Annual Report. SEB Fund 3

Transcription

1 Annual Report SEB Fund 3 Status: 31 December 2014

2 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract.

3 Table of Contents Page Organisation 2 General Information 4 Management Report 6 Report of the Board of Directors: SEB Fund 3 - SEB Ethical Global Index Fund 9 SEB Fund 3 - SEB Ethical Sweden Fund 10 SEB Fund 3 - SEB Index Linked Bond Fund SEK 11 SEB Fund 3 - SEB Medical Fund 12 SEB Fund 3 - SEB Pension Fund 13 SEB Fund 3 - SEB Technology Fund 14 SEB Fund 3 - SEB U.S. Index Fund 15 Schedule of Investments: SEB Fund 3 - SEB Ethical Global Index Fund 16 SEB Fund 3 - SEB Ethical Sweden Fund 41 SEB Fund 3 - SEB Index Linked Bond Fund SEK 44 SEB Fund 3 - SEB Medical Fund 45 SEB Fund 3 - SEB Pension Fund 47 SEB Fund 3 - SEB Technology Fund 54 SEB Fund 3 - SEB U.S. Index Fund 56 Combined Statement of Operations 69 Combined Statement of Changes in Net Assets 72 Combined Statement of Net Assets 75 Statistical Information 78 Additional Information on Management Fees 84 Notes to the Financial Statements 85 Audit Report 91 Notes to the EU Savings Tax Directive (unaudited) 93 Risk Disclosure (unaudited) 94 1

4 Organisation Heading Management Company: Board of Directors of the Management Company: SEB Asset Management S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg Chairperson Peter Kubicki Managing Director SEB Wealth Management Denmark Managing Director Ralf Ferner Managing Director SEB Asset Management S.A. Luxembourg Members Marie Winberg Director Business Strategy Skandinaviska Enskilda Banken AB (publ) Stockholm, Sweden Alexander Klein Managing Director SEB Investment GmbH Frankfurt am Main, Germany Elisabeth Scheja Sterner (since 1 July 2014) Head of Global Product & Distribution Strategy Skandinaviska Enskilda Banken AB (publ) Stockholm, Sweden Conducting Officers: Central Administration (including Registrar, Transfer Agent, Administrative Agent and Paying Agent): Ralf Ferner, Luxembourg Matthias Ewald, Luxembourg Loïc Guillermet, Luxembourg (since 5 June 2014) The Bank of New York Mellon (Luxembourg) S.A. 2-4, rue Eugène Ruppert L-2453 Luxembourg Investment Manager: Custodian Bank: SEB Investment Management AB Sveavägen 8 SE Stockholm, Sweden Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg 2

5 Auditor of the Fund and the Management Company: Global Distributor: Representatives and Paying Agents outside Luxembourg: PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg Skandinaviska Enskilda Banken AB (publ) Kungsträdgårdsgatan 8 SE Stockholm, Sweden The full list of representatives and Paying Agents outside Luxembourg can be obtained, free of charge, at the registered office of the Management Company and on the website 3

6 General Information Heading SEB Fund 3 (the Fund ) is a Luxembourg investment fund ( Fonds Commun de Placement ) governed by Part I of the Luxembourg Law on Undertaking for Collective Investment of 17 December 2010 (the Law ), as amended. The Fund, which was set up on 27 May 1993 for an undetermined duration, is managed by SEB Asset Management S.A. (the Management Company ). The Management Regulations lastly modified with effect from 11 November 2011, have been deposited with the Luxembourg Trade Register and the relating notice has been published in the Mémorial C on 17 November The Management Company was established on 15 July 1988, with subsequent publication of the Articles of Incorporation in the Mémorial C on 16 August The Articles of Incorporation were last amended on 1 July 2014 and published on 21 July The Management Company is registered under Corporate Identity Number B SEB Asset Management S.A. has delegated the Central Administration, including the administrative, registrar, transfer agent and paying agent functions - under its continued responsibility and control at its own expense to The Bank of New York Mellon (Luxembourg) S.A., 2-4, rue Eugène Ruppert, L-2453 Luxembourg. This company was incorporated in Luxembourg as a Société Anonyme on 15 December 1998 and is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation. It is registered with the Luxembourg Trade and Companies Register under Corporate Identity Number B (the Administrative Agent and the "Registrar and Transfer Agent ). In its capacity as Administrative Agent, it assumes certain administrative duties which are necessary within the framework of managing the Fund, including the calculation of the Net Asset Value per unit and the provision of accounting services for the Fund. In its capacity as Registrar and Transfer Agent, it will process all subscriptions, redemptions and transfers of units, and will register these transactions in the Unitholders' register of the Fund. The main objective of the investment policy is to invest directly and/or indirectly in transferable securities and other eligible assets with the purpose of spreading risks and achieving long-term capital growth. At present, seven Sub-Funds are at the Unitholders disposal: SEB Fund 3 - SEB Ethical Global Index Fund SEB Fund 3 - SEB Ethical Sweden Fund SEB Fund 3 - SEB Index Linked Bond Fund SEK SEB Fund 3 - SEB Medical Fund SEB Fund 3 - SEB Pension Fund SEB Fund 3 - SEB Technology Fund SEB Fund 3 - SEB U.S. Index Fund The Management Company may decide to issue capitalisation units ( C ) and distribution units ( D ). Several unit classes may be offered, which differ in their charges, use of income, persons authorised to invest, minimum investment amount, reference currency or other characteristics. The D units may pay a dividend. The C, IC and IC P units will capitalise income, with the result that their value will become greater than that of D units, in the proportion of the dividends paid to the D units. The Management Company may furthermore issue unit classes whose reference currency is not the base currency of the respective Sub-Fund, but where the currency exposure of the reference currency against the base currency will be hedged. In case of a currency hedge in favour of the reference currency of a respective unit class, an H- will precede the currency denomination of this unit class. For example (H-SEK) means that the reference currency of the unit class (SEK) is hedged against fluctuation of the base currency of the Sub-Fund. 4

7 Currently, the following unit classes are offered for the several Sub-Funds: SEB Fund 3 - SEB Ethical Global Index Fund o Capitalisation units ( C (USD) units) LU o Distribution units ( D (USD) units) LU o Capitalisation units ( IC P (SEK) units) LU SEB Fund 3 - SEB Ethical Sweden Fund o Distribution units ( D (SEK) units) LU SEB Fund 3 - SEB Index Linked Bond Fund SEK o Distribution units ( D (SEK) units) LU SEB Fund 3 - SEB Medical Fund o Distribution units ( D (USD) units) LU SEB Fund 3 - SEB Pension Fund o Capitalisation units ( C (SEK) units) LU o Capitalisation units ( C (USD) units) LU o Distribution units ( D (USD) units) LU o Capitalisation units ( IC P (SEK) units) LU SEB Fund 3 - SEB Technology Fund o Capitalisation units ( C (USD) units) LU o Distribution units ( D (USD) units) LU SEB Fund 3 - SEB U.S. Index Fund o Capitalisation units ( C (USD) units) LU o Distribution units ( D (USD) units) LU o Capitalisation units ( IC P (SEK) units) LU The base currency of the Fund and the Sub-Funds SEB Fund 3 - SEB Ethical Global Index Fund, SEB Fund 3 - SEB Medical Fund, SEB Fund 3 - SEB Pension Fund, SEB Fund 3 - SEB Technology Fund and SEB Fund 3 - SEB U.S. Index Fund is US Dollar. The base currency of the Sub-Funds SEB Fund 3 - SEB Ethical Sweden Fund and SEB Fund 3 - SEB Index Linked Bond Fund SEK is Swedish Krona. The Net Asset Value per unit as well as the issue and redemption prices, which are computed daily on bank business days in Luxembourg, except 24 December and 31 December ("Valuation date"), can be obtained from the registered offices of the Management Company, the Custodian Bank and the Paying Agent. In addition, the Net Asset Value, fact sheets and other informational marketing material is published on the SEB Luxembourg website ( under the rubric SEB Asset Management S.A.. For Sub-Funds registered in other countries, the publication media might differ according to the regulatory requirements. Information about ongoing charges can be found in the Key Investor Information Document (KIID). Financial reports of the Fund are published annually and semi-annually. These reports as well as the Sales Prospectus, the Management Regulations and other information concerning the Fund can be obtained free of charge at the offices of the Management Company, the Custodian Bank and the Paying Agent. 5

8 Management Report Heading Dear Unitholders, With this report, we want to give you an overview of the general economic environment, the development of the most important capital markets, our investment policy and the performance of our Fund SEB Fund 3. This annual report covers the financial year from 1 January 2014 to 31 December We would like to thank you for your confidence and will do everything within our power to justify your decision of investing in our Fund. An increasingly heterogeneous world A resurging US economy, moderation in Emerging Markets ( EM ) growth rates, collapsing oil prices, turmoil in Ukraine, and the end of monetary stimulus in the US were the major themes of In combination they led to, and reflected, a highly dispersed global growth and monetary policy picture. A picture in which some countries are on the verge of hiking rates due to an improving economy (the US), some are hiking due to rising inflation rates (EM oil exporters), and some are on verge of increasing or introducing monetary stimulus due to falling and fragile growth and inflation rates (Europe and Japan). At the end of 2014, the global economy therefore looks more heterogeneous than what it has done for years. In terms of the markets, we saw gains in both equities and core government bonds: the former driven by continued multiple expansion, the latter by the oil price ensuing decline in headline inflation and lingering uncertainty about growth prospects for the Eurozone. The perhaps most notable market event of 2014 was the collapse of oil prices in the year s second half. A rout, which took prices back to levels last seen in 2009, and which also caused considerable turmoil in asset classes other than commodities. The latter in particular for the US High Yield market, which was affected through US energy producers. Despite the mentioned turmoil in commodities, the implied volatility for both equities and bonds remained low over the year as a whole. As such the Chicago Board Options Exchange Market Volatility Index, which measures the implied volatility of US equities, averaged the lowest level since In total, 2014 turned out to present decent financial returns and seeded the ground for an interesting In the following, we will comment in more detail on the decline in oil prices, the rising equity valuations, and the geopolitical risks that affected Finally, we will present our recommended allocation for 2015 and our view on the financial markets. The decline in oil prices The decline in oil prices started in late July Although no explicit event clearly defined the initial fall in prices, the geopolitical risks, which had for the first half of 2014 dominated the markets, were starting to recede. In particular, focus on Islamic State declined throughout June and July, following an initial escalation in May. The fall in oil prices continued over August and September; a fall that was further fuelled by the refusal of OPEC to cut production at their late October meeting. On a more strategic horizon, the decline in oil prices follows a five year period of ever increasing production in the US, which has once more gained a considerable market share. This has to some extent reduced OPEC s ability to control prices, which can be speculated to be the culprit behind their October decision not to cut production. For better or worse, the global oil price now seems more determined by global supply and demand than price collusion and/or geopolitical risk than what it has done for years. 6

9 An interesting effect of the slide in oil prices was the impact on other asset classes in general and the US High Yield market in particular. Given that shale producers in the US have been issuing bonds heavily over the last couple of years, the energy sector has gained a heightened importance for the US High Yield market. As such, the uncertainty about the degree to which these issuers had hedged their oil exposure forced spreads significantly higher in the year s second half. Although the effect of oil on the major equity indices was muted compared to High Yield, the declining oil prices did lead to a decline in the forward Earnings Per Share ( EPS ) estimate for the energy sector, which was large enough to depress the aggregate 12-month forward EPS estimate for US equities. The decline in EPS expectations combined with rising prices on equities, led to multiple expansion. Finally, the declining energy prices drove inflation expectations down over the year which supported the continuous gain in government bonds. Valuations For the third year in a row, valuations rose for MSCI World, thereby bringing the 12-month forward Price Earnings ( PE ) up to 15.5 (Bloomberg estimate). As such, the 12-month forward PE ended 2014 at the highest levels since 2004 and is starting to enter territory only paved in recent time by the IT bubble of the late 90s. Whether this is sustainable or not, is likely to be one of the main determinates of equity performance over the coming 4-5 years. It should however be noted that the rise in PE, or conversely the decline in earnings yield, is materializing in a market with unprecedented low nominal yields in the fixed income space. As such, a growing proportion of investors are pointing to the fact that a further decline in earnings yield, or conversely a rise in PE, is only natural, as this will bring convergence in the valuation of earnings and fixed income cash flows. Geopolitical risks The major geopolitical risk driver of 2014 was the turmoil in eastern Ukraine. Trade sanctions imposed by the US and Europe upon Russia and uncertainty about further escalations hampered risk taking in European markets, and did to some extent support the year long decline in German 10-year government bond yields. Even though the turmoil still dominated headlines, the global market impact was muted over the summer; this understood as such that European equities posted year highs in late September, and only declined hereafter, which was post the main noise originating from Ukraine. Put in other words, the relative underperformance of European equities in 2014, compared to US equities, did not seem directly driven by the geopolitical noise from Ukraine. Monetary policy In terms of monetary policy, the most notable event of 2014 was the end of the bond buying stimulus program in the US (the third round of quantitative easing ( QE3 )), the end of which did not cause the same financial havoc as the discussion about tapering in While the US ended their stimulus program, it was noticeable that Japan increased theirs and that speculation arose about future implementation of quantitative easing in Europe. Perhaps more than anything else, the shifts in global monetary policy signaled a divergence within the global economy, with the US economy firmly outperforming its European peers. 7

10 The development of monetary policy in the Emerging Market space also illustrated the diverging forces of the declining oil prices and the prospect of future Federal Reserve rate hikes. Due to a combination of both these factors, the latter making US investments more favorable compared to EM assets, 2014 introduced a significant pressure on EM foreign exchange rates as a whole. A pressure, which for some countries and oil exporters in particular, led to inflationary pressures, thereby following rate hikes; a tendency, which is still in place as of writing. In all, while 2014 highlighted the diverging growth between the US and Europe, it also highlighted the ever increasing heterogeneity of the EM space. Outlook for the financial markets and economic growth The US economy enters 2015 looking the strongest it has done for years. Employment growth looks firmly anchored above 200k, sentiment indicators are sitting at multi-year highs for both consumers and manufacturers, and hard data is slowly but steadily improving. All this supports our view that the US economy will continue to be the main growth driver of the western world in For Europe it seems likely that the weaker Euro, a supporting Central Bank, a resurging US economy, and benign credit conditions will finally break the very negative consensus on European growth. Emerging Market is by the day becoming a more and more heterogeneous space. More than ever, it is split over the dependence of oil revenues, by fiscal balances, and current account deficits. On an aggregated level, we expect to see continued financial weakness in Latin America, and relative strength in Asia. In light of both the strong US growth, the expectation of improving economic growth in Europe and the expectation of rising earnings and sales, equities should deliver a positive return close to, if not above, its historical average. We believe that even though equities are starting to trade at rich multiples, they should still be able to perform. A start of the US rate hike cycle and improving global growth should in our view put upward pressure on core government bond yields. In conclusion, we recommend an allocation for 2015 which is over-weighted risk in general and equities in particular. Luxembourg, 16 January 2015 SEB Asset Management S.A. R. Ferner M. Ewald 8

11 Report of the Board of Directors Heading SEB Fund 3 - SEB Ethical Global Index Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked by considerable price fluctuations due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. The troubles in Ukraine and the Middle East contributed strongly to the uncertain climate. This resulted in a decline in confidence in the future and periods of lower appetite for risk, particularly in September and October. Towards the end of the year, focus was on the substantial fall in oil prices, which among other things put pressure on the already falling Russian Rouble. Economic developments in the United States were strong and stable, and the US Federal Reserve decided as expected to discontinue buying bonds in view of the stable trends. In Europe, economic statistics were substantially weaker. Doubt rose about Germany's ability to act as growth-locomotive within the region, and pressure increased on the European Central Bank to continue to act expansively. With support from central banks across the world, overall developments for the world's broad equity markets were positive during the period despite the unrest seen during the period, and bond interest rates fell to historically low levels. The US Dollar strengthened significantly during the year, and the Swedish Krona weakened against both the US Dollar and the euro. Sub-Fund update Adjusted for management fees and charges, the Sub-Fund performed during the year in line with its benchmark index SRI on MSCI AC World Net Return. The tracking error in 2014 was expected to be within 35 basis points ( bps ). However, the Sub-Fund realised a tracking error of 17 bps, which was within expectations. The expected tracking error in 2015 is to remain within 35 bps. The Sub-Fund's ethical criteria implied changes in holdings in conjunction with index rebalancing. In 2014, the Sub-Fund had a net inflow of approximately SEK 1.9 billion. The Sub-Fund's principal currency exposure is towards the US Dollar, which strengthened considerably against the Swedish Krona. This in turn contributed positively to the Sub-Fund's unit value expressed in SEK. Strategy going forward The objective of the Sub-Fund is to reflect as far as possible the development of SRI on MSCI AC World Net Return. Note: Performance mentioned in this report is historical and is not indicative of future results. 9

12 Report of the Board of Directors Heading SEB Fund 3 - SEB Ethical Sweden Fund Market update The Stockholm Stock Exchange developed very well in 2014 despite sluggish growth, geopolitical unrest and falling oil prices. One contributory reason is that the aggregated profits for Swedish companies appear to have risen in 2014 for the first time since The best sectors were Property, Technology and Finance, while the poorest developments were seen within Telecoms, Oil & Gas and Public Utilities. Macro-economic data showed continued large differences between regions. The United States saw good GDP growth and strong developments within the labour market. The situation was the opposite in Europe, where growth and inflation were non-existent, and unemployment levels remained stubborn. Sweden was somewhere in the middle. Sub-Fund update The positions that contributed most positively to the Sub-Fund's relative performance were overweights in Scania and Axfood and an underweight in Kinnevik. Volkswagen made a bid for Scania, which later went through, resulting in the share rising strongly. Uncertainty about global growth and record-low interest rates led during 2014 to an appreciation of stable equities with high direct yield, which benefited Axfood. The positions that affected relative performance most negatively were overweights in Oriflame and MTG and an underweight in Investor. Both Oriflame and MTG were affected by the Russian unrest and the falling Russian rouble. In addition, the business models of these companies were questioned in a world where technical prerequisites are rapidly changing. The holdings in Volvo, Electrolux and Atlas Copco have been reduced since the end of last year. The proceeds were mainly invested in ABB, Investor and Hufvudstaden. No sales were made during the period as a consequence of the Sub-Fund's sustainability related criteria. Strategy going forward The management's objective is to identify and invest in quality equities with attractive valuations in order to create prerequisites for long-term and good development within the Sub-Fund. Other During the year, the Sub-Fund received back previously paid tax at source from other countries within the EU. This income has affected the Sub-Fund's yield positively by 4.35%. Jens Sandblom is new Manager of the Sub-Fund since 1 July The Sub-Fund was climate-controlled during 2014 and is significantly more climate-proficient than the Stockholm Stock Exchange as a whole, and was awarded the distinction "Climate Impact Transparent Investment" by South Pole Carbon. Note: Performance mentioned in this report is historical and is not indicative of future results. 10

13 Report of the Board of Directors Heading SEB Fund 3 - SEB Index Linked Bond Fund SEK Market update The year 2013 closed with the Swedish central bank, Riksbank, reducing its key interest rate, and many people believed at the time that it would be the last reduction in view of the increasingly brighter economic outlook. Inflationary pressure was however low, and would become even lower during As the year 2014 came to a close, the Riksbank totally "removed" interest after having reduced in the autumn its key interest rate all the way down to zero. The Riksbank's aggressive monetary policy led to Swedish interest rates falling considerably during the year. A Swedish 2-year interest rate at the end of 2014 was around zero percent, and Swedish 10-year interest rates fell by more than 1.5 percentage points in Sub-Fund update Real bonds followed the nominal trend with falling interest rates during the year, which contributed positively to the Sub-Fund's performance. Inflation was however surprisingly low during 2014, and compensation for inflation was close to zero. Developments for real bonds were therefore slightly poorer than for equivalent nominal bonds. The Riksbank's reduction down to zero in the autumn, combined with the strong fall in oil prices, subsequently led to real interest rates not falling with nominal rates, and the positive trend in the Sub-Fund's performance came to a halt towards the end of Strategy going forward Swedish inflation, at an annual rate, is expected to remain below zero well into the second half of This could imply that demand for real bonds to be low during the first months of the year. The market's pricing of real bonds appears however to be attractive. Today's pricing shows that the market believes that inflation will become lower than most analysts believe, including the Riksbank. Initially, we will probably have a neutral exposure towards inflation. Should the low pricing of future inflation become lasting, we will probably increase the exposure sometime in the first quarter. Other The management fee was reduced on 1 April 2014 by 0.2 percentage points to 0.5%. Note: Performance mentioned in this report is historical and is not indicative of future results. 11

14 Report of the Board of Directors Heading SEB Fund 3 - SEB Medical Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked during the year by increased volatility due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. Economic developments in the United States were strong and stable, but substantially weaker in Europe. With support from central banks across the world, overall developments for the world's broad equity markets were positive during the period, and bond interest rates fell globally to historically low levels. Sub-Fund update The Sub-Fund developed positively in absolute terms and better than its benchmark index, due primarily to positive contributions from holdings within Pharma and Biotechnology. The best company choice was the British biotechnology company Shire Plc, which rose by 50% during the year. The American company Edwards Lifesciences Corp also contributed positively when the share rose by 94%. Our less-successful investments included the American company Cigna Corp, which performed below the pharmaceuticals market as a whole. Strategy going forward The team uses a structured investment process, where the objective is to achieve a portfolio that provides long-term yield that is higher than the Sub-Fund's benchmark index. Companies are analysed based on fundamental factors and market data. Diversification and risk-awareness are important elements of the portfolio's structure. Other Andreas Hansen is Fund Manager as of 1 September Note: Performance mentioned in this report is historical and is not indicative of future results. 12

15 Report of the Board of Directors Heading SEB Fund 3 - SEB Pension Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked by increased volatility due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. This resulted in a decline in confidence in the future and periods of lower appetite for risk, particularly in September and October. With low exploitation of resources and non-existent inflationary pressure, central banks have focused on fighting deflation. Economic developments in the United States were strong and stable, and the US Federal Reserve decided as expected to discontinue buying bonds in view of the stable trends. In Europe, economic statistics were substantially weaker. Doubt rose about Germany's ability to act as growth-locomotive within the region, and pressure increased on the European Central Bank to continue to act expansively. With support from central banks across the world, overall developments for the world's broad equity markets were positive during the period, and bond interest rates fell globally to historically low levels. Sub-Fund update The Sub-Fund's value increased during the period, driven primarily by the Sub-Fund's exposure towards equities. The world's broad stock markets developed positively with a continued moderately good appetite for risk among investors. Government bonds, credits and hedge funds also contributed positively. Our investments in hedge funds performed strongly, driven primarily by SEB Asset Selection. The corporate bond market was characterised by the narrowing of interest-rate differences between corporate bonds and equivalent underlying government bonds. The Sub-Fund's exposure in the asset class in the form of SEB Foretagsobligationsfond Flexible and SEB High Yield both developed positively. The fixed-income part of the Sub-Fund consisting of Swedish government and mortgage bonds also made a positive contribution in an environment of falling interest rates. Commodities developed negatively during the year, and the Sub-Fund's exposure in the form of Vontobel Fund - Belvista Commodity Fund and SEB Prime Solutions - SEB Commodity Index Fund decreased in value. The US Dollar strengthened against the Swedish Krona, which contributed positively to the development of the Sub-Fund unit's value expressed in SEK. Strategy going forward We believe that the portfolio is well-balanced given the prevailing market situation, and will therefore maintain the current allocation among the Sub-Fund's various asset classes. Note: Performance mentioned in this report is historical and is not indicative of future results. 13

16 Report of the Board of Directors Heading SEB Fund 3 - SEB Technology Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked during the year by increased volatility due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. Economic developments in the United States were strong and stable, but substantially weaker in Europe. With support from central banks across the world, overall developments for the world's broad equity markets were positive during the period, and bond interest rates fell globally to historically low levels. Sub-Fund update The Sub-Fund developed positively in absolute terms during the year but below its benchmark index, due primarily to positive contributions from our holdings in hardware companies, while software companies were less successful. At company level, the American company F5 Networks Inc contributed positively further to the share rising by 44% during the year. The American software company Microsoft Corp also had a positive effect with a rise of 28%. Our less successful investments included Xilinx Inc, which performed poorer than the technology sector as a whole. Strategy going forward The team uses a structured investment process, where the objective is to achieve a portfolio that provides long-term yield that is higher than the Sub-Fund's benchmark index. Companies are analysed based on fundamental factors and market data. Diversification and risk-awareness are important elements of the portfolio's structure. Note: Performance mentioned in this report is historical and is not indicative of future results. 14

17 Report of the Board of Directors Heading SEB Fund 3 - SEB U.S. Index Fund Market update Further to strong stock markets in 2013, the year 2014 started somewhat more tentatively with subsequent currency unrest and higher interest rates in several emerging markets. The global economy was marked by considerable price fluctuations due to major regional differences, rising geopolitical uncertainty and doubts about the efficacy of monetary policies. The troubles in Ukraine and the Middle East contributed strongly to the uncertain climate. This resulted in a decline in confidence in the future and periods of lower appetite for risk, particularly in September and October. Towards the end of the year, focus was on the substantial fall in oil prices, which among other things put pressure on the already falling Russian Rouble. Economic developments in the United States were strong and stable, and the US Federal Reserve decided as expected to discontinue buying bonds in view of the stable trends. In Europe, economic statistics were substantially weaker. Doubt rose about Germany's ability to act as growth-locomotive within the region, and pressure increased on the European Central Bank to continue to act expansively. Despite global unrest and uncertainty, American stock markets developed well in Several downturns of between 4 and 8 percentage points were seen as a consequence of the general unrest, although the full-year saw a positive trend. The US Dollar strengthened considerably during the year. Sub-Fund update Adjusted for management fees and charges, the Sub-Fund performed during the year in line with its benchmark index S&P 500 Net Return. The tracking error in 2014 was expected to be within 20 basis points ( bps ). However, the Sub-Fund realised a tracking error of 7 bps, which was within expectations. The expected tracking error in 2015 is to remain within 20 bps. In 2014, the Sub-Fund had a net inflow of approximately SEK 565 million. The Sub-Fund's currency exposure is towards the US Dollar, which strengthened considerably against the Swedish Krona. This in turn contributed positively to the Sub-Fund's unit value expressed in SEK. Strategy going forward The objective of the Sub-Fund is to reflect as far as possible the development of S&P 500 Net Return. Note: Performance mentioned in this report is historical and is not indicative of future results. 15

18 Schedule of Investments Heading As at 31 December 2014 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Transferable securities admitted to an official stock exchange listing Shares Australia AGL Energy Ltd 95,886 AUD ,053, Amcor Ltd/Australia 97,520 AUD ,078, AMP Ltd 167,905 AUD , Asciano Ltd 77,780 AUD , ASX Ltd 10,342 AUD , Aurizon Holdings Ltd 188,144 AUD , Australia & New Zealand Banking Group Ltd 185,212 AUD ,864, BHP Billiton Ltd 210,047 AUD ,076, Brambles Ltd 85,198 AUD , Commonwealth Bank of Australia 98,847 AUD ,934, Computershare Ltd 43,525 AUD , CSL Ltd 25,364 AUD ,811, Dexus Property Group 142,865 AUD , Fortescue Metals Group Ltd 130,853 AUD , Goodman Group 258,950 AUD ,235, GPT Group/The 293,584 AUD ,070, Insurance Australia Group Ltd 172,857 AUD , Lend Lease Group 70,628 AUD , Macquarie Group Ltd 26,558 AUD ,265, National Australia Bank Ltd 162,304 AUD ,461, Newcrest Mining Ltd 68,977 AUD , Orica Ltd 31,084 AUD , Origin Energy Ltd 57,515 AUD , QBE Insurance Group Ltd 60,864 AUD , Santos Ltd 80,136 AUD , Scentre Group 399,364 AUD ,181, Stockland 276,018 AUD , Suncorp Group Ltd 96,521 AUD ,111, Telstra Corp Ltd 296,576 AUD ,453, Westfield Corp 130,576 AUD , Westpac Banking Corp 199,816 AUD ,438, Woodside Petroleum Ltd 43,733 AUD ,363, Woolworths Ltd 110,876 AUD ,778, WorleyParsons Ltd 27,962 AUD , Total Australia 53,384, Austria Erste Group Bank AG 42,028 EUR , OMV AG 27,066 EUR , Total Austria 1,708, Belgium Ageas 17,564 EUR , Belgacom SA 9,158 EUR , Delhaize Group SA 10,462 EUR , Groupe Bruxelles Lambert SA 4,369 EUR , KBC Groep NV 12,246 EUR , Solvay SA 2,384 EUR , Umicore SA 6,817 EUR , Total Belgium 3,399, Bermuda Arch Capital Group Ltd 7,600 USD , Bunge Ltd 8,900 USD , COSCO Pacific Ltd 498,000 HKD ,

19 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Credicorp Ltd 4,100 USD , Everest Re Group Ltd 3,400 USD , Invesco Ltd 14,500 USD , Kunlun Energy Co Ltd 390,000 HKD , Li & Fung Ltd 472,000 HKD , Marvell Technology Group Ltd 19,700 USD , Nabors Industries Ltd 25,300 USD , Noble Group Ltd 394,000 SGD , NWS Holdings Ltd 258,000 HKD , Seadrill Ltd 25,866 NOK , Shangri-La Asia Ltd 340,000 HKD , Signet Jewelers Ltd 2,300 USD , Total Bermuda 7,109, Brazil Banco Bradesco SA ADR 106,756 USD ,416, Banco do Brasil SA 52,100 BRL , Banco Santander Brasil SA 56,100 BRL , BM&FBovespa SA 215,800 BRL , BR Malls Participacoes SA 58,700 BRL , Bradespar SA (Pref) 54,700 BRL , BRF SA 32,800 BRL , CCR SA 65,100 BRL , Cia Brasileira de Distribuicao (Pref) 8,509 BRL , Cia de Saneamento Basico do Estado de Sao Paulo 32,400 BRL , Cia Siderurgica Nacional SA 130,100 BRL , Cielo SA 48,792 BRL , Gerdau SA (Pref) 131,700 BRL , Itau Unibanco Holding SA (Pref) 157,410 BRL ,044, Itausa - Investimentos Itau SA (Pref) 135,961 BRL , Kroton Educacional SA 87,200 BRL , Localiza Rent a Car SA 49,930 BRL , Lojas Renner SA 27,200 BRL , Natura Cosmeticos SA 27,900 BRL , Petroleo Brasileiro SA ADR 165,900 USD ,250, Telefonica Brasil SA (Pref) 12,600 BRL , Tim Participacoes SA 68,000 BRL , Ultrapar Participacoes SA 28,200 BRL , Total Brazil 13,940, Canada Agnico Eagle Mines Ltd 18,500 CAD , Alimentation Couche-Tard Inc 25,600 CAD ,064, ARC Resources Ltd 28,500 CAD , Bank of Montreal 28,600 CAD ,021, Bank of Nova Scotia/The 86,500 CAD ,948, Baytex Energy Corp 16,200 CAD , BCE Inc 14,400 CAD , Bombardier Inc B 158,700 CAD , Brookfield Asset Management Inc A 23,600 CAD ,189, Cameco Corp 38,700 CAD , Canadian Imperial Bank of Commerce/Canada 21,226 CAD ,826, Canadian National Railway Co 42,100 CAD ,912, Canadian Natural Resources Ltd 54,900 CAD ,696, Canadian Oil Sands Ltd 23,500 CAD , Canadian Pacific Railway Ltd 8,700 CAD ,681, Canadian Tire Corp Ltd A 4,200 CAD , Catamaran Corp 15,700 CAD , Cenovus Energy Inc 46,900 CAD , CGI Group Inc A 12,400 CAD ,

20 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Crescent Point Energy Corp 29,200 CAD , Eldorado Gold Corp 76,200 CAD , Enbridge Inc 36,300 CAD ,865, Encana Corp 38,350 CAD , Enerplus Corp 32,800 CAD , Fairfax Financial Holdings Ltd 1,100 CAD , Finning International Inc 19,700 CAD , First Quantum Minerals Ltd 44,500 CAD , Franco-Nevada Corp 13,100 CAD , Goldcorp Inc 48,500 CAD , Great-West Lifeco Inc 11,200 CAD , Husky Energy Inc 9,000 CAD , IGM Financial Inc 7,000 CAD , Imperial Oil Ltd 13,600 CAD , Intact Financial Corp 5,800 CAD , Kinross Gold Corp 104,900 CAD , Loblaw Cos Ltd 9,707 CAD , Magna International Inc 16,900 CAD ,842, Manulife Financial Corp 115,800 CAD ,223, MEG Energy Corp 10,600 CAD , Metro Inc 13,800 CAD ,098, National Bank of Canada 16,800 CAD , Open Text Corp 8,900 CAD , Pacific Rubiales Energy Corp 29,400 CAD , Power Corp of Canada 12,300 CAD , Power Financial Corp 8,000 CAD , Restaurant Brands International Inc 13,482 CAD , RioCan Real Estate Investment Trust 34,700 CAD , Rogers Communications Inc B 29,900 CAD ,165, Royal Bank of Canada 90,191 CAD ,251, Saputo Inc 12,200 CAD , Shaw Communications Inc B 31,300 CAD , Silver Wheaton Corp 33,000 CAD , SNC-Lavalin Group Inc 10,700 CAD , Sun Life Financial Inc 23,700 CAD , Suncor Energy Inc 75,600 CAD ,416, Talisman Energy Inc 76,400 CAD , Teck Resources Ltd B 30,000 CAD , Thomson Reuters Corp 13,500 CAD , Toronto-Dominion Bank/The 123,300 CAD ,890, Tourmaline Oil Corp 22,400 CAD , TransAlta Corp 94,000 CAD , Valeant Pharmaceuticals International Inc 19,400 CAD ,776, Vermilion Energy Inc 11,000 CAD , Yamana Gold Inc 76,100 CAD , Total Canada 67,489, Cayman Islands Belle International Holdings Ltd 411,000 HKD , China Mengniu Dairy Co Ltd 146,000 HKD , China Resources Land Ltd 204,000 HKD , ENN Energy Holdings Ltd 116,000 HKD , Hengan International Group Co Ltd 72,000 HKD , Herbalife Ltd 5,200 USD , Tencent Holdings Ltd 363,600 HKD ,310, Tingyi Cayman Islands Holding Corp 240,000 HKD , Want Want China Holdings Ltd 512,000 HKD , Total Cayman Islands 9,724, Chile Banco Santander Chile 10,689,576 CLP ,

21 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Cencosud SA 133,847 CLP 1, , Empresa Nacional de Electricidad SA/Chile 588,140 CLP , Empresas CMPC SA 114,952 CLP 1, , Empresas COPEC SA 47,466 CLP 6, , Enersis SA 1,850,721 CLP , Sociedad Quimica y Minera de Chile SA B (Pref) 9,838 CLP 14, , Total Chile 3,439, China Agricultural Bank of China Ltd H 1,473,000 HKD , Anhui Conch Cement Co Ltd H 187,000 HKD , Bank of China Ltd H 5,835,000 HKD ,226, China CITIC Bank Corp Ltd H 528,000 HKD , China Coal Energy Co Ltd H 739,000 HKD , China Communications Construction Co Ltd H 1,101,000 HKD ,335, China Construction Bank Corp H 5,302,000 HKD ,292, China Life Insurance Co Ltd H 475,000 HKD ,824, China Merchants Bank Co Ltd H 383,311 HKD , China National Building Material Co Ltd H 780,000 HKD , China Pacific Insurance Group Co Ltd H 228,400 HKD ,157, China Petroleum & Chemical Corp H 1,289,600 HKD ,032, China Shenhua Energy Co Ltd H 248,500 HKD , China Telecom Corp Ltd H 1,188,000 HKD , Industrial & Commercial Bank of China Ltd H 4,414,000 HKD ,163, Jiangxi Copper Co Ltd H 559,000 HKD , PetroChina Co Ltd H 1,324,000 HKD ,455, PICC Property & Casualty Co Ltd H 541,076 HKD ,061, Ping An Insurance Group Co of China Ltd H 183,000 HKD ,861, Yanzhou Coal Mining Co Ltd H 642,000 HKD , Total China 27,324, Colombia Ecopetrol SA 427,714 COP 2, , Grupo Argos SA/Colombia 72,480 COP 20, , Total Colombia 994, Curacao Schlumberger Ltd 87,844 USD ,593, Total Curacao 7,593, Czech Republic CEZ AS 21,918 CZK , Komercni banka AS 1,500 CZK 4, , Total Czech Republic 879, Denmark AP Moeller - Maersk A/S B 465 DKK 12, , Coloplast A/S B 10,035 DKK , Danske Bank A/S 56,620 DKK ,548, DSV A/S 36,542 DKK ,123, Novo Nordisk A/S B 106,881 DKK ,545, Novozymes A/S B 17,421 DKK , Pandora A/S 9,530 DKK , Vestas Wind Systems A/S 21,301 DKK , Total Denmark 11,321, Finland Fortum OYJ 15,472 EUR , Kone OYJ B 26,324 EUR ,211,

22 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Metso OYJ 7,577 EUR , Nokia OYJ 218,838 EUR ,746, Nokian Renkaat OYJ 8,159 EUR , Sampo OYJ A 39,743 EUR ,876, UPM-Kymmene OYJ 22,742 EUR , Wartsila OYJ Abp 10,812 EUR , Total Finland 6,467, France Accor SA 12,936 EUR , Air Liquide SA 16,919 EUR ,099, Alcatel-Lucent 173,678 EUR , Arkema SA 5,280 EUR , AXA SA 157,088 EUR ,654, BNP Paribas SA 73,127 EUR ,343, Bouygues SA 9,220 EUR , Cap Gemini SA 7,892 EUR , Carrefour SA 25,500 EUR , Cie de Saint-Gobain 26,239 EUR ,116, Cie Generale des Etablissements Michelin 9,035 EUR , Credit Agricole SA 93,050 EUR ,215, Danone SA 42,828 EUR ,813, Dassault Systemes 9,228 EUR , Electricite de France SA 17,302 EUR , Essilor International SA 14,623 EUR ,614, GDF Suez 80,821 EUR ,905, Groupe Eurotunnel SA 48,542 EUR , Iliad SA 1,737 EUR , Kering 3,752 EUR , Lafarge SA 15,160 EUR ,071, Legrand SA 16,751 EUR , L'Oreal SA 12,036 EUR ,022, Orange SA 79,410 EUR ,364, Publicis Groupe SA 11,135 EUR , Renault SA 11,792 EUR , Sanofi 84,656 EUR ,723, Societe Generale SA 47,468 EUR ,010, Sodexo SA 3,242 EUR , Technip SA 6,073 EUR , Total SA 141,210 EUR ,306, Unibail-Rodamco SE 7,015 EUR ,803, Valeo SA 4,552 EUR , Vallourec SA 8,742 EUR , Vinci SA 38,540 EUR ,121, Vivendi SA 94,872 EUR ,382, Total France 57,486, Germany Adidas AG 13,493 EUR , Allianz SE 30,116 EUR ,031, BASF SE 75,047 EUR ,379, Bayer AG 59,675 EUR ,203, Bayerische Motoren Werke AG 19,342 EUR ,112, Beiersdorf AG 3,863 EUR , Commerzbank AG 83,088 EUR ,109, Continental AG 3,945 EUR , Daimler AG 77,466 EUR ,499, Deutsche Bank AG 66,371 EUR ,017, Deutsche Boerse AG 12,595 EUR , Deutsche Post AG 63,384 EUR ,085, E.ON SE 119,261 EUR ,059,

23 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Fresenius Medical Care AG & Co KGaA 8,489 EUR , Fresenius SE & Co KGaA 19,209 EUR ,008, GEA Group AG 8,519 EUR , Henkel AG & Co KGaA (Pref) 21,977 EUR ,390, Infineon Technologies AG 68,619 EUR , Kabel Deutschland Holding AG 6,583 EUR , LANXESS AG 9,360 EUR , Linde AG 9,342 EUR ,752, MAN SE 2,803 EUR , Merck KGaA 5,340 EUR , Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 9,908 EUR ,997, OSRAM Licht AG 7,809 EUR , Porsche Automobil Holding SE (Pref) 11,780 EUR , RWE AG 24,683 EUR , SAP SE 68,241 EUR ,836, Siemens AG 60,827 EUR ,936, ThyssenKrupp AG 35,332 EUR , Volkswagen AG (Pref) 7,166 EUR ,609, Total Germany 65,917, Greece Eurobank Ergasias SA 577,549 EUR , Hellenic Telecommunications Organization SA 45,572 EUR , National Bank of Greece SA 110,299 EUR , Piraeus Bank SA 141,257 EUR , Titan Cement Co SA 9,720 EUR , Total Greece 1,208, Hong Kong AIA Group Ltd 829,000 HKD ,600, Bank of East Asia Ltd 94,400 HKD , BOC Hong Kong Holdings Ltd 197,000 HKD , Cheung Kong Holdings Ltd 89,000 HKD ,493, China Merchants Holdings International Co Ltd 182,000 HKD , China Mobile Ltd 375,900 HKD ,390, China Overseas Land & Investment Ltd 472,000 HKD ,387, China Unicom Hong Kong Ltd 388,000 HKD , CLP Holdings Ltd 129,000 HKD ,115, CNOOC Ltd 1,108,000 HKD ,482, Hang Lung Properties Ltd 176,000 HKD , Hang Seng Bank Ltd 44,400 HKD , Henderson Land Development Co Ltd 85,910 HKD , Hong Kong & China Gas Co Ltd 359,128 HKD , Hong Kong Exchanges and Clearing Ltd 75,800 HKD ,673, Hutchison Whampoa Ltd 117,000 HKD ,346, Lenovo Group Ltd 624,000 HKD , Link REIT/The 149,500 HKD , New World Development Co Ltd 295,000 HKD , Power Assets Holdings Ltd 117,000 HKD ,124, Sino Land Co Ltd 240,000 HKD , Sun Hung Kai Properties Ltd 76,000 HKD ,158, Swire Pacific Ltd A 27,500 HKD , Wharf Holdings Ltd/The 101,000 HKD , Total Hong Kong 28,147, Hungary OTP Bank Plc 47,800 HUF 3, , Total Hungary 703,

24 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets India Asian Paints Ltd 57,367 INR , Bharti Airtel Ltd 54,103 INR , Dr Reddy's Laboratories Ltd 11,034 INR 3, , Hindalco Industries Ltd 227,871 INR , Hindustan Unilever Ltd 65,836 INR , Housing Development Finance Corp Ltd 104,121 INR 1, ,855, Infosys Ltd 61,302 INR 1, ,901, Reliance Industries Ltd 109,261 INR ,517, State Bank of India 178,160 INR , Sun Pharmaceutical Industries Ltd 54,926 INR , Tata Consultancy Services Ltd 39,063 INR 2, ,559, Tata Motors Ltd 94,341 INR , Total India 12,032, Indonesia Astra International Tbk PT 1,189,000 IDR 7, , Bank Central Asia Tbk PT 846,500 IDR 13, , Bank Mandiri Persero Tbk PT 1,166,000 IDR 10, ,009, Bank Rakyat Indonesia Persero Tbk PT 1,387,300 IDR 11, ,298, Kalbe Farma Tbk PT 4,196,800 IDR 1, , Telekomunikasi Indonesia Persero Tbk PT 5,110,900 IDR 2, ,176, United Tractors Tbk PT 282,900 IDR 17, , Total Indonesia 6,097, Ireland Accenture Plc A 30,300 USD ,732, Actavis plc 14,126 USD ,666, Bank of Ireland 1,465,869 EUR , Covidien Plc 28,100 USD ,900, CRH Plc 32,322 EUR , Eaton Corp Plc 23,624 USD ,624, Endo International Plc 9,000 USD , Ingersoll-Rand Plc 17,500 USD ,124, Kerry Group Plc A 12,798 EUR , Mallinckrodt Plc 7,600 USD , Pentair Plc 14,223 USD , Perrigo Co Plc 7,600 USD ,269, Seagate Technology Plc 16,800 USD ,129, Tyco International Plc 22,600 USD , Weatherford International Plc 45,600 USD , Willis Group Holdings Plc 18,600 USD , XL Group Plc 28,600 USD , Total Ireland 22,392, Israel Israel Chemicals Ltd 42,677 ILS , Teva Pharmaceutical Industries Ltd 64,658 ILS ,670, Total Israel 3,979, Italy Assicurazioni Generali SpA 70,501 EUR ,457, Atlantia SpA 28,329 EUR , Banco Popolare SC 24,967 EUR , Enel SpA 403,456 EUR ,813, Eni SpA 192,551 EUR ,398, Fiat Chrysler Automobiles NV 94,038 EUR ,098, Intesa Sanpaolo SpA 669,096 EUR ,971, Mediobanca SpA 64,523 EUR , Saipem SpA 21,221 EUR ,

25 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Snam SpA 78,643 EUR , Telecom Italia SpA 966,417 EUR ,036, UniCredit SpA 301,674 EUR ,957, Total Italy 14,856, Japan Air Water Inc 60,000 JPY 1, , Aisin Seiki Co Ltd 11,500 JPY 4, , Asahi Glass Co Ltd 96,000 JPY , Asahi Kasei Corp 80,000 JPY 1, , Astellas Pharma Inc 131,000 JPY 1, ,850, Bank of Yokohama Ltd/The 115,000 JPY , Bridgestone Corp 31,900 JPY 4, ,122, Canon Inc 103,100 JPY 3, ,316, Central Japan Railway Co 10,400 JPY 18, ,580, Chubu Electric Power Co Inc 47,800 JPY 1, , Chugai Pharmaceutical Co Ltd 12,500 JPY 2, , Chugoku Electric Power Co Inc/The 46,500 JPY 1, , Dai Nippon Printing Co Ltd 67,000 JPY 1, , Dai-ichi Life Insurance Co Ltd/The 57,400 JPY 1, , Daiichi Sankyo Co Ltd 46,200 JPY 1, , Daikin Industries Ltd 15,000 JPY 7, , Daito Trust Construction Co Ltd 10,300 JPY 13, ,182, Daiwa Securities Group Inc 120,000 JPY , Denso Corp 55,900 JPY 5, ,646, Dentsu Inc 15,000 JPY 5, , East Japan Railway Co 20,200 JPY 9, ,543, Eisai Co Ltd 19,000 JPY 4, , FANUC Corp 12,400 JPY 19, ,071, Fast Retailing Co Ltd 3,600 JPY 44, ,328, Fuji Heavy Industries Ltd 42,400 JPY 4, ,527, FUJIFILM Holdings Corp 26,600 JPY 3, , Fujitsu Ltd 141,000 JPY , Hitachi Ltd 478,000 JPY ,606, Hokuhoku Financial Group Inc 240,000 JPY , Honda Motor Co Ltd 134,000 JPY 3, ,957, Hoya Corp 36,200 JPY 4, ,244, Hulic Co Ltd 75,300 JPY 1, , Inpex Corp 52,800 JPY 1, , Isetan Mitsukoshi Holdings Ltd 34,800 JPY 1, , Isuzu Motors Ltd 58,500 JPY 1, , ITOCHU Corp 64,900 JPY 1, , Japan Exchange Group Inc 32,200 JPY 2, , JFE Holdings Inc 44,600 JPY 2, ,007, JGC Corp 22,000 JPY 2, , JX Holdings Inc 148,200 JPY , Kaneka Corp 102,000 JPY , Kao Corp 43,000 JPY 4, ,713, KDDI Corp 52,600 JPY 7, ,365, Keisei Electric Railway Co Ltd 77,000 JPY 1, , Keyence Corp 4,440 JPY 53, ,001, Komatsu Ltd 68,000 JPY 2, ,528, Kubota Corp 112,000 JPY 1, ,652, Kuraray Co Ltd 42,800 JPY 1, , Kyocera Corp 16,600 JPY 5, , LIXIL Group Corp 33,100 JPY 2, , Marubeni Corp 102,000 JPY , Mazda Motor Corp 47,800 JPY 2, ,172, Mitsubishi Chemical Holdings Corp 158,500 JPY , Mitsubishi Corp 80,900 JPY 2, ,502,

26 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Mitsubishi Electric Corp 112,000 JPY 1, ,356, Mitsubishi Estate Co Ltd 87,000 JPY 2, ,862, Mitsubishi UFJ Financial Group Inc 979,800 JPY ,454, Mitsui & Co Ltd 111,900 JPY 1, ,519, Mitsui Fudosan Co Ltd 58,000 JPY 3, ,581, Mitsui OSK Lines Ltd 238,000 JPY , Mizuho Financial Group Inc 1,504,600 JPY ,552, MS&AD Insurance Group Holdings Inc 24,600 JPY 2, , Murata Manufacturing Co Ltd 26,200 JPY 13, ,908, NEC Corp 264,000 JPY , Nidec Corp 14,600 JPY 7, , Nikon Corp 34,200 JPY 1, , Nintendo Co Ltd 6,200 JPY 12, , Nippon Building Fund Inc 130 JPY 604, , Nippon Steel & Sumitomo Metal Corp 444,575 JPY ,120, Nippon Telegraph & Telephone Corp 17,200 JPY 6, , Nissan Motor Co Ltd 102,500 JPY 1, , Nitto Denko Corp 10,100 JPY 6, , Nomura Holdings Inc 258,000 JPY ,491, NTT DOCOMO Inc 48,500 JPY 1, , Oriental Land Co Ltd/Japan 6,400 JPY 27, ,487, ORIX Corp 84,500 JPY 1, ,078, Otsuka Holdings Co Ltd 22,500 JPY 3, , Panasonic Corp 143,275 JPY 1, ,712, Rakuten Inc 61,700 JPY 1, , Resona Holdings Inc 137,500 JPY , Ricoh Co Ltd 52,000 JPY 1, , Secom Co Ltd 25,000 JPY 6, ,454, Seiko Epson Corp 9,800 JPY 5, , Sekisui Chemical Co Ltd 66,000 JPY 1, , Seven & I Holdings Co Ltd 44,800 JPY 4, ,635, Sharp Corp/Japan 208,000 JPY , Shimano Inc 7,800 JPY 15, ,022, Shin-Etsu Chemical Co Ltd 23,700 JPY 7, ,561, Shionogi & Co Ltd 20,800 JPY 3, , SMC Corp/Japan 3,500 JPY 31, , SoftBank Corp 64,800 JPY 7, ,913, Sompo Japan Nipponkoa Holdings Inc 17,200 JPY 3, , Sony Corp 69,900 JPY 2, ,447, Sumitomo Chemical Co Ltd 230,000 JPY , Sumitomo Corp 48,400 JPY 1, , Sumitomo Electric Industries Ltd 58,500 JPY 1, , Sumitomo Metal Mining Co Ltd 37,000 JPY 1, , Sumitomo Mitsui Financial Group Inc 97,000 JPY 4, ,554, Sumitomo Mitsui Trust Holdings Inc 328,000 JPY ,272, Sumitomo Realty & Development Co Ltd 22,000 JPY 4, , Suruga Bank Ltd 41,000 JPY 2, , Suzuki Motor Corp 33,800 JPY 3, ,030, Sysmex Corp 15,800 JPY 5, , T&D Holdings Inc 53,200 JPY 1, , Takashimaya Co Ltd 121,000 JPY , Takeda Pharmaceutical Co Ltd 57,400 JPY 4, ,402, Terumo Corp 28,800 JPY 2, , Tobu Railway Co Ltd 165,000 JPY , Tohoku Electric Power Co Inc 61,500 JPY 1, , Tokio Marine Holdings Inc 30,200 JPY 3, , Tokyo Electron Ltd 9,700 JPY 9, , Tokyo Gas Co Ltd 95,000 JPY , Toppan Printing Co Ltd 79,000 JPY , Toray Industries Inc 111,000 JPY , Toshiba Corp 282,000 JPY ,210,

27 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Toyo Suisan Kaisha Ltd 45,000 JPY 3, ,470, Toyota Industries Corp 14,100 JPY 6, , Toyota Motor Corp 165,500 JPY 7, ,478, Toyota Tsusho Corp 23,800 JPY 2, , USS Co Ltd 44,300 JPY 1, , West Japan Railway Co 11,200 JPY 5, , Yamada Denki Co Ltd 136,600 JPY , Total Japan 149,377, Liberia Royal Caribbean Cruises Ltd 10,300 USD , Total Liberia 850, Luxembourg Altice SA 6,776 EUR , ArcelorMittal 67,258 EUR , SES SA 16,585 EUR , Subsea 7 SA 69,889 NOK , Tenaris SA 16,693 EUR , Total Luxembourg 2,860, Malaysia Axiata Group Bhd 235,300 MYR , CIMB Group Holdings Bhd 423,900 MYR , DiGi.Com Bhd 442,900 MYR , IOI Corp Bhd 469,600 MYR , IOI Properties Group Bhd 1,250,400 MYR , Malayan Banking Bhd 265,200 MYR , Petronas Chemicals Group Bhd 288,600 MYR , Public Bank Bhd 174,930 MYR , Sime Darby Bhd 315,700 MYR , Tenaga Nasional Bhd 245,500 MYR , Total Malaysia 7,340, Mauritius Golden Agri-Resources Ltd 722,000 SGD , Total Mauritius 251, Mexico Alfa SAB de CV A 235,000 MXN , America Movil SAB de CV 1,998,600 MXN ,212, Coca-Cola Femsa SAB de CV 29,400 MXN , Fibra Uno Administracion SA de CV 191,100 MXN , Grupo Financiero Banorte SAB de CV 146,100 MXN , Grupo Mexico SAB de CV 287,632 MXN , Grupo Televisa SAB 167,700 MXN ,129, Mexichem SAB de CV 72,900 MXN , Wal-Mart de Mexico SAB de CV 264,500 MXN , Total Mexico 7,100, Netherlands Aegon NV 107,410 EUR , Akzo Nobel NV 11,210 EUR , ASML Holding NV 20,057 EUR ,167, Chicago Bridge & Iron Co NV 7,900 USD , CNH Industrial NV 71,950 EUR , Core Laboratories NV 4,900 USD , Corio NV 9,647 EUR , ING Groep NV 196,741 EUR ,577,

28 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Koninklijke DSM NV 5,996 EUR , Koninklijke KPN NV 165,354 EUR , Koninklijke Philips NV 54,281 EUR ,582, LyondellBasell Industries NV A 20,500 USD ,652, Reed Elsevier NV 51,514 EUR ,233, Sensata Technologies Holding NV 12,300 USD , Unilever NV 134,532 EUR ,286, Wolters Kluwer NV 23,087 EUR , Total Netherlands 20,317, New Zealand Fletcher Building Ltd 91,795 NZD , Spark New Zealand Ltd 223,073 NZD , Total New Zealand 1,143, Norway DNB ASA 61,444 NOK , Norsk Hydro ASA 132,044 NOK , Orkla ASA 28,531 NOK , Statoil ASA 47,268 NOK , Telenor ASA 41,799 NOK , Yara International ASA 5,866 NOK , Total Norway 3,826, Panama Carnival Corp 20,000 USD , Total Panama 909, Peru Cia de Minas Buenaventura SAA ADR 26,800 USD , Total Peru 258, Philippines Ayala Land Inc 1,905,000 PHP ,435, Bank of the Philippine Islands 318,523 PHP , Total Philippines 2,104, Poland Bank Pekao SA 12,070 PLN , Cyfrowy Polsat SA 77,522 PLN , KGHM Polska Miedz SA 18,753 PLN , Powszechna Kasa Oszczednosci Bank Polski SA 56,822 PLN , Powszechny Zaklad Ubezpieczen SA 3,778 PLN , Total Poland 2,803, Portugal EDP - Energias de Portugal SA 276,856 EUR ,094, Galp Energia SGPS SA 49,173 EUR , Total Portugal 1,599, Qatar Industries Qatar QSC 14,940 QAR , Qatar National Bank SAQ 13,300 QAR , Total Qatar 1,479, Russia Gazprom OAO 416,855 RUB , Magnit PJSC GDR 28,978 USD ,330, Mobile TeleSystems OJSC ADR 69,700 USD , Rostelecom OJSC 87,050 RUB ,

29 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Sberbank of Russia 366,903 RUB , Sistema JSFC GDR 36,946 USD , Surgutneftegas OAO 348,304 RUB , Tatneft OAO 98,765 RUB , Uralkali PJSC 51,353 RUB , VTB Bank OJSC 187,360,000 RUB , Total Russia 4,413, Singapore Avago Technologies Ltd 13,600 USD ,371, CapitaLand Ltd 138,000 SGD , City Developments Ltd 44,000 SGD , DBS Group Holdings Ltd 127,000 SGD ,979, Hutchison Port Holdings Trust 481,000 USD , Keppel Corp Ltd 102,000 SGD , Oversea-Chinese Banking Corp Ltd 198,000 SGD ,573, Singapore Exchange Ltd 129,000 SGD , Singapore Press Holdings Ltd 152,000 SGD , Singapore Telecommunications Ltd 880,000 SGD ,611, United Overseas Bank Ltd 93,000 SGD ,726, Wilmar International Ltd 113,000 SGD , Total Singapore 12,493, South Africa AngloGold Ashanti Ltd 33,156 ZAR , Aspen Pharmacare Holdings Ltd 44,822 ZAR ,582, Bidvest Group Ltd/The 33,646 ZAR , FirstRand Ltd 229,525 ZAR , Impala Platinum Holdings Ltd 90,600 ZAR , MTN Group Ltd 90,946 ZAR ,744, Naspers Ltd 27,697 ZAR 1, ,669, Netcare Ltd 110,697 ZAR , Rand Merchant Insurance Holdings Ltd 183,438 ZAR , Remgro Ltd 40,004 ZAR , Sasol Ltd 38,454 ZAR ,450, SPAR Group Ltd/The 81,479 ZAR ,132, Standard Bank Group Ltd 68,310 ZAR , Tiger Brands Ltd 27,538 ZAR , Vodacom Group Ltd 19,398 ZAR , Woolworths Holdings Ltd/South Africa 72,460 ZAR , Total South Africa 16,642, South Korea E-Mart Co Ltd 2,423 KRW 203, , Hana Financial Group Inc 28,358 KRW 32, , Hyundai Engineering & Construction Co Ltd 15,713 KRW 42, , Hyundai Heavy Industries Co Ltd 3,322 KRW 115, , Hyundai Mobis Co Ltd 4,348 KRW 236, , Hyundai Motor Co (Pref) 10,528 KRW 126, ,211, Hyundai Motor Co 5,052 KRW 169, , Hyundai Steel Co 9,144 KRW 63, , KB Financial Group Inc 26,627 KRW 36, , Kia Motors Corp 20,179 KRW 52, , Korea Electric Power Corp 17,050 KRW 42, , LG Chem Ltd 4,358 KRW 181, , LG Corp 6,803 KRW 61, , LG Display Co Ltd 21,163 KRW 33, , LG Electronics Inc 9,103 KRW 59, , LG Household & Health Care Ltd 1,625 KRW 622, , Lotte Chemical Corp 2,655 KRW 159, ,

30 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets NAVER Corp 1,580 KRW 712, ,023, NCSoft Corp 2,332 KRW 181, , OCI Co Ltd 3,871 KRW 78, , Samsung C&T Corp 13,397 KRW 61, , Samsung Electro-Mechanics Co Ltd 14,579 KRW 54, , Samsung Electronics Co Ltd 7,715 KRW 1,326, ,314, Samsung Fire & Marine Insurance Co Ltd 3,161 KRW 282, , Samsung Heavy Industries Co Ltd 21,307 KRW 19, , Samsung Life Insurance Co Ltd 4,693 KRW 116, , Samsung SDI Co Ltd 4,489 KRW 115, , Shinhan Financial Group Co Ltd 24,633 KRW 44, , SK Holdings Co Ltd 3,091 KRW 163, , SK Hynix Inc 35,948 KRW 47, ,561, SK Innovation Co Ltd 4,999 KRW 85, , Woori Bank 27,352 KRW 10, , Total South Korea 30,012, Spain Abertis Infraestructuras SA 30,601 EUR , ACS Actividades de Construccion y Servicios SA 11,309 EUR , Amadeus IT Holding SA A 22,321 EUR , Banco Bilbao Vizcaya Argentaria SA 333,375 EUR ,186, Banco Bilbao Vizcaya Argentaria SA Rights 08/01/ ,375 EUR , Banco de Sabadell SA 307,803 EUR , Banco Popular Espanol SA 144,749 EUR , Banco Santander SA 734,136 EUR ,270, CaixaBank SA 147,655 EUR , Enagas SA 14,274 EUR , Gas Natural SDG SA 14,008 EUR , Iberdrola SA 318,781 EUR ,168, Inditex SA 56,480 EUR ,630, Red Electrica Corp SA 12,300 EUR ,108, Repsol SA 46,606 EUR , Repsol SA Rights 14/01/ ,606 EUR , Telefonica SA 406,522 EUR ,872, Total Spain 26,222, Sweden Alfa Laval AB 23,456 SEK , Assa Abloy AB B 19,809 SEK ,060, Atlas Copco AB A 31,742 SEK , Atlas Copco AB B 24,490 SEK , Boliden AB 51,561 SEK , Electrolux AB B 19,661 SEK , Getinge AB B 11,808 SEK , Hennes & Mauritz AB B 57,906 SEK ,432, Hexagon AB B 21,718 SEK , Investment AB Kinnevik B 19,040 SEK , Investor AB B 25,918 SEK , Lundin Petroleum AB 45,366 SEK , Nordea Bank AB 137,389 SEK ,611, Sandvik AB 52,864 SEK , Skandinaviska Enskilda Banken AB A 44,812 SEK , Skanska AB B 41,004 SEK , SKF AB B 17,336 SEK , Svenska Cellulosa AB SCA B 25,119 SEK , Svenska Handelsbanken AB A 20,382 SEK , Swedbank AB A 63,647 SEK ,605, Telefonaktiebolaget LM Ericsson B 169,169 SEK ,059,

31 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Volvo AB B 82,853 SEK , Total Sweden 20,119, Switzerland ABB Ltd 146,555 CHF ,134, ACE Ltd 20,100 USD ,337, Actelion Ltd 5,562 CHF , Adecco SA 14,628 CHF ,018, Aryzta AG 7,387 CHF , Chocoladefabriken Lindt & Sprungli AG 12 CHF 57, , Cie Financiere Richemont SA 19,803 CHF ,778, Credit Suisse Group AG 68,128 CHF ,728, Geberit AG 2,586 CHF , Givaudan SA 338 CHF 1, , Holcim Ltd 11,562 CHF , Julius Baer Group Ltd 20,298 CHF , Kuehne + Nagel International AG 6,985 CHF , Nestle SA 204,048 CHF ,057, Novartis AG 150,080 CHF ,020, Roche Holding AG 46,160 CHF ,602, Schindler Holding AG (Part Cert) 2,876 CHF , SGS SA 344 CHF 2, , Sonova Holding AG 3,849 CHF , Swatch Group AG/The 2,806 CHF ,260, Swiss Re AG 20,158 CHF ,705, Swisscom AG 956 CHF , Syngenta AG 5,217 CHF ,688, TE Connectivity Ltd 33,700 USD ,160, Transocean Ltd 16,841 CHF , UBS Group AG 331,001 CHF ,722, Zurich Financial Services AG 7,736 CHF ,439, Total Switzerland 75,322, Taiwan Advanced Semiconductor Engineering Inc 658,196 TWD , Asustek Computer Inc 56,000 TWD , Catcher Technology Co Ltd 85,000 TWD , Cathay Financial Holding Co Ltd 564,509 TWD , Cheng Shin Rubber Industry Co Ltd 170,430 TWD , China Steel Corp 993,741 TWD , Chunghwa Telecom Co Ltd 145,000 TWD , CTBC Financial Holding Co Ltd 1,184,036 TWD , Delta Electronics Inc 122,000 TWD , First Financial Holding Co Ltd 1,160,739 TWD , Formosa Chemicals & Fibre Corp 183,340 TWD , Formosa Plastics Corp 237,120 TWD , Hon Hai Precision Industry Co Ltd 857,524 TWD ,373, HTC Corp 113,000 TWD , Largan Precision Co Ltd 8,000 TWD 2, , Lite-On Technology Corp 281,170 TWD , MediaTek Inc 90,000 TWD ,310, Mega Financial Holding Co Ltd 664,361 TWD , Nan Ya Plastics Corp 310,070 TWD , President Chain Store Corp 71,000 TWD , Quanta Computer Inc 234,000 TWD , Shin Kong Financial Holding Co Ltd 2,467,330 TWD , Siliconware Precision Industries Co Ltd 352,000 TWD , Taishin Financial Holding Co Ltd 1,473,289 TWD , Taiwan Cement Corp 441,000 TWD , Taiwan Mobile Co Ltd 125,000 TWD ,

32 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Taiwan Semiconductor Manufacturing Co Ltd 1,512,000 TWD ,672, Uni-President Enterprises Corp 433,506 TWD , United Microelectronics Corp 1,451,000 TWD , Wistron Corp 440,531 TWD , Yuanta Financial Holding Co Ltd 1,380,775 TWD , Total Taiwan 26,972, Thailand Advanced Info Service PCL 74,000 THB , Bangkok Bank PCL 213,800 THB ,273, CP ALL PCL 454,400 THB , Glow Energy PCL 411,200 THB ,115, Kasikornbank PCL 226,200 THB ,574, PTT Exploration & Production PCL 102,800 THB , PTT Global Chemical PCL 156,300 THB , PTT PCL 68,300 THB , Siam Commercial Bank PCL/The 89,500 THB , Total Thailand 6,876, Turkey Akbank TAS 328,089 TRY ,202, Tupras Turkiye Petrol Rafinerileri AS 18,024 TRY , Turk Hava Yollari AO 363,906 TRY ,502, Turkcell Iletisim Hizmetleri AS 73,982 TRY , Turkiye Garanti Bankasi AS 241,972 TRY , Total Turkey 4,547, United Arab Emirates Aldar Properties PJSC 560,026 AED , Emaar Properties PJSC 226,576 AED , Total United Arab Emirates 836, United Kingdom Aberdeen Asset Management Plc 50,023 GBP , Aggreko Plc 20,268 GBP , Amec Foster Wheeler Plc 23,751 GBP , Anglo American Plc 77,925 GBP ,459, Antofagasta Plc 43,301 GBP , Aon Plc 13,000 USD ,250, ARM Holdings Plc 118,285 GBP ,808, Associated British Foods Plc 22,139 GBP ,083, AstraZeneca Plc 79,379 GBP ,610, Aviva Plc 130,508 GBP , Barclays Plc 929,943 GBP ,493, BG Group Plc 194,682 GBP ,631, BHP Billiton Plc 145,121 GBP ,138, BP Plc 1,071,400 GBP ,823, British Land Co Plc/The 44,389 GBP , BT Group Plc 615,989 GBP ,857, Burberry Group Plc 27,285 GBP , Capita Plc 30,856 GBP , Carnival Plc 13,926 GBP , Centrica Plc 307,073 GBP ,330, Compass Group Plc 109,944 GBP ,886, Ensco Plc A 10,400 USD , Experian Plc 82,701 GBP ,400, Fresnillo Plc 21,171 GBP , Friends Life Group Ltd 56,316 GBP , G4S Plc 157,285 GBP , GlaxoSmithKline Plc 337,004 GBP ,234, Glencore Plc 541,167 GBP ,526,

33 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Hammerson Plc 77,210 GBP , Hargreaves Lansdown Plc 22,555 GBP , HSBC Holdings Plc 1,171,352 GBP ,103, Indivior Plc 30,401 GBP , InterContinental Hotels Group Plc 21,018 GBP , ITV Plc 241,392 GBP , J Sainsbury Plc 59,907 GBP , Johnson Matthey Plc 9,635 GBP , Kingfisher Plc 131,071 GBP , Land Securities Group Plc 36,334 GBP , Legal & General Group Plc 320,382 GBP ,232, Liberty Global Plc A 12,907 USD , Liberty Global Plc Series C 28,001 USD ,363, Lloyds Banking Group Plc 2,397,424 GBP ,818, Marks & Spencer Group Plc 104,965 GBP , Michael Kors Holdings Ltd 11,800 USD , National Grid Plc 169,963 GBP ,406, Next Plc 6,794 GBP , Noble Corp Plc 9,400 USD , Pearson Plc 36,603 GBP , Persimmon Plc 31,183 GBP , Petrofac Ltd 15,151 GBP , Prudential Plc 144,840 GBP ,362, Randgold Resources Ltd 8,530 GBP , Reckitt Benckiser Group Plc 30,401 GBP ,452, Reed Elsevier Plc 110,486 GBP ,885, Rexam Plc 36,647 GBP , Rio Tinto Plc 94,962 GBP ,423, Royal Bank of Scotland Group Plc 73,692 GBP , RSA Insurance Group Plc 44,257 GBP , Sage Group Plc/The 98,766 GBP , Segro Plc 192,650 GBP ,129, Shire Plc 33,371 GBP ,336, Sky Plc 57,307 GBP , Smith & Nephew Plc 41,704 GBP , SSE Plc 35,822 GBP , Standard Chartered Plc 140,701 GBP ,099, Standard Life Plc 101,577 GBP , Tate & Lyle Plc 38,735 GBP , Travis Perkins Plc 30,504 GBP , Tullow Oil Plc 44,534 GBP , Unilever Plc 114,229 GBP ,662, United Utilities Group Plc 35,104 GBP , Vodafone Group Plc 1,843,293 GBP ,340, Weir Group Plc/The 15,064 GBP , Whitbread Plc 14,890 GBP ,092, WM Morrison Supermarkets Plc 139,212 GBP , Wolseley Plc 10,991 GBP , WPP Plc 57,511 GBP ,201, Total United Kingdom 120,545, United States of America 3M Co 59,052 USD ,793, Abbott Laboratories 118,174 USD ,399, AbbVie Inc 88,974 USD ,898, Activision Blizzard Inc 30,400 USD , Adobe Systems Inc 33,400 USD ,441, ADT Corp/The 11,100 USD , Advance Auto Parts Inc 6,000 USD , Aetna Inc 25,400 USD ,289,

34 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Affiliated Managers Group Inc 3,100 USD , Aflac Inc 27,900 USD ,729, Agilent Technologies Inc 14,500 USD , Air Products & Chemicals Inc 7,900 USD ,156, Airgas Inc 3,900 USD , Akamai Technologies Inc 9,300 USD , Alcoa Inc 62,700 USD , Alexion Pharmaceuticals Inc 9,500 USD ,756, Allergan Inc/United States 17,600 USD ,755, Alliance Data Systems Corp 3,400 USD , Allstate Corp/The 32,200 USD ,284, Altera Corp 15,400 USD , Amazon.com Inc 24,600 USD ,633, Ameren Corp 20,100 USD , American Airlines Group Inc 20,700 USD ,105, American Capital Agency Corp 10,700 USD , American Electric Power Co Inc 34,100 USD ,104, American Express Co 66,400 USD ,259, American International Group Inc 87,800 USD ,961, American Realty Capital Properties Inc 51,575 USD , American Tower Corp 23,200 USD ,327, American Water Works Co Inc 11,500 USD , Ameriprise Financial Inc 19,200 USD ,576, AmerisourceBergen Corp 14,700 USD ,341, AMETEK Inc 12,450 USD , Amgen Inc 49,700 USD ,983, Analog Devices Inc 16,000 USD , Annaly Capital Management Inc 40,000 USD , Anthem Inc 22,500 USD ,884, Apache Corp 18,600 USD ,171, Apple Inc 356,500 USD ,113, Applied Materials Inc 97,100 USD ,448, Archer-Daniels-Midland Co 49,600 USD ,623, AT&T Inc 313,000 USD ,667, Autodesk Inc 12,700 USD , Autoliv Inc 6,600 USD , Automatic Data Processing Inc 28,600 USD ,405, AutoZone Inc 1,600 USD , AvalonBay Communities Inc 4,400 USD , Avon Products Inc 18,000 USD , Baker Hughes Inc 32,700 USD ,840, Bank of America Corp 662,600 USD ,012, Bank of New York Mellon Corp/The 62,700 USD ,572, Baxter International Inc 30,360 USD ,247, BB&T Corp 44,800 USD ,762, Becton Dickinson and Co 8,300 USD ,161, Bed Bath & Beyond Inc 9,700 USD , Berkshire Hathaway Inc B 64,600 USD ,825, Best Buy Co Inc 18,100 USD , Biogen Idec Inc 15,900 USD ,440, BioMarin Pharmaceutical Inc 9,800 USD , BlackRock Inc 5,400 USD ,955, BorgWarner Inc 7,800 USD , Boston Properties Inc 5,900 USD , Boston Scientific Corp 92,000 USD ,230, Bristol-Myers Squibb Co 105,700 USD ,277, Broadcom Corp A 25,300 USD ,091, CA Inc 22,300 USD , Cabot Oil & Gas Corp 28,200 USD , Calpine Corp 35,000 USD , Cameron International Corp 10,600 USD ,

35 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Campbell Soup Co 18,000 USD , Capital One Financial Corp 28,000 USD ,332, Cardinal Health Inc 15,800 USD ,292, CareFusion Corp 11,200 USD , CarMax Inc 14,900 USD ,001, Caterpillar Inc 48,550 USD ,495, CBRE Group Inc A 19,400 USD , CBS Corp B 36,300 USD ,026, Celanese Corp Series A 8,400 USD , Celgene Corp 54,600 USD ,199, CenterPoint Energy Inc 45,500 USD ,083, CenturyLink Inc 38,000 USD ,523, Cerner Corp 12,800 USD , CF Industries Holdings Inc 2,800 USD , CH Robinson Worldwide Inc 8,400 USD , Charles Schwab Corp/The 87,000 USD ,640, Cheniere Energy Inc 13,800 USD , Chesapeake Energy Corp 27,100 USD , Chipotle Mexican Grill Inc 1,900 USD ,301, Chubb Corp/The 18,800 USD ,961, Cigna Corp 11,700 USD ,220, Cimarex Energy Co 6,300 USD , Cincinnati Financial Corp 9,400 USD , Cisco Systems Inc 335,232 USD ,507, CIT Group Inc 9,600 USD , Citigroup Inc 196,924 USD ,799, Citrix Systems Inc 8,900 USD , Clorox Co/The 8,600 USD , CME Group Inc/IL 25,600 USD ,300, Coach Inc 17,300 USD , Coca-Cola Co/The 260,600 USD ,143, Coca-Cola Enterprises Inc 23,100 USD ,036, Cognizant Technology Solutions Corp A 38,800 USD ,062, Colgate-Palmolive Co 61,700 USD ,321, Comcast Corp A 101,600 USD ,981, Comcast Corp A 'SPL' 91,700 USD ,368, Comerica Inc 11,200 USD , ConAgra Foods Inc 27,300 USD ,004, Concho Resources Inc 6,900 USD , ConocoPhillips 85,400 USD ,972, CONSOL Energy Inc 19,500 USD , Consolidated Edison Inc 14,600 USD , Corning Inc 107,900 USD ,502, Costco Wholesale Corp 25,500 USD ,658, Crown Castle International Corp 20,200 USD ,594, Crown Holdings Inc 6,800 USD , CSX Corp 66,900 USD ,437, Cummins Inc 14,200 USD ,075, CVS Health Corp 84,100 USD ,202, Danaher Corp 29,800 USD ,569, Darden Restaurants Inc 13,500 USD , DaVita HealthCare Partners Inc 9,000 USD , Deere & Co 21,900 USD ,959, Delta Air Lines Inc 24,300 USD ,196, Denbury Resources Inc 31,800 USD , Devon Energy Corp 26,900 USD ,642, Digital Realty Trust Inc 14,200 USD , DIRECTV 39,000 USD ,393, Discover Financial Services 26,200 USD ,737, Discovery Communications Inc C 26,600 USD ,

36 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets DISH Network Corp A 13,500 USD , Dollar General Corp 15,200 USD ,080, Dollar Tree Inc 9,800 USD , Dominion Resources Inc/VA 32,100 USD ,513, Dover Corp 11,000 USD , Dow Chemical Co/The 59,080 USD ,721, Dr Pepper Snapple Group Inc 9,500 USD , DTE Energy Co 11,200 USD , Duke Energy Corp 33,900 USD ,871, Duke Realty Corp 61,000 USD ,252, Dun & Bradstreet Corp/The 7,100 USD , Eastman Chemical Co 6,600 USD , ebay Inc 81,500 USD ,663, Ecolab Inc 18,100 USD ,905, Edison International 22,100 USD ,479, Edwards Lifesciences Corp 9,000 USD ,163, EI du Pont de Nemours & Co 64,200 USD ,788, Electronic Arts Inc 21,100 USD , Eli Lilly & Co 49,700 USD ,461, EMC Corp/MA 113,600 USD ,425, Emerson Electric Co 39,100 USD ,438, Energen Corp 5,400 USD , Energizer Holdings Inc 5,400 USD , Entergy Corp 12,900 USD ,160, EOG Resources Inc 29,000 USD ,688, EQT Corp 11,500 USD , Equinix Inc 3,685 USD , Equity Residential 13,900 USD ,013, Estee Lauder Cos Inc/The A 11,400 USD , Exelon Corp 43,933 USD ,673, Expedia Inc 7,400 USD , Expeditors International of Washington Inc 12,700 USD , Express Scripts Holding Co 58,587 USD ,023, Exxon Mobil Corp 262,300 USD ,399, F5 Networks Inc 3,400 USD , Facebook Inc A 123,800 USD ,807, Family Dollar Stores Inc 6,300 USD , Fastenal Co 13,600 USD , Federal Realty Investment Trust 6,800 USD , FedEx Corp 20,800 USD ,640, Fidelity National Information Services Inc 9,700 USD , Fifth Third Bancorp 45,400 USD , FirstEnergy Corp 36,500 USD ,466, Fiserv Inc 11,200 USD , Flowserve Corp 9,300 USD , FMC Corp 12,300 USD , FMC Technologies Inc 9,400 USD , Ford Motor Co 198,900 USD ,082, Fossil Group Inc 3,300 USD , Franklin Resources Inc 18,000 USD ,008, Frontier Communications Corp 73,200 USD , Gap Inc/The 14,500 USD , General Electric Co 626,500 USD ,019, General Growth Properties Inc 20,600 USD , General Mills Inc 37,900 USD ,059, General Motors Co 62,400 USD ,189, Genuine Parts Co 18,500 USD ,993, Gilead Sciences Inc 92,100 USD ,774, Goldman Sachs Group Inc/The 33,600 USD ,575, Google Inc A 17,000 USD ,099, Google Inc C 18,600 USD ,865,

37 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Halliburton Co 46,900 USD ,853, Hanesbrands Inc 4,400 USD , Harley-Davidson Inc 15,400 USD ,021, Hartford Financial Services Group Inc/The 14,200 USD , Hasbro Inc 12,800 USD , HCA Holdings Inc 16,100 USD ,195, HCP Inc 16,700 USD , Health Care REIT Inc 11,600 USD , Helmerich & Payne Inc 7,600 USD , Hershey Co/The 9,200 USD , Hertz Global Holdings Inc 28,400 USD , Hess Corp 11,300 USD , HollyFrontier Corp 15,100 USD , Hologic Inc 20,800 USD , Home Depot Inc/The 91,300 USD ,519, Hospira Inc 10,700 USD , Host Hotels & Resorts Inc 33,600 USD , Hudson City Bancorp Inc 74,700 USD , Humana Inc 7,200 USD ,049, Illinois Tool Works Inc 26,200 USD ,517, Illumina Inc 8,500 USD ,583, Integrys Energy Group Inc 7,200 USD , Intel Corp 308,011 USD ,322, Intercontinental Exchange Inc 5,400 USD ,197, International Business Machines Corp 58,377 USD ,343, International Flavors & Fragrances Inc 4,100 USD , International Paper Co 31,500 USD ,707, Interpublic Group of Cos Inc/The 37,400 USD , Intuit Inc 12,400 USD ,154, Intuitive Surgical Inc 2,100 USD ,104, JM Smucker Co/The 5,400 USD , Johnson & Johnson 169,288 USD ,836, Johnson Controls Inc 49,700 USD ,405, Joy Global Inc 6,200 USD , JPMorgan Chase & Co 228,900 USD ,455, Juniper Networks Inc 44,900 USD ,017, Kansas City Southern 5,100 USD , Kellogg Co 10,000 USD , Keurig Green Mountain Inc 9,300 USD ,240, KeyCorp 39,900 USD , Kimberly-Clark Corp 18,700 USD ,194, Kimco Realty Corp 21,100 USD , Kinder Morgan Inc/DE 83,827 USD ,562, KLA-Tencor Corp 8,000 USD , Kohl's Corp 13,400 USD , Kraft Foods Group Inc 19,400 USD ,232, Kroger Co/The 21,800 USD ,406, L Brands Inc 15,500 USD ,334, Laboratory Corp of America Holdings 4,700 USD , Lam Research Corp 11,700 USD , Level 3 Communications Inc 16,600 USD , Liberty Interactive Corp A 18,700 USD , Liberty Media Corp C 9,000 USD , Lincoln National Corp 14,700 USD , Linear Technology Corp 10,900 USD , LinkedIn Corp A 7,000 USD ,628, LKQ Corp 13,600 USD , Loews Corp 17,300 USD , Lowe's Cos Inc 91,700 USD ,286, Lululemon Athletica Inc 10,400 USD ,

38 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets M&T Bank Corp 3,800 USD , Macerich Co/The 11,900 USD ,009, Macy's Inc 31,900 USD ,082, Marathon Oil Corp 45,900 USD ,304, Marathon Petroleum Corp 17,100 USD ,549, Marriott International Inc/DE A 11,800 USD , Marsh & McLennan Cos Inc 21,100 USD ,225, Masco Corp 25,600 USD , MasterCard Inc A 76,200 USD ,627, Mattel Inc 17,000 USD , Maxim Integrated Products Inc 12,000 USD , McCormick & Co Inc/MD 13,500 USD ,023, McDonald's Corp 58,020 USD ,468, McGraw Hill Financial Inc 15,200 USD ,370, McKesson Corp 16,800 USD ,521, MDU Resources Group Inc 28,000 USD , Mead Johnson Nutrition Co 8,700 USD , Medtronic Inc 74,100 USD ,414, Merck & Co Inc 183,800 USD ,596, MetLife Inc 63,900 USD ,508, Microchip Technology Inc 8,300 USD , Micron Technology Inc 59,300 USD ,099, Microsoft Corp 469,200 USD ,061, Mohawk Industries Inc 4,800 USD , Mondelez International Inc A 91,600 USD ,391, Monsanto Co 29,900 USD ,621, Monster Beverage Corp 13,600 USD ,490, Moody's Corp 7,400 USD , Morgan Stanley 85,100 USD ,318, Mosaic Co/The 16,300 USD , Motorola Solutions Inc 9,200 USD , Murphy Oil Corp 6,000 USD , Mylan Inc/PA 18,500 USD ,053, National Oilwell Varco Inc 21,700 USD ,437, Navient Corp 45,600 USD ,002, NetApp Inc 16,100 USD , Netflix Inc 3,500 USD ,201, New York Community Bancorp Inc 36,700 USD , Newell Rubbermaid Inc 18,400 USD , Newmont Mining Corp 29,800 USD , News Corp A 18,525 USD , NextEra Energy Inc 23,500 USD ,534, NIKE Inc B 33,500 USD ,245, NiSource Inc 29,700 USD ,289, Noble Energy Inc 19,400 USD , Nordstrom Inc 5,700 USD , Norfolk Southern Corp 23,000 USD ,548, Northeast Utilities 16,300 USD , Northern Trust Corp 7,500 USD , NRG Energy Inc 20,400 USD , Nuance Communications Inc 16,100 USD , Nucor Corp 16,200 USD , NVIDIA Corp 56,900 USD ,159, Occidental Petroleum Corp 55,500 USD ,517, Omnicom Group Inc 13,700 USD ,063, ONEOK Inc 11,600 USD , Oracle Corp 228,500 USD ,360, O'Reilly Automotive Inc 6,600 USD ,281, PACCAR Inc 14,400 USD , Pall Corp 6,000 USD , Palo Alto Networks Inc 5,100 USD ,

39 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Paychex Inc 18,100 USD , People's United Financial Inc 59,900 USD , Pepco Holdings Inc 31,300 USD , PepsiCo Inc 106,748 USD ,243, PetSmart Inc 5,700 USD , Pfizer Inc 388,900 USD ,203, PG&E Corp 32,200 USD ,747, Pharmacyclics Inc 3,800 USD , Phillips 66 27,550 USD ,008, Pioneer Natural Resources Co 7,700 USD ,155, Plum Creek Timber Co Inc 18,400 USD , PNC Financial Services Group Inc/The 27,200 USD ,513, PPG Industries Inc 11,000 USD ,548, PPL Corp 47,600 USD ,771, Praxair Inc 14,830 USD ,947, Priceline Group Inc/The 3,000 USD 1, ,445, Principal Financial Group Inc 10,500 USD , Procter & Gamble Co/The 166,200 USD ,356, Progressive Corp/The 33,300 USD , Prologis Inc 20,400 USD , Prudential Financial Inc 29,000 USD ,655, Public Service Enterprise Group Inc 43,000 USD ,828, Public Storage 5,300 USD , PulteGroup Inc 19,800 USD , PVH Corp 6,800 USD , QEP Resources Inc 13,200 USD , QUALCOMM Inc 110,400 USD ,282, Quest Diagnostics Inc 11,500 USD , Rackspace Hosting Inc 7,800 USD , Ralph Lauren Corp 1,900 USD , Range Resources Corp 8,900 USD , Realogy Holdings Corp 15,000 USD , Red Hat Inc 13,300 USD , Regeneron Pharmaceuticals Inc 4,300 USD ,755, Regions Financial Corp 62,300 USD , Republic Services Inc 9,600 USD , Rockwell Automation Inc 9,300 USD ,044, Roper Industries Inc 5,900 USD , Ross Stores Inc 11,000 USD ,033, Safeway Inc 12,900 USD , Salesforce.com inc 30,400 USD ,806, SanDisk Corp 12,800 USD ,277, SBA Communications Corp A 6,700 USD , Sempra Energy 10,600 USD ,201, ServiceNow Inc 10,800 USD , Sherwin-Williams Co/The 3,300 USD , Sigma-Aldrich Corp 11,100 USD ,523, Simon Property Group Inc 13,300 USD ,467, Sirius XM Holdings Inc 133,700 USD , Skyworks Solutions Inc 12,300 USD , SL Green Realty Corp 4,000 USD , Southern Co/The 41,700 USD ,075, Southern Copper Corp 13,100 USD , Southwestern Energy Co 23,400 USD , Spectra Energy Corp 44,700 USD ,641, Sprint Corp 51,328 USD , St Jude Medical Inc 13,900 USD , Stanley Black & Decker Inc 8,500 USD , Staples Inc 23,100 USD , Starbucks Corp 45,000 USD ,680,

40 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Starwood Hotels & Resorts Worldwide Inc 12,100 USD , State Street Corp 27,394 USD ,169, Stericycle Inc 5,700 USD , Stryker Corp 13,400 USD ,280, SunTrust Banks Inc 24,900 USD ,060, Superior Energy Services Inc 14,700 USD , Symantec Corp 36,600 USD , Synopsys Inc 20,400 USD , Sysco Corp 25,800 USD ,038, T Rowe Price Group Inc 10,900 USD , Target Corp 33,500 USD ,536, Teradata Corp 8,000 USD , Tesla Motors Inc 5,400 USD ,200, Tesoro Corp 9,300 USD , Texas Instruments Inc 66,800 USD ,602, Thermo Fisher Scientific Inc 29,200 USD ,697, Tiffany & Co 3,600 USD , Time Warner Cable Inc 19,200 USD ,969, Time Warner Inc 57,400 USD ,934, TJX Cos Inc/The 39,000 USD ,669, Torchmark Corp 10,200 USD , Tractor Supply Co 6,600 USD , Travelers Cos Inc/The 22,200 USD ,373, Trimble Navigation Ltd 18,800 USD , TripAdvisor Inc 9,700 USD , TRW Automotive Holdings Corp 8,500 USD , Twenty-First Century Fox Inc A 115,900 USD ,482, Twenty-First Century Fox Inc B 18,300 USD , Twitter Inc 18,800 USD , Tyson Foods Inc A 14,600 USD , UDR Inc 23,200 USD , Ulta Salon Cosmetics & Fragrance Inc 5,000 USD , Under Armour Inc A 11,900 USD , Union Pacific Corp 65,900 USD ,924, United Continental Holdings Inc 16,700 USD ,103, United Parcel Service Inc B 52,000 USD ,831, United Rentals Inc 9,900 USD ,030, UnitedHealth Group Inc 77,256 USD ,945, Universal Health Services Inc B 5,300 USD , Unum Group 13,000 USD , US Bancorp/MN 137,100 USD ,246, Valero Energy Corp 33,000 USD ,640, Varian Medical Systems Inc 5,600 USD , Ventas Inc 17,200 USD ,253, VeriSign Inc 8,700 USD , Verisk Analytics Inc A 9,600 USD , Verizon Communications Inc 255,574 USD ,096, Vertex Pharmaceuticals Inc 12,200 USD ,453, VF Corp 22,000 USD ,652, Viacom Inc B 28,200 USD ,154, Visa Inc A 34,000 USD ,994, VMware Inc A 5,000 USD , Vornado Realty Trust 6,800 USD , Vulcan Materials Co 13,900 USD , Walgreen Co 51,900 USD ,946, Walt Disney Co/The 112,000 USD ,606, Waste Management Inc 19,900 USD ,026, Waters Corp 3,700 USD , Wells Fargo & Co 306,500 USD ,986, Western Digital Corp 11,300 USD ,269, Western Union Co/The 34,500 USD ,

41 Heading SEB Fund 3 - SEB Ethical Global Index Fund Security description Total holdings Currency Unit Market % of price value in Net USD Assets Weyerhaeuser Co 49,100 USD ,789, Whirlpool Corp 4,300 USD , Whiting Petroleum Corp 8,900 USD , Whole Foods Market Inc 21,800 USD ,098, Williams Cos Inc/The 37,800 USD ,715, Windstream Holdings Inc 23,300 USD , Workday Inc A 8,000 USD , WW Grainger Inc 2,200 USD , Wyndham Worldwide Corp 6,000 USD , Xcel Energy Inc 25,600 USD , Xerox Corp 44,900 USD , Xilinx Inc 9,400 USD , Xylem Inc/NY 13,900 USD , Yum! Brands Inc 20,800 USD ,524, Zimmer Holdings Inc 9,900 USD ,134, Zoetis Inc 30,900 USD ,339, Total United States of America 1,029,160, Total Shares USD 2,003,986, Total Transferable securities admitted to an official stock exchange listing USD 2,003,986, Other Transferable Securities Shares Australia BGP Holding* 190,800 AUD Total Australia Total Shares USD Total Other Transferable Securities USD Total Portfolio USD 2,003,986,

42 Heading SEB Fund 3 - SEB Ethical Global Index Fund Market value in USD Cash at bank Cash at bank 2,095, Total Cash at bank 2,095, Other assets Dividends receivable 2,089, Receivable on subscriptions 11,965, Total other assets 14,055, Other liabilities Bank overdraft (12,747,151.70) (0.64) Management fees (685,954.24) (0.03) Payable on redemptions (864,958.57) (0.04) Bank interest payable on cash accounts (24,454.19) (0.00) Other liabilities (49,508.45) (0.00) Total other liabilities (14,372,027.15) (0.71) Total Net Assets as at 31 December 2014 USD 2,005,765, * Positions which are fair valued by the Management Company A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. % of Net Assets 40

43 Schedule of Investments Heading As at 31 December 2014 Heading SEB Fund 3 - SEB Ethical Sweden Fund Security denomination Total holdings Currency Unit Market % of price value in Net SEK Assets Transferable securities admitted to an official stock exchange listing Shares Auto Parts & Equipment Autoliv Inc 22,560 SEK ,927, Mekonomen AB 95,630 SEK ,269, Total Auto Parts & Equipment 38,197, Banks Nordea Bank AB 604,050 SEK ,179, Skandinaviska Enskilda Banken AB A 418,668 SEK ,803, Svenska Handelsbanken AB A 43,330 SEK ,928, Swedbank AB A 114,790 SEK ,395, Total Banks 135,307, Commercial Services Intrum Justitia AB 103,630 SEK ,052, Securitas AB B 114,880 SEK ,827, Total Commercial Services 34,879, Computers Tieto OYJ 43,890 SEK ,944, Total Computers 8,944, Cosmetics/Personal Care Oriflame Cosmetics SA SDR 22,013 SEK ,410, Svenska Cellulosa AB SCA B 67,320 SEK ,350, Total Cosmetics/Personal Care 13,760, Electronics Lagercrantz AB B 25,610 SEK ,354, Total Electronics 3,354, Energy-Alternate Sources Arise AB 40,658 SEK , Total Energy-Alternate Sources 687, Engineering & Construction ABB Ltd S 212,320 SEK ,287, JM AB 47,080 SEK ,770, NCC AB B 37,890 SEK ,332, Skanska AB B 143,050 SEK ,103, Total Engineering & Construction 80,493, Food Axfood AB 48,680 SEK ,850, ICA Gruppen AB 29,920 SEK ,146, Total Food 31,996, Hand/Machine Tools Sandvik AB 266,840 SEK ,453, Total Hand/Machine Tools 20,453, Healthcare-Products Elekta AB B 138,500 SEK ,038, Total Healthcare-Products 11,038,

44 Heading SEB Fund 3 - SEB Ethical Sweden Fund Security denomination Total holdings Currency Unit Market % of price value in Net SEK Assets Internet CDON Group AB 73,310 SEK ,268, Total Internet 1,268, Investment Companies Investor AB B 111,020 SEK ,618, Total Investment Companies 31,618, Machinery- -Construction & Mining Atlas Copco AB A 100,390 SEK ,985, Total Machinery- -Construction & Mining 21,985, Machinery-Diversified Concentric AB 34,800 SEK ,236, Total Machinery-Diversified 3,236, Media Modern Times Group AB B 68,450 SEK ,023, Total Media 17,023, Metal Fabricate/Hardware SKF AB B 116,340 SEK ,219, Total Metal Fabricate/Hardware 19,219, Miscellaneous Manufacture Alfa Laval AB 16,680 SEK ,486, Total Miscellaneous Manufacture 2,486, Pharmaceuticals AstraZeneca Plc S 29,700 SEK ,275, Recipharm AB B 25,800 SEK ,373, Total Pharmaceuticals 19,648, Real Estate Castellum AB 96,880 SEK ,848, Hufvudstaden AB A 278,250 SEK ,186, Total Real Estate 40,035, Retail Hennes & Mauritz AB B 166,928 SEK ,518, Total Retail 54,518, Telecommunications Millicom International Cellular SA SDR 12,650 SEK ,374, Tele2 AB B 132,020 SEK ,621, Telefonaktiebolaget LM Ericsson B 208,869 SEK ,738, Total Telecommunications 39,734, Total Shares SEK 629,890, Total Transferable securities admitted to an official stock exchange listing SEK 629,890, Total Portfolio SEK 629,890,

45 Heading SEB Fund 3 - SEB Ethical Sweden Fund Market value in SEK Cash at bank Cash at bank 4,904, Total Cash at bank 4,904, Other assets Bank interest receivable on cash accounts Receivable on subscriptions 167, Total other assets 167, Other liabilities Management fees (686,723.79) (0.11) Payable on redemptions (661,877.10) (0.10) Other liabilities (32,285.90) (0.01) Total other liabilities (1,380,886.79) (0.22) Total Net Assets as at 31 December 2014 SEK 633,581, A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. % of Net Assets 43

46 Schedule of InvestmentsHeading As at 31 December 2014Heading SEB Fund 3 - SEB Index Linked Bond Fund SEK Security description Maturity Total holdings Currency Unit Market % of price* value in Net SEK Assets Transferable securities admitted to an official stock exchange listing Bonds Bonds indicated in 1,000 currency units Denmark 3.50 % Oresundsbro Konsortiet 01/12/28 50,000 SEK ,531, Total Denmark 85,531, Germany 3.50 % Bayerische Landesbank 01/12/15 30,000 SEK ,447, Total Germany 37,447, Sweden 3.50 % Akademiska Hus AB 01/12/15 25,000 SEK ,376, % Svensk Exportkredit AB 01/12/20 30,000 SEK ,632, % Swedbank Hypotek AB 01/12/15 12,000 SEK ,060, % Sweden Inflation Linked Bond 01/06/22 150,000 SEK ,709, % Sweden Inflation Linked Bond 01/06/17 88,000 SEK ,877, % Sweden Inflation Linked Bond 01/06/25 169,000 SEK ,874, % Sweden Inflation Linked Bond 01/12/15 21,000 SEK ,509, % Sweden Inflation Linked Bond 01/12/28 210,100 SEK ,264, % Sweden Inflation Linked Bond 01/12/20 128,400 SEK ,876, Total Sweden 1,148,181, Total Bonds SEK 1,271,160, Total Transferable securities admitted to an official stock exchange listing SEK 1,271,160, Total Portfolio SEK 1,271,160, Cash at bank Cash at bank 22,131, Total Cash at bank 22,131, Other assets Interest receivable on bonds 3,321, Total other assets 3,321, Other liabilities Bank overdraft (1,089,855.74) (0.08) Management fees (577,151.38) (0.06) Bank interest payable on cash accounts (3,462.93) (0.00) Other liabilities (45,761.33) (0.00) Total other liabilities (1,716,231.38) (0.14) Total Net Assets as at 31 December 2014 SEK 1,294,897, * Bond prices expressed in %. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 44

47 Schedule of Investments Heading As at 31 December 2014Heading SEB Fund 3 - SEB Medical Fund Security description Maturity Total holdings Currency Unit Market % of price value in Net USD Assets Transferable securities admitted to an official stock exchange listing Shares Canada Valeant Pharmaceuticals International Inc 7,900 CAD ,116, Total Canada 1,116, Finland Orion OYJ B 38,529 EUR ,218, Total Finland 1,218, Germany Fresenius SE & Co KGaA 1,536 EUR , Merck KGaA 18,765 EUR ,791, Total Germany 1,871, Israel Teva Pharmaceutical Industries Ltd ADR 15,135 USD , Total Israel 861, Japan Miraca Holdings Inc 300 JPY 5, , Olympus Corp 14,100 JPY 4, , Otsuka Holdings Co Ltd 41,600 JPY 3, ,263, Shionogi & Co Ltd 41,500 JPY 3, ,088, Total Japan 2,870, Switzerland Actelion Ltd 11,894 CHF ,389, Lonza Group AG 5,848 CHF , Novartis AG 12,981 CHF ,212, Roche Holding AG 15,593 CHF ,252, Total Switzerland 7,519, United Kingdom AstraZeneca Plc S 7,305 SEK , GlaxoSmithKline Plc 28,044 GBP , Shire Plc 33,051 GBP ,313, Total United Kingdom 3,431, United States of America AbbVie Inc 47,557 USD ,182, Aetna Inc 4,000 USD , Allergan Inc/United States 2,200 USD , AmerisourceBergen Corp 13,400 USD ,222, Amgen Inc 20,967 USD ,365, Anthem Inc 9,400 USD ,197, Cardinal Health Inc 2,200 USD , Cigna Corp 19,000 USD ,981, CR Bard Inc 10,800 USD ,821, Edwards Lifesciences Corp 15,300 USD ,980, Eli Lilly & Co 14,797 USD ,029, Gilead Sciences Inc 37,900 USD ,655, HCA Holdings Inc 28,400 USD ,110, Johnson & Johnson 40,515 USD ,264, Laboratory Corp of America Holdings 18,000 USD ,952, McKesson Corp 9,200 USD ,934, Merck & Co Inc 10,542 USD , Mylan Inc/PA 35,800 USD ,052,

48 Heading SEB Fund 3 - SEB Medical Fund Security description Maturity Total holdings Currency Unit Market % of price value in Net USD Assets Pfizer Inc 100,301 USD ,145, Quintiles Transnational Holdings Inc 8,800 USD , Universal Health Services Inc B 17,900 USD ,989, Total United States of America 39,027, Total Shares USD 57,917, Total Transferable securities admitted to an official stock exchange listing USD 57,917, Total Portfolio USD 57,917, Financial futures open with Skandinaviska Enskilda Banken AB (publ) Commitment in USD Purchased financial futures contracts CME E-Mini Healthcare Sector Index Future 20/03/15 53 USD 3,676, , Total financial futures contracts (total unrealised) 38, An amount of USD 154, is held as cash collateral for these positions. Cash at bank and at broker Cash at bank and at broker 4,072, Total Cash at bank and at broker 4,072, Other assets Dividends receivable 25, Bank interest receivable on cash accounts 1, Receivable on subscriptions 93, Total other assets 120, Other liabilities Management fees (81,525.83) (0.12) Payable on redemptions (22,181.40) (0.04) Other liabilities (2,402.23) (0.00) Total other liabilities (106,109.46) (0.16) Total Net Assets as at 31 December 2014 USD 62,043, A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 46

49 Schedule of Investments Heading As at 31 December 2014Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Bonds indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing and/or dealt with in on another regulated market Bonds Sweden 1.02 % Lansforsakringar Bank AB FRN 26/05/17 5,000 SEK , % Nordea Hypotek AB 20/06/18 130,000 SEK ,608, % Skandinaviska Enskilda Banken AB 20/06/18 54,000 SEK ,552, % Stadshypotek AB 21/03/18 30,000 SEK ,180, % Stadshypotek AB 19/12/18 30,000 SEK ,226, % Swedbank Hypotek AB 16/09/15 7,000 SEK , % Swedbank Hypotek AB 19/09/18 160,000 SEK ,042, % Sweden Government Bond 01/06/32 3,450 SEK , % Sweden Government Bond 30/03/39 12,500 SEK ,212, Total Sweden 60,901, Total Bonds USD 60,901, Shares Australia Australia & New Zealand Banking Group Ltd 3,510 AUD , Commonwealth Bank of Australia 95,034 AUD ,662, Dexus Property Group 152,002 AUD , Insurance Australia Group Ltd 292,520 AUD ,497, Telstra Corp Ltd 1,455,771 AUD ,131, Woodside Petroleum Ltd 102,518 AUD ,193, Total Australia 19,469, Belgium Belgacom SA 2,208 EUR , Total Belgium 80, Bermuda Brookfield Property Partners LP 2,882 CAD , PartnerRe Ltd 34,500 USD ,930, Total Bermuda 3,997, Brazil AES Tiete SA (Pref) 15,100 BRL , Cia de Transmissao de Energia Eletrica Paulista (Pref) 12 BRL Cia Energetica de Minas Gerais (Pref) 391,390 BRL ,965, Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (Pref) 41 BRL Itau Unibanco Holding SA (Pref) 26,080 BRL , Total Brazil 2,411, Canada Bank of Montreal 96,600 CAD ,816, Canadian Imperial Bank of Commerce/Canada 76,900 CAD ,642, Canadian Tire Corp Ltd A 25,500 CAD ,675, H&R Real Estate Investment Trust 500 CAD , National Bank of Canada 33,200 CAD ,417, Power Financial Corp 200 CAD , Shaw Communications Inc B 245,500 CAD ,628, Total Canada 24,196, Cayman Islands Hopewell Highway Infrastructure Ltd 9,000 HKD , Longfor Properties Co Ltd 63,800 HKD , SOHO China Ltd 385,500 HKD ,

50 Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Zhen Ding Technology Holding Ltd 151,000 TWD , Total Cayman Islands 758, China Agricultural Bank of China Ltd H 13,153,000 HKD ,595, Bank of China Ltd H 15,925,000 HKD ,806, Bank of Communications Co Ltd H 313,580 HKD , China Construction Bank Corp H 222,000 HKD , China Merchants Bank Co Ltd H 32,800 HKD , China Shenhua Energy Co Ltd H 44,700 HKD , Chongqing Rural Commercial Bank Co Ltd H 2,276,000 HKD ,378, Industrial & Commercial Bank of China Ltd H 4,237,000 HKD ,036, Zhejiang Expressway Co Ltd H 594,000 HKD , Total China 21,200, Colombia Bancolombia SA 5,504 COP 27, , Ecopetrol SA 478,168 COP 2, , Total Colombia 475, Czech Republic CEZ AS 77,000 CZK ,997, O2 Czech Republic AS 2,623 CZK , Total Czech Republic 2,024, Egypt Commercial International Bank Egypt SAE 97,678 EGP , Telecom Egypt Co 52,321 EGP , Total Egypt 768, Finland Orion OYJ B 59,157 EUR ,870, Total Finland 1,870, France Cap Gemini SA 11,270 EUR , Eurazeo SA 13,133 EUR , Eutelsat Communications SA 11,191 EUR , Fonciere Des Regions 9,578 EUR , Vinci SA 17,991 EUR ,001, Total France 4,007, Germany Bayerische Motoren Werke AG 7,531 EUR , Bayerische Motoren Werke AG (Pref) 6,755 EUR , Hannover Rueck SE 10,651 EUR , K+S AG 1,220 EUR , Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2,960 EUR , Total Germany 2,983, Hong Kong Hang Seng Bank Ltd 72,238 HKD ,201, Hopewell Holdings Ltd 180,000 HKD , Link REIT/The 1,401,500 HKD ,752, New World Development Co Ltd 59,334 HKD , Shougang Fushan Resources Group Ltd 378,000 HKD , Wharf Holdings Ltd/The 11,000 HKD ,

51 Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Yuexiu Property Co Ltd 440,000 HKD , Total Hong Kong 10,915, Indonesia Bank Rakyat Indonesia Persero Tbk PT 650,300 IDR 11, , Total Indonesia 608, Ireland Accenture Plc A 88,600 USD ,005, Perrigo Co Plc 2 USD Total Ireland 8,005, Israel Bezeq The Israeli Telecommunication Corp Ltd 2,928,341 ILS ,155, Total Israel 5,155, Italy Terna Rete Elettrica Nazionale SpA 172,791 EUR , Total Italy 796, Japan Aozora Bank Ltd 200 JPY Central Japan Railway Co 39,500 JPY 18, ,015, Daito Trust Construction Co Ltd 1,900 JPY 13, , Japan Airlines Co Ltd 285,200 JPY 3, ,619, Kobe Steel Ltd 361,000 JPY , Lawson Inc 38,100 JPY 7, ,331, Miraca Holdings Inc 3,900 JPY 5, , Otsuka Holdings Co Ltd 118,200 JPY 3, ,589, Resona Holdings Inc 1,430,000 JPY ,345, Showa Shell Sekiyu KK 231,600 JPY 1, ,315, Sumitomo Rubber Industries Ltd 150,800 JPY 1, ,278, Toyota Motor Corp 120,000 JPY 7, ,613, West Japan Railway Co 29,500 JPY 5, ,414, Total Japan 42,546, Malaysia DiGi.Com Bhd 235,400 MYR , Malayan Banking Bhd 264,200 MYR , Telekom Malaysia Bhd 346,000 MYR , Tenaga Nasional Bhd 136,100 MYR , Total Malaysia 2,338, Netherlands Boskalis Westminster NV 13,062 EUR , LyondellBasell Industries NV A 80,000 USD ,441, Total Netherlands 7,159, Norway Yara International ASA 19,376 NOK , Total Norway 870, Philippines Philippine Long Distance Telephone Co 30 PHP 2, , Total Philippines 1, Poland Energa SA 401,078 PLN ,635, KGHM Polska Miedz SA 29,819 PLN ,

52 Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets PGE Polska Grupa Energetyczna SA 36,517 PLN , Total Poland 3,745, Russia Lukoil OAO ADR 127,578 USD ,064, Mobile TeleSystems OJSC ADR 62,300 USD , Surgutneftegas OAO 1,900,000 RUB , Surgutneftegas OAO (Pref) 1,900,000 RUB ,000, Total Russia 7,339, Singapore Keppel Land Ltd 69,000 SGD , Keppel REIT Management Ltd 5,600 SGD , Oversea-Chinese Banking Corp Ltd 617,000 SGD ,900, StarHub Ltd 29,100 SGD , United Overseas Bank Ltd 5,800 SGD , Yangzijiang Shipbuilding Holdings Ltd 4,687,000 SGD ,254, Total Singapore 9,536, South Africa FirstRand Ltd 304,817 ZAR ,322, Kumba Iron Ore Ltd 42,807 ZAR , Liberty Holdings Ltd 9,025 ZAR , Netcare Ltd 400,781 ZAR ,308, Redefine Properties Ltd 1,590,619 ZAR ,492, Sasol Ltd 52,606 ZAR ,988, Sibanye Gold Ltd 28,253 ZAR , Total South Africa 7,138, Spain Red Electrica Corp SA 59,294 EUR ,360, Total Spain 5,360, Switzerland ACE Ltd 79,800 USD ,230, Chocoladefabriken Lindt & Sprungli AG (Part Cert) 10 CHF 4, , Pargesa Holding SA 605 CHF , Swiss Prime Site AG 2,074 CHF , Swiss Re AG 20,245 CHF ,720, Swisscom AG 4,337 CHF ,298, Zurich Financial Services AG 6,455 CHF ,039, Total Switzerland 15,539, Taiwan Asustek Computer Inc 282,000 TWD ,048, Catcher Technology Co Ltd 114,000 TWD , Chicony Electronics Co Ltd 161,000 TWD , China Petrochemical Development Corp 286 TWD Far EasTone Telecommunications Co Ltd 400 TWD Hon Hai Precision Industry Co Ltd 2,469,720 TWD ,835, Pegatron Corp 1,034,000 TWD ,389, Realtek Semiconductor Corp 50,090 TWD , Ruentex Industries Ltd 617,000 TWD ,291, Taishin Financial Holding Co Ltd 475,000 TWD , Taiwan Mobile Co Ltd 1 TWD Transcend Information Inc 301,000 TWD , Total Taiwan 16,197,

53 Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Thailand Advanced Info Service PCL 107,800 THB , PTT Exploration & Production PCL 91,100 THB , PTT Global Chemical PCL 698,800 THB ,088, PTT PCL 77,900 THB , Total Thailand 2,988, Turkey Koza Altin Isletmeleri AS 52,817 TRY , Total Turkey 352, United Kingdom BT Group Plc 930,052 GBP ,820, Ensco Plc A 101,900 USD ,084, ITV Plc 236,817 GBP , National Grid Plc 154,226 GBP ,195, Next Plc 23,644 GBP ,462, Royal Dutch Shell Plc A 5,959 GBP , Severn Trent Plc 9,071 GBP , Unilever Plc 162,399 GBP ,636, United Utilities Group Plc 123,266 GBP ,733, Total United Kingdom 23,206, United States of America AbbVie Inc 10 USD Altria Group Inc 197,605 USD ,913, Ameren Corp 35 USD , American Capital Agency Corp 21,600 USD , Annaly Capital Management Inc 766,700 USD ,449, Anthem Inc 30,400 USD ,873, AT&T Inc 283,400 USD ,666, Bristol-Myers Squibb Co 38 USD , Cisco Systems Inc 166,900 USD ,745, Computer Sciences Corp 27,200 USD ,765, ConocoPhillips 111,290 USD ,785, Delta Air Lines Inc 32,500 USD ,588, Discover Financial Services 98,800 USD ,528, Dow Chemical Co/The 84,200 USD ,870, Dr Pepper Snapple Group Inc 125,400 USD ,135, Edison International 135,400 USD ,160, Eli Lilly & Co 135,035 USD ,397, Exelon Corp 25,900 USD , Express Scripts Holding Co 1 USD Halyard Health Inc 9,394 USD , Harris Corp 125,700 USD ,171, Home Depot Inc/The 11,700 USD ,224, International Business Machines Corp 10,824 USD ,737, International Paper Co 40 USD , Johnson & Johnson 42,000 USD ,420, Kimberly-Clark Corp 75,152 USD ,848, Kraft Foods Group Inc 6,100 USD , Kroger Co/The 118,416 USD ,655, Microsoft Corp 67,100 USD ,185, Navient Corp 301,700 USD ,631, Northeast Utilities 1 USD Patterson Cos Inc 16,800 USD , Paychex Inc 7,100 USD , PepsiCo Inc 31,100 USD ,998, Pfizer Inc 45 USD , Philip Morris International Inc 4 USD

54 Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Phillips USD , Public Service Enterprise Group Inc 215,696 USD ,296, Raytheon Co 69,057 USD ,553, Reynolds American Inc 139,888 USD ,161, SCANA Corp 27,400 USD ,705, Symantec Corp 26 USD Travelers Cos Inc/The 87,500 USD ,314, US Bancorp/MN 13 USD Verizon Communications Inc 200,200 USD ,487, Western Union Co/The 506,900 USD ,124, Wisconsin Energy Corp 64,445 USD ,514, Zimmer Holdings Inc 7 USD Total United States of America 194,348, Total Shares USD 448,396, Investment Funds Asset Allocation Funds Finland SEB Foretagsobligationsfond Flexibel IC 52,687,800 SEK ,887, Total Finland 98,887, Luxembourg SEB SICAV 3 - SEB Asset Selection Opportunistic I 1,345,500 SEK ,225, Total Luxembourg 24,225, Total Asset Allocation Funds 123,113, Commodity Funds Luxembourg SEB Prime Solutions - SEB Commodity Index Fund 94,697 SEK ,627, Vontobel Fund - Belvista Commodity Fund 41,400 SEK ,737, Total Luxembourg 14,364, Total Commodity Funds 14,364, Debt Fund Luxembourg SEB High Yield - C 2,417,100 SEK ,094, Total Luxembourg 53,094, Total Debt Fund 53,094, Investment Fund Luxembourg SEB SICAV 2 - SEB Credit Multi Strategy HNWC 3,811,800 SEK ,136, Total Luxembourg 52,136, Total Investment Fund 52,136, Total Investment Funds USD 242,709, Total Transferable securities admitted to an official stock exchange listing and/or dealt with in on another regulated market USD 752,006, Total Portfolio USD 752,006,

55 Heading SEB Fund 3 - SEB Pension Fund Security description Maturity Total holdings Currency Unit Market % of price* value in Net USD Assets Financial futures open with Skandinaviska Enskilda Banken AB (publ) Commitment in USD Purchased financial futures contracts CME Standard And Poors 500 E-Mini Future 20/03/ USD 20,275, , Eurex Dow Jones Euro Stoxx 50 Future 20/03/ EUR 8,843, , Eurex Euro Bund Future 06/03/15 4 EUR 759, , OM 5 Year Bond Future 6% Coupon 12/03/15 11 SEK 1,810, , Total financial futures contracts (total unrealised) 1,052, An amount of USD 1,648, is held as cash collateral for these positions. Cash at bank and at broker Cash at bank and at broker 31,343, Total Cash at bank and at broker 31,343, Other assets Dividends receivable 1,131, Interest receivable on bonds 656, Bank interest receivable on cash accounts 4, Receivable on subscriptions 21, Retrocession fees receivable 198, Total other assets 2,013, Other liabilities Management fees (854,314.81) (0.11) Payable on redemptions (48,403.67) (0.01) Other liabilities (21,147.51) (0.00) Total other liabilities (923,865.99) (0.12) Total Net Assets as at 31 December 2014 USD 785,491, * Bond prices expressed in %. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 53

56 Schedule of Investments Heading As at 31 December 2014Heading SEB Fund 3 - SEB Technology Fund Security description Maturity Total holdings Currency Unit Market % of price value in Net USD Assets Transferable securities admitted to an official stock exchange listing Shares Canada Open Text Corp 8,004 CAD , Total Canada 471, France Dassault Systemes 7,792 EUR , Total France 477, Japan Hoya Corp 17,600 JPY 4, , Keyence Corp 1,400 JPY 53, , Nexon Co Ltd 20,000 JPY 1, , Obic Co Ltd 3,300 JPY 3, , Oracle Corp Japan 200 JPY 4, , Seiko Epson Corp 10,100 JPY 5, , Trend Micro Inc/Japan 17,400 JPY 3, , Total Japan 2,464, Switzerland Garmin Ltd 8,800 USD , Total Switzerland 472, Taiwan Taiwan Semiconductor Manufacturing Co Ltd 20,000 TWD , Total Taiwan 88, United Kingdom Sage Group Plc/The 38,011 GBP , Total United Kingdom 275, United States of America Alliance Data Systems Corp 2,000 USD , ANSYS Inc 6,600 USD , Apple Inc 21,282 USD ,412, Cisco Systems Inc 23,944 USD , Citrix Systems Inc 7,800 USD , EMC Corp/MA 28,200 USD , F5 Networks Inc 4,200 USD , Facebook Inc A 4,800 USD , FleetCor Technologies Inc 3,700 USD , Google Inc A 1,168 USD , Google Inc C 1,118 USD , Intel Corp 41,677 USD ,545, International Business Machines Corp 2,127 USD , Intuit Inc 6,900 USD , Microsoft Corp 49,228 USD ,336, NetApp Inc 13,200 USD , Oracle Corp 17,074 USD , Paychex Inc 12,200 USD , Pitney Bowes Inc 20,600 USD , QUALCOMM Inc 14,823 USD ,112, Synopsys Inc 12,300 USD , Texas Instruments Inc 15,300 USD , VeriSign Inc 8,900 USD , Visa Inc A 4,717 USD ,248,

57 Heading SEB Fund 3 - SEB Technology Fund Security description Maturity Total holdings Currency Unit Market % of price value in Net USD Assets VMware Inc A 2,000 USD , Western Union Co/The 31,400 USD , Xilinx Inc 13,100 USD , Total United States of America 21,136, Total Shares USD 25,386, Total Transferable securities admitted to an official stock exchange listing USD 25,386, Other Transferable Securities Shares United States of America Protegrity* 435,000 USD Total United States of America Total Shares USD Total Other Transferable Securities USD Total Portfolio USD 25,386, Financial futures open with Skandinaviska Enskilda Banken AB (publ) Commitment in USD Purchased financial futures contracts CME E-Mini Nasdaq 100 Index Future 20/03/15 13 USD 1,116, , Total financial futures contracts (total unrealised) 30, An amount of USD 46, is held as cash collateral for this position. Cash at bank and at broker Cash at bank and at broker 1,183, Total Cash at bank and at broker 1,183, Other assets Dividends receivable 21, Receivable on subscriptions 16, Total other assets 38, Other liabilities Management fees (34,835.98) (0.12) Payable on redemptions (21,527.02) (0.08) Bank interest payable on cash accounts (157.47) (0.00) Other liabilities (1,568.54) (0.01) Total other liabilities (58,089.01) (0.21) Total Net Assets as at 31 December 2014 USD 26,580, * Positions which are fair valued by the Management Company. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. 55

58 Schedule of Investments Heading As at 31 December 2014 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Transferable securities admitted to an official stock exchange listing Shares Advertising Alliance Data Systems Corp 2,262 USD , Interpublic Group of Cos Inc/The 12,616 USD , Omnicom Group Inc 8,334 USD , Total Advertising 1,557, Aerospace/Defense Boeing Co/The 24,325 USD ,206, Northrop Grumman Corp 7,653 USD ,153, Raytheon Co 10,652 USD ,170, Rockwell Collins Inc 4,457 USD , United Technologies Corp 30,655 USD ,562, Total Aerospace/Defense 9,474, Agriculture Altria Group Inc 70,767 USD ,526, Archer-Daniels-Midland Co 25,036 USD ,324, Lorillard Inc 12,308 USD , Philip Morris International Inc 56,996 USD ,702, Reynolds American Inc 10,004 USD , Total Agriculture 10,983, Airlines Delta Air Lines Inc 32,300 USD ,590, Southwest Airlines Co 26,791 USD ,129, Total Airlines 2,719, Apparel Coach Inc 9,297 USD , Michael Kors Holdings Ltd 6,872 USD , NIKE Inc B 25,538 USD ,474, Ralph Lauren Corp 1,929 USD , Under Armour Inc A 6,600 USD , VF Corp 13,320 USD ,000, Total Apparel 5,154, Auto Manufacturers Ford Motor Co 143,613 USD ,226, General Motors Co 47,400 USD ,663, PACCAR Inc 14,461 USD , Total Auto Manufacturers 4,884, Auto Parts & Equipment BorgWarner Inc 8,900 USD , Delphi Automotive Plc 11,800 USD , Goodyear Tire & Rubber Co/The 13,794 USD , Johnson Controls Inc 25,819 USD ,249, Total Auto Parts & Equipment 3,000, Banks Bank of America Corp 380,644 USD ,901, Bank of New York Mellon Corp/The 42,059 USD ,725, BB&T Corp 24,691 USD , Capital One Financial Corp 21,215 USD ,767, Citigroup Inc 110,110 USD ,038,

59 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Comerica Inc 5,858 USD , Fifth Third Bancorp 27,105 USD , Goldman Sachs Group Inc/The 14,860 USD ,908, Huntington Bancshares Inc/OH 25,905 USD , JPMorgan Chase & Co 137,304 USD ,670, KeyCorp 28,443 USD , M&T Bank Corp 4,342 USD , Morgan Stanley 56,900 USD ,219, Northern Trust Corp 7,653 USD , PNC Financial Services Group Inc/The 18,332 USD ,694, Regions Financial Corp 42,533 USD , State Street Corp 14,866 USD ,177, SunTrust Banks Inc 17,530 USD , US Bancorp/MN 65,500 USD ,984, Wells Fargo & Co 173,131 USD ,594, Zions Bancorporation 7,470 USD , Total Banks 50,656, Beverages Brown-Forman Corp B 6,695 USD , Coca-Cola Co/The 143,266 USD ,126, Coca-Cola Enterprises Inc 8,438 USD , Constellation Brands Inc A 7,079 USD , Dr Pepper Snapple Group Inc 6,958 USD , Keurig Green Mountain Inc 4,300 USD , Molson Coors Brewing Co B 6,231 USD , Monster Beverage Corp 5,800 USD , PepsiCo Inc 54,396 USD ,219, Total Beverages 15,199, Biotechnology Amgen Inc 27,992 USD ,496, Biogen Idec Inc 8,546 USD ,924, Celgene Corp 29,240 USD ,319, Gilead Sciences Inc 54,910 USD ,231, Regeneron Pharmaceuticals Inc 2,500 USD ,020, Vertex Pharmaceuticals Inc 9,600 USD ,143, Total Biotechnology 18,136, Building Materials Martin Marietta Materials Inc 2,100 USD , Masco Corp 12,994 USD , Vulcan Materials Co 4,060 USD , Total Building Materials 831, Chemicals Air Products & Chemicals Inc 6,593 USD , Airgas Inc 2,400 USD , CF Industries Holdings Inc 1,859 USD , Dow Chemical Co/The 41,759 USD ,923, Eastman Chemical Co 4,880 USD , Ecolab Inc 10,325 USD ,086, EI du Pont de Nemours & Co 33,594 USD ,505, FMC Corp 3,800 USD , International Flavors & Fragrances Inc 2,672 USD , LyondellBasell Industries NV A 16,500 USD ,329, Monsanto Co 17,810 USD ,156, Mosaic Co/The 11,300 USD , PPG Industries Inc 5,200 USD ,204, Praxair Inc 10,288 USD ,351, Sherwin-Williams Co/The 2,640 USD ,

60 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Sigma-Aldrich Corp 3,763 USD , Total Chemicals 15,917, Coal CONSOL Energy Inc 7,761 USD , Total Coal 264, Commercial Services ADT Corp/The 6,150 USD , Automatic Data Processing Inc 18,250 USD ,535, Cintas Corp 3,390 USD , Equifax Inc 4,019 USD , H&R Block Inc 10,227 USD , MasterCard Inc A 35,647 USD ,100, McGraw Hill Financial Inc 10,636 USD , Moody's Corp 6,401 USD , Quanta Services Inc 10,800 USD , Robert Half International Inc 3,981 USD , Total System Services Inc 5,386 USD , United Rentals Inc 3,400 USD , Western Union Co/The 18,984 USD , Total Commercial Services 8,797, Computers Accenture Plc A 23,692 USD ,136, Apple Inc 213,819 USD ,058, Cognizant Technology Solutions Corp A 24,012 USD ,276, Computer Sciences Corp 4,064 USD , EMC Corp/MA 75,023 USD ,261, Hewlett-Packard Co 68,392 USD ,784, International Business Machines Corp 33,337 USD ,335, NetApp Inc 11,405 USD , SanDisk Corp 7,438 USD , Seagate Technology Plc 10,800 USD , Teradata Corp 5,752 USD , Western Digital Corp 8,100 USD , Total Computers 41,225, Cosmetics/Personal Care Avon Products Inc 16,586 USD , Colgate-Palmolive Co 31,888 USD ,233, Estee Lauder Cos Inc/The A 7,486 USD , Procter & Gamble Co/The 98,809 USD ,129, Total Cosmetics/Personal Care 12,098, Distribution/Wholesale Fastenal Co 9,188 USD , Fossil Group Inc 1,800 USD , Genuine Parts Co 5,072 USD , WW Grainger Inc 1,948 USD , Total Distribution/Wholesale 1,690, Diversified Financial Services American Express Co 32,705 USD ,083, Ameriprise Financial Inc 6,271 USD , BlackRock Inc 4,800 USD ,737, Charles Schwab Corp/The 40,550 USD ,230, CME Group Inc/IL 11,315 USD ,016, Discover Financial Services 16,939 USD ,123,

61 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets E*TRADE Financial Corp 8,941 USD , Franklin Resources Inc 12,912 USD , Intercontinental Exchange Inc 4,077 USD , Invesco Ltd 13,996 USD , Legg Mason Inc 3,449 USD , NASDAQ OMX Group Inc/The 3,972 USD , Navient Corp 13,968 USD , T Rowe Price Group Inc 10,214 USD , Visa Inc A 18,160 USD ,804, Total Diversified Financial Services 17,813, Electric AES Corp/VA 19,081 USD , Ameren Corp 7,709 USD , American Electric Power Co Inc 17,792 USD ,098, CMS Energy Corp 8,190 USD , Consolidated Edison Inc 9,653 USD , Dominion Resources Inc/VA 22,426 USD ,755, DTE Energy Co 6,232 USD , Duke Energy Corp 26,332 USD ,230, Edison International 10,778 USD , Entergy Corp 5,985 USD , Exelon Corp 32,867 USD ,252, FirstEnergy Corp 13,755 USD , Integrys Energy Group Inc 2,041 USD , NextEra Energy Inc 16,096 USD ,735, Northeast Utilities 12,885 USD , NRG Energy Inc 12,300 USD , Pepco Holdings Inc 7,197 USD , PG&E Corp 18,418 USD , Pinnacle West Capital Corp 3,377 USD , PPL Corp 25,597 USD , Public Service Enterprise Group Inc 16,666 USD , SCANA Corp 5,059 USD , Southern Co/The 33,358 USD ,660, TECO Energy Inc 14,000 USD , Wisconsin Energy Corp 7,186 USD , Xcel Energy Inc 16,549 USD , Total Electric 19,546, Electrical Components & Equipment AMETEK Inc 7,759 USD , Emerson Electric Co 24,262 USD ,513, Total Electrical Components & Equipment 1,926, Electronics Affiliated Managers Group Inc 2,000 USD , Agilent Technologies Inc 10,977 USD , Allegion Plc 3,333 USD , Amphenol Corp A 12,966 USD , Corning Inc 49,816 USD ,155, FLIR Systems Inc 3,847 USD , Garmin Ltd 6,100 USD , Honeywell International Inc 28,521 USD ,872, PerkinElmer Inc 2,554 USD , TE Connectivity Ltd 14,212 USD , Thermo Fisher Scientific Inc 15,013 USD ,900, Tyco International Plc 14,900 USD , Waters Corp 2,613 USD , Total Electronics 10,131,

62 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Engineering & Construction Fluor Corp 5,250 USD , Jacobs Engineering Group Inc 4,582 USD , Total Engineering & Construction 527, Environmental Control Republic Services Inc 9,686 USD , Stericycle Inc 2,900 USD , Waste Management Inc 16,318 USD , Total Environmental Control 1,620, Food Campbell Soup Co 6,170 USD , ConAgra Foods Inc 17,918 USD , General Mills Inc 23,324 USD ,267, Hershey Co/The 4,957 USD , Hormel Foods Corp 5,102 USD , JM Smucker Co/The 3,413 USD , Kellogg Co 8,482 USD , Kraft Foods Group Inc 20,897 USD ,327, Kroger Co/The 16,784 USD ,082, McCormick & Co Inc/MD 4,375 USD , Mondelez International Inc A 62,420 USD ,310, Safeway Inc 7,901 USD , Sysco Corp 20,169 USD , Tyson Foods Inc A 12,415 USD , Whole Foods Market Inc 11,726 USD , Total Food 11,146, Forest Products & Paper International Paper Co 14,226 USD , MeadWestvaco Corp 5,831 USD , Total Forest Products & Paper 1,033, Gas AGL Resources Inc 3,516 USD , CenterPoint Energy Inc 13,657 USD , NiSource Inc 11,240 USD , Sempra Energy 8,053 USD , Total Gas 1,921, Hand/Machine Tools Snap-on Inc 2,385 USD , Stanley Black & Decker Inc 5,022 USD , Total Hand/Machine Tools 815, Healthcare-Products Baxter International Inc 18,918 USD ,400, Becton Dickinson and Co 7,059 USD , Boston Scientific Corp 43,119 USD , CareFusion Corp 6,875 USD , Covidien Plc 17,100 USD ,765, CR Bard Inc 2,445 USD , DENTSPLY International Inc 5,123 USD , Edwards Lifesciences Corp 3,300 USD , Hospira Inc 6,286 USD , Intuitive Surgical Inc 1,316 USD , Medtronic Inc 35,276 USD ,577, Patterson Cos Inc 2,050 USD ,

63 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets St Jude Medical Inc 10,018 USD , Stryker Corp 10,848 USD ,036, Varian Medical Systems Inc 3,408 USD , Zimmer Holdings Inc 6,648 USD , Total Healthcare-Products 12,774, Healthcare-Services Aetna Inc 14,055 USD ,266, Anthem Inc 10,379 USD ,330, Cigna Corp 9,016 USD , DaVita HealthCare Partners Inc 6,018 USD , Humana Inc 5,510 USD , Laboratory Corp of America Holdings 2,475 USD , Quest Diagnostics Inc 4,645 USD , Tenet Healthcare Corp 2,721 USD , UnitedHealth Group Inc 34,800 USD ,579, Universal Health Services Inc B 3,500 USD , Total Healthcare-Services 9,497, Holding Companies-Diversified Leucadia National Corp 9,769 USD , Total Holding Companies-Diversified 221, Home Builders DR Horton Inc 10,856 USD , Lennar Corp A 6,823 USD , PulteGroup Inc 11,300 USD , Total Home Builders 814, Home Furnishings Harman International Industries Inc 1,844 USD , Leggett & Platt Inc 4,035 USD , Whirlpool Corp 2,706 USD , Total Home Furnishings 893, Household Products/Wares Avery Dennison Corp 2,970 USD , Clorox Co/The 4,094 USD , Kimberly-Clark Corp 13,912 USD ,632, Total Household Products/Wares 2,221, Housewares Newell Rubbermaid Inc 7,781 USD , Total Housewares 298, Insurance ACE Ltd 12,300 USD ,430, Aflac Inc 17,066 USD ,057, Allstate Corp/The 14,200 USD ,007, American International Group Inc 51,932 USD ,934, American International Group Inc (Wts 19/01/21) 1,619 EUR , Aon Plc 10,579 USD ,018, Assurant Inc 2,104 USD , Berkshire Hathaway Inc B 66,223 USD ,071, Chubb Corp/The 9,557 USD , Cincinnati Financial Corp 4,214 USD , Genworth Financial Inc A 16,320 USD , Hartford Financial Services Group Inc/The 14,633 USD , Lincoln National Corp 9,333 USD , Loews Corp 9,698 USD ,

64 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Marsh & McLennan Cos Inc 19,365 USD ,124, MetLife Inc 40,873 USD ,243, Principal Financial Group Inc 9,615 USD , Progressive Corp/The 17,750 USD , Prudential Financial Inc 16,275 USD ,490, Torchmark Corp 4,410 USD , Travelers Cos Inc/The 12,374 USD ,323, Unum Group 7,212 USD , XL Group Plc 9,200 USD , Total Insurance 28,635, Internet Amazon.com Inc 13,947 USD ,327, ebay Inc 42,144 USD ,411, Expedia Inc 3,483 USD , F5 Networks Inc 3,400 USD , Facebook Inc A 75,900 USD ,012, Google Inc A 10,274 USD ,499, Google Inc C 10,274 USD ,449, Netflix Inc 2,000 USD , Priceline Group Inc/The 1,981 USD 1, ,275, Symantec Corp 26,640 USD , TripAdvisor Inc 3,383 USD , VeriSign Inc 4,627 USD , Yahoo! Inc 32,459 USD ,662, Total Internet 30,290, Iron/Steel Allegheny Technologies Inc 2,135 USD , Nucor Corp 11,204 USD , Total Iron/Steel 629, Leisure Time Carnival Corp 17,416 USD , Harley-Davidson Inc 7,094 USD , Royal Caribbean Cruises Ltd 5,400 USD , Total Leisure Time 1,708, Lodging Marriott International Inc/DE A 7,573 USD , Starwood Hotels & Resorts Worldwide Inc 6,142 USD , Wyndham Worldwide Corp 4,580 USD , Wynn Resorts Ltd 2,622 USD , Total Lodging 1,883, Machinery- -Construction & Mining Caterpillar Inc 23,108 USD ,139, Joy Global Inc 3,100 USD , Total Machinery- -Construction & Mining 2,287, Machinery-Diversified Cummins Inc 6,082 USD , Deere & Co 14,061 USD ,257, Flowserve Corp 4,389 USD , Rockwell Automation Inc 4,656 USD , Roper Industries Inc 3,400 USD , Xylem Inc/NY 6,993 USD , Total Machinery-Diversified 3,741,

65 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Media Cablevision Systems Corp A 5,100 USD , CBS Corp B 17,355 USD , Comcast Corp A 93,699 USD ,516, DIRECTV 19,153 USD ,666, Discovery Communications Inc A 6,600 USD , Discovery Communications Inc C 10,400 USD , Gannett Co Inc 6,266 USD , News Corp A 16,141 USD , Nielsen NV 10,900 USD , Scripps Networks Interactive Inc A 3,665 USD , Time Warner Cable Inc 10,399 USD ,608, Time Warner Inc 31,004 USD ,665, Twenty-First Century Fox Inc A 68,365 USD ,644, Viacom Inc B 13,626 USD ,040, Walt Disney Co/The 56,968 USD ,394, Total Media 23,431, Metal Fabricate/Hardware Precision Castparts Corp 5,465 USD ,321, Total Metal Fabricate/Hardware 1,321, Mining Alcoa Inc 44,629 USD , Freeport-McMoRan Inc 39,112 USD , Newmont Mining Corp 15,442 USD , Total Mining 1,927, Miscellaneous Manufacture 3M Co 22,987 USD ,812, Danaher Corp 22,785 USD ,964, Dover Corp 5,534 USD , Eaton Corp Plc 16,280 USD ,119, General Electric Co 367,176 USD ,388, Illinois Tool Works Inc 12,937 USD ,242, Ingersoll-Rand Plc 10,000 USD , Pall Corp 3,906 USD , Parker-Hannifin Corp 5,186 USD , Pentair Plc 6,811 USD , Total Miscellaneous Manufacture 20,109, Office/Business Equipment Pitney Bowes Inc 11,711 USD , Xerox Corp 45,080 USD , Total Office/Business Equipment 920, Oil & Gas Anadarko Petroleum Corp 19,151 USD ,599, Apache Corp 13,196 USD , Cabot Oil & Gas Corp 13,248 USD , Chesapeake Energy Corp 20,738 USD , Chevron Corp 69,429 USD ,853, Cimarex Energy Co 2,900 USD , ConocoPhillips 44,191 USD ,090, Denbury Resources Inc 11,710 USD , Devon Energy Corp 13,646 USD , Diamond Offshore Drilling Inc 2,947 USD , Ensco Plc A 7,600 USD , EOG Resources Inc 20,368 USD ,888, EQT Corp 5,983 USD ,

66 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Exxon Mobil Corp 154,825 USD ,401, Helmerich & Payne Inc 3,700 USD , Hess Corp 8,676 USD , Marathon Oil Corp 22,113 USD , Marathon Petroleum Corp 9,340 USD , Murphy Oil Corp 5,699 USD , Nabors Industries Ltd 7,811 USD , Newfield Exploration Co 8,100 USD , Noble Corp Plc 7,787 USD , Noble Energy Inc 11,960 USD , Occidental Petroleum Corp 28,246 USD ,299, Phillips 66 20,845 USD ,520, Pioneer Natural Resources Co 5,488 USD , QEP Resources Inc 7,261 USD , Range Resources Corp 7,632 USD , Southwestern Energy Co 15,440 USD , Tesoro Corp 4,802 USD , Transocean Ltd 11,111 USD , Valero Energy Corp 19,288 USD , Total Oil & Gas 43,320, Oil & Gas Services Baker Hughes Inc 15,689 USD , Cameron International Corp 6,493 USD , FMC Technologies Inc 10,066 USD , Halliburton Co 32,423 USD ,281, National Oilwell Varco Inc 16,488 USD ,092, Schlumberger Ltd 47,017 USD ,064, Total Oil & Gas Services 8,123, Packaging & Containers Ball Corp 4,160 USD , Owens-Illinois Inc 5,057 USD , Sealed Air Corp 7,160 USD , Total Packaging & Containers 733, Pharmaceuticals Abbott Laboratories 55,221 USD ,523, AbbVie Inc 58,619 USD ,886, Actavis plc 9,653 USD ,505, Alexion Pharmaceuticals Inc 7,500 USD ,387, Allergan Inc/United States 10,947 USD ,336, AmerisourceBergen Corp 7,713 USD , Bristol-Myers Squibb Co 59,192 USD ,515, Cardinal Health Inc 11,250 USD , Eli Lilly & Co 36,100 USD ,514, Express Scripts Holding Co 27,132 USD ,326, Johnson & Johnson 101,640 USD ,708, Mallinckrodt Plc 3,500 USD , McKesson Corp 8,746 USD ,833, Mead Johnson Nutrition Co 7,105 USD , Merck & Co Inc 104,540 USD ,026, Mylan Inc/PA 14,155 USD , Perrigo Co Plc 5,000 USD , Pfizer Inc 228,380 USD ,166, Zoetis Inc 16,600 USD , Total Pharmaceuticals 51,776,

67 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Pipelines Kinder Morgan Inc/DE 63,310 USD ,690, ONEOK Inc 6,500 USD , Spectra Energy Corp 22,384 USD , Williams Cos Inc/The 23,769 USD ,078, Total Pipelines 4,916, Real Estate CBRE Group Inc A 11,771 USD , Total Real Estate 411, REITS American Tower Corp 14,000 USD ,404, Apartment Investment & Management Co A 3,895 USD , AvalonBay Communities Inc 5,188 USD , Boston Properties Inc 5,087 USD , Crown Castle International Corp 11,200 USD , Equity Residential 13,030 USD , Essex Property Trust Inc 2,000 USD , General Growth Properties Inc 20,500 USD , HCP Inc 15,211 USD , Health Care REIT Inc 11,514 USD , Host Hotels & Resorts Inc 24,850 USD , Iron Mountain Inc 4,848 USD , Kimco Realty Corp 13,009 USD , Macerich Co/The 6,200 USD , Plum Creek Timber Co Inc 5,018 USD , Prologis Inc 20,029 USD , Public Storage 4,901 USD , Simon Property Group Inc 11,563 USD ,145, Ventas Inc 11,587 USD , Vornado Realty Trust 6,966 USD , Weyerhaeuser Co 21,998 USD , Total REITS 15,771, Retail AutoNation Inc 1,436 USD , AutoZone Inc 1,092 USD , Bed Bath & Beyond Inc 6,748 USD , Best Buy Co Inc 10,459 USD , CarMax Inc 6,900 USD , Chipotle Mexican Grill Inc 1,000 USD , Costco Wholesale Corp 16,190 USD ,323, CVS Health Corp 41,263 USD ,024, Darden Restaurants Inc 3,968 USD , Dollar General Corp 10,000 USD , Dollar Tree Inc 7,000 USD , Family Dollar Stores Inc 2,710 USD , GameStop Corp A 4,242 USD , Gap Inc/The 8,664 USD , Home Depot Inc/The 48,608 USD ,068, Kohl's Corp 6,650 USD , L Brands Inc 8,079 USD , Lowe's Cos Inc 36,060 USD ,471, Macy's Inc 12,282 USD , McDonald's Corp 35,199 USD ,317, Nordstrom Inc 4,881 USD , O'Reilly Automotive Inc 3,548 USD , PetSmart Inc 4,100 USD , PVH Corp 3,200 USD ,

68 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Ross Stores Inc 7,259 USD , Staples Inc 21,449 USD , Starbucks Corp 27,371 USD ,238, Target Corp 23,787 USD ,800, Tiffany & Co 3,990 USD , TJX Cos Inc/The 25,664 USD ,756, Tractor Supply Co 4,900 USD , Urban Outfitters Inc 3,700 USD , Walgreen Co 32,583 USD ,477, Wal-Mart Stores Inc 58,222 USD ,053, Yum! Brands Inc 15,576 USD ,141, Total Retail 42,395, Savings & Loans Hudson City Bancorp Inc 13,603 USD , People's United Financial Inc 11,044 USD , Total Savings & Loans 308, Semiconductors Altera Corp 10,597 USD , Analog Devices Inc 13,067 USD , Applied Materials Inc 41,312 USD ,041, Avago Technologies Ltd 9,800 USD , Broadcom Corp A 20,592 USD , First Solar Inc 2,940 USD , Intel Corp 175,258 USD ,442, KLA-Tencor Corp 7,114 USD , Lam Research Corp 5,821 USD , Linear Technology Corp 7,728 USD , Microchip Technology Inc 6,191 USD , Micron Technology Inc 40,633 USD ,438, NVIDIA Corp 19,640 USD , QUALCOMM Inc 61,871 USD ,641, Texas Instruments Inc 38,986 USD ,102, Xilinx Inc 8,753 USD , Total Semiconductors 21,184, Software Adobe Systems Inc 16,545 USD ,209, Akamai Technologies Inc 6,554 USD , Autodesk Inc 9,811 USD , CA Inc 10,794 USD , Cerner Corp 10,000 USD , Citrix Systems Inc 5,986 USD , Dun & Bradstreet Corp/The 1,524 USD , Electronic Arts Inc 9,999 USD , Fidelity National Information Services Inc 9,505 USD , Fiserv Inc 8,038 USD , Intuit Inc 10,801 USD ,005, Microsoft Corp 299,158 USD ,066, Oracle Corp 118,435 USD ,369, Paychex Inc 11,174 USD , Red Hat Inc 7,800 USD , Salesforce.com inc 22,688 USD ,348, Total Software 28,290, Telecommunications AT&T Inc 188,013 USD ,407, CenturyLink Inc 18,874 USD ,

69 Hading SEB Fund 3 - SEB U.S. Index Fund Security denomination Total holdings Currency Unit Market % of price value in Net USD Assets Cisco Systems Inc 185,803 USD ,269, Frontier Communications Corp 50,803 USD , Harris Corp 3,503 USD , Juniper Networks Inc 14,048 USD , Level 3 Communications Inc 10,700 USD , Motorola Solutions Inc 7,496 USD , Verizon Communications Inc 151,300 USD ,161, Windstream Holdings Inc 18,649 USD , Total Telecommunications 21,698, Textiles Mohawk Industries Inc 2,300 USD , Total Textiles 357, Toys/Games/Hobbies Hasbro Inc 4,695 USD , Mattel Inc 10,984 USD , Total Toys/Games/Hobbies 595, Transportation CH Robinson Worldwide Inc 4,993 USD , CSX Corp 34,783 USD ,267, Expeditors International of Washington Inc 6,592 USD , FedEx Corp 9,287 USD ,625, Kansas City Southern 3,900 USD , Norfolk Southern Corp 10,988 USD ,217, Ryder System Inc 2,061 USD , Union Pacific Corp 31,826 USD ,827, United Parcel Service Inc B 25,611 USD ,872, Total Transportation 12,152, Total Shares USD 664,718, Total Transferable securities admitted to an official stock exchange listing USD 664,718, Other Transferable Securities Shares Banks First Horizon National (fractional)* 85,084 USD Total Banks Insurance American International Group Inc (Wts 31/12/21)* 8,843 USD Total Insurance Total Shares USD Total Other Transferable Securities USD Total Portfolio USD 664,718,

70 Hading SEB Fund 3 - SEB U.S. Index Fund Market value in USD Cash at bank Cash at bank 3,872, Total Cash at bank 3,872, Other assets Dividends receivable 695, Receivable on sale of securities 2,804, Receivable on subscriptions 6,221, Total other assets 9,722, Other liabilities Bank overdraft (5,587,280.93) (0.84) Management fees (229,592.98) (0.04) Payable on redemptions (7,280,428.23) (1.09) Bank interest payable on cash accounts (12,180.14) (0.00) Other liabilities (16,458.09) (0.00) Total other liabilities (13,125,940.37) (1.97) Total Net Assets as at 31 December 2014 USD 665,187, * Positions which are fair valued by the Management Company. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements. % of Net Assets 68

71 Combined Statement of Operations Heading For the year ended 31 December 2014 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked Index Fund Fund Bond Fund SEK USD SEK SEK Income Investment income (note 1) 37,408, ,283, Interest on bonds (note 1) ,097, Income from securities lending (note 9) 486, Bank interest on cash accounts 8, , , Retrocession fees (note 4) Total income 37,903, ,306, ,218, Expenses Management fees (note 3) 7,236, ,751, ,542, Taxe d'abonnement (note 5) 687, , , Bank interest on cash accounts 95, , , Other expenses 185, ,577, , Total expenses 8,205, ,540, ,139, Net income for the year 29,698, ,766, ,079, The accompanying notes are an integral part of these financial statements. 69

72 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology Fund Fund Fund USD USD USD Income Investment income (note 1) 778, ,722, , Interest on bonds (note 1) -- 2,159, Income from securities lending (note 9) -- 72, Bank interest on cash accounts 5, , , Retrocession fees (note 4) -- 1,623, Total income 784, ,633, , Expenses Management fees (note 3) 760, ,446, , Taxe d'abonnement (note 5) 24, , , Bank interest on cash accounts , Other expenses 13, , , Total expenses 799, ,988, , Net income/(loss) for the year (15,148.12) 9,644, (82,166.05) The accompanying notes are an integral part of these financial statements. 70

73 Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined Fund USD USD Income Investment income (note 1) 8,407, ,684, Interest on bonds (note 1) -- 5,527, Income from securities lending (note 9) , Bank interest on cash accounts , Retrocession fees (note 4) -- 1,623, Total income 8,407, ,483, Expenses Management fees (note 3) 2,233, ,773, Taxe d'abonnement (note 5) 212, ,267, Bank interest on cash accounts 18, , Other expenses 58, , Total expenses 2,523, ,953, Net income for the year 5,884, ,529, The accompanying notes are an integral part of these financial statements. 71

74 Combined Statement of Changes in Net Assets Heading For the year ended 31 December 2014 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked Index Fund Fund Bond Fund SEK USD SEK SEK Net Assets at the beginning of the year 1,644,876, ,339, ,611,696, Net income for the year 29,698, ,766, ,079, Net realised gain / (loss) on: - sales of securities (49,107,863.21) 39,890, (9,209,309.59) - foreign exchange 72, , (46,243.74) - financial futures contracts (14,852,037.79) Total net realised gain/(loss) (49,035,799.77) 39,926, (24,107,591.12) Change in net unrealised appreciation / (depreciation) on: - securities 108,831, ,896, ,943, financial futures contracts (2,412,125.00) Total change in net unrealised appreciation 108,831, ,896, ,531, Increase in Net Assets as a result of operations 89,493, ,589, ,503, Proceeds on issues of units 550,455, ,729, ,988, Payment on redemptions of units (259,005,452.01) (176,001,423.00) (884,113,306.69) Dividends paid (20,054,667.96) (15,075,784.51) (25,177,728.77) Foreign exchange differences Total Net Assets as at 31 December ,005,765, ,581, ,294,897, The accompanying notes are an integral part of these financial statements. 72

75 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology Fund Fund Fund USD USD USD Net Assets at the beginning of the year 43,541, ,926, ,039, Net income / (loss) for the year (15,148.12) 9,644, (82,166.05) Net realised gain / (loss) on: - sales of securities 6,013, (57,366,580.03) 2,365, foreign exchange (314,611.08) (2,610,623.41) (38,849.03) - financial futures contracts 377, , , Total net realised gain/(loss) 6,076, (59,458,013.88) 2,428, Change in net unrealised appreciation / (depreciation) on: - securities 3,158, ,641, (412,858.79) - financial futures contracts 22, , , Total change in net unrealised appreciation / (depreciation) 3,180, ,532, (396,757.79) Increase / (decrease) in Net Assets as a result of operations 9,241, (6,280,424.47) 1,949, Proceeds on issues of units 22,579, ,150, ,703, Payment on redemptions of units (13,319,455.46) (107,304,717.10) (5,112,842.44) Dividends paid Foreign exchange differences Total Net Assets as at 31 December ,043, ,491, ,580, The accompanying notes are an integral part of these financial statements. 73

76 Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined Fund USD USD Net Assets at the beginning of the year 519,331, ,659,783, Net income for the year 5,884, ,529, Net realised gain / (loss) on: - sales of securities 36,918, (57,217,710.04) - foreign exchange 2, (2,891,222.92) - financial futures contracts -- (917,987.96) Total net realised gain/(loss) 36,920, (61,026,920.92) Change in net unrealised appreciation / (depreciation) on: - securities 26,754, ,146, financial futures contracts , Total change in net unrealised appreciation 26,754, ,764, Increase in Net Assets as a result of operations 69,559, ,267, Proceeds on issues of units 359,619, ,830,800, Payment on redemptions of units (282,391,505.04) (803,930,911.74) Dividends paid (932,271.11) (26,181,242.36) Foreign exchange differences - - (51,822,481.83) Total Net Assets as at 31 December ,187, ,793,917, The accompanying notes are an integral part of these financial statements. 74

77 Combined Statement of Net Assets Heading As at 31 December 2014 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked Index Fund Fund Bond Fund SEK USD SEK SEK Assets Portfolio at cost 1,520,436, ,627, ,221,166, Unrealised appreciation 483,550, ,262, ,993, Portfolio at market value (note 1) 2,003,986, ,890, ,271,160, Unrealised appreciation on financial futures contracts (note 7) Receivable interest and / or dividends 2,089, ,321, Cash at bank and at broker 2,095, ,904, ,131, Other assets 11,965, , Total Assets 2,020,137, ,961, ,296,613, Liabilities Bank overdraft (12,747,151.70) -- (1,089,855.74) Other liabilities (1,624,875.45) (1,380,886.79) (626,375.64) Total Liabilities (14,372,027.15) (1,380,886.79) (1,716,231.38) Total Net Assets as at 31 December ,005,765, ,581, ,294,897, "C (USD)" units outstanding as at 31 December ,476, "D (SEK)" units outstanding as at 31 December ,752, ,945, "D (USD)" units outstanding as at 31 December ,048, "IC P (SEK)" units outstanding as at 31 December ,988, Net Asset Value per "C (USD)" unit as at 31 December Net Asset Value per "D (SEK)" unit as at 31 December Net Asset Value per "D (USD)" unit as at 31 December Net Asset Value per "IC P (SEK)" unit as at 31 December The accompanying notes are an integral part of these financial statements. 75

78 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology Fund Fund Fund USD USD USD Assets Portfolio at cost 46,296, ,646, ,748, Unrealised appreciation 11,620, ,360, ,637, Portfolio at market value (note 1) 57,917, ,006, ,386, Unrealised appreciation on financial futures contracts (note 7) 38, ,052, , Receivable interest and / or dividends 27, ,793, , Cash at bank and at broker 4,072, ,343, ,183, Other assets 93, , , Total Assets 62,149, ,414, ,638, Liabilities Bank overdraft Other liabilities (106,109.46) (923,865.99) (58,089.01) Total Liabilities (106,109.46) (923,865.99) (58,089.01) Total Net Assets as at 31 December ,043, ,491, ,580, "C (SEK)" units outstanding as at 31 December ,415, "C (USD)" units outstanding as at 31 December , ,176, "D (USD)" units outstanding as at 31 December ,044, ,088, ,676, "IC P (SEK)" units outstanding as at 31 December , Net Asset Value per "C (SEK)" unit as at 31 December Net Asset Value per "C (USD)" unit as at 31 December Net Asset Value per "D (USD)" unit as at 31 December Net Asset Value per "IC P (SEK)" unit as at 31 December The accompanying notes are an integral part of these financial statements. 76

79 Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined Fund USD USD Assets Portfolio at cost 491,332, ,007,995, Unrealised appreciation 173,386, ,332, Portfolio at market value (note 1) 664,718, ,749,327, Unrealised appreciation on financial futures contracts (note 7) -- 1,120, Receivable interest and / or dividends 695, ,055, Cash at bank and at broker 3,872, ,055, Other assets 9,026, ,344, Total Assets 678,313, ,822,903, Liabilities Bank overdraft (5,587,280.93) (18,475,067.35) Other liabilities (7,538,659.44) (10,510,615.99) Total Liabilities (13,125,940.37) (28,985,683.34) Total Net Assets as at 31 December ,187, ,793,917, "C (USD)" units outstanding as at 31 December ,438, "D (USD)" units outstanding as at 31 December ,547, "IC P (SEK)" units outstanding as at 31 December Net Asset Value per "C (USD)" unit as at 31 December Net Asset Value per "D (USD)" unit as at 31 December Net Asset Value per "IC P (SEK)" unit as at 31 December The accompanying notes are an integral part of these financial statements. 77

80 Statistical Information Heading As at 31 December 2014 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked 0 Index Fund Fund Bond Fund SEK USD SEK SEK Number of "C (USD)" units outstanding as at 31 December ,476, as at 31 December ,934, as at 31 December ,274, Number of "D (SEK)" units outstanding as at 31 December ,752, ,945, as at 31 December ,548, ,401, as at 31 December ,205, ,878, Number of "D (USD)" units outstanding as at 31 December ,048, as at 31 December ,325, as at 31 December ,199, Number of "IC P (SEK)" units outstanding as at 31 December ,988, as at 31 December as at 31 December Total Net Assets as at 31 December ,005,765, ,581, ,294,897, as at 31 December ,644,876, ,339, ,611,696, as at 31 December ,147,730, ,395, ,713,016, Net Asset Value per "C (USD)" unit as at 31 December as at 31 December as at 31 December Net Asset Value per "D (SEK)" unit as at 31 December as at 31 December as at 31 December Net Asset Value per "D (USD)" unit as at 31 December as at 31 December as at 31 December Net Asset Value per "IC P (SEK)" unit as at 31 December as at 31 December as at 31 December Performance in % "C (USD)" units *) as at 31 December as at 31 December as at 31 December Performance in % "D (SEK)" units **) as at 31 December as at 31 December (5.3) as at 31 December Performance in % "D (USD)" units **) as at 31 December as at 31 December as at 31 December Performance in % "IC P (SEK)" units *) as at 31 December 2014 *****) as at 31 December as at 31 December The accompanying notes are an integral part of these financial statements. 78

81 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Ethical Global SEB Ethical Sweden SEB Index Linked Index Fund Fund Bond Fund SEK USD SEK SEK Dividend paid per D (SEK) unit Dividend paid per D (USD) unit Ongoing Charges (Unaudited) ***) in % 01/01/ /12/2014 "C (USD)" units /01/ /12/2014 "D (SEK)" units /01/ /12/2014 "D (USD)" units /01/ /12/2014 "IC P (SEK)" units Portfolio Turnover Rate (Unaudited) ****) (PTR) in % 01/01/ /12/2014 (12.9) 31.4 (37.2) *) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (NAV / Unit as at 31/12/2013) -- 1) * 100 **) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/ dividend / Unit paid during the year) / (NAV / Unit as at 31/12/2013) -- 1) * 100 ***) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the custodian transaction fees but excluding bank interest on cash accounts / average TNA) * 100. The Ongoing Charges of this financial report are dated 31 December 2014 and might differ from the Ongoing Charges published in the KIID. ****) PTR is calculated by the following formula: ((Total 1 -- Total 2) / average TNA) * 100 *****) IC P (SEK) launched on 20 May 2014 at a price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of 100) -- 1) * 100 NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriptions + redemptions) The accompanying notes are an integral part of these financial statements. 79

82 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology 0 Fund Fund Fund USD USD USD Number of "C (SEK)" units outstanding as at 31 December ,415, as at 31 December ,534, as at 31 December Number of "C (USD)" units outstanding as at 31 December , ,176, as at 31 December , ,172, as at 31 December , ,597, Number of "D (USD)" units outstanding as at 31 December ,044, ,088, ,676, as at 31 December ,679, ,661, ,973, as at 31 December ,574, ,557, ,393, Number of "IC P (SEK)" units outstanding as at 31 December , as at 31 December as at 31 December Total Net Assets as at 31 December ,043, ,491, ,580, as at 31 December ,541, ,926, ,039, as at 31 December ,716, ,485, ,649, Net Asset Value per "C (SEK)" unit as at 31 December as at 31 December as at 31 December Net Asset Value per "C (USD)" unit as at 31 December as at 31 December as at 31 December Net Asset Value per "D (USD)" unit as at 31 December as at 31 December as at 31 December Net Asset Value per "IC P (SEK)" unit as at 31 December as at 31 December as at 31 December Performance in % "C (SEK)" units *) as at 31 December as at 31 December *****) as at 31 December Performance in % "C (USD)" units *) as at 31 December (0.3) 8.0 as at 31 December as at 31 December Performance in % "D (USD)" units **) as at 31 December (0.4) 8.1 as at 31 December as at 31 December Performance in % "IC P (SEK)" units *) as at 31 December ******) as at 31 December as at 31 December The accompanying notes are an integral part of these financial statements. 80

83 Heading SEB Fund 3 - SEB Fund 3 - SEB Fund 3 - SEB Medical SEB Pension SEB Technology 0 Fund Fund Fund USD USD USD Dividend paid per D (USD) unit Ongoing Charges (Unaudited) ***) in % 01/01/ /12/2014 "C (SEK)" Units /01/ /12/2014 "C (USD)" units /01/ /12/2014 "D (SEK)" units /01/ /12/2014 "D (USD)" units /01/ /12/2014 "IC P (SEK)" units Portfolio Turnover Rate (Unaudited) ****) (PTR) in % 01/01/ /12/ *) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (NAV / Unit as at 31/12/2013) -- 1) * 100 **) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/ dividend / Unit paid during the year) / (NAV / Unit as at 31/12/2013) -- 1) * 100 ***) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the custodian transaction fees but excluding bank interest on cash accounts / average TNA) * 100. The Ongoing Charges of this financial report are dated 31 December 2014 and might differ from the Ongoing Charges published in the KIID. ****) PTR is calculated by the following formula: ((Total 1 -- Total 2) / average TNA) * 100 *****) C SEK launched on 17 June 2013 at a price of SEK Performance was calculated by the following formula: ((NAV / Unit as at 31/12/2013) / (Initial subscription price of 100) -- 1) * 100. ******) IC P (SEK) launched on 19 May 2014 at a price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of 100) -- 1) * 100. *******) On 6 December 2013 SEB Fund 3 - SEB Short Medium Bond Fund SEK was merged into SEB Fund 4 - SEB Short Bond Fund SEK. NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriptions + redemptions) The accompanying notes are an integral part of these financial statements. 81

84 Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined 0 Fund USD USD Number of "C (USD)" units outstanding as at 31 December ,438, as at 31 December ,969, as at 31 December ,337, Number of "D (USD)" units outstanding as at 31 December ,547, as at 31 December ,813, as at 31 December ,731, Number of "IC P (SEK)" units outstanding as at 31 December as at 31 December as at 31 December Total Net Assets 0 0 as at 31 December ,187, ,793,917, as at 31 December ,331, ,659,783, as at 31 December ,084, ,162,412, Net Asset Value per "C (USD)" unit as at 31 December as at 31 December as at 31 December Net Asset Value per "D (USD)" unit as at 31 December as at 31 December as at 31 December Net Asset Value per "IC P (SEK)" unit as at 31 December as at 31 December as at 31 December Performance in % "C (USD)" units *) as at 31 December as at 31 December as at 31 December Performance in % "D (USD)" units **) as at 31 December as at 31 December as at 31 December Performance in % "IC P (SEK)" units *) as at 31 December 2014 *****) as at 31 December as at 31 December Dividend paid per D (USD) unit The accompanying notes are an integral part of these financial statements. 82

85 Heading SEB Fund 3 - SEB Fund 3 - SEB U.S. Index Combined Fund USD USD Ongoing Charges (Unaudited)***) in % 01/01/ /12/2014 "C (USD)" units /01/ /12/2014 "D (USD)" units /01/ /12/2014 "IC P (SEK)" units Portfolio Turnover Rate (Unaudited) ****) (PTR) in % 01/01/ /12/2014 (44.1) -- *) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (NAV / Unit as at 31/12/2013) -- 1) * 100 **) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/ dividend / Unit paid during the year) / (NAV / Unit as at 31/12/2013) -- 1) * 100 ***) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the custodian transaction fees but excluding bank interest on cash accounts / average TNA) * 100. The Ongoing Charges of this financial report are dated 31 December 2014 and might differ from the Ongoing Charges published in the KIID. ****) PTR is calculated by the following formula: ((Total 1 -- Total 2) / average TNA) * 100 *****) IC P (SEK) launched on 20 May 2014 at a price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of 100) -- 1) * 100 NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriptions + redemptions) The accompanying notes are an integral part of these financial statements. 83

86 Additional Information on Management Feeseading SEB Fund 3 - SEB Pension Fund ISIN Code Fund Name Management fees in % FI SEB Foretagsobligationsfond Flexibel IC 0.45 LU SEB High Yield - C 1.20 LU SEB Prime Solutions - SEB Commodity Index Fund LU SEB SICAV 2 - SEB Credit Multi Strategy HNWC 0.75 LU SEB SICAV 3 - SEB Asset Selection Opportunistic I 1.50 LU Vontobel Fund - Belvista Commodity Fund 1.50 The accompanying notes are an integral part of these financial statements. 84

87 Notes to the Financial Statements Heading As at 31 December 2014 Heading Note 1. Significant Accounting Policies The financial statements have been prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. Investments: a) Transferable securities and money market instruments, which are officially listed on a stock exchange, are valued at the last available price. b) Transferable securities and money market instruments, which are not officially listed on a stock exchange, but which are traded on another regulated market are valued at a price no lower than the bid price and no higher than the ask price at the time of the valuation and at which the Management Company considers to be an appropriate market price. c) Transferable securities and money market instruments quoted or traded on several markets are valued on the basis of the last available price on the principal market for the transferable securities or money market instruments in question, unless these prices are not representative. d) In the event that such prices are not in line with market conditions, or for securities and money market instruments other than those covered in a), b) and c) above for which there are no fixed prices, these securities and money market instruments, as well as other assets, will be valued at the current market value as determined in good faith by the Management Company, following generally accepted valuation principles. In accordance with the prospectus, as 31 December 2014 was not a bank business day, the valuation at 30 December 2014 has been used for the purpose of these Financial Statements. If the Management Company had calculated the net asset values solely with a view to financial reporting, the market prices used to value the investment portfolio would have been the closing prices on 31 December In that perspective, the net asset value of SEB Fund 3 - SEB US Index Fund would have been different by -1.03%. The net asset values of the other Sub-Funds would not have been significantly different. e) Units or shares of UCI(TS) are valued at the last available Net Asset Value obtained from the Administrative Agent of such UCI(TS). f) Derivatives instruments traded on regulated markets or stock exchanges are valued at last available settlement prices of these contracts on regulated markets or stock exchanges on which the derivative instruments are traded by the Fund. Derivatives instruments not traded on regulated markets or on stock exchanges are valued at their net liquidating value determined, pursuant to the policies established in good faith by the Management Company on a basis consistently applied for each different variety of contracts, in accordance with generally recognised principles, taking into consideration the generally accepted accounting practices, the customary practices in line with the market and the interests of the Unitholders. g) Financial Futures Contracts, which are not matured, are valued at valuation date at market rates prevailing at this date and resulting unrealised appreciation or depreciation are posted as change in net unrealised appreciation/(depreciation) on financial future contracts to the Statement of Changes in Net Assets. 85

88 In the case that extraordinary circumstances occur which make it impossible or even wrong to make a valuation in accordance with the above-mentioned criteria, the Management Company is entitled to temporarily apply other generally accepted valuation procedures, which are determined by it in good faith, in order to make an appropriate valuation of the Fund's Assets. Gains and losses on the sale of securities are determined using the average cost method. Swing pricing: The Investment Manager needs to perform transactions in order to uphold the desired asset allocation as a result of the flows in and out of the Sub-Funds. While performing these transactions brokerage and transaction costs will occur. Acting in the Unitholders' interest, the Net Asset Value will be adjusted if on any Valuation Day the aggregate transactions in units of all Classes of a Sub-Fund result in a net increase or decrease of units which exceeds a threshold set by the Board of Directors of the Management Company from time to time (relating to the cost of market dealing for the Sub-Fund), the Net Asset Value per unit of the relevant Sub-Fund will be adjusted to reflect both the estimated fiscal charges and dealing costs (brokerage and transaction costs) that may be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in which the respective Sub-Fund invests following the net movement of units of the Sub-Fund. The adjustment will be an addition when the net movement results in an increase of all units of the Sub-Fund and a deduction when it results in a decrease. Adjustments made during the year are recorded in Proceeds on issue of units and Payment on redemption of units in the Statement of Changes in Net Assets. No swing pricing has been applied on the Net Asset Value per unit at the year ended 31 December Currency translation: All assets denominated in a different currency to the respective Sub-Funds' currency are converted into this respective Sub-Funds' currency at the last available exchange rate. Separate accounts are maintained for the Sub-Fund in the currency in which the Net Asset Value per unit to which it relates is expressed (the "accounting currency"). Transactions denominated in a currency other than the accounting currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Sub-Fund. Assets and liabilities, expressed in a currency other than the accounting currency, are translated on the basis of exchange rates ruling at the balance sheet date. The consolidated total is translated into USD at the year end date exchange rate. The Sub-Funds are priced at either intraday or close of business. The exchange rates are presented in line with when these Sub-Funds are priced. 86

89 As at 31 December 2014, the intraday exchange rates for SEB Fund 3 - SEB Ethical Sweden Fund, SEB Fund 3 - SEB Index Linked Bond Fund SEK, SEB Fund 3 - SEB Medical Fund, SEB Fund 3 - SEB Pension Fund, SEB Fund 3 - SEB Technology Fund and the combined figures in the annual report were as follows: 1 AUD = USD 1 JPY = USD 1 BRL = USD 1 MXN = USD 1 CAD = USD 1 MYR = USD 1 CHF = USD 1 NOK = USD 1 CLP = USD 1 PHP = USD 1 CZK = USD 1 PLN = USD 1 DKK = USD 1 RUB = USD 1 EGP = USD 1 SEK = USD 1 EUR = USD 1 SGD = USD 1 GBP = USD 1 THB = USD 1 HKD = USD 1 TRY = USD 1 IDR = USD 1 TWD = USD 1 ILS = USD 1 ZAR = USD As at 31 December 2014, the close of business exchange rates for SEB Fund 3 - SEB Ethical Global Index Fund and SEB Fund 3 - SEB U.S. Index Fund were as follows: 1 AUD = USD 1 INR = USD 1 AED = USD 1 JPY = USD 1 BRL = USD 1 KRW = USD 1 CAD = USD 1 MXN = USD 1 CHF = USD 1 MYR = USD 1 CLP = USD 1 NOK = USD 1 COP = USD 1 NZD = USD 1 CNY = USD 1 PHP = USD 1 CZK = USD 1 PLN = USD 1 DKK = USD 1 QAR = USD 1 EUR = USD 1 RUB = USD 1 EGP = USD 1 SEK = USD 1 GBP = USD 1 SGD = USD 1 HKD = USD 1 THB = USD 1 HUF = USD 1 TRY = USD 1 IDR = USD 1 TWD = USD 1 ILS = USD 1 ZAR = USD Income: Interest income and bank interest income are recognised on an accrual basis. Dividends are recorded on the exdividend date. This income is shown net of any withholding taxes and adjusted accordingly when tax reclaims apply. 87

90 Note 2. Efficient Portfolio Management Subject to the conditions and within the limits from time to time laid down by the European Securities and Markets Authority ( ESMA ), and except as otherwise stated in the investment objective and policies of a Sub-Fund, the Investment Managers and/or Sub-Investment Manager(s) may employ, for certain Sub-Funds, investment techniques and instruments such as securities lending, repurchase agreements and other derivatives for investment purposes or efficient portfolio management. Furthermore, new techniques and instruments may be developed which may be suitable for use by a Sub-Fund in the future and a Sub-Fund may employ such techniques and instruments subject to restrictions imposed by ESMA. During the period, securities lending transactions were entered into for the purpose of efficient portfolio management. Gains and losses on these transactions are reflected in the Statement of Operations. In such transactions, the Sub-Fund may temporarily transfer its securities to a borrower, with agreement by the borrower to return equivalent securities to the Sub-Fund at a pre-agreed time. In entering into such transactions the Sub-Fund will endeavour to increase the returns on its portfolio of securities by receiving a fee for making its securities available to the borrower. See note 9 for further details. SEB Merchant Banking is the securities lending agent. Note 3. Management Fees In payment for its services, the Management Company receives a commission at an annual rate of: 0.40% is charged on SEB Fund 3 - SEB Ethical Global Index Fund C (USD) units (Maximum 0.40%) 0.40% is charged on SEB Fund 3 - SEB Ethical Global Index Fund D (USD) units (Maximum 0.40%) 0.20% is charged on SEB Fund 3 - SEB Ethical Global Index Fund IC P (SEK) units (Maximum 0.40%) 1.30% is charged on SEB Fund 3 - SEB Ethical Sweden Fund D (SEK) units (Maximum 1.75%) 0.50% is charged on SEB Fund 3 - SEB Index Linked Bond Fund SEK D (SEK) units (Maximum 0.80%) 1.50% is charged on SEB Fund 3 - SEB Medical Fund D (USD) units (Maximum 1.75%) 1.25% is charged on SEB Fund 3 - SEB Pension Fund C (SEK) units (Maximum 1.25%) 1.25% is charged on SEB Fund 3 - SEB Pension Fund C (USD) units (Maximum 1.25%) 1.25% is charged on SEB Fund 3 - SEB Pension Fund D (USD) units (Maximum 1.25%) 0.50% is charged on SEB Fund 3 - SEB Pension Fund IC P (SEK) units (Maximum 1.25%) 1.50% is charged on SEB Fund 3 - SEB Technology Fund C (USD) units (Maximum 1.75%) 1.50% is charged on SEB Fund 3 - SEB Technology Fund D (USD) units (Maximum 1.75%) 0.40% is charged on SEB Fund 3 - SEB U.S. Index Fund C (USD) units (Maximum 0.40%) 0.40% is charged on SEB Fund 3 - SEB U.S. Index Fund D (USD) units (Maximum 0.40%) 0.20% is charged on SEB Fund 3 - SEB U.S. Index Fund IC P (SEK) units (Maximum 0.40%) A twelfth of this rate is being payable at the end of each month and based on the average Net Assets of each Sub-Fund calculated daily during the relevant month. The Management Company pays accounting, administration, custodian and all other charges and fees on behalf of the Fund, except for taxes, bank and brokerage fees for transactions in securities making up the Fund s portfolio as well as fees on transfers referring to redemption of units. Note 4. Retrocession fees Retrocession of management fees received by the Fund related to investments made in underlying investment funds are recorded in the caption "Retrocession fees" in the Statement of Operations. 88

91 Note 5. Taxation The Fund is liable in Luxembourg to a subscription tax ("taxe d'abonnement") of 0.05% or 0.01% (as applicable) per annum of its NAV, such tax being payable quarterly on the basis of the value of the aggregate Net Assets of the Sub-Funds at the end of the relevant calendar quarter. Investments by a Sub-Fund in shares or units of another Luxembourg undertaking for collective investment which are also subject to the taxe d abonnement are excluded from the NAV of the Sub-Fund serving as basis for the calculation of this tax to be paid by the Sub-Fund. No stamp duty or other tax is payable in Luxembourg on the issue of units. Interest, dividend and other income realised by a Sub-Fund on the sale of securities of non-luxembourg issuers, may be subject to withholding and other taxes levied by the jurisdictions in which the income is sourced. The Management Company has instigated proceedings to reclaim tax withheld by certain Member States of the European Union on dividend payments the Fund has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs and potential benefits of doing so. The likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies across Member States. Any costs associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes of determining the relevant ongoing charges and no amount has been recorded in the Fund for any possible amounts to be received under this action. Certain Sub-Funds of the Fund may have invested into Swedish stocks for which tax reclaim has been successful. As such, amounts have been recorded, where applicable, on a cash basis under Investment Income. Note 6. Transaction Fees Transaction fees incurred by the Fund relating to the purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of custodian fees and broker fees. Most of the transaction fees are included in the transaction price used to calculate the realised and unrealised gain/(loss) on securities. Bond and Money Market Funds will show a figure close to zero as the Broker Commissions are included in the spread of debt securities. For the year ended 31 December 2014, these transaction fees were as follows: SEB Fund 3 - SEB Ethical Global Index Fund SEB Fund 3 - SEB Ethical Sweden Fund SEB Fund 3 - SEB Index Linked Bond Fund SEK SEB Fund 3 - SEB Medical Fund SEB Fund 3 - SEB Pension Fund SEB Fund 3 - SEB Technology Fund SEB Fund 3 - SEB U.S. Index Fund 379, USD 520, SEK 48, SEK 26, USD 637, USD 18, USD 113, USD Note 7. Financial futures contracts Detailed information relating to open financial futures contracts as at 31 December 2014 can be found in the "Schedule of Investments". 89

92 Note 8. Collateral As at 31 December 2014, SEB Fund 3 - SEB Index Linked Bond Fund SEK did not hold any open future positions. As at 31 December 2014, the following security was held with the broker as collateral for the broker for commitment on future positions: Sub-Fund Security Description Nominal SEB Fund 3 - SEB Index Linked Bond Fund SEK 3.50% Sweden Government Bond 01/12/15 SEK 16,000,000 Note 9. Securities Lending For the year ended 31 December 2014, the securities lending income generated by the Fund is as follows: As at 31 December 2014, the Fund does not participate anymore in securities lending transactions. Sub-Fund Fund CCY Total gross amount of securities lending income Direct and indirect costs and fees deducted from gross securities lending income Total net amount of securities lending income SEB Fund 3 - SEB Ethical Global Index Fund USD 771, , , SEB Fund 3 - SEB Pension Fund USD 107, , , Note 10. Significant Events during the year Prospectus A new prospectus was issued in May Directors There were changes to the Board of Directors of the Management Company during the year. Please refer to the Organisation section on page 2 for details. Note 11. Subsequent Events after the year end There were no subsequent events after the year end. 90

93 Audit Report To the Unitholders of SEB Fund 3 We have audited the accompanying financial statements of SEB Fund 3 and of each of its Sub-Funds, which comprise the Combined Statement of Net Assets and the Schedule of Investments as at 31 December 2014 and the Combined Statement of Operations and the Combined Statement of Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the Management Company for the financial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.... PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P.1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU

94 Opinion In our opinion, the financial statements give a true and fair view of the financial position of SEB Fund 3 and of each of its Sub-Funds as of 31 December 2014, and of the results of their operations and changes in their Net Assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 29 April 2015 Represented by Philippe Sergiel 92

95 Notes to the EU Savings Tax Directive (unaudited) The Council of the European Union adopted on 3 June 2003 a Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments (the "Savings Tax Directive") under which Member States of the European Union ("Member States") will be required to provide tax authorities of another Member State with details of payment of interest or other similar income paid by a person within its jurisdiction to an individual resident in that other Member State. Austria, Belgium and the Grand Duchy of Luxembourg have opted alternatively for a withholding tax system for a transitional period in relation to such payments. The Luxembourg law of 21 June 2005 implemented the Savings Directive into Luxembourg law (the "Savings Directive Law"). Pursuant to the Savings Directive Law, from 1 July 2005 until 30 June 2008, the withholding tax rate on interest was 15% and from 1 July 2008 until 30 June 2011, the withholding tax was 20% rising to 35% from 1 July 2011 onwards. After 31 December 2014, Luxemburgish paying agents are obliged to exchange the details on cross-border interest distributions or redemptions of fund units subject to the European Savings Directive (EUSD). Article 9 of the Savings Directive Law provides that no withholding tax will be withheld if the beneficial owner expressly authorizes the Paying Agent to report information in accordance with the provisions of the Savings Directive Law. Dividends distributed are subject to the Savings Tax Directive if more than 15% of the assets are invested in debt claims as defined in the Savings Directive Law. Proceeds realised by Unitholders on the disposal of units will be subject to such reporting or withholding if more than 40% of the assets are invested in debt claims as defined by the Savings Directive Law. As from 1 January 2011 the application threshold for the EU Savings Directive changed from 40% to 25%. The determination of the portion of debt claims has been carried out based on an asset test. Key dates for this asset test were 30 June 2014 and 31 December The average percentage of each Sub-Fund s debt claims is as follows: SEB Fund 3 - SEB Ethical Global Index Fund 0.00% SEB Fund 3 - SEB Ethical Sweden Fund 0.91% SEB Fund 3 - SEB Index Linked Bond Fund SEK % SEB Fund 3 - SEB Medical Fund 4.92% SEB Fund 3 - SEB Pension Fund 41.48% SEB Fund 3 - SEB Technology Fund 3.53% SEB Fund 3 - SEB U.S. Index Fund 0.01% Therefore, the Sub-Funds SEB Fund 3 - SEB Index Linked Bond Fund SEK and SEB Fund 3 - SEB Pension Fund are subject to the Savings Tax Directive, in regards to the dividend distribution and also to the proceeds realised by the Unitholders on the disposal of units, for the period from 1 May 2015 to 30 April The Sub-Funds SEB Fund 3 - SEB Ethical Global Index Fund, SEB Fund 3 - SEB Ethical Sweden Fund, SEB Fund 3 - SEB Medical Fund, SEB Fund 3 - SEB Technology Fund and SEB Fund 3 - SEB U.S. Index Fund are not subject to the Savings Tax Directive for the period from 1 May 2015 to 30 April

96 Risk Disclosure (unaudited) In the context of risk measurement and in accordance with CSSF Circular 11/512 a UCITS must calculate its global exposure on at least a daily basis. For SEB Fund 3, the global exposure is calculated and monitored daily by using the calculation methodology Value at Risk (VaR). The VaR model used is parametric VaR. The observation period is at least 250 days. The VaR methodology provides an estimate of the maximum potential loss over a specific time period and at a given confidence level, i.e. probability level. Usually for UCITS, the time period is 1 month/20 business days and the confidence level is 99%. For example, a VaR estimate of 3% on a 20-days time period with a 99% confidence level means that, with 99% certainty, the percentage the Fund can expect to lose over the next 20 days period should be a maximum of 3%. In case of the VaR methodology, the Fund can use either the relative or the absolute VaR approach. According to CSSF Circular 11/512, the absolute VaR approach must not be greater than 20% based on a 99% confidence level and a holding period of 1 month/20 business days. In the case of the relative VaR approach, the VaR of the Fund must not be greater than twice the VaR of its reference portfolio. Nevertheless, lower limitations than those ones set by the regulator can be set in accordance with the investment policy/strategy of the fund. In addition to the VaR, the level of leverage generated through the use of derivatives and the use of collateral in relation to efficient portfolio management transactions (i.e. securities lending or repurchase agreements) is monitored twice a month. Leverage is measured as the sum of the absolute notional exposures of the financial derivative instruments (i.e. the absolute sum of all long and short notional positions in derivatives compared to the Net Asset Value of the Fund) and the reinvestment of collateral related to securities lending or repurchase agreement used by the Fund. The below overview summarises the Fund indicating the VaR approach, the reference portfolio (in the case of relative VaR), the legal VaR limit, the lowest/highest and average utilisation of VaR (expressed as a percentage of the respective absolute or relative legal VaR limit) as well as the average level of leverage for the year ended 31 December 2014: Fund Relative/ Absolute VaR Reference portfolio Legal VaRlimit Lowest utilisation of VaR Highest utilisation of VaR Average utilisation of VaR Average Leverage SEB Fund 3 - SEB Ethical Global Index Fund Relative MSCI All Country World Net Return Index 200% 49.53% 50.63% 50.00% 0.00% SEB Fund 3 - SEB Ethical Sweden Fund Relative OMX Stockholm Benchmark Cap GI 200% 48.37% 52.84% 50.34% 0.00% SEB Fund 3 - SEB Index Linked Bond Fund SEK Relative OMRX-REAL 200% 44.02% 50.83% 47.68% 13.46% SEB Fund 3 - SEB Medical Fund Relative MSCI Health Care Index 200% 45.29% 54.16% 49.25% 3.79% 94

97 Fund Relative/ Absolute VaR Reference portfolio Legal VaRlimit Lowest utilisation of VaR Highest utilisation of VaR Average utilisation of VaR Average Leverage SEB Fund 3 - SEB Pension Fund Absolute N/A 20% 30.16% 42.05% 35.31% 3.95% SEB Fund 3 - SEB Technology Fund Relative MSCI World Information Technology Net Return Index 200% 47.41% 50.59% 49.07% 2.95% SEB Fund 3 - SEB U.S. Index Fund Relative S&P 500 Net Total Return Index 200% 49.14% 50.51% 49.97% 0.03% 95

98 SEB Asset Management S.A. 4, rue Peternelchen, L-2370 Howald, Luxembourg Postal address: PO Box 2053, L-1020 Luxembourg Phone ; Fax