The fund's number in The fund's base currency Funds ... America Small Cap A - USD 684 7,699 2,097...

Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: J E S S I C A E S K I L S S O N F R A N K

BASE CURRENCY

USD

The fund's basecurrency

PREMIUM PENSION

821736

The fund's number inPremium Pension

savings

This fund is managed by one of Handelsbanken’s fund management companies that has its legal domicile outside of Sweden. We have compiled a shortened, revised and translated version of the fund’sannual report as a service to fund unit holders. This report is not approved by the fund management company’s Board of Directors, nor has it been audited. A complete annual report may be ordered from

Handelsbanken Fonder, 106 70 Stockholm, Sweden.

Funds America Small Cap Handelsbanken Funds America Shares

Management ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attainreturns that exceed the returns of the American markets over the longterm and with good risk diversification. The fund invests in equitiesprimarily issued by small caps in the US as well as in Canada and Mexico.We place particular emphasis on ensuring that the company's strategyconcurs with our assessment of what can generate favourable share priceperformance when we select equities for the fund. We then evaluate thecompany's key ratios, such as earnings growth relative to the market'sexpectations.

PortfolioThe fund rose 23.6% in 2014*. Share price performance was positive as aresult of higher earnings and a high level of acquisition activity. Returnsalso benefited from the significant strengthening of the USD against theSEK. The fund continues to focus on stable companies with strongbalance sheets. “Made in America” is one of the current themes in thefund, which emphasizes improvements in US competitiveness. Anothertheme is "Demographics", in which the fund invests in companies thatbenefit from the increasing number of Spanish-speaking inhabitants in theUS, an aging population and a healthy lifestyle. Holdings in the airportoperator OMA, the tortilla manufacturer Gruma and the chemicalscompany Sensient were the primary contributors to the fund’s positiveperformance. Holdings in the footwear manufacturer Wolverine had a

negative impact on fund returns.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookThe American economy continues to improve, which leads to our positiveoutlook on the equity market. This positive outlook is evidenced by ourinvestments within the "Made in America" theme. Strong companybalance sheets also continue to support the American stock markets.However, the recovery in the US led the US central bank, the FederalReserve, to end its monetary stimulus measures and any hike in interestrates can create uncertainty in the stock markets. The fund’s investmentprocess continues to be thematic, with focus on the long term and oncompanies with strong market positions, stable margins and solidbalance sheets.

InformationThe fund consists of share classes. Fund assets are pooled for the shareclasses and the information below applies to the fund as a whole, unlessstated otherwise. Fund units within each individual share class are thesame size and have the same rights to the assets included in the fund.Dividends in the distribution share class impact the relationship betweenthe value of accumulation units and the value of distribution units, giventhat the value of the distribution fund units decreases relative to the sizeof the dividend.

Fund performance*

50

100

150

200

2010 2011 2012 2013 2014* Performance is shown in the fund's base currency. The fund may have several share classes, which are referred to inthe fund's facts.* Fund performance includes dividends added back for funds with a distribution class.

Top ten holdings% of fund capital

Sensient Technologies (Materials) 4.9

Service Corporation International (Consumer Discretionary) 4.5

Bright Horizons Family Solutions (Consumer Discretionary) 4.0

Grand Canyon Education (Consumer Discretionary) 3.8

Pool (Consumer Discretionary) 3.4

Allegion (Industrials) 3.2

PRA Group (Financials) 3.0

Huron Consulting Group (Industrials) 3.0

Cognex (Information Technology) 3.0

A. O. Smith (Industrials) 2.8

Fund facts - history2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Funds America Small Cap A - SEK 500.27 - - - - - - - - - Funds America Small Cap A - EUR 52.81 - - - - - - - - - Funds America Small Cap A - NOK 479.14 - - - - - - - - - Funds America Small Cap A - USD 63.91 63.03 44.95 38.15 40.24 33.87 25.77 40.97 38.17 33.87

Fund capital total, mUSD 566 - - - - - - - - - Funds America Small Cap A - SEK 3,865 - - - - - - - - - Funds America Small Cap A - EUR 0 - - - - - - - - - Funds America Small Cap A - NOK 211 - - - - - - - - - Funds America Small Cap A - USD 44 485 94 68 74 47 28 37 38 38

Number of units, 1000's 8,858 - - - - - - - - - Funds America Small Cap A - SEK 7,725 - - - - - - - - - Funds America Small Cap A - EUR 8 - - - - - - - - - Funds America Small Cap A - NOK 440 - - - - - - - - - Funds America Small Cap A - USD 684 7,699 2,097 1,782 1,844 1,382 1,100 906 990 1,112

Total returns in %, SEK Funds America Small Cap A - SEK +23.6 +38.4 +11.8 -3.3 +11.9 +18.7 -23.0 +1.4 -3.1 +25.3 Funds America Small Cap A - EUR - - - - +23.2 +27.4 - - - - Funds America Small Cap A - NOK +25.3 +52.9 +9.9 -2.7 +19.5 +8.5 -18.9 - - - Funds America Small Cap A - USD +1.4 +40.2 +17.8 -5.2 +18.8 +31.4 -37.1 +6.9 +13.2 +4.6

Index including dividends in %, SEK Funds America Small Cap A - SEK +30.5 +31.7 +9.4 +3.4 +8.1 +14.0 -24.2 -0.9 -1.0 +24.9 Funds America Small Cap A - EUR +21.9 +27.6 +13.6 +4.8 +22.7 +22.3 - - - - Funds America Small Cap A - NOK +32.3 +45.4 +7.5 +4.1 +15.5 +4.2 -20.2 - - - Funds America Small Cap A - USD +7.1 +33.4 +15.3 +1.4 +14.8 +26.3 -38.1 +4.9 +15.1 +0.3

Annual Review 2014 – Handelsbanken FundsFunds America Small Cap, cont.

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Average yearly return, 2 yrs. % Funds America Small Cap A - SEK +30.8 +24.4 +4.0 +4.0 +15.2 -4.4 -11.9 -0.9 +10.4 +11.8 Funds America Small Cap A - NOK +38.4 +29.6 +3.4 +7.9 +13.9 -6.2 - - - - Funds America Small Cap A - USD +19.2 +28.5 +5.7 +6.1 +25.0 -9.1 -18.0 +10.0 +8.8 +6.3

Comparison to index including dividends, % SEK +31.1 +20.0 +6.4 +5.7 +11.0 -7.1 -13.4 -1.0 +11.2 +12.8 EUR +24.7 +20.4 +9.1 +13.4 +22.5 - - - - - NOK +38.7 +25.0 +5.8 +9.6 +9.7 -8.8 - - - - USD +19.5 +24.0 +8.1 +7.9 +20.4 -11.6 -19.4 +9.9 +9.6 +7.2

Average yearly return, 5 yrs. % Funds America Small Cap A - SEK +15.6 +14.7 +2.0 -0.1 +0.1 +2.4 -1.1 +5.0 -5.2 -6.3 Funds America Small Cap A - NOK +19.6 +16.2 +2.4 - - - - - - - Funds America Small Cap A - USD +13.5 +19.6 +1.9 -0.1 +3.5 +0.9 -3.0 +11.5 +3.2 -3.1

Comparison to index including dividends, % SEK +16.0 +12.9 +1.1 -0.9 -1.8 +1.1 -1.1 +5.7 -3.0 -3.3 EUR +17.8 +17.9 - - - - - - - - NOK +20.0 +14.4 +1.5 - - - - - - - USD +13.9 +17.7 +1.0 -0.9 +1.6 -0.3 -3.0 +12.2 +5.6 0.0

Average yearly return, 10 yrs. % Funds America Small Cap A - SEK +8.8 +6.5 +3.5 -2.7 -3.2 -5.2 - - - - Funds America Small Cap A - USD +7.0 +7.7 +6.6 +1.6 +0.2 -3.4 - - - -

Comparison to index including dividends, % SEK +8.3 +5.7 +3.4 -2.0 -2.5 -3.3 - - - - USD +6.6 +6.9 +6.4 +2.3 +0.8 -1.5 - - - -Index: MSCI USA Net

Up to 30/06/2008: S&P 500

The fund's benchmark represents a comparable reference with regard to the fund's investment focus, types of assets, markets or relevant sectors. In the event the fund issues dividends, performance is calculated with distributions added back.

Detailed information for the share classes' designation (nomenclature) is provided in the information provided by the Management Company.

Refer to the last page for definitions.

Fund facts2014

Collected mgmt. costs in % of average fund capital 1) 1.50

Annual fees in % 1.55

Turnover rate 0.1

Trading in financial instruments with closely-related funds/securities companies 0.0

1) Annual wealth tax in Luxemburg of 0.05% of fund assets will be added.

Key figures for risk follow-up*

Total risk % - A NOK 12.8

Total risk % - A USD 12.5

Total risk in index % - A NOK 11.4

Total risk in index % - A USD 11.6

Tracking error % - A NOK 5.5

Tracking error % - A USD 5.5

Index MSCI USA Net

Active return % - A NOK -0.3

Active return % - A USD -0.3

Information ratio - A NOK Negative

Information ratio - A USD Negative

Sharpe ratio - A NOK 2.9

Sharpe ratio - A USD 1.9

Sharpe ratio in index - A NOK 3.3

Sharpe ratio in index - A USD 2.0

* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.

Other information2014

Minimum investment, SEKFunds America Small Cap A 0

Risk*Funds America Small Cap SEK 6Funds America Small Cap USD 6

* A risk level of 1 represents a low risk, while a risk level of 7 is a high risk.

Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: C H R I S T O F E R H A L L D I N

BASE CURRENCY

SEK


PREMIUM PENSION

840033


savings

AmerikafondManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attainreturns over the long term that exceed the returns of the markets in whichthe fund may invest with a good diversification of risk. The fund invests inequities primarily issued by companies in the US as well as in Canadaand Mexico. We place particular emphasis on ensuring that thecompany's strategy concurs with our assessment of what can generatefavourable share price performance when we select equities for the fund.We then evaluate the company's key ratios, such as earnings growthrelative to the market's expectations. The fund may use derivatives suchas futures as a complement to protect the fund’s value or to enable costsavings.

PortfolioThe fund rose 25.9% in 2014*. Share price performance was positive as aresult of higher earnings and a high level of acquisition activity. Returnsalso benefited from the significant strengthening of the USD against theSEK. The fund continues to focus on stable companies with strongbalance sheets. “Made in America” is one of the current themes in thefund, which emphasizes improvements in US competitiveness. Anothertheme is "Demographics", in which the fund invests in companies thatbenefit from the increasing number of Spanish-speaking inhabitants in theUS, an aging population and a healthy lifestyle. Holdings in the airportoperator OMA, the tortilla manufacturer Gruma and the auto partssub-contractor Delphi were the primary contributors to the fund’s positiveperformance. Holdings in the railway company Kansas City Southern andthe footwear manufacturer Wolverine had a negative impact on fundreturns.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookThe American economy continues to improve, which leads to our positiveoutlook on the equity market. This positive outlook is evidenced by ourinvestments within the "Made in America" theme. Strong companybalance sheets also continue to support the American stock markets.However, the recovery in the US led the US central bank, the FederalReserve, to end its monetary stimulus measures and any hike in interestrates can create uncertainty in the stock markets. The fund’s investmentprocess continues to be thematic, with focus on the long term and oncompanies with strong market positions, stable margins and solidbalance sheets.

Significant risksAs of the balance sheet date, the fund does not have any other significantrisks in its holdings than those stated in the fact sheet and informationbrochure.

Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund did not usethis option in 2014.The fund has the option of lending equity. The fund used this option in2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.

InformationThe fund consists of share classes. Fund assets are pooled for the shareclasses and the information below applies to the fund as a whole, unlessstated otherwise. Fund units within each individual share class are thesame size and have the same rights to the assets included in the fund.Dividends in the distribution share class impact the relationship betweenthe value of accumulation units and the value of distribution units, giventhat the value of the distribution fund units decreases relative to the sizeof the dividend.

Due to changes in tax regulations for Swedish funds and developmentswithin the area of EU taxation, it is unclear how distributions will be taxed.Refer to the last page.

Fund performance*

50

100

150

200

250



Net asset value, SEK Amerikafond A1 1) 567.34 450.71 342.87 308.59 312.16 281.80 236.88 310.57 309.69 321.13 Amerikafond B1 1) 524.80 434.41 - - - - - - - -

The fund's total net flow, mSEK 2) 579 1,529 408 - - - - - - -

Fund capital total, mSEK 8,414 6,119 3,332 2,598 2,099 1,404 859 830 803 868 Amerikafond A1 7,908 5,925 3,332 2,598 2,099 1,404 859 830 803 868 Amerikafond B1 506 194 - - - - - - - -

Number of units, 1000's 14,902 13,591 9,718 8,418 6,725 4,981 3,627 2,671 2,592 2,702 Amerikafond A1 13,938 13,146 9,718 8,418 6,725 4,981 3,627 2,671 2,592 2,702 Amerikafond B1 964 445 - - - - - - - -

Total returns in %, SEK Amerikafond A1 +25.9 +31.5 +11.7 -0.8 +11.4 +19.9 -22.9 +1.4 -2.9 +25.7 Amerikafond B1 +25.9 +3.3 - - - - - - - -

Index including dividends in %, SEK Amerikafond A1 +37.4 +30.1 +9.4 +3.4 +8.1 +14.0 -24.2 -0.9 -1.0 +24.9 Amerikafond B1 +37.4 +3.5 - - - - - - - -

Average yearly return, 2 yrs. % Amerikafond A1 +28.6 +21.2 +5.3 +5.1 +15.6 -3.9 -11.6 -0.8 +10.5 +12.1

Comparison to index including dividends, % +33.7 +19.3 +6.4 +5.7 +11.0 -7.1 -13.4 -1.0 +11.2 +12.8

Average yearly return, 5 yrs. % Amerikafond A1 +15.4 +14.2 +2.7 +0.7 +0.3 +2.7 -0.9 +5.2 -4.9 -5.7

Comparison to index including dividends, % +16.9 +12.6 +1.1 -0.9 -1.8 +1.1 -1.1 +5.7 -3.0 -3.3

Average yearly return, 10 yrs. %

Annual Review 2014 – Handelsbanken FonderAmerikafond, cont.

Fund facts - history cont.2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Amerikafond A1 +8.9 +6.4 +4.0 -2.1 -2.8 -4.8 -4.1 +1.0 +4.3 +7.1

Comparison to index including dividends, % +8.7 +5.5 +3.4 -2.0 -2.5 -3.3 -2.2 +3.4 +7.6 +10.2

Dividends per unit, SEK Amerikafond A1 - - 1.73 1.06 1.62 1.78 3.00 3.63 2.21 4.09 Amerikafond B1 17.38 16.10 - - - - - - - -1) The share price has been affected for funds with holdings in US equities based on a judgment in the Administrative Court. The funds are now charged full dividend tax (30%) instead of the previous tax of 15%. The new tax rate is applicable on dividends

as of January 1, 2012. This has resulted in an adjustment to the net asset value of this fund as of June 16, 2014.

2) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of the full-year 2012.

Index: MSCI USA Net

Up to 30/06/2008: S&P 500




Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesAmerikafond A1 1.60Amerikafond B1 1.60

Collected mgmt. costs in % of average fund capitalAmerikafond A1 1.60Amerikafond B1 1.60

Annual fees in %Amerikafond A1 1.60Amerikafond B1 1.60

Transaction costs, tSEK 4,619

Transaction costs in % of turnover 0.1

Costs for one-time subscription 10 tSEK - A1 178.53of which incl. mgmt. costs 171.51

Costs for one-time subscription 10 tSEK - B1 178.53of which incl. mgmt. costs 171.51

Costs for monthly savings 100 kr - A1 11.77of which incl. mgmt. costs 11.30

Costs for monthly savings 100 kr - B1 11.77of which incl. mgmt. costs 11.30

Turnover rate 0.6

Share of turnover conducted via closely-related securities companies in % 0.0



Total risk % 8.6

Total risk in index % 6.8

Index MSCI USA Net

Tracking error % 3.4

Active return % -5.1

Information ratio Negative

Sharpe ratio 3.3

Sharpe ratio in index 4.8* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.


Share class launch dateAmerikafond A1 - SEK 1989-04-28Amerikafond B1 - SEK 2013-11-06

Minimum investment, SEKAmerikafond A1 0Amerikafond B1 0

Risk*Amerikafond 5


Income Statement, SEKt2014 2013

I N C O M E A N D C H A N G E S I N V A L U E

Changes in value for transferable securities * 1,761,053 1,268,566Interest income 698 1,397Dividends 61,994 75,917Currency exchange profits and losses, net 12,357 -7,568Other financial income 1) 275 2,488Other income 0 0

Total income and changes in value 1,836,377 1,340,800

E X P E N S E S

Management Company expenses 115,652 79,805Interest expense 20 95Other expenses 2) 4,619 3,172

Total expenses 120,291 83,072

Net income 1,716,086 1,257,728

* Details of changes in value

Changes in value for transferablesecurities – Capital gains 1,223,668 298,319

Changes in value for transferablesecurities – Capital losses -229,783 -66,021

Changes in value for transferablesecurities – Unrealised 767,168 1,036,268

Sum 1,761,053 1,268,566

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK340 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. Counterparties in securities lending during theyear were: Citigroup Global Markets LtdCredit Suisse Securities (Europe) LtdDeutsche Bank AG London BranchJ.P. Morgan Securities Plc2) The item consists primarily of transaction costs.

Balance Sheet, tSEK% of % of

31 dec 2014 fund capital 31 dec 2013 fund capital

A S S E T S

Transferable securities 8,060,506 95.8 5,898,626 96.4

Total financial instruments withpositive market value Note 2) 8,060,506 95.8 5,898,626 96.4Bank assets and other liquidassets 382,618 4.6 218,950 3.6Prepaid expenses and accruedincome 4,920 0.1 5,366 0.1Other assets 4,880 0.0 - -

Total assets 8,452,924 100.5 6,122,942 100.1

L I A B I L I T I E S

Accrued expenses and prepaidincome 5,844 0.1 4,280 0.1Other liabilities 33,470 0.4 102 0.0

Total liabilities 39,314 0.5 4,382 0.1

Fund capital Note 1) 8,413,610 100.0 6,118,560 100.0

Financial instruments lent - - 80,557 1.3

Collateral received for financialinstruments lent - - 89,440 1.5

Note 1) for Balance Sheet

Changes in fund capital, SEKt

2014 2013

Fund capital at beginning of year 6,118,560 3,332,103Units issued 3,381,309 3,262,520Units redeemed -2,794,452 -1,726,942Profit according to Income Statement 1,716,086 1,257,728Dividends to unit holders -7,893 -6,849

Fund capital at the close of the period 8,413,610 6,118,560

Annual Review 2014 – Handelsbanken FonderAmerikafond, cont.


Fund holdings in financial instruments

TRANSFERABLE SECURITIES*Number Market % of

value tSEK fund capital

L I S T E D E Q U I T I E S

C O N S U M E R D I S C R E T I O N A R Y

21st Century Fox A (Media) 80,509 24,205 0.3Amazon.com (Internet and Catalog Retail) 20,114 48,867 0.6Bright Horizons Family Solutions (Diversified Consumer Services) 99,000 36,433 0.4CBS (Media) 240,000 103,972 1.2Chipotle Mexican Grill (Hotels, Restaurants and Leisure) 3,000 16,076 0.2Comcast A (Media) 170,000 77,200 0.9Delphi Automotive (Auto Components) 280,000 159,396 1.9Expedia (Internet and Catalog Retail) 73,800 49,315 0.6Grand Canyon Education (Diversified Consumer Services) 150,000 54,790 0.7Home Depot (Specialty Retail) 180,000 147,912 1.8Hoteles City Express (Hotels, Restaurants and Leisure) 2,408,678 29,678 0.4HSN (Media) 67,500 40,159 0.5InterActiveCorp (Media) 90,000 42,829 0.5Nike B (Textiles, Apparel and Luxury Goods) 191,324 144,007 1.7Pool (Distributors) 130,000 64,561 0.8Ralph Lauren (Textiles, Apparel and Luxury Goods) 50,000 72,474 0.9Service Corporation International (Diversified Consumer Services) 550,000 97,736 1.2Sotheby's (Diversified Consumer Services) 100,000 33,802 0.4Tiffany & Co (Specialty Retail) 70,000 58,557 0.7Time Warner (Media) 60,000 40,121 0.5TJX Companies (Specialty Retail) 162,000 86,972 1.0TripAdvisor (Internet and Catalog Retail) 70,000 40,912 0.5Walt Disney (Media) 127,356 93,905 1.1

1,563,877 18.6C O N S U M E R S T A P L E S

Brown-Forman (Beverages) 85,200 58,586 0.7Colgate-Palmolive (Household Products) 200,000 108,327 1.3Fomento ADR (Beverages) 130,000 89,586 1.1Gruma (Food Products) 1,800,000 150,824 1.8Grupo Herdez (Food Products) 2,000,000 37,602 0.4Hormel Foods (Food and Staples Retailing) 200,000 81,570 1.0Mead Johnson Nutrition (Personal Products) 80,000 62,964 0.7

589,460 7.0E N E R G Y

EOG Resources (Oil, Gas and Consumable Fuels) 130,000 93,697 1.1Noble Energy (Oil, Gas and Consumable Fuels) 178,000 66,090 0.8Occidental Petroleum (Oil, Gas and Consumable Fuels) 220,000 138,828 1.7Petroamerica Oil (Oil, Gas and Consumable Fuels) 171,176 162 0.0Schlumberger (Energy Equipment and Services) 105,000 70,204 0.8

368,981 4.4F I N A N C I A L S

American Express (Consumer Finance) 209,246 152,402 1.8Bolsa Mexicana de Valores (Diversified Financial Services) 630,639 8,949 0.1Citigroup (Diversified Financial Services) 210,000 88,953 1.1Crédito Real (Real Estate Management and Development) 2,012,164 33,748 0.4Cullen/Frost Bankers (Commercial Banks) 50,000 27,649 0.3Discover Financial Services (Diversified Financial Services) 240,000 123,041 1.5First Financial Bankshares (Commercial Banks) 168,500 39,414 0.5First Republic Bank (Commercial Banks) 156,600 63,894 0.8IntercontinentalExchange (Diversified Financial Services) 14,112 24,225 0.3Lazard (Capital Markets) 50,000 19,582 0.2PRA Group (Consumer Finance) 160,000 72,558 0.9Progressive Ohio (Insurance) 500,000 105,642 1.3Prosperity Bancshares (Commercial Banks) 190,000 82,341 1.0T. Rowe Price (Capital Markets) 43,000 28,902 0.3TD Ameritrade Holding (Commercial Banks) 120,000 33,611 0.4Wells Fargo (Commercial Banks) 448,000 192,257 2.3

1,097,170 13.0H E A L T H C A R E

AbbVie (Pharmaceuticals) 150,000 76,842 0.9Allergan (Pharmaceuticals) 50,741 84,444 1.0Amgen (Biotechnology) 110,000 137,166 1.6Anthem (Health Care Providers and Services) 28,429 27,968 0.3Biogen Idec (Biotechnology) 20,000 53,146 0.6Bristol-Myers Squibb (Pharmaceuticals) 94,000 43,438 0.5Celgene (Biotechnology) 120,000 105,080 1.2Eli Lilly (Pharmaceuticals) 80,000 43,206 0.5Envision Healthcare (Health Care Providers and Services) 170,000 46,166 0.5Estée Lauder Companies A (Health Care Equipment and Supplies) 80,000 47,721 0.6Gilead Science (Biotechnology) 150,000 110,684 1.3HCA Holdings (Health Care Providers and Services) 147,000 84,454 1.0Incyte (Biotechnology) 56,000 32,050 0.4Johnson & Johnson (Pharmaceuticals) 330,000 270,138 3.2LifePoint Hospitals (Health Care Providers and Services) 30,000 16,888 0.2

Number Market % ofvalue tSEK fund capital

NPS Pharmaceuticals (Pharmaceuticals) 180,000 50,403 0.6Pfizer (Pharmaceuticals) 180,000 43,893 0.5The Cooper Companies (Health Care Equipment and Supplies) 71,000 90,091 1.1Thermo Fisher Scientific (Life Sciences Tools and Services) 74,000 72,579 0.9UnitedHealth Group (Health Care Providers and Services) 58,000 45,899 0.5

1,482,253 17.6I N D U S T R I A L S

A. O. Smith (Building Products) 120,000 52,991 0.6Allegion (Building Products) 140,000 60,782 0.7Alliance Data Systems (Commercial Services and Supplies) 34,000 76,135 0.9Grupo Aeroportuario del Centro Norte (Transportation Infrastructure) 3,700,000 132,760 1.6Grupo Aeroportuario del Pacífico ADR (Transportation Infrastructure) 100,000 103,208 1.2Hubbell (Electrical Equipment) 50,000 41,815 0.5Huron Consulting Group (Professional Services) 90,000 48,184 0.6Nielsen Holdings (Professional Services) 240,000 84,038 1.0PINFRA (Transportation Infrastructure) 500,000 47,241 0.6Rockwell Automation (Electrical Equipment) 50,000 43,525 0.5Tyco International (Commercial Services and Supplies) 140,000 48,069 0.6W.W. Grainger (Trading Companies and Distributors) 39,000 77,818 0.9Xylem (Machinery) 200,000 59,604 0.7

876,169 10.4I N F O R M A T I O N T E C H N O L O G Y

Activision Blizzard (Software) 385,000 60,730 0.7Ansys (Software) 35,000 22,467 0.3AOL (Internet Software and Services) 150,000 54,215 0.6Apple (Computers and Peripherals) 483,897 418,127 5.0Check Point Software Technologies (Internet Software and Services) 75,000 46,130 0.5Cisco Systems (Communications Equipment) 400,000 87,097 1.0Cognex (Elec Equip, Instr & Comp) 121,600 39,343 0.5Cornerstone OnDemand (Internet Software and Services) 70,000 19,289 0.2eBay (Internet Software and Services) 100,000 43,932 0.5EMC (Computers and Peripherals) 400,000 93,125 1.1Facebook (Internet Software and Services) 164,000 100,165 1.2FICO (Software) 80,000 45,279 0.5Google (Internet Software and Services) 35,404 147,073 1.7Google C (Internet Software and Services) 18,000 74,174 0.9Mastercard (IT Services) 90,000 60,703 0.7Microsoft (Software) 200,000 72,724 0.9Oracle (Software) 230,000 80,968 1.0Qualcomm (Communications Equipment) 110,000 64,006 0.8

1,529,546 18.2M A T E R I A L S

Ashland (Chemicals) 117,000 109,689 1.3Ball (Containers and Packaging) 195,000 104,062 1.2Ecolab (Chemicals) 80,000 65,457 0.8Praxair (Chemicals) 50,000 50,711 0.6Sensient Technologies (Chemicals) 380,000 179,496 2.1

509,415 6.1U T I L I T I E S

Atmos Energy (Gas Utilities) 100,000 43,635 0.5

43,635 0.5

Total listed equities 8,060,506 95.8

Total transferable securities 8,060,506 95.8

Total holdings in financial instruments 8,060,506 95.8

Net, other assets and liabilities 353,104 4.2

Total fund capital 8,413,610 100.0

The figures in the column under the heading % of fund value are rounded to the nearest tenth of a percent.

* Refers to transferable securities admitted to trading on a regulated market or equivalent marketoutside EEA, or are the subject of regular trading in other markets that are regulated and opento the general public. 95.8

** Refers to other financial instruments admitted to trading on a regulated market or equivalentmarket outside EEA, or are the subject of regular trading in other markets that are regulatedand open to the general public and in the case of money market instruments or such moneymarket instruments referred to in Chapter 5, §4 of the Swedish UCITS Funds Act (2004:46). -

*** Refers to other financial instruments. -

Compilation, Company and Group exposure*Company/Group % of fund capital

Google 2.6

* The table provides the combined units of fund capital per issuer in percent, where the fund has holdings in more thanone type of securities issued by the same issuer. Underlying securities are shown within parentheses.

Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: M I K A E L S E N S

BASE CURRENCY

SEK


PREMIUM PENSION

504100


savings

The fund has since January 2, 2014 been able to invest in India.

AsienfondManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attainreturns over the long terms that exceed the returns of the Asian equitymarket (excluding Japan). The fund invests primarily in equities issued bycompanies in Asia, excluding Japan, or in companies that have aminimum of 50% of their business or market in Asia. We place particularemphasis on ensuring that the company's strategy concurs with ourassessment of what can generate favourable share price performancewhen we select equities for the fund. We then evaluate the company'skey ratios, such as earnings growth relative to the market's expectations.The fund may use derivatives such as futures as a complement to protectthe fund’s value or to enable cost savings.

PortfolioThe fund rose 26.2% in 2014*. The weakening of the SEK contributed tothe strong returns. The fund continues to focus on strong companies inthe Internet, tourism and entertainment segments. Many companieswithin these segments benefit from the greater purchasing power of themiddle class and demonstrate good growth, high profitability and strongcash flow. The fund also increased holdings in leading global technologycompanies in Taiwan. Holdings in TSMC, Airports of Thailand and Tencentwere particularly positive for fund returns. However, holdings in Macao’scasino companies, such as Galaxy Entertainment Group and SandsChina, had a negative impact. Gaming revenue posted weak performancein H2 2014 due to the introduction of a smoking ban in premises as wellas a weakened real estate market in China. We expect revenue to beginto increase again with the upcoming new attractions in Macao at thebeginning of the autumn 2015.*) Refer to fund statistics for comparable index.

OutlookOur outlook is positive to the Asian equity markets in 2015. Profitoutlooks are positive due to structural reforms in several countries andfurther strong economic growth. Lower oil prices are favourable for mostof the countries in the region and a growing middle class creates goodopportunities for service-oriented products and services.

Valuations are also undemanding.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to quickly and cost-effectively increase or eliminate exposureto one or more markets or types of assets. The advantage with derivativeinstruments is that it is possible to change the fund’s exposure in differenttypes of assets or in different markets in a simple and controlled way witha limited number of transactions. The fund used this option in 2014.The fund has the option of lending equity. The fund used this option to alimited extent in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.

InformationDue to changes in tax regulations for Swedish funds and developmentswithin the area of EU taxation, it is unclear how distributions will be taxed.Refer to the last page.

Fund performance*

50

100

150

200

2010 2011 2012 2013 2014* Performance is shown in the fund's base currency.


Net asset value, SEK 1) 409.61 324.62 311.40 272.91 317.05 283.19 194.48 339.07 269.48 252.56

The fund's total net flow, mSEK 2) 102 -380 -104 - - - - - - -

Fund capital, mSEK 3,702 2,852 3,105 2,760 3,171 2,343 1,076 2,048 1,160 1,112

Number of units, 1000’s 9,037 8,785 9,971 10,114 10,001 8,272 5,534 6,040 4,305 4,402

Total returns in %, SEK +26.2 +4.2 +16.5 -12.8 +12.6 +51.8 -42.1 +27.5 +7.6 +42.5

Index including dividends in %, SEK +27.7 +2.4 +15.8 -13.1 +12.5 +52.5 -39.5 +28.9 +13.3 +45.3

Average yearly return, 2 yrs. % +14.7 +10.2 +0.8 -0.9 +30.8 -6.3 -14.1 +17.1 +23.8 +19.1

Comparison to index including dividends, % +14.4 +8.9 +0.3 -1.1 +31.0 -4.0 -11.7 +20.8 +28.3 +24.8

Average yearly return, 5 yrs. % +8.5 +12.6 +0.1 +1.9 +6.3 +11.4 +2.4 +17.9 +5.6 +4.8

Comparison to index including dividends, % +8.2 +12.1 +0.9 +3.1 +8.7 +14.4 +6.6 +22.5 +10.8 +10.1



Dividends per unit, SEK - - 6.18 3.81 1.58 7.93 2.52 3.74 2.19 3.781) The share price has been affected for funds with holdings in US equities based on a judgment in the Administrative Court. The funds are now charged full dividend tax (30%) instead of the previous tax of 15%. The new tax rate is applicable on dividends


2) The fund's total net inflow does not include reinvested dividends. New information has been provided as of the full-year 2012.

Index: MSCI Asia AC ex Japan

Up to 02/01/2014: MSCI All Country Far East ex Japan Net



Annual Review 2014 – Handelsbanken FonderAsienfond, cont.

Fund facts2014

Max. allowed mgmt. costs in % according to fund rules 1.60

Collected mgmt. costs in % of average fund capital 1.60




Costs for one-time subscription 10 tSEK 187.84of which incl. mgmt. costs 173.45

Costs for monthly savings 100 kr 12.21of which incl. mgmt. costs 11.36

Turnover rate 0.2




Total risk % 9.8


Index MSCI Asia AC ex Japan


Active return % 0.3

Information ratio 0.1

Sharpe ratio 1.4



Fund launch date 1989-04-28

Minimum investment, SEK 0

Risk* 6




Changes in value for transferable securities * 716,504 109,436Changes in value for other derivativeinstruments ** 950 53Interest income 85 71Dividends 78,345 72,248Currency exchange profits and losses, net 6,546 -1,572Other financial income 1) 253 457Other income 5 27

Total income and changes in value 802,688 180,720

E X P E N S E S



Net income 748,334 126,314


Changes in value for transferablesecurities – Capital gains 193,586 220,946


Changes in value for transferablesecurities – Unrealised 588,458 53,961

Sum 716,504 109,436

** Details of changes in value

Changes in value for other derivativeinstruments - Capital gains 361 -

Changes in value for other derivativeinstruments – Unrealised 589 53

Sum 950 53




A S S E T S

Transferable securities 3,657,472 98.8 2,834,240 99.4Other derivative instrumentswith positive market value 1,028 0.0 130 0.0

Total financial instruments withpositive market value Note 2) 3,658,500 98.8 2,834,370 99.4Bank assets and other liquidassets 54,056 1.5 6,176 0.2Prepaid expenses and accruedincome 1,826 0.1 1,112 0.0Other assets 21,711 0.5 38,087 1.4

Total assets 3,736,093 100.9 2,879,745 101.0


Accrued expenses and prepaidincome 2,541 0.1 2,027 0.1Other liabilities 31,793 0.8 25,953 0.9







2014 2013

Fund capital at beginning of year 2,851,765 3,105,117Units issued 718,785 411,664Units redeemed -617,125 -791,330Profit according to Income Statement 748,334 126,314Dividends to unit holders - -







C A Y M A N I S L A N D S ( K Y D )

Tingyi Holdings (Food Products) 234,000 4,200 0.1

4,200 0.1C H I N A ( C N Y )

Agricultural Bank of China (Commercial Banks) 2,500,000 9,893 0.3Anhui Conch Cement HKD (Construction Materials) 810,000 23,794 0.6Baidu ADR (Internet Software and Services) 29,500 52,646 1.4Bank of China (Commercial Banks) 11,293,780 49,821 1.3Bank of Communications (Commercial Banks) 913,558 6,649 0.2Beijing Capital International Airport (Transportation Infrastructure) 501,000 3,146 0.1Beijing Capital Land (Real Estate) 1,220,000 3,621 0.1China CITIC Bank (Commercial Banks) 992,920 6,224 0.2China Construction Bank (Commercial Banks) 14,136,180 90,614 2.4China Life Insurance HKD (Insurance) 1,000,000 30,587 0.8China Merchants Bank (Commercial Banks) 276,661 5,435 0.1China Minsheng Banking (Commercial Banks) 840,000 8,649 0.2China Oilfield Services (Oil, Gas and Consumable Fuels) 351,000 4,762 0.1China Pacific Insurance (Insurance) 300,000 11,856 0.3China Railway Construction (Transportation Infrastructure) 275,500 2,748 0.1China Railway Group (Construction and Engineering) 503,000 3,240 0.1China Sky Chemical Fibre (Chemicals) 388,000 234 0.0China Telecom (Diversified Telecommunication Services) 1,502,000 6,823 0.2Dongfeng Motor (Automobiles) 387,000 4,282 0.1ENN Energy (Gas Utilities) 40,000 1,777 0.0Fosun International (Metals and Mining) 459,500 4,731 0.1GOME Electrical Appliances Holding (Household Products) 1,838,960 2,153 0.1Great Wall Motor (Automobiles) 120,000 5,360 0.1Guangzhou Automobile Group (Automobiles) 296,740 2,112 0.1Huaneng Power International (Electric Utilities) 690,000 7,314 0.2Industrial & Commercial Bank of China HKD (Commercial Banks) 15,281,519 87,312 2.4Jiangsu Expressway (Transportation Infrastructure) 162,000 1,514 0.0Lenovo Group HKD (Computers and Peripherals) 1,000,000 10,357 0.3NetEase (Software) 47,400 36,787 1.0PetroChina (Oil, Gas and Consumable Fuels) 2,326,300 20,149 0.5Ping An Insurance (Insurance) 429,300 34,236 0.9Sihuan Pharmaceutical Holdings Group (Pharmaceuticals) 1,000,000 5,269 0.1



Sinopec China HKD (Oil, Gas and Consumable Fuels) 3,809,910 24,037 0.6SOHO China (Real Estate) 350,000 1,940 0.1Tencent (Internet Software and Services) 1,041,500 118,278 3.2YY ADR (Internet Software and Services) 15,000 7,320 0.2

695,669 18.8H O N G K O N G ( H K D )

AIA Group (Insurance) 1,879,569 81,586 2.2Bank of China HKD (Commercial Banks) 1,042,500 27,256 0.7Bank of East Asia (Commercial Banks) 178,640 5,644 0.2Belle International (Distributors) 831,000 7,307 0.2CC Land Holdings (Real Estate Management and Development) 2,800,000 3,816 0.1Champion Real Estate Investment Trust (Real Estate Investment Trusts) 244,000 887 0.0Chaoda Modern Agriculture (Food Products) 1,178,349 1,308 0.0Cheung Kong Holdings (Real Estate Management and Development) 252,900 33,316 0.9Cheung Kong Infrastructure (Multi-Utilities) 24,300 1,412 0.0China Mengniu Dairy (Food Products) 200,000 6,461 0.2China Merchants Holdings (Industrial Conglomerates) 126,000 3,313 0.1China Mobile HKD (Wireless Telecommunication Services) 908,300 83,163 2.2China New Town Development (Real Estate Management and Development) 166,152 53 0.0China Overseas Land & Investment (Real Estate Management and Development) 1,308,500 30,512 0.8China Resources HKD (Real Estate) 119,800 1,969 0.1China Resources Land (Real Estate) 537,600 11,098 0.3China Resources Power HKD (Energy Equipment and Services) 336,600 6,847 0.2China State Construction International Holdings (Construction and Engineering) 350,000 3,872 0.1China Travel International (Leisure Equipment and Products) 2,594,000 7,044 0.2China Unicom Hong Kong (Diversified Telecommunication Services) 874,758 9,166 0.2Chinese Estates (Diversified Financial Services) 85,000 2,051 0.1CLP Group (Electric Utilities) 88,700 6,035 0.2Cosco Pacific (Transportation Infrastructure) 128,000 1,426 0.0EganaGoldpfeil Holdings (Household Durables) 128,000 35 0.0Far East Consortium International (Real Estate) 309,000 939 0.0Galaxy Entertainment Group (Hotels, Restaurants and Leisure) 1,645,000 72,484 2.0Guangdong Investment (Multi-Utilities) 1,154,000 11,742 0.3Hainan Meilan International Airport (Transportation Infrastructure) 240,000 1,541 0.0Hang Seng Bank (Commercial Banks) 66,600 8,686 0.2Henderson Land Development (Real Estate Management and Development) 160,928 8,805 0.2HKT Trust (Diversified Telecommunication Services) 12,364 126 0.0Hong Kong and China Gas (Gas Utilities) 127,540 2,281 0.1Hong Kong Exchanges and Clearing (Diversified Financial Services) 287,600 49,848 1.3Hopewell Highway Infrastructure (Transportation Infrastructure) 9,150 36 0.0Hopewell Holdings (Real Estate) 61,000 1,746 0.0Hopson Development (Real Estate) 442,100 3,169 0.1Huabao International Holdings (Chemicals) 75,000 479 0.0Hutchison Whampoa (Industrial Conglomerates) 352,900 31,830 0.9Hysan Development (Real Estate) 58,000 2,029 0.1Kerry Logistics (Air Freight and Logistics) 57,000 709 0.0Kerry Properties (Real Estate) 114,000 3,234 0.1Li & Fung (Distributors) 741,800 5,436 0.1Luk Fook (Specialty Retail) 100,000 2,943 0.1NagaCorp (Hotels, Restaurants and Leisure) 1,500,000 9,600 0.3New World Development (Real Estate Management and Development) 876,666 7,894 0.2NWS Holdings (Transportation Infrastructure) 684,000 9,846 0.3Paradise Entertainment (Hotels, Restaurants and Leisure) 1,476,000 4,723 0.1PCCW (Wireless Telecommunication Services) 241,000 1,294 0.0Power Assets HKD (Electric Utilities) 72,000 5,466 0.1Shanghai Industrial Holdings HKD (Industrial Conglomerates) 160,000 3,755 0.1Sino Land (Real Estate) 244,200 3,067 0.1SJM (Hotels, Restaurants and Leisure) 1,335,000 16,576 0.4Sun Hung Kai Properties (Real Estate Management and Development) 270,500 32,303 0.9Swire Pacific (Real Estate Management and Development) 86,600 8,829 0.2Swire Properties (Other) 60,620 1,404 0.0The Link Real Estate Investment Trust (Real Estate Investment Trusts) 307,000 15,030 0.4Wharf Holdings (Real Estate Management and Development) 346,000 19,559 0.5Wheelock (Real Estate) 244,000 8,916 0.2Yue Yuen Industrial Holdings (Leisure Equipment and Products) 221,500 6,238 0.2

698,142 18.9


INDIA (INR)

Axis Bank (Commercial Banks) 100,000 6,231 0.2Bharti Airtel (Wireless Telecommunication Services) 120,000 5,251 0.1Container Corporation of India (Road and Rail) 54,000 9,061 0.2Eros International (Media) 290,000 13,278 0.4HCL Technologies (IT Services) 100,000 19,804 0.5HDFC Bank (Commercial Banks) 110,000 12,982 0.4Housing Development Finance (Diversified Financial Services) 45,000 6,339 0.2ICICI Bank (Commercial Banks) 100,000 4,379 0.1Infosys Technologies (IT Services) 162,000 39,630 1.1ITC (Specialty Retail) 200,000 9,145 0.2Lupin Laboratories (Pharmaceuticals) 65,000 11,511 0.3McLeod Russel (Food Products) 80,000 2,342 0.1Oil and Natural Gas (Oil, Gas and Consumable Fuels) 150,000 6,350 0.2Reliance Industries (Chemicals) 100,000 11,052 0.3State Bank of India (Commercial Banks) 200,000 7,735 0.2Sun Pharmaceutical Industries (Pharmaceuticals) 180,000 18,451 0.5Tata Consultancy Services (IT Services) 126,000 39,976 1.1Tata Motors (Automobiles) 420,000 25,812 0.7TATA Motors ADR (Automobiles) 20,000 6,620 0.2Tech Mahindra (IT Services) 20,000 6,433 0.2Wonderla Holidays (Hotels, Restaurants and Leisure) 250,000 9,638 0.3

272,018 7.4I N D O N E S I A ( I D R )

ACE Hardware Indonesia (Specialty Retail) 7,500,000 3,721 0.1Agung Podomoro Land (Real Estate Management and Development) 9,500,000 2,012 0.1Astra International (Automobiles) 2,005,000 9,410 0.3Bank Central Asia (Commercial Banks) 1,720,600 14,274 0.4Bank Mandiri (Commercial Banks) 1,961,603 13,360 0.4Bank Rakyat Indonesia (Commercial Banks) 2,000,000 14,727 0.4Bukit Asam (Oil, Gas and Consumable Fuels) 425,000 3,358 0.1Charoen Pokphand (Food Products) 900,000 2,150 0.1Gajah Tunggal (Auto Components) 1,160,000 1,045 0.0Global Mediacom (Media) 1,500,000 1,351 0.0Indocement Tunggal Prakarsa (Building Products) 394,590 6,235 0.2Indofood (Food Products) 1,800,000 7,680 0.2Indofood CBP (Food Products) 100,000 828 0.0Lippo Karawaci (Construction and Engineering) 8,000,000 5,158 0.1Mayora Indah (Food Products) 351,667 4,646 0.1Pakuwon Jati (Real Estate) 18,000,000 5,859 0.2Perusahaan Gas Negara (Oil, Gas and Consumable Fuels) 1,861,000 7,058 0.2Semen Gresik (Construction Materials) 500,000 5,120 0.1Telkom Indonesia (Diversified Telecommunication Services) 9,130,000 16,533 0.4Tempo Scan Pacific (Pharmaceuticals) 1,583,500 2,868 0.1

127,392 3.4K O R E A , R E P U B L I C O F ( K R W )

Amorepacific (Chemicals) 677 10,704 0.3BS Financial Group (Commercial Banks) 37,613 3,884 0.1DGB Financial Group (Commercial Banks) 25,000 2,012 0.1DGB Financial RT 2014 (Commercial Banks) 8,354 68 0.0Eugene Technology (Semiconductors and Semiconductor Eqp.) 15,316 1,762 0.0Grand Korea Leisure (Hotels, Restaurants and Leisure) 15,000 3,445 0.1HANATOUR Service (Hotels, Restaurants and Leisure) 10,000 5,548 0.1Handsome (Textiles, Apparel and Luxury Goods) 20,000 4,636 0.1Hankook Tire (Industrial Conglomerates) 66,231 11,533 0.3Hynix Semiconductor (Semiconductors and Semiconductor Eqp.) 133,700 45,469 1.2Hyundai (Automobiles) 29,856 35,936 1.0Hyundai Home Shopping Network (Internet and Catalog Retail) 5,000 4,914 0.1Hyundai Mobis (Auto Components) 10,000 16,808 0.5Hyundai pref (Automobiles) 12,952 12,361 0.3Intelligent Digital Integrated Security Holdings (Electrical Equipment) 4,860 492 0.0Kangwon Land (Hotels, Restaurants and Leisure) 34,500 7,470 0.2KB Financial Group (Commercial Banks) 64,495 16,605 0.4KCC (Building Products) 318 1,178 0.0KEPCO (Electric Utilities) 25,000 7,603 0.2Kia Motors (Automobiles) 63,150 23,522 0.6Korea Invest Holdings (Diversified Financial Services) 7,000 2,418 0.1Korea Telecom (Diversified Telecommunication Services) 30,000 6,677 0.2KT&G (Tobacco) 6,802 3,687 0.1LG (Industrial Conglomerates) 16,757 7,304 0.2LG Displays (Elec Equip, Instr & Comp) 35,000 8,388 0.2LG Electronics pref (Household Durables) 8,600 1,651 0.0LG Fashion (Textiles, Apparel and Luxury Goods) 34,270 7,298 0.2LG Household & Health Care (Chemicals) 916 4,064 0.1Mando (Auto Components) 10,704 5,298 0.1Medy-Tox (Biotechnology) 2,900 6,609 0.2Naver (Internet Software and Services) 5,832 29,574 0.8POSCO (Metals and Mining) 1,718 3,371 0.1Samsung Electronics (Semiconductors and Semiconductor Eqp.) 14,551 137,522 3.7



Samsung Electronics pref (Semiconductors and Semiconductor Eqp.) 6,062 44,858 1.2Samsung Fire & Marine Insurance (Insurance) 3,596 7,235 0.2Samsung Heavy Industries (Machinery) 26,470 3,761 0.1Samsung Life Insurance (Insurance) 14,000 11,616 0.3Shinhan Financial Group (Commercial Banks) 96,361 30,506 0.8SK Broadband (Communications Equipment) 15,525 484 0.0SK Holdings (Oil, Gas and Consumable Fuels) 7,363 8,574 0.2SK Telecom (Wireless Telecommunication Services) 4,184 7,986 0.2SungWoo Hitech (Auto Components) 14,288 1,191 0.0Woongjin ThinkBig (Media) 42,262 2,288 0.1

558,309 15.1M A C A U ( M O P )

Sands China (Hotels, Restaurants and Leisure) 1,644,600 63,418 1.7Wynn Macau (Hotels, Restaurants and Leisure) 200,000 4,421 0.1

67,839 1.8M A L A Y S I A ( M Y R )

Astro Malaysia (Media) 450,000 3,053 0.1Axiata Group (Communications Equipment) 173,250 2,735 0.1Berjaya Sports Toto (Hotels, Restaurants and Leisure) 189,511 1,489 0.0CB Industrial Product Holdings (Machinery) 1,522,940 6,853 0.2CIMB Group Holdings (Commercial Banks) 527,800 6,570 0.2Genting (Hotels, Restaurants and Leisure) 225,100 4,470 0.1Genting Malaysia (Hotels, Restaurants and Leisure) 262,400 2,391 0.1Hiap Teck Venture Berhad (Metals and Mining) 627,200 814 0.0Hong Leong Bank (Commercial Banks) 84,880 2,657 0.1IOI Berhad (Food and Staples Retailing) 225,827 2,427 0.1IOI Properties (Real Estate Management and Development) 225,412 1,221 0.0Malayan Banking Berhad (Commercial Banks) 259,477 5,327 0.1Malaysia Airports (Transportation Infrastructure) 225,000 3,425 0.1MMC Corporation Berhad (Industrial Conglomerates) 301,500 1,613 0.0Muhibbah Engineering Berhad (Construction and Engineering) 536,200 2,245 0.1Petronas Chemicals Group Berhad (Chemicals) 180,000 2,196 0.1PETRONAS Gas Berhad (Gas Utilities) 51,500 2,555 0.1Public Bank Berhad (Commercial Banks) 105,930 4,340 0.1RHB Capital Berhad (Commercial Banks) 152,100 2,595 0.1Tenaga Nasional Berhad (Electric Utilities) 532,125 16,441 0.4YNH Property Berhad (Real Estate) 360,953 1,681 0.0YTL (Building Products) 401,472 1,429 0.0

78,529 2.1P H I L I P P I N E S ( P H P )

Ayala (Diversified Financial Services) 9,036 1,097 0.0Ayala Land (Real Estate) 5,255,000 30,992 0.8BDO Unibank (Commercial Banks) 825,000 15,853 0.4Bloomberry Resorts (Hotels, Restaurants and Leisure) 300,000 651 0.0Energy Development (Energy Equipment and Services) 3,062,500 4,395 0.1Filinvest Land (Real Estate) 2,080,000 557 0.0First Philippines Holdings (Electric Utilities) 446,900 7,031 0.2Jollibee Foods (Hotels, Restaurants and Leisure) 30,000 1,129 0.0Manila Electric (Energy Equipment and Services) 41,500 1,859 0.1Megaworld (Real Estate) 1,830,000 1,499 0.0Melco Crown (Hotels, Restaurants and Leisure) 1,200,000 2,852 0.1Metrobank (Commercial Banks) 500,000 7,263 0.2PLDT (Wireless Telecommunication Services) 13,630 6,932 0.2SM Investments (Diversified Financial Services) 83,000 11,838 0.3SM Prime Holdings (Real Estate) 733,750 2,188 0.1Universal Robina (Food Products) 900,000 30,870 0.8

127,004 3.4S I N G A P O R E ( S G D )

Ascendas Real Estate Investment Trust (Real Estate Investment Trusts) 263,466 3,704 0.1Cambridge Industrial Trust (Real Estate Investment Trusts) 471,510 1,894 0.1CapitaCommercial Trust (Real Estate) 722,000 7,486 0.2CapitaLand (Real Estate) 155,000 3,031 0.1CapitaMall Trust (Real Estate) 311,600 3,755 0.1City Development (Real Estate) 42,000 2,548 0.1COSCO (Marine) 225,000 744 0.0DBS Group Holdings (Commercial Banks) 298,200 36,290 1.0Elec & Eltek International (Electrical Equipment) 134,000 1,290 0.0First Ship Lease Trust (Diversified Financial Services) 49,000 30 0.0Hutchison Port Holdings (Transportation Infrastructure) 35,200 190 0.0Indofood Agri Resources (Food Products) 850,000 3,641 0.1Jardine Cycle & Carriage (Distributors) 18,800 4,731 0.1Keppel (Industrial Conglomerates) 249,891 13,065 0.4Keppel REIT (Industrial Conglomerates) 69,969 504 0.0


K-Green Trust (Industrial Conglomerates) 45,434 286 0.0M1 (Wireless Telecommunication Services) 95,000 2,026 0.1Oversea-Chinese Banking (Commercial Banks) 665,437 41,120 1.1Parkway Life Real Estate Investment Trust (Diversified Financial Services) 275,000 3,867 0.1SembCorp Industries (Industrial Conglomerates) 373,700 9,824 0.3SembCorp Marine (Machinery) 151,500 2,918 0.1Singapore Airport Terminal Services (Transportation Infrastructure) 16,060 289 0.0Singapore Exchange (Diversified Financial Services) 129,000 5,952 0.2Singapore Press Holding f/r (Media) 146,000 3,631 0.1Singapore Telecommunications (Diversified Telecommunication Services) 1,416,600 32,638 0.9SMRT (Road and Rail) 86,000 803 0.0Starhill Global Real Estate Investment Trust (Real Estate) 476,000 2,250 0.1United Overseas Bank (Commercial Banks) 203,320 29,464 0.8United Overseas Land (Real Estate) 110,000 4,523 0.1Wilmar International (Chemicals) 233,200 4,464 0.1

226,959 6.1T A I W A N , P R O V I N C E O F C H I N A ( T W D )

Advanced Semiconductor (Wireless Telecommunication Services) 951,493 8,980 0.2Asia Cement (Construction Materials) 184,816 1,785 0.0ASUSTeK Computer (Elec Equip, Instr & Comp) 78,827 6,766 0.2AU Optronics (Elec Equip, Instr & Comp) 1,787,946 7,175 0.2Catcher Technology (Electrical Equipment) 300,000 18,318 0.5Cathay Financial Holding (Insurance) 1,624,616 18,895 0.5Cheng Shin Rubber Industry (Specialty Retail) 704,320 12,981 0.4Chinatrust International Holdings (Commercial Banks) 2,164,474 11,018 0.3Chipbond Technology (Semiconductors and Semiconductor Eqp.) 260,000 3,736 0.1Chunghwa Telecom (Diversified Telecommunication Services) 504,069 11,737 0.3Delta Electronics (Electrical Equipment) 356,420 16,643 0.4E.Sun Financial Holding (Diversified Financial Services) 1,488,577 7,246 0.2Far Eastern New Century (Industrial Conglomerates) 629,143 4,894 0.1Far Eastone Telecommunications (Diversified Telecommunication Services) 124,000 2,242 0.1FLYTECH Technology (Computers and Peripherals) 146,620 3,977 0.1Formosa Chemical & Fiber (Chemicals) 445,141 7,377 0.2Formosa Plastic (Chemicals) 644,743 11,547 0.3Fubon Financial Holding (Diversified Financial Services) 1,067,849 13,411 0.4GeoVision (Communications Equipment) 16,443 440 0.0Giant Manufacturing (Leisure Equipment and Products) 2,737 191 0.0Gigabyte Technology (Electrical Equipment) 451,000 4,134 0.1Hon Hai Precision Industry (Elec Equip, Instr & Comp) 2,414,330 52,570 1.4Inventec (Communications Equipment) 518,597 2,743 0.1Largan Precision (Leisure Equipment and Products) 47,000 27,884 0.8Lite-On Technology (Communications Equipment) 187,473 1,690 0.0Mediatek (IT Services) 204,877 23,447 0.6Mega Financial Holding (Diversified Financial Services) 1,294,953 7,843 0.2Nan Ya Plastics (Chemicals) 914,898 14,844 0.4Nanya Technology (Semiconductors and Semiconductor Eqp.) 31,008 622 0.0Novatek Microelectronics (Semiconductors and Semiconductor Eqp.) 162,200 7,152 0.2Pegatron (Elec Equip, Instr & Comp) 350,000 6,329 0.2Pou Chen (Textiles, Apparel and Luxury Goods) 333,431 3,176 0.1Quanta Computer (Computers and Peripherals) 350,000 6,867 0.2Radiant Opto-Electronics (Electrical Equipment) 157,065 3,949 0.1Realtek Semiconductor (Semiconductors and Semiconductor Eqp.) 197,287 5,180 0.1Richtek Technology (Electrical Equipment) 38,587 1,606 0.0Siliconware Precision Industries (Semiconductors and Semiconductor Eqp.) 500,000 5,939 0.2Simplo Technology (Computers and Peripherals) 100,000 3,901 0.1Synnex Technology International (Computers and Peripherals) 77,386 884 0.0Taiwan Cement (Construction Materials) 311,605 3,350 0.1Taiwan Fertilizer (Chemicals) 59,000 816 0.0Taiwan Mobile (Wireless Telecommunication Services) 119,577 3,095 0.1Taiwan Semiconductor (Semiconductors and Semiconductor Eqp.) 5,046,321 176,256 4.8Tatung (Computers and Peripherals) 190,854 423 0.0TECO Electric and Machinery (Electrical Equipment) 439,000 3,279 0.1U-Ming Marine Transport (Marine) 95,000 1,174 0.0Uni-President Enterprises (Food Products) 499,785 6,215 0.2WT Microelectronics (Elec Equip, Instr & Comp) 2,000,000 23,037 0.6Yuanta Financial Holding (Diversified Financial Services) 2,373,997 9,056 0.2

576,820 15.7



THAILAND (THB)

Advanced Info Service (Wireless Telecommunication Services) 160,000 9,556 0.3Airports of Thailand f/r (Transportation Infrastructure) 825,000 55,357 1.5Bangkok Bank f/r (Commercial Banks) 85,800 3,961 0.1Bangkok Dusit Medical Services (Health Care Providers and Services) 1,500,000 6,139 0.2Central Pattana (Real Estate Management and Development) 700,000 7,578 0.2Central Plaza Hotel (Hotels, Restaurants and Leisure) 250,000 1,844 0.0CP All (Multiline Retail) 831,400 8,408 0.2Delta Electronics f/r (Elec Equip, Instr & Comp) 214,100 3,591 0.1Glow Energy (IPP, ET) 200,000 4,247 0.1IRPC f/r (Energy Equipment and Services) 2,450,000 1,784 0.0Jasmine International (Diversified Telecommunication Services) 8,000,000 13,991 0.4Kasikornbank f/r (Commercial Banks) 108,500 5,912 0.2L.P.N. Development f/r (Real Estate Management and Development) 639,700 3,349 0.1Land & House f/r (Household Durables) 1,200,000 2,584 0.1Minor International (Hotels, Restaurants and Leisure) 1,000,000 7,733 0.2Premier Marketing (Food and Staples Retailing) 1,000,000 2,141 0.1PTT Exploration & Production f/r (Oil, Gas and Consumable Fuels) 171,203 4,562 0.1PTT f/r (Oil, Gas and Consumable Fuels) 244,900 18,880 0.5PTT Global Chemical (Chemicals) 402,766 4,912 0.1Siam Cement f/r (Construction Materials) 96,600 10,343 0.3Siam Cement NVDR (Construction Materials) 40,000 4,264 0.1Siam Commercial Bank (Commercial Banks) 271,200 11,744 0.3Thai Oil f/r (Oil, Gas and Consumable Fuels) 186,000 1,859 0.1Thanachart Capital (Diversified Financial Services) 219,900 1,661 0.0The Erawan Group (Hotels, Restaurants and Leisure) 1,250,000 1,380 0.0Ticon Industrial Connection (Real Estate) 454,036 1,955 0.1Tipco Asphalt (Construction Materials) 63,000 974 0.0

200,710 5.4U N I T E D S T A T E S ( U S D )

Las Vegas Sands (Leisure Equipment and Products) 32,800 14,934 0.4Melco Crown Entertainment ADR (Hotels, Restaurants and Leisure) 45,000 8,948 0.2

23,881 0.6



EXCHANGE-TRADED DERIVATIVES**Number Market % of


O P T I O N S A N D W A R R A N T S

CB Industrial 462,156 491 0.0Hiap Teck Venture 159,650 64 0.0Land and Houses 240,000 307 0.0MBM Resources 16,710 15 0.0Minor International 50,000 58 0.0Thoresen Thai 19,998 19 0.0

Total options and warrants 954 0.0

Total exchange-traded derivatives 954 0.0

OTHER F INANCIAL INSTRUMENTS***Number Market % of


O T C - D E R I V A T I V E

Sansiri 1,000,000 74 0.0

Total OTC-derivative 74 0.0

Total other financial instruments 74 0.0








Compilation, Company and Group exposure*Company/Group % of fund capital Company/Group % of fund capital

Samsung 5.5

Bank of China 2.0

Cheung Kong Holdings 1.9

Hyundai Group 1.9

Tata 1.8

Ayala 0.8

LG 0.7

PTT 0.7

China Resources 0.6

Delta Electronics 0.5

Formosa 0.5

SembCorp Industries 0.4

Siam Cement 0.4

Indofood 0.3

Company/Group % of fund capital Company/Group % of fund capital

China Merchants Group 0.2

Genting Group 0.2

Land and Houses 0.1


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: J O H A N N G U G G I

U p t o 3 0 / 0 9 / 2 0 1 4 P E T E R B O L T E

BASE CURRENCY

SEK


The fund switched a portion of its index on January 2, 2014. Additional information is available in the notes under Fund facts - history.

Balans 50Management ReportInvestment FocusThe fund is an actively managed mixed fund and its objective is to attaingood returns over the long term by taking a moderately high level of risk.The fund invests primarily in Nordic and global equity funds as well as inSwedish fixed income funds. Investments are made in bothHandelsbanken’s funds as well as the funds of other managementcompanies. Depending upon the sectors, countries and regions in whichwe would like to invest, we select the funds we believe have the bestoutlooks based on fund performance and the portfolio manager’sinvestment process. The share of equities in the fund is normally 50%,although this may vary between 40% and 60%, depending on the state ofthe market. Refer to the information under the Portfolio distributionheading at handelsbanken.se/fonder for the fund’s current allocation.

PortfolioThe fund rose 11.9% in 2014*. The year was dominated by declininginterest rates and oil prices due to geopolitical concerns and uncertaintyabout the strength of the economic recovery. Despite this, risk tolerancewas positive and markets edged higher as a result. Market rates fell,resulting in bonds outperforming short-term fixed income securities. Thefund’s position throughout the year was dominated by an overweight inequities, which in general was positive for returns. A shorter duration thannormal in the fixed income holdings had a negative impact. Regionally,investments in the US and Asia posted the most strength, while LatinAmerica and Russia were significantly weaker. A stronger USDcontributed positively to returns. Many of the currencies in the emergingmarkets fell sharply, while fund holdings in emerging market bondsperformed strongly. The fund was positioned for equity markets to edgehigher, although the risk was lowered temporarily to address the suddendownturn in the stock market. The equity share was approximately 54%at year-end. The fund increased holdings in the US, USD futures andJapan, while yen futures were sold. The fund decreased equity exposureto emerging markets, but increased holdings in emerging market bonds.

The fund has a shorter duration than normal in its fixed income holdings.*) Refer to fund statistics for comparable index.

OutlookGlobal economic growth continues to perform strongly. Lower oil pricesbenefit many countries, although some are negatively affected. Corporateearnings are rising and acquisition activity is increasing, which indicatesconfidence in company outlooks. We remain positive to the equitymarket. Fixed income markets in Sweden and Europe have now reachedrecord lows and we continue to have a shorter duration than normal inthe fund. Overall, we maintain our long-term positive outlook on the equitymarkets, although we are somewhat more tentative than previously in theshort term. Regionally, we prefer North America and Asia. We are alsopositive to the USD over the long term and are negative to the Japaneseyen.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus. The fund used this option quite extensively in 2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150


Market Exposure*

Equities, shares 47,70 %

Interest-bearing, includingliquid assets 46,73 %

Other 5,57 %

* The fund's allocation of investments within the markets as of 31/12/2014, relative to the fund's total assets on thisdate.



The fund's total net flow, mSEK 2) 722 450 -20 - - - - - - -


Number of units, 1000’s 41,254 36,458 33,099 32,557 30,607 21,937 14,707 15,482 14,685 10,563



Average yearly return, 2 yrs. % +12.5 +10.8 +0.4 +0.1 +12.9 -2.1 -8.2 +5.6 +13.6 -

Comparison to index including dividends, % +12.2 +9.4 +2.3 +2.2 +10.9 -0.9 -5.3 +5.7 +12.9 -

Average yearly return, 5 yrs. % +6.6 +7.8 +0.8 0.0 +2.9 +5.1 - - - -

Comparison to index including dividends, % +7.2 +7.5 +2.0 +1.4 +3.3 +5.6 - - - -

Average yearly return, 10 yrs. % +5.9 - - - - - - - - -

Comparison to index including dividends, % +6.4 - - - - - - - - -


as of January 1, 2012. This has resulted in an adjustment to the net asset value of this fund as of June 16.


Index: HMNI Swe All Government Dur Const 6Y (HMSD6) 17,5%, VINX Benchmark Cap SEK_NI 25%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 7,5%, OMRXTBILL 25%, MSCI All Country World Index Net 25%

Up to 02/01/2014: HMNI Swe All Government Dur Const 6Y (HMSD6) 17,5%, SHB NORDIX Port Nordic Net (NHNXPORT) 25%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 7,5%, OMRXTBILL 25%, MSCI All Country World Index Net 25%

Up to 30/10/2009: HMSD5 Swe All Gov 5y 25%, MSCI World 25%, NHNXPORT SHB NORDIX 25%, HMSMD25 Swe All Mort 2,5y 15%, HMT27 Swe All Gov 1Y 10%

Up to 31/12/2007: HMNI Sweden All Government 50%, MSCI World Index 25%, SHB Nordic Portfolio Index 25%



Annual Review 2014 – Handelsbanken FonderBalans 50, cont.

Fund facts2014



Annual fees in % 1) 1.42

Transaction costs, tSEK 32




Turnover rate 0.2



1) Ongoing charges are calculated as synthetic ongoing charges.A maximum annual fixed fee of 3% may be charged for the management of the underlying funds in which the fundinvests. Any applicable performance-based fee for the management of the underlying funds may not exceed 30% of theexcess yields for the respective period measured relative to each fund's benchmark (index or equivalent).


Total risk % 4.0


Index HMNI Swe All GovernmentDur Const 6Y (HMSD6)

17,5%, VINX BenchmarkCap SEK_NI 25%, HMNI

Swe All Mortgage DurConst 2.5Y (HMSMD25)

7,5%, OMRXTBILL 25%,MSCI All Country World

Index Net 25%


Active return % 0.2


Sharpe ratio 3.0

Sharpe ratio in index 3.4





Risk* 4




Changes in value for other derivativeinstruments * -4,855 -1,476Changes in value for fund units ** 632,987 575,726Interest income 9,148 6,031Dividends -14 805Currency exchange profits and losses, net 37,498 -337Other financial income 1) 60,800 49,894Other income 1 0


E X P E N S E S

Management Company expenses 81,139 64,833Interest expense 18 10Other expenses 153 108


Net income 654,255 565,692


Changes in value for other derivativeinstruments - Capital gains 151,137 2,354

Changes in value for other derivativeinstruments - Capital losses -155,991 -3,991

Changes in value for other derivativeinstruments – Unrealised - 160

Sum -4,855 -1,476


Changes in value for fund units – Capitalgains 136,164 118,333

Changes in value for fund units – Capitallosses -17,769 -11,222

Changes in value for fund units –Unrealised 514,593 468,616

Sum 632,987 575,726

1) The item consists primarily of discounts on management expenses in underlying funds.



A S S E T S

OTC derivative instruments withpositive market value 2,348 0.0 - -Other derivative instrumentswith positive market value - - 0 0.0Fund units 6,274,599 96.0 5,050,808 97.9

Total financial instruments withpositive market value Note 2) 6,276,947 96.0 5,050,808 97.9Bank assets and other liquidassets 263,969 4.0 111,240 2.2Prepaid expenses and accruedincome 2,614 0.0 2,452 0.0Other assets - - 74 0.0

Total assets 6,543,530 100.0 5,164,574 100.1


OTC derivative instruments withnegative market value 637 0.0 - -Other derivative instrumentswith negative market value - - 0 0.0

Total financial instruments withnegative market value Note 2) 637 0.0 0 0.0Accrued expenses and prepaidincome 3,960 0.0 3,141 0.1Other liabilities 1,681 0.0 - -



Other derivative instrumentswith negative market value 1) 25,533 0.4 9,405 0.21) Liquid assets total SEK 25,533t.



2014 2013

Fund capital at beginning of year 5,161,433 4,145,288Units issued 1,617,108 1,085,842Units redeemed -895,544 -635,389Profit according to Income Statement 654,255 565,692Dividends to unit holders - -






S T O C K I N D E X F U T U R E S

NASDAQ 100 Index Future mars 2015 1) 20 0 0.0Topix Index Future mars 2015 2) 63 0 0.0

Total stock index futures 0 0.0




F U N D U N I T S

E Q U I T Y F U N D S

Handelsbanken Amerika Småbolag A (USA) 531,485 265,889 4.1Handelsbanken Amerikafond (USA) 991,372 562,441 8.6Handelsbanken Asienfond (Asia) 252,419 103,394 1.6Handelsbanken Europa Selektiv A1 SEK (Europe) 232,300 51,195 0.8Handelsbanken Europafond (Europe) 397,944 121,096 1.9Handelsbanken Global Selektiv Criteria A (Rest of the world) 245,000 28,539 0.4Handelsbanken Japanfond (Asia) 1,011,122 56,245 0.9Handelsbanken Kinafond A1 SEK (Asia) 545,700 65,848 1.0Handelsbanken Norden Aggressiv (Nordic countries) 3,743,508 479,767 7.3Handelsbanken Norden Selektiv A1 SEK (Nordic countries) 418,661 99,201 1.5Handelsbanken Nordenfond (Nordic countries) 714,976 576,238 8.8Handelsbanken Nordiska Småbolagsfond (Nordic countries) 561,948 328,731 5.0Handelsbanken Sverigefond (Nordic countries) 80,275 117,297 1.8Handelsbanken Tillväxtmarknadsfond (Rest of the world) 496,937 113,489 1.7J.P. Morgan Europe Strategic Dividend FundI EUR (Europe) 53,946 75,573 1.2J.P. Morgan US Value I USD (USA) 65,996 87,151 1.3UBS Equity Sicav Small Caps Europe (Europe) 25,663 66,153 1.0UBS Equity Sicav USA Growth (USA) 674,176 133,788 2.0

3,332,035 51.0

Annual Review 2014 – Handelsbanken FonderBalans 50, cont.


LISTED EQUITY FUNDS**

XACT Norden 30 (Nordic countries) 1,039,899 92,790 1.4

92,790 1.4F I X E D I N C O M E F U N D S

Handelsbanken Fixed Income Opportunity Fund (Nordic countries) 5,615,219 578,233 8.8Handelsbanken Företagsobligationsfond B5SEK (Nordic countries) 3,118,019 354,173 5.4Handelsbanken Korträntefond (Nordic countries) 5,514,864 576,426 8.8Handelsbanken Långräntefond (Nordic countries) 3,008,703 340,009 5.2Handelsbanken Lux Korträntefond (Nordic countries) 2,013,822 290,977 4.5Handelsbanken Ränteavkastningsfond Mega A7 (Nordic countries) 270,362 497,620 7.6Handelsbanken Tillväxtmarknadsfond Obligation BI (Rest of the world) 2,223,291 212,337 3.2

2,849,774 43.6

Total fund units 6,274,599 96.0

Market % ofvalue tSEK fund capital

O T C D E R I V A T I V E I N S T R U M E N T S

C U R R E N C Y F U T U R E S

USD/JPY 3) -637 0.0USD/SEK 4) 2,348 0.0

1,711 0.0

Total OTC derivative instruments 1,711 0.0

Total other financial instruments 6,276,310 96.0




1) Stock index futures with underlying exposure of SEK 57,897t, which is equivalent to 0.9% of fund capital.Counterparty Goldman Sachs Intl.2) Stock index futures with underlying exposure of SEK 66,325t, which is equivalent to 1.0% of fund capital.Counterparty JP Morgan Securities Plc. 3) USD 125,877t/JPY 2,039,268t, counterparty: Svenska Handelsbanken AB (publ). USD 127,393t/JPY 2,026,363t,counterparty: JP Morgan Securities Plc. 4) USD 8,100t/SEK 61,044t, counterparty: JP Morgan Securities Plc.


* Refers to transferable securities admitted to trading on a regulated market or equivalent marketoutside EEA, or are the subject of regular trading in other markets that are regulated and opento the general public. -

** Refers to other financial instruments admitted to trading on a regulated market or equivalentmarket outside EEA, or are the subject of regular trading in other markets that are regulatedand open to the general public and in the case of money market instruments or such moneymarket instruments referred to in Chapter 5, §4 of the Swedish UCITS Funds Act (2004:46). 1.4

*** Refers to other financial instruments. 94.6


Handelsbanken 90.3 UBS 3.0

J.P. Morgan 2.5


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: C H R I S T O F E R H A L L D I N

BASE CURRENCY

SEK




Funds Brazil Handelsbanken Funds Brazil

Management ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attaingood returns over the long term by investing in small and mid-sizedcompanies that benefit from economic growth in Brazil. The fund investsin equities issued by companies in Brazil and in companies that have themajority of their operations in Brazil. The companies’ operations focus ondomestic demand. The fund may use derivatives such as futures andoptions as a complement to protect the fund’s value or to enable costsavings.

PortfolioThe fund rose 4.2% in 2014*. The economy in Brazil has not yet gainedmomentum, which was a key factor to the even results in the presidentialelection in the autumn. Although the reigning president won the election,we expect to see the implementation of market-friendly changes, whichhave already begun with the appointment of the Minister of Finance. Thefund retains its thematic focus on stable companies with strong balancesheets. As a result of this thematic focus, the fund outperformed theunderlying market. The educational companies Kroton and Anima, as wellas the financial market operator CETIP posted the strongestperformance, while the infrastructure company Mills was the weakestperformer.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookPressure is increasing on the government in Brazil. We expect further lowgrowth and high inflation for some time ahead. A positive factor is theappointment of a more market-friendly Minister of Finance who haspreviously implemented necessary reforms at the state level. Over thelong term, Brazil has one of the world’s most favourable demographics.Overall, the conditions are good for the long-term investor to identifymany attractive opportunities in Brazil. The fund continues to use athematic investment process, with emphasis on the long-term and incompanies with strong market positions, stable margins and solidbalance sheets.

InformationThe fund consists of share classes. Fund assets are pooled for the shareclasses and the information below applied to the fund as a whole, unlessstated otherwise. Fund units within each individual share class are thesame size and have the same rights to the assets included in the fund.Dividends in the distribution share class impact the relationship betweenthe value of accumulation units and the value of distribution units, giventhat the value of the distribution fund units decreases relative to the sizeof the dividend.

Fund performance*

50

100

150

2011 2012 2013 2014* Performance is shown in the fund's base currency. The fund may have several share classes, which are referred to inthe fund's facts.* Fund performance includes dividends added back for funds with a distribution class.


Valid (Consumer Discretionary) 6.9

CETIP (Financials) 6.2

BR Malls (Financials) 6.0

Kroton (Industrials) 5.7

Andina B ADR (Consumer Staples) 5.1

M. Dias Branco (Consumer Staples) 4.8

Localiza Rent a Car (Industrials) 4.6

Brazil Hospitality Group (Financials) 4.4

Lojas Renner (Consumer Discretionary) 4.4

Banco Daycoval (Financials) 4.2

Fund facts - history30/11-31/12

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Funds Brazil A - SEK 76.61 73.53 93.24 72.97 94.22 - - - - - Funds Brazil A - EUR 8.09 - - - - - - - - - Funds Brazil A - NOK 73.38 - - - - - - - - -

Fund capital total, mSEK 320 - - - - - - - - - Funds Brazil A - SEK 301 498 894 507 407 - - - - - Funds Brazil A - EUR 1 - - - - - - - - - Funds Brazil A - NOK 6 - - - - - - - - -

Number of units, 1000's 4,180 - - - - - - - - - Funds Brazil A - SEK 3,929 6,772 9,588 6,947 4,324 - - - - - Funds Brazil A - EUR 171 - - - - - - - - - Funds Brazil A - NOK 80 - - - - - - - - -

Total returns in %, SEK Funds Brazil A - SEK +4.2 -21.1 +27.8 -22.5 -5.8 - - - - - Funds Brazil A - EUR -2.7 -23.6 +32.6 -21.5 - - - - - - Funds Brazil A - NOK +5.6 -12.9 +25.5 -22.0 - - - - - -

Index including dividends in %, SEK Funds Brazil A - SEK +3.2 -23.3 +8.6 -22.4 -0.5 - - - - - Funds Brazil A - EUR -3.5 -25.7 +12.7 -21.3 - - - - - - Funds Brazil A - NOK +4.7 -15.4 +6.8 -21.8 - - - - - -


Annual Review 2014 – Handelsbanken FundsFunds Brazil, cont.

Fund facts - history cont.30/11-31/12

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Funds Brazil A - SEK -9.4 +0.4 -0.5 - - - - - - - Funds Brazil A - EUR -13.7 +0.7 +2.0 - - - - - - - Funds Brazil A - NOK -4.1 +4.6 -1.0 - - - - - - -

Annual Review 2014 – Handelsbanken FundsFunds Brazil, cont.

30/11-31/122014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Comparison to index including dividends, % SEK -11.0 -8.7 -8.2 - - - - - - - EUR -15.3 -8.5 -5.8 - - - - - - - NOK -5.9 -4.9 -8.7 - - - - - - -Index: MSCI Brazil SMID Net




Fund facts2014



Turnover rate -1.1




Total risk % - A SEK 22.8

Total risk % - A EUR 23.0


Total risk in index % - A SEK 21.7

Total risk in index % - A EUR 22.0


Tracking error % - A SEK 5.5

Tracking error % - A EUR 5.5


Index MSCI Brazil SMID Net

Active return % - A SEK 1.7

Active return % - A EUR 1.6

Active return % - A NOK 1.8

Information ratio - A SEK 0.3

Information ratio - A EUR 0.3

Information ratio - A NOK 0.3

Sharpe ratio - A SEK -0.4

Sharpe ratio - A EUR -0.6

Sharpe ratio - A NOK -0.3

Sharpe ratio in index - A SEK -0.5

Sharpe ratio in index - A EUR -0.7

Sharpe ratio in index - A NOK -0.4* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.


Share class launch dateFunds Brazil A - SEK 2010-11-30Funds Brazil A - EUR 2010-11-30Funds Brazil A - NOK 2010-11-30


Risk* 6


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: T O M A S G Y L F E

U p t o 1 4 / 1 0 / 2 0 1 4 J O N A T H A N M Å R T E N S S O N

U p t o 3 0 / 0 4 / 2 0 1 4 D A V I D R I N D E G R E N

BASE CURRENCY

SEK


A fund's historic performance is not a guarantee of future returns. The money you invest in a fund can both increase and decrease in valueand it is not guaranteed that you will recover the entire invested amount. A hedge fund's less restrictive investment rules can result in a higher

level of risk under certain market conditions than a traditionally managed fund.

The fund also adopted daily trading on August 31, 2014 and changed its fee model from individual to collective.

Europa Hedge SelektivManagement ReportInvestment FocusThe fund is an actively managed hedge fund. The fund is a non-UCITSfund and differentiates itself from a securities fund in that it may sellsecurities borrowed by the fund and may have significant holdings inindividual companies and funds. The objective of the fund is to generatesustainable returns irrespective of the upturns and downturns in theunderlying markets. The fund invests in equities issued by Europeancompanies, equity-related securities, unlisted securities, fixed incomesecurities and derivatives such as futures. The fund may sell securitiesborrowed by the fund. Issuers of the fixed income investments shall havea minimum credit rating of BBB from Standard & Poor’s. The fund mayalso invest in companies that lack a credit rating.

PortfolioThe fund rose 2.9% in 2014*. Fund returns were primarily driven by thestrategy of identifying exposure to companies with a higher quality thanthe average company. This strategy successfully generated strong returnsin 2014, as high-quality companies on average outperformed the market.Novo Nordisk, Reckitt Benckiser and Corem were the strongest individualcontributors to fund returns in 2014. Overall, the fund’s investments infixed income securities contributed positively to returns. These holdingshave a short duration and good credit quality. The fund’s gross exposurewas 105% at year-end and had a neutral position to the market.*) Refer to fund statistics for comparable index.

OutlookFocus in the fund is on constructing a portfolio consisting of high-qualitycompanies with varying drivers given that we believe these companies willdeliver the strongest returns over time. We are positive to the long-termprofit outlooks for companies in the fund and also see favourableconditions for positive returns ahead. Regardless of market performance,the fund is well-equipped to create returns with its core of high-qualitycompanies. These types of companies normally outperform the marketover time and the fund’s strategy is taking advantage of the long-termtrends.

Significant risksAs of the balance sheet date, the fund does not have any other significantrisks in its holdings than those stated in the fact sheet and information

brochure.

Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to quickly and cost-effectively increase or eliminate exposureto one or more markets or types of assets. The advantage with derivativeinstruments is that it is possible to change the fund’s exposure in differenttypes of assets or in different markets in a simple and controlled way witha limited number of transactions. The fund used this option extensively in2014.The fund has the option of lending securities and receiving securitydeposits. The fund used this option in 2014.The fund may use other methods and instruments such as short-selling,repurchase agreements and underwriting. The fund used short-selling ofequities and index futures extensively in 2014.

• Highest leverage during the financial year 48.9%

• Lowest leverage during the financial year 25.6%

• Average leverage during the financial year 43.6%

InformationInformation on compensation to employees is available on theManagement Company’s webpage as well as in the ManagementCompany’s annual report.

Fund performance*

50

100

150




The fund's total net flow, mSEK 2) -533 95 286 - - - - - - -

Fund capital, mSEK 330 861 767 468 387 306 332 1,030 962 1,812

Number of units, 1000’s 3,110 8,356 7,458 4,656 3,748 3,155 3,252 10,823 9,857 19,035

Total returns in %, SEK +2.9 +0.2 +5.3 -1.5 +6.5 +1.1 +10.3 +1.1 +2.5 +3.3

STOXX including dividends, % +14.7 +24.6 +13.9 -9.8 -1.5 +23.9 -35.1 +7.2 +16.1 +31.7

STIBOR performance, % +0.6 +1.2 +1.9 +2.2 +0.7 +0.9 +4.7 +3.8 +2.4 +1.9

Average yearly return, 2 yrs. % 3) +1.5 +2.7 +1.9 +2.4 +3.8 +5.6 +5.6 +1.8 +2.6 +2.5

Comparison to STIBOR, % +0.9 +1.5 +2.0 +1.4 +0.8 +2.8 +4.2 +3.1 +2.2 +2.2

Average yearly return, 5 yrs. % +2.6 +2.3 +4.3 +3.4 +4.3 +3.5 +3.7 +1.1 +1.5 -

Comparison to STIBOR, % +1.3 +1.4 +2.0 +2.4 +2.5 +2.7 +3.0 +2.8 +2.9 -

Average yearly return, 10 yrs. % +3.1 +3.0 +2.7 +2.4 - - - - - -

Comparison to STIBOR, % +2.0 +2.2 +2.4 +2.7 - - - - - -

Dividends per unit, SEK - - 3.12 0.93 0.01 6.53 2.62 3.67 0.00 4.711) The net asset value's change is calculated with dividends added back, total returns in accordance with the Swedish Investment Fund Association's accounting recommendations. Value growth has also been affected by the performance fees deducted.

The value of issued compensation units has been added back in the calculation of performance. October 31, 2001 was the first quotation date.


3) The average annual returns for 2004-2006 have been adjusted.

Index: STIBOR 30 dagar, Dow Jones STOXX



Annual Review 2014 – Handelsbanken FonderEuropa Hedge Selektiv, cont.

Fund facts2014



Collected performance-based fee in % of average fund capital 2) 0.20






Turnover rate 0.8

Share of turnover conducted via closely-related securities companies in %equity-related instruments 1fixed income-related instruments 0


1) A performance-related management fee will be added if the fund exceeds STIBOR 30-days. The performance-basedmanagement fee to the Management Company, 20% of returns in excess of STIBOR 30-days.

2) A performance-related management fee is deducted on a daily basis (the fee was deducted for the full year up to andincluding August 31, 2014) if the fund exceeds STIBOR 30-days.

A maximum annual fixed fee of 3% may be charged for the management of the underlying funds in which the fundinvests. Any applicable performance-based fee for the management of the underlying funds may not exceed 30% of theexcess yields for the respective period measured relative to each fund's benchmark (index or equivalent).


Total risk % 3.8 Sharpe ratio 0.2* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.




Risk* 3




Changes in value for transferable securities * 32,472 100,360Changes in value for other derivativeinstruments ** -13,387 -94,837Interest income 1,857 7,084Dividends 7,696 7,279Currency exchange profits and losses, net -19,239 -11,551Other financial income 1) 19 217Other income 25 1,500


E X P E N S E S

Management Company expenses 4,771 7,497Interest expense 27 46Other financial expenses 2) 390 487Other expenses 3) 1,216 2,850


Net income 3,039 -828




Changes in value for transferablesecurities – Unrealised -61,249 52,587

Sum 32,472 100,360




Changes in value for other derivativeinstruments – Unrealised 0 -18,861

Sum -13,387 -94,837

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK24 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. Counterparties in securities lending during theyear were: Credit Suisse Securities (Europe) LtdDeutsche Bank AG (London Branch)J.P. Morgan Securities Plc2) The item consists primarily of premiums for securities lent.3) The item consists primarily of transaction costs.



A S S E T S

Transferable securities 223,258 67.6 476,776 55.4Money market instruments 25,938 7.9 228,766 26.6OTC derivative instruments withpositive market value - - 838 0.1

Total financial instruments withpositive market value Note 2) 249,196 75.5 706,380 82.1Bank assets and other liquidassets 113,426 34.3 231,144 26.8Prepaid expenses and accruedincome 283 0.1 899 0.1Other assets - - 121 0.0

Total assets 362,905 109.9 938,544 109.0


Transferable securities withnegative market value 27,983 8.5 76,919 8.9OTC derivative instruments withnegative market value 4,452 1.3 69 0.0Other derivative instrumentswith negative market value - - 0 0.0

Total financial instruments withnegative market value Note 2) 32,435 9.8 76,988 8.9Accrued expenses and prepaidincome 419 0.1 351 0.1Other liabilities 84 0.0 - -


Fund capital Note 1) 329,967 100.0 861,205 100.0


Collateral received for financialinstruments lent * - - 5,603 0.7

Secured collateral for depositsof financial instruments 1) 37,851 11.5 131,968 15.3

Other derivative instrumentswith negative market value 2) 28,202 8.5 82,600 9.61) Equities total SEK 37,851t.2) Liquid assets total SEK 28,202t.



2014 2013

Fund capital at beginning of year 861,205 767,392Units issued 121,143 591,797Units redeemed -655,420 -497,156Profit according to Income Statement 3,039 -828Dividends to unit holders - -

Fund capital at the close of the period 329,967 861,205






B E L G I U M ( E U R )

Belgian Post Group (Air Freight and Logistics) 5,200 1,024 0.3

1,024 0.3B E R M U D A ( B M D )

Seadrill (Energy Equipment and Services) -12,500 -1,128 -0.3

-1,128 -0.3D E N M A R K ( D K K )

Novo Nordisk (Pharmaceuticals) 30,200 10,000 3.0William Demant Holding (Health Care Equipment and Supplies) -3,600 -2,144 -0.6

7,856 2.4F R A N C E ( E U R )

Air Liquide (Chemicals) 5,711 5,564 1.7AXA (Insurance) 13,000 2,365 0.7Carrefour (Food and Staples Retailing) -7,800 -1,869 -0.6Danone (Food Products) -2,600 -1,341 -0.4Legrand (Electrical Equipment) 17,200 7,095 2.2LVMH (Textiles, Apparel and Luxury Goods) -1,400 -1,754 -0.5Total (Oil, Gas and Consumable Fuels) -4,300 -1,732 -0.5

8,328 2.5G E R M A N Y ( E U R )

BASF (Chemicals) 4,000 2,648 0.8RWE (Multi-Utilities) -13,100 -3,183 -1.0Symrise (Chemicals) 5,300 2,517 0.8

1,981 0.6I R E L A N D ( E U R )

Experian Group (Professional Services) 15,700 2,085 0.6

2,085 0.6N E T H E R L A N D S ( E U R )

ING Group (Diversified Financial Services) 40,900 4,196 1.3

4,196 1.3

Annual Review 2014 – Handelsbanken FonderEuropa Hedge Selektiv, cont.


SPAIN (EUR)

Distribuidora Internacional (Food and Staples Retailing) -49,700 -2,649 -0.8Ebro Foods (Food Products) 16,924 2,198 0.7Prosegur (Commercial Services and Supplies) 166,000 7,422 2.2Telefónica (Diversified Telecommunication Services) -29,034 -3,278 -1.0

3,692 1.1S W E D E N ( S E K )

Assa Abloy B (Building Products) 6,200 2,572 0.8Autoliv (Auto Components) 9,300 7,789 2.4Corem Property Group pref (Real Estate) 70,000 12,880 3.9Handelsbanken A (Commercial Banks) 29,600 10,851 3.3Hennes & Mauritz B (Specialty Retail) 30,100 9,801 3.0Ratos pref (Capital Markets) 5,122 9,629 2.9Sandvik (Machinery) -22,300 -1,704 -0.5Sanitec (Building Products) 250,000 24,188 7.3SKF B (Machinery) -12,700 -2,094 -0.6Unibet (Hotels, Restaurants and Leisure) 5,800 2,857 0.9

76,768 23.3S W I T Z E R L A N D ( C H F )

Novartis (Pharmaceuticals) 3,300 2,401 0.7Roche Holding (Pharmaceuticals) 3,600 7,655 2.3SGS (Professional Services) 435 7,008 2.1Swatch Group (Household Durables) 2,200 7,699 2.3UBS (Capital Markets) 13,700 1,845 0.6Wolseley (Trading Companies and Distributors) 4,200 1,890 0.6

28,497 8.6U N I T E D K I N G D O M ( G B P )

Aggreko (Commercial Services and Supplies) 14,242 2,615 0.8BP (Other) -34,600 -1,736 -0.5Bunzl (Trading Companies and Distributors) 33,400 7,192 2.2Burberry (Textiles, Apparel and Luxury Goods) 42,400 8,467 2.6Compass Group (Hotels, Restaurants and Leisure) 42,900 5,765 1.7Dignity (Diversified Consumer Services) 12,008 2,798 0.8GlaxoSmithKline (Pharmaceuticals) -11,200 -1,881 -0.6HSBC (Commercial Banks) 21,000 1,560 0.5Indivior (Pharmaceuticals) 14,200 259 0.1Johnson Matthey (Chemicals) 18,831 7,808 2.4Marks & Spencer Group (Multiline Retail) -25,500 -1,490 -0.5Prudential (Insurance) 30,400 5,536 1.7Reckitt Benckiser (Household Products) 14,200 9,030 2.7Rotork (Machinery) 15,800 4,486 1.4Spectris (Elec Equip, Instr & Comp) 28,940 7,425 2.3

57,834 17.51)Total listed equities 191,133 57.9


U N L I S T E D E Q U I T I E S * * *

S W E D E N ( S E K )

Kambi (Hotels, Restaurants and Leisure) 54,500 4,142 1.3

4,142 1.3

Total unlisted equities 4,142 1.3

Total transferable securities 195,275 59.2

MONEY MARKET INSTRUMENTS**Nominal Market % of

amount in tSEK value tSEK fund capital

C E R T I F I C A T E

Atrium Ljungberg 2015-03-16 13,000 12,983 3.9Fabege 2015-06-16 13,000 12,955 3.9

Total certificate 25,938 7.9

Total money market instruments 25,938 7.9




EURO STOXX 50® Index Future mars 2015 2) -250 0 0.0FTSE Future mars 2015 3) -56 0 0.0OMXS305A 4) -105 0 0.0



OTHER F INANCIAL INSTRUMENTS***Market % of




SEK/CHF 5) -414 -0.1SEK/EUR 6) -1,094 -0.3SEK/GBP 7) -2,944 -0.9

-4,452 -1.4

Total OTC derivative instruments -4,452 -1.4

Total other financial instruments -4,452 -1.4


Total holdings in financial instruments 216,761 65.7


Total fund capital 329,967 100.0

1) The amount represents the net amount after deducting for equity deposits totalling SEK 27,983t .2) Stock index futures with underlying exposure of SEK -74,512t, which is equivalent to 22.6% of fund capital.Counterparty Goldman Sachs Intl.3) Stock index futures with underlying exposure of SEK -44,882t, which is equivalent to 13.6% of fund capital.Counterparty Goldman Sachs Intl.4) Stock index futures with underlying exposure of SEK -15,378t, which is equivalent to 4.7% of fund capital.Counterparty Goldman Sachs Intl.5) SEK 28,753t/CHF 3,700t, counterparty: Svenska Handelsbanken AB (publ).6) SEK 67,127t/EUR 7,200t, counterparty: Svenska Handelsbanken AB (publ).7) SEK 81,237t/GBP 6,900t, counterparty: Svenska Handelsbanken AB (publ).




*** Refers to other financial instruments. -0.1

Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: V I K I N G K J E L L S T R Ö M


BASE CURRENCY

EUR


The Finnish funds Placeringsfonden Handelsbanken Europa Selektiv and Placeringsfonden Handelsbanken Europa Aggressiv were merged withHandelsbanken Europa Selektiv on October 17, 2014.

Europa SelektivManagement ReportInvestment FocusThe fund is an actively managed equity fund that concentrates holdings toa limited number of companies. The objective of the fund is to creategood returns over time through long-term investments primarily in theEuropean equity market. The fund invests over the long term in 16-35European companies. We select companies that have historicallydemonstrated stable profit growth, strong balance sheets, soundbusiness operations and dividend growth.

PortfolioThe fund rose 10.8% in 2014*. 2014 was an eventful year, with significantvolatility in the global financial markets. Interest rates fell sharply, as didcommodities during the latter part of the year. Risk tolerance was high atthe outset of the year, but declined as volatility increased during H2. Inthis stock market climate the fund outperformed the market during H2relative to H1. Novo Nordisk, Bunzl and Reckitt Benckiser were thestrongest contributors to fund returns. Holdings in British manufacturingcompanies such as Spectris and Rolls Royce as well as Swatch had themost notable negative impact. The fund took new positions during theyear in the auto safety supplier Autoliv, the chemical company BASF, theindustrial company Legrand, the healthcare and beauty productscompany L’Oreal and the insurance company Prudential. The fund alsoreceived a new company, Indivior, through the spin-off from holdings inReckitt Benckiser. Holdings in Aggreko, Outotec, Rolls Royce and SKFwere sold.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts.

OutlookOur focus is on constructing a portfolio high-quality companies with avariety of drivers, given that we believe these companies deliver the bestreturns over time. High-quality companies can benefit as well as benegatively affected over the short-term relative to other equities. Ouroutlook is positive to the long-term profit outlooks for companies in thefund and believe that conditions are also favourable for positive returnsgoing forward.

Significant risksAs of the balance sheet date, the fund does not have any other significant

risks in its holdings than those stated in the fact sheet and informationbrochure.

Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus. The fund did not use this option in 2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


The fund's performance yield prior to the launch date is derived from themerger of Placeringsfonden Handelsbanken Europa Selektiv andHandelsbanken Placeringsfond Europa Aggressiv (Finland) withHandelsbanken Europa Selektiv (Sweden), which occurred on October17, 2014).

Fund performance*

50

100

150

200

250



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Europa Selektiv A1 - SEK 220.38 - - - - - - - - - Europa Selektiv B1 - SEK 160.83 - - - - - - - - - Europa Selektiv A1 - EUR 23.27 - - - - - - - - - Europa Selektiv A9 - EUR 24.48 - - - - - - - - - Europa Selektiv B1 - EUR 16.98 - - - - - - - - - Europa Selektiv A1 - NOK 211.07 - - - - - - - - -

The fund's total net flow, mEUR 1) 2) -29 - - - - - - - - -

Fund capital total, mEUR 419 - - - - - - - - - Europa Selektiv A1 - SEK 2,904 - - - - - - - - - Europa Selektiv B1 - SEK 356 - - - - - - - - - Europa Selektiv A1 - EUR 22 - - - - - - - - - Europa Selektiv A9 - EUR 33 - - - - - - - - - Europa Selektiv B1 - EUR 1 - - - - - - - - - Europa Selektiv A1 - NOK 171 - - - - - - - - -

Number of units, 1000's 18,530 - - - - - - - - - Europa Selektiv A1 - SEK 13,177 - - - - - - - - - Europa Selektiv B1 - SEK 2,216 - - - - - - - - - Europa Selektiv A1 - EUR 956 - - - - - - - - - Europa Selektiv A9 - EUR 1,341 - - - - - - - - - Europa Selektiv B1 - EUR 30 - - - - - - - - - Europa Selektiv A1 - NOK 810 - - - - - - - - -

Total returns in %, SEK Europa Selektiv A1 - SEK +10.8 +20.0 +17.7 -6.3 +21.6 +26.4 -20.3 -7.7 +15.3 -

Annual Review 2014 – Handelsbanken FonderEuropa Selektiv, cont.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Europa Selektiv B1 - SEK +10.8 +20.0 +17.7 -6.3 +21.6 +26.4 -20.3 - - - Europa Selektiv A1 - EUR +3.5 +16.3 +22.2 -5.1 +38.2 +35.6 -31.5 -11.9 +19.9 - Europa Selektiv A9 - EUR +4.2 +16.8 +22.6 -4.6 +38.9 +36.4 -31.1 -11.5 +21.2 - Europa Selektiv B1 - EUR +3.5 +16.3 +22.2 -5.1 +38.1 +35.6 -31.5 - - - Europa Selektiv A1 - NOK +12.3 +32.5 +15.7 -5.7 +30.0 +15.5 -16.0 - - -

Average yearly return, 2 yrs. % Europa Selektiv A1 - SEK +15.3 +18.9 +5.0 +6.7 +24.0 +0.3 -14.2 +3.2 - - Europa Selektiv B1 - SEK +15.3 +18.8 +5.0 +6.7 +24.0 +0.3 - - - - Europa Selektiv A1 - EUR +9.7 +19.2 +7.7 +14.5 +36.9 -3.6 -22.3 +2.8 - - Europa Selektiv A9 - EUR +10.3 +19.7 +8.1 +15.1 +37.6 -3.1 -21.9 +3.6 - - Europa Selektiv B1 - EUR +9.7 +19.2 +7.7 +14.5 +36.9 -3.6 - - - - Europa Selektiv A1 - NOK +22.0 +23.8 +4.5 +10.7 +22.5 -1.5 - - - -

Average yearly return, 5 yrs. % Europa Selektiv A1 - SEK +12.3 +15.3 +6.2 +1.1 +5.4 - - - - - Europa Selektiv B1 - SEK +12.3 +15.2 +6.2 - - - - - - - Europa Selektiv A1 - EUR +14.0 +20.4 +8.3 +1.4 +6.3 - - - - - Europa Selektiv A9 - EUR +14.6 +20.9 +8.8 +1.9 +7.0 - - - - - Europa Selektiv B1 - EUR +14.0 +20.4 +8.3 - - - - - - - Europa Selektiv A1 - NOK +16.1 +16.8 +6.6 - - - - - - -

Exchange rate EUR/SEK 9.47 - - - - - - - - -

Exchange rate EUR/NOK 9.07 - - - - - - - - -1) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of full-year 2012.

2) The net flows do not include the flows from the merger of the Finnish funds Placeringsfonden Handelsbanken Europa Selektiv and Placeringsfonden Handelsbanken Europa Aggressiv that were merged on October 17, 2014.

Relevant benchmark is not available.



Fund facts17/10-31/12

2014

Max. allowed mgmt. costs in % according to fund rulesEuropa Selektiv A1 2.00Europa Selektiv A9 1.60Europa Selektiv B1 2.00

Collected mgmt. costs in % of average fund capitalEuropa Selektiv A1 1.85Europa Selektiv A9 1.00Europa Selektiv B1 1.85

Annual fees in %Europa Selektiv A1 1.85Europa Selektiv A9 1.00Europa Selektiv B1 1.85

Transaction costs, tEUR 232


Costs for one-time subscription, EUR 1,000 - A1 4.59of which incl. mgmt. costs 4.00


Costs for one-time subscription, EUR 1,000 - B1 4.59of which incl. mgmt. costs 4.00

Cost for monthly savings, EUR 10 - A1 0.10of which incl. mgmt. costs 0.09


Cost for monthly savings, EUR 10 - B1 0.10of which incl. mgmt. costs 0.09

Turnover rate 0.8




Total risk % - A1 SEK 7.3

Total risk % - B1 SEK 7.3

Total risk % - A1 EUR 8.6


Total risk % - B1 EUR 8.6

Total risk % - A1 NOK 8.9

Sharpe ratio - A1 SEK 2.0

Sharpe ratio - B1 SEK 2.0

Sharpe ratio - A1 EUR 1.1


Sharpe ratio - B1 EUR 1.1

Sharpe ratio - A1 NOK 2.3* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.

Other information17/10-31/12

2014

Share class launch dateEuropa Selektiv A1 - SEK 2014-10-17Europa Selektiv B1 - SEK 2014-10-17Europa Selektiv A1 - EUR 2014-10-17Europa Selektiv A9 - EUR 2014-10-17Europa Selektiv B1 - EUR 2014-10-17Europa Selektiv A1 - NOK 2014-10-17

Minimum investment, SEKEuropa Selektiv A1 0Europa Selektiv A9 10,000,000Europa Selektiv B1 0

Risk*Europa Selektiv SEK 5Europa Selektiv EUR 6Europa Selektiv NOK 6


Income Statement, EURt17/10-31/12

2014 2013


Changes in value for transferable securities * 38,504 -Interest income 2 -Dividends 547 -Currency exchange profits and losses, net 6 -Other income 0 -

Total income and changes in value 39,059

E X P E N S E S

Management Company expenses 1,531 -Interest expense 0 -Other expenses 233 -

Total expenses 1,764

Net income 37,295


Changes in value for transferablesecurities – Capital gains 8,834

Changes in value for transferablesecurities – Capital losses -3,199

Changes in value for transferablesecurities – Unrealised 32,870

Sum 38,504

Balance Sheet, tEUR% of % of


A S S E T S

Transferable securities 407,709 97.4

Total financial instruments withpositive market value Note 2) 407,709 97.4Bank assets and other liquidassets 9,803 2.3Prepaid expenses and accruedincome 365 0.1Other assets 1,097 0.3

Total assets 418,974 100.1


Accrued expenses and prepaidincome 326 0.1Other liabilities 17 0.0

Total liabilities 343 0.1

Fund capital Note 1) 418,631 100.0


Changes in fund capital, EURt

2014 2013

Fund capital at beginning of year - -Units issued 1) 417,939 -Units redeemed -36,603 -Profit according to Income Statement 37,295 -Dividends to unit holders - -

Fund capital at the close of the period 418,6311) EUR 409,006t represents total assets from the Finnish-registered fund that was merged through absorption in theautumn.

Annual Review 2014 – Handelsbanken FonderEuropa Selektiv, cont.




value tEUR fund capital


D E N M A R K ( D K K )

Novo Nordisk (Pharmaceuticals) 731,200 25,560 6.1

25,560 6.1F R A N C E ( E U R )

Air Liquide (Chemicals) 200,398 20,611 4.9Legrand (Electrical Equipment) 469,500 20,444 4.9L'Oreal (Personal Products) 147,000 20,477 4.9

61,532 14.7G E R M A N Y ( E U R )

BASF (Chemicals) 170,415 11,909 2.8

11,909 2.8S P A I N ( E U R )

Ebro Foods (Food Products) 863,979 11,845 2.8Prosegur (Commercial Services and Supplies) 4,127,400 19,481 4.7

31,326 7.5S W E D E N ( S E K )

Autoliv (Auto Components) 231,500 20,468 4.9Handelsbanken A (Commercial Banks) 929,215 35,962 8.6Hennes & Mauritz B (Specialty Retail) 592,900 20,380 4.9

76,809 18.4S W I T Z E R L A N D ( C H F )

Roche Holding (Pharmaceuticals) 84,100 18,878 4.5SGS (Professional Services) 11,200 19,049 4.6Swatch Group (Household Durables) 52,809 19,510 4.7


Bunzl (Trading Companies and Distributors) 899,497 20,446 4.9Burberry (Textiles, Apparel and Luxury Goods) 985,141 20,768 5.0Indivior (Pharmaceuticals) 434,472 836 0.2Johnson Matthey (Chemicals) 471,800 20,652 4.9Prudential (Insurance) 1,248,800 24,009 5.7Reckitt Benckiser (Household Products) 434,472 29,168 7.0Rotork (Machinery) 491,585 14,734 3.5Spectris (Elec Equip, Instr & Comp) 462,254 12,521 3.0

143,136 34.2

Total listed equities 407,709 97.4









Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: E M M A V I O T T I

BASE CURRENCY

SEK


PREMIUM PENSION

629543


savings

Europafond IndexManagement ReportInvestment FocusThe fund is an index fund and its objective is to follow the performance ofthe MSCI Europe Net Index as closely as possible. The fund invests inequities issued by companies in Europe. The index includesapproximately 500 equities from 16 western European countries. Thefund may use derivatives such as futures as a complement to protect thefund’s value or to enable cost savings.

PortfolioThe fund rose 14.0% in 2014*. Nestlé, Novartis, Roche and HSBC werethe four largest equity holdings in the fund. The four largest sectors in thefund were finance, consumer staples, healthcare and manufacturing.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookThe baseline scenario for 2015 is a continued gradual recovery. Lowinflation and weak demand in Europe to date increases the pressure onthe European central bank, ECB, to implement additional stimulusmeasures. Europe has experienced a difficult period of budget cuts andhigh unemployment. Due to this we see the potential for additionalimprovements over the coming year. The gradual recovery and lowinterest rates should increase consumer confidence and drive growth inthe German economy. This is also expected to contribute to growth inneighbouring countries.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives to

enhance the effectiveness of asset management. The fund may usederivatives to cost-effectively increase exposure to an index. Theadvantage with derivative instruments is that it is possible to change thefund’s exposure in different types of assets or in different markets in asimple and controlled way with a limited number of transactions. The fundused this option in 2014.The fund has the option of lending equity. The fund used this option in2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150



Net asset value, SEK Europafond Index A1 90.19 79.14 64.22 58.19 66.72 71.38 62.22 98.80 94.11 85.18 Europafond Index B1 84.56 76.81 64.22 - - - - - - -

The fund's total net flow, mSEK 1,015 508 1,068 - - - - - - -

Fund capital total, mSEK 5,460 3,852 2,713 1,414 967 1,084 1,010 1,492 493 727 Europafond Index A1 5,384 3,843 2,713 1,414 967 1,084 1,010 1,492 493 727 Europafond Index B1 76 9 - - - - - - - -

Number of units, 1000's 60,588 48,678 42,243 24,303 14,490 15,189 16,226 15,099 5,242 8,537 Europafond Index A1 59,693 48,559 42,243 24,303 14,490 15,189 16,226 15,099 5,242 8,537 Europafond Index B1 895 119 - - - - - - - -

Total returns in %, SEK Europafond Index A1 +14.0 +23.2 +12.8 -9.6 -2.4 +22.0 -34.5 +8.6 +13.3 +30.1 Europafond Index B1 +14.0 +23.2 +3.2 - - - - - - -

Index including dividends in %, SEK Europafond Index A1 +14.4 +23.6 +13.0 -9.3 -2.2 +22.6 -34.7 +8.9 +13.9 +30.5 Europafond Index B1 +14.4 +23.6 +3.6 - - - - - - -

Average yearly return, 2 yrs. % Europafond Index A1 +18.5 +17.9 +1.0 -6.1 +9.1 -10.6 -15.7 +11.0 +21.4 +19.1 Europafond Index B1 +18.5 - - - - - - - - -

Comparison to index including dividends, % in SEK +18.9 +18.2 +1.3 -5.8 +9.5 -10.5 -15.7 +11.4 +21.9 +19.9

Average yearly return, 5 yrs. % Europafond Index A1 +6.9 +8.4 -4.5 -5.2 -0.8 +5.0 +2.7 +14.4 +3.9 -1.2

Comparison to index including dividends, % +7.2 +8.7 -4.3 -5.0 -0.6 +5.3 +3.1 +15.0 +4.4 -0.7

Average yearly return, 10 yrs. % Europafond Index A1 +6.0 +5.5 +4.6 -0.8 -1.0 - - - - -

Comparison to index including dividends, % +6.3 +5.9 +4.9 -0.4 -0.7 - - - - -

Dividends per unit, SEK Europafond Index A1 - - 1.33 2.44 2.80 3.46 3.29 3.37 2.26 1.06 Europafond Index B1 2.69 1.93 - - - - - - - -Index: MSCI Europa Net Index

Up to 15/02/2008: MSCI Pan Euro Index




Annual Review 2014 – Handelsbanken FonderEuropafond Index, cont.

Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesEuropafond Index A1 0.80Europafond Index B1 0.80

Collected mgmt. costs in % of average fund capitalEuropafond Index A1 0.40Europafond Index B1 0.40

Annual fees in %Europafond Index A1 0.40Europafond Index B1 0.40







Turnover rate 0.2






Total risk in index % - A1 SEK 7.8

Total risk in index % - B1 SEK 7.8

Tracking error % - A1 SEK 0.1

Tracking error % - B1 SEK 0.1

Index MSCI Europa Net Index

Active return % - A1 SEK -0.4

Active return % - B1 SEK -0.4

Information ratio - A1 SEK Negative

Information ratio - B1 SEK Negative



Sharpe ratio in index - A1 SEK 2.3

Sharpe ratio in index - B1 SEK 2.3



Share class launch dateEuropafond Index A1 - SEK 2000-09-13Europafond Index B1 - SEK 2012-11-14

Minimum investment, SEKEuropafond Index A1 0Europafond Index B1 0

Risk*Europafond Index 5




Changes in value for transferable securities * 466,267 531,286Changes in value for other derivativeinstruments ** 2,767 13,350Changes in value for fund units *** 7,752 15,207Interest income 49 124Dividends 133,973 80,913Currency exchange profits and losses, net 3,401 1,610Other financial income 1) 620 2,263Other income 307 1,171


E X P E N S E S



Net income 593,061 631,260





Sum 466,267 531,286



Changes in value for other derivativeinstruments - Capital losses -26,081 -727


Sum 2,767 13,350

*** Details of changes in value



Changes in value for fund units –Unrealised -1,522 -722

Sum 7,752 15,207

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK756 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. Counterparties in securities lending during theyear were: Citigroup Global Markets LtdCredit Suisse Securities (Europe) LtdDeutsche Bank AG London BranchJ.P. Morgan Securities PlcSvenska Handelsbanken AB (publ)2) The item consists primarily of transaction costs.



A S S E T S

Transferable securities 5,416,088 99.2 3,736,898 97.0Other derivative instrumentswith positive market value - - 0 0.0Fund units 34,368 0.6 93,698 2.4

Total financial instruments withpositive market value Note 2) 5,450,456 99.8 3,830,596 99.4Bank assets and other liquidassets -8,070 -0.2 22,914 0.6Prepaid expenses and accruedincome 3,674 0.1 3,070 0.1Other assets 14,496 0.3 847 0.0

Total assets 5,460,556 100.0 3,857,427 100.1


Accrued expenses and prepaidincome 944 0.0 667 0.0Other liabilities 1 0.0 4,725 0.1

Total liabilities 945 0.0 5,392 0.1







2014 2013

Fund capital at beginning of year 3,852,035 2,712,762Units issued 2,023,581 2,645,066Units redeemed -1,008,714 -2,137,048Profit according to Income Statement 593,061 631,260Dividends to unit holders -352 -5








A U S T R I A ( E U R )

Andritz (Machinery) 6,255 2,707 0.0Erste Group Bank (Commercial Banks) 22,570 4,112 0.1Immofinanz Group (Diversified Financial Services) 78,486 1,555 0.0OMV (Oil, Gas and Consumable Fuels) 11,543 2,407 0.0Raiffeisen Bank International (Diversified Financial Services) 9,859 1,171 0.0Vienna Insurance Group (Insurance) 3,048 1,071 0.0Voestalpine (Metals and Mining) 9,404 2,921 0.1

15,944 0.3B E L G I U M ( E U R )

Ageas (Insurance) 17,697 4,946 0.1Anheuser-Busch InBev (Beverages) 67,757 60,242 1.1Belgacom (Diversified Telecommunication Services) 12,624 3,599 0.1Colruyt (Food and Staples Retailing) 5,375 1,959 0.0Delhaize Group (Food and Staples Retailing) 8,257 4,727 0.1GBL (Diversified Financial Services) 6,728 4,509 0.1KBC (Commercial Banks) 21,345 9,401 0.2Solvay (Chemicals) 4,781 5,090 0.1Telenet Group Holding (Diversified Telecommunication Services) 4,406 1,938 0.0UCB (Pharmaceuticals) 10,843 6,491 0.1Umicore (Metals and Mining) 8,663 2,733 0.1

105,636 1.9B E R M U D A ( B M D )

Seadrill (Energy Equipment and Services) 31,706 2,862 0.1

2,862 0.1D E N M A R K ( D K K )

A.P. Moeller-Maersk A (Marine) 288 4,378 0.1A.P. Moeller-Maersk B (Marine) 621 9,772 0.2Carlsberg (Beverages) 8,567 5,218 0.1Coloplast B (Health Care Equipment and Supplies) 9,872 6,518 0.1Danske Bank (Commercial Banks) 57,371 12,217 0.2DSV (Road and Rail) 14,639 3,505 0.1ISS (Commercial Services and Supplies) 7,435 1,684 0.0Novo Nordisk (Pharmaceuticals) 169,731 56,203 1.0Novozymes (Chemicals) 20,568 6,798 0.1Pandora (Other) 9,941 6,380 0.1TDC (Diversified Telecommunication Services) 65,520 3,937 0.1Tryg (Insurance) 2,015 1,766 0.0Vestas Wind Systems (Electrical Equipment) 19,471 5,610 0.1William Demant Holding (Health Care Equipment and Supplies) 1,638 976 0.0

124,962 2.3F I N L A N D ( E U R )

Elisa (Diversified Telecommunication Services) 11,416 2,445 0.0Fortum (Electric Utilities) 35,519 6,046 0.1Kone (Machinery) 27,053 9,692 0.2Metso (Machinery) 9,182 2,162 0.0Neste Oil (Oil, Gas and Consumable Fuels) 9,667 1,837 0.0Nokia (Communications Equipment) 319,431 19,849 0.4Nokian Tyres (Auto Components) 8,654 1,663 0.0Orion B (Health Care Equipment and Supplies) 8,325 2,032 0.0Sampo A (Insurance) 38,142 14,026 0.3Stora Enso R EUR (Paper and Forest Products) 44,778 3,154 0.1UPM-Kymmene (Paper and Forest Products) 48,826 6,299 0.1Wärtsilä (Machinery) 12,317 4,327 0.1

73,533 1.3F R A N C E ( E U R )

Accor (Hotels, Restaurants and Leisure) 15,244 5,392 0.1Aéroports de Paris (Commercial Services and Supplies) 2,717 2,580 0.0Air Liquide (Chemicals) 29,350 28,594 0.5Alcatel-Lucent (Communications Equipment) 243,301 6,845 0.1Arkema (Chemicals) 5,241 2,734 0.1Atos Origin (IT Services) 6,992 4,391 0.1AXA (Insurance) 159,602 29,035 0.5BIC (Commercial Services and Supplies) 2,431 2,530 0.0BNP Paribas (Commercial Banks) 89,140 41,594 0.8Bolloré (Air Freight and Logistics) 45,400 1,621 0.0Bouygues (Construction and Engineering) 14,317 4,066 0.1Bureau Veritas (Diversified Financial Services) 19,092 3,311 0.1Capgemini (IT Services) 11,967 6,743 0.1Carrefour (Food and Staples Retailing) 55,134 13,213 0.2Christian Dior (Textiles, Apparel and Luxury Goods) 4,983 6,745 0.1CNP Assurances (Insurance) 15,395 2,147 0.0Crédit Agricole (Commercial Banks) 87,123 8,880 0.2Danone (Food Products) 50,211 25,898 0.5Dassault Systèmes (Software) 11,823 5,660 0.1Edenred (Hotels, Restaurants and Leisure) 17,327 3,768 0.1Électricité de France (Electric Utilities) 20,200 4,367 0.1Essilor International (Health Care Equipment and Supplies) 17,392 15,269 0.3Eurazeo (Diversified Financial Services) 3,322 1,832 0.0Eurotunnel (Road and Rail) 39,983 4,053 0.1


Eutelsat Communications (Media) 14,609 3,708 0.1Foncière des Régions (Real Estate Investment Trusts) 2,187 1,591 0.0France Télécom (Diversified Telecommunication Services) 158,092 21,190 0.4GDF Suez (Multi-Utilities) 123,848 22,794 0.4Gecina (Real Estate Investment Trusts) 2,255 2,211 0.0Groupe Casino (Food and Staples Retailing) 5,682 4,115 0.1Hermes International (Textiles, Apparel and Luxury Goods) 700 1,955 0.0Icade (Real Estate Investment Trusts) 2,978 1,873 0.0Iliad (Software) 2,295 4,320 0.1Imerys (Construction Materials) 3,215 1,858 0.0JCDecaux (Media) 6,210 1,680 0.0Klépierre (Real Estate) 8,477 2,869 0.1Lafarge (Construction Materials) 16,575 9,119 0.2Lagardère (Media) 10,439 2,136 0.0Legrand (Electrical Equipment) 23,957 9,882 0.2L'Oreal (Personal Products) 21,488 28,354 0.5LVMH (Textiles, Apparel and Luxury Goods) 23,857 29,887 0.5Michelin (Auto Components) 16,582 11,823 0.2Natixis (Commercial Banks) 78,159 4,061 0.1Numericable (Media) 7,512 2,913 0.1Pernod Ricard (Beverages) 19,400 16,954 0.3Peugeot (Automobiles) 31,577 3,057 0.1PPR (Multiline Retail) 6,613 9,991 0.2Publicis Group (Media) 15,577 8,800 0.2Rémy Cointreau (Beverages) 2,213 1,161 0.0Renault (Automobiles) 16,529 9,477 0.2Rexel (Trading Companies and Distributors) 23,412 3,293 0.1Saint-Gobain (Building Products) 39,735 13,260 0.2Sanofi (Pharmaceuticals) 100,531 72,050 1.3Schneider Electric (Electrical Equipment) 44,804 25,723 0.5SCOR (Insurance) 13,796 3,293 0.1Société Générale (Commercial Banks) 62,684 20,776 0.4Sodexo (Hotels, Restaurants and Leisure) 9,689 7,459 0.1Suez Environnement (Oil, Gas and Consumable Fuels) 25,303 3,460 0.1Technip (Energy Equipment and Services) 8,367 3,916 0.1Total (Oil, Gas and Consumable Fuels) 181,655 73,166 1.3Unibail-Rodamco (Real Estate Investment Trusts) 8,388 16,912 0.3Valeo (Auto Components) 6,492 6,371 0.1Vallourec (Machinery) 8,824 1,902 0.0Veolia Environnement (Multi-Utilities) 36,312 5,075 0.1Vinci (Construction and Engineering) 41,046 17,695 0.3Vivendi (Media) 104,970 20,573 0.4Wendel (Diversified Financial Services) 2,712 2,388 0.0Zodiac Aerospace (Aerospace and Defense) 18,996 5,022 0.1

751,383 13.8G E R M A N Y ( E U R )

Adidas (Textiles, Apparel and Luxury Goods) 17,606 9,610 0.2Allianz (Insurance) 38,606 50,229 0.9Axel Springer (Media) 3,188 1,512 0.0BASF (Chemicals) 77,810 51,506 0.9Bayer (Pharmaceuticals) 69,901 74,822 1.4Beiersdorf (Personal Products) 8,667 5,535 0.1BMW (Automobiles) 27,649 23,511 0.4BMW PR (Automobiles) 4,700 3,020 0.1Brenntag (Trading Companies and Distributors) 13,874 6,112 0.1Celesio (Health Care Providers and Services) 4,760 1,205 0.0Commerzbank (Commercial Banks) 82,865 8,619 0.2Continental (Auto Components) 9,252 15,385 0.3Daimler (Automobiles) 81,578 53,297 1.0Deutsche Annington Immobilien (Real Estate Management and Development) 21,052 5,607 0.1Deutsche Bank (Capital Markets) 117,115 27,718 0.5Deutsche Börse (Diversified Financial Services) 16,791 9,419 0.2Deutsche Post (Air Freight and Logistics) 82,473 21,128 0.4Deutsche Telekom (Diversified Telecommunication Services) 265,020 33,263 0.6Deutsche Wohnen (Real Estate Management and Development) 25,219 4,677 0.1E.ON (Electric Utilities) 166,572 22,398 0.4Fraport (Transportation Infrastructure) 2,733 1,244 0.0Fresenius (Health Care Equipment and Supplies) 31,505 12,880 0.2Fresenius Medical Care (Health Care Providers and Services) 18,106 10,608 0.2Fuchs Petrolub (Chemicals) 5,797 1,828 0.0GEA Group (Industrial Conglomerates) 15,242 5,284 0.1Hannover Re (Insurance) 4,938 3,507 0.1HeidelbergCement (Construction Materials) 11,435 6,370 0.1Henkel (Household Products) 9,097 6,932 0.1Henkel pref (Household Products) 15,621 13,232 0.2Hugo Boss (Household Durables) 3,405 3,280 0.1Infineon Technologies (Semiconductors and Semiconductor Eqp.) 96,764 8,107 0.1K&S (Chemicals) 14,017 3,043 0.1Kabel Deutschland (Media) 1,729 1,841 0.0Lanxess (Chemicals) 7,286 2,654 0.0Linde (Chemicals) 15,787 23,060 0.4Lufthansa (Airlines) 19,652 2,575 0.0MAN (Machinery) 2,964 2,588 0.0Merck KGaA (Pharmaceuticals) 11,571 8,595 0.2Metro (Multiline Retail) 12,972 3,110 0.1Münchener Rück (Insurance) 14,535 22,821 0.4OSRAM Licht (Electrical Equipment) 7,275 2,258 0.0Porsche Automobil Holding (Automobiles) 13,356 8,497 0.2ProSiebenSat.1 Media (Media) 19,240 6,348 0.1RWE (Multi-Utilities) 41,769 10,149 0.2



SAP (Software) 77,348 42,686 0.8Siemens (Industrial Conglomerates) 67,489 59,934 1.1Symrise (Chemicals) 11,084 5,263 0.1Telefónica Germany (Diversified Telecommunication Services) 50,734 2,121 0.0ThyssenKrupp (Metals and Mining) 39,638 7,983 0.1TUI Group (Hotels, Restaurants and Leisure) 14,917 1,877 0.0United Internet (Software) 9,400 3,338 0.1Volkswagen (Automobiles) 2,724 4,647 0.1Volkswagen pref (Automobiles) 13,649 23,874 0.4

751,106 13.8G U E R N S E Y ( G B P )

Resolution (Insurance) 113,113 5,056 0.1

5,056 0.1I R E L A N D ( E U R )

Bank of Ireland (Commercial Banks) 2,303,911 6,831 0.1CRH (Construction Materials) 61,761 11,642 0.2Experian Group (Professional Services) 84,205 11,183 0.2Kerry Group (Distributors) 13,125 7,095 0.1Ryanair (Airlines) 16,710 1,552 0.0Shire (Pharmaceuticals) 49,879 27,598 0.5WPP (Media) 112,342 18,444 0.3

84,345 1.5I T A L Y ( E U R )

Assicurazioni Generali (Insurance) 100,251 16,144 0.3Atlantia (Transportation Infrastructure) 36,710 6,722 0.1Banca Monte dei Paschi di Siena Bank (Commercial Banks) 347,024 1,545 0.0Banco Popolare (Commercial Banks) 28,085 2,676 0.0Enel (Electric Utilities) 555,009 19,431 0.4Enel Green Power (Energy Equipment and Services) 144,398 2,372 0.0Eni (Oil, Gas and Consumable Fuels) 216,672 29,781 0.5Exor (Diversified Financial Services) 8,199 2,644 0.0Intesa SanPaolo (Commercial Banks) 986,447 22,632 0.4Intesa SanPaolo RSP (Commercial Banks) 88,288 1,723 0.0Luxottica Group (Health Care Equipment and Supplies) 13,729 5,917 0.1Mediobanca (Capital Markets) 49,193 3,155 0.1Pirelli (Electrical Equipment) 21,568 2,290 0.0Prysmian (Other) 17,357 2,491 0.0Saipem (Energy Equipment and Services) 22,111 1,836 0.0Snam Rete Gas (Gas Utilities) 177,724 6,902 0.1Telecom Italia (Diversified Telecommunication Services) 815,926 6,817 0.1Telecom Italia R (Diversified Telecommunication Services) 576,678 3,788 0.1Terna (Energy Equipment and Services) 139,320 4,962 0.1UBI Banca (Commercial Banks) 70,133 3,959 0.1UniCredit (Commercial Banks) 376,486 19,026 0.3UnipolSai (Insurance) 83,158 1,760 0.0

168,573 3.1J E R S E Y ( G B P )

Petrofac (Oil, Gas and Consumable Fuels) 21,138 1,814 0.0Randgold Resources (Metals and Mining) 6,970 3,726 0.1

5,540 0.1L U X E M B O U R G ( E U R )

Altice (Media) 6,878 4,252 0.1ArcelorMittal (Metals and Mining) 82,313 7,086 0.1RTL Group (Media) 2,978 2,232 0.0SES (Media) 25,467 7,168 0.1Tenaris (Energy Equipment and Services) 43,136 5,091 0.1

25,829 0.5M E X I C O ( M X N )

Fresnillo (Metals and Mining) 16,470 1,540 0.0

1,540 0.0N E T H E R L A N D S ( E U R )

Aegon (Insurance) 158,002 9,368 0.2Ahold (Food and Staples Retailing) 72,977 10,200 0.2AkzoNobel (Chemicals) 20,652 11,278 0.2ASML Holding (Semiconductors and Semiconductor Eqp.) 30,391 25,765 0.5Corio (Real Estate Investment Trusts) 5,341 2,056 0.0Delta Lloyd (Insurance) 16,465 2,836 0.1EADS (Aerospace and Defense) 50,668 19,846 0.4Gemalto (Computers and Peripherals) 6,292 4,049 0.1Heineken (Beverages) 19,127 10,681 0.2Heineken Holding (Beverages) 7,959 3,915 0.1ING Group (Diversified Financial Services) 327,421 33,589 0.6Koninklijke DSM (Chemicals) 15,400 7,387 0.1Koninklijke KPN (Diversified Telecommunication Services) 272,341 6,780 0.1NN Group (Insurance) 9,266 2,181 0.0OCI (Construction and Engineering) 7,071 1,935 0.0Philips Electronics (Industrial Conglomerates) 79,833 18,263 0.3Qiagen (Biotechnology) 20,319 3,726 0.1Randstad (Professional Services) 10,261 3,894 0.1Reed Elsevier NL (Media) 58,715 11,035 0.2Royal Boskalis Westminster (Construction and Engineering) 6,913 2,976 0.1Royal Dutch Shell A EUR (Oil, Gas and Consumable Fuels) 343,310 89,951 1.6Royal Dutch Shell B (Oil, Gas and Consumable Fuels) 195,936 53,405 1.0TNT Express (Air Freight and Logistics) 35,238 1,850 0.0Unilever A NL (Food Products) 136,170 42,102 0.8Vopak (Road and Rail) 5,755 2,349 0.0Wolters Kluwer (Media) 23,864 5,730 0.1

387,146 7.1


NORWAY (NOK)

DNB (Commercial Banks) 83,281 9,626 0.2Gjensidige Forsikring (Insurance) 15,921 2,028 0.0Norsk Hydro (Metals and Mining) 115,770 5,130 0.1Orkla (Industrial Conglomerates) 64,870 3,464 0.1Statoil (Oil, Gas and Consumable Fuels) 96,134 13,169 0.2Telenor (Diversified Telecommunication Services) 65,562 10,371 0.2Yara International (Chemicals) 14,333 4,995 0.1

48,784 0.9P O R T U G A L ( E U R )

Banco Comercial Portugues (Commercial Banks) 2,797,205 1,741 0.0Banco Espírito Santo (Commercial Banks) 211,055 300 0.0Electricidade de Portugal (Electric Utilities) 202,676 6,178 0.1Galp Energia (Oil, Gas and Consumable Fuels) 33,154 2,648 0.0Jerónimo Martins (Food and Staples Retailing) 19,390 1,531 0.0

12,398 0.2S P A I N ( E U R )

Abertis Infraestructuras (Transportation Infrastructure) 33,271 5,178 0.1ACS (Construction and Engineering) 13,989 3,839 0.1Amadeus IT Holdings (IT Services) 36,597 11,470 0.2Banco Popular Español (Commercial Banks) 153,138 6,035 0.1Banco Sabadell (Commercial Banks) 273,608 5,715 0.1Banco Santander (Commercial Banks) 1,044,377 69,211 1.3Bankia (Commercial Banks) 372,004 4,363 0.1Bankinter (Commercial Banks) 54,458 3,457 0.1BBVA (Commercial Banks) 503,392 37,451 0.7CaixaBank (Diversified Financial Services) 197,051 8,140 0.1Distribuidora Internacional (Food and Staples Retailing) 50,565 2,695 0.0Enagás (Oil, Gas and Consumable Fuels) 18,368 4,556 0.1Ferrovial (Construction and Engineering) 37,156 5,781 0.1Gas Natural (Gas Utilities) 32,412 6,389 0.1Grifols (Biotechnology) 11,939 3,746 0.1Iberdrola (Electric Utilities) 432,375 22,924 0.4Inditex (Specialty Retail) 91,170 20,472 0.4International Airlines Group (Airlines) 88,163 5,169 0.1Mapfre (Insurance) 77,333 2,061 0.0Red Eléctrica de España (Energy Equipment and Services) 9,702 6,728 0.1Repsol (Oil, Gas and Consumable Fuels) 87,096 12,825 0.2Telefónica (Diversified Telecommunication Services) 355,356 40,124 0.7Zardoya Otis (Machinery) 15,009 1,308 0.0

289,636 5.3S W E D E N ( S E K )

Alfa Laval (Machinery) 25,233 3,742 0.1Assa Abloy B (Building Products) 28,900 11,988 0.2Atlas Copco A (Machinery) 52,161 11,392 0.2Atlas Copco B (Machinery) 41,548 8,347 0.2Boliden (Metals and Mining) 21,773 2,733 0.1Electrolux B (Household Durables) 19,393 4,437 0.1Elekta B (Health Care Equipment and Supplies) 27,765 2,213 0.0Ericsson B (Communications Equipment) 254,343 23,997 0.4Getinge B (Health Care Equipment and Supplies) 16,078 2,859 0.1Handelsbanken A (Commercial Banks) 40,992 15,028 0.3Hennes & Mauritz B (Specialty Retail) 80,621 26,250 0.5Hexagon B (Machinery) 21,108 5,108 0.1Husqvarna B (Household Durables) 30,460 1,759 0.0ICA Gruppen (Food Products) 6,545 2,001 0.0Industrivärden C (Diversified Financial Services) 11,424 1,555 0.0Investor B (Diversified Financial Services) 38,776 11,040 0.2Kinnevik B (Diversified Financial Services) 20,380 5,203 0.1Lundin Petroleum (Oil, Gas and Consumable Fuels) 17,637 1,982 0.0Millicom (Wireless Telecommunication Services) 5,218 3,039 0.1Nordea (Commercial Banks) 260,350 23,666 0.4Sandvik (Machinery) 93,901 7,174 0.1SCA B (Paper and Forest Products) 49,892 8,427 0.2SEB A (Commercial Banks) 129,126 12,854 0.2Securitas B (Commercial Services and Supplies) 26,613 2,514 0.0Skanska B (Construction and Engineering) 30,987 5,203 0.1SKF B (Machinery) 32,543 5,366 0.1Swedbank A (Commercial Banks) 76,387 14,934 0.3Swedish Match (Tobacco) 16,224 3,972 0.1Tele2 B (Diversified Telecommunication Services) 25,698 2,440 0.0TeliaSonera (Diversified Telecommunication Services) 198,552 10,007 0.2Volvo B (Machinery) 130,317 11,038 0.2

252,267 4.6S W I T Z E R L A N D ( C H F )

ABB (Electrical Equipment) 188,581 31,408 0.6Actelion (Pharmaceuticals) 8,768 7,965 0.1Adecco (Commercial Services and Supplies) 15,543 8,431 0.2Aryzta (Food Products) 7,103 4,306 0.1Baloise Holding (Insurance) 3,768 3,794 0.1Barry Callebaut (Food Products) 163 1,312 0.0Coca-Cola HBC (Beverages) 16,534 2,478 0.0Credit Suisse Group (Other) 130,263 25,738 0.5Ems Chemie (Chemicals) 672 2,138 0.0Geberit (Building Products) 3,534 9,422 0.2



Givaudan (Chemicals) 748 10,566 0.2Glencore International (Metals and Mining) 904,290 32,981 0.6Holcim (Construction Materials) 19,435 10,925 0.2Julius Baer Group (Capital Markets) 19,337 6,979 0.1Kuehne & Nagel (Transportation Infrastructure) 4,359 4,646 0.1Lindt (Food Products) 96 3,730 0.1Lindt & Sprüngli (Food Products) 7 3,152 0.1Lonza Group (Life Sciences Tools and Services) 4,150 3,668 0.1Nestlé (Food Products) 271,788 156,202 2.9Novartis (Pharmaceuticals) 194,068 141,196 2.6Pargesa Holding (Diversified Financial Services) 2,213 1,343 0.0Partners Group (Capital Markets) 1,362 3,106 0.1Richemont (Textiles, Apparel and Luxury Goods) 44,191 30,916 0.6Roche Holding (Pharmaceuticals) 59,256 125,999 2.3Schindler Holding (Industrial Conglomerates) 4,260 4,833 0.1Schindler Holding (Machinery) 1,963 2,205 0.0SGS (Professional Services) 543 8,748 0.2Sika (Chemicals) 185 4,279 0.1Sonova Holding (Pharmaceuticals) 4,364 5,051 0.1STMicroelectronics (Semiconductors and Semiconductor Eqp.) 51,973 3,052 0.1Sulzer (Machinery) 1,938 1,618 0.0Swatch Group (Household Durables) 2,585 9,046 0.2Swatch Group B (Household Durables) 3,884 2,632 0.0Swiss Life Holding (Insurance) 2,588 4,820 0.1Swiss Prime Site (Other) 4,700 2,703 0.0Swiss Re (Insurance) 29,185 19,233 0.4Swisscom (Diversified Telecommunication Services) 2,027 8,344 0.2Syngenta (Chemicals) 7,786 19,629 0.4Transocean CHF (Oil, Gas and Consumable Fuels) 32,609 4,717 0.1UBS (Capital Markets) 309,863 41,720 0.8Wolseley (Trading Companies and Distributors) 24,165 10,872 0.2Zürich Financial Services (Insurance) 12,524 30,755 0.6


3i (Diversified Financial Services) 77,267 4,246 0.1Aberdeen Asset (Capital Markets) 74,903 3,952 0.1Admiral Group (Insurance) 15,050 2,429 0.0Aggreko (Commercial Services and Supplies) 20,830 3,824 0.1AMEC (Building Products) 31,106 3,239 0.1Anglo American (Metals and Mining) 116,377 17,053 0.3Antofagasta GBP (Metals and Mining) 30,612 2,812 0.1ARM Holdings (Semiconductors and Semiconductor Eqp.) 117,738 14,299 0.3Ashtead Group (Trading Companies and Distributors) 40,926 5,755 0.1Associated British Foods (Food and Staples Retailing) 29,749 11,449 0.2AstraZeneca (Pharmaceuticals) 106,692 59,326 1.1Aviva (Insurance) 261,888 15,488 0.3BAE Systems (Aerospace and Defense) 332,479 19,155 0.4Barclays Bank (Commercial Banks) 1,388,937 41,282 0.8BG Group (Oil, Gas and Consumable Fuels) 285,261 30,119 0.6BHP Billiton (Metals and Mining) 179,886 30,488 0.6BP (Other) 1,558,302 78,176 1.4British American Tobacco (Tobacco) 158,044 67,519 1.2British Land (Real Estate) 82,467 7,821 0.1British Sky Broadcasting (Media) 89,675 9,840 0.2BT Group (Diversified Telecommunication Services) 689,361 33,784 0.6Bunzl (Trading Companies and Distributors) 31,429 6,767 0.1Burberry (Textiles, Apparel and Luxury Goods) 37,996 7,588 0.1Capita Group (Professional Services) 57,663 7,609 0.1Capital Shopping Centres (Real Estate Investment Trusts) 70,524 2,875 0.1Carnival (Hotels, Restaurants and Leisure) 15,769 5,618 0.1Centrica (Multi-Utilities) 421,209 14,344 0.3CNH Industrial (Machinery) 83,300 5,287 0.1Cobham (Aerospace and Defense) 140,646 5,561 0.1Compass Group (Hotels, Restaurants and Leisure) 140,889 18,934 0.3Croda International (Chemicals) 11,212 3,643 0.1Diageo (Beverages) 212,268 47,894 0.9Direct Line Insurance Group (Insurance) 119,411 4,246 0.1Dixons Carphone (Specialty Retail) 77,737 4,388 0.1EasyJet (Airlines) 13,418 2,737 0.1Fiat Chrysler Automobiles (Automobiles) 74,381 6,764 0.1G4S (Commercial Services and Supplies) 131,885 4,474 0.1GKN (Auto Components) 146,297 6,143 0.1GlaxoSmithKline (Pharmaceuticals) 409,539 68,785 1.3Hammerson (Real Estate Investment Trusts) 63,135 4,662 0.1Hargreaves Lansdown (Capital Markets) 19,438 2,401 0.0HSBC (Commercial Banks) 1,617,082 120,128 2.2ICAP (Diversified Financial Services) 44,898 2,479 0.0IMI (Machinery) 21,709 3,347 0.1Imperial Tobacco Group (Tobacco) 80,198 27,762 0.5Indivior (Pharmaceuticals) 55,341 1,009 0.0Inmarsat (Media) 34,408 3,358 0.1InterContinental Hotels Group (Hotels, Restaurants and Leisure) 18,964 6,007 0.1Intertek Group (Commercial Services and Supplies) 13,188 3,757 0.1Investec (Capital Markets) 47,899 3,166 0.1


ITV (Media) 333,729 8,766 0.2Johnson Matthey (Chemicals) 17,428 7,226 0.1Kingfisher (Specialty Retail) 202,095 8,399 0.2Land Securities Group (Real Estate Investment Trusts) 67,139 9,482 0.2Legal & General Group (Insurance) 512,417 15,549 0.3Lloyds Banking Group (Commercial Banks) 4,831,249 44,712 0.8London Stock Exchange (Diversified Financial Services) 18,375 4,981 0.1Marks & Spencer Group (Multiline Retail) 137,237 8,021 0.1Meggitt (Aerospace and Defense) 77,081 4,883 0.1Melrose Industries (Machinery) 89,352 2,910 0.1Merlin Entertainments (Hotels, Restaurants and Leisure) 40,488 1,970 0.0Morrison Supermarkets (Food and Staples Retailing) 170,190 3,827 0.1National Grid (Multi-Utilities) 317,457 35,576 0.7Next (Multiline Retail) 12,455 10,368 0.2Old Mutual (Insurance) 436,455 10,149 0.2Pearson (Media) 69,848 10,146 0.2Persimmon (Household Durables) 27,423 5,282 0.1Prudential (Insurance) 218,176 39,733 0.7Reckitt Benckiser (Household Products) 55,341 35,194 0.6Reed Elsevier (Media) 94,984 12,753 0.2Rexam new (Containers and Packaging) 56,325 3,120 0.1Rio Tinto GBP (Metals and Mining) 108,171 39,611 0.7Rolls-Royce (Aerospace and Defense) 161,646 17,166 0.3Royal Bank of Scotland (Commercial Banks) 209,949 10,107 0.2Royal Mail (Air Freight and Logistics) 54,242 2,846 0.1RSA Insurance Group (Insurance) 81,247 4,314 0.1SABMiller (Beverages) 81,708 33,521 0.6Sage Group (Software) 87,798 4,991 0.1Sainsbury's (Food and Staples Retailing) 101,108 3,045 0.1Schroders (Diversified Financial Services) 10,097 3,310 0.1SEGRO (Real Estate) 60,214 2,722 0.0Severn Trent (Water Utilities) 19,128 4,684 0.1Smith & Nephew (Health Care Equipment and Supplies) 73,619 10,675 0.2Smiths Group (Aerospace and Defense) 36,811 4,934 0.1Sports Direct International (Specialty Retail) 20,039 1,739 0.0SSE (Electric Utilities) 81,091 16,055 0.3Standard Chartered (Commercial Banks) 209,199 24,590 0.5Standard Life (Insurance) 198,861 9,712 0.2Subsea 7 (Other) 23,112 1,847 0.0Tate & Lyle (Food Products) 35,879 2,641 0.0Tesco (Food and Staples Retailing) 677,860 15,638 0.3Travis Perkins (Trading Companies and Distributors) 20,149 4,567 0.1Tullow Oil (Oil, Gas and Consumable Fuels) 72,082 3,642 0.1Unilever (Food Products) 108,925 34,941 0.6United Utilities Group (Multi-Utilities) 59,018 6,599 0.1Vodafone Group (Wireless Telecommunication Services) 2,240,903 60,901 1.1Weir Group (Machinery) 19,169 4,331 0.1Whitbread (Hotels, Restaurants and Leisure) 15,845 9,226 0.2William Hill (Hotels, Restaurants and Leisure) 72,714 3,217 0.1

1,488,407 27.2




F R A N C E ( E U R )

Hermes International RT LVMH 2014 (Textiles, Apparel and Luxury Goods) 22,822 3,109 0.1Hermes International RT1 2014 (Textiles, Apparel and Luxury Goods) 4,575 168 0.0Hermes International RT2 2014 (Textiles, Apparel and Luxury Goods) 4,575 555 0.0


Rolls-Royce C 2013 (Aerospace and Defense) 39,950,171 488 0.0Rolls-Royce C 2014 (Aerospace and Defense) 13,237,200 162 0.0

650 0.0






EURO STOXX 50® Index Future mars 2015 1) 32 0 0.0






F U N D U N I T S

L I S T E D E Q U I T Y F U N D S * *

Lyxor ETF MSCI Europe (Europe) 31,337 34,368 0.6

34,368 0.6

Total fund units 34,368 0.6

Total other financial instruments 34,368 0.6




1) Stock index futures with underlying exposure of SEK 9,538t, which is equivalent to 0.2% of fund capital. CounterpartyGoldman Sachs Intl.






Royal Dutch Shell 2.6

Unilever 1.4

Telefónica 0.7

Volkswagen 0.7

BMW 0.5

Atlas Copco 0.4

Enel 0.4

Fresenius 0.4

Intesa SanPaolo 0.4

Reed Elsevier 0.4

A.P. Moeller-Maersk 0.3

Heineken 0.3

Henkel 0.3

Rolls-Royce Group 0.3

Koninklijke 0.2

Swatch Group 0.2

Telecom Italia 0.2

Hermes Intl 0.1

Schindler Holding 0.1



BASE CURRENCY

SEK


The fund changed its name from Handelsbanken Fixed Income Absolute Return to Handelsbanken Fixed Income Opportunity on July 1, 2014. Thefund also adopted daily trading and changed its fee model from individual to collective as well as lowered its first initial subscription from SEK

1,000,000 to SEK 50,000.

Fixed Income Opportunity FundManagement ReportInvestment FocusThe fund is an actively managed fixed income fund. The fund is anon-UCITS fund and differentiates itself from a securities fund by havingsignificant holdings in government securities issued by individual states.The objective of the fund is to generate positive returns irrespective of therise or fall of market rates. The fund invests in fixed income securities invarious currencies issued by states, municipalities and companies. Thesesecurities shall have a minimum credit rating of BBB- (investment grade)according to Standard & Poor's or Baa3 according to Moody's ratingscale. The fund may also invest in securities that lack an official creditrating and are deemed to hold an equivalent credit quality. The fund mayalso invest in interest rate derivatives, such as forward contracts,repurchase agreements and swap contracts.

PortfolioThe fund rose 0.6% in 2014*. In line with the fund’s strategy, positionshave fluctuated in the short term, although the basic view has been forrising rates. Duration in the fund varied during the year between -1.2years to +1.4 years. The active positions in German fixed incomederivatives contributed positively to fund returns, while positions in the USmoney market had a negative impact. Fund holdings in corporate creditsalso contributed positively during the year.*) Refer to fund statistics for comparable index.

OutlookThe conditions are conducive for higher interest rate levels in the USduring 2015 as a result of improved global growth and a slower pace ofexpansion in the monetary policy by the US Federal Reserve. Interest ratelevels in Germany and Sweden are at record lows. Although we are notseeing rapid upturns, we believe government bonds are over-valued.Further low inflation and uncertainty about the stability of growth preventa sharp upturn in the short term.



Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus. The fund used this option extensively in 2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may also use short-selling, which the fund used extensively in2014. Short-selling occurred through the use of derivatives.





Fund performance*

50

100

150



Net asset value, SEK 102.98 102.39 100.47 100.50 99.27 99.26 101.94 104.15 102.62 100.57

The fund's total net flow, mSEK 1) 4,420 -82 -383 - - - - - - -


Number of units, 1000’s 55,705 12,828 13,638 17,460 23,482 25,081 16,197 16,815 21,558 20,113

Total returns in %, SEK +0.6 +1.9 +2.5 +2.8 +0.7 +2.3 +3.8 +4.0 +2.2 +0.5

Benchmark rate in %, kr 2) 3) +0.5 +0.9 +1.2 +1.6 +0.3 +0.6 +4.2 +3.3 +2.0 -


Comparison to benchmark rate in %, kr +0.7 +1.1 +1.4 +0.9 +0.4 +2.3 +3.7 +2.6 - -

Average yearly return, 5 yrs. % +1.7 +2.1 +2.5 +2.7 +2.6 +2.6 - - - -

Comparison to benchmark rate in % +0.9 +0.9 +1.6 +2.0 +2.1 +2.5 - - - -


Dividends per unit, SEK - - 2.55 1.56 0.69 5.00 6.06 2.46 0.14 1.041) The fund's total net inflow does not include reinvested dividends. New information has been provided as of the full-year 2012.

2) The fund's benchmark is defined as the Riksbank's geometric average for 3-month Treasury bills on the last banking day of the calendar quarter.

3) The benchmark rate is applicable as of July 31, 2005.



Fund facts2014



Collected performance-based fee in % of average fund capital 2) 0.07




Turnover rate 0.5



Duration, years 0.1

1) A performance-related management fee will be added if the fund outperforms benchmark.

2) A performance-related management fee is deducted on a daily basis (the fee was deducted for the full year up to andincluding July 1, 2014) if the fund outperforms its benchmark.

A maximum annual fixed fee of 3% may be charged for the management of the underlying funds in which the fundinvests. Any applicable performance-based fee for the management of the underlying funds may not exceed 30% of theexcess yields for the respective period measured relative to each fund's benchmark (index or equivalent).


Total risk % 0.5

Sharpe ratio 1.1

VaR as of the closing date 0.0

Highest VaR during the financial year 0.1

Lowest VaR during the financial year 0.0

Average VaR during the financial year 0.1* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with an absolute Value at Risk method.

Annual Review 2014 – Handelsbanken FonderFixed Income Opportunity Fund, cont.



Minimum investment, SEK 50,000

Risk* 2




Changes in value for transferable securities * 1,033 -4,514Changes in value for other derivativeinstruments ** -18,967 3,048Interest income 41,587 31,523Currency exchange profits and losses, net -18,107 366Other income 0 0


E X P E N S E S



Net income 2,347 25,499


Changes in value for transferablesecurities – Capital gains 3,728 829


Changes in value for transferablesecurities – Unrealised -1,105 4,143

Sum 1,033 -4,514





Sum -18,967 3,048



A S S E T S

Transferable securities 4,092,482 71.3 1,111,669 84.6Money market instruments 1,238,599 21.6 144,855 11.1OTC derivative instruments withpositive market value - - 428 0.0Other derivative instrumentswith positive market value - - 0 0.0

Total financial instruments withpositive market value Note 2) 5,331,081 92.9 1,256,952 95.7Bank assets and other liquidassets 390,802 6.8 43,322 3.3Prepaid expenses and accruedincome 31,349 0.6 13,039 1.0Other assets 488 0.0 3,515 0.3

Total assets 5,753,720 100.3 1,316,828 100.3


OTC derivative instruments withnegative market value 17,183 0.3 - -

Total financial instruments withnegative market value Note 2) 17,183 0.3 - -Accrued expenses and prepaidincome 247 0.0 3,340 0.3Other liabilities 0 0.0 - -






2014 2013

Fund capital at beginning of year 1,313,488 1,370,215Units issued 5,227,287 106,629Units redeemed -806,832 -188,855Profit according to Income Statement 2,347 25,499Dividends to unit holders - -




TRANSFERABLE SECURITIES*Nominal Market % of


LISTED FIXED-INCOME SECURITIES

F O R E G I N I S S U E R , O T H E R S

Bundesobligation 0,25% 2015-03-13 10 95 0.0Bundesobligation 2,50% 2015-02-27 10 95 0.0Deutsche Bank FRN 2016-11-28 150,000 149,880 2.6Fortum 3,125% 2015-09-14 50,000 50,900 0.9GE Capital 3,875 2015-09-21 18,000 18,426 0.3Realkredit Danmark FRN 2016-10-01 52,000 52,012 0.9

271,408 4.7M O R T G A G E

Länsförsäkringar Hypotek 513 2020-09-16 305,000 342,539 6.0SBAB 3,00% 2018-10-11 50,000 53,778 0.9Stadshypotek 1576 6,00% 2015-03-18 80,000 80,930 1.4Stadshypotek 1577 6,00% 2015-12-16 150,000 158,150 2.8Stadshypotek 1583 4,25% 2020-06-17 337,000 395,682 6.9Swedbank Hypotek 184 3,75% 2016-06-15 95,000 99,744 1.7

1,130,823 19.7O T H E R

Framtiden FRN 2015-04-07 45,000 45,104 0.8Framtiden FRN 2017-06-20 65,000 66,480 1.2Handelsbanken FRN 2022-10-12 50,000 52,551 0.9Hemsö FRN 2015-05-23 50,000 50,220 0.9Hemsö FRN 2015-11-12 100,000 100,222 1.7ICA Gruppen FRN 2016-12-12 100,000 99,953 1.7ICA Gruppen FRN 2018-06-25 20,000 20,635 0.4Industrivärden FRN 2015-11-20 165,000 165,932 2.9Landshypotek FRN 2016-04-25 10,000 10,024 0.2Länsförsäkringar 4,75% 2017-05-26 29,000 29,126 0.5Länsförsäkringar Bank FRN 2015-02-10 51,000 51,072 0.9Länsförsäkringar FRN 2015-04-02 21,000 21,062 0.4Länsförsäkringar FRN 2015-07-06 168,000 169,134 2.9Länsförsäkringar FRN 2015-08-26 60,000 60,189 1.0Länsförsäkringar FRN 2015-09-14 86,000 86,513 1.5Länsförsäkringar FRN 2015-12-03 50,000 50,262 0.9LeasePlan 3,95% 2015-08-31 32,000 32,697 0.6LeasePlan FRN 2015-04-07 46,000 46,214 0.8Lejonfastigheter FRN 2015-03-18 100,000 100,107 1.7Nordea FRN 2018-05-08 50,000 50,718 0.9Nordea USD FRN 2015-04-20 12,390 97,542 1.7Rikshem FRN 2016-12-02 150,000 149,693 2.6Sandvik FRN 2015-10-01 30,000 30,215 0.5Scania FRN 2018-12-03 15,000 15,022 0.3Scania FRN 2015-05-12 30,000 30,103 0.5Scania FRN 2016-11-07 75,000 75,007 1.3SCBC FRN 2016-07-22 85,000 85,218 1.5SEB 4,50% 2016-01-20 125,000 130,250 2.3SEB FRN 2015-07-03 40,000 40,039 0.7SEB FRN 2017-01-16 50,000 50,126 0.9Sveaskog FRN 2018-03-22 39,000 39,503 0.7Swedbank FRN 2015-04-07 173,000 173,533 3.0Swedbank FRN 2015-08-01 67,000 67,397 1.2Swedbank FRN 2016-07-04 23,000 23,472 0.4Swedbank Hypotek FRN 2016-02-08 23,000 23,444 0.4TeliaSonera FRN 2016-09-02 40,000 40,600 0.7Uppsalahem FRN 2015-03-18 60,000 60,064 1.0Vasakronan FRN 2015-07-27 28,000 28,157 0.5Vasakronan FRN 2018-11-05 40,000 40,002 0.7Volvo Treasury FRN 2015-02-09 132,000 132,145 2.3Volvo Treasury FRN 2015-02-27 20,000 20,019 0.3Volvofinans 5.35% 2015-05-05 30,000 30,484 0.5

2,690,251 46.9

Total listed fixed-income securities 4,092,482 71.3


MONEY MARKET INSTRUMENTS**Number Market % of



Arla 2015-04-07 30,000 29,946 0.5Arla 2015-04-27 20,000 19,955 0.3Atrium Ljungberg 2015-02-20 100,000 99,914 1.7Hexagon 2015-05-04 60,000 59,856 1.0Industrivärden FC 2015-04-01 100,000 99,832 1.7Intrum Justitia 2015-01-16 40,000 39,991 0.7Nordea 2015-12-14 30,000 283,578 4.9SCA Finans 2015-01-08 120,000 119,996 2.1Sveaskog 2015-01-29 100,000 99,985 1.7Toyota 2015-02-02 100,000 99,947 1.7Vasakronan 2015-01-29 40,000 39,981 0.7



T R E A S U R Y B I L L S

Buono del Tesoro Poliennale 2015-11-13 26,000 245,619 4.3

Total Treasury bills 245,619 4.3

Total money market instruments 1,238,599 21.6

Annual Review 2014 – Handelsbanken FonderFixed Income Opportunity Fund, cont.



I N T E R E S T R A T E F U T U R E S

EDZ6 1) -400,000 0 0.0Statstermin 10 år 2015-03-18 2) -323,000 0 0.0

Total interest rate futures 0 0.0


OTHER F INANCIAL INSTRUMENTS***Market % of




SEK/EUR 3) -7,767 -0.1SEK/USD 4) -9,416 -0.2

-17,183 -0.3

Total OTC derivative instruments -17,183 -0.3

Total other financial instruments -17,183 -0.3




1) Interest rate futures with underlying exposure of SEK -768,186t, which is equivalent to 13.4% of fund capital.Counterparty UBS Ltd.2) Interest rate futures with underlying exposure of SEK -477,362t, which is equivalent to 8.3% of fund capital.Counterparty NASDAQ OMX.3) SEK 9,522t/EUR 1,000t, counterparty: JP Morgan Securities Plc. SEK 523,596t/EUR 56,000t, counterparty:Skandinaviska Enskilda Banken AB (publ).4) SEK 7,599t/USD 1,000t, counterparty: JP Morgan Securities Plc. SEK 90,395t/USD 12,727t, counterparty: SvenskaHandelsbanken AB (publ).




*** Refers to other financial instruments. -0.3


Länsförsäkringar 14.1

Handelsbanken 12.0

Nordea 7.5

Swedbank 6.7

Industrivärden 4.6

SEB 3.9

Volvo 3.1

Hemsö 2.6

Sveaskog 2.4

ICA 2.1

Scania 2.1

Framtiden 2.0

Vasakronan 1.9

LeasePlan 1.4

Arla 0.8


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: H A N N A N O R S T R Ö M

U p t o 3 0 / 0 9 / 2 0 1 4 C H A R L O T T E S I L L E N

BASE CURRENCY

SEK


Flexibel RäntaManagement ReportInvestment FocusThe fund is an actively managed fixed income fund and its objective is togenerate good returns over the long term while taking a moderately highrisk. The fund invests primarily in Swedish and global fixed income funds,including Handelsbanken’s funds and funds from fund managementcompanies. On the basis of the fund’s investment focus, we select thosefunds deemed to have the best conditions based on fund performanceand the portfolio manager’s investment process. Fixed income funds mayinvest in fixed income securities issued in SEK and foreign currenciesissued by states, companies and mortgage institutions. In turn, the fundmay invest in fixed income securities in emerging markets and/or in fixedincome securities in which the issuer may have a credit rating below BBB(investment grade) according to Standard & Poor’s or Baa3 according toMoody’s rating scale.

PortfolioThe fund rose 5.6% during between January 15 (the fund’s launch date)and December 31, 2014*. The strong performance was due to severalfactors, most notably sharply falling interest rates that were driven byweaker inflation growth and softer policies of central banks. The fund alsohad a significant position in NOK up to October, which was positive whenthe SEK weakened against the NOK by almost 7% over the period. Thefund’s overweight in corporate bonds was also positive. However, returnswere negatively affected by the fund’s strategy of a duration that overallwas shorter than benchmark.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookLow oil prices and weak wage growth are expected to hold down inflationduring the first part of 2015. This contributes to the continuation of anexpansive monetary policy by the central banks. The very low interestrates limit the potential for returns relative to risk on long-termgovernment bonds in particular. As a result, the fund pursues a slightlyshorter duration relative to index. Fund duration was tactically neutral atyear-end, with an overweight in corporate bonds and USD.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus. The fund used this option to a limited extent in2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150

2014* Performance is shown in the fund's base currency. The fund may have several share classes, which are referred to inthe fund's facts.* Fund performance includes dividends added back for funds with a distribution class.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK Flexibel Ränta A1 105.61 - - - - - - - - - Flexibel Ränta A7 105.76 - - - - - - - - - Flexibel Ränta B1 102.97 - - - - - - - - -

The fund's total net flow, mSEK 5,976 - - - - - - - - -

Fund capital total, mSEK 6,108 - - - - - - - - - Flexibel Ränta A1 3,510 - - - - - - - - - Flexibel Ränta A7 2,401 - - - - - - - - - Flexibel Ränta B1 197 - - - - - - - - -

Number of units, 1000's 57,854 - - - - - - - - - Flexibel Ränta A1 33,237 - - - - - - - - - Flexibel Ränta A7 22,702 - - - - - - - - - Flexibel Ränta B1 1,915 - - - - - - - - -

Total returns in %, SEK Flexibel Ränta A1 +5.6 - - - - - - - - - Flexibel Ränta A7 +5.8 - - - - - - - - - Flexibel Ränta B1 +5.6 - - - - - - - - -

Index including dividends in %, SEK Flexibel Ränta A1 +6.7 - - - - - - - - - Flexibel Ränta A7 +6.7 - - - - - - - - - Flexibel Ränta B1 +6.7 - - - - - - - - -

Dividends per unit, SEK 2.64 - - - - - - - - -Index: OMRX Treasury Bill Index 37,0%, HMNI Swe All Gov Dur Const 6Y 19,0%, NOMX Credit SEK Total Return Index 14,0%, JP Morgan EM Diversified Index 10,0%, BARX Euro Government Bond Index 9,0%, EURIBOR 6,0%, HMNI Real 5,0%




Annual Review 2014 – Handelsbanken FonderFlexibel Ränta, cont.


2014

Max. allowed mgmt. costs in % according to fund rulesFlexibel Ränta A1 1.00Flexibel Ränta A7 0.75Flexibel Ränta B1 1.00

Collected mgmt. costs in % of average fund capitalFlexibel Ränta A1 0.65Flexibel Ränta A7 0.50Flexibel Ränta B1 0.65

Annual fees in %Flexibel Ränta A1 1) 0.66Flexibel Ränta A7 1) 0.51Flexibel Ränta B1 1) 0.66









Turnover rate 0.4



Duration, years 3.2



Total risk using Barra’s risk system 1.8 Index OMRX Treasury Bill Index37,0%, HMNI Swe All Gov

Dur Const 6Y 19,0%,NOMX Credit SEK TotalReturn Index 14,0%, JP

Morgan EM DiversifiedIndex 10,0%, BARX EuroGovernment Bond Index

9,0%, EURIBOR 6,0%,HMNI Real 5,0%

* The fund has been in existance for less than two years; consequently, the calculation of historical risk is not applicable.Refer to the last page for definitions.

Total exposure in the fund is calculated in accordance with the commitment method.


2014

Share class launch dateFlexibel Ränta A1 - SEK 2014-01-15Flexibel Ränta A7 - SEK 2014-01-15Flexibel Ränta B1 - SEK 2014-01-15

Minimum investment, SEKFlexibel Ränta A1 0Flexibel Ränta A7 1,000,000Flexibel Ränta B1 0

Risk*Flexibel Ränta 3


Income Statement, SEKt15/1-31/12

2014 2013


Changes in value for transferable securities * 6,180 -Changes in value for other derivativeinstruments ** 1,307 -Changes in value for fund units *** 47,967 -Interest income 30,928 -Currency exchange profits and losses, net 45,733 -Other financial income 17,472 -Other income 0 -


E X P E N S E S



Net income 132,902


Changes in value for transferablesecurities – Capital gains 106

Changes in value for transferablesecurities – Capital losses -12


Sum 6,180


Changes in value for other derivativeinstruments - Capital gains 12,857

Changes in value for other derivativeinstruments - Capital losses -11,550

Sum 1,307


Changes in value for fund units – Capitalgains 17,870

Changes in value for fund units – Capitallosses -729

Changes in value for fund units –Unrealised 30,826

Sum 47,967



A S S E T S

Transferable securities 210,459 3.5OTC derivative instruments withpositive market value 46,759 0.8Fund units 5,781,952 94.6

Total financial instruments withpositive market value Note 2) 6,039,170 98.9Bank assets and other liquidassets 25,164 0.4Prepaid expenses and accruedincome 32,320 0.5Other assets 19,781 0.3

Total assets 6,116,435 100.1


OTC derivative instruments withnegative market value 1,017 0.0

Total financial instruments withnegative market value Note 2) 1,017 0.0Accrued expenses and prepaidincome 1,718 0.0Other liabilities 5,209 0.1

Total liabilities 7,944 0.1

Fund capital Note 1) 6,108,491 100.0

Other derivative instrumentswith negative market value 1) 15,537 0.31) Liquid assets total SEK 15,537t.



2014 2013

Fund capital at beginning of year - -Units issued 6,984,577 -Units redeemed -1,004,691 -Profit according to Income Statement 132,902 -Dividends to unit holders -4,297 -

Fund capital at the close of the period 6,108,491

Annual Review 2014 – Handelsbanken FonderFlexibel Ränta, cont.







Italy 2,15% 2021-12-15 11,000 109,359 1.8US Treasury 1,50% 2019-11-30 13,000 101,099 1.7

210,459 3.5

Total listed fixed-income securities 210,459 3.5


EXCHANGE-TRADED DERIVATIVES**Nominal Market % of



EDZ6 1) -485,000 0 0.0Statstermin 5 år 2015-03-18 2) 367,000 0 0.0





F U N D U N I T S

E X C H A N G E - T R A D E D F I X E D I N C O M E F U N D S * *

Handelsinvest Virksomhedsobligationer (Nordic countries) 776,000 107,107 1.8

107,107 1.8F I X E D I N C O M E F U N D S

Handelsbanken Euro Obligation A1 SEK (Europe) 82,942 293,584 4.8Handelsbanken Fixed Income Opportunity Fund (Nordic countries) 5,823,365 599,667 9.8Handelsbanken Företagsobligationsfond A1SEK (Nordic countries) 9,448,853 1,171,228 19.2Handelsbanken Høyrente (Nordic countries) 8,142,147 916,384 15.0Handelsbanken Långräntefond (Nordic countries) 8,875,962 1,003,058 16.4Handelsbanken Lux Långräntefond (Nordic countries) 28,943 111,299 1.8Handelsbanken Obligasjon (Nordic countries) 2,276,309 307,560 5.0Handelsbanken Ränteavkastningsfond Mega A7 (Nordic countries) 415,927 765,542 12.5Handelsbanken Tillväxtmarknadsfond Obligation (Rest of the world) 5,163,172 506,523 8.3

5,674,845 92.8





NOK/SEK 3) 314 0.0SEK/DKK 4) -1,017 0.0SEK/NOK 5) 46,445 0.8

45,742 0.8






1) Interest rate futures with underlying exposure of SEK -931,426t, which is equivalent to 15.2% of fund capital.Counterparty UBS Ltd.2) Interest rate futures with underlying exposure of SEK 467,800t, which is equivalent to 7.7% of fund capital.Counterparty NASDAQ OMX.3) NOK 25,000t/SEK 25,775t, counterparty: JP Morgan Securities Plc. 4) SEK 56,235t/DKK 45,000t, counterparty: JP Morgan Securities Plc. 5) SEK 1,248t/NOK 1,152,100t, counterparty: JP Morgan Securities Plc.






Handelsbanken 92.8


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: C H A R L O T T E S I L L É N

BASE CURRENCY

SEK


PREMIUM PENSION

653501


savings

The Finnish fund Placeringsfonden Handelsbanken Företagsobligation was merged with Handelsbanken Företagsobligationsfond on October 10,2014.

FöretagsobligationsfondManagement ReportInvestment FocusThe fund is an actively managed fixed income fund with the objective ofachieving returns that outperform the Swedish fixed income market overthe long term. The fund invests in fixed income securities denominated inSEK and EUR that are issued by companies, mortgage institutions andstates. Fund investments shall have a minimum of an Investment Gradecredit rating, i.e., BBB- from Standard & Poor’s or Baa3 from Moody’s.However, a maximum of 30 percent of the fund’s value may be invested incompanies where the rating is below Investment Grade (to a rating nolower than BB- from S&P or corresponding rating of Ba3 from Moody’s)and in companies lacking a credit rating. An internal assessment will bemade on those companies that lack a credit rating. The averageremaining duration of fund investments may total a maximum of sevenyears. If we believe market rates will be falling, we may choose a longerfixed interest period and conversely, we may choose a shorter fixedinterest period if we believe market rates are rising.

PortfolioThe fund rose 5.0% in 2014*. Sharply declining rates, driven by weakerinflationary growth, and thereby softer policies by central banks explainedfund performance. Low interest rates and a low number of bankruptciesmaintained interest in corporate bonds, which was favourable for theperformance of credit spreads. The fund continues to have a significantproportion of investments in companies lacking an official rating andthose with lower ratings. Returns benefited from positive performance inlonger fixed rate loans as well as in companies lacking official ratings,including Rodamco, Telenor and SAAB. The fund’s strategy in H1 was tohold a shorter duration than benchmark, which was negative for returns.However, the duration was lengthened in H2, which was positive forreturns. The fund also invested in covered bonds to increase duration andretain a portion of the portfolio in more liquid assets.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookThe potential for additional upturns in 2015 is limited after the strongperformance of recent years. However, we remain positive to corporatebonds, given the record low levels of Swedish long-term rates, the reporate at zero percent and low inflationary pressures. Over the longer termthere is a risk for higher rates. The fund’s basic position is a continuationof a slightly shorter duration than benchmark. As previously, duration willvary based on short-term market fluctuations.



Trading with derivativesAccording to fund rules, the fund may trade with derivatives. The fundmay use derivatives to correct its position within the duration interval aswell as to quickly and cost-effectively increase or eliminate exposure todifferent durations. The advantage with derivative instruments is that it ispossible to change the fund’s exposure to different durations in a simpleand controlled way with a limited number of transactions. The fund usedthis option extensively in 2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


The fund's performance yield prior to the launch date is derived from themerger of Placeringsfonden Handelsbanken Företagsobligationsfond(SEK) (Finland) with Handelsbanken Företagsobligationsfond (Sweden),which occurred on October 10, 2014.

Fund performance*

50

100

150



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK Företagsobligationsfond A1 123.95 - - - - - - - - - Företagsobligationsfond B5 113.59 - - - - - - - - -

The fund's total net flow, mSEK 1) 2) 2,700 - - - - - - - - -

Fund capital total, mSEK 12,883 - - - - - - - - - Företagsobligationsfond A1 7,408 - - - - - - - - - Företagsobligationsfond B5 5,475 - - - - - - - - -

Number of units, 1000's 107,964 - - - - - - - - - Företagsobligationsfond A1 59,761 - - - - - - - - - Företagsobligationsfond B5 48,203 - - - - - - - - -

Total returns in %, SEK Företagsobligationsfond A1 +5.0 +3.5 +7.0 +6.2 - - - - - - Företagsobligationsfond B5 +5.4 +3.8 +7.3 +6.6 - - - - - -

Index including dividends in %, SEK Företagsobligationsfond A1 +6.2 +2.8 +6.2 +8.1 - - - - - - Företagsobligationsfond B5 +6.2 +2.8 +6.2 +8.1 - - - - - -

Average yearly return, 2 yrs. % Företagsobligationsfond A1 +4.2 +5.2 +6.6 - - - - - - -

Annual Review 2014 – Handelsbanken FonderFöretagsobligationsfond, cont.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Företagsobligationsfond B5 +4.6 +5.6 +7.0 - - - - - - -

Comparison to index including dividends, % in SEK +4.5 +4.5 +7.1 - - - - - - -1) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of full-year 2012.

2) The net flows do not include the merged flows from the Finnish fund Placeringsfonden Handelsbanken Företagsobligation, which was merged on October 10, 2014.

Index: NOMX Credit SEK Total Return





2014

Max. allowed mgmt. costs in % according to fund rulesFöretagsobligationsfond A1 1.00Företagsobligationsfond B5 0.75

Collected mgmt. costs in % of average fund capitalFöretagsobligationsfond A1 0.95Företagsobligationsfond B5 0.50

Annual fees in %Företagsobligationsfond A1 0.95Företagsobligationsfond B5 0.50





Turnover rate 0.4



Duration, years 2.7








Index NOMX Credit SEK TotalReturn


Active return % - B5 SEK 0.1


Information ratio - B5 SEK 0.3







2014

Share class launch dateFöretagsobligationsfond A1 - SEK 2014-10-10Företagsobligationsfond B5 - SEK 2014-10-10

Minimum investment, SEKFöretagsobligationsfond A1 0Företagsobligationsfond B5 500,000

Risk*Företagsobligationsfond 2



2014 2013


Changes in value for transferable securities * 21,820 -Changes in value for other derivativeinstruments ** 46,379 -Interest income 55,434 -Currency exchange profits and losses, net -509 -


E X P E N S E S



Net income 103,442



Changes in value for transferablesecurities – Capital losses -268


Sum 21,820




Sum 46,379



A S S E T S

Transferable securities 12,414,067 96.4Money market instruments 297,727 2.3

Total financial instruments withpositive market value Note 2) 12,711,794 98.7Bank assets and other liquidassets 344,328 2.7Prepaid expenses and accruedincome 79,113 0.6Other assets 9,769 0.0

Total assets 13,145,003 102.0


Accrued expenses and prepaidincome 4,197 0.0Other liabilities 257,812 2.0






2014 2013

Fund capital at beginning of year - -Units issued 1) 13,946,753 -Units redeemed -1,167,201 -Profit according to Income Statement 103,442 -Dividends to unit holders - -

Fund capital at the close of the period 12,882,9941) SEK 10,079,157t represents total assets from the Finnish-registered fund that was merged through absorption in theautumn.

Annual Review 2014 – Handelsbanken FonderFöretagsobligationsfond, cont.







Amer Sports FRN 2016-04-13 110,000 112,298 0.9Assa Abloy 3,38% 2017-05-30 110,000 117,317 0.9Credit Suisse FRN 2017-12-12 400,000 400,368 3.1Danske Bank 4,75% 2019-06-05 51,000 56,096 0.4Danske Bank FRN 2017-02-15 50,000 47,429 0.4Danske Bank FRN 2018-06-27 300,000 301,584 2.3Danske Bank FRN 2019-12-09 250,000 249,790 1.9Danske Bank FRN 2024-06-05 74,000 76,848 0.6Fortum 3.25% 2017-03-14 90,000 94,971 0.7Fortum FRN 2018-03-20 155,000 157,192 1.2GE Capital 2,625% 2018-01-16 244,000 257,557 2.0GE Capital FRN 2019-07-30 30,000 30,775 0.2Jyske Bank FRN 2017-03-17 80,000 80,354 0.6Landshypotek FRN 2022-06-01 32,000 34,031 0.3LeasePlan FRN 2017-07-05 100,000 101,411 0.8LeasePlan FRN 2019-01-15 195,000 197,434 1.5Sampo FRN 2018-05-28 100,000 102,613 0.8Tele2 4,875% 2017-05-15 95,500 104,327 0.8Telenor 2,38% 2019-03-19 200,000 211,096 1.6Teollisuuden Voima FRN 2018-09-13 260,000 263,754 2.0TVO 4,50% 2017-11-08 180,000 196,306 1.5Unibail-Rodamco 3,00 2018-12-10 175,000 187,497 1.5

3,381,046 26.2M O R T G A G E

Länsförsäkringar Hypotek 513 2020-09-16 260,000 292,001 2.3Nordea Hypotek 5529 2,00% 2018-06-20 400,000 419,952 3.3SBAB FRN 2018-10-11 120,000 121,912 0.9SEB Bolån 572 3.00% 2019-06-19 1,270,000 1,394,714 10.8

2,228,578 17.3O T H E R

A.P. Moeller-Maersk 3,75% 2018-02-26 117,000 127,166 1.0Atrium Ljungberg FRN 2019-03-19 79,000 79,293 0.6Balder FRN 2018-05-21 65,000 64,146 0.5Balder FRN 2019-03-12 125,000 122,245 0.9BillerudKorsnäs FRN 2018-03-27 123,000 128,893 1.0Bonnier 5,00% 2015-06-18 110,000 111,794 0.9Castellum FRN 2017-03-01 180,000 184,415 1.4Castellum FRN 2018-03-26 172,000 171,794 1.3Castellum FRN 2018-09-26 40,000 40,742 0.3Cloetta FRN 2018-09-17 72,000 73,708 0.6Electrolux FRN 2019-05-28 280,000 281,540 2.2Fortum FRN 2019-09-16 225,000 224,213 1.7GE Capital FRN 2018-01-16 154,000 157,303 1.2Getinge FRN 2018-05-21 105,000 103,394 0.8Handelsbanken 4,472% 2022-10-12 250,000 270,810 2.1Hemsö 3,50% 2018-10-24 41,000 44,142 0.3Hemsö FRN 2018-10-24 30,000 30,593 0.2Hufvudstaden 3,00% 2018-01-22 123,000 129,533 1.0Hufvudstaden FRN 2018-03-12 95,000 96,560 0.7Husqvarna FRN 2017-11-28 259,000 270,153 2.1ICA Gruppen FRN 2019-06-17 322,000 324,776 2.5Intrum Justitia FRN 2018-06-28 150,000 150,357 1.2Intrum Justitia FRN 2019-05-15 147,000 141,515 1.1Kinnevik 3,25% 2017-12-12 100,000 106,832 0.8Länsförsäkringar 3,60 2017-10-09 90,000 96,580 0.7Länsförsäkringar FRN 2023-03-28 100,000 103,991 0.8LeasePlan 1,65% 2018-01-05 130,000 132,218 1.0Loomis FRN 2019-12-18 100,000 99,861 0.8Lundbergs 3,05% 2019-03-20 95,000 103,198 0.8Millicom FRN 2017-10-30 84,000 87,247 0.7Peab 4,20% 2015-06-01 50,000 50,553 0.4Rodamco FRN 2018-12-10 150,000 152,183 1.2Rodamco FRN 2019-06-03 228,000 229,040 1.8SAAB 3,25% 2018-12-10 100,000 106,259 0.8SAAB FRN 2019-12-12 60,000 60,023 0.5Sandvik FRN 2020-01-14 352,000 355,678 2.8SBAB FRN 2022-11-16 52,000 54,374 0.4SCA FRN 2019-04-02 123,000 123,813 1.0Scania FRN 2018-12-03 295,000 294,891 2.3SCBC 141 2,00% 2020-06-17 100,000 105,467 0.8Sparebank 1 SMN FRN 2017-08-28 50,000 51,710 0.4Swedish Match 3,875% 2018-02-01 40,000 43,089 0.3Swedish Match 4,00% 2016-12-22 63,000 66,707 0.5Swedish Match FRN 2018-02-01 63,000 65,117 0.5TeliaSonera FRN 2019-12-04 475,000 476,416 3.7Volvo Treasury FRN 2018-02-26 179,000 183,253 1.4Volvo Treasury FRN 2019-04-15 250,000 251,250 2.0Volvofinans Bank FRN 2019-04-25 75,000 75,612 0.6

6,804,443 52.9






Hexagon 2015-11-16 300,000 297,727 2.3






Nordea Hypotek IXH5 1) 1,300,000 0 0.0Stadshypotek CIH5 2) 1,350,000 0 0.0Stadshypotek CKH5 3) 700,000 0 0.0Statstermin 10 år 2015-03-18 4) 200,000 0 0.0






1) Interest rate futures with underlying exposure of SEK 1,379,820t, which is equivalent to 10.7% of fund capital.Counterparty UBS Ltd.2) Interest rate futures with underlying exposure of SEK 1,678,428t, which is equivalent to 13.0% of fund capital.Counterparty NASDAQ OMX.3) Interest rate futures with underlying exposure of SEK 778,071t, which is equivalent to 6.0% of fund capital.Counterparty NASDAQ OMX.4) Interest rate futures with underlying exposure of SEK 295,580t, which is equivalent to 2.3% of fund capital.Counterparty NASDAQ OMX.






Danske Bank 5.6

Volvo 4.0


Fortum 3.6

General Electric 3.4

LeasePlan 3.3

Nordea 3.3

Castellum 3.0

Rodamco 3.0

Intrum Justitia 2.3

Handelsbanken 2.1

Hufvudstaden 1.7

Balder 1.4

SAAB 1.3

SBAB 1.3

Swedish Match 1.3

Hemsö 0.5


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: K A R L S T A V E N B E R G

BASE CURRENCY

SEK




Funds Global Dynamic Allocation Preserve 90Handelsbanken Funds Global Dynamic Allocation Preserve 90

Management ReportInvestment FocusThe fund is an actively managed mixed fund and its objective is to benefitfrom the upturns in the global markets while avoiding the most substantialdownturns when the markets fall. At year-end a new protective floor wasset at 90% of the fund net asset value, which is applicable until year-end2015.

PortfolioThe fund rose 21.0% in 2014*. The fund’s proportion of risk assets, suchas equities and commodities, was 95% on average throughout the yearand varied between 55% and 100%. The proportion of risk assets was62% at year-end. Novo Nordisk, Australia and New Zealand BankingGroup and AstraZeneca were the three largest equity holdings atyear-end. The fund’s protective floor was adjusted upward to 125.35 onDecember 31, 2014. The protective floor may be adjusted upward ordownward no earlier than December 31, 2015.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts.

OutlookWe expect global growth to strengthen in 2015 and interest rates toremain low. This contributes to rising company profits and makes equitiesattractive to investors. The primary risks are sharply rising interest ratesand geopolitical uncertainty. Overall, our outlook is positive for additionalstrong returns in 2015, given low interest rates, improved profits and anincrease in risk appetite.


Fund performance*

50

100

150

200

2011 2012 2013 2014* Performance is shown in the fund's base currency. The fund may have severalshare classes, which are referred to in the fund's facts.* Fund performance includes dividends added back for funds with a distributionclass.

Market Exposure*

Equities,shares 55,82 %

Other 44,18 %

* The fund's allocation of investments within the markets as of 31/12/2014,relative to the fund's total assets on this date.


Handelsbanken Korträntefond 28.9

Lyxor ETF Commodities CRB Non-Energy 7.0

Novo Nordisk (Health Care) 1.6

SAP (Information Technology) 1.3

ANZ Banking Group (Financials) 1.3

AstraZeneca SDB (Health Care) 1.3

Toronto-Dominion Bank (Financials) 1.2

Investor B (Financials) 1.2

Apple (Information Technology) 1.2

Münchener Rück (Financials) 1.2


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK Funds Global Dynamic Allocation Preserve 90 AI 139.18 115.06 96.34 94.02 - - - - - - Funds Global Dynamic Allocation Preserve 90 BI 131.63 112.19 96.34 - - - - - - -

Fund capital total, mSEK 1,917 1,057 697 518 - - - - - - Funds Global Dynamic Allocation Preserve 90 AI 1,662 928 697 518 - - - - - - Funds Global Dynamic Allocation Preserve 90 BI 255 128 75 - - - - - - -

Number of units, 1000's 13,879 9,212 8,019 5,512 - - - - - - Funds Global Dynamic Allocation Preserve 90 AI 11,942 8,070 7,238 5,512 - - - - - - Funds Global Dynamic Allocation Preserve 90 BI 1,937 1,142 781 - - - - - - -

Total returns in %, SEK Funds Global Dynamic Allocation Preserve 90 AI +21.0 +19.4 +2.5 -6.0 - - - - - - Funds Global Dynamic Allocation Preserve 90 BI +21.0 +19.4 - - - - - - - -

Average yearly return, 2 yrs. % Funds Global Dynamic Allocation Preserve 90 AI +20.2 +10.6 - - - - - - - - Funds Global Dynamic Allocation Preserve 90 BI +20.2 - - - - - - - - -Relevant benchmark is not available.



Fund facts2014

Collected mgmt. costs in % of average fund capitalFunds Global Dynamic Allocation Preserve 90 AI 1) 0.40Funds Global Dynamic Allocation Preserve 90 BI 1) 0.40

Annual fees in %Funds Global Dynamic Allocation Preserve 90 AI 2) 0.43Funds Global Dynamic Allocation Preserve 90 BI 2) 0.43

Turnover rate 3.3



2) Ongoing charges are calculated as synthetic ongoing charges.


Total risk % - AI SEK 5.3

Total risk % - BI SEK 5.3

Sharpe ratio - AI SEK 3.7

Sharpe ratio - BI SEK 3.7* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.

Annual Review 2014 – Handelsbanken FundsFunds Global Dynamic Allocation Preserve 90, cont.


Share class launch dateFunds Global Dynamic Allocation Preserve 90 AI - SEK 2011-05-06Funds Global Dynamic Allocation Preserve 90 BI - SEK 2012-11-14

Minimum investment, SEKFunds Global Dynamic Allocation Preserve 90 AI 10,000,000Funds Global Dynamic Allocation Preserve 90 BI 10,000,000

Risk*Funds Global Dynamic Allocation Preserve 90 4


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: S T E F A N H A G M A N

U p t o 3 0 / 0 9 / 2 0 1 4 T O B I A S W E L I N

BASE CURRENCY

SEK


PREMIUM PENSION

785907


savings

The fund switched its index from Socially Responsible World Index on MSCI World Net to MSCI ACWI Select Global Normsand Criteria Index as of June 26, 2014.



Funds Global Criteria Handelsbanken Funds Global Criteria

Management ReportInvestment FocusThe fund’s investment objective is to generate long-term capital growth byinvesting in companies worldwide that are seen by the portfolio manageras being socially responsible and are selected in accordance to theobjective and pre-defined criteria. The fund invests, directly or throughfinancial derivative instruments, primarily in companies deemed by theportfolio manager as being socially responsible based on the criteria ofthe objectives, such that the companies normally attain a high level ofcorporate, social and environmental responsibility. This includesenvironmental sustainability, fair competition, respect for employees andstakeholders, as well as the protection of human rights. Companies thatdo not adhere to international standards and conventions or that receiveearnings from controversial activities will be deemed as not adhering tothe pre-defined criteria and will not be considered as suitable for thefund’s investment scope.

PortfolioThe fund rose 27.4% in 2014*. Apple, Exxon Mobil and Microsoft werethe three largest equity holdings at year-end. The four largest sectorsconstituted just over 60% of the portfolio and consisted of financials,information technology, healthcare and consumer discretionary. Atyear-end approximately 57% of the fund’s assets were in North Americancompanies, 21% in European companies, 7% in Japanese companies

and 15% in Asian and emerging market companies. The fund’sinvestment focus was broadened during the year to also include emergingmarkets.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookWe expect global growth to strengthen in 2015 and interest rates toremain low. This contributes to rising company profits and makes equitiesattractive to investors. The primary risks are sharply rising interest ratesand geopolitical uncertainty. Overall, our outlook is positive for additionalstrong returns in 2015, given low interest rates, improved profits and anincrease in risk appetite.


Fund performance*

50

100

150

200




Exxon Mobil (Energy) 1.1

Microsoft (Information Technology) 1.1

Johnson & Johnson (Health Care) 0.9

Wells Fargo (Financials) 0.8

General Electric (Industrials) 0.8

JPMorgan Chase (Financials) 0.7

Nestlé (Consumer Staples) 0.7

Procter & Gamble (Consumer Staples) 0.7

Novartis (Health Care) 0.7


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Funds Global Criteria A - SEK 177.03 138.95 107.79 102.08 108.10 104.47 89.21 - - - Funds Global Criteria A - EUR 18.69 - - - - - - - - - Funds Global Criteria A - NOK 169.55 - - - - - - - - - Funds Global Criteria AI - SEK 180.28 141.09 112.91 103.23 109.06 104.97 89.26 - - - Funds Global Criteria AI - EUR 19.03 - - - - - - - - - Funds Global Criteria AI - NOK 172.66 - - - - - - - - - Funds Global Criteria BI - SEK 150.16 121.16 99.96 94.22 102.61 101.82 - - - -

Fund capital total, mSEK 12,615 8,826 5,865 3,712 3,237 2,610 726 - - - Funds Global Criteria A - SEK 1,108 652 345 233 292 191 42 - - - Funds Global Criteria A - EUR 4 - - - - - - - - - Funds Global Criteria A - NOK 231 - - - - - - - - - Funds Global Criteria AI - SEK 7,827 5,521 3,405 2,066 2,665 2,254 683 - - - Funds Global Criteria AI - EUR 16 - - - - - - - - - Funds Global Criteria AI - NOK 268 - - - - - - - - - Funds Global Criteria BI - SEK 2,971 2,652 2,115 1,412 279 165 - - - -

Number of units, 1000's 73,410 65,720 54,412 37,289 29,868 24,918 8,131 - - - Funds Global Criteria A - SEK 6,258 4,693 3,092 2,286 2,705 1,824 476 - - - Funds Global Criteria A - EUR 212 - - - - - - - - - Funds Global Criteria A - NOK 1,365 - - - - - - - - - Funds Global Criteria AI - SEK 43,413 39,133 30,161 20,015 24,400 21,470 7,654 - - - Funds Global Criteria AI - EUR 825 - - - - - - - - - Funds Global Criteria AI - NOK 1,553 - - - - - - - - - Funds Global Criteria BI - SEK 19,785 21,894 21,159 14,987 2,724 1,623 - - - -

Annual Review 2014 – Handelsbanken FundsFunds Global Criteria, cont.

30/9-31/122014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Total returns in %, SEK Funds Global Criteria A - SEK +27.4 +24.7 +9.2 -5.6 +3.5 +17.1 -10.8 - - - Funds Global Criteria A - EUR +19.0 +20.8 +13.3 -4.3 +17.5 +25.8 - - - - Funds Global Criteria A - NOK +29.2 +37.7 +7.3 -4.8 +10.6 +7.0 - - - - Funds Global Criteria AI - SEK +27.8 +25.0 +9.4 - - - - - - - Funds Global Criteria AI - EUR +19.4 +21.1 +13.5 -4.1 +18.0 +26.2 - - - - Funds Global Criteria AI - NOK +29.6 +38.0 +7.5 -4.7 +11.0 +7.4 - - - - Funds Global Criteria BI - SEK +27.8 +25.0 +9.4 - - - - - - -

Index including dividends in %, SEK Funds Global Criteria A - SEK +28.2 +25.2 +10.2 -4.9 +4.5 +18.7 -12.2 - - - Funds Global Criteria A - EUR +19.8 +21.4 +14.3 -3.6 +18.7 +27.4 - - - - Funds Global Criteria A - NOK +30.0 +38.3 +8.3 -4.2 +11.6 +8.5 - - - - Funds Global Criteria AI - SEK +28.2 +25.2 +10.2 - - - - - - - Funds Global Criteria AI - EUR +19.8 +21.4 +14.3 -3.6 +18.7 +27.4 - - - - Funds Global Criteria AI - NOK +30.0 +38.3 +8.3 -4.2 +11.6 +8.5 - - - - Funds Global Criteria BI - SEK +28.2 +25.2 +10.2 - - - - - - -

Average yearly return, 2 yrs. % Funds Global Criteria A - SEK +26.0 +16.7 +1.5 -1.2 +10.1 - - - - - Funds Global Criteria A - EUR +19.9 +17.0 +4.1 +6.0 +21.6 - - - - - Funds Global Criteria A - NOK +33.4 +21.5 +1.0 +2.6 +8.8 - - - - - Funds Global Criteria AI - SEK +26.4 +16.9 +1.7 - - - - - - - Funds Global Criteria AI - EUR +20.2 +17.2 +4.3 +6.4 +22.0 - - - - - Funds Global Criteria AI - NOK +33.7 +21.8 +1.2 +2.9 +9.2 - - - - - Funds Global Criteria BI - SEK +26.4 +16.9 +1.7 - - - - - - -

Comparison to index including dividends, % SEK +26.7 +17.5 +2.4 -0.3 +11.4 - - - - - EUR +20.6 +17.8 +5.0 +7.0 +23.0 - - - - - NOK +34.1 +22.4 +1.8 +3.4 +10.1 - - - - -

Average yearly return, 5 yrs. % Funds Global Criteria A - SEK +11.1 +9.3 - - - - - - - - Funds Global Criteria A - EUR +12.9 +14.1 - - - - - - - - Funds Global Criteria A - NOK +15.0 +10.7 - - - - - - - - Funds Global Criteria AI - SEK +11.4 +9.6 - - - - - - - - Funds Global Criteria AI - EUR +13.2 +14.4 - - - - - - - - Funds Global Criteria AI - NOK +15.2 +11.0 - - - - - - - - Funds Global Criteria BI - SEK +11.4 - - - - - - - - -

Comparison to index including dividends, % SEK +11.9 +10.2 - - - - - - - - EUR +13.7 +15.1 - - - - - - - - NOK +15.8 +11.7 - - - - - - - -Index: MSCI ACWI Select Global Norms and Criteria Index

Up to 26/06/2014: Socially Responsible World Index on MSCI World




Fund facts2014

Collected mgmt. costs in % of average fund capitalFunds Global Criteria A 1) 0.65Funds Global Criteria AI 2) 0.40Funds Global Criteria BI 2) 0.40

Annual fees in %Funds Global Criteria A 0.70Funds Global Criteria AI 0.41Funds Global Criteria BI 0.41

Turnover rate 0.2









Total risk % - AI EUR 6.1

Total risk % - AI NOK 6.4





Total risk in index % - AI SEK 5.5

Total risk in index % - AI EUR 6.1

Total risk in index % - AI NOK 6.4

Total risk in index % - BI SEK 5.5




Tracking error % - AI SEK 0.2

Tracking error % - AI EUR 0.2

Tracking error % - AI NOK 0.2

Tracking error % - BI SEK 0.2

Active return % - A SEK -0.7

Active return % - A EUR -0.6

Index MSCI ACWI Select GlobalNorms and Criteria Index


Active return % - AI SEK -0.3

Active return % - AI EUR -0.3

Active return % - AI NOK -0.4

Active return % - BI SEK -0.3

Information ratio - A SEK Negative

Information ratio - A EUR Negative


Information ratio - AI SEK Negative

Information ratio - AI EUR Negative

Information ratio - AI NOK Negative

Information ratio - BI SEK Negative

Sharpe ratio - A SEK 4.5

Sharpe ratio - A EUR 3.3



Sharpe ratio - AI EUR 3.3

Sharpe ratio - AI NOK 5.1

Sharpe ratio - BI SEK 4.6

Sharpe ratio in index - A SEK 4.7

Sharpe ratio in index - A EUR 3.4


Sharpe ratio in index - AI SEK 4.7

Sharpe ratio in index - AI EUR 3.4

Sharpe ratio in index - AI NOK 5.1

Sharpe ratio in index - BI SEK 4.7



Share class launch dateFunds Global Criteria A - SEK 2008-09-30Funds Global Criteria A - EUR 2008-09-30Funds Global Criteria A - NOK 2008-09-30Funds Global Criteria AI - SEK 2008-09-30Funds Global Criteria AI - EUR 2008-09-30Funds Global Criteria AI - NOK 2008-09-30Funds Global Criteria BI - SEK 2009-09-15

Minimum investment, SEKFunds Global Criteria A 0Funds Global Criteria AI 500,000Funds Global Criteria BI 500,000

Risk*Funds Global Criteria 5


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: V I K I N G K J E L L S T R Ö M


BASE CURRENCY

EUR




Funds Global Selective Handelsbanken Funds Global Selective Shares

Management ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attaingood returns over the long term without being linked to an index. Thefund invests in a limited number of global companies. We selectcompanies that have historically demonstrated stable profit growth,strong balance sheets, sound business operations and dividend growth.

PortfolioThe fund rose 25.4% in 2014*. 2014 was an eventful year, with significantvolatility in the global financial markets, although absolute returns overallwere positive. Interest rates fell sharply, as did commodities during thelatter part of the year. Risk tolerance was high at the outset of the year,but declined as volatility increased during H2. In this stock market climatethe fund outperformed the market during H2. Brown-Forman, NovoNordisk and Church & Dwight were the strongest contributors to fundreturns. Holdings in Spectris, Rolls Royce and Rotork had a negativeimpact. The fund took new positions during the year in Grainger, Johnson& Johnson Prudential, PRA Group and Roche. The fund also received anew company, Indivior, through the spin-off from holdings in ReckittBenckiser. Holdings in Aggreko, Rolls Royce and Spectris were sold.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts.

OutlookOur focus is on constructing a portfolio of high-quality companies with avariety of drivers, given that we believe these companies deliver the bestreturns over time. High-quality companies can benefit as well as benegatively affected over the short-term relative to other equities. Duringthe year we improved the composition of the portfolio further based onthe drivers we observe in the rest of the world. We are positive to thelong-term profit outlooks for companies in the fund and believe thatconditions are also favourable for positive returns going forward.


Fund performance*

50

100

150

2012 2013 2014* Performance is shown in the fund's base currency. The fund may have several share classes, which are referred to inthe fund's facts.* Fund performance includes dividends added back for funds with a distribution class.


TJX Companies (Consumer Discretionary) 7.0

Reckitt Benckiser (Consumer Staples) 6.1


Perrigo (Health Care) 5.2

Rockwell Automation (Industrials) 5.2

W.W. Grainger (Industrials) 5.1

Air Liquide (Materials) 5.0

Mastercard (Information Technology) 4.9

SGS (Industrials) 4.9

Prudential (Financials) 4.8


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Funds Global Selective A - SEK 151.60 13.66 11.52 - - - - - - - Funds Global Selective A - EUR 16.00 - - - - - - - - - Funds Global Selective A - NOK 145.19 - - - - - - - - - Funds Global Selective AI - SEK 154.08 13.76 11.52 - - - - - - - Funds Global Selective AI - EUR 16.27 - - - - - - - - - Funds Global Selective BI - SEK 139.82 13.12 11.52 - - - - - - -

Fund capital total, mEUR 185 111 39 - - - - - - - Funds Global Selective A - SEK 530 63 15 - - - - - - - Funds Global Selective A - EUR 10 - - - - - - - - - Funds Global Selective A - NOK 201 - - - - - - - - - Funds Global Selective AI - SEK 424 27 9 - - - - - - - Funds Global Selective AI - EUR 10 - - - - - - - - - Funds Global Selective BI - SEK 392 21 16 - - - - - - -

Number of units, 1000's 11,681 8,133 3,460 - - - - - - - Funds Global Selective A - SEK 3,493 4,609 1,335 - - - - - - - Funds Global Selective A - EUR 624 - - - - - - - - - Funds Global Selective A - NOK 1,387 - - - - - - - - - Funds Global Selective AI - SEK 2,749 1,927 740 - - - - - - - Funds Global Selective AI - EUR 623 - - - - - - - - - Funds Global Selective BI - SEK 2,805 1,597 1,385 - - - - - - -

Total returns in %, EUR Funds Global Selective A - SEK +25.4 +18.6 -1.2 - - - - - - - Funds Global Selective A - EUR +17.2 +18.6 - - - - - - - - Funds Global Selective A - NOK +27.2 +35.1 - - - - - - - - Funds Global Selective AI - SEK +26.5 +36.0 - - - - - - - - Funds Global Selective AI - EUR +18.2 +19.4 - - - - - - - -

Annual Review 2014 – Handelsbanken FundsFunds Global Selective, cont.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Funds Global Selective BI - SEK +25.5 +13.9 -1.2 - - - - - - -

Annual Review 2014 – Handelsbanken FundsFunds Global Selective, cont.

5/11-31/122014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Average yearly return, 2 yrs. % Funds Global Selective A - SEK +23.9 - - - - - - - - - Funds Global Selective AI - SEK +24.9 - - - - - - - - - Funds Global Selective BI - SEK +23.9 - - - - - - - - -Relevant benchmark is not available.



Fund facts2014

Collected mgmt. costs in % of average fund capitalFunds Global Selective A 1) 1.85Funds Global Selective AI 2) 1.00Funds Global Selective BI 2) 1.85

Annual fees in %Funds Global Selective A 1.90Funds Global Selective AI 1.01Funds Global Selective BI 1.86

Turnover rate 0.8








Total risk % - AI EUR 7.7





Sharpe ratio - AI EUR 2.4

Sharpe ratio - BI SEK 3.5* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.


Share class launch dateFunds Global Selective A - SEK 2012-11-05Funds Global Selective A - EUR 2012-11-05Funds Global Selective A - NOK 2012-11-05Funds Global Selective AI - SEK 2012-11-05Funds Global Selective AI - EUR 2012-11-05Funds Global Selective BI - SEK 2012-11-05

Minimum investment, SEKFunds Global Selective A 0Funds Global Selective AI 10,000,000Funds Global Selective BI 0

Risk*Funds Global Selective 5


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: J O A K I M B Y

BASE CURRENCY

USD


Fund statistics up to October 17, 2011 are based on the fund's unit series in USD exchanged to SEK.



Funds Global Thematic Handelsbanken Funds Global Thematic

Management ReportInvestment FocusThe fund is an actively managed equity fund and its objective is togenerate returns that exceed the average performance of the globalequity markets over the long term. The fund invests in equities issued bycompanies worldwide. We place particular emphasis on ensuring that thecompany's strategy concurs with our assessment of what can generatefavourable share price performance when we select equities for the fund.We then evaluate the company's key ratios, such as earnings growthrelative to the market's expectations. The fund may use derivatives suchas options and futures as a complement to protect the fund’s value or toenable cost savings.

PortfolioThe fund rose 25.2% in 2014*. The year was dominated by low inflationand further stimulus from the central banks worldwide, which contributedto the continuation of low interest rates. Strong company earnings, higherdividends, repurchase agreements and an increase in corporate activitywas also positive. Returns also benefited from the strengthening of theUSD against the SEK during the year. The "Global Water SupplyManagement" theme was the strongest contributor to fund returns, withthe Chinese company Sound Global most notably posting strength. The”Demographics & health trends” theme also contributed positively, inwhich the British pharmaceutical company Shire was subject to a bid.However, the “Made in America” theme performed negatively, withcompanies such as PDC Energy and Noble Energy negatively impactingreturns after the decline in oil prices during H2. *) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookWe expect global growth to strengthen in 2015 and interest rates toremain low. Company earnings are improving, which makes equitiesattractive for investors. Growth and interest rates are low from a historicalperspective and the fund continues to focus on structural investmentthemes. Emerging markets are expected to maintain their relatively highgrowth. The primary risks are sharply rising interest rates and geopoliticaluncertainty. Overall, our outlook is positive for additional strong returns in2015, given low interest rates, improved profits and an increase in riskappetite.

Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund did not usethis option in 2014. The fund has the option of lending equity. The fundused this option in 2014. The fund may use other methods andinstruments. The fund did not use this option in 2014.


Fund performance*

50

100

150

200




Sound Global HKD (Utilities) 2.0

Occidental Petroleum (Energy) 1.5

Google (Information Technology) 1.5


Wells Fargo (Financials) 1.5

Ashland (Materials) 1.5

Roche Holding (Health Care) 1.4

Comcast A (Consumer Discretionary) 1.4

Nielsen Holdings (Industrials) 1.4


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Funds Global Thematic A - SEK 1,011.26 125.70 105.88 88.39 101.69 88.03 66.03 122.34 108.74 94.01 Funds Global Thematic A - EUR 106.76 - - - - - - - - - Funds Global Thematic A - NOK 968.54 - - - - - - - - - Funds Global Thematic A - USD 129.18 - - - - - - - - - Funds Global Thematic BI - SEK 937.51 121.40 - - - - - - - -

Fund capital total, mUSD 148 - - - - - - - - - Funds Global Thematic A - SEK 549 215 133 23 26 22 20 35 32 24 Funds Global Thematic A - EUR 1 - - - - - - - - - Funds Global Thematic A - NOK 132 - - - - - - - - - Funds Global Thematic A - USD 22 - - - - - - - - - Funds Global Thematic BI - SEK 290 16 - - - - - - - -

Number of units, 1000's 1,170 1,854 1,157 262 253 250 303 286 293 258 Funds Global Thematic A - SEK 543 1,716 1,157 262 253 250 303 286 293 258 Funds Global Thematic A - EUR 8 - - - - - - - - - Funds Global Thematic A - NOK 136 - - - - - - - - - Funds Global Thematic A - USD 174 - - - - - - - - - Funds Global Thematic BI - SEK 309 138 - - - - - - - -

Annual Review 2014 – Handelsbanken FundsFunds Global Thematic, cont.

17/10-31/122014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Total returns in %, USD Funds Global Thematic A - SEK +25.2 +18.7 - - - - - - - - Funds Global Thematic A - EUR +17.0 +13.6 - - - - - - - - Funds Global Thematic A - NOK +27.0 +29.4 +11.7 -10.8 +16.2 +10.0 -30.7 - - - Funds Global Thematic A - USD +2.8 +18.7 +19.8 -13.1 +15.5 +33.3 -46.3 +12.8 +15.9 +10.4 Funds Global Thematic BI - SEK +25.3 +17.3 - - - - - - - -

Index including dividends in %, USD Funds Global Thematic A - SEK +27.0 +22.8 - - - - - - - - Funds Global Thematic A - EUR +18.6 +17.5 - - - - - - - - Funds Global Thematic A - NOK +28.7 +33.9 +8.3 -4.9 +13.4 +7.6 -23.5 - - - Funds Global Thematic A - USD +4.2 +22.8 +16.1 -7.3 +12.7 +30.4 -40.7 +9.0 +20.1 +0.9 Funds Global Thematic BI - SEK +27.0 +21.2 - - - - - - - -

Average yearly return, 2 yrs. % Funds Global Thematic A - SEK +21.2 +15.4 +2.0 -1.8 +14.4 -11.0 -16.3 +3.0 +14.8 +14.9 Funds Global Thematic A - EUR +15.3 - - - - - - - - - Funds Global Thematic A - NOK +28.2 +20.2 -0.2 +1.8 +13.1 -12.7 - - - - Funds Global Thematic A - USD +10.5 +19.3 +2.0 +0.2 +24.1 -15.4 -22.2 +14.3 +13.1 +9.3 Funds Global Thematic BI - SEK +21.2 - - - - - - - - -

Comparison to index including dividends, % SEK +24.1 +15.6 +3.7 +0.1 +11.8 -7.6 -13.6 +3.1 +16.4 +15.1 EUR +18.0 - - - - - - - - - NOK +31.3 +20.4 +1.5 +3.8 +10.4 -9.3 - - - - USD +13.1 +19.4 +3.7 +2.2 +21.2 -12.1 -19.6 +14.4 +14.7 +9.5

Average yearly return, 5 yrs. % Funds Global Thematic A - USD +8.0 +13.7 -2.9 -4.1 +1.6 +0.7 -3.5 +14.9 +5.4 -2.9

Comparison to index including dividends, % in USD +9.2 +14.2 -1.3 -2.5 +2.7 +2.1 -1.4 +15.4 +8.6 +1.1

Average yearly return, 10 yrs. % Funds Global Thematic A - USD +4.3 +4.8 +5.6 +0.6 -0.7 -4.6 - - - -

Comparison to index including dividends, % in USD +5.6 +6.1 +6.7 +2.9 +1.9 -0.9 - - - -Index: MSCI AC World




Fund facts2014

Collected mgmt. costs in % of average fund capitalFunds Global Thematic A 1) 1.50Funds Global Thematic BI 2) 1.50

Annual fees in %Funds Global Thematic A 1.54Funds Global Thematic BI 1.51

Turnover rate 1.3








Total risk % - A USD 9.4





Total risk in index % - A USD 9.1





Tracking error % - A USD 2.4



Index MSCI AC World



Active return % - A USD -2.6





Information ratio - A USD Negative





Sharpe ratio - A USD 1.5


Sharpe ratio in index - A SEK 4.1

Sharpe ratio in index - A EUR 2.9


Sharpe ratio in index - A USD 1.9

Sharpe ratio in index - BI SEK 4.1* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.


Minimum investment, SEKFunds Global Thematic A 0Funds Global Thematic BI 0

Risk*Funds Global Thematic SEK 5Funds Global Thematic USD 6


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: C H R I S T O F E R H A L L D I N

BASE CURRENCY

SEK


PREMIUM PENSION

679837


savings

LatinamerikafondManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is togenerate a value growth that exceeds the average for those markets inwhich the fund may invest over the long term and with good riskdiversification. The fund invests in equities issued by companies in LatinAmerica. The fund may also invest in companies within the EU, EFTA,Australia, Hong Kong, Japan, Canada, Singapore and the US that have atleast 25% of their business or market in Latin America. We placeparticular emphasis on ensuring that the company's strategy concurswith our assessment of what can generate favourable share priceperformance when we select equities for the fund. We then evaluate thecompany's key ratios, such as earnings growth relative to the market'sexpectations.

PortfolioThe fund rose 6.2% in 2014*. The economy in the region, most notablyBrazil, remained weak during the year. This was a key factor to the evenresults in the presidential election in the autumn. Although the reigningpresident won the election, we expect to see the implementation ofmarket-friendly changes, which have already begun with the appointmentof the Minister of Finance. The fund continued with the thematic focus onstable companies with strong balance sheets. Current themes in the fundinclude ”Education” and “Infrastructure”. The education company Krotonwas the strongest contributor to fund returns. The Mexican airportoperator OMA also contributed positively to returns. The infrastructurecompany Mills had the most negative impact.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookPressure is increasing on the government in Brazil, given that growth isexpected to remain low and inflation high for some time ahead. A positivefactor is the appointment of a more market-friendly Minister of Financewho has previously implemented necessary reforms at the state level.Extensive structural reforms have already been implemented in Mexico. Ingeneral, our investment countries will be faced with major infrastructureinvestments over the next few years. Add to this one of the world’s mostfavourable demographics. Overall, Latin America provides opportunitiesfor good returns ahead. The fund continues to use a thematic investment

process, with emphasis on the long-term and in companies with strongmarket positions, stable margins and solid balance sheets.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund did not usethis option in 2014.The fund has the option of lending equity. The fund used this option in2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150



Net asset value, SEK Latinamerikafond A1 252.39 237.72 276.93 243.16 312.41 270.17 150.08 257.00 191.85 158.86 Latinamerikafond B1 235.67 229.59 276.93 - - - - - - -

The fund's total net flow, mSEK -856 -758 628 - - - - - - -

Fund capital total, mSEK 2,785 3,471 4,861 3,603 5,938 3,901 1,448 2,309 1,088 866 Latinamerikafond A1 2,782 3,462 4,850 3,603 5,938 3,901 1,448 2,309 1,088 866 Latinamerikafond B1 3 9 11 - - - - - - -

Number of units, 1000's 11,035 14,601 17,552 14,818 19,007 14,438 9,650 8,986 5,673 5,454 Latinamerikafond A1 11,021 14,561 17,511 14,818 19,007 14,438 9,650 8,986 5,673 5,454 Latinamerikafond B1 14 40 41 - - - - - - -

Total returns in %, SEK Latinamerikafond A1 +6.2 -14.2 +17.1 -20.7 +17.1 +86.2 -41.1 +36.5 +21.8 +75.6 Latinamerikafond B1 +6.2 -14.2 +3.6 - - - - - - -

Index including dividends in %, SEK Latinamerikafond A1 +6.9 -14.5 +4.0 -17.0 +10.5 +82.9 -38.3 +35.3 +23.1 +79.6 Latinamerikafond B1 +6.9 -14.5 +3.7 - - - - - - -

Average yearly return, 2 yrs. % Latinamerikafond A1 -4.5 +0.3 -3.7 -3.6 +47.7 +4.8 -10.3 +29.0 +46.3 +50.1 Latinamerikafond B1 -4.5 - - - - - - - - -

Comparison to index including dividends, % in SEK -4.4 -5.7 -7.1 -4.2 +42.2 +6.3 -8.6 +29.0 +48.7 +52.1

Average yearly return, 5 yrs. % Latinamerikafond A1 -0.2 +11.7 +3.6 +6.8 +16.4 +26.2 +17.2 +38.9 +19.4 +16.6

Comparison to index including dividends, % -2.7 +8.3 +1.5 +7.0 +15.7 +27.6 +18.9 +40.7 +21.3 +18.7

Annual Review 2014 – Handelsbanken FonderLatinamerikafond, cont.

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Average yearly return, 10 yrs. % Latinamerikafond A1 +12.3 +14.4 +20.0 +13.0 +16.5 +13.7 +12.6 +13.3 +13.9 +14.2


Dividends per unit, SEK Latinamerikafond A1 - - 7.78 5.17 3.28 5.31 2.37 3.93 1.68 1.67 Latinamerikafond B1 6.89 9.69 - - - - - - - -Index: MSCI Emerging Markets Latin America 10/40 Net




Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesLatinamerikafond A1 1.60Latinamerikafond B1 1.60

Collected mgmt. costs in % of average fund capitalLatinamerikafond A1 1.60Latinamerikafond B1 1.60

Annual fees in %Latinamerikafond A1 1.60Latinamerikafond B1 1.60







Turnover rate 0.3










Index MSCI Emerging MarketsLatin America 10/40 Net





Sharpe ratio - A1 SEK -0.3

Sharpe ratio - B1 SEK -0.3

Sharpe ratio in index - A1 SEK -0.3

Sharpe ratio in index - B1 SEK -0.3



Share class launch dateLatinamerikafond A1 - SEK 1994-01-17Latinamerikafond B1 - SEK 2012-11-14

Minimum investment, SEKLatinamerikafond A1 0Latinamerikafond B1 0

Risk*Latinamerikafond 6




Changes in value for transferable securities * 152,854 -663,356Interest income 119 382Dividends 78,562 107,729Currency exchange profits and losses, net -1,305 -3,993Other financial income 1) 242 484Other income 63 1

Total income and changes in value 230,535 -558,753

E X P E N S E S



Net income 170,284 -631,412




Changes in value for transferablesecurities – Unrealised 241,531 -544,400

Sum 152,854 -663,356




A S S E T S


Total financial instruments withpositive market value Note 2) 2,762,017 99.2 3,432,545 98.9Bank assets and other liquidassets 19,225 0.7 35,561 1.0Prepaid expenses and accruedincome 4,108 0.2 5,095 0.2Other assets 1,444 0.0 26 0.0

Total assets 2,786,794 100.1 3,473,227 100.1


Accrued expenses and prepaidincome 1,921 0.1 2,487 0.1Other liabilities 2 0.0 112 0.0







2014 2013

Fund capital at beginning of year 3,470,628 4,860,596Units issued 886,395 1,099,461Units redeemed -1,742,157 -1,857,266Profit according to Income Statement 170,284 -631,412Dividends to unit holders -279 -751


Annual Review 2014 – Handelsbanken FonderLatinamerikafond, cont.






B R A Z I L ( B R L )

Abril Educação (Diversified Consumer Services) 1,584,000 53,039 1.9Aliansce Shopping Centers (Real Estate) 274,848 13,258 0.5AmBev (Beverages) 1,571,416 75,663 2.7Banco Bradesco pref (Commercial Banks) 503,564 51,993 1.9Banco Daycoval (Commercial Banks) 1,304,105 32,260 1.2BM&FBovespa (Diversified Financial Services) 1,393,000 40,408 1.5BR Malls (Real Estate) 712,485 34,474 1.2Brazil Hospitality Group (Real Estate) 502,847 26,285 0.9CCR (Road and Rail) 1,703,900 77,326 2.8CETIP (Diversified Financial Services) 610,775 57,918 2.1Cielo (IT Services) 480,400 58,953 2.1GAEC Educação (Diversified Consumer Services) 135,000 14,054 0.5Grupo Pão de Açúcar pref (Food and Staples Retailing) 185,900 53,996 1.9International Meal Company (Food Products) 1,163,404 41,114 1.5Itaú Unibanco Holding pref (Commercial Banks) 1,613,986 164,457 5.9Itaú Unibanco Holding pref ADR (Commercial Banks) 709,680 72,278 2.6Itaúsa (Commercial Banks) 1,798,400 49,731 1.8Kroton (Commercial Services and Supplies) 4,263,436 194,611 7.0Localiza Rent a Car (Road and Rail) 100,000 10,516 0.4LPS Brasil (Real Estate Management and Development) 416,000 7,963 0.3M. Dias Branco (Food Products) 60,000 16,079 0.6Mahle-Metal Leve (Auto Components) 284,400 17,555 0.6Mills (Building Products) 564,000 15,862 0.6São Paulo Alpargatas (Textiles, Apparel and Luxury Goods) 1,476,145 31,517 1.1T4F Entretenimento (Leisure Equipment and Products) 575,200 4,879 0.2Tegma (Transportation Infrastructure) 118,563 5,548 0.2Telefônica Brasil (Diversified Telecommunication Services) 319,000 44,013 1.6Ultrapar Participacoes (Oil, Gas and Consumable Fuels) 166,000 25,152 0.9Vale pref (Metals and Mining) 80,000 23 0.0Valid (Media) 473,240 59,091 2.1WEG (Industrial Conglomerates) 248,300 22,376 0.8

1,372,393 49.3C A N A D A ( C A D )

Petroamerica Oil (Oil, Gas and Consumable Fuels) 728,324 689 0.0

689 0.0C H I L E ( C L P )

AFP Habitat (Capital Markets) 4,111,000 48,216 1.7Andina B ADR (Beverages) 499,370 66,456 2.4Andina pref (Beverages) 230,000 5,156 0.2Banmedica (Health Care Providers and Services) 4,360,000 60,743 2.2Coca-Cola Embonor B pref (Beverages) 2,365,000 27,915 1.0Forus (Textiles, Apparel and Luxury Goods) 2,412,861 79,214 2.8Hortifrut (Food Products) 3,353,434 26,820 1.0

314,521 11.3C O L O M B I A ( C O P )

Banco de Bogotá (Commercial Banks) 197,014 42,897 1.5Bolsa de Valores de Colombia (Diversified Financial Services) 197,817,474 13,684 0.5Corficolombiana (Diversified Financial Services) 192,000 25,273 0.9Grupo Odinsa (Construction and Engineering) 1,030,016 26,804 1.0Terpel (Specialty Retail) 135,000 7,827 0.3

116,484 4.2M E X I C O ( M X N )

Actinver (Software) 2,716,400 23,876 0.9ALFA (Industrial Conglomerates) 2,010,000 35,196 1.3América Móvil (Wireless Telecommunication Services) 5,141,600 44,893 1.6Banorte (Commercial Banks) 1,136,505 49,205 1.8Bolsa Mexicana de Valores (Diversified Financial Services) 521,761 7,404 0.3Crédito Real (Real Estate Management and Development) 1,715,370 28,770 1.0Fomento (Beverages) 27,500 1,911 0.1Fomento ADR (Beverages) 182,020 125,434 4.5Gruma (Food Products) 785,700 65,835 2.4Grupo Aeroportuario del Centro Norte (Transportation Infrastructure) 2,254,900 80,908 2.9Grupo Aeroportuario del Pacífico ADR (Transportation Infrastructure) 81,559 84,175 3.0Grupo Herdez (Food Products) 2,416,700 45,436 1.6Grupo Sports World (Multiline Retail) 1,200,000 16,443 0.6Hoteles City Express (Hotels, Restaurants and Leisure) 2,970,579 36,602 1.3PINFRA (Transportation Infrastructure) 772,970 73,032 2.6Vesta (Real Estate Management and Development) 700,000 10,893 0.4

730,013 26.2


PERU (PEN)

Alicorp (Food Products) 4,057,000 75,864 2.7Andino Investment (Transportation Infrastructure) 1,350,000 7,137 0.3Corporación Lindley (Beverages) 1,069,367 7,734 0.3Credicorp ADR (Commercial Banks) 35,400 44,389 1.6Graña y Montero (Construction and Engineering) 1,196,000 23,119 0.8Inretail Peru (Food and Staples Retailing) 160,000 22,483 0.8Intergroup (Commercial Banks) 198,300 47,191 1.7

227,917 8.2











Itaúsa 10.3 Fomento 4.6

Embotelladora Andina 2.6


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: E R I K G U N N A R S S O N

BASE CURRENCY

SEK


PREMIUM PENSION

718205


savings



Funds Swedish Short Term AssetsHandelsbanken Funds Swedish Short Term Assets

Management ReportInvestment FocusThe fund is an actively managed fixed income fund and its objective is toattain returns that exceed the average for the Swedish money marketwith low risk and a maximum average residual fixed interest period of upto one year. The fund invests in fixed income securities denominated inSEK and issued by states and companies. These shall have a minimumcredit rating of BBB- (investment grade) according to Standard & Poor'sor Baa3 according to Moody's rating scale. The fund may also invest insecurities that lack an official credit rating if we consider it as having anequivalent credit quality. The average residual fixed interest period for thefund's investments is a maximum of one year. If we believe market rateswill be falling, we may choose a longer fixed interest period andconversely, we may choose a shorter fixed interest period if we believemarket rates are rising.

PortfolioThe fund rose 0.9% in 2014*. The Riksbank cut the repo rate in twostages during the year from 0.75% to a record low of 0% as a result oflow inflation. Accordingly, short-term market rates fell sharply. Thetwo-year Swedish government bond fell from approximately 1.1% at theoutset of the year to only 0.01% at year-end. The fund was positioned forfalling rates in and benefited from the decline in interest rates. Corporatebonds also posted strength and contributed positively to returns. Thelower interest rates on government bonds increased demand forcorporate bonds, which led to the narrowing of credit spreads. Credit

spreads narrowed at the outset of the year and levelled out moderatelyduring the summer, before narrowing again during Q4 2014. The fund’sinvestment strategy with selective investments in high-quality corporatebonds was very successful in 2014.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookAt the end of 2014 the Riksbank communicated that the first hike in reporates would be postponed and that the zero interest rate would remainthroughout 2015. In addition, the Riksbank has not ruled out theintroduction of additional measures if inflation outlooks do not improve.The continuing low short-term rates result in lower than expected returnsin the fund. However, we expect the fund to generate positive returns in2015 due to the overweight in mortgage bonds and long-termcommercial paper.


Fund performance*

50

100

150



Stadshypotek 1577 6,00% 2015-12-16 5.8

Länsförsäkringar FRN 2016-04-08 3.2

ICA Gruppen FRN 2016-12-12 2.4

Volvo FRN 2016-09-19 2.3

Nykredit 3,00% 2015-10-01 2.3

Volkswagen FRN 2015-12-02 2.3

Länsförsäkringar 1,49% 2016-01-15 2.2

Volkswagen FRN 2016-02-03 2.2

SBAB FRN 2016-10-17 2.1

SEB FRN 2015-07-03 2.0


Net asset value, SEK Funds Swedish Short Term Assets A 144.49 143.20 141.41 137.77 134.56 134.06 131.80 128.72 125.47 123.33 Funds Swedish Short Term Assets A2 145.43 143.85 141.83 137.98 - - - - - -

Fund capital total, mSEK 28,337 31,940 29,429 21,747 16,849 16,510 13,923 22,707 25,156 21,449 Funds Swedish Short Term Assets A 24,500 26,114 24,441 19,649 16,849 16,510 13,923 22,707 25,156 21,449 Funds Swedish Short Term Assets A2 3,838 5,826 4,987 2,098 - - - - - -

Number of units, 1000's 195,949 222,859 208,004 157,832 125,219 123,148 105,638 176,400 200,485 173,917 Funds Swedish Short Term Assets A 169,559 182,355 172,839 142,630 125,219 123,148 105,638 176,400 200,485 173,917 Funds Swedish Short Term Assets A2 26,390 40,503 35,165 15,202 - - - - - -

Total returns in %, SEK Funds Swedish Short Term Assets A +0.9 +1.3 +2.6 +2.4 +0.4 +1.7 +2.4 +2.6 +1.7 +1.6 Funds Swedish Short Term Assets A2 +1.1 +1.4 +2.8 - - - - - - -

Index including dividends in %, SEK Funds Swedish Short Term Assets A +0.5 +0.9 +1.2 +1.6 +0.3 +0.4 +4.5 +3.4 +2.2 +1.9 Funds Swedish Short Term Assets A2 +0.5 +0.9 +1.2 - - - - - - -

Average yearly return, 2 yrs. % Funds Swedish Short Term Assets A +1.1 +2.0 +2.5 +1.4 +1.0 +2.1 +2.5 +2.2 +1.6 +1.8 Funds Swedish Short Term Assets A2 +1.3 - - - - - - - - -

Comparison to index including dividends, % in SEK +0.7 +1.0 +1.4 +1.0 +0.4 +2.5 +4.0 +2.8 +2.1 +2.2

Average yearly return, 5 yrs. % Funds Swedish Short Term Assets A +1.5 +1.7 +1.9 +1.9 +1.8 +2.0 +2.1 +2.2 +2.4 +2.8



Annual Review 2014 – Handelsbanken FundsFunds Swedish Short Term Assets, cont.


Funds Swedish Short Term Assets A +1.8 +1.9 +2.0 +2.2 +2.3 +2.6 - - - -

Comparison to index including dividends, % +1.7 +1.9 +2.2 +2.5 +2.8 +3.2 - - - -Index: OMRX Treasury Bill Index




Fund facts2014

Collected mgmt. costs in % of average fund capitalFunds Swedish Short Term Assets A 1) 2) 0.40Funds Swedish Short Term Assets A2 3) 0.20

Annual fees in %Funds Swedish Short Term Assets A 0.41Funds Swedish Short Term Assets A2 0.21

Turnover rate 0.4


Duration, months 3.6


2) The fund's management fee was lowered from 0.40% to 0.30% on December 1, 2014.

3) The fund's management fee was lowered from 0.20% to 0.15% on December 1, 2014.








Index OMRX Treasury Bill Index

Active return % - A SEK 0.4

Active return % - A2 SEK 0.6

Information ratio - A SEK 4.2

Information ratio - A2 SEK 5.5




Sharpe ratio in index - A2 SEK -0.4



Share class launch dateFunds Swedish Short Term Assets A - SEK 1998-09-23Funds Swedish Short Term Assets A2 - SEK 2011-01-31

Minimum investment, SEKFunds Swedish Short Term Assets A 0Funds Swedish Short Term Assets A2 1,000,000

Risk*Funds Swedish Short Term Assets 1


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: J O A K I M B U D D G Å R D

U p t o 3 0 / 0 9 / 2 0 1 4 J O H A N N G U G G I

BASE CURRENCY

SEK


PREMIUM PENSION

682377


savings



Funds Swedish Bonds Handelsbanken Funds Swedish Bonds A, SEK

Management ReportInvestment FocusThe fund is an actively managed fixed income fund and its objective is toattain returns with a good diversification of risk that exceed the averagefor the Swedish fixed income market. The fund invests in fixed incomesecurities denominated in SEK and issued by states and companies.These shall have a minimum credit rating of BBB- (investment grade)according to Standard & Poor's or Baa3 according to Moody's ratingscale. The fund may also invest in securities that lack an official creditrating if we consider it as having an equivalent credit quality. The averageresidual fixed interest period for the fund's investments is between twoand seven years. If we believe market rates will be falling, we may choosea longer fixed interest period and conversely, we may choose a shorterfixed interest period if we believe market rates are rising.

PortfolioThe fund rose 6.3% in 2014*. Swedish long-term rates fell sharply duringthe year and traded at a record low of 0.9% at year-end. A continuation ofsurprisingly low inflation and low key rates from central banks drove downinterest rates. The fund’s strategy was to have a duration that was shorterthan benchmark throughout much of the year, as we believed that

government bonds were over-valued. Durations then varied to benefitfrom short-term market movements and were between 3.0 years and 4.7years. As a result of the declining interest rates, fund returns werenegatively affected by the short-term duration. However, returns benefitedfrom the overweight in covered mortgage bonds. The portfolio waschanged at year-end to lengthen the interest rate level and position thefund for further low interest rates. The proportion of corporate bonds andcovered bonds was increased to 23% and 70%, respectively, andholdings were concentrated to 4-6 years duration.*) Refer to fund statistics for comparable index.

OutlookWe expect inflation to remain weak throughout 2015. As a result, theEuropean central bank, ECB, and the Riksbank continue to stimulate theeconomy with additional easing measures. This creates a favourableenvironment for corporate bonds and covered mortgage bonds. Despitethe stimulus measures, we believe it will take some time before inflationgains momentum. Accordingly, interest rates are expected to remain lowat the beginning of 2015 and rise slightly later in the year.

Fund performance*

50

100

150



Nordea Hypotek 5529 2,00% 2018-06-20 10.8

SEB Bolån 3,00% 2018-06-20 9.9

Stadshypotek 1580 3,00% 2018-03-21 7.6

SCBC 141 2,00% 2020-06-17 7.0

Länsförsäkringar Hypotek 513 2020-09-16 6.6

Kommuninvest 2,25% 2019-03-12 6.1

Swedbank Hypotek 186 3,75% 2017-12-20 5.1

Swedbank Hypotek 5,70% 2020-05-12 5.0

SEB Bolån 572 3.00% 2019-06-19 3.5

Länsförsäkringar Hypotek 2,50% 2018-06-20 3.2


Net asset value, SEK 3,845.48 3,617.04 3,618.78 3,445.74 3,163.29 3,121.26 3,110.65 2,760.52 2,754.80 2,754.36

Fund capital, mSEK 3,198 2,516 1,836 1,546 1,226 1,004 439 356 404 441

Number of units, 1000’s 832 696 507 449 388 322 141 129 147 160

Total returns in %, SEK +6.3 0.0 +5.0 +8.9 +1.4 +0.3 +12.7 +0.2 0.0 +4.5

Index including dividends in %, SEK +9.3 -1.1 +2.4 +11.2 +2.4 +1.0 +14.5 +1.6 +0.9 +5.6





Average yearly return, 10 yrs. % +3.9 +3.9 +4.3 +4.5 +3.9 +4.6 - - - -

Comparison to index including dividends, % +4.7 +4.6 +5.2 +5.8 +5.0 +5.7 - - - -Index: HMNI Swe All Government Dur Const 6Y (HMSD6) 70%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 30%



Fund facts2014



Turnover rate 2.6


Duration, years 4.3



Total risk % 2.3



70%, HMNI Swe AllMortgage Dur Const 2.5Y

(HMSMD25) 30%




Sharpe ratio 1.0



Annual Review 2014 – Handelsbanken FundsFunds Swedish Bonds, cont.




Risk* 3


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: J O A K I M B U D D G Å R D

U p t o 3 0 / 0 9 / 2 0 1 4 J O H A N N G U G G I

BASE CURRENCY

SEK


Långräntefond SverigeManagement ReportInvestment FocusThe fund is an actively managed fixed income fund and its objective is toattain returns with a good diversification of risk that exceed the averagefor the Swedish fixed income market. The fund invests in fixed incomesecurities denominated in SEK and issued by states and companies.These shall have a minimum credit rating of BBB- (investment grade)according to Standard & Poor's or Baa3 according to Moody's ratingscale. The fund may also invest in securities that lack an official creditrating if we consider it as having an equivalent credit quality. The averageresidual fixed interest period for the fund's investments is between twoand seven years. If we believe market rates will be falling, we may choosea longer fixed interest period and conversely, we may choose a shorterfixed interest period if we believe market rates are rising.

PortfolioThe fund rose 6.3% in 2014*. Swedish long-term rates fell sharply duringthe year and traded at a record low of 0.9% at year-end. A continuation ofsurprisingly low inflation and low key rates from central banks drove downinterest rates. The fund’s strategy was to have a duration that was shorterthan benchmark throughout much of the year, as we believed thatgovernment bonds were over-valued. Durations then varied to benefitfrom short-term market movements and were between 3.0 years and 4.7years. As a result of the declining interest rates, fund returns werenegatively affected by the short-term duration. However, returns benefitedfrom the overweight in covered mortgage bonds. The portfolio waschanged at year-end to lengthen the interest rate level and position thefund for further low interest rates. The proportion of corporate bonds andcovered bonds was increased to 23% and 70%, respectively andholdings were concentrated to 4-6 years duration.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookWe expect inflation to remain weak throughout 2015. As a result, theEuropean central bank, ECB, and the Riksbank continue to stimulate theeconomy with additional easing measures. This creates a favourableenvironment for corporate bonds and covered mortgage bonds. Despitethe stimulus measures, we believe it will take some time before inflationgains momentum. Accordingly, interest rates are expected to remain lowat the beginning of 2015 and rise slightly later in the year.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus. The fund may use derivatives to correct its positionwithin the duration interval as well as to quickly and cost-effectivelyincrease or eliminate exposure to different durations. The advantage withderivative instruments is that it is possible to change the fund’s exposureto different durations in a simple and controlled way with a limited numberof transactions. The fund used this option extensively in 2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150



Net asset value, SEK Långräntefond Sverige A1 113.01 106.30 106.29 103.19 98.24 100.50 106.81 96.50 96.84 97.65 Långräntefond Sverige B1 105.63 101.88 104.79 - - - - - - -

The fund's total net flow, mSEK 1) 4,811 900 566 - - - - - - -

Fund capital total, mSEK 10,646 5,340 4,430 3,673 3,240 2,987 1,050 1,236 1,444 1,413 Långräntefond Sverige A1 8,989 5,081 4,054 3,673 3,240 2,987 1,050 1,236 1,444 1,413 Långräntefond Sverige B1 1,657 259 376 - - - - - - -

Number of units, 1000's 95,232 50,340 41,732 35,593 32,974 29,717 9,828 12,809 14,914 14,472 Långräntefond Sverige A1 79,545 47,803 38,140 35,593 32,974 29,717 9,828 12,809 14,914 14,472 Långräntefond Sverige B1 15,687 2,537 3,592 - - - - - - -

Total returns in %, SEK Långräntefond Sverige A1 +6.3 0.0 +5.3 +9.4 +1.5 +0.8 +13.1 +0.4 +0.1 +4.6 Långräntefond Sverige B1 +6.3 0.0 +0.1 - - - - - - -

Index including dividends in %, SEK Långräntefond Sverige A1 +9.3 -1.1 +2.4 +11.2 +2.4 +1.0 +14.5 +1.6 +0.9 +5.6 Långräntefond Sverige B1 +9.3 -1.1 -0.3 - - - - - - -

Average yearly return, 2 yrs. % Långräntefond Sverige A1 +3.1 +2.6 +7.3 +5.4 +1.1 +6.8 +6.6 +0.2 +2.3 +5.8 Långräntefond Sverige B1 +3.1 - - - - - - - - -

Comparison to index including dividends, % in SEK +4.0 +0.6 +6.7 +6.7 +1.7 +7.5 +7.9 +1.3 +3.3 +6.9

Average yearly return, 5 yrs. % Långräntefond Sverige A1 +4.5 +3.3 +5.9 +4.9 +3.1 +3.7 +4.9 +3.1 +4.6 +5.1



Annual Review 2014 – Handelsbanken FonderLångräntefond Sverige, cont.


Långräntefond Sverige A1 +4.1 +4.1 +4.5 +4.8 +4.1 +4.8 +4.6 +4.6 +5.3 +7.1


Dividends per unit, SEK Långräntefond Sverige A1 - - 2.28 4.28 3.76 7.16 2.33 0.70 0.89 5.74 Långräntefond Sverige B1 2.55 2.88 1.50 - - - - - - -1) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of the full-year 2012.

Index: HMNI Swe All Government Dur Const 6Y (HMSD6) 70%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 30%




Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesLångräntefond Sverige A1 0.80Långräntefond Sverige B1 0.80

Collected mgmt. costs in % of average fund capitalLångräntefond Sverige A1 0.75Långräntefond Sverige B1 0.75

Annual fees in %Långräntefond Sverige A1 0.75Långräntefond Sverige B1 0.75





Turnover rate 1.7



Duration, years 4.3









70%, HMNI Swe AllMortgage Dur Const 2.5Y

(HMSMD25) 30%











Share class launch dateLångräntefond Sverige A1 - SEK 1988-04-25Långräntefond Sverige B1 - SEK 2012-11-14

Minimum investment, SEKLångräntefond Sverige A1 0Långräntefond Sverige B1 0

Risk*Långräntefond Sverige 3




Changes in value for transferable securities * 334,134 -93,970Changes in value for other derivativeinstruments ** -27,146 -12,521Interest income 252,477 161,427Other income 20 6


E X P E N S E S



Net income 495,918 18,941





Sum 334,134 -93,970




Changes in value for other derivativeinstruments – Unrealised - 5,128

Sum -27,146 -12,521



A S S E T S

Transferable securities 10,287,592 96.6 5,195,113 97.3Other derivative instrumentswith positive market value - - 1,929 0.0

Total financial instruments withpositive market value Note 2) 10,287,592 96.6 5,197,042 97.3Bank assets and other liquidassets 241,046 2.3 77,256 1.5Prepaid expenses and accruedincome 120,517 1.1 68,991 1.3Other assets 629 0.0 213 0.0

Total assets 10,649,784 100.0 5,343,502 100.1


Accrued expenses and prepaidincome 3,484 0.0 1,785 0.0Other liabilities - - 1,806 0.1






2014 2013

Fund capital at beginning of year 5,339,911 4,430,205Units issued 6,989,614 4,933,946Units redeemed -2,172,635 -4,031,713Profit according to Income Statement 495,918 18,941Dividends to unit holders -6,508 -11,468


Annual Review 2014 – Handelsbanken FonderLångräntefond Sverige, cont.







Credit Suisse 0,875% 2017-12-12 154,000 153,795 1.4Danske Bank 1,225% 2019-12-09 232,000 232,077 2.2

385,872 3.6G O V E R N M E N T

Kommuninvest 1,00% 2018-06-20 200,000 203,592 1.9Kommuninvest 2,25% 2019-03-12 591,000 630,680 5.9Statsobligation 1047 5,00% 2020-12-01 100 127 0.0Statsobligation 1052 4,25% 2019-03-12 100 117 0.0Statsobligation 1053 3,50% 2039-03-30 100 137 0.0Statsobligation 1054 3,50% 2022-06-01 100 121 0.0Statsobligation 1056 2.25% 2032-06-01 100,800 113,304 1.1Statsobligation 1057 1,50% 2023-11-13 168,400 178,349 1.7Statsobligation 1058 2,50% 2025-05-12 100 115 0.0

1,126,542 10.6M O R T G A G E

Länsförsäkringar Hypotek 2,50% 2018-06-20 375,000 399,975 3.8Länsförsäkringar Hypotek 4,50% 2017-06-21 159,000 174,992 1.6Länsförsäkringar Hypotek 513 2020-09-16 604,000 678,340 6.4Nordea Hypotek 5529 2,00% 2018-06-20 1,057,000 1,109,723 10.4Nordea Hypotek 5530 2,25% 2019-06-19 195,500 208,342 2.0SEB Bolån 3,00% 2018-06-20 937,500 1,016,288 9.5SEB Bolån 569 4,25% 2016-06-15 245,500 259,489 2.4SEB Bolån 572 3.00% 2019-06-19 322,000 353,620 3.3Stadshypotek 1577 6,00% 2015-12-16 111,000 117,031 1.1Stadshypotek 1580 3,00% 2018-03-21 722,000 779,587 7.3Stadshypotek 1582 2,50% 2019-09-18 49,000 52,828 0.5Stadshypotek 1583 4,25% 2020-06-17 180,000 211,343 2.0Swedbank Hypotek 184 3,75% 2016-06-15 205,600 215,868 2.0Swedbank Hypotek 186 3,75% 2017-12-20 470,500 515,950 4.8

6,093,377 57.2O T H E R

Framtiden 2,25% 2018-04-25 122,000 128,057 1.2ICA Gruppen FRN 2016-12-12 132,000 131,938 1.2Länsförsäkringar 1,265% 2019-11-18 232,000 232,664 2.2Loomis 1,875% 2019-12-18 93,000 92,751 0.9SBAB 1,24% 2019-11-18 157,000 157,531 1.5Scania 0,875% 2018-12-03 143,000 142,803 1.3SCBC 141 2,00% 2020-06-17 690,000 727,722 6.8Swedbank 1,115% 2019-11-19 153,000 153,057 1.4Swedbank 1,115% 2019-11-19 78,000 78,029 0.7Swedbank Hypotek 5,70% 2020-05-12 410,000 511,881 4.8TeliaSonera 1,125% 2019-12-04 153,000 153,050 1.4Vasakronan 1,84% 2018-05-21 168,000 172,319 1.6

2,681,801 25.2






Statstermin 10 år 2015-03-18 1) 434,000 0 0.0






1) Interest rate futures with underlying exposure of SEK 641,409t, which is equivalent to 6.0% of fund capital.Counterparty NASDAQ OMX.






SEB 15.2


Swedbank 13.7

Nordea 12.4

Handelsbanken 10.9

Kommuninvest 7.8

Svenska staten 2.8


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: P E T E R F A H L S T E D T

BASE CURRENCY

SEK


PREMIUM PENSION

750075


savings



MSCI Emerging Markets IndexHandelsbanken MSCI Emerging Markets Index

Management ReportInvestment FocusThe fund is an index fund and its objective is to follow the performance ofthe MSCI Emerging Markets Index as closely as possible. The fundinvests in equities included in the index. The index consists of companiesin Asia, Latin America, Eastern Europe and Africa. The fund may usederivatives such as futures as a complement to protect the fund’s value orto enable cost savings.

PortfolioMSCI Emerging Markets Index rose 17.7% in 2014*. The portfolioconsists of equities included in the MSCI Emerging Markets Index. Theindex is reweighted four times per year: the end of February, the end ofMay, the end of August and the end of November. Samsung Electronics,Taiwan Semiconductor and Tencent Holdings were the three largestequity holdings at year-end. The four largest sectors represented almost65% of the portfolio and consisted of financials, information technology,consumer discretionary and consumer staples. Sixty-five percent of fundassets at year-end were invested in Asian companies, 18% invested inSouth American companies, 9% invested in European companies and 8%invested in African companies. The United Arab Emirates and Qatar wereincluded when the MSCI Emerging Markets Index was reweighted at theend of May. These countries were also added as new investmentcountries in the fund.

*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookAn economic environment with low interest rates and weak global growthbenefits emerging markets, which have better demographics and lowerdebt than many of the developing countries. However, higher interestrates in the US threaten to hold back stock market performance in theemerging markets, as a stronger USD can be contractionary in certaincountries. Greater focus is expected to be placed on the long-termgrowth potential is some countries. Consequently, we believe that lowrates, improved earnings and a higher risk appetite will also create goodpotential for positive returns in 2015.


Fund performance*

50

100

150

2013 2014* Performance is shown in the fund's base currency. The fund may have several share classes, which are referred to inthe fund's facts.* Fund performance includes dividends added back for funds with a distribution class.


Samsung Electronics (Information Technology) 3.6

Taiwan Semiconductor (Information Technology) 3.1

Tencent (Information Technology) 2.1

Lyxor ETF MSCI Emerging Markets C-EUR 2.1

China Mobile HKD (Telecommunication Services) 2.0

China Construction Bank (Financials) 1.6

Industrial & Commercial Bank of China HKD (Financials) 1.5

Naspers (Consumer Discretionary) 1.4

Bank of China (Financials) 1.2

América Móvil (Telecommunication Services) 1.1


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value MSCI Emerging Markets Index A - SEK 112.80 95.83 - - - - - - - - MSCI Emerging Markets Index A - EUR 11.91 - - - - - - - - - MSCI Emerging Markets Index A - NOK 108.04 - - - - - - - - - MSCI Emerging Markets Index AI - SEK 113.64 96.11 - - - - - - - - MSCI Emerging Markets Index AI - EUR 12.00 - - - - - - - - - MSCI Emerging Markets Index BI - SEK 107.30 93.45 - - - - - - - -

Fund capital total, mSEK 2,214 1,442 - - - - - - - - MSCI Emerging Markets Index A - SEK 205 94 - - - - - - - - MSCI Emerging Markets Index A - EUR 2 - - - - - - - - - MSCI Emerging Markets Index A - NOK 1 - - - - - - - - - MSCI Emerging Markets Index AI - SEK 1,845 1,284 - - - - - - - - MSCI Emerging Markets Index AI - EUR 1 - - - - - - - - - MSCI Emerging Markets Index BI - SEK 131 64 - - - - - - - -

Number of units, 1000's 19,528 15,024 - - - - - - - - MSCI Emerging Markets Index A - SEK 1,817 981 - - - - - - - - MSCI Emerging Markets Index A - EUR 166 - - - - - - - - - MSCI Emerging Markets Index A - NOK 9 - - - - - - - - - MSCI Emerging Markets Index AI - SEK 16,232 13,355 - - - - - - - - MSCI Emerging Markets Index AI - EUR 81 - - - - - - - - - MSCI Emerging Markets Index BI - SEK 1,222 687 - - - - - - - -

Annual Review 2014 – Handelsbanken FundsMSCI Emerging Markets Index, cont.

31/1-31/122014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Total returns in %, SEK MSCI Emerging Markets Index A - SEK +17.7 -4.2 - - - - - - - - MSCI Emerging Markets Index A - EUR +10.0 - - - - - - - - - MSCI Emerging Markets Index A - NOK +19.4 - - - - - - - - - MSCI Emerging Markets Index AI - SEK +18.2 -3.9 - - - - - - - - MSCI Emerging Markets Index AI - EUR +10.5 - - - - - - - - - MSCI Emerging Markets Index BI - SEK +17.8 -4.1 - - - - - - - -

Index including dividends in %, SEK MSCI Emerging Markets Index A - SEK +19.2 -3.0 - - - - - - - - MSCI Emerging Markets Index A - EUR +11.4 - - - - - - - - - MSCI Emerging Markets Index A - NOK +20.9 - - - - - - - - - MSCI Emerging Markets Index AI - SEK +19.2 -3.0 - - - - - - - - MSCI Emerging Markets Index AI - EUR +11.4 - - - - - - - - - MSCI Emerging Markets Index BI - SEK +19.2 -3.0 - - - - - - - -Index: MSCI Emerging Markets Index




Fund facts2014

Collected mgmt. costs in % of average fund capitalMSCI Emerging Markets Index A 1) 0.80MSCI Emerging Markets Index AI 2) 0.40MSCI Emerging Markets Index BI 0.80

Annual fees in %MSCI Emerging Markets Index A 0.84MSCI Emerging Markets Index AI 0.41MSCI Emerging Markets Index BI 0.81

Turnover rate 0.0




Total risk in index % 10.9* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.


Share class launch dateMSCI Emerging Markets Index A - SEK 2013-01-31MSCI Emerging Markets Index AI - SEK 2013-01-31MSCI Emerging Markets Index BI - SEK 2013-01-31

Minimum investment, SEKMSCI Emerging Markets Index A 0MSCI Emerging Markets Index AI 10,000,000MSCI Emerging Markets Index BI 0

Risk*MSCI Emerging Markets Index 6


This fund is not in any way sponsored, endorsed, sold or promoted by MSCI Inc. ("MSCI"), any of theirrespective affiliates, any of its information providers or any other third-party involved in or related to thecompiling, computing or creating of any of the MSCI indices (collectively, "MSCI parties"). MSCI has exclusiveownership of the MSCI Index. MSCI and the MSCI Index name are the service marks for MSCI or its respectiveaffiliates and is licensed for use for certain purposes by the Management Company. MSCI parties make norepresentation or warranty, expressly or implicitly, to the issuer or owners of this fund or any other person orentity with regard to the advisability of investing in the funds in general or in the fund specifically or the potentialof any MSCI Index to reflect comparable results on the equity market. MSCI or their respective affiliates is thelicenser of certain trademarks, service marks and business names and of the MSCI Index, which is created,compiled and computed by MSCI, irrespective of this fund and the issuer or owner of this fund and any otherperson or entity. None of the MSCI parties are required to take into account the needs of the issuer or ownerof this fund or any other person or entity regarding the creating, compiling or computing of the MSCI Index.None of the MSCI parties have any responsibility for or have participated in the establishment of the timing,prices or quantities of this fund at issue or in the determination or calculation of redemption fees or thecalculation of which redemption fee shall be payable for the fund. Further, none of the MSCI parties have anycommitment or any responsibility to the issuer or owner of this fund or any other person or entity in conjunctionwith the administration, marketing or sales of this fund. Although MSCI shall obtain information to be includedin or used in the calculation of the MSCI Index from sources viewed by MSCI as reliable, none of the MSCIparties make any guarantee regarding the originality, accuracy and/or completeness of any MSCI Index or inany information included therein. The MSCI parties do not make any warranty, expressly or implicitly, about theresults obtained by the issuer of this fund, the owners of the fund or any other person or entity, through theuse of any MSCI Index or any information included therein. None of the MSCI parties can be made liable forany errors, omissions or disruptions in or in conjunction with any MSCI Index or any information includedtherein. Further, none of the MSCI parties make any expressed or implicit guarantees whatsoever, and theMSCI parties hereby waive all guarantees for the marketability and suitability for a specific purpose regardingeach MSCI Index and any information included therein. Without imposing any limitations to that which hasbeen stated, the MSCI parties shall not be held liable in any event for any direct, indirect, special, punitive,consequential or other damages (including lost profits) even if there was notification of the possibility of suchdamages.

Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: K A R L S T A V E N B E R G

BASE CURRENCY

SEK


PREMIUM PENSION

929224


savings

MSCI USA IndexManagement ReportInvestment FocusThe fund is an index fund and its objective is to follow the MSCI USAIndex as closely as possible. The fund invests in equities issued bycompanies in the US. The MSCI USA Index consists of large andmid-sized US companies on the New York exchanges. The fund may alsoinvest in other funds and in an account. The fund may invest in derivativeinstruments as part of the fund’s investment focus.

PortfolioThe fund rose 35.9% in 2014*. MSCI USA Index included 631 companiesat year-end. Apple, Exxon Mobil and Microsoft were the three largestequity holdings in the fund.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookThe US economy continues to improve. The strong balance sheets ofcompanies also support the US stock market. However, the recovery inthe US has caused the US central bank, the Federal Reserve, to end itsmonetary stimulus and any rate hike could lead to uncertainty in the stockmarket. Overall, we have a positive outlook to the US equity market in2015.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to cost-effectively increase exposure to an index. Theadvantage with derivative instruments is that it is possible to change thefund’s exposure in different types of assets or in different markets in a

simple and controlled way with a limited number of transactions. The fundused this option to a limited extent in 2014.The fund has the option of lending equity. The fund used this option in2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.



Fund performance*

50

100

150

200

250

2011 2012 2013 2014* Performance is shown in the fund's base currency. The fund may have several share classes, which are referred to inthe fund's facts.* Fund performance includes dividends added back for funds with a distribution class.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK MSCI USA Index A1 1) 216.68 159.40 122.75 112.58 - - - - - - MSCI USA Index B1 1) 203.36 154.92 122.75 - - - - - - -

The fund's total net flow, mSEK 2) 2,976 -1,961 2,527 - - - - - - -

Fund capital total, mSEK 6,800 2,548 3,719 1,061 - - - - - - MSCI USA Index A1 6,618 2,534 3,719 1,061 - - - - - - MSCI USA Index B1 182 14 0 - - - - - - -

Number of units, 1000's 31,437 15,986 30,295 9,422 - - - - - - MSCI USA Index A1 30,542 15,894 30,295 9,422 - - - - - - MSCI USA Index B1 895 92 0 - - - - - - -

Total returns in %, SEK MSCI USA Index A1 +35.9 +29.9 +9.2 +12.6 - - - - - - MSCI USA Index B1 +35.9 +29.9 -0.2 - - - - - - -

Index including dividends in %, SEK MSCI USA Index A1 +37.4 +30.1 +9.4 +12.0 - - - - - - MSCI USA Index B1 +37.4 +30.1 +1.2 - - - - - - -

Average yearly return, 2 yrs. % MSCI USA Index A1 +32.9 +19.1 - - - - - - - - MSCI USA Index B1 +32.9 - - - - - - - - -

Comparison to index including dividends, % in SEK +33.7 +19.3 - - - - - - - -

Dividends per unit, SEK MSCI USA Index A1 - - 0.20 - - - - - - - MSCI USA Index B1 5.42 3.68 - - - - - - - -1) The share price has been affected for funds with holdings in US equities based on a judgment in the Administrative Court. The funds are now charged full dividend tax (30%) instead of the previous tax of 15%. The new tax rate is applicable on dividends



Index: MSCI USA Net




Annual Review 2014 – Handelsbanken FonderMSCI USA Index, cont.

Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesMSCI USA Index A1 0.90MSCI USA Index B1 0.90

Collected mgmt. costs in % of average fund capitalMSCI USA Index A1 0.40MSCI USA Index B1 0.40

Annual fees in %MSCI USA Index A1 0.40MSCI USA Index B1 0.40







Turnover rate 0.4










Index MSCI USA Net











Share class launch dateMSCI USA Index A1 - SEK 2011-08-31MSCI USA Index B1 - SEK 2012-11-14

Minimum investment, SEKMSCI USA Index A1 0MSCI USA Index B1 0

Risk*MSCI USA Index 5




Changes in value for transferable securities * 1,222,133 743,813Changes in value for other derivativeinstruments ** 722 4,379Changes in value for fund units *** 33,012 7,525Interest income 49 57Dividends 34,634 49,583Currency exchange profits and losses, net 1,280 -3,002Other financial income 1) 15 47Other income 6 4

Total income and changes in value 1,291,851 802,406

E X P E N S E S



Net income 1,276,124 789,634




Changes in value for transferablesecurities – Unrealised 1,153,021 447,543

Sum 1,222,133 743,813



Changes in value for other derivativeinstruments - Capital losses -3,221 -


Sum 722 4,379




Changes in value for fund units –Unrealised 170 3,361

Sum 33,012 7,525

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK18 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. The counterparty in securities lending during theyear was: Credit Suisse Securities (Europe) Ltd2) The item consists primarily of transaction costs.



A S S E T S

Transferable securities 6,720,264 98.8 2,437,453 95.7Other derivative instrumentswith positive market value - - 0 0.0Fund units 71,611 1.1 105,002 4.1

Total financial instruments withpositive market value Note 2) 6,791,875 99.9 2,542,455 99.8Bank assets and other liquidassets 25,740 0.4 9,392 0.4Prepaid expenses and accruedincome 6,927 0.1 3,255 0.1Other assets 23,541 0.3 - -

Total assets 6,848,083 100.7 2,555,102 100.3


OTC derivative instruments withnegative market value 223 0.0 - -

Total financial instruments withnegative market value Note 2) 223 0.0 - -Accrued expenses and prepaidincome 1,171 0.0 445 0.0Other liabilities 46,840 0.7 6,990 0.3




Collateral received for financialinstruments lent * - - 21,251 0.8

Other derivative instrumentswith negative market value 1) 788 0.0 3,993 0.21) Liquid assets total SEK 788t.



2014 2013

Fund capital at beginning of year 2,547,667 3,718,691Units issued 4,272,716 2,240,209Units redeemed -1,296,111 -4,200,767Profit according to Income Statement 1,276,124 789,634Dividends to unit holders -547 -100









21st Century Fox A (Media) 61,485 18,485 0.321st Century Fox B (Media) 19,651 5,675 0.1Advance Auto Parts (Auto Components) 3,403 4,243 0.1Amazon.com (Internet and Catalog Retail) 17,326 42,093 0.6Autoliv SDB (Auto Components) 4,495 3,734 0.1AutoNation (Specialty Retail) 2,687 1,271 0.0AutoZone (Specialty Retail) 1,293 6,267 0.1Bed Bath & Beyond (Specialty Retail) 8,412 5,016 0.1Best Buy (Specialty Retail) 13,952 4,257 0.1BorgWarner (Auto Components) 11,130 4,788 0.1Cablevision (Media) 10,584 1,710 0.0CarMax (Automobiles) 9,612 5,010 0.1Carnival Paired CTF (Hotels, Restaurants and Leisure) 17,099 6,068 0.1CBS (Media) 21,801 9,445 0.1Charter Communications (Media) 3,376 4,403 0.1Chipotle Mexican Grill (Hotels, Restaurants and Leisure) 1,435 7,689 0.1Coach (Textiles, Apparel and Luxury Goods) 12,111 3,561 0.1Comcast A (Media) 95,448 43,345 0.6Comcast K (Media) 18,720 8,436 0.1Costco Wholesale (Multiline Retail) 19,352 21,474 0.3Darden Restaurants (Hotels, Restaurants and Leisure) 5,990 2,749 0.0Delphi Automotive (Auto Components) 14,368 8,179 0.1Dick's Sporting Goods (Specialty Retail) 4,531 1,761 0.0DIRECTV (Media) 21,138 14,347 0.2Discovery Communications (Media) 10,831 2,859 0.0Discovery Communications Inc A (Media) 7,809 2,106 0.0Dish Network (Media) 10,623 6,061 0.1Dollar General (Multiline Retail) 13,532 7,489 0.1Dollar Tree (Multiline Retail) 8,546 4,708 0.1Expedia (Internet and Catalog Retail) 5,013 3,350 0.0Family Dollar Stores (Multiline Retail) 3,990 2,474 0.0Foot Locker (Specialty Retail) 6,354 2,794 0.0Ford (Automobiles) 162,795 19,753 0.3Fossil (Textiles, Apparel and Luxury Goods) 1,768 1,533 0.0GameStop (Specialty Retail) 5,926 1,568 0.0GAP (Specialty Retail) 10,976 3,618 0.1Garmin (Media) 6,074 2,512 0.0General Motors (Automobiles) 57,389 15,684 0.2Genuine Parts (Distributors) 6,649 5,547 0.1Hanesbrands (Textiles, Apparel and Luxury Goods) 5,249 4,587 0.1Harley-Davidson (Automobiles) 9,485 4,894 0.1Hasbro (Leisure Equipment and Products) 4,898 2,108 0.0Hilton Worldwide (Hotels, Restaurants and Leisure) 18,881 3,856 0.1Home Depot (Specialty Retail) 60,197 49,466 0.7Interpublic Group (Media) 19,666 3,198 0.0Jarden (Household Durables) 7,948 2,979 0.0Johnson Controls (Auto Components) 30,525 11,551 0.2Kohl's (Multiline Retail) 8,479 4,052 0.1L Brands (Specialty Retail) 11,183 7,577 0.1Las Vegas Sands (Leisure Equipment and Products) 18,270 8,318 0.1Leggett & Platt (Household Durables) 6,340 2,115 0.0Lennar (Household Durables) 8,335 2,924 0.0Liberty Global A (Media) 11,099 4,362 0.1Liberty Global C (Media) 29,221 11,051 0.2Liberty Media A (Media) 3,966 1,095 0.0Liberty Media C (Media) 10,038 2,753 0.0Liberty Media International (Internet and Catalog Retail) 21,145 4,870 0.1LKQ (Distributors) 13,529 2,978 0.0Lowe's (Specialty Retail) 43,383 23,365 0.3Lululemon Athletica (Textiles, Apparel and Luxury Goods) 4,712 2,058 0.0Macy's (Multiline Retail) 15,919 8,194 0.1Marriott International (Hotels, Restaurants and Leisure) 10,137 6,192 0.1Mattel (Leisure Equipment and Products) 14,190 3,437 0.1McDonald's (Hotels, Restaurants and Leisure) 43,037 31,568 0.5McGraw-Hill (Media) 12,453 8,674 0.1MGM Resorts International (Leisure Equipment and Products) 18,063 3,023 0.0Michael Kors Holdings (Textiles, Apparel and Luxury Goods) 8,981 5,280 0.1Netflix (Media) 2,434 6,509 0.1Newell Rubbermaid (Household Durables) 13,745 4,098 0.1News Corporation (Media) 15,399 1,891 0.0Nike B (Textiles, Apparel and Luxury Goods) 30,681 23,093 0.3Nordstrom (Multiline Retail) 6,301 3,916 0.1Norwegian Cruise Line (Hotels, Restaurants and Leisure) 3,622 1,326 0.0Omnicom Group (Media) 11,980 7,265 0.1O'Reilly Auto Parts (Auto Components) 4,385 6,612 0.1PetSmart (Specialty Retail) 3,962 2,521 0.0Polaris Industries (Automobiles) 3,131 3,707 0.1Priceline.com (Internet and Catalog Retail) 2,335 20,842 0.3Pulte Homes (Household Durables) 13,579 2,281 0.0


PVH (Textiles, Apparel and Luxury Goods) 3,706 3,718 0.1Ralph Lauren (Textiles, Apparel and Luxury Goods) 2,691 3,901 0.1Roper Industries (Household Durables) 4,699 5,751 0.1Ross Stores (Specialty Retail) 9,641 7,114 0.1Royal Carribean Cruises (Hotels, Restaurants and Leisure) 7,399 4,774 0.1Scripps Networks Interactive (Media) 3,889 2,292 0.0Sherwin-Williams (Specialty Retail) 3,882 7,994 0.1Signet Jewelers (Specialty Retail) 3,226 3,323 0.0Sirius XM Holdings (Media) 110,915 3,039 0.0Stanley Black & Decker (Household Durables) 6,712 5,048 0.1Staples (Specialty Retail) 28,610 4,058 0.1Starbucks (Hotels, Restaurants and Leisure) 33,112 21,268 0.3Starwood Hotels and Resorts Worldwide (Hotels, Restaurants and Leisure) 8,166 5,182 0.1Target (Multiline Retail) 26,399 15,687 0.2Tesla Motors (Automobiles) 4,118 7,170 0.1Tiffany & Co (Specialty Retail) 5,750 4,810 0.1Time Warner (Media) 37,832 25,298 0.4Time Warner Cable (Media) 12,453 14,824 0.2TJX Companies (Specialty Retail) 31,042 16,665 0.2Tractor Supply (Specialty Retail) 6,521 4,024 0.1TripAdvisor (Internet and Catalog Retail) 4,761 2,783 0.0TRW Automotive (Auto Components) 5,129 4,130 0.1Ulta Salon, Cosmetics & Fragrance (Specialty Retail) 2,520 2,522 0.0Under Armour (Textiles, Apparel and Luxury Goods) 7,032 3,738 0.1Urban Outfitters (Specialty Retail) 3,658 1,006 0.0VF (Textiles, Apparel and Luxury Goods) 15,768 9,245 0.1Viacom (Media) 16,605 9,782 0.1Walt Disney (Media) 73,595 54,265 0.8Whirlpool (Household Durables) 3,487 5,289 0.1Wyndham Worldwide (Hotels, Restaurants and Leisure) 5,295 3,555 0.1Wynn Resorts (Hotels, Restaurants and Leisure) 3,358 3,910 0.1Yum Brands (Hotels, Restaurants and Leisure) 19,376 11,050 0.2

903,862 13.3C O N S U M E R S T A P L E S

Altria Group (Household Products) 87,808 33,867 0.5Archer Daniels Midland (Food Products) 28,596 11,641 0.2AVON Products (Personal Products) 21,518 1,582 0.0Brown-Forman (Beverages) 5,756 3,958 0.1Bunge (Food Products) 6,265 4,459 0.1Campbell Soup (Food Products) 7,318 2,521 0.0Church & Dwight (Household Products) 5,697 3,515 0.1Clorox (Household Products) 5,769 4,706 0.1Coca-Cola (Beverages) 176,256 58,254 0.9Coca-Cola Enterprises (Beverages) 10,370 3,590 0.1Colgate-Palmolive (Household Products) 40,318 21,838 0.3ConAgra (Food Products) 19,280 5,476 0.1Constellation Brands (Beverages) 7,136 5,484 0.1CVS Caremark (Food and Staples Retailing) 51,148 38,562 0.6Dr Pepper Snapple Group (Beverages) 8,471 4,753 0.1Energizer Holdings (Household Products) 2,702 2,719 0.0General Mills (Food Products) 26,578 11,096 0.2Herbalife (Personal Products) 1,935 571 0.0Hormel Foods (Food and Staples Retailing) 6,121 2,496 0.0J.M. Smucker (Food Products) 4,225 3,340 0.0Kellogg's (Food Products) 12,053 6,175 0.1Keurig Green Mountain (Food Products) 5,779 5,989 0.1Kimberly-Clark (Household Products) 17,132 15,495 0.2Kraft Foods (Food Products) 25,410 12,464 0.2Kroger (Food and Staples Retailing) 20,772 10,441 0.2Lorillard (Tobacco) 16,209 7,986 0.1McCormick (Food Products) 4,153 2,416 0.0Mead Johnson Nutrition (Personal Products) 9,314 7,331 0.1Mohawk Industries (Household Products) 2,647 3,219 0.0Molson Coors Brewing (Beverages) 6,987 4,076 0.1Mondelēz International (Food Products) 74,342 21,140 0.3Monster Beverage (Beverages) 6,167 5,231 0.1PepsiCo (Beverages) 67,134 49,695 0.7Philip Morris International (Tobacco) 69,660 44,416 0.7Procter & Gamble (Household Products) 120,702 86,070 1.3Reynolds American (Tobacco) 14,918 7,506 0.1Safeway (Food and Staples Retailing) 9,618 2,644 0.0Sysco (Food and Staples Retailing) 26,059 8,097 0.1The Hershey Company (Food Products) 6,136 4,992 0.1Tyson Foods (Food Products) 14,841 4,658 0.1Walgreens Boots Alliance (Food and Staples Retailing) 40,159 23,955 0.4Wal-Mart Stores (Food and Staples Retailing) 72,059 48,445 0.7Whole Foods Market: (Food and Staples Retailing) 16,801 6,631 0.1

613,499 9.0E N E R G Y

Airgas (Oil, Gas and Consumable Fuels) 2,809 2,533 0.0Anadarko Petroleum (Oil, Gas and Consumable Fuels) 22,484 14,521 0.2Antero Resources (Oil, Gas and Consumable Fuels) 1,668 530 0.0Apache (Oil, Gas and Consumable Fuels) 17,245 8,460 0.1Baker Hughes (Energy Equipment and Services) 19,541 8,577 0.1Cabot Oil & Gas (Oil, Gas and Consumable Fuels) 18,836 4,366 0.1Cameron International (Energy Equipment and Services) 9,015 3,525 0.1



CenterPoint Energy (Energy Equipment and Services) 17,980 3,298 0.0Chesapeake Energy (Oil, Gas and Consumable Fuels) 25,948 3,975 0.1Chevron (Oil, Gas and Consumable Fuels) 83,881 73,662 1.1Cimarex Energy (Oil, Gas and Consumable Fuels) 3,936 3,266 0.0Cobalt International Energy (Oil, Gas and Consumable Fuels) 10,110 704 0.0Concho Resources (Oil, Gas and Consumable Fuels) 5,403 4,219 0.1ConocoPhillips (Oil, Gas and Consumable Fuels) 54,608 29,522 0.4CONSOL Energy (Oil, Gas and Consumable Fuels) 11,198 2,964 0.0Continental Resources (Oil, Gas and Consumable Fuels) 5,418 1,627 0.0Core Laboratories (Energy Equipment and Services) 2,012 1,895 0.0Devon Energy (Oil, Gas and Consumable Fuels) 17,761 8,510 0.1Diamond Offshore Drilling (Energy Equipment and Services) 2,103 604 0.0Energen (Oil, Gas and Consumable Fuels) 3,276 1,635 0.0Ensco (Energy Equipment and Services) 11,042 2,589 0.0EOG Resources (Oil, Gas and Consumable Fuels) 24,994 18,014 0.3Exxon Mobil (Oil, Gas and Consumable Fuels) 190,571 137,920 2.0FMC Technologies (Energy Equipment and Services) 9,753 3,576 0.1Halliburton (Energy Equipment and Services) 37,807 11,640 0.2Helmerich & Payne (Energy Equipment and Services) 4,236 2,236 0.0Hess (Oil, Gas and Consumable Fuels) 11,693 6,757 0.1HollyFrontier (Oil, Gas and Consumable Fuels) 7,230 2,121 0.0Kinder Morgan (Oil, Gas and Consumable Fuels) 79,475 26,323 0.4Marathon Oil (Oil, Gas and Consumable Fuels) 28,866 6,393 0.1Marathon Petroleum (Oil, Gas and Consumable Fuels) 12,773 9,025 0.1MDU Resources (Energy Equipment and Services) 9,147 1,683 0.0Murphy Oil (Oil, Gas and Consumable Fuels) 6,467 2,558 0.0Nabors Industries (Energy Equipment and Services) 15,471 1,572 0.0National Oilwell Varco (Energy Equipment and Services) 19,093 9,794 0.1Noble Corporation (Energy Equipment and Services) 12,445 1,614 0.0Noble Energy (Oil, Gas and Consumable Fuels) 15,226 5,653 0.1Northeast Utilities (Energy Equipment and Services) 13,634 5,712 0.1NRG Energy (Energy Equipment and Services) 14,261 3,009 0.0Occidental Petroleum (Oil, Gas and Consumable Fuels) 33,889 21,385 0.3Oceaneering International (Energy Equipment and Services) 4,393 2,022 0.0Phillips 66 (Oil, Gas and Consumable Fuels) 24,788 13,913 0.2Pioneer Natural Resources (Oil, Gas and Consumable Fuels) 6,069 7,072 0.1SCANA (Energy Equipment and Services) 6,279 2,969 0.0Schlumberger (Energy Equipment and Services) 57,452 38,413 0.6Southwestern Energy (Oil, Gas and Consumable Fuels) 16,825 3,594 0.1Spectra Energy (Oil, Gas and Consumable Fuels) 33,978 9,655 0.1Superior Energy Services (Energy Equipment and Services) 8,836 1,394 0.0Tesoro (Oil, Gas and Consumable Fuels) 5,908 3,439 0.1Valero Energy (Oil, Gas and Consumable Fuels) 23,555 9,128 0.1Weatherford International (Energy Equipment and Services) 38,609 3,461 0.1Whiting Petroleum (Oil, Gas and Consumable Fuels) 6,344 1,639 0.0Williams (Oil, Gas and Consumable Fuels) 31,895 11,221 0.2

565,889 8.3F I N A N C I A L S

ACE (Insurance) 15,466 13,909 0.2Affiliated Managers Group (Capital Markets) 2,599 4,318 0.1Aflac (Insurance) 19,911 9,522 0.1AIG (Insurance) 63,365 27,783 0.4Alleghany (Insurance) 698 2,533 0.0Allstate (Insurance) 19,682 10,824 0.2Ally Financial (Consumer Finance) 18,155 3,357 0.0American Capital Agency (Diversified Financial Services) 13,288 2,271 0.0American Express (Consumer Finance) 41,556 30,267 0.4American Realty Capital Properties (Real Estate Investment Trusts) 41,846 2,965 0.0Ameriprise Financial (Capital Markets) 8,752 9,061 0.1Annaly Capital Management (Real Estate Investment Trusts) 36,566 3,094 0.0


Aon (Insurance) 12,443 9,237 0.1Arch Capital Group (Insurance) 5,801 2,684 0.0Assurant (Insurance) 3,482 1,865 0.0AvalonBay Communities (Real Estate Investment Trusts) 5,963 7,627 0.1Axis Capital Holdings (Insurance) 4,779 1,911 0.0Bank of America (Diversified Financial Services) 470,474 65,889 1.0Bank of New York Mellon (Capital Markets) 52,420 16,648 0.2BB&T (Commercial Banks) 32,175 9,795 0.1Berkshire Hathaway B (Insurance) 51,438 60,461 0.9BlackRock (Diversified Financial Services) 5,849 16,372 0.2Boston Properties (Real Estate Investment Trusts) 6,814 6,865 0.1Camden Property Trust (Real Estate) 3,961 2,290 0.0Cap One Finance (Consumer Finance) 24,765 16,004 0.2CBRE Group (Real Estate Management and Development) 14,805 3,969 0.1Charles Schwab (Capital Markets) 52,795 12,477 0.2Chubb (Insurance) 10,820 8,764 0.1Cincinnati Financial (Insurance) 7,825 3,175 0.0CIT Group (Commercial Banks) 8,417 3,152 0.0Citigroup (Diversified Financial Services) 134,180 56,837 0.8CME Group (Diversified Financial Services) 14,266 9,900 0.1Comerica (Commercial Banks) 8,045 2,950 0.0Crown Castle (Real Estate Investment Trusts) 14,279 8,797 0.1Digital Realty Trust (Real Estate Investment Trusts) 5,533 2,872 0.0Discover Financial Services (Diversified Financial Services) 21,068 10,801 0.2Duke Realty (Real Estate) 16,639 2,631 0.0Eaton Vance (Capital Markets) 6,389 2,047 0.0Equity Residential (Real Estate Investment Trusts) 15,536 8,737 0.1Essex Property Trust (Real Estate Investment Trusts) 2,926 4,732 0.1Everest Reinsurance Group (Insurance) 2,345 3,126 0.0Federal Realty Investment Trust (Real Estate) 3,221 3,365 0.0Fidelity National Financial (Diversified Financial Services) 11,668 3,147 0.0Fidelity National Information Services (Insurance) 13,784 6,712 0.1Fifth Third Bancorp (Commercial Banks) 35,728 5,699 0.1First Republic Bank (Commercial Banks) 5,240 2,138 0.0Franklin Resources (Capital Markets) 18,638 8,079 0.1General Growth Properties (Real Estate) 22,390 4,930 0.1Genworth Financial (Insurance) 24,796 1,650 0.0Goldman Sachs (Capital Markets) 17,539 26,613 0.4Hartford Financial Services Group (Insurance) 21,437 6,996 0.1HCP (Real Estate Investment Trusts) 20,544 7,081 0.1Health Care Real Estate Investment Trusts (Real Estate) 14,569 8,630 0.1Host Hotel & Resorts (Real Estate) 31,435 5,849 0.1Hudson City Bancorp (Thrifts and Mortgage Finance) 25,540 2,023 0.0Huntington Bancshares (Commercial Banks) 36,905 3,039 0.0IntercontinentalExchange (Diversified Financial Services) 5,075 8,712 0.1Invesco (Diversified Financial Services) 18,835 5,827 0.1JPMorgan Chase (Diversified Financial Services) 168,424 82,510 1.2KeyCorp (Commercial Banks) 35,373 3,849 0.1Kimco Realty (Real Estate Investment Trusts) 18,391 3,619 0.1Legg Mason (Commercial Banks) 4,632 1,935 0.0Leucadia National (Diversified Financial Services) 14,391 2,526 0.0Liberty Property Trust (Real Estate) 6,409 1,888 0.0Lincoln National (Insurance) 11,591 5,233 0.1Loews (Insurance) 15,108 4,970 0.1M&T Bank (Commercial Banks) 5,270 5,182 0.1Macerich (Real Estate Investment Trusts) 6,623 4,325 0.1Marsh & McLennan (Insurance) 24,949 11,179 0.2Metlife (Insurance) 43,694 18,501 0.3Moody's (Diversified Financial Services) 8,198 6,149 0.1Morgan Stanley (Capital Markets) 66,035 20,057 0.3NASDAQ OMX Group (Diversified Financial Services) 5,024 1,886 0.0Navient (Consumer Finance) 20,411 3,453 0.1New York Community Bancorp (Thrifts and Mortgage Finance) 21,113 2,644 0.0Northern Trust (Capital Markets) 9,663 5,098 0.1PartnerRe (Insurance) 2,143 1,915 0.0People's United Financial (Thrifts and Mortgage Finance) 16,566 1,969 0.0Plum Creek Timber (Real Estate Investment Trusts) 7,031 2,355 0.0PNC Bank (Commercial Banks) 24,476 17,480 0.3Principal Financial Group (Insurance) 13,539 5,505 0.1Progressive Ohio (Insurance) 26,710 5,643 0.1Prologis (Real Estate Investment Trusts) 20,677 6,965 0.1Prudential Financial (Insurance) 20,447 14,479 0.2Public Storage (Real Estate Investment Trusts) 6,613 9,569 0.1Raymond James (Diversified Financial Services) 6,361 2,853 0.0Rayonier (Real Estate) 6,405 1,401 0.0Realogy Holdings (Real Estate) 7,314 2,547 0.0Realty Income (Real Estate Investment Trusts) 10,006 3,737 0.1



Regency Centers (Commercial Banks) 4,855 2,424 0.0Regions Financial (Commercial Banks) 60,844 5,030 0.1RenaissanceRe Holdings (Insurance) 2,174 1,655 0.0SEI (Capital Markets) 6,200 1,943 0.0Simon Property Group (Real Estate Investment Trusts) 13,692 19,519 0.3SL Green Realty (Real Estate Investment Trusts) 4,172 3,887 0.1State Street (Capital Markets) 18,980 11,664 0.2SunTrust Banks (Commercial Banks) 24,258 7,957 0.1Synchrony Financial (Consumer Finance) 9,463 2,204 0.0T. Rowe Price (Capital Markets) 11,925 8,015 0.1TD Ameritrade Holding (Commercial Banks) 13,717 3,842 0.1Torchmark (Insurance) 5,716 2,424 0.0Travelers (Insurance) 14,887 12,336 0.2U.S. Bancorp (Commercial Banks) 79,853 28,099 0.4UDR (Real Estate) 11,769 2,839 0.0Unum Group (Insurance) 11,651 3,181 0.0Ventas (Real Estate) 13,031 7,314 0.1Vornado Realty Trust (Real Estate Investment Trusts) 7,659 7,057 0.1Voya Financial (Diversified Financial Services) 9,026 2,994 0.0W.R. Berkley (Insurance) 5,571 2,236 0.0Wells Fargo (Commercial Banks) 222,276 95,389 1.4Willis Group (Insurance) 6,426 2,254 0.0XL Group (Insurance) 11,737 3,158 0.0

1,091,853 16.1H E A L T H C A R E

Abbott Laboratories (Pharmaceuticals) 66,453 23,420 0.3AbbVie (Pharmaceuticals) 70,667 36,201 0.5Actavis (Pharmaceuticals) 11,749 23,675 0.3Aetna (Health Care Providers and Services) 15,829 11,007 0.2Alexion Pharmaceuticals (Pharmaceuticals) 8,760 12,689 0.2Allergan (Pharmaceuticals) 13,255 22,059 0.3AmerisourceBergen (Health Care Providers and Services) 10,385 7,330 0.1Amgen (Biotechnology) 34,026 42,429 0.6Anthem (Health Care Providers and Services) 12,328 12,128 0.2Baxter International (Health Care Equipment and Supplies) 23,800 13,655 0.2Becton Dickinson (Health Care Equipment and Supplies) 8,528 9,290 0.1Biogen Idec (Biotechnology) 10,417 27,681 0.4Biomarin Pharmaceutical (Biotechnology) 6,402 4,531 0.1Boston Scientific (Health Care Equipment and Supplies) 56,089 5,818 0.1Bristol-Myers Squibb (Pharmaceuticals) 73,676 34,046 0.5C. R. Bard (Health Care Equipment and Supplies) 3,105 4,050 0.1Cardinal Health (Health Care Providers and Services) 15,116 9,553 0.1CareFusion (Health Care Providers and Services) 9,443 4,387 0.1Celgene (Biotechnology) 35,184 30,810 0.5Cerner (Health Care Providers and Services) 13,242 6,703 0.1CIGNA (Health Care Providers and Services) 11,852 9,548 0.1Covidien Public (Health Care Equipment and Supplies) 20,533 16,440 0.2Davita (Health Care Providers and Services) 6,969 4,132 0.1DENTSPLY International (Health Care Equipment and Supplies) 6,160 2,569 0.0Edwards Lifesciences (Pharmaceuticals) 4,673 4,660 0.1Eli Lilly (Pharmaceuticals) 44,861 24,228 0.4Endo International (Pharmaceuticals) 7,133 4,027 0.1Estée Lauder Companies A (Health Care Equipment and Supplies) 9,616 5,736 0.1Express Scripts (Health Care Providers and Services) 32,828 21,759 0.3Gilead Science (Biotechnology) 67,532 49,831 0.7HCA Holdings (Health Care Providers and Services) 13,718 7,881 0.1Henry Schein (Health Care Providers and Services) 3,839 4,092 0.1Hologic (Health Care Equipment and Supplies) 11,277 2,361 0.0Hospira (Health Care Providers and Services) 7,393 3,545 0.1Humana (Health Care Providers and Services) 7,040 7,916 0.1Illumina (Health Care Equipment and Supplies) 6,376 9,213 0.1Incyte (Biotechnology) 6,391 3,658 0.1Intuitive Surgical (Health Care Equipment and Supplies) 1,669 6,911 0.1Jazz Pharmaceuticals (Pharmaceuticals) 2,769 3,549 0.1Johnson & Johnson (Pharmaceuticals) 124,864 102,214 1.5Laboratory Corporation of America (Health Care Providers and Services) 3,394 2,867 0.0Mallinckrodt Pharmaceuticals (Pharmaceuticals) 5,338 4,138 0.1McKesson (Health Care Providers and Services) 10,625 17,265 0.3Medivation (Biotechnology) 3,783 2,950 0.0Medtronic (Health Care Equipment and Supplies) 43,453 24,560 0.4Merck (Pharmaceuticals) 129,472 57,559 0.8Mettler-Toledo (Life Sciences Tools and Services) 1,350 3,196 0.0Mylan Laboratories (Pharmaceuticals) 17,262 7,617 0.1Omnicare (Pharmaceuticals) 4,117 2,350 0.0Patterson (Health Care Providers and Services) 3,141 1,183 0.0


Perrigo (Pharmaceuticals) 6,145 8,041 0.1Pfizer (Pharmaceuticals) 282,448 68,875 1.0Pharmacyclics (Biotechnology) 3,073 2,941 0.0Quest Diagnostics (Health Care Providers and Services) 5,596 2,938 0.0Quintiles Transnational (Life Sciences Tools and Services) 2,724 1,255 0.0Range Recources (Health Care Equipment and Supplies) 6,825 2,856 0.0Regeneron Pharmaceuticals (Pharmaceuticals) 3,522 11,311 0.2ResMed (Health Care Equipment and Supplies) 6,589 2,892 0.0Salix Pharmaceuticals (Pharmaceuticals) 2,709 2,438 0.0St. Jude Medical (Health Care Equipment and Supplies) 13,202 6,721 0.1Stryker (Health Care Equipment and Supplies) 15,005 11,080 0.2The Cooper Companies (Health Care Equipment and Supplies) 2,143 2,719 0.0Thermo Fisher Scientific (Life Sciences Tools and Services) 17,790 17,448 0.3UnitedHealth Group (Health Care Providers and Services) 42,965 34,001 0.5Universal Health Services (Health Care Providers and Services) 4,480 3,902 0.1Varian Medical System (Health Care Equipment and Supplies) 4,442 3,008 0.0Vertex Pharmaceuticals (Health Care Providers and Services) 10,670 9,923 0.1Zimmer Holdings (Health Care Equipment and Supplies) 7,349 6,525 0.1Zoetis (Pharmaceuticals) 23,375 7,874 0.1

966,162 14.2I N D U S T R I A L S

3M (Industrial Conglomerates) 27,558 35,449 0.5ADT (Commercial Services and Supplies) 9,302 2,638 0.0AGCO (Machinery) 3,930 1,391 0.0Alliance Data Systems (Commercial Services and Supplies) 2,967 6,644 0.1American Airlines (Airlines) 8,353 3,507 0.1AMETEK (Electrical Equipment) 11,827 4,873 0.1Avago Technologies (Electrical Equipment) 11,405 8,981 0.1Avery Dennison (Commercial Services and Supplies) 4,567 1,855 0.0B/E Aerospace (Aerospace and Defense) 8,527 3,873 0.1Boeing (Aerospace and Defense) 34,271 34,871 0.5C.H. Robinson Worldwide (Air Freight and Logistics) 6,895 4,042 0.1Caterpillar (Machinery) 27,010 19,353 0.3CB&I (Construction and Engineering) 5,031 1,653 0.0Cintas (Commercial Services and Supplies) 5,479 3,364 0.0CREE (Electrical Equipment) 6,550 1,652 0.0CSX (Road and Rail) 45,104 12,792 0.2Cummins (Machinery) 8,024 9,056 0.1Danaher (Machinery) 28,655 19,226 0.3Deere & Company (Machinery) 15,041 10,417 0.2Delta Air Lines (Airlines) 9,368 3,607 0.1Dover (Machinery) 7,755 4,354 0.1Dun & Bradstreet (Commercial Services and Supplies) 2,023 1,916 0.0Eaton (Machinery) 15,074 8,019 0.1Emerson Electric (Electrical Equipment) 31,855 15,394 0.2Equifax (Commercial Services and Supplies) 5,954 3,769 0.1Expeditors International (Air Freight and Logistics) 8,780 3,066 0.0Fastenal (Trading Companies and Distributors) 12,935 4,816 0.1FedEx (Air Freight and Logistics) 12,486 16,974 0.2Flowserve (Industrial Conglomerates) 5,801 2,717 0.0General Electric (Industrial Conglomerates) 451,159 89,248 1.3H & R Block (Commercial Services and Supplies) 14,047 3,704 0.1Honeywell International (Aerospace and Defense) 42,809 33,485 0.5IHS (Professional Services) 3,480 3,102 0.0Illinois Tool Works (Machinery) 17,485 12,962 0.2Ingersoll-Rand (Machinery) 11,911 5,911 0.1J.B. Hunt Transport Services (Transportation Infrastructure) 3,904 2,575 0.0Joy Global (Machinery) 4,461 1,625 0.0Kansas City Southern (Road and Rail) 5,067 4,840 0.1Lam Research (Machinery) 7,029 4,366 0.1ManpowerGroup (Commercial Services and Supplies) 3,973 2,120 0.0Masco (Building Products) 18,814 3,711 0.1Nielsen Holdings (Professional Services) 16,046 5,619 0.1Norfolk Southern (Road and Rail) 14,055 12,060 0.2PACCAR (Machinery) 16,316 8,687 0.1Pall (Machinery) 5,486 4,347 0.1Parker Hannifin (Machinery) 7,023 7,089 0.1Pentair (Machinery) 8,728 4,538 0.1Precision Castparts (Aerospace and Defense) 8,386 15,813 0.2Republic Services (Commercial Services and Supplies) 13,191 4,156 0.1Robert Half International (Commercial Services and Supplies) 6,509 2,975 0.0Rockwell Automation (Electrical Equipment) 6,271 5,459 0.1Rockwell Collins (Aerospace and Defense) 17,035 11,266 0.2Sensata Technologies Holding (Electrical Equipment) 8,847 3,630 0.1Snap-on (Machinery) 2,864 3,066 0.0



Southwest Airlines (Airlines) 9,634 3,192 0.0SPX (Machinery) 2,181 1,467 0.0Stericycle (Commercial Services and Supplies) 4,391 4,506 0.1Toll Brothers (Construction and Engineering) 7,366 1,976 0.0Towers Watson (Professional Services) 3,489 3,091 0.0Transdigm Group (Aerospace and Defense) 5,921 9,101 0.1Tyco International (Commercial Services and Supplies) 19,336 6,639 0.1Union Pacific (Road and Rail) 40,130 37,424 0.6United Continental Holdings (Airlines) 3,921 2,053 0.0United Rentals (Trading Companies and Distributors) 4,577 3,655 0.1United Technologies (Aerospace and Defense) 45,528 40,987 0.6UPS (Air Freight and Logistics) 31,326 27,262 0.4Verisk Analytics (Professional Services) 6,961 3,490 0.1W.W. Grainger (Trading Companies and Distributors) 2,746 5,479 0.1Wabtec (Machinery) 4,667 3,174 0.0Waste Management (Commercial Services and Supplies) 21,099 8,476 0.1Xylem (Machinery) 9,901 2,951 0.0


Accenture (IT Services) 28,469 19,904 0.3Activision Blizzard (Software) 21,508 3,393 0.0Adobe Systems (Software) 20,794 11,834 0.2Agilent (Elec Equip, Instr & Comp) 14,909 4,778 0.1Akamai Technologies (Internet Software and Services) 8,341 4,111 0.1Altera (Semiconductors and Semiconductor Eqp.) 12,914 3,734 0.1Amphenol (Computers and Peripherals) 13,279 5,594 0.1Analog Devices (Semiconductors and Semiconductor Eqp.) 14,299 6,215 0.1Ansys (Software) 3,759 2,413 0.0Apple (Computers and Peripherals) 266,641 230,400 3.4Applied Material (Semiconductors and Semiconductor Eqp.) 54,600 10,651 0.2Arrow Electronics (Computers and Peripherals) 4,166 1,888 0.0Autodesk (Software) 9,766 4,592 0.1Automatic Data Processing (IT Services) 21,683 14,151 0.2Avnet (Elec Equip, Instr & Comp) 6,611 2,226 0.0Broadcom (Semiconductors and Semiconductor Eqp.) 24,868 8,435 0.1CA (Software) 13,368 3,187 0.0Cisco Systems (Communications Equipment) 226,693 49,361 0.7Citrix Systems (Software) 7,506 3,749 0.1Cognizant Technology Solutions (IT Services) 27,136 11,186 0.2Computer Sciences (IT Services) 6,434 3,176 0.0Corning (Communications Equipment) 57,983 10,408 0.2eBay (Internet Software and Services) 48,989 21,522 0.3Electronic Arts (Software) 13,454 4,952 0.1EMC (Computers and Peripherals) 90,403 21,047 0.3Equinix (Internet Software and Services) 2,350 4,171 0.1F5 Networks (Software) 3,631 3,708 0.1Facebook (Internet Software and Services) 87,944 53,713 0.8FireEye (Software) 4,702 1,162 0.0Fiserv (IT Services) 11,476 6,376 0.1FleetCor Technologies (IT Services) 3,414 3,974 0.1Flextronic International (Elec Equip, Instr & Comp) 30,567 2,675 0.0FLIR Systems (Elec Equip, Instr & Comp) 6,654 1,683 0.0Google (Internet Software and Services) 14,562 60,493 0.9Google C (Internet Software and Services) 10,751 44,303 0.7Harris (Communications Equipment) 4,016 2,258 0.0Hewlett-Packard (Computers and Peripherals) 83,013 26,078 0.4IBM (Computers and Peripherals) 42,425 53,284 0.8Intel (Semiconductors and Semiconductor Eqp.) 221,598 62,953 0.9Intuit (Software) 12,047 8,694 0.1Iron Mountain (IT Services) 7,841 2,373 0.0Juniper Networks (Communications Equipment) 17,806 3,111 0.0KLA-Tencor (Semiconductors and Semiconductor Eqp.) 7,737 4,259 0.1Linear Technology (Semiconductors and Semiconductor Eqp.) 9,738 3,476 0.1LinkedIn (Internet Software and Services) 4,799 8,630 0.1Marvell Technology Group (Semiconductors and Semiconductor Eqp.) 18,862 2,141 0.0Mastercard (IT Services) 44,568 30,060 0.4Maxim Integrated Products (Semiconductors and Semiconductor Eqp.) 13,036 3,252 0.0Microchip Technology (Semiconductors and Semiconductor Eqp.) 7,801 2,755 0.0Micron Technology (Semiconductors and Semiconductor Eqp.) 47,484 13,014 0.2Microsoft (Software) 348,934 126,880 1.9Motorola Solutions (Communications Equipment) 9,221 4,842 0.1NetApp (IT Services) 14,198 4,607 0.1NetSuite (Software) 1,291 1,103 0.0Nuance Communication (Software) 13,521 1,510 0.0NVIDIA (Semiconductors and Semiconductor Eqp.) 22,812 3,580 0.1Oracle (Software) 158,630 55,844 0.8Palo Alto Networks (Communications Equipment) 2,894 2,777 0.0


Paychex (IT Services) 14,735 5,326 0.1Qualcomm (Communications Equipment) 74,053 43,090 0.6Rackspace Hosting (Internet Software and Services) 5,858 2,147 0.0Red Hat (Software) 8,868 4,800 0.1Salesforce.com (Software) 26,040 12,090 0.2SanDisk (Internet Software and Services) 10,295 7,896 0.1SBA Communications (Communications Equipment) 6,028 5,227 0.1Seagate Technology (Computers and Peripherals) 15,014 7,816 0.1ServiceNow (Software) 5,856 3,110 0.0Skyworks Solutions (Semiconductors and Semiconductor Eqp.) 8,453 4,811 0.1Symantec (Software) 31,421 6,310 0.1Synopsys (Software) 5,689 1,936 0.0TE Connectivity (Elec Equip, Instr & Comp) 18,680 9,249 0.1Teradata (Computers and Peripherals) 6,290 2,151 0.0Texas Instrument (Semiconductors and Semiconductor Eqp.) 46,240 19,353 0.3Total System Services (Computers and Peripherals) 7,396 1,966 0.0Trimble Navigation (Communications Equipment) 10,431 2,167 0.0Twitter (Internet Software and Services) 16,538 4,644 0.1Vantiv A (IT Services) 5,360 1,423 0.0VeriSign (Internet Software and Services) 5,497 2,453 0.0Visa (IT Services) 22,284 45,739 0.7VMware (Software) 3,745 2,419 0.0Waters (Elec Equip, Instr & Comp) 3,938 3,475 0.1Western Digital (Computers and Peripherals) 10,105 8,757 0.1Western Union (IT Services) 25,267 3,543 0.1Workday (Software) 3,890 2,485 0.0Xerox (Office Electronics) 48,691 5,283 0.1Xilinx (Semiconductors and Semiconductor Eqp.) 11,543 3,912 0.1Yahoo (Internet Software and Services) 41,469 16,397 0.2

1,312,622 19.3M A T E R I A L S

Air Products & Chemicals (Chemicals) 9,558 10,792 0.2Albemarle (Chemicals) 3,263 1,536 0.0Alcoa (Metals and Mining) 54,737 6,766 0.1Ashland (Chemicals) 3,456 3,240 0.0Ball (Containers and Packaging) 6,477 3,456 0.1Celanese A (Chemicals) 7,559 3,548 0.1CF Industries Holdings (Chemicals) 2,087 4,453 0.1Crown Holdings (Metals and Mining) 5,473 2,181 0.0D. R. Horton (Construction Materials) 13,370 2,647 0.0Dow Chemical (Chemicals) 53,861 19,231 0.3DuPont (Chemicals) 40,556 23,475 0.3Eastman Chemical (Chemicals) 6,324 3,756 0.1Ecolab (Chemicals) 12,119 9,916 0.1FMC (Chemicals) 6,148 2,745 0.0Freeport McMoRan (Metals and Mining) 46,353 8,476 0.1International Flavors & Fragrances (Chemicals) 4,035 3,202 0.0International Paper (Paper and Forest Products) 18,983 7,962 0.1LyondellBasell (Chemicals) 19,315 12,004 0.2Martin Marietta Materials (Construction Materials) 2,340 2,021 0.0MeadWestvaco (Paper and Forest Products) 7,689 2,672 0.0Monsanto (Chemicals) 23,101 21,605 0.3Mosaic (Chemicals) 13,609 4,863 0.1Newmont Mining (Metals and Mining) 23,169 3,428 0.1Nucor (Metals and Mining) 12,921 4,961 0.1Owens-Illinois (Containers and Packaging) 8,405 1,776 0.0PPG Industries (Chemicals) 6,136 11,103 0.2Praxair (Chemicals) 12,792 12,974 0.2Quanta Services (Construction Materials) 9,563 2,125 0.0RockTenn (Containers and Packaging) 5,976 2,853 0.0Sealed Air (Containers and Packaging) 9,930 3,298 0.0Sigma-Aldrich (Chemicals) 5,608 6,026 0.1Vulcan Materials (Construction Materials) 5,883 3,027 0.0Westlake Chemical (Chemicals) 2,766 1,323 0.0Weyerhaeuser (Paper and Forest Products) 23,985 6,739 0.1

220,179 3.2T E L E C O M M U N I C A T I O N S E R V I C E S

American Tower (Wireless Telecommunication Services) 17,260 13,356 0.2AT&T (Diversified Telecommunication Services) 231,888 60,975 0.9CenturyLink (Diversified Telecommunication Services) 26,342 8,162 0.1Frontier Communications (Diversified Telecommunication Services) 41,959 2,191 0.0Level 3 Communications (Diversified Telecommunication Services) 12,630 4,882 0.1Sprint (Wireless Telecommunication Services) 46,563 1,513 0.0Verizon Communications (Diversified Telecommunication Services) 185,234 67,834 1.0Windstream Holdings (Diversified Telecommunication Services) 32,846 2,119 0.0

161,031 2.4U T I L I T I E S

AEP (Electric Utilities) 21,741 10,334 0.2Ameren (Multi-Utilities) 11,855 4,281 0.1American Water Works (Water Utilities) 6,439 2,687 0.0Calpine (Multi-Utilities) 16,241 2,814 0.0Cheniere Energy (Gas Utilities) 9,869 5,439 0.1CMS Energy (Multi-Utilities) 13,019 3,542 0.1



Consolidated Edison (Multi-Utilities) 13,140 6,790 0.1Denbury Res Inc Hldg Co Com New (Electric Utilities) 10,983 699 0.0Dominion Resources (Multi-Utilities) 25,204 15,173 0.2DTE Energy (Multi-Utilities) 8,265 5,588 0.1Duke Energy (Electric Utilities) 31,294 20,465 0.3Edison International (Electric Utilities) 14,427 7,395 0.1Entergy (Electric Utilities) 7,902 5,411 0.1EQT (Gas Utilities) 6,818 4,040 0.1Exelon (Electric Utilities) 38,403 11,147 0.2FirstEnergy (Electric Utilities) 17,823 5,440 0.1Integrys Energy Group (Multi-Utilities) 3,291 2,006 0.0NextEra Energy (Electric Utilities) 19,801 16,476 0.2NiSource (Multi-Utilities) 14,324 4,757 0.1OGE Energy (Electric Utilities) 8,286 2,301 0.0ONEOK (Electric Utilities) 8,836 3,444 0.1Pepco Holdings (Electric Utilities) 12,051 2,541 0.0PG&E (Multi-Utilities) 21,165 8,821 0.1Pinnacle West Capital (Electric Utilities) 4,707 2,517 0.0PPL (Electric Utilities) 30,161 8,578 0.1Public Service Enterprise Group (Multi-Utilities) 23,329 7,563 0.1QEP Resources (Gas Utilities) 9,053 1,433 0.0Sempra Energy (Multi-Utilities) 10,546 9,194 0.1Southern (Electric Utilities) 40,385 15,526 0.2Wisconsin Energy (Multi-Utilities) 9,377 3,871 0.1Xcel Energy (Multi-Utilities) 23,430 6,588 0.1

206,860 3.0O T H E R

Alliant Energy (Other) 5,281 2,746 0.0Hertz Global Holdings (Other) 20,565 4,015 0.1

6,761 0.1






S&P 500 E-mini Index Future mars 2015 1) 8 0 0.0





F U N D U N I T S

L I S T E D E Q U I T Y F U N D S * *

SPDR S&P 500 (USA) 44,506 71,611 1.1

71,611 1.1

Total fund units 71,611 1.1




SEK/USD 2) -223 0.0

-223 0.0

Total OTC derivative instruments -223 0.0

Total other financial instruments 71,388 1.1




1) Stock index futures with underlying exposure of SEK 6,447t, which is equivalent to 0.1% of fund capital. CounterpartyGoldman Sachs Intl.2) SEK 22,173t/USD 2,861t ,counterparty: JP Morgan Securities Plc.






Google 1.6

Coca-Cola 1.0

Comcast 0.7

Time Warner 0.6

News Corporation 0.4

Liberty Global 0.3

Liberty Media 0.1


This fund is not in any way sponsored, endorsed, sold or promoted by MSCI Inc. ("MSCI"), any of theirrespective affiliates, any of its information providers or any other third-party involved in or related to thecompiling, computing or creating of any of the MSCI indices (collectively, "MSCI parties"). MSCI has exclusiveownership of the MSCI Index. MSCI and the MSCI Index name are the service marks for MSCI or its respectiveaffiliates and is licensed for use for certain purposes by the Management Company. MSCI parties make norepresentation or warranty, expressly or implicitly, to the issuer or owners of this fund or any other person orentity with regard to the advisability of investing in the funds in general or in the fund specifically or the potentialof any MSCI Index to reflect comparable results on the equity market. MSCI or their respective affiliates is thelicenser of certain trademarks, service marks and business names and of the MSCI Index, which is created,compiled and computed by MSCI, irrespective of this fund and the issuer or owner of this fund and any otherperson or entity. None of the MSCI parties are required to take into account the needs of the issuer or ownerof this fund or any other person or entity regarding the creating, compiling or computing of the MSCI Index.None of the MSCI parties have any responsibility for or have participated in the establishment of the timing,prices or quantities of this fund at issue or in the determination or calculation of redemption fees or thecalculation of which redemption fee shall be payable for the fund. Further, none of the MSCI parties have anycommitment or any responsibility to the issuer or owner of this fund or any other person or entity in conjunctionwith the administration, marketing or sales of this fund. Although MSCI shall obtain information to be includedin or used in the calculation of the MSCI Index from sources viewed by MSCI as reliable, none of the MSCIparties make any guarantee regarding the originality, accuracy and/or completeness of any MSCI Index or inany information included therein. The MSCI parties do not make any warranty, expressly or implicitly, about theresults obtained by the issuer of this fund, the owners of the fund or any other person or entity, through theuse of any MSCI Index or any information included therein. None of the MSCI parties can be made liable forany errors, omissions or disruptions in or in conjunction with any MSCI Index or any information includedtherein. Further, none of the MSCI parties make any expressed or implicit guarantees whatsoever, and theMSCI parties hereby waive all guarantees for the marketability and suitability for a specific purpose regardingeach MSCI Index and any information included therein. Without imposing any limitations to that which hasbeen stated, the MSCI parties shall not be held liable in any event for any direct, indirect, special, punitive,consequential or other damages (including lost profits) even if there was notification of the possibility of suchdamages.

Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: P E T E R B O L T E

BASE CURRENCY

SEK





Multi Asset H Handelsbanken Funds Multi Asset H

Management ReportInvestment FocusThe fund invests in Swedish fixed income funds as well as in Nordic andglobal equity funds, including Handelsbanken’s funds and the funds ofother fund management companies. The fund also invests in so-calledalternative investments, such as hedge funds and commodity funds. Theallocation between asset classes varies based on the portfolio manager’soutlook on the market. Depending upon the countries, assets and regionsin which we would like to invest, we select the funds we believe have thebest outlooks based on fund performance and the portfolio manager’sinvestment process. The share of equities in the fund is normally 60%,although this may vary between 40% and 100%, depending on the stateof the market. The share of fixed income holdings in the fund is normally20%, although this may vary between 0% and 40%, depending on thestate of the market. The share of commodity funds in the fund is normally10%, although this may vary between 0% and 20%, depending on thestate of the market. The share of hedge funds in the fund is normally10%, although this may vary between 0% and 25%, depending on thestate of the market. Refer to the information under the Portfoliodistribution heading at handelsbanken.se/fonder for the fund’s currentallocation. The fund may use derivatives such as options and futures as acomplement to protect the fund’s value or to enable cost savings.

PortfolioMulti Asset H rose 11.9% in 2014*. The year was dominated by declininginterest rates and oil prices due to geopolitical concerns and uncertaintyabout the strength of the economic recovery. Despite this, risk appetitewas positive and markets edged higher as a result. Market rates fell,resulting in bonds outperforming short-term fixed income securities. Theoverweight in equities was the strongest contributor to fund returns. Ashorter duration than normal in the fixed income holdings had a negativeimpact. Regionally, investments in the US and Asia posted the moststrength, while Latin America and Russia were significantly weaker. Astronger USD contributed positively to returns. Many of the currencies inthe emerging markets fell sharply, while fund holdings in emerging marketbonds performed strongly. Commodities lagged, although a stronger USDslowed the decline. Holdings in hedge funds contributed positively to

returns. The fund was positioned for equity markets to edge higher,although the risk was lowered temporarily to address a sudden downturnin the stock market. The equity share was approximately 70% atyear-end. The fund increased holdings in the US, USD futures and Japanduring the year, while yen futures were sold. The fund decreased equityexposure to emerging markets, but increased holdings in emergingmarket bonds. Fixed income holdings had a shorter duration than normal.An additional hedge fund was purchased and the share of hedge fundswas approximately 17% at year-end.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookGlobal economic growth continues to perform strongly. Lower oil priceswill contribute to growth, as it provides greater capacity for consumption.Corporate earnings are rising and acquisition activity is increasing, whichindicates confidence in company outlooks. Consequently, we expect theequity market to edge higher, even if higher interest rates ahead can posea threat. Regionally, we prefer the Nordics, Asia, North America andJapan. We continue to expect small caps to outperform the market as awhole. However, we are tentative to commodities, as we see a greatersupply and lower demand, not least from China. Market rates areexpected to rise gradually as the economy strengthens. As a result, wehave a short duration in our fixed income holdings and believe hedgefunds remain as an attractive alternative to bonds. There are also strongindications that the USD will continue to strengthen and that theJapanese yen will weaken in 2015.


Fund performance*

50

100

150


Market Exposure*


Hedge funds16,85 %

Commodities 6,94 %

Interest-bearing, includingliquid assets 5,65 %



Handelsbanken Nordenfond 13.8

Handelsbanken Amerikafond 10.5

J.P. Morgan Systematic Alpha Fund C SEK 9.9

Handelsbanken Norden Aggressiv 9.0

Handelsbanken Råvarufond BI 7.4

Handelsbanken Nordiska Småbolagsfond 6.5

J.P. Morgan Europe Equity Absolute Alpha A 4.8

Handelsbanken Amerika Småbolag A 3.9

Handelsbanken Tillväxtmarknadsfond 3.8

Handelsbanken Tillväxtmarknadsfond Obligation BI 3.7


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Multi Asset H A2 - SEK 141.10 126.08 109.45 100.62 - - - - - - Multi Asset H A2 - EUR 14.90 - - - - - - - - - Multi Asset H A2 - NOK 135.14 - - - - - - - - - Multi Asset H BI - SEK 125.57 116.84 105.63 - - - - - - -

Fund capital total, mSEK 3,749 2,314 918 114 - - - - - - Multi Asset H A2 - SEK 3,734 2,312 916 114 - - - - - - Multi Asset H A2 - EUR 1 - - - - - - - - - Multi Asset H A2 - NOK 1 - - - - - - - - -

Annual Review 2014 – Handelsbanken FundsMulti Asset H, cont.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Multi Asset H BI - SEK 6 2 2 - - - - - - -

Number of units, 1000's 26,569 18,366 8,390 1,133 - - - - - - Multi Asset H A2 - SEK 26,463 18,341 8,370 1,133 - - - - - - Multi Asset H A2 - EUR 53 - - - - - - - - - Multi Asset H A2 - NOK 8 - - - - - - - - - Multi Asset H BI - SEK 45 25 20 - - - - - - -

Total returns in %, SEK Multi Asset H A2 - SEK +11.9 +15.2 +8.8 +0.6 - - - - - - Multi Asset H A2 - EUR +4.6 +11.6 - - - - - - - - Multi Asset H A2 - NOK +13.5 - - - - - - - - - Multi Asset H BI - SEK +12.0 +15.2 +0.9 - - - - - - -

Index including dividends in %, SEK Multi Asset H A2 - SEK +13.1 +12.8 +8.3 +2.6 - - - - - - Multi Asset H A2 - EUR +5.7 +9.3 - - - - - - - - Multi Asset H A2 - NOK +14.7 - - - - - - - - - Multi Asset H BI - SEK +13.1 +12.8 +0.7 - - - - - - -

Average yearly return, 2 yrs. % Multi Asset H A2 - SEK +13.5 +11.9 - - - - - - - - Multi Asset H A2 - EUR +8.0 - - - - - - - - - Multi Asset H BI - SEK +13.6 - - - - - - - - -

Comparison to index including dividends, % SEK +13.0 +10.5 - - - - - - - - EUR +7.5 - - - - - - - - -Index: VINX Benchmark Cap SEK_NI 30%, MSCI All Country World Index Net 30%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 3%, HMNI Swe All Government Dur Const 6Y (HMSD6) 7%, OMRXTBILL 10%, Handelsbanken Råvaruindex 10%

and STIBOR 30 10%

Up to 02/01/2014: SHB NORDIX Port Nordic Net (NHNXPORT) 30%, MSCI All Country World Index Net 30%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 3%, HMNI Swe All Government Dur Const 6Y (HMSD6) 7%, OMRXTBILL 10%,Handelsbanken Råvaruindex 10% and STIBOR 30 10%




Fund facts2014

Collected mgmt. costs in % of average fund capitalMulti Asset H A2 1) 1.50Multi Asset H BI 2) 1.50

Annual fees in %Multi Asset H A2 3) 1.75Multi Asset H BI 3) 1.72

Turnover rate 0.0










Total risk in index % - A2 EUR 5.8



Tracking error % - A2 EUR 1.3


Index VINX Benchmark CapSEK_NI 30%, MSCI All

Country World Index Net30%, HMNI Swe All

Mortgage Dur Const 2.5Y(HMSMD25) 3%, HMNI

Swe All Government DurConst 6Y (HMSD6) 7%,

OMRXTBILL 10%,Handelsbanken

Råvaruindex 10% ochSTIBOR 30 10%


Active return % - A2 EUR 0.6

Active return % - BI SEK 0.6


Information ratio - A2 EUR 0.4

Information ratio - BI SEK 0.5





Sharpe ratio in index - A2 EUR 1.3




Minimum investment, SEKMulti Asset H A2 100,000Multi Asset H BI 100,000

Risk*Multi Asset H 4



BASE CURRENCY

SEK





Multi Asset L Handelsbanken Funds Multi Asset L

Management ReportInvestment FocusThe fund invests in Swedish fixed income funds as well as in Nordic andglobal equity funds, including Handelsbanken’s funds and the funds ofother fund management companies. The fund also invests in so-calledalternative investments, such as hedge funds and commodity funds. Theallocation between asset classes varies based on the portfolio manager’soutlook on the market. Depending upon the countries, assets and regionsin which we would like to invest, we select the funds we believe have thebest outlooks based on fund performance and the portfolio manager’sinvestment process. The share of equities in the fund is normally 20%,although this may vary between 10% and 30%, depending on the state ofthe market. The share of fixed income holdings in the fund is normally65%, although this may vary between 40% and 90%, depending on thestate of the market. The share of commodity funds in the fund is normally5%, although this may vary between 0% and 10%, depending on thestate of the market. The share of hedge funds in the fund is normally10%, although this may vary between 0% and 25%, depending on thestate of the market. Refer to the information under the Portfoliodistribution heading at handelsbanken.se/fonder for the fund’s currentallocation. The fund may use derivatives such as options and futures as acomplement to protect the fund’s value or to enable cost savings.

PortfolioMulti Asset L rose 5.6% in 2014*. The year was dominated by declininginterest rates and oil prices due to geopolitical concerns and uncertaintyabout the strength of the economic recovery. Despite this, risk appetitewas positive and markets edged higher as a result. Market rates fell,resulting in bonds outperforming short-term fixed income securities. Theoverweight in equities was the strongest contributor to fund returns. Ashorter duration than normal in the fixed income holdings had a negativeimpact. Regionally, investments in the US and Asia posted the moststrength, while Latin America and Russia were significantly weaker. Astronger USD contributed positively to returns. Many of the currencies inthe emerging markets fell sharply, while fund holdings in emerging marketbonds performed strongly. Commodities lagged, although a stronger USDslowed the decline. Holdings in hedge funds contributed positively to




Fund performance*

50

100

150


Market Exposure*


Hedge funds 19,02 %Commodities 3,47 %

Interest-bearing,including liquid

assets 49,77 %




Handelsbanken Lux Korträntefond 15.7


Handelsbanken Lux Långräntefond 5.5

Handelsbanken Långräntefond 5.5



BlackRock Strategic Funds Global Absolute Return A2 4.2




2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Multi Asset L A2 - SEK 118.16 118.21 104.87 99.99 - - - - - - Multi Asset L A2 - EUR 12.47 - - - - - - - - - Multi Asset L BI - SEK 108.97 105.36 104.87 - - - - - - -

Fund capital total, mSEK 10,643 4,389 1,955 385 - - - - - - Multi Asset L A2 - SEK 10,536 4,371 1,954 385 - - - - - - Multi Asset L A2 - EUR 3 - - - - - - - - - Multi Asset L BI - SEK 78 18 1 - - - - - - -

Number of units, 1000's 90,124 37,147 18,645 3,854 - - - - - -

Annual Review 2014 – Handelsbanken FundsMulti Asset L, cont.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Multi Asset L A2 - SEK 89,164 36,977 18,638 3,854 - - - - - - Multi Asset L A2 - EUR 240 - - - - - - - - - Multi Asset L BI - SEK 720 169 7 - - - - - - -

Total returns in %, SEK Multi Asset L A2 - SEK +5.6 +6.7 +4.9 0.0 - - - - - - Multi Asset L A2 - EUR -1.4 +3.4 +8.8 - - - - - - - Multi Asset L BI - SEK +5.6 +6.8 -0.2 - - - - - - -

Index including dividends in %, SEK Multi Asset L A2 - SEK +7.0 +4.0 +3.9 +1.9 - - - - - - Multi Asset L A2 - EUR 0.0 +0.8 +7.8 - - - - - - - Multi Asset L BI - SEK +7.0 +4.0 0.0 - - - - - - -

Average yearly return, 2 yrs. % Multi Asset L A2 - SEK +6.1 +5.8 - - - - - - - - Multi Asset L A2 - EUR +1.0 +6.1 - - - - - - - - Multi Asset L BI - SEK +6.2 - - - - - - - - -

Comparison to index including dividends, % SEK +5.5 +4.0 - - - - - - - - EUR +0.4 +4.3 - - - - - - - -Index: VINX Benchmark Cap SEK_NI 10%, MSCI All Country World Index Net 10%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 9,75%, HMNI Swe All Government Dur Const 6Y (HMSD6) 22,75%, OMRXTBILL 32,5%, Handelsbanken

Råvaruindex 5% and Stibor 30 10%

Up to 02/01/2014: SHB NORDIX Port Nordic Net (NHNXPORT) 10%, MSCI All Country World Index Net 10%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 9,75%, HMNI Swe All Government Dur Const 6Y (HMSD6) 22,75%, OMRXTBILL32,5%, Handelsbanken Råvaruindex 5% and Stibor 30 10%




Fund facts2014

Collected mgmt. costs in % of average fund capitalMulti Asset L A2 1) 1.00Multi Asset L BI 2) 1.00

Annual fees in %Multi Asset L A2 3) 1.23Multi Asset L BI 3) 1.21

Turnover rate -0.3

















Mortgage Dur Const 2.5Y(HMSMD25) 9,75%, HMNI

Swe All Government DurConst 6Y (HMSD6)

22,75%, OMRXTBILL32,5%, Handelsbanken

Råvaruindex 5% ochStibor 30 10%















Minimum investment, SEKMulti Asset L A2 100,000Multi Asset L BI 100,000

Risk*Multi Asset L 3



BASE CURRENCY

SEK





Multi Asset M Handelsbanken Funds Multi Asset M

Management ReportInvestment FocusThe fund invests in Swedish fixed income funds as well as in Nordic andglobal equity funds, including Handelsbanken’s funds and the funds ofother fund management companies. The fund also invests in so-calledalternative investments, such as hedge funds and commodity funds. Theallocation between asset classes varies based on the portfolio manager’soutlook on the market. Depending upon the countries, assets and regionsin which we would like to invest, we select the funds we believe have thebest outlooks based on fund performance and the portfolio manager’sinvestment process. The share of equities in the fund is normally 40%,although this may vary between 20% and 60%, depending on the state ofthe market. The share of fixed income holdings in the fund is normally40%, although this may vary between 20% and 60%, depending on thestate of the market. The share of commodity funds in the fund is normally10%, although this may vary between 0% and 20%, depending on thestate of the market. The share of hedge funds in the fund is normally10%, although this may vary between 0% and 25%, depending on thestate of the market. Refer to the information under the Portfoliodistribution heading at handelsbanken.se/fonder for the fund’s currentallocation. The fund may use derivatives such as options and futures as acomplement to protect the fund’s value or to enable cost savings.

PortfolioMulti Asset M rose 8.1% in 2014*. The year was dominated by declininginterest rates and oil prices due to geopolitical concerns and uncertaintyabout the strength of the economic recovery. Despite this, risk appetitewas positive and markets edged higher as a result. Market rates fell,resulting in bonds outperforming short-term fixed income securities. Theoverweight in equities was the strongest contributor to fund returns. Ashorter duration than normal in the fixed income holdings had a negativeimpact. Regionally, investments in the US and Asia posted the moststrength, while Latin America and Russia were significantly weaker. Astronger USD contributed positively to returns. Many of the currencies inthe emerging markets fell sharply, while fund holdings in emerging marketbonds performed strongly. Commodities lagged, although a stronger USDslowed the decline. Holdings in hedge funds contributed positively to




Fund performance*

50

100

150


Market Exposure*


Hedge funds 19,08 %

Commodities7,07 %

Interest-bearing,including liquid assets

24,10 %






Handelsbanken Lux Korträntefond 8.0



Handelsbanken Norden Aggressiv 6.4

Handelsbanken Nordiska Småbolagsfond 4.5


BlackRock Strategic Funds Global Absolute Return A2 4.3


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Multi Asset M A2 - SEK 127.84 111.94 106.66 100.00 - - - - - - Multi Asset M A2 - EUR 13.50 - - - - - - - - - Multi Asset M BI - SEK 109.43 107.50 99.00 - - - - - - -

Fund capital total, mSEK 8,218 5,425 1,765 300 - - - - - - Multi Asset M A2 - SEK 8,149 5,401 1,764 300 - - - - - - Multi Asset M A2 - EUR 4 - - - - - - - - - Multi Asset M BI - SEK 28 24 1 - - - - - - -

Number of units, 1000's 64,304 48,472 16,548 3,003 - - - - - -

Annual Review 2014 – Handelsbanken FundsMulti Asset M, cont.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Multi Asset M A2 - SEK 63,740 48,250 16,538 3,003 - - - - - - Multi Asset M A2 - EUR 310 - - - - - - - - - Multi Asset M BI - SEK 255 222 10 - - - - - - -

Total returns in %, SEK Multi Asset M A2 - SEK +8.1 +10.8 +6.7 0.0 - - - - - - Multi Asset M A2 - EUR +1.0 +7.4 +10.6 - - - - - - - Multi Asset M BI - SEK +8.2 +10.9 +2.6 - - - - - - -

Index including dividends in %, SEK Multi Asset M A2 - SEK +9.7 +8.1 +6.0 +2.1 - - - - - - Multi Asset M A2 - EUR +2.5 +4.7 +10.0 - - - - - - - Multi Asset M BI - SEK +9.7 +8.1 +2.6 - - - - - - -

Average yearly return, 2 yrs. % Multi Asset M A2 - SEK +9.5 +8.7 - - - - - - - - Multi Asset M A2 - EUR +4.2 +9.0 - - - - - - - - Multi Asset M BI - SEK +9.5 - - - - - - - - -

Comparison to index including dividends, % SEK +8.9 +7.0 - - - - - - - - EUR +3.6 +7.4 - - - - - - - -Index: VINX Benchmark Cap SEK_NI 20%, MSCI All Country World Index Net 20%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 6%, HMNI Swe All Government Dur Const 6Y (HMSD6) 14%, OMRXTBILL 20%, Handelsbanken Råvaruindex 10%

and Stibor 30 10%

Up to 02/01/2014: SHB NORDIX Port Nordic Net (NHNXPORT) 20%, MSCI All Country World Index Net 20%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 6%, HMNI Swe All Government Dur Const 6Y (HMSD6) 14%, OMRXTBILL 20%,Handelsbanken Råvaruindex 10% and Stibor 30 10%




Fund facts2014

Collected mgmt. costs in % of average fund capitalMulti Asset M A2 1) 1.30Multi Asset M BI 2) 1.30

Annual fees in %Multi Asset M A2 3) 1.56Multi Asset M BI 3) 1.53

Turnover rate -0.1

















Mortgage Dur Const 2.5Y(HMSMD25) 6%, HMNI

Swe All Government DurConst 6Y (HMSD6) 14%,

OMRXTBILL 20%,Handelsbanken

Råvaruindex 10% ochStibor 30 10%















Minimum investment, SEKMulti Asset M A2 100,000Multi Asset M BI 100,000

Risk*Multi Asset M 4


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: M A R C U S R Y L A N D E R

BASE CURRENCY

EUR


The Finnish fund Placeringsfonden Handelsbanken Norden Selektiv was merged with Handelsbanken Norden Selektiv on October 10, 2014.

Norden SelektivManagement ReportInvestment FocusThe fund is an actively managed equity fund that concentrates holdings toa limited number of companies. The objective of the fund is to creategood returns over time through long-term investments primarily in theNordic equity market. The fund invests over the long term in 16-25companies. We select companies that have historically demonstratedstable profit growth, strong balance sheets, sound business operationsand dividend growth.

PortfolioThe fund rose 19.0% in 2014*. 2014 was an eventful year, with significantvolatility in the global financial markets, although the Nordic equity marketoverall posted good absolute returns. Interest rates fell sharply, as didcommodities during the latter part of the year. Risk appetite was high atthe outset of the year, but declined as volatility increased during H2. Inthis stock market climate the fund outperformed the market during H2.Novo Nordisk, Unibet and Veidekke were the strongest contributors tofund returns, while SimCorp, Elekta and Nokian Renkaat had a negativeimpact. The fund took new positions in the IT supplier Atea, themanufacturing company Atlas Copco, the packaging companyHuhtamaki, the bank DnB and Lifco, which consists of a number ofstrong niche companies. A common denominator among the newinvestments is that they have leading market positions withcomplimentary drivers to the portfolio. Instead, we sold the holdings inSKF, Ekornes, TGS Nopec and Nokian Tyres. Shares in Vacon were soldin conjunction with a bid made on the company at year-end, together withthe shares received at mid-year in Kambi through the spin-off fromUnibet.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts.

OutlookWe focus on constructing a portfolio of high-quality companies with avariety of drivers, as we believe these companies deliver the highestreturns over time. High-quality companies can benefit as well as benegatively affected over the short-term relative to other equities. Duringthe year we improved the composition of the portfolio further based onthe drivers we have identified in the rest of the world. Our outlook ispositive to the long-term profit outlooks of companies in the fund and webelieve that conditions are also favourable for positive returns goingforward.






The fund's performance yield prior to the launch date is derived from themerger of Placeringsfonden Handelsbanken Norden Selektiv (Finland) withHandelsbanken Norden Selektiv (Sweden), which occurred on October10, 2014.

Fund performance*

50

100

150

200

250



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Norden Selektiv A1 - SEK 236.95 - - - - - - - - - Norden Selektiv A1 - EUR 25.01 - - - - - - - - - Norden Selektiv A1 - NOK 226.94 - - - - - - - - - Norden Selektiv A9 - EUR 26.24 - - - - - - - - - Norden Selektiv A9 - NOK 238.05 - - - - - - - - - Norden Selektiv B1 - SEK 174.09 - - - - - - - - - Norden Selektiv B1 - EUR 18.38 - - - - - - - - -

The fund's total net flow, mEUR 1) 2) -18 - - - - - - - - -

Fund capital total, mEUR 393 - - - - - - - - - Norden Selektiv A1 - SEK 2,543 - - - - - - - - - Norden Selektiv A1 - EUR 27 - - - - - - - - - Norden Selektiv A1 - NOK 222 - - - - - - - - - Norden Selektiv A9 - EUR 58 - - - - - - - - - Norden Selektiv A9 - NOK 77 - - - - - - - - - Norden Selektiv B1 - SEK 62 - - - - - - - - - Norden Selektiv B1 - EUR 1 - - - - - - - - -

Number of units, 1000's 15,701 - - - - - - - - - Norden Selektiv A1 - SEK 10,732 - - - - - - - - - Norden Selektiv A1 - EUR 1,065 - - - - - - - - - Norden Selektiv A1 - NOK 980 - - - - - - - - - Norden Selektiv A9 - EUR 2,205 - - - - - - - - -

Annual Review 2014 – Handelsbanken FonderNorden Selektiv, cont.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Norden Selektiv A9 - NOK 323 - - - - - - - - - Norden Selektiv B1 - SEK 354 - - - - - - - - - Norden Selektiv B1 - EUR 42 - - - - - - - - -

Total returns in %, SEK Norden Selektiv A1 - SEK +19.0 +19.6 +17.1 -12.5 +22.0 +41.7 -40.6 +1.2 +27.8 - Norden Selektiv A1 - EUR +11.2 +15.9 +21.5 -11.3 +38.6 +51.9 -49.0 -3.4 +32.9 - Norden Selektiv A1 - NOK +20.7 +32.0 +15.1 -11.9 +30.4 +29.5 -37.4 - - - Norden Selektiv A9 - EUR +11.9 +16.4 +22.0 -10.9 +39.4 +52.9 -48.7 -2.6 +33.5 - Norden Selektiv A9 - NOK +23.0 - - - - - - - - - Norden Selektiv B1 - SEK +19.0 +19.5 +17.1 -12.5 +22.0 +41.7 -40.6 - - - Norden Selektiv B1 - EUR +11.2 +15.9 +21.5 -11.3 +38.6 +52.0 -49.0 - - -

Average yearly return, 2 yrs. % Norden Selektiv A1 - SEK +19.3 +18.3 +1.3 +3.4 +31.5 -8.3 -22.5 +13.7 - - Norden Selektiv A1 - EUR +13.5 +18.7 +3.8 +10.9 +45.1 -11.9 -29.8 +13.3 - - Norden Selektiv A1 - NOK +26.2 +23.3 +0.7 +7.2 +29.9 -10.0 - - - - Norden Selektiv A9 - EUR +14.1 +19.1 +4.3 +11.4 +46.0 -11.4 -29.3 +14.0 - - Norden Selektiv B1 - SEK +19.3 +18.3 +1.3 +3.4 +31.5 -8.3 - - - - Norden Selektiv B1 - EUR +13.5 +18.7 +3.8 +10.9 +45.1 -11.9 - - - -

Average yearly return, 5 yrs. % Norden Selektiv A1 - SEK +12.2 +16.2 +1.0 -1.9 +5.8 - - - - - Norden Selektiv A1 - EUR +14.0 +21.3 +3.0 -1.6 +6.7 - - - - - Norden Selektiv A1 - NOK +16.1 +17.7 +1.4 - - - - - - - Norden Selektiv A9 - EUR +14.6 +21.9 +3.5 -1.1 +7.3 - - - - - Norden Selektiv B1 - SEK +12.2 +16.2 +1.0 - - - - - - - Norden Selektiv B1 - EUR +14.0 +21.4 +3.0 - - - - - - -


Exchange rate EUR/NOK 9.07 - - - - - - - - -1) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of full-year 2012.

2) The net flows do not include the merged flows from the Finnish fund Placeringsfonden Handelsbanken Norden Selektiv, which was merged on October 10, 2014.





2014

Max. allowed mgmt. costs in % according to fund rulesNorden Selektiv A1 2.00Norden Selektiv A9 1.60Norden Selektiv B1 2.00

Collected mgmt. costs in % of average fund capitalNorden Selektiv A1 1.85Norden Selektiv A9 1.00Norden Selektiv B1 1.85

Annual fees in %Norden Selektiv A1 1.85Norden Selektiv A9 1.00Norden Selektiv B1 1.85





Costs for one-time subscription, EUR 1,000 - B1 4.62of which incl. mgmt. costs 4.41



Cost for monthly savings, EUR 10 - B1 0.09of which incl. mgmt. costs 0.09

Turnover rate 0.3

Share of turnover conducted via closely-related securities companies in % 39








Total risk % - B1 EUR 9.6



Sharpe ratio - A1 NOK 2.5



Sharpe ratio - B1 EUR 1.4* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.


2014

Share class launch dateNorden Selektiv A1 - SEK 2014-10-10Norden Selektiv A1 - EUR 2014-10-10Norden Selektiv A1 - NOK 2014-10-10Norden Selektiv A9 - EUR 2014-10-10Norden Selektiv A9 - NOK 2014-10-10Norden Selektiv B1 - SEK 2014-10-10Norden Selektiv B1 - EUR 2014-10-10

Minimum investment, SEKNorden Selektiv A1 0Norden Selektiv A9 10,000,000Norden Selektiv B1 0

Risk*Norden Selektiv SEK 6Norden Selektiv EUR 6Norden Selektiv NOK 6


Income Statement, EURt10/10-31/12

2014 2013


Changes in value for transferable securities * 41,050 -Interest income 1 -Dividends 571 -Currency exchange profits and losses, net -248 -Other income 0 -


E X P E N S E S



Net income 39,828





Sum 41,050



A S S E T S

Transferable securities 387,070 98.4

Total financial instruments withpositive market value Note 2) 387,070 98.4Bank assets and other liquidassets 7,760 2.0Prepaid expenses and accruedincome 0 0.0Other assets 912 0.2

Total assets 395,742 100.6


Accrued expenses and prepaidincome 291 0.1Other liabilities 2,234 0.5


Fund capital Note 1) 393,217 100.0

Annual Review 2014 – Handelsbanken FonderNorden Selektiv, cont.



2014 2013

Fund capital at beginning of year - -Units issued 1) 393,953 -Units redeemed -40,564 -Profit according to Income Statement 39,828 -Dividends to unit holders - -

Fund capital at the close of the period 393,2171) EUR 371,359t represents total assets from the Finnish-registered fund that was merged through absorption in theautumn.







Amer Sports A (Leisure Equipment and Products) 1,099,000 17,650 4.5Autoliv (Auto Components) 245,000 21,661 5.5Hennes & Mauritz B (Specialty Retail) 1,105,000 37,982 9.7Mekonomen (Specialty Retail) 898,000 19,339 4.9Unibet (Hotels, Restaurants and Leisure) 413,000 21,473 5.5


AarhusKarlshamn (Food Products) 425,000 18,732 4.8

18,732 4.8F I N A N C I A L S

DNB (Commercial Banks) 1,000,000 12,202 3.1Handelsbanken A (Commercial Banks) 915,000 35,412 9.0

47,613 12.1H E A L T H C A R E

Elekta B (Health Care Equipment and Supplies) 430,000 3,618 0.9Lifco B (Health Care Providers and Services) 345,969 4,912 1.2Novo Nordisk (Pharmaceuticals) 1,080,000 37,753 9.6

46,284 11.8I N D U S T R I A L S

ABB SDB (Electrical Equipment) 660,000 11,559 2.9ÅF B (Professional Services) 1,425,000 18,955 4.8Alfa Laval (Machinery) 480,000 7,515 1.9Atlas Copco B (Machinery) 870,000 18,451 4.7Indutrade (Trading Companies and Distributors) 570,000 18,774 4.8Kone (Machinery) 283,000 10,703 2.7Veidekke (Construction and Engineering) 2,350,000 19,103 4.9


Atea (IT Services) 1,900,000 16,126 4.1SimCorp (Software) 745,000 16,258 4.1

32,384 8.2M A T E R I A L S

Huhtamaki (Containers and Packaging) 865,000 18,892 4.8

18,892 4.8










Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: C E C I L I A A U V R A Y

BASE CURRENCY

SEK


PREMIUM PENSION

811117


savings

NordenfondManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attainreturns that exceed the returns of the Nordic equity markets over the longterm with good risk diversification. The fund invests in equities issued bycompanies in Denmark, Finland, Norway and Sweden. We placeparticular emphasis on ensuring that the company's strategy concurswith our assessment of what can generate favourable share priceperformance when we select equities for the fund. We then evaluate thecompany's key ratios, such as earnings growth relative to the market'sexpectations.

PortfolioThe Nordic Fund rose 18.0% in 2014*. After a relatively calm H1 with astrong US economy and a more stable Europe, the autumn became morevolatile with concerns in Russia/Ukraine, sharply falling oil prices anduncertainty about the Chinese economy. The fund focused on thefollowing themes at the outset of the year: ”Higher demand for consumergoods”, ”Improved economy in Europe” and ”Lower risk premiums forbanks”. At mid-year we decreased fund holdings within the consumertheme and instead increased the proportion of commodities. The fundsharply decreased oil-related holdings in the autumn and reinvested in theconsumer sector. Ambu, Bakkafrost, Pandora, Vestas Wind andColoplast were the strongest contributors to fund returns, while Rezidor,Rockwool, Axis and Cargotec had a negative impact.*) Refer to fund statistics for comparable index.

OutlookWe expect the Nordic stock markets to also perform strongly in 2015 as aresult of the global economic recovery, financial stimulus measures andreasonable equity valuations. However, approaching rate hikes in the UScan create uncertainty. Oil prices and the situation in Russia will also bekey factors to monitor during the year. After several years of strongmarket performance, we expect a more moderate upturn than previously.



Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to quickly and cost-effectively increase or eliminate exposureto one or more markets or types of assets. The advantage with derivativeinstruments is that it is possible to change the fund’s exposure in differenttypes of assets or in different markets in a simple and controlled way witha limited number of transactions. The fund did not use this option in2014.The fund has the option of lending equity. The fund used this option to alimited extent in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150

200




The fund's total net flow, mSEK 2) 2,619 476 215 - - - - - - -


Number of units, 1000’s 13,814 10,502 9,708 9,086 8,561 9,027 7,091 6,810 5,707 5,579



Average yearly return, 2 yrs. % +21.3 +20.9 -2.1 -1.1 +32.2 -9.4 -19.9 +17.5 +31.4 +26.9

Comparison to index including dividends, % +21.6 +21.0 -1.7 -0.3 +29.5 -11.0 -20.6 +16.5 +31.0 +30.4

Average yearly return, 5 yrs. % +11.1 +15.9 -1.2 -1.8 +6.3 +10.1 +4.6 +22.1 +8.8 +0.9

Comparison to index including dividends, % +11.3 +15.4 -1.8 -2.5 +5.1 +8.7 +5.4 +23.5 +12.4 +4.0






Index: VINX Benchmark Cap SEK_NI (VINXBCAPSEKNI)

Up to 02/01/2014: SHB NORDIX Port Nordic Net (NHNXPORT)



Fund facts2014








Turnover rate 0.7




Total risk % 8.6


Index VINX Benchmark CapSEK_NI (VINXBCAPSEKNI)




Sharpe ratio 2.4



Annual Review 2014 – Handelsbanken FonderNordenfond, cont.




Risk* 6




Changes in value for transferable securities * 1,271,599 1,314,423Interest income 529 730Dividends 219,057 165,344Currency exchange profits and losses, net -625 802Other financial income 1) 202 48Other income 1 1


E X P E N S E S



Net income 1,344,848 1,371,885





Sum 1,271,599 1,314,423

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK253 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. The counterparty in securities lending during theyear was: Svenska Handelsbanken AB (publ)2) The item consists primarily of transaction costs.



A S S E T S


Total financial instruments withpositive market value Note 2) 10,874,321 97.7 6,981,458 97.4Bank assets and other liquidassets 286,025 2.6 192,470 2.7Prepaid expenses and accruedincome 354 0.0 374 0.0Other assets 1 0.0 627 0.0

Total assets 11,160,701 100.3 7,174,929 100.1


Accrued expenses and prepaidincome 7,779 0.1 4,972 0.1Other liabilities 19,122 0.2 - -







2014 2013

Fund capital at beginning of year 7,169,957 5,321,836Units issued 3,802,844 924,479Units redeemed -1,183,849 -448,243Profit according to Income Statement 1,344,848 1,371,885Dividends to unit holders - -








A.P. Moeller-Maersk A (Marine) 8,287 125,977 1.1A.P. Moeller-Maersk B (Marine) 11,425 179,784 1.6Ambu B (Health Care Equipment and Supplies) 533,595 101,140 0.9Carlsberg (Beverages) 104,000 63,345 0.6Coloplast B (Health Care Equipment and Supplies) 177,000 116,860 1.0Danske Bank (Commercial Banks) 1,341,998 285,780 2.6DSV (Road and Rail) 661,000 158,251 1.4GN Store Nord (Health Care Equipment and Supplies) 208,000 35,668 0.3NKT Holding (Electrical Equipment) 135,000 56,930 0.5Novo Nordisk (Pharmaceuticals) 2,570,080 851,032 7.6Novozymes (Chemicals) 106,500 35,198 0.3Pandora (Other) 300,000 192,534 1.7Rockwool International B (Building Products) 66,971 59,253 0.5Sydbank (Commercial Banks) 122,000 29,519 0.3Vestas Wind Systems (Electrical Equipment) 523,198 150,751 1.4

2,442,020 21.9F A R O E I S L A N D S ( D K K )

Bakkafrost (Household Durables) 290,195 50,752 0.5

50,752 0.5F I N L A N D ( E U R )

Amer Sports A (Leisure Equipment and Products) 306,000 46,552 0.4Huhtamaki (Containers and Packaging) 489,000 101,165 0.9Kesko B (Food and Staples Retailing) 275,000 78,618 0.7Kone (Machinery) 429,788 153,973 1.4Metso (Machinery) 330,000 77,711 0.7Nokia (Communications Equipment) 5,710,191 354,832 3.2Outokumpu (Metals and Mining) 850,000 38,423 0.3Sampo A (Insurance) 845,632 310,960 2.8Stora Enso R EUR (Paper and Forest Products) 1,100,000 77,471 0.7UPM-Kymmene (Paper and Forest Products) 980,428 126,491 1.1Wärtsilä (Machinery) 314,638 110,544 1.0

1,476,740 13.3N O R W A Y ( N O K )

Atea (IT Services) 428,000 34,410 0.3DNB (Commercial Banks) 1,427,369 164,979 1.5DNO International (Oil, Gas and Consumable Fuels) 1,222,000 20,389 0.2Gjensidige Forsikring (Insurance) 227,000 28,916 0.3Marine Harvest (Food Products) 977,000 104,968 0.9Norsk Hydro (Metals and Mining) 3,670,000 162,625 1.5Opera Software (Internet Software and Services) 657,000 65,168 0.6REC (Electrical Equipment) 12,200,000 22,725 0.2Statoil (Oil, Gas and Consumable Fuels) 1,291,276 176,888 1.6Storebrand (Insurance) 1,530,000 46,647 0.4Telenor (Diversified Telecommunication Services) 1,387,341 219,453 2.0Yara International (Chemicals) 375,000 130,696 1.2

1,177,862 10.6S I N G A P O R E ( S G D )

REC Solar (Electrical Equipment) 367,000 39,085 0.4

39,085 0.4S W E D E N ( S E K )

ABB SDB (Electrical Equipment) 1,115,033 184,984 1.7Assa Abloy B (Building Products) 511,000 211,963 1.9AstraZeneca SDB (Pharmaceuticals) 148,000 81,104 0.7Atlas Copco A (Machinery) 473,316 103,372 0.9Atlas Copco B (Machinery) 1,124,610 225,934 2.0Autoliv (Auto Components) 129,000 108,038 1.0Axis (Communications Equipment) 232,000 46,307 0.4Betsson B (Hotels, Restaurants and Leisure) 250,674 68,935 0.6Boliden (Metals and Mining) 680,000 85,340 0.8Electrolux B (Household Durables) 490,000 112,112 1.0Ericsson B (Communications Equipment) 4,596,443 433,674 3.9Fabege (Real Estate Management and Development) 370,000 37,222 0.3Handelsbanken A (Commercial Banks) 651,617 238,883 2.1Hennes & Mauritz B (Specialty Retail) 1,639,464 533,809 4.8Hexagon B (Machinery) 479,999 116,160 1.0HEXPOL (Machinery) 110,000 81,015 0.7Holmen B (Paper and Forest Products) 233,000 62,001 0.6Husqvarna B (Household Durables) 900,000 51,975 0.5Investor B (Diversified Financial Services) 748,301 213,041 1.9KappAhl (Specialty Retail) 854,000 35,783 0.3Kinnevik B (Diversified Financial Services) 135,000 34,466 0.3Lindab International (Construction Materials) 610,000 40,016 0.4Lundin Mining SDB (Metals and Mining) 856,000 32,057 0.3Lundin Petroleum (Oil, Gas and Consumable Fuels) 846,000 95,090 0.9Millicom (Wireless Telecommunication Services) 189,000 110,093 1.0Munksjö (Paper and Forest Products) 588,146 50,286 0.5Nobia (Specialty Retail) 556,621 38,824 0.3Nordea (Commercial Banks) 5,139,960 467,222 4.2Rezidor Hotel Group (Hotels, Restaurants and Leisure) 2,099,558 58,998 0.5SCA B (Paper and Forest Products) 588,000 99,313 0.9SEB A (Commercial Banks) 3,301,128 328,627 3.0

Annual Review 2014 – Handelsbanken FonderNordenfond, cont.


Skanska B (Construction and Engineering) 530,000 88,987 0.8SKF B (Machinery) 636,978 105,038 0.9SSAB A (Metals and Mining) 550,000 25,091 0.2Swedbank A (Commercial Banks) 1,405,626 274,800 2.5Swedish Match (Tobacco) 471,461 115,414 1.0Tele2 B (Diversified Telecommunication Services) 920,000 87,354 0.8TeliaSonera (Diversified Telecommunication Services) 2,432,916 122,619 1.1Trelleborg B (Machinery) 400,000 52,800 0.5Unibet (Hotels, Restaurants and Leisure) 85,556 42,136 0.4Volvo A (Machinery) 2,180,572 186,221 1.7Volvo B (Machinery) 1,325,000 112,228 1.0Wihlborgs (Real Estate Management and Development) 245,000 34,974 0.3

5,634,306 50.5U N I T E D S T A T E S ( U S D )

Royal Carribean Cruises (Hotels, Restaurants and Leisure) 83,000 53,556 0.5

53,556 0.5











Atlas Copco 2.9

A.P. Moeller-Maersk 2.7

Volvo 2.7

Renewable Energy Corporation 0.6


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: T O R E M A R K E N

BASE CURRENCY

SEK


PREMIUM PENSION

751495


savings

The fund switched its index from Nordic Small Cap Port Nordic till SIX NORDIX Small Cap Port Nordic Net as of January 2, 2014.

Nordiska SmåbolagManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attainreturns that exceed the returns of the Nordic equity markets over the longterm with good risk diversification. The fund invests in smaller andmid-sized companies in Denmark, Finland, Norway and Sweden whosemarket value at the time of investment does not exceed 0.5% of the totalmarket value of those markets in which the fund may invest. The fundmay also invest in larger companies and unlisted companies if we deem itto be beneficial to unit holders. We place particular emphasis on ensuringthat the company's strategy concurs with our assessment of what cangenerate favourable share price performance when we select equities forthe fund. We then evaluate the company's key ratios, such as earningsgrowth relative to the market's expectations.

PortfolioThe fund rose 16.8% in 2014*. After a relatively calm H1 that had a strongUS economy and a more stable Europe, the autumn became morevolatile with concerns in Russia/Ukraine, sharply falling oil prices anduncertainty about the Chinese economy. The fund focused on thefollowing themes at the outset of the year: ”Higher demand for consumergoods”, ”Improved economy in Europe” and ”Strong technology companyat good value”. The fund sharply decreased oil-related holdings in theautumn and reinvested in the broader industrials sector. Ambu,Bakkafrost, Itab, Unibet, Mycronic and Protector were the strongestcontributors to fund returns, while Wilhelmsen, Rockwool, Proffice andRezidor had a negative impact. Bids were made on several companies inwhich the fund invests (Sanitec, DIBS, Vizrt, REC Solar and Evry), whichwas positive for returns.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookWe expect the Nordic stock markets to also perform strongly in 2015 as aresult of the global economic recovery, financial stimulus measures andreasonable equity valuations. However, approaching rate hikes in the UScan create uncertainty. Oil prices and the situation in Russia will also bekey factors to monitor during the year. After several years of strongmarket performance, we expect a more moderate upturn than previously.


brochure.

Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to quickly and cost-effectively increase or eliminate exposureto one or more markets or types of assets. The advantage with derivativeinstruments is that it is possible to change the fund’s exposure in differenttypes of assets or in different markets in a simple and controlled way witha limited number of transactions. The fund did not use this option in2014.The fund has the option of lending equity. The fund used this option to alimited extent in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.



Fund performance*

50

100

150

200



Net asset value, SEK Nordiska Småbolag A1 584.98 501.01 366.50 322.56 425.79 357.84 222.57 443.40 453.77 335.03 Nordiska Småbolag B1 545.08 485.03 366.50 - - - - - - -

The fund's total net flow, mSEK 1) -77 916 50 - - - - - - -

Fund capital total, mSEK 9,753 8,437 5,390 4,594 6,469 4,609 1,948 6,094 4,411 2,741 Nordiska Småbolag A1 9,250 8,356 5,373 4,594 6,469 4,609 1,948 6,094 4,411 2,741 Nordiska Småbolag B1 503 81 17 - - - - - - -

Number of units, 1000's 16,736 16,844 14,706 14,242 15,192 12,880 8,754 13,743 9,720 8,181 Nordiska Småbolag A1 15,813 16,678 14,659 14,242 15,192 12,880 8,754 13,743 9,720 8,181 Nordiska Småbolag B1 923 166 47 - - - - - - -

Total returns in %, SEK Nordiska Småbolag A1 +16.8 +36.7 +16.6 -23.2 +19.8 +75.4 -48.6 -0.6 +36.6 +62.5 Nordiska Småbolag B1 +16.8 +36.7 +5.3 - - - - - - -

Index including dividends in %, SEK Nordiska Småbolag A1 +17.1 +35.5 +17.3 -21.6 +18.7 +66.9 -48.4 -2.2 +35.4 +57.6 Nordiska Småbolag B1 +17.1 +35.5 +4.4 - - - - - - -

Average yearly return, 2 yrs. % Nordiska Småbolag A1 +26.3 +26.3 -5.4 -4.1 +45.0 -5.0 -28.5 +16.5 +49.0 +42.9 Nordiska Småbolag B1 +26.3 - - - - - - - - -

Comparison to index including dividends, % in SEK +25.9 +26.0 -4.1 -3.6 +40.7 -7.2 -29.0 +15.1 +46.1 +43.7


Annual Review 2014 – Handelsbanken FonderNordiska Småbolag, cont.


Nordiska Småbolag A1 +11.4 +20.8 -0.7 -3.8 +8.0 +14.7 +7.3 +31.2 +23.0 +11.0

Comparison to index including dividends, % +11.6 +19.8 -1.2 -4.8 +6.2 +12.4 +7.1 +30.7 +25.5 +15.3

Average yearly return, 10 yrs. % Nordiska Småbolag A1 +13.0 +13.9 +14.2 +8.8 +9.5 +8.0 +7.5 - - -

Comparison to index including dividends, % +12.0 +13.3 +13.7 +9.3 +10.7 +8.6 +6.6 - - -

Dividends per unit, SEK Nordiska Småbolag A1 - - 9.45 5.39 2.53 19.50 9.60 8.14 3.22 2.50 Nordiska Småbolag B1 19.40 12.83 - - - - - - - -1) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of the full-year 2012.

Index: SIX NORDIX Small Cap Port Nordic Net (NHNMXPORT)

Up to 02/01/2014: SHB NORDIX Small Cap Port Nordic Net (NHNMXPORT)




Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesNordiska Småbolag A1 1.60Nordiska Småbolag B1 1.60

Collected mgmt. costs in % of average fund capitalNordiska Småbolag A1 1.60Nordiska Småbolag B1 1.60

Annual fees in %Nordiska Småbolag A1 1.60Nordiska Småbolag B1 1.60







Turnover rate 0.5










Index SIX NORDIX Small CapPort Nordic Net(NHNMXPORT)











Share class launch dateNordiska Småbolag A1 - SEK 1998-10-15Nordiska Småbolag B1 - SEK 2012-11-14

Minimum investment, SEKNordiska Småbolag A1 0Nordiska Småbolag B1 0

Risk*Nordiska Småbolag 6




Changes in value for transferable securities * 1,338,710 2,083,141Interest income 470 765Dividends 219,257 163,808Currency exchange profits and losses, net -1,089 -1,555Other financial income 1) 2,054 212Other income 114 1,595


E X P E N S E S



Net income 1,396,558 2,130,970





Sum 1,338,710 2,083,142

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK2,564 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. The counterparty in securities lending during theyear was: Svenska Handelsbanken AB (publ)2) The item consists primarily of transaction costs.



A S S E T S


Total financial instruments withpositive market value Note 2) 9,665,857 99.1 8,107,374 96.1Bank assets and other liquidassets 74,172 0.8 247,129 2.9Prepaid expenses and accruedincome - - 184 0.0Other assets 148,667 1.5 203,661 2.4

Total assets 9,888,696 101.4 8,558,348 101.4









2014 2013

Fund capital at beginning of year 8,436,574 5,389,667Units issued 2,894,457 1,869,155Units redeemed -2,970,899 -952,565Profit according to Income Statement 1,396,558 2,130,970Dividends to unit holders -3,272 -653









ALK-Abelló (Pharmaceuticals) 30,000 24,844 0.3Alm. Brand (Insurance) 500,000 20,799 0.2Ambu B (Health Care Equipment and Supplies) 746,460 141,487 1.5Bavarian Nordic (Biotechnology) 250,000 62,810 0.6Columbus IT Partner (IT Services) 613,843 3,670 0.0DFDS (Marine) 108,727 81,743 0.8DSV (Road and Rail) 925,000 221,455 2.3FLSmidth (Construction and Engineering) 146,000 50,574 0.5Genmab (Biotechnology) 288,245 132,115 1.4GN Store Nord (Health Care Equipment and Supplies) 741,832 127,210 1.3H&H International (Construction and Engineering) 352,820 15,844 0.2Hinode (Trading Companies and Distributors) 59,552 21,932 0.2ISS (Commercial Services and Supplies) 300,000 67,969 0.7Jyske Bank (Commercial Banks) 387,717 154,279 1.6Lundbeck (Pharmaceuticals) 56,291 8,794 0.1Matas (Personal Products) 165,000 29,596 0.3NKT Holding (Electrical Equipment) 195,714 82,534 0.8Per Aarsleff (Construction and Engineering) 31,916 47,016 0.5Rockwool International B (Building Products) 140,232 124,071 1.3Royal Unibrew (Beverages) 40,000 55,311 0.6Schouw (Machinery) 195,000 71,938 0.7SimCorp (Software) 265,000 54,780 0.6SP Group (Chemicals) 75,000 20,942 0.2Sydbank (Commercial Banks) 356,800 86,330 0.9TK Development (Real Estate) 3,193,186 32,497 0.3Topdanmark (Insurance) 655,580 166,961 1.7Tryg (Insurance) 19,501 17,092 0.2William Demant Holding (Health Care Equipment and Supplies) 120,000 71,472 0.7

1,996,063 20.5F A R O E I S L A N D S ( D K K )

Bakkafrost (Household Durables) 199,152 34,829 0.4

34,829 0.4F I N L A N D ( E U R )

Amer Sports A (Leisure Equipment and Products) 690,534 105,051 1.1Basware (Software) 53,586 20,837 0.2Cargotec (Machinery) 155,400 37,611 0.4Caverion (Commercial Services and Supplies) 488,646 30,781 0.3Citycon (Real Estate) 499,155 12,199 0.1Comptel (Software) 1,777,440 16,584 0.2Cramo (Commercial Services and Supplies) 727,263 83,220 0.9Elisa (Diversified Telecommunication Services) 130,000 27,843 0.3Huhtamaki (Containers and Packaging) 640,000 132,404 1.4Kemira (Chemicals) 908,011 85,023 0.9Kesko B (Food and Staples Retailing) 611,002 174,675 1.8Konecranes (Machinery) 185,902 41,946 0.4Lassila & Tikanoja (Commercial Services and Supplies) 395,000 56,649 0.6Metsä Board (Paper and Forest Products) 1,601,018 67,791 0.7Metso (Machinery) 625,000 147,180 1.5Munksjö (Paper and Forest Products) 405,938 34,415 0.4Neste Oil (Oil, Gas and Consumable Fuels) 450,000 85,509 0.9Nokian Tyres (Auto Components) 210,000 40,362 0.4Olvi (Beverages) 40,000 7,983 0.1Oriola-KD (Distributors) 550,000 18,078 0.2Outokumpu (Metals and Mining) 1,190,000 53,792 0.6Outotec (Construction and Engineering) 390,712 16,233 0.2PKC (Elec Equip, Instr & Comp) 347,499 57,868 0.6Ponsse (Machinery) 313,000 35,638 0.4Raisio (Household Products) 1,197,532 47,644 0.5Ramirent (Building Products) 1,100,467 67,236 0.7Sanoma (Media) 205,861 8,974 0.1Technopoli (Real Estate Management and Development) 414,000 14,510 0.1Tieto EUR (IT Services) 335,000 68,258 0.7Uponor (Building Products) 697,735 75,941 0.8Vaisala (Elec Equip, Instr & Comp) 150,000 31,103 0.3Valmet (Machinery) 350,000 33,883 0.3

1,737,221 17.8I C E L A N D ( I S K )

Ossur (Health Care Equipment and Supplies) 750,000 16,887 0.2

16,887 0.2N O R W A Y ( N O K )

AF Gruppen (Construction and Engineering) 525,000 43,304 0.4Atea (IT Services) 895,217 71,972 0.7Austevoll Seafood (Food Products) 570,000 27,674 0.3Borregaard (Chemicals) 701,502 40,651 0.4Bouvet (IT Services) 100,000 7,935 0.1Data Respons (IT Services) 2,090,282 28,372 0.3Det Norske Oljeselskap (Energy Equipment and Services) 1,784,114 74,270 0.8DNO International (Oil, Gas and Consumable Fuels) 3,371,200 56,248 0.6Ekornes (Household Durables) 248,452 24,644 0.3Hexagon Composites (Machinery) 1,293,407 30,790 0.3Kongsberg Automotive Holding (Auto Components) 8,281,550 49,806 0.5Kongsberg Gruppen (Aerospace and Defense) 165,000 21,190 0.2


Kvaerner (Energy Equipment and Services) 1,350,000 12,531 0.1Lerøy Seafood Group (Food Products) 338,800 96,572 1.0Marine Harvest (Food Products) 1,681,820 180,693 1.9Nordic Semiconductor (Elec Equip, Instr & Comp) 900,000 44,354 0.5Norwegian Air Shuttle (Airlines) 120,828 34,845 0.4Olav Thon Eiendomsselskap (Real Estate Management and Development) 50,000 6,552 0.1Opera Software (Internet Software and Services) 800,000 79,352 0.8Protector Forsikring (Insurance) 2,100,000 84,635 0.9REC (Electrical Equipment) 15,000,000 27,940 0.3RenoNorden (Commercial Services and Supplies) 425,000 21,211 0.2SalMar (Food Products) 200,000 26,625 0.3Scatec Solar (IPP, ET) 700,000 22,292 0.2SpareBank 1 Midt-Norge (Commercial Banks) 871,137 53,209 0.5SpareBank 1 SR-Bank (Commercial Banks) 634,659 34,789 0.4Storebrand (Insurance) 2,793,410 85,165 0.9Tomra Systems (Machinery) 272,400 16,354 0.2Vardia Insurance Group (Insurance) 716,666 19,829 0.2Veidekke (Construction and Engineering) 210,715 16,226 0.2Vizrt (Media) 1,040,310 38,451 0.4Weifa (Biotechnology) 14,500,000 11,355 0.1Wilh. Wilhelmsen (Marine) 1,880,000 90,294 0.9Wilh. Wilhelmsen Holding (Marine) 156,701 27,814 0.3

1,507,945 15.5S I N G A P O R E ( S G D )

REC Solar (Electrical Equipment) 610,862 65,056 0.7

65,056 0.7S W E D E N ( S E K )

AarhusKarlshamn (Food Products) 204,700 85,462 0.9Acando B (IT Services) 1,541,970 20,508 0.2Addnode B (IT Services) 706,591 32,574 0.3Addtech B (Trading Companies and Distributors) 177,659 18,876 0.2ÅF B (Professional Services) 534,440 67,339 0.7Arcam (Machinery) 40,000 5,800 0.1Axis (Communications Equipment) 175,000 34,930 0.4B&B Tools (Trading Companies and Distributors) 175,000 26,688 0.3Bactiguard B (Health Care Equipment and Supplies) 250,000 4,300 0.0Balder B (Real Estate) 1,195,000 131,749 1.4Besqab (Multi-Utilities) 106,189 9,238 0.1Betsson B (Hotels, Restaurants and Leisure) 140,000 38,500 0.4Bilia A (Specialty Retail) 200,000 47,500 0.5BillerudKorsnäs (Containers and Packaging) 877,494 98,718 1.0BioGaia (Biotechnology) 100,000 17,950 0.2Boliden (Metals and Mining) 1,000,000 125,500 1.3BTS Group (Commercial Services and Supplies) 155,217 9,235 0.1Bufab (Auto Components) 857,914 50,402 0.5Byggmax Group (Specialty Retail) 787,201 41,525 0.4Castellum (Real Estate) 1,135,954 138,700 1.4CDON (Media) 562,500 9,844 0.1CDON Group BTA 2014 (Internet and Catalog Retail) 281,250 4,950 0.1Clas Ohlson B (Specialty Retail) 150,000 20,213 0.2Cloetta B (Food Products) 404,195 9,135 0.1Concentric (Machinery) 481,315 44,762 0.5Duni (Personal Products) 425,000 49,300 0.5Elekta B (Health Care Equipment and Supplies) 915,000 72,926 0.7Enea (IT Services) 196,404 13,945 0.1Fabege (Real Estate Management and Development) 824,981 82,993 0.9FinnvedenBulten (Auto Components) 300,000 20,100 0.2FormPipe Software (Internet Software and Services) 2,568,198 15,666 0.2Gränges (Chemicals) 500,000 25,500 0.3Haldex (Machinery) 562,324 57,216 0.6HEXPOL (Machinery) 145,062 106,838 1.1HiQ International (IT Services) 176,822 7,267 0.1Holmen B (Paper and Forest Products) 295,000 78,500 0.8Husqvarna B (Household Durables) 1,675,000 96,731 1.0I.A.R. Systems Group B (Software) 300,000 22,425 0.2IFS B (Software) 75,000 17,925 0.2Indutrade (Trading Companies and Distributors) 90,000 28,080 0.3Intrum Justitia (Commercial Services and Supplies) 165,000 38,280 0.4Inwido (Building Products) 406,256 27,524 0.3ITAB Shop Concept (Commercial Services and Supplies) 549,714 72,013 0.7JM (Household Durables) 287,508 71,589 0.7KappAhl (Specialty Retail) 550,000 23,045 0.2Klövern A (Real Estate Management and Development) 957,045 7,848 0.1Klövern B (Real Estate Management and Development) 9,570,450 72,735 0.7Knowit (IT Services) 1,154,348 63,489 0.7Kungsleden (Real Estate Management and Development) 775,000 43,788 0.4Lagercrantz B (Elec Equip, Instr & Comp) 175,000 24,413 0.3Lifco B (Health Care Providers and Services) 111,982 15,062 0.2Lindab International (Construction Materials) 954,389 62,608 0.6Loomis B (Commercial Services and Supplies) 268,289 60,633 0.6Lundbergs B (Real Estate) 140,000 47,348 0.5Lundin Mining SDB (Metals and Mining) 1,000,000 37,450 0.4Lundin Petroleum (Oil, Gas and Consumable Fuels) 850,000 95,540 1.0



Meda (Pharmaceuticals) 786,599 88,492 0.9Micronic MYDATA (Elec Equip, Instr & Comp) 2,532,527 62,807 0.6Midsona B (Pharmaceuticals) 972,866 30,159 0.3Modern Times Group B (Media) 325,000 80,860 0.8MQ Holding (Textiles, Apparel and Luxury Goods) 622,677 21,482 0.2NCC B (Construction and Engineering) 190,000 46,892 0.5Nederman (Machinery) 100,000 16,750 0.2Net Entertainment (Internet Software and Services) 210,000 55,230 0.6New Wave Group B (Textiles, Apparel and Luxury Goods) 599,931 23,037 0.2NIBE Industrier B (Machinery) 306,100 61,495 0.6Nobia (Specialty Retail) 1,793,260 125,080 1.3Nolato B (Communications Equipment) 60,000 10,680 0.1Nordnet B (Diversified Financial Services) 1,050,000 29,610 0.3Orexo (Biotechnology) 454,595 61,598 0.6Peab B (Construction and Engineering) 1,302,200 71,556 0.7Proact IT Group (IT Services) 100,000 7,850 0.1Proffice B (Commercial Services and Supplies) 1,545,470 31,991 0.3Ratos B (Capital Markets) 200,000 9,414 0.1Recipharm (Pharmaceuticals) 146,999 19,771 0.2Rezidor Hotel Group (Hotels, Restaurants and Leisure) 2,320,784 65,214 0.7SAAB B (Aerospace and Defense) 426,295 86,239 0.9Scandi Standard (Food Products) 202,429 9,757 0.1Securitas B (Commercial Services and Supplies) 560,000 52,892 0.5Semcon (IT Services) 528,376 26,102 0.3SSAB A (Metals and Mining) 440,000 20,073 0.2SSAB B (Metals and Mining) 1,850,000 74,389 0.8Swedish Orphan Biovitrum (Health Care Providers and Services) 1,236,250 98,096 1.0Swedol B (Energy Equipment and Services) 373,386 6,124 0.1Tele2 B (Diversified Telecommunication Services) 325,000 30,859 0.3Thule Group (Leisure Equipment and Products) 210,769 18,864 0.2Transcom WorldWide (Commercial Services and Supplies) 103,600 6,397 0.1Trelleborg B (Machinery) 1,110,000 146,520 1.5Unibet (Hotels, Restaurants and Leisure) 163,889 80,715 0.8Vitec Software Group (Software) 170,399 22,493 0.2Vitrolife (Biotechnology) 144,000 23,904 0.2Wihlborgs (Real Estate Management and Development) 217,600 31,062 0.3

4,207,631 43.0




N O R W A Y ( N O K )

Agrinos (Other) 698,000 1,676 0.0

1,676 0.0S W E D E N ( S E K )

DIBS (Diversified Financial Services) 352,538 29,349 0.3Kambi (Hotels, Restaurants and Leisure) 408,631 31,056 0.3Opus Group (Elec Equip, Instr & Comp) 4,191,684 38,144 0.4

98,549 1.0











Wilh. Wilhelmsen 1.2

Renewable Energy Corporation 1.0

SSAB 1.0

SpareBank 1 0.9

Klövern 0.8


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: P E T E R B O L T E

BASE CURRENCY

SEK


The fund switched a portion of its index on January 2, 2014.

The fund switched a portion of its index on January 2, 2014.

Additional information is available in the notes under Fund facts - history. The Finnish fund Placeringsfonden Handelsbanken Aktiv 100 mergedwith Handelsbanken Offensiv 100 on September 26, 2014.

Offensiv 100Management ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attaingood returns over the long term. The fund invests in Swedish, Nordic andglobal equity funds within Handelsbanken's funds as well as other fundsof selected management companies. Depending upon the sectors,countries and regions in which we would like to invest, we select thefunds we believe have the best outlooks based on fund performance andthe portfolio manager’s investment process. Derivative instruments maybe used to attain the investment target as well as enhance theeffectiveness of asset management.

PortfolioAggressive 100 rose 19.5% in 2014*. The year was dominated bydeclining interest rates and oil prices due to geopolitical concerns anduncertainty about the strength of the economic recovery. Despite this, riskappetite was positive and markets edged higher as a result. Market ratesfell, resulting in bonds outperforming short-term fixed income securities.Fund investments in the US and Asia posted the most strength, whileLatin America and Russia were significantly weaker. A stronger USDcontributed positively to returns, while many of the currencies in theemerging markets fell sharply. The fund was positioned for equity marketsto edge higher. The fund increased holdings in the US, USD futures andJapan during the year. Yen futures were sold and exposure to emergingmarkets was decreased.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookGlobal economic growth continues to perform strongly. We expect loweroil prices to contribute to growth, as it provides greater capacity forconsumption. Corporate earnings are rising and acquisition activity isincreasing, which indicates confidence in company outlooks.Consequently, we expect the equity market to edge higher, even if higherinterest rates ahead can pose a threat. Regionally, we prefer Asia, NorthAmerica and Japan. We continue to expect small caps to outperform themarket as a whole. Market rates are expected to rise gradually as theeconomy strengthens. There are also strong indications that the USD willcontinue to strengthen and that the Japanese yen will weaken in 2015.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus. The fund used this option quite extensively in 2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.



Fund performance*

50

100

150

200



Net asset value Offensiv 100 A1 - SEK 1) 201.74 168.87 136.62 122.83 146.32 132.56 103.24 170.18 162.00 145.72 Offensiv 100 A1 - EUR 1) 21.30 - - - - - - - - - Offensiv 100 A1 - NOK 1) 193.22 - - - - - - - - -

The fund's total net flow, mSEK 2) 3) 320 75 -45 - - - - - - -

Fund capital total, mSEK 5,759 - - - - - - - - - Offensiv 100 A1 - SEK 5,601 4,409 3,501 3,112 3,709 2,957 1,829 2,908 1,726 1,235 Offensiv 100 A1 - EUR 10 - - - - - - - - - Offensiv 100 A1 - NOK 56 - - - - - - - - -

Number of units, 1000's 28,546 - - - - - - - - - Offensiv 100 A1 - SEK 27,762 26,109 25,628 25,335 25,346 22,307 17,714 17,091 10,655 8,473 Offensiv 100 A1 - EUR 492 - - - - - - - - - Offensiv 100 A1 - NOK 292 - - - - - - - - -

Total returns in %, SEK Offensiv 100 A1 - SEK +19.5 +23.6 +14.4 -14.3 +13.6 +33.7 -38.4 +6.6 +11.7 +37.5 Offensiv 100 A1 - EUR +11.6 - - - - - - - - - Offensiv 100 A1 - NOK +21.1 +36.5 +12.4 -13.8 +21.4 +22.2 -35.1 -1.6 +19.5 +28.4

Index including dividends in %, SEK Offensiv 100 A1 - SEK +22.0 +23.8 +13.2 -11.2 +12.8 +28.8 -35.7 +7.3 +12.2 +36.2 Offensiv 100 A1 - EUR +14.0 - - - - - - - - - Offensiv 100 A1 - NOK +23.7 +36.7 +11.2 -10.6 +20.5 +17.6 -32.2 -0.9 +19.9 +27.1

Average yearly return, 2 yrs. % Offensiv 100 A1 - SEK +21.5 +18.9 -1.0 -1.4 +23.2 -9.2 -19.0 +9.1 +23.9 - Offensiv 100 A1 - EUR +15.6 +19.3 +1.5 +5.8 +36.1 -12.8 -26.6 +8.8 +24.0 -

Annual Review 2014 – Handelsbanken FonderOffensiv 100, cont.


Offensiv 100 A1 - NOK +28.6 +23.9 -1.5 +2.3 +21.8 -10.9 -20.1 +8.4 +23.8 -


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Comparison to index including dividends, % SEK +22.9 +18.4 +0.3 +0.1 +20.5 -9.0 -16.9 +9.7 +23.6 - EUR +17.0 +18.7 +2.8 +7.4 +33.1 -12.6 -24.7 +9.3 +23.6 - NOK +30.1 +23.3 -0.3 +3.8 +19.1 -10.7 -18.1 +9.0 +23.5 -

Average yearly return, 5 yrs. % Offensiv 100 A1 - SEK +10.5 +13.0 -1.7 -3.1 +2.2 +6.2 - - - - Offensiv 100 A1 - EUR +12.2 +18.0 +0.2 -2.8 +3.0 +3.5 - - - - Offensiv 100 A1 - NOK +14.2 +14.4 -1.4 -3.9 +2.5 +3.7 - - - -

Comparison to index including dividends, % SEK +11.4 +12.6 -1.3 -2.3 +2.4 +6.3 - - - - EUR +13.1 +17.6 +0.7 -2.0 +3.2 +3.7 - - - - NOK +15.2 +14.0 -0.9 -3.2 +2.7 +3.8 - - - -

Average yearly return, 10 yrs. % Offensiv 100 A1 - SEK +8.3 - - - - - - - - - Offensiv 100 A1 - EUR +7.8 - - - - - - - - - Offensiv 100 A1 - NOK +8.8 - - - - - - - - -

Comparison to index including dividends, % SEK +8.8 - - - - - - - - - EUR +8.3 - - - - - - - - - NOK +9.3 - - - - - - - - -

Dividends per unit, SEK - - 3.82 2.87 3.64 4.06 2.29 2.50 0.74 0.00


Exchange rate NOK/SEK 1.04 - - - - - - - - -1) The share price has been affected for funds with holdings in US equities based on a judgment in the Administrative Court. The funds are now charged full dividend tax (30%) instead of the previous tax of 15%. The new tax rate is applicable on dividends



3) The net flows do not include the merged flows from the Finnish fund Placeringsfonden Handelsbanken Aktiv 100, which was merged on September 26, 2014.

Index: MSCI AC World Net 50%, VINX Benchmark Cap SEK NI 50%

Up to 01/02/2014: SHB NORDIX Port Nordic Net (NHNXPORT) 50%, MSCI All Country World Index Net 50%

Up to 30/10/2009: MSCI World Net 50%, NHNXPORT SHB NORDIX Port Nordic Net 50%




Fund facts2014








Turnover rate 0.1










Total risk in index % - A1 NOK 6.3



Tracking error % - A1 NOK 1.4

Index MSCI AC World Net 50%,VINX Benchmark Cap SEK

NI 50%


Active return % - A1 EUR -1.3

Active return % - A1 NOK -1.5


Information ratio - A1 EUR Negative

Information ratio - A1 NOK Negative



Sharpe ratio - A1 NOK 4.0



Sharpe ratio in index - A1 NOK 4.6



Share class launch dateOffensiv 100 A1 - SEK 2004-05-10Offensiv 100 A1 - EUR 2014-09-26Offensiv 100 A1 - NOK 2014-09-26

Minimum investment, SEKOffensiv 100 A1 0

Risk*Offensiv 100 SEK 5Offensiv 100 EUR 6Offensiv 100 NOK 5




Changes in value for other derivativeinstruments * 17,643 -1,852Changes in value for fund units ** 829,006 836,080Interest income 157 257Dividends -158 982Currency exchange profits and losses, net 43,067 -456Other financial income 1) 75,099 60,875Other income 0 0


E X P E N S E S



Net income 885,669 832,744





Sum 17,643 -1,852




Changes in value for fund units –Unrealised 719,924 759,074

Sum 829,006 836,080

1) The item consists primarily of discounts on management expenses in underlying funds.




A S S E T S

OTC derivative instruments withpositive market value 6,061 0.1 - -Other derivative instrumentswith positive market value - - 0 0.0Fund units 5,425,618 94.2 4,364,267 99.0

Total financial instruments withpositive market value Note 2) 5,431,679 94.3 4,364,267 99.0Bank assets and other liquidassets 336,564 5.8 44,779 1.0Prepaid expenses and accruedincome 3,425 0.1 3,139 0.1Other assets - - 31 0.0

Total assets 5,771,668 100.2 4,412,216 100.1


OTC derivative instruments withnegative market value 5,041 0.1 - -Other derivative instrumentswith negative market value - - 0 0.0

Total financial instruments withnegative market value Note 2) 5,041 0.1 0 0.0Accrued expenses and prepaidincome 3,972 0.1 3,056 0.1Other liabilities 3,607 0.0 - -






2014 2013

Fund capital at beginning of year 4,409,160 3,501,322Units issued 1) 1,082,443 557,455Units redeemed -618,224 -482,361Profit according to Income Statement 885,669 832,744Dividends to unit holders - -

Fund capital at the close of the period 5,759,048 4,409,1601) SEK 143,830t represents total assets from the Finnish-registered fund that was merged through absorption in theautumn.






EURO STOXX 50® Index Future mars 2015 1) 92 0 0.0NASDAQ 100 Index Future mars 2015 2) 39 0 0.0Topix Index Future mars 2015 3) 157 0 0.0





F U N D U N I T S


Handelsbanken Amerika Småbolag A (USA) 590,895 295,610 5.1Handelsbanken Amerikafond (USA) 1,427,870 810,082 14.1Handelsbanken Asienfond (Asia) 341,307 139,804 2.4Handelsbanken Brasilienfond (Rest of the world) 24,741 1,895 0.0Handelsbanken Europa Selektiv A1 SEK (Europe) 321,709 70,899 1.2Handelsbanken Europafond (Europe) 478,024 145,464 2.5Handelsbanken Funds Global Thematic (Rest of the world) 986 998 0.0Handelsbanken Japanfond (Asia) 1,533,019 85,277 1.5Handelsbanken Kinafond A1 SEK (Asia) 965,129 116,459 2.0Handelsbanken Latinamerikafond (Rest of the world) 81,307 20,521 0.4Handelsbanken Norden Aggressiv (Nordic countries) 5,442,804 697,549 12.1Handelsbanken Norden Selektiv A1 SEK (Nordic countries) 638,070 151,190 2.6Handelsbanken Nordenfond (Nordic countries) 1,310,103 1,055,883 18.3Handelsbanken Nordiska Småbolagsfond (Nordic countries) 863,769 505,291 8.8Handelsbanken Rysslandsfond (Rest of the world) 563,325 21,065 0.4Handelsbanken Sverigefond (Nordic countries) 178,266 260,478 4.5Handelsbanken Tillväxtmarknadsfond (Rest of the world) 1,191,690 272,154 4.7J.P. Morgan Europe Strategic Dividend FundI EUR (Europe) 81,373 113,996 2.0


J.P. Morgan US Value I USD (USA) 109,731 144,905 2.5UBS Equity Sicav Small Caps Europe (Europe) 65,774 169,550 2.9UBS Equity Sicav USA Growth (USA) 941,214 186,780 3.2

5,265,850 91.4L I S T E D E Q U I T Y F U N D S * *

XACT Norden 30 (Nordic countries) 1,790,521 159,768 2.8

159,768 2.8





SEK/JPY 4) -5,041 -0.1USD/SEK 5) 6,061 0.1

1,020 0.0






1) Stock index futures with underlying exposure of SEK 27,420t, which is equivalent to 0.5% of fund capital.Counterparty Goldman Sachs Intl.2) Stock index futures with underlying exposure of SEK 129,334t, which is equivalent to 2.2% of fund capital.Counterparty Goldman Sachs Intl.3) Stock index futures with underlying exposure of SEK 144,283t, which is equivalent to 2.5% of fund capital.Counterparty Goldman Sachs Intl.4) SEK 104,386t/JPY 1,675,000t, counterparty: Svenska Handelsbanken AB (publ).5) USD 21,200t/SEK 159,831t, counterparty: Svenska Handelsbanken AB (publ).







J.P. Morgan 4.5


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: E R I K G U N N A R S S O N

BASE CURRENCY

SEK


RealräntefondManagement ReportInvestment FocusThe fund is a fixed income fund and its objective is to generate returnsthat are protected from expected Swedish inflation. The fund investsprimarily in real and nominal government bonds as well as Treasury billsissued in SEK that are included in the OMRX REAL Index. The issuingstates shall have a minimum credit rating of AA- according to Standard &Poor's rating scale. The average residual fixed interest period for thefund's investments is between two and fifteen years.

PortfolioThe fund rose 6.7% in 2014*. Real interest rates fell sharply during theyear, as did other long-term market rates. Weak inflation outlooks andvery low nominal rates contributed to a decline of approximately 100 bpin 10-year index bonds, which closed at -0.14% real interest. Given thefund’s long-term average duration, it is sensitive to interest ratemovements, which explains the strong share price performance in thewake of the downturn in interest rates. The fund closely followedinvestments in the OMRX Real Index in 2014.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookThe market’s inflation outlooks are approximately 1% on average per yearfor the next 10 years. This is lower than the Riksbank’s long-term inflationtarget of 2%. Real interest rates are very low from a historical perspectivefollowing the sharp downturn, and in practice are at an “all-time low”.Fund returns would be negatively affected initially by an upturn in realinterest rates, even if higher rates are positive over time for the fund. Afurther downturn in interest rates cannot be ruled out, although webelieve an upturn in rates is more likely in the longer term.



Trading with derivativesAccording to the fund rules, the fund may trade with derivatives. The funddid not use this option in 2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK Realräntefond A1 109.56 102.69 108.75 110.56 98.98 - - - - - Realräntefond B1 105.99 100.84 108.75 - - - - - - -

The fund's total net flow, mSEK 1) 1,003 -527 -2,156 - - - - - - -

Fund capital total, mSEK 1,218 142 696 2,848 888 - - - - - Realräntefond A1 1,218 142 696 2,848 888 - - - - - Realräntefond B1 0 0 0 - - - - - - -

Number of units, 1000's 11,115 1,381 6,399 25,757 8,975 - - - - - Realräntefond A1 11,115 1,381 6,399 25,757 8,975 - - - - - Realräntefond B1 0 0 0 - - - - - - -

Total returns in %, SEK Realräntefond A1 +6.7 -5.6 +0.6 +12.0 -1.0 - - - - - Realräntefond B1 +6.7 -5.6 +0.8 - - - - - - -

Index including dividends in %, SEK Realräntefond A1 +7.4 -5.2 +0.8 +12.7 -0.7 - - - - - Realräntefond B1 +7.4 -5.2 +0.8 - - - - - - -

Average yearly return, 2 yrs. % Realräntefond A1 +0.4 -2.5 +6.2 - - - - - - - Realräntefond B1 +0.4 - - - - - - - - -

Comparison to index including dividends, % in SEK +0.9 -2.2 +6.6 - - - - - - -

Dividends per unit, SEK Realräntefond A1 - - 2.46 0.25 - - - - - - Realräntefond B1 1.51 1.90 - - - - - - - -1) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of the full-year 2012.

Index: OMRX REAL




Annual Review 2014 – Handelsbanken FonderRealräntefond, cont.

Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesRealräntefond A1 0.70Realräntefond B1 0.70

Collected mgmt. costs in % of average fund capitalRealräntefond A1 0.40Realräntefond B1 0.40

Annual fees in %Realräntefond A1 0.40Realräntefond B1 0.40



Costs for monthly savings 100 kr - A1 2.68of which incl. mgmt, costs 2.67


Turnover rate 0.7



Duration, years 7.8








Index OMRX REAL





Sharpe ratio - A1 SEK -0.1

Sharpe ratio - B1 SEK -0.1





Share class launch dateRealräntefond A1 - SEK 2010-10-29Realräntefond B1 - SEK 2012-10-25

Minimum investment, SEKRealräntefond A1 0Realräntefond B1 0

Risk*Realräntefond 3




Changes in value for transferable securities * 55,158 -34,029Interest income 23,824 8,758Other income - 0

Total income and changes in value 78,982 -25,271

E X P E N S E S

Management Company expenses 4,671 1,526Interest expense 1,340 35Other expenses - 41


Net income 72,971 -26,873





Sum 55,158 -34,029



A S S E T S

Transferable securities 1,211,195 99.5 139,327 98.3

Total financial instruments withpositive market value Note 2) 1,211,195 99.5 139,327 98.3Bank assets and other liquidassets 3,435 0.3 1,073 0.8Prepaid expenses and accruedincome 3,259 0.2 328 0.2Other assets 1 0.0 1,058 0.7

Total assets 1,217,890 100.0 141,786 100.0


Accrued expenses and prepaidincome 213 0.0 25 0.0Other liabilities - - 0 0.0

Total liabilities 213 0.0 25 0.0

Fund capital Note 1) 1,217,677 100.0 141,761 100.0



2014 2013

Fund capital at beginning of year 141,761 695,886Units issued 1,614,209 56,669Units redeemed -611,264 -583,921Profit according to Income Statement 72,971 -26,873Dividends to unit holders 0 0

Fund capital at the close of the period 1,217,677 141,761






G O V E R N M E N T

Statsobligation 3102 4,00% 2020-12-01 168,000 269,650 22.1Statsobligation 3104 3,50% 2028-12-01 198,000 363,548 29.9Statsobligation 3105 3,50% 2015-12-01 100 126 0.0Statsobligation 3107 0,50% 2017-06-01 194,000 204,847 16.8Statsobligation 3108 0,25% 2022-06-01 161,000 168,401 13.8Statsobligation 3109 1,00% 2025-06-01 183,000 204,623 16.8

1,211,195 99.5











Svenska staten 99.4


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: E M M A V I O T T I

BASE CURRENCY

SEK


PREMIUM PENSION

110098


savings

Funds Commodity Handelsbanken Funds Commodity

Management ReportInvestment FocusThe fund is an index fund and its objective is to follow the performance ofthe SHB Commodity Excess Return Index as closely as possible. Thefund invests in derivatives such as futures with exposure to the SHBCommodity Excess Return Index. The index consists of approximately 15different commodities that are critical to the Nordic economies.Commodities that are currently applicable include oil, electricity, copper,aluminium and gold.

PortfolioThe fund fell - 8.4% in 2014*. The commodities with the heaviestweighting in the fund at year-end were oil, petrol, copper and gold. Therewere no changes made to the composition of the commodity basket in2014.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

InformationThe fund consists of share classes. Fund assets are pooled for the shareclasses and the information below applied to the fund as a whole, unless

stated otherwise. Fund units within each individual share class are thesame size and have the same rights to the assets included in the fund.Dividends in the distribution share class impact the relationship betweenthe value of accumulation units and the value of distribution units, giventhat the value of the distribution fund units decreases relative to the sizeof the dividend.

Fund performance*

50

100

150



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Funds Commodity A - SEK 90.25 98.49 109.92 112.64 119.37 - - - - - Funds Commodity A - EUR 9.53 - - - - - - - - - Funds Commodity A - NOK 86.44 - - - - - - - - - Funds Commodity BI - SEK 83.08 92.30 104.91 110.09 - - - - - -

Fund capital total, mSEK 2,426 1,299 1,749 1,295 752 - - - - - Funds Commodity A - SEK 999 1,203 1,578 1,170 752 - - - - - Funds Commodity A - EUR 15 - - - - - - - - - Funds Commodity A - NOK 15 - - - - - - - - - Funds Commodity BI - SEK 1,273 95 171 125 - - - - - -

Number of units, 1000's 28,098 13,259 15,987 11,521 6,296 - - - - - Funds Commodity A - SEK 11,073 12,222 14,357 10,383 6,296 - - - - - Funds Commodity A - EUR 1,526 - - - - - - - - - Funds Commodity A - NOK 179 - - - - - - - - - Funds Commodity BI - SEK 15,320 1,036 1,630 1,138 - - - - - -

Total returns in %, SEK Funds Commodity A - SEK -8.4 -10.4 -2.4 -5.7 +19.4 - - - - - Funds Commodity A - EUR -14.4 -13.2 +1.2 -4.3 - - - - - - Funds Commodity A - NOK -7.1 -1.1 -4.1 -5.0 - - - - - - Funds Commodity BI - SEK -8.1 -10.2 -2.3 - - - - - - -

Index including dividends in %, SEK Funds Commodity A - SEK -7.5 -9.6 -1.5 -4.8 +20.5 - - - - - Funds Commodity A - EUR -13.5 -12.4 +2.2 -3.5 - - - - - - Funds Commodity A - NOK -6.2 -0.1 -3.2 -4.1 - - - - - - Funds Commodity BI - SEK -7.5 -9.6 -1.5 - - - - - - -

Average yearly return, 2 yrs. % Funds Commodity A - SEK -9.4 -6.5 -4.1 - - - - - - - Funds Commodity A - EUR -13.8 -6.2 -1.6 - - - - - - - Funds Commodity A - NOK -4.1 -2.6 -4.5 - - - - - - - Funds Commodity BI - SEK -9.2 -6.3 -3.9 - - - - - - -

Comparison to index including dividends, % SEK -8.5 -5.6 -3.2 - - - - - - - EUR -13.0 -5.4 -0.7 - - - - - - - NOK -3.2 -1.7 -3.7 - - - - - - -Index: SHB Commodity Index Excess Return




Fund facts2014

Collected mgmt. costs in % of average fund capitalFunds Commodity A 1) 0.70Funds Commodity BI 2) 0.50

Annual fees in %Funds Commodity A 0.75Funds Commodity BI 0.51

Turnover rate -1.0




Annual Review 2014 – Handelsbanken FundsFunds Commodity, cont.















Index SHB Commodity IndexExcess Return








Sharpe ratio - A SEK -1.0

Sharpe ratio - A EUR -1.2

Sharpe ratio - A NOK -0.5

Sharpe ratio - BI SEK -0.9


Sharpe ratio in index - A EUR -1.1

Sharpe ratio in index - A NOK -0.4

Sharpe ratio in index - BI SEK -0.9



Share class launch dateFunds Commodity A - SEK 2010-07-05Funds Commodity A - EUR 2010-07-05Funds Commodity A - NOK 2010-07-05Funds Commodity BI - SEK 2010-07-05

Minimum investment, SEKFunds Commodity A 0Funds Commodity BI 500,000

Risk*Funds Commodity 5



U p t o 3 0 / 0 9 / 2 0 1 4 P E T E R B O L T E

BASE CURRENCY

SEK


The Finnish fund Placeringsfonden Handelsbanken Stabil 25 merged with Handelsbanken Stabil 25 on September 12, 2014.

Stabil 25Management ReportInvestment FocusThe fund is an actively managed mixed fund and its objective is to attaineven returns. The fund invests primarily in Swedish fixed income funds aswell as in Nordic and global equity funds. Investments are made inHandelsbanken’s funds and in the funds of other fund managementcompanies. Depending on the sectors, countries and regions in which weinvest, we select those funds we believe have the best outlooks based onfund performance and the portfolio manager’s work operations. Theequity share in the fund is normally 25%, although this can vary between10% and 40% depending on the state of the market. Derivativeinstruments may be used to attain the investment target and improve theeffectiveness of fund management.

PortfolioThe fund rose 7.7% in 2014*. The year was dominated by declininginterest rates and oil prices due to geopolitical concerns and uncertaintyabout the strength of the economic recovery. Despite this, risk appetitewas positive and markets edged higher as a result. Market rates fell,resulting in bonds outperforming short-term fixed income securities. Thefund’s position throughout the year was dominated by an overweight inequities, which in general was positive for returns. A shorter duration thannormal in the fixed income holdings had a negative impact. Regionally,investments in the US and Asia posted the most strength, while LatinAmerica and Russia were significantly weaker. A stronger USDcontributed positively to returns. Many of the currencies in the emergingmarkets fell sharply, while fund holdings in emerging market bondsperformed strongly. The fund was positioned for equity markets to edgehigher, although the risk was lowered temporarily to address a suddendownturn in the stock market. The equity share was approximately 27%at year-end. The fund increased holdings in the US, USD futures andJapan, while yen futures were sold. The fund decreased equity exposureto emerging markets, but increased holdings in emerging market bonds.Fixed income holdings had a shorter duration than normal.*) Refer to fund statistics for comparable index.

OutlookGlobal economic growth continues to perform strongly. We expect lower

oil prices to contribute to growth in many countries, although several willbe negatively affected. Corporate earnings are rising and acquisitionactivity is increasing, which indicates confidence in company outlooks.We remain positive to the equity market. The fixed income markets inSweden and Europe have now reached record lows and we have ashorter duration than normal in the fund. Consequently, we retain ourlong-term positive outlook on the equity markets, although we aresomewhat more tentative over the short term than previously. Regionally,we prefer North America and Asia. We are positive over the long term tothe USD and negative to the Japanese yen.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus. The fund used this option in 2014.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


The fund's performance yield prior to the launch date is derived from themerger of Placeringsfonden Handelsbanken Stabil 25 (Finland) withHandelsbanken Stabil 25 (Sweden, which occurred on September 12,2014.

Fund performance*

50

100

150


Market Exposure*

Equities, shares 29,27 %

Interest-bearing, including liquidassets 70,73 %

* The fund's allocation of investments within the markets as of 31/12/2014, relative to the fund's total assets on thisdate.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK 1) 135.32 - - - - - - - - -

The fund's total net flow, mSEK 2) 3) 541 - - - - - - - - -

Fund capital, mSEK 7,943 - - - - - - - - -

Number of units, 1000’s 58,698 - - - - - - - - -

Total returns in %, SEK +7.7 +6.6 +6.4 -0.9 +4.1 +8.5 -6.4 +2.3 +2.7 -

Index including dividends in %, SEK +8.9 +5.5 +4.6 +1.8 +4.3 +8.2 -2.2 +3.4 +3.3 -

Average yearly return, 2 yrs. % +7.1 +6.5 +2.7 +1.6 +6.3 +0.8 -2.2 +2.5 - -

Comparison to index including dividends, % +7.2 +5.1 +3.2 +3.0 +6.2 +2.9 +0.6 +3.4 - -

Average yearly return, 5 yrs. % +4.7 +4.9 +2.2 +1.4 +2.1 - - - - -

Comparison to index including dividends, % +5.0 +4.9 +3.3 +3.1 +3.4 - - - - -1) The share price has been affected for funds with holdings in US equities based on a judgment in the Administrative Court. The funds are now charged full dividend tax (30%) instead of the previous tax of 15%. The new tax rate is applicable on dividends


2) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of full-year 2012.

3) The net flows do not include the merged flows from the Finnish fund Placeringsfonden Handelsbanken Stabil 25, which was merged on September 12, 2014.

Index: HMNI Swe All Government Dur Const 6Y (HMSD6) 26,25%, HMNI Swe All Mortgage Dur Const 2.5Y (HMSMD25) 11,25%, VINX Benchmark Cap SEK_NI 12,5%, OMRXTBILL 37,5%, MSCI All Country World Index Net 12,5%.



Annual Review 2014 – Handelsbanken FonderStabil 25, cont.


2014








Turnover rate 0.4





Total risk % 2.2


Index HMNI Swe All GovernmentDur Const 6Y (HMSD6)26,25%, HMNI Swe All

Mortgage Dur Const 2.5Y(HMSMD25) 11,25%, VINX

Benchmark Cap SEK_NI12,5%, OMRXTBILL

37,5%, MSCI All CountryWorld Index Net 12,5%.




Sharpe ratio 3.0




2014



Risk* 3



2014 2013


Changes in value for other derivativeinstruments * -8,332 -Changes in value for fund units ** 124,637 -Interest income 30 -Currency exchange profits and losses, net 25,359 -Other financial income 16,628 -Other income 0 -


E X P E N S E S



Net income 137,917




Sum -8,332


Changes in value for fund units – Capitalgains 55,509

Changes in value for fund units – Capitallosses -10,314

Changes in value for fund units –Unrealised 79,440

Sum 124,637



A S S E T S

OTC derivative instruments withpositive market value 2,696 0.0Fund units 7,497,772 94.4

Total financial instruments withpositive market value Note 2) 7,500,468 94.4Bank assets and other liquidassets 444,780 5.6Prepaid expenses and accruedincome 2,237 0.0

Total assets 7,947,485 100.0


OTC derivative instruments withnegative market value 756 0.0

Total financial instruments withnegative market value Note 2) 756 0.0Accrued expenses and prepaidincome 3,097 0.0Other liabilities 806 0.0






2014 2013

Fund capital at beginning of year - -Units issued 1) 8,263,764 -Units redeemed -458,855 -Profit according to Income Statement 137,917 -Dividends to unit holders - -







NASDAQ 100 Index Future mars 2015 1) 8 0 0.0Topix Index Future mars 2015 2) 42 0 0.0





F U N D U N I T S


Handelsbanken Amerika Småbolag A (USA) 319,081 159,628 2.0Handelsbanken Amerikafond (USA) 613,334 347,966 4.4Handelsbanken Asienfond (Asia) 175,691 71,965 0.9Handelsbanken Europa Selektiv A1 SEK (Europe) 142,352 31,372 0.4Handelsbanken Europafond (Europe) 218,090 66,366 0.8Handelsbanken Global Selektiv Criteria A (Rest of the world) 293,000 34,131 0.4Handelsbanken Japanfond (Asia) 586,875 32,646 0.4Handelsbanken Kinafond A1 SEK (Asia) 326,750 39,428 0.5Handelsbanken Norden Aggressiv (Nordic countries) 1,941,114 248,773 3.1Handelsbanken Norden Selektiv A1 SEK (Nordic countries) 215,138 50,977 0.6Handelsbanken Nordenfond (Nordic countries) 498,981 402,156 5.1Handelsbanken Nordiska Småbolagsfond (Nordic countries) 334,655 195,768 2.5Handelsbanken Sverigefond (Nordic countries) 53,497 78,169 1.0Handelsbanken Tillväxtmarknadsfond (Rest of the world) 300,530 68,634 0.9J.P. Morgan Europe Strategic Dividend FundI EUR (Europe) 30,379 42,558 0.5J.P. Morgan US Value I USD (USA) 37,864 50,001 0.6UBS Equity Sicav Small Caps Europe (Europe) 15,404 39,709 0.5UBS Equity Sicav USA Growth (USA) 377,956 75,004 0.9

2,035,248 25.6L I S T E D E Q U I T Y F U N D S * *

XACT Norden 30 (Nordic countries) 625,140 55,781 0.7

55,781 0.7

Annual Review 2014 – Handelsbanken FonderStabil 25, cont.


FIXED INCOME FUNDS

Handelsbanken Fixed Income Opportunity Fund (Nordic countries) 6,769,361 697,082 8.8Handelsbanken Företagsobligationsfond B5SEK (Nordic countries) 3,346,179 380,089 4.8Handelsbanken Korträntefond (Nordic countries) 10,392,949 1,086,294 13.7Handelsbanken Långräntefond (Nordic countries) 6,062,734 685,140 8.6Handelsbanken Lux Korträntefond (Nordic countries) 7,789,532 1,125,508 14.2Handelsbanken Lux Långräntefond (Nordic countries) 134,404 516,849 6.5Handelsbanken Ränteavkastningsfond Mega A7 (Nordic countries) 379,496 698,490 8.8Handelsbanken Tillväxtmarknadsfond Obligation BI (Rest of the world) 2,275,161 217,291 2.7

5,406,743 68.1





USD/JPY 3) -756 0.0USD/SEK 4) 2,696 0.0

1,940 0.0






1) Stock index futures with underlying exposure of SEK 26,530t, which is equivalent to 0.3% of fund capital.Counterparty Goldman Sachs Intl.2) Stock index futures with underlying exposure of SEK 38,598t, which is equivalent to 0.5% of fund capital.Counterparty Goldman Sachs Intl.3) USD 153,486t/JPY 2,441,416t, counterparty: JP Morgan Securities Plc. USD 150,515t/JPY 2,438,412t,counterparty: Svenska Handelsbanken AB (publ).4) USD 9,300t/SEK 70,088t, counterparty: JP Morgan Securities Plc.







J.P. Morgan 1.1


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: C H R I S T I A N B R U N L I D

BASE CURRENCY

SEK


PREMIUM PENSION

952010


savings

Svenska SmåbolagsfondManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attainreturns that exceed the average of the Swedish equity market over thelong term with good risk diversification. The fund invests in equities issuedby smaller and mid-sized companies in Sweden whose market value atthe time of investment does not exceed 1% of the total market value ofthe Swedish equity market. The fund may also invest in larger companiesand in unlisted companies if we deem it to be beneficial to unit holders.We place particular emphasis on ensuring that the company's strategyconcurs with our assessment of what can generate favourable share priceperformance when we select equities for the fund. We then evaluate thecompany's key ratios, such as earnings growth relative to the market'sexpectations.

PortfolioThe Swedish Small-Cap Fund rose 22.6% in 2014*. Strong US economicdata and a further decline in interest rates contributed to a higher riskappetite among investors. This also led to significant inflows to Swedishsmall cap funds, in particular during H1. IPOs on the Stockholm stockexchange gained momentum in 2014 after several years of stagnation.The fund successfully participated in several of these IPOs. Neurovive,Mycronic and Net Entertainment were the strongest contributors toreturns, while Opus Group, Rezidor and MTG had a negative impact.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookAfter several years of declining earnings in listed Swedish companies,earnings trended upward again in 2014. We see favourable conditions foranother year of profit growth given the weakened SEK and further stronggrowth in the US economy. A minor concern is the decline in oil pricesduring the autumn. This affects Norway in particular, which is Sweden’smost important export country. At the same time, interest rates areexpected to remain low, which should continue to attract capital to theequity market. Consequently, conditions are favourable for the Stockholmstock market to also provide strong returns in 2015.



Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to quickly and cost-effectively increase or eliminate exposureto one or more markets or types of assets. The advantage with derivativeinstruments is that it is possible to change the fund’s exposure in differenttypes of assets or in different markets in a simple and controlled way witha limited number of transactions. The fund did not use this option in2014.The fund has the option of lending equity. The fund used this option in2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150

200

250



Net asset value, SEK Svenska Småbolagsfond A1 941.15 767.40 557.29 507.56 588.01 446.55 281.91 520.00 563.03 414.78 Svenska Småbolagsfond B1 878.10 743.83 557.29 - - - - - - -

The fund's total net flow, mSEK 1) 855 1,540 -1,376 - - - - - - -

Fund capital total, mSEK 10,829 8,125 4,621 5,345 6,591 3,924 2,273 4,358 5,847 3,951 Svenska Småbolagsfond A1 10,773 8,070 4,617 5,345 6,591 3,924 2,273 4,358 5,847 3,951 Svenska Småbolagsfond B1 56 55 4 - - - - - - -

Number of units, 1000's 11,510 10,590 8,291 10,531 11,209 8,786 8,062 8,381 10,386 9,527 Svenska Småbolagsfond A1 11,446 10,516 8,284 10,531 11,209 8,786 8,062 8,381 10,386 9,527 Svenska Småbolagsfond B1 64 73 7 - - - - - - -

Total returns in %, SEK Svenska Småbolagsfond A1 +22.6 +37.7 +13.5 -12.3 +33.5 +70.2 -43.4 -6.0 +38.3 +44.1 Svenska Småbolagsfond B1 +22.6 +37.7 +6.8 - - - - - - -

Index including dividends in %, SEK Svenska Småbolagsfond A1 +21.6 +36.6 +12.6 -13.2 +30.6 +68.9 -44.4 -6.9 +37.5 +48.2 Svenska Småbolagsfond B1 +21.6 +36.6 +6.5 - - - - - - -

Average yearly return, 2 yrs. % Svenska Småbolagsfond A1 +30.0 +25.0 -0.3 +8.2 +50.8 -1.9 -27.1 +14.0 +41.2 +29.8 Svenska Småbolagsfond B1 +30.0 - - - - - - - - -

Comparison to index including dividends, % in SEK +28.9 +24.1 -1.1 +6.5 +48.6 -3.1 -28.0 +13.2 +42.7 +34.1

Average yearly return, 5 yrs. % Svenska Småbolagsfond A1 +17.5 +25.5 +5.1 +1.2 +10.8 +12.5 +4.4 +25.0 +19.0 +6.6

Comparison to index including dividends, % +16.2 +24.1 +3.7 -0.2 +9.5 +12.3 +5.1 +26.3 +20.9 +9.8


Annual Review 2014 – Handelsbanken FonderSvenska Småbolagsfond, cont.


Svenska Småbolagsfond A1 +15.0 +14.5 +14.6 +9.7 +8.7 +6.4 +5.2 +10.5 +13.9 +16.1


Dividends per unit, SEK Svenska Småbolagsfond A1 - - 17.88 8.46 6.70 19.76 19.77 9.87 8.51 8.31 Svenska Småbolagsfond B1 29.75 19.51 - - - - - - - -1) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of the full-year 2012.

Index: Carnegie Small Cap Return Index Gross (CSRXSE)

Up to 31/12/2004: Nordix Small Cap Port Sweden




Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesSvenska Småbolagsfond A1 1.50Svenska Småbolagsfond B1 1.50

Collected mgmt. costs in % of average fund capitalSvenska Småbolagsfond A1 1.50Svenska Småbolagsfond B1 1.50

Annual fees in %Svenska Småbolagsfond A1 1.50Svenska Småbolagsfond B1 1.50







Turnover rate 0.5










Index Carnegie Small Cap ReturnIndex Gross (CSRXSE)











Share class launch dateSvenska Småbolagsfond A1 - SEK 1994-11-21Svenska Småbolagsfond B1 - SEK 2012-11-14

Minimum investment, SEKSvenska Småbolagsfond A1 0Svenska Småbolagsfond B1 0

Risk*Svenska Småbolagsfond 6




Changes in value for transferable securities * 1,785,388 1,916,961Interest income 948 1,285Dividends 222,759 148,876Other financial income 1) 100 125Other income 2 0


E X P E N S E S



Net income 1,849,218 1,964,300





Sum 1,785,388 1,916,961

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK122 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. The counterparty in securities lending during theyear was: Svenska Handelsbanken AB (publ)2) The item consists primarily of transaction costs.



A S S E T S



Total assets 10,889,966 100.6 8,178,914 100.7









2014 2013

Fund capital at beginning of year 8,125,075 4,620,662Units issued 3,919,732 2,612,663Units redeemed -3,062,697 -1,072,203Profit according to Income Statement 1,849,218 1,964,300Dividends to unit holders -2,273 -347


Annual Review 2014 – Handelsbanken FonderSvenska Småbolagsfond, cont.







Betsson B (Hotels, Restaurants and Leisure) 830,000 228,250 2.1Bilia A (Specialty Retail) 380,000 90,250 0.8Bufab (Auto Components) 1,200,000 70,500 0.7Byggmax Group (Specialty Retail) 1,950,000 102,863 0.9FinnvedenBulten (Auto Components) 300,000 20,100 0.2Husqvarna B (Household Durables) 4,800,000 277,200 2.6JM (Household Durables) 700,000 174,300 1.6KappAhl (Specialty Retail) 1,950,000 81,705 0.8Mekonomen (Specialty Retail) 250,000 51,000 0.5Modern Times Group B (Media) 700,000 174,160 1.6Nobia (Specialty Retail) 2,600,000 181,350 1.7Rezidor Hotel Group (Hotels, Restaurants and Leisure) 3,100,000 87,110 0.8Thule Group (Leisure Equipment and Products) 1,050,000 93,975 0.9Unibet (Hotels, Restaurants and Leisure) 220,000 108,350 1.0


AarhusKarlshamn (Food Products) 440,000 183,700 1.7Cloetta B (Food Products) 1,900,000 42,940 0.4Duni (Personal Products) 850,000 98,600 0.9Scandi Standard (Food Products) 700,000 33,740 0.3

358,980 3.3E N E R G Y

Lundin Petroleum (Oil, Gas and Consumable Fuels) 2,100,000 236,040 2.2

236,040 2.2F I N A N C I A L S

Atrium Ljungberg (Real Estate) 1,300,000 149,110 1.4Balder B (Real Estate) 1,950,000 214,988 2.0Castellum (Real Estate) 1,450,000 177,045 1.6Fabege (Real Estate Management and Development) 1,700,000 171,020 1.6Hemfosa Fastigheter (Real Estate Management and Development) 750,000 123,750 1.1Hufvudstaden A (Real Estate) 650,000 66,040 0.6Klövern A (Real Estate Management and Development) 1,300,000 10,660 0.1Klövern B (Real Estate Management and Development) 13,000,000 98,800 0.9Kungsleden (Real Estate Management and Development) 2,700,000 152,550 1.4Latour B (Diversified Financial Services) 884,193 179,756 1.7Lundbergs B (Real Estate) 210,000 71,022 0.7Nordnet B (Diversified Financial Services) 2,700,000 76,140 0.7Ratos B (Capital Markets) 2,400,000 112,968 1.0Wihlborgs (Real Estate Management and Development) 1,250,000 178,438 1.6

1,782,286 16.5H E A L T H C A R E

Bactiguard B (Health Care Equipment and Supplies) 1,400,000 24,080 0.2BioGaia (Biotechnology) 350,545 62,923 0.6Elekta B (Health Care Equipment and Supplies) 3,100,000 247,070 2.3Lifco B (Health Care Providers and Services) 250,000 33,625 0.3Meda (Pharmaceuticals) 3,070,000 345,375 3.2Midsona B (Pharmaceuticals) 1,025,000 31,775 0.3Moberg Derma (Pharmaceuticals) 645,000 24,510 0.2Neurovive (Pharmaceuticals) 400,000 20,400 0.2Orexo (Biotechnology) 700,000 94,850 0.9Probi (Biotechnology) 200,000 12,300 0.1Recipharm (Pharmaceuticals) 186,000 25,017 0.2Swedish Orphan Biovitrum (Health Care Providers and Services) 2,900,000 230,115 2.1Vitrolife (Biotechnology) 225,000 37,350 0.3

1,189,390 11.0I N D U S T R I A L S

Addtech B (Trading Companies and Distributors) 1,250,000 132,813 1.2ÅF B (Professional Services) 1,125,000 141,750 1.3Arcam (Machinery) 5,000 725 0.0B&B Tools (Trading Companies and Distributors) 775,000 118,188 1.1Beijer Alma B (Machinery) 290,000 52,925 0.5Concentric (Machinery) 1,000,000 93,000 0.9G&L Beijer B (Trading Companies and Distributors) 250,000 31,875 0.3Haldex (Machinery) 1,200,000 122,100 1.1HEXPOL (Machinery) 310,000 228,315 2.1Indutrade (Trading Companies and Distributors) 480,000 149,760 1.4Intrum Justitia (Commercial Services and Supplies) 525,000 121,800 1.1Inwido (Building Products) 983,000 66,598 0.6ITAB Shop Concept (Commercial Services and Supplies) 908,816 119,055 1.1Loomis B (Commercial Services and Supplies) 925,000 209,050 1.9NCC B (Construction and Engineering) 1,150,000 283,820 2.6NIBE Industrier B (Machinery) 810,000 162,729 1.5Peab B (Construction and Engineering) 3,800,000 208,810 1.9Proffice B (Commercial Services and Supplies) 1,200,000 24,840 0.2SAAB B (Aerospace and Defense) 1,225,000 247,818 2.3


Securitas B (Commercial Services and Supplies) 2,700,000 255,015 2.4Sweco B (Construction and Engineering) 750,000 79,500 0.7Systemair (Construction and Engineering) 358,161 37,607 0.3Trelleborg B (Machinery) 3,000,000 396,000 3.7

3,284,092 30.3I N F O R M A T I O N T E C H N O L O G Y

Addnode B (IT Services) 550,000 25,355 0.2Axis (Communications Equipment) 510,000 101,796 0.9Enea (IT Services) 350,040 24,853 0.2eWork Scandinavia (IT Services) 470,000 21,150 0.2Fingerprint B (Elec Equip, Instr & Comp) 400,000 13,920 0.1HiQ International (IT Services) 700,000 28,770 0.3HMS Industrial Networks (Elec Equip, Instr & Comp) 260,584 38,827 0.4I.A.R. Systems Group B (Software) 612,701 45,799 0.4IFS B (Software) 605,000 144,595 1.3Knowit (IT Services) 350,000 19,250 0.2Lagercrantz B (Elec Equip, Instr & Comp) 655,058 91,381 0.8Micronic MYDATA (Elec Equip, Instr & Comp) 3,200,000 79,360 0.7Net Entertainment (Internet Software and Services) 770,000 202,510 1.9Semcon (IT Services) 631,164 31,180 0.3

868,745 8.0M A T E R I A L S

BillerudKorsnäs (Containers and Packaging) 2,100,000 236,250 2.2Boliden (Metals and Mining) 2,500,000 313,750 2.9Gränges (Chemicals) 1,200,000 61,200 0.6Holmen B (Paper and Forest Products) 400,000 106,440 1.0Lindab International (Construction Materials) 1,800,000 118,080 1.1SSAB A (Metals and Mining) 2,550,000 116,331 1.1SSAB B (Metals and Mining) 2,350,000 94,494 0.9

1,046,545 9.7U T I L I T I E S

Besqab (Multi-Utilities) 250,000 21,750 0.2

21,750 0.2





Kambi (Hotels, Restaurants and Leisure) 650,000 49,400 0.5

49,400 0.5H E A L T H C A R E

PledPharma (Biotechnology) 900,000 22,500 0.2PledPharma BTA 2014 (Biotechnology) 166,163 4,071 0.0


Opus Group (Elec Equip, Instr & Comp) 7,500,000 68,250 0.6Tobii Technology (Software) 759,751 14,207 0.1


Invisio Communications (Diversified Telecommunication Services) 1,700,000 21,760 0.2

21,760 0.2











SSAB 2.0 Klövern 1.0

PledPharma 0.2


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: A N D E R S D O L A T A

BASE CURRENCY

SEK


PREMIUM PENSION

465914


savings

Sverige OMXSB IndexManagement ReportInvestment FocusThe fund invests in equities included in the OMXSB Index. The indexconsists of the 80 - 100 largest and most-traded companies listed on theNASDAQ OMX Nordic Exchange (Stockholm stock exchange). The fundmay invest in derivative instruments as part of the fund’s investmentfocus.

PortfolioThe fund rose 14.5% in 2014*. The portfolio consists of all of the equitiesincluded in the OMXSB™ Index. The index is reweighted twice annually:the end of May and the end of November. H&M B, Nordea and EricssonB were the three largest holdings at year-end. Africa Oil, Klövern,Lundbergföretagen, SSAB B, Scandi Standard and Tethys Oil were newequities added to the index as of the end of November. EnQuest, Eniro,Ratos and Stora Enso exited the index at the time of the reweighting.*) Refer to fund statistics for comparable index.




Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus. The fund used this option to a limited extent in2014.The fund has the option of lending securities. The fund used this option toa limited extent in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150

200

2011 2012 2013 2014* Performance is shown in the fund's base currency.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK 1) 175.04 152.83 122.37 105.51 - - - - - -

The fund's total net flow, mSEK 2) 728 -46 1,631 - - - - - - -

Fund capital, mSEK 3,513 2,396 1,986 159 - - - - - -

Number of units, 1000’s 20,071 15,679 16,233 1,504 - - - - - -

Total returns in %, SEK +14.5 +24.9 +16.0 +5.5 - - - - - -

Index including dividends in %, SEK +15.0 +25.6 +16.5 +5.3 - - - - - -

Average yearly return, 2 yrs. % +19.6 +20.4 - - - - - - - -

Comparison to index including dividends, % +20.2 +21.0 - - - - - - - -

Dividends per unit, SEK - - 0.00 - - - - - - -1) The share price has been affected for funds with holdings in US equities based on a judgment in the Administrative Court. The funds are now charged full dividend tax (30%) instead of the previous tax of 15%. The new tax rate is applicable on dividends



Index: OMXSB Gross Index



Fund facts2014








Turnover rate 0.1




Total risk % 8.9


Index OMXSB Gross Index




Sharpe ratio 2.1





Risk* 6


Annual Review 2014 – Handelsbanken FonderSverige OMXSB Index, cont.



Changes in value for transferable securities * 302,094 383,313Changes in value for other derivativeinstruments ** 3,347 2,031Changes in value for fund units *** 63 681Interest income 174 416Dividends 95,075 78,566Currency exchange profits and losses, net 0 -Other financial income 1) 47 133Other income 0 1


E X P E N S E S

Management Company expenses 11,958 8,482Interest expense 22 141Other expenses 2) 415 531


Net income 388,405 455,987





Sum 302,094 383,314




Changes in value for other derivativeinstruments – Unrealised 0 -11

Sum 3,347 2,031


Changes in value for fund units – Capitalgains 593 381

Changes in value for fund units – Capitallosses 0 -

Changes in value for fund units –Unrealised -529 299

Sum 63 681

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK51 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. Counterparties in securities lending during theyear were: Citigroup Global Markets LtdCredit Suisse Securities (Europe) LtdDeutsche Bank AG London BranchJ.P. Morgan Securities PlcSvenska Handelsbanken AB (publ)2) The item consists primarily of transaction costs.



A S S E T S

Transferable securities 3,465,484 98.6 2,374,333 99.1Other derivative instrumentswith positive market value - - 0 0.0Fund units 0 0.0 12,790 0.5

Total financial instruments withpositive market value Note 2) 3,465,484 98.6 2,387,123 99.6Bank assets and other liquidassets 48,904 1.4 9,535 0.4Prepaid expenses and accruedincome - - 3 0.0Other assets - - 0 0.0

Total assets 3,514,388 100.0 2,396,661 100.0


Accrued expenses and prepaidincome 609 0.0 411 0.0Other liabilities 630 0.0 0 0.0

Total liabilities 1,239 0.0 411 0.0




Other derivative instrumentswith negative market value 1) 28,541 0.8 25,166 1.11) Equities total SEK 28,541t.



2014 2013

Fund capital at beginning of year 2,396,250 1,986,380Units issued 1,369,298 1,078,359Units redeemed -640,804 -1,124,476Profit according to Income Statement 388,405 455,987Dividends to unit holders - -








Autoliv (Auto Components) 63,060 52,813 1.5Betsson B (Hotels, Restaurants and Leisure) 33,449 9,198 0.3Electrolux B (Household Durables) 233,276 53,374 1.5Hennes & Mauritz B (Specialty Retail) 999,751 325,519 9.3Husqvarna B (Household Durables) 372,776 21,528 0.6JM (Household Durables) 70,339 17,514 0.5Mekonomen (Specialty Retail) 22,934 4,679 0.1Modern Times Group B (Media) 48,067 11,959 0.3Rezidor Hotel Group (Hotels, Restaurants and Leisure) 80,091 2,251 0.1Unibet (Hotels, Restaurants and Leisure) 24,544 12,088 0.3


AarhusKarlshamn (Food Products) 24,672 10,301 0.3Cloetta B (Food Products) 204,147 4,614 0.1Scandi Standard (Food Products) 38,366 1,849 0.1Swedish Match (Tobacco) 182,976 44,793 1.3

61,557 1.8E N E R G Y

Lundin Petroleum (Oil, Gas and Consumable Fuels) 198,717 22,336 0.6

22,336 0.6F I N A N C I A L S

Atrium Ljungberg (Real Estate) 46,598 5,345 0.2Balder B (Real Estate) 69,191 7,628 0.2Castellum (Real Estate) 157,462 19,226 0.5Fabege (Real Estate Management and Development) 121,123 12,185 0.3Handelsbanken A (Commercial Banks) 455,513 166,991 4.8Hemfosa Fastigheter (Real Estate Management and Development) 57,154 9,430 0.3Hufvudstaden A (Real Estate) 102,205 10,384 0.3Industrivärden A (Diversified Financial Services) 195,796 27,960 0.8Industrivärden C (Diversified Financial Services) 149,807 20,389 0.6Investor A (Diversified Financial Services) 113,779 32,006 0.9Investor B (Diversified Financial Services) 415,672 118,342 3.4Kinnevik B (Diversified Financial Services) 214,824 54,845 1.6Klövern A (Real Estate Management and Development) 41,796 343 0.0Kungsleden (Real Estate Management and Development) 141,635 8,002 0.2Lundbergs B (Real Estate) 34,644 11,717 0.3Nordea (Commercial Banks) 2,956,770 268,770 7.7SEB A (Commercial Banks) 1,584,278 157,715 4.5Swedbank A (Commercial Banks) 929,755 181,767 5.2Wallenstam B (Real Estate) 90,892 11,789 0.3Wihlborgs (Real Estate Management and Development) 62,739 8,956 0.3

1,133,789 32.3H E A L T H C A R E

AstraZeneca SDB (Pharmaceuticals) 136,859 74,999 2.1Elekta B (Health Care Equipment and Supplies) 337,408 26,891 0.8Getinge B (Health Care Equipment and Supplies) 182,650 32,475 0.9Meda (Pharmaceuticals) 266,819 30,017 0.9Swedish Orphan Biovitrum (Health Care Providers and Services) 148,514 11,785 0.3

176,167 5.0I N D U S T R I A L S

ABB SDB (Electrical Equipment) 524,297 86,981 2.5Alfa Laval (Machinery) 287,095 42,576 1.2Assa Abloy B (Building Products) 288,850 119,815 3.4Atlas Copco A (Machinery) 612,822 133,840 3.8Atlas Copco B (Machinery) 338,306 67,966 1.9Hexagon B (Machinery) 248,437 60,122 1.7HEXPOL (Machinery) 22,548 16,607 0.5Intrum Justitia (Commercial Services and Supplies) 70,599 16,379 0.5NCC B (Construction and Engineering) 74,836 18,470 0.5NIBE Industrier B (Machinery) 75,394 15,147 0.4Sandvik (Machinery) 973,034 74,340 2.1Skanska B (Construction and Engineering) 346,781 58,225 1.7SKF B (Machinery) 342,909 56,546 1.6Trelleborg B (Machinery) 221,370 29,221 0.8Volvo A (Machinery) 327,786 27,993 0.8Volvo B (Machinery) 1,400,412 118,615 3.4


Ericsson B (Communications Equipment) 2,777,294 262,038 7.5Net Entertainment (Internet Software and Services) 26,562 6,986 0.2Nokia SEK (Communications Equipment) 81,628 5,053 0.1

274,076 7.8

Annual Review 2014 – Handelsbanken FonderSverige OMXSB Index, cont.


MATERIALS

BillerudKorsnäs (Containers and Packaging) 162,018 18,227 0.5Boliden (Metals and Mining) 237,125 29,759 0.8Holmen B (Paper and Forest Products) 45,502 12,108 0.3Lundin Mining SDB (Metals and Mining) 152,582 5,714 0.2SCA B (Paper and Forest Products) 508,332 85,857 2.4SSAB A (Metals and Mining) 208,197 9,498 0.3SSAB B (Metals and Mining) 167,733 6,745 0.2


Millicom (Wireless Telecommunication Services) 57,461 33,471 1.0Tele2 B (Diversified Telecommunication Services) 291,248 27,654 0.8TeliaSonera (Diversified Telecommunication Services) 2,173,386 109,539 3.1

170,664 4.9U T I L I T I E S

Arise Windpower (IPP, ET) 29,071 497 0.0Etrion (IPP, ET) 140,417 331 0.0

828 0.0




E N E R G Y

Africa Oil (Oil, Gas and Consumable Fuels) 150,031 2,566 0.1Tethys Oil (Oil, Gas and Consumable Fuels) 30,017 1,831 0.1

4,397 0.1






OMXSB5C 1) 621 0 0.0






1) Stock index futures with underlying exposure of SEK 47,162t, which is equivalent to 1.3% of fund capital.Counterparty NASDAQ OMX.






Atlas Copco 5.7

Investor 4.3

Volvo 4.2

Industrivärden 1.4

SSAB 0.5


The fund is not in any way sponsored, endorsed, sold or promoted by Nasdaq OMX Group ("NASDAQ OMX")and NASDAQ OMX makes no warranty whatsoever, expressed or implied, as to the results to be obtained fromthe use of the NASDAQ OMX Benchmark, OMXSBTM ("OMXSBTM Index") or the value at which the saidOMXSBTM Index stands at any particular time. OMXSBTM Index is compiled and calculated by an indexprovider on behalf of NASDAQ OMX. NASDAQ OMX's respective index provider shall not be liable to anyperson for any error in the OMXSBTM Index. Nor shall NASDAQ OMX's respective index provider be under anyobligation to advise or notify any person of any error in the OMXSBTM Index. All rights to the trademark of theNASDAQ OMX Benchmark, OMXSBTM is owned by NASDAQ OMX and is used under license from NASDAQOMX.

Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: J O N A T H A N M Å R T E N S S O N

BASE CURRENCY

SEK


The Finnish fund Placeringsfonden Handelsbanken Sverige Selektiv was merged with Handelsbanken Sverige Selektiv on September 26, 2014.

Sverige SelektivManagement ReportInvestment FocusThe fund is an actively managed equity fund that focuses holdings to alimited number of companies. The objective of the fund is to create goodreturns over time through long-term investments primarily in the Swedishequity market. The fund invests over the long term in 16-25 Swedishcompanies. We select companies that have historically demonstratedstable profit growth, strong balance sheets, sound business operationsand dividend growth.

PortfolioThe fund rose 19.3% in 2014*. 2014 was an eventful year, with significantvolatility in the global financial markets, although the Swedish equitymarket overall posted good absolute returns. Interest rates continued tofall sharply, as did commodities during H2. Risk appetite was high at theoutset of the year and fell as volatility increased in H2. In this stockmarket climate the fund outperformed the market during H2. Unibet,Scania and Autoliv were the strongest contributors to fund returns, whileBioGaia, Systemair and Elekta had a negative impact. The fund took newpositions in Assa Abloy, Fenix Outdoor, Lifco, Loomis and Simcorp. Thecommon denominator among these new investments is that they provideunique drivers that complement the portfolio. These were financed by thesale of holdings in Biogaia, Scania, SKF and TGS-Nopec as well as thelower weighting in Alfa Laval, Elekta and Systemair.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts.

OutlookWe focus on constructing a portfolio of high-quality companies with avariety of drivers, as we believe these companies deliver the highestreturns over time. High-quality companies can benefit as well as benegatively affected over the short-term relative to other equities. Ouroutlook is positive to the long-term profit outlooks for companies in thefund and we believe that conditions are also favourable for positivereturns going forward.


brochure.



The fund's performance yield prior to the launch date is derived from themerger of Placeringsfonden Handelsbanken Sverige Selektiv (Finland)with Handelsbanken Sverige Selektiv (Sweden), which occurred onSeptember 26, 2014.

Fund performance*

50

100

150

200



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK Sverige Selektiv A1 259.18 - - - - - - - - - Sverige Selektiv A9 271.75 - - - - - - - - - Sverige Selektiv B1 188.52 - - - - - - - - -

The fund's total net flow, mSEK 1) 2) -66 - - - - - - - - -

Fund capital total, mSEK 2,205 - - - - - - - - - Sverige Selektiv A1 1,772 - - - - - - - - - Sverige Selektiv A9 12 - - - - - - - - - Sverige Selektiv B1 421 - - - - - - - - -

Number of units, 1000's 9,114 - - - - - - - - - Sverige Selektiv A1 6,835 - - - - - - - - - Sverige Selektiv A9 43 - - - - - - - - - Sverige Selektiv B1 2,236 - - - - - - - - -

Total returns in %, SEK Sverige Selektiv A1 +19.3 +22.0 +13.4 -13.8 +26.7 +62.5 -39.2 -5.7 +32.0 - Sverige Selektiv A9 +20.0 +22.5 +13.9 -13.4 +27.4 +63.4 -38.9 -5.5 +33.3 - Sverige Selektiv B1 +19.3 +22.0 +13.4 -13.8 +26.7 +62.5 -39.2 - - -

Average yearly return, 2 yrs. % Sverige Selektiv A1 +20.7 +17.7 -1.1 +4.6 +43.5 -0.6 -24.3 +11.6 - - Sverige Selektiv A9 +21.3 +18.1 -0.7 +5.1 +44.3 -0.1 -24.0 +12.2 - - Sverige Selektiv B1 +20.7 +17.7 -1.1 +4.6 +43.5 -0.6 - - - -

Average yearly return, 5 yrs. % Sverige Selektiv A1 +12.5 +19.7 +4.1 +0.4 +9.3 - - - - - Sverige Selektiv A9 +13.1 +20.3 +4.7 +0.8 +9.9 - - - - - Sverige Selektiv B1 +12.5 +19.7 +4.1 - - - - - - -1) The fund's total net inflows do not include reinvested dividends in funds with a distribution share class. This is new information as of full-year 2012.

2) The fund's performance yield prior to the launch date is derived from the merger of Placeringsfonden Handelsbanken Sverige Selektiv (Finland) with Handelsbanken Sverige Selektiv (Sweden), which occurred on September 26, 2014.




Annual Review 2014 – Handelsbanken FonderSverige Selektiv, cont.


2014

Max. allowed mgmt. costs in % according to fund rulesSverige Selektiv A1 2.00Sverige Selektiv A9 1.60Sverige Selektiv B1 2.00

Collected mgmt. costs in % of average fund capitalSverige Selektiv A1 1.85Sverige Selektiv A9 1.00Sverige Selektiv B1 1.85

Annual fees in %Sverige Selektiv A1 1.85Sverige Selektiv A9 1.00Sverige Selektiv B1 1.85









Turnover rate 0.4









Sharpe ratio - B1 SEK 2.3* Risk statistics are based on historical monthly returns over two years. Refer to the last page for definitions.Total exposure in the fund is calculated in accordance with the commitment method.


2014

Share class launch dateSverige Selektiv A1 - SEK 2014-09-26Sverige Selektiv A9 - SEK 2014-09-26Sverige Selektiv B1 - SEK 2014-09-26

Minimum investment, SEKSverige Selektiv A1 0Sverige Selektiv A9 10,000,000Sverige Selektiv B1 0

Risk*Sverige Selektiv 6



2014 2013


Changes in value for transferable securities * 214,951 -Interest income 4 -Dividends 478 -Currency exchange profits and losses, net 451 -Other income 0 -


E X P E N S E S



Net income 205,429





Sum 214,951



A S S E T S

Transferable securities 2,148,425 97.4

Total financial instruments withpositive market value Note 2) 2,148,425 97.4Bank assets and other liquidassets 56,188 2.6Prepaid expenses and accruedincome 0 0.0Other assets 5,211 0.2

Total assets 2,209,824 100.2


Accrued expenses and prepaidincome 1,765 0.1Other liabilities 3,205 0.1





2014 2013

Fund capital at beginning of year - -Units issued 1) 2,170,444 -Units redeemed -171,019 -Profit according to Income Statement 205,429 -Dividends to unit holders - -








Autoliv (Auto Components) 165,000 138,188 6.3Fenix Outdoor B (Specialty Retail) 230,391 82,941 3.8Hennes & Mauritz B (Specialty Retail) 655,000 213,268 9.7Mekonomen (Specialty Retail) 540,000 110,160 5.0Unibet (Hotels, Restaurants and Leisure) 238,000 117,215 5.3


AarhusKarlshamn (Food Products) 255,000 106,463 4.8

106,463 4.8F I N A N C I A L S

Handelsbanken A (Commercial Banks) 590,000 216,294 9.8

216,294 9.8H E A L T H C A R E

Elekta B (Health Care Equipment and Supplies) 250,000 19,925 0.9Lifco B (Health Care Providers and Services) 355,969 47,878 2.2Novo Nordisk (Pharmaceuticals) 300,000 99,339 4.5

167,142 7.6I N D U S T R I A L S

ABB SDB (Electrical Equipment) 604,000 100,204 4.5ÅF B (Professional Services) 805,000 101,430 4.6Alfa Laval (Machinery) 225,000 33,368 1.5Assa Abloy B (Building Products) 260,000 107,848 4.9Atlas Copco A (Machinery) 825,000 180,180 8.2Indutrade (Trading Companies and Distributors) 332,000 103,584 4.7Loomis B (Commercial Services and Supplies) 480,000 108,480 4.9Systemair (Construction and Engineering) 540,000 56,700 2.6


Axis (Communications Equipment) 390,000 77,844 3.5HiQ International (IT Services) 1,584,000 65,102 3.0SimCorp (Software) 300,000 62,015 2.8

204,962 9.3











BASE CURRENCY

SEK


Sverigefond IndexManagement ReportInvestment FocusThe fund is an index fund and its objective is to follow the performance ofthe SIX Return Index as closely as possible. The fund invests in equitiesincluded in this index. The index contains all of the companies in theNASDAQ OMX Nordic Exchange (Stockholm Stock Exchange). The fundmay use derivatives such as futures as a complement to protect thefund’s value or to enable cost savings.

PortfolioThe Sweden Index Fund rose 15.1% in 2014*. The portfolio consists of aselection of those equities included in SIX Return Index. Several equitieswere added to or exited the index in 2014, which included 266 equities atyear-end. H&M B, Nordea and Ericsson B were the three largest holdingsin the fund.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.



Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may use

derivatives to cost-effectively increase exposure to an index. Theadvantage with derivative instruments is that it is possible to change thefund’s exposure in different types of assets or in different markets in asimple and controlled way with a limited number of transactions. The fundused this option in 2014.The fund has the option of lending equity. The fund used this option in2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.



Fund performance*

50

100

150

200



Net asset value, SEK Sverigefond Index A1 1) 8,064.63 7,007.57 5,512.25 5,014.48 6,046.73 4,948.85 3,601.92 6,210.41 6,614.30 5,392.08 Sverigefond Index B1 1) 7,509.45 6,785.34 5,512.25 - - - - - - -

The fund's total net flow, mSEK 2) 1,503 -1,989 852 - - - - - - -

Fund capital total, mSEK 20,589 16,568 14,824 12,315 16,279 13,650 7,315 12,233 14,447 11,997 Sverigefond Index A1 20,116 16,176 14,801 12,315 16,279 13,650 7,315 12,233 14,447 11,997 Sverigefond Index B1 473 392 23 - - - - - - -

of which are outstanding share certificates, 1000’s 5 5 5 5 5 5 5 5 5 5

Number of units, 1000's 2,557 2,366 2,689 2,456 2,692 2,758 2,031 1,970 2,184 2,220 Sverigefond Index A1 2,494 2,308 2,685 2,456 2,692 2,758 2,031 1,970 2,184 2,220 Sverigefond Index B1 63 58 4 - - - - - - -

Total returns in %, SEK Sverigefond Index A1 +15.1 +27.1 +15.7 -14.4 +25.4 +49.4 -38.5 -2.9 +26.0 +36.2 Sverigefond Index B1 +15.1 +27.1 +5.2 - - - - - - -

Index including dividends in %, SEK Sverigefond Index A1 +15.8 +27.9 +16.5 -14.0 +26.3 +50.2 -38.1 -2.2 +27.0 +37.6 Sverigefond Index B1 +15.8 +27.9 +5.4 - - - - - - -

Average yearly return, 2 yrs. % Sverigefond Index A1 +21.0 +21.3 -0.4 +3.6 +36.9 -4.2 -22.8 +10.6 +31.0 +27.3 Sverigefond Index B1 +21.0 - - - - - - - - -

Comparison to index including dividends, % in SEK +21.7 +22.1 +0.1 +4.2 +37.8 -3.6 -22.2 +11.5 +32.2 +28.5

Average yearly return, 5 yrs. % Sverigefond Index A1 +12.7 +18.7 +2.7 -0.9 +7.1 +8.9 +4.0 +20.9 +11.8 +4.1

Comparison to index including dividends, % +13.4 +19.5 +3.3 -0.2 +7.9 +9.7 +4.9 +22.1 +12.6 +4.8

Average yearly return, 10 yrs. % Sverigefond Index A1 +10.8 +11.1 +11.4 +5.3 +5.6 +2.1 - - - -

Comparison to index including dividends, % +11.5 +11.9 +12.3 +6.0 +6.3 +2.7 - - - -

Annual Review 2014 – Handelsbanken FonderSverigefond Index, cont.

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Dividends per unit, SEK Sverigefond Index A1 - - 276.00 176.11 137.34 292.00 301.76 225.46 151.53 123.25 Sverigefond Index B1 271.41 192.93 - - - - - - - -1) The share price has been affected for funds with holdings in US equities based on a judgment in the Administrative Court. The funds are now charged full dividend tax (30%) instead of the previous tax of 15%. The new tax rate is applicable on dividends



Index: SIX Return Index (SIXRX)

Up to 07/03/2011: OMX Stockholm Benchmark™ Cap (OMXSB™ CAP)




Fund facts2014










Turnover rate 0.1










Index SIX Return Index (SIXRX)











Share class launch dateSverigefond Index A1 - SEK 1958-01-16Sverigefond Index B1 - SEK 2012-11-14

Minimum investment, SEKSverigefond Index A1 0Sverigefond Index B1 0

Risk*Sverigefond Index 6




Changes in value for transferable securities * 2,059,099 3,249,202Changes in value for other derivativeinstruments ** 7,607 8,867Interest income 297 445Dividends 573,174 574,128Other financial income 1) 1,228 3,182Other income 1 71


E X P E N S E S



Net income 2,519,003 3,731,506




Changes in value for transferablesecurities – Unrealised 1,516,632 2,867,098

Sum 2,059,099 3,249,202





Sum 7,607 8,867

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK1,528 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. Counterparties in securities lending during theyear were: Citigroup Global Markets LtdCredit Suisse Securities (Europe) LtdDeutsche Bank AG London BranchJ.P. Morgan Securities PlcSkandinaviska Enskilda Banken AB (publ)Svenska Handelsbanken AB (publ)2) The item consists primarily of transaction costs.



A S S E T S

Transferable securities 20,464,213 99.4 16,496,697 99.6Other derivative instrumentswith positive market value - - 0 0.0

Total financial instruments withpositive market value Note 2) 20,464,213 99.4 16,496,697 99.6Bank assets and other liquidassets 134,717 0.6 77,556 0.4Prepaid expenses and accruedincome - - 288 0.0Other assets - - 300 0.0

Total assets 20,598,930 100.0 16,574,841 100.0







Other derivative instrumentswith negative market value 1) 23,653 0.1 6,495 0.01) Equities total SEK 23,653t.




2014 2013

Fund capital at beginning of year 16,567,799 14,824,258Units issued 5,034,080 2,292,372Units redeemed -3,512,787 -4,280,135Profit according to Income Statement 2,519,003 3,731,506Dividends to unit holders -18,708 -201








Autoliv (Auto Components) 255,229 213,754 1.0Betsson B (Hotels, Restaurants and Leisure) 176,762 48,610 0.2Bilia A (Specialty Retail) 92,784 22,036 0.1Björn Borg (Textiles, Apparel and Luxury Goods) 93,799 2,204 0.0Bufab (Auto Components) 142,142 8,351 0.0Byggmax Group (Specialty Retail) 220,106 11,611 0.1CDON (Media) 376,881 6,595 0.0CDON Group BTA 2014 (Internet and Catalog Retail) 188,440 3,317 0.0Clas Ohlson B (Specialty Retail) 248,566 33,494 0.2Elanders B (Media) 99,300 3,833 0.0Electra Gruppen (Distributors) 19,476 1,519 0.0Electrolux B (Household Durables) 1,155,102 264,287 1.3Eniro (Media) 379,935 2,747 0.0Fenix Outdoor B (Specialty Retail) 42,500 15,300 0.1FinnvedenBulten (Auto Components) 78,568 5,264 0.0Hemtex (Textiles, Apparel and Luxury Goods) 357,400 2,127 0.0Hennes & Mauritz B (Specialty Retail) 6,191,815 2,016,055 9.8Husqvarna B (Household Durables) 2,146,390 123,954 0.6JM (Household Durables) 288,641 71,872 0.3Kabe B (Leisure Equipment and Products) 34,220 3,473 0.0KappAhl (Specialty Retail) 287,507 12,047 0.1Mekonomen (Specialty Retail) 134,436 27,425 0.1Modern Times Group B (Media) 253,311 63,024 0.3MQ Holding (Textiles, Apparel and Luxury Goods) 131,379 4,533 0.0New Wave Group B (Textiles, Apparel and Luxury Goods) 248,264 9,533 0.0Nobia (Specialty Retail) 656,402 45,784 0.2Nordic Service Partners Holding (Hotels, Restaurants and Leisure) 45,000 833 0.0Odd Molly (Textiles, Apparel and Luxury Goods) 21,840 882 0.0Rezidor Hotel Group (Hotels, Restaurants and Leisure) 653,015 18,350 0.1RNB Retail and Brands (Specialty Retail) 126,642 1,583 0.0Skistar B (Hotels, Restaurants and Leisure) 142,342 12,419 0.1Thule Group (Leisure Equipment and Products) 374,459 33,514 0.2Unibet (Hotels, Restaurants and Leisure) 112,710 55,510 0.3Venue Retail Group (Specialty Retail) 45,500 683 0.0


AarhusKarlshamn (Food Products) 152,212 63,549 0.3Axfood (Food and Staples Retailing) 197,900 92,320 0.4Black Earth Farming SDB (Food Products) 778,700 2,274 0.0Cloetta B (Food Products) 1,180,000 26,668 0.1Duni (Personal Products) 175,274 20,332 0.1ICA Gruppen (Food Products) 753,628 230,459 1.1Oriflame (Personal Products) 203,120 22,039 0.1Scandi Standard (Food Products) 228,000 10,990 0.1Swedish Match (Tobacco) 758,800 185,754 0.9Trigon Agri (Food and Staples Retailing) 481,501 407 0.0

654,791 3.2E N E R G Y

BlackPearl Resources (Oil, Gas and Consumable Fuels) 213,712 1,592 0.0EnQuest (Oil, Gas and Consumable Fuels) 782,400 3,447 0.0Lundin Petroleum (Oil, Gas and Consumable Fuels) 1,164,786 130,922 0.6PA Resources (Oil, Gas and Consumable Fuels) 423,573 479 0.0Shelton Petroleum (Energy Equipment and Services) 71,151 875 0.0Swedol B (Energy Equipment and Services) 238,672 3,914 0.0

141,229 0.7F I N A N C I A L S

Atrium Ljungberg (Real Estate) 471,663 54,100 0.3Avanza (Diversified Financial Services) 108,120 27,895 0.1Balder B (Real Estate) 604,880 66,688 0.3Bure Equity (Diversified Financial Services) 272,121 9,769 0.0Castellum (Real Estate) 624,799 76,288 0.4Catena (Real Estate) 96,272 10,181 0.0Corem Property Group (Real Estate) 292,068 8,382 0.0Creades (Diversified Financial Services) 50,000 8,550 0.0Diös Fastigheter (Real Estate) 278,674 16,093 0.1East Capital Explorer (Diversified Financial Services) 112,125 4,765 0.0Fabege (Real Estate Management and Development) 596,506 60,009 0.3


Fastighetspartner (Real Estate) 203,629 22,145 0.1Geveko B (Diversified Financial Services) 69,496 186 0.0Handelsbanken A (Commercial Banks) 2,384,352 874,103 4.2Havsfrun B (Diversified Financial Services) 52,055 1,083 0.0Heba B (Real Estate) 157,000 15,268 0.1Hemfosa Fastigheter (Real Estate Management and Development) 246,588 40,687 0.2Hufvudstaden A (Real Estate) 761,727 77,391 0.4Industrivärden A (Diversified Financial Services) 1,650,169 235,644 1.1Investor B (Diversified Financial Services) 2,882,692 820,702 4.0Kinnevik B (Diversified Financial Services) 1,040,095 265,536 1.3Klövern B (Real Estate Management and Development) 3,430,000 26,068 0.1Kungsleden (Real Estate Management and Development) 682,703 38,573 0.2Lammhults (Diversified Financial Services) 31,968 1,180 0.0Latour B (Diversified Financial Services) 600,521 122,086 0.6Lundbergs B (Real Estate) 455,514 154,055 0.7Melker Schörling (Diversified Financial Services) 448,300 168,292 0.8Naxs (Diversified Financial Services) 55,933 2,791 0.0Nordea (Commercial Banks) 15,165,370 1,378,532 6.7Nordnet B (Diversified Financial Services) 655,408 18,483 0.1Novestra (Capital Markets) 150,000 780 0.0NP3 Fastigheter (Real Estate Management and Development) 163,800 5,667 0.0Öresund (Diversified Financial Services) 80,000 13,280 0.1Platzer Fastigheter B (Real Estate Management and Development) 357,102 11,963 0.1Ratos B (Capital Markets) 1,161,205 54,658 0.3Sagax B (Real Estate Management and Development) 595,728 26,212 0.1SEB A (Commercial Banks) 8,225,438 818,842 4.0Svolder B (Diversified Financial Services) 46,966 4,297 0.0Swedbank A (Commercial Banks) 4,242,602 829,429 4.0Traction B (Diversified Financial Services) 61,505 6,104 0.0Tribona (Real Estate) 182,019 7,026 0.0Victoria Park B (Real Estate Management and Development) 765,131 4,706 0.0Vostok Nafta Investment (Diversified Financial Services) 280,000 10,640 0.1Wallenstam B (Real Estate) 617,837 80,133 0.4Wihlborgs (Real Estate Management and Development) 282,719 40,358 0.2

6,519,621 31.7H E A L T H C A R E

Active Biotech (Biotechnology) 308,560 5,801 0.0Active Biotech BTA 2014 (Biotechnology) 56,092 1,038 0.0Aerocrine B (Health Care Equipment and Supplies) 580,493 604 0.0Artimplant B (Biotechnology) 1,394,915 70 0.0AstraZeneca SDB (Pharmaceuticals) 558,699 306,167 1.5Bactiguard B (Health Care Equipment and Supplies) 124,704 2,145 0.0BioGaia (Biotechnology) 64,431 11,565 0.1BioInvent (Biotechnology) 422,341 1,128 0.0Biotage (Biotechnology) 241,388 3,162 0.0CellaVision (Health Care Equipment and Supplies) 88,978 3,497 0.0Elekta B (Health Care Equipment and Supplies) 1,433,537 114,253 0.6Feelgood (Health Care Providers and Services) 401,500 462 0.0Getinge B (Health Care Equipment and Supplies) 892,606 158,705 0.8Global Health Partner (Health Care Providers and Services) 246,464 1,245 0.0Karo Bio (Biotechnology) 2,533,363 1,545 0.0Karolinska Development (Biotechnology) 191,535 2,538 0.0Lifco B (Health Care Providers and Services) 329,133 44,268 0.2LinkMed (Health Care Providers and Services) 460,000 883 0.0Meda (Pharmaceuticals) 1,348,374 151,692 0.7Medivir B (Biotechnology) 119,943 11,784 0.1Midsona B (Pharmaceuticals) 84,853 2,630 0.0Moberg Derma (Pharmaceuticals) 52,284 1,987 0.0Neurovive (Pharmaceuticals) 104,000 5,304 0.0Oasmia Pharmaceutical (Biotechnology) 364,996 7,300 0.0Orexo (Biotechnology) 140,000 18,970 0.1Ortivus B (Health Care Equipment and Supplies) 80,000 440 0.0Probi (Biotechnology) 35,083 2,158 0.0RaySearch Laboratories B (Health Care Equipment and Supplies) 127,909 6,779 0.0Recipharm (Pharmaceuticals) 152,363 20,493 0.1Sectra B (Health Care Equipment and Supplies) 139,565 13,922 0.1Swedish Orphan Biovitrum (Health Care Providers and Services) 1,008,582 80,031 0.4Vitrolife (Biotechnology) 77,555 12,874 0.1

995,439 4.8I N D U S T R I A L S

ABB SDB (Electrical Equipment) 2,145,634 355,961 1.7Addtech B (Trading Companies and Distributors) 255,375 27,134 0.1ÅF B (Professional Services) 296,940 37,414 0.2Alfa Laval (Machinery) 1,570,683 232,932 1.1Arcam (Machinery) 69,894 10,135 0.0Aspiro (Commercial Services and Supplies) 1,600,000 1,024 0.0Assa Abloy B (Building Products) 1,391,056 577,010 2.8Atlas Copco A (Machinery) 4,610,095 1,006,845 4.9B&B Tools (Trading Companies and Distributors) 106,240 16,202 0.1



BE Group (Trading Companies and Distributors) 279,771 1,539 0.0Beijer Alma B (Machinery) 112,829 20,591 0.1Bong Ljungdahl (Commercial Services and Supplies) 593,408 528 0.0BTS Group (Commercial Services and Supplies) 70,000 4,165 0.0Cavotec (Machinery) 248,589 6,463 0.0Concentric (Machinery) 165,571 15,398 0.1Concordia B (Marine) 178,500 2,303 0.0Consilium B (Electrical Equipment) 43,835 2,784 0.0CTT System (Aerospace and Defense) 42,615 1,219 0.0Dedicare (Commercial Services and Supplies) 33,300 829 0.0Duroc B (Machinery) 37,148 381 0.0Elos B (Industrial Conglomerates) 20,000 1,360 0.0Fagerhult (Electrical Equipment) 143,146 19,718 0.1G&L Beijer B (Trading Companies and Distributors) 159,879 20,385 0.1Gunnebo (Commercial Services and Supplies) 276,835 10,437 0.1Haldex (Machinery) 165,571 16,847 0.1Hexagon B (Machinery) 1,338,260 323,859 1.6HEXPOL (Machinery) 130,587 96,177 0.5Indutrade (Trading Companies and Distributors) 160,889 50,197 0.2Intellecta B (Commercial Services and Supplies) 16,511 500 0.0Intrum Justitia (Commercial Services and Supplies) 309,263 71,749 0.3Inwido (Building Products) 218,000 14,770 0.1ITAB Shop Concept (Commercial Services and Supplies) 124,288 16,282 0.1Loomis B (Commercial Services and Supplies) 283,003 63,959 0.3Malmbergs B (Trading Companies and Distributors) 30,097 3,792 0.0Midway B (Industrial Conglomerates) 91,400 1,380 0.0NCC B (Construction and Engineering) 407,475 100,565 0.5Nederman (Machinery) 43,700 7,320 0.0NIBE Industrier B (Machinery) 416,305 83,636 0.4OEM International (Trading Companies and Distributors) 86,440 9,508 0.0Opcon (Machinery) 1,418,790 865 0.0Peab B (Construction and Engineering) 1,108,200 60,896 0.3Poolia B (Commercial Services and Supplies) 65,804 730 0.0Proffice B (Commercial Services and Supplies) 256,150 5,302 0.0Rejlers B (Building Products) 46,151 4,154 0.0SAAB B (Aerospace and Defense) 403,145 81,556 0.4Sandvik (Machinery) 4,667,030 356,561 1.7Sanitec (Building Products) 370,239 35,821 0.2SAS (Airlines) 1,244,147 18,911 0.1Securitas B (Commercial Services and Supplies) 1,360,951 128,542 0.6SinterCast A (Machinery) 26,560 2,019 0.0Skanska B (Construction and Engineering) 1,565,728 262,886 1.3SKF B (Machinery) 1,693,294 279,224 1.4Studsvik (Commercial Services and Supplies) 30,749 1,009 0.0Svedberg B (Building Products) 79,100 2,373 0.0Sweco B (Construction and Engineering) 353,900 37,513 0.2Systemair (Construction and Engineering) 194,719 20,445 0.1Transatlantic B (Marine) 676,498 2,997 0.0Transcom WorldWide (Commercial Services and Supplies) 101,696 6,280 0.0Trelleborg B (Machinery) 998,873 131,851 0.6Uniflex B (Commercial Services and Supplies) 65,605 1,417 0.0VBG Group B (Machinery) 50,972 5,288 0.0Volvo B (Machinery) 7,953,190 673,635 3.3XANO B (Machinery) 26,059 2,710 0.0


Acando B (IT Services) 393,834 5,238 0.0Addnode B (IT Services) 112,421 5,183 0.0Anoto Group (Computers and Peripherals) 2,711,350 1,136 0.0Avega Group (IT Services) 42,361 792 0.0Axis (Communications Equipment) 260,139 51,924 0.3Beijer Electronics (Elec Equip, Instr & Comp) 71,140 3,699 0.0Cybercom (IT Services) 700,000 1,946 0.0Doro (Elec Equip, Instr & Comp) 78,783 3,057 0.0Enea (IT Services) 62,468 4,435 0.0Ericsson B (Communications Equipment) 12,380,834 1,168,132 5.7eWork Scandinavia (IT Services) 63,419 2,854 0.0Fingerprint B (Elec Equip, Instr & Comp) 212,092 7,381 0.0FormPipe Software (Internet Software and Services) 182,897 1,116 0.0HiQ International (IT Services) 196,750 8,086 0.0HMS Industrial Networks (Elec Equip, Instr & Comp) 42,270 6,298 0.0I.A.R. Systems Group B (Software) 46,535 3,478 0.0IFS B (Software) 93,509 22,349 0.1Image Systems (Elec Equip, Instr & Comp) 30,491 128 0.0Knowit (IT Services) 68,614 3,774 0.0Lagercrantz B (Elec Equip, Instr & Comp) 86,775 12,105 0.1Micronic MYDATA (Elec Equip, Instr & Comp) 366,511 9,089 0.0MSC Konsult B (IT Services) 30,310 58 0.0MultiQ International (Computers and Peripherals) 392,914 360 0.0


Net Entertainment (Internet Software and Services) 149,435 39,301 0.2Net Insight B (Communications Equipment) 1,460,684 4,528 0.0Nolato B (Communications Equipment) 98,510 17,535 0.1Note (Elec Equip, Instr & Comp) 108,200 784 0.0Novotek B (IT Services) 40,000 656 0.0PartnerTech (Elec Equip, Instr & Comp) 47,345 1,198 0.0Precise Biometrics (Communications Equipment) 1,293,272 1,254 0.0Prevas B (IT Services) 44,362 923 0.0Pricer B (Elec Equip, Instr & Comp) 414,168 2,609 0.0Proact IT Group (IT Services) 35,264 2,768 0.0Seamless Distribution (Software) 156,886 1,796 0.0Semcon (IT Services) 67,524 3,336 0.0Sensys (Elec Equip, Instr & Comp) 2,027,179 1,642 0.0Softronic B (IT Services) 199,068 1,274 0.0StjärnaFyrkant (Elec Equip, Instr & Comp) 3,293,100 66 0.0Tieto (IT Services) 6,773 1,372 0.0TradeDoubler (IT Services) 159,948 1,639 0.0Transmode (Communications Equipment) 103,642 7,618 0.0Vitec Software Group (Software) 21,608 2,852 0.0

1,415,769 6.9M A T E R I A L S

Arctic Paper (Paper and Forest Products) 98,746 913 0.0Bergs Timber B (Paper and Forest Products) 360,252 811 0.0BillerudKorsnäs (Containers and Packaging) 781,010 87,864 0.4Boliden (Metals and Mining) 1,035,687 129,979 0.6Gränges (Chemicals) 278,000 14,178 0.1Holmen B (Paper and Forest Products) 304,531 81,036 0.4Lindab International (Construction Materials) 294,729 19,334 0.1Lucara Diamond (Metals and Mining) 367,681 5,074 0.0Lundin Gold (Metals and Mining) 32,700 896 0.0Lundin Mining SDB (Metals and Mining) 620,162 23,225 0.1Munksjö (Paper and Forest Products) 13,812 1,181 0.0NGEx Resources (Metals and Mining) 73,600 552 0.0Nordic Mines (Metals and Mining) 21,406,640 557 0.0ProfilGruppen B (Metals and Mining) 29,400 673 0.0Rottneros (Paper and Forest Products) 574,371 2,148 0.0SCA B (Paper and Forest Products) 2,632,254 444,588 2.2SEMAFO (Metals and Mining) 28,143 566 0.0SSAB A (Metals and Mining) 2,056,708 93,827 0.5Stora Enso R (Paper and Forest Products) 622,539 43,671 0.2


AllTele (Diversified Telecommunication Services) 95,692 1,923 0.0Com Hem (Diversified Telecommunication Services) 765,794 48,245 0.2DGC One (Diversified Telecommunication Services) 33,400 3,874 0.0Millicom (Wireless Telecommunication Services) 362,642 211,239 1.0Tele2 B (Diversified Telecommunication Services) 1,676,636 159,197 0.8TeliaSonera (Diversified Telecommunication Services) 16,175,905 815,266 4.0

1,239,744 6.0U T I L I T I E S

Arise Windpower (IPP, ET) 124,718 2,133 0.0Besqab (Multi-Utilities) 57,988 5,045 0.0Etrion (IPP, ET) 816,322 1,927 0.0

9,105 0.0O T H E R

Boule Diagnostics (Other) 39,459 2,151 0.0Micro Systemation (Other) 69,514 1,397 0.0

3,548 0.0




E N E R G Y


19,203 0.1H E A L T H C A R E

C-RAD (Health Care Equipment and Supplies) 70,200 1,158 0.0Episurf Medical B (Health Care Equipment and Supplies) 29,965 1,070 0.0


G5 Entertainment (Software) 33,500 905 0.0Opus Group (Elec Equip, Instr & Comp) 941,753 8,570 0.0

9,475 0.1M A T E R I A L S

Endomines (Metals and Mining) 327,189 186 0.0

186 0.0







OMXS305A 1) 830 0 0.0






1) Stock index futures with underlying exposure of SEK 121,558t, which is equivalent to 0.6% of fund capital.Counterparty NASDAQ OMX.





Physical fund certificates in Sweden Index Fund should be redeemed. Some unit holders of the Sweden IndexFund have physical fund certificates (bearer paper) instead of a fund account. The certificate is issued by"Öppna Aktiefonden Koncentra". According to the Securities Fund Act, all such certificates must be redeemedand, in their place, the fund units must be registered. Since there is no register of unit holders with suchcertificates, we urge those who have these certificates to contact a Handelsbanken branch office to registerthese fund units.

The fund is not in any way sponsored, endorsed, sold or promoted by SIX Telekurs AB ("SIX") and SIX makesno warranty whatsoever, expressed or implied, as to the results to be obtained from the use of the SIX ReturnIndex ("SIXRX") or the value at which the said SIXRX stands at any particular time. SIX shall not be liable to anyperson for any error in SIXRX. Nor shall SIX be under any obligation to advise or notify any person of any errorin SIXRX. All rights to the trademark SIXRX is owned by SIX and is used under license from SIX.

Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: S T E F A N S U N D B L O M

BASE CURRENCY

SEK


PREMIUM PENSION

916189


savings

SverigefondManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to attainreturns that exceed the average of the NASDAQ OMX Nordic Exchange(Stockholm stock exchange) over the long term with a good distributionof risk. The fund invests in Swedish equities. We place particularemphasis on ensuring that the company's strategy concurs with ourassessment of what can generate favourable share price performancewhen we select equities for the fund. We then evaluate the company'skey ratios, such as earnings growth relative to the market's expectations.The fund may use derivatives such as futures as a complement to protectthe fund’s value or to enable cost savings.

PortfolioThe Sweden Fund rose 16.4% in 2014*. Positive US economic data anda continuation of a downward trend in interest rates contributed to ahigher risk appetite among investors. This also led to significant inflows tothe Swedish fund market. Fund returns benefited from substantialexposure to Swedish small caps that outperformed large caps. The realestate sector, for example, strengthened from the sharply falling interestrates. A number of major mergers & acquisitions occurred in the year,with attractive bids on Scania and Sanitec, which both were largeholdings in the fund. IPOs in the Stockholm stock exchange also gainedmomentum after several years of stagnation. The fund participated inseveral of these IPOs, which benefited returns. Scania, Atlas and Investorwere the strongest contributors to fund returns, while SSAB, LundinPetroleum and TeliaSonera had a negative impact.*) Refer to fund statistics for comparable index.

OutlookAfter several years of declining earnings in listed Swedish companies,earnings trended upward again in 2014. We see favourable conditions foranother year of profit growth given the weakened SEK and further stronggrowth in the US economy. A minor concern is the decline in oil pricesduring the autumn. This affects Norway in particular, which is Sweden’smost important export country. At the same time, interest rates areexpected to remain low, which should continue to attract capital to theequity market. Consequently, conditions are favourable for the Stockholm

stock market to also provide strong returns in 2015.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to quickly and cost-effectively increase or eliminate exposureto one or more markets or types of assets. The advantage with derivativeinstruments is that it is possible to change the fund’s exposure in differenttypes of assets or in different markets in a simple and controlled way witha limited number of transactions. The fund did not use this option in2014.According to the fund rules, the fund has the option of lending equity. Thefund used this option to a limited extent in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150

200



Net asset value, SEK 1) 1,461.18 1,254.77 997.49 895.42 1,071.42 871.24 623.94 1,059.41 1,097.76 892.73

The fund's total net flow, mSEK 2) -381 -695 -255 - - - - - - -


Number of units, 1000’s 6,994 7,273 7,883 7,906 8,191 8,101 7,533 9,935 8,135 8,933

Total returns in %, SEK +16.4 +25.8 +15.8 -14.6 +25.7 +53.0 -39.0 -0.6 +25.7 +35.5

Index including dividends in %, SEK +15.9 +28.0 +16.7 -13.6 +26.9 +53.3 -39.1 -2.2 +27.0 +37.6

Average yearly return, 2 yrs. % +21.0 +20.7 -0.5 +3.6 +38.7 -3.4 -22.1 +11.8 +30.5 +23.6

Comparison to index including dividends, % +21.8 +22.2 +0.4 +4.7 +39.5 -3.4 -22.8 +11.5 +32.2 +28.5

Average yearly return, 5 yrs. % +12.7 +19.1 +3.0 -0.1 +7.9 +9.6 +3.1 +20.0 +8.6 +1.4

Comparison to index including dividends, % +13.7 +20.2 +3.6 0.0 +8.0 +9.8 +4.5 +22.5 +13.0 +5.1






Index: SIX Portfolio Return Index (SIXPRX)

Up to 31/12/2007: OMX Stockholm Benchmark™ CAP (OMXSB™ CAP)



Annual Review 2014 – Handelsbanken FonderSverigefond, cont.

Fund facts2014








Turnover rate 0.3




Total risk % 9.1


Index SIX Portfolio Return Index(SIXPRX)




Sharpe ratio 2.2






Risk* 6




Changes in value for transferable securities * 1,318,332 1,807,163Changes in value for other derivativeinstruments ** - 128Interest income 537 746Dividends 297,215 280,078Currency exchange profits and losses, net 1 -Other financial income 1) 329 1,368Other income - 0


E X P E N S E S



Net income 1,474,000 1,958,330





Sum 1,318,332 1,807,163


Changes in value for other derivativeinstruments - Capital gains - 128

Sum - 128

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK411 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. Counterparties in securities lending during theyear were: Citigroup Global Markets LtdCredit Suisse Securities (Europe) LtdDeutsche Bank AG London BranchJ.P. Morgan Securities PlcSkandinaviska Enskilda Banken AB (publ)Svenska Handelsbanken AB (publ)2) The item consists primarily of transaction costs.



A S S E T S



Total assets 10,323,765 101.0 9,245,486 101.3









2014 2013

Fund capital at beginning of year 9,126,162 7,863,202Units issued 826,274 633,574Units redeemed -1,207,629 -1,328,944Profit according to Income Statement 1,474,000 1,958,330Dividends to unit holders - -








Autoliv (Auto Components) 186,000 155,775 1.5Betsson B (Hotels, Restaurants and Leisure) 202,000 55,550 0.5Bilia A (Specialty Retail) 277,500 65,906 0.6Bufab (Auto Components) 392,000 23,030 0.2Byggmax Group (Specialty Retail) 490,000 25,848 0.3Electrolux B (Household Durables) 416,000 95,181 0.9Hennes & Mauritz B (Specialty Retail) 2,586,000 842,002 8.2JM (Household Durables) 220,000 54,780 0.5KappAhl (Specialty Retail) 1,387,000 58,115 0.6Modern Times Group B (Media) 80,000 19,904 0.2Nobia (Specialty Retail) 800,000 55,800 0.5Rezidor Hotel Group (Hotels, Restaurants and Leisure) 1,918,355 53,906 0.5Thule Group (Leisure Equipment and Products) 393,157 35,188 0.3Unibet (Hotels, Restaurants and Leisure) 152,000 74,860 0.7


AarhusKarlshamn (Food Products) 151,000 63,043 0.6Duni (Personal Products) 164,000 19,024 0.2Swedish Match (Tobacco) 486,000 118,973 1.2

201,039 2.0E N E R G Y


33,720 0.3F I N A N C I A L S

Atrium Ljungberg (Real Estate) 524,000 60,103 0.6Balder B (Real Estate) 813,000 89,633 0.9Castellum (Real Estate) 626,000 76,435 0.7Handelsbanken A (Commercial Banks) 889,000 325,907 3.2Investor B (Diversified Financial Services) 2,000,000 569,400 5.6Kinnevik B (Diversified Financial Services) 257,000 65,612 0.6Klövern B (Real Estate Management and Development) 8,495,092 64,563 0.6Lundbergs B (Real Estate) 20,000 6,764 0.1Nordea (Commercial Banks) 6,360,000 578,124 5.7Nordnet B (Diversified Financial Services) 1,587,000 44,753 0.4SEB A (Commercial Banks) 5,190,000 516,665 5.1Swedbank A (Commercial Banks) 2,465,000 481,908 4.7Wihlborgs (Real Estate Management and Development) 727,000 103,779 1.0

2,983,645 29.2H E A L T H C A R E

AstraZeneca SDB (Pharmaceuticals) 372,000 203,856 2.0Elekta B (Health Care Equipment and Supplies) 418,000 33,315 0.3Meda (Pharmaceuticals) 378,000 42,525 0.4Orexo (Biotechnology) 246,000 33,333 0.3Recipharm (Pharmaceuticals) 376,154 50,593 0.5Swedish Orphan Biovitrum (Health Care Providers and Services) 1,155,000 91,649 0.9

455,271 4.5

Annual Review 2014 – Handelsbanken FonderSverigefond, cont.


INDUSTRIALS

ABB SDB (Electrical Equipment) 1,467,000 243,375 2.4Addtech B (Trading Companies and Distributors) 827,622 87,935 0.9ÅF B (Professional Services) 455,000 57,330 0.6Alfa Laval (Machinery) 350,000 51,905 0.5Assa Abloy B (Building Products) 850,000 352,580 3.5Atlas Copco A (Machinery) 310,000 67,704 0.7Atlas Copco B (Machinery) 2,506,000 503,455 4.9B&B Tools (Trading Companies and Distributors) 162,000 24,705 0.2Concentric (Machinery) 400,000 37,200 0.4G&L Beijer B (Trading Companies and Distributors) 121,000 15,428 0.2Haldex (Machinery) 527,000 53,622 0.5Hexagon B (Machinery) 507,000 122,694 1.2HEXPOL (Machinery) 120,978 89,100 0.9Indutrade (Trading Companies and Distributors) 260,000 81,120 0.8Intrum Justitia (Commercial Services and Supplies) 331,000 76,792 0.8Inwido (Building Products) 314,257 21,291 0.2Loomis B (Commercial Services and Supplies) 252,000 56,952 0.6Proffice B (Commercial Services and Supplies) 946,334 19,589 0.2SAAB B (Aerospace and Defense) 520,000 105,196 1.0Sandvik (Machinery) 1,527,000 116,663 1.1Sanitec (Building Products) 193,000 18,673 0.2Skanska B (Construction and Engineering) 700,000 117,530 1.2SKF B (Machinery) 1,100,000 181,390 1.8Sweco B (Construction and Engineering) 351,372 37,245 0.4Trelleborg B (Machinery) 1,151,000 151,932 1.5Volvo B (Machinery) 3,400,000 287,980 2.8


Ericsson B (Communications Equipment) 4,787,000 451,653 4.4HiQ International (IT Services) 362,000 14,878 0.1Micronic MYDATA (Elec Equip, Instr & Comp) 825,000 20,460 0.2Net Entertainment (Internet Software and Services) 402,000 105,726 1.0

592,718 5.8M A T E R I A L S

BillerudKorsnäs (Containers and Packaging) 833,000 93,713 0.9Boliden (Metals and Mining) 192,000 24,096 0.2Gränges (Chemicals) 564,667 28,798 0.3Lindab International (Construction Materials) 1,184,000 77,670 0.8Lundin Mining SDB (Metals and Mining) 1,064,000 39,847 0.4Munksjö (Paper and Forest Products) 253,000 21,632 0.2SCA B (Paper and Forest Products) 1,000,000 168,900 1.7SSAB A (Metals and Mining) 350,000 15,967 0.2SSAB B (Metals and Mining) 1,589,000 63,894 0.6Stora Enso R (Paper and Forest Products) 376,808 26,433 0.3



565,824 5.5




I N F O R M A T I O N T E C H N O L O G Y

Opus Group (Elec Equip, Instr & Comp) 2,121,000 19,301 0.2Tobii Technology (Software) 636,663 11,906 0.1

31,207 0.3











Atlas Copco 5.6 SSAB 0.8


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: C H R I S T I A N G R A N Q U I S T

BASE CURRENCY

SEK


PREMIUM PENSION

987842


savings

TillväxtmarknadsfondManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to exceedthe average returns for the markets in which the fund may invest over thelong term. The fund invests in equities issued by companies in Asia, LatinAmerica, Eastern Europe and Africa. We place particular emphasis onensuring that the company's strategy concurs with our assessment ofwhat can generate favourable share price performance when we selectequities for the fund. We then evaluate the company's key ratios, such asearnings growth relative to the market's expectations.

PortfolioThe Emerging Markets Fund rose 22.9% in 2014*. Performance inemerging markets rebounded in 2014, driven by lower interest rates andan economic recovery through exports. However, two events had anegative impact on fund performance: the conflict between Russia andthe Ukraine as well as the decline in commodity prices. Fund returnsbenefited from the fund’s thematic focus and concentration onhigh-quality companies. The underweight in commodity companies ingeneral and in Russia in particular was also positive. The "Demographics& health trends” investment theme posted the most strength in the fullyear, where companies such as Chinese CMS Holding and North AfricanHikma contributing positively. A bid on CFR Pharma in Chile was also apositive contributor. The "Global water shortage” theme also generatedstrong returns in 2014, with companies such as Sound Global and ChinaWater Affairs contributing. However, the fund’s “Cloud computing” themehad a negative impact, with holdings in Samsung Technology and SouthKorean Partron posting weak performance.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookThe economic environment with low interest rates and global growthbenefits emerging markets, which has better demographics and lowerdebt than in many developed countries. However, stock marketperformance runs the risk of being inhibited by higher interest rates in theUS, given that a stronger USD can be restrictive in some countries. Thelong-term potential for growth in these countries is expected to assumeincreasing focus, which benefits the fund’s investment themes.Consequently, we believe that low rates, higher earnings and anincreased risk appetite will also create positive outlooks for strong returnsin 2015.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to quickly and cost-effectively increase or eliminate exposureto one or more markets or types of assets. The advantage with derivativeinstruments is that it is possible to change the fund’s exposure in differenttypes of assets or in different markets in a simple and controlled way witha limited number of transactions. The fund did not use this option in2014.The fund has the option of lending equity. The fund used this option in2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.


Fund performance*

50

100

150



Net asset value, SEK Tillväxtmarknadsfond A1 228.38 185.80 184.41 163.57 208.44 184.85 119.28 217.59 168.51 158.07 Tillväxtmarknadsfond B1 213.90 179.48 184.41 - - - - - - -

The fund's total net flow, mSEK 868 375 728 - - - - - - -

Fund capital total, mSEK 9,710 7,197 6,801 5,267 6,108 4,152 1,880 3,241 2,018 1,719 Tillväxtmarknadsfond A1 9,296 7,139 6,779 5,267 6,108 4,152 1,880 3,241 2,018 1,719 Tillväxtmarknadsfond B1 414 58 22 - - - - - - -

Number of units, 1000's 42,642 38,748 36,879 32,201 29,301 22,463 15,758 14,892 11,976 10,877 Tillväxtmarknadsfond A1 40,705 38,425 36,758 32,201 29,301 22,463 15,758 14,892 11,976 10,877 Tillväxtmarknadsfond B1 1,937 323 121 - - - - - - -

Total returns in %, SEK Tillväxtmarknadsfond A1 +22.9 +0.8 +15.0 -20.6 +13.6 +60.8 -44.7 +30.9 +7.3 +58.1 Tillväxtmarknadsfond B1 +22.9 +0.8 +2.2 - - - - - - -

Index including dividends in %, SEK Tillväxtmarknadsfond A1 +19.2 -3.8 +12.2 -16.8 +11.9 +61.2 -42.9 +31.6 +13.6 +60.5 Tillväxtmarknadsfond B1 +19.2 -3.8 +3.3 - - - - - - -

Average yearly return, 2 yrs. % Tillväxtmarknadsfond A1 +11.3 +7.6 -4.5 -5.0 +35.2 -5.7 -14.9 +18.5 +30.2 +33.8 Tillväxtmarknadsfond B1 +11.3 - - - - - - - - -

Comparison to index including dividends, % in SEK +7.1 +3.9 -3.4 -3.5 +34.3 -4.1 -13.3 +22.3 +35.0 +36.4


Annual Review 2014 – Handelsbanken FonderTillväxtmarknadsfond, cont.


Tillväxtmarknadsfond A1 +5.1 +10.9 -1.6 +1.0 +7.3 +14.6 +6.8 +25.9 +12.6 +11.9

Comparison to index including dividends, % +3.7 +10.1 -0.8 +2.4 +9.0 +17.2 +9.7 +29.1 +16.2 +15.1

Average yearly return, 10 yrs. % Tillväxtmarknadsfond A1 +9.8 +8.9 +11.3 +6.6 +9.5 +4.5 +5.6 +8.7 - -


Dividends per unit, SEK Tillväxtmarknadsfond A1 - - 3.61 2.24 1.37 4.27 1.77 2.40 1.11 1.12 Tillväxtmarknadsfond B1 5.38 6.45 - - - - - - - -Index: MSCI Emerging Markets Net Index




Fund facts2014

Max. allowed mgmt. costs in % according to fund rulesTillväxtmarknadsfond A1 1.60Tillväxtmarknadsfond B1 1.60

Collected mgmt. costs in % of average fund capitalTillväxtmarknadsfond A1 1.60Tillväxtmarknadsfond B1 1.60

Annual fees in %Tillväxtmarknadsfond A1 1.60Tillväxtmarknadsfond B1 1.60







Turnover rate 0.3










Index MSCI Emerging MarketsNet Index











Share class launch dateTillväxtmarknadsfond A1 - SEK 1997-11-25Tillväxtmarknadsfond B1 - SEK 2012-11-14

Minimum investment, SEKTillväxtmarknadsfond A1 0Tillväxtmarknadsfond B1 0

Risk*Tillväxtmarknadsfond 6




Changes in value for transferable securities * 1,581,449 -10,404Changes in value for other derivativeinstruments ** 231 -Interest income 890 1,431Dividends 185,212 163,321Currency exchange profits and losses, net 18,750 -4,814Other financial income 1) 2,778 1,577Other income 1 47

Total income and changes in value 1,789,311 151,158

E X P E N S E S



Net income 1,645,666 21,090




Changes in value for transferablesecurities – Unrealised 1,322,773 -161,094

Sum 1,581,449 -10,404


Changes in value for other derivativeinstruments – Unrealised 231 -

Sum 231 -

1) The item consists primarily of net premiums for securities lent. Securities lending has generated total revenues of SEK3,469 t, of which 80% have been allocated to the fund and 20% have been allocated to JP Morgan Chase Bank N.A.(London branch) for its role as the intermediary for the securities loans. Counterparties in securities lending during theyear were: Citigroup Global Markets LtdCredit Suisse Securities (Europe) LtdDeutsche Bank AG London BranchJ.P. Morgan Securities Plc2) The item consists primarily of transaction costs.



A S S E T S

Transferable securities 9,457,118 97.4 6,998,015 97.2Other derivative instrumentswith positive market value 231 0.0 - -

Total financial instruments withpositive market value Note 2) 9,457,349 97.4 6,998,015 97.2Bank assets and other liquidassets 281,732 2.9 231,337 3.2Prepaid expenses and accruedincome 4,008 0.0 4,863 0.1Other assets 48 0.0 - -

Total assets 9,743,137 100.3 7,234,215 100.5









2014 2013

Fund capital at beginning of year 7,197,206 6,801,056Units issued 2,989,127 1,868,235Units redeemed -2,119,927 -1,491,771Profit according to Income Statement 1,645,666 21,090Dividends to unit holders -1,748 -1,404








B R A Z I L ( B R L )

Abril Educação (Diversified Consumer Services) 600,000 20,090 0.2AmBev ADR (Beverages) 1,000,000 48,692 0.5Banco Bradesco ADR (Commercial Banks) 400,000 41,865 0.4Banco Daycoval (Commercial Banks) 1,000,000 24,738 0.3Banco Pine (Commercial Banks) 1,150,000 21,810 0.2BM&FBovespa (Diversified Financial Services) 1,300,000 37,710 0.4CCR (Road and Rail) 300,000 13,614 0.1CETIP (Diversified Financial Services) 150,968 14,316 0.1Cielo (IT Services) 700,000 85,901 0.9Duratex (Building Products) 869,724 20,567 0.2International Meal Company (Food Products) 825,000 29,155 0.3Itaú Unibanco Holding pref (Commercial Banks) 425,500 43,356 0.4Itaú Unibanco Holding pref ADR (Commercial Banks) 700,000 71,292 0.7Kroton (Commercial Services and Supplies) 1,100,000 50,211 0.5Petrobras ADR (Oil, Gas and Consumable Fuels) 700,000 40,002 0.4SABESP (Water Utilities) 650,000 32,561 0.3São Paulo Alpargatas (Textiles, Apparel and Luxury Goods) 1,415,000 30,211 0.3Saraiva pref (Media) 400,000 7,598 0.1Totvs (Software) 156,347 16,115 0.2Vale 3 (Metals and Mining) 500,000 32,262 0.3Vale ADR pref (Metals and Mining) 218,269 12,405 0.1

694,473 7.2B R I T I S H V I R G I N I S L A N D ( U S D )

Atlas Mara (Capital Markets) 297,595 19,581 0.2

19,581 0.2C A N A D A ( C A D )

Pacific Rubiales (Oil, Gas and Consumable Fuels) 300,000 14,578 0.2

14,578 0.2C H I L E ( C L P )

AFP Habitat (Capital Markets) 6,000,000 70,372 0.7Banco de Chile (Commercial Banks) 35,000,000 31,853 0.3Banmedica (Health Care Providers and Services) 4,650,000 64,783 0.7Coca-Cola Embonor B pref (Beverages) 2,960,000 34,938 0.4Forus (Textiles, Apparel and Luxury Goods) 1,000,000 32,830 0.3

234,775 2.4C H I N A ( C N Y )

51job ADR (Professional Services) 250,000 70,161 0.7Agricultural Bank of China (Commercial Banks) 32,750,000 129,595 1.3Anhui Expressway (Transportation Infrastructure) 12,000,000 63,233 0.7Baidu ADR (Internet Software and Services) 16,500 29,446 0.3Bank of China (Commercial Banks) 16,699,817 73,669 0.8China Construction Bank (Commercial Banks) 20,000,000 128,202 1.3China Lesso Group (Building Products) 6,300,000 24,167 0.2China Life Insurance HKD (Insurance) 2,500,000 76,467 0.8China Shenhua Energy (Oil, Gas and Consumable Fuels) 1,000,000 23,117 0.2China Shineway Pharmaceutical Group (Pharmaceuticals) 4,700,000 55,890 0.6Dongfeng Motor (Automobiles) 1,780,542 19,699 0.2Great Wall Motor (Automobiles) 500,000 22,334 0.2Hollysys Automation Technologies (Elec Equip, Instr & Comp) 200,000 38,249 0.4Industrial & Commercial Bank of China HKD (Commercial Banks) 23,000,000 131,412 1.4Jiangxi Copper HKD (Metals and Mining) 1,700,000 22,755 0.2Ping An Insurance (Insurance) 1,250,000 99,685 1.0Sihuan Pharmaceutical Holdings Group (Pharmaceuticals) 7,000,000 36,886 0.4Sinopec China HKD (Oil, Gas and Consumable Fuels) 12,500,000 78,864 0.8Sound Global HKD (Water Utilities) 8,500,000 77,396 0.8Tencent (Internet Software and Services) 1,850,000 210,095 2.2TravelSky Technology (IT Services) 7,500,000 63,445 0.7

1,474,766 15.1C O L O M B I A ( C O P )

Banco de Bogotá (Commercial Banks) 118,867 25,882 0.3Corficolombiana (Diversified Financial Services) 250,000 32,907 0.3Grupo Odinsa (Construction and Engineering) 1,267,430 32,982 0.3

91,771 1.0C Y P R U S ( E U R )

HMS Group GDR (Machinery) 2,313,307 4,708 0.0

4,708 0.0C Z E C H R E P U B L I C ( C Z K )

ČEZ (Electric Utilities) 190,000 38,379 0.4

38,379 0.4


HONG KONG (HKD)

AIA Group (Insurance) 714,860 31,030 0.3Belle International (Distributors) 5,000,000 43,962 0.5China Medical System Holdings (Pharmaceuticals) 5,000,000 64,303 0.7China Mobile HKD (Wireless Telecommunication Services) 1,600,000 146,494 1.5China Overseas Land & Investment (Real Estate Management and Development) 1,240,001 28,915 0.3China Water Affairs Group (Water Utilities) 23,234,000 82,558 0.9Galaxy Entertainment Group (Hotels, Restaurants and Leisure) 600,000 26,438 0.3Guangdong Investment (Multi-Utilities) 4,000,000 40,702 0.4Hainan Meilan International Airport (Transportation Infrastructure) 9,300,000 59,708 0.6Hong Kong Exchanges and Clearing (Diversified Financial Services) 195,000 33,798 0.3Lee's Pharmaceutical (Pharmaceuticals) 6,000,000 68,563 0.7NagaCorp (Hotels, Restaurants and Leisure) 4,398,241 28,149 0.3NWS Holdings (Transportation Infrastructure) 1,433,651 20,637 0.2Phoenix Satellite Television (Media) 20,000,000 49,262 0.5Wasion Group Holdings (Electrical Equipment) 5,000,000 36,543 0.4

761,061 7.8H U N G A R Y ( H U F )

OTP Bank (Commercial Banks) 65,000 7,432 0.1

7,432 0.1I N D I A ( I N R )

Asian Paints (Chemicals) 500,000 46,649 0.5Axis Bank (Commercial Banks) 1,120,390 69,807 0.7Bajaj Auto (Automobiles) 140,000 42,233 0.4Bank of Baroda (Commercial Banks) 300,000 40,327 0.4Container Corporation of India (Road and Rail) 165,000 27,686 0.3Eros International (Media) 1,360,000 62,270 0.6HCL Technologies (IT Services) 200,000 39,608 0.4Housing Development Finance (Diversified Financial Services) 600,000 84,522 0.9ICICI Bank (Commercial Banks) 2,013,695 88,180 0.9Infosys Technologies (IT Services) 420,000 102,744 1.1LIC Housing Finance (Thrifts and Mortgage Finance) 1,000,000 54,071 0.6Lupin Laboratories (Pharmaceuticals) 265,929 47,093 0.5Reliance Industries (Chemicals) 147,699 16,323 0.2Tata Consultancy Services (IT Services) 245,000 77,730 0.8Tata Motors (Automobiles) 750,000 46,092 0.5Tree House Education & Accessories (Diversified Consumer Services) 535,000 29,519 0.3Wonderla Holidays (Hotels, Restaurants and Leisure) 990,000 38,165 0.4

913,021 9.4I N D O N E S I A ( I D R )

Bank BTN (Commercial Banks) 85,000,000 64,740 0.7Bank Mandiri (Commercial Banks) 7,000,000 47,674 0.5Bank Rakyat Indonesia (Commercial Banks) 14,000,000 103,091 1.1Lippo Karawaci (Construction and Engineering) 60,000,000 38,683 0.4Multi Bintang Indonesia (Beverages) 3,600,000 27,192 0.3PP (Construction and Engineering) 20,000,000 45,193 0.5Semen Gresik (Construction Materials) 3,800,000 38,911 0.4

365,485 3.8K A Z A K H S T A N ( K Z T )

Halyk Bank (Commercial Banks) 350,000 23,289 0.2

23,289 0.2K O R E A , R E P U B L I C O F ( K R W )

Eugene Technology (Semiconductors and Semiconductor Eqp.) 350,097 40,269 0.4GAMEVIL (Software) 50,000 42,982 0.4GS Holdings (Oil, Gas and Consumable Fuels) 49,700 14,159 0.1Hankook Tire (Auto Components) 110,000 41,287 0.4Hynix Semiconductor (Semiconductors and Semiconductor Eqp.) 250,000 85,020 0.9Hyundai (Automobiles) 60,000 72,218 0.7Hyundai Home Shopping Network (Internet and Catalog Retail) 35,000 34,400 0.4Hyundai Mobis (Auto Components) 32,330 54,341 0.6Hyundai pref (Automobiles) 19,692 18,793 0.2Kangwon Land (Hotels, Restaurants and Leisure) 160,000 34,642 0.4Kia Motors (Automobiles) 80,000 29,799 0.3Kolao Holdings (Automobiles) 250,000 34,898 0.4LG Chemical (Chemicals) 18,000 23,204 0.2LG Displays (Elec Equip, Instr & Comp) 115,000 27,561 0.3LG Fashion (Textiles, Apparel and Luxury Goods) 250,000 53,238 0.5Samsung Electronics (Semiconductors and Semiconductor Eqp.) 35,000 330,786 3.4Samsung Heavy Industries (Machinery) 150,000 21,313 0.2SungKwang Bend (Building Products) 390,000 38,331 0.4

997,239 10.3M A C A U ( M O P )

Sands China (Hotels, Restaurants and Leisure) 900,000 34,705 0.4

34,705 0.4M A L A Y S I A ( M Y R )

Malayan Banking Berhad (Commercial Banks) 2,800,000 57,486 0.6OldTown (Hotels, Restaurants and Leisure) 5,750,000 19,310 0.2Padini Holdings (Specialty Retail) 6,499,950 21,247 0.2Public Bank Berhad (Commercial Banks) 860,000 35,236 0.4Tenaga Nasional Berhad (Electric Utilities) 1,250,000 38,621 0.4



Top Glove (Health Care Equipment and Supplies) 3,000,000 30,359 0.3

202,258 2.1M E X I C O ( M X N )

América Móvil ADR (Wireless Telecommunication Services) 300,000 52,089 0.5Banorte (Commercial Banks) 1,400,000 60,613 0.6Empresas ICA (Construction and Engineering) 2,500,000 23,833 0.2Fomento ADR (Beverages) 30,000 20,674 0.2Genomma Lab (Pharmaceuticals) 2,500,000 37,323 0.4Gentera (Consumer Finance) 2,300,000 36,218 0.4Gruma (Food Products) 750,000 62,843 0.6Grupo Aeroportuario del Centro Norte (Transportation Infrastructure) 1,600,000 57,410 0.6Grupo Aeroportuario del Pacífico ADR (Transportation Infrastructure) 30,000 30,962 0.3Grupo Lala (Food Products) 1,800,000 27,264 0.3Grupo Sports World (Multiline Retail) 2,500,000 34,256 0.4Grupo Televisa ADR (Media) 350,000 93,321 1.0

536,806 5.4N I G E R I A ( N G N )

Guaranty Trust Bank GDR (Commercial Banks) 1,000,000 50,805 0.5SEPLAT Petroleum Development (Oil, Gas and Consumable Fuels) 1,250,000 21,971 0.2

72,777 0.7P E R U ( P E N )

Credicorp ADR (Commercial Banks) 50,000 62,696 0.6Intergroup (Commercial Banks) 68,000 16,183 0.2

78,879 0.8P H I L I P P I N E S ( P H P )

Alliance Global Group (Industrial Conglomerates) 10,000,000 39,463 0.4BDO Unibank (Commercial Banks) 2,300,000 44,195 0.5Bloomberry Resorts (Hotels, Restaurants and Leisure) 14,000,000 30,380 0.3EEI (Metals and Mining) 31,158,400 59,435 0.6GMA Holdings (Media) 20,000,000 23,625 0.2Metrobank (Commercial Banks) 4,000,000 58,100 0.6Philippine National Bank (Commercial Banks) 3,558,000 49,812 0.5PLDT (Wireless Telecommunication Services) 70,000 35,599 0.4Robinsons Land (Real Estate Management and Development) 14,500,000 67,244 0.7Universal Robina (Food Products) 2,200,000 75,461 0.8

483,315 5.0P O L A N D ( P L N )

Integer.pl (Air Freight and Logistics) 20,000 6,788 0.1PZU (Insurance) 45,000 48,199 0.5Warsaw Stock Exchange (Diversified Financial Services) 400,000 40,287 0.4

95,275 1.0R U S S I A N F E D E R A T I O N ( R U B )

Gazprom (Oil, Gas and Consumable Fuels) 2,400,000 40,804 0.4Lukoil (Oil, Gas and Consumable Fuels) 150,000 43,545 0.4Magnit GDR (Food and Staples Retailing) 50,000 17,770 0.2Sberbank (Commercial Banks) 5,000,000 35,814 0.4TMK GDR (Energy Equipment and Services) 465,000 8,445 0.1

146,378 1.5S I N G A P O R E ( S G D )

OSIM International (Specialty Retail) 2,100,000 24,564 0.3Silverlake Axis (Software) 5,912,034 43,833 0.5

68,397 0.8S O U T H A F R I C A ( Z A R )

AVI (Food Products) 500,000 26,424 0.3Clicks Group (Food and Staples Retailing) 700,000 38,367 0.4Coronation Fund Managers (Other) 500,000 38,963 0.4Johannesburg Stock Exchange (Diversified Financial Services) 430,000 35,207 0.4LIFE Healthcare Group (Health Care Providers and Services) 2,350,000 67,996 0.7Mr Price Group (Specialty Retail) 295,646 47,013 0.5MTN Group (Wireless Telecommunication Services) 750,000 112,366 1.2Nampak (Containers and Packaging) 2,200,000 64,936 0.7Naspers (Media) 155,000 158,912 1.6Sanlam (Insurance) 1,300,000 61,577 0.6Sasol (Oil, Gas and Consumable Fuels) 210,000 61,247 0.6Standard Bank Group (Commercial Banks) 400,000 38,836 0.4Tiger Brands (Food Products) 200,000 49,811 0.5

801,656 8.2T A I W A N , P R O V I N C E O F C H I N A ( T W D )

AU Optronics (Elec Equip, Instr & Comp) 11,000,000 44,143 0.5Catcher Technology (Electrical Equipment) 400,000 24,425 0.3Delta Electronics (Electrical Equipment) 500,000 23,347 0.2Fubon Financial Holding (Diversified Financial Services) 7,530,340 94,574 1.0Hon Hai Precision Industry (Elec Equip, Instr & Comp) 5,263,465 114,607 1.2Kuo Toong International (Construction and Engineering) 2,000,000 25,663 0.3Largan Precision (Leisure Equipment and Products) 30,000 17,798 0.2Mediatek (IT Services) 730,000 83,544 0.9Radiant Opto-Electronics (Electrical Equipment) 699,963 17,599 0.2Taiwan Semiconductor (Semiconductors and Semiconductor Eqp.) 10,184,500 355,721 3.7Uni-President Enterprises (Food Products) 2,150,000 26,736 0.3


Zeng Hsing Industrial (Household Durables) 750,000 29,540 0.3

857,696 8.8T H A I L A N D ( T H B )

Bangkok Bank f/r (Commercial Banks) 700,000 32,312 0.3GFPT f/r (Food Products) 20,000,000 84,707 0.9Krung Thai Bank (Commercial Banks) 5,500,000 29,707 0.3Major Cineplex (Media) 6,599,935 43,578 0.4Minor International (Hotels, Restaurants and Leisure) 4,000,000 30,932 0.3Thai Tap Water Supply (Water Utilities) 10,842,698 29,927 0.3

251,164 2.6T U R K E Y ( T R Y )

Ford Otomotiv Sanayi (Automobiles) 675,000 73,573 0.8Halkbank (Commercial Banks) 400,000 18,618 0.2TSKB (Commercial Banks) 5,000,000 33,821 0.3Yapi Kredi Bankasi (Commercial Banks) 1,500,000 24,562 0.3

150,575 1.6U N I T E D A R A B E M I R A T E S ( A E D )

DAMAC (Real Estate Management and Development) 150,000 16,146 0.2


Hikma Pharmaceuticals (Pharmaceuticals) 85,000 20,533 0.2

20,533 0.2





O P T I O N S A N D W A R R A N T S

Minor International 200,000 231 0.0

Total options and warrants 231 0.0










Samsung 3.6

Hyundai Group 1.9

Itaúsa 1.3

Tata 1.3

LG 1.0

Vale 0.4

Minor International 0.3


Annual Review 2014 – Handelsbanken FundsPort fo l io Manager: A N D R E A S W I K L U N D

U p t o 3 0 / 0 9 / 2 0 1 4 H A N N A N O R S T R Ö M

BASE CURRENCY

SEK


PREMIUM PENSION

857565


savings



Funds Emerging Markets Bond FundHandelsbanken Funds Emerging Markets Bond Fund

Management ReportInvestment FocusThe fund’s objective is to attain total positive returns over the long term byinvesting in a diversified portfolio with debt instruments primarily indeveloping countries (emerging markets). The fund may invest insecurities with a minimum credit rating of BB- according to Standard &Poors and/or an equivalent credit rating from Fitch or Moody’s. The fundmay use derivatives such as options as a complement to protect thefund’s value or to enable cost savings.

PortfolioThe fund rose 11.0% in 2014*. The softer monetary policies of the centralbanks have led to a decline in rates in emerging markets, which resultedin positive returns. A weaker SEK also contributed positively to returns.However, increased geopolitical uncertainty in Russia and a sharp declinein oil prices resulted in higher interest rates in Russia and a significantweakening of the Russian ruble. However, the fund was underweight inRussia and overweight in Turkey, which was a successful strategy duringthe year. Volatility in Asia was somewhat calmer and the currencies didnot trade as weakly in this region as in other emerging markets. Oil exportcountries, such as Russia, Nigeria and Brazil, traded weakly during thelatter part of the year, which was to the benefit of oil import countries

such as Turkey, India and Indonesia.*) The fund may have additional share classes, the concerned share class is stated in the Fund facts. Refer to fundstatistics for comparable index.

OutlookOur outlook is cautiously positive to performance in emerging markets.These markets continue to be attractive to investors seeking returns. Therisks in 2015 involve a further decline in oil prices (depending on theregion) and lower global growth. As a result, the fund has an overweightin countries that benefit from lower oil prices (Turkey, India and Indonesia)and an underweight in countries negatively affected (Russia).


Fund performance*

50

100

150

2013 2014* Performance is shown in the fund's base currency. The fund may have several share classes, which are referred to inthe fund's facts.* Fund performance includes dividends added back for funds with a distribution class.


Turkey 10,50% 2020-01-15 8.8

Hungary 7,50% 2022-06-24 6.5

Mexico 10,00% 2024-02-05 4.9

Malaysia 4,378% 2019-11-29 4.7

KfW 6,00% 2016-03-15 4.3

Romania 5,50% 2018-11-28 4.2

Poland 5,75% 2021-10-25 4.0

Nigeria 16,39% 2022-01-27 4.0

EIB 10,50% 2017-12-21 3.8

Indonesia 11,00% 2025-09-15 3.7


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value Funds Emerging Markets Bond Fund A - SEK 98.10 88.40 - - - - - - - - Funds Emerging Markets Bond Fund A - EUR 10.36 - - - - - - - - - Funds Emerging Markets Bond Fund A - NOK 93.96 - - - - - - - - - Funds Emerging Markets Bond Fund A2 - SEK 98.40 88.49 - - - - - - - - Funds Emerging Markets Bond Fund A2 - EUR 10.39 - - - - - - - - - Funds Emerging Markets Bond Fund AI - SEK 98.84 88.63 - - - - - - - - Funds Emerging Markets Bond Fund AI - EUR 10.43 - - - - - - - - - Funds Emerging Markets Bond Fund BI - SEK 95.51 88.51 - - - - - - - -

Fund capital total, mSEK 2,041 311 - - - - - - - - Funds Emerging Markets Bond Fund A - SEK 558 40 - - - - - - - - Funds Emerging Markets Bond Fund A - EUR 0 - - - - - - - - - Funds Emerging Markets Bond Fund A - NOK 28 - - - - - - - - - Funds Emerging Markets Bond Fund A2 - SEK 73 46 - - - - - - - - Funds Emerging Markets Bond Fund A2 - EUR 0 - - - - - - - - - Funds Emerging Markets Bond Fund AI - SEK 96 31 - - - - - - - - Funds Emerging Markets Bond Fund AI - EUR 0 - - - - - - - - - Funds Emerging Markets Bond Fund BI - SEK 1,283 195 - - - - - - - -

Number of units, 1000's 21,154 3,516 - - - - - - - - Funds Emerging Markets Bond Fund A - SEK 5,689 447 - - - - - - - - Funds Emerging Markets Bond Fund A - EUR 14 - - - - - - - - - Funds Emerging Markets Bond Fund A - NOK 298 - - - - - - - - - Funds Emerging Markets Bond Fund A2 - SEK 747 522 - - - - - - - - Funds Emerging Markets Bond Fund A2 - EUR 3 - - - - - - - - - Funds Emerging Markets Bond Fund AI - SEK 971 349 - - - - - - - - Funds Emerging Markets Bond Fund AI - EUR 1 - - - - - - - - - Funds Emerging Markets Bond Fund BI - SEK 13,432 2,198 - - - - - - - -

Total returns in %, SEK Funds Emerging Markets Bond Fund A - SEK +11.0 -11.6 - - - - - - - - Funds Emerging Markets Bond Fund A - EUR +3.7 - - - - - - - - -

Annual Review 2014 – Handelsbanken FundsFunds Emerging Markets Bond Fund, cont.


2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Funds Emerging Markets Bond Fund A - NOK +12.5 - - - - - - - - - Funds Emerging Markets Bond Fund A2 - SEK +11.2 -11.5 - - - - - - - - Funds Emerging Markets Bond Fund A2 - EUR +3.9 - - - - - - - - - Funds Emerging Markets Bond Fund AI - SEK +11.5 - - - - - - - - - Funds Emerging Markets Bond Fund AI - EUR +4.2 - - - - - - - - - Funds Emerging Markets Bond Fund BI - SEK +11.2 -11.5 - - - - - - - -

Index including dividends in %, SEK Funds Emerging Markets Bond Fund A - SEK +11.5 -9.1 - - - - - - - - Funds Emerging Markets Bond Fund A - EUR +4.2 - - - - - - - - - Funds Emerging Markets Bond Fund A - NOK +13.1 - - - - - - - - - Funds Emerging Markets Bond Fund A2 - SEK +11.5 -9.1 - - - - - - - - Funds Emerging Markets Bond Fund A2 - EUR +4.2 - - - - - - - - - Funds Emerging Markets Bond Fund AI - SEK +11.5 - - - - - - - - - Funds Emerging Markets Bond Fund AI - EUR +4.2 - - - - - - - - - Funds Emerging Markets Bond Fund BI - SEK +11.5 -9.1 - - - - - - - -Index: JP Morgan EM GBI Diversified Index




Fund facts2014

Collected mgmt. costs in % of average fund capitalFunds Emerging Markets Bond Fund A 1) 1.10Funds Emerging Markets Bond Fund A2 1) 0.90Funds Emerging Markets Bond Fund AI 2) 0.65Funds Emerging Markets Bond Fund BI 2) 0.90

Annual fees in %Funds Emerging Markets Bond Fund A 1.16Funds Emerging Markets Bond Fund A2 0.95Funds Emerging Markets Bond Fund AI 0.66Funds Emerging Markets Bond Fund BI 0.91

Turnover rate 0.8


Duration, years 4.7




Total risk using Barra’s risk system 7.5 Index JP Morgan EM GBIDiversified Index

* The fund has been in existance for less than two years; consequently, the calculation of historical risk is not applicable.Refer to the last page for definitions.

Total exposure in the fund is calculated in accordance with the commitment method.


Share class launch dateFunds Emerging Markets Bond Fund A - SEK 2013-04-22Funds Emerging Markets Bond Fund A - EUR 2013-04-22Funds Emerging Markets Bond Fund A - NOK 2013-04-22Funds Emerging Markets Bond Fund A2 - SEK 2013-04-22Funds Emerging Markets Bond Fund A2 - EUR 2013-04-22Funds Emerging Markets Bond Fund AI - SEK 2013-04-22Funds Emerging Markets Bond Fund AI - EUR 2013-04-22Funds Emerging Markets Bond Fund BI - SEK 2013-04-22

Minimum investment, SEKFunds Emerging Markets Bond Fund A 0Funds Emerging Markets Bond Fund A2 250,000Funds Emerging Markets Bond Fund AI 10,000,000Funds Emerging Markets Bond Fund BI 250,000

Risk*Funds Emerging Markets Bond Fund 4


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: S T E F A N H A G M A N

BASE CURRENCY

SEK


XACT Bear 2 is not in any way sponsored, endorsed, sold or promoted by Nasdaq OMX Group. Inc. (“OMX”) and OMX makes no warranty or representation whatsoever, expressed or implied, as to the resultsto be obtained from the use of the OMXS30™ Index and/or the value at which the said OMXS30™ Index stands at any particular time. OMX shall not be liable to any person for any error in the OMXS30™

Index and shall not be under any obligation to advise or notify any person of any error therein. OMX and OMXS30™ are trademarks of OMX and are used under license from OMX.

XACT Bear 2Leveraged exchange-traded index fund listed on the Stockholm Stock Exchange

Management ReportInvestment FocusThe fund is a leveraged non-UCITS exchange-traded fund that differsfrom a securities fund in that it has so-called leveraging. The objective ofthe fund is to provide a daily return equivalent to approximately 200% ofthe daily opposite change in the OMXS30™ Index before managementfees and other transaction costs. This means that when the OMXS30™falls by 1% on the market in one day, XACT Bear 2 should rise byapproximately 2%. The index consists of the 30 most-traded shares onthe NASDAQ OMX Nordic Exchange (Stockholm stock exchange). Thefund's capital consists of liquid assets and sold futures contracts(OMXS30™ futures) equivalent to approximately 200% of the fund'svalue. A daily rebalancing of the fund's futures holdings occurs to ensurethat the fund maintains an exposure of -200% of the fund capital.

PortfolioXACT Bear 2 fell -25.8% in 2014*. The portfolio consists of three types ofassets: sold futures, liquid assets invested in interest-bearing accountsand money market instruments issued or guaranteed by the Swedishgovernment. The portfolio is rebalanced on a daily basis to maintain aconsistent leverage and risk profile.*) Refer to fund statistics for comparable index.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part of

its investment focus to attain the intended leverage. The fund tradescontinuously with derivatives.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.

• Highest leverage during the financial year -205.9%

• Lowest leverage during the financial year -195.3%

• Average leverage during the financial year -200.4%


Fund performance*

50

100

150



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK 114.56 154.46 82.71 119.80 112.81 194.34 - - - -

The fund's total net flow, mSEK 1) 299 354 238 - - - - - - -

Fund capital, mSEK 676 618 513 467 401 165 - - - -

Number of units, 1000’s 5,900 4,000 6,200 3,900 3,550 850 - - - -

Total returns in %, SEK -25.8 -37.8 -30.3 +6.2 -42.0 -2.8 - - - -

Index including dividends in %, SEK +14.0 +25.5 +16.3 -11.6 +24.9 +0.8 - - - -

Average yearly return, 2 yrs. % -32.1 -34.1 -14.0 -21.5 - - - - - -

Comparison to index including dividends, % +19.6 +20.8 +1.4 +5.1 - - - - - -

Average yearly return, 5 yrs. % -27.6 - - - - - - - - -


Dividends per unit, SEK - - 0.83 0.00 0.00 - - - - -1) The fund's total net inflow does not include reinvested dividends. New information has been provided as of the full-year 2012.

Index: OMXS30™ Gross Index



Fund facts2014





Turnover rate 1) 0.4

Turnover rate 2) -1.9



1) The measurement is misrepresentative given that the fund trades primarily in futures contracts in the OMXS30™Index.The difference between both turnover rates is that the top rate only includes completed transactions in financialinstruments. The bottom rate also takes into account subscribed and redeemed units in the fund.

2) The turnover rate is negative and is misrepresentative as a result of the fund's management strategy, which impliesthat the fund trades primarily in futures contracts in the OMXS30™ Index. Negative turnover rates arise when the sumof subscribed and redeemed fund units exceed the sum of subscribed and redeemed futures.


Total risk % 18.2


Index OMXS30™ Gross Index




Sharpe ratio -1.8




Minimum investment, fundshare 1

Risk* 7


Annual Review 2014 – Handelsbanken FonderXACT Bear 2, cont.



Changes in value for other derivativeinstruments * -238,408 -250,033Interest income 3,020 5,212Other income 0 0

Total income and changes in value -235,388 -244,821

E X P E N S E S

Management Company expenses 4,100 3,373Interest expense - 11Other expenses 1) 1,655 1,321


Net income -241,143 -249,526


Changes in value for other derivativeinstruments - Capital gains 1,012,044 81,770

Changes in value for other derivativeinstruments - Capital losses -1,250,452 -271,235


Sum -238,408 -250,033

1) The item consists primarily of broker's commissions for derivatives.



A S S E T S

Money market instruments 117,456 17.4 119,693 19.4

Total financial instruments withpositive market value Note 2) 117,456 17.4 119,693 19.4Bank assets and other liquidassets 548,557 81.2 496,938 80.4Other assets 10,042 1.4 1,393 0.2

Total assets 676,055 100.0 618,024 100.0


Other derivative instrumentswith negative market value - - 0 0.0

Total financial instruments withnegative market value Note 2) - - 0 0.0Accrued expenses and prepaidincome 180 0.0 168 0.0



Other derivative instrumentswith negative market value 1) 111,603 16.5 113,752 18.41) Bonds and other interest-bearing instruments total SEK 111,603t.



2014 2013

Fund capital at beginning of year 617,856 512,817Units issued 1,069,905 607,612Units redeemed -770,743 -253,047Profit according to Income Statement -241,143 -249,526Dividends to unit holders - -







SEGV 2015-03-18 47,500 47,489 7.0SEGV 2015-06-17 70,000 69,966 10.4






OMXS305A 1) -9,204 0 0.0






1) Stock index futures with underlying exposure of SEK -1,347,972t, which is equivalent to 199.4% of fund capital.Counterparty NASDAQ OMX.






Svenska staten 17.4



BASE CURRENCY

SEK


XACT Bear is not in any way sponsored, endorsed, sold or promoted by Nasdaq OMX Group Inc. (“OMX”) and OMX makes no warranty or representation whatsoever, expressed or implied, as to the results tobe obtained from the use of the OMXS30™ Index and/or the value at which the said OMXS30™ Index stands at any particular time. OMX shall not be liable to any person for any error in the OMXS30™ Index

and shall not be under any obligation to advise or notify any person of any error therein. OMX and OMXS30™ are trademarks of OMX and are used under license from OMX.

XACT Bear Leveraged exchange-traded index fund listed on the Stockholm Stock Exchange

Management ReportInvestment FocusThe fund is a leveraged non-UCITS exchange-traded fund that differsfrom a securities fund in that it has so-called leveraging. The objective ofthe fund is to provide a daily return equivalent to approximately 150% ofthe daily opposite change in the OMXS30™ Index, before managementfees and other transaction costs. This means that when the OMXS30™falls by 1% on the market in one day, XACT Bear should rise byapproximately 1.5%. The index consists of the 30 most-traded shares onthe NASDAQ OMX Nordic Exchange (Stockholm stock exchange). Thefund's capital consists of liquid assets and sold futures contracts(OMXS30™ futures) equivalent to approximately 150% of the fund'svalue. A daily rebalancing of the fund's futures holdings occurs to ensurethat the fund maintains an exposure of -150% of the fund capital.

PortfolioXACT Bear fell -19.6% in 2014*. The portfolio consists of three types ofassets: sold futures, liquid assets invested in interest-bearing accountsand money market instruments issued or guaranteed by the Swedishgovernment. The portfolio is rebalanced on a daily basis to maintain aconsistent leverage and risk profile.*) Refer to fund statistics for comparable index.




• Highest leverage during the financial year -153.8%

• Lowest leverage during the financial year -147.1%

• Average leverage during the financial year -150.3%


Fund performance*

50

100

150



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005


The fund's total net flow, mSEK 1) 174 -22 -148 - - - - - - -

Fund capital, mSEK 739 730 1,033 1,545 1,412 1,890 2,402 2,217 591 58

Number of units, 1000’s 6,800 5,400 53,800 61,400 60,800 55,150 30,700 43,550 12,150 850

Total returns in %, SEK -19.6 -29.5 -22.7 +8.3 -32.2 -55.0 +57.2 +4.9 -28.5 -31.8

Index including dividends in %, SEK +14.0 +25.5 +16.3 -11.6 +24.9 +49.1 -36.3 -3.1 +22.8 -

Average yearly return, 2 yrs. % -24.8 -26.2 -8.5 -14.3 -44.8 -15.9 +28.4 -13.4 - -

Comparison to index including dividends, % +19.6 +20.8 +1.4 +5.1 +36.5 -2.5 -21.4 +9.1 - -

Average yearly return, 5 yrs. % -20.3 -29.0 -16.7 -11.4 -18.5 - - - - -

Comparison to index including dividends, % +12.9 +19.2 +4.1 +0.4 +7.2 - - - - -

Dividends per unit, SEK - - 0.26 0.00 0.02 1.87 1.44 0.13 0.17 -1) The fund's total net inflow does not include reinvested dividends. New information has been provided as of the full-year 2012.




Fund facts2014












Total risk % 13.7






Sharpe ratio -1.9





Risk* 7


Annual Review 2014 – Handelsbanken FonderXACT Bear, cont.



Changes in value for other derivativeinstruments * -162,328 -281,556Interest income 3,270 7,435Other income 0 0


E X P E N S E S

Management Company expenses 4,604 4,757Interest expense - 1Other expenses 1) 1,282 1,317


Net income -164,944 -280,196





Sum -162,328 -281,557




A S S E T S

Money market instruments 99,966 13.5 114,711 15.7

Total financial instruments withpositive market value Note 2) 99,966 13.5 114,711 15.7Bank assets and other liquidassets 630,997 85.4 614,496 84.1Other assets 8,305 1.1 1,220 0.2

Total assets 739,268 100.0 730,427 100.0


Other derivative instrumentswith negative market value - - 0 0.0

Total financial instruments withnegative market value Note 2) - - 0 0.0Accrued expenses and prepaidincome 202 0.0 197 0.0






2014 2013

Fund capital at beginning of year 730,230 1,032,636Units issued 318,521 148,494Units redeemed -144,741 -170,704Profit according to Income Statement -164,944 -280,196Dividends to unit holders - -







SEGV 2015-03-18 55,000 54,988 7.4SEGV 2015-06-17 45,000 44,978 6.1






OMXS305A 1) -7,582 0 0.0






1) Stock index futures with underlying exposure of SEK -1,110,422t, which is equivalent to 150.2% of fund capital.Counterparty NASDAQ OMX.






Svenska staten 13.5



BASE CURRENCY

SEK


XACT Bull 2 is not in any way sponsored, endorsed, sold or promoted by Nasdaq OMX Group. Inc. (“OMX”) and OMX makes no warranty or representation whatsoever, expressed or implied, as to the resultsto be obtained from the use of the OMXS30™ Index and/or the value at which the said OMXS30™ Index stands at any particular time. OMX shall not be liable to any person for any error in the OMXS30™

Index and shall not be under any obligation to advise or notify any person of any error therein. OMX and OMXS30™ are trademarks of OMX and are used under license from OMX.

XACT Bull 2Leveraged exchange-traded index fund listed on the Stockholm Stock Exchange

Management ReportInvestment FocusThe fund is a leveraged non-UCITS exchange-traded fund that differsfrom a securities fund in that it has so-called leveraging. The objective ofthe fund is to provide a daily return equivalent to approximately 200% ofthe daily positive change in the OMXS30™ Index before managementfees and other transaction costs. This means that when the OMXS30™rises by 1% on the market in one day, XACT Bull 2 should rise byapproximately 2%. The index consists of the 30 most-traded shares onthe NASDAQ OMX Nordic Exchange (Stockholm stock exchange). Thefund's capital consists of liquid assets and futures contracts (OMXS30™futures) equivalent to approximately 200% of the fund's value. A dailyrebalancing of the fund's futures holdings occurs to ensure that the fundmaintains an exposure of 200% of the fund capital.

PortfolioXACT Bull 2 rose 25.2% in 2014*. The portfolio consists of three types ofassets: purchased futures, liquid assets invested in interest-bearingaccounts and money market instruments issued or guaranteed by theSwedish government. The portfolio is rebalanced on a daily basis tomaintain a consistent leverage and risk profile.*) Refer to fund statistics for comparable index.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives as part ofits investment focus to attain the intended leverage. The fund trades

continuously with derivatives.The fund has the option of lending securities. The fund did not use thisoption in 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.




InformationDue to changes in tax regulations for Swedish funds and developmentswithin the area of EU taxation, it is unclear how distributions will be taxed.Refer to the last page. Information on compensation to employees isavailable on the Management Company’s webpage as well as in theManagement Company’s annual report.

Fund performance*

100

200

300



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, SEK 490.91 392.13 259.55 206.71 295.21 201.43 - - - -


Fund capital, mSEK 835 1,059 921 796 664 433 - - - -

Number of units, 1000’s 1,700 2,700 3,550 3,850 2,250 2,150 - - - -

Total returns in %, SEK +25.2 +51.1 +26.7 -30.0 +46.6 +0.7 - - - -

Index including dividends in %, SEK +14.0 +25.5 +16.3 -11.6 +24.9 +0.8 - - - -

Average yearly return, 2 yrs. % +37.5 +38.3 -5.8 +1.3 - - - - - -

Comparison to index including dividends, % +19.6 +20.8 +1.4 +5.1 - - - - - -



Dividends per unit, SEK - - 2.30 0.00 0.00 - - - - -1) The fund's total net inflow does not include reinvested dividends. New information has been provided as of the full-year 2012.




Fund facts2014










2) The turnover rate is negative and is misrepresentative as a result of the fund's management strategy, which impliesthat the fund trades primarily in futures contracts in the OMXS30™ Index. The difference between the turnover rates isa result of one measurement including only completed trades in financial instruments, while the other measurementalso takes into account subscribed and redeemed units in the fund. Negative turnover rates arise when the sum ofsubscribed and redeemed fund units exceed the sum of subscribed and redeemed futures.


Total risk % 18.7




Active return % 18.0


Sharpe ratio 2.0





Risk* 7


Annual Review 2014 – Handelsbanken FonderXACT Bull 2, cont.



Changes in value for other derivativeinstruments * 238,651 402,855Interest income 3,579 8,663Other income 0 0


E X P E N S E S

Management Company expenses 5,034 5,609Interest expense 3 -Other expenses 1) 1,603 1,770


Net income 235,590 404,139




Changes in value for other derivativeinstruments – Unrealised 0 100,274

Sum 238,651 402,855




A S S E T S

Money market instruments 180,941 21.7 159,572 15.1Other derivative instrumentswith positive market value - - 0 0.0

Total financial instruments withpositive market value Note 2) 180,941 21.7 159,572 15.1Bank assets and other liquidassets 666,736 79.9 901,840 85.2

Total assets 847,677 101.6 1,061,412 100.3


Accrued expenses and prepaidincome 222 0.0 270 0.0Other liabilities 12,904 1.6 2,391 0.3


Fund capital Note 1) 834,551 100.0 1,058,751 100.0




2014 2013

Fund capital at beginning of year 1,058,751 921,415Units issued 501,700 274,810Units redeemed -961,490 -541,613Profit according to Income Statement 235,590 404,139Dividends to unit holders - -

Fund capital at the close of the period 834,551 1,058,751






SEGV 2015-03-18 111,000 110,975 13.3SEGV 2015-06-17 70,000 69,966 8.4






OMXS305A 1) 11,390 0 0.0






1) Stock index futures with underlying exposure of SEK 1,668,122t, which is equivalent to 199.9% of fund capital.Counterparty NASDAQ OMX.






Svenska staten 21.7



BASE CURRENCY

SEK


XACT Bull is not in any way sponsored, endorsed, sold or promoted by Nasdaq OMX Group Inc. (“OMX”) and OMX makes no warranty or representation whatsoever, expressed or implied, as to the results tobe obtained from the use of the OMXS30™ Index and/or the value at which the said OMXS30™ Index stands at any particular time. OMX shall not be liable to any person for any error in the OMXS30™ Index

and shall not be under any obligation to advise or notify any person of any error therein. OMX and OMXS30™ are trademarks of OMX and are used under license from OMX.

XACT Bull Leveraged exchange-traded index fund listed on the Stockholm Stock Exchange

Management ReportInvestment FocusThe fund is a leveraged non-UCITS exchange-traded fund that differsfrom a securities fund in that it has so-called leveraging. The objective ofthe fund is to provide a daily return equivalent to approximately 150% ofthe daily positive change in the OMXS30™ Index before managementfees and other transaction costs. This means that when the OMXS30™rises by 1% on the market in one day, XACT Bull should rise byapproximately 1.5%. The index consists of the 30 most-traded equitieson the NASDAQ OMX Nordic Exchange (Stockholm stock exchange). Thefund's capital consists of liquid assets and futures contracts (OMXS30™futures) equivalent to approximately 150% of the fund's value. A dailyrebalancing of the fund's futures holdings occurs to ensure that the fundmaintains an exposure of 150% of the fund capital.

PortfolioXACT Bull rose 19.1% in 2014*. The portfolio consists of three types ofassets: purchased futures, liquid assets invested in interest-bearingaccounts and money market instruments issued or guaranteed by theSwedish government. The portfolio is rebalanced on a daily basis tomaintain a consistent leverage and risk profile.*) Refer to fund statistics for comparable index.








Fund performance*

50

100

150

200

250



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005



Fund capital, mSEK 673 1,096 815 945 2,177 2,868 2,179 613 389 395

Number of units, 1000’s 2,450 4,750 4,850 6,750 12,300 21,900 28,550 3,600 2,050 2,750


Index including dividends in %, SEK +14.0 +25.5 +16.3 -11.6 +24.9 +49.1 -36.3 -3.1 +22.8 -

Average yearly return, 2 yrs. % +27.9 +29.0 -2.1 +3.4 +54.0 -10.2 -35.7 +9.3 - -

Comparison to index including dividends, % +19.6 +20.8 +1.4 +5.1 +36.5 -2.5 -21.4 +9.1 - -

Average yearly return, 5 yrs. % +16.2 +25.6 +0.9 -4.9 +5.4 - - - - -


Dividends per unit, SEK - - 1.58 0.00 0.00 1.69 3.01 1.31 0.35 -1) The fund's total net inflow does not include reinvested dividends. New information has been provided as of the full-year 2012.




Fund facts2014












Total risk % 13.9




Active return % 8.3


Sharpe ratio 1.9





Risk* 7


Annual Review 2014 – Handelsbanken FonderXACT Bull, cont.



Changes in value for other derivativeinstruments * 148,573 316,127Interest income 4,047 9,036Other income 0 0


E X P E N S E S

Management Company expenses 5,201 5,822Other expenses 1) 1,164 1,298


Net income 146,255 318,043




Changes in value for other derivativeinstruments – Unrealised 0 78,491

Sum 148,573 316,127




A S S E T S

Money market instruments 101,954 15.1 129,619 11.8Other derivative instrumentswith positive market value - - 0 0.0

Total financial instruments withpositive market value Note 2) 101,954 15.1 129,619 11.8Bank assets and other liquidassets 579,377 86.0 968,418 88.4

Total assets 681,331 101.1 1,098,037 100.2


Accrued expenses and prepaidincome 175 0.0 281 0.0Other liabilities 7,773 1.1 1,871 0.2






2014 2013

Fund capital at beginning of year 1,095,885 815,096Units issued - 127,462Units redeemed -568,757 -164,716Profit according to Income Statement 146,255 318,043Dividends to unit holders - -







SEGV 2015-03-18 12,000 11,997 1.8SEGV 2015-06-17 90,000 89,957 13.4






OMXS305A 1) 6,909 0 0.0






1) Stock index futures with underlying exposure of SEK 1,011,858t, which is equivalent to 150.3% of fund capital.Counterparty NASDAQ OMX.






Svenska staten 15.1


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: K A R L S T A V E N B E R G

BASE CURRENCY

EUR


XACT Nordic 30 is not in any way sponsored, endorsed, sold or promoted by Nasdaq OMX Group, Inc. (“OMX”) or Oslo Børs ASA (”OB”) and OMX or OB makes no warranty or representation whatsoever,expressed or implied, as to the results to be obtained from the use of the VINX30™ Index and/or the value at which the said VINX30™ Index stands at any particular time. The VINX30™ Index is compiled andcalculated solely by an index calculator on behalf of OMX and OB. However, neither OMX or OB nor the respective index calculator shall be liable to any person for any error in the VINX30™ Index and neither

OMX or OB nor the respective index calculator shall be under any obligation to advise any person of any error therein. VINX™ and VINX30™ Index are trademarks of the OMX and OB and are used underlicense from OMX or OB.

XACT Nordic 30 Exchange-traded index fund listed on the Stockholm Stock Exchange

Management ReportInvestment FocusThe fund is an exchange-traded index fund and its objective is to followthe performance of the VINX30™ Index as closely as possible. The indexconsists of the 30 largest and most-traded equities on the Nordicexchanges in Stockholm, Helsinki, Copenhagen and Oslo. The fundinvests in equities included in this index. The fund may use derivativessuch as futures as a complement to protect the fund’s value or to enablecost savings.

PortfolioXACT Nordic 30 rose 16.7% in 2014*. The portfolio contains all of theequities included in the VINX30™ Index. The index is reweighted twiceeach year in June and in December. The fund consisted of 30 companiesat year-end. The largest holdings in the fund at year-end were NovoNordisk, Hennes & Mauritz and Nordea.*) Refer to fund statistics for comparable index.



enhance the effectiveness of asset management. The fund may usederivatives to cost-effectively increase exposure to an index. Theadvantage with derivative instruments is that it is possible to change thefund’s exposure in different types of assets or in different markets in asimple and controlled way with a limited number of transactions. The funddid not use this option in 2014.The fund has the option of lending equity. The fund did not use this optionin 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.

Fund performance*

50

100

150

200



2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Net asset value, EUR 9.42 8.64 7.05 5.87 7.14 5.54 4.17 8.74 8.14 -

The fund's total net flow, mEUR 1) 163 -74 -2 - - - - - - -

Fund capital, mEUR 549 351 352 298 352 209 119 91 0 -

Number of units, 1000’s 58,300 40,650 49,950 50,750 49,350 37,650 28,550 10,450 50 -

Total returns in %, EUR +9.1 +22.5 +21.3 -14.8 +32.4 +37.3 -50.8 +9.1 +4.9 -

Index including dividends in %, EUR +9.5 +23.4 +21.4 -14.6 +33.3 +37.7 -50.7 +9.6 - -

Average yearly return, 2 yrs. % in EUR +21.4 +21.5 -0.8 -1.0 +22.1 -14.4 -19.1 - - -

Comparison to index including dividends, % in EUR +22.2 +22.0 -0.7 -0.5 +22.7 -14.2 -18.9 - - -

Average yearly return, 5 yrs. % in EUR +11.1 +13.1 -3.4 -3.9 - - - - - -

Comparison to index including dividends, % in EUR +11.5 +13.6 -3.2 -3.5 - - - - - -

Dividends per unit, EUR - - 0.06 0.24 0.16 0.16 0.24 0.14 - -

Exchange rate EUR/SEK 9.47 - - - - - - - - -1) The fund's total net inflow does not include reinvested dividends. New information has been provided as of the full-year 2012.

Index: VINX30™ Net



Fund facts2014






Costs for one-time subscription, EUR 1,000 4.26of which incl. mgmt. costs 4.26

Turnover rate 0.1




Total risk % 10.6


Index VINX30™ Net




Sharpe ratio 1.4





Risk* 7


Annual Review 2014 – Handelsbanken FonderXACT Nordic 30, cont.

Income Statement, EURt2014 2013


Changes in value for transferable securities * 21,935 62,688Interest income 0 1Dividends 14,454 11,559Currency exchange profits and losses, net 20 -26Other income 0 0


E X P E N S E S



Net income 34,541 72,782





Sum 21,935 62,688

1) The item consists primarily of transaction costs.



A S S E T S

Transferable securities 549,147 100.0 351,088 100.0

Total financial instruments withpositive market value Note 2) 549,147 100.0 351,088 100.0Bank assets and other liquidassets 95 0.0 42 0.0Other assets 36 0.0 52 0.0

Total assets 549,278 100.0 351,182 100.0


Accrued expenses and prepaidincome 96 0.0 60 0.0





2014 2013

Fund capital at beginning of year 351,122 352,335Units issued 165,290 28,056Units redeemed -1,771 -102,051Profit according to Income Statement 34,541 72,782Dividends to unit holders - -








A.P. Moeller-Maersk B (Marine) 5,830 9,685 1.8Carlsberg (Beverages) 116,600 7,497 1.4Danske Bank (Commercial Banks) 879,164 19,764 3.6Novo Nordisk (Pharmaceuticals) 2,187,416 76,465 13.9Pandora (Other) 132,924 9,006 1.6Vestas Wind Systems (Electrical Equipment) 243,694 7,413 1.3

129,830 23.6F I N L A N D ( E U R )

Fortum (Electric Utilities) 483,890 8,696 1.6Kone (Machinery) 415,096 15,699 2.9Nokia (Communications Equipment) 4,082,166 26,779 4.9Sampo A (Insurance) 548,020 21,274 3.9

72,448 13.2N O R W A Y ( N O K )

DNB (Commercial Banks) 1,065,724 13,004 2.4Norsk Hydro (Metals and Mining) 1,578,764 7,385 1.3Statoil (Oil, Gas and Consumable Fuels) 1,216,138 17,587 3.2Telenor (Diversified Telecommunication Services) 818,532 13,669 2.5

51,645 9.4S W E D E N ( S E K )

ABB SDB (Electrical Equipment) 624,976 10,946 2.0Assa Abloy B (Building Products) 345,136 15,113 2.8AstraZeneca SDB (Pharmaceuticals) 162,074 9,376 1.7Atlas Copco A (Machinery) 732,248 16,883 3.1Ericsson B (Communications Equipment) 3,317,270 33,041 6.0Handelsbanken A (Commercial Banks) 544,522 21,074 3.8Hennes & Mauritz B (Specialty Retail) 1,193,984 41,041 7.5

Number Market % ofvalue tEUR fund capital

Investor B (Diversified Financial Services) 496,716 14,929 2.7Nordea (Commercial Banks) 3,531,814 33,892 6.2Sandvik (Machinery) 1,162,502 9,376 1.7SCA B (Paper and Forest Products) 607,486 10,832 2.0SEB A (Commercial Banks) 1,892,418 19,888 3.6SKF B (Machinery) 409,266 7,125 1.3Swedbank A (Commercial Banks) 1,111,198 22,933 4.2TeliaSonera (Diversified Telecommunication Services) 2,596,682 13,816 2.5Volvo B (Machinery) 1,673,210 14,961 2.7

295,224 53.8




Net, other assets and liabilities 35 0.0







BASE CURRENCY

SEK


XACT OMXS30 is not in any way sponsored, endorsed, sold or promoted by Nasdaq OMX Group. Inc. (“OMX”) and OMX makes no warranty or representation whatsoever, expressed or implied, as to theresults to be obtained from the use of the OMXS30™ Index and/or the value at which the said OMXS30™ Index stands at any particular time. OMX shall not be liable to any person for any error in the

OMXS30™ Index and shall not be under any obligation to advise or notify any person of any error therein. OMX and OMXS30™ are trademarks of OMX and are used under license from OMX.

XACT OMXS30 Exchange-traded index fund listed on the Stockholm Stock Exchange

Management ReportInvestment FocusThe fund is an exchange-traded index fund and its objective is to followthe performance of the OMXS30™ Index as closely as possible. Theindex consists of the 30 most-traded equities on the NASDAQ OMXNordic Exchange (Stockholm Stock Exchange). The fund invests inequities that are included in this index. The fund may use derivatives suchas futures as a complement to protect the fund’s value or to enable costsavings.

PortfolioXACT OMXS30 rose 13.6% in 2014*. The portfolio consists of all of theequities included in the index. The three largest holdings in the fund atyear-end were H&M B, Nordea and Ericsson B. NASDAQ OMXS30™ isreweighted twice each year: at the end of June and the end of December.Scania B exited the index in the spring due to an acquisition. The shareswere replaced with Kinnevik B at mid-year.*) Refer to fund statistics for comparable index.



enhance the effectiveness of asset management. The fund may usederivatives to cost-effectively increase exposure to an index. Theadvantage with derivative instruments is that it is possible to change thefund’s exposure in different types of assets or in different markets in asimple and controlled way with a limited number of transactions. The fundused this option to a limited extent in 2014.The fund has the option of lending equity. The fund did not use this optionin 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.

Fund performance*

50

100

150

200




The fund's total net flow, mSEK 1) -3,179 566 358 - - - - - - -


Number of units, 1000’s 64,300 86,800 82,550 78,950 65,450 56,000 66,850 24,450 29,400 41,800



Average yearly return, 2 yrs. % +19.2 +20.4 +1.1 +4.7 +36.2 -2.7 -21.7 +8.8 +27.5 +25.8




Average yearly return, 10 yrs. % +10.4 +10.9 +11.6 +4.5 +3.6 - - - - -



Index: NASDAQ OMXS30™ Gross Index



Fund facts2014







Turnover rate 0.2




Total risk % 9.1


Index NASDAQ OMXS30™ GrossIndex




Sharpe ratio 2.0






Risk* 6


Annual Review 2014 – Handelsbanken FonderXACT OMXS30, cont.



Changes in value for transferable securities * 953,180 1,855,783Changes in value for other derivativeinstruments ** 1,259 1,283Interest income 22 35Dividends 408,199 402,131Other income 1 -


E X P E N S E S



Net income 1,331,688 2,228,583




Changes in value for transferablesecurities – Unrealised -142,192 1,454,587

Sum 953,180 1,855,783





Sum 1,259 1,283




A S S E T S


Total financial instruments withpositive market value Note 2) 9,819,334 100.0 11,666,464 100.0Bank assets and other liquidassets 1,001 0.0 1,036 0.0Other assets 10,018 0.1 19,633 0.2

Total assets 9,830,353 100.1 11,687,133 100.2







2014 2013

Fund capital at beginning of year 11,667,620 8,872,680Units issued 1,167,497 2,801,785Units redeemed -4,346,127 -2,235,428Profit according to Income Statement 1,331,688 2,228,583Dividends to unit holders - -








Electrolux B (Household Durables) 806,322 184,486 1.9Hennes & Mauritz B (Specialty Retail) 3,918,442 1,275,845 13.0Modern Times Group B (Media) 165,894 41,274 0.4


Swedish Match (Tobacco) 537,548 131,592 1.3

131,592 1.3E N E R G Y


93,811 1.0F I N A N C I A L S

Handelsbanken A (Commercial Banks) 1,674,372 613,825 6.3Investor B (Diversified Financial Services) 1,221,700 347,818 3.5Kinnevik B (Diversified Financial Services) 631,426 161,203 1.6Nordea (Commercial Banks) 10,865,414 987,666 10.1SEB A (Commercial Banks) 5,821,722 579,552 5.9Swedbank A (Commercial Banks) 3,037,532 593,838 6.0

3,283,902 33.4


HEALTH CARE

AstraZeneca SDB (Pharmaceuticals) 399,946 219,170 2.2Getinge B (Health Care Equipment and Supplies) 596,704 106,094 1.1

325,264 3.3I N D U S T R I A L S

ABB SDB (Electrical Equipment) 1,538,056 255,163 2.6Alfa Laval (Machinery) 1,125,250 166,875 1.7Assa Abloy B (Building Products) 943,924 391,540 4.0Atlas Copco A (Machinery) 2,251,786 491,790 5.0Atlas Copco B (Machinery) 1,046,804 210,303 2.1Sandvik (Machinery) 3,365,462 257,121 2.6Securitas B (Commercial Services and Supplies) 933,636 88,182 0.9Skanska B (Construction and Engineering) 1,073,810 180,293 1.8SKF B (Machinery) 1,120,106 184,705 1.9Volvo B (Machinery) 4,333,820 367,075 3.7


Ericsson B (Communications Equipment) 8,164,814 770,350 7.8Nokia SEK (Communications Equipment) 254,628 15,761 0.2

786,111 8.0M A T E R I A L S

Boliden (Metals and Mining) 734,306 92,155 0.9SCA B (Paper and Forest Products) 1,661,512 280,629 2.9SSAB A (Metals and Mining) 816,610 37,254 0.4


Tele2 B (Diversified Telecommunication Services) 1,141,968 108,430 1.1TeliaSonera (Diversified Telecommunication Services) 11,617,724 585,533 6.0

693,963 7.1











Atlas Copco 7.1



BASE CURRENCY

SEK


XACT OMXSB is not in any way sponsored, endorsed, sold or promoted by Nasdaq OMX Group Inc. (“OMX”) and OMX makes no warranty or representation whatsoever, expressed or implied, as to the resultsto be obtained from the use of the OMXSB™ Index and/or the value at which the said OMXSB™ Index stands at any particular time. OMX shall not be liable to any person for any error in the OMXSB™ Index

and shall not be under any obligation to advise or notify any person of any error therein. OMX and OMXSB™ are trademarks of OMX and are used under license from OMX.

XACT OMXSB DivExchange-traded index fund listed on the Stockholm Stock Exchange

Management ReportInvestment FocusThe fund is an exchange-traded index fund and its objective is to followthe performance of the OMXSB™ Index as closely as possible. The indexconsists of the 80 - 100 largest and most-traded equities on theNASDAQ OMX Nordic Exchange (Stockholm Stock Exchange). The fundinvests in equities included in this index. The fund may use derivativessuch as futures as a complement to protect the fund’s value or to enablecost savings.

PortfolioXACT OMXSB Div rose 14.7% in 2014*. The portfolio consists of all of theequities included in the OMXSB™ Index. The index is reweighted twiceeach year: at the end of May and the end of November. The three largestholdings in the fund at year-end were H&M B, Nordea and Ericsson B.New equities in the index as of the end of November were Africa Oil,Klövern, Lundbergföretagen, SSAB B, Scandi Standard and Tethys Oil.EnQuest, Eniro, Ratos and Stora Enso exited the index at the time ofreweighting.*) Refer to fund statistics for comparable index.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund may usederivatives to cost-effectively increase exposure to an index. Theadvantage with derivative instruments is that it is possible to change thefund’s exposure in different types of assets or in different markets in asimple and controlled way with a limited number of transactions. The fundused this option to a limited extent in 2014.The fund has the option of lending equity. The fund did not use this optionin 2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.

Fund performance*

50

100

150

200




The fund's total net flow, mSEK 1) -339 921 -980 - - - - - - -

Fund capital, mSEK 2,240 2,386 1,115 1,964 2,706 2,101 990 2,805 11,757 9,841

Number of units, 1000’s 5,925 6,950 3,900 7,550 8,600 7,850 5,200 8,300 32,500 33,125



Average yearly return, 2 yrs. % +19.9 +20.6 +0.3 +4.3 +36.6 -4.2 -23.0 +9.4 +30.2 +27.8


Average yearly return, 5 yrs. % +12.7 +18.6 +3.0 -0.9 +6.7 +8.3 +3.9 - - -

Comparison to index including dividends, % +13.0 +19.0 +3.3 -0.6 +7.0 +8.7 +4.3 - - -

Average yearly return, 10 yrs. % +10.5 +11.0 - - - - - - - -

Comparison to index including dividends, % +10.8 +11.4 - - - - - - - -

Dividends per unit, SEK 15.10 13.00 14.43 13.90 18.01 12.05 28.50 10.25 7.60 5.001) The fund's total net inflow does not include reinvested dividends. New information has been provided as of the full-year 2012.

Index: NASDAQ OMXSB™ Gross Index



Fund facts2014







Turnover rate 0.2




Total risk % 8.9


Index NASDAQ OMXSB™ GrossIndex




Sharpe ratio 2.2






Risk* 6


Annual Review 2014 – Handelsbanken FonderXACT OMXSB Div, cont.



Changes in value for transferable securities * 222,848 369,273Changes in value for other derivativeinstruments ** 1,691 945Interest income 37 37Dividends 85,421 90,526Other income 1 0


E X P E N S E S



Net income 302,685 453,883





Sum 222,848 369,273


Changes in value for other derivativeinstruments - Capital gains 3,759 998

Changes in value for other derivativeinstruments - Capital losses -2,068 -53


Sum 1,691 945



A S S E T S


Total financial instruments withpositive market value Note 2) 2,239,873 100.0 2,386,147 100.0Bank assets and other liquidassets 641 0.0 412 0.0

Total assets 2,240,514 100.0 2,386,559 100.0


Accrued expenses and prepaidincome 293 0.0 309 0.0





2014 2013

Fund capital at beginning of year 2,386,250 1,115,377Units issued 331,774 1,347,547Units redeemed -671,013 -426,557Profit according to Income Statement 302,685 453,883Dividends to unit holders -109,475 -104,000








Autoliv (Auto Components) 40,764 34,140 1.5Betsson B (Hotels, Restaurants and Leisure) 21,567 5,931 0.3Electrolux B (Household Durables) 150,732 34,487 1.5Hennes & Mauritz B (Specialty Retail) 646,299 210,435 9.4Husqvarna B (Household Durables) 241,029 13,919 0.6JM (Household Durables) 45,504 11,330 0.5Mekonomen (Specialty Retail) 14,931 3,046 0.1Modern Times Group B (Media) 31,047 7,724 0.3Rezidor Hotel Group (Hotels, Restaurants and Leisure) 51,429 1,445 0.1Unibet (Hotels, Restaurants and Leisure) 15,879 7,820 0.3


AarhusKarlshamn (Food Products) 15,879 6,629 0.3Cloetta B (Food Products) 131,535 2,973 0.1Scandi Standard (Food Products) 24,885 1,199 0.1Swedish Match (Tobacco) 118,263 28,951 1.3

39,752 1.8


ENERGY


14,438 0.6F I N A N C I A L S

Atrium Ljungberg (Real Estate) 30,573 3,507 0.2Balder B (Real Estate) 44,556 4,912 0.2Castellum (Real Estate) 101,436 12,385 0.6Fabege (Real Estate Management and Development) 77,973 7,844 0.4Handelsbanken A (Commercial Banks) 294,354 107,910 4.8Hemfosa Fastigheter (Real Estate Management and Development) 36,735 6,061 0.3Hufvudstaden A (Real Estate) 65,886 6,694 0.3Industrivärden A (Diversified Financial Services) 126,558 18,072 0.8Industrivärden C (Diversified Financial Services) 96,933 13,193 0.6Investor A (Diversified Financial Services) 73,470 20,667 0.9Investor B (Diversified Financial Services) 268,758 76,515 3.4Kinnevik B (Diversified Financial Services) 138,882 35,457 1.6Klövern A (Real Estate Management and Development) 27,018 222 0.0Kungsleden (Real Estate Management and Development) 91,245 5,155 0.2Lundbergs B (Real Estate) 22,515 7,615 0.3Nordea (Commercial Banks) 1,911,168 173,725 7.8SEB A (Commercial Banks) 1,024,077 101,947 4.6Swedbank A (Commercial Banks) 601,032 117,502 5.2Wallenstam B (Real Estate) 58,539 7,593 0.3Wihlborgs (Real Estate Management and Development) 40,764 5,819 0.3

732,796 32.9H E A L T H C A R E

AstraZeneca SDB (Pharmaceuticals) 88,401 48,444 2.2Elekta B (Health Care Equipment and Supplies) 217,329 17,321 0.8Getinge B (Health Care Equipment and Supplies) 118,026 20,985 0.9Meda (Pharmaceuticals) 172,536 19,410 0.9Swedish Orphan Biovitrum (Health Care Providers and Services) 95,748 7,598 0.3

113,758 5.1I N D U S T R I A L S

ABB SDB (Electrical Equipment) 338,910 56,225 2.5Alfa Laval (Machinery) 185,571 27,520 1.2Assa Abloy B (Building Products) 186,756 77,466 3.5Atlas Copco A (Machinery) 396,027 86,492 3.9Atlas Copco B (Machinery) 218,751 43,947 2.0Hexagon B (Machinery) 160,686 38,886 1.7HEXPOL (Machinery) 14,457 10,648 0.5Intrum Justitia (Commercial Services and Supplies) 45,741 10,612 0.5NCC B (Construction and Engineering) 48,348 11,932 0.5NIBE Industrier B (Machinery) 48,822 9,808 0.4Sandvik (Machinery) 628,998 48,055 2.1Skanska B (Construction and Engineering) 224,202 37,644 1.7SKF B (Machinery) 221,595 36,541 1.6Trelleborg B (Machinery) 143,148 18,896 0.8Volvo A (Machinery) 211,878 18,094 0.8Volvo B (Machinery) 905,103 76,662 3.4


Ericsson B (Communications Equipment) 1,795,038 169,362 7.6Net Entertainment (Internet Software and Services) 17,301 4,550 0.2Nokia SEK (Communications Equipment) 52,851 3,271 0.1

177,183 7.9M A T E R I A L S

BillerudKorsnäs (Containers and Packaging) 104,280 11,732 0.5Boliden (Metals and Mining) 153,339 19,244 0.9Holmen B (Paper and Forest Products) 29,388 7,820 0.3Lundin Mining SDB (Metals and Mining) 98,592 3,692 0.2SCA B (Paper and Forest Products) 328,482 55,481 2.5SSAB A (Metals and Mining) 134,616 6,141 0.3SSAB B (Metals and Mining) 108,309 4,355 0.2



110,339 4.9U T I L I T I E S

Arise Windpower (IPP, ET) 18,723 320 0.0Etrion (IPP, ET) 90,771 214 0.0

534 0.0


Annual Review 2014 – Handelsbanken FonderXACT OMXSB Div, cont.



E N E R G Y


2,900 0.1




Net, other assets and liabilities 348 0.0







Atlas Copco 5.9

Investor 4.3

Volvo 4.2

Industrivärden 1.4

SSAB 0.5


Annual Review 2014 – Handelsbanken FonderPort fo l io Manager: C H R I S T O P H E R S U N D M A N

BASE CURRENCY

SEK


PREMIUM PENSION

715664


savings

ÖsteuropafondManagement ReportInvestment FocusThe fund is an actively managed equity fund and its objective is to exceedthe average returns for the markets in which the fund may invest over thelong term. The fund invests in equities issued by companies in EasternEurope. We place particular emphasis on ensuring that the company'sstrategy concurs with our assessment of what can generate favourableshare price performance when we select equities for the fund. We thenevaluate the company's key ratios, such as earnings growth relative tothe market's expectations.

PortfolioThe fund fell - 19.3% in 2014*. The downturn can be largely explained byRussia’s annexation of the Crimean, which led to sanctions by the EU andthe US against Russia and companies close to Putin. The fund thenreinvested holdings to lower the negative effect. The 50% decline in oilprices during H2 hit Russia hard and was an additional contributor to thedecline in the ruble. Energy accounts for over one-half of Russia’sexports, which explains the significant decrease in energy equities.Instead, the strongest market in the region was Turkey, which is a majorenergy importer that benefits from low energy prices. The Turkisheconomy is growing and the fund’s themes in ”Domestic consumption”and “Infrastructure” are a perfect fit. We increased holdings ininfrastructure, e.g., the cement company Akcansa and the glassmanufacturer Trakya cam. Holdings in the Georgian TBC bank and theTurkish catering company DoCo were positive for fund returns. Greece,which was added as a “new” market in Eastern Europe, rose sharply atthe outset of the year and then fell sharply towards year-end due toanother political crisis. Valuations of Greece are attractive and theeconomy is beginning to grow after the downturn. However, a major riskremains due to political differences in the country. *) Refer to fund statistics for comparable index.

OutlookEastern Europe gives a fragmented picture, with strong growth in Turkeyand negative trends in Russia. However, valuations are at record lows in

Russia. There is great potential if the situation in Russia improves and oilprices rebound. Poland, Hungary and the Czech Republic are dependenton the ability of Europe to gain momentum, which is unclear at themoment. Smaller countries such as Rumania, Georgia and the threeBaltic states are attractive. Even Greece has potential. The fund’s themeswill be the key drivers, but will be adapted more locally, e.g., inexpensiveconsumption in Russia and a broader consumption in other countries,with Turkey in focus.


Trading with derivativesAccording to the fund rules, the fund may trade with derivatives toenhance the effectiveness of asset management. The fund used thisoption in 2014.The fund has the option of lending equity. The fund used this option in2014.The fund may use other methods and instruments. The fund did not usethis option in 2014.

Fund performance*

50

100

150





Fund capital, mSEK 939 1,502 1,821 1,687 2,371 2,093 1,133 3,286 3,279 2,569

Number of units, 1000’s 3,049 3,933 4,621 5,164 5,431 5,389 4,844 5,390 6,645 6,537

Total returns in %, SEK -19.3 -3.1 +22.6 -24.4 +13.8 +74.7 -61.4 +24.7 +25.9 +76.4

Index including dividends in %, SEK -14.1 -5.6 +20.9 -23.0 +11.1 +71.6 -59.4 +24.1 +33.2 +73.5

Average yearly return, 2 yrs. % -11.6 +9.0 -3.7 -7.3 +41.0 -17.8 -30.6 +25.3 +49.0 +47.0

Comparison to index including dividends, % -9.9 +6.8 -3.5 -7.5 +38.1 -16.5 -29.0 +28.6 +52.0 +48.1

Average yearly return, 5 yrs. % -3.8 +12.3 -6.6 -6.3 +3.8 +13.3 +5.6 +34.8 +25.7 +19.9

Comparison to index including dividends, % -3.4 +10.9 -6.3 -5.9 +5.1 +14.9 +8.0 +37.0 +28.1 +20.1




Index: MSCI Emerging Market Europe 10/40 Net

Up to 30/06/2007: MSCI Eastern Europe 10/40



Fund facts2014








Turnover rate 0.6




Total risk % 16.6


Index MSCI Emerging MarketEurope 10/40 Net




Sharpe ratio -0.7

Sharpe ratio in index -0.7


Annual Review 2014 – Handelsbanken FonderÖsteuropafond, cont.




Risk* 6




Changes in value for transferable securities * -278,949 -75,123Changes in value for other derivativeinstruments ** -336 -Interest income 80 47Dividends 45,355 50,715Currency exchange profits and losses, net 607 -2,251Other financial income 1) 45 53Other income 13 174


E X P E N S E S



Net income -255,760 -55,930




Changes in value for transferablesecurities – Unrealised -180,653 -88,939

Sum -278,949 -75,123


Changes in value for other derivativeinstruments - Capital gains 49 -

Changes in value for other derivativeinstruments - Capital losses -385 -

Sum -336 -




A S S E T S

Transferable securities 919,050 97.9 1,476,552 98.3

Total financial instruments withpositive market value Note 2) 919,050 97.9 1,476,552 98.3Bank assets and other liquidassets 17,070 1.8 27,359 1.8Prepaid expenses and accruedincome 3,694 0.4 543 0.0Other assets 24 0.0 1,476 0.2

Total assets 939,838 100.1 1,505,930 100.3


Accrued expenses and prepaidincome 665 0.1 1,073 0.1Other liabilities 4 0.0 3,007 0.2

Total liabilities 669 0.1 4,080 0.3






2014 2013

Fund capital at beginning of year 1,501,850 1,820,975Units issued 172,878 228,231Units redeemed -479,799 -491,426Profit according to Income Statement -255,760 -55,930Dividends to unit holders - -







A U S T R I A ( E U R )

C.A.T. Oil (Oil, Gas and Consumable Fuels) 24,500 3,423 0.4DO & CO (Hotels, Restaurants and Leisure) 14,000 8,392 0.9

11,815 1.3C Y P R U S ( E U R )

IGSS GDR (Energy Equipment and Services) 14,507 1,499 0.2

1,499 0.2C Z E C H R E P U B L I C ( C Z K )

ČEZ (Electric Utilities) 47,000 9,494 1.0Komercni banka (Commercial Banks) 4,050 6,561 0.7

16,055 1.7E S T O N I A ( E U R )

Merko Ehitus (Construction and Engineering) 50,000 3,382 0.4

3,382 0.4G E O R G I A ( G E L )

TBC Bank GDR (Commercial Banks) 75,000 7,398 0.8

7,398 0.8G R E E C E ( E U R )

Folli Follie Group (Specialty Retail) 34,000 8,503 0.9Fourlis Holdings (Specialty Retail) 119,023 3,687 0.4Frigoglass (Machinery) 79,902 1,264 0.1Hellenic Exchanges (Diversified Financial Services) 45,000 1,982 0.2Hellenic Telecom (Diversified Telecommunication Services) 62,000 5,344 0.6JUMBO (Leisure Equipment and Products) 170,000 13,640 1.5National Bank of Greece (Commercial Banks) 900,000 12,532 1.3OPAP (Electrical Equipment) 100,000 8,431 0.9Titan Cement (Construction Materials) 21,000 3,813 0.4

59,196 6.3G U E R N S E Y ( G B P )

Etalon Group GDR (Real Estate Management and Development) 143,000 2,239 0.2

2,239 0.2H U N G A R Y ( H U F )

OTP Bank (Commercial Banks) 139,100 15,903 1.7

15,903 1.7K A Z A K H S T A N ( K Z T )

Halyk Bank (Commercial Banks) 97,000 6,454 0.7

6,454 0.7L I T H U A N I A ( L T L )

Apranga (Specialty Retail) 235,789 5,852 0.6

5,852 0.6M A L A Y S I A ( M Y R )

Steppe Cement (Construction Materials) 1,290,000 4,645 0.5

4,645 0.5N E T H E R L A N D S ( E U R )

X5 Retail Group (Food and Staples Retailing) 45,000 4,298 0.5

4,298 0.5P O L A N D ( P L N )

Alior Bank (Commercial Banks) 23,500 4,039 0.4Bank Pekao (Commercial Banks) 68,500 26,978 2.9BNP Paribas Bank Polska (Commercial Banks) 30,000 4,099 0.4Energa (Electric Utilities) 90,000 4,568 0.5Integer.pl (Air Freight and Logistics) 17,800 6,041 0.6KGHM Polska Miedz (Metals and Mining) 61,000 14,634 1.6LPP (Textiles, Apparel and Luxury Goods) 250 3,986 0.4PKO Bank Polski (Diversified Financial Services) 401,000 31,603 3.4PKP Cargo (Road and Rail) 36,500 6,717 0.7PZU (Insurance) 27,400 29,348 3.1SMT (IT Services) 101,868 2,867 0.3

134,880 14.3R O M A N I A ( R O N )

S.C. Electrica (Electrical Equipment) 25,000 2,407 0.3Societa National GDR (Energy Equipment and Services) 52,000 3,729 0.4

6,136 0.7R U S S I A N F E D E R A T I O N ( R U B )

Alrosa (Other) 800,000 6,576 0.7Bank St. Petersburg (Commercial Banks) 184,106 587 0.1Dixy Group (Food and Staples Retailing) 129,000 6,054 0.6Gazprom (Oil, Gas and Consumable Fuels) 3,150,000 53,555 5.7Gazprom Neft (Oil, Gas and Consumable Fuels) 135,000 2,519 0.3Gruppa Cherkizovo GDR (Food Products) 40,000 2,574 0.3IDGC of Center and Volga Region (Energy Equipment and Services) 100,000,000 1,260 0.1LSR Group (Construction Materials) 64,000 3,824 0.4Lukoil (Oil, Gas and Consumable Fuels) 177,700 51,586 5.5Lukoil GDR (Oil, Gas and Consumable Fuels) 59,200 18,445 2.0Magnit Krasnodar (Multiline Retail) 40,300 51,008 5.4MD Medical Group GDR (Health Care Providers and Services) 177,224 7,630 0.8Megafon GDR (Wireless Telecommunication Services) 20,000 2,157 0.2Mobile TeleSystems (Wireless Telecommunication Services) 453,000 9,991 1.1

Annual Review 2014 – Handelsbanken FonderÖsteuropafond, cont.


Moscow Exchange (Diversified Financial Services) 719,355 5,543 0.6Norilsk Nickel (Metals and Mining) 29,600 31,204 3.3Novatek (Oil, Gas and Consumable Fuels) 349,000 19,789 2.1Sberbank (Commercial Banks) 5,013,000 35,907 3.8Sberbank pref (Commercial Banks) 800,000 3,935 0.4Severstal (Metals and Mining) 45,000 2,947 0.3Surgutneftegaz pref (Oil, Gas and Consumable Fuels) 7,421,000 28,558 3.0Tatneft (Oil, Gas and Consumable Fuels) 550,000 16,397 1.7Tatneft pref (Oil, Gas and Consumable Fuels) 298,226 5,218 0.6

367,265 39.1S W I T Z E R L A N D ( C H F )

Luxoft (IT Services) 22,500 6,783 0.7

6,783 0.7T U R K E Y ( T R Y )

Akbank (Commercial Banks) 800,000 23,199 2.5AKÇANSA Çimento (Construction Materials) 185,000 9,664 1.0Aksigorta (Diversified Financial Services) 385,000 3,262 0.3Arcelik (Household Products) 180,000 9,041 1.0AvivaSA Emeklilik ve Hayat (Insurance) 20,000 2,997 0.3BIM Birlesik Magazalar (Multiline Retail) 92,000 15,404 1.6Coca-Cola Icecek (Beverages) 75,000 12,683 1.4Dogus Otomotiv Servis ve Ticaret (Automobiles) 130,000 5,202 0.6Emlak (Real Estate Investment Trusts) 858,000 7,959 0.8Enka Insaat ve Sanayi (Industrial Conglomerates) 233,392 4,127 0.4Ford Otomotiv Sanayi (Automobiles) 35,000 3,815 0.4Garanti Bank (Commercial Banks) 1,190,000 37,537 4.0Halkbank (Commercial Banks) 380,000 17,687 1.9Isbank (Commercial Banks) 840,000 18,959 2.0Koç Holding (Diversified Financial Services) 292,000 12,125 1.3Royal Hali Iplik Tekstil Mobilya Sanayi Ve Ticaret (Specialty Retail) 332,546 3,185 0.3Sabancı Holding (Diversified Financial Services) 495,000 16,824 1.8Torunlar Gayrimenkul Yatirim Ortakligi (Real Estate Investment Trusts) 320,000 3,697 0.4Trakya Cam Sanayii (Construction Materials) 725,000 8,351 0.9TSKB (Commercial Banks) 728,495 4,928 0.5Tüpras (Oil, Gas and Consumable Fuels) 37,000 6,852 0.7Türk Hava Yollari (Airlines) 390,000 12,576 1.3Turkcell (Wireless Telecommunication Services) 275,000 13,168 1.4Turkiye Vakiflar Bankasi (Commercial Banks) 370,000 6,046 0.6Ülker (Food Products) 74,000 4,597 0.5

263,885 28.1




S W E D E N ( S E K )

Ferronordic Machines pref (Machinery) 3,000 1,365 0.1

1,365 0.1











Lukoil 7.5

Gazprom 6.0

Sberbank 4.2

Tatneft 2.3


The fund's number in The fund's base currency Funds ... America Small Cap A - USD 684 7,699 2,097...

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Transcript of The fund's number in The fund's base currency Funds ... America Small Cap A - USD 684 7,699 2,097...