SKAGEN Kon-Tiki

Simplified prospectus
SKAGEN Kon-Tiki
Last updated
31st January 2011
Equity fund registered in Norway | UCITS | ISIN: NO 001 0140502 | Management company: SKAGEN AS | Fund inception date: 05.04.2002
Manager: J. Kristoffer C. Stensrud
The fund’s objective

Risk The fund’s objective is to provide the unit holders with the best possible return based
The risk scale illustrates SKAGEN’s evaluation on the risk they have undertaken through an actively managed portfolio of equities in
of the fund’s risk. companies whose business is in or related to emerging markets.
0 1 2 3 4 5 6 7 8 9 10
The fund’s investment strategy
SKAGEN SKAGEN SKAGEN SKAGEN Kon-Tiki has an international investment mandate, but is required to invest at
Avkastning Global Kon-Tiki
least 50 % of the fund’s assets in emerging markets, meaning countries or markets that
SKAGEN
Vekst are not included in the MSCI Developed Market Series. The fund’s aim is to find high
SKAGEN
Tellus
quality companies at a low price, which are characterised by being undervalued, under-
researched and unpopular. To reduce risk, the fund seeks to maintain a sensible geo-
graphical and sector balance.
Five is considered the lowest risk for equity
funds and zero as the risk-free interest rate.
The classification is based on the fund’s Who is the fund suitable for?
mandate.
SKAGEN Kon-Tiki is suitable for investors who wish to take part in value creation in em-
erging markets. The fund provides opportunities for exceptional returns through invest-
ments in areas with great growth potential. However, the risk is somewhat higher than
in a global fund that invests mainly in developed markets.
Historical performance
All returns are in EUR after deduction of costs.
Performance comments
Annual return 2002-2010 and return year to date The graphs on the left show the fund’s historical performance measured in EUR. All
costs charged to the fund have been deducted. The fund’s benchmark index is the
MSCI Emerging Markets Index.
Historical returns are no guarantee for future returns. Future returns will depend, inter
alia, on market developments, the fund manager’s skill, the fund’s risk profile and sub-
scription and management fees. The return may become negative as a result of negative
price developments. Fund performance may vary considerably within one year. Gains or
losses for individual unit holders will therefore depend on the exact timing of the sub-
scription and redemption of units.
The fund was established in April 2002 and perfor-

mance is measured from date of inception until the Fund price information
end of the year. The price of fund units, the net asset value (NAV) per unit, is calculated each Norwegian
business day based on the market value of the fund’s portfolio. Price information is avai-
lable at www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The fund’s
investments are normally not hedged with respect to currency; however, some of the
Average annual return fund’s investments may be hedged by drawing on the fund’s currency accounts.
Dividend
Dividends received by the fund are automatically reinvested in the fund and are therefore
included in the net asset value per unit.
Subscription and redemption

Subscription and redemption instructions may be sent to SKAGEN by post, fax or e-mail,
or to our partners (see www.skagenfunds.com). The minimum subscription amount is
EUR 150.
Cumulative return For subscriptions and redemptions in other currencies than NOK, the subscription/re-
Last 3 years: 43.1% demption price is calculated from the fund’s NAV in NOK using the currency exchange
Last 5 years: 74.1% rate used by the relevant fund on the valuation day.
Since start: 444.5%
STANDARD
& POORS
AAA
FUND MANAGEMENT RATING
The art of common sense
SKAGEN Kon-Tiki
Last updated
31st January 2011
Equity fund registered in Norway | UCITS | ISIN: NO 001 0140502 | Management company: SKAGEN AS | Fund inception date: 05.04.2002
Manager: J. Kristoffer C. Stensrud
Ten largest holdings Costs

Samsung Electronics Co Ltd 5.94% Buy and sell
Baker Hughes Inc 5.41% Subscription fee Max. 3.0 %

Eletrobras SA 4.82%
Redemption fee Max. 0.3 %
Hyundai Motor Co 4.79%
* Direct transactions with SKAGEN are not subject to any subscription or redemption fee
Sistema JSFC 3.03%
Vale SA Spons ADR 3.01%
Annual average
Pride International Inc 2.99% Annual costs charged to the fund 2010 since inception
Hon Hai Precision Industry Co 2.85%
Fixed management fee 2 % per year 2.0 % 2.41 %
Standard Chartered PLC 2.65% Calculated daily, charged quarterly (includes investment manage
Banco do Estado do Rio Grande do Sul S.A. 2.53% ment, administration, distribution, custody, etc.).
Total 38.02% According to the fund’s Articles of Association, a discount on the

management fee may be granted on holdings of more than
50 000 000 NOK. You may contact SKAGEN for further information.
Variable management fee 0.14 % 0.72 %

Better value development measured in percent in the fund’s asset
value compared with the MSCI Emerging Markets Index daily traded
net total return $ (in NOK) is shared 90/10 between the unit holders
and the management company. However, the total annual manage-
ment fee charged may not exceed 4 % of the fund’s average annual
asset value. If the fund’s asset value shows a poorer development
measured in percent than the fund’s benchmark index, 10 % of the
poorer value development is deducted from the fixed management
fee. However, the total annual management fee charged may not
be lower than 1 % of the fund’s average annual asset value. The
variable management fee is calculated daily and charged annually.
+ Other costs 0.0 % 0.0 %

(except transaction costs) charged to the fund.
= Total cost 2.14 % 3.13 %

(as a percentage of net value of a unit for 2010 compared to annual
average percentage of net value of a unit since inception).
Taxation
For information and advice regarding tax issues in respect to subscribing, redeeming and
holding fund units, please contact your local tax advisor. Information on tax in the countries
where SKAGEN has marketing approval is available in the relevant simplified prospectus for
each country. You may also contact SKAGEN for more information.
Further information
Financial services group: SKAGEN AS is an independent investment management company
This simplified prospectus contains key fund unaffiliated with any financial services group
information. Please download further informa- Custodian: Handelsbanken
tion, full prospectus, general commercial terms,
annual reports and market reports from SKAGEN Supervisory authority: The Financial Supervisory Authority of Norway (www.finanstilsynet.no)
at www.skagenfunds.com. Printed copies are Independent auditor: PricewaterhouseCoopers AS
also available free of charge. Internal auditor: Ernst & Young AS
This simplified prospectus is only directed to inves- Complaints body: The Norwegian Financial Services Complaints Board
tors in jurisdictions where the relevant fund has (www.finkn.no)
marketing approval. The fund cannot be distributed
to investors subject to US jurisdiction including
investors resident in or taxable to the USA.
Contact information
Internet: www.skagenfunds.com
e-mail: contact@skagenfunds.com
Telephone: +47 51 21 38 58
Telefax: +47 51 86 37 00
Address: P.O. box 160, 4001 Stavanger, Norway The art of common sense
SKAGEN Global
Last updated
31st January 2011
Equity fund registered in Norway | UCITS | ISIN: NO 000 8004009 | Management company: SKAGEN AS | Fund inception date: 07.08.1997 | Manager: Kristian Falnes
Risk The fund’s objective

The risk scale illustrates SKAGEN’s evaluation The fund’s objective is to provide the unit holders with the best possible return based
of the fund’s risk. on the risk they have undertaken through an actively managed portfolio of international
equities.
0 1 2 3 4 5 6 7 8 9 10
SKAGEN
SKAGEN
Avkastning Global
SKAGEN
Kon-Tiki The fund’s investment strategy
SKAGEN
Vekst
SKAGEN Global has a worldwide investment mandate. The fund’s aim is to find high
SKAGEN quality companies at a low price, which are characterised by being undervalued,
Tellus
under-researched and unpopular. To reduce risk, the fund seeks to maintain a sensible
geographical and sector balance.
funds and zero as the risk-free interest rate.
The classification is based on the fund’s
mandate.
Who is the fund suitable for?
SKAGEN Global is suitable for investors who wish to spread investments worldwide and
achieve diversification, both geographically and across industries.
Historical performance Performance comments

All returns are in EUR after deduction of
costs. The graphs on the left show the fund’s historical performance measured in EUR. All
costs charged to the fund have been deducted. The fund’s benchmark index is the MSCI
All Country World daily total return net $ in NOK .
Annual return 1997-2010 and return year to date
alia, on market developments, the fund manager’s skill, the fund’s risk profile and
subscription and management fees. The return may become negative as a result of
negative price developments.
Fund performance may vary considerably within one year. Gains or losses for individual
unit holders will therefore depend on the exact timing of the subscription and redemp-
tion of units.
The fund was established in August 1997 and per-

formance is measured from date of inception until Fund price information
the end of the year.
The price of fund units, the net asset value (NAV) per unit, is calculated each Norwegian
business day based on the market value of the fund’s portfolio. Price information is
Average annual return available on www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The
fund’s investments are normally not hedged with respect to currency; however, some of
the fund’s investments may be hedged by drawing on the fund’s currency accounts.
Dividend
Dividends received by the fund are automatically reinvested in the fund and are there-
fore included in the net asset value per unit.

Subscription and redemption instructions may be sent to SKAGEN by post, fax or e-mail,
or to our partners (see www.skagenfunds.com). The minimum subscription amount is
EUR 150.
Cumulative return
Last 3 years: 14.4% For subscriptions and redemptions in other currencies than NOK, the subscription/
Last 5 years: 28.1% redemption price is calculated from the fund’s NAV in NOK using the currency exchange
Last 10 years: 174.2%
rate used by the relevant fund on the valuation day.
Since start: 751.3%

SKAGEN Global
Last updated
31st January 2011
Equity fund registered in Norway | UCITS | ISIN: NO 000 8004009 | Management company: SKAGEN AS | Fund inception date: 07.08.1997 | Manager: Kristian Falnes
Costs
Ten largest holdings
Buy and sell
Samsung Electronics Co Ltd 7.32%
Tyco International Ltd 4.80% Subscription fee Max. 1.0 %
Parmalat SpA 3.74%
Eletrobras SA 3.51%
Pfizer Inc 3.37%
Bunge Ltd 3.04%
Annual average
Pride International Inc 2.86% Annual costs charged to the fund 2010 since inception
Accenture Plc 2.85%

Fixed management fee 1.0 % 1.0 %
Citigroup Inc 2.40% Calculated daily, charged quarterly (includes investment manage
ment, administration, distribution, custody, etc.).
Kyocera Corp 2.35%
Total 36.24% Variable management fee 0.29 % 1.63 %
Better value development measured in percent in the fund’s asset
value compared with the MSCI All Country World daily total return
net $ (in NOK) is shared 90/10 between the unit holders and the
management company. Thus, the fund may be charged a variable
management fee even if the fund’s return has been negative,
as long as the fund has had a better value development than its
benchmark index. In the opposite case, the fund may have a posi-
tive return without being charged a variable management fee, if the
value development measured in percent has not been better than
the benchmark. The variable management fee is calculated daily
and charged annually.

= Total cost 1.29 % 2.63 %

Taxation
Further information
unaffiliated with any financial services group
Custodian: Handelsbanken
Supervisory authority: The Financial Supervisory Authority of Norway (www.finanstilsynet.no)
Independent auditor: PricewaterhouseCoopers AS
This simplified prospectus contains key fund
information. Please download further informa- Internal auditor: Ernst & Young AS
tion, full prospectus, general commercial terms, Complaints body: The Norwegian Financial Services Complaints Board
annual reports and market reports from SKAGEN
(www.finkn.no)
at www.skagenfunds.com. Printed copies are
also available free of charge.
This simplified prospectus is only directed to inves-

tors in jurisdictions where the relevant fund has
Contact information
Telephone: +47 51 21 38 58
Telefax: +47 51 86 37 00
SKAGEN Vekst Last updated

31st January 2011
Equity fund registered in Norway | UCITS | ISIN: NO 000 8000445 | Management company: SKAGEN AS | Fund inception date: 01.12.1993 | Manager: Beate Bredesen

Risk The fund’s objective is to provide the unit holders with the best possible return based
The risk scale illustrates SKAGEN’s evaluation on the risk they have undertaken through an actively managed portfolio of Norwegian
of the fund’s risk.
and inter-national equities.
0 1 2 3 4 5 6 7 8 9 10
SKAGEN SKAGEN SKAGEN
Avkastning Global Kon-Tiki SKAGEN Vekst has an international investment mandate, but is required to invest at
SKAGEN least 50 percent of its capital in companies listed or traded on a Norwegian market
Vekst
or companies domiciled in Norway. The fund’s aim is to find high quality companies
SKAGEN
Tellus at a low price, which are characterised by being undervalued, under-researched and
Five is considered the lowest risk for equity unpopular. The combination of a Norwegian and a global mandate allows the fund to
funds and zero as the risk-free interest rate. take part in value creation in sectors that are not available on the Norwegian market.
mandate.
Who is the fund suitable for?
SKAGEN Vekst is suitable for investors who wish to balance Norwegian and global in-
vestments while achieving diversification both geographically and across industries.
Historical performance
All returns are in EUR after deduction of costs. Performance comments
The graphs on the left show the fund’s historical performance measured in EUR. All
costs charged to the fund have been deducted. The fund’s benchmark index is compo-
Annual return 1993-2010 and return year to date sed of the Oslo Børs hovedindeks (OSEBX) and the MSCI All Country World Daily Total
Return Net $ in NOK, weighted equally and continuously rebalanced.
alia, on market developments, the fund manager’s skill, the fund’s risk profile and
subscription and management fees. The return may become negative as a result of
negative price developments.
Fund performance may vary considerably within one year. Gains or losses for indivi-
dual unit holders will therefore depend on the exact timing of the subscription and
The fund was established in December 1993 and redemption of units.
performance is measured from date of inception
until the end of the year.
Fund price information
The price of fund units, the net asset value (NAV) per unit, is calculated each Norwegi-
an business day based on the market value of the fund’s portfolio. Price information is
Average annual return available at www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The
fund’s investments are normally not hedged with respect to currency; however, some
of the fund’s investments may be hedged by drawing on the fund’s currency accounts.
Dividend
Dividends received by the fund are automatically reinvested in the fund and are
therefore included in the net asset value per unit.

Subscription and redemption instructions may be sent to SKAGEN by post, fax or
e-mail, or to our partners (see www.skagenfunds.com). The minimum subscription
Cumulative return amount is EUR 150.
Last 3 years: 11.3%
For subscriptions and redemptions in other currencies than NOK, the subscription/
Last 5 years: 30.8% redemption price is calculated from the fund’s NAV in NOK using the currency ex-
Last 10 years: 243.0% change rate used by the relevant fund on the valuation day.
Since start: 1445.0%

SKAGEN Vekst Last updated

31st January 2011
Equity fund registered in Norway | UCITS | ISIN: NO 000 8000445 | Management company: SKAGEN AS | Fund inception date: 01.12.1993 | Manager: Beate Bredesen
Costs
Buy and sell
Kongsberg Gruppen ASA 4.13%
Samsung Electronics Co Ltd 3.50% Subscription fee Max. 2.0 %
DOF ASA 2.54%
Solstad Offshore ASA 2.43%
Norsk Hydro ASA 2.37%
Bonheur ASA 2.24%
Annual average
Eletrobras SA 2.21% Annual costs charged to the fund 2010 since inception
Wilh Wilhelmsen Holding ASA 2.17%
Fixed management fee 1.0 % 1.0 %
Ganger Rolf ASA 2.13% Calculated daily, charged quarterly (includes investment manage
Gjensidige Forsikring ASA 2.06% ment, administration, distribution, custody, etc.).
Total 25.78% Variable management fee 0.87 % 2.07 %

Returns exceeding 6 % p.a. are shared 90/10 between the unit
holders and the management company. The variable management
fee is calculated daily and charged annually.

= Total cost 1.87 % 3.07 %

Taxation
For information and advice regarding tax issues in respect to subscribing, redeeming
and holding fund units, please contact your local tax advisor. Information on tax in the
countries where SKAGEN has marketing approval is available in the relevant simplified
prospectus for each country. You may also contact SKAGEN for more information.
Further information
Internal auditor: Ernst & Young AS
Complaints body: The Norwegian Financial Services Complaints Board
(www.finkn.no)

information. Please download further informa-

Contact informaton
Telephone: +47 51 21 38 58
Telefax: +47 51 86 37 00
SKAGEN Tellus
Last updated
31st January 2011
Bond fund registered in Norway | UCITS | ISIN: NO 001 0327786 | Management company: SKAGEN AS | Fund inception date: 29.09.2006 | Manager: Torgeir Høien
Risk The fund’s objective

The risk scale illustrates SKAGEN’s evaluation The fund’s objective is to provide its unit holders with the best possible return based on
the risk they have undertaken through an actively managed portfolio of credit-worthy
international bonds.
0 1 2 3 4 5 6 7 8 9 10
SKAGEN SKAGEN SKAGEN The fund’s investment strategy

Avkastning Global Kon-Tiki
SKAGEN Tellus has a worldwide investment mandate. The fund mainly invests in
SKAGEN
Vekst government bonds. The fund’s aim is to find undervalued bonds with potential for good
SKAGEN
Tellus
returns in the form of capital gains in addition to interest and the potential for currency
appreciation. The fund’s base currency is EUR.
funds and zero as the risk-free interest rate. Who is the fund suitable for?
mandate. SKAGEN Tellus is suitable for investors who wish to invest in global bonds and who have
an investment horizon of at least 12 months. Investors must be able to tolerate currency
exchange rate fluctuations. The fund is well suited as part of a long-term investment
portfolio.
Historical performance Performance comments

The graphs on the left show the fund’s historical performance measured in EUR. All costs
charged to the fund have been deducted. The fund’s benchmark is the Barclays Capital
Annual return 2006-2010 and return year to date Global Treasury Index 3-5 years. The fund is classified as an international bond fund.
Historical returns are no guarantee for future returns. Future returns will, inter alia,
depend on market developments, the fund manager’s skill, the fund’s risk profile and
management fees. The investment return may become negative as a result of negative
price developments. Fund performance may vary considerably within one year. Gains or
losses for individual unit holders will therefore depend on the exact timing of the
subscription and redemption of units.

The fund was established in September 2006 and The price of fund units, the net asset value (NAV) per unit, is calculated each
performance is measured from date of inception
until the end of the year.
Norwegian business day based on the market value of the fund’s portfolio.
Price information is available on www.skagenfunds.com. The fund’s NAV per unit is

calculated in NOK. The fund’s investments may be currency hedged against EUR by
Average annual return
drawing on the fund’s currency accounts.
Distribution
The fund’s taxable income is separated from the fund and distributed to the unit
holders annually in the form of the issue of new units. The unit price is reduced by an
amount exactly equal to the value of the taxable income per unit.

Subscription and redemption instructions may be sent to SKAGEN Funds by post,
fax or e-mail or to our partners (see www.skagenfunds.com). The minimum subscription

For subscriptions and redemptions in other currencies than NOK, the subscription/
redemption price is calculated from the fund’s NAV in NOK using the currency
Since start: 31.19% exchange rate used by the relevant fund on the valuation day. 
Duration: 1.22

SKAGEN Tellus
Last updated
31st January 2011
Bond fund registered in Norway | UCITS | ISIN: NO 001 0327786 | Management company: SKAGEN AS | Fund inception date: 29.09.2006 | Manager: Torgeir Høien
Ten largest holdings Costs

Buy and sell
German Government 13.80%
Japanese Government 8.36% Subscription fee 0

Swiss Government 8.10% Redemption fee 0
US Treasury 7.91%
Greek Government 6.93% Annual average

Annual costs charged to the fund 2010 since inception
Swedish Government 5.85%
UK Government 5.59% Fixed management fee 0.8 % 0.8 %

Calculated daily, charged quarterly (includes investment manage
Hong Kong Government 4.38% ment, administration, distribution, custody, etc.).
Malaysian Government 4.06% According to the fund’s Articles of Association, a discount on the
South African Government 3.64% fixed management fee may be granted on holdings of more than
1,000,000 units. Please contact SKAGEN for further information.
Total 68.62%

= Total cost 0.8 % 0.8 %

(as a percentage of net value of a unit for 2010).
Taxation
Further information
(www.finkn.no)


Contact information
Telephone: +47 51 21 38 58
Telefax: +47 51 86 37 00
SKAGEN Avkastning
Last updated
31st January 2011
Bond fund registered in Norway | UCITS | ISIN: NO 000 8000452 | Management company: SKAGEN AS | Fund inception date: 16.09.1994 | Manager: Jane S. Tvedt

Risk The fund’s objective is to provide its unit holders with the best possible risk adjusted
The risk scale illustrates SKAGEN’s evaluation return in the fixed interest market over a six month period by balancing investments
between fixed interest securities with short and long maturities.
0 1 2 3 4 5 6 7 8 9 10
SKAGEN SKAGEN SKAGEN
Avkastning Global Kon-Tiki SKAGEN Avkastning has a worldwide investment mandate, but primarily invests in notes
SKAGEN and bonds issued in Norwegian kroner. The fund only invests in issues with a low credit
Vekst
SKAGEN
risk, i.e. government bonds, government guaranteed loans, loans to financial institutions
Tellus
and bank deposits.
funds and zero as the risk-free interest rate. Who is the fund suitable for?
mandate. SKAGEN Avkastning is a fixed-interest fund with low risk that is suitable for investors
with a savings horizon of more than six months. SKAGEN Avkastning is a good alternative
for investors who do not wish to commit resources to monitoring the interest markets
Historical performance and moving investments between interest bearing securities with different maturities.
Performance comments
Annual return 1994-2010 and return year to date
The graphs on the left show the fund’s historical performance measured in EUR. All
costs charged to the fund have been deducted.
The fund’s benchmark is the Oslo Stock Exchange 3 year Government Bond Index (ST4X).
alia, on market developments, the fund manager’s skill, the fund’s risk profile and man-
agement fees. The investment return may become negative as a result of negative
price developments.
Fund performance may vary considerably within one year. Gains or losses for individual
The fund was established in September 1994 and
performance is measured from date of inception unit holders will therefore depend on the exact timing of the subscription and redemp-
until the end of the year. tion of units.

Average annual return The price of fund units, the net asset value (NAV) per unit, is calculated each Norwegian
business day based on the market value of the fund’s portfolio. Price information is av-
ailable on www.skagenfunds.com. The fund’s NAV per unit is calculated in NOK. The
fund’s investments may be currency hedged by drawing on the fund’s currency accounts.
Distribution
The fund’s taxable income is separated from the fund and distributed to the unit holders
annually in the form of the issue of new units. The unit price is reduced by an amount
exactly equal to the value of the taxable income per unit.

Subscription and redemption instructions may be sent to SKAGEN Funds by post, fax or
e-mail or to our partners (see www.skagenfunds.com). The minimum subscription
Last 3 years: 8.84%
Last 5 years: 19.27% For subscriptions and redemptions in other currencies than NOK, the subscription/re-
demption price is calculated from the fund’s NAV in NOK using the currency exchange
Since start: 170.11%
rate used by the relevant fund on the valuation day. 
Duration: 0.74

SKAGEN Avkastning
Last updated
31st January 2011
Bond fund registered in Norway | UCITS | ISIN: NO 000 8000452 | Management company: SKAGEN AS | Fund inception date: 16.09.1994 | Manager: Jane S. Tvedt
Costs
Buy and sell
Sparebanken Vest 8.64%
Sparebanken Sogn og Fjordane 8.25% Subscription fee 0
Sparebank 1 SMN 8.17% Redemption fee 0
Kredittforeningen for Sparebanker 7.76%
Sparebanken Sør 7.28%
Annual average
Greek Government 6.74% Annual costs charged to the fund 2010 since inception
Pareto Bank ASA 4.21% Fixed management fee 0.5 % 0.5 %

Helgeland Sparebank 4.21% Calculated daily, charged quarterly (includes investment manage
ment, administration, distribution, custody, etc.).
Bolig- og Næringskreditt ASA 3.50%
Skandinaviska Enskilda Banken AB 3.50% + Other costs 0.0 % 0.0 %
Total 62.26%
= Total cost 0.5 % 0.5 %
(as a percentage of net value of a unit for 2010).
Taxation
Further information
(www.finkn.no)


Contact information
Telephone: +47 51 21 38 58
Telefax: +47 51 86 37 00

SKAGEN Kon-Tiki

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Simplified prospectus

The fund’s objective

The fund was established in April 2002 and perfor-

Subscription and redemption

Ten largest holdings Costs

Baker Hughes Inc 5.41% Subscription fee Max. 3.0 %

Total 38.02% According to the fund’s Articles of Association, a discount on the

Variable management fee 0.14 % 0.72 %

+ Other costs 0.0 % 0.0 %

= Total cost 2.14 % 3.13 %

Risk The fund’s objective

Historical performance Performance comments

The fund was established in August 1997 and per-

Subscription and redemption

The art of common sense

Accenture Plc 2.85%

+ Other costs 0.0 % 0.0 %

= Total cost 1.29 % 2.63 %

This simplified prospectus is only directed to inves-

SKAGEN Vekst Last updated

The fund’s objective

Subscription and redemption

The art of common sense

SKAGEN Vekst Last updated

Total 25.78% Variable management fee 0.87 % 2.07 %

+ Other costs 0.0 % 0.0 %

= Total cost 1.87 % 3.07 %

This simplified prospectus contains key fund

This simplified prospectus is only directed to inves-

Risk The fund’s objective

SKAGEN SKAGEN SKAGEN The fund’s investment strategy

Historical performance Performance comments

Fund price information

Price information is avail­able on www.skagenfunds.com. The fund’s NAV per unit is

Subscription and redemption

Last 2 years: 26.91%

The art of common sense

Ten largest holdings Costs

Japanese Government 8.36% Subscription fee 0

Greek Government 6.93% Annual average

UK Government 5.59% Fixed management fee 0.8 % 0.8 %

+ Other costs 0.0 % 0.0 %

= Total cost 0.8 % 0.8 %

This simplified prospectus contains key fund

This simplified prospectus is only directed to inves-

The fund’s objective

Fund price information

Subscription and redemption

The art of common sense

Pareto Bank ASA 4.21% Fixed management fee 0.5 % 0.5 %

This simplified prospectus contains key fund

This simplified prospectus is only directed to inves-

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Price information is available on www.skagenfunds.com. The fund’s NAV per unit is