annual report - bank & försäkring | seb · 4 seb fund 1 - seb us all cap fort washington...

R.C.S K 49

Annual Report SEB Fund 1 Status: 31 December 2017

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.

Table of Contents

1

Page

Additional Information to the Investors in Germany 2

Organisation 3

General Information 5

Management Report 9

Schedule of Investments:

SEB Fund 1 - SEB Asset Selection Fund 11

SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund 15

SEB Fund 1 - SEB Ethical Europe Fund 16

SEB Fund 1 - SEB Europe Fund 20

SEB Fund 1 - SEB Europe Index Fund 25

SEB Fund 1 - SEB European Opportunity Fund 35

SEB Fund 1 - SEB Global Fund 36

SEB Fund 1 - SEB Global Chance / Risk Fund 40

SEB Fund 1 - SEB Nordic Fund 45

SEB Fund 1 - SEB Norway Focus Fund 47

SEB Fund 1 - SEB US All Cap 49

Combined Statement of Operations 51

Combined Statement of Changes in Net Assets 55

Combined Statement of Net Assets 59

Statistical Information 64

Notes to the Financial Statements 75

Audit Report 82

Risk Disclosure (unaudited) 85

Remuneration Disclosure (unaudited) 88

Additional Information to the Investors in Germany As at 31 December 2017

2

Units in circulation: The following Sub-Funds are publicly approved for distribution in Germany:

• SEB Fund 1 - SEB Asset Selection Fund • SEB Fund 1 - SEB Ethical Europe Fund • SEB Fund 1 - SEB Europe Fund • SEB Fund 1 - SEB Global Fund • SEB Fund 1 - SEB Global Chance / Risk Fund • SEB Fund 1 - SEB Nordic Fund

The following Sub-Funds are not distributed in Germany:

• SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund • SEB Fund 1 - SEB Europe Index Fund • SEB Fund 1 - SEB European Opportunity Fund • SEB Fund 1 - SEB Norway Focus Fund • SEB Fund 1 - SEB US All Cap

The information disclosed above is as at 31 December 2017 and this may change after the year end. The current Sub-Funds in circulation and the current registrations per unit class are visible in the distribution matrix on www.sebgroup.lu.

Organisation

3

Management Company: SEB Investment Management AB Stjärntorget 4 SE-169 79 Solna, Sweden

Board of Directors of Chairperson

the Management Company: Johan Wigh Advokat, Törngren Magnell Sandemarsvägen 18 122 60 Enskede Sweden

Members

Magnus Wallberg Chief Financial Officer Life and Investment Management Division Skandinaviska Enskilda Banken AB (publ) Sweden

Karin S. Thorburn

Professor in Finance at the Norwegian School of Economics Starefossveien 58 A 5019 Bergen, Norway

Jenny Askfelt Ruud (since 18 May 2017)

Advisor Ratos AB Äppelviksv 5 167 53 Bromma Sweden

Branch of the Management Company: SEB Investment Management AB, Luxembourg Branch

4, rue Peternelchen L-2370 Howald, Luxembourg

Central Administration (including the

administrative, registrar and transfer

agent function) and Paying Agent in

Luxembourg:

The Bank of New York Mellon SA/NV, Luxembourg Branch 2-4, rue Eugène Ruppert L-2453 Luxembourg

Investment Managers: SEB Fund 1 - SEB Asset Selection Fund

SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund

SEB Fund 1 - SEB Ethical Europe Fund

SEB Fund 1 - SEB Europe Fund

SEB Fund 1 - SEB Europe Index Fund

SEB Fund 1 - European Opportunity Fund

SEB Fund 1 - Global Fund

SEB Fund 1 - Global Chance / Risk Fund

SEB Fund 1 - Nordic Fund

SEB Fund 1 - SEB Norway Focus Fund

SEB Investment Management AB Stjärntorget 4 SE-169 79 Solna, Sweden

4

SEB Fund 1 - SEB US All Cap

Fort Washington Investment Advisors, Inc. 303 Broadway, Suite 1200, Cincinnati, OH 45202, United States of America

Depositary: Skandinaviska Enskilda Banken S.A.

4, rue Peternelchen L-2370 Howald, Luxembourg

Auditor of the Fund:

PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg

Auditor of the Management Company:

PricewaterhouseCoopers AB Torsgatan 21 SE-113 97 Stockholm, Sweden

Global Distributor: Skandinaviska Enskilda Banken AB (publ) Kungsträdgårdsgatan 8 SE-106 40 Stockholm, Sweden

Representatives and Paying

Agents outside Luxembourg: The full list of representatives and paying agents outside Luxembourg can be obtained,

free of any charge, at the address of the Management Company, at the address of the

Branch and on the website of the Branch.

General Information 5 SEB Fund 1 is an open-ended common fund ("FCP" - "Fonds Commun de Placement") governed by Part I of the Luxembourg Law on Undertakings for Collective Investment of 17 December 2010, as amended, (the “Law”). The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS). The Fund, was set up on 3 December 1987 for an undetermined duration. The Management Regulations lastly modified with effect from 20 September 2017, have been

published in the Recueil Electronique des Sociétés et Associations (RESA) on 31 October 2017. The Fund is registered in

Luxembourg at the Luxembourg Register of Commerce under the number K 49. The Management Company was established

on 19 May 1978 in the form of a Swedish limited liability company (AB). The Management Company is authorised by

Finansinspektionen for the management of UCITS and for the discretionary management of financial instruments and

investment portfolios under the Swedish UCITS Act (SFS 2004:46). The Management Company is also authorised as an alternative investment fund manager to manage alternative investment funds under the Swedish AIFM Act (SFS 2013:561). The Management Company has delegated parts of the Central Administration as further detailed hereafter, including the administrative, registrar and transfer agent functions - under its continued responsibility and control - at its own expenses to

The Bank of New York Mellon SA/NV, 2-4, Luxembourg Branch, 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 67654 (the “Administrative Agent” and "Registrar and Transfer Agent”). In the capacity of Administrative Agent, it carries out certain administrative duties related to the administration of the Fund,

including the calculation of the NAV of the Units and the provision of account 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 each Sub-Fund will be to invest directly and/or indirectly in transferable securities and other Eligible

Assets, with the purpose of spreading investment risks and achieving long-term capital growth. The investment objectives of

the Sub-Funds will be carried out in compliance with the investment restrictions set forth in the latest prospectus. At present, eleven Sub-Funds are at the Unitholders’ disposal:

• SEB Fund 1 - SEB Asset Selection Fund

• SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund

• SEB Fund 1 - SEB Ethical Europe Fund

• SEB Fund 1 - SEB Europe Fund

• SEB Fund 1 - SEB Europe Index Fund

• SEB Fund 1 - SEB European Opportunity Fund

• SEB Fund 1 - SEB Global Fund

• SEB Fund 1 - SEB Global Chance / Risk Fund

• SEB Fund 1 - SEB Nordic Fund

• SEB Fund 1 - SEB Norway Focus Fund

• SEB Fund 1 - SEB US All Cap Unless otherwise laid down in part II of the Prospectus, "The Sub-Funds", the Management Company may decide to issue, for each Sub-Fund, capitalisation Units ("C" Units) and distribution Units ("D" Units). The "C" Units will reinvest their income, if any. The "D" Units may pay a dividend to its Unitholders, upon decision of the

Management Company. Dividends are paid annually, except for those Sub-Funds where the Management Company would

decide on a monthly, quarterly or semi-annual dividend payment.

6

The Management Company may issue Unit Classes whose Reference Currency is not the Base Currency of the respective

Sub-Fund. With regard to such Unit Classes, the Management Company has the ambition to hedge the currency exposure

from the Base Currency into the currency exposure of the Reference Currency. Considering the practical challenges of doing

so, the Management Company does not guarantee how successful such currency hedging of Unit Classes will be. For Unit

Classes where the Management Company has an ambition to currency-hedge the Unit Class, an “H-“ will precede the

currency denomination of the Unit Class. For example “(H-SEK)” means that there is an ambition by the Management

Company to hedge the currency exposure from a Base Currency into a SEK-exposure for the Unit Class. The ambition of such

hedging activity is to limit the performance impact related to fluctuations in the exchange rate between the Base Currency

and the Reference Currency of the Unit Class. The profit and loss effects related to currency hedging of a particular Unit

Class, will be allocated to the relevant Unit Class.

Currently, the following unit classes are offered for the Sub-Funds:

• SEB Fund 1 - SEB Asset Selection Fund o Capitalisation units (“C (EUR)” units) LU0256624742 o Capitalisation units (“C (H-CHF)” units) LU0414062751 o Capitalisation units (“C (H-GBP)” units) LU0404208604 o Capitalisation units (“C (H-JPY)” units) LU0414062918 o Capitalisation units (“C (H-NOK)” units) LU0385327829 o Capitalisation units (“C (H-SEK)” units) LU0256625632 o Capitalisation units (“C (H-USD)” units) LU0404208273 o Distribution units (“D (EUR)” units) LU1252208191 o Distribution units (“D (H-SEK)” units) LU0385330880 o Capitalisation units (“GC (EUR)” units) LU0454773630 o Capitalisation units (“IC (EUR)” units) LU1312078915 o Capitalisation units (“IC (H-CHF)” units) LU1318345193 o Capitalisation units (“IC (H-USD)” units) LU1318344113 o Distribution units (“ID (EUR)” units) LU1252208514 o Capitalisation units (“RDRC (H-GBP)” units) LU1312079566 o Capitalisation units (“SIC (H-USD)” units) LU1312080069 o Capitalisation units (“UC (EUR)” units) LU1726276170 o Capitalisation units (“UC (H-SEK)” units) LU1726276253 o Capitalisation units (“ZC (EUR)” units) LU1726275958 o Distribution units (“ZD(EUR)” units) LU1726276097

• SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund o Capitalisation units (“C (H-EUR)” units) LU1138413973 o Capitalisation units (“C (H-SEK)” units) LU1138413205 o Capitalisation units (“C (USD)” units) LU1138412819 o Capitalisation units (“HNWC (H-EUR)” units) LU1138414435 o Capitalisation units (“HNWC (H-SEK)” units) LU1138413460 o Capitalisation units (“HNWC (USD)” units) LU1138413114

• SEB Fund 1 - SEB Ethical Europe Fund o Capitalisation units (“C (EUR)” units) LU0030166333

General Information 7 • SEB Fund 1 - SEB Europe Fund o Capitalisation units (“C (EUR)” units) LU0030166507 o Distribution units (“D (EUR)” units) LU0427863906 o Capitalisation units (“IC P (SEK)” units) LU1032627470

• SEB Fund 1 - SEB Europe Index Fund o Capitalisation units (“C (EUR)” units) LU0030164395 o Capitalisation units (“C (H-SEK)” units) LU1548800892 o Capitalisation units (“IC (EUR)” units) LU1118354460 o Capitalisation units (“IC P (SEK)” units) LU1032627553 o Distribution units (“ID (SEK)” units) LU1267950928

• SEB Fund 1 - SEB European Opportunity Fund o Capitalisation units (“C (EUR)” units) LU1121643750 o Capitalisation units (“C (SEK)” units) LU1372835493 o Capitalisation units (“ZC (EUR)” units) LU1726276337

• SEB Fund 1 - SEB Global Fund o Capitalisation units (“C (EUR)” units) LU0957649758 o Capitalisation units (“C (NOK)” units) LU1132328979 o Capitalisation units (“C (USD)” units) LU0030158231 o Distribution units (“D (USD)” units) LU0397031146 o Capitalisation units (“IC (EUR)” units) LU0957651143 o Capitalisation units (“IC (SEK)” units) LU0966069238 o Capitalisation units (“ZC (EUR)” units) LU1726276410

• SEB Fund 1 - SEB Global Chance / Risk Fund o Capitalisation units (“C (EUR)” units) LU0122113094 o Distribution units (“D (EUR)” units) LU0845774990 o Distribution units (“D (SEK)” units) LU0845792208

• SEB Fund 1 - SEB Nordic Fund o Capitalisation units (“C (EUR)” units) LU0030165871

• SEB Fund 1 - SEB Norway Focus Fund o Capitalisation units (“C (NOK)” units) LU1330103273 o Capitalisation units (“C (SEK)” units) LU1612341179 o Capitalisation units (“HNWC (NOK)” units) LU1330103356 o Capitalisation units (“IC (NOK)” units) LU1330103430

• SEB Fund 1 - SEB US All Cap o Capitalisation units (“C (EUR)” units) LU1132339661 o Capitalisation units (“C (USD)” units) LU0030166176 o Distribution units (“D (EUR)” units) LU1132339828 o Capitalisation units (“IC (EUR)” units) LU1132340081 o Capitalisation units (“IC (USD)’’ units) LU1267950845 o Capitalisation units (“ZC (USD)” units) LU1726276501 o Distribution units (“ZD (EUR)” units) LU1726276683

8

The base currency of the Fund is US Dollar. The currency of the Sub-Funds SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund, SEB Fund 1 - SEB Global Fund and SEB Fund 1 - SEB US All Cap is US Dollar. The currency of the Sub-Funds SEB Fund 1 - SEB Asset Selection Fund, SEB Fund 1 - SEB Ethical Europe Fund, SEB Fund 1 - SEB Europe Fund, SEB Fund 1 - SEB Europe Index Fund, SEB Fund 1 - SEB European Opportunity Fund, SEB Fund 1 - SEB Global Chance / Risk Fund and SEB Fund 1 - SEB Nordic Fund is Euro.

The currency of the Sub-Fund SEB Fund 1 - SEB Norway Focus Fund is Norwegian Krone.

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 Depositary

and the Paying Agent.

In addition, the Net Asset Value, fact sheets and other informational material is published on the SEB Luxembourg website

www.sebgroup.lu ("website"). When 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").

The audited annual and un-audited semi-annual reports of the Fund may be obtained, free of charge at the registered office of the Management Company, at the address of its Branch and on the website. These reports as well as copies of the

Prospectus, the Management Regulations and the KIID are available, free of charge, at the registered office of the

Management Company, at the address of the Branch and on the website.

Management Report

9

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 of our Fund SEB Fund 1.

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.

Recovery at last

Looking back at the past ten years, the perhaps most interesting tendency has been how the market’s expectations for future

growth has consistently been too optimistic. Every year has started with high expectations which then are revised lower as

either a political crisis or a pre-mature - in hindsight - tightening of monetary policy has negatively affected growth. It is in this

context that 2017 stands out. For the first time since the financial crisis we have seen a strong and broad-based recovery in

growth. We regard it as broad-based in the sense that all sectors and all regions showed gains in unison. It is strong in the

sense that a range of major leading indicators ended higher than in decades.

The economy’s strength did not go un-noticed in the financial markets. As investors embraced the idea that growth was

finally gaining speed, and the likelihood for another disappointment fell, equities began to rally. So much in fact, that

valuations started to reach levels which in recent history have only been surpassed during the IT bubble of the late 90s.

At the time of writing, this is one of the few potential negatives for 2018. The fact that the equity markets have already

discounted much of the good macroeconomic news means we expect to see somewhat lower equity returns than 2017.

Furthermore, we also expect volatility to start rising as central banks continue to tighten monetary policy.

In the following paragraphs we describe the developments and our outlook for the financial markets, global growth and

monetary policy.

Financial markets

As stated, 2017 was a strong year for risky assets in general and equities in particular. Global equities, measured in local

currency, rose by nearly 20%, driven in large part by a strong recovery in earnings.

Despite the improving growth outlook, inflation expectations and longer dated yields ended up largely where they started at

the beginning of 2017. This disconnect was caused by a string of surprisingly weak inflation numbers coming out of the US

throughout 2017. As the labour market continued to tighten, however, the US Federal Reserve continued to hike rates in

2017 which ensured that the US yield curve flattened significantly. This development contrasted the strong growth outlook

as a flattening, inverted, yield curve traditionally is seen as a sign of an imminent recession.

In a broader asset allocation context, the most interesting feature of 2017 was the low levels of volatility. The US S&P 500

implied equity volatility Index (VIX) ended up averaging the lowest levels since the inception of the index and the S&P 500

had only eight days when the index either fell or rose by more than 1%. We have to go all the way back to 1965 to find a year

which replicates this pattern.

Global growth

During the summer of 2017, global growth started to accelerate significantly. All major PMIs (Purchasing Manager Index)

and consumer confidence indicators started to rise in unison for the first time since the financial crisis. Not only was the

strength concerted in the sense that all major leading indicators started to rise, it was also very strong. For example, US

consumer confidence rose to the highest levels since 2001 and IFO, the leading indicator for Germany, posted its highest

levels on record.

10

Given the strength in the economy over the second half of 2017, we are at a point where growth seems finally to have

consolidated. The likelihood of a slowdown in growth has fallen significantly and if leading indicators are to be trusted the

momentum seems set to continue going into 2018.

Finally, it is also worth noting that global trade has once more started to rise. The growth rate in trade for large global

exporters such as South Korea has left the single digit range which has dominated since 2011. This development will be

especially beneficial for the Emerging Market space in particular.

Monetary policy

As growth strengthened in 2017, global central banks continued to tighten monetary policy. In contrast to the last five years

this tightening fortunately did not have a negative impact on financial markets.

The US Federal Reserve hiked rates three times in 2017. This was in line with their projection, but more than what the market

was pricing. This decision to hike was largely motivated by the strong labour market, which is projected to result in higher

wage inflation, and a view that the low inflation readings of 2017 were caused by temporary factors. At the time of writing,

early 2018, there has been no material change in the Fed’s outlook and it is aiming for three hikes over the next 12 months.

The ECB announced it will continue to withdraw support through its purchases of bonds. There was some anxiety that this

announcement would have a negative effect on the broader financial markets, but this didn’t happen and the strong growth

theme dominated. The development regarding the ECB announcement illustrated that central banks in general had less

impact on financial markets in 2017 than they have had in the last couple of years.

Outlook for financial markets & economic growth

As of writing, we find it hard not to be constructive on the outlook for the global economy. We expect that all the positive

leading indicators (questionnaires for firms and consumers) will translate into even higher growth rates for consumption and

production in the coming months.

In line with the growing economy, we expect central banks to continue to tighten monetary policy. As the US economy is

farthest ahead in the economic cycle, we expect this tightening to be driven by the Fed. We expect the ECB to follow the

announced plan of reducing their bond purchases.

In terms of the financial markets, the outlook is more uncertain. As stated, much of the good news from 2017 has already

been discounted and, as such, valuations are at levels from which we do not expect to see further multiple expansion. With

that said, we believe the growth environment will remain conducive to earnings growth. We expect equities to deliver a

higher return than all major fixed income alternatives; albeit lower than 2017. Luxembourg, 17 January 2018 SEB Investment Management AB

The Board of Directors

Schedule of Investments As at 31 December 2017Heading

11

SEB Fund 1 - SEB Asset Selection Fund

Security description Maturity Total holdings Market % of

value in Net

EUR Assets

Bonds and Money Market Instruments indicated in 1,000 currency units

Transferable securities admitted to an official stock exchange listing

Bonds

Sweden 4.25 % Sweden Government Bond 12/03/19 2,413,000 260,021,743.47 17.61

Total Sweden 260,021,743.47 17.61

Total Bonds 260,021,743.47 17.61

Money Market Instruments

Netherlands

0.00 % Dutch Treasury Certificate 31/01/18 114,000 114,073,769.40 7.73 0.00 % Dutch Treasury Certificate 29/03/18 115,000 115,213,957.50 7.80 0.00 % Dutch Treasury Certificate 30/04/18 130,000 130,355,225.00 8.83 0.00 % Dutch Treasury Certificate 31/05/18 110,000 110,323,400.00 7.47

Total Netherlands 469,966,351.90 31.83

Sweden

0.00 % Sweden Treasury Bill 17/01/18 649,000 65,972,421.38 4.47 0.00 % Sweden Treasury Bill 21/02/18 864,000 87,885,639.10 5.95 0.00 % Sweden Treasury Bill 21/03/18 2,541,000 258,546,687.40 17.51 0.00 % Sweden Treasury Bill 20/06/18 2,413,000 245,895,404.24 16.66

Total Sweden 658,300,152.12 44.59

United States of America

0.00 % United States Treasury Bill 17/05/18 62,000 51,413,535.43 3.48

Total United States of America 51,413,535.43 3.48

Total Money Market Instruments 1,179,680,039.45 79.90

Total Transferable securities admitted to an official stock exchange listing 1,439,701,782.92 97.51

Total Portfolio 1,439,701,782.92 97.51

Financial futures cleared with Skandinaviska Enskilda Banken AB (publ)

Purchased financial futures contracts Commitment in EUR Amsterdam Exchanges Index Future 72,673,920.00 19/01/18 666 (719,151.62) (0.05) CBOT U.S. Treasury Bond Future 99,409,638.23 20/03/18 781 (82,903.43) (0.01) CBOT Ultra T Bond Future 102,244,017.38 20/03/18 734 121,760.45 0.01 CME British Pound Future 198,365,422.36 19/03/18 2,809 2,202,221.28 0.15 CME Canadian Dollar Future 46,454,266.96 20/03/18 699 949,160.19 0.06 CME E-Mini Nasdaq 100 Index Future 54,884,562.61 16/03/18 511 497,422.09 0.03 CME E-Mini Russell 2000 Index Future 54,002,896.34 16/03/18 837 641,844.75 0.05 CME Euro FX Future 159,210,258.10 19/03/18 1,268 2,432,814.39 0.17 CME S+P Mini Midcap 400 Future 68,997,630.77 16/03/18 433 578,785.06 0.04 CME Standard And Poors 500 E-Mini Future 81,918,032.94 16/03/18 731 875,224.64 0.06 Eurex Dax Future 52,953,550.00 16/03/18 164 (1,052,143.23) (0.07) Eurex Dow Jones Euro Stoxx 50 Future 51,000,840.00 16/03/18 1,458 (1,140,414.29) (0.08) Eurex Euro Bobl Futures 384,915,300.00 08/03/18 2,926 (1,988,640.08) (0.13) Eurex Euro Bund Future 259,078,080.00 08/03/18 1,604 (2,071,721.17) (0.14) Eurex Euro Buxl Future 112,475,640.00 08/03/18 687 (2,027,240.02) (0.14) Eurex Euro OAT Futures 256,142,600.00 08/03/18 1,652 (3,196,020.04) (0.22) Eurex Euro Schatz Future 430,412,680.00 08/03/18 3,844 (476,178.58) (0.03) Eurex Long Term Euro BTP Futures 179,388,570.00 08/03/18 1,317 (3,794,855.16) (0.26)

Schedule of Investments Heading As at Heading

12



value in Net

EUR Assets


Purchased financial futures contracts Commitment in EUR HKFE Hang Seng China Enterprises Future 30,289,342.16 30/01/18 484 228,470.70 0.01 HKFE Hang Seng Index Future 46,175,556.12 30/01/18 289 704,667.89 0.05 ICE MSCI Emerging Markets Mini Index Future 48,009,962.00 16/03/18 989 1,500,574.28 0.10 IDEM FTSE MIB Future 42,270,075.00 16/03/18 387 (1,413,416.46) (0.10) LIFFE 3Mth Euribor Interest Rate Future 1,614,489,450.00 18/06/18 6,438 (86,820.08) (0.01) LIFFE FTSE 100 Index Future 71,298,721.46 16/03/18 827 2,053,882.67 0.14 LIFFE Long Gilt Future 172,673,166.53 27/03/18 1,224 148,101.76 0.01 LIFFE Short Sterling Futures 987,316,791.31 20/06/18 7,054 217,798.28 0.02 MEFF Euro Ibex-35 Future 24,984,660.00 19/01/18 249 (457,813.22) (0.03) MSE S+P Canada 60 Index Future 82,889,327.89 15/03/18 654 7,409.35 0.00 OMXS 30 Index Future 44,406,274.82 19/01/18 2,764 (1,004,303.72) (0.07) Safex Top 40 Index Future 43,493,681.49 15/03/18 1,210 753,508.65 0.05 SFE Australian Share Price Index 200 Future 83,832,467.07 15/03/18 855 207,790.31 0.01 SGX MSCI Singapore Enhanced Index Future 62,322,574.09 30/01/18 2,574 335,471.12 0.02 Simex CNX Nifty Index Future New $2 59,160,844.80 25/01/18 3,360 11,518.75 0.00 Simex Nikkei 225 Future 48,396,183.24 08/03/18 574 255,167.94 0.02 TSE Tokyo Stock Price Index Future 57,361,024.87 08/03/18 426 951,442.91 0.07

Sold financial futures contracts Commitment in EUR CBOT 10 Year U.S. Treasury Note Future (259,245,667.18) 20/03/18 (2,509) 1,314,878.97 0.09 CBOT Five Year Treasury Note Future (427,870,749.72) 29/03/18 (4,419) 2,004,572.71 0.14 CBOT Two Year Treasury Note Future (427,714,203.40) 29/03/18 (2,396) 656,631.69 0.04 CME Australian Dollar Future (81,626,610.83) 19/03/18 (1,253) (2,065,028.18) (0.14) CME Eurodollar Future (1,325,779,121.40) 18/06/18 (6,485) (181,892.96) (0.01) CME Japanese Yen Future (255,600,183.73) 19/03/18 (2,749) (955,066.56) (0.06) CME Mexican Peso Future (5,201,835.62) 19/03/18 (249) (1,472.49) (0.00) CME New Zealand Dollar Future (130,423,289.92) 19/03/18 (2,200) (2,356,677.07) (0.16) CME Swiss Franc Future (240,169,721.11) 19/03/18 (2,237) (2,213,753.16) (0.15) KRX 3Year KTB Future (342,256,462.98) 20/03/18 (4,073) 417,885.77 0.03 MSE 10Year Canadian Government Bond Future (43,817,513.31) 20/03/18 (489) 166,866.84 0.01 MSE 3Mth Canadian Bankers Acceptance Future (370,315,005.93) 18/06/18 (2,275) (18,539.53) (0.00)

Total financial futures contracts (total net unrealised) (7,068,177.61) (0.48)

An amount of EUR 1,616,260.27 is held as cash collateral and additional collateral is held for this position as detailed in note 6.

Schedule of Investments As at Heading ing

13


Security description Maturity Market % of

value in Net

EUR Assets

Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A.

Buy 15,550,000 AUD Sell 99,630,055 SEK 22/01/18 (6,535.95) (0.00)Buy 10,901,361 CAD Sell 7,143,749 EUR 22/01/18 86,290.23 0.01Buy 15,800,000 CAD Sell 102,833,940 SEK 22/01/18 28,666.32 0.00Buy 52,229,500 CHF Sell 44,716,971 EUR 22/01/18 (100,747.62) (0.01)Buy 25,000,000 CHF Sell 211,752,500 SEK 22/01/18 (163,012.71) (0.01)Buy 213,109 EUR Sell 330,000 AUD 22/01/18 (1,616.39) (0.00)Buy 32,979,411 EUR Sell 38,520,030 CHF 22/01/18 74,285.41 0.01Buy 8,290,351 EUR Sell 7,339,448 GBP 22/01/18 22,976.87 0.00Buy 3,419,359 EUR Sell 31,757,983 HKD 22/01/18 33,376.92 0.00Buy 11,072,587 EUR Sell 1,486,051,910 JPY 22/01/18 62,904.10 0.00Buy 3,686,249 EUR Sell 36,408,200 NOK 22/01/18 (13,642.55) (0.00)Buy 883,836,323 EUR Sell 8,753,279,245 SEK 22/01/18 (5,695,802.63) (0.39)Buy 2,595,378 EUR Sell 4,148,193 SGD 22/01/18 9,880.87 0.00Buy 84,487,805 EUR Sell 100,427,726 USD 22/01/18 856,224.80 0.06Buy 5,397,271 GBP Sell 6,096,545 EUR 22/01/18 (16,896.70) (0.00)Buy 5,730,000 GBP Sell 64,124,430 SEK 22/01/18 (62,055.68) (0.00)Buy 2,606,106 GBP Sell 3,500,000 USD 22/01/18 20,957.04 0.00Buy 53,868,660 HKD Sell 5,800,000 EUR 22/01/18 (56,614.74) (0.00)Buy 123,350,000 HKD Sell 131,606,250 SEK 22/01/18 (222,818.28) (0.02)Buy 142,137 JPY Sell 1,059 EUR 22/01/18 (6.01) (0.00)Buy 2,020,000,000 JPY Sell 149,285,800 SEK 22/01/18 (205,296.95) (0.01)Buy 44,608,832 NOK Sell 4,516,600 EUR 22/01/18 16,659.75 0.00Buy 34,335,000 NOK Sell 34,385,337 SEK 22/01/18 (5,124.35) (0.00)Buy 99,100,000 SEK Sell 15,281,183 CAD 22/01/18 (64,027.87) (0.00)Buy 8,349,014,296 SEK Sell 843,009,050 EUR 22/01/18 5,440,567.84 0.37Buy 26,600,000 SEK Sell 2,376,910 GBP 22/01/18 25,741.84 0.00Buy 103,300,000 SEK Sell 96,995,305 HKD 22/01/18 156,152.82 0.01Buy 101,100,000 SEK Sell 1,368,991,198 JPY 22/01/18 131,640.29 0.01Buy 64,500,000 SEK Sell 10,408,934 SGD 22/01/18 66,956.56 0.00Buy 246,000,000 SEK Sell 29,521,535 USD 22/01/18 415,017.90 0.03Buy 70,800,000 SEK Sell 108,339,709 ZAR 22/01/18 (106,675.57) (0.01)Buy 19,300,000 SGD Sell 119,844,380 SEK 22/01/18 (149,554.96) (0.01)Buy 5,900,000 USD Sell 7,689,300 AUD 22/01/18 (90,059.51) (0.01)Buy 8,800,000 USD Sell 11,302,720 CAD 22/01/18 (167,995.67) (0.01)Buy 68,146,963 USD Sell 57,333,388 EUR 22/01/18 (583,738.19) (0.04)Buy 51,300,000 USD Sell 427,477,770 SEK 22/01/18 (721,182.64) (0.05)Buy 24,000,000 ZAR Sell 15,684,000 SEK 22/01/18 23,631.35 0.00

Total forward foreign exchange contracts (total net unrealised) (961,474.06) (0.07)

spacing

14


Market

value in

EUR

% of

Net

Assets

Cash at bank and at broker

Cash at bank and at broker 40,835,582.55 2.77

Total Cash at bank and at broker 40,835,582.55 2.77

Other assets

Interest receivable on bonds 8,308,068.75 0.56Bank interest receivable on cash accounts 64,688.12 0.00Receivable on subscriptions 171,125.58 0.01Other assets 2,522.64 0.00

Total other assets 8,546,405.09 0.57

Liabilities

Bank overdraft (1,800,138.44) (0.12)Management fees (1,127,500.10) (0.07)Payable on redemptions (375,799.35) (0.03)Other liabilities (1,202,976.37) (0.08)

Total liabilities (4,506,414.26) (0.30)

Total Net Assets as at 31 December 2017 1,476,547,704.63 100.00

A list of changes in the assets held during the financial year under review is available free of charge from SEB Investment Management AB.

The accompanying notes are an integral part of these financial statements.


15

SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund


value in Net

USD Assets

Transferable securities admitted to an official stock exchange listing and/or dealt within another regulated market

Investment Fund

Ireland Gramercy Investment Fund plc - Gramercy Corporate Emerging Market Debt Fund - W 182,058 21,892,470.89 96.81

Total Ireland 21,892,470.89 96.81

Total 21,892,470.89 96.81

Total Investment Fund 21,892,470.89 96.81

Total Transferable securities admitted to an official stock exchange listing

and/or dealt within another regulated market 21,892,470.89 96.81

Total Portfolio 21,892,470.89 96.81 Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A.

Buy 3,082,215 EUR Sell 3,673,728 USD 12/01/18 29,829.08 0.13Buy 155,455,867 SEK Sell 18,816,200 USD 12/01/18 183,213.74 0.81Buy 30,186 USD Sell 250,971 SEK 12/01/18 (487.12) (0.00)

Total forward foreign exchange contracts (total net unrealised) 212,555.70 0.94 Cash at bank

Cash at bank 650,048.53 2.87Total Cash at bank 650,048.53 2.87

Other assets Bank interest receivable on cash accounts 579.94 0.00Receivable on sale of securities 105,267.77 0.47Other assets 67.04 0.00Total other assets 105,914.75 0.47

Liabilities Bank overdraft (34,969.11) (0.15)Management fees (22,634.82) (0.09)Payable on purchase of securities (188,967.90) (0.84)Other liabilities (1,472.34) (0.01)

Total liabilities (248,044.17) (1.09)

Total Net Assets as at 31 December 2017 22,612,945.70 100.00



Schedule of Investments As at 31 December 2017spacing

16



value in Net

EUR Assets


Shares

Austria OMV AG 8,932 479,291.12 1.76voestalpine AG 1,237 62,146.88 0.23

Total Austria 541,438.00 1.99

Belgium KBC Group NV 3,228 229,672.20 0.84Proximus SADP 17,810 492,535.55 1.81

Total Belgium 722,207.75 2.65

Denmark Danske Bank A/S 18,176 593,951.68 2.19Tryg A/S 3,554 74,083.22 0.27William Demant Holding A/S 960 22,357.90 0.08

Total Denmark 690,392.80 2.54

Finland Elisa OYJ 12,400 407,588.00 1.50Neste Oyj 6,735 364,026.75 1.33UPM-Kymmene OYJ 7,142 187,763.18 0.69

Total Finland 959,377.93 3.52

France Arkema SA 2,206 226,225.30 0.83Atos SE 3,340 407,981.00 1.50BNP Paribas SA 3,896 244,863.60 0.90Bouygues SA 5,644 245,542.22 0.90Cie Generale des Etablissements Michelin 3,062 370,502.00 1.36CNP Assurances 3,099 59,748.72 0.22Eiffage SA 1,334 121,967.62 0.45Eurazeo SA 1,681 129,302.52 0.47Fonciere Des Regions 1,229 115,857.83 0.43Gecina SA 594 90,792.90 0.33Klepierre SA 13,287 484,311.15 1.78Natixis SA 46,093 306,979.38 1.13Peugeot SA 8,252 140,696.60 0.52Sanofi 8,002 579,264.78 2.13Vinci SA 1,978 170,167.34 0.63

Total France 3,694,202.96 13.58

Germany Allianz SE 4,337 842,245.40 3.10BASF SE 8,998 841,672.92 3.09Bayerische Motoren Werke AG (Pref) 1,626 120,828.06 0.44Bayerische Motoren Werke AG 1,417 123,661.59 0.46Covestro AG 6,495 565,194.90 2.08Daimler AG 10,038 713,501.04 2.62Deutsche Lufthansa AG 18,502 575,689.73 2.12Evonik Industries AG 297 9,373.32 0.03Hannover Rueck SE 3,770 397,358.00 1.46Henkel AG & Co KGaA 540 53,897.40 0.20Schaeffler AG (Pref) 4,487 66,026.21 0.24

Schedule of Investments Heading spacing As at Heading

17



value in Net

EUR Assets

Vonovia SE 4,544 187,462.72 0.69

Total Germany 4,496,911.29 16.53

Italy Enel SpA 61,158 317,715.81 1.17Recordati SpA 2,749 102,510.21 0.38Snam SpA 69,567 284,668.16 1.05Terna Rete Elettrica Nazionale SpA 22,194 109,593.97 0.40UnipolSai Assicurazioni SpA 106,851 210,389.62 0.77

Total Italy 1,024,877.77 3.77

Luxembourg Millicom International Cellular SA 98 5,502.65 0.02RTL Group SA 4,572 306,918.36 1.13

Total Luxembourg 312,421.01 1.15

Netherlands ABN AMRO Group NV 6,910 186,811.85 0.69AerCap Holdings NV 2,400 105,893.99 0.39ING Groep NV 47,618 736,888.55 2.71Koninklijke Ahold Delhaize NV 10,214 188,550.44 0.69NN Group NV 2,455 89,079.68 0.33Unilever NV 2,436 115,332.42 0.42


Norway DNB ASA 8,947 139,117.83 0.51Orkla ASA 6,515 57,651.24 0.21Telenor ASA 18,058 326,180.01 1.20

Total Norway 522,949.08 1.92

Spain Amadeus IT Group SA 1,849 112,215.81 0.41Banco Santander SA 34,231 189,571.28 0.70Endesa SA 26,062 467,161.35 1.72Red Electrica Corp SA 11,476 212,306.00 0.78

Total Spain 981,254.44 3.61

Sweden Alfa Laval AB 3,428 68,282.71 0.25Electrolux AB 798 21,685.93 0.08Hexagon AB 1,289 54,508.53 0.20ICA Gruppen AB 879 26,602.80 0.10Industrivarden AB 2,518 52,024.38 0.19Sandvik AB 19,664 289,570.35 1.07Skandinaviska Enskilda Banken AB 11,362 112,352.17 0.41SKF AB 9,664 179,534.10 0.66Swedbank AB 1,329 26,985.74 0.10

Total Sweden 831,546.71 3.06

Switzerland ABB Ltd 4,387 98,311.88 0.36Baloise Holding AG 1,278 165,872.33 0.61Coca-Cola HBC AG 3,086 83,841.57 0.31EMS-Chemie Holding AG 213 120,015.22 0.44Idorsia Ltd 300 6,438.23 0.03Lonza Group AG 357 80,369.34 0.30Nestle SA 9,389 674,727.45 2.48

Schedule of Investments Heading

As at spacing

18



value in Net

EUR Assets

Novartis AG 8,691 615,278.03 2.26Pargesa Holding SA 890 64,110.81 0.24Roche Holding AG 3,353 709,545.22 2.61SGS SA 101 218,567.13 0.80Swiss Life Holding AG 1,181 349,177.47 1.28Swiss Re AG 4,421 346,437.03 1.27Swisscom AG 1,258 560,926.91 2.06Transocean Ltd 30,359 272,291.62 1.00

Total Switzerland 4,365,910.24 16.05

United Kingdom 3i Group Plc 23,334 238,846.07 0.88Barratt Developments Plc 71,596 522,949.39 1.92Berkeley Group Holdings Plc 8,081 384,708.41 1.41Centrica Plc 112,577 175,352.50 0.64Direct Line Insurance Group Plc 4,057 17,145.15 0.06easyJet Plc 22,308 361,534.16 1.33GlaxoSmithKline Plc 39,660 583,160.81 2.14HSBC Holdings Plc 12,834 110,150.13 0.41IMI Plc 3,812 57,317.28 0.21International Consolidated Airlines Group SA 75,312 547,141.68 2.01Legal & General Group Plc 10,805 32,991.41 0.12Next Plc 5,466 280,948.58 1.03Persimmon Plc 18,927 582,380.06 2.14Royal Mail Plc 6,697 34,211.07 0.13Segro Plc 74,564 488,403.07 1.80Severn Trent Plc 17,311 420,241.08 1.55SSE Plc 9,510 139,567.50 0.51Tate & Lyle Plc 67,096 530,102.62 1.95Taylor Wimpey Plc 47,564 111,023.10 0.41

Total United Kingdom 5,618,174.07 20.65

Total Shares 26,184,220.98 96.25

Total Transferable securities admitted to an official stock exchange listing 26,184,220.98 96.25

Total Portfolio 26,184,220.98 96.25


Purchased financial futures contracts Commitment in EUR Eurex Dow Jones Euro Stoxx 50 Future 881,750.00 16/03/18 25 (12,780.00) (0.05)

Total financial futures contracts (total unrealised) (12,780.00) (0.05)

An amount of EUR 73,377.16 is held as cash collateral for these positions.

P


19


Market

value in

EUR

% of

Net

Assets


Cash at bank and at broker 997,630.39 3.67

Total Cash at bank and at broker 997,630.39 3.67

Other assets

Dividends receivable 41,029.78 0.15Receivable on subscriptions 30,853.98 0.11

Total other assets 71,883.76 0.26

Liabilities

Management fees (29,091.97) (0.11)Payable on redemptions (6,040.33) (0.02)Bank interest payable on cash accounts (250.51) (0.00)Other liabilities (564.98) (0.00)





Schedule of Investments As at 31 December 2017spacing Heading

20



value in Net

EUR Assets


Shares

Austria OMV AG 196,240 10,530,238.40 1.78voestalpine AG 64,536 3,242,288.64 0.55

Total Austria 13,772,527.04 2.33

Belgium bpost SA 41,140 1,067,171.60 0.18KBC Ancora 6,045 318,752.85 0.06KBC Group NV 68,482 4,872,494.30 0.82Proximus SADP 387,703 10,721,926.47 1.81

Total Belgium 16,980,345.22 2.87

Denmark Danske Bank A/S 106,173 3,469,499.97 0.59Dfds A/S 4,990 219,627.99 0.04Matas A/S 16,748 170,957.14 0.03Novo Nordisk A/S 23,336 1,047,788.15 0.18Royal Unibrew A/S 28,071 1,395,364.47 0.23Spar Nord Bank A/S 18,614 180,254.31 0.03Topdanmark A/S 13,514 489,888.78 0.08Tryg A/S 31,915 665,268.95 0.11

Total Denmark 7,638,649.76 1.29

Finland Elisa OYJ 239,910 7,885,841.70 1.33Neste Oyj 125,211 6,767,654.55 1.14Nokian Renkaat OYJ 32,426 1,226,675.58 0.21Tieto OYJ 22,610 587,860.00 0.10UPM-Kymmene OYJ 145,017 3,812,496.93 0.65

Total Finland 20,280,528.76 3.43

France Arkema SA 35,755 3,666,675.25 0.62Atos SE 12,126 1,481,190.90 0.25BNP Paribas SA 133,060 8,362,821.00 1.41Bouygues SA 248,512 10,811,514.56 1.83Cie Generale des Etablissements Michelin 37,657 4,556,497.00 0.77CNP Assurances 25,280 487,398.40 0.08Eiffage SA 27,085 2,476,381.55 0.42Euler Hermes Group 2,431 296,338.90 0.05Eurazeo SA 46,202 3,553,857.84 0.60Fonciere Des Regions 24,788 2,336,764.76 0.39Gaztransport Et Technigaz SA 15,947 808,991.31 0.14Gecina SA 4,986 762,110.10 0.13Klepierre SA 235,557 8,586,052.65 1.45Metropole Television SA 31,705 683,559.80 0.11Natixis SA 379,519 2,527,596.54 0.43Neopost SA 23,577 565,140.69 0.10Peugeot SA 562,899 9,597,427.95 1.62Sanofi 129,561 9,378,920.79 1.58SCOR SE 100,632 3,412,934.28 0.58Societe Generale SA 47,997 2,069,630.64 0.35

spacing

21



value in Net

EUR Assets

TOTAL SA 86,834 4,036,478.49 0.68Vinci SA 62,234 5,353,991.02 0.90

Total France 85,812,274.42 14.49

Germany Allianz SE 77,790 15,106,818.00 2.55alstria office REIT-AG 32,497 419,211.30 0.07BASF SE 185,636 17,364,391.44 2.93Bayerische Motoren Werke AG 37,727 3,292,435.29 0.56Bayerische Motoren Werke AG (Pref) 18,872 1,402,378.32 0.24Covestro AG 141,643 12,325,773.86 2.08Deutsche Lufthansa AG 393,419 12,241,232.19 2.07Deutsche Pfandbriefbank AG 91,716 1,225,325.76 0.21Evonik Industries AG 192,431 6,073,122.36 1.03Hannover Rueck SE 84,584 8,915,153.60 1.50Henkel AG & Co KGaA 6,715 670,224.15 0.11LEG Immobilien AG 15,476 1,473,469.96 0.25Pfeiffer Vacuum Technology AG 2,147 334,824.65 0.06Schaeffler AG (Pref) 102,426 1,507,198.59 0.25TAG Immobilien AG 82,646 1,308,699.41 0.22Talanx AG 13,172 451,602.02 0.08TUI AG 116,299 2,006,523.92 0.34Vonovia SE 70,047 2,889,788.99 0.49Wuestenrot & Wuerttembergische AG 8,586 199,195.20 0.03

Total Germany 89,207,369.01 15.07

Italy ACEA SpA 13,519 209,814.88 0.04ERG SpA 88,303 1,388,123.16 0.23Iren SpA 184,140 461,086.56 0.08Recordati SpA 37,345 1,392,595.05 0.23Saras SpA 676,083 1,371,096.32 0.23Snam SpA 1,441,877 5,900,160.68 1.00Terna Rete Elettrica Nazionale SpA 1,534,054 7,575,158.65 1.28UnipolSai Assicurazioni SpA 749,548 1,475,860.01 0.25

Total Italy 19,773,895.31 3.34

Luxembourg RTL Group SA 58,325 3,915,357.25 0.66Subsea 7 SA 75,759 956,824.47 0.16

Total Luxembourg 4,872,181.72 0.82

Netherlands ASR Nederland NV 23,039 786,897.05 0.14Eurocommercial Properties NV 4,900 177,061.50 0.03ING Groep NV 965,047 14,934,102.33 2.52Koninklijke Ahold Delhaize NV 552,174 10,193,132.04 1.72Koninklijke KPN NV 1,559,677 4,538,660.07 0.77NN Group NV 15,039 545,690.12 0.09Philips Lighting NV 58,486 1,791,718.61 0.30Unilever NV 197,416 9,346,660.52 1.58


Norway Austevoll Seafood ASA 42,775 294,834.93 0.05Grieg Seafood ASA 80,659 593,157.81 0.10

Heading spacing

eading

22



value in Net

EUR Assets

Leroy Seafood Group ASA 249,259 1,108,910.33 0.19Orkla ASA 318,429 2,817,778.54 0.48Salmar ASA 113,474 2,846,764.67 0.48SpareBank 1 SMN 13,222 111,573.59 0.02Telenor ASA 358,552 6,476,492.23 1.09

Total Norway 14,249,512.10 2.41

Portugal Navigator Co SA/The 169,300 725,619.80 0.12

Total Portugal 725,619.80 0.12

Spain Amadeus IT Group SA 84,709 5,140,989.21 0.87Ebro Foods SA 8,039 156,398.75 0.02Endesa SA 532,340 9,542,194.50 1.61Red Electrica Corp SA 335,510 6,206,935.00 1.05

Total Spain 21,046,517.46 3.55

Sweden Capio AB 31,920 144,356.63 0.02Electrolux AB 26,097 709,195.27 0.12Granges AB 55,908 487,216.44 0.08Hemfosa Fastigheter AB 20,365 227,248.28 0.04Inwido AB 14,436 124,703.79 0.02JM AB 12,918 245,893.42 0.04Loomis AB 7,512 263,765.19 0.04Peab AB 172,967 1,236,634.05 0.21Scandic Hotels Group AB 96,656 1,134,552.63 0.19SKF AB 168,683 3,133,728.39 0.53Svenska Cellulosa AB SCA 390,006 3,369,023.64 0.57Svenska Handelsbanken AB 199,187 2,289,483.09 0.39Swedbank AB 179,256 3,639,846.17 0.62Swedish Match AB 283,114 9,322,238.31 1.57Tele2 AB 9,668 100,906.92 0.02Wihlborgs Fastigheter AB 11,214 222,917.03 0.04

Total Sweden 26,651,709.25 4.50

Switzerland ABB Ltd 258,683 5,797,039.16 0.98Banque Cantonale Vaudoise 6,814 4,328,747.63 0.73BKW AG 4,932 242,261.51 0.04Cembra Money Bank AG 12,768 992,334.48 0.17Coca-Cola HBC AG 151,563 4,117,718.60 0.69EMS-Chemie Holding AG 1,427 804,045.66 0.14Idorsia Ltd 6,441 138,228.74 0.02Inficon Holding AG 958 498,831.79 0.08Kudelski SA 24,053 248,843.30 0.04Lonza Group AG 5,303 1,193,833.63 0.20Mobilezone Holding AG 15,748 173,021.41 0.03Mobimo Holding AG 1,305 290,941.82 0.05Nestle SA 106,592 7,660,086.13 1.29Novartis AG 40,822 2,889,987.33 0.49Roche Holding AG 69,381 14,682,062.98 2.48SGS SA 1,553 3,360,740.08 0.57Swiss Life Holding AG 13,356 3,948,868.97 0.67Swiss Re AG 108,630 8,512,430.38 1.44Swisscom AG 27,773 12,383,643.22 2.09

spacing

23



value in Net

EUR Assets

Transocean Ltd 119,731 1,073,874.23 0.18Valiant Holding AG 1,270 115,970.17 0.02Valora Holding AG 567 157,072.22 0.03Vontobel Holding AG 3,532 186,176.60 0.03


United Kingdom 3i Group Plc 283,213 2,898,959.14 0.49Barratt Developments Plc 1,294,948 9,458,520.98 1.60Bellway Plc 57,555 2,353,933.48 0.40Berkeley Group Holdings Plc 260,446 12,398,931.61 2.09British American Tobacco Plc 105,068 5,862,183.30 0.99Direct Line Insurance Group Plc 568,127 2,400,941.49 0.40easyJet Plc 226,378 3,668,790.53 0.62GlaxoSmithKline Plc 973,873 14,319,832.74 2.42Hays Plc 653,964 1,350,566.94 0.23Howden Joinery Group Plc 44,707 235,828.72 0.04HSBC Holdings Plc 88,707 761,343.94 0.13IMI Plc 228,512 3,435,909.17 0.58Indivior Plc 929,277 4,246,170.49 0.72International Consolidated Airlines Group SA 1,346,236 9,780,404.54 1.65Intu Properties Plc 47,819 136,643.63 0.02Jupiter Fund Management Plc 198,559 1,408,967.17 0.24Legal & General Group Plc 1,218,799 3,721,414.87 0.63Lloyds Banking Group Plc 375,245 285,403.51 0.05Marks & Spencer Group Plc 699,344 2,496,607.31 0.42Mondi Plc 334,078 7,211,451.47 1.22National Grid Plc 777,827 7,628,282.63 1.29Next Plc 155,374 7,986,115.07 1.35Persimmon Plc 400,227 12,314,905.95 2.08Royal Mail Plc 821,032 4,194,174.28 0.71Sage Group Plc/The 55,014 491,299.54 0.08Segro Plc 635,206 4,160,674.89 0.70Severn Trent Plc 160,940 3,906,972.44 0.66Smith & Nephew Plc 63,220 914,289.69 0.15Smiths Group Plc 82,564 1,391,966.37 0.23SSE Plc 74,660 1,095,700.30 0.18Tate & Lyle Plc 727,588 5,748,424.68 0.97Taylor Wimpey Plc 1,335,460 3,117,208.43 0.53William Hill Plc 456,052 1,635,771.48 0.28


Total Shares 580,140,402.91 97.98


Total Portfolio 580,140,402.91 97.98


Purchased financial futures contracts Commitment in EUR Eurex Dow Jones Euro Stoxx 50 Future 7,618,320.00 16/03/18 216 (38,980.00) (0.01)

Total financial futures contracts (total unrealised) (38,980.00) (0.01)

An amount of EUR 1,852,179.32 is held as cash collateral for these positions.


24


Market

value in

EUR

% of

Net

Assets


Cash at bank and at broker 11,103,918.38 1.88

Total Cash at bank and at broker 11,103,918.38 1.88

Other assets

Dividends receivable 1,174,897.65 0.20Receivable on subscriptions 996,576.06 0.16Other assets 262.31 0.00

Total other assets 2,171,736.02 0.36

Liabilities

Management fees (618,439.53) (0.11)Payable on redemptions (620,694.12) (0.10)Bank interest payable on cash accounts (8,636.54) (0.00)Other liabilities (11,778.10) (0.00)






25



value in Net

EUR Assets


Shares

Austria ANDRITZ AG 4,993 236,168.90 0.05Erste Group Bank AG 19,433 703,960.43 0.14OMV AG 9,149 493,497.06 0.10Raiffeisen Bank International AG 8,402 254,328.54 0.05voestalpine AG 7,565 381,351.65 0.08

Total Austria 2,069,306.58 0.42

Belgium Ageas 11,109 452,913.93 0.09Anheuser-Busch InBev SA/NV 47,779 4,452,047.22 0.91Colruyt SA 3,597 156,217.71 0.03Groupe Bruxelles Lambert SA 5,312 479,301.76 0.10KBC Group NV 16,295 1,158,411.55 0.24Proximus SADP 8,496 234,404.64 0.05Solvay SA 4,329 504,544.95 0.10Telenet Group Holding NV 2,778 160,985.10 0.03UCB SA 7,462 495,924.52 0.10Umicore SA 12,519 497,943.23 0.10

Total Belgium 8,592,694.61 1.75

Denmark AP Moller - Maersk A/S A 267 365,071.64 0.07AP Moller - Maersk A/S B 374 537,997.34 0.11Carlsberg A/S 6,371 641,354.72 0.13Chr Hansen Holding A/S 6,178 482,521.51 0.10Coloplast A/S 7,034 468,222.97 0.09Danske Bank A/S 46,621 1,518,491.55 0.31DSV A/S 12,256 801,672.09 0.16Genmab A/S 3,794 529,968.09 0.11H Lundbeck A/S 4,585 187,088.10 0.04ISS A/S 10,110 328,613.63 0.07Novo Nordisk A/S 115,979 5,212,239.32 1.06Novozymes A/S 13,425 637,956.66 0.13Orsted A/S 12,317 556,684.41 0.11Pandora A/S 6,470 584,841.79 0.12TDC A/S 54,953 283,427.30 0.06Tryg A/S 6,238 130,117.55 0.03Vestas Wind Systems A/S 14,232 830,567.18 0.17William Demant Holding A/S 8,356 194,273.94 0.04

Total Denmark 14,291,109.79 2.91

Finland Elisa OYJ 7,836 256,315.56 0.05Fortum OYJ 30,364 498,576.88 0.10Kone OYJ 22,125 989,430.00 0.20Metso OYJ 6,900 196,581.00 0.04Neste Oyj 8,368 452,290.40 0.09Nokia OYJ 374,949 1,476,549.16 0.30Nokian Renkaat OYJ 7,795 293,949.45 0.06Orion Oyj 5,338 163,182.66 0.04Sampo Oyj 28,884 1,319,998.80 0.27

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value in Net

EUR Assets

Stora Enso OYJ 32,918 438,467.76 0.09UPM-Kymmene OYJ 35,112 920,987.76 0.19Wartsila OYJ Abp 8,654 457,796.60 0.09

Total Finland 7,464,126.03 1.52

France Accor SA 12,176 520,402.24 0.11Aeroports de Paris 1,634 259,560.90 0.05Air Liquide SA 27,015 2,859,537.75 0.58Alstom SA 8,553 297,729.93 0.06Amundi SA 3,468 245,881.20 0.05Arkema SA 4,271 437,350.40 0.09Atos SE 5,664 688,742.40 0.14AXA SA 122,524 3,060,036.90 0.62BioMerieux 2,556 189,092.88 0.04BNP Paribas SA 70,454 4,410,420.40 0.90Bollore SA 47,984 218,711.07 0.04Bouygues SA 13,891 600,438.48 0.12Bureau Veritas SA 14,941 342,074.20 0.07Capgemini SE 10,493 1,037,547.84 0.21Carrefour SA 38,812 698,810.06 0.14Casino Guichard Perrachon SA 3,090 156,663.00 0.03Cie de Saint-Gobain 32,378 1,502,339.20 0.31Cie Generale des Etablissements Michelin 11,043 1,336,203.00 0.27CNP Assurances 8,469 162,816.53 0.03Credit Agricole SA 74,221 1,029,445.27 0.21Danone SA 38,234 2,681,732.76 0.55Dassault Systemes SE 7,735 686,326.55 0.14Edenred 12,618 304,977.06 0.06Eiffage SA 4,109 375,192.79 0.08Electricite de France SA 36,999 385,529.58 0.08Engie SA 116,851 1,682,070.15 0.34Essilor International Cie Generale d'Optique SA 13,334 1,534,076.70 0.31Eurazeo SA 2,378 183,700.50 0.04Eutelsat Communications SA 11,902 232,089.00 0.05Faurecia 4,342 286,268.06 0.06Fonciere Des Regions 1,659 156,709.14 0.03Gecina SA 3,269 501,464.60 0.10Getlink SE 28,103 302,247.77 0.06Hermes International 2,029 907,470.25 0.19ICADE 2,028 165,464.52 0.03Iliad SA 1,763 353,657.80 0.07Imerys SA 2,503 198,037.36 0.04Ingenico Group SA 3,901 344,419.29 0.07Ipsen SA 2,188 222,847.80 0.05JCDecaux SA 4,595 155,724.55 0.03Kering 4,840 1,905,266.00 0.39Klepierre SA 12,590 460,353.35 0.09Lagardere SCA 6,717 180,687.30 0.04Legrand SA 17,310 1,115,802.60 0.23L'Oreal SA 15,926 2,958,254.50 0.60LVMH Moet Hennessy Louis Vuitton SE 17,485 4,332,783.00 0.88Natixis SA 60,142 399,042.17 0.08Orange SA 127,455 1,848,734.78 0.38Pernod Ricard SA 13,574 1,787,017.10 0.36Peugeot SA 34,288 583,067.44 0.12

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value in Net

EUR Assets

Publicis Groupe SA 13,334 753,771.02 0.15Remy Cointreau SA 1,060 122,589.00 0.03Renault SA 12,522 1,047,715.74 0.21Rexel SA 15,992 242,838.52 0.05Sanofi 71,236 5,139,677.40 1.05Schneider Electric SE 35,934 2,564,250.24 0.52SCOR SE 10,431 353,558.75 0.07SEB SA 1,243 192,540.70 0.04Societe BIC SA 1,531 141,418.47 0.03Societe Generale SA 48,851 2,104,989.59 0.43Sodexo SA 5,862 655,371.60 0.13Suez 22,026 322,020.12 0.07Teleperformance 3,416 408,553.60 0.08TOTAL SA 145,982 6,764,075.97 1.38Ubisoft Entertainment SA 3,651 238,045.20 0.05Unibail-Rodamco SE 6,429 1,361,340.75 0.28Valeo SA 15,275 949,188.50 0.19Veolia Environnement SA 28,565 608,720.15 0.12Vinci SA 31,940 2,734,702.80 0.56Vivendi SA 66,434 1,501,408.40 0.31Wendel SA 1,900 275,880.00 0.06Zodiac Aerospace 12,613 315,072.74 0.06

Total France 76,082,547.38 15.49

Germany adidas AG 11,983 2,017,338.05 0.41Allianz SE 28,183 5,446,364.75 1.11Axel Springer SE 2,408 158,277.84 0.03BASF SE 57,584 5,342,643.52 1.09Bayer AG 51,845 5,412,618.00 1.10Bayerische Motoren Werke AG (Pref) 3,714 276,321.60 0.06Bayerische Motoren Werke AG 21,157 1,843,620.98 0.38Beiersdorf AG 6,057 591,284.34 0.12Brenntag AG 9,144 486,643.68 0.10Commerzbank AG 68,473 856,939.60 0.17Continental AG 7,057 1,596,646.25 0.33Covestro AG 7,872 683,053.44 0.14Daimler AG 60,377 4,280,729.30 0.87Deutsche Bank AG 131,567 2,097,177.98 0.43Deutsche Boerse AG 12,501 1,206,596.52 0.25Deutsche Lufthansa AG 14,657 456,125.84 0.09Deutsche Post AG 61,574 2,471,272.49 0.50Deutsche Telekom AG 210,456 3,121,062.48 0.64Deutsche Wohnen SE 22,833 832,947.84 0.17Drillisch AG 3,066 210,480.90 0.04E.ON SE 141,849 1,288,130.77 0.26Evonik Industries AG 9,967 315,355.88 0.06Fraport AG Frankfurt Airport Services Worldwide 2,176 199,800.32 0.04Fresenius Medical Care AG & Co KGaA 13,967 1,231,470.39 0.25Fresenius SE & Co KGaA 26,618 1,730,170.00 0.35FUCHS PETROLUB SE (Pref) 3,449 154,394.49 0.03GEA Group AG 12,546 498,766.23 0.10Hannover Rueck SE 3,626 382,361.70 0.08HeidelbergCement AG 9,790 888,638.30 0.18Henkel AG & Co KGaA 6,103 609,506.61 0.12Henkel AG & Co KGaA (Pref) 11,511 1,270,814.40 0.26

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value in Net

EUR Assets

HOCHTIEF AG 890 129,717.50 0.03HUGO BOSS AG 3,319 238,735.67 0.05Infineon Technologies AG 72,755 1,678,094.08 0.34Innogy SE 7,435 241,302.93 0.05K+S AG 13,048 268,854.04 0.05KION Group AG 3,900 281,658.00 0.06LANXESS AG 6,353 423,745.10 0.09Linde AG 11,655 2,272,142.25 0.46MAN SE 2,379 226,361.85 0.05Merck KGaA 8,579 778,715.83 0.16METRO AG 9,412 155,203.88 0.03MTU Aero Engines AG 2,988 450,142.20 0.09Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 9,917 1,800,927.20 0.37OSRAM Licht AG 5,854 436,415.70 0.09Porsche Automobil Holding SE (Pref) 9,247 648,122.23 0.13ProSiebenSat.1 Media SE 13,685 390,843.60 0.08RWE AG 30,552 516,634.32 0.11SAP SE 61,614 5,784,938.46 1.18Schaeffler AG (Pref) 10,430 153,112.40 0.03Siemens AG 47,961 5,601,844.80 1.14Symrise AG 7,218 515,509.56 0.10Telefonica Deutschland Holding AG 50,806 214,706.16 0.04thyssenkrupp AG 28,326 680,957.04 0.14TUI AG 25,475 438,761.27 0.09Uniper SE 12,170 311,126.05 0.06United Internet AG 7,388 423,332.40 0.09Volkswagen AG (Pref) 11,824 1,980,520.00 0.40Volkswagen AG 2,275 386,750.00 0.08Vonovia SE 31,358 1,292,576.76 0.26Wirecard AG 7,519 698,815.86 0.14Zalando SE 6,857 303,113.69 0.06

Total Germany 77,681,235.32 15.81

Ireland AIB Group Plc 47,750 258,852.75 0.05Bank of Ireland Group Plc 49,288 355,662.21 0.07CRH Plc 53,664 1,612,871.52 0.33DCC Plc 5,141 431,726.89 0.09Kerry Group Plc 10,391 972,493.69 0.20Paddy Power Betfair Plc 5,480 545,260.00 0.11Ryanair Holdings Plc 7,546 112,510.86 0.03

Total Ireland 4,289,377.92 0.88

Italy Assicurazioni Generali SpA 80,868 1,244,558.52 0.25Atlantia SpA 29,975 803,330.00 0.16Davide Campari-Milano SpA 33,409 217,158.50 0.05Enel SpA 514,583 2,670,685.77 0.54Eni SpA 161,709 2,257,457.64 0.46Ferrari NV 7,247 646,432.40 0.13Intesa Sanpaolo SpA 855,617 2,387,171.43 0.49Intesa Sanpaolo SpA RSP 58,058 157,221.06 0.03Luxottica Group SpA 10,497 540,070.65 0.11Mediobanca SpA 38,126 364,484.56 0.08Poste Italiane SpA 29,773 188,463.09 0.04Prysmian SpA 14,390 394,861.60 0.08Recordati SpA 6,736 251,859.04 0.05

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value in Net

EUR Assets

Snam SpA 147,944 606,570.40 0.12Telecom Italia SpA/Milano 767,543 559,922.62 0.11Telecom Italia SpA/Milano RSP 359,509 214,087.61 0.04Terna Rete Elettrica Nazionale SpA 86,476 426,499.63 0.09UniCredit SpA 127,427 2,019,717.95 0.41UnipolSai Assicurazioni SpA 64,004 125,703.86 0.03

Total Italy 16,076,256.33 3.27

Luxembourg ArcelorMittal 42,478 1,157,525.50 0.24Eurofins Scientific SE 711 359,694.90 0.07Millicom International Cellular SA 3,579 200,374.98 0.04RTL Group SA 2,088 140,313.60 0.03SES SA 24,372 319,882.50 0.06Tenaris SA 32,630 433,652.70 0.09


Netherlands ABN AMRO Group NV 27,250 734,387.50 0.15Aegon NV 108,083 575,001.56 0.12AerCap Holdings NV 7,900 350,665.37 0.07Akzo Nobel NV 16,351 1,204,251.15 0.24Altice NV 34,246 296,878.57 0.06ASML Holding NV 24,353 3,544,579.15 0.72Boskalis Westminster 6,529 205,467.63 0.04EXOR NV 6,338 325,456.30 0.07Heineken Holding NV 7,062 584,662.98 0.12Heineken NV 16,679 1,455,409.54 0.30ING Groep NV 243,662 3,762,141.28 0.77Koninklijke Ahold Delhaize NV 82,280 1,510,660.80 0.31Koninklijke DSM NV 11,649 944,850.39 0.19Koninklijke KPN NV 203,341 592,332.33 0.12Koninklijke Philips NV 60,006 1,908,790.86 0.39Koninklijke Vopak NV 4,036 148,625.70 0.03NN Group NV 17,834 647,730.88 0.13NXP Semiconductors NV 22,042 2,159,904.18 0.44QIAGEN NV 12,999 338,363.97 0.07Randstad Holding NV 7,840 403,054.40 0.08RELX NV 62,583 1,203,158.18 0.24Unilever NV 102,137 4,824,951.88 0.98Wolters Kluwer NV 19,878 870,954.57 0.18


Norway DNB ASA 61,823 962,235.26 0.20Gjensidige Forsikring ASA 10,157 159,840.26 0.03Marine Harvest ASA 23,683 334,466.70 0.07Norsk Hydro ASA 78,801 502,035.58 0.10Orkla ASA 53,808 475,286.13 0.10Schibsted ASA 4,523 99,649.55 0.02Statoil ASA 73,187 1,310,012.06 0.27Telenor ASA 48,216 871,854.74 0.18Yara International ASA 10,761 417,135.92 0.08

Total Norway 5,132,516.20 1.05

Portugal EDP - Energias de Portugal SA 139,687 402,298.56 0.08

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value in Net

EUR Assets

Galp Energia SGPS SA 34,178 531,638.79 0.11Jeronimo Martins SGPS SA 12,885 207,899.48 0.04

Total Portugal 1,141,836.83 0.23

Spain Abertis Infraestructuras SA 41,421 769,602.18 0.16ACS Actividades de Construccion y Servicios SA 13,815 449,125.65 0.09Aena SME SA 4,364 744,498.40 0.15Amadeus IT Group SA 28,080 1,702,209.60 0.35Banco Bilbao Vizcaya Argentaria SA 421,415 3,011,853.01 0.61Banco de Sabadell SA 360,836 598,626.92 0.12Banco Santander SA 1,012,708 5,581,033.79 1.14Bankia SA 55,882 223,919.17 0.05Bankinter SA 40,997 325,639.17 0.07CaixaBank SA 235,501 919,160.40 0.19Enagas SA 12,749 305,529.79 0.06Endesa SA 20,176 361,049.52 0.07Ferrovial SA 28,700 545,156.50 0.11Gas Natural SDG SA 23,159 445,810.75 0.09Grifols SA 18,133 446,978.45 0.09Iberdrola SA 360,885 2,329,512.68 0.47Industria de Diseno Textil SA 69,425 2,025,127.25 0.41Mapfre SA 63,489 170,404.48 0.03Red Electrica Corp SA 26,297 487,283.41 0.10Repsol SA 79,074 1,188,877.59 0.24Repsol SA Rights 15/01/2018 79,074 30,522.56 0.01Siemens Gamesa Renewable Energy SA 12,066 140,508.57 0.03Telefonica SA 287,634 2,357,160.63 0.48

Total Spain 25,159,590.47 5.12

Sweden Alfa Laval AB 18,846 373,496.44 0.08Assa Abloy AB 65,118 1,133,342.21 0.23Atlas Copco AB A 43,107 1,562,590.12 0.32Atlas Copco AB B 25,779 829,880.80 0.17Boliden AB 17,779 508,870.25 0.10Electrolux AB 15,882 431,217.41 0.09Essity AB 38,875 920,661.56 0.19Getinge AB 13,616 164,062.27 0.03Hennes & Mauritz AB 60,597 1,049,125.32 0.21Hexagon AB 15,369 648,769.48 0.13Husqvarna AB 21,354 172,507.41 0.03ICA Gruppen AB 4,621 139,151.82 0.03Industrivarden AB 8,458 174,486.31 0.04Investor AB 29,107 1,110,308.09 0.23Kinnevik AB 15,557 434,542.75 0.09L E Lundbergforetagen AB 2,184 136,007.77 0.03Lundin Petroleum AB 11,236 219,487.98 0.04Nordea Bank AB 193,846 1,963,123.58 0.40Sandvik AB 73,543 1,078,579.99 0.22Securitas AB 20,189 295,067.59 0.06Skandinaviska Enskilda Banken AB 99,354 977,461.85 0.20Skanska AB 23,513 406,368.80 0.08SKF AB 23,126 428,061.45 0.09Svenska Handelsbanken AB 99,312 1,138,211.31 0.23Swedbank AB 58,741 1,189,767.57 0.24Swedish Match AB 10,921 358,326.90 0.07

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value in Net

EUR Assets

Tele2 AB 21,530 223,826.04 0.05Telefonaktiebolaget LM Ericsson 189,246 1,039,364.54 0.21Telia Co AB 174,416 650,109.32 0.13Volvo AB 99,930 1,580,100.56 0.32

Total Sweden 21,336,877.49 4.34

Switzerland ABB Ltd 116,858 2,621,642.28 0.53Adecco Group AG 10,489 669,058.40 0.14Baloise Holding AG 3,020 393,540.24 0.08Barry Callebaut AG 122 210,128.96 0.04Chocoladefabriken Lindt & Spruengli AG 65 330,912.08 0.07Chocoladefabriken Lindt & Spruengli AG (Reg) 6 360,901.65 0.07Cie Financiere Richemont SA 33,122 2,519,420.22 0.51Clariant AG 13,805 328,370.02 0.07Coca-Cola HBC AG 10,098 274,407.07 0.06Credit Suisse Group AG 154,359 2,300,712.77 0.47Dufry AG 2,345 292,738.90 0.06EMS-Chemie Holding AG 438 247,156.03 0.05Geberit AG 2,435 897,546.50 0.18Givaudan SA 590 1,135,334.31 0.23Julius Baer Group Ltd 14,904 759,393.55 0.15Kuehne + Nagel International AG 3,207 474,983.28 0.10LafargeHolcim Ltd 29,366 1,381,941.88 0.28Lonza Group AG 4,854 1,091,043.69 0.22Nestle SA 197,124 14,150,890.16 2.88Novartis AG 139,412 9,864,792.70 2.01Pargesa Holding SA 2,126 153,346.24 0.03Partners Group Holding AG 1,127 646,554.28 0.13Roche Holding AG 44,035 9,321,375.26 1.90Schindler Holding AG (Part Cert) 2,367 458,113.57 0.09Schindler Holding AG (Reg) 1,046 198,864.85 0.04SGS SA 320 692,438.34 0.14Sika AG 138 923,944.17 0.19Sonova Holding AG 3,415 447,058.58 0.09STMicroelectronics NV 38,047 702,918.33 0.14Straumann Holding AG 678 403,468.03 0.08Swatch Group AG/The 1,975 672,731.21 0.14Swatch Group AG/The (Reg) 3,786 241,172.40 0.05Swiss Life Holding AG 2,118 626,661.83 0.13Swiss Prime Site AG 4,328 331,060.27 0.07Swiss Re AG 20,183 1,578,389.60 0.32Swisscom AG 1,538 683,634.83 0.14UBS Group AG 229,510 3,524,912.67 0.72Vifor Pharma AG 2,812 300,270.18 0.06Zurich Insurance Group AG 9,603 2,446,887.03 0.50


United Kingdom 3i Group Plc 63,296 646,614.69 0.13Admiral Group Plc 13,328 293,915.23 0.06Anglo American Plc 86,122 1,490,568.36 0.30Antofagasta Plc 22,792 254,645.27 0.05Ashtead Group Plc 29,553 655,043.22 0.13Associated British Foods Plc 22,913 730,720.34 0.15AstraZeneca Plc 79,373 4,466,169.06 0.91Auto Trader Group Plc 51,483 205,680.22 0.04

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value in Net

EUR Assets

Aviva Plc 259,167 1,461,638.90 0.30Barclays Plc 1,081,624 2,476,566.14 0.50Barratt Developments Plc 66,606 486,234.76 0.10Berkeley Group Holdings Plc 7,349 350,351.78 0.07BHP Billiton Plc 134,512 2,270,545.28 0.46BP Plc 1,238,173 7,228,305.64 1.47British American Tobacco Plc 143,762 8,019,628.54 1.63British Land Co Plc/The 55,331 426,971.27 0.09BT Group Plc 540,745 1,627,403.96 0.33Bunzl Plc 22,024 510,227.94 0.10Burberry Group Plc 28,169 567,606.20 0.12Capita Plc 34,447 157,318.24 0.03Carnival Plc 12,516 688,964.87 0.14Centrica Plc 364,133 565,668.23 0.11CNH Industrial NV 60,889 687,436.81 0.14Coca-Cola European Partners Plc 12,400 408,004.58 0.08Compass Group Plc 101,167 1,795,945.82 0.37ConvaTec Group Plc 75,262 173,511.55 0.04Croda International Plc 8,617 427,291.91 0.09Diageo Plc 157,941 4,790,664.29 0.97Direct Line Insurance Group Plc 90,783 384,353.22 0.08easyJet Plc 8,564 138,919.53 0.03Experian Plc 55,583 1,013,004.79 0.21Ferguson Plc 16,540 997,051.63 0.20Fiat Chrysler Automobiles NV 70,215 1,067,970.15 0.22Fresnillo Plc 15,084 236,022.82 0.05G4S Plc 93,105 273,025.62 0.06GlaxoSmithKline Plc 308,402 4,547,902.52 0.93Glencore Plc 767,431 3,329,891.28 0.68Hammerson Plc 52,529 320,790.54 0.07Hargreaves Lansdown Plc 14,467 290,696.21 0.06HSBC Holdings Plc 1,259,737 10,811,487.22 2.20IMI Plc 18,401 276,117.70 0.06Imperial Brands Plc 61,029 2,152,725.33 0.44InterContinental Hotels Group Plc 12,184 646,687.18 0.13International Consolidated Airlines Group SA 42,005 305,712.39 0.06Intertek Group Plc 9,501 550,271.93 0.11Investec Plc 45,306 272,345.15 0.06ITV Plc 204,744 378,909.65 0.08J Sainsbury Plc 86,637 235,918.46 0.05John Wood Group Plc 38,837 285,921.02 0.06Johnson Matthey Plc 11,365 395,449.57 0.08Kingfisher Plc 126,630 491,075.76 0.10Land Securities Group Plc 42,724 484,310.68 0.10Legal & General Group Plc 386,529 1,179,163.53 0.24Lloyds Banking Group Plc 4,512,732 3,432,544.11 0.70London Stock Exchange Group Plc 20,555 867,240.86 0.18Marks & Spencer Group Plc 96,896 345,006.84 0.07Mediclinic International Plc 18,661 135,178.04 0.03Meggitt Plc 43,515 236,645.75 0.05Merlin Entertainments Plc 40,161 162,843.67 0.03Micro Focus International Plc 28,066 781,317.05 0.16Mondi Plc 20,888 449,815.58 0.09National Grid Plc 217,463 2,129,743.46 0.43Next Plc 9,624 492,176.66 0.10Old Mutual Plc 312,128 790,214.24 0.16

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value in Net

EUR Assets

Pearson Plc 54,442 449,221.68 0.09Persimmon Plc 18,047 556,441.76 0.11Prudential Plc 162,183 3,435,956.17 0.70Randgold Resources Ltd 5,841 477,360.51 0.10Reckitt Benckiser Group Plc 42,227 3,239,981.09 0.66RELX Plc 68,829 1,344,291.97 0.27Rio Tinto Plc 77,437 3,363,050.66 0.68Royal Bank of Scotland Group Plc 231,561 719,965.62 0.15Royal Dutch Shell Plc A 286,421 7,934,857.59 1.61Royal Dutch Shell Plc B 232,079 6,496,014.33 1.32Royal Mail Plc 54,738 279,255.35 0.06RSA Insurance Group Plc 60,820 427,906.71 0.09Sage Group Plc/The 69,569 618,679.20 0.13Schroders Plc 7,204 285,455.91 0.06Segro Plc 59,877 391,614.56 0.08Severn Trent Plc 14,342 347,597.32 0.07Shire Plc 57,662 2,518,512.40 0.51Sky Plc 66,682 752,891.19 0.15Smith & Nephew Plc 57,635 833,055.60 0.17Smiths Group Plc 26,179 439,982.63 0.09SSE Plc 65,223 954,479.90 0.19St James's Place Plc 34,753 475,716.86 0.10Standard Chartered Plc 210,387 1,832,611.02 0.37Standard Life Aberdeen Plc 176,702 857,316.93 0.17Taylor Wimpey Plc 193,202 450,199.11 0.09Tesco Plc 530,318 1,244,104.18 0.25Travis Perkins Plc 15,616 276,165.01 0.06Unilever Plc 79,192 3,676,398.95 0.75United Utilities Group Plc 45,266 418,603.02 0.09Vodafone Group Plc 1,672,229 4,410,529.24 0.90Weir Group Plc/The 14,802 358,412.77 0.07Whitbread Plc 12,551 559,777.54 0.11Wm Morrison Supermarkets Plc 149,567 369,061.71 0.07Worldpay Group Plc 130,127 619,334.20 0.13WPP Plc 82,269 1,251,163.98 0.25


Total Shares 492,597,974.57 100.27


Other Transferable Securities

Shares

Portugal Banco Espirito Santo SA* 155,418 0.00 0.00

Total Portugal 0.00 0.00

Total Shares 0.00 0.00

Total Other Transferable Securities 0.00 0.00

Total Portfolio 492,597,974.57 100.27

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eading

34


Security description Maturity Market % of

value in Net

EUR Assets

Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A.

Buy 10,921 SEK Sell 1,096 EUR 05/01/18 11.89 0.00

Total forward foreign exchange contracts (total unrealised) 11.89 0.00 Cash at bank


Other assets Dividends receivable 474,093.41 0.10Receivable on subscriptions 870,532.30 0.18Other assets 124.02 0.00Total other assets 1,344,749.73 0.28

Liabilities Bank overdraft (427,801.76) (0.09)Management fees (147,390.36) (0.04)Payable on purchase of securities (1,690,884.95) (0.34)Payable on redemptions (589,887.65) (0.12)Bank interest payable on cash accounts (8,253.25) (0.00)Other liabilities (6,422.61) (0.00)



* Positions fair valued by the Management Company.



Schedule of Investments As at 31 December 2017heading

35

SEB Fund 1 - SEB European Opportunity Fund

Security denomination Total holdings Market % of

value in Net

EUR Assets

Transferable securities admitted to an official stock exchange listing and/or dealt within another regulated market

Investment Fund

Diversified Financials

Luxembourg T Rowe Price Funds SICAV - European Equity Fund 2,181,039 27,917,303.54 99.85


Total Diversified Financials 27,917,303.54 99.85

Total Investment Fund 27,917,303.54 99.85

Total Transferable securities admitted to an official stock exchange listing

and/or dealt within another regulated market 27,917,303.54 99.85

Total Portfolio 27,917,303.54 99.85 Cash at bank


Liabilities Management fees (34,137.76) (0.12)Bank interest payable on cash accounts (3.49) (0.00)Other liabilities (2,650.67) (0.01)






36

SEB Fund 1 - SEB Global Fund


value in Net

USD Assets


Shares

Australia Fortescue Metals Group Ltd 1,026,949 3,915,754.55 0.21Mirvac Group 4,256,132 7,815,013.16 0.41Telstra Corp Ltd 1,081,024 3,066,117.00 0.16

Total Australia 14,796,884.71 0.78

Austria voestalpine AG 70,298 4,202,441.73 0.22

Total Austria 4,202,441.73 0.22

Belgium bpost SA 47,651 1,458,729.96 0.08KBC Group NV 110,014 9,382,439.32 0.49Proximus SADP 782,629 25,671,449.88 1.36

Total Belgium 36,512,619.16 1.93

Bermuda Assured Guaranty Ltd 32,500 1,106,625.00 0.06

Total Bermuda 1,106,625.00 0.06

Canada Bank of Nova Scotia/The 182,000 11,758,894.31 0.62Genworth MI Canada Inc 415,000 14,148,204.69 0.75Granite Real Estate Investment Trust 76,200 2,966,071.28 0.16RioCan Real Estate Investment Trust 261,400 5,107,245.29 0.27

Total Canada 33,980,415.57 1.80

Cayman Islands WH Group Ltd 21,219,500 23,950,651.05 1.27

Total Cayman Islands 23,950,651.05 1.27

Finland Neste Oyj 464,982 29,751,419.75 1.57

Total Finland 29,751,419.75 1.57

France Cie Generale des Etablissements Michelin 117,944 16,974,392.06 0.90Metropole Television SA 25,913 666,315.02 0.03

Total France 17,640,707.08 0.93

Germany BASF SE 457,125 50,295,697.99 2.65Covestro AG 119,359 12,315,221.43 0.65Deutsche Lufthansa AG 1,278,881 47,118,176.75 2.49Deutsche Pfandbriefbank AG 108,034 1,731,027.81 0.09Hannover Rueck SE 92,846 11,680,886.84 0.62

Total Germany 123,141,010.82 6.50

Hong Kong CLP Holdings Ltd 573,000 5,862,551.65 0.31Link REIT 5,185,877 48,081,077.70 2.54

Total Hong Kong 53,943,629.35 2.85

g

g

37



value in Net

USD Assets

Ireland Seagate Technology Plc 1,064,000 44,592,240.00 2.36

Total Ireland 44,592,240.00 2.36

Israel Bezeq The Israeli Telecommunication Corp Ltd 1,759,814 2,668,751.70 0.14

Total Israel 2,668,751.70 0.14

Italy Terna Rete Elettrica Nazionale SpA 3,500,859 20,590,278.06 1.09

Total Italy 20,590,278.06 1.09

Japan Brother Industries Ltd 307,900 7,607,535.55 0.40Daito Trust Construction Co Ltd 200,500 40,941,090.15 2.16Daiwa House Industry Co Ltd 284,300 10,933,350.24 0.58Dowa Holdings Co Ltd 57,400 2,346,708.95 0.12Fujitsu Ltd 1,767,000 12,606,058.49 0.67Hazama Ando Corp 115,500 905,399.13 0.05Japan Airlines Co Ltd 746,600 29,249,542.46 1.55Kajima Corp 953,000 9,181,458.77 0.49Kuraray Co Ltd 1,028,500 19,433,770.14 1.03Kyowa Exeo Corp 110,000 2,851,797.08 0.15Miraca Holdings Inc 92,500 3,966,692.69 0.21Mitsui Chemicals Inc 137,700 4,436,407.76 0.23Mixi Inc 551,900 24,819,922.23 1.31Nihon Unisys Ltd 176,900 3,688,462.28 0.20Nippon Light Metal Holdings Co Ltd 2,738,800 7,813,666.25 0.41Nippon Telegraph & Telephone Corp 13,100 617,189.61 0.03NTT DOCOMO Inc 1,428,200 33,777,181.60 1.78Tosoh Corp 195,000 4,426,342.44 0.23

Total Japan 219,602,575.82 11.60

Netherlands LyondellBasell Industries NV 439,548 48,666,754.56 2.57


New Zealand Spark New Zealand Ltd 6,836,027 17,660,726.83 0.93

Total New Zealand 17,660,726.83 0.93

Singapore Oversea-Chinese Banking Corp Ltd 356,400 3,303,994.61 0.18StarHub Ltd 2,025,100 4,318,388.01 0.23Yanlord Land Group Ltd 1,311,900 1,590,179.22 0.08

Total Singapore 9,212,561.84 0.49

Spain Endesa SA 580,613 12,461,077.26 0.66

Total Spain 12,461,077.26 0.66

Sweden Industrivarden AB 127,478 3,161,631.29 0.16Loomis AB 39,933 1,671,745.82 0.09Svenska Cellulosa AB SCA 1,827,591 18,910,293.41 1.00

Total Sweden 23,743,670.52 1.25

Schedule of Investments Heading spacing

As at Heading Heading

38



value in Net

USD Assets

Switzerland Garmin Ltd 171,100 10,202,693.00 0.54Swisscom AG 88,437 47,102,335.61 2.49


United Kingdom Bellway Plc 117,441 5,656,084.34 0.30Berkeley Group Holdings Plc 200,102 11,351,956.35 0.60Persimmon Plc 1,132,600 41,917,011.80 2.21Severn Trent Plc 1,029,830 30,095,498.58 1.59Tate & Lyle Plc 1,629,481 15,484,063.36 0.82Taylor Wimpey Plc 4,709,999 13,140,467.66 0.69


United States of America AGNC Investment Corp 933,000 18,818,610.00 0.99AllianceBernstein Holding LP MLP 256,600 6,427,830.00 0.34Altria Group Inc 159,037 11,441,121.78 0.60American Eagle Outfitters Inc 1,021,800 19,424,418.00 1.03Annaly Capital Management Inc 2,185,200 25,960,176.00 1.37Apollo Global Management LLC MLP 515,700 17,023,257.00 0.90Artisan Partners Asset Management Inc 120,800 4,789,720.00 0.25Avery Dennison Corp 123,300 14,231,286.00 0.75Best Buy Co Inc 627,600 42,959,220.00 2.27CA Inc 424,800 14,213,808.00 0.75CenterPoint Energy Inc 1,545,200 43,775,516.00 2.31Cisco Systems Inc 1,435,815 55,343,489.18 2.92CMS Energy Corp 117,669 5,576,333.91 0.29Cummins Inc 118,900 21,002,496.00 1.11Darden Restaurants Inc 107,800 10,468,458.00 0.55Eastman Chemical Co 168,900 15,724,590.00 0.83Federated Investors Inc 510,100 18,455,418.00 0.98First American Financial Corp 262,100 14,756,230.00 0.78Foot Locker Inc 400,000 18,896,000.00 1.00GameStop Corp 530,500 9,649,795.00 0.51Gap Inc/The 589,440 20,329,785.60 1.07Gilead Sciences Inc 515,700 37,326,366.00 1.97Herman Miller Inc 133,800 5,331,930.00 0.28HP Inc 1,582,500 33,564,825.00 1.77Ingredion Inc 49,700 6,943,587.00 0.37Intel Corp 1,197,876 55,305,934.92 2.92InterDigital Inc/PA 68,400 5,239,440.00 0.28Invesco Mortgage Capital Inc 305,800 5,482,994.00 0.29Johnson & Johnson 42,800 6,035,228.00 0.32JPMorgan Chase & Co 239,800 25,881,614.00 1.37Kohl's Corp 483,200 26,450,368.00 1.40Kroger Co/The 656,900 18,215,837.00 0.96ManpowerGroup Inc 155,500 19,743,835.00 1.04Masimo Corp 175,500 14,952,600.00 0.79New Residential Investment Corp 157,600 2,817,888.00 0.15Owens & Minor Inc 154,400 2,986,096.00 0.16PPL Corp 753,000 23,237,580.00 1.23Principal Financial Group Inc 271,900 19,457,164.00 1.03Prudential Financial Inc 98,700 11,417,616.00 0.60Quest Diagnostics Inc 188,300 18,698,190.00 0.99T Rowe Price Group Inc 130,900 13,816,495.00 0.73

g

g

39



value in Net

USD Assets

Target Corp 745,197 48,817,855.47 2.58Timken Co/The 188,300 9,207,870.00 0.49Tupperware Brands Corp 293,500 18,305,595.00 0.97Tyson Foods Inc 573,500 46,768,925.00 2.47United Therapeutics Corp 168,800 25,328,440.00 1.34Valero Energy Corp 189,600 17,575,920.00 0.93Waddell & Reed Financial Inc 309,400 6,933,654.00 0.37Western Union Co/The 648,300 12,363,081.00 0.65


Total Shares 1,860,649,638.37 98.29

Total Transferable securities admitted to an official stock exchange listing 1,860,649,638.37 98.29

Total Portfolio 1,860,649,638.37 98.29


Purchased financial futures contracts Commitment in USD CME Standard And Poors 500 E-Mini Future 15,993,600.00 16/03/18 119 77,332.50 0.00Eurex Dow Jones Euro Stoxx 50 Future 10,320,293.37 16/03/18 246 (202,650.06) (0.01)

Total financial futures contracts (total net unrealised) (125,317.56) (0.01)

An amount of USD 1,213,373.03 is held as cash collateral for these positions. Cash at bank and at broker

Cash at bank and at broker 31,112,618.14 1.64Total Cash at bank and at broker 31,112,618.14 1.64

Other assets Dividends receivable 3,619,350.25 0.19Bank interest receivable on cash accounts 44,644.54 0.01Receivable on subscriptions 734,761.84 0.04Total other assets 4,398,756.63 0.24

Liabilities Management fees (2,168,244.45) (0.12)Payable on redemptions (696,887.72) (0.04)Other liabilities (66,903.78) (0.00)


Total Net Assets as at 31 December 2017 1,893,103,659.63 100.00




40

SEB Fund 1 - SEB Global Chance / Risk Fund


value in Net

EUR Assets


Shares

Australia Caltex Australia Ltd 77,381 1,716,568.29 0.31Mirvac Group 2,718,770 4,162,458.95 0.75

Total Australia 5,879,027.24 1.06

Belgium Proximus SADP 181,785 4,971,819.75 0.90

Total Belgium 4,971,819.75 0.90

Bermuda Yue Yuen Industrial Holdings Ltd 620,500 2,032,622.01 0.37

Total Bermuda 2,032,622.01 0.37

Canada Canadian Imperial Bank of Commerce 27,400 2,222,753.04 0.40Genworth MI Canada Inc 54,700 1,554,903.47 0.28Granite Real Estate Investment Trust 36,800 1,194,365.64 0.22National Bank of Canada 18,700 773,142.69 0.14Power Corp of Canada 158,300 3,378,557.67 0.61Power Financial Corp 23,200 528,726.69 0.09Transcontinental Inc 9,100 147,823.95 0.03

Total Canada 9,800,273.15 1.77

Cayman Islands Dali Foods Group Co Ltd 1,311,000 993,201.81 0.18WH Group Ltd 6,144,500 5,782,712.44 1.04Yuzhou Properties Co Ltd 500,000 222,475.67 0.04

Total Cayman Islands 6,998,389.92 1.26

China Anhui Expressway Co Ltd H 188,000 130,792.22 0.02Bank of Chongqing Co Ltd H 233,500 154,972.18 0.03China Construction Bank Corp H 557,000 427,921.55 0.08China Minsheng Banking Corp Ltd H 733,000 612,409.90 0.11Sinopec Shanghai Petrochemical Co Ltd H 1,230,000 584,038.65 0.10

Total China 1,910,134.50 0.34

Czech Republic O2 Czech Republic AS 91,033 981,066.16 0.18

Total Czech Republic 981,066.16 0.18

Finland Elisa OYJ 29,078 952,013.72 0.17Neste Oyj 237,053 12,646,777.55 2.28

Total Finland 13,598,791.27 2.45

France Fonciere Des Regions 9,425 889,531.50 0.16Klepierre SA 165,930 6,058,933.95 1.09Natixis SA 68,442 451,580.32 0.08Peugeot SA 204,225 3,465,698.25 0.63

Total France 10,865,744.02 1.96

g

g

41



value in Net

EUR Assets

Germany Deutsche Lufthansa AG 360,287 11,068,016.64 2.00Deutsche Pfandbriefbank AG 37,368 499,236.48 0.09Deutsche Post AG 246,376 9,793,446.00 1.76

Total Germany 21,360,699.12 3.85

Greece Motor Oil Hellas Corinth Refineries SA 79,458 1,492,221.24 0.27

Total Greece 1,492,221.24 0.27

Hong Kong Link REIT 402,000 3,107,713.01 0.56Yuexiu Real Estate Investment Trust 574,000 313,587.19 0.06

Total Hong Kong 3,421,300.20 0.62

Hungary Magyar Telekom Telecommunications Plc 81,166 120,410.10 0.02

Total Hungary 120,410.10 0.02

Ireland Accenture Plc 24,400 3,131,669.81 0.57Seagate Technology Plc 357,375 12,488,339.56 2.25

Total Ireland 15,620,009.37 2.82

Italy UnipolSai Assicurazioni SpA 1,373,605 2,689,518.59 0.49

Total Italy 2,689,518.59 0.49

Japan ANA Holdings Inc 73,600 2,566,741.38 0.46Daito Trust Construction Co Ltd 4,100 698,058.39 0.13DTS Corp 5,300 144,143.25 0.03Fujitsu Ltd 177,000 1,052,880.07 0.19Hitachi Ltd 1,101,000 7,162,831.65 1.29Japan Airlines Co Ltd 437,800 14,301,109.07 2.58Kajima Corp 645,000 5,181,331.42 0.93Kuraray Co Ltd 385,800 6,078,240.21 1.10Mixi Inc 82,000 3,074,799.10 0.55Nippon Telegraph & Telephone Corp 9,200 361,408.20 0.07NTT DOCOMO Inc 635,200 12,525,865.38 2.26Obayashi Corp 20,700 209,236.33 0.04Teijin Ltd 122,000 2,269,268.73 0.41

Total Japan 55,625,913.18 10.04

Netherlands LyondellBasell Industries NV 138,222 12,760,453.79 2.30


New Zealand Air New Zealand Ltd 313,144 592,783.12 0.11Spark New Zealand Ltd 2,251,499 4,849,974.24 0.87

Total New Zealand 5,442,757.36 0.98

Norway Salmar ASA 44,493 1,116,146.55 0.20

Total Norway 1,116,146.55 0.20



42



value in Net

EUR Assets

Poland Enea SA 115,448 317,967.90 0.06Polski Koncern Naftowy ORLEN SA 219,289 5,594,041.17 1.01Polskie Gornictwo Naftowe i Gazownictwo SA 476,331 711,759.47 0.13

Total Poland 6,623,768.54 1.20

Russia Aeroflot PJSC 111,200 222,998.05 0.04Alrosa PJSC 2,466,300 2,681,686.10 0.48Magnitogorsk Iron & Steel Works PJSC 1,987,700 1,211,932.47 0.22Novolipetsk Steel PJSC GDR 79,649 1,694,821.12 0.31Novolipetsk Steel PJSC 704,600 1,503,110.87 0.27

Total Russia 7,314,548.61 1.32

Singapore StarHub Ltd 304,600 541,586.66 0.10

Total Singapore 541,586.66 0.10

South Africa Astral Foods Ltd 9,624 174,564.69 0.03Mondi Ltd 127,960 2,766,052.49 0.50

Total South Africa 2,940,617.18 0.53

South Korea Samsung Electronics Co Ltd 6,067 12,040,082.79 2.17Samsung Electronics Co Ltd (Pref) 471 766,696.09 0.14SK Hynix Inc 70,090 4,176,125.58 0.75Woori Bank 376,983 4,624,431.80 0.84

Total South Korea 21,607,336.26 3.90

Spain Endesa SA 335,586 6,005,311.47 1.08

Total Spain 6,005,311.47 1.08

Sweden Dios Fastigheter AB 30,489 172,727.90 0.03Granges AB 25,445 218,491.02 0.04Hemfosa Fastigheter AB 76,719 854,452.49 0.16Industrivarden AB 62,044 1,283,035.39 0.23Scandic Hotels Group AB 79,881 949,737.94 0.17Svenska Cellulosa AB SCA 367,710 3,172,397.25 0.57Swedish Match AB 160,634 5,270,841.45 0.95

Total Sweden 11,921,683.44 2.15

Switzerland BKW AG 3,074 151,739.86 0.03Garmin Ltd 74,500 3,704,110.65 0.67Swisscom AG 27,650 12,279,097.45 2.21


Thailand Kiatnakin Bank PCL NVDR 206,400 418,492.34 0.08

Total Thailand 418,492.34 0.08

Turkey Enka Insaat ve Sanayi AS 465,857 619,527.15 0.11Eregli Demir ve Celik Fabrikalari TAS 4,557,418 10,084,531.00 1.82Soda Sanayii AS 450,854 501,300.44 0.09

g

g

43



value in Net

EUR Assets

Turkiye Is Bankasi 2,147,820 3,305,566.04 0.60

Total Turkey 14,510,924.63 2.62

United Arab Emirates Dubai Islamic Bank PJSC 384,661 540,550.75 0.10

Total United Arab Emirates 540,550.75 0.10

United Kingdom Barratt Developments Plc 434,923 3,173,915.29 0.57BT Group Plc 351,128 1,075,222.36 0.19Legal & General Group Plc 1,349,397 4,156,449.95 0.75Next Plc 30,982 1,580,051.41 0.29Persimmon Plc 363,424 11,214,766.39 2.02Severn Trent Plc 127,116 3,097,412.82 0.56Tate & Lyle Plc 339,069 2,686,498.45 0.49Taylor Wimpey Plc 3,559,338 8,279,843.10 1.49


United States of America Ameren Corp 13,700 676,132.45 0.12Annaly Capital Management Inc 826,000 8,181,997.78 1.48Apollo Global Management LLC MLP 174,500 4,802,903.10 0.87Baxter International Inc 12,400 672,044.31 0.12Best Buy Co Inc 199,523 11,387,523.55 2.05Bristol-Myers Squibb Co 33,100 1,710,576.24 0.31CA Inc 315,400 8,799,348.03 1.59CenterPoint Energy Inc 419,992 9,920,886.06 1.79Cisco Systems Inc 46,600 1,497,672.43 0.27Cummins Inc 62,800 9,249,357.57 1.67Foot Locker Inc 251,700 9,914,161.15 1.79Franklin Resources Inc 239,551 8,714,572.16 1.57Gap Inc/The 483,688 13,909,815.73 2.51Gilead Sciences Inc 163,935 9,893,572.33 1.79HP Inc 639,060 11,301,736.38 2.04Intel Corp 373,531 14,379,685.73 2.59International Business Machines Corp 15,400 1,982,067.13 0.36Johnson & Johnson 125,952 14,808,731.20 2.67JPMorgan Chase & Co 71,500 6,434,444.93 1.16KLA-Tencor Corp 63,000 5,600,697.25 1.01Kohl's Corp 58,300 2,660,946.96 0.48ManpowerGroup Inc 93,596 9,908,804.91 1.79NetApp Inc 51,300 2,375,669.98 0.43Principal Financial Group Inc 59,000 3,520,344.89 0.63Prudential Financial Inc 136,239 13,140,823.94 2.37SunTrust Banks Inc 39,600 2,151,158.82 0.39T Rowe Price Group Inc 77,300 6,803,002.04 1.23Target Corp 226,577 12,376,170.71 2.23United Therapeutics Corp 10,300 1,288,653.31 0.23Valero Energy Corp 120,500 9,313,858.82 1.68Verizon Communications Inc 59,500 2,636,339.80 0.48Walgreens Boots Alliance Inc 5,400 328,279.47 0.06Western Union Co/The 180,800 2,874,828.81 0.52



44



value in Net

EUR Assets

WW Grainger Inc 15,800 3,135,296.85 0.57


Total Shares 526,863,329.95 95.08


Total Portfolio 526,863,329.95 95.08


Purchased financial futures contracts Commitment in EUR CME Standard And Poors 500 E-Mini Future 40,342,670.11 16/03/18 360 353,448.62 0.06Eurex Dow Jones Euro Stoxx 50 Future 44,424,600.00 16/03/18 1,270 (1,016,000.00) (0.18)ICE MSCI Emerging Markets Mini Index Future 21,456,423.86 16/03/18 442 933,328.96 0.17OMXS 30 Index Future* 49,274,256.49 19/01/18 3,067 (1,265,672.08) (0.23)TSE Tokyo Stock Price Index Future 21,140,096.02 08/03/18 157 380,451.92 0.07

Total financial futures contracts (total net unrealised) (614,442.58) (0.11)

An amount of EUR 9,927,297.73 is held as cash collateral for these positions. Cash at bank and at broker

Cash at bank and at broker 27,591,531.33 4.98Total Cash at bank and at broker 27,591,531.33 4.98

Other assets Dividends receivable 1,002,157.19 0.18Bank interest receivable on cash accounts 28,803.03 0.00Receivable on subscriptions 145,883.36 0.03Total other assets 1,176,843.58 0.21

Liabilities Management fees (674,444.36) (0.12)Payable on redemptions (229,275.23) (0.04)Other liabilities (17,518.88) (0.00)



*Danske Bank is the counterparty for the above future contracts. A list of changes in the assets held during the financial year under review is available free of charge from SEB Investment Management AB.



45

SEB Fund 1 - SEB Nordic Fund

Security description Total holdings Market % of

value in Net

EUR Assets


Shares

Denmark AP Moller - Maersk A/S B 1,232 1,788,678.24 0.99Danske Bank A/S 516,953 16,753,448.08 9.31DSV A/S 105,527 6,919,220.79 3.85Novo Nordisk A/S 376,053 16,874,128.64 9.38Pandora A/S 22,047 1,995,745.79 1.11

Total Denmark 44,331,221.54 24.64

Faroe Islands Bakkafrost P/F 112,042 3,962,514.03 2.20

Total Faroe Islands 3,962,514.03 2.20

Finland Ahlstrom-Munksjo Oyj 245,081 4,440,867.72 2.47Cargotec Oyj 87,013 4,124,416.20 2.29Cramo OYJ 23,155 457,079.70 0.25Huhtamaki OYJ 30,340 1,063,417.00 0.59Kesko OYJ 47,133 2,130,411.60 1.19Metso OYJ 71,910 2,052,311.40 1.14Stora Enso OYJ 586,683 7,785,283.41 4.33Valmet OYJ 199,413 3,314,244.06 1.84

Total Finland 25,368,031.09 14.10

Luxembourg Subsea 7 SA 142,846 1,795,340.95 1.00


Norway Aker BP ASA 88,385 1,820,867.69 1.01Austevoll Seafood ASA 78,149 542,358.52 0.30DNB ASA 334,408 5,178,893.07 2.88Fjord1 ASA 259,000 1,158,811.57 0.64Sparebank 1 Oestlandet 285,849 2,608,744.32 1.45SpareBank 1 SMN 106,662 892,084.54 0.50Storebrand ASA 281,274 1,916,305.62 1.07Tomra Systems ASA 434,681 5,746,116.04 3.19Veidekke ASA 39,619 373,661.03 0.21Wallenius Wilhelmsen Logistics 147,316 883,816.92 0.49Wilh Wilhelmsen Holding ASA 31,071 777,232.08 0.43Yara International ASA 110,919 4,257,780.65 2.37

Total Norway 26,156,672.05 14.54

Sweden AddLife AB 7,900 138,079.74 0.08AddTech AB 24,478 447,736.88 0.25AF AB 153,566 2,821,421.24 1.57Boliden AB 58,610 1,671,220.76 0.93Bravida Holding AB 378,681 2,104,918.45 1.17Essity AB 111,840 2,645,785.11 1.47Hexagon AB 27,113 1,137,619.14 0.63Internationella Engelska Skolan i Sverige Holding II AB 70,650 538,453.08 0.30Intrum Justitia AB 57,771 1,774,102.79 0.99Investor AB 441,086 16,844,358.78 9.36

Heading

46

SEB Fund 1 - SEB Nordic Fund


value in Net

EUR Assets

Medicover AB 95,500 596,833.13 0.33Nordea Bank AB 176,852 1,787,266.01 0.99Resurs Holding AB 244,851 1,453,078.79 0.81Saab AB 131,706 5,353,526.85 2.98Sandvik AB 285,527 4,192,658.24 2.33Sectra AB 53,517 929,955.79 0.52Securitas AB 250,120 3,667,660.98 2.04Skandinaviska Enskilda Banken AB 720,948 7,062,450.37 3.92Swedbank AB 351,700 7,104,985.28 3.95Volvo AB 714,247 11,155,697.42 6.20

Total Sweden 73,427,808.83 40.82

Switzerland ABB Ltd 129,530 2,890,527.70 1.61


Total Shares 177,932,116.19 98.91



Cash at bank 2,137,602.61 1.19Total Cash at bank 2,137,602.61 1.19

Other assets Receivable on subscriptions 52,007.81 0.03Total other assets 52,007.81 0.03

Liabilities Management fees (185,061.14) (0.11)Payable on redemptions (23,643.10) (0.01)Bank interest payable on cash accounts (652.61) (0.00)Other liabilities (20,902.85) (0.01)






47



value in Net

NOK Assets


Shares

Faroe Islands Bakkafrost P/F 46,329 16,113,226.20 8.54

Total Faroe Islands 16,113,226.20 8.54

Luxembourg Subsea 7 SA 68,042 8,409,991.20 4.46


Norway Aker ASA 21,882 8,774,682.00 4.65Aker BP ASA 41,779 8,464,425.40 4.49Austevoll Seafood ASA 100,349 6,848,819.25 3.63DNB ASA 51,980 7,916,554.00 4.20Fjord1 ASA 188,444 8,291,536.00 4.40Gjensidige Forsikring ASA 46,663 7,232,765.00 3.83Hexagon Composites ASA 210,447 5,682,069.00 3.01Kongsberg Gruppen ASA 55,275 8,318,887.50 4.41Norsk Hydro ASA 113,517 7,111,840.05 3.77SpareBank 1 Nord Norge 129,505 8,094,062.50 4.29Sparebank 1 Oestlandet 186,064 16,699,244.00 8.86SpareBank 1 SMN 98,843 8,129,836.75 4.31Statoil ASA 45,886 8,062,170.20 4.27Storebrand ASA 121,846 8,163,682.00 4.33Tomra Systems ASA 137,718 17,903,340.00 9.48Veidekke ASA 15,367 1,425,289.25 0.76Wilh Wilhelmsen Holding ASA 70,066 17,236,236.00 9.14Yara International ASA 21,732 8,203,830.00 4.35

Total Norway 162,559,268.90 86.18

Total Shares 187,082,486.30 99.18


Total Portfolio 187,082,486.30 99.18

Heading

48


Market

value in

NOK

% of

Net

Assets

Cash at bank

Cash at bank 1,636,739.36 0.87

Total Cash at bank 1,636,739.36 0.87

Other assets

Receivable on subscriptions 111,125.05 0.06Other assets 599.81 0.00

Total other assets 111,724.86 0.06

Liabilities

Bank overdraft (46,378.35) (0.02)Management fees (153,503.54) (0.09)Bank interest payable on cash accounts (108.10) (0.00)Other liabilities (8,227.80) (0.00)






49



value in Net

USD Assets


Shares

Ireland Johnson Controls International Plc 195,064 7,428,037.12 1.57

Total Ireland 7,428,037.12 1.57

Netherlands Schlumberger Ltd 128,068 8,569,029.88 1.81Unilever NV 189,411 10,730,133.15 2.27


Panama Carnival Corp 158,596 10,583,111.08 2.24

Total Panama 10,583,111.08 2.24

Switzerland Novartis AG ADR 206,058 17,420,143.32 3.69


United States of America AGCO Corp 33,012 2,365,970.04 0.50Alphabet Inc C 19,408 20,339,972.16 4.30Amazon.com Inc 18,846 22,240,729.98 4.70Apple Inc 114,888 19,522,917.84 4.13AT&T Inc 290,699 11,354,702.94 2.40Avnet Inc 196,033 7,788,391.09 1.65Bank of America Corp 431,909 12,838,495.03 2.72Bank of the Ozarks 110,233 5,367,244.77 1.14Berkshire Hathaway Inc 194,744 38,880,639.60 8.22Biogen Inc 41,143 13,237,348.82 2.80Bio-Rad Laboratories Inc 40,825 9,769,830.75 2.07Bioverativ Inc 1 54.05 0.00Bristol-Myers Squibb Co 262,218 16,252,271.64 3.44Cisco Systems Inc 215,532 8,307,680.94 1.76Comcast Corp 258,355 10,388,454.55 2.20Exxon Mobil Corp 90,318 7,586,712.00 1.60Facebook Inc 91,581 16,305,997.05 3.45General Electric Co 549,856 9,589,488.64 2.03Goldman Sachs Group Inc/The 47,364 12,070,478.58 2.55Halliburton Co 185,428 8,937,629.60 1.89International Business Machines Corp 54,271 8,377,271.56 1.77JM Smucker Co/The 35,890 4,475,483.00 0.95Johnson & Johnson 94,665 13,348,711.65 2.82Jones Lang LaSalle Inc 78,756 11,796,073.68 2.50Microsoft Corp 215,164 18,491,194.16 3.91Mondelez International Inc 151,369 6,527,031.28 1.38Oracle Corp 304,234 14,539,342.86 3.08Priceline Group Inc/The 6,210 10,923,700.50 2.31salesforce.com Inc 121,363 12,476,116.40 2.64Signature Bank/New York NY 40,135 5,523,780.05 1.17Simon Property Group Inc 74,937 12,847,948.65 2.72Starbucks Corp 103,840 5,995,202.40 1.27Stericycle Inc 121,735 8,290,153.50 1.75Sysco Corp 39,758 2,423,647.68 0.51

Heading

50



value in Net

USD Assets

Twenty-First Century Fox Inc A 344,781 11,908,735.74 2.52Union Pacific Corp 73,840 9,975,045.60 2.11


Total Shares 465,794,903.33 98.54



Cash at bank 7,212,636.54 1.53Total Cash at bank 7,212,636.54 1.53

Other assets Dividends receivable 174,106.04 0.04Bank interest receivable on cash accounts 25,656.37 0.00Receivable on subscriptions 114,152.48 0.02Other assets 1,228.29 0.00Total other assets 315,143.18 0.06

Liabilities Management fees (518,228.65) (0.11)Payable on redemptions (33,822.52) (0.01)Other liabilities (60,425.69) (0.01)





Combined Statement of Operations For the year ended 31 December 2017Heading


51

SEB Fund 1 - SEB Fund 1 - SEB Fund 1 -

SEB Asset Selection SEB Emerging Markets SEB Ethical Europe

Fund Corporate Bond Fund Fund

EUR USD EUR

Income Investment income (note 1) – – 852,492.80Interest on bonds (note 1) 8,915,374.72 – –Bank interest on cash accounts 256,218.11 2,185.57 86.75Total income 9,171,592.83 2,185.57 852,579.55

Expenses

Management fees (note 2) 14,631,110.96 225,223.01 345,627.63Performance fees (note 3) 1,459.19 – –Taxe d'abonnement (note 4) 639,182.40 8,062.15 11,970.17Bank interest on cash accounts 74,585.15 1,248.07 722.18Other expenses 52,296.76 23,294.41 21,603.54Total expenses 15,398,634.46 257,827.64 379,923.52

Net income/(loss) for the year (6,227,041.63) (255,642.07) 472,656.03

Combined Statement of Operations Heading For the year ended Heading

The accompanying notes are an integral part of these financial statements. 52


SEB Europe SEB Europe Index SEB European

Fund Fund Opportunity Fund

EUR EUR EUR

Income Investment income (note 1) 18,140,169.90 12,385,015.83 –Interest on bonds (note 1) – – –Bank interest on cash accounts 1,285.15 360.66 –Total income 18,141,455.05 12,385,376.49 –

Expenses

Management fees (note 2) 7,495,299.26 1,633,636.33 401,122.21Performance fees (note 3) – – –Taxe d'abonnement (note 4) 262,847.65 195,209.06 –Bank interest on cash accounts 17,248.68 29,975.68 21.38Other expenses 64,293.39 65,070.13 10,361.22Total expenses 7,839,688.98 1,923,891.20 411,504.81

Net income/(loss) for the year 10,301,766.07 10,461,485.29 (411,504.81)

Heading eading


53


SEB Global SEB Global Chance / SEB Nordic

Fund Risk Fund Fund

USD EUR EUR

Income Investment income (note 1) 64,441,559.86 20,832,750.32 3,987,205.35Interest on bonds (note 1) – – –Bank interest on cash accounts 234,544.40 158,094.57 614.05Total income 64,676,104.26 20,990,844.89 3,987,819.40

Expenses

Management fees (note 2) 33,667,752.11 11,031,665.14 2,154,615.03Performance fees (note 3) – – –

Taxe d'abonnement (note 4) 1,133,423.17 384,582.65 79,916.48Bank interest on cash accounts 35,248.32 53,887.55 4,246.46Other expenses 139,919.61 59,794.84 90,358.56Total expenses 34,976,343.21 11,529,930.18 2,329,136.53

Net income for the year 29,699,761.05 9,460,914.71 1,658,682.87

Heading



SEB Norway SEB US All Cap Combined

Focus Fund

NOK USD USD

Income Investment income (note 1) 2,793,743.73 5,790,811.20 137,818,890.51Interest on bonds (note 1) – – 10,692,437.78Bank interest on cash accounts 5,365.52 104,646.43 841,732.80Total income 2,799,109.25 5,895,457.63 149,353,061.09

Expenses

Management fees (note 2) 1,338,154.96 6,928,424.71 86,147,383.34

Performance fees (note 3) – – 1,750.04

Taxe d'abonnement (note 4) 51,595.20 215,787.68 3,248,645.14Bank interest on cash accounts 5,470.42 220.98 253,840.94Other expenses 113,457.28 205,109.96 817,720.99Total expenses 1,508,677.86 7,349,543.33 90,469,340.45

Net income/(loss) for the year 1,290,431.39 (1,454,085.70) 58,883,720.64

Combined Statement of Changes in Net Assets For the year ended 31 December 2017 Heading


55




EUR USD EUR

Net Assets at the beginning of the year 1,312,543,705.16 10,355,374.46 20,275,831.84

Net income / (loss) for the year (6,227,041.63) (255,642.07) 472,656.03

Net realised gain / (loss) on:

- sales of securities (37,204,281.54) 647,094.52 1,633,461.98- foreign exchange 1,199,325.20 920,825.39 (21,296.39)- financial futures contracts 38,374,893.86 – 116,461.24

Total net realised gain 2,369,937.52 1,567,919.91 1,728,626.83

Change in net unrealised appreciation / (depreciation) on:

- securities (9,799,794.96) 754,168.93 594,308.12- forward foreign exchange contracts (5,668,239.05) 197,185.49 –- financial futures contracts (26,743,565.51) – (19,445.82)

Total change in net unrealised appreciation / (depreciation) (42,211,599.52) 951,354.42 574,862.30

Increase / (decrease) in Net Assets as a result of operations (46,068,703.63) 2,263,632.26 2,776,145.16

Proceeds on issues of units 816,790,379.66 26,415,893.88 12,162,365.82

Payment on redemptions of units (605,653,232.24) (16,421,954.90) (8,009,335.48)

Dividends paid (1,064,444.32) – –

Foreign exchange differences – – –

Total Net Assets as at 31 December 2017 1,476,547,704.63 22,612,945.70 27,205,007.34

Combined Statement of Changes in Net Assets Heading For the year ended Heading





EUR EUR EUR

Net Assets at the beginning of the year 496,847,626.59 363,206,102.48 23,612,111.90

Net income / (loss) for the year 10,301,766.07 10,461,485.29 (411,504.81)


- sales of securities 50,018,949.68 7,045,676.13 33,783.27- foreign exchange (840,178.70) 171,382.02 (484.55)- financial futures contracts 783,394.45 – –

Total net realised gain 49,962,165.43 7,217,058.15 33,298.72


- securities 4,513,822.01 19,983,986.13 2,117,518.64- forward foreign exchange contracts – 11.89 –- financial futures contracts (240,425.01) – –

Total change in net unrealised appreciation 4,273,397.00 19,983,998.02 2,117,518.64

Increase in Net Assets as a result of operations 64,537,328.50 37,662,541.46 1,739,312.55


Payment on redemptions of units (119,587,555.78) (126,433,567.67) (20,319,326.80)

Dividends paid (111,155.85) (257,748.36) –


Total Net Assets as at 31 December 2017 592,117,529.02 491,290,027.09 27,958,220.21

Heading eading


57



Fund Risk Fund Fund

USD EUR EUR

Net Assets at the beginning of the year 2,575,959,000.77 745,406,729.24 138,106,007.69

Net income for the year 29,699,761.05 9,460,914.71 1,658,682.87


- sales of securities 264,250,590.79 67,593,910.94 11,713,902.47- foreign exchange 3,900,583.86 (3,054,001.08) (54,228.77)- financial futures contracts 9,105,866.21 38,739,484.53 –



- securities 66,733,724.08 (18,158,084.84) 3,823,043.80- forward foreign exchange contracts – – –- financial futures contracts 431,507.37 (464,233.03) –

Total change in net unrealised appreciation / (depreciation) 67,165,231.45 (18,622,317.87) 3,823,043.80



Payment on redemptions of units (1,574,784,199.48) (387,441,287.16) (29,318,673.11)

Dividends paid (1,373,047.18) (1,236,069.66) –



Heading eading




Focus Fund

NOK USD USD

Net Assets at the beginning of the year 71,490,177.78 507,590,180.74 6,372,158,987.72

Net income / (loss) for the year 1,290,431.39 (1,454,085.70) 58,883,720.64


- sales of securities 9,451,896.60 10,214,897.25 396,929,922.12- foreign exchange 27,114.92 33,675.83 1,743,667.72- financial futures contracts – – 102,666,317.39



- securities 15,420,217.27 49,370,160.12 122,296,066.55- forward foreign exchange contracts – – (6,600,864.93)- financial futures contracts – – (32,510,011.98)

Total change in net unrealised appreciation 15,420,217.27 49,370,160.12 83,185,189.64


Proceeds on issues of units 151,116,993.77 68,060,988.17 2,281,225,134.93

Payment on redemptions of units (60,174,099.00) (160,686,203.70) (3,313,232,602.15)

Dividends paid – (419,406.52) (4,992,031.90)

Foreign exchange differences – – 444,085,185.98

Total Net Assets as at 31 December 2017 188,622,732.73 472,710,206.19 6,422,653,492.09

Combined Statement of Net Assets As at 31 December 2017


59




EUR USD EUR

Assets

Portfolio at cost 1,454,172,400.09 20,600,401.31 24,265,370.07Unrealised appreciation / (depreciation) (14,470,617.17) 1,292,069.58 1,918,850.91Portfolio at market value (note 1) 1,439,701,782.92 21,892,470.89 26,184,220.98

Unrealised appreciation on forward foreign exchange contracts – 212,555.70 –Receivable interest and / or dividends 8,372,756.87 579.94 41,029.78Cash at bank and at broker 40,835,582.55 650,048.53 997,630.39Other assets 173,648.22 105,334.81 30,853.98Total Assets 1,489,083,770.56 22,860,989.87 27,253,735.13

Liabilities Bank overdraft (1,800,138.44) (34,969.11) –Unrealised depreciation on financial futures contracts (7,068,177.61) – (12,780.00)Unrealised depreciation on forward foreign exchange contracts (961,474.06) – –Other liabilities (2,706,275.82) (213,075.06) (35,947.79)Total Liabilities (12,536,065.93) (248,044.17) (48,727.79)


"C (EUR)" units outstanding as at 31 December 2017 13,008,377.8710 – 7,881,301.2360

"C (H-CHF)" units outstanding as at 31 December 2017 178,931.8670 – –

"C (H-EUR)" units outstanding as at 31 December 2017 – 27,883.2690 –

"C (H-GBP)" units outstanding as at 31 December 2017 42,998.1990 – –

"C (H-JPY)" units outstanding as at 31 December 2017 11.6590 – –

"C (H-NOK)" units outstanding as at 31 December 2017 293,616.8790 – –

"C (H-SEK)" units outstanding as at 31 December 2017 43,602,734.1830 1,403,592.3100 –

"C (H-USD)" units outstanding as at 31 December 2017 21,106.6480 – –

"C (USD)" units outstanding as at 31 December 2017 – 10.0000 –

"D (EUR)" units outstanding as at 31 December 2017 107,599.1980 – –

"D (H-SEK)" units outstanding as at 31 December 2017 2,594,940.9140 – –

"GC (EUR)" units outstanding as at 31 December 2017 431,451.7090 – –

"HNWC (H-EUR)" units outstanding as at 31 December 2017 – 10.0000 –

"HNWC (H-SEK)" units outstanding as at 31 December 2017 – 11,244.0470 –

"HNWC (USD)" units outstanding as at 31 December 2017 – 10.0000 –

"IC (EUR)" units outstanding as at 31 December 2017 18,371,267.3760 – –

"IC (H-CHF)" units outstanding as at 31 December 2017 261,257.0550 – –

"IC (H-USD)" units outstanding as at 31 December 2017 616,147.1970 – –

"ID (EUR)" units outstanding as at 31 December 2017 4,890,292.6460 – –

"RDRC (H-GBP)" units outstanding as at 31 December 2017 100.0000 – –

"SIC (H-USD)" units outstanding as at 31 December 2017 100.0000 – –

"UC (EUR)" units outstanding as at 31 December 2017 476,371.0000 – –

"UC (H-SEK)" units outstanding as at 31 December 2017 100.0000 – –

"ZC (EUR)" units outstanding as at 31 December 2017 10.0000 – –

"ZD (EUR)" units outstanding as at 31 December 2017 10.0000 – –

Combined Statement of Net Assets Heading






EUR USD EUR

Net Asset Value per "C (EUR)" unit as at 31 December 2017 16.968 – 3.452

Net Asset Value per "C (H-CHF)" unit as at 31 December 2017 112.701 – –

Net Asset Value per "C (H-EUR)" unit as at 31 December 2017 – 110.267 –

Net Asset Value per "C (H-GBP)" unit as at 31 December 2017 124.151 – –

Net Asset Value per "C (H-JPY)" unit as at 31 December 2017 11,869.136 – –

Net Asset Value per "C (H-NOK)" unit as at 31 December 2017 151.258 – –

Net Asset Value per "C (H-SEK)" unit as at 31 December 2017 176.145 109.460 –

Net Asset Value per "C (H-USD)" unit as at 31 December 2017 123.044 – –

Net Asset Value per "C (USD)" unit as at 31 December 2017 – 115.074 –

Net Asset Value per "D (EUR)" unit as at 31 December 2017 9.782 – –

Net Asset Value per "D (H-SEK)" unit as at 31 December 2017 135.326 – –

Net Asset Value per "GC (EUR)" unit as at 31 December 2017 113.845 – –

Net Asset Value per "HNWC (H-EUR)" unit as at 31 December 2017 – 111.086 –

Net Asset Value per "HNWC (H-SEK)" unit as at 31 December 2017 – 110.839 –

Net Asset Value per "HNWC (USD)" unit as at 31 December 2017 – 116.023 –

Net Asset Value per "IC (EUR)" unit as at 31 December 2017 10.204 – –

Net Asset Value per "IC (H-CHF)" unit as at 31 December 2017 100.600 – –

Net Asset Value per "IC (H-USD)" unit as at 31 December 2017 105.374 – –

Net Asset Value per "ID (EUR)" unit as at 31 December 2017 9.930 – –

Net Asset Value per "RDRC (H-GBP)" unit as at 31 December 2017 9.870 – –

Net Asset Value per "SIC (H-USD)" unit as at 31 December 2017 10.627 – –

Net Asset Value per "UC (EUR)" unit as at 31 December 2017 98.593 – –

Net Asset Value per "UC (H-SEK)" unit as at 31 December 2017 98.954 – –

Net Asset Value per "ZC (EUR)" unit as at 31 December 2017 98.609 – –

Net Asset Value per "ZD (EUR)" unit as at 31 December 2017 98.609 – –

Heading

ading


61




EUR EUR EUR

Assets

Portfolio at cost 534,126,236.03 438,372,369.96 27,121,789.36Unrealised appreciation 46,014,166.88 54,225,604.61 795,514.18Portfolio at market value (note 1) 580,140,402.91 492,597,974.57 27,917,303.54

Unrealised appreciation on forward foreign exchange contracts – 11.89 –Receivable interest and / or dividends 1,174,897.65 474,093.41 –Cash at bank and at broker 11,103,918.38 217,931.48 77,708.59Other assets 996,838.37 870,656.32 –Total Assets 593,416,057.31 494,160,667.67 27,995,012.13

Liabilities Bank overdraft – (427,801.76) –Unrealised depreciation on financial futures contracts (38,980.00) – –Unrealised depreciation on forward foreign exchange contracts – – –Other liabilities (1,259,548.29) (2,442,838.82) (36,791.92)Total Liabilities (1,298,528.29) (2,870,640.58) (36,791.92)

Total Net Assets as at 31 December 2017 592,117,529.02 491,290,027.09 27,958,220.21

"C (EUR)" units outstanding as at 31 December 2017 111,539,774.4170 65,322,278.6540 256,892.2010

"C (H-SEK)" units outstanding as at 31 December 2017 – 102.0010 –

"C (SEK)" units outstanding as at 31 December 2017 – – 4,006.6020

"D (EUR)" units outstanding as at 31 December 2017 9,705,035.5270 – –

"IC (EUR)" units outstanding as at 31 December 2017 – 10.0000 –

"IC P (SEK)" units outstanding as at 31 December 2017 100.0000 1,976.7620 –

"ID (SEK)" units outstanding as at 31 December 2017 – 848,364.9820 –

"ZC (EUR)" units outstanding as at 31 December 2017 – – 10.0000

Net Asset Value per "C (EUR)" unit as at 31 December 2017 5.094 7.366 108.643

Net Asset Value per "C (H-SEK)" unit as at 31 December 2017 – 107.381 –

Net Asset Value per "C (SEK)" unit as at 31 December 2017 – – 117.209

Net Asset Value per "D (EUR)" unit as at 31 December 2017 2.466 – –

Net Asset Value per "IC (EUR)" unit as at 31 December 2017 – 113.214 –

Net Asset Value per "IC P (SEK)" unit as at 31 December 2017 151.232 138.861 –

Net Asset Value per "ID (SEK)" unit as at 31 December 2017 – 117.675 –

Net Asset Value per "ZC (EUR)" unit as at 31 December 2017 – – 100.758

Heading

eading




Fund Risk Fund Fund

USD EUR EUR

Assets

Portfolio at cost 1,556,265,327.56 478,817,540.42 148,682,109.27Unrealised appreciation 304,384,310.81 48,045,789.53 29,250,006.92Portfolio at market value (note 1) 1,860,649,638.37 526,863,329.95 177,932,116.19

Unrealised appreciation on forward foreign exchange contracts – – –Receivable interest and / or dividends 3,663,994.79 1,030,960.22 –Cash at bank and at broker 31,112,618.14 27,591,531.33 2,137,602.61Other assets 734,761.84 145,883.36 52,007.81Total Assets 1,896,161,013.14 555,631,704.86 180,121,726.61

Liabilities Bank overdraft – – –Unrealised depreciation on financial futures contracts (125,317.56) (614,442.58) –Unrealised depreciation on forward foreign exchange contracts – – –Other liabilities (2,932,035.95) (921,238.47) (230,259.70)Total Liabilities (3,057,353.51) (1,535,681.05) (230,259.70)


"C (EUR)" units outstanding as at 31 December 2017 344,413.6830 308,640,103.8970 13,972,788.3630

"C (NOK)" units outstanding as at 31 December 2017 2,015.6560 – –

"C (USD)" units outstanding as at 31 December 2017 358,516,867.8800 – –

"D (EUR)" units outstanding as at 31 December 2017 – 1,016,216.2890 –

"D (SEK)" units outstanding as at 31 December 2017 – 126,050.2360 –

"D (USD)" units outstanding as at 31 December 2017 37,786,091.5110 – –

"IC (EUR)" units outstanding as at 31 December 2017 825,211.1390 – –

"IC (SEK)" units outstanding as at 31 December 2017 2,467.0000 – –

"ZC (EUR)" units outstanding as at 31 December 2017 10.0000 – –

Net Asset Value per "C (EUR)" unit as at 31 December 2017 148.802 1.568 12.874

Net Asset Value per "C (NOK)" unit as at 31 December 2017 125.673 – –

Net Asset Value per "C (USD)" unit as at 31 December 2017 4.416 – –

Net Asset Value per "D (EUR)" unit as at 31 December 2017 – 67.303 –

Net Asset Value per "D (SEK)" unit as at 31 December 2017 – 133.969 –

Net Asset Value per "D (USD)" unit as at 31 December 2017 2.493 – –

Net Asset Value per "IC (EUR)" unit as at 31 December 2017 155.935 – –

Net Asset Value per "IC (SEK)" unit as at 31 December 2017 170.638 – –

Net Asset Value per "ZC (EUR)" unit as at 31 December 2017 100.921 – –

Heading

ading




Focus Fund

NOK USD USD

Assets

Portfolio at cost 164,823,417.93 368,809,675.93 5,685,470,104.28Unrealised appreciation 22,259,068.37 96,985,227.40 603,686,375.69Portfolio at market value (note 1) 187,082,486.30 465,794,903.33 6,289,156,479.97

Unrealised appreciation on forward foreign exchange contracts – – 212,569.90Receivable interest and / or dividends – 199,762.41 17,161,282.14Cash at bank 1,636,739.36 7,212,636.54 138,618,068.05Other assets 111,724.86 115,380.77 3,682,024.50Total Assets 188,830,950.52 473,322,683.05 6,448,830,424.56

Liabilities Bank overdraft (46,378.35) – (2,710,283.09)Unrealised depreciation on financial futures contracts – – (9,401,126.91)Unrealised depreciation on forward foreign exchange contracts – – (1,153,120.52)Other liabilities (161,839.44) (612,476.86) (12,912,401.95)Total Liabilities (208,217.79) (612,476.86) (26,176,932.47)

Total Net Assets as at 31 December 2017 188,622,732.73 472,710,206.19 6,422,653,492.09

"C (EUR)" units outstanding as at 31 December 2017 – 8,353.8750 –

"C (NOK)" units outstanding as at 31 December 2017 265,039.0470 – –

"C (SEK)" units outstanding as at 31 December 2017 41,521.3560 – –

"C (USD)" units outstanding as at 31 December 2017 – 41,397,977.2520 –

"D (EUR)" units outstanding as at 31 December 2017 – 172,731.2540 –

"HNWC (NOK)" units outstanding as at 31 December 2017 999,516.9200 – –

"IC (EUR)" units outstanding as at 31 December 2017 – 75,296.0690 –

"IC (NOK)" units outstanding as at 31 December 2017 100.0000 – –

"IC (USD)" units outstanding as at 31 December 2017 – 617,913.8090 –

"ZC (USD)" units outstanding as at 31 December 2017 – 10.0000 –

"ZD (EUR)" units outstanding as at 31 December 2017 – 10.0000 –

Net Asset Value per "C (EUR)" unit as at 31 December 2017 – 110.525 –

Net Asset Value per "C (NOK)" unit as at 31 December 2017 144.433 – –

Net Asset Value per "C (SEK)" unit as at 31 December 2017 108.720 – –

Net Asset Value per "C (USD)" unit as at 31 December 2017 – 8.639 –

Net Asset Value per "D (EUR)" unit as at 31 December 2017 – 108.397 –

Net Asset Value per "HNWC (NOK)" unit as at 31 December 2017 145.887 – –

Net Asset Value per "IC (EUR)" unit as at 31 December 2017 – 112.372 –

Net Asset Value per "IC (NOK)" unit as at 31 December 2017 146.925 – –

Net Asset Value per "IC (USD)" unit as at 31 December 2017 – 131.690 –

Net Asset Value per "ZC (USD)" unit as at 31 December 2017 – 101.841 –

Net Asset Value per "ZD (EUR)" unit as at 31 December 2017 – 100.180 –

Statistical Information As at 31 December 2017Heading




0 Fund Corporate Bond Fund Fund

EUR USD EUR

Number of "C (EUR)" units outstanding

as at 31 December 2017 13,008,377.8710 – 7,881,301.2360as at 31 December 2016 15,836,126.4890 – 6,638,088.0180as at 31 December 2015 11,350,564.9770 – 7,024,128.9840

Number of "C (H-CHF)" units outstanding

as at 31 December 2017 178,931.8670 – –as at 31 December 2016 76,378.8470 – –as at 31 December 2015 60,513.9740 – –

Number of "C (H-EUR)" units outstanding

as at 31 December 2017 – 27,883.2690 –as at 31 December 2016 – 4,411.5720 –as at 31 December 2015 – 3,548.9680 –

Number of "C (H-GBP)" units outstanding


Number of "C (H-JPY)" units outstanding

as at 31 December 2017 11.6590 – –as at 31 December 2016 11.6590 – –as at 31 December 2015 11.6590 – –

Number of "C (H-NOK)" units outstanding


Number of "C (H-SEK)" units outstanding

as at 31 December 2017 43,602,734.1830 1,403,592.3100 –as at 31 December 2016 47,780,535.1700 826,774.9540 –as at 31 December 2015 45,489,125.2890 412,043.8330 –

Number of "C (H-USD)" units outstanding


Number of "C (USD)" units outstanding

as at 31 December 2017 – 10.0000 –as at 31 December 2016 – 3,886.8700 –as at 31 December 2015 – 16,006.1550 –

Number of "D (EUR)" units outstanding

as at 31 December 2017 107,599.1980 – –as at 31 December 2016 3,300.3380 – –as at 31 December 2015 100.0000 – –

Number of "D (H-SEK)" units outstanding

as at 31 December 2017 2,594,940.9140 – –as at 31 December 2016 2,681,934.7360 – –as at 31 December 2015 2,229,218.0340 – –

Number of "GC (EUR)" units outstanding


Statistical Information As at


65




EUR USD EUR

Number of "HNWC (H-EUR)" units outstanding

as at 31 December 2017 – 10.0000 –as at 31 December 2016 – 10.0000 –as at 31 December 2015 – 10.0000 –

Number of "HNWC (H-SEK)" units outstanding

as at 31 December 2017 – 11,244.0470 –as at 31 December 2016 – 2,351.3110 –as at 31 December 2015 – 100.0000 –

Number of "HNWC (USD)" units outstanding


Number of "IC (EUR)" units outstanding

as at 31 December 2017 18,371,267.3760 – –as at 31 December 2016 1,981,837.9360 – –as at 31 December 2015 100.0000 – –

Number of "IC (H-CHF)" units outstanding


Number of "IC (H-USD)" units outstanding


Number of "ID (EUR)" units outstanding

as at 31 December 2017 4,890,292.6460 – –as at 31 December 2016 100.0000 – –as at 31 December 2015 100.0000 – –

Number of "RDRC (H-GBP)" units outstanding

as at 31 December 2017 100.0000 – –as at 31 December 2016 – – –as at 31 December 2015 – – –

Number of "SIC (H-USD)" units outstanding


Number of "UC (EUR)" units outstanding

as at 31 December 2017 476,371.0000 – –as at 31 December 2016 – – –as at 31 December 2015 – – –

Number of "UC (H-SEK)" units outstanding


Number of "ZC (EUR)" units outstanding


Heading

ading





EUR USD EUR

Number of "ZD (EUR)" units outstanding


Total Net Assets 0 0 0as at 31 December 2017 1,476,547,704.63 22,612,945.70 27,205,007.34as at 31 December 2016 1,312,543,705.16 10,355,374.46 20,275,831.84as at 31 December 2015 1,124,682,029.43 6,307,314.99 21,702,119.16

Net Asset Value per "C (EUR)" unit

as at 31 December 2017 16.968 – 3.452as at 31 December 2016 17.134 – 3.054as at 31 December 2015 16.277 – 3.090

Net Asset Value per "C (H-CHF)" unit


Net Asset Value per "C (H-EUR)" unit


Net Asset Value per "C (H-GBP)" unit


Net Asset Value per "C (H-JPY)" unit


Net Asset Value per "C (H-NOK)" unit


Net Asset Value per "C (H-SEK)" unit

as at 31 December 2017 176.145 109.460 –as at 31 December 2016 178.256 103.579 –as at 31 December 2015 169.607 91.445 –

Net Asset Value per "C (H-USD)" unit


Net Asset Value per "C (USD)" unit


Net Asset Value per "D (EUR)" unit


Statistical Information As at


67




EUR USD EUR

Net Asset Value per "D (H-SEK)" unit


Net Asset Value per "GC (EUR)" unit


Net Asset Value per "HNWC (H-EUR)" unit


Net Asset Value per "HNWC (H-SEK)" unit


Net Asset Value per "HNWC (USD)" unit


Net Asset Value per "IC (EUR)" unit


Net Asset Value per "IC (H-CHF)" unit


Net Asset Value per "IC (H-USD)" unit


Net Asset Value per "ID (EUR)" unit


Net Asset Value per "RDRC (H-GBP)" unit


Net Asset Value per "SIC (H-USD)" unit


Net Asset Value per "UC (EUR)" unit


Heading

ading





EUR USD EUR

Net Asset Value per "UC (H-SEK)" unit


Net Asset Value per "ZC (EUR)" unit


Net Asset Value per "ZD (EUR)" unit


Dividend paid per D (EUR) unit 0 0 02017 0.0106 – –2016 0.0320 – –2015 – – –

Dividend paid per D (H-SEK) unit 0 0 02017 4.0758 – –2016 2.5000 – –2015 5.0000 – –

Dividend paid per ID (EUR) unit 0 0 02017 0.0147 – –2016 0.0344 – –2015 – – –

Heading

69



0 Fund Fund Opportunity Fund

EUR EUR EUR


as at 31 December 2017 111,539,774.4170 65,322,278.6540 256,892.2010as at 31 December 2016 105,578,035.3810 53,108,365.0230 238,920.9050as at 31 December 2015 97,760,907.9340 59,590,313.3950 762,853.8520

Number of "C (H-SEK)" units outstanding

as at 31 December 2017 – 102.0010 –as at 31 December 2016 – – –as at 31 December 2015 – – –

Number of "C (SEK)" units outstanding

as at 31 December 2017 – – 4,006.6020as at 31 December 2016 – – 721.3790as at 31 December 2015 – – –





Number of "IC P (SEK)" units outstanding

as at 31 December 2017 100.0000 1,976.7620 –as at 31 December 2016 100.0000 1,976.7620 –as at 31 December 2015 100.0000 1,976.7620 –

Number of "ID (SEK)" units outstanding



as at 31 December 2017 – – 10.0000as at 31 December 2016 – – –as at 31 December 2015 – – –

Total Net Assets 0 0 0as at 31 December 2017 592,117,529.02 491,290,027.09 27,958,220.21as at 31 December 2016 496,847,626.59 363,206,102.48 23,612,111.90as at 31 December 2015 451,874,178.89 392,518,063.28 82,471,279.10


as at 31 December 2017 5.094 7.366 108.643as at 31 December 2016 4.497 6.687 98.795as at 31 December 2015 4.476 6.586 108.109

Net Asset Value per "C (H-SEK)" unit


Net Asset Value per "C (SEK)" unit

as at 31 December 2017 – – 117.209as at 31 December 2016 – – 103.876as at 31 December 2015 – – –

Notes to the Financial StatementsHeading spacing As atading

70




EUR EUR EUR





Net Asset Value per "IC P (SEK)" unit

as at 31 December 2017 151.232 138.861 –as at 31 December 2016 128.731 122.344 –as at 31 December 2015 122.587 115.494 –

Net Asset Value per "ID (SEK)" unit



as at 31 December 2017 – – 100.758as at 31 December 2016 – – –as at 31 December 2015 – – –

Dividend paid per D (EUR) unit 0 0 02017 0.0110 – –2016 0.0625 – –2015 0.0303 – –

Dividend paid per ID (SEK) unit 0 0 02017 – 3.0466 –2016 – 2.9000 –2015 – – –

71



0 Fund Risk Fund Fund

USD EUR EUR


as at 31 December 2017 344,413.6830 308,640,103.8970 13,972,788.3630as at 31 December 2016 538,846.4020 478,494,661.2610 11,977,068.8820as at 31 December 2015 623,130.9980 506,774,870.3200 16,752,356.8370

Number of "C (NOK)" units outstanding





as at 31 December 2017 – 1,016,216.2890 –as at 31 December 2016 – 1,373,128.4550 –as at 31 December 2015 – 1,094,428.4380 –

Number of "D (SEK)" units outstanding


Number of "D (USD)" units outstanding



as at 31 December 2017 825,211.1390 – –as at 31 December 2016 1,296,455.2830 – –as at 31 December 2015 1,124,670.2160 – –

Number of "IC (SEK)" units outstanding




Total Net Assets 0 0 0as at 31 December 2017 1,893,103,659.63 554,096,023.81 179,891,466.91as at 31 December 2016 2,575,959,000.77 745,406,729.24 138,106,007.69as at 31 December 2015 2,744,738,837.79 705,408,130.33 185,492,108.31


as at 31 December 2017 148.802 1.568 12.874as at 31 December 2016 143.744 1.382 11.531as at 31 December 2015 136.131 1.266 11.073

Net Asset Value per "C (NOK)" unit



72



Fund Risk Fund Fund

USD EUR EUR





Net Asset Value per "D (SEK)" unit


Net Asset Value per "D (USD)" unit




Net Asset Value per "IC (SEK)" unit




Dividend paid per D (EUR) unit 0 0 02017 – 1.0787 –2016 – 1.5549 –2015 – 1.0241 –

Dividend paid per D (SEK) unit 0 0 02017 – 2.1578 –2016 – 1.5404 –2015 – 3.0000 –

Dividend paid per D (USD) unit 0 0 02017 0.0328 – –2016 0.0547 – –2015 0.0343 – –

73



0 Focus Fund

NOK USD USD



Number of "C (NOK)" units outstanding

as at 31 December 2017 265,039.0470 – –as at 31 December 2016 118,017.9500 – –as at 31 December 2015 – – –

Number of "C (SEK)" units outstanding

as at 31 December 2017 41,521.3560 – –as at 31 December 2016 – – –as at 31 December 2015 – – –


as at 31 December 2017 – 41,397,977.2520 –as at 31 December 2016 – 53,897,075.1450 –as at 31 December 2015 – 54,364,740.4590 –



Number of "HNWC (NOK)" units outstanding

as at 31 December 2017 999,516.9200 – –as at 31 December 2016 390,788.2680 – –as at 31 December 2015 – – –


as at 31 December 2017 – 75,296.0690 –as at 31 December 2016 – 10.0000 –as at 31 December 2015 – 10.0000 –

Number of "IC (NOK)" units outstanding

as at 31 December 2017 100.0000 – –as at 31 December 2016 100,100.0000 – –as at 31 December 2015 – – –

Number of "IC (USD)" units outstanding


Number of "ZC (USD)" units outstanding


Number of "ZD (EUR)" units outstanding


Total Net Assets 0 0 0as at 31 December 2017 188,622,732.73 472,710,206.19 6,422,653,492.09as at 31 December 2016 71,490,177.78 507,590,180.74 6,372,158,987.72as at 31 December 2015 – 398,195,565.16 6,385,755,738.45


74



Focus Fund

NOK USD USD



Net Asset Value per "C (NOK)" unit

as at 31 December 2017 144.433 – –as at 31 December 2016 116.915 – –as at 31 December 2015 – – –

Net Asset Value per "C (SEK)" unit






Net Asset Value per "HNWC (NOK)" unit




Net Asset Value per "IC (NOK)" unit


Net Asset Value per "IC (USD)" unit


Net Asset Value per "ZC (USD)" unit


Net Asset Value per "ZD (EUR)" unit


Dividend paid per D (EUR) unit 0 0 02017 – 2.1007 –2016 – – –2015 – – –

Notes to the Financial StatementsHeading As at 31 December 2017ading

75

Note 1. Significant Accounting Policies

The financial statements have been prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. The financial statements have been prepared based on the last Net Asset Value of the year which has been calculated on 28

December 2017 for Sub-Funds SEB Fund 1 - SEB Ethical Europe Fund, SEB Fund 1 - SEB Europe Fund and SEB Fund 1 - SEB

Europe Index Fund and 29 December 2017 for Sub-Funds SEB Fund 1 - SEB Asset Selection Fund, SEB Fund 1 - SEB

Emerging Markets Corporate Bond Fund, SEB Fund 1 - SEB European Opportunity Fund, SEB Fund 1 - SEB Global Fund, SEB

Fund 1 - SEB Global Chance / Risk Fund, SEB Fund 1 - SEB Nordic Fund, SEB Fund 1 - Norway Focus Fund and SEB Fund 1 - US

All Cap with the prices of that date; the valuation at 28 December 2017 and 29 December 2017 has been presented for the

purpose of these Financial Statements.

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. 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) except for Exchange Traded Funds which are valued at the latest available price found on the main stock exchange

on which they are listed. 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) Forward foreign exchange contracts are valued based on the latest available forward exchange rates. h) 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 Combined Statement of Changes in Net Assets.


76

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 upwards in case of large inflows and downwards in case of large outflows if on any Valuation Day the aggregate inflows and outflows in all Classes of a Sub-Fund result in a net increase or decrease 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 inflows/outflows of the Sub-Fund. The adjustment will be an addition when the net movement results in a net inflows of the Sub-Fund and a deduction when it results in a net outflows. Adjustments made during the year are recorded in “Proceeds on issues of units” and “Payment on redemptions of units” in the Combined Statement of Changes in Net Assets. No swing pricing adjustment has been applied to the year end Net Asset Value per unit calculated on 31 December 2017. 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. As at 28 December 2017, the intraday exchange rates for SEB Fund 1 - SEB Ethical Europe Fund and SEB Fund 1 - SEB Europe Fund were as follows: 1 CHF = 1.021613614 USD 1 HUF = 0.003852677 USD 1 CZK = 0.046684765 USD 1 NOK = 0.121114278 USD 1 DKK = 0.160481893 USD 1 PLN = 0.285658145 USD 1 EUR = 1.194855391 USD 1 SEK = 0.121430893 USD 1 GBP = 1.344750001 USD 1 TRY = 0.264933607 USD 1 HKD = 0.127932530 USD

77

As at 28 December 2017, the close of business exchange rates for SEB Fund 1 - SEB Europe Index Fund were as follows: 1 CHF = 1.021434272 USD 1 HUF = 0.003850346 USD 1 CZK = 0.046671992 USD 1 NOK = 0.121204059 USD 1 DKK = 0.160341958 USD 1 SEK = 0.121079566 USD 1 EUR = 1.193790531 USD 1 TRY = 0.264782377 USD 1 GBP = 1.343850001 USD As at 29 December 2017, the intraday exchange rates for SEB Fund 1 - SEB Asset Selection Fund, SEB Fund 1 - SEB Global Fund, SEB Fund 1 - SEB Global Chance / Risk Fund, SEB Fund 1 - SEB Nordic Fund, SEB Fund 1 - Norway Focus Fund and SEB Fund 1 - US All Cap and the combined figures were as follows: 1 AED = 0.272273139 USD 1 KRW = 0.000934099 USD 1 AUD = 0.781352062 USD 1 MYR = 0.247095707 USD 1 BRL = 0.301466406 USD 1 NOK = 0.121954410 USD 1 CAD = 0.796171403 USD 1 NZD = 0.711701987 USD 1 CHF = 1.024247935 USD 1 PLN = 0.286735538 USD 1 CZK = 0.046949433 USD 1 RUB = 0.017352825 USD 1 DKK = 0.161076785 USD 1 SEK = 0.121874141 USD 1 EUR = 1.199325673 USD 1 SGD = 0.748221749 USD 1 GBP = 1.351700000 USD 1 TRY = 0.264063217 USD 1 HKD = 0.127971598 USD 1 THB = 0.030684261 USD 1 HUF = 0.003867836 USD 1 TWD = 0.033603856 USD 1 ILS = 0.288307312 USD 1 ZAR = 0.081201716 USD 1 JPY = 0.008887702 USD As at 29 December 2017, the close of business exchange rates for SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund and SEB Fund 1 - SEB European Opportunity Fund, were as follows: 1 EUR = 1.200843320 USD 1 SEK = 0.122137853 USD Income:

Interest income and bank interest income are recognised on an accrual basis. Dividends are recorded on the ex-dividend

date. This income is shown net of any withholding taxes and adjusted accordingly when tax reclaims apply.

Note 2. Management Fees

In payment for its services, the Management Company receives an annual rate of:

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “C (EUR)” units (maximum rate: 1.75%)

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “C (H-CHF)” units (maximum rate: 1.75%)

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “C (H-GBP)” units (maximum rate: 1.75%)

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “C (H-JPY)” units (maximum rate: 1.75%)

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “C (H-NOK)” units (maximum rate: 1.75%)

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “C (H-SEK)” units (maximum rate: 1.75%)

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “C (H-USD)” units (maximum rate: 1.75%)

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “D (EUR)” units (maximum rate: 1.75%)

• 1.10% is charged on SEB Fund 1 - SEB Asset Selection Fund “D (H-SEK)” units (maximum rate: 1.75%)

• 1.75% is charged on SEB Fund 1 - SEB Asset Selection Fund “GC (EUR)” units (maximum rate: 1.75%)

• 0.55% is charged on SEB Fund 1 - SEB Asset Selection Fund “IC (EUR)” units (maximum rate: 1.75%)

• 0.55% is charged on SEB Fund 1 - SEB Asset Selection Fund “IC (H-CHF)” units (maximum rate: 1.75%)

• 0.55% is charged on SEB Fund 1 - SEB Asset Selection Fund “IC (H-USD)” units (maximum rate: 1.75%)

• 0.55% is charged on SEB Fund 1 - SEB Asset Selection Fund “ID (EUR)” units (maximum rate: 1.75%)

• 0.55% is charged on SEB Fund 1 - SEB Asset Selection Fund “RDRC (H-GBP)” units (maximum rate: 1.75%)

• 0.30% is charged on SEB Fund 1 - SEB Asset Selection Fund “SIC (H-USD)” units (maximum rate: 1.75%)

• 0.55% is charged on SEB Fund 1 - SEB Asset Selection Fund “UC (EUR)” units (maximum rate: 1.75%)

• 0.55% is charged on SEB Fund 1 - SEB Asset Selection Fund “UC (H-SEK)” units (maximum rate: 1.75%)


78

• 0.33% is charged on SEB Fund 1 - SEB Asset Selection Fund “ZC (EUR)” units (maximum rate: 0.33%)

• 0.33% is charged on SEB Fund 1 - SEB Asset Selection Fund “ZD (EUR)” units (maximum rate: 0.33%)

• 1.30% is charged on SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund

“C (H-EUR)” units (maximum rate: 1.40%)


“C (H-SEK)” units (maximum rate: 1.40%)


“C (USD)” units (maximum rate: 1.40%)


“HNWC (H-EUR)” units (maximum rate: 1.10%)


“HNWC (H-SEK)” units (maximum rate: 1.10%)


“HNWC (USD)” units (maximum rate: 1.10%)

• 1.40% is charged on SEB Fund 1 - SEB Ethical Europe Fund “C (EUR)” units (maximum rate: 1.75%)

• 1.40% is charged on SEB Fund 1 - SEB Europe Fund “C (EUR)” units (maximum rate: 1.75%)

• 1.40% is charged on SEB Fund 1 - SEB Europe Fund “D (EUR)” units (maximum rate: 1.75%)

• 0.75% is charged on SEB Fund 1 - SEB Europe Fund “IC P (SEK)” units (maximum rate: 1.75%)

• 0.40% is charged on SEB Fund 1 - SEB Europe Index Fund “C (EUR)” units (maximum rate: 0.40%)

• 0.40% is charged on SEB Fund 1 - SEB Europe Index Fund “C (H-SEK)” units (maximum rate: 0.40%)

• 0.20% is charged on SEB Fund 1 - SEB Europe Index Fund “IC (EUR)” units (maximum rate: 0.40%)

• 0.30% is charged on SEB Fund 1 - SEB Europe Index Fund “IC P (SEK)” units (maximum rate: 0.40%)

• 0.40% is charged on SEB Fund 1 - SEB Europe Index Fund “ID (SEK)” units (maximum rate: 0.40%)

• 1.50% is charged on SEB Fund 1 - SEB European Opportunity Fund “C (EUR)” units (maximum rate: 1.50%)

• 1.50% is charged on SEB Fund 1 - SEB European Opportunity Fund “C (SEK)” units (maximum rate: 1.50%)

• 0.45% is charged on SEB Fund 1 - SEB European Opportunity Fund “ZC (EUR)” units (maximum rate: 0.45%)

• 1.75% is charged on SEB Fund 1 - SEB Global Fund “C (EUR)” units (maximum rate: 1.75%)

• 1.75% is charged on SEB Fund 1 - SEB Global Fund “C (NOK)” units (maximum rate: 1.75%)

• 1.50% is charged on SEB Fund 1 - SEB Global Fund “C (USD)” units (maximum rate: 1.75%)

• 1.50% is charged on SEB Fund 1 - SEB Global Fund “D (USD)” units (maximum rate: 1.75%)

• 0.75% is charged on SEB Fund 1 - SEB Global Fund “IC (EUR)” units (maximum rate: 0.75%)

• 0.75% is charged on SEB Fund 1 - SEB Global Fund “IC (SEK)” units (maximum rate: 0.75%)

• 0.45% is charged on SEB Fund 1 - SEB Global Fund “ZC (EUR)” units (maximum rate: 0.45%)

• 1.50% is charged on SEB Fund 1 - SEB Global Chance / Risk Fund “C (EUR)” units (maximum rate: 1.75%)

• 1.50% is charged on SEB Fund 1 - SEB Global Chance / Risk Fund “D (EUR)” units (maximum rate: 1.75%)

• 1.50% is charged on SEB Fund 1 - SEB Global Chance / Risk Fund “D (SEK)” units (maximum rate: 1.75%)

• 1.30% is charged on SEB Fund 1 - SEB Nordic Fund “C (EUR)” units (maximum rate: 1.75%)

• 1.50% is charged on SEB Fund 1 - SEB Norway Focus Fund “C (NOK)” units (maximum rate: 1.50%)

• 1.50% is charged on SEB Fund 1 - SEB Norway Focus Fund “C (SEK)” units (maximum rate: 1.50%)

• 0.95% is charged on SEB Fund 1 - SEB Norway Focus Fund “HNWC (NOK)” units (maximum rate: 0.95%)

• 0.60% is charged on SEB Fund 1 - SEB Norway Focus Fund “IC (NOK)” units (maximum rate: 0.60%)

• 1.50% is charged on SEB Fund 1 - SEB US All Cap “C (EUR)” units (maximum rate: 1.50%)

• 1.50% is charged on SEB Fund 1 - SEB US All Cap “C (USD)” units (maximum rate: 1.50%)

• 1.50% is charged on SEB Fund 1 - SEB US All Cap “D (EUR)” units (maximum rate: 1.50%)

• 0.90% is charged on SEB Fund 1 - SEB US All Cap “IC (EUR)” units (maximum rate: 0.90%)

• 0.90% is charged on SEB Fund 1 - SEB US All Cap “IC (USD)” units (maximum rate: 0.90%)

• 0.45% is charged on SEB Fund 1 - SEB US All Cap “ZC (USD)” units (maximum rate: 0.45%)

• 0.45% is charged on SEB Fund 1 - SEB US All Cap “ZD (EUR)” units (maximum rate: 0.45%)

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 and depositary fees on behalf of the Fund.

79

Note 3. Performance Fees

In addition to the management fees, the Management Company is entitled to a performance fee on all the unit classes of the Sub-Fund SEB Fund 1 - SEB Asset Selection Fund. The performance fee is calculated, accrued and crystallised on a daily basis and paid out of the assets of the applicable unit class of the Sub-Fund at the end of each month. The calculation of the performance fees takes place on the basis of the units of the respective unit class in circulation at the respective Valuation Day.

The performance fees per unit of the applicable unit class of the Sub-Fund equals 20% of the appreciation of the Net Asset

Value per unit of the applicable unit class of the Sub-Fund over the benchmark, pre performance fees, but post the

management fees and other types of fees, above the current Hurdle Value of the applicable unit class of the Sub-Fund for all

classes except unit class SIC (H-USD) with a rate of 15%. The Sub-Fund uses the principle of High Water Mark and the Risk

Free Rate as a hurdle. The 3 Month Treasury Bill return index is used as the Risk Free Rate.

Note 4. 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 Fund at the end of

the relevant calendar quarter. Investments by the 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 Fund serving as basis for the

calculation of this tax to be paid by the Sub-Funds.

No stamp duty or other tax is payable in Luxembourg on the issue of units.

Interest, dividend and other income realised by the 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.

Note 5. Transaction Fees

Transaction fees incurred by the Sub-Funds relating to the purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of depositary 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. In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker's remuneration. As at 31 December 2017, the transaction fees were as follows:

SEB Fund 1 - SEB Asset Selection Fund 3,836,132.41 EUR

SEB Fund 1 - SEB Emerging Markets Corporate Bond Fund 15,794.52 USD

SEB Fund 1 - SEB Ethical Europe Fund 46,866.98 EUR

SEB Fund 1 - SEB Europe Fund 720,944.26 EUR

SEB Fund 1 - SEB Europe Index Fund 315,132.82 EUR

SEB Fund 1 - SEB European Opportunity Fund 5,920.00 EUR

SEB Fund 1 - SEB Global Fund 1,216,915.81 USD

SEB Fund 1 - SEB Global Chance / Risk Fund 921,690.04 EUR

SEB Fund 1 - SEB Nordic Fund 78,095.49 EUR

SEB Fund 1 - SEB Norway Focus Fund 170,292.72 NOK

SEB Fund 1 - SEB US All Cap 47,011.47 USD


80

Note 6. Collateral

As at 31 December 2017, the following security was held with broker Skandinaviska Enskilda Banken AB (publ) as collateral

on future positions:

Sub-Fund Security Description Nominal

SEB Fund 1 - SEB Asset Selection Fund 4.25% Sweden Government Bond 12/03/2019 SEK 1,000,000,000

Note 7. Master - Feeder

In accordance with the provisions of the Law, the Management Company may, at its discretion (i) create any Sub-Fund

qualifying either as a Feeder UCITS or as a Master UCITS or (ii) convert any existing Sub-Fund into a Feeder UCITS or a

Master UCITS. A Feeder UCITS (a “Feeder Fund) must invest at least 85% of its assets in units of another UCITS or a sub-fund

thereof (a “Master Fund”).

At present, 2 Feeder Funds are at the Unitholders’ disposal:

• SEB Emerging Markets Corporate Bond Fund: This Sub-Fund is a feeder UCITS, that invests in Gramercy

Corporate Emerging Market Debt Fund which invests in fixed-income debt securities and other forms of debt such

as bonds issued by corporate entities. These corporate entities are organised, located in or have a significant

portion of their revenues, profits or assets located in or derived from emerging markets.

• SEB European Opportunity Fund: This Sub-Fund is a Feeder UCITS that invests in T. Rowe Price Funds SICAV

European Equity Fund which invests in equities and equity-related securities from large and medium-sized

companies that are incorporated in Europe or that conduct the majority of their business activity in Europe.

As of 31 December 2017 the total expenses of the Master Funds and the Feeder Funds as well as the percentage of

ownership were:

Sub-Fund Aggregated

total expenses

in Feeder

Currency

Aggregated total

expenses in %

Total Net Asset

Value Master

Total Market

Value Feeder

Portfolio

% Ownership

SEB Fund 1 - SEB

Emerging Markets

Corporate Bond

Fund

292,698.97 1.68% 35,316,826.00 21,892,470.89 61.99%

SEB Fund 1 - SEB

European

Opportunity Fund

435,734.60 1.62% 494,291,067.00 27,917,303.54 5.65%

The semi-annual and annual financial statements of the Master Fund are available free of charge at the respective

Management Company’s offices.

81

Note 8. Significant Events during the year

Prospectus

A new prospectus was issued in November 2017.

Directors

There were changes to the Board of Directors of the Management Company during the year. Please refer to the Organisation

section on page 3 details.

Effective 1 April 2017, BNY Mellon has merged its legal entity The Bank of New York Mellon (Luxembourg) S.A., into The

Bank of New York Mellon SA/NV, Luxembourg Branch.

Unit Class Launches

Details of new unit classes launched during the year are outlined on pages 6 and 7.

Note 9. Subsequent Events after the year end

There were no subsequent events after the year end.

82

Audit Report

To the Unitholders of SEB Fund 1

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of SEB Fund 1 (the

“Fund”) and of each of its Sub-Funds, as at 31 December 2017, 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

and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

• the combined statement of net assets as at 31 December 2017;

• the schedule of investments as at 31 December 2017;

• the combined statement of operations for the year then ended;

• the combined statement of changes in net assets for the year then ended; and

• the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur

Financier” (CSSF). Our responsibilities under those Law and standards are further described in the “Responsibilities of the

“Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

....................................................................................................................................................................................................................................................................................................... PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, BP 1443, L-1014 Luxembourg T: +352 4948481, F:+352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

83

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for

Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are

relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical

requirements.

Other information

The Board of Directors of the Management Company is responsible for the other information. The other information

comprises the information stated in the annual report but does not include the financial statements and our audit report

thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance

conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above

and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our

knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed,

we conclude that there is a material misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Responsibilities 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 the financial

statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation 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.

In preparing the financial statements, the Board of Directors of the Management Company is responsible for assessing the

Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the Board of Directors of the Management Company either intends to liquidate the Fund

or to cease operations, or has no realistic alternative but to do so.

_I-pwc

Responsibilities of the ”Re’ viseur d’entreprises agree” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonableassurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of23 July 2016 and with |SAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with |SAs as adopted for Luxembourg by the CSSF, weexercise professionaljudgment and maintain professional scepticism throughout the audit.

We also:

0 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, designand perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or theoverride of internal control;

0 obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

a evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relateddisclosures made by the Board of Directors of the Management Company;

0 conclude on the appropriateness of the Board of Directors of the Management Company’s use of the going concern basisof accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that amaterial uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our audit report. However, future events or conditions may cause the Fund to cease to continueas a going concern;

0 evaluate the overall presentation, structure and content of the financial statements, including the disclosures, andwhether the financial statements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of theaudit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Pricewaterhousecoopers, Sociéte cooperative Luxembourg, 26 April 2018Represented by

hierry Blondeau

84

Risk Disclosure (unaudited)

85

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 1 the global exposure is calculated and monitored daily by using the calculation methodology Value at Risk

(VaR) or the commitment methodology. 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 Investment Manager calculates the leverage on a gross or on a commitment method. The gross method converts all

positions on derivative financial instruments into equivalent positions in the underlying assets, while the commitment method

applies the same while allowing netting and hedging arrangements. The below overview summarises the Fund indicating the VaR or commitment approach, the reference portfolio (in the case of relative VaR), 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 2017. Or in other cases, the minimum, maximum and average leverage within the commitment method:

Fund Relative/

Absolute

VaR

Reference

portfolio

Lowest

utilisation

of VaR

Highest

utilisation

of VaR

Average

utilisation

of VaR

Average

Leverage (FX

forwards

serving the

purposes of

unit-class(es)

hedging, if any,

are not

included in the

leverage

calculation)

Average

Leverage

(including

FX forwards

for

unit-class

hedging)

SEB Fund 1 -

SEB Asset

Selection

Fund

Absolute VaR

N/A 32.79% 48.57% 40.00% 889.87% 1040.70%

86

Fund Relative/

Absolute

VaR

Reference

portfolio

Lowest

utilisation

of VaR

Highest

utilisation

of VaR

Average

utilisation

of VaR

Average

Leverage (FX

forwards

serving the

purposes of

unit-class(es)

hedging, if any,

are not

included in the

leverage

calculation)

Average

Leverage

(including FX

forwards for unit

– class hedging)

SEB Fund 1 -

SEB Ethical

Europe Fund

Relative VaR*

MSCI Europe Net Return Index

47.90% 50.01% 49.03% 2.42% 2.42%

SEB Fund 1 -

SEB Europe

Fund

Relative VaR*

MSCI Europe Net Return Index

47.56% 49.70% 48.59% 1.94% 1.94%

SEB Fund 1 -

SEB Europe

Index Fund

Relative VaR*

MSCI Europe Socially Responsible Index, based on SEB SRI policy A, Net Return

48.90% 50.29% 50.01% 0.06% 0.06%

SEB Fund 1 -

SEB Global

Fund

Relative VaR*

MSCI World Net Return Index

47.86% 50.63% 49.36% 2.10% 2.10%

SEB Fund 1 -

SEB Global

Chance / Risk

Fund

Relative VaR*

MSCI All Country World Net return Index

56.97% 66.54% 60.96% 32.46% 32.46%

SEB Fund 1 -

SEB Nordic

Fund

Relative VaR*

VINX Benchmark Cap Index

46.71% 50.85% 49.05% 0.00% 0.00%

SEB Fund 1 -

SEB Norway

Focus Fund

Relative VaR*

Oslo Stock Exchange Mutual Fund Index (OSEFX)

46.20% 54.20% 48.97% 0.00% 0.00%

SEB Fund 1 -

SEB US All

Cap

Relative VaR*

Frank Russell 3000 Net Return Index

47.56% 51.50% 49.70% 0.00% 0.00%

* As of 7 November 2017, the Sub-Fund global exposure calculation method converted to a commitment approach. The commitment approach figures for the year ending 31 December 2017: Fund Commitment Method Leverage

Limit Minimum* Average* Maximum*

SEB Fund 1 - SEB Emerging Markets

Corporate Bond Fund 100% 4.05% 19.22% 36.79%

SEB Fund 1 - SEB Ethical Europe Fund 100% 2.91% 3.37% 3.87%

SEB Fund 1 - SEB Europe Fund 100% 1.29% 2.93% 6.28%

SEB Fund 1 - SEB Europe Index Fund 100% 0.00% 0.00% 0.00%

SEB Fund 1 -

SEB European Opportunity Fund 100% 0.00% 0.00% 0.00%

SEB Fund 1 - SEB Global Fund 100% 0.20% 1.96% 2.96%

SEB Fund 1 - SEB Global Chance / Risk Fund 100% 25.98% 30.80% 37.16%

SEB Fund 1 - SEB Nordic Fund 100% 0.00% 0.00% 0.00%

SEB Fund 1 - SEB Norway Focus Fund 100% 0.00% 0.00% 0.00%

SEB Fund 1 - SEB US All Cap 100% 0.00% 0.00% 0.00% * The commitment calculation is based on a look through approach, taking into account the leverage of the master fund. Consequently the commitment figures for the feeder will be equivalent to the master fund.

87

Tracking difference

Tracking difference is defined as the difference between the return of the Sub-Fund and the return of the tracked index. The table below shows the realised unit-class return against the return of the relevant index during the year ended 31

December 2017. The Tracking differences arose mainly because of the management fee.

Sub-Fund Unit Class SCCY Index

Return

Unit-class

Return*

Tracking

Difference

SEB Fund 1 - SEB Europe Index Fund C (EUR) EUR 10.15% 10.07% -0.08%

SEB Fund 1 - SEB Europe Index Fund C (H-SEK) SEK 7.47% 7.29% -0.18%

SEB Fund 1 - SEB Europe Index Fund IC P (SEK) SEK 13.01% 13.09% 0.08%

SEB Fund 1 - SEB Europe Index Fund IC (EUR) EUR 10.15% 10.25% 0.10%

SEB Fund 1 - SEB Europe Index Fund ID (SEK) SEK 13.01% 12.98% -0.03%

* Based on end of day NAV.

Tracking error

The anticipated tracking error (“TE”) is based on the expected volatility of differences between the returns of a Sub-Fund and the returns of its index.

Sub-Fund Anticipated

TE Limit

TE as of

31 December 2017

Highest

Expost TE as

of 31/12/2017**

Comments


0.30% 0.05% 0.12% The Sub-Fund realised a tracking error that was within expectations.

** Highest expost tracking error of the unit-classes. Expost TE is based on 24 monthly end of day NAV (annualized).

Remuneration Disclosure (unaudited)

88

SEB Investment Management AB (the Management Company) wishes to encourage and incite good performance and sound behaviour, as well as to endeavour to achieve balanced risk-taking that is aligned with the interests of fund unitholders.

The Management Company has a long-term vision regarding the employment conditions of its staff. Total remuneration shall contribute to developing the Management Company's competitiveness and profitability through the Company being able to attract, retain, motivate and reward competent and skilful employees. In order to achieve this objective, the Management Company's board of directors has adopted a remuneration policy based on Swedish and international regulations. The purpose of the remuneration policy is to ensure that the Management Company has a remuneration system that is adapted to the fund unitholders' long-term interests and the Management Company's strategy and values.

The remuneration policy is based on the remuneration model that is applied at Group level, and is built on SEB's values. The Management Company's remuneration policy is reviewed at least annually. The Management Company's current remuneration policy is based on a risk analysis that has been prepared by the Management Company's risk control department.

The Management Company’s remuneration structure is based on three components: • Fixed remuneration (basic salary) • Variable remuneration • Pensions and other benefits

The remuneration components are used to achieve a competitive individual level of remuneration with an appropriate balance between fixed and variable remuneration.

The fixed remuneration component is individually adapted further to predetermined internal and external appraisals. The level of the fixed remuneration is based on the employee's experience, long-term performance and behaviour.

All employees at the Management Company are embraced by SEB's collective profit sharing model that has a predetermined maximum outcome. The remuneration is established based on SEB's earnings and customer satisfaction.

Remuneration to employees in control departments (internal audit, risk control, and observance of regulations) is established by the board of directors further to proposals from the Management Company's remuneration committee. Remuneration shall be based on objective grounds related to the employee's role and tasks, and be independent of the business unit that the control department scrutinises.

Employees in departments that have a monitoring function, such as internal auditing, risk control or compliance, are not to receive any other variable remuneration over and above SEB's profit sharing.

The Management Company applies the grandfather principle to all remuneration, which means all decisions are to be approved by, at the least, the manager for the manager of the employee concerned.

Variable remuneration The Management Company uses variable remuneration in order to develop and reward performance and behaviour that create both short-term and long-term value for the fund unitholders and the Management Company. Variable remuneration is an important aspect of designing a flexible remuneration system. Variable remuneration is composed of both cash and units/shares in investment funds or financial instruments which achieve the equivalent common interests as units/shares in the relevant investment funds.

The principles for variable remuneration adopted by the Management Company are established with the objective of reflecting the Management Company's low risk tolerance and being compatible with the Fund's prevailing risk profiles, fund rules, discretionary mandates, as well as internal and external regulations. The variable remuneration shall be based on the employee's performance and behaviour from a several-year perspective, as well as the performance and economic results of the employee's team, the Management Company and SEB as a whole.

At the same time as obtaining a sound balance between fixed and variable remuneration, the payment of variable remuneration shall be related to the Management Company's risk policy and creation of value for the fund unitholders. This implies that certain maximum levels and deferment of payment shall apply to different personnel categories.


89

For employees in positions that have a significant influence on the Management Company's or the managed funds’ risk profile, the maximum variable remuneration may not exceed 100 percent of the fixed remuneration. The variable remuneration is to be deferred by 40 to 60 percent for a minimum of three years. At least 50 percent of the variable remuneration is to consist of units/shares in investment funds or instruments which achieve the same common interests as units/shares in the relevant securities funds. Variable remuneration in the form of fund units/shares will be subject to retention policy for at least one year. This retention policy applies to variable compensation whether or not it is deferred.

The Management Company also applies a special remuneration model for certain employees who manage funds and discretionary mandates. The remuneration model for these persons is based on a structure with distinct rules for maximum outcome of remuneration, deferment of remuneration as well as rules regarding downward adjustment/reduction of remuneration.

Payment of deferred remuneration shall only be made if such is motivated based on the Management Company's economic situation and the performance of the Management Company, the relevant division and the employee.

Reduction or downward adjustment of deferred variable remuneration shall apply should losses, increased risks and costs arise during the deferment period, which includes for example taking into consideration the employee's observance of external and internal regulations. Reduction or downward adjustment shall also take place should payment be deemed unwarrantable in view of the Management Company's financial situation.

The variable remuneration system shall be continuously reviewed in order to ensure that it does not create any unsuitable behaviour and contribute to excessive risk-taking.

The remuneration committee The Management Company has appointed a remuneration committee with the task of independently appraising the remuneration policy. The remuneration committee shall be responsible for preparing decisions regarding remuneration that are to be adopted by the board of directors, and intervene if a decision could imply consequences for the Management Company's risks and risk management. The remuneration committee is an independent body composed of the board of directors' independent members.

Follow up The CEO, the deputy CEO and the board of directors shall ensure that the remuneration policy is operationally applied. The remuneration policy shall be reviewed annually by the internal audit department or by an independent auditing firm. In order to ensure that the Management Company's remuneration system is applied in accordance with the remuneration policy, the remuneration system and the payment of remuneration shall be reviewed annually by internal or external auditors.

Regulated staff Paid remuneration and benefits, 2017

(thousand) USD - Employees in leading strategic positions 2,869 - Employees responsible for control 515 - Risk-takers 10,892 - Employees whose total remuneration amounts to or exceeds the total remuneration to any of the Executive Board

-

Total remuneration paid

(thousand)

USD

- All employees (fixed remuneration) 17,957 - All employees (variable remuneration) 4,374 Number of employees during the year 134


90

SEB Investment Management AB, Luxembourg Branch 4, rue Peternelchen, L-2370 Howald, Luxembourg Postal address: PO Box 2053, L-1020 Luxembourg Phone +352 - 26 23 1; Fax +352 - 26 23 25 55 www.sebgroup.lu

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