20,000,000.00 20,000,000.00 14,000,000.00 19,972,600.00 16,061,740.00 146,981,800.00 132,240,000.00 30,224,400.00 20,000,000.00 15,000,000.00 17,376,890.00 3,060,000.00 20,025,000.00 110,267,700.00 10,000,000.00 22,316,200.00 2,991,810.00 22,255,560.00 8,045,280.00 30,000,000.00 12,000,000.00 20,000,000.00 25,000,000.00 20,000,000.00 20,000,000.00 14,953,050.00 13,177,777.78 12,535,000.00 90,399,600.00 23,987,520.00 50,688,500.00 8,000,000.00 10,609,000.00 20,000,000.00 13,000,000.00 75,817,600.00 129,009,600.00 37,854,950.00 18,000,000.00 20,059,000.00 20,000,000.00 10,251,800.00 77,084,000.00 134,674,800.00 84,274,400.00 90,585.20 1,651,366.80 1,495,285.30 1,743,308.80 2,650,885.65 2,940,972.10 52,749,540.00 132,165,600.00 30,210,300.00

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

97

Market value 10,802,660.00 34,850,000.00 14,015,680.00 19,377,245.00 10,025,000.00 88,363,800.00 17,902,615.00 143,366,625.00 109,119,000.00 19,976,500.00 19,489,800.00 10,154,500.00 20,819,800.00 19,093,600.00 14,009,100.00 20,041,400.00 16,041,520.00 146,168,400.00 131,880,625.00 30,013,350.00 19,853,900.00 14,745,600.00 17,720,800.00 2,395,000.00 19,875,100.00 108,465,500.00 10,072,650.00 22,099,110.00 3,169,845.00 22,131,560.00 7,978,640.00 29,563,950.00 12,197,760.00 19,865,200.00 24,922,375.00 19,875,200.00 19,614,500.00 14,825,700.00 7,602,480.00 12,375,000.00 90,189,900.00 23,353,680.00 50,165,500.00 8,171,320.00 10,295,200.00 19,976,000.00 12,941,175.00 75,295,125.00 127,624,800.00 37,652,125.00 17,980,650.00 20,037,200.00 20,033,900.00 10,072,800.00 75,113,150.00 132,742,200.00 83,837,250.00 86,562.73 1,719,591.75 1,594,351.65 1,687,242.50 2,617,677.00 2,906,573.18 57,946,860.00 130,231,800.00 29,956,800.00

% of total net assets 0.15 0.47 0.19 0.26 0.14 1.20 0.24 1.95 1.49 0.27 0.27 0.14 0.28 0.26 0.19 0.27 0.22 1.99 1.80 0.41 0.27 0.20 0.24 0.03 0.27 1.48 0.14 0.30 0.04 0.30 0.11 0.40 0.17 0.27 0.34 0.27 0.27 0.20 0.10 0.17 1.23 0.32 0.68 0.11 0.14 0.27 0.18 1.03 1.74 0.51 0.24 0.27 0.27 0.14 1.02 1.81 1.14 0.00 0.02 0.02 0.02 0.04 0.04 0.79 1.78 0.41

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

24,000,000 6,000,000 10,000,000 18,000,000 25,000,000 27,000,000 20,000,000 22,000,000 10,000,000 13,000,000 5,000,000 5,000,000 20,000,000 14,000,000 3,000,000

Description Swedish Match AB FRN EMTN Reg S Ser 33 13/15.02.19 Tele2 AB 4.875% EMTN Reg S Ser 1 12/15.05.17 TeliaSonera AB 1.125% EMTN Sen 14/04.12.19 Trelleborg Treasury AB 2% Sen 14/18.01.21 TVO Power Co 5.3% EMTN Reg S Ser 3 09/28.03.17 Vacse AB 2.75% 14/03.06.19 Vasakronan AB 3.89% Ser 411 11/14.11.17 Vattenfall AB VAR Reg S Sub 15/19.03.77 Volvo Treasury AB FRN EMTN 14/15.04.19 Volvo Treasury AB FRN EMTN Reg S 15/11.09.17 VolvoFinans Bank AB 1.04% DMTN Sen 15/13.02.20 VolvoFinans Bank AB FRN MTN Sen 14/29.06.18 VolvoFinans Bank AB FRN Ser MTN 14/27.11.19 Wallenstam Byggnads AB 2.125% Ser 2 14/05.06.17 YA Holding AB FRN Sen 14/18.06.19

Total bonds

Cost

Market value

% of total net assets

24,052,133.74 6,580,020.00 9,971,000.00 17,961,480.00 27,323,650.00 27,598,401.82 21,153,600.00 22,023,100.00 10,092,980.00 13,057,980.00 5,000,000.00 5,000,000.00 20,000,000.00 13,977,880.00 2,805,000.00 3,412,690,998.56

24,468,480.00 6,354,420.00 9,908,900.00 17,819,640.00 26,240,500.00 28,256,310.00 21,227,200.00 20,194,350.00 10,004,600.00 12,987,000.00 4,908,000.00 4,969,450.00 19,702,700.00 14,256,550.00 2,505,000.00 3,386,362,755.64

0.33 0.09 0.13 0.24 0.36 0.38 0.29 0.28 0.14 0.18 0.07 0.07 0.27 0.19 0.03 46.15

3,450,901,758.06

3,420,129,630.71

46.62

2,044,340.00 9,924,200.00 11,968,540.00

2,009,700.00 9,932,000.00 11,941,700.00

0.03 0.14 0.17

20,000,000.00 20,000,000.00

19,839,600.00 19,839,600.00

0.27 0.27

0.00 0.00

0.00 0.00

0.00 0.00

243,910,115.62 386,606,994.12 630,517,109.74

247,793,374.91 355,643,448.17 603,436,823.08

3.38 4.85 8.23

4,113,387,407.80

4,055,347,753.79

55.29

3,796,464.87 6,401,394.05 2,051,529.91 11,271,872.63 4,763,986.11 2,537,218.81 2,311,854.81 4,541,945.61 5,220,599.18 2,425,832.39 2,062,825.24

0.05 0.09 0.03 0.15 0.06 0.03 0.03 0.06 0.07 0.03 0.03

Transferable securities dealt in on another regulated market Bonds SEK SEK

Total bonds

2,000,000 10,000,000

Arla Foods amba FRN Sen 11/22.06.16 Gjensidige Bank ASA FRN Sen 15/21.09.18

Other transferable securities Bonds SEK

Total bonds

20,000,000

Stangastaden AB FRN Reg S Sen 15/09.09.20

Warrants and rights CAD

3,963

Total warrants and rights

Iona Energy Inc Call Wts 27.09.18

Open-ended investment funds Investment funds (UCITS) SEK SEK

2,265,643 3,792,721

Monyx Fd Aktiv Ränta AC Cap Monyx Fd Genesis RC Cap

Total investment funds (UCITS) Total investments in securities

Swap contracts at market value Exposures through SFMAMXAC swap Securities AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

45,845.32 37,197.91 35,802.21 21,389.1 7,342.02 98,513.69 67,483.98 8,906.03 28,056.17 174,981.93 26,592.04

Amcor Ltd ANZ Banking Group Ltd Coca-Cola Amatil Ltd Commonwealth Bank of Australia CSL Ltd Harvey Norman Holdings Ltd Insurance Australia Group Ltd Macquarie Group Ltd National Australia Bank Ltd Orora Ltd QBE Insurance Group Ltd

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

98

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

AUD AUD AUD AUD AUD AUD

8,421.25 41,899.98 18,000.47 35,883.22 18,761.47 19,775.79

Rio Tinto Ltd Suncorp Group Ltd Wesfarmers Ltd Westpac Banking Corp Woodside Petroleum Ltd Woolworths Ltd

2,319,884.86 3,134,133.83 4,614,947.22 7,419,905.41 3,319,986.70 2,985,279.90 71,179,661.53

0.03 0.04 0.06 0.10 0.05 0.04 0.95

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

7,212.97 10,902.47 23,702.27 10,933.67 15,182.15 2,549.65 10,716.81 14,112.99 14,772.85 12,528.11 4,452.76 14,129.09 10,112.55 20,150.63 6,286.69 5,266.08 10,046.64 29,710.23 8,905.52 15,194.73 4,353.14 11,977.68 10,188.52 6,971.72 18,812.29 18,895.05 18,387.89 11,621.96 3,374.29

Bank of Montreal Bank of Nova Scotia CAE Inc Canadian National Railway Co Canadian Natural Resources Ltd Canadian Pacific Railway Ltd Enbridge Inc EnCana Corp First Capital Realty Inc Fortis Inc Franco Nevada Corporation Goldcorp Inc Great-West Lifeco Inc H&R REIT Units Cons 1 Imperial Oil Ltd Loblaw Co Ltd Magna International Inc Manulife Financial Corp National Bank of Canada Potash Corp of Saskatschew Inc Restaurant Brands Intl Inc When Issued Royal Bank Canada Silver Wheaton Corp SNC-Lavalin Group Inc Sun Life Financial Inc Suncor Energy Inc Toronto Dominion Bank (The) Transcanada Corp Valeant Pharm Intl Inc

3,440,702.94 3,721,004.11 2,210,830.68 5,125,784.32 2,786,997.83 2,727,934.57 2,950,613.06 586,969.05 1,659,993.72 2,845,983.99 1,720,078.88 1,378,889.01 2,122,616.20 2,476,253.33 1,717,890.85 2,097,661.06 3,433,795.22 3,766,623.39 2,184,957.75 2,197,075.75 1,353,905.61 5,432,783.34 1,052,554.63 1,743,990.33 4,958,733.92 4,077,502.37 6,083,461.39 3,165,195.06 2,931,319.87 81,952,102.23

0.05 0.05 0.03 0.07 0.04 0.04 0.04 0.01 0.02 0.04 0.02 0.02 0.03 0.03 0.02 0.03 0.05 0.05 0.03 0.03 0.02 0.07 0.01 0.02 0.07 0.06 0.08 0.04 0.04 1.11

CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF

7,841.39 28,217.67 1,808.78 490.31 33,583.63 22,217.52 6,562.67 9,523.63 1,420.1 55,197.38

Cie Financière Richemont SA Credit Suisse Group AG Reg Geberit AG Reg Givaudan SA Reg Nestlé SA Reg Novartis AG Reg Roche Holding AG B de jouis Pref Swiss Prime Site AG Reg Syngenta AG Reg UBS Group Inc

4,769,215.70 5,162,969.44 5,190,845.44 7,540,035.76 21,120,006.71 16,267,994.39 15,301,608.10 6,306,534.12 4,699,559.50 9,089,020.16 95,447,789.32

0.07 0.07 0.07 0.10 0.29 0.22 0.21 0.09 0.06 0.12 1.30

DKK DKK DKK

228.93 24,281.64 24,812.19

A.P. Moeller - Maersk A/S B Novo Nordisk AS B Tryg A/S

2,522,145.17 11,919,758.27 4,184,947.33 18,626,850.77

0.03 0.16 0.06 0.25

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

8,476.85 10,026.01 68,061.83 10,031.29 12,667.98 5,913.37 81,839.99 12,992.25 132,984.1 618,878.43 16,883.01

Airbus Gr SE Akzo Nobel NV Alcatel-Lucent Amadeus IT Holding SA A Anheuser-Busch InBev SA ASML Holding NV Banco Bilbao Vizcaya Argent SA Reg Banco Pop Societa Cooperativa Banco Santander SA Bank of Ireland Plc BASF SE Reg

4,814,604.13 5,665,090.17 2,227,773.84 3,738,742.56 13,276,016.84 4,471,841.01 5,052,373.29 1,524,642.27 5,552,754.29 1,916,269.01 10,937,712.60

0.07 0.08 0.03 0.05 0.18 0.06 0.07 0.02 0.08 0.03 0.15

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

99

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

10,450.15 8,992.31 14,306.44 18,211.04 15,844.03 25,106.02 39,396.62 76,897.67 14,805.05 80,373.59 33,661.36 32,209.81 8,133.96 1,859.34 94,042.81 37,467.59 66,962.48 213,033.92 3,060.33 118,970.48 5,121.18 3,489.25 3,886.48 65,675.21 9,548.28 40,962.89 5,502.56 18,504.11 18,504.11 28,241.83 13,506.96 8,169.18 14,131.35 14,102.17 13,100.43 14,989.2 13,920.04 295,290.75 48,819.87 97,103.65 29,443.82 64,746.16 33,217.35 19,162.72

Bayer AG Reg Bayerische Motorenwerke AG BNP Paribas SA A Daimler AG Reg Danone Deutsche Bank AG Reg Deutsche Telekom AG Reg EDP-Energias de Portugal SA Reg Enagas SA ENEL SpA Engie SA ENI SpA Essilor Intl SA Hermes Intl SA Iberdrola SA Infineon Technologies AG Reg ING Groep NV Certif Intesa Sanpaolo SpA Kering Koninklijke KPN NV L'Oréal SA Linde AG LVMH Moët Hennessy L Vuit SE Nokia Oyj OMV AG Orange SA Red Electrica Corporacion SA Repsol SA Repsol SA Droits d'attribut 07.01.16 Royal Philips NV RWE AG A Salzgitter AG Sanofi SA SAP SE Schneider Electric SE Siemens AG Reg Société Générale Telecom Italia SpA Telefonica SA Terna Rete Elettr Nazional SpA Total SA Unicredit SpA Post Raggruppamento Unilever NV Certif of Shares Zardoya Otis SA

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

28,410.88 30,342.92 10,265.5 7,592.84 70,903.05 243,103.89 46,786.44 51,793.16 199,530.48 26,049.66 86,697.02 33,917.21 40,144.03 17,869.16 51,684.48 152,930.2 206,258.93 13,851.61 5,850.22 20,435.66

Anglo American Plc ARM Holdings Plc Associated British Foods Plc AstraZeneca Plc Aviva Plc Barclays Plc BG Group Plc BHP Billiton Plc BP Plc British American Tobacco Plc BT Group Plc Capita Plc Diageo Plc Experian Plc GlaxoSmithKline Plc Glencore Plc HSBC Holdings Plc Indivior Plc Intercontinental Hotels Gr Plc John Wood Group Plc

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

100

Market value

% of total net assets

11,085,763.19 8,042,464.20 6,845,200.33 12,942,521.57 9,039,589.34 5,180,565.67 6,023,511.35 2,339,464.72 3,526,287.68 2,865,633.51 5,034,070.85 4,071,943.37 8,572,809.45 5,310,069.56 5,642,886.94 4,635,374.42 7,637,220.29 6,026,435.08 4,428,149.64 3,805,816.72 7,285,775.38 4,280,037.59 5,158,926.07 3,967,808.19 2,285,593.28 5,810,803.35 3,886,955.79 1,715,470.51 77,806.42 6,095,403.71 1,448,935.10 1,700,657.47 10,175,147.42 9,479,776.64 6,307,760.29 12,341,728.13 5,428,482.13 3,178,499.50 4,577,400.32 4,230,696.00 11,130,390.94 3,045,712.57 12,203,878.38 1,892,388.79 309,939,631.86

0.15 0.11 0.09 0.18 0.12 0.07 0.08 0.03 0.05 0.04 0.07 0.06 0.12 0.07 0.08 0.06 0.10 0.08 0.06 0.05 0.10 0.06 0.07 0.05 0.03 0.08 0.05 0.02 0.00 0.08 0.02 0.02 0.14 0.13 0.09 0.17 0.07 0.04 0.06 0.06 0.15 0.04 0.17 0.03 4.22

1,059,773.63 3,927,146.51 4,273,568.86 4,368,099.62 4,557,416.61 6,628,905.01 5,740,640.81 4,903,318.41 8,798,662.02 12,236,653.90 5,094,178.41 5,103,770.72 9,283,677.42 2,673,321.38 8,839,644.59 1,723,653.52 13,776,652.17 324,040.97 1,937,008.63 1,559,189.21

0.01 0.05 0.06 0.06 0.06 0.09 0.08 0.07 0.12 0.17 0.07 0.07 0.13 0.04 0.12 0.02 0.19 0.00 0.03 0.02

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

81,782.38 31,378.13 679,709.94 758.98 43,290.9 11,432.78 50,900.34 13,864.19 37,059.8 3,435,443.44 37,464.07 22,914.61 14,812.35 7,376.24 67,140.34 32,993.95 119,477.64 336,185.72 8,589.05

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

21,763.18 161,456.61 33,900.35 590,002.4 220,575.44 15,485.29 130,620.61 123,815.94 243,146.91 47,048.33 106,041.37 174,638.29 870,077.54 241,068.45 19,021.84 101,282.2 57,282.13 45,100.68 100,800.95 64,973.08 585,351.4 72,581.26 156,885.61 27,845.1 53,936.52 40,977.98 442,902.8 58,579.97 229,486.75 77,007.86 47,048.33 24,628.04 219,249.42 123,659.46 143,703.17 46,455.88 21,270.61 39,496.24 58,070.04 89,563.64 40,838.36 154,015.97 24,030.32 165,500.32 14,749.96

Description

Cost

Kingfisher Plc Land Securities Group Plc Reits Lloyds Banking Group Plc Lonmin Plc Prudential Plc Reckitt Benckiser Group Plc Relx Plc Rio Tinto Plc Rolls-Royce Holdings PLC Rolls-Royce Holdings Plc Pref C Entitlement 01 2016 Royal Dutch Shell Plc A Royal Dutch Shell Plc B SABMiller Plc Shire Plc South32 Ltd Standard Chartered Plc Tesco Plc Vodafone Group Plc Whitbread Plc AAC Technologies Hgs Inc AIA Group Ltd Anta Sports Products Ltd Bank of China Ltd H Bank of Communications Co Ltd H Beijing Enterprises Hgs Ltd Beijing Enterprises Wat Gr Ltd Belle Intl Hgs Ltd Bosideng International Hgs Ltd Cheung Kong Property Hgs Ltd China BlueChemical Ltd H China Com Construction Cie Ltd H China Construction Bank Corp H China Huishan Dairy Hgs Co Ltd China Intl Marine Cont Gr Ltd H China Life Insurance Co Ltd H China Mengniu Dairy Co Ltd China Merchant Hgs Intl Co Ltd China MinSheng Banking Corp H China Mobile Ltd China Oversea Property Hgs Ltd China Overseas Land & Inv Ltd China Petroleum & Chem Corp H China Resources Gas Group Ltd China Resources Land Ltd China Resources Pow Hgs Co Ltd China Shipping Con Line Co Ltd H China Taiping Insurance Hdgs Co Ltd China Telecom Corp Ltd H China Unicom (Hong Kong) Ltd CK Hutchison Holdings Ltd CLP Holdings Ltd CNOOC Ltd Cosco Pacific Ltd Dah Chong Hong Holdings Ltd Dongfeng Motor Group Co Ltd H ENN Energy Hgs Ltd Galaxy Entertainment Gr Ltd Great Wall Motor Co Ltd H Guangdong Investment Ltd Haier Electronics Group Co Ltd Hanergy Thin Film Power Gr Ltd Hengan Intl Group Co Ltd Hong Kong and China Gas Co Ltd Hong Kong Sec Clearing Co Ltd

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

101

Market value

% of total net assets

3,356,752.06 4,600,527.38 6,186,810.95 7,894.45 8,256,118.51 8,945,089.55 7,589,601.26 3,418,645.22 2,654,453.06 427.94 7,121,535.26 4,404,357.46 7,508,774.97 4,316,701.57 439,083.34 2,316,789.09 2,225,009.89 9,254,983.56 4,708,695.01 194,121,572.93

0.05 0.06 0.08 0.00 0.11 0.12 0.10 0.05 0.04 0.00 0.10 0.06 0.10 0.06 0.01 0.03 0.03 0.13 0.06 2.65

1,194,147.10 8,166,876.45 783,787.03 2,215,869.18 1,307,266.21 789,167.68 769,884.86 782,192.73 176,830.76 2,573,883.85 242,868.97 1,501,339.45 5,014,951.31 777,161.13 292,781.11 2,753,943.93 785,923.84 1,206,741.58 840,311.06 6,171,002.68 806,927.70 2,142,928.38 796,972.27 699,703.50 1,323,139.40 670,758.40 1,038,428.07 1,526,070.60 906,720.08 789,916.35 5,341,830.38 1,760,353.77 1,920,552.71 1,146,303.09 609,898.21 522,413.87 954,706.23 1,048,211.38 569,185.88 1,067,451.89 696,843.19 653,667.29 1,909,346.92 2,730,591.08 3,178,085.49

0.02 0.11 0.01 0.03 0.02 0.01 0.01 0.01 0.00 0.04 0.00 0.02 0.07 0.01 0.00 0.04 0.01 0.02 0.01 0.08 0.01 0.03 0.01 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.07 0.02 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.04 0.04

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

87,128.71 60,904.71 748,145.35 128,067.69 52,253.78 23,647.43 25,192.82 75,381.97 36,719.18 41,055.97 41,792.56 43,735.42 146,691.81 169,815.22 35,909.13 58,097.21 116,569.01

Huaneng Power Intl Inc H Hysan Development Co Ltd Industr & Cial Bk of China Ltd H Lenovo Group Ltd Link Real Esta Inv Trust (The) Units New China Life Ins Co Ltd H PetroChina Co Ltd H Ping An Ins Gr Co of China Ltd H Power Assets Holdings Ltd Sands China Ltd Shanghai Pharmaceuti Hg Co Ltd H Shimao Property Hgs Ltd Sihuan Pharm Hgs Group Ltd Sino Ocean Land Hgs Ltd Sinopharm Group Co Ltd H Tencent Holdings Ltd Want Want China Holdings Ltd

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

39,370.46 23,219.76 2,490.53 22,792.1 6,817.5 43,772.9 5,861.54 7,848.93 3,798.68 1,056.59 16,553.2 34,464.87 69,181.31 89,809.92 31,924.03 24,821.5 33,483.76 19,672.65 12,779.68 21,106.59 1,182.37 24,452.45 27,672.53 23,169.45 8,352.07 8,251.44 96,451.33 15,723.03 23,899 20,377.04 66,309.16 160,123.3 16,100.38 348,749.29 4,729.49 16,226.16 9,418.97 108,325.36 30,313.99 40,552.83 79,244.05 16,377.1 103,394.62 9,157.09 11,094.17 19,169.51 32,955.46

Astellas Pharma Inc Canon Inc Central Japan Railway Co Daiichi Sankyo Co Ltd Daikin Industries Ltd Daiwa Securities Group Inc East Japan Railway Co Eisai Co Ltd Fanuc Corp Fast Retailing Holdings Co Ltd Fuji Heavy Industries Ltd Fujitsu Ltd f*ckuoka Financial Group Inc Hitachi Ltd Honda Motor Co Ltd Isetan Mitsukoshi Holdings Ltd Itochu Corp Japan Tobacco Inc Kao Corp KDDI Corp Keyence Corp Komatsu Ltd Kubota Corp Kurita Water Industries Ltd Kyocera Corp Mabuchi Motor Co Ltd Marubeni Corp Mazda Motor Corp Mitsubishi Electric Corp Mitsubishi Estate Co Ltd Mitsubishi Heavy Ind Ltd Mitsubishi UFJ Fin Group Inc Mitsui Fudosan Co Ltd Mizuho Financial Group Inc Murata Manufacturing Co Ltd Nippon Steel & Sumi Metal Corp Nitto Denko Corp Nomura Holdings Inc Orix Corp Panasonic Co Ltd Resona Holdings Inc Seven & I Holdings Co Ltd Sharp Corp Shin-Etsu Chemical Co Ltd Softbank Group Corp Sony Corp Sumitomo Metal Mining Co Ltd

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

102

Market value

% of total net assets

632,705.54 2,098,982.78 3,800,546.71 1,094,028.32 2,631,782.07 835,505.29 138,916.77 3,518,440.37 2,841,820.98 1,183,191.49 761,211.16 654,179.25 696,942.02 916,109.20 1,212,214.52 9,616,994.36 730,084.53 106,521,592.40

0.01 0.03 0.05 0.01 0.04 0.01 0.00 0.05 0.04 0.02 0.01 0.01 0.01 0.01 0.02 0.13 0.01 1.45

4,776,864.28 5,979,503.29 3,769,597.76 4,009,539.42 4,252,204.64 2,284,520.09 4,702,918.71 4,434,629.26 5,611,172.48 3,156,985.24 5,830,970.49 1,465,695.55 2,932,878.91 4,351,775.32 8,746,704.29 2,758,551.98 3,383,369.12 6,163,359.32 5,601,406.50 4,664,764.41 5,557,724.01 3,413,199.42 3,661,008.52 4,125,440.81 3,309,024.27 3,839,264.10 4,224,814.76 2,780,836.36 2,147,766.40 3,603,249.98 2,477,964.30 8,494,889.21 3,447,778.75 5,950,620.49 5,822,850.98 2,747,025.62 5,882,049.60 5,154,823.75 3,644,045.86 3,525,071.02 3,282,850.03 6,369,128.87 905,644.80 4,245,888.48 4,772,459.90 4,032,475.38 3,416,585.79

0.07 0.08 0.05 0.05 0.06 0.03 0.06 0.06 0.08 0.04 0.08 0.02 0.04 0.06 0.12 0.04 0.05 0.08 0.08 0.06 0.08 0.05 0.05 0.06 0.05 0.05 0.06 0.04 0.03 0.05 0.03 0.12 0.05 0.08 0.08 0.04 0.08 0.07 0.05 0.05 0.04 0.09 0.01 0.06 0.07 0.06 0.05

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency JPY JPY JPY JPY JPY JPY JPY

Number / nominal value 10,716.81 7,295.48 14,012.36 18,943.1 100,124.23 10,515.56 34,414.56

Description

Cost

Sumitomo Mitsui Fin Group Inc Sumitomo Realty & Dev Co Ltd Takeda Pharmaceutical Co Ltd Tokio Marine Holdings Inc Toshiba Corp Toyota Industries Corp Toyota Motor Corp Amorepacific Gr Inc BNK Financial Group Inc BNK Financial Group Inc Droits de sousc 14.01.16 E-MART Co Ltd (tentative) Hankook Tire Co Ltd Hotel Shilla Co Ltd Hyundai Dpt Store Co Ltd Hyundai Heavy Industrie Co Ltd Hyundai Motor Co Ltd KB Financial Gr Inc Kia Motors Corp Korea Electric Power Corp Korean Air Lines Co Ltd KT&G Corp Kwangju Bank Co Ltd LG Chem Ltd LG Display Co Ltd LG Household & Health Care Ltd Lotte Confectionery Co Ltd NAVER Corp NCsoft Corp NH Investment & Sec Orion Corp Posco S-1 CORP Samsung C&T Corp Samsung Electro-Mechanics Co Ltd Samsung Electronics Co Ltd Samsung Electronics Co Ltd Pref Samsung Fire & Marine Insur Samsung Life Insurance Co Ltd Samsung SDI Co Ltd Shinsegae Co Ltd SK Holdings Co Ltd SK Hynix Inc Yuhan Corp

Market value

% of total net assets

3,458,912.67 1,776,474.07 5,955,141.23 6,254,697.68 1,753,296.61 4,811,666.60 18,057,515.57 241,779,596.95

0.05 0.02 0.08 0.09 0.02 0.07 0.25 3.34

978,624.54 184,278.42 6,368.52 525,253.76 1,115,121.26 402,399.01 668,985.55 410,468.35 2,821,969.24 1,393,664.67 1,163,209.22 1,666,662.80 480,923.46 2,276,915.37 201,802.56 1,849,518.13 1,377,045.44 1,450,538.97 1,627,472.71 1,881,923.22 811,109.23 645,626.01 1,357,005.83 947,909.41 1,668,926.03 1,349,303.44 538,789.25 10,353,221.90 747,702.11 1,834,165.51 1,059,375.52 775,336.82 697,118.52 633,769.87 734,938.40 1,495,994.23 48,133,437.28

0.01 0.00 0.00 0.01 0.02 0.01 0.01 0.01 0.04 0.02 0.02 0.02 0.01 0.03 0.00 0.03 0.02 0.02 0.02 0.03 0.01 0.01 0.02 0.01 0.02 0.02 0.01 0.14 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.68

KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

924.77 3,060.83 669.68 388.67 3,314.67 728.04 739.61 653.83 2,648.76 5,879.66 3,092.78 4,661.81 2,428.14 3,047.25 3,684.47 787.41 7,844.66 193.2 99.87 399.99 532.57 8,939.99 162.76 796.21 2,341.1 1,347.9 1,197.97 1,149.16 95.85 834.2 1,346.9 951.18 423.89 368.55 3,342.59 767.79

NOK NOK

25,601.61 13,708.21

Telenor ASA TGS Nopec Geophysical Co ASA

3,625,203.81 1,850,777.56 5,475,981.37

0.05 0.03 0.08

PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN

4,620.05 2,412.54 14,205.57 14,633.48 10,275.56 1,434.95 3,173.28 1,137.59 12,883.57 7,138 52,019.07

Alior Bank SA Bank Polska Kasa Opieki SA Cyfrowy Polsat SA ENEA SA Eurocash SA Grupa Azoty SA KGHM Polska Miedz SA mBank SA PKO Bank Polski SA Polski Koncern Naftowy Orle SA Tauron Polska Energia SA

658,417.50 741,923.79 635,655.32 354,371.53 1,068,021.66 305,978.83 431,764.51 765,506.70 754,585.81 1,037,908.82 321,061.11 7,075,195.58

0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.08

SEK SEK SEK

34,423.62 21,337.78 18,255.57

ABB Ltd Reg Boliden AB Hennes & Mauritz AB B

5,259,928.48 3,049,168.97 5,515,006.25

0.07 0.04 0.08

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

103

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

SEK SEK SEK SEK

43,372.16 33,114.71 42,330.91 37,358.66

SGD SGD SGD SGD SGD SGD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Description

Cost

Market value

% of total net assets

Svenska Handelsbanken AB A Swedbank AB A Tele2 AB B Volvo AB B

4,896,716.40 6,195,761.36 3,587,544.98 2,955,070.36 31,459,196.80

0.07 0.08 0.05 0.04 0.43

15,639 417,050.12 380,220.5 461,401.63 262,083.98 68,678.18

Ascendas Real Estate Inv Trust Droits de sousc 13.01.16 Ascendas Real Estate Inv Trust Units CapitaLand Commercial Trust REITS Uts CapitaLand Mall Trust Units ComfortDelgro Corp Ltd UOL Group Ltd

0.00 5,654,502.77 3,052,394.24 5,295,509.59 4,753,479.57 2,548,441.54 21,304,327.71

0.00 0.08 0.04 0.07 0.06 0.03 0.28

7,952.58 27,033.79 19,844.47 5,221.55 7,503.78 14,099.15 8,077.61 99,397.95 11,518.56 7,672.84 4,972.25 2,962.72 4,551.38 6,876.62 3,304.85 2,512.41 27,476.3 4,440.18 82,314.7 16,538.61 10,729.64 11,791.01 18,782.35 6,138.02 8,434.33 7,040.9 7,312.09 4,492.01 55,896.74 19,719.94 6,641.66 59,235.31 53,253.51 4,132.01 4,301.82 7,412.46 39,897.74 10,986.24 26,853.17 7,959.62 3,822.83 25,864.5 103,677.38 6,168.96 6,793.1 11,182.22 6,289.21 2,543.36 3,043.98 8,553.33 31,471.21 13,227.47

3M Co Abbott Laboratories AbbVie Inc Abercrombie & Fitch Co A Accenture Plc A Activision Blizzard Inc Adobe Systems Inc Advanced Semicond Engineer Inc ADR spons repr 5 Shares Aflac Inc AGCO Corp Air Products and Chemicals Inc Alexion Pharmaceuticals Inc Allergan Plc Alliant Energy Corp Alphabet Inc A Alphabet Inc C Altria Group Inc Amazon.com Inc Ambev SA spons ADS repr 1 Share America Movil SAB de CV spons ADR repr 20 L Shares American Electric Power Co Inc American Express Co American Intl Group Inc American Tower Corp Amgen Inc Anadarko Petroleum Corp Aon Plc Apache Corp Apple Inc Applied Materials Inc Assurant Inc AT&T Inc Au Optronics Corp ADR repr 10 Shares Avalon Bay Communities Inc B/E Aerospace Inc Baker Hughes Inc Banco Bradesco SA spons ADR repr 1 Pref Share Banco do Brasil SA ADR repr 1 Share Banco Santander SA ADR repr 1 Share Banco Santander-Chile spons ADR repr 400 Shares Bancolombia SA ADR repr 4 Pref Shares Bank Mandiri Persero (PT) Tbk unspons ADR repr 10 Shares Bank of America Corp Becton Dickinson & Co Bed Bath and Beyond Inc Berkshire Hathaway Inc Best Buy Co Inc Biogen Inc BioMarin Pharmaceutical Inc Boeing Co (The) Boston Scientific Corp BRF SA ADR repr 1 share

10,112,391.64 10,296,363.40 9,975,710.07 1,195,788.23 6,631,340.64 4,642,802.23 6,441,187.99 4,758,346.63 5,838,774.87 2,943,656.78 5,491,003.35 4,783,599.04 12,022,184.52 3,591,065.39 21,806,415.98 16,199,503.44 13,513,986.27 25,604,205.24 3,095,645.86 1,971,674.65 5,221,316.17 6,939,132.21 9,876,346.31 5,034,996.03 11,557,350.41 2,883,665.79 5,737,857.20 1,696,131.48 49,741,097.92 3,132,377.27 4,526,697.77 17,193,571.64 1,317,231.04 6,438,612.67 1,541,800.56 2,886,796.14 1,617,937.56 340,144.49 1,103,637.53 1,184,641.10 869,999.58 1,429,670.29 14,820,721.15 8,051,970.32 2,745,315.75 12,497,499.33 1,610,672.14 6,595,940.52 2,691,856.45 10,446,679.81 4,922,199.24 1,544,658.71

0.14 0.14 0.14 0.02 0.09 0.06 0.09 0.06 0.08 0.04 0.07 0.07 0.16 0.05 0.30 0.22 0.18 0.35 0.04 0.03 0.07 0.09 0.13 0.07 0.16 0.04 0.08 0.02 0.68 0.04 0.06 0.23 0.02 0.09 0.02 0.04 0.02 0.00 0.02 0.02 0.01 0.02 0.20 0.11 0.04 0.17 0.02 0.09 0.04 0.14 0.07 0.02

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

104

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 18,515.44 10,480.34 8,679.11 4,216.29 5,735.76 10,504.99 6,341.54 6,916.87 10,792.29 5,440.17 9,575.45 25,132.44 12,326.85 23,733.47 2,948.38 5,157.15 17,572.31 654.08 19,123.22 5,170.74 7,809.94 8,558.86 19,905.85 12,244.84 13,047.34 6,955.87 11,644.1 62,997.51 30,921.78 7,652.46 13,371.36 41,807.4 1,759.47 10,670.02 10,792.29 28,966.09 8,830.05 5,946.07 2,590.15 12,428.74 27,446.11 4,463.08 5,946.07 17,387.15 4,125.72 13,479.29 6,792.35 10,843.86 4,050.25 6,087.96 5,257.78 7,786.29 8,704.77 6,058.27 15,151.46 4,961.18 10,880.84 8,765.15 21,282.69 8,798.1 11,722.33 5,660.29 2,011.04 7,046.18 11,251.4 4,773.51

Description

Cost

Bristol Myers Squibb Co Broadcom Corp A Cabot Oil & Gas Corp California Resources Corp When Issued Camden Property Trust Cardinal Health Inc Care Capital Properties Inc Caterpillar Inc CB Richard Ellis Gr Inc A CBS Corp B Celgene Corp Cemex SAB de CV ADR repr 10 CPO Cerner Corp Charles Schwab Corp Chemours (The) Co Cheniere Energy Inc Chevron Corp Chipotle Mexican Shares A Chunghwa Telecom Co Ltd spons ADR rep 10 Shares Cia Brasileira de Dist spons ADR repr 1 Pref Share Cia Cervecerias Unidas SA ADR repr 2 Shares Cia de Minas Buenaventura SAA spons ADR repr 1 Share Cia Energetica Minas Gerais spons ADR repr 1 Pref Cia Sanea Bas Est de Sao Paulo ADR repr 1 Shares Cia Siderurgica Nacional SA spons ADR repr 1 Share Cielo SA spons ADR repr 1 Share Cincinnati Financial Corp Cisco Systems Inc Citigroup Inc Cliffs Natural Resources Inc CMS Energy Corp Coca-Cola Co Coca-Cola Femsa SAB de CV ADR repr 10 Local Shares Cognizant Tec Solutions Corp Colgate-Palmolive Co Comcast Corp A Comerica Inc Computer Sciences Corp Concho Resources Inc ConocoPhillips Corning Inc Crown Castle International Corp CSRA Inc CSX Corp Cummins Inc CVS Health Corp Devon Energy Corp Discover Financial Services Discovery Communication Inc Discovery Communications Inc C DISH Network Corp A Dollar General Corp Dominion Resources Inc Dover Corp Dow Chemical Co Dr Reddy's Laboratories Ltd spons ADR repr 1 Share Du Pont de Nemours (EI) & Co Duke Energy Corp Duke Realty Corp Eaton Corp Public Ltd Cie EBay Inc Ecolab Inc Ecopetrol SA spons ADR repr 20 Shares Electronic Arts Inc Eli Lilly & Co Embraer SA spons ADR rep 4 Shares The accompanying notes are an integral part of these financial statements.

105

Market value 10,781,250.91 5,129,095.90 1,266,166.09 75,557.24 3,730,240.48 7,953,466.05 1,632,075.92 3,978,705.50 3,149,808.00 2,160,790.23 9,726,144.23 1,141,812.46 6,301,389.65 6,626,274.01 131,965.90 1,630,112.38 13,329,351.51 2,649,341.90 4,836,336.15 457,651.18 1,433,077.97 304,234.91 254,225.41 483,161.56 111,966.65 488,071.76 5,850,485.94 14,453,562.50 13,572,246.71 107,518.67 4,037,528.11 15,152,881.70 1,050,268.93 5,443,659.03 6,091,686.91 13,817,813.21 3,111,259.81 1,647,358.81 2,039,702.71 4,873,853.79 4,253,406.27 3,264,902.17 1,500,782.39 3,784,349.44 3,074,000.59 11,131,863.04 1,805,815.34 4,942,527.10 905,739.57 1,290,226.70 2,542,643.87 4,712,021.20 4,914,857.50 3,147,400.46 6,573,823.86 1,937,983.64 6,161,809.61 5,226,223.75 3,808,555.98 3,880,184.66 2,722,008.83 5,479,354.23 117,759.48 4,115,330.35 8,053,790.35 1,195,190.69

% of total net assets 0.15 0.07 0.02 0.00 0.05 0.11 0.02 0.05 0.04 0.03 0.13 0.02 0.09 0.09 0.00 0.02 0.18 0.04 0.07 0.01 0.02 0.00 0.00 0.01 0.00 0.01 0.08 0.20 0.19 0.00 0.06 0.21 0.01 0.07 0.08 0.19 0.04 0.02 0.03 0.07 0.06 0.04 0.02 0.05 0.04 0.15 0.02 0.07 0.01 0.02 0.03 0.06 0.07 0.04 0.09 0.03 0.08 0.07 0.05 0.05 0.04 0.07 0.00 0.06 0.11 0.02

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

27,052.66 8,427.29 4,966.21 3,584.35 10,855.18 7,545.79 2,470.15 2,495.56 4,075.41 16,502.89 13,006.09 35,529.51 22,197.89 6,674.86 4,108.87 15,022.41 25,509.04 7,598.62 4,760.93 4,795.4

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

15,808.31 5,982.3 81,293.08 97,975.33 19,916.67 14,658.64 4,957.66 1,951.42 9,939.97 2,826.87 12,877.79 11,158.82 7,232.84 8,900.24 5,409.73 7,619 3,456.8 20,874.64 15,529.07 10,763.86 8,410.94 20,874.64 7,695.48 25,690.92 2,277.2 29,236.53 40,303.27 5,580.54 830.18 15,584.66 33,989.91 23,641.65 38,012.24 31,268.7 3,295.55 1,585.89 7,941.51 2,163.49 31,873.72 5,817.02 5,006.21 1,836.7 4,394.4 9,503.25 10,859.45

Description

Cost

EMC Corp Emerson Electric Co Empresa Natl de Ele SA Chile ADR repr 30 Shares Endo International Plc Enersis SA ADR repr 50 Shares EOG Resources Inc EQT Corp Essex Property Trust Inc Everest Reinsurance Group Ltd Exelon Corp Express Scripts Hg Co Exxon Mobil Corp Facebook Inc A Fastenal Co Fedex Corp Fibria Celulose SA ADR repr 1 Share Fifth Third Bancorp Fiserv Inc FMC Technologies Inc Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) Freeport McMoRan Inc Garmin Ltd Reg Gazprom PJSC spons ADR repr 2 Shares General Electric Co Gerdau SA COSG ADR repr 1 Pref Shares Gilead Sciences Inc Goldman Sachs Group Inc Gr Aero del Sureste SA de CV ADR repr 10 Shs Ser B Gr Televisa SA spons ADR repr 5 Ord Part Certif Grupo Aerop del Paci SAB de CV B ADR repr 10 B Shares Grupo Financi Santan Mex SAB ADR repr 5 Shares B Halliburton Co (Hg Co) Halyard Health Inc Harley Davidson Inc HCP Inc HDFC Bank Ltd ADR repr 3 Shares Helmerich and Payne Inc Hewlett Packard Enterprise Co Home Depot Inc Honeywell Intl Inc Host Hotels & Resorts Inc HP Inc IBM Corp ICICI Bank Ltd ADR repr 2 Shares Illumina Inc Infosys Ltd spons ADR repr 1 Share Intel Corp Intuit Inc Intuitive Surgical Inc Invesco Ltd Itau Unibanco Hg SA spons ADR Repr 1 Share Johnson & Johnson JPMorgan Chase & Co JSC Surgutneftegaz ADR repr 10 Shares Kansas City Southern Kasikornbank PCL ADR repr 4 Shares Kellogg Co Keurig Green Mountain Inc KeyCorp Kimberly-Clark Corp KLA-Tencor Corp KLX Inc KOC Holding AS unspons ADR repr 5 Shares B Kraft Heinz Co (The) Kroger Co The accompanying notes are an integral part of these financial statements.

106

Market value

% of total net assets

5,876,687.62 3,416,025.69 1,532,990.10 1,853,097.56 1,084,975.00 4,503,628.31 1,074,643.18 5,100,740.03 6,344,240.72 3,807,095.58 9,615,096.77 23,220,139.05 19,758,947.78 2,302,463.23 5,169,122.04 1,624,086.12 4,348,103.63 5,900,693.15 1,163,602.15 3,700,857.38

0.08 0.05 0.02 0.03 0.01 0.06 0.01 0.07 0.09 0.05 0.13 0.32 0.27 0.03 0.07 0.02 0.06 0.08 0.02 0.05

909,720.24 1,872,811.25 2,516,417.57 25,627,358.32 198,564.44 12,549,810.07 7,569,997.00 2,306,872.09 2,308,967.98 2,106,490.55 936,098.10 3,190,127.42 2,034,893.64 3,440,004.69 1,759,558.02 3,948,617.99 1,555,073.83 2,678,275.80 17,346,493.06 9,412,761.17 1,095,422.82 2,093,445.74 8,932,132.41 1,701,064.52 3,701,469.35 4,132,391.24 11,752,634.96 4,580,987.16 3,844,977.06 4,384,600.91 1,855,927.94 20,534,874.97 21,228,879.73 1,204,873.98 2,097,226.35 218,817.75 4,842,033.83 1,639,279.03 3,553,161.79 6,266,316.62 2,935,256.31 472,853.13 687,297.97 5,851,809.87 3,814,440.43

0.01 0.03 0.03 0.35 0.00 0.17 0.10 0.03 0.03 0.03 0.01 0.04 0.03 0.05 0.02 0.05 0.02 0.04 0.24 0.13 0.01 0.03 0.12 0.02 0.05 0.06 0.16 0.06 0.05 0.06 0.03 0.28 0.29 0.02 0.03 0.00 0.07 0.02 0.05 0.09 0.04 0.01 0.01 0.08 0.05

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 7,133.98 4,634.39 11,525.36 6,742.03 10,050.16 4,819.8 14,629.46 6,291.73 1,786.14 14,657.89 3,496.8 5,142.31 2,707.38 9,300.23 7,788.81 12,880.3 12,679.05 11,002.85 7,640.64 20,668.61 27,815.17 12,857.16 4,711.88 13,063.95 77,436.78 10,627.51 7,639.88 25,009.42 6,141.79 6,037.64 24,452.45 6,892.97 3,500.57 5,763.94 33,735.32 11,406.62 18,665.37 10,100.98 1,758.21 8,625.27 8,539.49 8,739.49 5,472.37 6,015.5 36,542.83 14,670.97 11,722.33 6,729.96 53,519.42 15,214.61 2,663.35 35,637.18 60,163.34 9,684.38 4,034.91 16,396.98 8,568.17 7,848.93 2,389.9 8,568.17 2,665.87 684.77 24,120.63 7,187.06 15,486.8 3,746.86

Description

Cost

L Brands Inc Lam Research Corp Larsen & Toubro Ltd spons GDR repr 1 Reg Share Las Vegas Sands Corp Latam Airlines Gr SA spons ADR repr 1 Share Liberty Global Plc Liberty Global Plc C Liberty Property Trust LinkedIn Corp A Lowe's Companies Inc Lululemon Athletica Inc Lyondellbasell Industries NV M & T Bank Corp Mahindra & Mahindra Ltd GDR repr 1 Share Marathon Petroleum Corp Marsh & McLennan Cos Inc Master Card Inc A Mc Donald's Corp McGraw-Hill Financial Inc Medtronic Plc Merck & Co Inc Metlife Inc Michael Kors Holdings Limited Micron Technology Inc Microsoft Corp MMC Norilsk Nickel PJSC spons ADR repr 1 Share Mobile Telesystems PJSC ADR repr 2 Shs Mondelez Intl Inc Monsanto Co Moody's Corp Morgan Stanley Mylan N.V. National Oilwell Varco Inc NetFlix Inc New York Community Bancorp Inc Newmont Mining Corp Nike Inc B Novolipetsk Steel (NLMK) GDR repr 10 Shares NOW Inc NRG Energy Inc Nucor Corp Occidental Petroleum Corp Oil Co Lukoil PJSC spons ADR repr 1 Share Omnicom Group Inc Oracle Corp Paychex Inc PayPal Holdings Inc Pentair Plc People's United Fin Inc Pepsico Inc Perrigo Co Plc Petroleo Brasileiro SA spons ADR repr 2 Pref Shares Pfizer Inc PG & E Corp Pharmastandard PJSC GDR repr 1 Share Philip Morris Intl Inc Philippine Lg Distance Tel Co ADR repr 1 Share Phillips 66 Pioneer Natural Resources Co PNC Financial Serv Group Precision Castparts Corp Priceline Group Inc (The) Procter & Gamble Co Prudential Financial Inc Qualcomm Inc Range Resources Corp The accompanying notes are an integral part of these financial statements.

107

Market value 5,781,754.52 3,123,922.19 1,881,145.69 2,482,754.80 460,824.73 1,720,756.96 4,992,206.72 1,664,250.59 3,409,993.99 9,430,371.13 1,551,885.78 3,774,766.25 2,780,737.53 1,502,316.45 3,380,671.69 6,065,236.75 10,484,853.38 10,974,204.25 6,404,511.52 13,417,445.92 12,374,836.30 5,254,953.61 1,594,022.11 1,560,734.95 36,308,033.16 1,132,855.24 397,872.23 9,508,508.07 5,116,117.27 5,151,272.38 6,595,569.07 3,160,020.21 984,265.24 5,661,641.68 4,666,089.68 1,727,410.95 9,880,790.62 723,201.36 237,861.18 820,007.37 2,907,578.89 4,935,929.54 1,485,962.67 3,821,073.08 11,286,334.42 6,554,199.14 3,586,936.99 2,828,226.83 7,321,470.39 12,849,146.56 3,254,032.12 1,022,407.69 16,435,412.62 4,313,422.83 142,407.13 12,185,361.38 3,049,982.92 5,384,529.88 2,509,346.77 6,904,452.01 5,202,801.38 7,364,847.93 16,200,229.77 4,960,702.48 6,526,482.65 753,410.62

% of total net assets 0.08 0.04 0.03 0.03 0.01 0.02 0.07 0.02 0.05 0.13 0.02 0.05 0.04 0.02 0.05 0.08 0.14 0.15 0.09 0.18 0.17 0.07 0.02 0.02 0.50 0.02 0.01 0.13 0.07 0.07 0.09 0.04 0.01 0.08 0.06 0.02 0.13 0.01 0.00 0.01 0.04 0.07 0.02 0.05 0.15 0.09 0.05 0.04 0.10 0.18 0.04 0.01 0.22 0.06 0.00 0.17 0.04 0.07 0.03 0.09 0.07 0.10 0.22 0.07 0.09 0.01

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 4,461.06 1,709.41 4,427.6 5,520.17 987.15 44,074.79 9,586.52 6,842.66 8,057.99 4,830.11 4,326.98 28,495.91 13,215.64 10,639.33 2,772.03 28,971.12 3,202.21 3,022.85 16,795.21 8,075.35 13,826.2 20,657.79 5,152.62 15,572.08 10,592.54 65,743.13 7,095.74 5,616.01 9,533.44 7,565.17 13,839.53 1,696.83 11,081.84 11,433.03 10,307.51 4,563.7 4,018.55 5,342.56 4,427.86 12,002.83 11,142.47 14,680.53 2,465.37 2,641.47 26,018.21 57,191.06 17,999.47 6,138.27 10,355.56 13,811.11 7,709.31 5,282.94 9,417.97 10,054.94 134,550.36 7,197.88 9,282.12 22,052.24 14,881.28 19,663.09 7,335.23 10,323.11 9,560.1 36,726.98 3,826.1 9,344.76

Description

Cost

Rayonier Advance Materials Inc When Issued Rayonier Inc REIT Realogy Holdings Corp Red Hat Inc Regeneron Pharmaceuticals Inc Regions Financial Corp Reliance Industries Ltd GDR repr 2 Shares 144A RenaissanceRe Holdings Ltd Salesforce.com Inc SanDisk Corp SBA Communications Corp A Sberbank of Russia PJSC spons ADR repr 4 Shares Schlumberger Ltd Sealed Air Corp Shinhan Financial Group Co Ltd spons ADR repr 1 Share Siliconware Prec Ind Co Ltd ADR repr 5 Shares Simon Property Group Inc Soc Quimica y Minera Chile SA ADR repr 1Pref Shares B Southern Co Southwestern Energy Co Spectra Energy Corp Starbucks Corp Starwood Htls & Res Wld Inc Symantec Corp T. Rowe Price Group Inc Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares Tata Motors Ltd spons ADR repr 5 Shares Tatneft PJSC spons ADR repr 6 Shares TE Connectivity Ltd Telefonica Brasil SA spons ADR repr 1 Share Telekom Indonesia (PT) Tbk ADR repr 200 Shares Tesla Motors Inc Teva Pharma Ind Ltd ADR repr 1 Share Texas Instruments Inc Textron Inc Thermo Fisher Scientific Inc Tim Participacoes SA spons ADR repr 5 Shares Time Inc Time Warner Cable Inc Time Warner Inc TJX Cos Inc Torchmark Corp TransDigm Group Inc TripAdvisor Inc Turkcell Iletisim Hizmet ADR repr 2500 Sh Turkiye Garanti Bankasi AS Spons ADR Repr 1 Sh Twenty-First Century Fox Inc A Twitter Inc Tyco International Plc UDR Inc Ultrapar Particip SA spons ADR repr 1 Share Under Armour Inc A Union Pacific Corp United Health Group Inc United Microelectronics Corp ADR repr 5 Shares United Parcel Service Inc B United Technologies Corp US Bancorp Vale SA spons ADR repr 1 Share Vale SA spons ADR Repr 1 Share A Valero Energy Corp Vedanta Ltd spons ADS repr 4 Shares Ventas Inc Verizon Communications Inc Vertex Pharmaceuticals Inc VF Corp The accompanying notes are an integral part of these financial statements.

108

Market value 371,569.36 322,007.54 1,367,102.96 3,873,330.39 4,529,587.56 3,578,358.97 2,468,020.01 6,575,572.19 5,370,662.05 3,096,960.60 3,854,835.81 1,409,698.44 7,768,647.86 4,009,237.43 785,482.94 1,901,193.37 5,251,376.78 480,158.25 6,563,531.09 459,955.90 2,758,041.32 10,521,864.21 3,022,835.52 2,766,986.58 6,412,946.71 12,633,184.64 1,759,317.11 1,245,016.55 5,219,914.70 571,559.09 5,166,271.76 3,463,198.13 6,105,017.77 5,348,136.73 3,656,990.69 5,484,072.02 286,364.77 701,197.33 6,917,114.43 6,546,755.68 6,659,639.71 7,110,567.03 4,719,612.25 1,911,662.53 1,865,019.66 1,154,797.32 4,137,202.26 1,179,528.44 2,794,952.42 4,387,597.90 989,775.39 3,609,757.55 6,239,056.81 10,025,378.33 2,139,503.72 5,842,624.84 7,496,250.01 7,968,602.62 410,658.15 425,158.90 4,353,887.87 488,973.50 4,553,256.31 14,306,471.67 4,087,828.56 4,911,408.42

% of total net assets 0.01 0.00 0.02 0.05 0.06 0.05 0.03 0.09 0.07 0.04 0.05 0.02 0.11 0.05 0.01 0.03 0.07 0.01 0.09 0.01 0.04 0.14 0.04 0.04 0.09 0.17 0.02 0.02 0.07 0.01 0.07 0.05 0.08 0.07 0.05 0.07 0.00 0.01 0.09 0.09 0.09 0.10 0.06 0.03 0.03 0.02 0.06 0.02 0.04 0.06 0.01 0.05 0.09 0.14 0.03 0.08 0.10 0.11 0.01 0.01 0.06 0.01 0.06 0.20 0.06 0.07

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

2,656.06 22,657.01 9,553.81 13,281.05 11,960.57 19,654.29 14,701.41 45,760.8 12,326.85 7,974.72 8,263.52 11,270.27 22,528.45 14,062.67 2,138.33 2,963.73 10,880.08 7,795.85

Viacom Inc B Visa Inc A Wal-Mart de Mexico SAB de CV ADR repr 10 Shares V Wal-Mart Stores Inc Walgreens Boots Alliance Inc Walt Disney Co (The) Waste Management Inc Wells Fargo & Co New Weyerhaeuser Co Whole Foods Market Inc Williams Companies Inc Willis Towers Watson Plc Wipro Ltd spons ADR repr 1 Share WP Glimcher Inc Wynn Resorts Ltd XL Group Plc Yahoo Inc Yum! Brands Inc

913,066.71 14,931,279.52 2,022,338.18 6,858,445.88 8,636,888.63 17,524,577.38 6,635,826.03 21,063,312.88 3,126,841.64 2,240,258.69 1,740,172.38 4,649,978.72 2,192,962.16 1,265,954.44 1,238,640.74 984,173.74 3,073,825.80 4,803,071.88 1,733,979,371.86

0.01 0.20 0.03 0.09 0.12 0.24 0.09 0.29 0.04 0.03 0.02 0.06 0.03 0.02 0.02 0.01 0.04 0.07 23.62

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

7,400.64 15,407.31 25,258.73 7,399.88 35,977.05 5,158.91 48,088.06 11,210.14 2,667.63 9,229.29 55,855.99 3,387.87 13,121.31 4,719.17 2,960.71 122,509.79 13,110.24 10,228.77 12,636.03 26,480.85 6,758.64 6,970.21 22,291.23 25,517.09 2,336.06 14,427.45 6,218.27 11,712.77

AngloGold Ashanti Ltd Arcelormittal South Africa Ltd Arcelormittal South Africa Ltd Droits de sousc 15.01.16 Astral Foods Ltd Aveng Ltd Barclays Africa Group Ltd Firstrand Ltd Impala Platinum Holdings Ltd Kumba Iron Ore Ltd Lewis Group Ltd MMI Hgs Ltd Mr Price Group Ltd MTN Group Ltd Naspers Ltd N Nedbank Group Netcare Ltd Remgro Ltd Reunert Ltd RMB Holdings Ltd Sanlam Ltd Sasol Ltd Shoprite Holdings Ltd Standard Bank Group Ltd Steinhoff Intl Hgs N.V. Tiger Brands Ltd Truworths Intl Ltd Wilson Bayly Holmes-Ovcon Ltd Woolworths Holdings Ltd

430,104.57 37,684.26 137.29 466,555.84 44,193.12 402,346.80 1,107,448.51 152,568.91 59,737.04 275,498.67 667,902.52 368,279.58 970,097.02 5,441,542.06 303,515.63 2,257,309.84 1,747,307.62 379,610.02 386,420.01 871,354.63 1,530,676.04 540,890.09 1,375,151.29 1,089,208.82 401,787.89 714,770.93 382,795.36 637,575.15 23,042,469.51

0.01 0.00 0.00 0.01 0.00 0.01 0.02 0.00 0.00 0.00 0.01 0.01 0.01 0.07 0.00 0.03 0.02 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.33

2,990,038,778.10

40.77

AUD

208,016.59

0.00

CAD

300,969.51

0.00

CHF

24,317.04

0.00

DKK

-0.02

0.00

EUR

365,583.49

0.01

GBP

669,452.24

0.01

HKD

2,547.03

0.00

Total securities Cash

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

109

MONYX FUND - Monyx Strategi Balanserad Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

JPY

328,783.30

0.00

KRW

484,468.47

0.01

NOK

-75.45

0.00

PLN

2,264.88

0.00

SEK

-2,831,282.16

-0.04

SGD

47,129.88

0.00

USD

2,062,231.64

0.03

ZAR

8.06

0.00

1,664,414.50

0.02

2,991,703,192.60

40.79

239,386,647.76

3.26

47,816,829.87

0.66

7,334,254,424.02

100.00

Total cash Total swap contracts at market value Cash at banks Other net assets/(liabilities) Total

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

110

MONYX FUND - Monyx Strategi Balanserad Industrial and geographical classification of investments as at 31st December 2015

Industrial classification including exposure through swap contracts (in percentage of net assets) Banks

35.69 %

Investment funds

8.23 %

Diversified financial services

6.63 %

Real estate

4.99 %

Pharmaceuticals and biotechnology

3.91 %

Capital goods

3.57 %

Food, beverage and tobacco

3.20 %

Software and services

3.07 %

Energy

2.87 %

Insurance

2.61 %

Utilities

2.25 %

Materials

2.24 %

Technology hardware and equipment

2.17 %

Retailing

1.99 %

Telecommunication services

1.71 %

Health care equipment and services

1.49 %

Transportation

1.36 %

Automobiles and components

1.15 %

Media

1.15 %

Semiconductors and semiconductor equipment

1.06 %

Countries and governments

0.96 %

Consumer durables and apparel

0.89 %

Real estate funds

0.84 %

Household and personal products

0.75 %

Hotels, restaurants and leisure

0.49 %

Food retailing, drugstores and pharmacies

0.40 %

Commercial services and supplies

0.29 %

Investment companies

0.10 %

Total

96.06 %

111

MONYX FUND - Monyx Strategi Balanserad Industrial and geographical classification of investments (continued) as at 31st December 2015

Geographical classification including exposure through swap contracts (by domicile of the issuer) (in percentage of net assets) Sweden

32.87 %

United States of America

20.51 %

Luxembourg

8.22 %

Norway

3.78 %

United Kingdom

3.75 %

Denmark

3.33 %

Japan

3.33 %

The Netherlands

2.60 %

Finland

2.43 %

France

2.39 %

Germany

1.72 %

Switzerland

1.46 %

Canada

1.13 %

Australia

0.96 %

Iceland

0.69 %

Ireland

0.68 %

South Korea

0.68 %

Hong Kong

0.63 %

Spain

0.51 %

Bermuda

0.46 %

China

0.39 %

Cayman Islands

0.38 %

Taiwan

0.38 %

South Africa

0.34 %

Italy

0.34 %

India

0.30 %

Singapore

0.28 %

Mexico

0.24 %

Brazil

0.23 %

Belgium

0.18 %

Russia

0.15 %

Curacao

0.11 %

Chile

0.09 %

Indonesia

0.09 %

Poland

0.08 %

Jersey

0.08 %

Israel

0.08 %

Turkey

0.06 %

112

MONYX FUND - Monyx Strategi Balanserad Industrial and geographical classification of investments (continued) as at 31st December 2015

Philippines

0.04 %

Portugal

0.03 %

Austria

0.03 %

British Virgin Islands

0.02 %

Colombia

0.01 %

Total

96.06 %

113

MONYX FUND - Monyx Strategi Trygghet Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Swap contracts at market value Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Other receivables Prepaid expenses

1,217,714,148.70 285,661,307.02 53,501,179.95 7,316,504.82 49,721.12 3,970,781.37 10,636,267.91 920,660.48 155,568.22 5,275.94

Total assets

1,579,931,415.53

Liabilities Other liquid liabilities Payable on redemptions of shares Interest payable on swap contracts Unrealised loss on forward foreign exchange contracts Expenses payable Other liabilities

39,221.22 1,125,404.75 13,338.04 224,659.15 1,839,242.55 1,079,821.26

Total liabilities

4,321,686.97

Net assets at the end of the year

1,575,609,728.56

Number of Class AC Shares outstanding Net asset value per Class AC Share

13,093,655.7737 119.36

Number of Class DC Shares outstanding Net asset value per Class DC Share

107,306.3556 119.28

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

114

MONYX FUND - Monyx Strategi Trygghet Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Interest on bonds and other debt securities, net Interest on bank accounts Other income

19,944,615.90 1,480.29 80,539.23

Total income

20,026,635.42

Expenses Management fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Interest paid on swap contracts Other expenses

15,535,662.88 9,903.88 222,014.44 1,160,665.75 24,953.57 3,114,346.55 141,804.56 7,812.61 31,950.57 384,325.83 69,300.72

Total expenses

20,702,741.36

Net investment loss

-676,105.94

Net realised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts - on foreign exchange

-493,857.91 -4,898,838.02 39,700,919.75 -3,239,770.47 1,004,668.15

Realised result

31,397,015.56

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts

-21,489,462.70 944,598.00 -15,452,119.14 1,284,019.99

Result of operations

-3,315,948.29

Subscriptions

386,377,782.66

Redemptions

-184,813,624.28

Total changes in net assets

198,248,210.09

Total net assets at the beginning of the year

1,377,361,518.47

Total net assets at the end of the year

1,575,609,728.56

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

115

MONYX FUND - Monyx Strategi Trygghet Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

1,575,609,728.56 1,377,361,518.47 836,793,251.54

Number of Class AC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

11,537,476.1720 3,035,390.5772 -1,479,210.9755 13,093,655.7737

Net asset value per Class AC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

119.36 119.36 109.74

Number of Class DC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

1,648.9415 140,730.5069 -35,073.0928 107,306.3556

Net asset value per Class DC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

119.28 119.35 -

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

116

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

11,000,000 8,000,000 5,000,000 9,000,000 5,000,000 4,772,725 14,000,000 5,000,000 5,000,000 15,000,000 10,000,000 15,000,000 2,000,000 5,000,000 5,000,000 10,000,000 10,000,000 5,000,000 40,000,000 2,000,000 15,000,000 5,000,000 30,000,000 10,000,000 5,000,000 6,000,000 5,000,000 5,000,000 15,000,000 5,000,000 7,000,000 2,000,000 2,000,000 5,000,000 8,000,000 5,000,000 5,000,000 2,000,000 5,000,000 1,000,000 4,000,000 5,000,000 15,000,000 5,000,000 6,000,000 9,000,000 2,000,000 9,000,000 5,000,000 25,000,000 5,000,000 35,000,000 20,000,000 10,000,000 6,000,000 4,000,000 10,000,000 5,000,000 3,000,000 10,000,000

ABN AMRO Bank NV FRN EMTN 14/13.02.19 Akelius Residential Prop AB FRN Sen 14/09.03.18 Akelius Residential Prop AB FRN Sen 15/27.03.19 Aker ASA FRN Sen 14/24.07.19 Aktia Bank Plc FRN EMTN Reg S Sen 15/26.10.18 Arise AB FRN Ser 102 14/25.04.19 Atrium Ljungberg AB FRN Sen 14/19.03.19 Atrium Ljungberg AB FRN Ser 104 15/28.04.17 Bank of Aland Plc FRN EMTN 14/16.12.19 Bank of Aland Plc FRN EMTN Reg S Ser 11 14/25.03.19 BNP Paribas SA FRN EMTN 15/13.05.20 BPCE SA 2.125% EMTN 14/28.03.17 BPCE SA FRN EMTN Reg S Sen 14/14.03.17 BPCE SA FRN EMTN Sen 14/07.02.19 Castellum AB FRN MTN Ser 104 13/26.09.18 CS AG London 0.875% EMTN Sen 14/12.12.17 CS AG London FRN EMTN Reg S Sen 15/29.05.19 CS AG London FRN EMTN Sen 14/12.12.17 Danske Bank A/S 3.375% 12/04.04.17 Danske Bank A/S FRN EMTN Reg S Sub 07/15.02.Perpetual Danske Bank A/S FRN EMTN Sub 13/05.06.24 Delarka AB 4.58% Sen 13/13.11.20 Deutsche Pfandbriefbank AG 2.1% Reihe 15221 14/23.02.18 Deutsche Pfandbriefbank AG 2.5% EMTN Ser 15208 13/05.09.16 Deutsche Pfandbriefbank AG FRN EMTN Ser 35234 14/16.02.18 DNB Bank ASA 2.625% EMTN 14/30.01.19 DNB Bank ASA FRN EMTN Ser 606 14/30.01.19 DNB Bank ASA FRN EMTN Sub 15/28.05.25 DNB Boligkreditt AS FRN EMTN 13/18.01.18 Elekta AB 1.58% MTN Ser 102 15/26.03.20 Elekta AB 2.75% Conv Sen 12/25.04.17 Fastighets Balder AB 2.327% Ser 1O3 14/21.05.18 FastPartner AB FRN Reg S Sen 15/05.04.19 Fortum Varme Hg SM St stad AB 1.5% MTN 14/16.09.19 Heimstaden AB FRN 14/16.09.19 Hemso Fastighets AB FRN Ser MTN 15/21.10.19 Hexagon AB 1.625% Sen 15/17.09.20 Hexagon AB 1.625% Ser 103 14/26.11.19 Hexagon AB FRN MTN 15/10.03.17 Hoist Kredit AB FRN Sen 13/18.12.16 Hufvudstaden AB 3% MTN Ser 103 13/22.01.18 ICA Gruppen AB 2.5% Ser 105 14/17.06.19 Ikano Bank AB 3.1% 14/25.03.19 Ikano Bank AB FRN MTN Sen 14/14.11.18 Ikano Bank FRN MTN Ser 111 15/15.04.20 Islandsbanki HF FRN EMTN Sen 15/13.02.19 Jyske Bank AS FRN EMTN Reg S Ser 167 13/03.10.16 Klovern AB FRN MTN 13/04.04.18 Landsbankinn hf FRN EMTN Reg S Sen 15/08.06.19 Landshypotek Bank AB 0.65% Ser 519 15/03.02.20 Lansforsakringar Bank 2.75% Ser 754 14/22.01.19 Lansforsakringar Hypotek AB 2.5% Ser 512 13/19.06.19 Lansforsakringar Hypotek AB 3.25% Ser 513 13/16.09.20 Lantmannen Ekonomisk Forening FRN Reg S Ser 1 15/07.12.20 Leaseplan Corp NV 1% EMTN Sen 15/05.04.19 Leaseplan Corp NV 3% EMTN 13/19.09.16 Leaseplan Corp NV 3.0825% EMTN 14/31.01.19 Leaseplan Corp NV FRN EMTN 15/05.06.20 Lifco AB FRN 15/03.04.18 Loomis AB 1.875% Reg S Ser DMTN 14/18.12.19

10,998,900.00 8,040,500.00 5,000,000.00 8,992,970.00 5,000,000.00 4,555,780.79 14,000,000.00 5,000,000.00 5,000,000.00 15,042,650.00 10,301,200.00 14,976,750.00 2,007,880.00 5,000,000.00 5,132,850.00 10,086,700.00 10,000,000.00 5,000,000.00 42,012,600.00 2,120,000.00 15,016,900.00 5,337,500.00 30,958,200.00 10,346,800.00 5,000,000.00 5,987,520.00 5,042,400.00 5,000,000.00 15,001,625.54 5,000,000.00 7,017,500.00 2,000,000.00 2,000,000.00 4,972,100.00 7,990,666.67 5,000,000.00 4,995,700.00 1,993,820.00 5,000,000.00 997,500.00 4,052,040.00 4,994,200.00 15,000,000.00 5,000,000.00 6,000,000.00 9,121,500.00 2,021,080.00 9,231,810.00 5,000,000.00 24,742,000.00 5,397,150.00 37,583,700.00 21,908,400.00 10,000,000.00 5,990,580.00 4,000,000.00 10,000,000.00 5,000,000.00 3,000,000.00 9,986,300.00

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

117

11,007,315.00 8,038,680.00 5,066,525.00 8,745,795.00 4,991,850.00 4,529,196.70 13,908,860.00 4,981,550.00 4,969,100.00 14,947,425.00 10,096,200.00 15,279,525.00 2,000,160.00 4,976,275.00 5,033,375.00 10,029,500.00 9,829,450.00 4,977,075.00 41,623,600.00 2,084,340.00 15,389,400.00 5,237,500.00 31,045,200.00 10,165,100.00 4,947,000.00 6,276,480.00 4,958,750.00 4,877,825.00 14,969,625.00 4,917,625.00 7,150,115.00 1,983,380.00 1,986,430.00 5,039,475.00 7,887,000.00 4,982,625.00 4,917,850.00 2,002,890.00 5,009,700.00 1,024,220.00 4,184,740.00 5,171,550.00 15,792,600.00 4,953,675.00 5,892,360.00 9,225,000.00 2,002,240.00 9,178,695.00 5,012,500.00 24,545,500.00 5,265,475.00 37,169,125.00 21,823,800.00 9,988,250.00 5,846,940.00 4,061,800.00 10,409,900.00 4,773,400.00 3,001,950.00 10,020,700.00

0.70 0.51 0.32 0.55 0.32 0.29 0.88 0.32 0.32 0.95 0.64 0.97 0.13 0.32 0.32 0.64 0.62 0.32 2.64 0.13 0.98 0.33 1.97 0.64 0.31 0.40 0.31 0.31 0.95 0.31 0.45 0.13 0.13 0.32 0.50 0.32 0.31 0.13 0.32 0.06 0.27 0.33 1.00 0.31 0.37 0.59 0.13 0.58 0.32 1.56 0.33 2.36 1.38 0.63 0.37 0.26 0.66 0.30 0.19 0.64

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

Total bonds

8,000,000 30,000,000 25,000,000 5,000,000 7,000,000 5,000,000 27,000,000 2,000,000 5,000,000 5,000,000 4,000,000 3,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 6,000,000 1,000,000 20,000,000 8,000,000 20,000,000 2,000,000 4,000,000 10,000,000 5,000,000 30,000,000 30,000,000 10,000,000 3,000,000 5,000,000 5,000,000 20,000,000 30,000,000 20,000,000 825,000 830,000 710,000 605,000 3,930,000 350,000 15,000,000 60,000,000 15,000,000 2,000,000 6,000,000 20,000,000 5,000,000 6,700,000 10,000,000 5,000,000 13,000,000

Description Mortgage Society of Finland FRN EMTN Sen 13/23.05.16 Nordea Hypotek AB 2% Ser 5529 12/20.06.18 Nordea Hypotek AB 2.25% Ser 5530 13/19.06.19 Olav Thon Eiendomsselkap ASA FRN 15/28.05.18 PostNord AB 3.125% Ser 102 12/20.09.17 Realkredit Danmark A/S FRN 15/01.10.18 Realkredit Danmark A/S FRN Ser 15G 14/01.10.19 Resurs Bk AB FRN Sen 15/03.04.18 Rodamco Sverige AB FRN EMTN Sen 13/10.12.18 Saab AB 3.25% 13/10.12.18 Sampo Plc FRN EMTN Reg S Sen 15/28.05.20 Sampo Plc FRN EMTN Sen 13/29.05.18 Santander Consumer Bank AS FRN EMTN Reg S Sen 15/12.06.18 Santander Consumer Bank AS FRN EMTN Sen 15/10.08.17 SBAB Bank AB FRN EMTN Sub 15/10.11.25 SBAB Bank AB FRN Sen 15/22.04.20 Scania CV AB 0.875% EMTN Sen 14/03.12.18 SeaDrill Ltd FRN 14/18.03.19 Sefyr Vearme AB 7% Sen 12/24.02.17 Skandiabanken AB 0.42% Ser 551 15/21.03.18 Skandiabanken AB FRN Ser DMTN 14/28.02.20 Skandinaviska Enskilda Banken FRN Ser 471 13/02.10.18 Sparbanken Oresund AB FRN EMTN Sen 13/21.08.17 Sparbanken Oresund AB FRN Sub Ser122 12/21.11.22 Sparbanken Skane AB FRN Reg S Sen 15/09.04.18 Sparbanken Syd FRN Sen 15/12.06.20 Sparebank 1 Naeringskreditt AS FRN 13/10.10.18 Stadshypotek AB 3% Ser 1580 12/21.03.18 Stadshypotek AB 3% Ser SH1581 12/19.12.18 Steen & Stroem Asa FRN Sen 14/08.12.17 Svensk Fastighets Finansier AB 0.605% Ser 102 15/09.03.17 Svensk Fastighets Finansier AB 0.858% Ser 104 15/09.03.18 Swedbank Mortgage AB 3.75% MTN Ser 186 10/20.12.17 Swedbank Mortgage AB 3.75% MTN Ser 188 11/19.06.19 Swedbank Mortgage AB 5.7% 08/12.05.20 Sweden 3% Ser 1050 05/12.07.16 Sweden 3.5% Ser 1054 10/01.06.22 Sweden 3.5% T-Bonds Ser 1053 09/30.03.39 Sweden 3.75% T-Bonds Ser 1051 06/12.08.17 Sweden 4.25% Ser 1052 07/12.03.19 Sweden 5% Ser 1047 04/01.12.20 Sweden ILB Ser 3108 11/01.06.22 Swedish Covered Bond Corp 4% Ser 134 09/21.03.18 Telenor ASA 2.375% EMTN Sen 14/19.03.19 Trelleborg Treasury AB 2% Sen 14/18.01.21 TVO Power Co 5.3% EMTN Reg S Ser 3 09/28.03.17 Vacse AB 2.75% 14/03.06.19 Vasakronan AB 3.89% Ser 411 11/14.11.17 Vattenfall AB VAR Reg S Sub 15/19.03.77 Volvo Treasury AB FRN EMTN Reg S 15/11.09.17 VolvoFinans Bank AB FRN MTN Sen 14/29.06.18 Wallenstam Byggnads AB 2.125% Ser 2 14/05.06.17

Cost

Market value

% of total net assets

8,061,740.00 31,496,100.00 26,448,000.00 5,000,000.00 7,155,190.00 5,006,250.00 27,070,390.00 2,000,000.00 5,000,000.00 4,986,350.00 4,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 4,984,350.00 4,810,000.00 1,045,000.00 20,088,800.00 7,995,840.00 20,275,400.00 2,000,000.00 4,243,600.00 10,000,000.00 5,000,000.00 30,340,800.00 32,252,400.00 10,815,700.00 3,000,000.00 5,014,750.00 5,000,000.00 22,024,000.00 33,668,700.00 24,078,400.00 879,045.75 955,736.70 860,307.00 672,953.60 4,584,030.60 440,387.50 14,652,650.00 65,107,800.00 14,958,150.00 1,995,720.00 6,532,980.00 20,326,843.48 5,288,400.00 6,705,610.00 10,044,600.00 5,000,000.00 12,979,460.00 1,098,802,207.63

8,020,760.00 31,321,800.00 26,376,125.00 4,963,475.00 7,296,800.00 4,968,775.00 26,623,350.00 2,014,530.00 5,022,525.00 5,283,075.00 3,941,860.00 3,049,440.00 4,966,300.00 4,984,475.00 4,968,800.00 4,903,625.00 4,941,900.00 2,850,930.00 1,031,250.00 20,042,200.00 7,784,560.00 20,066,200.00 2,042,830.00 4,118,080.00 9,988,000.00 4,977,375.00 30,118,050.00 31,906,200.00 10,757,750.00 2,996,775.00 5,009,300.00 5,008,475.00 21,460,900.00 33,185,550.00 23,953,500.00 840,167.63 980,935.50 891,330.45 646,064.37 4,482,558.00 430,148.25 16,096,350.00 65,115,900.00 15,626,850.00 1,979,960.00 6,297,720.00 20,930,600.00 5,306,800.00 6,150,097.50 9,990,000.00 4,969,450.00 13,238,225.00 1,095,122,883.40

0.51 1.99 1.67 0.31 0.46 0.32 1.69 0.13 0.32 0.34 0.25 0.19 0.32 0.32 0.32 0.31 0.31 0.18 0.07 1.27 0.49 1.27 0.13 0.26 0.63 0.32 1.91 2.02 0.68 0.19 0.32 0.32 1.36 2.11 1.52 0.05 0.06 0.06 0.04 0.28 0.03 1.02 4.13 0.99 0.13 0.40 1.33 0.34 0.39 0.63 0.32 0.84 69.50

4,962,100.00 4,962,100.00

4,966,000.00 4,966,000.00

0.32 0.32

Transferable securities dealt in on another regulated market Bonds SEK

Total bonds

5,000,000

Gjensidige Bank ASA FRN Sen 15/21.09.18

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

118

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Open-ended investment funds Investment funds (UCITS) SEK SEK

441,632 739,298

Monyx Fd Aktiv Ränta AC Cap Monyx Fd Genesis RC Cap

47,830,210.17 75,496,818.40 123,327,028.57

48,301,291.84 69,323,973.46 117,625,265.30

3.07 4.40 7.47

1,227,091,336.20

1,217,714,148.70

77.29

Amcor Ltd ANZ Banking Group Ltd Coca-Cola Amatil Ltd Commonwealth Bank of Australia CSL Ltd Harvey Norman Holdings Ltd Insurance Australia Group Ltd Macquarie Group Ltd National Australia Bank Ltd Orora Ltd QBE Insurance Group Ltd Rio Tinto Ltd Suncorp Group Ltd Wesfarmers Ltd Westpac Banking Corp Woodside Petroleum Ltd Woolworths Ltd

362,503.58 611,233.96 195,889.32 1,076,289.21 454,886.87 242,265.09 220,746.32 433,685.44 498,486.34 231,629.41 196,967.85 221,513.06 299,261.23 440,655.96 708,486.02 317,007.30 285,047.98 6,796,554.94

0.02 0.04 0.01 0.07 0.03 0.02 0.01 0.03 0.03 0.01 0.01 0.01 0.02 0.03 0.05 0.02 0.02 0.43

328,533.83 355,298.25 211,100.08 489,432.99 266,115.12 260,475.49 281,737.84 56,046.45 158,503.68 271,747.38 164,240.89 131,662.54 202,676.96 236,443.83 164,031.96 200,294.13 327,874.25 359,654.18 208,629.62 209,786.70 129,277.01 518,746.64 100,502.66 166,524.06 473,482.27 389,338.31 580,876.32 302,227.09 279,895.64 7,825,156.17

0.02 0.02 0.01 0.03 0.02 0.02 0.02 0.00 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.03 0.01 0.01 0.03 0.02 0.04 0.02 0.02 0.49

455,386.21 492,983.60

0.03 0.03

Total investment funds (UCITS) Total investments in securities

Swap contracts at market value Exposures through SFMAMXAC swap Securities AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

4,377.52 3,551.82 3,418.56 2,042.33 701.05 9,406.53 6,443.67 850.39 2,678.93 16,708.06 2,539.13 804.1 4,000.8 1,718.77 3,426.29 1,791.43 1,888.28

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

688.73 1,041.02 2,263.2 1,044 1,449.66 243.45 1,023.29 1,347.57 1,410.58 1,196.24 425.17 1,349.11 965.59 1,924.07 600.28 502.83 959.3 2,836.87 850.34 1,450.86 415.66 1,143.68 972.85 665.69 1,796.28 1,804.18 1,755.76 1,109.72 322.19

Bank of Montreal Bank of Nova Scotia CAE Inc Canadian National Railway Co Canadian Natural Resources Ltd Canadian Pacific Railway Ltd Enbridge Inc EnCana Corp First Capital Realty Inc Fortis Inc Franco Nevada Corporation Goldcorp Inc Great-West Lifeco Inc H&R REIT Units Cons 1 Imperial Oil Ltd Loblaw Co Ltd Magna International Inc Manulife Financial Corp National Bank of Canada Potash Corp of Saskatschew Inc Restaurant Brands Intl Inc When Issued Royal Bank Canada Silver Wheaton Corp SNC-Lavalin Group Inc Sun Life Financial Inc Suncor Energy Inc Toronto Dominion Bank (The) Transcanada Corp Valeant Pharm Intl Inc

CHF CHF

748.73 2,694.35

Cie Financière Richemont SA Credit Suisse Group AG Reg The accompanying notes are an integral part of these financial statements.

119

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

CHF CHF CHF CHF CHF CHF CHF CHF

172.71 46.82 3,206.72 2,121.43 626.63 909.36 135.6 5,270.49

Geberit AG Reg Givaudan SA Reg Nestlé SA Reg Novartis AG Reg Roche Holding AG B de jouis Pref Swiss Prime Site AG Reg Syngenta AG Reg UBS Group Inc

495,645.32 719,956.60 2,016,633.45 1,553,341.44 1,461,066.52 602,176.31 448,735.13 867,860.62 9,113,785.20

0.03 0.05 0.13 0.10 0.09 0.04 0.03 0.06 0.59

DKK DKK DKK

21.86 2,318.52 2,369.18

A.P. Moeller - Maersk A/S B Novo Nordisk AS B Tryg A/S

240,825.79 1,138,152.25 399,597.64 1,778,575.68

0.02 0.07 0.03 0.12

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

809.41 957.33 6,498.85 957.83 1,209.6 564.63 7,814.45 1,240.56 12,697.92 59,093.3 1,612.07 997.83 858.63 1,366.04 1,738.87 1,512.86 2,397.24 3,761.77 7,342.54 1,413.65 7,674.43 3,214.14 3,075.54 776.67 177.54 8,979.63 3,577.57 6,393.88 20,341.44 292.21 11,359.84 488.99 333.17 371.1 6,270.96 911.71 3,911.32 525.41 1,766.86 1,766.86 2,696.66 1,289.71 780.03 1,349.33 1,346.54 1,250.89 1,431.24 1,329.15 28,195.69

Airbus Gr SE Akzo Nobel NV Alcatel-Lucent Amadeus IT Holding SA A Anheuser-Busch InBev SA ASML Holding NV Banco Bilbao Vizcaya Argent SA Reg Banco Pop Societa Cooperativa Banco Santander SA Bank of Ireland Plc BASF SE Reg Bayer AG Reg Bayerische Motorenwerke AG BNP Paribas SA A Daimler AG Reg Danone Deutsche Bank AG Reg Deutsche Telekom AG Reg EDP-Energias de Portugal SA Reg Enagas SA ENEL SpA Engie SA ENI SpA Essilor Intl SA Hermes Intl SA Iberdrola SA Infineon Technologies AG Reg ING Groep NV Certif Intesa Sanpaolo SpA Kering Koninklijke KPN NV L'Oréal SA Linde AG LVMH Moët Hennessy L Vuit SE Nokia Oyj OMV AG Orange SA Red Electrica Corporacion SA Repsol SA Repsol SA Droits d'attribut 07.01.16 Royal Philips NV RWE AG A Salzgitter AG Sanofi SA SAP SE Schneider Electric SE Siemens AG Reg Société Générale Telecom Italia SpA

459,720.11 540,928.35 212,717.89 356,991.99 1,267,653.93 426,991.54 482,423.38 145,579.72 530,202.01 182,974.00 1,044,382.10 1,058,518.64 767,930.74 653,610.59 1,235,810.30 863,140.74 494,663.76 575,152.02 223,382.64 336,705.84 273,623.60 480,675.78 388,807.51 818,570.49 507,029.38 538,808.28 442,606.45 729,236.22 575,431.19 422,819.69 363,396.54 695,678.68 408,677.28 492,597.52 378,864.21 218,238.75 554,841.70 371,144.06 163,800.86 7,429.31 582,016.62 138,350.85 162,386.44 971,568.94 905,171.81 602,293.39 1,178,443.84 518,335.94 303,497.46

0.03 0.03 0.01 0.02 0.08 0.03 0.03 0.01 0.03 0.01 0.07 0.07 0.05 0.04 0.08 0.05 0.03 0.04 0.01 0.02 0.02 0.03 0.02 0.05 0.03 0.03 0.03 0.05 0.04 0.03 0.02 0.04 0.03 0.03 0.02 0.01 0.04 0.02 0.01 0.00 0.04 0.01 0.01 0.06 0.06 0.04 0.07 0.03 0.02

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

120

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

EUR EUR EUR EUR EUR EUR

4,661.54 9,271.89 2,811.43 6,182.26 3,171.74 1,829.74

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

2,712.8 2,897.28 980.2 725 6,770.14 23,212.66 4,467.38 4,945.44 19,052.07 2,487.34 8,278.22 3,238.57 3,833.13 1,706.23 4,935.07 14,602.46 19,694.53 1,322.61 558.61 1,951.29 7,808.95 2,996.13 64,901.77 72.47 4,133.61 1,091.65 4,860.19 1,323.82 3,538.64 328,031.63 3,577.24 2,187.99 1,414.35 704.32 6,410.86 3,150.41 11,408.26 32,100.53 820.12

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

2,078.05 15,416.6 3,236.96 56,336.09 21,061.54 1,478.61 12,472.24 11,822.5 23,216.76 4,492.39 10,125.31 16,675.25 83,078.93 23,018.3 1,816.29 9,670.88 5,469.56

Description

Cost

Market value

% of total net assets

Telefonica SA Terna Rete Elettr Nazional SpA Total SA Unicredit SpA Post Raggruppamento Unilever NV Certif of Shares Zardoya Otis SA

437,070.82 403,965.93 1,062,779.90 290,818.37 1,165,281.32 180,693.81 29,594,433.23

0.03 0.03 0.07 0.02 0.07 0.01 1.86

Anglo American Plc ARM Holdings Plc Associated British Foods Plc AstraZeneca Plc Aviva Plc Barclays Plc BG Group Plc BHP Billiton Plc BP Plc British American Tobacco Plc BT Group Plc Capita Plc Diageo Plc Experian Plc GlaxoSmithKline Plc Glencore Plc HSBC Holdings Plc Indivior Plc Intercontinental Hotels Gr Plc John Wood Group Plc Kingfisher Plc Land Securities Group Plc Reits Lloyds Banking Group Plc Lonmin Plc Prudential Plc Reckitt Benckiser Group Plc Relx Plc Rio Tinto Plc Rolls-Royce Holdings PLC Rolls-Royce Holdings Plc Pref C Entitlement 01 2016 Royal Dutch Shell Plc A Royal Dutch Shell Plc B SABMiller Plc Shire Plc South32 Ltd Standard Chartered Plc Tesco Plc Vodafone Group Plc Whitbread Plc

101,191.96 374,981.65 408,059.62 417,085.84 435,162.68 632,957.73 548,142.26 468,190.95 840,135.91 1,168,410.88 486,415.12 487,331.04 886,447.37 255,260.78 844,049.11 164,582.21 1,315,456.85 30,940.89 184,954.32 148,878.41 320,517.82 439,279.09 590,744.60 753.80 788,331.41 854,117.47 724,689.34 326,427.66 253,459.14 40.86 679,996.29 420,547.90 716,971.68 412,178.13 41,925.66 221,217.47 212,453.97 883,707.55 449,607.43 18,535,602.85

0.01 0.02 0.03 0.03 0.03 0.04 0.03 0.03 0.05 0.07 0.03 0.03 0.06 0.02 0.05 0.01 0.08 0.00 0.01 0.01 0.02 0.03 0.04 0.00 0.05 0.05 0.05 0.02 0.02 0.00 0.04 0.03 0.05 0.03 0.00 0.01 0.01 0.06 0.03 1.18

114,022.55 779,810.18 74,839.52 211,581.18 124,823.67 75,353.29 73,512.08 74,687.29 16,884.60 245,766.03 23,190.22 143,354.66 478,850.16 74,206.85 27,956.06 262,958.98 75,043.55

0.01 0.05 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.03 0.00 0.00 0.02 0.00

AAC Technologies Hgs Inc AIA Group Ltd Anta Sports Products Ltd Bank of China Ltd H Bank of Communications Co Ltd H Beijing Enterprises Hgs Ltd Beijing Enterprises Wat Gr Ltd Belle Intl Hgs Ltd Bosideng International Hgs Ltd Cheung Kong Property Hgs Ltd China BlueChemical Ltd H China Com Construction Cie Ltd H China Construction Bank Corp H China Huishan Dairy Hgs Co Ltd China Intl Marine Cont Gr Ltd H China Life Insurance Co Ltd H China Mengniu Dairy Co Ltd

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

121

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD

4,306.42 9,624.93 6,203.92 55,891.99 6,930.39 14,980.15 2,658.78 5,150.1 3,912.76 42,290.36 5,593.48 21,912.43 7,353.06 4,492.39 2,351.6 20,934.92 11,807.56 13,721.43 4,435.82 2,031.01 3,771.28 5,544.79 8,551.94 3,899.43 14,706.14 2,294.52 15,802.72 1,408.39 8,319.44 5,815.46 71,436.29 12,228.48 4,989.43 2,257.96 2,405.52 7,197.81 3,506.11 3,920.21 3,990.54 4,176.06 14,006.8 16,214.72 3,428.77 5,547.38 11,130.53

JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY

3,759.27 2,217.13 237.81 2,176.29 650.97 4,179.63 559.69 749.45 362.72 100.89 1,580.57 3,290.86 6,605.74 8,575.46 3,048.25 2,370.07 3,197.18 1,878.43 1,220.26

Description

Cost

China Merchant Hgs Intl Co Ltd China MinSheng Banking Corp H China Mobile Ltd China Oversea Property Hgs Ltd China Overseas Land & Inv Ltd China Petroleum & Chem Corp H China Resources Gas Group Ltd China Resources Land Ltd China Resources Pow Hgs Co Ltd China Shipping Con Line Co Ltd H China Taiping Insurance Hdgs Co Ltd China Telecom Corp Ltd H China Unicom (Hong Kong) Ltd CK Hutchison Holdings Ltd CLP Holdings Ltd CNOOC Ltd Cosco Pacific Ltd Dah Chong Hong Holdings Ltd Dongfeng Motor Group Co Ltd H ENN Energy Hgs Ltd Galaxy Entertainment Gr Ltd Great Wall Motor Co Ltd H Guangdong Investment Ltd Haier Electronics Group Co Ltd Hanergy Thin Film Power Gr Ltd Hengan Intl Group Co Ltd Hong Kong and China Gas Co Ltd Hong Kong Sec Clearing Co Ltd Huaneng Power Intl Inc H Hysan Development Co Ltd Industr & Cial Bk of China Ltd H Lenovo Group Ltd Link Real Esta Inv Trust (The) Units New China Life Ins Co Ltd H PetroChina Co Ltd H Ping An Ins Gr Co of China Ltd H Power Assets Holdings Ltd Sands China Ltd Shanghai Pharmaceuti Hg Co Ltd H Shimao Property Hgs Ltd Sihuan Pharm Hgs Group Ltd Sino Ocean Land Hgs Ltd Sinopharm Group Co Ltd H Tencent Holdings Ltd Want Want China Holdings Ltd Astellas Pharma Inc Canon Inc Central Japan Railway Co Daiichi Sankyo Co Ltd Daikin Industries Ltd Daiwa Securities Group Inc East Japan Railway Co Eisai Co Ltd Fanuc Corp Fast Retailing Holdings Co Ltd Fuji Heavy Industries Ltd Fujitsu Ltd f*ckuoka Financial Group Inc Hitachi Ltd Honda Motor Co Ltd Isetan Mitsukoshi Holdings Ltd Itochu Corp Japan Tobacco Inc Kao Corp

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

122

Market value

% of total net assets

115,225.13 80,236.69 589,235.15 77,049.09 204,616.46 76,098.50 66,810.84 126,339.31 64,047.04 99,153.79 145,716.10 86,577.72 75,424.77 510,062.04 168,086.51 183,383.03 109,454.19 58,235.83 49,882.43 91,159.65 100,087.95 54,348.43 101,925.12 66,537.73 62,415.10 182,313.05 260,729.15 303,457.93 60,413.58 200,420.34 362,893.33 104,462.76 251,294.42 79,777.81 13,264.40 335,956.55 271,349.88 112,976.46 72,683.87 62,463.98 66,547.17 87,474.24 115,747.71 918,273.97 69,711.76 10,171,161.83

0.01 0.01 0.04 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.02 0.02 0.00 0.01 0.02 0.01 0.02 0.01 0.00 0.02 0.02 0.01 0.00 0.00 0.00 0.01 0.01 0.06 0.00 0.63

456,116.54 570,949.93 359,938.19 382,848.90 406,019.67 218,136.28 449,055.88 423,438.39 535,780.04 301,443.18 556,767.35 139,951.22 280,044.50 415,527.13 835,174.75 263,398.98 323,059.33 588,505.33 534,847.54

0.03 0.04 0.02 0.02 0.03 0.01 0.03 0.03 0.03 0.02 0.04 0.01 0.02 0.03 0.05 0.02 0.02 0.04 0.03

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW KRW

Number / nominal value 2,015.35 112.9 2,334.83 2,642.3 2,212.32 797.49 787.89 9,209.61 1,501.31 2,281.98 1,945.69 6,331.5 15,289.29 1,537.34 33,300.15 451.59 1,549.35 899.37 10,343.39 2,894.52 3,872.17 7,566.58 1,563.76 9,872.58 874.36 1,059.32 1,830.39 3,146.74 1,023.29 696.61 1,337.96 1,808.77 9,560.31 1,004.07 3,286.06 88.3 292.26 63.94 37.11 316.5 69.52 70.62 62.43 252.92 561.42 295.31 445.13 231.85 290.96 351.81 75.19 749.04 18.45 9.54 38.19 50.85 853.63 15.54 76.03 223.54 128.7 114.39 109.73 9.15

Description

Cost

KDDI Corp Keyence Corp Komatsu Ltd Kubota Corp Kurita Water Industries Ltd Kyocera Corp Mabuchi Motor Co Ltd Marubeni Corp Mazda Motor Corp Mitsubishi Electric Corp Mitsubishi Estate Co Ltd Mitsubishi Heavy Ind Ltd Mitsubishi UFJ Fin Group Inc Mitsui Fudosan Co Ltd Mizuho Financial Group Inc Murata Manufacturing Co Ltd Nippon Steel & Sumi Metal Corp Nitto Denko Corp Nomura Holdings Inc Orix Corp Panasonic Co Ltd Resona Holdings Inc Seven & I Holdings Co Ltd Sharp Corp Shin-Etsu Chemical Co Ltd Softbank Group Corp Sony Corp Sumitomo Metal Mining Co Ltd Sumitomo Mitsui Fin Group Inc Sumitomo Realty & Dev Co Ltd Takeda Pharmaceutical Co Ltd Tokio Marine Holdings Inc Toshiba Corp Toyota Industries Corp Toyota Motor Corp Amorepacific Gr Inc BNK Financial Group Inc BNK Financial Group Inc Droits de sousc 14.01.16 E-MART Co Ltd (tentative) Hankook Tire Co Ltd Hotel Shilla Co Ltd Hyundai Dpt Store Co Ltd Hyundai Heavy Industrie Co Ltd Hyundai Motor Co Ltd KB Financial Gr Inc Kia Motors Corp Korea Electric Power Corp Korean Air Lines Co Ltd KT&G Corp Kwangju Bank Co Ltd LG Chem Ltd LG Display Co Ltd LG Household & Health Care Ltd Lotte Confectionery Co Ltd NAVER Corp NCsoft Corp NH Investment & Sec Orion Corp Posco S-1 CORP Samsung C&T Corp Samsung Electro-Mechanics Co Ltd Samsung Electronics Co Ltd Samsung Electronics Co Ltd Pref

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

123

Market value

% of total net assets

445,412.73 530,676.54 325,907.67 349,569.60 393,915.69 315,960.55 366,590.24 403,404.36 265,526.79 205,078.42 344,054.55 236,607.20 811,130.32 329,209.46 568,192.07 555,992.06 262,298.39 561,644.61 492,205.81 347,949.93 336,589.67 313,461.32 608,153.14 86,475.05 405,416.57 455,695.98 385,038.93 326,231.01 330,272.57 169,625.75 568,623.73 597,226.73 167,412.66 459,439.62 1,724,212.99 23,086,205.84

0.03 0.03 0.02 0.02 0.03 0.02 0.02 0.03 0.02 0.01 0.02 0.02 0.05 0.02 0.04 0.04 0.02 0.04 0.03 0.02 0.02 0.02 0.04 0.01 0.03 0.03 0.02 0.02 0.02 0.01 0.04 0.04 0.01 0.03 0.11 1.50

93,443.48 17,595.73 608.10 50,153.60 106,476.80 38,422.87 63,877.76 39,193.37 269,454.34 133,073.39 111,068.46 159,140.48 45,920.74 217,410.14 19,269.02 176,600.33 131,486.51 138,504.00 155,398.43 179,694.51 77,448.37 61,647.28 129,573.03 90,510.66 159,356.58 128,837.57 51,446.03 988,572.30 71,393.97

0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.06 0.00

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

KRW KRW KRW KRW KRW KRW KRW

79.65 128.61 90.82 40.48 35.19 319.17 73.31

NOK NOK

2,444.56 1,308.92

PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN PLN

Description

Cost

Samsung Fire & Marine Insur Samsung Life Insurance Co Ltd Samsung SDI Co Ltd Shinsegae Co Ltd SK Holdings Co Ltd SK Hynix Inc Yuhan Corp

Market value

% of total net assets

175,134.39 101,153.95 74,032.65 66,564.02 60,515.20 70,175.23 142,844.27 4,595,997.56

0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.27

Telenor ASA TGS Nopec Geophysical Co ASA

346,150.80 176,720.58 522,871.38

0.02 0.01 0.03

441.14 230.36 1,356.41 1,397.27 981.16 137.02 303 108.62 1,230.18 681.57 4,967.01

Alior Bank SA Bank Polska Kasa Opieki SA Cyfrowy Polsat SA ENEA SA Eurocash SA Grupa Azoty SA KGHM Polska Miedz SA mBank SA PKO Bank Polski SA Polski Koncern Naftowy Orle SA Tauron Polska Energia SA

62,868.67 70,842.23 60,695.24 33,836.99 101,979.52 29,216.24 41,226.82 73,094.03 72,051.26 99,104.21 30,656.36 675,571.57

0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.02

SEK SEK SEK SEK SEK SEK SEK

3,286.92 2,037.43 1,743.12 4,141.37 3,161.94 4,041.95 3,567.17

ABB Ltd Reg Boliden AB Hennes & Mauritz AB B Svenska Handelsbanken AB A Swedbank AB A Tele2 AB B Volvo AB B

502,241.68 291,148.40 526,597.66 467,560.56 591,599.22 342,554.97 282,163.44 3,003,865.93

0.03 0.02 0.03 0.03 0.04 0.02 0.02 0.19

SGD SGD SGD SGD SGD SGD

1,493.28 39,821.83 36,305.17 44,056.71 25,024.96 6,557.7

Ascendas Real Estate Inv Trust Droits de sousc 13.01.16 Ascendas Real Estate Inv Trust Units CapitaLand Commercial Trust REITS Uts CapitaLand Mall Trust Units ComfortDelgro Corp Ltd UOL Group Ltd

0.00 539,917.41 291,456.36 505,639.13 453,883.66 243,336.69 2,034,233.25

0.00 0.03 0.02 0.03 0.03 0.02 0.13

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

759.35 2,581.31 1,894.84 498.58 716.49 1,346.25 771.29 9,490.96 1,099.84 732.64 474.77 282.89 434.59 656.61 315.56 239.9 2,623.56 423.97 7,859.78 1,579.18 1,024.51 1,125.86 1,793.42 586.09

3M Co Abbott Laboratories AbbVie Inc Abercrombie & Fitch Co A Accenture Plc A Activision Blizzard Inc Adobe Systems Inc Advanced Semicond Engineer Inc ADR spons repr 5 Shares Aflac Inc AGCO Corp Air Products and Chemicals Inc Alexion Pharmaceuticals Inc Allergan Plc Alliant Energy Corp Alphabet Inc A Alphabet Inc C Altria Group Inc Amazon.com Inc Ambev SA spons ADS repr 1 Share America Movil SAB de CV spons ADR repr 20 L Shares American Electric Power Co Inc American Express Co American Intl Group Inc American Tower Corp

965,576.74 983,143.19 952,525.77 114,179.25 633,190.30 443,315.69 615,033.67 454,348.39 557,512.55 281,073.62 524,305.75 456,759.60 1,147,932.37 342,891.11 2,082,174.90 1,546,801.61 1,290,376.33 2,444,804.94 295,586.22 188,264.38 498,554.81 662,579.62 943,038.07 480,764.12

0.06 0.06 0.06 0.01 0.04 0.03 0.04 0.03 0.04 0.02 0.03 0.03 0.07 0.02 0.13 0.10 0.08 0.16 0.02 0.01 0.03 0.04 0.06 0.03

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

124

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 805.35 672.3 698.19 428.92 5,337.27 1,882.95 634.18 5,656.05 5,084.89 394.54 410.76 707.78 3,809.62 1,049.02 2,564.06 760.02 365.02 2,469.66 9,899.58 589.04 648.64 1,067.73 600.52 242.85 290.65 816.71 3,005.01 1,263.02 1,767.94 1,000.71 828.72 402.59 547.68 1,003.06 605.52 660.45 1,030.5 519.45 914.31 2,399.76 1,177.02 2,266.18 281.52 492.43 1,677.88 62.45 1,825.97 493.73 745.73 817.24 1,900.7 1,169.19 1,245.82 664.18 1,111.83 6,015.29 2,952.55 730.69 1,276.76 3,991.96 168 1,018.82 1,030.5 2,765.81 843.13 567.76

Description

Cost

Amgen Inc Anadarko Petroleum Corp Aon Plc Apache Corp Apple Inc Applied Materials Inc Assurant Inc AT&T Inc Au Optronics Corp ADR repr 10 Shares Avalon Bay Communities Inc B/E Aerospace Inc Baker Hughes Inc Banco Bradesco SA spons ADR repr 1 Pref Share Banco do Brasil SA ADR repr 1 Share Banco Santander SA ADR repr 1 Share Banco Santander-Chile spons ADR repr 400 Shares Bancolombia SA ADR repr 4 Pref Shares Bank Mandiri Persero (PT) Tbk unspons ADR repr 10 Shares Bank of America Corp Becton Dickinson & Co Bed Bath and Beyond Inc Berkshire Hathaway Inc Best Buy Co Inc Biogen Inc BioMarin Pharmaceutical Inc Boeing Co (The) Boston Scientific Corp BRF SA ADR repr 1 share Bristol Myers Squibb Co Broadcom Corp A Cabot Oil & Gas Corp California Resources Corp When Issued Camden Property Trust Cardinal Health Inc Care Capital Properties Inc Caterpillar Inc CB Richard Ellis Gr Inc A CBS Corp B Celgene Corp Cemex SAB de CV ADR repr 10 CPO Cerner Corp Charles Schwab Corp Chemours (The) Co Cheniere Energy Inc Chevron Corp Chipotle Mexican Shares A Chunghwa Telecom Co Ltd spons ADR rep 10 Shares Cia Brasileira de Dist spons ADR repr 1 Pref Share Cia Cervecerias Unidas SA ADR repr 2 Shares Cia de Minas Buenaventura SAA spons ADR repr 1 Share Cia Energetica Minas Gerais spons ADR repr 1 Pref Cia Sanea Bas Est de Sao Paulo ADR repr 1 Shares Cia Siderurgica Nacional SA spons ADR repr 1 Share Cielo SA spons ADR repr 1 Share Cincinnati Financial Corp Cisco Systems Inc Citigroup Inc Cliffs Natural Resources Inc CMS Energy Corp Coca-Cola Co Coca-Cola Femsa SAB de CV ADR repr 10 Local Shares Cognizant Tec Solutions Corp Colgate-Palmolive Co Comcast Corp A Comerica Inc Computer Sciences Corp The accompanying notes are an integral part of these financial statements.

125

Market value 1,103,547.92 275,345.41 547,876.47 161,954.28 4,749,504.26 299,093.50 432,229.51 1,641,719.73 125,775.16 614,787.76 147,218.07 275,644.31 154,487.97 32,478.53 105,380.29 113,114.87 83,071.48 136,511.36 1,415,149.27 768,838.42 262,135.12 1,193,317.57 153,794.24 629,810.13 257,030.59 997,496.08 469,993.77 147,490.98 1,029,442.44 489,749.20 120,899.25 7,214.55 356,180.18 759,432.79 155,837.97 379,904.74 300,757.87 206,321.99 928,696.10 109,025.40 601,685.09 632,706.51 12,600.70 155,650.48 1,272,746.57 252,971.11 461,795.18 43,698.60 136,836.74 29,049.72 24,274.59 46,134.44 10,691.08 46,603.29 558,630.77 1,380,091.30 1,295,939.30 10,266.37 385,521.38 1,446,865.45 100,284.41 519,785.10 581,661.73 1,319,387.09 297,077.11 157,297.24

% of total net assets 0.07 0.02 0.03 0.01 0.30 0.02 0.03 0.10 0.01 0.04 0.01 0.02 0.01 0.00 0.01 0.01 0.01 0.01 0.09 0.05 0.02 0.08 0.01 0.04 0.02 0.06 0.03 0.01 0.07 0.03 0.01 0.00 0.02 0.05 0.01 0.02 0.02 0.01 0.06 0.01 0.04 0.04 0.00 0.01 0.08 0.02 0.03 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.04 0.09 0.08 0.00 0.02 0.09 0.01 0.03 0.04 0.08 0.02 0.01

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

247.32 1,186.75 2,620.68 426.15 567.76 1,660.2 393.94 1,287.06 648.56 1,035.42 386.74 581.31 502.04 743.47 831.17 578.47 1,446.73 473.72 1,038.95 836.94 2,032.17 840.08 1,119.3 540.47 192.02 672.8 1,074.33 455.8 2,583.11 804.68 474.2 342.25 1,036.5 720.51 235.86 238.29 389.14 1,575.77 1,241.88 3,392.52 2,119.55 637.35 392.33 1,434.41 2,435.72 725.55 454.6 457.89

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

1,509.45 571.22 7,762.23 9,355.13 1,901.73 1,399.67 473.38 186.33 949.11 269.92 1,229.63 1,065.49 690.62 849.83 516.55 727.5 330.07

Description

Cost

Concho Resources Inc ConocoPhillips Corning Inc Crown Castle International Corp CSRA Inc CSX Corp Cummins Inc CVS Health Corp Devon Energy Corp Discover Financial Services Discovery Communication Inc Discovery Communications Inc C DISH Network Corp A Dollar General Corp Dominion Resources Inc Dover Corp Dow Chemical Co Dr Reddy's Laboratories Ltd spons ADR repr 1 Share Du Pont de Nemours (EI) & Co Duke Energy Corp Duke Realty Corp Eaton Corp Public Ltd Cie EBay Inc Ecolab Inc Ecopetrol SA spons ADR repr 20 Shares Electronic Arts Inc Eli Lilly & Co Embraer SA spons ADR rep 4 Shares EMC Corp Emerson Electric Co Empresa Natl de Ele SA Chile ADR repr 30 Shares Endo International Plc Enersis SA ADR repr 50 Shares EOG Resources Inc EQT Corp Essex Property Trust Inc Everest Reinsurance Group Ltd Exelon Corp Express Scripts Hg Co Exxon Mobil Corp Facebook Inc A Fastenal Co Fedex Corp Fibria Celulose SA ADR repr 1 Share Fifth Third Bancorp Fiserv Inc FMC Technologies Inc Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) Freeport McMoRan Inc Garmin Ltd Reg Gazprom PJSC spons ADR repr 2 Shares General Electric Co Gerdau SA COSG ADR repr 1 Pref Shares Gilead Sciences Inc Goldman Sachs Group Inc Gr Aero del Sureste SA de CV ADR repr 10 Shs Ser B Gr Televisa SA spons ADR repr 5 Ord Part Certif Grupo Aerop del Paci SAB de CV B ADR repr 10 B Shares Grupo Financi Santan Mex SAB ADR repr 5 Shares B Halliburton Co (Hg Co) Halyard Health Inc Harley Davidson Inc HCP Inc HDFC Bank Ltd ADR repr 3 Shares Helmerich and Payne Inc The accompanying notes are an integral part of these financial statements.

126

Market value

% of total net assets

194,760.01 465,377.53 406,134.40 311,747.58 143,301.47 361,346.74 293,519.43 1,062,920.46 172,427.39 471,934.77 86,484.10 123,196.66 242,783.10 449,925.03 469,292.75 300,527.98 627,698.34 185,047.41 588,357.36 499,023.40 363,658.09 370,497.52 259,909.67 523,193.44 11,244.21 392,950.29 769,012.21 114,122.19 561,132.63 326,177.53 146,376.81 176,942.11 103,598.30 430,026.73 102,611.78 487,041.65 605,776.70 363,518.65 918,092.78 2,217,163.55 1,886,673.40 219,849.57 493,571.07 155,075.06 415,176.54 563,424.78 111,105.98 353,374.55

0.01 0.03 0.03 0.02 0.01 0.02 0.02 0.07 0.01 0.03 0.01 0.01 0.02 0.03 0.03 0.02 0.04 0.01 0.04 0.03 0.02 0.02 0.02 0.03 0.00 0.03 0.05 0.01 0.04 0.02 0.01 0.01 0.01 0.03 0.01 0.03 0.04 0.02 0.06 0.14 0.12 0.01 0.03 0.01 0.03 0.04 0.01 0.02

86,864.19 178,824.46 240,278.89 2,447,015.70 18,959.83 1,198,312.44 722,817.44 220,270.55 220,470.67 201,137.21 89,382.87 304,607.75 194,300.82 328,467.15 168,010.53 377,031.85 148,485.46

0.01 0.01 0.02 0.16 0.00 0.08 0.05 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.01

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 1,993.21 1,482.79 1,027.78 803.11 1,993.21 734.8 2,453.08 217.44 2,791.64 3,848.34 532.86 79.27 1,488.09 3,245.51 2,257.41 3,629.58 2,985.68 314.67 151.43 758.29 206.58 3,043.45 555.43 478.02 175.38 419.6 907.41 1,036.91 681.18 442.51 1,100.49 643.76 959.63 460.22 1,396.89 600.76 170.55 1,399.6 333.89 491.01 258.51 888.03 743.71 1,229.87 1,210.65 1,050.6 729.56 1,973.53 2,655.92 1,227.66 449.91 1,247.4 7,394.01 1,014.76 729.49 2,388.01 586.45 576.5 2,334.83 658.17 334.25 550.37 3,221.2 1,089.16 1,782.25 964.49

Description

Cost

Hewlett Packard Enterprise Co Home Depot Inc Honeywell Intl Inc Host Hotels & Resorts Inc HP Inc IBM Corp ICICI Bank Ltd ADR repr 2 Shares Illumina Inc Infosys Ltd spons ADR repr 1 Share Intel Corp Intuit Inc Intuitive Surgical Inc Invesco Ltd Itau Unibanco Hg SA spons ADR Repr 1 Share Johnson & Johnson JPMorgan Chase & Co JSC Surgutneftegaz ADR repr 10 Shares Kansas City Southern Kasikornbank PCL ADR repr 4 Shares Kellogg Co Keurig Green Mountain Inc KeyCorp Kimberly-Clark Corp KLA-Tencor Corp KLX Inc KOC Holding AS unspons ADR repr 5 Shares B Kraft Heinz Co (The) Kroger Co L Brands Inc Lam Research Corp Larsen & Toubro Ltd spons GDR repr 1 Reg Share Las Vegas Sands Corp Latam Airlines Gr SA spons ADR repr 1 Share Liberty Global Plc Liberty Global Plc C Liberty Property Trust LinkedIn Corp A Lowe's Companies Inc Lululemon Athletica Inc Lyondellbasell Industries NV M & T Bank Corp Mahindra & Mahindra Ltd GDR repr 1 Share Marathon Petroleum Corp Marsh & McLennan Cos Inc Master Card Inc A Mc Donald's Corp McGraw-Hill Financial Inc Medtronic Plc Merck & Co Inc Metlife Inc Michael Kors Holdings Limited Micron Technology Inc Microsoft Corp MMC Norilsk Nickel PJSC spons ADR repr 1 Share Mobile Telesystems PJSC ADR repr 2 Shs Mondelez Intl Inc Monsanto Co Moody's Corp Morgan Stanley Mylan N.V. National Oilwell Varco Inc NetFlix Inc New York Community Bancorp Inc Newmont Mining Corp Nike Inc B Novolipetsk Steel (NLMK) GDR repr 10 Shares The accompanying notes are an integral part of these financial statements.

127

Market value 255,733.85 1,656,321.35 898,772.87 104,595.91 199,891.64 852,880.27 162,425.31 353,432.98 394,579.34 1,122,194.57 437,413.30 367,135.74 418,661.46 177,212.37 1,960,762.43 2,027,029.13 115,046.80 200,252.63 20,893.70 462,339.22 156,525.75 339,271.90 598,336.16 280,271.50 45,150.15 65,626.31 558,757.19 364,219.97 552,067.98 298,286.17 179,620.27 237,064.62 44,001.62 164,305.63 476,678.40 158,910.15 325,601.60 900,454.35 148,181.05 360,431.70 265,517.35 143,447.95 322,801.77 579,136.15 1,001,141.06 1,047,866.49 611,531.63 1,281,158.22 1,181,605.15 501,766.66 152,204.42 149,026.01 3,466,854.68 108,170.13 37,990.63 907,915.21 488,509.94 491,866.71 629,774.67 301,732.97 93,982.08 540,599.07 445,539.28 164,940.98 943,462.43 69,054.53

% of total net assets 0.02 0.11 0.06 0.01 0.01 0.05 0.01 0.02 0.03 0.07 0.03 0.02 0.03 0.01 0.12 0.13 0.01 0.01 0.00 0.03 0.01 0.02 0.04 0.02 0.00 0.00 0.04 0.02 0.04 0.02 0.01 0.02 0.00 0.01 0.03 0.01 0.02 0.06 0.01 0.02 0.02 0.01 0.02 0.04 0.06 0.07 0.04 0.08 0.08 0.03 0.01 0.01 0.22 0.01 0.00 0.06 0.03 0.03 0.04 0.02 0.01 0.03 0.03 0.01 0.06 0.00

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

Number / nominal value 167.88 823.58 815.39 834.49 522.53 574.39 3,489.27 1,400.85 1,119.3 642.61 5,110.28 1,452.76 254.31 3,402.8 5,744.67 924.71 385.27 1,565.66 818.13 749.45 228.2 818.13 254.55 65.38 2,303.15 686.25 1,478.75 357.77 425.96 163.22 422.77 527.09 94.26 4,208.46 915.36 653.37 769.41 461.2 413.16 2,720.92 1,261.89 1,015.89 264.69 2,766.29 305.76 288.63 1,603.68 771.07 1,320.19 1,972.5 492 1,486.89 1,011.42 6,277.45 677.53 536.24 910.3 722.36 1,321.46 162.02 1,058.14 1,091.68 984.21 435.76 383.71 510.13

Description

Cost

NOW Inc NRG Energy Inc Nucor Corp Occidental Petroleum Corp Oil Co Lukoil PJSC spons ADR repr 1 Share Omnicom Group Inc Oracle Corp Paychex Inc PayPal Holdings Inc Pentair Plc People's United Fin Inc Pepsico Inc Perrigo Co Plc Petroleo Brasileiro SA spons ADR repr 2 Pref Shares Pfizer Inc PG & E Corp Pharmastandard PJSC GDR repr 1 Share Philip Morris Intl Inc Philippine Lg Distance Tel Co ADR repr 1 Share Phillips 66 Pioneer Natural Resources Co PNC Financial Serv Group Precision Castparts Corp Priceline Group Inc (The) Procter & Gamble Co Prudential Financial Inc Qualcomm Inc Range Resources Corp Rayonier Advance Materials Inc When Issued Rayonier Inc REIT Realogy Holdings Corp Red Hat Inc Regeneron Pharmaceuticals Inc Regions Financial Corp Reliance Industries Ltd GDR repr 2 Shares 144A RenaissanceRe Holdings Ltd Salesforce.com Inc SanDisk Corp SBA Communications Corp A Sberbank of Russia PJSC spons ADR repr 4 Shares Schlumberger Ltd Sealed Air Corp Shinhan Financial Group Co Ltd spons ADR repr 1 Share Siliconware Prec Ind Co Ltd ADR repr 5 Shares Simon Property Group Inc Soc Quimica y Minera Chile SA ADR repr 1Pref Shares B Southern Co Southwestern Energy Co Spectra Energy Corp Starbucks Corp Starwood Htls & Res Wld Inc Symantec Corp T. Rowe Price Group Inc Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares Tata Motors Ltd spons ADR repr 5 Shares Tatneft PJSC spons ADR repr 6 Shares TE Connectivity Ltd Telefonica Brasil SA spons ADR repr 1 Share Telekom Indonesia (PT) Tbk ADR repr 200 Shares Tesla Motors Inc Teva Pharma Ind Ltd ADR repr 1 Share Texas Instruments Inc Textron Inc Thermo Fisher Scientific Inc Tim Participacoes SA spons ADR repr 5 Shares Time Inc The accompanying notes are an integral part of these financial statements.

128

Market value 22,712.06 78,298.00 277,628.74 471,304.80 141,886.41 364,853.28 1,077,670.09 625,824.48 342,496.91 270,051.85 699,087.00 1,226,894.44 310,709.66 97,624.09 1,569,327.29 411,865.06 13,597.67 1,163,513.23 291,226.12 514,139.19 239,603.74 659,268.20 496,786.93 703,228.88 1,546,870.97 473,670.23 623,177.98 71,939.04 35,479.12 30,746.73 130,537.15 369,843.05 432,505.44 341,677.84 235,657.68 627,865.27 512,815.02 295,711.76 368,077.10 134,604.36 741,785.52 382,820.06 75,001.45 181,534.51 501,425.13 45,847.67 626,715.54 43,918.66 263,350.22 1,004,675.03 288,633.96 264,204.35 612,337.06 1,206,273.42 167,987.53 118,879.79 498,420.99 54,575.04 493,298.92 330,681.77 582,934.62 510,664.20 349,185.96 523,643.92 27,343.40 66,953.48

% of total net assets 0.00 0.01 0.02 0.03 0.01 0.02 0.07 0.04 0.02 0.02 0.04 0.08 0.02 0.01 0.10 0.03 0.00 0.07 0.02 0.03 0.02 0.04 0.03 0.04 0.10 0.03 0.04 0.00 0.00 0.00 0.01 0.02 0.03 0.02 0.02 0.04 0.03 0.02 0.02 0.01 0.05 0.02 0.00 0.01 0.03 0.00 0.04 0.00 0.02 0.06 0.02 0.02 0.04 0.08 0.01 0.01 0.03 0.00 0.03 0.02 0.04 0.03 0.02 0.03 0.00 0.00

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

422.79 1,146.08 1,063.93 1,401.76 235.4 252.22 2,484.34 5,460.86 1,718.67 586.11 988.8 1,318.75 736.12 504.44 899.27 960.09 12,847.47 687.29 886.3 2,105.65 1,420.93 1,877.52 700.4 985.7 912.84 3,506.86 365.33 892.28 253.61 2,163.39 912.24 1,268.13 1,142.05 1,876.68 1,403.76 4,369.45 1,177.02 761.46 789.04 1,076.14 2,151.12 1,342.77 204.18 282.99 1,038.88 744.38

Time Warner Cable Inc Time Warner Inc TJX Cos Inc Torchmark Corp TransDigm Group Inc TripAdvisor Inc Turkcell Iletisim Hizmet ADR repr 2500 Sh Turkiye Garanti Bankasi AS Spons ADR Repr 1 Sh Twenty-First Century Fox Inc A Twitter Inc Tyco International Plc UDR Inc Ultrapar Particip SA spons ADR repr 1 Share Under Armour Inc A Union Pacific Corp United Health Group Inc United Microelectronics Corp ADR repr 5 Shares United Parcel Service Inc B United Technologies Corp US Bancorp Vale SA spons ADR repr 1 Share Vale SA spons ADR Repr 1 Share A Valero Energy Corp Vedanta Ltd spons ADS repr 4 Shares Ventas Inc Verizon Communications Inc Vertex Pharmaceuticals Inc VF Corp Viacom Inc B Visa Inc A Wal-Mart de Mexico SAB de CV ADR repr 10 Shares V Wal-Mart Stores Inc Walgreens Boots Alliance Inc Walt Disney Co (The) Waste Management Inc Wells Fargo & Co New Weyerhaeuser Co Whole Foods Market Inc Williams Companies Inc Willis Towers Watson Plc Wipro Ltd spons ADR repr 1 Share WP Glimcher Inc Wynn Resorts Ltd XL Group Plc Yahoo Inc Yum! Brands Inc

660,477.27 625,113.74 635,892.42 678,948.99 450,649.85 182,534.16 178,080.48 110,265.25 395,038.72 112,626.69 266,874.66 418,947.63 94,508.22 344,675.92 595,733.27 957,268.32 204,289.46 557,880.16 715,775.74 760,878.10 39,211.49 40,596.09 415,728.84 46,689.39 434,765.44 1,366,046.41 390,324.30 468,963.42 87,183.73 1,425,705.88 193,101.97 654,875.33 824,689.06 1,673,325.65 633,618.58 2,011,220.06 298,564.93 213,910.00 166,159.50 444,000.93 209,393.91 120,879.04 118,271.00 93,973.35 293,502.74 458,618.95 165,568,167.00

0.04 0.04 0.04 0.04 0.03 0.01 0.01 0.01 0.03 0.01 0.02 0.03 0.01 0.02 0.04 0.06 0.01 0.04 0.05 0.05 0.00 0.00 0.03 0.00 0.03 0.09 0.02 0.03 0.01 0.09 0.01 0.04 0.05 0.11 0.04 0.13 0.02 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.03 10.59

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

706.65 1,471.16 2,411.82 706.57 3,435.25 492.6 4,591.66 1,070.39 254.72 881.25 5,333.38 323.49 1,252.88 450.61 282.7 11,697.79 1,251.82 976.69

AngloGold Ashanti Ltd Arcelormittal South Africa Ltd Arcelormittal South Africa Ltd Droits de sousc 15.01.16 Astral Foods Ltd Aveng Ltd Barclays Africa Group Ltd Firstrand Ltd Impala Platinum Holdings Ltd Kumba Iron Ore Ltd Lewis Group Ltd MMI Hgs Ltd Mr Price Group Ltd MTN Group Ltd Naspers Ltd N Nedbank Group Netcare Ltd Remgro Ltd Reunert Ltd

41,068.32 3,598.26 13.11 44,548.85 4,219.76 38,417.89 105,744.18 14,567.97 5,703.96 26,305.86 63,774.34 35,164.99 92,629.24 519,582.97 28,981.04 215,538.12 166,840.81 36,246.88

0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.03 0.00 0.01 0.01 0.00

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

129

MONYX FUND - Monyx Strategi Trygghet Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

1,206.55 2,528.51 645.35 665.55 2,128.47 2,436.49 223.06 1,377.6 593.75 1,118.39

Description

Cost

RMB Holdings Ltd Sanlam Ltd Sasol Ltd Shoprite Holdings Ltd Standard Bank Group Ltd Steinhoff Intl Hgs N.V. Tiger Brands Ltd Truworths Intl Ltd Wilson Bayly Holmes-Ovcon Ltd Woolworths Holdings Ltd

Market value

% of total net assets

36,897.12 83,200.87 146,155.85 51,646.62 131,305.64 104,002.57 38,364.52 68,249.55 36,551.03 60,878.55 2,200,198.87

0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.11

285,502,381.30

18.14

AUD

19,862.36

0.00

CAD

28,737.93

0.00

CHF

2,321.90

0.00

EUR

34,907.56

0.00

GBP

63,922.32

0.00

HKD

243.20

0.00

JPY

31,393.71

0.00

KRW

46,259.23

0.00

NOK

-7.20

0.00

PLN

216.26

0.00

SEK

-270,343.66

-0.02

SGD

4,500.17

0.00

USD

196,911.17

0.01

ZAR

0.77

0.00

Total securities Cash

Total cash Total swap contracts at market value Cash at banks Other net assets/(liabilities) Total

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

130

158,925.72

-0.01

285,661,307.02

18.13

53,501,179.95

3.40

18,733,092.89

1.18

1,575,609,728.56

100.00

MONYX FUND - Monyx Strategi Trygghet Industrial and geographical classification of investments as at 31st December 2015

Industrial classification including exposure through swap contracts (in percentage of net assets) Banks

47.29 %

Diversified financial services

8.58 %

Real estate

8.25 %

Investment funds

7.47 %

Capital goods

2.47 %

Pharmaceuticals and biotechnology

1.75 %

Utilities

1.75 %

Telecommunication services

1.65 %

Energy

1.54 %

Countries and governments

1.54 %

Retailing

1.39 %

Insurance

1.37 %

Transportation

1.36 %

Software and services

1.29 %

Food, beverage and tobacco

1.21 %

Health care equipment and services

1.20 %

Technology hardware and equipment

0.94 %

Materials

0.87 %

Media

0.52 %

Food retailing, drugstores and pharmacies

0.50 %

Automobiles and components

0.50 %

Semiconductors and semiconductor equipment

0.47 %

Consumer durables and apparel

0.39 %

Real estate funds

0.38 %

Household and personal products

0.33 %

Hotels, restaurants and leisure

0.23 %

Commercial services and supplies

0.13 %

Investment companies

0.06 %

Total

95.43 %

131

MONYX FUND - Monyx Strategi Trygghet Industrial and geographical classification of investments (continued) as at 31st December 2015

Geographical classification including exposure through swap contracts (by domicile of the issuer) (in percentage of net assets) Sweden

44.36 %

United States of America

9.21 %

Luxembourg

7.47 %

Norway

6.93 %

Denmark

6.01 %

Germany

3.48 %

Finland

2.96 %

United Kingdom

2.79 %

France

2.61 %

The Netherlands

2.61 %

Japan

1.50 %

Iceland

0.91 %

Switzerland

0.66 %

Canada

0.50 %

Australia

0.42 %

Ireland

0.31 %

Bermuda

0.29 %

Hong Kong

0.29 %

South Korea

0.26 %

Spain

0.21 %

China

0.17 %

Taiwan

0.17 %

Italy

0.16 %

Cayman Islands

0.15 %

Singapore

0.13 %

India

0.12 %

Mexico

0.10 %

South Africa

0.10 %

Brazil

0.09 %

Belgium

0.08 %

Russia

0.07 %

Curacao

0.05 %

Chile

0.04 %

Indonesia

0.04 %

Jersey

0.04 %

Israel

0.04 %

Turkey

0.02 %

Philippines

0.02 %

132

MONYX FUND - Monyx Strategi Trygghet Industrial and geographical classification of investments (continued) as at 31st December 2015

Poland

0.02 %

Portugal

0.01 %

British Virgin Islands

0.01 %

Austria

0.01 %

Colombia

0.01 %

Total

95.43 %

133

MONYX FUND - Monyx Aktiv Ränta Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Cash collateral for future contracts Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Unrealised gain on forward foreign exchange contracts

1,080,169,674.00 2,965,320.00 8,194,509.03 4,101,861.14 1,335.01 7,150.00 10,674,706.43 834,700.00 27,724,607.81

Total assets

1,134,673,863.42

Liabilities Payable on redemptions of shares Expenses payable

432,598.85 872,892.69

Total liabilities

1,305,491.54

Net assets at the end of the year

1,133,368,371.88

Number of Class AC Shares outstanding Net asset value per Class AC Share

10,362,971.9033 109.37

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

134

MONYX FUND - Monyx Aktiv Ränta Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Interest on bonds and other debt securities, net Interest on bank accounts Other income

51,159,493.19 26,942.86 290,817.61

Total income

51,477,253.66

Expenses Management fees Performance fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Other expenses

7,908,872.07 59,376.89 4,113.56 77,271.77 932,221.63 20,108.51 2,314,590.74 566,317.14 6,062.72 14,131.22 26,082.47

Total expenses

11,929,148.72

Net investment income

39,548,104.94

Net realised gain/(loss) - on securities portfolio - on futures contracts - on forward foreign exchange contracts - on foreign exchange

-8,931,050.98 1,089,055.73 -28,590,024.04 5,934,564.15

Realised result

9,050,649.80

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on forward foreign exchange contracts

-54,094,103.88 795,593.54 40,778,996.62

Result of operations

-3,468,863.92

Subscriptions

32,697,632.78

Redemptions

-338,905,645.61

Total changes in net assets

-309,676,876.75

Total net assets at the beginning of the year

1,443,045,248.63

Total net assets at the end of the year

1,133,368,371.88

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

135

MONYX FUND - Monyx Aktiv Ränta Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

1,133,368,371.88 1,443,045,248.63 1,687,756,266.80

Number of Class AC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

13,151,850.5564 297,975.2944 -3,086,853.9475 10,362,971.9033

Net asset value per Class AC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

109.37 109.72 107.75

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

136

MONYX FUND - Monyx Aktiv Ränta Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds DKK DKK DKK DKK

15,000,000 8,000,000 10,000,000 5,000,000

Ambu AS 3.375% Sen 13/15.03.18 DFDS A/S FRN Sen 14/13.06.19 Global Connect AS 5.7% 13/15.05.20 Scan Gl Logistics Hg ApS FRN Sen 15/26.06.18

16,754,204.29 9,713,592.19 11,443,330.61 6,199,193.22 44,110,320.31

18,962,234.76 9,843,328.75 12,715,790.55 6,212,177.53 47,733,531.59

1.67 0.87 1.12 0.55 4.21

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

1,000,000 1,000,000 700,000 1,000,000 1,000,000 2,000,000 1,000,000 700,000 700,000 800,000 1,600,000 1,600,000 700,000

9,232,608.21 9,303,715.62 6,500,823.61 9,408,263.12 9,316,196.01 17,283,571.19 9,288,774.05 6,466,904.55 6,259,309.21 7,479,626.46 14,830,246.30 14,682,470.44 6,448,736.24

9,208,717.51 9,259,500.54 6,474,951.05 9,225,523.08 9,089,659.00 19,524,862.28 9,204,138.33 6,180,501.05 5,833,866.79 7,775,436.27 14,763,254.72 14,836,521.49 6,245,795.48

0.81 0.82 0.57 0.81 0.80 1.72 0.81 0.55 0.52 0.69 1.30 1.31 0.55

1,000,000 1,000,000 1,000,000 1,500,000 1,000,000 2,000,000 1,000,000 750,000 1,000,000 1,000,000 342,800 2,200,000

4Energia Ou FRN Sen 15/02.06.21 Akelius Residential Prop AB 3.375% Reg S Sen 15/23.09.20 B2 Holding ASA FRN 15/08.12.20 Citycon Treasury BV 2.375% Reg S Sen 15/16.09.22 Danica Pension VAR Reg S Sub 15/29.09.45 Danske Bank A/S VAR Reg S Sub 13/04.10.23 DBB Jack-Up Serv A/S FRN Sk 15/26.11.19 Dong Energy A/S VAR Reg S Sub 15/06.11.15 European Energy AS FRN Sen 14/05.03.18 Finnair Oyj VAR Reg S Sub 15/13.10.Perpetual Forchem Oy 4.9% Sk Sen 15/02.07.20 Hoist Kredit AB FRN 14/02.10.17 Kommunal Landspensjonskasse AS VAR Reg S Sen Sub 15/10.06.45 Neste Corporation 4% Sen 12/18.09.19 Norwegian Air Shuttle ASA 7.25% Sen 15/11.12.19 Nykredit Realkredit AS VAR Reg S Sub 14/03.06.36 Sato Oyj 2.25% Reg S Sen 15/10.09.20 Sato Oyj 2.875% 13/20.03.18 Sponda Oyj 2.375% Reg S Sen 15/20.05.20 Svenska Handelsbanken AB VAR Sub 14/15.01.24 TDC A/S VAR MTN Sub 15/Perpetual Tieto Corp 2.875% Sen 13/23.05.19 Tornator Finance Plc 3.125% 12/19.12.19 Troax Corp FRN 14/12.06.20 Volvo Treasury AB VAR Sub 14/10.06.75

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

9,562,169.94 9,195,302.12 9,541,181.73 13,991,929.39 8,300,348.12 18,633,961.32 8,869,368.49 7,138,431.97 8,502,874.66 8,653,377.07 3,106,424.50 20,371,665.51 252,368,279.83

9,927,647.71 9,227,034.20 9,186,462.72 13,785,807.29 9,503,982.60 18,389,868.39 9,530,496.01 6,469,925.41 9,557,284.18 9,654,683.19 3,280,255.53 19,798,889.17 255,935,063.99

0.88 0.81 0.81 1.22 0.84 1.62 0.84 0.57 0.84 0.85 0.29 1.75 22.58

GBP GBP GBP

1,400,000 2,000,000 1,000,000

Danske Bank A/S VAR EMTN Sub Ser 217 06/15.02.Perpetual DnB Bank ASA FRN Reg S Sub 07/29.12.Perpetual Swedbank AB VAR REGS Sub Ser 5 Tr 1 05/31.12.Perpetual

18,304,924.28 22,844,195.74 13,591,079.26 54,740,199.28

17,686,773.86 25,584,983.81 12,536,966.44 55,808,724.11

1.56 2.26 1.11 4.93

NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK NOK

20,000,000 9,000,000 17,000,000 5,000,000 15,000,000 14,000,000 13,000,000 12,000,000 10,000,000 19,000,000 7,000,000 4,000,000 4,000,000 20,000,000 6,000,000 5,000,000 5,000,000 10,000,000

Aker ASA FRN Sen 15/29.05.20 Aker ASA FRN Ser AKER10 13/06.06.20 Arion Bank FRN EMTN Reg S Sen 15/07.07.20 Arion Bank FRN EMTN Ser NOV 15/07.07.20 Atea ASA FRN Reg S Ser 144A 13/19.06.18 Bonheur ASA FRN Sen 14/09.07.19 BW Offshore Ltd FRN Reg S Sen 15/16.06.20 Color Group ASA FRN Reg S 15/02.06.20 DigiPlex Norway AS FRN Reg S Ser144A 15/17.07.19 Fred Olsen Energy ASA FRN Sen 11/12.05.16 Hospitality Invest AS FRN 14/12.02.19 Infratek AS FRN Sen 14/20.05.19 Islandsbanki HF FRN Reg S 15/16.10.18 Landsbankinn hf FRN EMTN Reg S 15/08.06.19 North Atlantic Drilling Ltd FRN 13/30.10.18 Norwegian Air Shuttle ASA FRN Sen 14/21.11.17 Ocean Yield ASA FRN Reg S 15/29.04.20 Ship Finance Intl Ltd FRN Sen 14/19.03.19

21,973,157.08 9,938,430.46 17,921,258.82 5,071,562.80 17,040,919.33 15,358,085.11 13,850,591.29 13,183,894.25 10,578,739.96 20,038,450.92 7,316,834.31 4,421,593.03 4,049,281.11 20,081,866.33 5,016,144.00 5,479,305.65 5,526,469.10 10,725,168.58

18,037,589.45 8,266,549.44 16,324,961.85 4,801,459.37 14,392,240.58 11,694,855.68 10,512,623.34 11,081,582.59 9,472,023.94 17,714,412.57 6,530,460.72 3,855,446.93 3,788,752.46 19,086,842.19 2,940,820.68 4,780,087.81 4,573,416.82 8,863,862.88

1.59 0.73 1.44 0.42 1.27 1.03 0.93 0.98 0.84 1.56 0.58 0.34 0.33 1.68 0.26 0.42 0.40 0.78

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

137

MONYX FUND - Monyx Aktiv Ränta Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

NOK NOK NOK NOK

15,000,000 20,000,000 10,000,000 4,000,000

Stolt-Nielsen Ltd FRN Sen 11/22.06.16 Storebrand Livsforsikring AS FRN Sub 15/17.06.Perpetual Teekay Offshore Partners LP FRN Sen 13/25.01.18 W Hg AS FRN 14/10.07.19

16,685,088.41 21,191,498.98 11,721,160.16 4,435,793.33 261,605,293.01

14,380,674.24 18,806,965.31 8,282,071.18 3,684,093.73 221,871,793.76

1.27 1.66 0.73 0.33 19.57

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

10,000,000 6,000,000 3,818,180 4,000,000 5,000,000 10,000,000 10,000,000 10,000,000 15,000,000 18,000,000 7,000,000 6,000,000 10,000,000 2,000,000 14,850,000 1,000,000 6,000,000 5,000,000 9,000,000 7,000,000 10,000,000 7,000,000 5,000,000 14,000,000 18,000,000 11,000,000 35,000,000 4,000,000 15,000,000 12,000,000 20,000,000 5,000,000

Akelius Residential Prop AB FRN Sen 14/09.03.18 Aligera Holding AB FRN 14/07.05.19 Arise AB FRN Ser 102 14/25.04.19 Avanza Bank Holding AB FRN Reg S Sub 15/10.12.25 Bayport Management Ltd 12% Sen 15/23.10.18 Danske Bank A/S FRN EMTN Reg S Sub 07/15.02.Perpetual Danske Bank A/S FRN EMTN Sub 13/05.06.24 Elekta AB 2.75% Conv Sen 12/25.04.17 Ikano Bank AB 3.1% 14/25.03.19 Islandsbanki HF FRN EMTN 13/16.12.17 Islandsbanki HF FRN EMTN Sen 15/13.02.19 Kvalitena AB FRN Reg S 15/29.10.18 Lantmannen Ekonomisk Forening FRN Reg S Ser 1 15/07.12.20 Nordax Bank AB FRN Sub 15/18.03.25 Nordlys AB FRN Sen 14/12.09.18 Nynas AB FRN 14/26.06.18 Real People Inv Holdings Ltd FRN Sen 13/19.09.18 Resurs Bk AB FRN Sen 15/03.04.18 SBAB Bank AB FRN EMTN Sub Ser 478 06/29.09.Perpetual Sefyr Vearme AB 7% Sen 12/24.02.17 Solor Bioenergi Hg AB FRN 14/10.06.19 Sparbanken Oresund AB FRN Sub 13/25.10.23 Sparbanken Oresund AB FRN Sub Ser122 12/21.11.22 Sparbanken Syd FRN MTN Sub 14/11.03.24 Stena Metall Finans AB FRN Reg S 15/27.11.20 Svea Ekonomi AB FRN Reg S Sub 15/24.11.25 Swedbank Mortgage AB 3.75% MTN Ser 186 10/20.12.17 TF Bank AB FRN Reg S Sub 15/14.12.25 TVO Power Co 5.3% EMTN Reg S Ser 4 09/30.10.19 Vattenfall AB FRN Reg S Sub 15/19.03.77 Volkswagen Financial Serv NV FRN EMTN Reg S 14/21.11.16 YA Holding AB FRN Sen 14/18.06.19

9,950,000.00 6,000,000.00 3,644,624.63 4,000,000.00 5,000,000.00 10,440,000.00 10,070,548.89 9,925,000.00 15,000,000.00 18,082,500.00 7,224,000.00 6,000,000.00 10,000,000.00 2,000,000.00 14,850,000.00 1,000,000.00 6,000,000.00 5,000,000.00 8,964,000.00 7,469,200.00 10,000,000.00 7,043,431.11 5,122,540.00 14,058,380.00 18,000,000.00 11,000,000.00 37,595,600.00 4,000,000.00 17,425,650.00 10,965,000.00 19,730,400.00 5,000,000.00 320,560,874.63

10,048,350.00 5,670,000.00 3,623,357.37 3,995,440.00 5,031,250.00 10,425,000.00 10,259,600.00 10,214,450.00 15,792,600.00 18,613,620.00 7,175,000.00 6,060,000.00 9,988,250.00 2,045,930.00 15,072,750.00 1,025,925.00 3,592,500.00 5,036,325.00 8,952,300.00 7,218,750.00 8,575,000.00 7,208,880.00 5,147,600.00 14,139,440.00 17,998,920.00 11,016,115.00 37,556,575.00 4,030,000.00 16,376,625.00 11,048,400.00 19,746,400.00 4,175,000.00 316,860,352.37

0.89 0.50 0.32 0.35 0.44 0.92 0.91 0.90 1.39 1.64 0.63 0.53 0.88 0.18 1.33 0.09 0.32 0.44 0.79 0.64 0.76 0.64 0.45 1.25 1.59 0.97 3.31 0.36 1.45 0.98 1.74 0.37 27.96

USD USD USD USD USD USD USD

1,500,000 1,500,000 600,000 943,518 1,000,000 1,000,000 3,000,000

12,376,527.39 11,931,076.20 4,978,020.01 6,572,140.67 9,715,949.87 6,638,485.77 19,448,596.09 71,660,796.00

11,637,678.00 12,114,443.31 4,700,432.84 5,609,531.06 9,222,775.48 4,514,027.60 25,089,695.30 72,888,583.59

1.03 1.07 0.41 0.50 0.81 0.40 2.21 6.43

1,005,045,763.06

971,098,049.41

85.68

Jyske Bank AS 5.67% EMTN Sub Ser 46 Tr 1 03/31.07.23

16,015,422.53

20,148,362.52

1.78

Pioneer Pub Properties Ii As FRN Sen 13/05.04.18 Volstad Subsea AS FRN 144A 13/05.07.16

11,092,163.62 10,456,445.31 21,548,608.93

9,614,818.26 6,298,328.81 15,913,147.07

0.85 0.56 1.41

Lundin Mining Corp 7.5% Ser 144A 14/01.11.20 Millicom Intl Cellular SA 4.75% Reg S Sen 13/22.05.20

13,367,436.00 15,518,883.74 28,886,319.74

11,898,577.03 18,942,218.39 30,840,795.42

1.05 1.67 2.72

66,450,351.20

66,902,305.01

5.91

Det Norske Oljeselskap ASA VAR TOG PIK Sub 15/27.05.22 DNB Bank ASA VAR Sub 15/26.03.Perpetual Golar LNG Partners LP FRN 15/22.05.20 IGas Energy Plc 10% 13/22.03.18 Nasdaq Inc 5.55% Sen 10/15.01.20 SeaDrill Ltd Step-up 12/15.09.17 Swedish Export Credit VAR EMTN Reg S Sub 13/14.11.23

Total bonds Transferable securities dealt in on another regulated market Bonds EUR

2,000,000

NOK NOK

10,000,000 9,384,616

USD USD

1,500,000 2,500,000

Total bonds

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

138

MONYX FUND - Monyx Aktiv Ränta Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Other transferable securities Bonds DKK

15,000,000

EUR EUR

1,500,000 1,000,000

Topdanmark Forsikring A/S FRN Sub 15/11.06.26

18,491,464.52

18,834,401.95

1.66

DNA Ltd 2.875% Sen 14/12.03.21 LocalTapiola Mut Life Ins Co VAR Sub 14/26.11.24

13,770,998.86 9,240,970.11 23,011,968.97

14,200,611.69 9,134,305.94 23,334,917.63

1.25 0.81 2.06

41,503,433.49

42,169,319.58

3.72

3,600,000.00 3,600,000.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

1,116,599,547.75

1,080,169,674.00

95.31

Total bonds Bonds in default of payment SEK

4,000,000

Bergteamet Holding AB FRN Sk 13/09.09.18

Total bonds in default of payment Warrants and rights CAD

7,927

Iona Energy Inc Call Wts 27.09.18

Total warrants and rights Total investments in securities Cash at banks Other net assets/(liabilities) Total

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

139

8,194,509.03

0.72

45,004,188.85

3.97

1,133,368,371.88

100.00

MONYX FUND - Monyx Aktiv Ränta Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (in percentage of net assets) Banks

28.07 %

Diversified financial services

16.50 %

Energy

10.31 %

Transportation

8.85 %

Real estate

5.92 %

Insurance

4.13 %

Software and services

4.07 %

Utilities

3.88 %

Telecommunication services

3.49 %

Materials

3.29 %

Health care equipment and services

2.57 %

Retailing

2.21 %

Capital goods

1.61 %

Investment companies

0.41 %

Total

95.31 %

Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden

28.24 %

Norway

19.43 %

Denmark

16.82 %

Finland

11.75 %

Iceland

6.14 %

Bermuda

3.64 %

The Netherlands

2.55 %

Luxembourg

1.67 %

Marshall Islands

1.14 %

Canada

1.05 %

Estonia

0.81 %

United States of America

0.81 %

United Kingdom

0.50 %

Mauritius

0.44 %

South Africa

0.32 %

Total

95.31 %

140

MONYX FUND - Monyx Genesis Statement of net assets (in SEK) as at 31st December 2015

Assets Securities portfolio at market value Swap contracts at market value Cash collateral for future contracts Cash at banks Other liquid assets Formation expenses, net Receivable on issues of shares Income receivable on portfolio Unrealised gain on futures contracts Other receivables

760,574,567.04 385,296,531.60 621,067.89 100,301,022.78 28,018,847.26 18,719.47 200.65 4,706,550.73 954,804.32 2,166,901.09

Total assets

1,282,659,212.83

Liabilities Other liquid liabilities Payable on swap contracts Interest payable on swap contracts Unrealised loss on forward foreign exchange contracts Expenses payable Other liabilities

53,809.69 17,000.15 70,769.70 3,391,366.53 1,609,534.92 2,913,745.68

Total liabilities

8,056,226.67

Net assets at the end of the year

1,274,602,986.16

Number of Class RC Shares outstanding Net asset value per Class RC Share

13,598,796.4435 93.73

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

141

MONYX FUND - Monyx Genesis Statement of operations and other changes in net assets (in SEK) from 1st January 2015 to 31st December 2015

Income Dividends, net Interest on bonds and other debt securities, net Interest on bank accounts

1,377,510.02 28,921,054.56 44,718.48

Total income

30,343,283.06

Expenses Management fees Performance fees Banking charges and other fees Transaction fees Central administration costs Professional fees Other administration costs Subscription duty ("taxe d'abonnement") Other taxes Interest paid on bank overdrafts Interest paid on swap contracts Other expenses

16,987,411.05 966.26 6,407.72 3,724,904.22 1,006,843.33 22,190.78 2,689,884.01 681,667.24 7,402.92 57,377.15 70,769.70 36,815.83

Total expenses

25,292,640.21

Net investment income

5,050,642.85

Net realised gain/(loss) - on securities portfolio - on futures contracts - on forward foreign exchange contracts - on foreign exchange

-14,695,559.12 -75,861,830.86 -5,706,545.94 460,998.97

Realised result

-90,752,294.10

Net variation of the unrealised gain/(loss) - on securities portfolio - on futures contracts - on swap contracts - on forward foreign exchange contracts

-29,551,920.47 846,945.83 -720,033.53 -3,391,366.53

Result of operations

-123,568,668.80

Subscriptions

795,841,330.06

Redemptions

-3,832,344.57

Total changes in net assets

668,440,316.69

Total net assets at the beginning of the year

606,162,669.47

Total net assets at the end of the year

1,274,602,986.16

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

142

MONYX FUND - Monyx Genesis Statistical information (in SEK) as at 31st December 2015

Total net assets - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

1,274,602,986.16 606,162,669.47 462,816,195.84

Number of Class RC Shares

- outstanding at the beginning of the year - issued - redeemed - outstanding at the end of the year

5,924,365.8130 7,711,758.9254 -37,328.2949 13,598,796.4435

Net asset value per Class RC Share - as at 31.12.2015 - as at 31.12.2014 - as at 31.12.2013

93.73 102.32 100.62

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

143

MONYX FUND - Monyx Genesis Statement of investments and other net assets (in SEK) as at 31st December 2015

Currency

Number / nominal value

Description

Cost

Market value

% of total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Shares GBP

11,074

NOK

130,000

USD USD

255,000 110,958

Polymetal International PLC

745,001.70

804,451.94

0.06

Pioneer Property Group AS Pref

14,507,466.29

12,004,243.40

0.94

Goldcorp Inc Silver Wheaton Corp

28,011,851.36 12,791,964.51 40,803,815.87

24,859,092.18 11,621,641.28 36,480,733.46

1.95 0.91 2.86

56,056,283.86

49,289,428.80

3.86

3,593,525.59 3,593,525.59

2,586,010.12 2,586,010.12

0.20 0.20

Danske Bank A/S VAR EMTN Sub Ser 217 06/15.02.Perpetual

13,234,451.70

12,633,409.90

0.99

Total shares Investment certificates USD

40,000

ETFS Commodity Sec Ltd Certif Crude Oil Com Index Perpetual

Total investment certificates Bonds GBP

1,000,000

NOK NOK NOK NOK NOK NOK NOK NOK

10,000,000 8,000,000 13,000,000 5,000,000 12,000,000 5,000,000 5,000,000 5,000,000

Aker ASA FRN Sen 15/29.05.20 Arion Bank FRN EMTN Reg S Sen 15/07.07.20 BW Offshore Ltd FRN Reg S Sen 15/16.06.20 Fred Olsen Energy ASA FRN Sen 11/12.05.16 North Atlantic Drilling Ltd FRN 13/30.10.18 Ocean Yield ASA FRN Reg S 15/29.04.20 Stolt-Nielsen Ltd FRN Sen 11/22.06.16 Storebrand Livsforsikring AS FRN Sub 15/17.06.Perpetual

10,986,578.54 8,433,533.56 13,850,591.29 5,498,957.77 10,032,287.99 5,526,469.10 5,425,059.15 5,342,590.68 65,096,068.08

9,018,794.73 7,682,334.99 10,512,623.34 4,661,687.52 5,881,641.37 4,573,416.82 4,793,558.08 4,701,741.33 51,825,798.18

0.71 0.60 0.83 0.37 0.46 0.36 0.38 0.37 4.08

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

10,000,000 6,000,000 4,772,725 30,000,000 10,500,000 9,000,000 5,000,000 20,000,000 10,000,000 3,000,000 7,000,000 6,000,000 5,000,000 3,000,000 15,000,000 8,000,000 10,000,000 80,000,000 5,000,000 5,000,000 5,000,000 1,980,000 10,000,000 5,000,000 5,000,000 5,000,000 13,000,000 1,000,000 5,000,000 7,000,000 8,000,000 10,000,000

Akelius Residential Prop AB FRN Sen 14/09.03.18 Aker ASA FRN Sen 14/24.07.19 Arise AB FRN Ser 102 14/25.04.19 Bank of Aland Plc FRN EMTN Reg S Ser 11 14/25.03.19 Danske Bank A/S FRN EMTN Reg S Sub 07/15.02.Perpetual Danske Bank A/S FRN EMTN Sub 13/05.06.24 Delarka AB 4.58% Sen 13/13.11.20 Deutsche Pfandbriefbank AG 2.1% Reihe 15221 14/23.02.18 Elekta AB 2.75% Conv Sen 12/25.04.17 Fastighets Balder AB FRN Ser 102 14/12.03.19 Fastighets Balder AB FRN Ser 104 15/17.03.17 FastPartner AB FRN Sen 14/21.03.18 Ikano Bank AB 3.1% 14/25.03.19 Islandsbanki HF FRN EMTN 13/16.12.17 Islandsbanki HF FRN EMTN Sen 15/13.02.19 Klovern AB FRN MTN 13/04.04.18 Lansforsakringar Bank FRN Reg S Sen 15/09.09.Perpetual Lansforsakringar Hypotek AB 2.5% Ser 511 12/20.06.18 Lifco AB FRN 15/03.04.18 Loomis AB 1.875% Reg S Ser DMTN 14/18.12.19 Mortgage Society of Finland FRN EMTN Sen 13/23.05.16 Nordlys AB FRN Sen 14/12.09.18 Resurs Bk AB FRN Sen 15/03.04.18 Rodamco Sverige AB FRN EMTN Sen 13/10.12.18 Saab AB 3.25% 13/10.12.18 Saab AB FRN Ser 106 14/12.12.19 SBAB Bank AB FRN EMTN Sub Ser 478 06/29.09.Perpetual Sefyr Vearme AB 7% Sen 12/24.02.17 Skandiabanken AB FRN Ser DMTN 14/28.02.20 Sparbanken Oresund AB FRN Sub 13/25.10.23 Sparbanken Oresund AB FRN Sub Ser122 12/21.11.22 Sparbanken Skane AB FRN Reg S Sen 15/09.04.18

9,950,000.00 6,080,130.00 4,555,780.79 30,148,020.00 11,090,200.00 9,005,070.00 5,037,500.00 20,638,800.00 9,925,000.00 3,000,000.00 7,000,000.00 5,865,000.00 5,063,400.00 3,070,000.00 15,020,000.00 8,204,488.89 10,000,000.00 85,768,800.00 5,000,000.00 4,993,150.00 5,026,500.00 1,980,000.00 10,000,000.00 5,000,000.00 5,023,000.00 5,017,700.00 12,922,000.00 1,068,840.00 4,997,400.00 7,162,610.00 8,401,600.00 10,000,000.00

10,048,350.00 5,830,530.00 4,529,196.70 29,894,850.00 10,946,250.00 9,233,640.00 5,234,675.00 20,696,800.00 10,214,450.00 2,957,205.00 6,961,430.00 5,902,440.00 5,264,200.00 3,102,270.00 15,375,000.00 8,158,840.00 9,650,000.00 84,449,200.00 5,003,250.00 5,010,350.00 5,012,975.00 2,009,700.00 10,072,650.00 5,022,525.00 5,283,075.00 4,986,650.00 12,931,100.00 1,031,250.00 4,865,350.00 7,208,880.00 8,236,160.00 9,988,000.00

0.79 0.46 0.36 2.35 0.86 0.72 0.41 1.62 0.80 0.23 0.55 0.46 0.41 0.24 1.21 0.64 0.76 6.63 0.39 0.39 0.39 0.16 0.79 0.39 0.41 0.39 1.01 0.08 0.38 0.57 0.65 0.78

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

144

MONYX FUND - Monyx Genesis Statement of investments and other net assets (in SEK) (continued) as at 31st December 2015

Currency

Number / nominal value

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

14,000,000 50,000,000 45,000,000 3,000,000 3,000,000 5,000,000 40,000,000 70,000,000 10,000,000 20,000,000 7,000,000 10,000,000 3,000,000

USD USD

500,000 500,000

Description

Cost

Sparbanken Syd FRN MTN Sub 14/11.03.24 Sparebank 1 Naeringskreditt AS FRN 13/10.10.18 Stadshypotek AB 3% Ser SH1581 12/19.12.18 Steen & Stroem Asa FRN Sen 14/08.12.17 Stendorren Fastigheter AB FRN Sen 15/18.02.18 Svensk Fastighets Finansier AB 0.858% Ser 104 15/09.03.18 Swedbank Mortgage AB 3.75% MTN Ser 186 10/20.12.17 Swedish Covered Bond Corp FRN EMTN Ser 069 14/04.02.19 Swedish Match AB FRN EMTN Reg S Ser 33 13/15.02.19 TVO Power Co 5.3% EMTN Reg S Ser 3 09/28.03.17 Vacse AB FRN 14/03.06.19 Volkswagen Financial Serv NV FRN EMTN Reg S 14/21.11.16 Wallenstam Byggnads AB 2.125% Ser 2 14/05.06.17 Det Norske Oljeselskap ASA VAR TOG PIK Sub 15/27.05.22 DNB Bank ASA VAR Sub 15/26.03.Perpetual

Total bonds

Market value

% of total net assets

14,448,000.00 50,681,200.00 48,984,107.14 3,000,000.00 3,000,000.00 5,000,000.00 42,966,400.00 70,490,700.00 10,145,700.00 21,876,500.00 7,075,896.47 9,865,200.00 2,995,260.00 626,543,953.29

14,139,440.00 50,196,750.00 48,409,875.00 2,996,775.00 3,015,000.00 5,008,475.00 42,921,800.00 69,899,200.00 10,195,200.00 20,992,400.00 7,129,955.00 9,873,200.00 3,054,975.00 622,944,286.70

1.11 3.94 3.80 0.24 0.24 0.39 3.37 5.48 0.80 1.65 0.56 0.77 0.24 48.87

4,133,113.69 4,042,525.19 8,175,638.88

3,879,226.00 4,038,147.77 7,917,373.77

0.30 0.32 0.62

713,050,111.95

695,320,868.55

54.56

9,735,995.46 4,169,487.69 13,905,483.15

9,360,292.17 4,017,967.40 13,378,259.57

0.73 0.32 1.05

786,605,404.55

760,574,567.04

59.67

385,296,531.60

30.23

385,296,531.60

30.23

100,301,022.78

7.87

28,430,864.74

2.23

1,274,602,986.16

100.00

Open-ended investment funds Tracker funds (UCITS) EUR EUR

10,194 3,472

iShares IV Plc EUR Ultrashort Bond UCITS ETF EUR Dist Lyxor UCITS EuroMTS 1-3Y Inv Grade

Total tracker funds (UCITS) Total investments in securities

Swap contracts at market value Exposures through Monyx Risk Premia Portfolio swap Monyx Risk Premia Portfolio:

SEK EUR EUR EUR EUR EUR EUR EUR USD USD EUR EUR EUR EUR

SGVBNH SGQINH SGLVENH SGLVUNH SGBENH SGBVPMEU SGIXTNE SGIFXH10 SGIFXM10 SGIXMOGS SGIXBE3E SGIXGCM SGIXVIDC

SGI Global Value Beta Hedged Index SGI Quality Income Beta Hedged Index SGI European Low Vol Beta Hedged Index SG US Low Vol Beta Hedged Index SGI European Buyback Beta Hedged Index SGI Price Momentum Europe Index SGI Tactical Neutral Index SGI FX G10 Carry Trade Hedged Index SGI FX G10 Mean Reversion Index SGI MOD Gulfstream Index SGI BOSS 3% EUR Index SGI Global Credit Momentum Index SGI Vol Invest Dynamic Carry Investment Index

Total swap contracts at market value Cash at banks Other net assets/(liabilities) Total

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

145

MONYX FUND - Monyx Genesis Industrial and geographical classification of investments as at 31st December 2015

Industrial classification (*) (in percentage of net assets) Banks

33.50 %

Diversified financial services

7.42 %

Real estate

5.69 %

Materials

2.92 %

Energy

2.32 %

Utilities

1.73 %

Transportation

1.53 %

Capital goods

1.18 %

Investment funds

1.05 %

Health care equipment and services

0.80 %

Food, beverage and tobacco

0.80 %

Insurance

0.37 %

Investment companies

0.20 %

Retailing

0.16 %

Total

59.67 %

Geographical classification (*) (by domicile of the issuer) (in percentage of net assets) Sweden

34.42 %

Norway

8.01 %

Finland

4.39 %

Canada

2.86 %

Denmark

2.57 %

Iceland

2.05 %

Bermuda

1.67 %

Germany

1.62 %

The Netherlands

0.77 %

Ireland

0.73 %

France

0.32 %

Jersey

0.26 %

Total

59.67 %

(*) The total does not include exposure through swap contracts.

146

MONYX FUND Notes to the financial statements as at 31st December 2015

Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. b) Valuation 1.

Securities listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued at the last available price; in the event that there are several such markets, on the basis of the last available price of the main market for the relevant security. If the last available price for a given security does not truly reflect its fair market value, then that security is valued on the basis of the probable sales price which the Board of Directors deem it is prudent to assume;

2.

Securities not listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued on the basis of their last available price. If the last available price for a given security does not truly reflect its fair market value, then that security is valued by the Board of Directors on the basis of the probable sales price which the Board of Directors deem it is prudent to assume;

3.

Swaps are valued at their fair value based on the underlying securities (at close of business or intraday) as well as on the characteristics of the underlying commitments;

4.

The liquidating value of futures, forward and options contracts (or any other financial derivative instruments) not traded on Regulated Markets or stock exchanges means their net liquidating value determined, pursuant to the policies established in good faith by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts (or any other financial derivative instruments) traded on Regulated Markets or stock exchanges is based upon the last available settlement prices of these contracts on Regulated Markets or stock exchanges on which the particular futures, forward or options contracts (or any other financial derivative instruments) are traded by the Fund; provided that if a futures, forward or options contract (or any other financial derivative instruments) could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable;

5.

Shares or units in underlying open-ended investment funds are valued at their last available price;

6.

Liquid assets and money market instruments are valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where accounting practices allow, are valued in the same manner. Shortterm investments that have a remaining maturity of one year or less may be valued (i) at market value, or (ii) where market value is not available or not representative, at amortised cost;

7.

The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received is deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof.

c) Net realised gain/(loss) on sales of securities The net realised gain(loss) on sales of securities is determined on the basis of the average cost of securities sold.

147

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

d) Cost of securities The acquisition cost of a security denominated in a currency other than that of the Sub-Fund is converted into the Sub-Fund's currency at the exchange rate prevailing on the date of purchase. e) Conversion of foreign currencies Bank balances, other assets and liabilities and the value of securities held that are denominated in other currencies than the Sub-Fund’s currency are converted at the prevailing exchange rate of the closing day. Income and expenses incurred in currencies other than the Sub-Fund’s currency are converted at the prevailing exchange rate of the day of each transaction. Exchange gains and losses are recorded in the statement of operations and other changes in net assets. At the date of the report, the prevailing exchange rates on the closing day were as follows: 1

SEK

=

0.1630643 0.4697442 0.1648326 0.1187464 0.8149316 0.1091900 0.0804616 0.9190215 34.4997668 14.2646247 139.3354922 2.0485349 1.0504619 0.4684458 8.6742717 0.1682952 4.2760076 0.3460293 0.1185804 1.8350784

AUD BRL CAD CHF DKK EUR GBP HKD HUF JPY KRW MXN NOK PLN RUB SGD THB TRY USD ZAR

Australian Dollar Brazilian Real Canadian Dollar Swiss Franc Danish Krona Euro Pound Sterling Hong Kong Dollar Hungarian Forint Japanese Yen South Korean Won Mexican Peso Norwegian Krona Polish Zloty Russian Rouble Singapore Dollar Thailand Bath New Turkish Lira US Dollar South African Rand

f) Combined financial statements The combined financial statements of the Fund are expressed in SEK and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund. Cross investments (where one Sub-Fund has invested in another Sub-Fund) and related inter-Fund accounts have not been eliminated for presentation purposes of the combined results. g) Formation expenses The expenses originating from the establishment of the Fund have been amortised during a period of 5 years. Where further Sub-Funds are created, these Sub-Funds bear their own formation expenses. The establishment costs for new Sub-Funds created may, at the discretion of the Directors, be amortised on a straight line basis over 5 years from the date on which the Sub-Funds started business. The Directors may, in their absolute discretion, shorten the period over which such costs are amortised. Formation expenses are included in the caption "Other expenses" in the statement of operations and other changes in net assets.

148

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

h) Investment income Dividend income is recognised on an ex-dividend basis and is recorded net of withholding tax. Interest income is accrued on a pro rata temporis basis, net of any withholding tax. i) Other liquid assets / Other liquid liabilities The captions "Other liquid assets" and "Other liquid liabilities" are mainly composed of cash accounts held at Skandinaviska Enskilda Banken AB (publ), London. j) Transaction fees Transaction costs disclosed under the caption "Transaction fees" in the expenses of the statement of operations and other changes in net assets are mainly composed of broker commissions incurred by the Fund relating to purchases or sales of securities and of fees relating to settlement of transactions paid to the custodian bank and of transaction fees on financial and on financial derivative instruments. k) Forward foreign exchange contracts Forward foreign exchange contracts are valued at prevailing market rates for the remaining period from valuation day to the maturity of the contracts. Unrealised gain/(loss) is recorded in the statements of net assets. Net variation of the unrealised gain/(loss) and the net realised gain/(loss) are recorded in the statement of operations and other changes in net assets. l) Futures contracts Futures contracts are posted off-balance sheet and are valued at the last available price applicable to the asset. Unrealised gain/(loss) is recorded in the statement of net assets. Net variation of the unrealised gain/(loss) and net realised gain/(loss) are recorded in the statement of operations and other changes in net assets. m) Swap contracts Swap contracts are valued on the basis of the recalculated market prices by using the traditional elements of pricing considering the value, the volatility of the underlying, the interest rates and the residual value of the swap. Swap contracts are recorded in the statement of net assets at their market value. Net variation of the unrealised gain/(loss) and net realised gain/(loss) are recorded in the statement of operations and other changes in net assets. Note 2 - Subscription, redemption and conversion fees No Subscription nor Redemption Charges are payable. In case of switching between Sub-Funds, a conversion fee of maximum 1% of the Net Asset Value may be made payable to the Fund. Note 3 - Management fees For its services, the Management Company, SEB Fund Services S.A., receives an infrastructure fee, accrued daily and payable monthly in arrears, of 0.0375% per annum of the net assets of the Sub-Funds. These fees are recorded under the caption "Management fees" in the "Statement of operations and other changes in net assets".

149

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

Note 4 – Investment management fee The Investment Manager, Monyx Financial Group AB, receives an annual investment management fee which is calculated and accrued daily and payable monthly in arrears out of the Sub-Fund's assets at the following rates: Sub-Fund Svenska Aktier Strategi Offensiv Strategi Nya Marknader Strategi Världen Strategi Sverige/Världen Strategi Balanserad Strategi Trygghet Aktiv Ränta Genesis

AC 1.40% 2.40% 2.15% 1.90% 1.50% 1.10% 0.65% -

BC 0.70% -

Class of Shares DC RC 2.15% 2.40% 2.15% 1.90% 1.50% 1.10% 2.00% (until 31st March2015) 1.00% (since 1st April 2015)

These fees are recorded under the caption "Management fees" in the "Statement of operations and other changes in net assets". Note 5 - Performance fee The Investment Manager is also entitled to receive a performance fee for the following Sub-Funds payable out of the Sub-Fund’s assets. The performance fee is paid out yearly in arrears. The performance fee is calculated as follow: -

for the Sub-Fund Aktiv Ränta

20% of the positive difference between the performance of the Net Asset Value per share and the performance of the OMRX T-Bill Index (the "Reference Index") during the reference period, multiplied by the number of Shares outstanding. The Investment Manager is entitled to the performance fee even in the case the Reference Index had negative performance but where the performance of the Net Asset Value out-performed the Reference Index. Such amount is accrued in the Net Asset Value on each Valuation Day, and is deducted from the assets of the SubFund. Performance fee accrued in relation to Shares being redeemed during the Reference Period is payable as per the relevant redemption date. The reference period is the calendar year, starting 1st January and ending 31st December (the "reference period"). A negative performance during a reference period has to be covered by a positive performance the following reference period. -

for the Sub-Fund Genesis

Until 31st March 2015: 20% of the outperformance of the Net Asset Value per Share versus a fixed benchmark of 5% during the calculation period. The performance fee was accrued daily and became payable at the end of the calculation period. Performance fee accrued in relation to Shares being redeemed during the calculation period became payable as per the redemption date.

150

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

Each calendar year was a performance fee calculation period. The first calculation period equalled the inception date of the Sub-Fund. Since 1st April 2015: 20% of the difference between the performance of the Net Asset Value per Share and the performance of the OMRX T-Bill Index (the "Reference Index") multiplied with the number of Shares outstanding during the reference period (the "Reference Period"). The Sub-Fund applies the High Watermark principle, i.e. a negative performance during a Reference Period is covered by a positive performance during any consecutive Reference Period before a performance fee is accrued for such Reference Period. The performance fee is accrued daily and becomes payable at the end of the Reference Period. Performance fee accrued in relation to Shares being redeemed during the Reference Period becomes payable as per the redemption date. When a subscription is accepted, the performance fee calculation is adjusted in order to neutralize the impact of the subscription on the performance fee calculation. The difference between the performance of the Net Asset Value per Share and the performance of the Reference Index until the date of the subscription is not taken into consideration in the performance fee calculation from the subscription date, for the part of the Net Asset Value newly subscribed. The Reference Period equals each calendar month. The performance fee, if any, as calculated above is paid to the Investment Manager at the end of the Reference Period. At the date of the report, the performance fee was recorded for the following Sub-Funds and amounted to: - MONYX FUND - Monyx Aktiv Ränta - MONYX FUND - Monyx Genesis

SEK SEK

59,376.89 966.26

Note 6 - Investment management fee of the target funds In respect of a Sub-Fund's investments in UCITS and other UCIs linked to the Management Company, the total management fee (excluding any performance fee, if any) charged to such Sub-Fund and each of the UCITS or other UCIs concerned does not exceed 5% of the relevant net assets under management. Note 7 - Central administration agent fee In its function as central administration, the Management Company receives an administration fee (consisting of a variable fee and flat fee) which is accrued daily and payable monthly in arrears out of the Sub-Fund's assets. The rate of administration fee (consisting of a variable fee and flat fee) is as follows: Variable fee for each Sub-Fund

Maximum per year 0.06% (since 1st July 2015) 0.07% (until 1st July 2015) 0.06% (since 1st July 2015) 0.09% (until 1st July 2015)

except for the Sub-Fund Strategi Offensiv

151

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

Flat fee Svenska Aktier Strategi Offensiv Strategi Nya Marknader Strategi Världen Strategi Sverige/Världen Strategi Balanserad Strategi Trygghet Aktiv Ränta Genesis

Maximum per year EUR 22,000 EUR 23,500 EUR 23,500 EUR 23,500 EUR 23,500 EUR 23,500 EUR 23,500 EUR 23,500 EUR 23,500

The administration fee also includes the fee due to the Custodian Agent. Note 8 - Placement and distribution agent fee The placement and distribution agent receives a placement and distribution fee accrued daily and payable monthly in arrears not exceeding 0.20% p.a. of the net assets of each Sub-Fund. These fees are recorded under the caption "Other administration costs" in the "Statement of operations and other changes in net assets". Note 9 - Subscription duty ("taxe d’abonnement") The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual taxe d’abonnement of 0.05% which is payable quarterly and calculated on the basis of the net assets of each SubFund on the last day of each quarter. A reduced rate of 0.01% per annum is applicable to Classes of Shares which are exclusively held by Institutional Investors. According to Article 175 (a) of the amended Law of 17th December 2010, the net assets invested in Undertakings for Collective Investments already subject to the "taxe d’abonnement" are exempt from this tax. Note 10 - Forward foreign exchange contracts As at 31st December 2015, the following Sub-Funds had an exposure to Skandinaviska Enskilda Banken S.A., in Luxembourg through the following forward foreign exchange contracts: MONYX FUND - Monyx Strategi Offensiv Currency SEK USD CHF

Purchases

54,868,612.50 6,500,000.00 9,374,511.00

Currency

Sales

USD SEK EUR

6,500,000.00 55,070,600.00 8,700,000.00

152

Maturity 11.03.2016 11.03.2016 23.03.2016

Unrealised result (in SEK) 156,241.13 -358,228.63 -624,638.37 -826,625.87

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

MONYX FUND - Monyx Strategi Världen Currency SEK USD CHF

Purchases

247,330,822.50 29,300,000.00 46,980,308.00

Currency

Sales

USD SEK EUR

29,300,000.00 248,241,320.00 43,600,000.00

MONYX FUND - Monyx Strategi Sverige/Världen Currency SEK USD CHF

Purchases

179,800,222.50 21,300,000.00 17,348,233.00

Currency USD SEK EUR

21,300,000.00 180,462,120.00 16,100,000.00

MONYX FUND - Monyx Strategi Balanserad Currency SEK USD CHF

Purchases

141,814,260.00 16,800,000.00 24,136,672.00

Currency

Sales

USD SEK EUR

16,800,000.00 142,336,320.00 22,400,000.00

MONYX FUND - Monyx Strategi Trygghet Currency SEK USD CHF

Purchases

15,194,385.00 1,800,000.00 2,532,195.50

MONYX FUND - Monyx Aktiv Ränta Currency EUR NOK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK USD RUB USD

Purchases

1,800,000.00 4,000,000.00 18,614,400.00 48,720,906.00 8,335,524.60 315,845,452.50 61,207,853.00 14,791,695.00 242,626,750.00 111,932,249.60 6,577,240.00 4,237,940.00 1,500,000.00 15,596,520.00 240,000.00

Sales

Currency

Sales

USD SEK EUR

1,800,000.00 15,250,320.00 2,350,000.00

Currency

Sales

SEK SEK DKK DKK EUR EUR GBP NOK NOK USD USD USD SEK USD ZAR

16,747,200.00 3,911,540.00 15,000,000.00 39,000,000.00 900,000.00 33,900,000.00 4,600,000.00 15,000,000.00 241,000,000.00 12,800,000.00 800,000.00 500,000.00 12,856,875.00 240,000.00 3,383,928.00

153

Maturity 11.03.2016 11.03.2016 23.03.2016

Maturity 11.03.2016 11.03.2016 23.03.2016

Maturity 11.03.2016 11.03.2016 23.03.2016

Maturity 11.03.2016 11.03.2016 23.03.2016

Maturity 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 05.02.2016 05.02.2016

Unrealised result (in SEK) 704,286.96 -1,614,784.46 -3,130,371.59 -4,040,869.09

Unrealised result (in SEK) 511,990.18 -1,173,887.68 -1,155,939.97 -1,817,837.47

Unrealised result (in SEK) 403,823.24 -925,883.24 -1,608,264.31 -2,130,324.31

Unrealised result (in SEK) 43,266.78 -99,201.78 -168,724.15 -224,659.15

Unrealised result (in SEK) -263,034.78 -105,746.50 207,702.11 863,491.50 93,441.99 5,393,674.23 4,060,225.38 519,969.36 13,327,691.38 4,034,741.90 -166,354.23 23,193.61 -212,635.82 -243,077.50 191,325.18 27,724,607.81

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

MONYX FUND - Monyx Genesis Currency SEK SEK SEK USD USD NZD USD NZD USD EUR EUR USD USD USD CHF DKK NOK SEK SEK SEK SEK SEK USD USD USD ZAR ZAR EUR SEK RUB RUB USD SEK USD SEK SEK USD SEK CHF SEK USD CHF USD

Purchases

2,301,982.20 7,062,871.00 1,323,134.24 440,000.00 400,000.00 1,600,000.00 1,061,560.00 1,500,000.00 1,006,372.50 7,000,000.00 3,000,000.00 3,775,520.00 3,758,650.00 3,268,350.00 7,685,320.50 6,100,000.00 19,000,000.00 7,621,620.60 14,547,434.00 88,727,445.00 8,695,150.00 4,237,940.00 8,100,000.00 500,000.00 2,000,000.00 15,013,500.00 15,416,700.00 1,459,064.00 27,078,450.70 67,043,700.00 67,422,400.00 1,872,004.73 38,715,890.00 4,450,000.00 12,601,650.00 126,619,875.00 15,000,000.00 126,840,750.00 8,620,240.00 18,877,744.50 2,300,000.00 1,608,353.00 1,700,000.00

Currency

Sales

USD USD USD SEK SEK USD NZD USD NZD USD USD EUR EUR EUR USD SEK SEK DKK GBP NOK USD USD CHF SEK ZAR USD USD SEK EUR USD USD RUB USD SEK USD USD SEK USD EUR USD SEK USD CHF

280,000.00 850,000.00 160,000.00 3,655,482.16 3,491,327.60 1,078,064.00 1,600,000.00 1,011,300.00 1,500,000.00 7,622,195.00 3,283,659.00 3,500,000.00 3,500,000.00 3,000,000.00 8,100,000.00 7,567,965.00 19,062,434.00 6,100,000.00 1,100,000.00 88,500,000.00 1,000,000.00 500,000.00 8,114,993.10 4,367,211.00 30,430,200.00 1,000,000.00 1,022,246.24 13,523,417.85 2,918,128.00 953,544.30 1,000,000.00 134,466,100.00 4,450,000.00 38,715,707.55 1,500,000.00 15,000,000.00 127,086,000.00 15,000,000.00 8,000,000.00 2,300,000.00 19,976,256.70 1,700,000.00 1,707,803.00

Maturity 08.01.2016 08.01.2016 08.01.2016 08.01.2016 08.01.2016 13.01.2016 13.01.2016 15.01.2016 15.01.2016 19.01.2016 19.01.2016 19.01.2016 19.01.2016 19.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 20.01.2016 21.01.2016 21.01.2016 29.01.2016 29.01.2016 29.01.2016 11.02.2016 11.02.2016 11.03.2016 11.03.2016 11.03.2016 18.03.2016 23.03.2016 08.04.2016 08.04.2016 19.04.2016 19.04.2016

Unrealised result (in SEK) -59,150.00 -104,851.76 -26,084.16 54,868.44 -118,281.60 136,530.44 -275,710.32 121,714.03 -163,268.13 -147,756.34 -206,720.58 -226,150.44 -368,416.83 77,618.26 -3,545,092.33 -82,574.53 -984,914.86 136,230.13 881,696.96 4,524,263.72 265,657.21 23,193.61 -73,313.91 -152,464.61 328,741.44 -274,229.79 -242,617.49 -161,586.29 354,787.57 -365,487.40 -716,186.11 389,494.44 1,229,291.08 -1,229,108.63 -24,281.85 360,556.46 -826,681.46 609,310.71 -574,380.11 -464,676.67 -633,835.53 -725,417.56 -112,081.74 -3,391,366.53

Note 11 - Futures Contracts As at 31st December 2015, the following Sub-Funds have entered into the following futures contracts cleared through Skandinaviska Enskilda Banken AB (publ), London: MONYX FUND - Monyx Strategi Offensiv Number of contracts

Purchase

185

Sale

370

Sale

43

Denomination

Currency

Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Nikkei 225 Index FUT 03/16 OSE

154

Commitments (in SEK)

EUR

55,606,733.05

Unrealised result (in SEK) 1,172,239.79

EUR

-111,213,466.10

-361,108.29

JPY

-57,364,986.22

-552,345.83

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

Number of contracts Purchase

7

Purchase

55

Purchase

275

Denomination

Currency

Commitments (in SEK)

OMX Stockholm 30 Index FUT 01/16 OMX MSCI Daily TR Net Emerging Mks USD Index FUT 03/16 ICE MSCI World Net Return Index FUT 03/16 EUX

SEK

1,013,600.00

Unrealised result (in SEK) 17,325.00

USD

15,810,342.15

97,495.07

USD

105,658,309.90

1,205,933.30 1,579,539.04

MONYX FUND - Monyx Strategi Nya Marknader Number of contracts

Purchase

18

Purchase

53

Denomination

Currency

Commitments (in SEK)

Mexico Bolsa Index FUT 03/16 MXE MSCI Daily TR Net Emerging Mks USD Index FUT 03/16 ICE

MXN

3,775,673.97

Unrealised result (in SEK) 28,117.66

USD

15,235,420.61

93,949.79 122,067.45

MONYX FUND - Monyx Strategi Världen Number of contracts

Purchase

839

Sale

1,678

Sale

195

Purchase

188

Purchase

1,262

Denomination

Currency

Commitments (in SEK)

Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Nikkei 225 Index FUT 03/16 OSE MSCI Daily TR Net Emerging Mks USD Index FUT 03/16 ICE MSCI World Net Return Index FUT 03/16 EUX

EUR

252,184,048.81

Unrealised result (in SEK) 5,316,265.70

EUR

-504,368,097.61

-1,637,674.93

JPY

-260,143,542.17

-2,504,824.19

USD

54,042,624.07

333,255.87

USD

484,875,589.43

5,534,137.54 7,041,159.99

MONYX FUND - Monyx Strategi Sverige/Världen Number of contracts

Purchase

608

Sale

1,216

Sale

150

Purchase

947

Purchase

60

Purchase

444

Denomination

Currency

Commitments (in SEK)

Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Nikkei 225 Index FUT 03/16 OSE OMX Stockholm 30 Index FUT 01/16 OMX MSCI Daily TR Net Emerging Mks USD Index FUT 03/16 ICE MSCI World Net Return Index FUT 03/16 EUX

EUR

182,750,776.73

Unrealised result (in SEK) 3,852,550.08

EUR

-365,501,553.45

-1,186,777.57

JPY

-200,110,417.06

-1,926,787.81

SEK

137,125,600.00

2,343,825.00

USD

17,247,645.98

106,358.26

USD

170,590,143.98

1,947,034.13 5,136,202.09

155

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

MONYX FUND - Monyx Strategi Balanserad Number of contracts

Purchase

481

Sale

962

Sale

115

Purchase

137

Purchase

1,043

Denomination

Currency

Commitments (in SEK)

Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Nikkei 225 Index FUT 03/16 OSE MSCI Daily TR Net Emerging Mks USD Index FUT 03/16 ICE MSCI World Net Return Index FUT 03/16 EUX

EUR

144,577,505.93

Unrealised result (in SEK) 3,047,823.38

EUR

-289,155,011.86

-938,881.55

JPY

-153,417,986.41

-1,477,204.02

USD

39,382,124.99

242,851.35

USD

400,733,153.55

4,573,776.12 5,448,365.28

MONYX FUND - Monyx Strategi Trygghet Number of contracts

Purchase

52

Sale

104

Sale

12

Purchase

25

Purchase

183

Denomination

Currency

Commitments (in SEK)

Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Nikkei 225 Index FUT 03/16 OSE MSCI Daily TR Net Emerging Mks USD Index FUT 03/16 ICE MSCI World Net Return Index FUT 03/16 EUX

EUR

15,630,000.64

Unrealised result (in SEK) 329,494.41

EUR

-31,260,001.28

-101,500.67

JPY

-16,008,833.36

-154,143.00

USD

7,186,519.16

44,315.94

USD

70,310,802.59

802,493.80 920,660.48

MONYX FUND - Monyx Aktiv Ränta Number of contracts

Sale

200

Denomination

Currency

Swedish Govt Bond 5 Years FUT 03/16 OMX

SEK

Commitments (in SEK) -256,004,100.00

Unrealised result (in SEK) 834,700.00 834,700.00

MONYX FUND - Monyx Genesis Number of contracts

Purchase Purchase Sale

31 11 430

Purchase

30

Sale

74

Purchase

16

Sale

8

Sale

50

Purchase

23

Denomination

Currency

AEX Index FUT 01/16 EOE Euro Bund 10 Years FUT 03/16 EUX Euro Stoxx 50 EUR (Price) Index FUT 03/16 EUX Nikkei 225 Index FUT 03/16 OSE Nikkei 225 Index FUT 03/16 OSE KOREA KOSPI 200 FUT 03/16 KSE KOREA KOSPI 200 FUT 03/16 KSE Swedish Govt Bond 5 Years FUT 03/16 OMX MSCI TAIWAN INDEX FUT 01/16 SGX

EUR EUR

25,089,015.76 15,909,147.05

Unrealised result (in SEK) 476,966.69 42,956.31

EUR

-129,248,082.22

-77,938.72

JPY

40,022,083.41

-662,898.62

JPY

-98,721,139.08

-1,243,951.62

KRW

13,805,527.74

-146,409.21

KRW

-6,902,763.87

-113,214.51

SEK

-64,001,025.00

208,675.00

USD

5,904,181.97

-19,396.13

156

Commitments (in SEK)

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

Number of contracts Purchase

555

Sale

582

Sale

20

Denomination

Currency

S&P 500 Index FUT 03/16 CME S&P 500 Index FUT 03/16 CME US Treasury Note 10 Years FUT 03/16 CBOT

Commitments (in SEK)

USD

476,344,707.64

Unrealised result (in SEK) 1,184,530.77

USD

-499,518,233.96

1,205,341.30

USD

-21,235,599.94

100,143.06 954,804.32

Note 12 - Swap contracts As at 31st December 2015, the following Sub-Funds had an exposure to Skandinaviska Enskilda Banken AB (publ), Stockholm and Société Générale (Monyx Fund – Monyx Genesis) through the following fully funded swap contracts: - Equity Basket Swap Contracts MONYX FUND - Monyx Strategi Offensiv Currency Equity Notional Underlying Amount SEK 1,191,935,543.07 SFMAMXAC MONYX FUND - Monyx Strategi Nya Marknader Currency Equity Notional Underlying Amount SEK 208,344,568.35 SFMAMXEM MONYX FUND - Monyx Strategi Världen Currency Equity Notional Underlying Amount SEK 5,316,529,790.26 SFMAMXAC MONYX FUND - Monyx Strategi Sverige/Världen Currency Equity Notional Underlying Amount SEK 1,883,018,339.92 SFMAMXSE SEK 2,060,012,222.19 SFMAMXAC MONYX FUND - Monyx Strategi Balanserad Currency Equity Notional Underlying Amount SEK 2,975,602,555.61 SFMAMXAC MONYX FUND - Monyx Strategi Trygghet Currency Equity Notional Underlying Amount SEK 284,123,945.62 SFMAMXAC

Spread bps p.a. 13 basis points

Maturity 19.01.2016

Spread bps p.a.

Maturity

20 basis points

19.01.2016

Spread bps p.a.

Maturity

13 basis points

Spread bps p.a.. 20 basis points 13 basis points

Spread bps p.a. 13 basis points

Spread bps p.a. 13 basis points

19.01.2016

Maturity 19.01.2016 19.01.2016

Maturity 19.01.2016

Maturity 19.01.2016

Underlying exposure (in SEK) 1,198,329,011.97 1,198,329,011.97

Unrealised result (in SEK) 6,449,423.65 6,449,423.65

Underlying exposure (in SEK) 209,263,060.87 209,263,060.87

Unrealised result (in SEK) 933,539.63 933,539.63

Underlying exposure (in SEK) 5,345,047,328.85 5,345,047,328.85

Unrealised result (in SEK) 28,767,120.13 28,767,120.13

Underlying exposure (in SEK) 1,966,601,732.7 2,071,062,000.97 4,037,663,733.67

Unrealised result (in SEK) 83,740,310.97 11,146,484.91 94,886,795.88

Underlying exposure (in SEK) 2,991,563,504.59 2,991,563,504.59

Unrealised result (in SEK) 16,100,636.99 16,100,636.99

Underlying exposure (in SEK) 285,647,968.98 285,647,968.98

Unrealised result (in SEK) 1,537,361.4 1,537,361.4

Underlying exposure (in SEK) 385,225,761.9

Unrealised result (in SEK) -720,033.53

385,225,761.9

-720,033.53

- Index Swap Contracts MONYX FUND - Monyx Genesis Currency Equity Notional Underlying Amount SEK 386,016,565.13 Monyx Risk Premia Portfolio

Spread bps p.a. 20 basis points

157

Maturity 20.11.2016

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

The above underlying exposures are calculated using the gross method and detailed information of the underlying securities are presented in the statement of investments and other net assets of the concerned SubFunds, except for the Monyx Risk Premia Portfolio swap contract. Fully funded swap contracts Each aforementioned Sub-Fund transfers the equity notional amount to Skandinaviska Enskilda Banken AB (publ), Stockholm and Société Générale (Monyx Fund – Monyx Genesis) respectively when entering into each swap contract and pays an interest amount which is the product of the Equity Notional Amount and the variable interest rate plus a spread bps p.a., which is disclosed above, calculated on the Equity Notional Amount. Skandinaviska Enskilda Banken AB (publ), Stockholm and Société Générale posts collateral in favour of the Sub-Funds (see note 13). The Sub-Funds receive the total return from Skandinaviska Enskilda Banken AB (publ), Stockholm and Société Générale when a swap is rebalanced or at maturity. Note 13 - Collateral The Fund on behalf of the Sub-Funds enters into collateral arrangements with Skandinaviska Enskilda Banken AB (publ) in Stockholm and Société Générale (Monyx Fund – Monyx Genesis), its swap counterparties, to mitigate potential counterparty risks. In connection with the valuation of their swap contracts as at 31st December 2015, the Sub-Funds received the following collateral in shares admitted to an official stock exchange listing from Skandinaviska Enskilda Banken AB in Stockholm and Société Générale at 31st December 2015: MONYX FUND - Monyx Strategi Offensiv Currency GBP GBP GBP GBP GBP EUR USD USD GBP GBP GBP SEK USD SEK CHF GBP SEK GBP SEK SEK GBP CAD CAD CAD GBP EUR EUR

Number 381,538.00 582,600.00 45,438.00 551,009.00 2,794,836.00 17,204.00 22,233.00 31,142.00 176,153.00 3,362,989.00 152,584.00 256,458.00 23,717.00 89,312.00 53,962.00 542,330.00 696,359.00 899,481.00 230,112.00 149,785.00 1,484,778.00 8,882.00 25,694.00 73,093.00 316,870.00 29,172.00 33,701.00

Description D S Smith Plc BG Group Plc TUI AG GlaxoSmithKline Plc Intl Consolidated Air Gr SA Deutsche Boerse AG Reg Express Scripts Hg Co L Brands Inc Wolseley Plc Vodafone Group Plc Rexam Plc BillerudKorsnas AB Comcast Corp A Swedbank AB A Nestlé SA Reg FirstGroup Plc Meda AB A Aviva Plc Investor AB B Securitas AB B Enterprise Inns Plc Bank of Montreal Magna International Inc Toronto Dominion Bank (The) Bodycote Plc Siemens AG Reg Deutsche Bank AG Reg

158

Collateral Value (in SEK) 18,464,304.02 70,896,486.05 6,831,728.48 93,656,161.18 207,494,556.96 12,297,744.67 16,094,031.42 24,662,717.84 78,709,207.71 90,486,401.67 11,366,173.99 38,981,616.00 11,026,482.93 16,263,715.20 33,480,312.09 7,120,465.07 73,117,695.00 55,754,058.44 69,079,622.40 18,887,888.50 20,049,102.05 4,140,724.73 8,686,536.31 23,786,580.85 22,123,857.93 22,856,993.66 6,622,233.89

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

SEK USD USD USD USD USD GBP

198,854.00 18,204.00 4,551.00 199,500.00 10,456.00 40,973.00 90,000.00

Nordea Bank AB Red Hat Inc Cognizant Tec Solutions Corp Intl Paper Co PPG Industries Inc Textron Inc AstraZeneca Plc

18,006,229.70 12,476,064.40 2,225,735.40 62,438,464.62 8,546,233.51 14,157,574.05 50,203,121.23 1,230,990,821.92

MONYX FUND - Monyx Strategi Nya Marknader Currency EUR GBP USD GBP USD CHF GBP GBP CHF USD EUR CHF USD GBP EUR EUR USD USD

Number 106,463.00 500,000.00 7,685.00 266,293.00 26,158.00 34,691.00 295,642.00 344,375.00 2,520.00 14,323.00 39,980.00 2,268.00 51,824.00 50,000.00 21,216.00 1,981.00 2,709.00 3,800.00

Description Deutsche Telekom AG Reg Regus Plc Berkshire Hathaway Inc Intl Consolidated Air Gr SA Facebook Inc A Cie Financière Richemont SA Vodafone Group Plc Informa Plc Roche Holding AG B de jouis Pref Under Armour Inc A Suedzucker AG Novartis AG Reg Morgan Stanley Severn Trent Plc Siemens AG Reg Jenoptik AG CR Bard Inc Simon Property Group Inc

Collateral Value (in SEK) 15,643,628.53 20,074,023.59 8,353,582.40 19,770,157.55 22,315,615.28 20,440,994.08 7,954,703.62 25,888,865.00 5,807,644.43 9,513,766.79 6,526,568.80 1,636,748.11 13,603,538.81 13,397,215.24 16,623,268.12 264,682.57 4,222,149.40 6,107,651.96 218,144,804.26

MONYX FUND - Monyx Strategi Världen Currency GBP GBP JPY GBP GBP JPY GBP JPY CAD SEK JPY USD CAD GBP USD USD USD EUR USD GBP GBP GBP GBP

Number 831,680.00 95,780.00 133,900.00 1,064,308.00 1,308,000.00 225,000.00 144,000.00 35,200.00 55,325.00 627,100.00 43,800.00 12,941.00 12,049.00 4,390,813.00 57,092.00 31,330.00 54,623.00 15,350.00 21,557.00 648,455.00 767,754.00 890,000.00 1,900,000.00

Description National Express Gr Plc DCC Plc Hokuetsu Kishu Paper Co Ltd BG Group Plc Booker Group Plc Sony Financial Hgs Inc Rightmove Group Plc Meiji Holdings Co Ltd Sun Life Financial Inc TeliaSonera AB Sompo Japan Nipponkoa Hgs Inc Berkshire Hathaway Inc Valeant Pharm Intl Inc Intl Consolidated Air Gr SA Marathon Petroleum Corp Duke Energy Corp Express Scripts Hg Co Evonik Industries AG Reg AbbVie Inc Whitbread Plc Vodafone Group Plc Kennedy Wilson Europe RE Plc Dist GKN Plc

159

Collateral Value (in SEK) 33,690,768.30 65,501,507.82 6,521,017.25 129,515,443.32 28,757,860.58 33,755,858.12 73,418,981.75 23,827,021.53 14,202,989.94 25,203,149.00 11,896,188.75 14,066,845.78 10,013,735.19 325,983,277.06 24,376,855.27 18,540,828.38 39,540,515.37 4,183,403.74 10,374,107.06 346,934,214.35 20,657,604.54 132,594,437.89 69,725,311.58

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

GBP USD JPY SEK JPY SEK JPY JPY CHF USD GBP GBP JPY JPY SEK GBP GBP USD EUR EUR GBP SEK SEK SEK SEK NOK JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY EUR EUR USD USD USD USD USD USD USD USD

4,602,288.00 309,944.00 15,500.00 378,922.00 800,000.00 523,064.00 12,591.00 192,100.00 30,231.00 169,000.00 1,679,000.00 600,000.00 79,205.00 453,400.00 729,013.00 600,000.00 2,019,020.00 39,046.00 134,461.00 269,000.00 340,553.00 419,649.00 103,264.00 141,265.00 259,000.00 448,794.00 322,200.00 160,000.00 31,200.00 14,318.00 50,500.00 198,000.00 800,000.00 134,100.00 10,800,000.00 894,000.00 263,583.00 176,000.00 210,900.00 176,000.00 36,100.00 151,200.00 160,100.00 184,786.00 896,710.00 173,424.00 175,000.00 44,420.00 167,461.00 39,854.00 32,862.00 62,771.00 27,400.00 9,103.00 42,787.00 277,779.00 80,000.00 18,038.00

Kingfisher Plc Hewlett Packard Enterprise Co Resona Holdings Inc BillerudKorsnas AB Sumitomo Mitsui Trust Hgs Inc Boliden AB Sumitomo Mitsui Fin Group Inc Mitsubishi Chemical Hgs Corp Nestlé SA Reg CF Industries Holdings Inc Qinetiq Group Plc 3i Group Plc Fast Retailing Holdings Co Ltd KDDI Corp Swedish Orphan Biovitrum AB Meggitt Plc Smith & Nephew Plc AGL Resources Inc Solvay SA Nokia Oyj Imperial Tobacco Group Plc Volvo AB B Svenska Cellulosa SCA AB B Securitas AB B Castellum AB Subsea 7 SA Advantest Corp Alps Electric Co Ltd Eisai Co Ltd Fanuc Corp Fuji Heavy Industries Ltd Fujikura Ltd Hitachi Zosen Corp Isuzu Motors Ltd Shinsei Bank Ltd Panasonic Co Ltd Mitsubishi Heavy Ind Ltd Minebea Co Ltd Nitto Denko Corp Odakyu Electric Railway Co Ltd Shin-Etsu Chemical Co Ltd Sony Corp Suzuki Motor Corp Toshiba Corp Astellas Pharma Inc Yamato Holdings Co Ltd Yokogawa Electric Corp Mitsui Fudosan Co Ltd Siemens AG Reg Akzo Nobel NV Gilead Sciences Inc KLA-Tencor Corp SanDisk Corp Eli Lilly & Co Honeywell Intl Inc Pepsico Inc Sherwin Williams Co Tesoro Corp

160

184,543,557.85 38,567,170.94 632,670.52 57,596,144.00 25,282,295.10 73,072,040.80 4,014,408.73 10,037,867.88 18,756,593.80 56,845,471.05 55,591,679.26 34,799,126.46 225,612,478.02 96,456,888.95 95,063,295.20 27,198,028.61 294,008,070.82 20,948,809.24 118,237,914.07 16,214,837.64 149,854,918.28 32,082,166.05 24,339,324.80 17,813,516.50 30,924,600.00 27,061,029.80 21,493,762.80 35,653,081.34 17,087,916.46 20,472,407.83 17,116,597.29 8,838,012.06 36,493,955.90 12,131,234.21 167,249,949.98 76,301,798.45 9,776,181.55 12,949,468.22 127,093,985.37 15,564,027.52 16,399,597.57 31,329,472.53 40,084,301.08 3,301,864.24 105,908,480.52 30,210,665.38 17,548,000.97 9,316,123.53 131,209,893.57 21,920,327.12 26,904,061.00 36,244,275.38 17,388,457.00 6,362,787.30 36,627,951.48 229,286,804.14 169,652,511.84 16,069,771.67

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

GBP GBP USD USD

1,172,250.00 250,313.00 5,396.00 167,000.00

SABMiller Plc AstraZeneca Plc Vertex Pharmaceuticals Inc Williams Companies Inc

592,127,484.78 139,627,709.82 5,547,202.00 36,066,891.64 5,496,193,840.50

MONYX FUND - Monyx Strategi Sverige/Världen Currency CAD SEK GBP JPY GBP GBP SEK GBP JPY USD USD EUR GBP USD USD EUR GBP SEK USD GBP GBP GBP GBP GBP GBP SEK SEK USD JPY SEK JPY CHF USD JPY GBP SEK GBP GBP USD GBP USD NOK NOK NOK SEK SEK SEK SEK CAD

Number 77,944.00 744,061.00 790,000.00 146,294.00 41,419.00 359,385.00 3,953,927.00 1,195,583.00 133,900.00 93,518.00 9,000.00 204,158.00 2,831,075.00 15,508.00 18,322.00 186,666.00 1,897,543.00 858,895.00 34,161.00 19,860.00 14,983.00 4,223,315.00 423,562.00 5,485,000.00 2,145,730.00 26,317.00 264,753.00 300,000.00 164,287.00 47,037.00 90,600.00 11,913.00 18,586.00 26,015.00 2,429,232.00 301,563.00 272,297.00 158,569.00 296.00 919,160.00 44,505.00 752,523.00 267,517.00 131,664.00 644,690.00 214,863.00 72,637.00 156,734.00 60,350.00

Description Manulife Financial Corp Nokia Oyj BG Group Plc NSK Ltd TUI AG Shire Plc TeliaSonera AB GlaxoSmithKline Plc JX Holdings Inc Berkshire Hathaway Inc Illumina Inc United Internet AG & Co Intl Consolidated Air Gr SA CB Richard Ellis Gr Inc A American Tower Corp DMG Mori AG Countrywide Plc Tele2 AB B Liberty Global Plc C Whitbread Plc Wolseley Plc Vodafone Group Plc Informa Plc B&M European Value Retail SA GKN Plc Betsson AB B Assa Abloy AB B Hewlett Packard Enterprise Co Tokio Marine Holdings Inc Boliden AB Daiichi Sankyo Co Ltd Roche Holding AG B de jouis Pref Master Card Inc A Fast Retailing Holdings Co Ltd Barratt Developments Plc Meda AB A SSE Plc Rio Tinto Plc Priceline Group Inc (The) Imperial Tobacco Group Plc Schlumberger Ltd Storebrand ASA DNO ASA A Schibsted ASA A Skanska AB B Investor AB B Svenska Cellulosa SCA AB B Securitas AB B Canadian Natural Resources Ltd

161

Collateral Value (in SEK) 9,583,054.73 44,755,269.15 96,134,953.62 13,377,870.69 6,227,460.76 199,350,239.59 158,908,326.13 203,215,762.64 4,813,355.18 101,653,912.63 13,893,807.75 91,932,386.43 210,185,017.24 4,396,955.48 14,772,049.09 63,347,466.60 90,577,691.28 71,116,506.00 11,456,032.71 10,625,430.44 6,694,748.65 113,634,798.53 31,841,856.81 190,285,612.13 78,742,996.22 3,955,445.10 45,484,565.40 37,329,812.10 52,967,002.95 6,571,068.90 15,411,233.61 27,454,947.64 14,723,760.95 74,102,753.81 186,100,795.44 31,664,115.00 51,048,557.76 37,579,160.42 3,060,922.77 404,461,704.01 25,495,205.37 25,486,188.40 1,611,775.94 35,477,088.96 101,796,551.00 64,501,872.60 17,120,540.90 19,764,157.40 10,935,374.64

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

JPY CAD USD JPY JPY JPY JPY JPY JPY JPY JPY EUR GBP GBP USD USD CAD USD USD USD USD GBP

4,900.00 49,800.00 10,949.00 139,500.00 97,200.00 667,558.00 176,200.00 59,000.00 128,467.00 176,200.00 195,580.00 127,293.00 440,000.00 1,836,906.00 78,388.00 16,698.00 22,794.00 229,714.00 1,224.00 25,724.00 192,533.00 279,935.00

Central Japan Railway Co Fortis Inc Goldman Sachs Group Inc Daikin Industries Ltd Komatsu Ltd Panasonic Co Ltd Sumitomo Electric Ind Ltd Sumitomo Realty & Dev Co Ltd Astellas Pharma Inc Yamaha Corp Mitsui Fudosan Co Ltd Siemens AG Reg Diageo Plc BP Plc Applied Materials Inc Pepsico Inc Enbridge Inc Qualcomm Inc Regeneron Pharmaceuticals Inc Southwestern Energy Co Union Pacific Corp SABMiller Plc

7,213,932.92 11,140,360.85 16,175,784.13 84,115,309.97 13,387,185.48 56,975,252.76 20,730,346.80 13,911,919.23 15,172,959.78 34,694,624.49 41,018,627.63 99,737,258.12 99,589,080.83 79,525,854.78 12,134,832.39 13,783,011.15 6,256,367.14 95,453,721.60 5,351,704.84 1,575,564.75 125,181,072.05 141,400,902.07 4,130,153,835.32

MONYX FUND - Monyx Strategi Balanserad Currency USD CAD GBP GBP GBP USD GBP EUR CAD EUR EUR GBP CAD EUR GBP GBP USD GBP SEK SEK USD GBP SEK USD JPY NOK USD EUR GBP SEK SEK

Number 23,972.00 40,156.00 1,708,271.00 118,055.00 344,143.00 12,400.00 101,793.00 18,344.00 39,427.00 11,400.00 166,422.00 385,493.00 43,462.00 16,569.00 554,456.00 2,500,000.00 14,000.00 1,244,750.00 27,060.00 82,656.00 151,900.00 1,200,000.00 87,988.00 57,334.00 1,231,300.00 7,796,530.00 25,600.00 4,950.00 856,636.00 425,000.00 450,516.00

Description Weyerhaeuser Co Manulife Financial Corp HSBC Holdings Plc BG Group Plc TUI AG Bank of New York Mellon Corp Shire Plc SMA Solar Technology AG Suncor Energy Inc Bayer AG Reg United Internet AG & Co Intl Consolidated Air Gr SA Canadian National Railway Co DMG Mori AG Whitbread Plc Vodafone Group Plc Endo International Plc SSP Group Plc Axfood AB Assa Abloy AB B WestRock Co Worldpay Group Plc Boliden AB Comcast Corp A Mizuho Financial Group Inc REC Silicon ASA KeyCorp Lanxess AG 3i Group Plc Husqvarna AB B Swedish Orphan Biovitrum AB

162

Collateral Value (in SEK) 5,977,902.72 4,937,097.73 110,738,382.68 14,366,091.08 51,742,848.16 4,140,656.07 56,464,401.51 8,847,627.87 8,426,732.15 11,597,325.46 74,939,858.41 28,619,818.57 19,955,118.24 5,622,899.59 296,643,185.34 67,266,352.69 7,070,705.59 47,989,575.52 3,872,286.00 14,200,300.80 57,240,736.29 45,277,729.40 12,291,923.60 26,655,663.54 20,681,492.69 12,759,571.63 2,792,407.92 1,875,286.62 49,683,640.82 23,332,500.00 58,747,286.40

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

EUR EUR GBP GBP GBP GBP SEK EUR USD EUR SEK SEK SEK CAD JPY CAD NOK EUR JPY JPY JPY JPY JPY JPY EUR GBP GBP GBP EUR USD USD USD USD GBP USD USD

45,220.00 1,747,101.00 462,980.00 294,000.00 250,000.00 300,000.00 28,552.00 250,000.00 655.00 87,000.00 103,101.00 161,897.00 20,940.00 14,350.00 2,300.00 47,612.00 724,813.00 151,923.00 167,889.00 37,441.00 55,700.00 140,200.00 156,500.00 34,500.00 26,264.00 720,394.00 3,578,444.00 260,000.00 250,000.00 30,000.00 24,473.00 109,400.00 28,400.00 634,316.00 15,700.00 33,000.00

Bayerische Motorenwerke AG Celesio AG Aviva Plc Pearson Plc Persimmon Plc Tate & Lyle Plc Swedish Match AB ING Groep NV Certif Yahoo Inc Total SA Electrolux AB B Hennes & Mauritz AB B Holmen AB B Bank of Montreal Central Japan Railway Co Royal Bank Canada Subsea 7 SA Unilever NV Certif of Shares Daikin Industries Ltd Nitto Denko Corp Takeda Pharmaceutical Co Ltd TDK Corp Astellas Pharma Inc East Japan Railway Co Siemens AG Reg Diageo Plc BP Plc BAE Syst Plc Fortum Oyj Applied Materials Inc General Dynamics Corp Johnson Controls Inc Occidental Petroleum Corp SABMiller Plc Vertex Pharmaceuticals Inc Williams Companies Inc

38,214,780.00 394,840,408.60 28,697,675.63 26,386,721.65 62,003,383.43 21,898,934.82 8,325,763.20 27,940,506.22 172,430.16 32,298,080.08 20,723,301.00 46,334,921.40 5,331,324.00 6,689,867.13 3,386,131.78 21,099,147.91 43,704,207.71 53,978,617.15 101,233,227.78 22,562,948.82 23,094,402.56 74,369,328.56 18,483,876.84 26,894,847.26 20,578,502.72 163,053,127.95 154,922,907.26 15,983,232.80 31,009,381.49 4,644,141.60 27,845,738.96 35,481,999.02 15,910,862.77 320,406,003.53 16,139,931.69 7,126,990.56 3,076,525,059.19

MONYX FUND - Monyx Strategi Trygghet Currency GBP GBP GBP USD CAD GBP USD SEK USD NOK USD USD USD USD USD

Number 21,159.00 163,070.00 40,000.00 28,093.00 1,364.00 130,858.00 150,000.00 121,057.00 4,095.00 244,781.00 30,035.00 2,563.00 27,300.00 21,782.00 34,904.00

Description CRH Plc BG Group Plc Shire Plc Berkshire Hathaway Inc Valeant Pharm Intl Inc EasyJet Plc AbbVie Inc Meda AB A Alexion Pharmaceuticals Inc Subsea 7 SA Red Hat Inc Boeing Co (The) Pepsico Inc Tesoro Corp Union Pacific Corp

Collateral Value (in SEK) 5,052,675.09 19,843,958.09 22,187,931.00 30,537,044.93 1,133,599.04 28,314,194.89 72,186,114.00 12,710,985.00 6,328,917.54 14,759,613.40 20,584,409.70 3,027,485.62 22,534,207.96 19,405,242.63 22,693,876.58 301,300,255.46

163

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

MONYX FUND – Monyx Genesis Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR

Number 25,915.00 1,509,344.00 250,000.00 82,000.00 222,045.00 184,968.00 1,309,771.00 350,000.00 561,133.00

Description Unibail-Rodamco SE ENEL SpA Royal Philips NV BASF SE Reg Deutsche Post AG Reg Industria de Diseno Textil SA Snam SpA Assicurazioni Generali SpA Telefonica SA

Collateral Value (in SEK) 54,531,398.95 52,265,422.25 52,468,606.34 50,765,243.16 51,320,712.79 51,816,552.25 57,929,137.54 51,941,859.10 51,018,860.73 474,057,793.10

Note 14 - Pledged assets As at 31st December 2015, the following Sub-Funds has pledged the following securities as collateral for commitment on future contracts. The counterpart of the following position is Skandinaviska Enskilda Banken AB (publ), London. MONYX FUND - Monyx Strategi Offensiv Currency

Number

SEK

15,000,000.00

SEK

25,000,000.00

Description Swedbank Mortgage AB 3.75% Ser 187 11/19.09.18 Lansforsakringar Hypotek AB 2.5% Ser 511 12/20.06.18

Collateral Value (in SEK) 16,391,925.00 26,390,375.00 42,782,300.00

MONYX FUND - Monyx Strategi Nya Marknader Currency SEK

Number 10,000,000.00

Description Swedish Covered Bond Corp 4% Ser 134 09/21.03.18

Collateral Value (in SEK) 10,852,650.00 10,852,650.00

MONYX FUND - Monyx Strategi Världen Currency

Number

SEK

90,000,000.00

SEK

10,000,000.00

SEK SEK SEK

10,000,000.00 50,000,000.00 15,000,000.00

Description Sparebank 1 Naeringskreditt AS FRN 13/10.10.18 Bank of Aland Plc FRN EMTN Reg S Ser 11 14/25.03.19 Bank of Aland Plc FRN EMTN 14/16.12.19 Skandiabanken AB 0.42% Ser 551 15/21.03.18 Realkredit Danmark A/S FRN 15/01.10.18

Collateral Value (in SEK) 90,354,150.00 9,964,950.00 9,938,200.00 50,105,500.00 14,906,325.00 175,269,125.00

MONYX FUND - Monyx Strategi Balanserad Currency SEK

Number 75,000,000.00

Description Sparebank 1 Naeringskreditt AS FRN 13/10.10.18

Collateral Value (in SEK) 75,295,125.00 75,295,125.00

MONYX FUND - Monyx Strategi Trygghet Currency SEK

Number 15,000,000.00

Description DNB Boligkreditt AS FRN EMTN 13/18.01.18

Collateral Value (in SEK) 14,969,625.00 14,969,625.00

164

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

MONYX FUND - Monyx Strategi Sverige/Världen Currency

Number

SEK

35,000,000.00

SEK

25,000,000.00

SEK

20,000,000.00

Description Sparebank 1 Naeringskreditt AS FRN 13/10.10.18 Bank of Aland Plc FRN EMTN Reg S Ser 11 14/25.03.19 Bank of Aland Plc FRN EMTN 14/16.12.19

Collateral Value (in SEK) 35,137,725.00 9,964,950.00 19,876,400.00 64,979,075.00

MONYX FUND - Monyx Genesis Currency

Number

SEK

50,000,000.00

SEK

80,000,000.00

SEK

30,000,000.00

Description Sparebank 1 Naeringskreditt AS FRN 13/10.10.18 Lansforsakringar Hypotek AB 2.5% Ser 511 12/20.06.18 Bank of Aland Plc FRN EMTN Reg S Ser 11 14/25.03.19

Collateral Value (in SEK) 50,196,750.00 84,449,200.00 29,894,850.00 164,540,800.00

Note 15 - Risk management (unaudited) In terms of Risk Management, the Board of Directors of the Fund decided to adopt as a method of determining and monitoring the global exposure: - Monyx Svenska Aktier - Monyx Strategi Offensiv - Monyx Strategi Nya Marknader - Monyx Strategi Världen - Monyx Strategi Sverige/Världen - Monyx Strategi Balanserad - Monyx Strategi Trygghet - Monyx Aktiv Ränta - Monyx Genesis

the commitment approach the absolute VaR approach the absolute VaR approach the absolute VaR approach the absolute VaR approach the absolute VaR approach the absolute VaR approach the commitment approach the absolute VaR approach

SEB Fund Services S.A. has selected the parametric "Delta-Gamma" model (variance-covariance) as the model to be applied to the Sub-Funds calculating their global exposure using the VaR approach. The calculation of the absolute VaR is carried out in accordance with the following parameters: - Confidence level of 99%; - VaR horizon of 20 business days; - Effective observation period of risk factors of 250 business days; - Daily data set updates; and - Daily calculation and monitoring of VaR levels. For the observation period from 1st January 2015 to 31st December 2015 for the Sub-Funds in scope of VaR: For the Sub-Fund MONYX FUND - Monyx Strategi Offensiv: - Lowest VaR: 3.93% ( as at 26th May 2015) - Highest VaR: 12.74% (as at 24th August 2015); - Average VaR: 7.00% and - Average level of leverage (based on the sum of notionals methodology): 214.67% For the Sub-Fund MONYX FUND - Monyx Strategi Nya Marknader: - Lowest VaR: 3.74% ( as at 19/06/2015) - Highest VaR: 9.87% ( as at 27/08/2015) - Average VaR : 5.75% - Average level of leverage (based on the sum of notionals methodology): 168.84% 165

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

For the Sub-Fund MONYX FUND - Monyx Strategi Världen: - Lowest VaR: 3.10% ( as at 26/05/2015) - Highest VaR:9.19% ( as at 24/08/2015) - Average VaR: 5.36% - Average level of leverage (based on the sum of notionals methodology): 191.92% For the Sub-Fund MONYX FUND - Monyx Strategi Sverige/Världen: - Lowest VaR: 4.45% ( as at 15/04/2015) - Highest VaR:10.49% ( as at 25/08/2015) - Average VaR: 6.47% - Average level of leverage (based on the sum of notionals methodology): 186.80% For the Sub-Fund MONYX FUND - Monyx Strategi Balanserad: - Lowest VaR: 2.13% ( as at 26/05/2015) - Highest VaR: 5.95% ( as at 24/08/2015) - Average VaR: 3.63% - Average level of leverage (based on the sum of notionals methodology): . 160.81% For the Sub-Fund MONYX FUND - Monyx Strategi Trygghet: - Lowest VaR: 1.06% ( as at 17/06/2015) - Highest VaR: 3.07% ( as at 08/01/2015) - Average VaR: 1.83% - Average level of leverage (based on the sum of notionals methodology): 128.70% For the Sub-Fund MONYX FUND - Monyx Genesis: - Lowest VaR: 0.64% ( as at 06/01/2015) - Highest VaR:12.63% ( as at 08/10/2015) - Average VaR: 3.07% - Average level of leverage (based on the sum of notionals methodology): 192.83% Note 16 - Cross Sub-Funds’ investments As at 31st December 2015, the following Sub-Funds invested in the Sub-Funds Svenska Aktier, Aktiv Ränta and Genesis as described below: Sub-Fund Strategi Offensiv Strategi Nya Marknader Strategi Nya Marknader Strategi Varlden Strategi Varlden Strategi Balanserad Strategi Balanserad Strategi Trygghet Strategi Trygghet Strategi Sverige/Varlden Strategi Sverige/Varlden Strategi Sverige/Varlden

Monyx Fd Genesis RC Cap

SEK

854,819.00

80,156,377.63

% of total net assets 5.74%

Monyx Fd Aktiv Ränta AC Cap

SEK

129,358.22

14,147,908.63

3.50%

Monyx Fd Genesis RC Cap Monyx Fd Aktiv Ränta AC Cap Monyx Fd Genesis RC Cap Monyx Fd Aktiv Ränta AC Cap Monyx Fd Genesis RC Cap Monyx Fd Aktiv Ränta AC Cap Monyx Fd Genesis RC Cap

SEK SEK SEK SEK SEK SEK SEK

220,507.00 2,726,481.02 4,557,566.00 2,265,643.00 3,792,721.00 441,632.00 739,298.00

20,676,941.39 298,195,228.94 427,362,963.82 247,793,374.91 355,643,448.17 48,301,291.84 69,323,973.46

5.12% 3.54% 5.07% 3.38% 4.85% 3.07% 4.40%

Monyx Fd Aktiv Ränta AC Cap

SEK

1,161,509.85

127,034,332.19

2.02%

Monyx Fd Genesis RC Cap

SEK

3,395,156.00

318,363,778.12

5.07%

Monyx Fd Svenska Aktier BC Cap

SEK

369,036.00

108,182,903.40

1.72%

Description

Currency

166

Quantity

Market value

MONYX FUND Notes to the financial statements (continued) as at 31st December 2015

As per art 181(8) of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment, the investment management fees detailed in note 3 is not applied to the assets of the above mentioned Sub-Funds invested in the Sub-Funds Svenska Aktier, Aktiv Ränta and Genesis. Note 17 - Changes in the investment portfolio The statement of changes in the investment portfolio for the period covered by the report is available free of charge upon request from the registered office of the Fund.

167

Monyx Financial Group AB Strandvägen 5B SE-114 51 Stockholm

[PDF] MONYX FUND Investment Company (SICAV), Luxembourg - Free Download PDF (2024)
Top Articles
Latest Posts
Article information

Author: Jerrold Considine

Last Updated:

Views: 6596

Rating: 4.8 / 5 (58 voted)

Reviews: 81% of readers found this page helpful

Author information

Name: Jerrold Considine

Birthday: 1993-11-03

Address: Suite 447 3463 Marybelle Circles, New Marlin, AL 20765

Phone: +5816749283868

Job: Sales Executive

Hobby: Air sports, Sand art, Electronics, LARPing, Baseball, Book restoration, Puzzles

Introduction: My name is Jerrold Considine, I am a combative, cheerful, encouraging, happy, enthusiastic, funny, kind person who loves writing and wants to share my knowledge and understanding with you.