Microsoft word - carnegie fund simplified prospectus september 2011 (clean version)

SIMPLIFIED PROSPECTUS
and its Sub-Funds (the "Portfolios") CARNEGIE FUND
An FCP organised under the laws of Luxembourg (the “Fund”)
This simplified prospectus contains key information about the Fund and its portfolios (the “Portfolios” and each a
“Portfolio”). If you would like more information before you invest, please consult the Fund’s complete prospectus
dated September 2011 (the "Complete Prospectus"). For details about the Fund’s holdings please see the Fund’s
most recent annual or semi-annual report.
The rights and duties of the investor as well as the legal relationship with the Fund are set out in the Complete
Prospectus and in the management regulations.
The Complete Prospectus, the management regulations and the periodical reports may be obtained free of charge
on the website www.carnegieam.com or in paper form from the registered offices of the Management Company
and the Central Administration Agent or from the office of your local agent.
GENERAL INFORMATION ON THE FUND
Investment
The Fund’s objective is to give investors access to a worldwide selection of markets through a range of Objective
diversified and internationally invested Portfolios. Investment
The Fund currently consists of 11 Portfolios. Each Portfolio has a separate investment objective, which it pursues through separate investment policies. Each Portfolio may undertake techniques and instruments relating to transferable securities for the purpose of efficient portfolio management, namely options on transferable securities, transactions relating to futures and related options on financial instruments, securities lending and repurchase agreements, and techniques and instruments aimed at hedging exchange risks in connection with its portfolio holdings and portfolio transactions. Risk Profile
The investment policy of a particular Portfolio may involve that Portfolio encountering certain specific risks. In addition, the use of techniques and instruments may entail risks greater than those encountered in investing in transferable securities. Please see the Complete Prospectus for a detailed description of the risks applicable to certain Portfolios. Classes of
The Management Company may offer in each Portfolio different Classes of Units. The differences between the Classes of Units are different minimum initial subscription amounts and different level of commissions and corresponding management fees as more fully described in the Complete Prospectus. The Management Company may also decide to reserve certain Classes of Units to certain specific categories of investors (e.g. institutional investors). The Management Company may furthermore issue Sub-Classes of Units within each Class: Capitalisation Sub-Classes (Sub-Class A) and/or Distribution Sub-Class (Sub-Class B). These Sub-Classes differ by their distribution policy, the Capitalisation Sub-Classes capitalise income, and the Distribution Sub-Classes pay dividends. At present, the Management Company issues five Classes of Units, Class 1, Class 2, Class 3, Class 4 and Class 5 which differ in their minimum initial investments, their minimum subsequent investments, their maximum subscription fees and their maximum management fees and issues two Sub-Classes of Units, the Sub-Class A (capitalisation Sub-Class) and the Sub-Class B (distribution Sub-Class). Treatment of
At present, Sub-Class A Units are issued and outstanding in all Portfolios. Sub-Class A Units (Capitalisation Units) do not give rights to dividends. Sub-Class B Units (Distribution Units) are currently available only in certain classes in certain Portfolios. Taxation
There are no income, withholding or capital gains taxes payable by the Fund. The Fund is however, subject to an annual tax of 0.05% of its net asset value, such tax being payable quarterly on the basis of the value of the net assets of the Fund at the end of the relevant calendar quarter. Nevertheless, such taxation is reduced (i) with respect to the Classes exclusively reserved to institutional investors to 0.01% per annum of the net assets attributable to such Classes, and (ii) with respect to Carnegie Fund – Svensk Kort Ränta Sub-Fund to 0.01% per annum. No stamp duty or other tax is payable in Luxembourg on the issue of Units. The repercussion of an investment in the Fund on the individual tax bill of an investor depends on the fiscal regulations applicable to his particular case. Consulting a local tax adviser is therefore recommended. Unit-holders are not subject to any Luxembourg capital gains, income, withholding (except any withholding tax arising pursuant to the terms of the Tax Savings Directive), gift estate, inheritance or other tax with respect to units owned by them except if they are domiciled or reside in or have a permanent establishment in or have been domiciled or have resided in Luxembourg. On June 3, 2003 the European Union adopted Council Directive 2003/48/EC (the "Tax Savings Directive"). The Tax Savings Directive has been implemented in the Grand Duchy of Luxembourg with effect on July 1st, 2005. Pursuant to the Tax Savings Directive, Member States of the European Union are required to provide to the tax authorities of other Member States details of payments of interest and other similar income made by a paying agent to an individual in another Member State, except that Austria and the Grand Duchy of Luxembourg will instead impose a withholding system for a transitional period unless during such period they elect otherwise. The ending of such transitional period depends on the conclusion of agreements relating to exchange of information with certain other countries. The withholding tax rate is 35%. The Tax Savings Directive may potentially have an impact on the tax treatment of distributions and/or capital gains on redemptions made by some of the Portfolios at the unitholder taxation level, depending on the percentage of those Portfolio’s assets invested in debt claims. Daily Price
The net asset value is calculated daily on each bank business day in Luxembourg. The price is Publication
available at the office of Carnegie Fund Services S.A. You can buy Units by sending your subscription orders to the Central Administration Agent, which buy/sell/con-
will transmit your orders to the Custodian Bank for execution. The issue price will be based on the vert units
relevant net asset value calculated on the relevant Valuation Day. If a subscription order is to be carried out on a Valuation Day, a completed application form plus any other current opening documentation required by the Management Company, including any documents relating to the verification of the investor's identity (for initial subscriptions only), together with notification of cleared funds, must have reached the Central Administration Agent no later than 3.00 pm on that Valuation Day; otherwise the order will be executed on the next Valuation Day. If an additional subscription order is to be carried out on a Valuation Day, clear written instructions, together with notification of cleared funds, must have reached the Central Administration Agent no later than 3.00 pm on that Valuation Day; otherwise the order will be executed on the next Valuation Day. You can sell Units by submitting an irrevocable redemption request to a selling agent, which will transmit the order to the Central Administration Agent. If a redemption request is to be executed at the redemption price ruling on a Valuation Day, the written application for the redemption must reach the Central Administration Agent no later than 3.00 pm on that Valuation Day for execution on that day. All orders reaching the Central Administration Agent after that deadline will be held over until the next following Valuation Day for execution at the redemption price then ruling. The redemption price is equal to the relevant net asset value calculated on the relevant Valuation Day, deducted by any redemption charge as mentioned in the Complete Prospectus. You can convert whole or part of your holding of Units of any Class/Sub-Class of any Portfolio into Units of the same or another Class/Sub-Class relating to the same or another Portfolio, provided that the conditions of access which apply to the said Classes are fulfilled. Such conversions will be effected at the most recently calculated net asset value per Unit of the respective Portfolios deducted by a conversion fee as mentioned in the Complete Prospectus.
Additional
Fonds Commun de Placement (FCP) subject to part I important
information
Carnegie Asset Management Fondsmaeglerselskab A/S, Dampfærgevej 26, DK-2100 Copenhagen, Denmark or for some Portfolios: Carnegie Asset Management Fondsmaeglerselskab A/S Denmark, Sweden Branch, Blasieholmsgatan 5, S-103 94 Stockholm, Sweden Commission de Surveillance du Secteur Financier (www.cssf.lu) Auditor: PricewaterhouseCoopers S.à r.l. Placement
Carnegie Asset Management Fondsmaeglerselskab A/S Denmark, Sweden Branch, Blasieholmsgatan 5, S-10394 Stockholm Carnegie Asset Management Fondsmaeglerselskab A/S, Dampfærgevej 26, DK-2100 Copenhagen Banque Carnegie Luxembourg SA, 5, place de la Gare, L-1616 Luxembourg For further information, please contact: Information
Carnegie Fund Management Company S.A. Tel + 352 26 00 21 310 or Fax +352 26 00 21 311 CARNEGIE FUND – WORLDWIDE SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – WORLDWIDE SUB-FUND aims to achieve long-term capital growth from a
Objective
diversified portfolio of investments. It consists principally of equities issued in Eligible Markets (as defined and Policy
in Chapter 19 of the Complete Prospectus), although, in compliance with Chapter 19, convertible bonds, fixed income transferable securities may also be used as investment conditions dictate. The Portfolio may also hold ancillary liquid assets. There is no pre-determined geographical distribution as the Portfolio seeks to maximise returns by exploiting investment opportunities wherever they arise. Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable securities provided that such techniques and instruments are used for the purpose of efficient portfolio management and to employ techniques and instruments intended to provide protection against exchange risk in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full description of such permitted techniques and instruments. The investment policy is focused on investments in a limited portfolio with long-term attractive equities. The Portfolio will typically invest in 25-35 companies, which makes it possible to gain a high knowledge of each investment. Reference
Currency
Dealing
Upon request, the price per Unit may be translated into SEK (Swedish Crowns), DKK (Danish Crowns), Currencies
NOK (Norwegian Crowns), EUR (European Currency Units), or GBP (British Pounds). Units are issued as Class 1 A, 2 A, 3 A, 4 A, 5 A and 5 B. Shares
Risk Profile
The performance realized in the past shall not be necessarily indicative for any performance realized in the future. The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. From the long-term point of view the risk level in the Portfolio is expected to be at the same level at the risk level in the overall equity market. If it is considered suitable the Portfolio can in shorter or longer periods have a risk level below or above the risk level in the overall equity market. Risk is very difficult to quantify, therefore quantitative risk models are not considered useful. The investments are made according to a principle that an essential part of the risk control is made due to good knowledge of the companies the Portfolio invests in. This work is easier done by having a smaller number of companies in the portfolio and then following these companies closely. The Portfolio invests globally without sector and geographical limitations to secure maximum flexibility across sector and country limits which together with the limited number of companies in the portfolio give the opportunity to manage the absolute risk in the portfolio. Investors have to pay attention to the fact that the Portfolio’s investments can be exposed to company specific, political, economic, market and adjustment risks, which can affect the value of the Portfolio. In addition to this other factors can affect the value of the Portfolio. The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S Dampfærgevej 26, DK-2100 Copenhagen, Denmark Investment
Class 4 A/B USD 3.000.000 (Minimum subsequent investment USD 3.000.000) Class 5 A/B USD 125.000 Treatment
Capitalisation except for Class 5 B issued as distribution units. of Income

Performance The total annual return per unit for the last three calendar years is as follows:
Class 5 A units were issued for the first time on July 31, 2009. Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
This Portfolio is intended for retail and institutional investors. Classes 2, 3, 4 and 5 are only available to institutional investors with Classes 2, 3 and 4 being available only to Norwegian undertakings for collective Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%, Class 2 A/B 3%, Class 3 A/B 1%, Class 4 A/B 1%, and Class 5 A/B 5%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 2%, Class 2 A/B 0.50%, Class 3 A/B 0.20%, Class 4 A/B 0.40%, and Class 5 A/B 2%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolios and all other expenses incurred in the Portfolio’s operations. Launch Date December 15, 1995
Total Net
USD 1,566,297,775.56 as at September 30, 2011 CARNEGIE FUND – NORDIC MARKETS SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – NORDIC MARKETS SUB-FUND aims to achieve long-term capital growth Objective
from a diversified portfolio of investments. It consists principally of equities issued in the Nordic countries, and Policy
(Denmark, Finland, Norway and Sweden), although, in compliance with Chapter 18, convertible bonds, fixed income transferable securities may also be used, as investment conditions dictate. The Portfolio may also hold ancillary liquid assets. Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable securities provided that such techniques and instruments are used for the purpose of efficient portfolio management and to employ techniques and instruments intended to provide protection against exchange risk in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full description of such permitted techniques and instruments. Reference
Currency
Dealing
Upon request, the price per Unit may be translated into SEK (Swedish Crowns), DKK (Danish Crowns), Currencies
NOK (Norwegian Crowns), EUR (European Currency Units), or GBP (British Pounds). Units are issued as Class 1 A, 2 A, 3 A and 5 B. Shares
Risk Profile
The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S Dampfærgevej 26, DK-2100 Copenhagen, Denmark Investment
Treatment
Capitalisation except for Class 5 B issued as distribution units. of Income
Performance The total annual return per unit for the last three calendar years is as follows:
There were no Class 3 A units outstanding in 2008, 2009 and 2010. Class 5 B units were issued for the first time on May 5, 2009. Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
This Portfolio is intended for retail and institutional investors. Classes 2 and 5 are only available to institutional investors with Class 2 being available only to Norwegian undertakings for collective Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%, Class 2 A/B 3%, Class 3 A/B 1%, and Class 5 A/B 5%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 2%, Class 2 A/B 0.50%, Class 3 A/B 0.80%, and Class 5 A/B 2%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolios and all other expenses incurred in the Portfolio's operations. Launch Date April 1, 1996
Total Net
USD 51,058,160.18 as at September 30, 2011 CARNEGIE FUND – EAST-EUROPEAN SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – EAST-EUROPEAN SUB-FUND aims to achieve long-term capital growth Objective
from a portfolio of mostly equities or equity based securities of East European companies. The Portfolio and Policy
can also invest in equities or equity based securities in other countries which are potential candidates to be
admitted as members of the European Union.
The Sub-Fund will not invest more than 10% of its net assets in securities not admitted to a regulated
market nor dealt with on another market which is regulated, operates regularly and is recognised and open
to the public.
The investment policy is focused on investments in a limited portfolio with long-term attractive equities.
The Portfolio will typically invest in 20-30 companies, which makes it possible to gain a high knowledge
of each investment.
The Portfolio may also hold ancillary liquid assets.
The Portfolio may invest in transferable securities denominated in local currencies whereas the reference
currency of the Portfolio is the USD. Accordingly, a change in the value of any such currencies against the
USD will affect the USD value of the Portfolio’s assets. Most emerging countries’ currencies are
exchangeable into USD at prevailing market rates. With high rate of inflation, which certain emerging
countries have experienced in recent years there has been a continuous devaluation against the USD.
CERTAIN EMERGING MARKETS MAY NOT QUALIFY AS ACCEPTABLE MARKETS
UNDER ARTICLE 41(1) OF THE LAW OF 17th DECEMBER 2010. INVESTMENTS IN SUCH
MARKETS WILL BE DEEMED AS INVESTMENTS IN NON-LISTED SECURITIES AND MAY
NOT EXCEED, TOGETHER WITH OTHER UNLISTED SECURITIES HELD BY THE
PORTFOLIO, 10% OF ITS TOTAL NET ASSETS.
Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable
securities provided that such techniques and instruments are used for the purpose of efficient portfolio
management and to employ techniques and instruments intended to provide protection against exchange
risk in the context of the management of their assets and liabilities. Please see the Complete Prospectus for
a full description of such permitted techniques and instruments.
Reference
Currency
Dealing
Upon request, the price per Unit may be translated into SEK (Swedish Crowns), DKK (Danish Crowns), Currencies
NOK (Norwegian Crowns), EUR (European Currency Units), or GBP (British Pounds). Units are issued as Class 1 A, 2 A, and 3 A. Shares
Risk Profile
The performance realized in the past shall not be necessarily indicative for any performance realized in the future. The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. Even though the risk of investing in the Portfolio’s investment universe has been decreasing the last years and today is evaluated to be at the same level as the risk of investing in equities globally, investors shall be aware that an investment in the Portfolio can involve a higher risk and higher volatility in the net asset value per unit than a traditional global equity fund. Risk is very difficult to quantify, therefore quantitative risk models are not considered useful. The investments are made according to a principle that an essential part of the risk control is made due to good knowledge of the companies the Portfolio invests in. This work is easier done by having a smaller number of companies in the portfolio and then following these companies closely. The Portfolio invests in Eastern Europe without sector and geographical limitations to secure maximum flexibility across sector and country limits which together with the limited number of companies in the portfolio give the opportunity to manage the absolute risk in the portfolio. Investors have to pay attention to the fact that the Portfolio’s investments can be exposed to company specific, political, economic, market and adjustment risks, which can affect the value of the Portfolio. In addition to this other factors can affect the value of the Portfolio.
Investors are advised to consider investment in the Portfolio as a limited supplement to their total portfolio
of equity investments.
Investments in securities of companies located in countries with emerging securities markets may offer
greater opportunities for capital growth than investments in securities traded in developed markets.
However, securities traded in certain emerging markets may be subject to high risks due to political and
economic reforms. Countries with emerging markets may have relatively unstable governments, present
the risk of nationalisation of businesses, restrictions on foreign ownership or prohibition of repatriation of
assets and may have less protection of property rights than more developed countries. Certain political,
economical and legal factors can make emerging market securities more volatile and potentially less liquid
than other foreign securities.
CERTAIN EMERGING MARKETS MAY NOT QUALIFY AS ACCEPTABLE MARKETS UNDER
ARTICLE 41(I) OF THE LAW OF 17th DECEMBER, 2010. INVESTMENTS IN SUCH MARKETS
WILL BE DEEMED AS INVESTMENTS IN NON-LISTED SECURITIES AND MAY NOT EXCEED,
TOGETHER WITH OTHER UNLISTED SECURITIES HELD BY THE PORTFOLIO, 10% OF ITS
TOTAL NET ASSETS.
DUE TO THE SIGNIFICANT RISKS ASSOCIATED WITH THIS PORTFOLIO, INVESTMENT
THEREIN IS SUITABLE ONLY FOR THOSE PERSONS WHO UNDERSTAND THE DEGREE
OF RISKS INVOLVED AND BELIEVE THAT THE INVESTMENT IS SUITABLY BASED
UPON THEIR INVESTMENT OBJECTIVES AND FINANCIAL NEEDS; IT IS THEREFORE
RECOMMENDED THAT INVESTORS PLACE A LIMITED PART OF THEIR WEALTH IN
THIS PORTFOLIO.

Please refer to the Complete Prospectus for a full description of the risks associated with investment in
emerging markets.
Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S, Dampfærgevej 26, DK-2100 Copenhagen, Denmark Investment
Treatment
of Income
Performance The total annual return per unit for the last three calendar years is as follows:
There were no Class 3 A units outstanding in 2008, 2009 and 2010. Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
This Portfolio is intended for retail and institutional investors. Class 2 is only available to institutional investors, namely Norwegian undertakings for collective investment. Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%, Class 2 A/B 3%, and Class 3 A/B 1%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio’s transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 2.20%, Class 2 A/B 0.60%, and Class 3 A/B 0.50%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolios and all other expenses incurred in the Portfolio’s operations. Launch Date April 1, 1998
Total Net
USD 26,516,149.37 as at September 30, 2011 CARNEGIE FUND – MEDICAL SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – MEDICAL SUB-FUND aims to achieve long-term capital through global
Objective
investment in equities of companies operating in the pharmaceutical, biotechnology and medical and Policy
technology sectors. The Portfolio may also hold ancillary liquid assets. The Portfolio will focus particularly on large and mid cap companies, which will account for at least 75% of the Portfolio’s value and also on small cap companies that may represent up to 25% of the Portfolio’s value. Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable securities provided that such techniques and instruments are used for the purpose of efficient portfolio management and to employ techniques and instruments intended to provide protection against exchange risk in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full description of such permitted techniques and instruments. Reference
Currency
Dealing
Upon request, the price per Unit may be translated into SEK (Swedish Crowns), DKK (Danish Crowns), Currencies
NOK (Norwegian Crowns), USD (US Dollars), or GBP (British Pounds). Units are issued as Class 1 A, 2 A and 3 A. Shares
Risk Profile
The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S DENMARK, SWEDEN BRANCH Blasieholmsgatan 5, S-103 94 Stockholm, Sweden Research
Investment
Treatment
of Income
Performance The total annual return per unit for the last three calendar years is as follows:
There were no Class 3 A units outstanding in 2008, 2009 and 2010. Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
This Portfolio is intended for retail and institutional investors. Typical
Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%, Class 2 A/B 3% and Class 3 A/B 1% Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio’s transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 2%, Class 2 A/B 1.50% and Class 3 A/B 0.80% The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolio and all other expenses incurred in the Portfolio's operations. Launch Date December 15, 1999
Total Net
EUR 282,373,188.81 as at September 30, 2011 CARNEGIE FUND – EUROPEAN EQUITY SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The Carnegie Fund – European Equity Sub-fund aims to achieve long-term capital growth from a Objective
diversified portfolio of equities. The Portfolio will invest in transferable equity securities of issuers that are and Policy
incorporated in or have their principal activities in the European countries including Eastern Europe and the former Soviet States (CIS) and Turkey. The Sub-Fund will not invest more than 10% of its net assets in securities not admitted to a regulated market nor dealt with on another market which is regulated, operates regularly and is recognised and open to the public. The investment policy is focused on investments in a limited portfolio with long-term attractive equities. The Portfolio will typically invest in 25-35 companies, which makes it possible to gain a high knowledge of each investment. The Portfolio may also hold ancillary liquid assets. Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable securities provided that such techniques and instruments are used for the purpose of efficient portfolio management and to employ techniques and instruments intended to provide protection against exchange risk in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full description of such permitted techniques and instruments. Reference
Currency
Dealing
Upon request, the price per Unit may be translated into SEK (Swedish Crowns), DKK (Danish Crowns), Currencies
NOK (Norwegian Crowns), USD (US Dollars) or GBP (British Pounds). Units are issued as Class 1 A, 2 A, 3 A and 5 A. Shares
Risk Profile
The performance realized in the past shall not be necessarily indicative for any performance to be realized in the future. The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. From the long-term point of view the risk level in the Portfolio is expected to be at the same level as the risk level in the overall equity market. If it is considered suitable the Portfolio can in shorter or longer periods have a risk level below or above the risk level in the overall equity market. Risk is very difficult to quantify, therefore quantitative risk models are not considered useful. The investments are made according to a principle that an essential part of the risk control is made due to good knowledge of the companies the Portfolio invests in. This work is easier done by having a smaller number of companies in the portfolio and then following these companies closely. Investors have to pay attention to the fact that the Portfolio’s investments can be exposed to company specific, political, economic, market and adjustment risks, which can affect the value of the Portfolio. In addition to this other factors can affect the value of the Portfolio. Investments in securities of companies located in countries with emerging securities markets may offer greater opportunities for capital growth than investments in securities traded in developed markets. However, securities traded in certain emerging markets may be subject to high risks due to political and economic reforms. Countries with emerging markets may have relatively unstable governments, present the risk of nationalisation of businesses, restrictions on foreign ownership or prohibition of repatriation of assets and may have less protection of property rights than more developed countries. Certain political, economical and legal factors can make emerging market securities more volatile and potentially less liquid than other foreign securities. CERTAIN EMERGING MARKETS MAY NOT QUALIFY AS ACCEPTABLE MARKETS UNDER ARTICLE 41(I) OF THE LAW OF 17th DECEMBER, 2010. INVESTMENTS IN SUCH MARKETS WILL BE DEEMED AS INVESTMENTS IN NON-LISTED SECURITIES AND MAY NOT EXCEED, TOGETHER WITH OTHER UNLISTED SECURITIES HELD BY THE PORTFOLIO, 10% OF ITS TOTAL NET ASSETS. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S Dampfærgevej 26, DK-2100 Copenhagen, Denmark Investment
Treatment
of Income
Performance The total annual return per unit for the last three calendar years is as follows:
There were no Class 3A and Class 5A units outstanding in 2008, 2009 and 2010. Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
This Portfolio is intended for retail and institutional investors. Classes 2, 3 and 5 are only available to institutional investors with Classes 2 and 3 being available only to Norwegian undertakings for collective Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%, Class 2 A/B 3%, Class 3 A/B 1% and Class 5 A/B 5%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 2%, Class 2 A/B 1.50%, Class 3 A/B 0.80% and Class 5 A/B 2%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolios and all other expenses incurred in the Portfolio’s operations. Launch Date August 2, 1999
Total Net
CARNEGIE FUND – WORLDWIDE ETHICAL SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – WORLDWIDE ETHICAL SUB-FUND aims to achieve long-term capital growth
Objective
from a diversified portfolio of global equities. It consists principally of equities issued in Eligible Markets and Policy
(as defined in Chapter 18 of the Complete Prospectus), although, convertible bonds, fixed income transferable securities may also be used, as investment conditions dictate. There is no pre-determined geographical distribution as the Portfolio seeks to maximise returns by exploiting investment opportunities wherever they arise. The Portfolio will specifically avoid investment in companies, which operate in the sectors of production and distribution of alcohol, of tobacco products, of weapons or technology and software, which is specifically designed to facilitate the production of weapons, and of any other goods and services, which may be deemed by the Investment Manager to be of unethical nature. The investment policy is focused on investments in a limited portfolio with long-term attractive equities. The Sub-Fund will not invest more than 10% of its net assets in securities not admitted to a regulated market nor dealt with on another market which is regulated, operates regularly and is recognised and open to the public. The Portfolio will typically invest in 25-35 companies, which makes it possible to gain a high knowledge of each investment. The Portfolio may also hold ancillary liquid assets. Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable securities provided that such techniques and instruments are used for the purpose of efficient portfolio management and to employ techniques and instruments intended to provide protection against exchange risk in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full description of such permitted techniques and instruments. Reference
Currency
Dealing
Upon request, the price per Unit may be translated into SEK (Swedish Crowns), DKK (Danish Crowns), Currencies
NOK (Norwegian Crowns), USD (US Dollars) or GBP (British Pounds). Units are issued as Class 1 A, 2 A, 3 A and 5 B. Shares
Risk Profile
The performance realized in the past shall not be necessarily indicative for any performance realized in the future. The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. From the long-term point of view the risk level in the Portfolio is expected to be at the same level as the risk level in the overall equity market. If it is considered suitable the Portfolio can in shorter or longer periods have a risk level below or above the risk level in the overall equity market. Risk is very difficult to quantify, therefore quantitative risk models are not considered useful. The investments are made according to a principle that an essential part of the risk control is made due to good knowledge of the companies the Portfolio invests in. This work is easier done by having a smaller number of companies in the portfolio and then following these companies closely. The Portfolio invests globally without sector and geographical limitations to secure maximum flexibility across sector and country limits which together with the limited number of companies in the portfolio give the opportunity to manage the absolute risk in the portfolio. Investors have to pay attention to the fact that the Portfolio’s investments can be exposed to company specific, political, economic, market and adjustment risks, which can affect the value of the Portfolio. In addition to this other factors can affect the value of the Portfolio. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S Dampfærgevej 26, DK-2100 Copenhagen, Denmark Investment

Treatment
Capitalisation except for Class 5 B issued as distribution units of Income
Performance The total annual return per unit for the last three calendar years is as follows:
There were no Class 3 A units outstanding in 2008, 2009 and 2010. Class 5 B units were issued for the first time on February 24, 2010. The return for the period ended December 31, 2010 was +17,12%. Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
This Portfolio is intended for retail and institutional investors. Classes 2, 3 and 5 are only available to institutional investors, with classes 2 and 3 being available only to Norwegian undertakings for collective Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%, Class 2 A/B 3%, Class 3 A/B 1% and Class 5 B 5%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 2%, Class 2 A/B 0.40%, Class 3 A/B 0.20% and Class 5 B 2%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolio and all other expenses incurred in the Portfolio’s operations. Launch Date December 27, 2000
Total Net
EUR 169,538,221.36 as at September 30, 2011 CARNEGIE FUND – SVENSK KORT RÄNTA SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – SVENSK KORT RÄNTA SUB-FUND aims to provide a stable yield through Objective
and Policy
It shall invest exclusively in bonds and money market instruments, although in compliance with Chapter 18 (Investment Restrictions) of the Complete Prospectus, provided that, at the time of their acquisition, their initial or residual maturity does not exceed 12 months or, based upon the terms and conditions of their issue, the interest rate applicable thereto is adjusted at least annually on the basis of market conditions or the average residual maturity of the Portfolio’s portfolio does not exceed 12 months (for floating rate notes, calculation is done on the basis of the number of days until the next coupon date). The Portfolio may hold ancillary liquid assets. Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable securities provided that such techniques and instruments are used for the purpose of efficient portfolio management and to employ techniques and instruments intended to provide protection against exchange risk in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full description of such permitted techniques and instruments. Reference
Currency
Dealing
Upon request, the price per Unit may be translated into DKK (Danish Crowns), NOK (Norwegian Crowns), Currencies
EUR (European Currency Units), USD (US Dollars) or GBP (British Pounds). Units are issued as Class 1 A, Class 5A and Class 5B. However, Class 5A and 5B are only available to Risk Profile
The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S Dampfærgevej 26, DK-2100 Copenhagen, Denmark Investment
Amount
Treatment
of Income
Performance The total annual return per unit for the last three calendar years is as follows:
Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
This Portfolio is intended for retail and institutional investors. Typical
Investor

Expenses
Maximum Subscription Fee: Class 1 A/B 1%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 0.50%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolio and all other expenses incurred in the Portfolio's operations. Launch Date March 8, 2002
Total Net
SEK 2,271,682,313.90 as at September 30, 2011 CARNEGIE FUND – SAFETY 90 EUROPE SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – SAFETY 90 EUROPE SUB-FUND aims to achieve long-term capital growth Objective
through a dynamic and quantitative strategy with a moderate volatility by investing primarily in shares of and Policy
companies domiciled in Europe and/or listed on a recognised European regulated market and/or
international bonds and other short and long-term fixed income securities such as treasury bills and
treasury notes that are admitted to official listing on a stock exchange or that are traded on another
regulated market within the OECD countries and in Singapore and Hong Kong.
In seeking to achieve the investment objective of the Portfolio the Investment Manager will use
“Quantitative” strategies, mathematical and statistical strategies which aim to limit the likelihood of the net
asset value falling below a reference level as defined in the Complete Prospectus. Please see the Complete
Prospectus for further descriptions of these strategies. In order to reduce the risk in the Sub-Fund, the
Investment Manager may also start an extra reference level in the interest of the unitholders at any time
using the same methodologies as described above. The statistical methodologies used by the Investment
Manager to protect investments, do not, in any circumstances, constitute a guarantee of return,
growth or capital protection.

The Portfolio may also hold ancillary liquid assets and money market instruments within the limits
prescribed by law.
Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable
securities provided that such techniques and instruments are used for the purpose of efficient portfolio
management and to employ techniques and instruments intended to provide protection against exchange
risk in the context of the management of their assets and liabilities. Please see the Complete Prospectus for
a full description of such permitted techniques and instruments.
Reference
Currency
Dealing
Upon request, the price per Unit may be translated into SEK (Swedish Crowns), DKK (Danish Crowns), Currencies
NOK (Norwegian Crowns), USD (US Dollars) or GBP (British Pounds). Shares
Risk Profile
The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S DENMARK, SWEDEN BRANCH, Blasieholmsgatan 5, S-103 94 Stockholm, Sweden Investment
Amount
Treatment
of Income
Performance N/A
Profile of
This Portfolio is intended for retail and institutional investors. Typical
Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 1.50%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolio and all other expenses incurred in the Portfolio’s operations. Launch Date The Portfolio is not yet open for subscription.
Total Net
CARNEGIE FUND – SAFETY 90 SWEDEN SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – SAFETY 90 SWEDEN SUB-FUND aims to achieve long-term capital growth Objective
through a dynamic and quantitative strategy with a moderate volatility by investing primarily in shares of and Policy
companies domiciled in Sweden and/or listed on a recognised Swedish regulated market and/or international
bonds and other short and long-term fixed income securities such as treasury bills and treasury notes that are
admitted to official listing on a stock exchange or that are traded on another regulated market within the
OECD countries and in Singapore and Hong Kong.
In seeking to achieve the investment objective of the Portfolio the Investment Manager will use
“Quantitative” strategies, mathematical and statistical strategies which aim to limit the likelihood of the net
asset value falling below a reference level as defined in the Complete Prospectus. Please see the Complete
Prospectus for further description of these strategies. In order to reduce the risk in the Sub-Fund, the
Investment Manager may also start an extra reference level in the interest of the unitholders at any time
using the same methodologies as described above. The statistical methodologies used by the Investment
Manager to protect investments, do not, in any circumstances, constitute a guarantee of return,
growth or capital protection.
The Portfolio may also hold ancillary liquid assets and money market instruments within the limits
prescribed by law.
Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable
securities provided that such techniques and instruments are used for the purpose of efficient portfolio
management and to employ techniques and instruments intended to provide protection against exchange risk
in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full
description of such permitted techniques and instruments.
Reference
Currency
Dealing
Upon request, the price per Unit may be translated into DKK (Danish Crowns), NOK (Norwegian Crowns), Currencies
EUR (European Currency Units), USD (US Dollars) or GBP (British Pounds). Shares
Risk Profile
The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S DENMARK, SWEDEN BRANCH Blasieholmsgatan 5, S-103 94 Stockholm, Sweden Investment
Amount
Treatment
of Income

Performance The total annual return per unit for the last three calendar years is as follows:
Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
This Portfolio is intended for retail and institutional investors. Typical
Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 1.50%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolio and all other expenses incurred in the Portfolio's operations. Launch Date April 5, 2005
Total Net
SEK 221,187,038.72 as at September 30, 2011 CARNEGIE FUND – SAFETY 90 GLOBAL SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The CARNEGIE FUND – SAFETY 90 GLOBAL SUB-FUND aims to achieve long-term capital growth Objective
through a dynamic and quantitative strategy with a moderate volatility by investing primarily in shares and Policy
admitted to official listing on a stock exchange or that are traded on another regulated market within the
OECD countries or in Singapore and Hong Kong and/or international bonds and other short and long-term
fixed income securities such as treasury bills and treasury notes that are admitted to official listing on a stock
exchange or that are traded on another regulated market within the OECD countries and in Singapore and
Hong Kong.
In seeking to achieve the investment objective of the Portfolio the Investment Manager will use
“Quantitative” strategies, mathematical and statistical strategies which aim to limit the likelihood of the net
asset value falling below a reference level as defined in the Complete Prospectus. Please see the Complete
Prospectus for further description of these strategies. In order to reduce the risk in the Sub-fund, the
Investment Manager may also start an extra reference level in the interest of the unitholders at any time
using the same methodologies as described above. The statistical methodologies used by the Investment
Manager to protect investments, do not, in any circumstances, constitute a guarantee of return,
growth or capital protection.

The Portfolio may also hold ancillary liquid assets and money market instruments within the limits
prescribed by law.
Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable
securities provided that such techniques and instruments are used for the purpose of efficient portfolio
management and to employ techniques and instruments intended to provide protection against exchange risk
in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full
description of such permitted techniques and instruments.
Reference
Currency
Dealing
Upon request, the price per Unit may be translated into DKK (Danish Crowns), NOK (Norwegian Crowns), Currencies
EUR (European Currency Units), USD (US Dollars) or GBP (British Pounds). Shares
Risk Profile
The amount of an investment and the income from it can go down as well as up and you may not get back the amount invested. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S DENMARK, SWEDEN BRANCH Blasieholmsgatan 5, S-103 94 Stockholm, Sweden Investment
Amount
Treatment
of Income
Performance N/A
Profile of
This Portfolio is intended for retail and institutional investors. Typical
Investor
Expenses
Maximum Subscription Fee: Class 1 A/B 5%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A/B 1.50%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolio and all other expenses incurred in the Portfolio's operations. Launch Date March 15, 2010
Total Assets
CARNEGIE FUND – SAFETY 90 BRIC SUB-FUND
PARTICULAR INFORMATION CONCERNING THE PORTFOLIO
Investment
The Carnegie Fund – Safety 90 BRIC Sub-Fund aims to achieve long-term capital growth through a Objective
dynamic and quantitative strategy with a moderate volatility by investing primarily in shares of companies and Policy
domiciled in Brazil, Russia, India, China, Hong-Kong and/or international bonds and other short and long
term fixed income securities such as treasury bills and treasury notes provided that they are admitted to
official listing on a stock exchange or traded on another Regulated Market as defined in article 5 of the
Management Regulations.
In seeking to achieve the investment objective of the Portfolio the Investment Manager will use
“Quantitative” strategies, mathematical and statistical strategies which aim to limit the likelihood of the net
asset value falling below a reference level as defined hereafter. The quantitative strategies will determine the
percentage of the total net assets of the Portfolio invested in equities. The percentage invested in equities
may vary in a range from 0% to 100% of the total net assets of the Portfolio and may be readjusted on a
daily basis. The Portfolio will start with a reference level of 90% of the initial subscription. This reference
level will be applicable for a period of 250 trading days (a “trading day” is defined as a day on which banks
are open for business in Luxembourg). Every 50 trading days the investment manager will have the
possibility to start a new reference level; this reference level will be calculated as 90% of the net asset value
at the end of the previous 50 trading days period and will be applicable for a further period of 250 trading
days, this reference will be active only if and when it is higher than any previous calculated reference level
for the same period. If this reference level is lower than or the same as the previous reference level then the
previous reference level will continue to apply until the end of the current 250 trading day period. In order to
reduce the risk in the Portfolio the investment manager may also start a extra reference level in the interest
of the unitholders at any time using the same methodologies as described above. The Investment Managers
will seek to achieve a balanced performance for the Portfolio at least as high as the reference level for the
applicable period. The statistical methodologies utilised by the Investment Manager to protect
investments, do not, in any circumstances, constitute a guarantee of return, growth or capital
protection. Brazil, Russia, India, China, and Hong Kong may be subject to unexpected events which
lead to total or partial closing of the markets. This could affect the Portfolio’s performance and/or the
reference level of the Portfolio.
The Portfolio may also hold ancillary liquid assets and money market instruments within the limits
prescribed by law.
Furthermore, the Portfolio is authorised to employ techniques and instruments relating to transferable
securities provided that such techniques and instruments are used for the purpose of efficient portfolio
management and to employ techniques and instruments intended to provide protection against exchange risk
in the context of the management of their assets and liabilities. Please see the Complete Prospectus for a full
description of such permitted techniques and instruments.
Reference
Currency
Dealing
Upon request, the price per Unit may be translated into DKK (Danish Crowns), NOK (Norwegian Crowns), Currencies
EUR (European Currency Units), USD (US Dollars) or GBP (British Pounds). Units are issued as Class 1 A, Class 2 A and Class 3 A. Shares
Risk Profile
Investments in securities of companies located in countries with emerging securities markets may offer
greater opportunities for capital growth than investments in securities traded in developed markets.
However, securities traded in certain emerging markets may be subject to high risks due to political and
economic reforms. Certain emerging markets countries are either comparatively undeveloped or are in the
process of becoming developed and may consequently be subject to greater social, economic and political
uncertainties or may be economically based on a relatively few or closely interdependent industries.
CERTAIN EMERGING MARKETS MAY NOT QUALIFY AS ACCEPTABLE MARKETS UNDER
ARTICLE 41(I) OF THE LAW OF 17th DECEMBER, 2010. INVESTMENTS IN SUCH MARKETS
WILL BE DEEMED AS INVESTMENTS IN NON-LISTED SECURITIES AND MAY NOT
EXCEED, TOGETHER WITH OTHER UNLISTED SECURITIES HELD BY THE PORTFOLIO,
10% OF ITS TOTAL NET ASSETS.

The Portfolio may invest in transferable securities denominated in local currencies whereas the reference
currency of the Portfolio is the SEK. Accordingly, a change in the value of any such currencies against the
SEK will affect the SEK value of the Portfolio’s assets.
Although the Investment Manager is authorized to hedge against currency exchange or other risks, there is
no guarantee that suitable hedging instruments will be available if it elects to hedge against such risks. Please refer to the Complete Prospectus for a full description of the risks associated with investment in emerging markets. Investment
CARNEGIE ASSET MANAGEMENT FONDSMAEGLERSELSKAB A/S DENMARK, SWEDEN BRANCH Blasieholmsgatan 5, S-103 94 Stockholm, Sweden Investment
Treatment
of Income
Performance The total annual return per unit for the last three calendar years is as follows:
There were no Class 2 A and Class 3 A units outstanding in 2008, 2009 and 2010. Past performance is not necessarily a guide for the future performance results of the Portfolio. Profile of
Class 1 A is intended for retail and institutional investors. Class 2 A and 3 A are only available to institutional investors, namely Norwegian undertakings for collective investment Investor
Expenses
Maximum Subscription Fee: Class 1 A 5%, Class 2 A 3%, Class 3 A 1%. Maximum Redemption Fee: 1% of the NAV, payable to the selling agent. Maximum Conversion Fee: 1% in case of conversion of Units held for less than 12 months. The following costs are borne directly by the Portfolio: The management fee, the standard brokerage and bank charges incurred by the Portfolio's transactions, the additional non-recurrent fees, including legal advice, incurred for exceptional steps taken in the interests of the unit-holders and the annual 0.05%, respectively 0.01% when applicable, Luxembourg subscription tax, as well as any applicable V.A.T. payable on the Portfolio's related expenses. Maximum Management Fee: Class 1 A 2.50%, Class 2 A 1.25%, Class 3 A 0.625%. The following costs are borne by the Management Company out of its own assets: The Custodian Bank safekeeping charges and fees, the Administrative Agent fees, the Investment Manager's fees, the expenses of establishing the Fund and any Portfolio and all other expenses incurred in the Portfolio's operations. Launch Date September 1, 2006
Total Net
SEK 49,487,915.83 as at September 30, 2011

Source: http://www.cfmc.lu/media/183993/carnegie%20fund%20simplified%20prospectus%20september%202011.pdf