1 Annual Report 2018

Half Year 1 2018

Full Year 2 2018

Annual Report 2018 Securities Funds Managed by Storebrand Asset Management AS Contents

Board of Directors Report 2018 3

Accounts and notes Delphi Fondene 6 Storebrand Fondene 11

Portfolios Delphi Fondene 24 Storebrand Fondene 35

Stock Exchanges 227

Auditor's Report 228

Returns and Risk 231

Directors' Report 2018 regarding mutual funds managed by Storebrand Asset Management AS

About the company while fears of a trade war with the USA increased during Storebrand Asset Management AS (SAM) is a manage- the year. ment company licensed pursuant to the Norwegian Secu- rities Funds Act and Alternative Investment Funds Act to, Return and risk among other things, manage mutual funds and alternative The stock exchange downturn is reflected in the change investment funds and licensed pursuant to the Securities in the funds' value, and 25 of 37 funds produced a nega- Trading Act to carry out active management. The com- tive return in 2018. pany was established in 1981 and is a wholly owned subsidiary of Storebrand ASA. The company's operations are Among 14 active equity funds, two increased in value carried out from Storebrand's head office at Lysaker, out- while five produced a higher return than their benchmark. side Oslo. Storebrand Vekst and Storebrand Norge Fossilfri achieved positive excess returns of 3.2 per cent and 2.5 per cent The company's subsidiary SKAGEN AS is located in Sta- respectively. On the other hand, Delphi Norge generated vanger, while its subsidiaries SPP Fonder AB and Sto- a negative excess return of 12.8 per cent. rebrand Fastigheter AB are located in Stockholm. SAM also has a Swedish branch located in Stockholm. The The factor funds produced a negative absolute return and Storebrand Luxembourg SA subsidiary did not have any a worse return than their benchmarks, while the index- significant activity in 2018 and was wound up in Decem- tracking funds' returns and risks were in line with the un- ber. SAM and its subsidiaries comprise Storebrand's as- derlying markets. set management operations. Ten of the 11 interest-rate funds increased in value, while SAM has outsourced some tasks to Storebrand's strate- eight of the 11 generated a better return than their bench- gic partner Cognizant. The outsourcing mainly comprises marks. Storebrand Rente+ excelled in this group, with the securities settlements, control functions linked to the highest increase in value, 2.1 per cent, and a positive ex- pricing of securities and portfolio values, master data, cess return of 1.6 per cent compared to its benchmark. reporting, mandate checks and application operations. Risk Trade war and stock exchange downturn A mutual fund's risk level depends on several factors: market developments, the fund's strategy and the man- In 2018, global stock markets fell by almost eight per cent ager's freedom when carrying out the mandate. There is measured in local currency. This was the first negative no individual financial ratio that tells the full truth about calendar year since 2011. The US stock market was the fund's risk level. However, the fund industry in Nor- strongest, while both Europe and emerging markets were way and abroad has started to use a uniform risk scale weaker. Developments were particularly poor in the fourth based on guidelines issued by the European Securities and quarter. The Norwegian krone also deteriorated in 2018, Markets Authority – ESMA. The methodology described by especially in the fourth quarter. ESMA is included in a fund's statutory Key Investor Infor-

mation Document – KIID, and means, among other Oslo Stock Exchange fell by just under two per cent and things, that the fund's risk level is to be stated on a scale also experienced the first negative calendar year since of 1 to 7 based on price fluctuations. The price fluctuations 2011. The oil price rose along with the price of other asset are calculated using the fund's standard deviations over classes for a long time, but it too fell sharply in the last the past five years. The history of funds with an insuffi- quarter when the financial markets became more nerv- cient returns history is to be supplemented by using the ous. benchmark's return. A fund's risk class may change if cal-

culations of the standard deviation over a lengthy period The stock exchange downturn is naturally reflected in the indicate the new risk class. funds' returns for 2018 and most equity funds fell in value by as much as or more than their benchmarks. However, At the end of 2018, all Storebrand's equity funds were in Storebrand Vekst and Storebrand Norge Fossilfri in- risk class 5, which indicates a medium to high risk. The creased in value by 1.4 per cent and 0.3 per cent respec- interest-rate funds were assigned a risk class of 1-3, while tively. The latter fund does not invest in the energy sector the combination funds were in risk class 4. The table fol- and thus avoided some of the downturn due to the fall in lowing the directors' report shows the funds' returns in the oil price. 2018, price fluctuations and risk classes.

The US central bank continued to lead the monetary-pol- Range of funds icy normalisation process, with four interest-rate hikes and a reduction in its balance sheet. The European central Storebrand Asset Management AS manages a total of 37 bank also reduced its bond purchases and terminated mutual funds, mainly under the Storebrand and Delphi these at the year-end. Norway's central bank followed the brands. In 2018, most of the funds introduced unit classes USA's lead and raised the base rate for the first time since so that the same fund can be offered to different client 2011. Market interest rates rose until October, when in- segments. Subscriptions for a total of 20 new unit classes terest-rate expectations fell sharply as a result of the mar- were received during the year. ket unrest. At the year-end, the funds had total assets under man- On the macro front, there was clear divergence between agement of NOK 118.4 billion, compared to NOK 109.4 the major economies. Growth in the USA was fuelled by billion at the year-end 2017. The increase in assets under sharp tax cuts, while there was a clear slowdown in management is due to the funds receiving total net sub- growth momentum in the eurozone due to Italian unrest scriptions of NOK 15.4 billion, combined with a total asset- and the German automotive industry. Growth in China value reduction of NOK 6.4 billion. The company's market also declined as a result of the desired reduction in debt,

3 share1 measured by assets under management equalled future in which you have the financial freedom to do what 10.5 per cent at the year-end, which is a marginal in- you want. We aim to ensure that our clients have a future crease on the previous year (10.4 per cent in 2017). to look forward to. We do this by thinking long-term, showing that sustainability is the key to progress, and al- ways putting our clients' needs first. Andels‐ Minste‐ The Storebrand Group's sustainability work started in as- klasse Valuta tegning Kundesegment set management, where we established a separate sus- A NOK 100 Personkunder tainability analysis of our investments in 1995. Four areas BNOK10 000 000 Storkunder are especially important in our sustainability work: sustainable investments; climate strategy; sustainability N NOK 100 Distributører guidelines; and obligations and cooperation. A2 SEK 100 Personkunder A3 EUR 100 Personkunder By systematically screening all our companies, our asset- A4 USD 100 Personkunder management sustainability team analyses their ability to adapt to global sustainability trends. Our methods allow N2 SEK 10 000 000 Distributører us to exclude companies that fail to live up to our sustainable-investment standard, pick the best companies that N3 EUR 10 000 000 Distributører are positioned for global challenges, and rank all our funds Unit class A is available to anyone who can provide a min- according to their level of sustainability. imum subscription amount of NOK 100, while unit class B requires a minimum subscription amount of NOK 10 mil- We have implemented our own climate strategy in our lion. Subject to given conditions, unit class N may be used sustainability analysis and work purposefully to ensure by distributors that have a distribution agreement with the that our operations have as little effect on the climate as management company. Some funds are also available in possible. denomination currencies other than Norwegian krone and these are primarily intended for our international clients. We have guidelines for how we are to operate and work The following new unit classes were subscribed for in on sustainability, and these apply to all our operations. 2018: We have a number of obligations to operate sustainably through our participation in international collaborations, including UNPRI, the UN principles for responsible investment, and PSI, the UN principles for sustainable insur- ISIN Fond og andelsklasse ance. The sustainability report is an integral part of Sto- NO0010817406 Delphi Global A3 rebrand ASA's annual report and complies with the Global NO0010817372 Delphi Global N Reporting Initiative (GRI) reporting guidelines. NO0010817679 Storebrand Global ESG Plus A3 NO0010817695 Storebrand Global ESG Plus A4 Ethics and trust NO0010817844 Storebrand Global Indeks A Storebrand makes its living from trust. The Group re- NO0010839608 Storebrand Global Indeks A3 quires employees to maintain a high ethical standard. NO0010839640 Storebrand Global Indeks A4 NO0010817869 Storebrand Global Indeks Valutasikret A Storebrand also has ethical rules that are an important tool in everyday life, and these are followed up each year NO0010817935 Storebrand Global Kreditt IG A through training and measurements. Management groups NO0010817539 Storebrand Global Multifactor A3 at all levels in the Group discuss ethical dilemmas and ex- NO0010817554 Storebrand Global Multifactor A4 amine the rules at least once a year. The Group's rules on NO0010817505 Storebrand Global Multifactor N anti-corruption, whistleblowing and internal fraud are part NO0010817885 Storebrand Global Multifaktor Valutasikret N of the ethical rules and apply to all employees and con- NO0010817703 Storebrand Global Solutions N sultants who work for Storebrand. NO0010817893 Storebrand Indeks ‐ Alle Markeder N NO0010817919 Storebrand Indeks ‐ Nye Markeder N Environment NO0010818032 Storebrand Norsk Kreditt IG 20 A The company strives to reduce the environmental impact of its operations, investments, purchases and property NO0010818016 Storebrand Norsk Kreditt IG A management. The emissions we nevertheless produce, NO0010818057 Storebrand Rente+ N through travel and the use of energy, are offset by pur- NO0010817836 Storebrand Verdi N chasing verified climate quotas. The Storebrand Group stipulates strict environmental requirements for its sup- pliers and the companies in which it invests. The compa- Extra-large redemptions ny's head office is a low-emission building that uses re- SAM has established special routines for large fund renewable energy sources such as solar energy and district demptions and subscriptions, and these ensure the equal heating. The building is also Eco-Lighthouse certified. treatment of unit holders. Storebrand Global Indeks, Sto- rebrand Indeks – Alle Markeder, SEB NOK Liquidity Fund For further information, refer to the more detailed sus- and FO Norsk Likviditet received redemption requests that tainability report in the Storebrand Group's annual report. individually comprised more than 10 per cent of the fund's value. Large redemptions of units in 2018 have not af- Risk and risk management fected the funds' unit value to any significant extent.

The funds' risk levels Corporate social responsibility The various funds' risk profiles are regulated by prospec- tuses and rules. A fund's risk class is based on monthly Sustainability observations of fluctuations in the fund's unit price over Our internal driving force is to create security today and the past five years. a future you can look forward to. Our objective describes what we are working for every day: a safe, sustainable

1 Source: The Norwegian Fund and Asset Management Association

4 All mutual funds are subject to liquidity risk, which is the risk of it being impossible to convert the investments into Daily independent checks that the funds' investments cash at a given time because there are no buyers in the comply with the rules and investment mandates ensure market. that the funds are managed in accordance with prevail- ing legislation, defined risk measurements and allocation Funds that have invested in money-market instruments restrictions. Any breaches are followed up by the man- and bonds are exposed to interest-rate risk and credit agement company's control functions and reported to risk. Interest-rate risk is the risk of changes in a fund's the board quarterly. value as a result of changes in the general interest level. Credit risk is the risk that a bond issuer will be unable to Organisation meet its obligations when the bond falls due. In addition, SAM administers and is responsible for managing the uncertainty about an issuer's ability to pay may lead to a funds, while JP Morgan Europe Limited Oslo Branch is the temporary or permanent reduction in the security's value, depositary. including the risk that the issuer will go bankrupt. The mutual funds as such have no employees and their Equity funds are exposed to stock-market risk. A portfo- operations do not affect the external environment. lio's value may fall as a result of changes in financial markets or macro-economic factors. Funds that invest in for- Storebrand Asset Management AS had 175 full-time eign securities are in addition exposed to the risk of a equivalents at the end of 2018, while the Group had 286 change in the fund value as a result of changes in foreign- full-time equivalents. The Group's employees consist of exchange rates. 66 per cent men and 34 per cent women. Two of the six board members are women. Some funds use derivatives to reduce their risk exposure. Information on the use of derivatives is provided in a sep- Karsten Solberg has been appointed a new board member arate note to the accounts of these funds. to replace Frode M. Aasen, while Brita Cathrine Knutson is a new board member who replaces Karin Wennberg Risk management Ellefsen. Investment risk is managed by active portfolio management within pre-defined frameworks and restrictions. SAM Accounts has a disciplined investment methodology involving fo- cused and controlled risk-taking. Managers of active funds The board confirms that the funds' annual accounts are focus on choosing individual investments, but also contin- presented on a going concern basis. The management uously analyse and check the fund's investment-style company's accounts are also presented on the basis that risks and sector risks. A key measurement here is the rel- this entity is a going concern. The management compa- ative risk compared to that of the fund's benchmark. "Rel- ny's annual accounts show a satisfactory financial posi- ative volatility" is a measure of how much the achieved tion. The board's proposal regarding the allocation of return can be expected to deviate from that of the fund's profit or settlement of loss is shown under each mutual benchmark. A performance goal, the "Information Ratio" fund's profit and loss account. (IR), is used for some funds and shows how much positive/negative excess return an investor has for the risk taken compared to the benchmark.

Lysaker, 22 March 2019

The Board of Storebrand Asset Management AS

Odd Arild Grefstad Lars Løddesøl Chair

Sverre Dale Moen Brita Cathrine Knutson

Hilde Marit L. Hengebøl Karsten Solberg

Jan Erik Saugestad CEO

5 Annual accounts 2018

Income statement Delphi Delphi Delphi Nordic Europe Global (in NOK 1000) Note 2018 2017 2018 2017 2018 2017

Portfolio profits and losses Interest income ‐1 076 ‐2 426 ‐564 ‐646 366 53 Dividend 167 017 173 183 31 553 36 708 45 751 65 134 Gains/losses on realizations 152 043 1 099 283 ‐26 584 231 820 96 630 625 183 Net change in unrealized capital gains/losses ‐963 676 ‐94 482 ‐208 850 ‐16 828 ‐378 144 ‐83 494 Other portfolio income and costs ‐266 ‐69 ‐56 ‐92 ‐169 81 Portfolio profits and losses ‐645 960 1 175 490 ‐204 501 250 961 ‐235 567 606 957

Management income and costs Management fee ‐116 636 ‐136 972 ‐27 799 ‐32 022 ‐59 459 ‐67 797 Management fee ‐ variable ‐ ‐ ‐ ‐ 18 706 ‐4 155 Management profits and losses ‐116 636 ‐136 972 ‐27 799 ‐32 022 ‐40 753 ‐71 952

Year's profit/loss ‐762 595 1 038 518 ‐232 300 218 939 ‐276 320 535 005

Allocation of net income/loss coverage Transfers to/from retained earnings ‐762 595 1 038 518 ‐ 232 300 218 939 ‐276 320 535 005 Sum ‐762 595 1 038 518 ‐232 300 218 939 ‐276 320 535 005

Balance 31.12.2018 31.12.2017 31.12.2018 31.12.2017 31.12.2018 31.12.2017

Assets Securities at cost 4 128 199 5 397 051 1 058 580 1 344 303 2 273 313 2 732 992 Unrealized gains/losses ‐18 312 945 546 ‐2 990 206 029 133 728 511 970 Accrued interest securities ‐ ‐ ‐ 0 ‐ 1 Sum securities portfolio 2 4 109 888 6 342 597 1 055 591 1 550 332 2 407 041 3 244 963 Receivables Receivable dividends 15 702 10 535 7 144 4 332 6 671 4 973 Receivable interest bank ‐55 ‐ 29 ‐38 ‐21 31 64 Sum receivables 15 646 10 506 7 106 4 311 6 703 5 037 Unsettled from brokers 3 915 ‐ ‐ Unsettled from clients 1 765 3 376 887 1 555 1 582 678 Sum unsettled receivables 5 680 3 376 887 1 555 1 582 678 Bank deposits 320 002 75 741 78 085 40 068 162 398 68 074 Total assets 4 451 215 6 432 220 1 141 669 1 596 267 2 577 724 3 318 752

Equity

Share capital at par 143 822 180 076 382 093 449 411 1 096 253 1 039 506 Above/under par value 5 055 291 5 199 934 989 532 924 353 1 748 260 1 726 804 Total paid‐in equity capital 5 199 113 5 380 010 1 371 624 1 373 764 2 844 513 2 766 310 Retained earnings ‐762 595 1 038 518 ‐232 300 218 939 ‐276 320 535 005 Sum equity 7 4 436 518 6 418 528 1 139 325 1 592 703 2 568 193 3 301 315

Liabilities Unsettled management fees 731 1 056 188 262 2 341 9 212 Unsettled redemptions 6 576 2 473 295 702 3 212 2 913 Tax debt ‐ ‐ ‐ ‐ ‐ ‐ Other liabilities 7 391 10 163 1 862 2 601 3 978 5 312 Sum liabilities 14 698 13 692 2 345 3 564 9 531 17 437 Total equity and liabilities 4 451 215 6 432 220 1 141 669 1 596 267 2 577 724 3 318 752

Board of Directors at Storebrand Asset Management AS, Lysaker 22. mars 2019

Odd Arild Grefstad Lars Aa Løddesøl Sverre Dale Moen Hilde Marit Lodvir Hengebøl Styrets leder

Brita Cathrine Knutson Karsten Solberg Jan Erik Saugestad administrerende direktør

6 General notes 2018 Note 1: Accounting principles All figures in NOK 1,000 unless otherwise stated.

The 2018 accounts have been prepared in accordance with the Norwegian Accounting Act and regulations governing the annual accounts of securities funds.

Financial instruments: All financial instruments, such as shares, bonds, interest‐bearing securities, interest swaps and forex forward contracts are valued at their fair value (market value).

Determination of fair value: Securities are valued at their market price on 28 December 2018. The same applies to exchange rates.

Norwegian interest‐bearing securities are primarily valued using prices quoted by Nordic Bond Pricing. Foreign interest‐bearing securities are primarily valued using prices quoted by Bloomberg and Reuters.

Interest swaps and forex forward contracts are valued theoretically, based on discounted future cash flows.

Futures contracts are realized daily and thus have no balance sheet carrying amount

Unlisted shares are priced in accordance with official OTC lists of unlisted shares. If there are no such lists, the share is priced at its last traded value. This comprises an insignificant share of the portfolio.

Realized gains and losses: When investments are realized, the accounting gain or loss is calculated based on the acquisition cost. Currency gains/losses not relatet to securities, emerges as portefolio revenue/costs.

Transaction costs: Transaction costs incurred when buying securities (brokerage and costs) are capitalized as part of the cost of the security and comply with the realization principle.

Distributions to unit holders: For interest‐rate funds, the profit for tax purposes, consisting of interest incomes, realized gains/losses and other incomes minus the management fee and transaction‐driven costs, is distributed to those that were unit holders on 31 December. All distributions to unit holders in interest‐rate funds are treated as an allocation of profit in accordance with the regulations governing annual accounts for securities funds.

Remuneration scheme: The reumuneration scheme in Storebrand Asset Management AS consists of fixed salaries and variable remuneration. The fixed salaries are set on a marked based evaluation, and the variable remuneration is based on a comprehensive evaluation of the teams resaults and individuales performance. A more detailed decription is available at www.storebrand.no/saminfo.

Note 2: Portfolio overview

7 Delphi Nordic Noter Note 3: Accounting principles and market risk Delphi Nordic (UCITS) is an equity fund that aims to provide the highest possible long‐term return within its investment frameworks. The fund invests mainly in companies listed on nordic stock exchanges. Its benchmark is VINX Nordic Index measured in NOK. The fund is subject to the general market risk linked to stock market investments. It is also subject to foreign‐exchange risk since foreign investments are not currency hedged.

Note 4: Custodial expenses, brokerage and costs Transaction costs relating to the purchase of securities (brokerage) are capitalized as part of the cost of the security and comply with the realization principle. 2018 2017 Transaction costs in whole NOK 10 796 859 11 711 826

Note 5: Turnover ratio The turnover ratio i s calculated as the lesser for the year's sales or purchases devided by the average assets under management 2018 2017 Turnover ratio: 1,24 1,09

Note 6: Management fee and commission The management fee is calculated as a percentage of the daily assets under management.

Unit Class Management fee p.a. Currency Minimum subcriptions Delphi Nordic A 2,00 % NOK 100

The normal commission for subscriptions and redemptions is 0%, but commission of 0.2% may be incurred for amounts in excess of 2 million.

Note 7: Equity 2018 2017 Equity capital as of 01.01 6 418 528 6 376 376 Subscriptions 851 634 1 107 803 Redemptions ‐2 071 049 ‐2 104 169 Profit of the year ‐232 300 1 038 518 Equity capital as of 31.12 4 966 814 6 418 528

Note 8: No. of units (in whole figures)

Unit class 31.12.2018 31.12.2017 31.12.2016 No. Of units Delphi Nordic A 143 822 180 075 208 379 Price Delphi Nordic A3 0 847 35 643 30 600

Note 9: Tax Equity funds are essentially exemt from tax on gains and do not have a right to deduct for losses on the realization of shares. Furthermore, dividends received from companies within the EEA are basically tax‐exempt. However, 3% of these dividendes are treated as taxable income to Norway. Dividendes received form companies outside the EEA are taxable. The funds can be charged with witholding tax on dividends received form all foreign companies. The fund is not in payable tax position, thereby deferred tax assets is not included in the balance sheet.

Note 10: Changes in value over the past five years Year 2018 2017 2016 2015 2014 Fund ‐13,46 % 16,48 % 1,23 % 45,80 % 26,39 % Benchmark ‐5,88 % 19,24 % ‐3,06 % 22,06 % 18,60 %

Note 11: Related parties Companies in the Storebrand Group and/or funds managed by Storebrand own units in the fund equal to 8,91% of the assets under management.

8 Delphi Europe Noter Note 3: Accounting principles and market risk Delphi Europe (UCITS) is an equity fund that aims to provide the highest possible long‐term return within its investment frameworks. The fund invests mainly in companies listed on european stock exchanges. Its benchmark is MSCI Europe Index measured in NOK. The fund is subject to the general market risk linked to stock market investments. It is also subject to foreign‐exchange risk since foreign investments are not currency hedged.

Note 5: Turnover ratio The turnover ratio i s calculated as the lesser for the year's sales or purchases devided by the average assets under management 2018 2017 Turnover ratio: 1,67 1,94

Note 6: Management fee and commission The management fee is calculated as a percentage of the daily assets under management.

Unit Class Management fee p.a. Currency Minimum subcriptions Delphi Europe A 2,00 % NOK 100

The normal commission for subscriptions and redemptions is 0%, but commission of 0.2% may be incurred for amounts in excess of 2 million.

Note 7: Equity 2018 2017 Equity capital as of 01.01 1 592 703 1 559 705 Subscriptions 174 579 243 722 Redemptions ‐395 657 ‐429 663 Profit of the year ‐276 320 218 939 Equity capital as of 31.12 1 095 305 1 592 703

Note 8: No. of units (in whole figures)

Unit class 31.12.2018 31.12.2017 31.12.2016 No. Of units Delphi Europe A 382 093 449 411 506 367 Price Delphi Europe A2 982 3 544 3 080

Note 10: Changes in value over the past five years Year 2018 2017 2016 2015 2014 Fund ‐15,86 % 15,06 % ‐2,62 % 20,00 % 11,45 % Benchmark ‐9,87 % 19,26 % ‐3,14 % 14,70 % 15,95 %

Note 11: Related parties Companies in the Storebrand Group and/or funds managed by Storebrand own units in the fund equal to 10,10% of the assets under management.

9 Delphi Global Noter Note 3: Accounting principles and market risk Delphi Global (UCITS) is an equity fund that aims to provide the highest possible long‐term return within its investment frameworks. The fund invests mainly in companies listed on global stock exchanges. Its benchmark is MSCI World Index measured in NOK. The fund is subject to the general market risk linked to stock market investments. It is also subject to foreign‐exchange risk since foreign investments are not currency hedged.

Note 5: Turnover ratio The turnover ratio are the sum of the year's purchases and sales of asset divided by two, and then divided by the average assets under management. 2018 2017 Turnover ratio: 1,51 1,75

Note 6: Management fee and commission The management fee is calculated as a percentage of the daily assets under management.

Unit Class Management fee p.a. Currency Minimum subcriptions Delphi Global A0‐4% NOK 100 Delphi Global A3 2 % EUR 100 Delphi Global N1 % NOK 100

The normal commission for subscriptions and redemptions is 0%, but commission of 0.2% may be incurred for amounts in excess of 2 million.

Note 7: Equity 2018 2017 Equity capital as of 01.01 3 301 315 3 368 611 Subscriptions 968 706 478 856 Redemptions ‐1 425 509 ‐1 081 157 Profit of the year ‐276 320 535 005 Equity capital as of 31.12 2 568 193 3 301 315

Note 8: No. of units (in whole figures)

Unit class 31.12.2018 31.12.2017 31.12.2016 No. Of units Delphi Global A 801 904 1 039 506 1 243 236 No. Of units Delphi Global A3 100 ‐‐ No. Of units Delphi Global N 294 249 ‐ ‐ Price Delphi Global A2 877 3 176 2 710 Price Delphi Global A3 853 ‐‐ Price Delphi Global N 886 ‐ ‐

Note 9: Skatt Equity funds are essentially exemt from tax on gains and do not have a right to deduct for losses on the realization of shares. Furthermore, dividends received from companies within the EEA are basically tax‐exempt. However, 3% of these dividendes are treated as taxable income to Norway. Dividendes received form companies outside the EEA are taxable. The funds can be charged with witholding tax on dividends received form all foreign companies. The fund is not in payable tax position, thereby deferred tax assets is not included in the balance sheet.

Note 10: Changes in value over the past five years (Delphi Global A) Year 2018 2017 2016 2015 2014 Fund ‐9,40 % 17,21 % ‐0,71 % 19,59 % 24,86 % Benchmark ‐3,36 % 16,31 % 4,55 % 17,03 % 29,68 %

Note 11: Related parties Companies in the Storebrand Group and/or funds managed by Storebrand own units in the fund equal to 11,35% of the assets under management.

10 11 12 13 14 15 16 17 18 19 20 21 22 23 Portfolio

Delphi Europe NO0010039712

31/12/2018

Equities

Name Country Exchange Nominal Book value Market Value Percentage weight

Koninklijke Ahold Delhaize NV NL XAMS 215,000 41,242,116 46,980,705 4.12%

Unilever NL NL XAMS 95,000 45,830,207 44,592,879 3.91%

Nestle CH XVTX 51,600 36,666,242 36,169,922 3.17%

Colruyt BE XBRU 58,449 28,998,733 36,010,324 3.16%

Mowi ASA NO XOSL 155,000 31,989,001 28,318,500 2.48%

Pernod-Ricard FR XPAR 18,000 23,734,285 25,532,836 2.24%

Reckitt Benckiser GB XLON 36,000 24,953,991 23,873,462 2.09% Consumer Staples 241,478,627 21.19%

Repsol SA ES XMAD 206,028 23,452,865 28,715,029 2.52%

Saipem SPA IT MTAA 718,653 30,966,403 23,226,447 2.04%

Equinor ASA NO XOSL 120,000 24,711,483 22,050,000 1.93%

Tullow Oil Plc GB XLON 625,000 14,016,481 12,345,177 1.08%

Aker BP ASA NO XOSL 48,483 9,976,665 10,569,294 0.93%

Repsol SA (Rights, 12/2018) ES XMAD 206,028 0 815,768 0.07% Energy 97,721,715 8.57%

Swiss Life RG CH XVTX 10,500 34,251,527 34,919,248 3.06%

Nordea Bank Abp FI XSTO 450,000 39,166,132 32,778,683 2.88%

Zurich Financial Services AG CH XVTX 9,100 23,181,820 23,428,916 2.06%

Axa FR XPAR 70,000 15,213,159 13,066,944 1.15% PARTNERS GROUP HOLDING AG CH XVTX 2,200 10,659,846 11,517,651 1.01% Financials 115,711,442 10.15%

Sanofi FR XPAR 58,000 43,230,943 43,438,487 3.81%

Roche Holding Genuss CH XVTX 17,400 36,369,056 37,201,872 3.26%

GlaxoSmithkline GB XLON 223,000 37,711,028 36,674,353 3.22%

Merck DE XETR 41,000 36,203,587 36,518,271 3.20%

Lonza Group CH XVTX 13,805 25,809,290 30,885,905 2.71%

Siegfried Holding AG CH XSWX 8,000 26,129,975 23,611,536 2.07% Health Care 208,330,424 18.28%

Vestas Wind System DK XCSE 63,000 37,703,496 41,123,762 3.61%

Tomra Systems NO XOSL 165,000 33,035,637 32,142,000 2.82%

Wolters Kluwer NL XAMS 45,000 23,448,522 23,011,624 2.02% Siemens Gamesa Renewable Energy SA ES XMAD 195,000 23,889,028 20,537,926 1.80%

Ashtead Group PLC GB XLON 61,000 15,752,614 11,012,863 0.97% Industrials 127,828,175 11.22%

Worldpay Inc US XLON 30,883 21,841,490 20,606,136 1.81%

24 Information Technology 20,606,136 1.81%

Givaudan CH XVTX 2,600 43,454,365 51,980,516 4.56%

CRODA INTERNATIONAL PLC GB XLON 68,500 37,535,577 35,393,366 3.11% Materials 87,373,882 7.67%

Telia Co AB SE XSTO 800,000 32,818,128 32,801,147 2.88%

Pearson GB XLON 310,000 32,059,752 32,082,736 2.82%

BT Group GB XLON 1,000,000 28,774,404 26,259,176 2.30%

Proximus SADP BE XBRU 105,000 23,901,378 24,549,890 2.15% Telecommunication Services 115,692,949 10.15%

Acciona ES XMAD 35,000 27,577,919 25,603,117 2.25% Solarpack Corp Tecnologica SA ES XMAD 154,000 12,323,126 15,244,075 1.34% Utilities 40,847,192 3.58% Sum equities 1,055,590,541 92.62%

Other financial instruments Name Country Exchange Nominal Book value Market Value Percentage weight

SL ESANA EUR 20181231 GB -17,100 0 0 0.00%

SL ITSPM EUR 20181212 GB -237,538 0 0 0.00%

SL ITSPM EUR 20181204 GB -31,086 0 0 0.00%

SL ITSPM EUR 20181214 GB -24,439 0 0 0.00% Securities lending 0 0.00%

Sum other financial instruments 0 0.00%

Total sum 1,055,590,541 92.62%

Market Value Percentage weight Cash 77,777,307 6.82% Cost and unsettled transactions 6,274,408 0.55%

Net asset value (NAV) 1,139,642,256 100.00%

Units -382,092.7401 NAV per unit (fund price) 27/12/2018 2,953.5987

25 Portfolio

Delphi Global Valutasikret NO0010776362

31/12/2018

Fund Name Country Exchange Nominal Book value Market Value Percentage weight

Delphi Global A NO 93,536 281,744,283 269,131,397 98.77% Sum fund 269,131,397 98.77%

Currency

Name Country Exchange Nominal Book value Market Value Percentage weight FX forward_EUR/NOK_SEBA- SE 78,526,370 78,379,950 78,514,811 28.81% STO_20190108 FX forward_USD/NOK_NDA- FI 1,334,000 11,311,520 11,547,439 4.24% HEL_20190108 FX forward_USD/NOK_NDA- FI 10,552,112 10,594,441 10,534,224 3.87% HEL_20190228 FX forward_EUR/ NO 10,004,984 9,990,983 10,003,511 3.67% NOK_DNB_20190108 FX forward_USD/NOK_NDA- FI 1,000,000 8,684,900 8,656,251 3.18% HEL_20190108 FX forward_GBP/ NO 683,000 7,332,893 7,531,831 2.76% NOK_DNB_20190108 FX forward_GBP/NOK_SEBA- SE 7,522,055 7,520,240 7,520,947 2.76% STO_20190108 FX forward_EUR/NOK_SEBA- SE 611,000 5,913,014 6,048,450 2.22% STO_20190108 FX forward_EUR/ NO 575,000 5,721,940 5,692,076 2.09% NOK_DNB_20190108 FX forward_EUR/ NO 5,419,452 5,410,116 5,418,654 1.99% NOK_DNB_20190108 FX forward_EUR/ NO -561,000 -5,410,116 -5,553,486 -2.04% NOK_DNB_20190108 FX forward_EUR/ NO -5,723,335 -5,721,940 -5,722,492 -2.10% NOK_DNB_20190108 FX forward_EUR/NOK_SEBA- SE -5,922,355 -5,913,014 -5,921,483 -2.17% STO_20190108 FX forward_GBP/ NO -7,336,742 -7,332,893 -7,335,662 -2.69% NOK_DNB_20190108 FX forward_GBP/NOK_SEBA- SE -683,000 -7,520,240 -7,531,831 -2.76% STO_20190108 FX forward_USD/NOK_NDA- FI -8,676,790 -8,684,900 -8,675,513 -3.18% HEL_20190108 FX forward_EUR/ NO -1,026,000 -9,990,983 -10,156,644 -3.73% NOK_DNB_20190108 FX forward_USD/NOK_NDA- FI -1,239,000 -10,594,441 -10,685,505 -3.92% HEL_20190228 FX forward_USD/NOK_NDA- FI -11,296,445 -11,311,520 -11,294,783 -4.14% HEL_20190108 FX forward_EUR/NOK_SEBA- SE -8,073,000 -78,379,950 -79,916,749 -29.33% STO_20190108 Sum FX forward -1,325,953 -0.49% FX swap_USD/NOK_SEBA- SE 192,684,825 193,054,686 192,656,463 70.70% STO_20190108 FX swap_USD/NOK_SEBA- SE -22,443,000 -193,054,686 -194,272,243 -71.29% STO_20190108

26 Sum FX swap -1,615,780 -0.59% Sum Currency -2,941,733 -1.08%

Total sum 266,189,664 97.69%

Market Value Percentage weight Cash 6,259,475 2.30% Cost and unsettled transactions 44,136 0.02%

Net asset value (NAV) 272,493,275 100.00%

Units -285,278.5869 NAV per unit (fund price) 28/12/2018 947.0339

27 Portfolio

Delphi Global

31/12/2018

Equities

Name Country Exchange Nominal Book value Market Value Percentage weight

NIKE Inc - B US XNYS 84,000 58,068,075 53,927,108 2.10%

Amazon Com US XNGS 3,575 30,345,477 46,495,676 1.81%

Royal Caribbean Cruises USD LR XNYS 41,500 41,560,875 35,141,299 1.37% Consumer Discretionary 135,564,083 5.28%

Nestle CH XVTX 87,000 63,491,790 60,984,171 2.37% Koninklijke Ahold Delhaize NV NL XAMS 130,000 28,901,785 28,406,938 1.11% Consumer Staples 89,391,108 3.48%

Repsol SA ES XMAD 317,638 39,341,487 44,270,606 1.72%

Saipem SPA IT MTAA 1,300,000 59,687,028 42,015,244 1.64%

Royal Dutch Shell A (EUR) GB XAMS 131,300 33,463,623 33,343,954 1.30%

Galp Energia SGPS SA-B shrs PT XLIS 146,000 24,955,591 19,936,775 0.78%

Repsol SA (Rights, 12/2018) ES XMAD 317,638 0 1,257,688 0.05% Energy 140,824,267 5.48%

CME Group Inc/IL US XNGS 37,850 60,585,291 61,656,109 2.40%

American Express US XNYS 74,352 55,880,031 61,369,411 2.39% Skandinaviska Enskilda Banken A SE XSTO 470,000 40,915,072 39,523,702 1.54%

Nordea Bank Abp FI XSTO 372,000 30,427,996 27,097,044 1.05% Financials 189,646,266 7.38%

Merck & Co US XNYS 129,000 75,068,153 85,352,289 3.32%

Anthem Inc US XNYS 37,100 60,303,496 84,371,060 3.28%

Eli Lilly & Co US XNYS 80,600 70,927,854 80,764,169 3.14%

Danaher Corp US XNYS 85,500 71,134,545 76,345,647 2.97%

Boston Scientific US XNYS 243,000 66,908,911 74,361,490 2.89%

United Health Group US XNYS 31,800 47,465,903 68,597,925 2.67%

Intuitive Surgical US XNGS 16,100 68,738,628 66,767,346 2.60%

Sanofi FR XPAR 85,000 65,099,251 63,659,851 2.48%

Merck DE XETR 69,800 66,010,685 62,170,129 2.42%

Baxter International US XNYS 102,900 42,798,479 58,647,367 2.28%

Lonza Group CH XVTX 15,714 26,923,232 35,156,908 1.37%

Abbvie US XNYS 29,700 19,352,171 23,709,125 0.92% Health Care 779,903,306 30.36%

Vestas Wind System DK XCSE 99,900 59,172,780 65,210,537 2.54%

Union Pacific Corp US XNYS 39,700 37,122,018 47,519,086 1.85%

Norfolk Southern Corp US XNYS 36,400 54,075,687 47,133,970 1.83% Siemens Gamesa Renewable Energy SA ES XMAD 220,000 27,390,383 23,170,994 0.90%

CHART INDUSTRIES INC US XNGS 19,700 9,902,048 11,093,159 0.43%

28 Industrials 194,127,746 7.56%

Mastercard Inc US XNYS 37,700 59,607,118 61,584,784 2.40%

PAYPAL HOLDINGS INC US XNGS 82,300 56,571,725 59,926,574 2.33%

Microsoft US XNGS 63,700 39,328,491 56,024,778 2.18%

Cisco Systems US XNGS 146,000 57,189,737 54,779,342 2.13%

Citrix US XNGS 59,700 56,121,617 52,966,826 2.06%

Salesforce.Com Inc US XNYS 40,500 47,364,895 48,034,773 1.87%

Fiserv US XNGS 72,000 47,991,524 45,817,987 1.78%

Apple Inc US XNGS 32,859 37,536,130 44,881,921 1.75%

Adobe Inc US XNGS 22,500 17,100,853 44,078,537 1.72%

Accenture PLC IE XNYS 34,500 48,510,163 42,125,423 1.64%

Ericsson LM-B SHS SE XSTO 500,000 37,676,602 38,051,830 1.48%

Nokia A FI XHEL 600,000 28,705,918 29,874,428 1.16% Information Technology 578,147,203 22.51%

Boliden Limited B SE XSTO 175,478 37,848,803 32,902,983 1.28%

CF Industries Holdings Inc US XNYS 56,000 19,646,215 21,098,539 0.82%

Upm-Kymmene FI XHEL 91,000 26,613,605 19,952,415 0.78%

Stora Enso FI XHEL 129,500 15,456,596 12,927,842 0.50% Materials 86,881,778 3.38%

Telia Co AB SE XSTO 1,000,000 41,022,662 41,001,433 1.60%

Tencent Holdings Ltd KY XHKG 95,000 32,510,012 32,991,594 1.28% Tencent Music Entertainment Group KY XNYS 24 2,819 2,747 0.00% Telecommunication Services 73,995,774 2.88%

Nextera Energy Inc US XNYS 49,000 67,843,560 73,751,539 2.87%

Enel IT MTAA 1,298,000 62,645,888 64,808,225 2.52% Utilities 138,559,764 5.39% Sum equities 2,407,041,295 93.71%

Other financial instruments Name Country Exchange Nominal Book value Market Value Percentage weight

SL ITSPM EUR 20181217 GB -184,477 0 0 0.00%

SL ITSPM EUR 20181212 GB -450,103 0 0 0.00%

SL ITSPM EUR 20181204 GB -252,279 0 0 0.00%

SL ITSPM EUR 20181220 GB -169,298 0 0 0.00%

SL ITSPM EUR 20181220 CH -90,702 0 0 0.00% Securities lending 0 0.00%

Sum other financial instruments 0 0.00%

Total sum 2,407,041,295 93.71%

Market Value Percentage weight Cash 156,544,584 6.09% Cost and unsettled transactions 5,040,621 0.20%

Net asset value (NAV) 2,568,626,500 100.00%

Units

29 Units

30 Portfolio

Delphi Nordic NO0010039670

31/12/2018

Equities

Name Country Exchange Nominal Book value Market Value Percentage weight

Thule Group AB SE XSTO 535,000 57,617,760 84,701,948 1.91% Consumer Discretionary 84,701,948 1.91%

Mowi ASA NO XOSL 1,050,000 188,052,343 191,835,000 4.32%

Carlsberg B DK XCSE 145,000 141,019,584 133,213,860 3.00%

Bakkafrost P/F FO XOSL 100,000 22,522,925 42,320,000 0.95%

Grieg Seafood NO XOSL 370,000 40,390,548 37,851,000 0.85% Consumer Staples 405,219,860 9.13%

Equinor ASA NO XOSL 820,000 156,283,414 150,675,000 3.40%

Neste Oyj FI XHEL 190,000 133,554,623 126,688,162 2.86%

Flex Lng Ltd BM XOAS 5,500,000 78,375,000 67,925,000 1.53%

Aker BP ASA NO XOSL 200,000 36,014,317 43,600,000 0.98% TGS-NOPEC Geophysical Company NO XOSL 180,000 53,060,165 37,584,000 0.85% Energy 426,472,162 9.61%

Storebrand NO XOSL 2,700,000 156,879,193 166,428,000 3.75%

Tryg DK XCSE 760,000 146,077,151 165,230,976 3.72%

Swedbank AB (A shs) SE XSTO 850,000 159,320,040 164,169,328 3.70%

DnB NO XOSL 650,000 110,203,294 89,797,500 2.02% Skandinaviska Enskilda Banken A SE XSTO 1,000,000 86,285,758 84,092,982 1.90%

Investor AB-B SE XSTO 200,000 73,584,411 73,368,930 1.65%

Nordea Bank Abp FI XSTO 1,000,000 86,814,253 72,841,517 1.64%

Axactor SE SE XOSL 2,884,860 73,678,349 53,802,639 1.21% Financials 869,731,872 19.60%

Novo-Nordisk B DK XCSE 1,090,000 385,564,058 430,720,878 9.71%

Elekta B SE XSTO 1,000,000 105,190,377 102,894,259 2.32%

Astrazeneca (SEK) GB XSTO 100,000 68,810,941 65,799,584 1.48% Health Care 599,414,721 13.51%

Vestas Wind System DK XCSE 210,000 134,321,759 137,079,206 3.09%

Golden Ocean Group Ltd BM XOSL 1,820,000 124,194,311 95,277,000 2.15%

Securitas B SE XSTO 580,000 81,302,244 80,581,783 1.82%

Sandvik SE XSTO 648,288 85,487,376 80,001,814 1.80%

DSV DK XCSE 83,000 36,011,923 47,253,799 1.06% The Containership Company AS NO NOTC 192,500 1,788,620 1,925 0.00% Industrials 440,195,527 9.92%

Nokia A FI XHEL 6,100,000 281,083,205 303,723,346 6.85%

Ericsson LM-B SHS SE XSTO 2,750,000 202,746,065 209,285,067 4.72%

31 Information Technology 513,008,413 11.56%

Stora Enso FI XHEL 1,100,000 132,638,293 109,811,783 2.47%

Boliden Limited B SE XSTO 490,000 100,736,898 91,877,394 2.07%

Upm-Kymmene FI XHEL 300,000 78,482,224 65,777,194 1.48% Svenska Celloulosa AB (B shs) SE XSTO 550,000 36,226,773 36,914,964 0.83% Materials 304,381,335 6.86%

Castellum SE XSTO 200,000 31,532,299 31,908,452 0.72% Real Estate 31,908,452 0.72%

Telia Co AB SE XSTO 3,950,000 162,039,514 161,955,661 3.65%

Telenor NO XOSL 670,000 112,934,055 112,225,000 2.53%

Schibsted A NO XOSL 285,000 88,437,297 82,650,000 1.86% Telecommunication Services 356,830,661 8.04%

Orsted A/S DK XCSE 135,000 78,937,726 78,022,570 1.76% Utilities 78,022,570 1.76% Sum equities 4,109,887,521 92.63%

Other financial instruments Name Country Exchange Nominal Book value Market Value Percentage weight

SL GOGL NOK 20181030 GB -8,570 0 0 0.00%

SL FINOK1V EUR 20181221 GB -2,779,354 0 0 0.00%

SL AXA NOK 20180604 CH -369,882 0 0 0.00% Securities lending 0 0.00%

Sum other financial instruments 0 0.00%

Total sum 4,109,887,521 92.63%

Market Value Percentage weight Cash 311,560,470 7.02% Cost and unsettled transactions 15,668,017 0.35%

Net asset value (NAV) 4,437,116,008 100.00%

Units -143,822.2487 NAV per unit (fund price) 27/12/2018 30,442.2007

32 Portfolio

Delphi Norge NO0010039688

31/12/2018

Equities

Name Country Exchange Nominal Book value Market Value Percentage weight

Mowi ASA NO XOSL 502,139 98,900,756 91,740,795 9.11%

Lerøy Seafood NO XOSL 700,000 51,113,421 46,158,000 4.58%

Bakkafrost P/F FO XOSL 72,500 32,677,753 30,682,000 3.05%

Grieg Seafood NO XOSL 276,841 33,360,017 28,320,834 2.81%

Salmones Camanchaca SA CL XOSL 340,000 14,280,000 27,805,200 2.76%

Atlantic Sapphire AS NO XOSL 119,189 8,170,978 8,212,122 0.82% Consumer Staples 232,918,952 23.13%

Equinor ASA NO XOSL 349,536 66,215,145 64,227,240 6.38%

BW Offshore Ltd. BM XOSL 1,238,352 54,835,861 39,193,841 3.89%

DNO International ASA NO XOSL 2,950,000 47,310,913 37,022,500 3.68%

Aker BP ASA NO XOSL 130,042 31,088,318 28,349,156 2.81%

Flex Lng Ltd BM XOAS 1,618,000 23,505,808 19,982,300 1.98% TGS-NOPEC Geophysical Company NO XOSL 90,000 20,978,565 18,792,000 1.87%

Okeanis Eco Tankers Corp. MH XOSL 211,000 14,998,935 13,926,000 1.38%

Hunter Group ASA NO XOSL 4,062,500 13,000,000 13,203,125 1.31%

Odfjell Drilling Ltd BM XOSL 601,660 21,763,743 12,454,362 1.24% SeaDrill Ltd (Reclassification) BM XOSL 120,000 21,430,173 9,604,800 0.95%

Spectrum ASA NO XOSL 200,000 8,869,349 7,300,000 0.72%

ADS Crude Carriers Ltd CY XOSL 350,000 7,000,000 6,929,300 0.69% Energy 270,984,624 26.91%

Aker NO XOSL 108,820 47,275,510 50,274,840 4.99%

Storebrand NO XOSL 485,000 24,800,370 29,895,400 2.97%

DnB NO XOSL 215,000 31,832,620 29,702,250 2.95%

Axactor SE SE XOSL 849,999 20,072,580 15,852,481 1.57%

Sparebank 1 SR-Bank G NO XOSL 135,000 12,939,287 12,042,000 1.20% Financials 137,766,971 13.68%

Bergenbio ASA NO XOSL 475,714 14,881,278 12,701,564 1.26% Health Care 12,701,564 1.26%

Golden Ocean Group Ltd BM XOSL 605,000 41,489,799 31,671,750 3.14%

NEL ASA NO XOSL 2,750,000 8,582,451 12,688,500 1.26%

Norwegian Air Shuttle NO XOSL 53,061 8,938,334 9,203,430 0.91% The Containership Company AS NO NOTC 372,500 4,283,750 3,725 0.00% Industrials 53,567,405 5.32%

Kitron NO XOSL 4,261,021 24,275,171 37,070,883 3.68% Information Technology 37,070,883 3.68%

33 Yara International NO XOSL 108,295 39,743,016 36,116,382 3.59%

Elkem ASA NO XOSL 800,000 27,827,582 17,756,000 1.76% Materials 53,872,382 5.35%

Telenor NO XOSL 577,500 96,027,606 96,731,250 9.60%

Schibsted B NO XOSL 230,000 58,449,438 60,375,000 5.99%

ICE Group AS NO NOTC 230,000 13,898,571 11,270,000 1.12%

Kahoot! AS NO NOTC 400,000 9,200,000 11,000,000 1.09% Net1 International Holdings AS NO NOTC 230,000 1,544,286 1,150,000 0.11% Telecommunication Services 180,526,250 17.93%

Scatec Solar ASA NO XOSL 130,000 7,721,286 9,594,000 0.95% Utilities 9,594,000 0.95% Sum equities 989,003,031 98.20%

Other financial instruments Name Country Exchange Nominal Book value Market Value Percentage weight

SL ADSCME NOK 20181105 GB -20,000 0 0 0.00%

SL ADSCME NOK 20181130 GB -5,000 0 0 0.00%

SL ADSCME NOK 20181204 GB -5,000 0 0 0.00%

SL ADSCME NOK 20181205 GB -10,000 0 0 0.00%

SL AXA NOK 20180604 GB -13,500 0 0 0.00%

SL AXA NOK 20180220 GB -1 0 0 0.00%

SL SDRL NOK 20181127 CH -50,000 0 0 0.00%

SL AXA NOK 20180525 GB -1 0 0 0.00%

SL SDRL NOK 20181112 CH -50,000 0 0 0.00% Securities lending 0 0.00%

Sum other financial instruments 0 0.00%

Total sum 989,003,031 98.20%

Market Value Percentage weight Cash 18,100,699 1.80%

Net asset value (NAV) 1,007,103,730 100.00%

Units -59,514.4407 NAV per unit (fund price) 28/12/2018 16,922.5242

34 Portfolio

FO Norsk Kreditt NO0010725138 31/12/2018

Interest bearing securities

Name Country Exchange Nominal Book value Market Value Percentage weight

Elkem ASA 18/21 FRN NO XOSL 20,000,000 20,000,000 20,034,066 0.92% Mining and quarrying 20,034,066 0.92% Kongsberg Gruppen ASA 16/21 FRN NO XOSL 40,000,000 40,749,870 40,471,386 1.85%

Tine SA 17/22 FRN NO XOAM 31,000,000 31,097,280 30,885,160 1.41%

Nortura SA 17/23 FRN NO XOAM 25,000,000 25,000,000 24,519,070 1.12% Yara International ASA 17/22 FRN NO XOSL 23,000,000 22,918,390 22,815,931 1.05% Yara International ASA 14/19 FRN NO XOSL 12,000,000 12,021,138 12,028,021 0.55%

Tine SA 18/23 FRN NO XOAM 12,000,000 12,000,810 11,900,949 0.55% Manufacturing 142,620,518 6.53%

Statkraft AS 15/20 FRN NO XOSL 68,000,000 67,966,000 68,293,618 3.13%

Agder Energi AS 14/20 FRN NO XOSL 65,000,000 65,100,471 65,292,286 2.99% Sogn og Fjordane Energi AS 17/22 FRN NO XOSL 29,000,000 28,982,000 28,807,818 1.32%

Trønderenergi AS 18/23 FRN NO XOSL 28,000,000 28,003,660 27,818,593 1.27%

BKK AS 18/21 FRN NO XOSL 22,000,000 22,018,040 22,010,217 1.01%

Agder Energi AS 15/21 FRN NO XOSL 20,000,000 20,279,400 20,199,571 0.93%

Lyse AS 17/23 FRN NO XOSL 18,000,000 18,067,920 18,012,715 0.83%

Eidsiva Energi AS 17/23 FRN NO XOSL 17,000,000 16,979,716 16,881,107 0.77% Nord-Trøndelag Elektrisitet AS 14/19 FRN NO XOAM 9,000,000 9,015,330 9,031,214 0.41% Sogn og Fjordane Energi AS 11/19 FRN NO XOAM 6,000,000 6,044,700 6,041,842 0.28% Electricity gas, steam and air 282,388,981 12.94% conditioning supply

Veidekke ASA 18/23 FRN NO XOSL 11,000,000 11,000,000 10,784,260 0.49% Construction 10,784,260 0.49% A.P. Møller - Mærsk A/S 16/21 FRN DK XLUX 53,000,000 54,121,200 53,812,767 2.47%

Posten Norge AS 17/21 FRN NO XOSL 2,000,000 2,010,600 1,996,852 0.09% Transporting and storage 55,809,619 2.56%

Thon Holding AS 17/22 FRN NO XOAM 41,000,000 41,233,060 40,964,428 1.88% Accommodation and food service 40,964,428 1.88% activities

Schibsted ASA 17/23 FRN NO XOSL 40,000,000 40,031,800 40,177,889 1.84% Information and communication 40,177,889 1.84%

Spb 1 SMN 15/20 FRN NO XOAM 90,000,000 89,984,023 90,552,293 4.15%

Spb 1 Nordvest 18/23 FRN NO XOAM 84,000,000 83,901,690 83,771,243 3.84% Fana Spb Boligkredit AS 16/22 FRN C COVD NO XOAM 75,000,000 75,684,660 76,364,828 3.50%

Spb Møre 17/21 FRN NO XOSL 69,000,000 68,915,820 69,219,855 3.17%

Spb 1 Østlandet 15/21 FRN NO XOAM 66,000,000 65,786,872 66,400,501 3.04%

Spb Sør 17/22 FRN NO XOAM 58,000,000 58,278,200 58,507,653 2.68% Gjensidige Bank Boli AS NO XOAM 56,000,000 56,379,535 56,672,590 2.60%

35 17/23 FRN C COVD

Bustadkreditt Sogn o AS 17/23 FRN C COVD NO XOAM 54,000,000 54,271,717 54,526,727 2.50%

Aurskog Spb 15/20 FRN NO XOAM 50,000,000 50,460,500 50,810,097 2.33% Spb 1 SR-Bank ASA 16/22 FRN NO XOSL 50,000,000 50,411,099 50,683,982 2.32% Santander Consumer Bank AS 17/22 FRN NO XOAM 47,000,000 47,015,106 47,048,276 2.16%

Spb 1 Østlandet 16/21 FRN NO XOAM 46,000,000 46,135,095 46,771,341 2.14%

Spb 1 BV 18/23 FRN NO XOAM 42,000,000 42,040,200 41,957,752 1.92%

Storebrand ASA 14/19 FRN NO XOAM 40,000,000 38,844,024 40,142,888 1.84%

Spb Vest 16/21 FRN NO XOAM 33,000,000 33,362,520 33,297,754 1.53%

Spb 1 BV 15/20 FRN NO XOAM 30,000,000 30,288,600 30,531,030 1.40% Spb Sogn og Fjordane 15/20 FRN NO XOAM 24,000,000 24,206,700 24,243,373 1.11%

Spb Sør 15/20 FRN NO XOAM 24,000,000 23,957,244 24,145,223 1.11% Landkreditt Bank AS 16/21 FRN NO XOAM 20,000,000 20,000,000 20,358,061 0.93% Santander Consumer Bank AS 17/22 FRN NO XOAM 20,000,000 20,236,400 20,194,540 0.93%

Brage Finans AS 18/21 FRN NO XOAM 20,000,000 19,978,400 19,923,546 0.91%

Brage Finans AS 18/21 FRN NO XOAM 18,000,000 18,000,000 18,044,330 0.83% Hjartdal og Gransherad Spb 17/21 FRN NO XOAM 16,000,000 16,024,160 16,019,577 0.73%

Spb 1 SMN 17/22 FRN NO XOAM 15,000,000 15,146,100 15,150,486 0.69%

Brage Finans AS 18/20 FRN NO XOAM 15,000,000 15,000,000 15,009,985 0.69%

Storebrand ASA 17/22 FRN NO XOAM 13,000,000 13,000,000 13,253,470 0.61% Landkreditt Bank AS 17/22 FRN NO XOAM 12,000,000 12,000,000 12,031,944 0.55% Skudenes & Aakra Spb 14/19 FRN NO XOAM 11,000,000 11,045,380 11,067,406 0.51%

OBOS-banken AS 15/20 FRN NO XOAM 10,000,000 10,000,000 10,219,319 0.47%

Pareto Bank ASA 18/21 FRN NO XOAM 10,000,000 10,002,900 10,018,197 0.46% Spb Sogn og Fjordane 15/20 FRN NO XOAM 8,000,000 8,042,800 8,048,480 0.37% Landkreditt Bank AS 15/20 FRN NO XOAM 7,000,000 7,046,200 7,056,151 0.32%

Totens Spb 15/20 FRN NO XOAM 7,000,000 7,000,000 7,044,088 0.32%

Spb 1 BV 16/21 FRN NO XOAM 6,000,000 6,074,340 6,069,830 0.28%

Flekkefjord Spb 16/19 FRN NO XOAM 6,000,000 6,054,000 6,051,184 0.28%

Voss Spb 18/21 FRN NO XOAM 6,000,000 5,998,200 5,990,033 0.27%

Tinn Spb 14/19 FRN NO XOAM 4,000,000 3,991,000 4,029,586 0.18%

Romsdal Spb 18/22 FRN NO XOAM 3,000,000 3,000,000 3,004,477 0.14%

Storebrand ASA 17/20 FRN NO XOAM 2,000,000 2,000,000 2,029,610 0.09% Arendal og Omegns Spb 17/22 FRN NO XOAM 2,000,000 2,000,900 2,011,865 0.09% Financial and insurance activities 1,178,273,573 53.97%

Vasakronan AB 17/22 FRN SE XOSL 82,000,000 82,104,327 82,423,194 3.78%

Entra ASA 17/24 FRN NO XOSL 55,000,000 55,073,500 54,202,681 2.48% Rikshem AB FRN 2022/01/24 SE XSTO 52,000,000 52,178,448 52,175,760 2.39% Steen & Strøm AS 17/22 FRN NO XOSL 49,000,000 49,042,050 48,594,851 2.23% Norwegian Property ASA 17/22 FRN NO XOSL 32,000,000 32,159,350 32,191,549 1.47% Olav Thon Eiendomsselskap ASA 17/22 FRN NO XOSL 30,000,000 30,011,840 29,686,813 1.36%

Entra ASA 17/22 FRN NO XOSL 22,000,000 22,059,004 21,858,540 1.00% Norwegian Property ASA 17/24 FRN NO XOSL 19,000,000 19,016,656 18,916,642 0.87%

Eiendomsspar AS 18/23 FRN NO XOAM 19,000,000 19,002,370 18,687,645 0.86%

OBOS BBL 18/23 FRN NO XOAM 19,000,000 18,982,720 18,644,202 0.85% Olav Thon Eiendomsselskap ASA 16/21 FRN NO XOSL 17,000,000 17,113,560 17,071,859 0.78% OBOS Forretningsbygg AS NO XOAM 9,000,000 9,004,100 8,953,031 0.41%

36 17/22 FRN

OBOS BBL 16/21 FRN NO XOAM 3,000,000 3,063,000 3,039,852 0.14%

OBOS BBL 14/19 FRN NO XOAM 1,000,000 1,005,000 1,002,336 0.05% Real estate activities 407,448,954 18.66% Sum interest bearing securities 2,178,502,289 99.79%

Other financial instruments Name Country Exchange Nominal Book value Market Value Percentage weight

2021.07 3m NO 168,000,000 168,000,000 168,091,754 7.70%

2022.02 3m NO 110,000,000 110,000,000 110,736,071 5.07%

2022.02 3m NO 104,000,000 104,000,000 104,592,188 4.79%

2021.10 3m NO 97,000,000 97,000,000 96,460,903 4.42%

2024.06 3m NO 60,000,000 60,000,000 60,935,341 2.79%

2022.08 3m NO 57,000,000 57,000,000 56,751,708 2.60%

2023.02 3m NO 51,000,000 51,000,000 51,875,352 2.38%

2021.05 3m NO 52,000,000 52,000,000 51,724,848 2.37%

2023.11 3m NO 51,000,000 51,000,000 50,480,325 2.31%

2027.05 3m NO 42,000,000 42,000,000 42,932,609 1.97%

2021.06 3m NO 42,000,000 42,000,000 41,760,622 1.91%

2026.11 3m NO 32,000,000 32,000,000 32,522,440 1.49%

2023.09 3m NO 31,000,000 31,000,000 31,448,648 1.44%

2021.08 3m NO 31,000,000 31,000,000 30,658,642 1.40%

2022.07 3m NO 29,000,000 29,000,000 29,000,494 1.33%

2019.12 3m NO 29,000,000 29,000,000 28,911,905 1.32%

2021.11 3m NO 29,000,000 29,000,000 28,762,269 1.32%

2028.05 3m NO 27,000,000 25,961,538 27,653,102 1.27%

2025.03 3m NO 26,000,000 26,000,000 26,688,255 1.22%

2025.09 3m NO 25,000,000 25,000,000 25,530,482 1.17%

2022.03 3m NO 24,000,000 24,000,000 24,182,924 1.11%

2021.12 3m NO 24,000,000 24,000,000 23,945,971 1.10%

2024.11 3m NO 21,000,000 21,000,000 21,342,610 0.98%

2019.08 3m NO 21,000,000 21,000,000 21,089,072 0.97%

2027.11 3m NO 16,000,000 16,000,000 16,370,366 0.75%

2024.12 3m NO 13,000,000 13,000,000 13,014,977 0.60%

2024.12 3m NO -13,000,000 -13,000,000 -13,001,709 -0.60%

2027.11 3m NO -16,000,000 -16,000,000 -16,025,069 -0.73%

2019.08 3m NO -21,000,000 -21,000,000 -21,031,680 -0.96%

2024.11 3m NO -21,000,000 -21,000,000 -21,032,827 -0.96%

2022.03 3m NO -24,000,000 -24,000,000 -24,009,939 -1.10%

2021.12 3m NO -24,000,000 -24,000,000 -24,020,046 -1.10%

2025.09 3m NO -25,000,000 -25,000,000 -25,003,344 -1.15%

2025.03 3m NO -26,000,000 -26,000,000 -26,004,373 -1.19%

2028.05 3m NO -27,000,000 -25,961,538 -27,040,179 -1.24%

2019.12 3m NO -29,000,000 -29,000,000 -29,000,681 -1.33%

2021.11 3m NO -29,000,000 -29,000,000 -29,050,300 -1.33%

2022.07 3m NO -29,000,000 -29,000,000 -29,064,701 -1.33%

2023.09 3m NO -31,000,000 -31,000,000 -31,005,214 -1.42%

2021.08 3m NO -31,000,000 -31,000,000 -31,045,906 -1.42%

2026.11 3m NO -32,000,000 -32,000,000 -32,057,780 -1.47%

2021.06 3m NO -42,000,000 -42,000,000 -42,035,043 -1.93%

2027.05 3m NO -42,000,000 -42,000,000 -42,062,866 -1.93%

2023.02 3m NO -51,000,000 -51,000,000 -51,053,654 -2.34%

2023.11 3m NO -51,000,000 -51,000,000 -51,078,058 -2.34%

2021.05 3m NO -52,000,000 -52,000,000 -52,080,464 -2.39%

2022.08 3m NO -57,000,000 -57,000,000 -57,071,003 -2.61%

2024.06 3m NO -60,000,000 -60,000,000 -60,042,587 -2.75%

2021.10 3m NO -97,000,000 -97,000,000 -97,177,277 -4.45%

37 Name Country Exchange Nominal Book value Market Value Percentage weight

2022.02 3m NO -104,000,000 -104,000,000 -104,161,183 -4.77%

2022.02 3m NO -110,000,000 -110,000,000 -110,171,746 -5.05%

2021.07 3m NO -168,000,000 -168,000,000 -168,374,230 -7.71% Swap 3,762,018 0.17%

Sum other financial instruments 3,762,018 0.17%

Total sum 2,182,264,307 99.96%

Market Value Percentage weight Cash 795,078 0.04%

Net asset value (NAV) 2,183,059,385 100.00%

Units -2,202,446.4317 NAV per unit (fund price) 28/12/2018 1,008.0205

38 Portfolio

SEB NOK Liquidity Fund NO0010686736 31/12/2018

Interest bearing securities

Name Country Exchange Nominal Book value Market Value Percentage weight

Hardangerbrua AS 1,245% CERT 365 220519 NO 3,000,000 3,000,150 3,018,919 1.46% Transporting and storage 3,018,919 1.46% Spb 1 Søre Sunnmøre 14/19 FRN NO XOAM 15,000,000 15,058,500 15,064,503 7.30%

Indre Sogn Spb 16/19 FRN NO XOAM 13,000,000 13,075,850 13,058,259 6.33% Spb 1 Nord-Norge 14/19 FRN NO XOAM 9,000,000 9,033,570 9,035,380 4.38%

Spb 1 BV 13/19 3,85% NO XOAM 8,000,000 8,171,360 8,218,716 3.98%

Skagerrak Spb 16/19 FRN NO XOAM 8,000,000 8,048,800 8,060,103 3.90%

Jæren Spb 14/19 FRN NO XOAM 8,000,000 8,032,400 8,051,366 3.90%

Flekkefjord Spb 16/20 FRN NO XOAM 7,000,000 7,063,000 7,069,277 3.42%

Fornebu Spb 17/20 FRN NO XOAM 7,000,000 7,027,300 7,037,550 3.41% Bank Norwegian AS 17/20 FRN NO XOAM 7,000,000 6,973,340 7,023,240 3.40%

Grong Spb 16/20 FRN NO XOAM 6,000,000 6,058,200 6,079,708 2.95%

Flekkefjord Spb 16/19 FRN NO XOAM 6,000,000 6,039,600 6,051,184 2.93%

Lillesands Spb 17/20 FRN NO XOAM 6,000,000 6,032,760 6,030,437 2.92%

Harstad Spb 16/19 FRN NO XOAM 6,000,000 6,036,780 6,028,548 2.92%

Spb 1 Modum 16/19 FRN NO XOAM 6,000,000 6,040,800 6,027,657 2.92%

Sunndal Spb 17/20 FRN NO XOAM 6,000,000 6,032,220 6,026,342 2.92%

Selbu Spb 16/20 FRN NO XOAM 5,000,000 5,049,500 5,049,160 2.45%

Opdals Spb 16/19 FRN NO XOAM 5,000,000 5,041,100 5,030,757 2.44%

Spb Sør 15/19 FRN NO XOAM 5,000,000 5,022,000 5,024,084 2.43%

Trøgstad Spb 15/19 FRN NO XOAM 5,000,000 5,017,150 5,018,428 2.43%

Stadsbygd Spb 14/19 FRN NO XOAM 5,000,000 5,024,000 5,015,953 2.43% Storebrand Bank ASA 17/19 FRN NO XOAM 5,000,000 5,017,500 5,012,208 2.43%

Lillestrøm Spb 16/19 FRN NO XOAM 4,000,000 4,024,000 4,027,798 1.95% Arendal og Omegns Spb 17/20 FRN NO XOAM 4,000,000 4,020,000 4,016,090 1.95% Drangedal Spb FRN CERT 365 141119 NO 4,000,000 4,000,000 4,005,303 1.94% Rørosbanken Rø Spb 1,72% CERT 365 171219 NO 4,000,000 4,000,000 4,005,010 1.94%

Pareto Bank ASA 16/20 FRN NO XOAM 2,000,000 2,033,360 2,024,587 0.98%

Hjelmeland Spb 17/19 FRN NO XOAM 2,000,000 2,006,600 2,004,677 0.97%

Marker Spb 16/19 FRN NO 1,000,000 1,005,520 1,004,662 0.49% Financial and insurance activities 170,100,985 82.40% Randaberg komm 1,368% CERT 364 181019 NO 11,000,000 10,996,260 11,018,240 5.34% Østre Toten komm 1,204% CERT 365 040619 NO 8,000,000 8,000,312 8,044,647 3.90% Ulstein komm 1,39% CERT 365 081119 NO 8,000,000 8,000,760 8,008,684 3.88% Giske komm 1,29% CERT 364 130919 NO 3,000,000 3,000,300 3,006,078 1.46% Indre Fosen komm 1,17% CERT 365 280819 NO 3,000,000 3,000,300 3,005,170 1.46%

39 Public admin. & defense; 33,082,820 16.03% compulsatory social sec. Sum interest bearing securities 206,202,724 99.89%

Total sum 206,202,724 99.89%

Market Value Percentage weight Cash 235,478 0.11%

Net asset value (NAV) 206,438,203 100.00%

Units -206,702.9292 NAV per unit (fund price) 28/12/2018 1,013.0669

40 Portfolio

Storebrand Aksje Innland NO0008000940 31/12/2018

Equities

Name Country Exchange Nominal Book value Market Value Percentage weight

Europris ASA NO XOSL 365,912 12,850,890 8,470,863 0.65%

XXL ASA NO XOSL 63,666 4,989,691 1,661,683 0.13% Consumer Discretionary 10,132,545 0.78%

Mowi ASA NO XOSL 432,743 42,072,928 79,062,146 6.07%

Orkla NO XOSL 678,524 42,073,978 46,166,773 3.54%

Lerøy Seafood NO XOSL 463,783 20,573,871 30,581,851 2.35%

Bakkafrost P/F FO XOSL 64,947 13,301,350 27,485,570 2.11%

SalMar NO XOSL 47,916 7,626,700 20,508,048 1.57%

Austevoll Seafood NO XOSL 8,846 996,087 944,753 0.07% Consumer Staples 204,749,141 15.72%

Equinor ASA NO XOSL 1,241,860 182,886,444 228,191,775 17.52%

Subsea 7 S A LU XOSL 356,104 34,182,237 30,012,445 2.30%

Aker BP ASA NO XOSL 115,719 13,480,152 25,226,742 1.94% TGS-NOPEC Geophysical Company NO XOSL 65,573 15,605,922 13,691,642 1.05%

Aker Solutions ASA NO XOSL 337,822 13,092,854 13,398,021 1.03%

DNO International ASA NO XOSL 788,835 7,370,818 9,899,879 0.76%

Flex Lng Ltd BM XOAS 282,417 3,761,395 3,487,850 0.27%

Petroleum Geo-Services NO XOSL 183,187 4,402,768 2,163,438 0.17% Energy 326,071,793 25.04%

DnB NO XOSL 1,057,311 114,535,478 146,067,515 11.22%

Storebrand NO XOSL 519,055 21,037,316 31,994,550 2.46%

Gjensidige Forsikring ASA NO XOSL 201,159 23,604,369 27,196,697 2.09%

Aker NO XOSL 38,856 10,721,215 17,951,472 1.38%

Sparebank 1 SR-Bank G NO XOSL 89,805 6,444,268 8,010,606 0.62%

Sparebanken Midt-Norge G NO XOSL 93,718 6,010,985 7,891,056 0.61%

B2Holding AS NO XOSL 619,290 8,518,769 7,617,267 0.58%

Sparebanken 1 østlandet NO XOSL 27,107 2,376,910 2,249,881 0.17% Financials 248,979,043 19.12%

Tomra Systems NO XOSL 120,840 11,095,013 23,539,632 1.81%

Veidekke NO XOSL 123,089 11,425,858 11,927,324 0.92%

NEL ASA NO XOSL 1,758,180 7,125,601 8,112,243 0.62%

Wallenius Wilhelmsen ASA NO XOSL 260,377 8,311,537 7,733,197 0.59%

Kongsberg Gruppen NO XOSL 61,886 7,019,112 7,277,794 0.56%

Hexagon Composites NO XOSL 284,821 6,736,126 6,963,873 0.53%

Norwegian Air Shuttle NO XOSL 37,095 8,811,350 6,434,128 0.49%

Stolt Nielsen BM XOSL 36,779 4,551,665 3,751,458 0.29%

Treasure ASA NO XOSL 33,409 653,874 387,544 0.03% Industrials 76,127,193 5.85%

Bouvet NO XOSL 17,150 1,047,880 3,361,400 0.26%

Nordic Semiconductor NO XOSL 99,808 3,512,615 2,884,451 0.22%

Data Respons NO XOSL 124,285 934,388 2,796,412 0.21%

Idex NO XOSL 426,324 2,821,800 1,293,893 0.10%

41 REC Silicon ASA NO XOSL 1,018,612 865,595 600,981 0.05%

Thin Film Electronics NO XOSL 353,076 1,513,055 264,101 0.02% Information Technology 11,201,239 0.86%

Yara International NO XOSL 208,075 66,854,373 69,393,012 5.33%

Norsk Hydro NO XOSL 1,593,443 60,165,588 62,478,900 4.80%

Elkem ASA NO XOSL 408,158 13,587,132 9,059,067 0.70%

Borregaard ASA NO XOSL 115,590 6,596,142 8,646,132 0.66% Materials 149,577,111 11.48%

Selvaag Bolig AS NO XOSL 83,704 2,108,240 3,385,827 0.26%

Olav Thon Eiendomsselskap NO XOSL 16,545 2,495,651 2,316,300 0.18% Real Estate 5,702,127 0.44%

Telenor NO XOSL 853,309 115,148,334 142,929,258 10.97%

Schibsted A NO XOSL 104,059 20,968,344 30,177,110 2.32%

Schibsted B NO XOSL 101,273 20,152,621 26,584,162 2.04%

Kahoot! AS NO NOTC 100,000 2,300,000 2,750,000 0.21%

Otello Corp ASA NO XOSL 202,264 6,656,867 2,677,975 0.21% Telecommunication Services 205,118,505 15.75%

Scatec Solar ASA NO XOSL 218,421 9,558,549 16,119,470 1.24%

Fjordkraft Holding ASA NO XOSL 42,591 1,334,820 1,448,094 0.11% Utilities 17,567,564 1.35% Sum equities 1,255,226,262 96.38%

Other financial instruments Name Country Exchange Nominal Book value Market Value Percentage weight

SL SUBC NOK 20181217 GB -130,160 0 0 0.00% Securities lending 0 0.00%

Sum other financial instruments 0 0.00%

Total sum 1,255,226,262 96.38%

Market Value Percentage weight Cash 47,163,632 3.62%

Net asset value (NAV) 1,302,389,894 100.00%

Units -26,583.4160 NAV per unit (fund price) 28/12/2018 48,992.9704

42 Portfolio

Storebrand AksjeSpar NO0008000767 31/12/2018

Fund Name Country Exchange Nominal Book value Market Value Percentage weight

Storebrand Global Indeks B NO 75,311 157,074,946 185,394,808 18.78%

Delphi Global N NO 205,351 205,350,791 182,007,123 18.43%

Storebrand Global Multifactor A NO 80,446 117,774,525 164,986,968 16.71%

Storebrand Global ESG Plus A NO 137,529 142,092,051 142,183,320 14.40%

Delphi Norge NO 8,346 167,326,485 141,211,140 14.30%

Storebrand Optima Norge NO 2,345 53,186,889 81,459,687 8.25%

Storebrand Indeks Nye Markeder A NO 51,963 85,938,654 78,611,911 7.96%

Storebrand Aksje Innland NO 207 9,134,562 10,138,929 1.03% Sum fund 985,993,886 99.85%

Total sum 985,993,886 99.85%

Market Value Percentage weight Cash 1,429,324 0.14% Cost and unsettled transactions 10,145 0.00%

Net asset value (NAV) 987,433,355 100.00%

Units -743,973.7285 NAV per unit (fund price) 28/12/2018 1,329.0462

43 Portfolio