Annual Report SEB Fund 5 Status: 31 December 2015

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 Page Additional Information to the Investors in the Federal Republic of Germany

2

Organisation

3

General Information

5

Management Report

8

Schedule of Investments: SEB Fund 5 - SEB Bond Fund SEK

11

SEB Fund 5 - SEB Corporate Bond Fund EUR

13

SEB Fund 5 - SEB Corporate Bond Fund SEK

18

SEB Fund 5 - SEB Danish Mortgage Bond Fund

23

SEB Fund 5 - SEB Dynamic Bond Fund

25

SEB Fund 5 - SEB Flexible Bond Fund SEK

31

Combined Statement of Operations

34

Combined Statement of Changes in Net Assets

36

Combined Statement of Net Assets

38

Statistical Information

41

Additional Information on Management Fees

48

Notes to the Financial Statements

49

Audit Report

54

Notes to the “EU Savings Tax Directive” (unaudited)

56

Risk Disclosure (unaudited)

57

1

Additional Information to the Investors in the Federal Republic of Germany As at 31 December 2015 Units in circulation: The following Sub-Funds are publicly approved for distribution in Germany:  SEB Fund 5 - SEB Corporate Bond Fund EUR  SEB Fund 5 - SEB Danish Mortgage Bond Fund The information disclosed above is as at 31 December 2015 and this may change after the year end. The current SubFunds in circulation and the current registrations per unit class are visible in the distribution matrix on www.sebgroup.lu.

2

Organisation HEADING Management Company:

SEB Asset Management S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg

Board of Directors of the Management Company:

Chairperson Erika Lundquist (since 5 February 2015) Managing Director Skandinaviska Enskilda Banken S.A. Luxembourg Peter Kubicki (until 5 February 2015) Managing Director SEB Wealth Management Denmark Members Marcus Wernersson (since 15 October 2015) Managing Director SEB Asset Management S.A. Luxembourg Ralf Ferner (until 11 December 2015) Managing Director SEB Fund Services S.A. Luxembourg Marie Winberg Director Business Strategy Skandinaviska Enskilda Banken AB (publ) Stockholm, Sweden Elisabeth Scheja Sterner Head of Global Product & Distribution Strategy Skandinaviska Enskilda Banken AB (publ) Stockholm, Sweden Alexander Klein (until 6 March 2015) Managing Director SEB Investment GmbH Frankfurt am Main, Germany

Conducting Officers:

Ralf Ferner, Luxembourg (until 30 June 2015) Marcus Wernersson, Luxembourg (since 15 October 2015) Matthias Ewald, Luxembourg Loïc Guillermet, Luxembourg

Central Administration (including Registrar, Transfer Agent, Administrative Agent and Paying Agent):

The Bank of New York Mellon (Luxembourg) S.A. 2-4, rue Eugène Ruppert L-2453 Luxembourg

3

HEADING Investment Managers:

SEB Fund 5 - SEB Bond Fund SEK SEB Fund 5 - SEB Corporate Bond Fund EUR SEB Fund 5 - SEB Corporate Bond Fund SEK SEB Fund 5 - SEB Dynamic Bond Fund SEB Fund 5 - SEB Flexible Bond Fund SEK SEB Investment Management AB Sveavägen 8 SE-106 40 Stockholm, Sweden SEB Fund 5 - SEB Danish Mortgage Bond Fund Skandinaviska Enskilda Banken Danmark, Bernstoffsgade 50, DK-1577 Copenhagen V, Denmark

Custodian Bank:

Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg

Auditor of the Fund and the Management Company:

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

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 charge, at the registered office of the Management Company and on the website www.sebgroup.lu.

4

General Information HEADING SEB Fund 5 (the “Fund”) is a Luxembourg investment fund (“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, which was set up on 2 December 1987 for an undetermined duration, is managed by SEB Asset Management S.A. (the “Management Company”). The Management Regulations lastly modified with effect from 12 June 2012, have been deposited with the Luxembourg Trade Register and the relating notice has been published in the Mémorial C on 21 June 2012. The Management Company was established on 15 July 1988, with subsequent publication of the Articles of Incorporation in the Mémorial C on 16 August 1988. The Articles of Incorporation were last amended on 1 July 2014 and published on 21 July 2014. The Management Company is registered under Corporate Identity Number B 28468. SEB Asset Management S.A. has delegated the Central Administration, including the administrative, registrar, transfer agent and paying agent functions - under its continued responsibility and control - at its own expense to The Bank of New York Mellon (Luxembourg) S.A., 2-4, rue Eugène Ruppert, L-2453 Luxembourg. This company was incorporated in Luxembourg as a “Société Anonyme” on 15 December 1998 and is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation. It is registered with the Luxembourg Trade and Companies’ Register under Corporate Identity Number B 67654 (the “Administrative Agent” and the "Registrar and Transfer Agent”). In its capacity as Administrative Agent, it assumes certain administrative duties which are necessary within the framework of managing the Fund, including the calculation of the Net Asset Value per unit and the provision of accounting services for the Fund. In its capacity as Registrar and Transfer Agent, it will process all subscriptions, redemptions and transfers of units, and will register these transactions in the Unitholders' register of the Fund. The main objective of the investment policy is to invest directly and/or indirectly in transferable securities and other eligible assets with the purpose of spreading risks and achieving long-term capital growth. At present, six Sub-Funds are at the Unitholders’ disposal:      

SEB Fund 5 - SEB Bond Fund SEK SEB Fund 5 - SEB Corporate Bond Fund EUR SEB Fund 5 - SEB Corporate Bond Fund SEK SEB Fund 5 - SEB Danish Mortgage Bond Fund SEB Fund 5 - SEB Dynamic Bond Fund SEB Fund 5 - SEB Flexible Bond Fund SEK

The Management Company may decide to issue capitalisation units (“C”) and distribution units (“D”). Several unit classes may be offered, which differ in their charges, use of income, persons authorised to invest, minimum investment amount, reference currency or other characteristics. The “C” units may be purchased by retail as well as institutional clients whereas the “I” units may only be acquired by institutional investors. “HNWC” units and “HNWD” units may only be acquired by High Net Worth Unitholders. The “(HNWD) (SEK)”, “ID (EUR)”,”D (SEK)”,”D (EUR)” and “ID (SEK)” units may pay a dividend. The capitalisation units “C (EUR)”,”C (DKK)”,"IC P (SEK)", "HNWC (SEK)",“C (SEK)”, “HNWC (H-NOK)”, C (H-EUR), C (H-CHF) and IC (H-EUR) will capitalise income, with the result that their value will become greater than that of the distribution units, in the proportion of the dividends paid to the “HNWD”, “D” and “ID” units.

5

HEADING The Management Company may furthermore issue unit classes whose reference currency is not the base currency of the respective Sub-Fund. The reference currency of a unit class will be put in brackets. Investors must be aware that an investment in unit classes having a reference currency not being the same as the base currency of the respective Sub-Fund may lead to a currency risk. The Management Company may furthermore issue unit classes whose reference currency is not the base currency of the respective Sub-Fund, but where the currency exposure of the reference currency against the base currency will be hedged. In case of a currency hedge in favour of the reference currency of a respective unit class, an “H-“ will precede the currency denomination of this unit class. For example “(H-SEK)” means that the reference currency of the unit class (SEK) is hedged against fluctuation of the base currency of the Sub-Fund. In case of a currency hedge in favour of the reference currency of a respective unit class, an “H-“ will precede the currency denomination of this unit class. For example “(H-CHF)” means that the reference currency of the unit class (CHF) is hedged against fluctuation of the base currency of the Sub-Fund. Currently, the following unit classes are offered for the Sub-Funds: 











SEB Fund 5 - SEB Bond Fund SEK o Capitalisation units (“C (SEK)” units) o Distribution units (“D (SEK)” units) o Distribution units (“HNWD (SEK)” units)

LU0030175755 LU0030175672 LU0455717420

SEB Fund 5 - SEB Corporate Bond Fund EUR o Capitalisation units (“C (EUR)” units) o Distribution units (“D (EUR)” units)

LU0133008952 LU0133010263

SEB Fund 5 - SEB Corporate Bond Fund SEK o Capitalisation units (“C (SEK)” units) o Distribution units (“D (SEK)” units) o Capitalisation units (“IC P (SEK)” units)

LU0133012632 LU0133012806 LU1057376029

SEB Fund 5 - SEB Danish Mortgage Bond Fund o Capitalisation units (“C (DKK)” units) o Capitalisation units (“C (EUR)” units) o Capitalisation units (“C (H-CHF)” units) o Capitalisation units (“C (SEK) ” units)* o Distribution units (“ID (EUR)” units) o Distribution units (“ID (SEK)” units)

LU0784737032 LU0337316391 LU0770226511 LU0337316474 LU0337316045 LU0337316128

SEB Fund 5 - SEB Dynamic Bond Fund o Capitalisation units (“IC (H-EUR)” units) o Capitalisation units (“C (SEK)” units) o Capitalisation units (“C (H-EUR)” units) o Capitalisation units (“HNWC (SEK)” units) o Capitalisation units (“IC (SEK)” units) o Capitalisation units (“HNWC (H-NOK)” units) o Distribution units (“HNWD (SEK)” units) o Distribution units (“ID (SEK)” units)

LU0979738811 LU0979738498 LU0979738571 LU1057376292 LU0979738738 LU1057376532 LU1057376375 LU0979738654

SEB Fund 5 - SEB Flexible Bond Fund SEK o Capitalisation units (“C (SEK)” units) o Distribution units (“D (SEK)” units)

LU0053967609 LU0053968599

The base currency of the Fund is US Dollar. *This unit class has been fully redeemed during the financial year. 6

HEADING The base currency of the Sub-Funds SEB Fund 5 - SEB Bond Fund SEK, SEB Fund 5 - SEB Corporate Bond Fund SEK, SEB Fund 5 - SEB Dynamic Bond Fund and SEB Fund 5 - SEB Flexible Bond Fund SEK is Swedish Krona. The base currency of the Sub-Funds SEB Fund 5 - SEB Corporate Bond Fund EUR and SEB Fund 5 - SEB Danish Mortgage Bond Fund is Euro. The Net Asset Value per unit as well as the issue and redemption prices, which are computed daily on bank business days in Luxembourg, except 24 December and 31 December ("Valuation date"), can be obtained from the registered offices of the Management Company, the Custodian Bank and the Paying Agent. In addition, the Net Asset Value, fact sheets and other informational marketing material is published on the SEB Luxembourg website www.sebgroup.lu (http://www.sebgroup.lu) under the rubric SEB Asset Management S.A.. 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). Financial reports of the Fund are published annually and semi-annually. These reports as well as the Sales Prospectus, the Management Regulations and other information concerning the Fund can be obtained free of charge at the offices of the Management Company, the Custodian Bank and the Paying Agent.

7

Management Report Heading Dear Unitholders, With this report, we want to give you an overview of the general economic environment, the development of the most important capital markets, our investment policy and the performance of our Fund SEB Fund 5. This annual report covers the financial year from 1 January 2015 to 31 December 2015. 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. A long journey Although equity markets journeyed far in 2015, they finished the year in about the same place they started. As indicated by equities’ long journey, 2015 was by no means a dull year in terms of growth outlook, monetary policy or geopolitical risk. Events providing the excitement included the first rate hike by the US Federal Reserve, (the “Fed”), in more than nine years, a nearly unprecedented collapse in commodities prices, a slowdown in Chinese growth, and tentative signs that the European economy is on the verge of leaving the quagmire of low growth that has prevailed since the start of the financial crisis. These tentative signs held despite a brief resurgence of the European debt crisis following the January election of Syriza, the Coalition of the Radical Left party, in Greece and consequent renegotiations of the country’s debt load. As a consequence of the flat equity and bond markets, 2015 ended as a less than stellar year for long-only investors, with no major asset class in local currency terms delivering more than 5 percent. Given the sheer number of uncertainties that arose in the period, we should perhaps hail even small positive returns as a success - considering that things could have been substantially worse. If we had known at the beginning of the year what would happen in the energy and high yield markets, we could have foreseen more challenges for the equity market. This said, we regard 2015 as a lull in a continuing bull market. We expect the riskier asset classes to outperform in local currency terms once again in 2016. In the following paragraphs we describe our view on global growth and monetary policy, as well the outlook for financial markets. Global growth The rate at which emerging and developed markets grew at a similar rate continued in 2015. The difference between real GDP growth for Group of 7 (Canada, France, Germany, Italy, Japan, the UK, the US) and emerging markets fell to levels last seen in 2001. The most prominent, most discussed, emerging markets slowdown occurred in China. However, it is worth noting that economic weakness was broad-based. Both Russia and Brazil entered significant recessions, with Brazil experiencing a deeper recession than in 2008. Looking beyond China, emerging markets were challenged primarily by declining commodity prices and tightening US monetary policy: prices dropped when commodity producers came under pressure, and global capital market flows changed as money moved from emerging markets back to the US. The Fed’s tightening monetary policy turned into a headache for emerging market countries with significant current account deficits, particularly Brazil and Turkey.

8

Heading Growth in Europe and the US in the past year was, in many ways, more positive than growth in emerging markets. The US labour market continued to post impressive gains in employment which drove the unemployment rate down to a post crisis low of 5 percent. At the same time we saw renewed momentum for the US housing market as measured by “housing starts” (the number of privately owned housing units on which construction has begun in a given period), building permits and sentiment started to grow at a rate similar to the late 1990s - although a far cry from the boom years for construction in 2002-2007. The National Association of Home Builders is the source for this information. All in all, the strategic outlook for the US economy gained strength in the past year. Despite gains in strategic data for the US and Europe, we did not see the pick-up in consumption that we expected based on higher employment, wages and consumer confidence. Instead, US retail sales grew at the slowest pace in years. In our view, this puzzling low growth rate of consumption was one of the major reasons why the market corrected so significantly in the third quarter of 2015 - the only major correction in 2015. If growth rates in consumption had reacted as expected, we would have seen much stronger earnings and sales for equity markets – which would have softened the market’s fall. Monetary policy As with the global economy, monetary policy also remained highly heterogeneous. This difference was made obvious in the Fed’s hiked rates compared to the European Central Bank’s (“ECB”) launch of its first quantitative easing programme in early 2015 and expansion of same in December 2015. This divergence in monetary policy reflects the very different stages of the economic cycle in Europe and the US. Whereas higher employment in the US has eradicated much of the labour market slack, the European economy is just starting to return to real, significant, and stable growth. And this is after years of continuous uncertainty regarding the euro’s stability. As such, the slack in the European recovery remains high which warranted the ECB’s aggressive stimulus programme. Outlook for financial markets & economic growth Despite uncertainty regarding the impact of the emerging market slowdown on growth rates in developed countries, the US and European recovery remain on firm footing due to gains in strategic, long term factors such as credit, housing, and employment. We believe there is a good chance of the long awaited consumer driven recovery occurring in 2016. In addition to the strength of the strategic data, the ECB’s highly accommodative monetary policy should exert downward pressure on the euro thus boosting exports and, in the long term, leading to a recovery in Europe. Since the summer of 2014 we have seen a significant decline in commodity prices in general and in energy prices in particular. Although this decline has not yet led to a significant increase in consumption, we believe that when consumers fully grasp that prices will remain low for the foreseeable future consumption will increase. Then we expect to see the traditional positive effect of declining oil prices resulting in growth in the coming year. Emerging markets continue to be highly disparate, due to factors such as dependence on oil revenues, varying fiscal balances, and current account deficits. Looking to the year ahead, we expect continued weakness in Latin America, and relative strength in Asia.

9

Heading Given our benign outlook for growth in developed countries, we expect equities will deliver a higher return than government bonds. We believe the return on equities will resemble its historical average, and that gains will be driven by rising earnings and sales, since valuations are already slightly above their historical averages. In our view, the ongoing US rate hike cycle and improving global growth should place upward pressure on core government bond yields. In conclusion, we recommend a slightly higher allocation to risk in general and equities in particular, as compared to strategic allocation.

Luxembourg, 14 January 2016 SEB Asset Management S.A. The Board of Directors

10

Schedule of Investments Heading As at 31 December 2015 Heading SEB Fund 5 - SEB Bond Fund SEK

Security description

Maturity

Total holdings**

Currency

Unit

Market

% of

price*

value in SEK

Net Assets

101.353

10,135,300.00

2.17

10,135,300.00

2.17

1,841,927.21 5,218,350.00

0.39 1.12

7,060,277.21

1.51

16,975,050.00

3.63

16,975,050.00

3.63

23,308,560.00 26,700,250.00 4,997,100.00 5,273,850.00 4,782,200.00 15,643,200.00 50,251,780.00 13,003,380.00 12,650,560.00 9,919,900.00 30,954,020.00 16,179,750.00 19,130,760.00 17,198,720.00 28,988,400.00 31,656,980.00 16,565,550.00 14,667,100.00 3,178,380.00 4,713,160.00 25,724,925.00 12,448,366.00 21,396,000.00

4.98 5.71 1.07 1.13 1.02 3.34 10.75 2.78 2.70 2.12 6.62 3.46 4.09 3.68 6.20 6.77 3.54 3.14 0.68 1.01 5.50 2.66 4.58

Bonds indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing Bonds Denmark 3.81 % Oresundsbro Konsortiet

06/05/16

10,000

SEK

Total Denmark Finland 1.75 % Finland Government Bond 2.75 % Fortum OYJ

15/04/16 20/03/18

200 5,000

EUR SEK

100.589 104.367

Total Finland International Organisations 3.50 % International Bank for Reconstruction & Development

02/11/20

15,000

SEK

113.167

Total International Organisations Sweden 2.25 % Kommuninvest I Sverige AB 2.50 % Kommuninvest I Sverige AB 0.36 % Lansforsakringar Bank AB FRN 2.50 % Lansforsakringar Hypotek AB 1.00 % Nordea Hypotek AB 2.00 % Nordea Hypotek AB 3.25 % Nordea Hypotek AB 0.21 % SBAB Bank AB FRN 0.08 % Skandiabanken AB FRN 0.11 % Skandiabanken AB FRN 3.00 % Skandinaviska Enskilda Banken AB 3.00 % Skandinaviska Enskilda Banken AB 3.00 % Stadshypotek AB 3.00 % Stadshypotek AB 2.00 % Sveriges Sakerstallda Obligationer AB 3.75 % Swedbank Hypotek AB 3.75 % Swedbank Hypotek AB 1.50 % Sweden Government Bond 2.25 % Sweden Government Bond 3.50 % Sweden Government Bond 3.50 % Sweden Government Bond 5.00 % Sweden Government Bond 0.25 % Sweden Inflation Linked Bond

12/03/19 01/12/20 20/08/18 20/06/18 08/04/22 20/06/18 17/06/20 25/01/16 28/02/20 21/05/18 20/06/18 19/06/19 21/03/18 19/12/18 17/06/20 19/09/18 19/06/19 13/11/23 01/06/32 01/06/22 30/03/39 01/12/20 01/06/22

22,000 25,000 5,000 5,000 5,000 15,000 46,000 13,000 13,000 10,000 29,000 15,000 18,000 16,000 28,000 29,000 15,000 14,000 3,000 4,000 20,700 10,150 20,000

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

Total Sweden

105.948 106.801 99.942 105.477 95.644 104.288 109.243 100.026 97.312 99.199 106.738 107.865 106.282 107.492 103.530 109.162 110.437 104.765 105.946 117.829 124.275 122.644 106.980

409,332,891.00

87.53

Total Bonds

SEK

443,503,518.21

94.84

Total Transferable securities admitted to an official stock exchange listing

SEK

443,503,518.21

94.84

11

Heading Heading SEB Fund 5 - SEB Bond Fund SEK

Security description

Maturity

Total holdings**

Currency

Unit

Market

% of

price*

value in SEK

Net Assets

0.000

0.00

0.00

0.00

0.00

Bonds indicated in 1,000 currency units Other Transferable Securities Bonds United States of America 0.00 % Sigma Finance***

30/03/17

2,400

USD

Total United States of America Total Bonds

SEK

0.00

0.00

Total Other Transferable Securities

SEK

0.00

0.00

Total Portfolio

SEK

443,503,518.21

94.84

Financial futures cleared with Skandinaviska Enskilda Banken AB (publ) Sold financial futures contracts Swedish Five Year Treasury Note Future 10/03/16 Swedish Ten Year Treasury Note Future 10/03/16

Commitment in SEK (10) (6)

SEK SEK

(12,774,785.00) (8,608,180.80)

110,812.00 83,459.22

0.02 0.02

Total financial futures contracts (total unrealised) 194,271.22 An amount of SEK 338,611.00 is held as cash collateral and additional collateral is held for this position as detailed in note 7.

0.04

Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A. Buy 1,925,155 SEK Sell 205,000 EUR 29/01/16

48,204.66

0.01

Total forward foreign exchange contracts (total unrealised)

48,204.66

0.01

19,547,027.55 19,547,027.55

4.18 4.18

Other assets Interest receivable on bonds Receivable on subscriptions Total other assets

4,746,671.37 172,075.68 4,918,747.05

1.01 0.04 1.05

Other liabilities Bank overdraft Management fees Payable on redemptions Bank interest payable on cash accounts Other liabilities Total other liabilities

(83,182.16) (171,667.48) (285,909.16) (2,884.57) (5,839.59) (549,482.96)

(0.02) (0.04) (0.06) (0.00) (0.00) (0.12)

467,662,285.73

100.00

Cash at bank and at broker Cash at bank and at broker Total Cash at bank and at broker

Total Net Assets as at 31 December 2015

SEK

* Bond prices expressed in %. ** Position fair valued by the Management Company. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements.

12

Schedule of Investments Heading spacing As at 31 December 2015Heading SEB Fund 5 - SEB Corporate Bond Fund EUR

Security description

Maturity

Total holdings

Currency

Unit price*

Market value in EUR

% of Net Assets

104.297 103.571 99.886 114.516 114.378 105.603

1,460,160.24 1,553,558.85 2,996,581.80 1,603,229.46 2,287,560.00 1,056,025.10

0.50 0.53 1.03 0.55 0.79 0.36

10,957,115.45

3.76

1,947,080.40 1,026,123.20

0.67 0.35

2,973,203.60

1.02

2,253,351.20 1,503,372.45

0.77 0.52

3,756,723.65

1.29

1,094,312.90

0.38

1,094,312.90

0.38

2,128,407.00 948,118.68 998,926.10 1,072,207.00 960,000.00 892,346.03 997,223.70

0.73 0.32 0.34 0.37 0.33 0.31 0.34

7,997,228.51

2.74

3,084,900.00

1.06

3,084,900.00

1.06

2,103,214.80 2,144,699.20 2,099,657.00 1,006,949.10 1,476,358.50

0.72 0.74 0.72 0.34 0.51

8,830,878.60

3.03

2,154,497.40 1,928,966.20 2,286,220.20 2,097,328.40 2,277,921.80 573,213.85 1,039,081.80

0.74 0.66 0.78 0.72 0.78 0.20 0.36

Bonds indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing Bonds Australia 3.75 % Australia & New Zealand Banking Group Ltd 4.25 % Commonwealth Bank of Australia 2.00 % National Australia Bank Ltd FRN 4.00 % National Australia Bank Ltd 3.50 % Telstra Corp Ltd 4.75 % Telstra Corp Ltd

10/03/17 10/11/16 12/11/24 13/07/20 21/09/22 21/03/17

1,400 1,500 3,000 1,400 2,000 1,000

EUR EUR EUR EUR EUR EUR

Total Australia Belgium 1.88 % KBC Groep NV FRN 2.38 % KBC Groep NV FRN

11/03/27 25/11/24

2,000 1,000

EUR EUR

97.354 102.612

Total Belgium Cayman Islands 3.63 % Hutchison Whampoa Europe Finance 12 Ltd 06/06/22 3.75 % Hutchison Whampoa Europe Finance 13 Ltd FRN Perpetual

2,000 1,500

EUR EUR

112.668 100.225

Total Cayman Islands Czech Republic 3.00 % CEZ AS

05/06/28

1,000

EUR

109.431

Total Czech Republic Denmark 2.63 % Carlsberg Breweries A/S 3.38 % Carlsberg Breweries A/S 1.38 % Danfoss A/S 2.63 % DONG Energy A/S 3.00 % DONG Energy A/S FRN 6.50 % DONG Energy A/S 2.13 % ISS Global A/S

15/11/22 13/10/17 23/02/22 19/09/22 06/11/15 07/05/19 02/12/24

2,000 900 1,000 1,000 1,000 750 1,000

EUR EUR EUR EUR EUR EUR EUR

106.420 105.347 99.893 107.221 96.000 118.979 99.722

Total Denmark Estonia 2.38 % Eesti Energia AS

22/09/23

3,000

EUR

102.830

Total Estonia Finland 2.25 % Elisa OYJ 2.75 % Elisa OYJ 2.75 % Metso OYJ 1.50 % Sampo Oyj 2.50 % Teollisuuden Voima Oyj

04/10/19 22/01/21 04/10/19 16/09/21 17/03/21

2,000 2,000 2,000 1,000 1,500

EUR EUR EUR EUR EUR

105.161 107.235 104.983 100.695 98.424

Total Finland France 3.63 % Alstom SA 1.50 % Arkema SA 5.13 % AXA SA FRN 2.00 % BNP Paribas SA 3.75 % BNP Paribas SA 4.25 % Bouygues SA 3.16 % Casino Guichard Perrachon SA

05/10/18 20/01/25 04/07/43 28/01/19 25/11/20 22/07/20 06/08/19

2,000 2,000 2,000 2,000 2,000 500 1,000

EUR EUR EUR EUR EUR EUR EUR

107.725 96.448 114.311 104.866 113.896 114.643 103.908

13

Heading Heading SEB Fund 5 - SEB Corporate Bond Fund EUR

Security description

Maturity

3.31 3.63 2.63 2.75 4.13 5.38 4.75 4.50 2.38 4.00 2.50 3.38

25/01/23 28/03/22 17/03/27 10/03/23 25/03/27 Perpetual 21/02/17 18/05/16 28/02/18 07/06/23 12/06/23 30/03/20

% Casino Guichard Perrachon SA % Cie de Saint-Gobain % Credit Agricole SA % Electricite de France SA % Electricite de France SA % Electricite de France SA FRN % Orange SA % Sanofi % Societe Generale SA % Societe Generale SA % Unibail-Rodamco SE % Vinci SA

Total holdings

Currency

Unit price*

Market value in EUR

% of Net Assets

2,000 1,000 1,500 1,500 1,000 1,000 2,000 1,000 2,000 4,000 2,000 1,000

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

97.724 113.785 95.064 109.831 121.455 100.596 105.138 101.637 104.508 109.060 107.759 110.712

1,954,480.00 1,137,852.10 1,425,964.20 1,647,460.05 1,214,551.20 1,005,958.50 2,102,762.00 1,016,365.90 2,090,168.00 4,362,398.00 2,155,174.00 1,107,122.60

0.67 0.39 0.49 0.56 0.42 0.34 0.72 0.35 0.72 1.50 0.74 0.38

33,577,486.20

11.52

Total France Germany 3.38 % Allianz SE FRN 5.63 % Allianz SE FRN 2.63 % Bertelsmann SE & Co KGaA 0.50 % Bundesrepublik Deutschland 2.75 % Deutsche Bank AG 7.25 % MAN SE 4.50 % Merck Financial Services GmbH 6.00 % Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen FRN 6.25 % Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen FRN

Perpetual 17/10/42 02/08/22 15/02/25 17/02/25 20/05/16 24/03/20

1,000 2,000 500 25,000 1,000 1,000 750

EUR EUR EUR EUR EUR EUR EUR

97.120 116.818 108.419 99.339 92.806 102.520 116.169

971,202.60 2,336,360.40 542,094.95 24,834,750.00 928,064.50 1,025,196.20 871,268.63

0.33 0.80 0.19 8.52 0.32 0.35 0.30

26/05/41

500

EUR

117.948

589,738.25

0.20

26/05/42

3,000

EUR

121.352

3,640,561.50

1.25

35,739,237.03

12.26

1,989,980.00 2,012,420.00

0.68 0.69

4,002,400.00

1.37

806,465.36 590,070.00 1,033,660.10

0.28 0.20 0.35

2,430,195.46

0.83

1,068,252.70 1,269,939.80 1,053,459.30 3,244,166.70 2,209,336.40 1,135,310.10 973,992.50 1,663,298.68 1,489,616.38 1,053,405.70

0.37 0.44 0.36 1.11 0.76 0.39 0.33 0.57 0.51 0.36

15,160,778.26

5.20

1,158,703.00

0.40

1,158,703.00

0.40

Total Germany Iceland 2.88 % Islandsbanki HF 3.00 % Landsbankinn HF

27/07/18 19/10/18

2,000 2,000

EUR EUR

99.499 100.621

Total Iceland Ireland 1.75 % Cloverie Plc for Zurich Insurance Co Ltd 7.50 % Cloverie Plc for Zurich Insurance Co Ltd FRN 4.13 % GE Capital European Funding

16/09/24 24/07/39 27/10/16

800 500 1,000

EUR EUR EUR

100.808 118.014 103.366

Total Ireland Italy 4.13 % Assicurazioni Generali SpA 5.13 % Assicurazioni Generali SpA 5.50 % Assicurazioni Generali SpA FRN 6.50 % Enel SpA FRN 3.75 % Eni SpA 4.25 % Eni SpA 2.86 % Intesa Sanpaolo SpA 4.00 % Intesa Sanpaolo SpA 4.75 % Intesa Sanpaolo SpA 4.88 % UniCredit SpA

04/05/26 16/09/24 27/10/47 10/01/74 27/06/19 03/02/20 23/04/25 09/11/17 15/06/17 07/03/17

1,000 1,000 1,000 3,000 2,000 1,000 1,000 1,560 1,400 1,000

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

106.825 126.994 105.346 108.139 110.467 113.531 97.399 106.622 106.401 105.341

Total Italy Luxembourg 5.00 % Hannover Finance Luxembourg SA FRN Total Luxembourg

14

30/06/43

1,000

EUR

115.870

Heading Heading SEB Fund 5 - SEB Corporate Bond Fund EUR

Security description

Maturity

Mexico 3.26 % America Movil SAB de CV

22/07/23

Total holdings

Currency

Unit price*

Market value in EUR

% of Net Assets

3,000

EUR

111.648

3,349,443.60

1.15

3,349,443.60

1.15

Total Mexico Netherlands 2.13 % ABN AMRO Bank NV 26/11/20 3.00 % Aegon NV 18/07/17 4.13 % Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 14/09/22 5.88 % Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 20/05/19 6.00 % Deutsche Telekom International Finance BV 20/01/17 7.50 % Deutsche Telekom International Finance BV 24/01/33 5.75 % E.ON International Finance BV 07/05/20 2.00 % EDP Finance BV 22/04/25 1.38 % Gas Natural Fenosa Finance BV 21/01/25 2.88 % Gas Natural Fenosa Finance BV 11/03/24 5.32 % Generali Finance BV FRN Perpetual 2.50 % Heineken NV 19/03/19 1.13 % Iberdrola International BV 27/01/23 2.88 % Iberdrola International BV 11/11/20 3.25 % ING Bank NV 03/04/19 4.88 % ING Bank NV 18/01/21 4.25 % Metro Finance BV 22/02/17 2.25 % Repsol International Finance BV 10/12/26 2.63 % Repsol International Finance BV 28/05/20 4.88 % Repsol International Finance BV 19/02/19 2.00 % Roche Finance Europe BV 25/06/18 6.50 % RWE Finance BV 10/08/21 4.20 % Telefonica Europe BV FRN Perpetual 3.88 % Volkswagen International Finance NV FRN Perpetual

2,000 2,000

EUR EUR

106.314 104.297

2,126,280.80 2,085,943.80

0.73 0.72

2,000

EUR

111.590

2,231,800.60

0.77

3,000 2,000 2,000 1,000 1,000 800 1,000 600 1,500 1,000 1,000 2,000 2,500 2,000 1,000 1,000 2,000 2,000 2,000 2,000 2,000

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

115.893 106.098 162.333 119.363 91.718 95.670 108.414 101.250 106.121 97.981 109.343 109.050 119.942 104.330 90.806 101.846 110.282 104.699 125.435 98.250 96.689

3,476,798.10 2,121,954.00 3,246,665.00 1,193,625.50 917,182.30 765,363.84 1,084,142.30 607,500.00 1,591,818.45 979,805.40 1,093,431.10 2,181,001.20 2,998,561.50 2,086,594.60 908,064.90 1,018,462.60 2,205,638.00 2,093,976.60 2,508,699.00 1,965,000.00 1,933,775.80

1.19 0.73 1.11 0.41 0.31 0.26 0.37 0.21 0.55 0.34 0.37 0.75 1.03 0.72 0.31 0.35 0.76 0.72 0.86 0.67 0.66

43,422,085.39

14.90

2,952,302.38 2,380,143.40 1,073,087.30 2,195,158.00 1,140,002.90

1.01 0.82 0.37 0.75 0.39

9,740,693.98

3.34

2,281,279.00 1,963,037.60 2,006,406.60 995,493.20

0.78 0.68 0.69 0.34

7,246,216.40

2.49

989,811.20 2,439,683.80 1,487,551.80 4,197,076.40 2,466,861.75 1,041,864.30 4,157,796.80 2,128,273.80 2,150,532.40

0.34 0.84 0.51 1.44 0.85 0.36 1.43 0.73 0.74

Total Netherlands Norway 4.63 % Statkraft AS 6.63 % Statkraft AS 2.50 % Telenor ASA 2.75 % Telenor ASA 4.13 % Telenor ASA

22/09/17 02/04/19 22/05/25 27/06/22 26/03/20

2,750 2,000 1,000 2,000 1,000

EUR EUR EUR EUR EUR

107.356 119.007 107.309 109.758 114.000

Total Norway Spain 3.75 % Abertis Infraestructuras SA 7.00 % Banco Bilbao Vizcaya Argentaria SA FRN 1.50 % Santander Consumer Finance SA 2.93 % Telefonica Emisiones SAU

20/06/23 Perpetual 12/11/20 17/10/29

2,000 2,000 2,000 1,000

EUR EUR EUR EUR

114.064 98.152 100.320 99.549

Total Spain Sweden 1.38 % Alfa Laval Treasury International AB 4.88 % Investor AB 1.88 % Nordea Bank AB FRN 1.88 % Skandinaviska Enskilda Banken AB 1.63 % SKF AB 3.75 % Svenska Handelsbanken AB 3.00 % Swedbank AB FRN 3.88 % Swedish Match AB 5.38 % Telefonaktiebolaget LM Ericsson

12/09/22 18/11/21 10/11/25 14/11/19 02/12/22 24/02/17 05/12/22 24/11/17 27/06/17

1,000 2,000 1,500 4,000 2,500 1,000 4,000 2,000 2,000

EUR EUR EUR EUR EUR EUR EUR EUR EUR

98.981 121.984 99.170 104.927 98.674 104.186 103.945 106.414 107.527

15

Heading Heading SEB Fund 5 - SEB Corporate Bond Fund EUR

Security description

Maturity

3.88 4.75 3.00 4.85 5.00

01/10/25 16/11/21 19/03/77 10/03/78 31/05/17

% TeliaSonera AB % TeliaSonera AB % Vattenfall AB FRN % Volvo Treasury AB FRN % Volvo Treasury AB

Total holdings

Currency

Unit price*

Market value in EUR

% of Net Assets

1,000 3,000 4,000 1,000 2,750

EUR EUR EUR EUR EUR

117.704 119.926 80.525 96.207 106.428

1,177,041.50 3,597,779.70 3,220,986.40 962,068.20 2,926,756.80

0.40 1.23 1.10 0.33 1.00

32,944,084.85

11.30

1,082,757.20

0.37

1,082,757.20

0.37

2,596,678.50

0.89

2,596,678.50

0.89

2,787,386.25 2,735,425.00 3,018,969.60 1,068,640.30 2,621,849.50 985,000.00 1,506,004.65 1,005,823.60 1,003,858.10 1,445,279.10 3,000,911.10 2,760,993.40 1,520,678.10

0.96 0.94 1.03 0.37 0.90 0.34 0.52 0.34 0.34 0.49 1.03 0.95 0.52

25,460,818.70

8.73

1,061,299.00 2,760,403.00 1,138,433.70 2,099,206.80 2,051,652.00 1,430,000.00 1,038,023.00 2,117,442.60 1,587,836.55 2,204,446.60 1,060,963.80 1,258,271.90 1,104,508.10 2,169,735.80 1,033,744.50

0.36 0.95 0.39 0.72 0.70 0.49 0.36 0.73 0.55 0.76 0.36 0.43 0.38 0.74 0.35

24,115,967.35

8.27

Total Sweden Switzerland 5.13 % Credit Suisse AG/London

18/09/17

1,000

EUR

108.276

Total Switzerland United Arab Emirates 2.63 % Glencore Finance Dubai Ltd

19/11/18

3,000

EUR

86.556

Total United Arab Emirates United Kingdom 6.88 % Aviva Plc FRN 2.63 % Barclays Plc FRN 1.53 % BP Capital Markets Plc 3.25 % EE Finance Plc 3.38 % HSBC Holdings Plc FRN 5.25 % HSBC Holdings Plc FRN 1.50 % Sky Plc 1.88 % Sky Plc 2.25 % Sky Plc 2.13 % Tesco Corporate Treasury Services Plc 1.75 % UBS Group Funding Jersey Ltd 1.00 % Vodafone Group Plc 2.25 % Wm Morrison Supermarkets Plc

22/05/38 11/11/25 26/09/22 03/08/18 10/01/24 Perpetual 15/09/21 24/11/23 17/11/25 12/11/20 16/11/22 11/09/20 19/06/20

2,500 2,750 3,000 1,000 2,500 1,000 1,500 1,000 1,000 1,500 3,000 2,750 1,500

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

111.495 99.470 100.632 106.864 104.874 98.500 100.400 100.582 100.386 96.352 100.030 100.400 101.379

Total United Kingdom United States of America 2.75 % DIRECTV Holdings LLC / DIRECTV Financing Co Inc 3.25 % Goldman Sachs Group Inc/The 6.38 % Goldman Sachs Group Inc/The 1.88 % JPMorgan Chase & Co 4.38 % JPMorgan Chase Bank NA FRN 2.25 % Kinder Morgan Inc/DE 2.00 % McDonald's Corp 2.38 % Morgan Stanley 3.75 % Morgan Stanley 3.88 % Nasdaq Inc 4.55 % Pfizer Inc 5.75 % Pfizer Inc 4.38 % Wachovia Corp 2.63 % Wells Fargo & Co 4.13 % Wells Fargo & Co

19/05/23 01/02/23 02/05/18 21/11/19 30/11/21 16/03/27 01/06/23 31/03/21 21/09/17 07/06/21 15/05/17 03/06/21 27/11/18 16/08/22 03/11/16

1,000 2,500 1,000 2,000 2,000 2,000 1,000 2,000 1,500 2,000 1,000 1,000 1,000 2,000 1,000

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Total United States of America

106.130 110.416 113.843 104.960 102.583 71.500 103.802 105.872 105.856 110.222 106.096 125.827 110.451 108.487 103.374

Total Bonds

EUR

280,721,908.63

96.30

Total Transferable securities admitted to an official stock exchange listing

EUR

280,721,908.63

96.30

Total Portfolio

EUR

280,721,908.63

96.30

16

Heading Heading SEB Fund 5 - SEB Corporate Bond Fund EUR

Market value in EUR

% of Net Assets

Cash at bank Cash at bank Total Cash at bank

6,576,321.97 6,576,321.97

2.26 2.26

Other assets Interest receivable on bonds Total other assets

4,382,531.90 4,382,531.90

1.50 1.50

Other liabilities Management fees Bank interest payable on cash accounts Other liabilities Total other liabilities

(167,657.30) (38.14) (9,421.25) (177,116.69)

(0.06) (0.00) (0.00) (0.06)

291,503,645.81

100.00

Total Net Assets as at 31 December 2015

EUR

* Bond prices expressed in %. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements.

17

Schedule of Investments Heading As at 31 December 2015Heading SEB Fund 5 - SEB Corporate Bond Fund SEK

Security description

Maturity

Total holdings

Currency

Unit price*

Market value in SEK

% of Net Assets

96.500 103.513 114.378 101.595

8,130,238.09 8,721,069.65 10,522,944.48 8,559,478.43

0.56 0.61 0.73 0.60

35,933,730.65

2.50

8,896,621.29

0.62

8,896,621.29

0.62

8,398,659.79

0.59

8,398,659.79

0.59

16,674,742.12

1.16

16,674,742.12

1.16

8,832,141.41

0.62

8,832,141.41

0.62

9,460,511.47

0.66

9,460,511.47

0.66

9,865,774.28 10,605,249.92 9,658,576.84 9,619,823.98 14,916,981.75

0.69 0.74 0.68 0.67 1.04

54,666,406.77

3.82

10,516,781.30 8,425,117.19 14,104,815.29 8,990,751.95 10,468,406.93 7,940,672.95 10,383,269.69 8,845,740.15 7,999,648.77 12,141,155.63 8,050,128.89 9,913,959.13 10,185,691.00

0.73 0.59 0.99 0.63 0.73 0.55 0.73 0.62 0.56 0.85 0.56 0.69 0.71

127,966,138.87

8.94

9,974,706.78

0.70

Bonds indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing Bonds Australia 6.25 % BHP Billiton Finance USA Ltd FRN 5.00 % Macquarie Bank Ltd 3.50 % Telstra Corp Ltd 3.63 % Westpac Banking Corp FRN

19/10/75 22/02/17 21/09/22 28/02/23

1,000 1,000 1,000 1,000

USD USD EUR USD

Total Australia Canada 6.20 % TransCanada PipeLines Ltd

15/10/37

1,000

USD

105.597

Total Canada Cayman Islands 3.25 % Hutchison Whampoa International 12 II Ltd

08/11/22

1,000

USD

99.686

Total Cayman Islands Czech Republic 5.00 % CEZ AS

19/10/21

1,500

EUR

120.830

Total Czech Republic Denmark 3.00 % DONG Energy A/S FRN

06/11/20

1,000

EUR

96.000

Total Denmark Estonia 2.38 % Eesti Energia AS

22/09/23

1,000

EUR

102.830

Total Estonia Finland 2.75 % Elisa OYJ 3.50 % Fingrid OYJ 2.75 % Metso OYJ 4.25 % Sampo Oyj 4.63 % Teollisuuden Voima Oyj

22/01/21 03/04/24 04/10/19 27/02/17 04/02/19

1,000 1,000 1,000 1,000 1,500

EUR EUR EUR EUR EUR

107.235 115.273 104.983 104.562 108.092

Total Finland France 5.13 % AXA SA FRN 5.50 % AXA SA 2.88 % BNP Paribas SA FRN 3.31 % Casino Guichard Perrachon SA 3.63 % Cie de Saint-Gobain 5.25 % Electricite de France SA FRN 3.88 % Orange SA 2.63 % Societe Generale SA 6.00 % Societe Generale SA FRN 5.50 % Suez Environnement Co 2.63 % TOTAL SA FRN 2.50 % Unibail-Rodamco SE 3.38 % Vinci SA

04/07/43 Perpetual 20/03/26 25/01/23 28/03/22 Perpetual 09/04/20 27/02/25 Perpetual 22/07/24 Perpetual 12/06/23 30/03/20

1,000 1,000 1,500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

EUR USD EUR EUR EUR USD EUR EUR USD EUR EUR EUR EUR

114.311 100.000 102.207 97.724 113.785 94.250 112.860 96.148 94.950 131.967 87.500 107.759 110.712

Total France Germany 2.63 % Bertelsmann SE & Co KGaA

18

02/08/22

1,000

EUR

108.419

Heading Heading SEB Fund 5 - SEB Corporate Bond Fund SEK

Security description

Maturity

2.75 % Deutsche Bank AG 7.50 % Deutsche Bank AG FRN

17/02/25 Perpetual

Total holdings

Currency

Unit price*

Market value in SEK

% of Net Assets

1,000 1,000

EUR USD

92.807 97.250

8,538,330.11 8,193,426.47

0.59 0.57

26,706,463.36

1.86

Total Germany Ireland 7.50 % Cloverie Plc for Zurich Insurance Co Ltd FRN 24/07/39 4.50 % Cloverie Plc via Swiss Re Corporate Solutions Ltd FRN 11/09/44 3.38 % Willow No 2 Ireland Plc for Zurich Insurance Co Ltd 27/06/22

1,000

EUR

118.014

10,857,461.84

0.76

1,000

USD

97.500

8,214,489.26

0.57

500

EUR

112.546

Total Ireland Italy 5.13 % Assicurazioni Generali SpA 6.50 % Enel SpA FRN 3.88 % Intesa Sanpaolo SpA 4.88 % UniCredit SpA

16/09/24 10/01/74 16/01/18 07/03/17

1,000 1,000 1,000 1,000

EUR EUR USD EUR

126.994 108.139 102.713 105.341

Total Italy Luxembourg 3.80 % Actavis Funding SCS 5.13 % ArcelorMittal 5.00 % Hannover Finance Luxembourg SA FRN 2.63 % Holcim US Finance Sarl & Cie SCS

15/03/25 01/06/20 30/06/43 07/09/20

1,000 1,000 1,000 1,000

USD USD EUR EUR

99.227 82.502 115.870 106.908

Total Luxembourg Mexico 3.13 % America Movil SAB de CV

16/07/22

1,000

USD

97.657

Total Mexico Netherlands 3.63 % BMW Finance NV 8.75 % Deutsche Telekom International Finance BV 2.00 % EDP Finance BV 3.63 % ING Bank NV FRN 5.80 % ING Bank NV 2.13 % Repsol International Finance BV 3.88 % Repsol International Finance BV FRN 3.40 % Shell International Finance BV 4.20 % Telefonica Europe BV FRN 3.25 % Volkswagen International Finance NV

29/01/18 15/06/30 22/04/25 25/02/26 25/09/23 16/12/20 Perpetual 12/08/23 Perpetual 21/01/19

1,000 1,000 1,000 1,000 1,000 2,000 1,000 1,000 1,000 1,000

EUR USD EUR EUR USD EUR EUR USD EUR EUR

106.708 138.269 91.718 106.995 108.323 99.092 86.070 99.017 98.250 105.386

Total Netherlands Norway 3.70 % Statoil ASA

01/03/24

1,000

USD

101.660

Total Norway Spain 3.00 % Banco Bilbao Vizcaya Argentaria SA 6.38 % Banco Santander SA FRN 6.00 % Gas Natural Capital Markets SA 4.57 % Telefonica Emisiones SAU

20/10/20 Perpetual 27/01/20 27/04/23

1,000 1,000 1,000 1,000

USD USD EUR USD

99.500 94.750 120.213 104.952

Total Spain Sweden 2.63 % Akzo Nobel Sweden Finance AB 2.63 % Atlas Copco AB 3.25 % Nordea Bank AB 5.75 % Skandinaviska Enskilda Banken AB FRN 2.63 % Svenska Handelsbanken AB

27/07/22 15/03/19 05/07/22 Perpetual 23/08/22

1,500 1,000 1,000 1,000 1,000

EUR EUR EUR USD EUR

108.718 106.864 114.328 98.130 109.255

5,177,206.25

0.36

24,249,157.35

1.69

11,683,633.23 9,948,937.17 8,653,702.41 9,691,487.61

0.82 0.69 0.60 0.68

39,977,760.42

2.79

8,359,963.23 6,950,883.44 10,660,238.28 9,835,685.20

0.58 0.49 0.74 0.69

35,806,770.15

2.50

8,227,730.17

0.57

8,227,730.17

0.57

9,817,280.30 11,649,257.04 8,438,212.26 9,843,694.85 9,126,343.06 18,233,219.93 7,918,515.26 8,342,291.55 9,039,144.73 9,695,635.96

0.69 0.81 0.59 0.69 0.64 1.27 0.55 0.58 0.63 0.68

102,103,594.94

7.13

8,564,974.13

0.60

8,564,974.13

0.60

8,382,991.60 7,982,798.54 11,059,736.28 8,842,296.98

0.58 0.56 0.77 0.62

36,267,823.40

2.53

15,003,249.70 9,831,597.57 10,518,307.61 8,267,567.50 10,051,631.98

1.05 0.68 0.73 0.58 0.70

19

Heading Heading SEB Fund 5 - SEB Corporate Bond Fund SEK

Security description

Maturity

3.00 % Vattenfall AB FRN 2.38 % Volvo Treasury AB

19/03/77 26/11/19

Total holdings

Currency

Unit price*

Market value in SEK

% of Net Assets

1,000 1,000

EUR EUR

80.525 105.705

7,408,387.34 9,725,004.67

0.52 0.68

70,805,746.37

4.94

7,357,242.80 8,509,368.36

0.51 0.60

15,866,611.16

1.11

15,926,549.80

1.11

15,926,549.80

1.11

10,556,593.48 8,741,287.20 8,388,311.22 9,831,648.17 6,834,876.32 8,818,254.22 8,149,757.40 16,191,757.85 8,726,305.86 9,235,642.39 7,891,265.54

0.74 0.61 0.58 0.69 0.48 0.62 0.57 1.13 0.61 0.64 0.55

103,365,699.65

7.22

Total Sweden Switzerland 4.75 % UBS AG FRN 5.13 % UBS AG

12/02/26 15/05/24

750 1,000

EUR USD

106.625 101.000

Total Switzerland United Arab Emirates 2.63 % Glencore Finance Dubai Ltd

19/11/18

2,000

EUR

86.556

Total United Arab Emirates United Kingdom 6.45 % AstraZeneca Plc 3.38 % Aviva Plc FRN 2.35 % British Telecommunications Plc 3.25 % EE Finance Plc 4.70 % Ensco Plc 4.00 % HSBC Holdings Plc 2.25 % Rio Tinto Finance USA Plc 5.38 % Royal Bank of Scotland Plc/The 5.00 % Santander UK Plc 2.25 % Sky Plc 2.95 % Vodafone Group Plc

15/09/37 04/12/45 14/02/19 03/08/18 15/03/21 30/03/22 14/12/18 30/09/19 07/11/23 17/11/25 19/02/23

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,500 1,000 1,000 1,000

USD EUR USD EUR USD USD USD EUR USD EUR USD

125.299 95.013 99.563 106.864 81.125 104.667 96.732 117.330 103.575 100.386 93.664

Total United Kingdom United States of America 2.90 % AbbVie Inc 2.50 % Amazon.com Inc 2.95 % American Electric Power Co Inc 2.65 % American Express Co 3.45 % Amgen Inc 2.50 % Anheuser-Busch InBev Worldwide Inc 5.00 % Aon Corp 3.45 % Apple Inc 3.50 % AT&T Inc 3.90 % AT&T Inc 4.00 % AutoZone Inc 2.38 % Bank of America Corp 7.75 % Bank of America Corp 4.50 % Baxter International Inc 6.13 % Berkshire Hathaway Energy Co 3.85 % Burlington Northern Santa Fe LLC 6.75 % Capital One Financial Corp 3.80 % Caterpillar Inc 2.38 % Citigroup Inc 3.50 % Coca-Cola Enterprises Inc 6.50 % Comcast Corp 2.25 % Daimler Finance North America LLC 7.88 % Devon Financing Corp LLC 2.75 % DIRECTV Holdings LLC / DIRECTV Financing Co Inc 4.05 % Dominion Resources Inc/VA 3.00 % Dow Chemical Co/The 2.00 % Dr Pepper Snapple Group Inc 4.15 % General Mills Inc 3.73 % Georgia-Pacific LLC 4.13 % Glencore Funding LLC

20

06/11/22 29/11/22 15/12/22 02/12/22 01/10/20 15/07/22 30/09/20 09/02/45 17/12/25 11/03/24 15/11/20 19/06/24 14/05/38 15/06/43 01/04/36 01/09/23 15/09/17 15/08/42 22/05/24 15/09/20 15/11/35 31/07/19 30/09/31

1,000 1,000 1,000 1,150 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,000 1,000 1,000 1,000 1,000 1,000 1,063 1,000 1,000 1,000 1,000 1,000

USD USD USD USD USD USD USD USD EUR USD USD EUR USD USD USD USD USD USD EUR USD USD USD USD

96.683 96.542 98.446 96.519 102.544 95.723 109.063 85.585 112.283 101.601 105.032 103.900 134.759 89.622 116.639 103.173 107.453 88.667 104.123 102.087 124.086 98.262 103.750

8,145,611.40 8,133,780.85 8,294,170.65 9,351,588.57 8,639,401.62 8,064,758.92 9,188,699.04 7,210,584.31 10,330,218.88 8,559,951.08 8,849,055.61 19,117,904.26 11,353,605.36 7,550,782.12 9,826,953.90 8,692,442.79 9,052,985.57 7,940,864.79 9,579,452.82 8,600,908.94 10,454,382.49 8,278,667.59 8,741,031.28

0.57 0.57 0.58 0.65 0.60 0.56 0.64 0.50 0.72 0.60 0.62 1.34 0.79 0.53 0.69 0.61 0.63 0.55 0.67 0.60 0.73 0.58 0.61

19/05/23 15/09/42 15/11/22 15/01/20 15/02/43 15/07/23 30/05/23

1,000 1,000 1,000 1,000 1,000 1,000 1,000

EUR USD USD USD USD USD USD

106.130 86.968 96.533 97.371 93.620 100.328 72.393

9,764,107.13 7,327,108.74 8,132,998.16 8,203,600.64 7,887,555.11 8,452,765.90 6,099,183.29

0.68 0.51 0.57 0.57 0.55 0.59 0.43

Heading Heading SEB Fund 5 - SEB Corporate Bond Fund SEK

Security description

Maturity

2.63 2.75 5.95 2.70 1.88 4.35 6.95 3.50 3.85 5.70 4.15 3.05 1.75 4.10 3.88 2.72 3.95 5.25 4.30 5.63 2.00 4.40 5.63 6.75 5.00 6.88 2.20 3.60 3.15 6.55 7.63 2.63 2.13 5.01 6.55 2.75 5.25

19/08/20 15/09/20 15/10/36 15/12/22 21/11/19 15/08/21 15/01/38 06/06/22 01/06/25 01/03/17 18/05/43 15/12/22 30/01/25 22/05/23 07/06/21 28/11/22 01/10/42 30/09/40 15/06/43 01/02/17 16/08/22 15/01/21 15/06/43 15/08/19 01/03/20 01/05/20 01/08/18 15/04/16 15/01/23 01/05/37 15/04/31 10/01/23 15/05/25 21/08/54 15/09/43 15/12/19 01/09/35

% Goldman Sachs Group Inc/The % Goldman Sachs Group Inc/The % Hartford Financial Services Group Inc/The % Intel Corp % JPMorgan Chase & Co % JPMorgan Chase & Co % Kinder Morgan Energy Partners LP % Kraft Foods Group Inc % Marathon Oil Corp % McKesson Corp % Merck & Co Inc % MetLife Inc % Morgan Stanley % Morgan Stanley % Nasdaq Inc % Niagara Mohawk Power Corp % Norfolk Southern Corp % Oncor Electric Delivery Co LLC % Pfizer Inc % PNC Funding Corp % Procter & Gamble Co/The % Progress Energy Inc % Prudential Financial Inc FRN % Realty Income Corp % Republic Services Inc % Reynolds American Inc % SABMiller Holdings Inc % SunTrust Banks Inc % Thermo Fisher Scientific Inc % Time Warner Cable Inc % Time Warner Inc % Toyota Motor Credit Corp % United States Treasury Note/Bond % Verizon Communications Inc % Verizon Communications Inc % Viacom Inc % Wal-Mart Stores Inc

Total holdings

Currency

Unit price*

Market value in SEK

% of Net Assets

2,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,500 1,000 1,500 500 1,000 1,025 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,000 560 69 1,000 1,000

EUR USD USD USD EUR USD USD USD USD USD USD USD EUR USD EUR USD USD USD USD USD EUR USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

106.884 99.781 114.114 98.558 104.960 106.652 87.806 100.711 81.374 104.726 98.849 99.406 98.163 100.378 110.222 96.143 85.568 102.567 99.078 103.883 107.107 106.169 102.199 113.587 108.151 114.596 99.524 100.500 98.362 100.891 123.834 96.961 98.266 91.803 117.193 97.971 113.327

19,666,917.53 8,406,656.07 9,614,178.41 8,303,626.16 9,656,505.89 8,985,571.15 7,397,754.19 8,484,971.75 6,855,854.86 8,823,294.12 8,328,147.46 8,375,073.68 13,546,760.58 8,456,904.31 15,210,925.08 4,050,069.26 7,209,174.79 8,857,442.81 8,347,408.96 8,752,219.84 9,853,976.93 8,944,834.87 8,610,371.19 9,569,811.74 9,111,792.89 9,654,816.12 8,385,031.32 8,467,253.73 8,287,108.71 8,500,162.24 10,433,158.78 8,169,045.86 16,557,988.97 4,331,305.48 681,279.16 8,254,138.70 9,547,920.76

1.37 0.59 0.67 0.58 0.67 0.63 0.52 0.59 0.48 0.62 0.58 0.58 0.95 0.59 1.06 0.28 0.50 0.62 0.58 0.61 0.69 0.62 0.60 0.67 0.64 0.67 0.59 0.59 0.58 0.59 0.73 0.57 1.16 0.30 0.05 0.58 0.67

604,514,576.16

42.21

Total United States of America Total Bonds

SEK

1,363,212,409.43

95.17

Total Transferable securities admitted to an official stock exchange listing

SEK

1,363,212,409.43

95.17

Total Portfolio

SEK

1,363,212,409.43

95.17

Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A. Buy 1,500,000 EUR Sell 13,881,378 SEK 10/03/16 Buy 664,966,872 SEK Sell 72,000,000 EUR 10/03/16 Buy 761,227,920 SEK Sell 90,000,000 USD 10/03/16

(84,802.64) 2,731,254.51 4,492,648.16

(0.00) 0.19 0.31

Total forward foreign exchange contracts (total net unrealised)

7,139,100.03

0.50

21

Heading Heading SEB Fund 5 - SEB Corporate Bond Fund SEK

Market value in SEK

% of Net Assets

Cash at bank Cash at bank Total Cash at bank

41,803,381.06 41,803,381.06

2.92 2.92

Other assets Interest receivable on bonds Receivable on sale of securities Receivable on subscriptions Total other assets

19,290,678.10 9,595,477.63 1,900,689.41 30,786,845.14

1.35 0.67 0.13 2.15

(1,207,493.37) (9,319,988.32) (5,694.60) (20,210.78) (10,553,387.07)

(0.09) (0.65) (0.00) (0.00) (0.74)

1,432,388,348.59

100.00

Other liabilities Management fees Payable on redemptions Bank interest payable on cash accounts Other liabilities Total other liabilities Total Net Assets as at 31 December 2015

SEK

* Bond prices expressed in %. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements.

22

Schedule of Investments Heading As at 31 December 2015Heading SEB Fund 5 - SEB Danish Mortgage Bond Fund

Security description

Maturity

Total holdings

Currency

Unit price*

Market value in EUR

% of Net Assets

101.232 105.251 91.630 102.220 99.780 102.850 106.050 106.000 105.400 106.747 107.565 102.563 115.595 108.126 115.541 158.385 154.364 104.546 104.447 100.875 104.481 105.484 95.330 93.950 99.080 99.780 102.625 102.150 100.920 106.900 98.996 97.400 93.880 92.950 105.210 102.000 91.665 102.625 102.150 113.150 106.900 106.300 105.100 104.600 101.739 96.992 99.550 92.950 103.957 104.170 102.884 91.630

6,007,308.28 23,404,837.70 3,884,399.86 1,148,319.16 4,321,410.18 1,146,694.48 196,061.56 666,102.18 684,147.99 6,079,937.27 7,041,903.02 13,745.01 7,435,921.16 2,028,675.87 8,005,365.31 19,782,649.26 2,689,328.57 1,401,076.70 6,998,749.74 3,280,633.32 6,300,925.20 3,534,118.35 3,131,476.46 3,143,523.27 9,478,063.63 11,615,600.63 8,898,400.34 1,858,477.23 8,114,726.41 3,378,414.43 3,449,415.30 9,927,388.56 7,593,781.57 2,942,754.10 669,738.28 3,395,667.40 16,497,442.39 1,098,663.80 12,492,700.93 1,819,660.19 7,203,137.35 2,429,369.18 5,623,284.69 750,303.26 13,198,279.21 1,299,841.52 5,336,490.56 2,941,507.79 7,232,013.98 977,226.41 1,103,042.68 18,393,969.63

1.86 7.24 1.20 0.36 1.34 0.36 0.06 0.21 0.21 1.88 2.18 0.00 2.30 0.63 2.48 6.12 0.83 0.43 2.17 1.02 1.95 1.09 0.97 0.97 2.93 3.59 2.75 0.58 2.51 1.05 1.07 3.07 2.35 0.91 0.21 1.05 5.11 0.34 3.87 0.56 2.23 0.75 1.74 0.23 4.08 0.40 1.65 0.91 2.24 0.30 0.34 5.69

Bonds indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing Bonds Denmark 1.00 % BRFkredit A/S 2.00 % BRFkredit A/S 2.00 % BRFkredit A/S 3.00 % BRFkredit A/S 3.00 % BRFkredit A/S 3.50 % BRFkredit A/S 4.00 % BRFkredit A/S 4.00 % BRFkredit A/S 4.00 % BRFkredit A/S 1.50 % Denmark Government Bond 1.75 % Denmark Government Bond 2.50 % Denmark Government Bond 3.00 % Denmark Government Bond 4.00 % Denmark Government Bond 4.00 % Denmark Government Bond 4.50 % Denmark Government Bond 7.00 % Denmark Government Bond 2.00 % DLR Kredit A/S 2.00 % DLR Kredit A/S 3.00 % DLR Kredit A/S 2.00 % Nordea Kredit Realkreditaktieselskab 2.00 % Nordea Kredit Realkreditaktieselskab 2.50 % Nordea Kredit Realkreditaktieselskab 2.50 % Nordea Kredit Realkreditaktieselskab 3.00 % Nordea Kredit Realkreditaktieselskab 3.00 % Nordea Kredit Realkreditaktieselskab 3.50 % Nordea Kredit Realkreditaktieselskab 3.50 % Nordea Kredit Realkreditaktieselskab 3.50 % Nordea Kredit Realkreditaktieselskab 4.00 % Nordea Kredit Realkreditaktieselskab 1.00 % Nykredit Realkredit A/S 1.00 % Nykredit Realkredit A/S 1.00 % Nykredit Realkredit A/S 1.50 % Nykredit Realkredit A/S 2.00 % Nykredit Realkredit A/S 2.00 % Nykredit Realkredit A/S 2.00 % Nykredit Realkredit A/S 3.50 % Nykredit Realkredit A/S 3.50 % Nykredit Realkredit A/S 4.00 % Nykredit Realkredit A/S 4.00 % Nykredit Realkredit A/S 4.00 % Nykredit Realkredit A/S 4.00 % Nykredit Realkredit A/S 4.00 % Nykredit Realkredit A/S 1.00 % Realkredit Danmark A/S 1.00 % Realkredit Danmark A/S 1.50 % Realkredit Danmark A/S 1.50 % Realkredit Danmark A/S 2.00 % Realkredit Danmark A/S 2.00 % Realkredit Danmark A/S 2.00 % Realkredit Danmark A/S 2.00 % Realkredit Danmark A/S

01/04/20 01/10/19 01/10/47 01/10/34 01/10/44 01/10/44 01/10/41 01/10/44 01/10/44 15/11/23 15/11/25 15/11/16 15/11/21 15/11/17 15/11/19 15/11/39 10/11/24 01/04/19 01/10/19 01/10/34 01/10/18 01/10/19 01/10/47 01/10/47 01/10/44 01/10/44 01/10/44 01/10/44 01/10/47 01/10/41 01/01/22 01/10/27 01/10/32 01/10/37 01/07/19 01/10/24 01/10/47 01/10/44 01/10/44 01/01/20 01/10/41 01/10/41 01/10/44 01/10/44 01/04/19 01/04/23 01/10/27 01/10/37 01/04/18 01/04/23 01/04/24 01/10/47

44,280 165,930 31,632 8,382 32,317 8,319 1,380 4,689 4,843 42,500 48,850 100 48,000 14,000 51,700 93,200 13,000 10,000 50,000 24,267 45,000 25,000 24,511 24,967 71,380 86,865 64,700 13,576 59,999 23,582 26,000 76,054 60,357 23,624 4,750 24,841 134,295 7,988 91,256 12,000 50,279 17,053 39,924 5,352 96,800 10,000 40,000 23,614 51,910 7,000 8,000 149,790

DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK

23

Heading Heading SEB Fund 5 - SEB Danish Mortgage Bond Fund

Security description

Maturity

2.50 2.50 3.00 3.50 3.50 4.00 4.00 4.00

01/10/47 01/10/47 01/10/44 01/10/44 01/10/44 01/10/41 01/10/41 01/10/44

% Realkredit Danmark A/S % Realkredit Danmark A/S % Realkredit Danmark A/S % Realkredit Danmark A/S % Realkredit Danmark A/S % Realkredit Danmark A/S % Realkredit Danmark A/S % Realkredit Danmark A/S

Total holdings

Currency

Unit price*

Market value in EUR

% of Net Assets

26,782 25,937 26,066 38,328 33,931 8,261 23,302 5,750

DKK DKK DKK DKK DKK DKK DKK DKK

93.950 95.300 99.780 102.150 102.850 106.900 105.484 105.400

3,372,036.92 3,312,564.92 3,485,562.85 5,246,998.96 4,676,905.31 1,183,546.31 3,294,099.64 812,130.23

1.04 1.03 1.08 1.62 1.45 0.37 1.02 0.25

317,430,516.49

98.23

Total Denmark Total Bonds

EUR

317,430,516.49

98.23

Total Transferable securities admitted to an official stock exchange listing

EUR

317,430,516.49

98.23

Total Portfolio

EUR

317,430,516.49

98.23

Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A. Buy 5,229,330 CHF Sell 4,830,344 EUR 12/02/16 Buy 319,700,000 EUR Sell 2,383,113,000 DKK 12/02/16

11,816.70 276,096.54

0.01 0.08

Total forward foreign exchange contracts (total unrealised)

287,913.24

0.09

Cash at bank Cash at bank Total Cash at bank

3,524,219.56 3,524,219.56

1.09 1.09

Other assets Interest receivable on bonds Total other assets

2,021,983.94 2,021,983.94

0.63 0.63

Other liabilities Management fees Bank interest payable on cash accounts Other liabilities Total other liabilities

(118,215.31) (1,963.28) (9,125.05) (129,303.64)

(0.04) (0.00) (0.00) (0.04)

323,135,329.59

100.00

Total Net Assets as at 31 December 2015

EUR

* Bond prices expressed in %. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements.

24

Schedule of Investments Heading spacing As at 31 December 2015Heading SEB Fund 5 - SEB Dynamic Bond Fund

Security description

Maturity

Total holdings **

Currency

Unit

Market

% of

price*

value in SEK

Net Assets

96.000 96.000 44.500 92.500 100.500

28,661,222.56 28,948,594.97 3,727,466.66 8,017,630.30 97,757,304.98

0.29 0.30 0.04 0.08 1.00

167,112,219.47

1.71

48,527,900.00 10,979,100.00 40,956,027.74 35,041,760.00 73,677,688.64 69,981,052.80 32,525,685.11 27,467,151.40 43,892,507.94 9,499,056.53 14,972,400.00 9,186,220.32 27,604,487.16 4,875,441.53 9,491,895.84 18,126,488.78 32,846,135.21 31,437,826.40 72,513,279.69

0.49 0.11 0.42 0.36 0.75 0.71 0.33 0.28 0.45 0.10 0.15 0.09 0.28 0.05 0.10 0.19 0.34 0.32 0.74

613,602,105.09

6.26

5,081,150.00 10,060,000.00 25,721,731.49 9,851,643.19 23,804,864.55 14,224,739.18 5,693,787.22 90,645,457.70 10,647,860.98 40,124,240.00 57,164,800.00 26,792,789.25 25,201,386.08 29,056,400.78 36,293,250.00 14,931,140.00 18,663,929.38 48,656,839.16 38,947,802.54

0.05 0.10 0.26 0.10 0.24 0.15 0.06 0.92 0.11 0.41 0.58 0.27 0.26 0.30 0.37 0.15 0.19 0.50 0.40

531,563,811.50

5.42

Bonds indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing Bonds Bermuda 5.36 % BW Offshore Ltd FRN 5.45 % Hoegh LNG Holdings Ltd FRN 6.63 % Seadrill Ltd 4.41 % Stolt-Nielsen Ltd FRN 5.95 % Stolt-Nielsen Ltd FRN

15/03/17 05/06/20 15/09/20 18/03/21 22/06/16

31,000 3,600 1,000 9,000 101,000

NOK USD USD NOK NOK

Total Bermuda Denmark 5.00 % Arla Foods amba 0.73 % Arla Foods Finance A/S FRN 4.38 % Danica Pension Livsforsikringsaktieselskab FRN 2.27 % Danske Bank A/S FRN 5.06 % Danske Bank A/S 5.68 % Danske Bank A/S FRN 5.75 % Danske Bank A/S FRN 8.50 % DBB Jack-Up Services A/S FRN 3.00 % DONG Energy A/S FRN 4.88 % DONG Energy A/S FRN 0.22 % Jyske Bank A/S FRN 0.37 % Jyske Bank A/S FRN 8.00 % Lm Group Holding A/S 9.85 % Lm Group Holding A/S FRN 1.75 % Nykredit Realkredit A/S 2.75 % Nykredit Realkredit A/S FRN 6.25 % Nykredit Realkredit A/S FRN 2.55 % Topdanmark Forsikring A/S FRN 2.75 % Vestas Wind Systems A/S

22/06/16 28/05/19 29/09/45 05/06/24 20/07/16 Perpetual Perpetual 26/11/19 06/11/15 08/07/13 17/03/17 19/06/17 26/03/19 08/10/20 28/01/19 17/11/27 Perpetual 11/06/26 11/03/22

47,500 11,000 4,500 34,000 75,000 5,567 3,500 3,000 5,000 1,000 15,000 1,000 3,000 5,000 1,000 2,000 3,500 25,000 8,000

SEK SEK EUR SEK NOK GBP EUR EUR EUR EUR SEK EUR EUR NOK EUR EUR EUR DKK EUR

102.164 99.810 99.406 103.064 102.003 101.350 101.500 100.000 95.880 103.750 99.816 100.333 100.500 101.247 103.671 98.990 102.500 102.500 99.000

Total Denmark Finland 1.86 % Amer Sports Oyj FRN 2.45 % Amer Sports Oyj FRN 4.50 % Cramo OYJ 4.00 % Metsa Board OYJ 4.50 % Municipality Finance Plc FRN 4.00 % Neste Oyj 6.00 % Neste Oyj 5.38 % Nokia OYJ 6.75 % Nokia OYJ 1.21 % Pohjola Bank Oyj FRN 0.35 % Sampo Oyj FRN 4.25 % Sampo Oyj 2.25 % SATO Oyj 3.38 % SATO Oyj 3.48 % Stora Enso OYJ FRN 5.75 % Stora Enso OYJ 3.75 % Technopolis OYJ 2.50 % Teollisuuden Voima Oyj 6.63 % UPM-Kymmene OYJ Total Finland

06/11/18 13/04/16 23/02/18 13/03/19 Perpetual 28/03/17 14/09/16 15/05/19 04/02/19 25/08/25 28/05/20 27/02/17 10/09/20 16/04/19 26/06/17 26/06/17 28/05/20 17/03/21 23/01/17

5,000 10,000 2,675 1,000 2,500 1,500 600 10,307 1,000 41,000 58,000 2,800 2,750 3,000 35,000 14,000 2,000 5,400 3,000

SEK SEK EUR EUR EUR EUR EUR USD EUR SEK SEK EUR EUR EUR SEK SEK EUR EUR GBP

101.623 100.600 105.023 107.601 104.000 103.576 103.647 104.993 116.297 97.864 98.560 104.512 100.092 105.786 103.695 106.651 101.925 98.414 104.671

25

Heading Heading SEB Fund 5 - SEB Dynamic Bond Fund

Security description

Iceland 3.13 % Arion Banki HF 6.16 % Arion Banki HF FRN 2.88 % Islandsbanki HF 3.00 % Islandsbanki HF 3.10 % Islandsbanki HF FRN 3.72 % Islandsbanki HF FRN 4.00 % Islandsbanki HF FRN 3.00 % Landsbankinn HF

Maturity

12/03/18 04/03/16 27/07/18 16/05/16 13/02/19 16/10/18 16/12/17 19/10/18

Total holdings **

5,000 35,000 3,000 3,000 45,000 18,000 33,000 5,500

Currency

EUR NOK EUR EUR SEK NOK SEK EUR

Unit

Market

% of

price*

value in SEK

Net Assets

101.320 100.900 99.461 100.550 101.969 99.368 103.442 100.481

46,382,863.00 34,011,124.83 27,319,103.45 27,618,220.73 45,886,050.00 17,225,857.04 34,135,860.00 50,598,658.73

0.47 0.35 0.28 0.28 0.47 0.17 0.35 0.52

283,177,737.78

2.89

23,080,665.63

0.23

23,080,665.63

0.23

Total Iceland Netherlands 2.38 % Citycon Treasury BV

16/09/22

2,500

EUR

100.836

Total Netherlands Norway 4.66 % Aker ASA FRN 10.25 % Det Norske Oljeselskap ASA 5.05 % DigiPlex Fet AS FRN 4.87 % Digiplex Norway AS FRN 0.98 % DNB Bank ASA FRN 4.75 % DNB Bank ASA FRN 5.75 % DNB Bank ASA FRN 3.75 % Eika Boligkreditt AS 4.25 % Kommunal Landspensjonskasse Gjensidig Forsikringsselskap FRN 7.00 % Lock AS 3.40 % Nordea Eiendomskreditt AS 0.33 % Olav Thon Eiendomsselskap ASA FRN 7.30 % Personalhuset AS FRN 6.13 % Pioneer Public Properties II AS FRN 5.73 % Pioneer Public Properties III AS FRN 7.50 % Silk Bidco AS 5.60 % Solstad Offshore ASA FRN 3.65 % SpareBank 1 Boligkreditt AS 5.95 % SpareBank 1 Boligkreditt AS 4.20 % SpareBank 1 Nord Norge 2.13 % SpareBank 1 SR-Bank ASA 3.60 % Sparebanken Ost Boligkreditt AS 4.05 % Sparebanken Vest Boligkreditt AS 3.93 % Storebrand Livsforsikring AS FRN 4.13 % Storebrand Livsforsikring AS FRN 0.24 % Telenor ASA FRN

29/05/20 27/05/22 11/06/19 17/07/19 28/05/25 08/03/22 Perpetual 22/06/16

25,000 200 40,000 30,000 48,000 4,000 4,000 78,000

NOK USD NOK NOK SEK EUR USD NOK

94.000 90.500 99.750 99.000 97.680 104.439 95.266 101.182

22,632,349.81 1,516,115.65 38,426,840.74 28,603,437.84 46,886,400.00 38,248,799.38 31,919,052.52 76,008,059.84

0.23 0.02 0.39 0.29 0.48 0.39 0.33 0.78

10/06/45 15/08/21 15/06/16 28/05/18 11/09/19 05/04/18 27/06/19 01/02/22 25/02/16 22/06/16 18/06/18 06/09/16 14/04/21 03/03/16 13/09/17 Perpetual Perpetual 19/03/19

5,000 3,000 57,000 30,000 6,000 8,000 38,000 2,100 25,000 115,000 80,000 20,500 1,000 31,000 59,000 9,000 25,000 35,000

EUR EUR NOK SEK NOK NOK NOK EUR NOK NOK NOK NOK EUR NOK NOK NOK NOK SEK

96.831 104.250 100.923 99.406 95.500 100.500 100.000 102.962 98.750 101.042 111.009 101.625 104.046 100.285 104.093 93.616 98.376 99.261

44,327,885.17 28,634,505.33 55,402,172.11 29,821,800.00 5,518,441.04 7,743,152.87 36,596,991.18 19,796,509.90 23,776,005.78 111,908,109.47 85,528,324.07 20,063,939.26 9,526,200.48 29,940,528.18 59,147,354.09 8,114,361.93 23,685,957.92 34,741,350.00

0.45 0.29 0.57 0.30 0.06 0.08 0.37 0.20 0.24 1.14 0.87 0.20 0.10 0.31 0.60 0.08 0.24 0.35

918,514,644.56

9.36

50,799,580.94 11,312,770.95 63,659,701.23 38,078,709.14 9,954,400.00 9,752,700.00 13,715,000.00 30,412,500.00 60,627,980.00 94,074,700.00 34,515,600.00 6,889,190.00

0.52 0.12 0.65 0.39 0.10 0.10 0.14 0.31 0.62 0.96 0.35 0.07

Total Norway Sweden 3.38 % Akelius Residential Property AB 0.43 % Alfa Laval Treasury International AB FRN 5.75 % AR Packaging Group AB FRN 3.00 % Arise AB FRN 0.68 % Castellum AB FRN 0.79 % Castellum AB FRN 5.75 % Consilium AB FRN 3.75 % D Carnegie & Co AB FRN 4.58 % Delarka Fastighet AB 0.78 % Elekta AB FRN 1.14 % Fastighets AB Balder FRN 2.25 % FastPartner AB FRN

26

23/09/20 12/09/19 09/07/17 25/04/19 26/03/18 13/03/20 25/03/20 23/04/18 13/11/20 26/03/20 12/03/19 21/03/18

5,500 1,250 6,800 38,182 10,000 10,000 13,000 30,000 58,000 95,000 35,000 7,000

EUR EUR EUR SEK SEK SEK SEK SEK SEK SEK SEK SEK

100.880 98.847 102.250 99.730 99.544 97.527 105.500 101.375 104.531 99.026 98.616 98.417

Heading Heading SEB Fund 5 - SEB Dynamic Bond Fund

Security description

3.40 % FastPartner AB FRN 0.32 % Fortum Varme Holding samagt med Stockholms stad AB FRN 0.34 % Fortum Varme Holding samagt med Stockholms stad AB FRN 0.63 % Fortum Varme Holding samagt med Stockholms stad AB FRN 3.00 % Heimstaden AB FRN 0.60 % Hemso Fastighets AB FRN 0.85 % Hemso Fastighets AB FRN 1.25 % Hemso Fastighets AB FRN 0.47 % Hexagon AB FRN 0.58 % Hexagon AB FRN 0.95 % Hexagon AB FRN 0.99 % Hufvudstaden AB FRN 3.00 % Hufvudstaden AB 1.10 % ICA Gruppen AB FRN 3.50 % ICA Gruppen AB 0.60 % Ikano Bank AB FRN 1.30 % Ikano Bostad Stockholm AB FRN 3.10 % Ikano Bostad Stockholm AB 1.25 % Intrum Justitia AB FRN 1.80 % Intrum Justitia AB FRN 3.00 % Klovern AB FRN 3.69 % Klovern AB FRN 6.50 % Kvalitena AB publ FRN 0.19 % Landshypotek Bank AB FRN 0.30 % Lansforsakringar Bank AB FRN 0.74 % Lansforsakringar Bank AB 0.74 % Lifco AB FRN 1.91 % Meda AB FRN 1.10 % Modern Times Group MTG AB FRN 1.50 % Molnlycke Holding AB 1.43 % NCC Treasury AB FRN 1.57 % NCC Treasury AB FRN 2.11 % NCC Treasury AB FRN 0.88 % Nibe Industrier AB FRN 5.25 % Norcell Sweden Holding 3 AB 4.88 % Nordea Bank AB 4.50 % Nordea Hypotek AB 0.58 % Nya Svensk FastighetsFinansiering AB FRN 0.02 % Rikshem AB FRN 0.77 % Saab AB FRN 0.84 % Saab AB FRN 0.94 % Saab AB FRN 2.80 % Sagax AB FRN 0.70 % Sandvik AB FRN 0.62 % Scania CV AB FRN 2.75 % Securitas AB 2.50 % Skandinaviska Enskilda Banken AB FRN 3.00 % Skandinaviska Enskilda Banken AB 5.75 % Skandinaviska Enskilda Banken AB FRN 0.65 % Skanska Financial Services AB FRN 1.20 % Skanska Financial Services AB FRN 0.67 % Sparbanken Syd FRN 2.35 % SPP Livforsakring AB FRN 1.75 % Stadshypotek AB 2.50 % Stadshypotek AB 3.00 % Stadshypotek AB 2.85 % Stena Metall Finans AB FRN 4.09 % Stena Metall Finans AB FRN

Maturity

Total holdings **

Currency

Unit

Market

% of

price*

value in SEK

Net Assets

05/04/19

23,000

SEK

99.739

22,939,970.00

0.23

17/09/18

35,000

SEK

99.521

34,832,350.00

0.36

18/05/21

23,000

SEK

97.619

22,452,370.00

0.23

16/09/19 16/09/19 21/10/19 20/06/17 24/10/18 17/09/18 10/03/17 26/11/19 12/03/18 22/01/18 17/06/19 25/06/18 15/04/20 25/03/19 25/03/19 15/05/19 28/06/18 04/04/18 19/01/17 29/10/18 27/04/18 18/03/16 13/11/17 03/04/18 05/04/16 19/03/18 28/02/22 30/08/18 06/03/17 25/05/16 28/05/20 04/11/19 13/05/21 15/06/16 09/03/20 20/02/17 10/09/19 12/12/19 10/12/18 25/06/18 14/01/20 16/03/20 28/02/17 28/05/26 20/06/18 Perpetual 08/04/19 22/10/18 21/10/19 Perpetual 09/04/20 18/09/19 19/12/18 29/10/19 08/06/16

53,000 54,000 18,000 20,000 13,000 25,000 60,000 15,000 30,000 35,000 10,000 21,000 24,000 30,000 70,000 10,000 30,000 66,000 5,000 10,000 50,000 15,000 57,000 100,000 98,000 18,000 7,000 43,500 20,000 22,000 60,000 13,000 6,185 105,000 76,000 25,000 40,000 32,000 59,000 25,000 10,000 92,000 1,000 3,000 50,000 4,000 35,000 13,000 10,000 5,000 40,000 300,000 230,000 34,000 10,000

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK EUR SEK SEK SEK SEK SEK USD SEK SEK SEK SEK SEK SEK SEK SEK SEK EUR EUR SEK USD SEK SEK SEK SEK USD SEK SEK SEK NOK

100.045 98.879 99.263 100.647 101.891 99.821 100.316 100.915 101.053 104.542 100.698 105.977 97.640 101.392 105.176 101.006 102.727 102.825 101.841 100.500 100.311 100.037 100.408 100.113 100.257 100.878 100.084 101.672 101.230 100.729 99.228 103.501 108.058 102.125 98.263 99.696 99.418 99.419 100.390 99.105 99.455 98.590 102.676 101.841 106.738 98.155 99.670 101.468 99.113 100.082 97.661 106.275 107.492 100.128 100.375

53,023,850.00 53,394,660.00 17,867,340.00 20,129,400.00 13,245,830.00 24,955,250.00 60,189,600.00 15,137,250.00 30,315,900.00 36,589,700.00 10,069,800.00 22,255,170.00 23,433,600.00 30,417,600.00 73,623,200.00 10,100,600.00 30,818,100.00 67,864,500.00 5,092,050.00 10,050,000.00 50,155,500.00 15,005,550.00 57,232,560.00 100,113,000.00 98,251,860.00 18,158,040.00 64,144,035.00 44,227,320.00 20,246,000.00 22,160,380.00 59,536,800.00 13,455,130.00 55,982,031.81 107,231,250.00 74,679,880.00 24,924,000.00 39,767,200.00 31,814,080.00 59,230,100.00 24,776,250.00 9,945,500.00 90,702,800.00 9,400,724.12 27,972,931.52 53,369,000.00 32,887,145.13 34,884,500.00 13,190,840.00 9,911,300.00 5,004,100.00 327,217,561.78 318,825,000.00 247,231,600.00 34,043,520.00 9,666,902.60

0.54 0.54 0.18 0.21 0.14 0.25 0.61 0.15 0.31 0.37 0.10 0.23 0.24 0.31 0.75 0.10 0.31 0.69 0.05 0.10 0.51 0.15 0.58 1.02 1.00 0.19 0.65 0.45 0.21 0.23 0.61 0.14 0.57 1.09 0.76 0.25 0.41 0.32 0.60 0.25 0.10 0.93 0.10 0.29 0.54 0.34 0.36 0.14 0.10 0.05 3.34 3.25 2.52 0.35 0.10 27

5.00 % Stendorren Fastigheter AB FRN

18/02/18

29,000

SEK

100.000

29,000,000.00

0.30

Heading Heading SEB Fund 5 - SEB Dynamic Bond Fund

Security description

0.37 2.66 5.25 4.00 2.38 3.00 5.50 5.75 3.75 3.75 3.75 3.50 4.58 4.13 1.38 2.09 1.30 0.12 0.17 1.95 0.14 0.61 0.79 2.50 4.20 8.00 0.55 0.41 7.00

% Svenska Cellulosa AB SCA FRN % Svenska Handelsbanken AB FRN % Svenska Handelsbanken AB FRN % Sveriges Sakerstallda Obligationer AB % Swedbank AB FRN % Swedbank AB FRN % Swedbank AB FRN % Swedbank AB FRN % Swedbank Hypotek AB % Swedbank Hypotek AB % Swedbank Hypotek AB % Sweden Government Bond % Swedish Orphan Biovitrum AB FRN % Telefonaktiebolaget LM Ericsson % TeliaSonera AB % TeliaSonera AB FRN % Vacse AB FRN % Vasakronan AB FRN % Vasakronan AB FRN % Vattenfall AB FRN % Volvo Treasury AB FRN % Volvo Treasury AB FRN % Volvo Treasury AB FRN % Volvo Treasury AB % Volvo Treasury AB FRN % West Atlantic AB % Wihlborgs Fastigheter AB FRN % Willhem AB FRN % YA Holding AB FRN

Maturity

Total holdings **

02/04/19 15/01/24 Perpetual 21/06/17 26/02/24 05/12/22 Perpetual Perpetual 15/03/17 20/12/17 19/06/19 30/03/39 26/06/17 15/05/22 18/02/19 23/03/16 03/06/19 10/08/17 18/11/19 19/03/77 17/03/16 26/02/16 03/06/16 12/01/16 10/06/75 08/05/18 18/02/19 11/02/19 18/06/19

10,000 2,500 5,000 110,000 2,000 2,500 2,000 5,000 50,000 500,000 250,000 91,000 45,000 5,500 2,250 25,000 45,000 8,000 15,000 113,000 20,000 38,000 25,000 15,000 5,500 13,000 40,000 15,000 8,000

Currency

SEK EUR USD SEK EUR EUR USD GBP SEK SEK SEK SEK SEK USD EUR SEK SEK SEK SEK SEK SEK SEK SEK SEK EUR SEK SEK SEK SEK

Unit

Market

% of

price*

value in SEK

Net Assets

99.349 103.921 96.355 105.977 102.860 103.974 99.770 100.332 104.646 107.249 110.437 124.275 102.886 102.701 102.458 100.448 101.382 99.652 98.235 93.326 99.991 100.082 100.264 100.091 97.788 106.852 100.399 99.551 82.000

9,934,900.00 23,786,910.18 40,355,061.75 116,574,700.00 18,835,205.38 23,798,998.02 16,714,128.01 62,221,889.68 52,323,000.00 536,245,000.00 276,092,500.00 113,090,250.00 46,298,700.00 47,314,112.16 21,106,800.87 25,112,000.00 45,621,900.00 7,972,160.00 14,735,250.00 105,458,380.00 19,998,200.00 38,031,160.00 25,066,000.00 15,013,650.00 49,242,559.69 13,890,760.00 40,159,600.00 14,932,650.00 6,560,000.00

0.10 0.24 0.41 1.19 0.19 0.24 0.17 0.63 0.53 5.47 2.82 1.15 0.47 0.48 0.22 0.26 0.47 0.08 0.15 1.08 0.20 0.39 0.26 0.15 0.50 0.14 0.41 0.15 0.07

Total Sweden

5,173,421,739.96

52.75

Total Bonds

SEK

7,710,472,923.99

78.62

Total Transferable securities admitted to an official stock exchange listing

SEK

7,710,472,923.99

78.62

49,982,747.07 49,998,722.02 24,997,396.94 50,001,118.08 49,969,836.54 24,991,911.79 39,999,525.42 50,001,562.55 100,002,802.86 50,006,665.71 49,969,031.05 199,989,675.72 99,912,155.32 120,971,407.06 39,971,399.58 1,000,765,957.71

0.51 0.51 0.25 0.51 0.51 0.25 0.41 0.51 1.02 0.51 0.51 2.04 1.02 1.23 0.41 10.20

1,000,765,957.71

10.20

1,000,765,957.71

10.20

Transferable securities admitted to an official stock exchange listing and/or dealt within another regulated market Commercial Papers Sweden 0.00 % FC Akelius Resid Property 0.00 % FC Atrium Ljunberg 0.00 % FC Castellum 0.00 % FC Citycon 0.00 % FC Getinge 0.00 % FC KlÖvern 0.00 % FC KlÖvern 0.00 % FC MTG 0.00 % FC MTG 0.00 % FC Sagax 0.00 % FC SSAB 0.00 % FC Sveaskog 0.00 % FC Tele2 0.00 % FC Vasakronan 0.00 % FC Wallenstam Total Sweden Total Commercial Papers

24/02/16 25/01/16 10/03/16 08/03/16 02/03/16 02/03/16 15/01/16 22/02/16 29/01/16 08/02/16 04/04/16 29/02/16 23/05/16 12/05/16 10/03/16

50,000,000 50,000,000 25,000,000 50,000,000 50,000,000 25,000,000 40,000,000 50,000,000 100,000,000 50,000,000 50,000,000 200,000,000 100,000,000 121,000,000 40,000,000

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

99.965 99.997 99.990 100.002 99.940 99.968 99.999 100.003 100.003 100.013 99.938 99.995 99.912 99.976 99.928

SEK

Total Transferable securities admitted to an official stock exchange listing and/or dealt within another regulated market 28

Heading Heading SEB Fund 5 - SEB Dynamic Bond Fund

Security description

Maturity

Total holdings **

Currency

Unit

Market

% of

price*

value in SEK

Net Assets

Bonds indicated in 1,000 currency units Other Transferable Securities Bonds Finland 2.88 % DNA Ltd

12/03/21

2,500

EUR

102.923

Total Finland Norway 4.70 % SpareBank 1 SMN 2.73 % Sparebanken Vest FRN Total Norway Sweden 4.47 % Svenska Handelsbanken AB FRN

23,558,525.40

0.24

23,558,525.40

0.24

13/10/16 27/06/24

50,000 10,000

NOK NOK

102.448 97.542

49,332,744.11 9,394,062.40 58,726,806.51

0.50 0.10 0.60

12/10/22

45,000

SEK

106.214

47,796,300.00

0.49

Total Sweden

47,796,300.00

0.49

Total Bonds

SEK

130,081,631.91

1.33

Total Other Transferable Securities

SEK

130,081,631.91

1.33

Total Portfolio

SEK

8,841,320,513.61

90.15

Financial futures cleared with Skandinaviska Enskilda Banken AB (publ) Purchased financial futures contracts Swedish Five Year Treasury Note Future 10/03/16 Sold financial futures contracts CBOT Two Year Treasury Note Future 31/03/16 Eurex Euro Bobl Futures 08/03/16 Eurex Euro Bund Future 08/03/16 Swedish Five Year Treasury Note KSS Future 10/03/16 Swedish Ten Year Treasury Note Future 10/03/16

Commitment in SEK 891

SEK

1,138,233,343.50

(7,900,318.80)

(0.08)

(750) (220) (150) (890) (330)

USD EUR EUR SEK SEK

(1,364,621,877.95) (263,001,636.93) (216,976,762.48) (1,098,083,068.00) (473,449,944.00)

2,539,724.06 201,425.78 (137,335.76) 7,894,656.00 4,315,386.00

0.03 0.00 (0.00) 0.08 0.04

6,913,537.28

0.07

(2,531,482.00) (2,531,690.00) 405,056.00 1,545,887.00 1,545,887.00 (3,086,773.20) (4,653,115.20)

(0.03) (0.03) 0.00 0.02 0.02 (0.03) (0.05)

Total financial futures contracts (total net unrealised) An amount of SEK 35,533,494.96 is held as cash collateral for these positions. Forward rate agreements cleared with Skandinaviska Enskilda Banken AB (publ) OM IMM-FRA - (0.43)% 16/03/16 (10,000,000,000) OM IMM-FRA - (0.40)% 16/03/16 (10,000,000,000) OM IMM-FRA - (0.33)% 16/03/16 10,000,000,000 OM IMM-FRA - 1.15% 21/12/16 7,000,000,000 OM IMM-FRA - 1.15% 21/12/16 7,000,000,000 OM IMM-FRA - 0.46% 21/12/16 (14,000,000,000) Total forward rate agreements (total net unrealised) An amount of SEK 5,183,942 is held as cash collateral for these positions.

SEK SEK SEK SEK SEK SEK SEK

29

SEB Fund 5 - SEB Dynamic Bond Fund

Security description

Maturity

Total holdings **

Currency

Unit

Market

% of

price*

value in SEK

Net Assets

Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A. Buy 3,157,638 EUR Sell 29,165,518 SEK 09/03/16 Buy 200,000,000 NOK Sell 20,882,058 EUR 09/03/16 Buy 10,105 NOK Sell 9,928 SEK 09/03/16 Buy 30,912,500 SEK Sell 25,000,000 DKK 09/03/16 Buy 1,470,261,020 SEK Sell 159,525,557 EUR 09/03/16 Buy 191,890,500 SEK Sell 15,000,000 GBP 09/03/16 Buy 983,848,000 SEK Sell 1,000,000,000 NOK 09/03/16 Buy 721,664,875 SEK Sell 85,000,000 USD 09/03/16

(257,873.88) 936,973.95 (221.87) 236,636.18 9,831,391.90 6,164,797.99 23,304,490.67 11,069,212.33

(0.00) 0.01 (0.00) 0.00 0.10 0.06 0.24 0.11

Total forward foreign exchange contracts (total net unrealised)

51,285,407.27

0.52

858,767,620.31 858,767,620.31

8.76 8.76

74,346,847.18 74,346,847.18

0.75 0.75

(5,058,908.32) (14,042,560.00) (835,895.52) (93,307.20) (20,030,671.04)

(0.05) (0.14) (0.01) (0.00) (0.20)

9,807,950,139.41

100.00

.

Cash at bank and at broker Cash at bank and at broker Total Cash at bank and at broker Other assets Interest receivable on bonds Total other assets Other liabilities Management fees Payable on purchase of securities Bank interest payable on cash accounts Other liabilities Total other liabilities Total Net Assets as at 31 December 2015

SEK

* Bond prices expressed in %. ** Negative quantity is for short positions on financial future contracts and forward rate agreements. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements.

30

Schedule of Investments Heading As at 31 December 2015Heading SEB Fund 5 - SEB Flexible Bond Fund SEK

Security description

Maturity

Total holdings **

Currency

Unit

Market

% of

price*

value in SEK

Net Assets

7,367,708.85 50,278,500.00

0.28 1.94

57,646,208.85

2.22

59,464,800.00 41,488,860.00

2.29 1.60

100,953,660.00

3.89

70,070,000.00

2.70

70,070,000.00

2.70

15,035,400.00 74,805,750.00 50,535,500.00 69,843,900.00 45,183,600.00 50,134,000.00 35,484,400.00 88,256,080.00 156,768,000.00 74,772,000.00 29,856,000.00 73,302,480.00 49,820,500.00 68,691,700.00 50,154,000.00 304,203,300.00 365,472,800.00 16,889,330.00 108,451,000.00 220,724,000.00 60,121,800.00 55,930,110.00 10,034,500.00 20,004,800.00 20,471,600.00

0.58 2.88 1.95 2.69 1.74 1.93 1.37 3.40 6.04 2.88 1.15 2.82 1.92 2.64 1.93 11.72 14.07 0.65 4.18 8.50 2.31 2.15 0.39 0.77 0.79

2,114,946,550.00

81.45

2,343,616,418.85

90.26

Bonds indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing and/or dealt with in on another regulated market Bonds Finland 1.75 % Finland Government Bond 0.79 % Fortum OYJ FRN

15/04/16 14/03/17

800 50,000

EUR SEK

100.589 100.557

Total Finland Netherlands 0.00 % BMW Finance NV FRN 0.00 % Volkswagen Financial Services NV FRN

27/11/17 21/11/16

60,000 42,000

SEK SEK

99.108 98.783

Total Netherlands Norway 0.47 % DNB Bank ASA FRN

07/05/18

70,000

SEK

100.100

Total Norway Sweden 0.71 % Electrolux AB FRN 0.30 % Forvaltnings AB Framtiden FRN 0.83 % Investor AB FRN 0.10 % Landshypotek Bank AB FRN 0.74 % Lansforsakringar Bank AB 0.39 % Nordea Bank AB FRN 1.39 % Nordea Bank AB FRN 0.00 % Nordea Hypotek AB FRN 3.00 % Nordea Hypotek AB 0.02 % Rikshem AB FRN 0.87 % Sandvik AB FRN 1.88 % SBAB Bank AB FRN 0.00 % Scania CV AB FRN 0.06 % Skandiabanken AB FRN 0.84 % Skandinaviska Enskilda Banken AB FRN 3.00 % Skandinaviska Enskilda Banken AB 3.00 % Stadshypotek AB 0.37 % Svenska Cellulosa AB SCA FRN 4.00 % Sveriges Sakerstallda Obligationer AB 4.00 % Sveriges Sakerstallda Obligationer AB 0.49 % Swedbank AB FRN 0.10 % TeliaSonera AB FRN 0.71 % TeliaSonera AB FRN 0.49 % Volvo Treasury AB FRN 2.73 % Volvo Treasury AB FRN

08/06/16 06/11/18 26/06/17 30/01/17 13/11/17 08/05/18 17/02/17 22/01/18 21/06/17 20/02/17 14/01/21 01/02/17 07/11/16 27/05/19 27/05/16 20/06/18 19/12/18 02/04/19 21/03/18 19/12/18 17/07/18 04/12/19 02/09/16 12/01/16 08/12/16

15,000 75,000 50,000 70,000 45,000 50,000 35,000 88,000 150,000 75,000 30,000 72,000 50,000 70,000 50,000 285,000 340,000 17,000 100,000 200,000 60,000 57,000 10,000 20,000 20,000

SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK

Total Sweden Total Bonds

SEK

100.236 99.741 101.071 99.777 100.408 100.268 101.384 100.291 104.512 99.696 99.520 101.809 99.641 98.131 100.308 106.738 107.492 99.349 108.451 110.362 100.203 98.123 100.345 100.024 102.358

31

Heading Heading SEB Fund 5 - SEB Flexible Bond Fund SEK

Security description

Maturity

Total holdings **

Currency

Unit

Market

% of

price*

value in SEK

Net Assets

14.493

Investment Fund Asset Allocation Fund Finland SEB Foretagsobligationsfond Flexibel

14,493,000.00

0.56

Total Finland

1,000,000

SEK

14,493,000.00

0.56

Total Asset Allocation Fund

14,493,000.00

0.56

Total Investment Fund

SEK

14,493,000.00

0.56

Total Transferable securities admitted to an official stock exchange listing and/or dealt with in on another regulated market

SEK

2,358,109,418.85

90.82

74,943,000.00 37,174,900.00

2.89 1.43

112,117,900.00

4.32

Bonds indicated in 1,000 currency units Other Transferable Securities Bonds Sweden 0.16 % Stangastaden AB FRN 4.47 % Svenska Handelsbanken AB FRN

15/12/16 12/10/22

75,000 35,000

SEK SEK

99.924 106.214

Total Sweden Total Bonds

SEK

112,117,900.00

4.32

Total Other Transferable Securities

SEK

112,117,900.00

4.32

Total Portfolio

SEK

2,470,227,318.85

95.14

Financial futures cleared with Skandinaviska Enskilda Banken AB (publ) Sold financial futures contracts Swedish Five Year Treasury Note Future 10/03/16

Commitment in SEK (110)

SEK (140,522,635.00)

(120,516.00)

(0.01)

(120,516.00)

(0.01)

1,101,841.00 2,203,631.00 (3,305,599.50) (127.50)

0.04 0.09 (0.13) (0.00)

Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A. Buy 7,653,665 SEK Sell 815,000 EUR 29/01/16

191,642.92

0.01

Total forward foreign exchange contracts (total unrealised)

191,642.92

0.01

Total financial futures contracts (total unrealised) An amount of SEK 270.00 is held as cash collateral for these positions. Forward rate agreements cleared with Skandinaviska Enskilda Banken AB (publ) OM IMM-FRA - 0.23% 21/12/16 5,000,000,000 OM IMM-FRA - 0.24% 21/12/16 10,000,000,000 OM IMM-FRA - 0.24% 21/12/16 (15,000,000,000) Total forward rate agreements (total net unrealised)

32

SEK SEK SEK SEK

Heading Heading SEB Fund 5 - SEB Flexible Bond Fund SEK

Cash at bank and at broker Cash at bank and at broker Total Cash at bank and at broker Other assets Interest receivable on bonds Retrocession fees receivable Total other assets Other liabilities Bank overdraft Management fees Payable on purchase of securities Bank interest payable on cash accounts Other liabilities Total other liabilities Total Net Assets as at 31 December 2015

SEK

Market value in SEK

% of Net Assets

275,653,349.74 275,653,349.74

10.62 10.62

9,202,231.73 5,200.97 9,207,432.70

0.35 0.00 0.35

(527,067.81) (1,147,365.64) (156,949,500.00) (58,917.50) (49,265.55) (158,732,116.50)

(0.02) (0.05) (6.04) (0.00) (0.00) (6.11)

2,596,426,984.21

100.00

* Bond prices expressed in %. ** Negative quantity is for short positions on financial future contracts and forward rate agreements. A list of changes in the assets held during the financial year under review is available free of charge from SEB Asset Management S.A.. The accompanying notes are an integral part of these financial statements.

33

Combined Statement of Operations Heading For the year ended 31 December 2015 Head SEB Fund 5 SEB Bond Fund SEK

SEB Fund 5 SEB Corporate Bond Fund EUR

SEB Fund 5 SEB Corporate Bond Fund SEK

SEK

EUR

SEK

Income Interest on bonds (note 1) Bank interest on cash accounts Total income

11,941,200.74 2.23 11,941,202.97

9,358,036.30 1.64 9,358,037.94

60,464,785.73 261.84 60,465,047.57

Expenses Management fees (note 2) Performance fees (note 3) Taxe d'abonnement (note 5) Bank interest on cash accounts Other expenses Total expenses

2,337,377.57 – 258,502.70 24,859.49 124,541.11 2,745,280.87

2,361,472.73 – 153,229.57 685.67 38,298.67 2,553,686.64

16,718,239.07 – 862,036.29 10,639.56 148,626.25 17,739,541.17

Net income for the year

9,195,922.10

6,804,351.30

42,725,506.40

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

34

Heading Head SEB Fund 5 SEB Danish Mortgage Bond Fund EUR

SEB Fund 5 SEB Dynamic Bond Fund

SEB Fund 5 Combined

SEK

SEB Fund 5 SEB Flexible Bond Fund SEK SEK

Income Interest on bonds (note 1) Interest received on credit default swaps (note 1) Bank interest on cash accounts Retrocession fees (note 4) Total income

6,772,058.78 – 189.47 – 6,772,248.25

220,344,668.32 836,931.34 75,040.80 – 221,256,640.46

73,662,306.72 – 6,653.75 65,663.17 73,734,623.64

61,311,586.92 99,916.24 9,992.94 7,839.13 61,429,335.23

Expenses Management fees (note 2) Performance fees (note 3) Taxe d'abonnement (note 5) Interest paid on credit default swaps Bank interest on cash accounts Other expenses Total expenses

1,192,676.35 87.86 56,114.12 – 5,454.06 54,953.99 1,309,286.38

53,904,516.50 3,369,734.21 3,849,726.33 5,248,918.08 1,164,146.90 976,474.49 68,513,516.51

19,458,158.20 – 2,020,588.72 – 239,471.31 385,409.99 22,103,628.22

14,902,036.20 402,388.34 1,062,565.42 626,637.01 178,501.27 296,891.81 17,469,020.05

Net income for the year

5,462,961.87

152,743,123.95

51,630,995.42

43,960,315.18

USD

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

35

Combined Statement of Changes in Net Assets Heading For the year ended 31 December 2015 H?# SEB Fund 5 SEB Bond Fund SEK

Net Assets at the beginning of the year Net income for the year Net realised gain / (loss) on: - sales of securities - foreign exchange - financial futures contracts

Total Net Assets as at 31 December 2015

SEK

EUR

SEK

328,599,951.11 6,804,351.30

1,883,903,355.81 42,725,506.40

(1,033,139.43) 56,402.86 526,108.41

4,844,014.02 (134,123.24) (510,129.42)

100,167,717.96 (107,382,918.43) 1,494,328.96

(450,628.16)

4,199,761.36

(5,720,871.51)

(9,531,060.34) 34,180.38 120,717.70

(12,881,162.21) – –

(88,133,120.05) 23,296,337.91 213,373.23

(9,376,162.26) (630,868.32) 43,569,085.62 (122,892,872.03) (4,750,993.26)

(12,881,162.21) (1,877,049.55) 37,946,653.36 (72,961,780.68) (204,128.43)

(64,623,408.91) (27,618,774.02) 750,084,599.69 (1,170,420,028.15) (3,560,804.74)

467,662,285.73

291,503,645.81

1,432,388,348.59

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

36

SEB Fund 5 SEB Corporate Bond Fund SEK

552,367,933.72 9,195,922.10

Total net realised gain/(loss) Change in net unrealised appreciation / (depreciation) on: - securities - forward foreign exchange contracts - financial futures contracts Total change in net unrealised depreciation Decrease in Net Assets as a result of operations Proceeds on issues of units Payment on redemptions of units Dividends paid

SEB Fund 5 SEB Corporate Bond Fund EUR

Heading H

Net Assets at the beginning of the year Net income for the year Net realised gain / (loss) on: - sales of securities - foreign exchange - forward rate agreements - financial futures contracts - credit default swaps Total net realised loss Change in net unrealised appreciation / (depreciation) on: - securities - forward foreign exchange contracts - forward rate agreements - financial futures contracts - credit default swaps

SEB Fund 5 SEB Danish Mortgage Bond Fund EUR

SEB Fund 5 SEB Dynamic Bond Fund

SEB Fund 5 Combined

SEK

SEB Fund 5 SEB Flexible Bond Fund SEK SEK

189,113,961.08 5,462,961.87

4,854,872,861.23 152,743,123.95

4,653,255,100.07 51,630,995.42

2,171,346,348.83 43,960,315.18

(3,437,717.77) 2,019,508.03 – – –

(265,293,268.00) 98,124,911.06 (1,636,554.39) (24,232,046.68) (102,510.32)

(72,063,956.82) 248,049.11 (12,739,620.94) (21,737,114.39) –

(26,971,343.31) 1,062,840.91 (1,716,285.78) (5,804,865.34) (12,238.09)

(1,418,209.74)

(193,139,468.33)

(106,292,643.04)

(33,441,891.61)

(6,436,261.29) 186,048.88 – – –

15,569,294.48 17,511,474.84 (5,266,451.00) 10,848,711.18 (640,284.09)

16,049,658.47 136,213.61 4,711.53 3,440,198.15 –

(28,914,097.27) 5,079,081.60 (628,167.67) 1,745,605.22 (76,439.70)

Total change in net unrealised appreciation / (depreciation) Decrease in Net Assets as a result of operations Proceeds on issues of units Payment on redemptions of units Dividends paid Foreign exchange differences

(6,250,212.41) (2,205,460.28) 169,606,829.88 (24,471,494.73) (8,908,506.36) –

Total Net Assets as at 31 December 2015

323,135,329.59

USD

38,022,745.41 19,630,781.76 (22,794,017.82) (2,373,598.97) (35,030,865.86) (12,275,594.25) 9,652,884,604.15 974,915,442.09 1,589,557,402.22 (4,693,294,626.59) (2,955,054,128.62) (1,173,062,866.55) (4,139,100.41) (41,658,563.47) (16,402,494.03) – – (181,461,828.81) 9,807,950,139.41

2,596,426,984.21

2,377,700,967.41

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

37

Combined Statement of Net Assets Heading As at 31 December 2015 Heading

Assets Portfolio at cost Unrealised appreciation / (depreciation) Portfolio at market value (note 1) Unrealised appreciation on financial futures contracts Unrealised appreciation on forward foreign exchange contracts Receivable interest and / or dividends Cash at bank and at broker Other assets Total Assets

SEB Fund 5 SEB Bond Fund SEK

SEB Fund 5 SEB Corporate Bond Fund EUR

SEB Fund 5 SEB Corporate Bond Fund SEK

SEK

EUR

SEK

452,549,924.15 (9,046,405.94) 443,503,518.21 194,271.22 48,204.66 4,746,671.37 19,547,027.55 172,075.68 468,211,768.69

267,371,430.67 13,350,477.96 280,721,908.63 – – 4,382,531.90 6,576,321.97 – 291,680,762.50

1,328,629,732.78 34,582,676.65 1,363,212,409.43 – 7,139,100.03 19,290,678.10 41,803,381.06 11,496,167.04 1,442,941,735.66

(83,182.16) (466,300.80) (549,482.96)

– (177,116.69) (177,116.69)

– (10,553,387.07) (10,553,387.07)

467,662,285.73

291,503,645.81

1,432,388,348.59

– 6,302,799.0270 – 566,157.8720 15,869,872.5620 –

176,262,013.9030 – 10,167,346.4560 – – –

– 79,599,541.4110 – 9,435,323.2740 – 100.0000

– 50.767 – 12.257 8.869 –

1.595 – 1.013 – – –

– 16.813 – 9.968 – 102.204

Liabilities Bank overdraft Other liabilities Total Liabilities Total Net Assets as at 31 December 2015 "C (EUR)" units outstanding as at 31 December 2015 "C (SEK)" units outstanding as at 31 December 2015 "D (EUR)" units outstanding as at 31 December 2015 "D (SEK)" units outstanding as at 31 December 2015 "HNWD (SEK)" units outstanding as at 31 December 2015 "IC P (SEK)" units outstanding as at 31 December 2015 Net Asset Value per "C (EUR)" unit as at 31 December 2015 Net Asset Value per "C (SEK)" unit as at 31 December 2015 Net Asset Value per "D (EUR)" unit as at 31 December 2015 Net Asset Value per "D (SEK)" unit as at 31 December 2015 Net Asset Value per "HNWD (SEK)" unit as at 31 December 2015 Net Asset Value per "IC P (SEK)" unit as at 31 December 2015

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

38

Heading Heading

Assets Portfolio at cost Unrealised appreciation / (depreciation) Portfolio at market value (note 1) Unrealised appreciation on financial futures contracts Unrealised appreciation on forward foreign exchange contracts Receivable interest and / or dividends Cash at bank and at broker Other assets Total Assets Liabilities Bank overdraft Unrealised depreciation on financial futures contracts Unrealised depreciation on forward rate agreements Other liabilities Total Liabilities Total Net Assets as at 31 December 2015 "C (DKK)" units outstanding as at 31 December 2015 "C (EUR)" units outstanding as at 31 December 2015 "C (H-CHF)" units outstanding as at 31 December 2015 "C (H-EUR)" units outstanding as at 31 December 2015 "C (SEK)" units outstanding as at 31 December 2015 "D (SEK)" units outstanding as at 31 December 2015 "HNWC (H-NOK)" units outstanding as at 31 December 2015 "HNWC (SEK)" units outstanding as at 31 December 2015 "HNWD (SEK)" units outstanding as at 31 December 2015 "IC (H-EUR)" units outstanding as at 31 December 2015 "IC (SEK)" units outstanding as at 31 December 2015 "ID (EUR)" units outstanding as at 31 December 2015 "ID (SEK)" units outstanding as at 31 December 2015

SEB Fund 5 SEB Danish Mortgage Bond Fund EUR

SEB Fund 5 SEB Dynamic Bond Fund

SEB Fund 5 Combined

SEK

SEB Fund 5 SEB Flexible Bond Fund SEK SEK

318,460,257.24 (1,029,740.75) 317,430,516.49 –

8,821,823,424.63 19,497,088.98 8,841,320,513.61 6,913,537.28

2,427,693,083.82 42,534,235.03 2,470,227,318.85 –

2,194,255,225.37 23,885,057.66 2,218,140,283.03 848,558.84

287,913.24 2,021,983.94 3,524,219.56 – 323,264,633.23

51,285,407.27 74,346,847.18 858,767,620.31 – 9,832,633,925.65

191,642.92 9,202,231.73 275,653,349.74 5,200.97 2,755,279,744.21

7,312,864.15 19,823,128.18 153,754,524.96 1,385,675.23 2,401,265,034.39

– – – (129,303.64) (129,303.64)

– – (4,653,115.20) (20,030,671.04) (24,683,786.24)

(527,067.81) (120,516.00) (127.50) (158,205,048.69) (158,852,760.00)

(72,854.10) (14,387.69) (555,522.87) (22,921,302.32) (23,564,066.98)

323,135,329.59

9,807,950,139.41

2,596,426,984.21

2,377,700,967.41

488,080.2630 738,706.1860 50,378.0000 – – –

– – – 30,882.8000 69,548,128.8120 –

– – – – 57,303,555.0690 121,054,834.9410

– – – – – –

– – – – – 1,992,356.2200 1,000.0000

100.0000 24,007,549.8270 2,219,151.2320 500.0000 600,162.8120 – 563,287.9440

– – – – – – –

– – – – – – –

USD

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

39

Net Asset Value per "C (DKK)" unit as at 31 December 2015 Net Asset Value per "C (EUR)" unit as at 31 December 2015 Net Asset Value per "C (H-CHF)" unit as at 31 December 2015 Net Asset Value per "C (H-EUR)" unit as at 31 December 2015 Net Asset Value per "C (SEK)" unit as at 31 December 2015 Net Asset Value per "D (SEK)" unit as at 31 December 2015 Net Asset Value per "HNWC (H-NOK)" unit as at 31 December 2015 Net Asset Value per "HNWC (SEK)" unit as at 31 December 2015 Net Asset Value per "HNWD (SEK)" unit as at 31 December 2015 Net Asset Value per "IC (H-EUR)" unit as at 31 December 2015 Net Asset Value per "IC (SEK)" unit as at 31 December 2015 Net Asset Value per "ID (EUR)" unit as at 31 December 2015 Net Asset Value per "ID (SEK)" unit as at 31 December 2015

107.687

–

–

–

135.640

–

–

–

103.289

–

–

–

– –

100.621 100.914

– 22.598

– –

–

–

10.751

–

–

101.119

–

–

–

100.932

–

–

–

99.430

–

–

–

101.270

–

–

–

101.569

–

–

105.937

–

–

–

138.555

99.201

–

–

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

40

Statistical Information Heading As at 31 December 2015 He SEB Fund 5 SEB Bond Fund SEK

SEB Fund 5 SEB Corporate Bond Fund EUR

SEB Fund 5 SEB Corporate Bond Fund SEK

0 SEK

EUR

SEK

Number of "C (EUR)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

176,262,013.9030 199,436,073.5490 220,020,872.4680

– – –

Number of "C (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

6,302,799.0270 7,756,161.5280 8,336,760.3040

– – –

79,599,541.4110 103,647,095.4640 153,729,277.2340

Number of "D (EUR)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

10,167,346.4560 7,607,730.4090 37,233,221.8140

– – –

Number of "D (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

566,157.8720 447,040.8150 487,133.6300

– – –

9,435,323.2740 10,262,222.1380 9,719,334.8500

15,869,872.5620 16,585,552.1590 14,663,026.1800

– – –

– – –

– – –

– – –

100.0000 100.0000 –

0 467,662,285.73 552,367,933.72 533,362,278.05

0 291,503,645.81 328,599,951.11 371,800,321.42

0 1,432,388,348.59 1,883,903,355.81 2,554,847,433.45

Net Asset Value per "C (EUR)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

1.595 1.608 1.518

– – –

Net Asset Value per "C (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

50.767 50.918 47.740

– – –

16.813 17.138 15.982

Net Asset Value per "D (EUR)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

1.013 1.047 1.016

– – –

Net Asset Value per "D (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

12.257 12.591 12.097

– – –

9.968 10.480 10.079

8.869 9.153 8.830

– – –

– – –

– – –

– – –

102.204 103.613 –

Number of "HNWD (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013 Number of "IC P (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013 Total Net Assets as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

Net Asset Value per "HNWD (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013 Net Asset Value per "IC P (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

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

41

Heading He SEB Fund 5 SEB Bond Fund SEK

SEB Fund 5 SEB Corporate Bond Fund EUR

SEB Fund 5 SEB Corporate Bond Fund SEK

SEK

EUR

SEK

Performance in % "C (EUR)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

(0.8) 5.9 0.9

– – –

Performance in % "C (SEK)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

(0.3) 6.7 (0.5)

– – –

(1.9) 7.2 0.2

Performance in % "D (EUR)" units **) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

(0.7) 5.8 0.8

– – –

Performance in % "D (SEK)" units **) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

(0.3) 6.6 (0.5)

– – –

(1.8) 7.2 0.3

Performance in % "HNWD (SEK)" units **) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

(0.1) 6.7 (0.1)

– – –

– – –

Performance in % "IC P (SEK)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

– – –

(1.4) *****) 3.6 –

Dividend paid per D (EUR) unit 2015 2014 2013

0 – – –

0 0.0262 0.0284 0.0307

0 – – –

Dividend paid per D (SEK) unit 2015 2014 2013

0 0.3000 0.3000 0.2725

0 – – –

0 0.3200 0.3200 0.3645

Dividend paid per HNWD (SEK) unit 2015 2014 2013

0 0.2712 0.2712 0.3207

0 – – –

0 – – –

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

42

Heading He SEB Fund 5 SEB Bond Fund SEK

SEB Fund 5 SEB Corporate Bond Fund EUR

SEB Fund 5 SEB Corporate Bond Fund SEK

SEK

EUR

SEK

Ongoing Charges (Unaudited)***) in % 01/01/2015 - 31/12/2015 "C (EUR)" units 01/01/2015 - 31/12/2015 "C (SEK)" units 01/01/2015 - 31/12/2015 "D (EUR)" units 01/01/2015 - 31/12/2015 "D (SEK)" units 01/01/2015 - 31/12/2015 "HNWD (SEK)" units 01/01/2015 - 31/12/2015 "IC P (SEK)" units

– 0.57 – 0.57 0.44 –

0.84 – 0.83 – – –

– 1.06 – 1.05 – 0.51

Portfolio Turnover Rate (Unaudited) ****) (PTR) in % 01/01/2015 - 31/12/2015

79.0

29.8

(38.4)

*) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2015) / (NAV / Unit as at 31/12/2014) – 1) * 100 **) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2015 + dividend / Unit paid during the year) / (NAV / Unit as at 31/12/2014) – 1) * 100 ***) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the custodian transaction fees but excluding bank interest on cash accounts and performance fees/ average TNA) * 100. The Ongoing Charges of this financial report are dated 31 December 2015 and might differ from the Ongoing Charges published in the KIID. ****) PTR is calculated by the following formula: ((Total 1 – Total 2) / average TNA) * 100 *****) “IC P (SEK)” launched on 7 May 2014 at price of SEK 100. The first NAV was calculated on 8 May 2014. NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriptions + redemptions)

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

43

Heading He SEB Fund 5 SEB Danish Mortgage Bond Fund EUR

SEB Fund 5 SEB Dynamic Bond Fund

SEB Fund 5 Combined

SEK

SEB Fund 5 SEB Flexible Bond Fund SEK SEK

Number of "C (DKK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

488,080.2630 501,759.2630 157,171.6100

– – –

– – –

– – –

Number of "C (EUR)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

738,706.1860 71,297.0600 80,344.4460

– – –

– – –

– – –

Number of "C (H-CHF)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

50,378.0000 35,671.0000 66,093.0000

– – –

– – –

– – –

Number of "C (H-EUR)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

30,882.8000 16,797.3190 –

– – –

– – –

Number of "C (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– 18,539.6120 100.0000

69,548,128.8120 39,361,344.4980 –

57,303,555.0690 118,394,199.9680 135,287,594.8770

– – –

Number of "D (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

– – –

121,054,834.9410 176,418,357.0440 164,920,597.8240

– – –

Number of "HNWC (H-NOK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

100.0000 – –

– – –

– – –

Number of "HNWC (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

24,007,549.8270 6,278,883.7930 –

– – –

– – –

Number of "HNWD (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

2,219,151.2320 1,822,857.8830 –

– – –

– – –

Number of "IC (H-EUR)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

500.0000 500.0000 –

– – –

– – –

Number of "IC (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

600,162.8120 100.0000 –

– – –

– – –

Number of "ID (EUR)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

1,992,356.2200 1,513,649.6540 1,474,318.8020

– – –

– – –

– – –

Number of "ID (SEK)" units outstanding as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

1,000.0000 1,982.0280 82.0280

563,287.9440 560,263.5840 –

– – –

– – –

0

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

44

USD

Heading He SEB Fund 5 SEB Danish Mortgage Bond Fund EUR

SEB Fund 5 SEB Dynamic Bond Fund

SEB Fund 5 Combined

SEK

SEB Fund 5 SEB Flexible Bond Fund SEK SEK

0 323,135,329.59 189,113,961.08 173,118,166.74

0 9,807,950,139.41 4,854,872,861.23 –

0 2,596,426,984.21 4,653,255,100.07 4,897,935,724.58

0 2,377,700,967.41 2,171,346,348.83 1,991,801,682.84

Net Asset Value per "C (DKK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

107.687 108.378 102.072

– – –

– – –

– – –

Net Asset Value per "C (EUR)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

135.640 136.812 128.586

– – –

– – –

– – –

Net Asset Value per "C (H-CHF)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

103.289 105.289 99.337

– – –

– – –

– – –

Net Asset Value per "C (H-EUR)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

100.621 100.446 –

– – –

– – –

Net Asset Value per "C (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– 116.355 103.920

100.914 100.784 –

22.598 22.824 22.569

– – –

Net Asset Value per "D (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

– – –

10.751 11.059 11.185

– – –

Net Asset Value per "HNWC (H-NOK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

101.119 – –

– – –

– – –

Net Asset Value per "HNWC (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

100.932 100.606 –

– – –

– – –

Net Asset Value per "HNWD (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

99.430 100.602 –

– – –

– – –

Net Asset Value per "IC (H-EUR)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

101.270 100.671 –

– – –

– – –

Net Asset Value per "IC (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

101.569 101.093 –

– – –

– – –

Net Asset Value per "ID (EUR)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

105.937 111.435 105.318

– – –

– – –

– – –

Total Net Assets as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

USD

The accompanying notes are an integral part of these financial statements. 45

Heading He SEB Fund 5 Combined

SEK

SEB Fund 5 SEB Flexible Bond Fund SEK SEK

138.555 142.785 127.044

99.201 100.675 –

– – –

– – –

Performance in % "C (DKK)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

(0.6) 6.2 (0.7)

– – –

– – –

– – –

Performance in % "C (EUR)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

(0.9) 6.4 (0.6)

– – –

– – –

– – –

Performance in % "C (H-CHF)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

(1.9) 6.0 (0.8)

– – –

– – –

– – –

Performance in % "C (H-EUR)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

0.2 *********) 0.4 –

– – –

– – –

– 12.0 ******) 3.9

0.1 ********) 0.8 –

(1.0) 1.1 1.7

– – –

Performance in % "D (SEK)" units **) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

– – –

(1.0) 1.1 1.7

– – –

Performance in % "HNWC (H-NOK)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

**********) 1.1 – –

– – –

– – –

Performance in % "HNWC (SEK)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

0.3 *******) 0.6 –

– – –

– – –

Performance in % "HNWD (SEK)" units **) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

(1.2) *******) 0.6 –

– – –

– – –

Performance in % "IC (H-EUR)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

0.6 ********) 0.7 –

– – –

– – –

Performance in % "IC (SEK)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

– – –

0.5 ********) 1.1 –

– – –

– – –

(0.4) 6.8 (0.1)

– – –

– – –

– – –

Net Asset Value per "ID (SEK)" unit as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

Performance in % "C (SEK)" units *) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

Performance in % "ID (EUR)" units **) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013

SEB Fund 5 SEB Danish Mortgage Bond Fund EUR

SEB Fund 5 SEB Dynamic Bond Fund

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

46

USD

Heading He SEB Fund 5 Combined

SEK

SEB Fund 5 SEB Flexible Bond Fund SEK SEK

(3.0) 12.4 *****) 4.2

(1.5) ********) 0.7 –

– – –

– – –

0 – – –

0 – – –

0 0.2000 0.2500 0.3399

0 – – –

0 5.0718 1.0382 4.8412

0 – – –

0 – – –

0 – – –

Ongoing Charges (Unaudited) ***) in % 01/01/2015 - 31/12/2015 "C (DKK)" units 01/01/2015 - 31/12/2015 "C (EUR)" units 01/01/2015 - 31/12/2015 "C (H-CHF)" units 01/01/2015 - 31/12/2015 "C (H-EUR)" units 01/01/2015 - 31/12/2015 "C (SEK)" units 01/01/2015 - 31/12/2015 "D (SEK)" units 01/01/2015 - 31/12/2015 "HNWC (H-NOK)" units 01/01/2015 - 31/12/2015 "HNWC (SEK)" units 01/01/2015 - 31/12/2015 "HNWD (SEK)" units 01/01/2015 - 31/12/2015 "IC (H-EUR)" units 01/01/2015 - 31/12/2015 "IC (SEK)" units 01/01/2015 - 31/12/2015 "ID (EUR)" units 01/01/2015 - 31/12/2015 "ID (SEK)" units

0.82 0.81 0.82 – 0.85 – – – – – – 0.33 0.33

– – – 0.96 0.76 – 0.45 0.56 0.56 0.47 0.48 – 0.92

– – – – 0.56 0.56 – – – – – – –

– – – – – – – – – – – – –

Portfolio Turnover Rate (Unaudited) ****) (PTR) in % 01/01/2015 - 31/12/2015

79.4

(13.1)

4.8

–

Performance in % "ID (SEK)" units **) as at 31 December 2015 as at 31 December 2014 as at 31 December 2013 Dividend paid per D (SEK) unit 2015 2014 2013 Dividend paid per ID (EUR) unit 2015 2014 2013

SEB Fund 5 SEB Danish Mortgage Bond Fund EUR

SEB Fund 5 SEB Dynamic Bond Fund

USD

*) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2015) / (NAV / Unit as at 31/12/2014) – 1) * 100 **) Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2015 + dividend / Unit paid during the year) / (NAV / Unit as at 31/12/2014) – 1) * 100 ***) Ongoing Charges for the purposes of the financial statements are calculated by the following formula: (Expenses deducted from the assets including the custodian transaction fees but excluding bank interest on cash accounts / average TNA) * 100. The Ongoing Charges of this financial report are dated 31 December 2015 and might differ from the Ongoing Charges published in the KIID. ****) PTR is calculated by the following formula: ((Total 1 – Total 2) / average TNA) * 100. *****) “ID (SEK)” launched on 19 February 2013 at price of SEK 121.91. Performance is calculated by the following formula: ((NAV/ Unit as at 31/12/2013) / (Initial subscription price of SEK 121.91) - 1) * 100. ******) “C (SEK)” launched on 19 February 2013 at price of SEK 100. Performance is calculated by the following formula: ((NAV/ Unit as at 31/12/2013) / (Initial subscription price of SEK 100) - 1) * 100. *******) “HNWC (SEK)” and “HNWD (SEK)” launched on 7 May 2014 at price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of SEK 100)-1) * 100. ********) “C (SEK)”, “IC (SEK)”, “ ID (SEK)” and “IC (H-EUR)” launched on 29 January 2014 at price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of SEK 100) -1) * 100. *********) “C (H-EUR)” launched on 17 February 2014 at price of SEK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of SEK 100) -1) * 100. **********) ” HNWC (H-NOK)” launched on 13 March 2015 at price of NOK 100. Performance is calculated by the following formula: ((NAV / Unit as at 31/12/2014) / (Initial subscription price of NOK 100) -1) * 100. NAV = Net Asset Value TNA = Total Net Assets Total 1 = Total of securities transactions for the year under review (purchases + sales) Total 2 = Total of subscribed and redeemed units for the year under review (subscriptions + redemptions)

The accompanying notes are an integral part of these financial statements. 47

Additional Information on Management Feesh SEB Fund 5 - SEB Flexible Bond Fund SEK

ISIN Code

Fund Name

FI0008809397

SEB Foretagsobligationsfond Flexibel IC

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

48

Management fees in % 0.45

Notes to the Financial Statements Heading As at 31 December 2015 Heading 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 29 December 2015 for Sub-Funds SEB Fund 5 - SEB Bond Fund SEK, SEB Fund 5 - SEB Dynamic Bond Fund, SEB Fund 5 - SEB Flexible Bond Fund SEK and on 30 December 2015 for Sub-Funds SEB Fund 5 - SEB Corporate Bond Fund SEK, SEB Fund 5 - SEB Corporate Bond Fund EUR and SEB Fund 5 - SEB Danish Mortgage Bond Fund with the price as of that date. The valuation at 29 and 30 December 2015 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). 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.

49

Heading Heading i) Forward rate agreement is based on the present value between a fixed rate agreed by parties and the relevant reference rate, and resulting unrealised appreciation or depreciation are posted as change in net unrealised appreciation/(depreciation) on forward rate agreement to the Combined Statement of Changes in Net Assets. j) Credit default swaps (“CDS”) are marked to market based upon daily prices obtained from third party pricing agents. The trades are verified against the value from the counterparty. Changes in unrealised appreciation/(depreciation) are included in the Statement of Changes in Net Assets under the heading "Change in net unrealised appreciation/(depreciation) on credit default swaps". Interest received/paid is disclosed in the Statement of Operations under the heading "Interest received/paid on credit default swaps". Realised gain/losses including cash flows received/paid in relation to credit events, are included in the Combined Statement of Changes in Net Assets under the heading "Net realised gain/(loss) on credit default swaps". 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 Fund. While performing these transactions brokerage and transaction costs will occur. Acting in the Unitholders' interest, the Net Asset Value will be adjusted if on any Valuation Day the aggregate transactions in units of all Classes of a Sub-Fund result in a net increase or decrease of units which exceeds a threshold set by the Board of Directors of the Management Company from time to time (relating to the cost of market dealing for the Fund), the Net Asset Value per unit of the relevant Fund will be adjusted to reflect both the estimated fiscal charges and dealing costs (brokerage and transaction costs) that may be incurred by the Fund and the estimated bid/offer spread of the assets in which the respective Fund invests following the net movement of units of the Fund. The adjustment will be an addition when the net movement results in an increase of all units of the Fund and a deduction when it results in a decrease. Adjustments made during the year are recorded in “Proceeds on issue of units” and “Payment on 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 29 and 30 December 2015. 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. 50

Heading Heading 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 29 December 2015, the intraday exchange rates were as follows for SEB Bond Fund SEK, SEB Dynamic Bond Fund and SEB Flexible Bond Fund SEK and for the combined figures in the annual report were as follows: 1 EUR 1 GBP 1 DKK

= = =

1.093046431 USD 1.480750000 USD 0.146465346 USD

1 NOK = 1 SEK =

0.114976221 USD 0.119384032 USD

As at 30 December 2015, the intraday exchange rates were as follows for SEB Corporate Bond Fund EUR and SEB Corporate Bond Fund SEK and for the combined figures in the annual report were as follows 1 EUR

=

1.091990425 USD

1 SEK

=

0.118692711 USD

As at 30 December 2015, the exchange rates for SEB Danish Mortgage Bond Fund were as follows: 1 CHF 1 EUR

= =

1.009837628 USD 1.091343855 USD

1 DKK 1 SEK

= =

0.146256810 USD 0.118670171 USD

Income: Interest income and bank interest income are recognised on an accrual basis. Dividends are recorded on the exdividend date. This income is shown net of any withholding taxes and adjusted accordingly when tax reclaims apply. Note 2. Management Fees In payment for its services, the Management Company receives an annual rate of:  0.50% is charged on SEB Fund 5 - SEB Bond Fund SEK“C (SEK)” units  0.50% is charged on SEB Fund 5 - SEB Bond Fund SEK“D (SEK)” units  0.37% is charged on SEB Fund 5 - SEB Bond Fund SEK“HNWD (SEK)” units  0.70% is charged on SEB Fund 5 - SEB Corporate Bond Fund EUR “C (EUR)” units  0.70% is charged on SEB Fund 5 - SEB Corporate Bond Fund EUR “D (EUR)” units  1.00% is charged on SEB Fund 5 - SEB Corporate Bond Fund SEK“C (SEK)” units  1.00% is charged on SEB Fund 5 - SEB Corporate Bond Fund SEK“D (SEK)” units  0.50% is charged on SEB Fund 5 - SEB Corporate Bond Fund SEK“IC P (SEK)” units  0.75% is charged on SEB Fund 5 - SEB Danish Mortgage Bond Fund “C (EUR)” units  0.30% is charged on SEB Fund 5 - SEB Danish Mortgage Bond Fund “ID (EUR)” units  0.75% is charged on SEB Fund 5 - SEB Danish Mortgage Bond Fund “C (H-CHF)” units  0.75% is charged on SEB Fund 5 - SEB Danish Mortgage Bond Fund “C (DKK)” units  0.75% is charged on SEB Fund 5 - SEB Danish Mortgage Bond Fund “C (SEK)” units  0.30% is charged on SEB Fund 5 - SEB Danish Mortgage Bond Fund “ID (SEK)” units  0.90% is charged on SEB Fund 5 - SEB Dynamic Bond Fund “C (H-EUR)” units  0.45% is charged on SEB Fund 5 - SEB Dynamic Bond Fund “IC (H-EUR)” units  0.70% is charged on SEB Fund 5 - SEB Dynamic Bond Fund “C (SEK)” units  0.50% is charged on SEB Fund 5 - SEB Dynamic Bond Fund “HNW C (SEK)” units  0.50% is charged on SEB Fund 5 - SEB Dynamic Bond Fund “HNW D (SEK)” units  0.45% is charged on SEB Fund 5 - SEB Dynamic Bond Fund “IC (SEK)” units  0.90% is charged on SEB Fund 5 - SEB Dynamic Bond Fund “ID (SEK)” units  0.50% is charged on SEB Fund 5 - SEB Dynamic Bond Fund “HNW C (H-NOK)” units  0.50% is charged on SEB Fund 5 - SEB Flexible Bond Fund SEK “C (SEK)” units  0.50% is charged on SEB Fund 5 - SEB Flexible Bond Fund SEK “D (SEK)” units

(maximum rate: 0.80%) (maximum rate: 0.80%) (maximum rate: 0.80%) (maximum rate: 1.10%) (maximum rate: 1.10%) (maximum rate: 1.10%) (maximum rate: 1.10%) (maximum rate: 1.10%) (maximum rate: 0.75%) (maximum rate: 0.30%) (maximum rate: 0.75%) (maximum rate: 0.75%) (maximum rate: 0.75%) (maximum rate: 0.30%) (maximum rate: 0.90%) (maximum rate: 0.45%) (maximum rate: 0.70%) (maximum rate: 0.50%) (maximum rate: 0.50%) (maximum rate: 0.45%) (maximum rate: 0.90%) (maximum rate: 0.50%) (maximum rate: 0.80%) (maximum rate: 0.80%)

51

Heading Heading 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 custodian fees on behalf of the Fund. Note 3. Performance Fees In addition to the Management Fees, the Management Company is entitled to receive performance fees, payable out of the assets attributable to the relevant unit class of certain Sub-Funds. The performance fees 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 in the unit class of the SEB Danish Mortgage Bond Fund is calculated by taking the number of units in the unit class times the performance fee rate, 20%, times any positive excess performance per unit recorded on that day. The Sub-Fund uses to 75% Nykredit Danish Mortgage Bond Index and to 25% Effas Danish Government > 1 year as index when calculating excess performance. The performance fee in the unit classes C (SEK), HNWC (SEK), HNWC (H-NOK) and HNWD (SEK) of the SEB Dynamic Bond Fund is calculated by taking number of unit class times the performance fee rate, 10% times any positive excess performance per Unit recorded on that day. The Sub-Fund uses the principle of High Water Mark and the Risk Free Rate as a hurdle. For the unit classes C (SEK), HNWC (SEK) and HNWD (SEK) the “3-Month Treasury Bill” Return Index is used as the Risk Free Rate Index, also referred to as “Index”. For the unit class HNWC (H-NOK) the “ST1X” Index is used as the Risk Free Rate Index, also referred to as “Index”. As at 31 December 2015, these performance fees were as follows: SEB Fund 5 - SEB Danish Mortgage Bond Fund SEB Fund 5 - SEB Dynamic Bond Fund

87.86 3,369,734.21

EUR SEK

Note 4. Retrocession fees Retrocession of management fees received by the Fund related to investments made in underlying investment funds are recorded in the caption "Retrocession fees" in the Combined Statement of Operations. Note 5. Taxation The Fund is liable in Luxembourg to a subscription tax ("taxe d'abonnement") of 0.05% or 0.01% (as applicable) per annum of its NAV, such tax being payable quarterly on the basis of the value of the aggregate Net Assets of the SubFunds at the end of the relevant calendar quarter. Investments by a Sub-Fund in shares or units of another Luxembourg undertaking for collective investment which are also subject to the taxe d’abonnement are excluded from the NAV of the Sub-Fund serving as basis for the calculation of this tax to be paid by the Sub-Fund. No stamp duty or other tax is payable in Luxembourg on the issue of units. Interest, dividend and other income realised by a Sub-Fund on the sale of securities of non-Luxembourg issuers, may be subject to withholding and other taxes levied by the jurisdictions in which the income is sourced.

52

Heading Heading Note 6. Transaction Fees Transaction fees incurred by the Fund relating to the purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of custodian fees and broker fees. Most of the transaction fees are included in the transaction price used to calculate the realised and unrealised gain/(loss) on securities. As at 31 December 2015, these transaction fees were as follows: SEB Fund 5 - SEB Bond Fund SEK

20,065.60

SEK

SEB Fund 5 - SEB Corporate Bond Fund EUR

2,274.40

EUR

SEB Fund 5 - SEB Corporate Bond Fund SEK

28,397.21

SEK

SEB Fund 5 - SEB Danish Mortgage Bond Fund

2,205.00

EUR

SEB Fund 5 - SEB Dynamic Bond Fund

390,875.24

SEK

SEB Fund 5 - SEB Flexible Bond Fund SEK

262,393.34

SEK

Note 7. Collateral As at 31 December 2015, the following security was held with the broker as collateral for the broker for commitment on future positions: Sub-Fund SEB Fund 5 – SEB Bond Fund SEK

Security Description 5.00% Sweden Government Bond 01/12/20

Nominal SEK 10,000,000

Note 8. Significant Events during the year Directors There were changes to the Board of Directors and the Conducting Officers of the Fund during the year. Please refer to the Organisation section on page 3 for details. Note 9. Subsequent events after the year end There were no subsequent events after the year end.

53

Audit Report To the Unitholders of SEB Fund 5 We have audited the accompanying financial statements of SEB Fund 5 and of each of its Sub-Funds, which comprise the Combined Statement of Net Assets and the Schedule of Investments as at 31 December 2015 and the Combined Statement of Operations and the Combined Statement of Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the Management Company for the financial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the “Réviseur d’entreprises agréé” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

............................................................................................................................................................................................................................................................................ PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P.1443, L-1014 Luxembourg T: +352 494848 1, 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

54

pwc

Opinion In our opinion, the financial statements give a true and fair view of the financial position of SEB Fund 5 and of each of its Sub-Funds as of 31 December 2015, and of the results of their operations and changes in their Net Assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers, Société coopérative Represented by

54

Luxembourg, 4 April 2016

Notes to the “EU Savings Tax Directive” (unaudited) The Council of the European Union adopted on 3 June 2003 a Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments (the "Savings Tax Directive") under which Member States of the European Union ("Member States") will be required to provide tax authorities of another Member State with details of payment of interest or other similar income paid by a person within its jurisdiction to an individual resident in that other Member State. Austria, Belgium and the Grand Duchy of Luxembourg have opted alternatively for a withholding tax system for a transitional period in relation to such payments. The Luxembourg law of 21 June 2005 implemented the Savings Directive into Luxembourg law (the "Savings Directive Law"). Pursuant to the Savings Directive Law, from 1 July 2005 until 30 June 2008, the withholding tax rate on interest was 15% and from 1 July 2008 until 30 June 2011, the withholding tax was 20% rising to 35% from 1 July 2011 onwards. After 31 December 2014, Luxemburgish paying agents are obliged to exchange the details on cross-border interest distributions or redemptions of fund units subject to the European Savings Directive (EUSD). Article 9 of the Savings Directive Law provides that no withholding tax will be withheld if the beneficial owner expressly authorizes the Paying Agent to report information in accordance with the provisions of the Savings Directive Law. Dividends distributed are subject to the Savings Tax Directive if more than 15% of the assets are invested in debt claims as defined in the Savings Directive Law. Proceeds realised by Unitholders on the disposal of units will be subject to such reporting or withholding if more than 40% of the assets are invested in debt claims as defined by the Savings Directive Law. As from 1 January 2011 the application threshold for the EU Savings Directive changed from 40% to 25%. The determination of the portion of debt claims has been carried out based on an asset test. Key dates for this asset test were 30 June 2015 and 31 December 2015. The average percentage of each Sub-Fund’s debt claims is as follows: SEB Fund 5 - SEB Bond Fund SEK: SEB Fund 5 - SEB Corporate Bond Fund EUR: SEB Fund 5 - SEB Corporate Bond Fund SEK: SEB Fund 5 - SEB Danish Mortgage Bond Fund: SEB Fund 5 - SEB Dynamic Bond Fund: SEB Fund 5 - SEB Flexible Bond Fund SEK:

100% 100% 100% 100% 100% 100%

Therefore, all Sub-Funds are subject to the Savings Tax Directive in regards to the dividend distribution and also to the proceeds realised by the Unitholders on the disposal of units, for the period from 1 May 2016 to 30 April 2017.

56

Risk Disclosure (unaudited) Heading 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 5, the global exposure is calculated and monitored daily by using the calculation methodology Value at Risk (VaR). The VaR model used is parametric VaR or historic VaR. The observation period is at least 250 days. The VaR methodology provides an estimate of the maximum potential loss over a specific time period and at a given confidence level, i.e. probability level. Usually for UCITS, the time period is 1 month/20 business days and the confidence level is 99%. For example, a VaR estimate of 3% on a 20-days’ time period with a 99% confidence level means that, with 99% certainty, the percentage the Fund can expect to lose over the next 20 days’ period should be a maximum of 3%. In case of the VaR methodology, the Fund can use either the “relative” or the “absolute” VaR approach. According to CSSF Circular 11/512, the absolute VaR approach must not be greater than 20% based on a 99% confidence level and a holding period of 1 month/20 business days. In the case of the relative VaR approach, the VaR of the Fund must not be greater than twice the VaR of its reference portfolio. Nevertheless, lower limitations than those ones set by the regulator can be set in accordance with the investment policy/strategy of the fund. In addition to the VaR, the level of leverage generated through the use of derivatives and the use of collateral in relation to efficient portfolio management transactions (i.e. securities lending or repurchase agreements) is monitored twice a month. Leverage is measured as the sum of the absolute notional exposures of the financial derivative instruments (i.e. the absolute sum of all long and short notional positions in derivatives compared to the Net Asset Value of the Fund) and the reinvestment of collateral related to securities lending or repurchase agreement used by the Fund. The below overview summarises the Fund indicating the VaR approach, the reference portfolio (in the case of relative VaR), the legal VaR limit, the lowest/highest and average utilisation of VaR (expressed as a percentage of the respective absolute or relative legal VaR limit) as well as the average level of leverage for the year ended 31 December 2015: Fund

Relative/ Absolute VaR

Reference portfolio

SEB Fund 5 SEB Bond Fund SEK

Relative

SEB Fund 5 SEB Corporate Bond Fund EUR

Relative

OMRXBond ALL Index Barclays Capital Corporate Bond Index EUR

Lowest utilisation of VaR

Highest utilisation of VaR

Average utilisation of VaR

Average Leverage1

Average Leverage (including FX forwards for unit – class hedging)

44.22%

55.08%

50.63%

19.87%

N/A

41.34%

56.98%

52.80%

0.79%

N/A

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Heading

1

SEB Fund 5 SEB Corporate Bond Fund SEK

Relative

17.25%

55.76%

35.10.%

221.61%

N/A

Absolute

Barclay Capital US corporate (50%), Barclay Capital Euro corporate (50%) N/A

SEB Fund 5 SEB Danish Mortgage Bond Fund* SEB Fund 5 SEB Dynamic Bond Fund* SEB Fund 5 SEB Flexible Bond Fund SEK

11.43%

49.90%

26.01%

208.32%

211.95%

Absolute

N/A

1.13%

4.29%

2.53%

115.69%

116.22%

Absolute

N/A

1.43%

3.41%

2.08%

289.98%

N/A

The FX forwards serving the purposes of unit-class(es) hedging, if any, are not included in the leverage calculation.

* SEB Danish Mortgage Bond Fund and SEB Dynamic Bond Fund use the historical VaR model.

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SEB Asset Management S.A. 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 59