Semi-Annual Report 2018

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Semi-Annual Report 2018

Investment Company under Luxembourg Law (SICAV) R.C.S. Luxembourg N° B 104 252

Unaudited semi-annual report as of 30 September 2018 SF (LUX) SICAV 3

SF (LUX) SICAV 3 – ALTERNATIVE APPRECIATION INDEX EUR

SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED CHF SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED EUR SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED USD SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – FOCUSED CHF SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – FOCUSED EUR SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – FOCUSED USD

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Table of contents Page ISIN

Management and Administration 2

Features of the Company 4

SF (LUX) SICAV 3 6

SF (LUX) SICAV 3 – ALTERNATIVE APPRECIATION INDEX EUR 8 I LU1379610329 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED CHF 12 I LU0391226189 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED EUR 16 I LU0390556354 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED USD 20 I LU0391226007 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – FOCUSED CHF 24 I LU0947614680 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – FOCUSED EUR 28 I LU0947614417 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – FOCUSED USD 32 I LU0947618590

Notes to the Financial Statements 36

Sales restrictions

Shares of this Company may not be offered, sold or distributed within the United States of America. The sale of the Company’s shares will not be promoted to the public in the European Union except where registered.

In Switzerland, the subfunds of the Company (the “ subfunds”) will only be available to so-called “qualified investors” in accordance with the private placement exemptions set forth by article 3 of the Swiss law on collective investment schemes (“CISA”).

Unaudited semi-annual report as of 30 September 2018

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2

Management and Administration

Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3

Management Company and AIFM UBS Third Party Management Company S.A.

33A, avenue J.F. Kennedy L-1855 Luxembourg

Registered Office 2C, rue Albert Borschette L-1246 Luxembourg

Board of Directors

Court Taylour, Chairman of the Board Executive Director, UBS AG, Basel and Zurich Günter Lutgen, Member

Executive Director, UBS Europe SE, Luxembourg Branch Luxembourg

Jeremy Stenham, Member

Chartered Accountant, Independent Director, London Stefan Landolt, Member

Executive Director, UBS Switzerland AG, Zurich Roxana Zürcher, Member

Managing Director, UBS AG, Zurich William Heath, Member

Independent Director, Luxembourg

Portfolio Manager

UBS Asset Management (UK) Ltd, London

Depositary and Main Paying Agent UBS Europe SE, Luxembourg Branch 33A, avenue J.F. Kennedy

L-1855 Luxembourg

Administrative Agent, Domiciliation and Transfer Agent

Northern Trust Global Services PLC Luxembourg Branch

6, rue Lou Hemmer L-1748 Senningerberg

Sales Agent

All entities of UBS AG

Distributors

UBS Investment Bank, a division of UBS AG

Guarantor

UBS AG, Basel and Zurich

acting through its London Branch

Sale in Germany Representative agent

UBS Europe SE, Bockenheimer Landstr. 2-4 D-60306 Frankfurt am Main

The sales prospectus, annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge from UBS Europe SE, Bockenheimer Landstr.

2-4, D-60306 Frankfurt am Main.

No notification pursuant to Sec. 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has been filed for the following subfund and the shares in this subfund may not be marketed to investors in the Federal Republic of Germany:

• SF (LUX) SICAV 3 – ALTERNATIVE APPRECIATION INDEX EUR

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Sale in Switzerland

All subfunds of SF (LUX) SICAV 3 qualify as foreign open-ended collective investment schemes pursuant to article 119 para. 1 Swiss law on collective investment schemes (“CISA”) as amended. Those subfunds will not be authorized for distribution to non-qualified investors in and from Switzerland and their shares will only be offered to qualified investors pursuant to article 10 para. 3 CISA or sold in accordance with the exemptions set forth by article 3 para. 2 CISA.

Representative agent

UBS Fund Management (Switzerland) AG Aeschenplatz 6, 4052 Basel

Paying agent

UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich and its branches in Switzerland

The relevant legal documents are available free of charge from the representative agent in Switzerland.

Independent auditor of the Company ERNST & YOUNG S.A.

35E, avenue J.F. Kennedy L-1855 Luxembourg

Independent auditor of the Management Company

PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, B.P. 1443

L-1014 Luxembourg

Legal Adviser of the Company Elvinger, Hoss & Prussen

société anonyme

2, place Winston Churchill L-1340 Luxembourg

The sales prospectus, the KIID, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge at the sales agencies and at the registered office of the Company.

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4

Features of the Company

SF (LUX) SICAV 3 (the “Company”) was incorporated on 23 November 2004 as an open-ended investment company under Luxembourg law in the legal form of a company limited by shares (société anonyme) having the status of an investment company with variable capital (Société d’investissement à capital variable) in accordance with Part II of the Law of 17 December 2010 on collective investment undertakings (the “Law of 2010”).

The articles of association were published in the

”Mémorial, Recueil des Sociétés et Associations”, (the

“Mémorial”), the official gazette of the Grand Duchy of Luxembourg, on 8 December 2004 and were deposited together with the legal notice concerning the issue of the Company’s shares at the Register of Commerce and Companies of the District Court of Luxembourg. Any amendment must be published in the Recueil Electronique des Sociétés et Associations

“RESA”. Such amendments become legally binding in respect of all Shareholders subsequent to their approval by the general meeting of the Shareholders.

The Company is an alternative investment fund (“AIF”) within the meaning of Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (the “AIFM Directive”).

The Company has appointed UBS Third Party Management Company S.A. as its alternative investment fund manager (“AIFM”) within the meaning of the AIFM Directive and the Luxembourg law of 12 July 2013 on alternative investment fund managers, as may be amended (the “Law of 2013”).

The Company is characterised by an “umbrella con- struction” which comprises several specific portfolios of assets known as “subfunds” for each of which various classes of shares, may be issued. Such shares belonging to a particular class shall hereinafter also be called “subfund shares”.

The entirety of the subfunds’ net assets forms the total net assets of the Company, which at any time correspond to the share capital of the Company and consist of fully paid in and non-par-value shares (the

“shares”).

The Board of Directors reserves the right to, at any point in time, launch new subfunds. The investment policy and characteristics of such subfunds are to be communicated through a revised prospectus. In compliance with the regulations of the prospectus, the Board of Directors reserves the right to terminate or to merge certain subfunds.

As at 30 September 2018, the following subfunds are active:

SF (LUX) SICAV 3

– ALTERNATIVE APPRECIATION INDEX EUR – KEY MULTI-MANAGER HEDGE FUND

– DIVERSIFIED CHF

– KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED EUR

– KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED USD

– KEY MULTI-MANAGER HEDGE FUND – FOCUSED CHF

– KEY MULTI-MANAGER HEDGE FUND – FOCUSED EUR

– KEY MULTI-MANAGER HEDGE FUND – FOCUSED USD

The shares will be issued as non-certificated registered shares. This means that the shareholder status of the investor in the Company with all associated rights and obligations will be based on the respective investor’s entry in the Company’s register. A conver- sion of registered shares into bearer shares may not be requested. The Shareholders should bear in mind that the registered shares may be also cleared via recognised external clearing houses like Clearstream and Euroclear.

At general meetings, each Shareholder has the right to one vote per share held, irrespective of the difference in value of shares in the respective subfunds. Shares of a particular subfund carry the right to one vote per share held when voting at meetings affecting the relevant subfund. Resolutions concerning the interests of Shareholders of the Company shall be taken in a general meeting and resolutions concerning the particular rights of the Shareholders of one specific subfund shall, in addition, be taken by this subfund’s general meeting.

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The Company is a single legal entity and the assets of a particular subfund are only available to meet the debts, engagements and obligations of that subfund. In respect of the relationship between the Shareholders, each subfund is treated as a separate entity.

The Company is unlimited with regard to duration and total assets.

The financial year of the Company starts on the first day of April and ends on 31 March of the next year.

The annual general meeting takes place annually on the 23^rd day of August at 11 hours a.m. at the registered office of the Company. If the 23^rd day of August is not a business day, the annual general meeting takes place on the next following business day.

Only the information contained in the sales prospectus and in one of the documents referred to therein shall be deemed to be valid.

The annual and semi-annual reports as well as the portfolio movements of the Company are available free of charge to Shareholders at the registered office of the Company and the Depositary.

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report if available.

The figures stated in this report are historical and not necessarily indicative of future performance.

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6 The notes are an integral part of the fi nancial statements.

Consolidated Statement of Net Assets

EUR

Assets 30.9.2018

Investments in securities, cost 2 411 706 496.26

Investments in securities, unrealized appreciation (depreciation) -31 332 059.73

Total investments in securities (Note 1) 2 380 374 436.53

Cash at banks, deposits on demand and deposit accounts 66 980.57

Receivable on securities sales (Note 1) 4 873 235.02

Other receivables 1 542 303.02

Unrealized gain (loss) on swaps (Note 1) -43 110 605.45

Total Assets 2 343 746 349.69

Liabilities

Bank overdraft -352 908.18

Interest payable on bank overdraft -94.10

Payable on securities purchases (Note 1) -80 467.90

Provisions for portfolio management fees (Note 2) -481 100.07

Provisions for administration fees (Note 2) -175 868.23

Provisions for management company fees (Note 2) -369 239.15

Provisions for depositary fees (Note 2) -175 868.24

Provisions for taxe d’abonnement (Note 3) -68 495.41

Provisions for other commissions and fees (Note 2) -67 486.92

Total provisions -1 338 058.02

Total Liabilities -1 771 528.20

Net assets at the end of the period 2 341 974 821.49

SF (LUX) SICAV 3

Semi-Annual Report as of 30 September 2018

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Consolidated Statement of Operations

EUR

Income 1.4.2018-30.9.2018

Interest on liquid assets 161.30

Total income 161.30

Expenses

Portfolio management fees (Note 2) -983 921.24

Administration fees (Note 2) -355 622.01

Management company fees (Note 2) -266 716.48

Depositary fees (Note 2) -355 622.01

Taxe d’abonnement (Note 3) -118 774.05

Other commissions and fees (Note 2) -292 490.02

Interest on cash and bank overdraft -3 616.06

Total expenses -2 376 761.87

Net income (loss) on investments -2 376 600.57

Realized gain (Note 1)

Realized gain on market-priced securities without options 296 185 286.65

Realized gain on swaps 16 040 765.37

Realized gain on foreign exchange 1 595 078.29

Total realized gain 313 821 130.31

Realized loss (Note 1)

Realized loss on market-priced securities without options -127 406 313.39

Realized loss on swaps -53 409 228.09

Realized loss on foreign exchange -1 595 078.39

Total realized loss -182 410 619.87

Net realized gain (loss) of the period 129 033 909.87

Changes in unrealized appreciation (Note 1)

Unrealized appreciation on market-priced securities without options 84 375 391.47

Unrealized appreciation on swaps 741 513.76

Total changes in unrealized appreciation 85 116 905.23

Changes in unrealized depreciation (Note 1)

Unrealized depreciation on market-priced securities without options -40 681 758.57

Unrealized depreciation on swaps -153 546 340.80

Total changes in unrealized depreciation -194 228 099.37

Net increase (decrease) in net assets as a result of operations 19 922 715.73 Semi-Annual Report as of 30 September 2018

SF (LUX) SICAV 3

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SF (LUX) SICAV 3 – ALTERNATIVE APPRECIATION INDEX EUR

Most important figures

Date ISIN 30.9.2018 31.3.2018 31.3.2017

Net assets in EUR 309 443 167.48 353 214 232.13 339 833 051.34

Class I* LU1379610329

Shares outstanding 2 790 211.0490 6.3841 6.3841

Net asset value per share in EUR 110.90 55 327 177.23 53 231 160.44

* See Note 9

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets

Finland 34.93 Belgium 30.25

The Netherlands 20.73

Austria 8.33 Spain 7.72 Total 101.96

Economic Breakdown as a % of net assets

Electronics & semiconductors 16.60 Banks & credit institutions 13.36 Telecommunications 12.06 Petroleum 8.77 Forestry, paper & pulp products 8.74

Tobacco & alcohol 7.38

Pharmaceuticals, cosmetics & medical products 5.06 Mechanical engineering & industrial equipment 4.81 Insurance 4.67 Chemicals 4.53 Finance & holding companies 4.13 Retail trade, department stores 4.13

Traffic & transportation 3.91

Biotechnology 3.81 Total 101.96

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Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – ALTERNATIVE APPRECIATION INDEX EUR

Statement of Net Assets

EUR

Assets 30.9.2018

Investments in securities, cost 320 220 113.44

Total investments in securities (Note 1) 315 501 707.33

Cash at banks, deposits on demand and deposit accounts 58 886.09

Other receivables 320 175.94

Total Assets 309 783 437.79

Liabilities

Total provisions -330 429.15

Total Liabilities -340 270.31

Net assets at the end of the period 309 443 167.48

Statement of Operations

EUR

Income 1.4.2018-30.9.2018

Expenses

Interest on cash and bank overdraft -76.16

Total expenses -570 650.55

Net income (loss) on investments -570 650.55

Total changes in unrealized appreciation 0.00

Net increase (decrease) in net assets as a result of operations 1 228 868.85

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Statement of Changes in Net Assets

EUR 1.4.2018-30.9.2018

Net assets at the beginning of the period 353 214 232.13

Subscriptions 353 214 232.13

Redemptions -398 214 165.63

Total net subscriptions (redemptions) -44 999 933.50

Net income (loss) on investments -570 650.55

Total realized gain 51 146 218.09

Total realized loss -20 018 695.35

Total changes in unrealized appreciation 0.00

Total changes in unrealized depreciation -29 328 003.34

Net increase (decrease) in net assets as a result of operations 1 228 868.85

Changes in the Number of Shares outstanding

1.4.2018-30.9.2018

Class I

Number of shares outstanding at the beginning of the period 6.3841

Number of shares issued 3 192 175.6180

Number of shares redeemed -401 970.9531

Number of shares outstanding at the end of the period 2 790 211.0490

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Statement of Investments in Securities and other Net Assets as of 30 September 2018

Description Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net (loss) on Futures/ assets Forward

Exchange Contracts/

Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Bearer shares

Austria

EUR ERSTE GROUP BK AG NPV 364 194.00 13 030 861.32 4.21

EUR OMV AG NPV(VAR) 263 029.00 12 727 973.31 4.12

Total Austria 25 758 834.63 8.33

Belgium

EUR AGEAS NPV 303 495.00 14 054 853.45 4.54

EUR ANHEUSER-BUSCH IN NPV 303 495.00 22 828 893.90 7.38

EUR GPE BRUXELLES LAM NPV 141 631.00 12 789 279.30 4.13

EUR SOLVAY SA NPV 121 398.00 14 021 469.00 4.53

Total Belgium 63 694 495.65 20.58

Finland

EUR KONE CORPORATION NPV ORD ‘B’ 323 728.00 14 897 962.56 4.81

EUR NOKIA OYJ NPV 5 179 648.00 24 743 178.50 8.00

EUR STORA ENSO OYJ NPV SER’R’ 768 854.00 12 666 869.65 4.09

Total Finland 52 308 010.71 16.90

The Netherlands

EUR KONINKLIJKE AHOLD EUR0.01 647 456.00 12 787 256.00 4.13

EUR KONINKLIJKE PHILIPS NV EUR0.20 728 388.00 28 578 303.18 9.24

Total The Netherlands 41 365 559.18 13.37

Spain

EUR AENA SME S.A. EUR10 80 932.00 12 099 334.00 3.91

EUR GRIFOLS SA EUR0.25 (CLASS A) POST SUBD 485 592.00 11 780 461.92 3.81

Total Spain 23 879 795.92 7.72

Total Bearer shares 207 006 696.09 66.90

Registered shares

Belgium

EUR KBC GROUP NV NPV 222 563.00 14 266 288.30 4.61

EUR UCB NPV 202 330.00 15 660 342.00 5.06

Total Belgium 29 926 630.30 9.67

Finland

EUR ELISA CORPORATION EUR0.50 343 961.00 12 564 895.33 4.06

EUR FORTUM OYJ EUR3.40 667 689.00 14 415 405.51 4.66

EUR SAMPO OYJ SER’A’NPV 323 728.00 14 438 268.80 4.67

EUR UPM-KYMMENE CORP NPV 424 893.00 14 361 383.40 4.64

Total Finland 55 779 953.04 18.03

The Netherlands

EUR ASML HOLDING NV EUR0.09 141 631.00 22 788 427.90 7.36

Total Registered shares 108 495 011.24 35.06

Total Transferable securities and money market instruments listed on an official stock exchange 315 501 707.33 101.96

Total investments in securities 315 501 707.33 101.96

Derivative instruments

Derivative instruments not listed on an official stock exchange and not traded on another regulated market

Swaps

EUR STAR COMPASS/ALTERNATIVE APP EUR INDEX TRS 16-31.03.21 -310 673 627.93 -6 097 331.57 -1.97

Total Swaps -6 097 331.57 -1.97

Total Derivative instruments not listed on an official stock exchange and not traded on another

regulated market -6 097 331.57 -1.97

Total Derivative instruments -6 097 331.57 -1.97

Cash at banks, deposits on demand and deposit accounts and other liquid assets 58 886.09 0.02

Bank overdraft and other short-term liabilities -9 841.16 0.00

Other assets and liabilities -10 253.21 -0.01

Total net assets 309 443 167.48 100.00

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Date ISIN 30.9.2018 31.3.2018 31.3.2017

Net assets in CHF 312 564 110.62 320 917 510.79 329 977 934.23

Class I LU0391226189

Shares outstanding 2 897 345.6180 3 002 023.6830 3 113 777.2970

Net asset value per share in CHF 107.88 106.90 105.97

SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED CHF

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Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED CHF

CHF

Assets 30.9.2018

Total Assets 312 827 178.25

Liabilities

CHF

Income 1.4.2018-30.9.2018

Expenses

Total expenses -283 481.07

Realized gain on swaps 585 667.75

Realized gain on foreign exchange 515 147.31

Realized loss on foreign exchange -515 147.39

Net increase (decrease) in net assets as a result of operations 2 897 457.02

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CHF 1.4.2018-30.9.2018

Total changes in unrealized appreciation 13 657 457.68

1.4.2018-30.9.2018

Class I

Number of shares outstanding at the beginning of the period 3 002 023.6830

Number of shares issued 132 585.2560

Number of shares outstanding at the end of the period 2 897 345.6180 Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED CHF

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Description Quantity/ Valuation in CHF as a %

Swaps (Note 1)

Bearer shares

Austria

EUR ERSTE GROUP BK AG NPV 317 250.00 13 244 187.19 4.24

EUR OMV AG NPV(VAR) 229 125.00 12 788 403.40 4.09

Total Austria 26 032 590.59 8.33

Belgium

EUR AGEAS NPV 264 375.00 14 121 480.81 4.52

EUR ANHEUSER-BUSCH IN NPV 264 375.00 23 059 773.85 7.38

EUR SOLVAY SA NPV 105 750.00 13 926 058.99 4.45

Total Belgium 63 681 254.14 20.37

Finland

EUR KONE CORPORATION NPV ORD ‘B’ 282 000.00 14 511 322.27 4.64

EUR NOKIA OYJ NPV 4 512 000.00 24 275 117.14 7.77

EUR STORA ENSO OYJ NPV SER’R’ 669 750.00 12 449 070.96 3.98

Total Finland 51 235 510.37 16.39

The Netherlands

EUR KONINKLIJKE AHOLD EUR0.01 564 000.00 12 545 479.05 4.02

EUR KONINKLIJKE PHILIPS NV EUR0.20 634 500.00 28 638 615.62 9.16

Spain

EUR GRIFOLS SA EUR0.25 (CLASS A) POST SUBD 423 000.00 11 573 781.67 3.70

Total Spain 23 467 453.82 7.51

Belgium

EUR UCB NPV 176 250.00 15 649 779.60 5.01

Total Belgium 30 368 750.07 9.72

Finland

EUR ELISA CORPORATION EUR0.50 299 625.00 12 293 735.67 3.93

EUR FORTUM OYJ EUR3.40 581 625.00 14 558 023.07 4.66

EUR SAMPO OYJ SER’A’NPV 282 000.00 14 238 733.89 4.55

EUR UPM-KYMMENE CORP NPV 370 125.00 14 344 562.32 4.59

Total Finland 55 435 054.95 17.73

The Netherlands

Total Transferable securities and money market instruments listed on an official stock exchange 314 069 229.32 100.48

Total investments in securities 314 069 229.32 100.48

Swaps

CHF STAR COMPASS/KMM HF DIV CHF INDEX TRS 08-30.09.23 -311 342 867.09 -2 722 680.92 -0.87

Total Swaps -2 722 680.92 -0.87

Bank overdraft and other short-term liabilities -97 764.42 -0.03

Other assets and liabilities 1 315 326.64 0.42

Total net assets 312 564 110.62 100.00

Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED CHF

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Date ISIN 30.9.2018 31.3.2018 31.3.2017

Net assets in EUR 1 081 860 131.28 1 043 402 179.48 827 893 227.25

Class I LU0390556354

Shares outstanding 9 027 890.0510 8 803 331.5110 7 078 273.2670

Net asset value per share in EUR 119.84 118.52 116.96

SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED EUR

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EUR

Assets 30.9.2018

Investments in securities, cost 1 112 023 336.46

Total investments in securities (Note 1) 1 100 363 933.22

Total Assets 1 082 584 416.56

Liabilities

EUR

Income 1.4.2018-30.9.2018

Expenses

Total expenses -954 775.17

Net increase (decrease) in net assets as a result of operations 11 702 380.75 Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED EUR

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EUR 1.4.2018-30.9.2018

Net assets at the beginning of the period 1 043 402 179.48

Total net subscriptions (redemptions) 26 755 571.05

1.4.2018-30.9.2018

Class I

Number of shares outstanding at the beginning of the period 8 803 331.5110

Number of shares outstanding at the end of the period 9 027 890.0510 Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED EUR

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Description Quantity/ Valuation in EUR as a %

Swaps (Note 1)

Bearer shares

Austria

EUR ERSTE GROUP BK AG NPV 1 264 014.00 46 401 953.94 4.29

EUR OMV AG NPV(VAR) 912 899.00 44 805 082.92 4.14

Total Austria 91 207 036.86 8.43

Belgium

EUR AGEAS NPV 1 053 345.00 49 475 614.65 4.57

EUR ANHEUSER-BUSCH IN NPV 1 053 345.00 80 791 561.50 7.47

EUR SOLVAY SA NPV 421 338.00 48 790 940.40 4.51

Total Belgium 223 111 813.37 20.62

Finland

EUR KONE CORPORATION NPV ORD ‘B’ 1 123 568.00 50 841 452.00 4.70

EUR NOKIA OYJ NPV 17 977 088.00 85 049 603.33 7.86

EUR STORA ENSO OYJ NPV SER’R’ 2 668 474.00 43 616 207.53 4.03

Total Finland 179 507 262.86 16.59

The Netherlands

EUR KONINKLIJKE AHOLD EUR0.01 2 247 136.00 43 953 980.16 4.06

EUR KONINKLIJKE PHILIPS NV EUR0.20 2 528 028.00 100 337 431.32 9.28

Spain

EUR GRIFOLS SA EUR0.25 (CLASS A) POST SUBD 1 685 352.00 40 549 569.12 3.75

Total Spain 82 219 897.32 7.60

Belgium

EUR UCB NPV 702 230.00 54 830 118.40 5.07

Total Belgium 106 399 080.68 9.84

Finland

EUR ELISA CORPORATION EUR0.50 1 193 791.00 43 071 979.28 3.98

EUR FORTUM OYJ EUR3.40 2 317 359.00 51 005 071.59 4.71

EUR SAMPO OYJ SER’A’NPV 1 123 568.00 49 886 419.20 4.61

EUR UPM-KYMMENE CORP NPV 1 474 683.00 50 257 196.64 4.65

Total Finland 194 220 666.71 17.95

The Netherlands

Total Transferable securities and money market instruments listed on an official stock exchange 1 100 363 933.22 101.71

Total investments in securities 1 100 363 933.22 101.71

Swaps

EUR STAR COMPASS/KMM HF DIV EUR INDEX TRS 08-30.09.23 -1 078 259 979.96 -20 360 988.07 -1.88

Total Swaps -20 360 988.07 -1.88

Bank overdraft and other short-term liabilities -161 971.81 -0.01

Other assets and liabilities 2 019 157.94 0.18

Total net assets 1 081 860 131.28 100.00

Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED EUR

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Date ISIN 30.9.2018 31.3.2018 31.3.2017

Net assets in USD 70 138 730.08 72 721 959.66 69 743 963.84

Class I LU0391226007

Shares outstanding 49 213.2770 52 287.9290 52 027.5550

Net asset value per share in USD 1 425.20 1 390.80 1 340.52

SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED USD

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USD

Assets 30.9.2018

Investments in securities, unrealized appreciation (depreciation) 13 722.61

Receivable on securities sales (Note 1) 128 860.24

Total Assets 70 186 631.14

Liabilities

USD

Income 1.4.2018-30.9.2018

Expenses

Interest on cash and bank overdraft -107.56

Total expenses -63 979.28

Realized gain on swaps 169 053.87

Realized gain on foreign exchange 568 592.56

Realized loss on swaps -841 873.37

Realized loss on foreign exchange -568 592.51

Unrealized appreciation on swaps 871 130.37

Net increase (decrease) in net assets as a result of operations 1 747 604.67 Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED USD

(24)

USD 1.4.2018-30.9.2018

1.4.2018-30.9.2018

Class I

Number of shares outstanding at the beginning of the period 52 287.9290

Number of shares outstanding at the end of the period 49 213.2770 Semi-Annual Report as of 30 September 2018 SF (LUX) SICAV 3 – KEY MULTI-MANAGER HEDGE FUND – DIVERSIFIED USD