Annual Report SEB Fund 1 - SEB Asset Management

Annual Report 

SEB Fund 1 

Status: December 31, 2008

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Table of Contents 

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5

General Information 

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11

Report of the Board of Directors 

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ïÉ=êÉã~áå=ÅçããáííÉÇ=íç=Pd=m`=Å~êÇëI=fmLti^k=áåÑê~ëíêìÅíìêÉ=~åÇ=ëã~êí=éÜçåÉëK= 

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25

Schedule of Investments 

As at December 31, 2008 

SEB Fund 1 - SEB Asset Selection Fund 

Security denomination Maturity Total holdings Purchases Sales Unit * Market % of 

as at during the during the price/ value in net 

31/12/08 reporting reporting yield EUR assets 

period period 

Transferable securities admitted 

to an official stock exchange 

Bonds 

Bonds indicated in 1,000 currency units 

Belgium 

0.00 % Belgium 19/03/09 15,000 15,000 - EUR 99.621 14,943,150.00 1.00 

0.00 % Belgium 17/12/09 50,000 50,000 - EUR 98.123 49,061,700.00 3.28 

Total Belgium 64,004,850.00 4.28 

France 

0.00 % France 15/01/09 15,000 15,000 - EUR 99.926 14,988,885.00 1.00 

0.00 % France 05/03/09 25,000 25,000 - EUR 99.714 24,928,500.00 1.67 

0.00 % France 12/03/09 50,000 50,000 - EUR 99.670 49,834,900.00 3.34 

0.00 % France 23/04/09 30,000 30,000 - EUR 99.485 29,845,560.00 2.00 

0.00 % France 20/05/09 50,000 50,000 - EUR 99.340 49,670,100.00 3.32 

0.00 % France 04/06/09 20,000 20,000 - EUR 99.253 19,850,660.00 1.33 

0.00 % France 24/09/09 21,000 21,000 - EUR 98.774 20,742,540.00 1.39 

Total France 209,861,145.00 14.05 

Germany 

3.25 % Landesbank Hessen-Thueringen 25/02/09 3,000 3,000 - EUR 100.018 3,000,549.00 0.20 

3.25 % WL-Bank 02/02/09 3,000 3,000 - EUR 100.041 3,001,218.00 0.20 

Total Germany 6,001,767.00 0.40 

Netherlands 

0.00 % Netherlands 30/01/09 20,000 20,000 - EUR 99.892 19,978,440.00 1.34 




Total Netherlands 107,551,096.00 7.20 

Sweden 

0.00 % Sweden 21/01/09 1,415,000 1,520,000 105,000 SEK 99.925 128,627,628.58 8.61 

0.00 % Sweden 21/01/09 1,680,000 3,200,000 1,520,000 SEK 99.925 152,716,901.80 10.22 

0.00 % Sweden 18/02/09 900,000 900,000 - SEK 99.805 81,714,642.47 5.47 

0.00 % Sweden 18/03/09 3,600,000 3,600,000 - SEK 99.746 326,664,764.80 21.87 

0.00 % Sweden 17/06/09 1,800,000 1,800,000 - SEK 99.549 163,010,803.30 10.91 

5.00 % Sweden 1043 28/01/09 1,300,000 1,300,000 - SEK 100.194 118,492,510.37 7.93 

4.00 % Sweden 1048 01/12/09 100,000 100,000 - SEK 102.484 9,323,133.45 0.62 

Total Sweden 980,550,384.77 65.63 

Total bonds 

Total transferable securities admitted 


Total portfolio 

26 

EUR 1,367,969,242.77 91.56 

EUR 1,367,969,242.77 91.56 

EUR 1,367,969,242.77 91.56





period period 

Foreign exchange futures 

purchased foreign exchange futures 

Commitment in EUR 

CHF/USD 16/03/09 175 14,735,989.27 

-5,155,716.42 -0.35 

JPY/USD 

sold foreign exchange futures 

16/03/09 608 60,300,311.94 

381,632.78 0.03 

AUD/USD 16/03/09 -312 -15,704,940.59 

-795,015.09 -0.05 

CAD/USD 17/03/09 -374 -22,127,101.79 

-882,578.49 -0.06 

EUR/USD 16/03/09 -184 -23,033,933.00 

-689,782.22 -0.05 

GBP/USD 16/03/09 -794 -51,968,745.29 

448,681.60 0.03 

NZD/USD 15/03/09 681 -28,542,198.49 

-2,561,457.31 -0.17 

Total foreign exchange futures (total unrealised result) -9,254,235.15 -0.62 

Financial futures 

purchased financial futures 


Euro Bobl Eurex 5 Year 06/03/09 1,377 160,021,170.00 

18,577.42 0.00 

Euro Bund Eurex 10 Year 06/03/09 1,163 145,188,920.00 

-530,732.19 -0.04 

Euro Schatz Eurex 2 Year 12/03/09 2,893 310,910,710.00 

-151,400.37 -0.01 

Japan Bond 10 Year 11/03/09 186 206,830,571.52 

937,003.52 0.06 

UK Long Gilt Liffe 10 Year 27/03/09 1,335 170,474,867.42 

11,401,155.93 0.77 

US Long Bond CBT 20 Year 20/03/09 1,021 101,396,310.29 

10,436,598.05 0.70 

US Long Bond CBT 10 Year 20/03/09 1,274 115,251,676.49 

8,780,430.75 0.59 

US Long Bond CBT 5 Year 

sold financial futures 

31/03/09 2,172 186,027,072.63 

5,733,206.11 0.39 

CAC 16/01/09 -224 -7,215,040.00 

26,618.02 0.00 

DAX 20/03/09 -56 -6,768,300.00 

-110,237.49 -0.01 

DJ EURO STOXX 50 20/03/09 -277 -6,786,500.00 

26,611.15 0.00 

FTSE 100 20/03/09 -141 -6,402,306.42 

-121,819.57 -0.01 

Goldman Sachs Commodity Index 06/01/09 -101 -6,275,955.68 

-112,783.78 -0.01 

HSI 30/01/09 -30 -2,005,672.97 

3,573.69 0.00 

IBEX 16/01/09 -102 -9,295,260.00 

-21,681.38 0.00 

Korea Stock Price 200 12/03/09 -50 -2,096,997.50 

0.00 0.00 

MSCI Singapore 29/01/09 -213 -4,654,120.44 

14,680.07 0.00 

NASDAQ 20/03/09 -373 -6,507,143.80 

-94,399.54 -0.01 

Russell Mini 20/03/09 -232 -8,309,979.28 

-332,852.15 -0.02 

S&P 500 E-Mini 20/03/09 -256 -8,287,476.48 

49,215.92 0.00 

S&P Midcap 400 19/03/09 -33 -6,376,608.86 

-190,406.82 -0.01 

S&P TSE 60 19/03/09 -9 -566,323.25 

-22,773.67 0.00 

SMI 19/03/09 -327 -12,047,833.34 

80,779.22 0.01 

SPI 200 19/03/09 -69 -3,241,037.80 

-157,039.90 -0.01 

TOPIX 12/03/09 -43 -2,941,557.76 

-120,143.10 -0.01 

Total financial futures (total unrealised result) 35,542,179.89 2.38 

Forward foreign exchange contracts 

purchased forward foreign exchange contracts 

EUR 09/01/09 1,047,748,307 1,047,169,746.00 70.09 

NOK 09/01/09 7,106,902 729,627.90 0.05 

SEK 09/01/09 13,362,954,993 1,215,155,132.09 81.34 

27





period period 

sold forward foreign exchange contracts 

EUR 09/01/09 -1,408,177,500 -1,407,399,912.00 -94.20 

EUR 09/01/09 -793,287 -792,849.00 -0.05 

NOK 09/01/09 -2,997,000 -307,686.02 -0.02 

SEK 09/01/09 -9,703,056,188 -882,343,653.07 -59.06 

Total forward foreign exchange contracts (total unrealised result) -27,789,594.10 -1.85 

Cash at banks 

Cash at banks 

Total cash at banks 

122,363,537.82 8.19 

122,363,537.82 8.19 

Other assets 

Interest receivable on bonds 5,653,846.02 0.38 

Interest receivable on banks 160,227.95 0.01 

Receivables on subscriptions 11,275,063.42 0.75 

Receivables on sold securities 1,466,968.11 0.10 

Other receivables 10,996,742.43 0.74 

Total other assets 

Other liabilities 

29,552,847.93 1.98 

Bank overdraft -795,599.08 -0.05 

Management fee, taxe d'abonnement -1,807,308.65 -0.12 

Performance fee -9,045,128.60 -0.61 

Payables on bought securities -10,996,742.43 -0.74 

Payables on redemptions -278,612.10 -0.02 

Other liabilities -1,467,672.09 -0.10 

Total other liabilities 

Total net assets as at December 31, 2008 

* Bond prices expressed in percent. 

A list of changes in the assets held during the year under review, which are not listed in the schedule of investments, is available 

free of charge from SEB Asset Management S.A. 

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

28 

-24,391,062.95 

-1.64 

EUR 1,493,992,916.21 100.00



SEB Fund 1 - SEB Choice Global Value Fund 

Security denomination Total holdings Purchases Sales 

Unit Market % of 

as at during the during the 

price value in net 

31/12/08 reporting reporting 

USD assets 

period 

period 



Shares 

Australia 

Australian and New Zealand Banking Group 8,100 8,100 - AUD 15.290 86,347.52 0.09 

Total Australia 86,347.52 0.09 

Brazil 

Vale do Rio Doce ADR pref 50,500 92,100 41,600 USD 10.650 537,825.00 0.55 

Total Brazil 537,825.00 0.55 

Canada 

Petro Canada 67,600 67,600 - CAD 26.720 1,463,160.87 1.49 

Total Canada 1,463,160.87 1.49 

China 

China Petroleum & Chemical (Sinopec) 2,656,000 4,428,000 1,772,000 HKD 4.690 1,607,266.55 1.63 

Total China 1,607,266.55 1.63 

Finland 

Nokia (Helsingfors) 82,900 82,900 - EUR 11.100 1,279,110.10 1.30 

Stora Enso R 178,000 - - EUR 5.520 1,365,807.52 1.39 

Total Finland 2,644,917.62 2.69 

France 

ArcelorMittal 39,200 - 17,300 EUR 17.110 932,323.21 0.95 

BNP Paribas 26,400 4,900 6,500 EUR 30.250 1,110,093.93 1.13 

Crédit Agricole 110,176 148,886 38,710 EUR 8.000 1,225,201.19 1.24 

Michelin 32,400 - - EUR 37.570 1,692,063.38 1.72 

Renault 47,608 10,300 - EUR 18.550 1,227,592.63 1.25 

Sanofi-Aventis 26,100 13,900 29,700 EUR 45.400 1,647,125.84 1.67 

Total 30,000 30,000 - EUR 38.910 1,622,605.36 1.65 

Total France 9,457,005.54 9.61 

Germany 

Allianz Holding Reg 20,500 5,600 19,700 EUR 75.000 2,137,201.87 2.17 

BASF 46,700 49,500 47,800 EUR 27.730 1,800,102.23 1.83 

Bayer 2,800 2,300 - EUR 41.550 161,718.41 0.16 

Deutsche Bank Reg 51,000 42,500 27,900 EUR 27.830 1,972,939.66 2.00 

Deutsche Lufthansa 109,000 69,500 - EUR 11.190 1,695,457.88 1.72 

E.ON 57,600 41,500 4,100 EUR 28.440 2,277,102.06 2.31 

Muenchener Rueckversicherung Reg 17,800 - 4,300 EUR 111.000 2,746,460.79 2.79 

Total Germany 12,790,982.90 12.98 

29







USD assets 

period 

period 

Italy 

Eni 78,200 - 49,200 EUR 16.740 1,819,669.97 1.85 

Intesa Sanpaolo 310,900 310,900 - EUR 2.538 1,096,622.60 1.11 

Telecom Italia 297,100 - - EUR 1.150 474,931.43 0.48 

Total Italy 3,391,224.00 3.44 

Japan 

Fujitsu 258,000 - 169,000 JPY 429 1,220,977.41 1.24 

Mitsubishi 37,500 37,500 - JPY 1238 512,132.74 0.52 

Mitsubishi Chemical 237,500 78,500 221,000 JPY 393 1,029,643.29 1.05 

Nissan Motor 446,700 116,700 368,700 JPY 320 1,576,872.44 1.60 

Sharp 199,000 64,000 94,000 JPY 636 1,396,178.10 1.42 

Sumitomo Mitsui Financial Group 326 - 279 JPY 376000 1,352,184.88 1.37 

Total Japan 7,087,988.86 7.20 

Netherlands 

ING Groep 144,000 31,600 59,800 EUR 7.330 1,467,225.57 1.49 

Royal Dutch Shell A 149,900 87,700 90,800 EUR 18.750 3,906,909.28 3.97 


Norway 

Statoil 77,850 17,300 - NOK 113.900 1,266,350.82 1.29 

Total Norway 1,266,350.82 1.29 

Russia 

JSC MMC Norilsk Nickel ADR (London) 152,735 154,900 2,165 USD 6.360 971,394.60 0.99 

Lukoil ADR 46,750 10,600 - USD 32.050 1,498,337.50 1.52 

Total Russia 2,469,732.10 2.51 

South Korea 

Samsung Electronics GDR 8,700 - - USD 175.000 1,522,500.00 1.55 

Total South Korea 1,522,500.00 1.55 

Sweden 

Ericsson B 152,000 152,000 - SEK 58.800 1,130,204.20 1.15 

Svenska Cellulosa AB B 88,000 88,000 - SEK 66.750 742,796.67 0.76 

Total Swedcen 1,873,000.87 1.91 

Switzerland 

Credit Suisse Group Reg 70,700 22,900 44,200 CHF 28.500 1,893,127.33 1.92 

UBS Reg 9,925 - - CHF 14.840 138,382.11 0.14 

Total Switzerland 2,031,509.44 2.06 

30







USD assets 

period 

period 

United Kingdom 

Aviva Plc 248,824 - - GBP 3.900 1,395,212.15 1.42 

Barclays 381,500 473,300 91,800 GBP 1.534 841,401.49 0.85 

GlaxoSmithkline 90,000 119,700 29,700 GBP 12.845 1,662,110.88 1.69 

HBOS 528,709 572,483 302,674 GBP 0.690 524,504.44 0.53 

HSBC Holding 91,600 91,600 - GBP 6.620 871,840.09 0.89 

Lloyds TSB Group 267,000 267,000 - GBP 1.260 483,687.85 0.49 

Royal Bank of Scotland 1,263,716 826,503 - GBP 0.494 897,552.39 0.91 

Vodafone Group 1,143,150 432,300 373,200 GBP 1.390 2,284,553.83 2.32 

Total United Kingdom 8,960,863.12 9.10 

United States of America 

Altria Group 137,900 89,800 50,700 USD 15.060 2,076,774.00 2.11 

American International Group 293,700 293,700 - USD 1.570 461,109.00 0.47 

AT&T 19,500 19,500 - USD 28.500 555,750.00 0.56 

Bank of America 64,400 64,400 - USD 14.080 906,752.00 0.92 

Black & Decker 6,900 - - USD 41.810 288,489.00 0.29 

CBS Corp Class B 131,800 6,000 41,200 USD 8.190 1,079,442.00 1.10 

Chevron 48,100 25,200 59,700 USD 73.970 3,557,957.00 3.61 

Citigroup 113,800 113,800 76,500 USD 6.710 763,598.00 0.78 

ConocoPhillips 44,000 46,800 51,400 USD 51.800 2,279,200.00 2.31 

Fifth Third Bancorp 47,500 47,500 - USD 8.260 392,350.00 0.40 

Home Depot 3,000 3,000 - USD 23.020 69,060.00 0.07 

JP Morgan Chase & Co 62,800 62,200 145,900 USD 31.530 1,980,084.00 2.01 

KB Financial Group ADR 45,700 45,700 - USD 26.200 1,197,340.00 1.22 

Lowes 17,097 17,097 - USD 21.520 367,927.44 0.37 

Macys 100,600 - 43,200 USD 10.350 1,041,210.00 1.06 

McKesson HBOC 20,300 - 20,300 USD 38.730 786,219.00 0.80 

Merck 49,500 49,500 - USD 30.400 1,504,800.00 1.53 

Metlife 57,400 38,500 23,400 USD 34.860 2,000,964.00 2.03 

Morgan Stanley 74,800 99,800 25,000 USD 16.040 1,199,792.00 1.22 

Motorola 178,500 178,500 - USD 4.430 790,755.00 0.80 

Pfizer 169,200 88,800 197,100 USD 17.710 2,996,532.00 3.04 

Philip Morris International 47,900 89,900 42,000 USD 43.510 2,084,129.00 2.12 

Sprint Nextel 200,100 - - USD 1.830 366,183.00 0.37 

Time Warner 170,300 170,300 - USD 10.060 1,713,218.00 1.74 

Total United States of America 30,459,634.44 30.93 

Total shares USD 93,024,444.50 94.40 

Certificates 


AU Optronics Participation Certificate 1,513,400 1,513,400 1,566,926 USD 0.736 1,113,862.40 1.13 


Total certificates USD 1,113,862.40 1.13 

31


Security denomination Maturity Total holdings Purchases Sales 





USD assets 

period 

period 

Warrants 

Germany 

United Microelectronics 24/01/17 6,046,964 253,572 925,800 USD 0.226 1,369,032.64 1.39 

Total Germany 1,369,032.64 1.39 

Total warrants USD 1,369,032.64 1.39 


to an official stock exchange USD 95,507,339.54 96.92 

Other transferable securities 

Rights 

Belgium 

Fortis 78,232 78,232 - EUR 0.0001 10.87 0.00 

Total Belgium 10.87 0.00 


HBOS 731,680 - - GBP 0.0001 105.19 0.00 

Lloyds TSB 116,064 116,065 1 GBP 0.0001 16.68 0.00 

Total United Kingdom 121.87 0.00 

Total rights USD 132.74 0.00 

Total other transferable securities USD 132.74 0.00 

Total portfolio USD 95,507,472.28 96.92 



AUD 16/03/09 8,471,000 5,849,130.11 5.94 

EUR 16/03/09 3,780,000 5,224,191.55 5.30 

JPY 16/03/09 1,320,812,000 14,550,377.71 14.77 

NZD 16/03/09 7,695,000 4,447,198.67 4.51 


CAD 16/03/09 -1,654,000 -1,334,755.84 -1.35 

CHF 16/03/09 -1,983,000 -1,860,657.74 -1.89 

GBP 16/03/09 -5,680,000 -8,126,309.65 -8.25 

NOK 16/03/09 -6,091,000 -862,464.12 -0.88 

SEK 16/03/09 -10,838,000 -1,364,217.78 -1.38 

USD 16/03/09 -17,426,419 -17,373,420.00 -17.63 

Total forward foreign exchange contracts (total unrealised result) -850,927.09 -0.86 

32







USD assets 

period 

period 

Cash at banks 

Cash at banks 


3,632,441.97 3.69 

3,632,441.97 3.69 

Other assets 

Dividends receivable 165,209.56 0.17 

Receivables on subscriptions 38,517.57 0.04 

Receivables on sales of securities 1,296,483.92 1.31 

Receivables on foreign exchange 232,857.14 0.24 



1,733,068.19 1.76 

Management fee, taxe d'abonnement -128,491.73 -0.13 

Payables on purchases of securities 

Payables on foreign exchange 






-1,127,478.83 -1.14 

-232,787.31 -0.24 

-1,488,757.87 -1.51 

USD 98,533,297.48 100.00 

33



SEB Fund 1 - SEB Choice Japan Chance / Risk Fund 






JPY assets 

period period 



Shares 

Aerospace, defense and marine 

Mitsui OSK Lines 77,000 172,000 142,000 JPY 542 41,734,000 0.64 

Total aerospace, defense and marine 41,734,000 0.64 

Automobile industry 

Aisin Seiki 8,500 20,200 24,900 JPY 1,235 10,497,500 0.16 

Honda Motor 57,200 66,200 31,300 JPY 1,906 109,023,200 1.68 

Stanley Electric 57,900 72,900 75,300 JPY 933 54,020,700 0.83 

Toyota Motor 56,700 79,200 54,900 JPY 2,905 164,713,500 2.53 

Total automobile industry 338,254,900 5.20 

Chemicals 

JSR 20,200 38,900 58,400 JPY 995 20,099,000 0.31 

Nissan Chemical Industries 88,000 105,000 17,000 JPY 855 75,240,000 1.16 

Nitto Denko 9,200 23,400 39,900 JPY 1,706 15,695,200 0.24 

Shin-Etsu Chemical 17,600 21,300 24,500 JPY 4,070 71,632,000 1.10 

Sumitomo Chemical 108,000 274,000 166,000 JPY 302 32,616,000 0.50 

Ube 386,000 487,000 282,000 JPY 247 95,342,000 1.47 

Total chemicals 310,624,200 4.78 

Computer components, software, internet 

Capcom 35,400 37,600 41,600 JPY 1,996 70,658,400 1.09 

Dena 94 142 184 JPY 284,400 26,733,600 0.41 

Fujitsu 121,000 348,000 346,000 JPY 429 51,909,000 0.80 

Mixi 129 139 68 JPY 547,000 70,563,000 1.09 

Nintendo 5,300 5,400 3,200 JPY 33,750 178,875,000 2.75 

NTT Data 158 239 81 JPY 358,000 56,564,000 0.87 

Rakuten 1,599 2,557 958 JPY 57,000 91,143,000 1.40 

SQUARE ENIX 31,500 28,200 28,000 JPY 2,875 90,562,500 1.39 

Toshiba 389,000 479,000 444,000 JPY 366 142,374,000 2.19 

Yahoo! Japan 4,111 5,064 3,973 JPY 36,500 150,051,500 2.31 

Yamada Denki 11,980 11,440 9,060 JPY 6,180 74,036,400 1.14 

Total computer components, software, internet 1,003,470,400 15.44 

Construction, engineering & farm machinery 

Asahi Glass 53,000 102,000 128,000 JPY 504 26,712,000 0.41 

Kajima 439,000 748,000 453,000 JPY 310 136,090,000 2.09 

Komatsu 30,000 54,800 55,900 JPY 1,118 33,540,000 0.52 

Kubota 151,000 246,000 95,000 JPY 634 95,734,000 1.47 

Taiheiyo Cement 183,000 183,000 - JPY 170 31,110,000 0.48 

Toshiba Plant Systems & Services 171,000 125,000 65,000 JPY 912 155,952,000 2.40 

Total construction, engineering & farm machinery 479,138,000.00 7.37 

34







JPY assets 

period period 

Department stores, retail trade 

Aeon Delight 35,800 - 8,800 JPY 2,605 93,259,000 1.43 

Fast Retailing 6,800 13,600 6,800 JPY 12,980 88,264,000 1.36 

Isetan 41,300 125,700 84,400 JPY 767 31,677,100 0.49 

Lawson 17,000 44,300 27,300 JPY 5,190 88,230,000 1.36 

Ryohin Keikaku 19,100 17,200 20,500 JPY 4,240 80,984,000 1.25 

Seven & I Holdings 51,200 40,900 33,700 JPY 3,050 156,160,000 2.40 

Total department stores, retail trade 538,574,100 8.29 

Electric and gas utilities 

Osaka Gas 70,000 70,000 - JPY 414 28,980,000 0.45 

Tokyo Electric Power 38,400 54,600 16,200 JPY 3,000 115,200,000 1.77 

Tokyo Gas 60,000 80,000 20,000 JPY 455 27,300,000 0.42 

Total electric and gas utilities 171,480,000 2.64 

Electrotechnical, electronics 

Canon 16,500 30,100 13,600 JPY 2,770 45,705,000 0.70 

Fuji Photo Film 15,700 55,400 39,700 JPY 1,950 30,615,000 0.47 

GS Yuasa 169,000 169,000 - JPY 535 90,415,000 1.39 

Konica 71,000 84,500 59,000 JPY 682 48,422,000 0.74 

Mitsubishi Electric 68,000 68,000 - JPY 552 37,536,000 0.58 

Murata 7,800 35,800 34,700 JPY 3,490 27,222,000 0.42 

Nippon Electric Glass 80,000 81,000 35,000 JPY 463 37,040,000 0.57 

Panasonic 114,000 145,000 59,000 JPY 1,113 126,882,000 1.95 

Sharp 145,000 186,000 176,000 JPY 636 92,220,000 1.42 

Shimadzu 59,000 68,000 82,000 JPY 557 32,863,000 0.51 

Sony 21,400 46,500 64,000 JPY 1,922 41,130,800 0.63 

Sumitomo Electric Industries 108,300 128,200 79,500 JPY 682 73,860,600 1.14 

TOYO TANSO 15,700 22,500 6,800 JPY 3,400 53,380,000 0.82 

Yaskawa Electric 79,000 127,000 123,000 JPY 356 28,124,000 0.43 

Total electrotechnical, electronics 765,415,400 11.77 

Financial companies, banks 

Bank of Yokohama 141,000 234,000 207,000 JPY 521 73,461,000 1.13 

Chiba Bank 97,000 188,000 91,000 JPY 550 53,350,000 0.82 

Daiwa Securities Group 108,000 274,000 166,000 JPY 526 56,808,000 0.87 

Mitsubishi UFJ Financial Group 358,500 467,100 326,600 JPY 549 196,816,500 3.03 

Mitsui Trust Holdings 91,000 260,000 169,000 JPY 430 39,130,000 0.60 

Mizuho Financial Group 432 760 643 JPY 257,700 111,326,400 1.71 

Nomura Holdings 49,400 71,500 65,600 JPY 729 36,012,600 0.55 

Resona Holdings 546 1,577 1,177 JPY 134,100 73,218,600 1.13 

Seven Bank 120 716 596 JPY 344,000 41,280,000 0.63 

Sumitomo Mitsui Financial Group 364 572 404 JPY 376,000 136,864,000 2.10 

Total financial companies, banks 818,267,100 12.57 

35







JPY assets 

period period 

Industrials 

Japan Steel Works 100,000 110,000 96,000 JPY 1,230 123,000,000 1.89 

Kurita Water Industries 15,000 34,900 19,900 JPY 2,380 35,700,000 0.55 

Mitsubishi Heavy Industry 293,000 222,000 250,000 JPY 395 115,735,000 1.78 

NGK Insulators 38,000 51,000 44,000 JPY 993 37,734,000 0.58 

Sumitomo Heavy Industries 119,000 316,000 197,000 JPY 350 41,650,000 0.64 

Total industrials 353,819,000 5.44 

Insurance 

Tokio Marine Holdings 13,500 13,500 - JPY 2,580 34,830,000 0.54 

Total insurance 34,830,000 0.54 

Marketing 

Cyber Agent 702 1,091 389 JPY 55,100 38,680,200 0.59 

Total marketing 38,680,200 0.59 

Metal & mining 

Hitachi Metals 46,000 63,000 52,000 JPY 411 18,906,000 0.29 

JFE Holdings 20,900 59,800 49,100 JPY 2,335 48,801,500 0.75 

Nippon Steel 108,000 196,000 179,000 JPY 290 31,320,000 0.48 

Sumitomo Metal Mining 59,000 66,000 54,000 JPY 942 55,578,000 0.85 

Total metal & mining 154,605,500 2.37 

Movies & entertainment 

Toei Animation 9,100 - 2,900 JPY 1,704 15,506,400 0.24 

Total movies & entertainment 15,506,400 0.24 

Petroleum 

Inpex 45 127 121 JPY 698,000 31,410,000 0.48 

Total petroleum 31,410,000 0.48 

Pharmaceuticals, cosmetics, healthcare 

Astellas Pharma 8,400 13,400 5,000 JPY 3,630 30,492,000 0.47 

Daiichi Sankyo 16,800 39,100 37,300 JPY 2,100 35,280,000 0.54 

Shionogi 13,000 18,000 5,000 JPY 2,295 29,835,000 0.46 

Takeda Pharmaceutical 15,200 46,700 31,500 JPY 4,640 70,528,000 1.08 

Total pharmaceuticals, cosmetics, healthcare 166,135,000 2.55 

Printing, paper products & photography 

Nikon 16,000 72,000 92,000 JPY 1,058 16,928,000 0.26 

Nissha Printing 15,500 28,100 12,600 JPY 3,530 54,715,000 0.84 

Total printing, paper products & photography 71,643,000 1.10 

36







JPY assets 

period period 

Real estate 

Mitsubishi Estate 64,000 67,000 33,000 JPY 1,447 92,608,000 1.42 

Mitsui Fudosan 47,000 94,000 65,000 JPY 1,461 68,667,000 1.06 

Sumitomo Realty & Development 39,000 104,000 65,000 JPY 1,314 51,246,000 0.79 

Total real estate 212,521,000 3.27 

Semiconductors & equipment 

Tokyo Electron 16,600 16,600 14,800 JPY 3,100 51,460,000 0.79 

Ulvac 25,500 24,000 24,800 JPY 1,356 34,578,000 0.53 

Total semiconductors & equipment 86,038,000 1.32 

Telecommunication, internet 

Nippon Telegraph & Telephone 260 403 143 JPY 468,000 121,680,000 1.87 

NTT DoCoMo 188 188 - JPY 176,400 33,163,200 0.51 

Softbank 35,500 129,700 135,100 JPY 1,603 56,906,500 0.88 

Total telecommunication, internet 211,749,700 3.26 

Textiles 

Nisshinbo Industries 111,000 164,000 53,000 JPY 672 74,592,000 1.15 

Total textiles 74,592,000 1.15 

Tires & rubber 

Bridgestone 34,000 41,600 7,600 JPY 1,327 45,118,000 0.69 

Total tires & rubber 45,118,000 0.69 

Trading companies 

Marubeni 107,000 195,000 147,000 JPY 336 35,952,000 0.55 

Mitsubishi 48,200 70,700 41,100 JPY 1,238 59,671,600 0.92 

Mitsui & Co 97,000 165,000 90,000 JPY 901 87,397,000 1.34 

Sumitomo 39,000 59,000 20,000 JPY 780 30,420,000 0.47 

Total trading companies 213,440,600 3.28 

Transport 

Central Japan Railway 46 157 111 JPY 777,000 35,742,000 0.55 

East Japan Railway 110 274 164 JPY 689,000 75,790,000 1.17 

Tokyu (9005) 74,000 74,000 - JPY 449 33,226,000 0.51 

Total transport 144,758,000 2.23 

Total shares JPY 6,321,804,500.00 97.21 




JPY 6,321,804,500 97.21 

JPY 6,321,804,500 97.21 

37







JPY assets 

period period 

Cash at banks 

Cash at banks 


52,345,972 0.80 

52,345,972 0.80 

Other assets 

Dividends receivable 3,650,901 0.06 

Interest receivable on banks 1,047,099 0.02 

Receivables on sales of securities 135,600,939 2.08 

Receivables on subscriptions 6,701 0.00 


140,305,640 2.16 


Management fee, taxe d'abonnement 

-9,513,642 -0.15 

Payables on redemptions -629,605 -0.01 

Other liabilities -1,094,254 -0.01 






38 

-11,237,502 -0.17 

JPY 6,503,218,611 100.00



SEB Fund 1 - SEB Choice Japan Fund 






JPY assets 

period period 



Shares 

Agricultural products 

Chubu Shiryo 7.000 25.000 30.000 JPY 711,000 4.977.000 0,09 

Total agricultural products 4.977.000 0,09 

Aerospace, defense and marine 

Airport Facilities 3.800 - 23.700 JPY 558,000 2.120.400 0,04 

Daiichi Chuo Kisen Kaisha 9.000 88.000 79.000 JPY 248,000 2.232.000 0,04 

Kawasaki Kisen Kaisha 47.000 64.000 286.000 JPY 412,000 19.364.000 0,37 

Mitsui OSK Lines 71.700 170.700 373.000 JPY 542,000 38.861.400 0,74 

Nippon Yusen 101.000 239.000 327.000 JPY 545,000 55.045.000 1,05 

Senko 5.200 21.200 35.000 JPY 396,000 2.059.200 0,04 

Yamato Transport 1.000 1.000 - JPY 1.160,000 1.160.000 0,02 

Total aerospace, defense and marine 120.842.000 2,30 

Automobile industry 

Aisin Seiki 7.200 - 43.100 JPY 1.235,000 8.892.000 0,17 

Autobacs Seven 6.300 6.100 16.200 JPY 2.080,000 13.104.000 0,25 

Denso 16.100 44.300 28.200 JPY 1.470,000 23.667.000 0,45 

Fuji Heavy Industies 59.000 124.000 65.000 JPY 239,000 14.101.000 0,27 

Honda Motor 72.000 11.600 362.500 JPY 1.906,000 137.232.000 2,62 

Mazda Motor 43.000 68.000 25.000 JPY 149,000 6.407.000 0,12 

Nissan Motor 150.100 220.700 367.100 JPY 320,000 48.032.000 0,92 

Nissan Shatai 29.000 - 300.000 JPY 544,000 15.776.000 0,30 

Toyota Motor 29.800 20.800 214.200 JPY 2.905,000 86.569.000 1,65 

USS 280 - 5.740 JPY 4.740,000 1.327.200 0,03 

Total automobile industry 355.107.200 6,77 

Broadcasting & cable TV 

Fuji Media Holdings Inc 113 - 182 JPY 128.100,000 14.475.300 0,28 

Nippon Television Network 250 - 4.620 JPY 9.450,000 2.362.500 0,05 

SKY Perfect JSAT 563 2.443 1.880 JPY 43.350,000 24.406.050 0,47 

Total broadcasting & cable TV 41.243.850 0,79 

Chemicals 

Arakawa Chemical Industries 2.100 - 8.900 JPY 1.026,000 2.154.600 0,04 

Asahikasei Corp 188.300 29.000 1.308.700 JPY 390,000 73.437.000 1,40 

Eiken Chemical 6.400 33.600 30.100 JPY 688,000 4.403.200 0,08 

JSP 4.000 - 43.800 JPY 632,000 2.528.000 0,05 

Kaneka 9.000 29.000 20.000 JPY 570,000 5.130.000 0,10 

Konishi 2.900 - 12.200 JPY 859,000 2.491.100 0,05 

Kuraray 6.000 6.000 - JPY 690,000 4.140.000 0,08 

Kureha 22.000 22.000 30.000 JPY 445,000 9.790.000 0,19 

39







JPY assets 

period period 

Nippon Chemical Industrial 8.000 38.000 87.000 JPY 227,000 1.816.000 0,03 

Nippon Pillar Packing 4.000 - 13.000 JPY 315,000 1.260.000 0,02 

Nippon Soda 29.000 29.000 17.000 JPY 355,000 10.295.000 0,20 

NOF 33.900 11.000 266.100 JPY 352,000 11.932.800 0,23 

Shin-Etsu Chemical 5.200 5.200 - JPY 4.070,000 21.164.000 0,40 

Sumitomo Chemical 54.000 84.000 30.000 JPY 302,000 16.308.000 0,31 

Toagosei 31.800 20.000 102.200 JPY 268,000 8.522.400 0,16 

Zeon 18.000 18.000 - JPY 303,000 5.454.000 0,10 

Total chemicals 180.826.100 3,45 

Communications equipment 

NEC Mobiling 1.800 9.200 7.400 JPY 1.424,000 2.563.200 0,05 

Total communications equipment 2.563.200 0,05 

Computer components, software, internet 

Computer Engineering & Consulting 3.900 12.800 16.000 JPY 828,000 3.229.200 0,06 

Computer Institute of Japan 7.600 - 32.300 JPY 405,000 3.078.000 0,06 

Cresco 1.300 6.300 5.000 JPY 1.160,000 1.508.000 0,03 

DTS 7.300 19.600 21.100 JPY 840,000 6.132.000 0,12 

Edion 7.400 13.300 5.900 JPY 440,000 3.256.000 0,06 

Fuji Soft Inc 6.300 11.700 5.400 JPY 1.898,000 11.957.400 0,23 

Fujitsu 5.000 136.000 131.000 JPY 429,000 2.145.000 0,04 

Hitachi Maxell 4.700 25.100 20.400 JPY 833,000 3.915.100 0,07 

Japan Digital Laboratory 4.000 12.900 19.700 JPY 958,000 3.832.000 0,07 

Jastec 1.700 - 28.000 JPY 543,000 923.100 0,02 

Nec 119.000 534.000 415.000 JPY 297,000 35.343.000 0,67 

Nintendo 2.800 6.100 15.500 JPY 33.750,000 94.500.000 1,80 

Seiko Epson 2.500 5.000 2.500 JPY 1.404,000 3.510.000 0,07 

Sorun 7.200 37.600 30.400 JPY 519,000 3.736.800 0,07 

Total computer components, software, internet 177.065.600 3,38 

Construction, engineering & farm machinery 

Asahi Glass 40.000 50.000 10.000 JPY 504,000 20.160.000 0,38 

Asahi Kogyos 3.000 8.000 5.000 JPY 319,000 957.000 0,02 

Central Glass 33.000 10.000 118.000 JPY 360,000 11.880.000 0,23 

Comsys Holdings 2.000 2.000 - JPY 829,000 1.658.000 0,03 

Hino Motors 9.000 1.000 193.000 JPY 182,000 1.638.000 0,03 

ISEKI & CO 11.000 11.000 - JPY 275,000 3.025.000 0,06 

Kato Works 34.000 28.000 189.000 JPY 219,000 7.446.000 0,14 

Komatsu 15.800 99.600 83.800 JPY 1.118,000 17.664.400 0,34 

Kubota 25.000 57.000 45.000 JPY 634,000 15.850.000 0,30 

Kyokuto Kaihatsu Kogyo 6.700 7.700 54.800 JPY 328,000 2.197.600 0,04 

Mitsui Home 3.000 18.000 15.000 JPY 448,000 1.344.000 0,03 

Nihon Eslead 3.500 18.500 15.000 JPY 490,000 1.715.000 0,03 

Nippo 2.000 - 41.000 JPY 761,000 1.522.000 0,03 

Nippon Hume 6.000 - 20.000 JPY 294,000 1.764.000 0,03 

Nippon Sheet Glass 59.000 50.000 497.000 JPY 291,000 17.169.000 0,33 

Nitto Boseki 61.000 61.000 - JPY 177,000 10.797.000 0,21 

40







JPY assets 

period period 

Sekisui Chemical 17.000 32.000 15.000 JPY 556,000 9.452.000 0,18 

Sekisui House 23.000 54.000 77.000 JPY 778,000 17.894.000 0,34 

Sekisui Jushi 6.000 12.000 29.000 JPY 773,000 4.638.000 0,09 

Sumitomo Densetsu 6.100 31.900 25.800 JPY 541,000 3.300.100 0,06 

Toenec 7.000 12.000 5.000 JPY 531,000 3.717.000 0,07 

Tomoe 6.700 - 55.600 JPY 170,000 1.139.000 0,02 

Toyo Engineering 8.000 8.000 - JPY 274,000 2.192.000 0,04 

Yamabiko 1.476 1.476 - JPY 885,000 1.306.260 0,02 

Total construction, engineering & farm machinery 160.425.360 3,06 

Data process & outsourcing services 

TKC 7.300 1.100 26.000 JPY 1.867,000 13.629.100 0,26 

Total data process & outsourcing services 13.629.100 0,26 

Department stores, retail trade 

Alpen 900 900 - JPY 1.749,000 1.574.100 0,03 

AOKI 11.500 12.400 41.200 JPY 926,000 10.649.000 0,20 

Aoyama Trading 21.200 - 89.400 JPY 1.418,000 30.061.600 0,57 

Arcs 5.100 1.300 21.400 JPY 1.503,000 7.665.300 0,15 

Atsugi 37.000 91.000 54.000 JPY 126,000 4.662.000 0,09 

Canon Marketing Japan 20.400 - 104.100 JPY 1.439,000 29.355.600,00 0,56 

Circle K Sunkus 7.300 9.300 3.000 JPY 1.624,000 11.855.200 0,23 

Daiei 7.750 7.750 - JPY 567,000 4.394.250 0,08 

Doshisha 1.200 - 5.400 JPY 1.229,000 1.474.800,00 0,03 

Duskin 24.900 - 105.500 JPY 1.590,000 39.591.000 0,75 

Gunze 7.000 7.000 - JPY 294,000 2.058.000 0,04 

Hankyo Department Store 22.000 - 184.000 JPY 673,000 14.806.000 0,28 

Izumiya 4.000 40.000 36.000 JPY 588,000 2.352.000 0,04 

Kasumi 7.000 27.000 20.000 JPY 497,000 3.479.000 0,07 

Kyoto Kimono Yuzen 64 64 - JPY 59.400,000 3.801.600 0,07 

Ministop 2.900 8.800 5.900 JPY 1.873,000 5.431.700 0,10 

Mutow 4.200 22.100 17.900 JPY 549,000 2.305.800 0,04 

Ohashi Technica 2.000 10.400 8.400 JPY 611,000 1.222.000,00 0,02 

Okuwa 7.000 8.000 20.000 JPY 1.360,000 9.520.000 0,18 

Pal 2.050 2.050 - JPY 867,000 1.777.350 0,03 

Seven & I Holdings 20.500 25.000 4.500 JPY 3.050,000 62.525.000 1,19 

Shimachu 2.100 - 54.800 JPY 2.005,000 4.210.500 0,08 

Takihyo 21.000 - 86.000 JPY 471,000 9.891.000,00 0,19 

Trusco Nakayama 2.100 10.500 8.400 JPY 1.152,000 2.419.200 0,05 

Yamatane 22.000 62.000 40.000 JPY 106,000 2.332.000,00 0,04 

Total department stores, retail trade 269.414.000 5,14 

Electrotechnical, electronics 

Alpine Electronics 2.000 - 128.400 JPY 715,000 1.430.000 0,03 

Alps Electric 17.300 43.700 73.500 JPY 435,000 7.525.500 0,14 

Brother Industries 10.100 31.600 33.000 JPY 527,000 5.322.700 0,10 

Canon 26.000 33.100 70.900 JPY 2.770,000 72.020.000 1,37 

Canon Finetech 6.500 8.300 27.300 JPY 966,000 6.279.000 0,12 

41







JPY assets 

period period 

Casio Computer 5.300 5.300 - JPY 559,000 2.962.700 0,06 

Electric Power Development 1.800 1.800 - JPY 3.510,000 6.318.000,00 0,12 

ESPEC 2.700 14.200 11.500 JPY 561,000 1.514.700 0,03 

Fuji Film Holdings Corp 22.700 4.300 110.300 JPY 1.950,000 44.265.000 0,84 

Fujikura 87.000 212.000 125.000 JPY 292,000 25.404.000 0,48 

Furukawa Electric 12.000 22.000 10.000 JPY 429,000 5.148.000 0,10 

Furusato Industries 1.100 6.500 5.400 JPY 958,000 1.053.800 0,02 

Hanwa 40.000 129.000 89.000 JPY 280,000 11.200.000 0,21 

Hitachi 93.000 9.000 656.000 JPY 345,000 32.085.000 0,61 

Itochu 9.000 45.000 36.000 JPY 443,000 3.987.000 0,08 

Kaga Electronics Co 6.300 17.200 10.900 JPY 1.077,000 6.785.100 0,13 

Kanaden 3.000 12.000 10.000 JPY 513,000 1.539.000 0,03 

Kanematsu Electronics 6.800 9.100 28.300 JPY 779,000 5.297.200 0,10 

Kansai Electric Power 22.200 37.600 51.100 JPY 2.600,000 57.720.000 1,10 

Konica 21.000 110.500 89.500 JPY 682,000 14.322.000 0,27 

Kyocera 4.700 17.300 12.600 JPY 6.380,000 29.986.000 0,57 

Kyushu Electric Power 7.100 5.900 64.700 JPY 2.390,000 16.969.000 0,32 

Marubun 6.000 31.400 25.400 JPY 385,000 2.310.000 0,04 

Panasonic Electric Works 5.000 5.000 - JPY 788,000 3.940.000 0,08 

Mitsubishi 29.600 49.200 68.100 JPY 1.238,000 36.644.800 0,70 

Mitsubishi Electric 61.000 239.000 254.000 JPY 552,000 33.672.000 0,64 

Mitsui & Co 51.000 155.000 104.000 JPY 901,000 45.951.000 0,88 

Nagase 16.000 89.000 82.000 JPY 871,000 13.936.000 0,27 

Nippon Electric Glass 2.000 6.000 4.000 JPY 463,000 926.000 0,02 

Nippon Signal 18.200 42.800 66.400 JPY 603,000 10.974.600 0,21 

Okinawa Electric Power 6.200 14.800 9.500 JPY 6.670,000 41.354.000 0,79 

Omron 5.400 19.900 14.500 JPY 1.199,000 6.474.600 0,12 

Onoken 3.200 8.100 17.900 JPY 866,000 2.771.200 0,05 

Osaki Electric 5.000 20.000 15.000 JPY 576,000 2.880.000 0,05 

Panasonic 58.200 13.000 325.800 JPY 1.113,000 64.776.600 1,24 

Ricoh 38.000 11.000 263.000 JPY 1.124,000 42.712.000 0,81 

Ryoden 3.000 12.000 10.000 JPY 516,000 1.548.000 0,03 

Ryosan 500 9.600 9.100 JPY 2.145,000 1.072.500 0,02 

Sanshin Electronics 14.100 12.000 60.100 JPY 800,000 11.280.000 0,22 

Sato Shoji 1.900 4.400 8.100 JPY 579,000 1.100.100 0,02 

Seika 15.000 38.000 109.000 JPY 214,000 3.210.000 0,06 

Sharp 27.000 27.000 - JPY 636,000 17.172.000 0,33 

Shinko Shoji 2.300 4.700 9.900 JPY 850,000 1.955.000 0,04 

Sony 25.400 47.800 125.900 JPY 1.922,000 48.818.800 0,93 

Sumitomo 23.300 23.300 - JPY 780,000 18.174.000 0,35 

Sumitomo Electric Industries 59.100 105.300 164.300 JPY 682,000 40.306.200 0,77 

Tatsuta Electric Wire and Cable 12.000 - 59.000 JPY 198,000 2.376.000 0,05 

TDK 2.800 16.500 50.600 JPY 3.250,000 9.100.000 0,17 

TOA 4.000 9.000 5.000 JPY 571,000 2.284.000 0,04 

Tohoku Electric Power 2.300 2.300 - JPY 2.435,000 5.600.500 0,11 

Tokyo Electric Power 23.800 35.800 43.500 JPY 3.000,000 71.400.000 1,36 

Tomoe Engineering 3.700 4.100 15.500 JPY 834,000 3.085.800 0,06 

Toshiba TEC 67.000 58.000 169.000 JPY 268,000 17.956.000 0,34 

Tsubakimoto Kogyo 8.000 4.000 25.000 JPY 210,000 1.680.000 0,03 

Total electrotechnical, electronics 926.575.400 17,67 

42







JPY assets 

period period 

Financial companies, banks 

Bank of Yokohama 138.500 753.500 615.000 JPY 521,000 72.158.500 1,38 

Bank Okinawa 3.100 11.500 8.400 JPY 3.650,000 11.315.000 0,22 

Century Leasing Systems 9.600 - 40.700 JPY 792,000 7.603.200 0,14 

Chiba Kogyo Bank 5.300 10.700 32.800 JPY 1.268,000 6.720.400 0,13 

Daiwa Securities Group 4.000 4.000 328.000 JPY 526,000 2.104.000 0,04 

Fukuoka Financial Group 26.000 26.000 - JPY 385,000 10.010.000 0,19 

Fuyo General Lease 18.900 - 86.200 JPY 1.736,000 32.810.400 0,63 

Gunma Bank 21.500 120.500 99.000 JPY 566,000 12.169.000 0,23 

Hokuetsu Bank 24.000 - 123.000 JPY 203,000 4.872.000 0,09 

Kansai Urban Banking 6.000 36.000 30.000 JPY 137,000 822.000 0,02 

Kiyo Holdings 90.000 55.000 148.000 JPY 137,000 12.330.000 0,24 

Matsui Securities 14.800 29.600 14.800 JPY 743,000 10.996.400 0,21 

Mitsubishi UFJ Financial 226.500 690.800 512.700 JPY 549,000 124.348.500 2,37 

Mizuho Financial Group 405 1.252 1.995 JPY 257.700,000 104.368.500 1,99 

Nomura Hldgs 58.300 80.300 178.300 JPY 729,000 42.500.700 0,81 

Resona Hldgs 148 467 1.265 JPY 134.100,000 19.846.800 0,38 

Ricoh Leasing 11.400 5.900 48.200 JPY 1.615,000 18.411.000 0,35 

Sapporo Hokuyo Holdings 19 - 84 JPY 349.000,000 6.631.000 0,13 

SBI Holdings Inc 481 3.942 5.007 JPY 13.550,000 6.517.550 0,12 

Sumitomo Mitsui Financial Group 203 182 1.377 JPY 376.000,000 76.328.000 1,46 

Sumitomo Trust & Banking 72.200 169.000 269.800 JPY 516,000 37.255.200 0,71 

Keiyo Bank 13.000 64.000 51.000 JPY 458,000 5.954.000 0,11 

The Toho Bank 10.000 10.000 - JPY 393,000 3.930.000 0,07 

Toyo Securities 15.700 79.700 64.000 JPY 176,000 2.763.200 0,05 

Total financial companies, banks 632.765.350 12,06 

Foodstuff, beverages 

Coca-Cola Central Japan 5 12 15 JPY 649.000,000 3.245.000 0,06 

Kita Kyushu Coca-Cola Bottling 1.200 - 12.700 JPY 1.945,000 2.334.000 0,04 

Takara Holdings 7.000 7.000 - JPY 528,000 3.696.000 0,07 

Total foodstuff, beverages 9.275.000 0,18 

Household appliances & products 

Kao 9.000 9.000 21.000 JPY 2.710,000 24.390.000 0,47 

Total household appliances & products 24.390.000 0,47 

Industrials 

Aida Engineering 10.000 11.000 47.000 JPY 328,000 3.280.000 0,06 

Amada 62.900 - 550.100 JPY 430,000 27.047.000 0,52 

Asahi Diamond Industrial 17.000 32.000 15.000 JPY 503,000 8.551.000 0,16 

Bando Chemical Industries 23.100 - 163.900 JPY 215,000 4.966.500 0,09 

Daifuku 22.500 51.000 28.500 JPY 517,000 11.632.500 0,22 

Daiwa Industries 3.000 13.000 22.000 JPY 308,000 924.000 0,02 

Denyo 4.400 13.700 18.400 JPY 646,000 2.842.400 0,05 

Glory 6.400 19.800 29.100 JPY 1.742,000 11.148.800 0,21 

IHI Corporation 41.000 41.000 - JPY 113,000 4.633.000 0,09 

43







JPY assets 

period period 

JTEKT 5.100 17.500 12.400 JPY 687,000 3.503.700 0,07 

Komori 24.500 41.900 96.400 JPY 977,000 23.936.500 0,46 

Mitsubishi Heavy Industry 50.000 95.000 45.000 JPY 395,000 19.750.000 0,38 

NACHI-FUJIKOSHI 38.000 38.000 - JPY 168,000 6.384.000 0,12 

NGK Insulators 10.000 41.000 31.000 JPY 993,000 9.930.000 0,19 

Nisshinbo Industries 8.000 33.000 25.000 JPY 672,000 5.376.000 0,10 

Nitta 1.400 1.400 19.500 JPY 1.180,000 1.652.000 0,03 

Noritake 10.000 45.000 35.000 JPY 325,000 3.250.000 0,06 

NSK 12.900 67.900 55.000 JPY 332,000 4.282.800 0,08 

Shima Seiki 5.300 5.300 - JPY 1.761,000 9.333.300 0,18 

Toshiba Machine 14.000 24.000 10.000 JPY 262,000 3.668.000 0,07 

Tsubakimoto Chain 10.000 15.000 34.000 JPY 276,000 2.760.000 0,05 

Tsudakoma 20.000 - 83.000 JPY 93,000 1.860.000 0,04 

Yuken Kogyo 7.000 9.000 54.000 JPY 177,000 1.239.000 0,02 

Total industrials 171.950.500 3,28 

Insurance 

Fuji Fire & Marine Insurance 82.000 177.000 95.000 JPY 133,000 10.906.000 0,21 

Mitsui Sumitomo Insurance 8.800 32.200 23.400 JPY 2.785,000 24.508.000 0,47 

Sompo Japan Insurance 77.500 53.500 379.000 JPY 645,000 49.987.500 0,95 

Tokio Marine Holdings 32.600 53.100 139.400 JPY 2.580,000 84.108.000 1,60 

T&D Holdings 8.400 15.850 7.450 JPY 3.700,000 31.080.000 0,59 

Total insurance 200.589.500 3,82 

IT consulting 

CAC 13.100 49.100 36.000 JPY 770,000 10.087.000 0,19 

Hitachi Info 12.400 - 52.500 JPY 1.852,000 22.964.800 0,44 

Ines 9.500 20.400 10.900 JPY 455,000 4.322.500 0,08 

IT Holdings 17 9.717 9.700 JPY 1.385,000 23.545 0,00 

NEC Fielding 12.300 1.400 46.500 JPY 1.213,000 14.919.900 0,28 

Net One Systems 10 - 291 JPY 180.300,000 1.803.000 0,03 

Total IT consulting 54.120.745 1,03 

Leisure products 

Araya Industrial 14.000 - 59.000 JPY 157,000 2.198.000 0,04 

Combi 3.000 13.000 10.000 JPY 599,000 1.797.000 0,03 

Sankyo/Gunma 3.500 10.700 7.200 JPY 4.500,000 15.750.000 0,30 

SRI Sports 10 54 44 JPY 84.800,000 848.000 0,02 

Yamaha 11.300 66.500 68.400 JPY 821,000 9.277.300 0,18 

Total leisure products 29.870.300 0,57 

Hotels 

Kyoritsu Maintenance 2.200 2.200 - JPY 1.493,000 3.284.600 0,06 

Total hotels 3.284.600 0,06 

44







JPY assets 

period period 

Metal & mining 

Arisawa Manufacturing 6.500 5.800 27.400 JPY 313,000 2.034.500 0,04 

Furukawa-Sky Aluminum 23.000 63.000 40.000 JPY 214,000 4.922.000 0,09 

JFE Holdings 16.500 53.800 62.900 JPY 2.335,000 38.527.500 0,73 

Mitsubishi Steel Manufacturing 32.000 121.000 89.000 JPY 231,000 7.392.000 0,14 

Nippon Mining 27.800 106.500 334.700 JPY 378,000 10.508.400 0,20 

Nippon Oil 109.000 - 833.000 JPY 447,000 48.723.000 0,93 

Nippon Steel 92.600 157.000 850.400 JPY 290,000 26.854.000 0,51 

Nisshin Steel 148.200 - 891.800 JPY 182,000 26.972.400 0,51 

Osaka Steel 1.200 6.200 5.000 JPY 1.162,000 1.394.400 0,03 

San-Ai Oil 11.000 - 40.000 JPY 398,000 4.378.000 0,08 

Sanyo Special Steel 12.000 12.000 - JPY 260,000 3.120.000 0,06 

Showa Shell Sekiyu 5.600 42.200 36.600 JPY 876,000 4.905.600 0,09 

Sumitomo Metal Industries 88.000 197.000 109.000 JPY 217,000 19.096.000 0,36 

Sumitomo Pipe & Tube 3.600 13.000 33.400 JPY 623,000 2.242.800 0,04 

Tokyo Tekko 6.000 36.000 30.000 JPY 211,000 1.266.000 0,02 

Topy Industries 7.000 27.000 20.000 JPY 159,000 1.113.000 0,02 

Toyo Kohan 7.000 42.000 35.000 JPY 377,000 2.639.000 0,05 

Tokyo Seikan Kaisha 6.600 19.800 13.200 JPY 1.532,000 10.111.200 0,19 

Yamato Kogyo 5.000 - 62.900 JPY 2.380,000 11.900.000 0,23 

Yodogawa Steel Works 19.000 95.000 76.000 JPY 372,000 7.068.000 0,13 

Total metal & mining 235.167.800 4,48 

Movies & entertainment 

Horipro 1.000 - 5.600 JPY 996,000 996.000 0,02 

Total movies & entertainment 996.000 0,02 

Office services & supplies 

Mitsubishi Pencil 3.300 - 43.000 JPY 1.089,000 3.593.700 0,07 

Uchida Yoko 5.000 - 59.000 JPY 318,000 1.590.000 0,03 

Total office services & supplies 5.183.700 0,10 

Petroleum 

Hokkaido Gas 15.000 35.000 20.000 JPY 264,000 3.960.000 0,08 

Osaka Gas 184.500 738.500 678.000 JPY 414,000 76.383.000 1,46 

Toho Gas 22.000 94.100 72.100 JPY 592,000 13.024.000 0,25 

Tokyo Gas 65.000 90.000 25.000 JPY 455,000 29.575.000 0,56 

Total petroleum 122.942.000 2,34 

Pharmaceuticals, cosmetics, healthcare 

Aloka 6.400 8.800 27.000 JPY 799,000 5.113.600 0,10 

ASKA Pharmaceutical 11.000 21.000 15.000 JPY 843,000 9.273.000 0,18 

Astellas Pharma 37.500 103.700 240.100 JPY 3.630,000 136.125.000 2,60 

BML 3.000 6.500 12.000 JPY 1.979,000 5.937.000 0,11 

Cawachi 2.200 6.300 9.100 JPY 2.030,000 4.466.000 0,09 

JMS 3.000 18.000 15.000 JPY 395,000 1.185.000 0,02 

Kaken Pharmaceutical 14.000 14.000 - JPY 988,000 13.832.000 0,26 

45







JPY assets 

period period 

Mandom 4.600 3.400 27.200 JPY 2.560,000 11.776.000 0,22 

Mochida Pharmaceutical 17.000 32.000 15.000 JPY 1.083,000 18.411.000 0,35 

Nihon Chouzai 1.270 6.700 5.430 JPY 1.250,000 1.587.500 0,03 

Nippon Shinyaku 26.000 31.000 69.000 JPY 1.068,000 27.768.000 0,53 

Nipro 2.000 2.000 73.000 JPY 1.583,000 3.166.000 0,06 

Ono Pharmaceutical 3.900 19.900 35.300 JPY 4.670,000 18.213.000 0,35 

Daiichi Sankyo 13.400 48.600 107.100 JPY 2.100,000 28.140.000 0,54 

Seikagaku 7.300 15.400 8.100 JPY 973,000 7.102.900 0,14 

Shiseido 11.000 56.000 45.000 JPY 1.825,000 20.075.000 0,38 

Takeda Pharmaceutical 22.000 45.800 151.800 JPY 4.640,000 102.080.000 1,95 

Torii Pharmaceutical 3.800 7.300 3.500 JPY 1.422,000 5.403.600 0,10 

Total pharmaceuticals, cosmetics, healthcare 419.654.600 8,00 

Printing, paper products & photography 

Dai Nippon Printing 51.100 206.100 155.000 JPY 979,000 50.026.900 0,95 

Toppan Forms 11.600 6.900 72.100 JPY 1.143,000 13.258.800 0,25 

Toppan Printing 45.000 9.000 232.000 JPY 684,000 30.780.000 0,59 

Oji Paper 7.000 7.000 - JPY 525,000 3.675.000 0,07 

Total printing, paper products & photography 97.740.700 1,86 

Real estate 

Daito Trust Construction 3.600 7.600 4.000 JPY 4.680,000 16.848.000 0,32 

Daiwa House Industry 31.000 90.000 59.000 JPY 865,000 26.815.000 0,51 

Daiwasystem 6.100 - 25.900 JPY 188,000 1.146.800 0,02 

Leopalace21 31.700 - 184.600 JPY 899,000 28.498.300 0,54 

Mitsubishi Estate 4.000 4.000 - JPY 1.447,000 5.788.000 0,11 

Mitsui Fudosan 16.000 19.000 3.000 JPY 1.461,000 23.376.000 0,45 

Nomura Real Estate Holdings 11.500 38.100 38.300 JPY 1.752,000 20.148.000 0,38 

Sumitomo Realty & Development 6.000 6.000 - JPY 1.314,000 7.884.000 0,15 

Tokyu Community 2.000 3.100 9.800 JPY 1.866,000 3.732.000 0,07 

Tokyu Land 39.000 136.000 100.000 JPY 335,000 13.065.000 0,25 

Total real estate 147.301.100 2,81 

Restaurants, food and brewers 

Asahi Breweries 12.600 12.600 89.900 JPY 1.539,000 19.391.400 0,37 

Echo Trading 1.700 8.600 7.100 JPY 662,000 1.125.400 0,02 

Itoham Foods 5.000 15.000 10.000 JPY 325,000 1.625.000 0,03 

J-Oil Mills 9.000 24.000 15.000 JPY 371,000 3.339.000 0,06 

Kyodo Shiryo 15.000 84.000 69.000 JPY 116,000 1.740.000 0,03 

Marudai Food 17.000 17.000 - JPY 253,000 4.301.000 0,08 

Meiji Seika Kaisha 20.000 48.000 33.000 JPY 428,000 8.560.000 0,16 

Mitsui Sugar 22.000 37.000 15.000 JPY 342,000 7.524.000 0,14 

Nichirei 10.000 46.000 36.000 JPY 425,000 4.250.000 0,08 

Nippon Beet Sugar Manufacturing 19.000 73.000 54.000 JPY 241,000 4.579.000 0,09 

Nippon Flour Mills 30.000 29.000 86.000 JPY 494,000 14.820.000 0,28 

Nippon Suisan Kaisha 28.600 58.400 29.800 JPY 230,000 6.578.000 0,13 

Nisshin Oillio Group 14.000 49.000 35.000 JPY 520,000 7.280.000 0,14 

Nisshin Seifun Group 27.500 78.500 51.000 JPY 1.172,000 32.230.000 0,61 

46







JPY assets 

period period 

Nitto Fuji Flour Milling 7.000 17.000 10.000 JPY 285,000 1.995.000 0,04 

Rock Field 5.200 27.400 22.200 JPY 1.182,000 6.146.400 0,12 

Saizeriya 1.800 1.800 - JPY 1.272,000 2.289.600 0,04 

Sapporo Holdings 4.000 4.000 - JPY 559,000 2.236.000 0,04 

Tohto Suisan 16.000 30.000 67.000 JPY 117,000 1.872.000 0,04 

Torigoe 7.100 28.900 21.800 JPY 766,000 5.438.600 0,10 

Toyo Suisan Kaisha 2.000 7.000 5.000 JPY 2.580,000 5.160.000 0,10 

Unimat Life 1.800 3.200 7.600 JPY 799,000 1.438.200 0,03 

Warabeya Nichiyo 4.500 16.300 18.500 JPY 1.630,000 7.335.000 0,14 

Yonekyu 8.500 38.000 29.500 JPY 1.058,000 8.993.000 0,17 

Total restaurants, food and brewers 160.246.600 3,06 

Semiconductors & equipment 

NEC Electronics 3.900 1.600 14.100 JPY 837,000 3.264.300 0,06 

Rohm 2.600 14.000 11.400 JPY 4.330,000 11.258.000 0,21 

Sanken Electric 97.000 196.000 99.000 JPY 348,000 33.756.000 0,64 

Tokyo Electron 1.100 29.000 35.600 JPY 3.100,000 3.410.000 0,07 

Total semiconductors & equipment 51.688.300 0,99 

Tires & rubber 

Bridgestone 8.000 8.000 2.500 JPY 1.327,000 10.616.000,00 0,20 

Total tires & rubber 10.616.000 0,20 

Telecommunication, internet 

KDDI 14 14 46 JPY 635.000,000 8.890.000 0,17 

Nippon Telegraph & Telephone 389 172 2.033 JPY 468.000,000 182.052.000,00 3,47 

NTT DoCoMo 514 4.746 4.432 JPY 176.400,000 90.669.600 1,73 

Total telecommunication, internet 281.611.600 5,37 

Textiles 

Watabe Wedding 1.900 - 7.600 JPY 1.394,000 2.648.600 0,05 

Total textiles 2.648.600 0,05 

Tobacco 

Japan Tobacco 39 39 305 JPY 295.000,000 11.505.000,00 0,22 

Total Tobacco 11.505.000 0,22 

Transport 

Central Japan Railway 17 108 91 JPY 777.000,000 13.209.000 0,25 

East Japan Railway 36 298 262 JPY 689.000,000 24.804.000 0,47 

Hitachi Transport System 14.900 2.100 63.100 JPY 1.341,000 19.980.900 0,38 

Maruzen Showa Unyu 4.000 - 10.000 JPY 294,000 1.176.000 0,02 

Nippon Express 117.600 5.000 933.400 JPY 374,000 43.982.400 0,84 

Nippon Konpo Unyu Soko 19.000 3.000 87.000 JPY 996,000 18.924.000 0,36 

47







JPY assets 

period period 

Seino Holdings 15.000 15.000 - JPY 496,000 7.440.000 0,14 

West Japan Railway 173 161 853 JPY 409.000,000 70.757.000 1,35 

Total transport 200.273.300 3,82 

Total shares JPY 5.126.490.105 97,75 




JPY 5.126.490.105 97,75 

JPY 5.126.490.105 97,75 



Commitment in JPY 

TOPIX 12.03.09 11 94.820.000 

12.255.135 0,23 

Total financial futures (total unrealised result) 12.255.135 0,23 

Cash at banks 

Cash at banks 


107.779.750 2,05 

107.779.750 2,05 

Other assets 

Dividends receivable 7.782.659 0,15 

Receivables on subscriptions 824.349 0,02 


8.607.008 0,17 



-7.367.342 -0,14 

Payables on redemptions -3.112.579 -0,06 






48 

-10.479.921 -0,20 

JPY 5.244.652.077 100,00



SEB Fund 1 - SEB Choice North America Chance / Risk Fund 






USD assets 

period 

period 



Shares 

Bermuda 

Arch Capital Group 9,035 11,935 2,900 USD 70.100 633,353.50 0.25 

Foster Wheeler 7,912 196,506 192,200 USD 23.380 184,982.56 0.07 

Invesco 61,415 73,315 11,900 USD 14.440 886,832.60 0.35 

Lazard 9,700 9,700 - USD 29.740 288,478.00 0.11 

PartnerRe 4,400 5,400 1,000 USD 71.270 313,588.00 0.12 

Tyco International 82,900 89,600 25,000 USD 21.600 1,790,640.00 0.71 

Tyco Electronics 117,600 130,500 37,900 USD 16.210 1,906,296.00 0.76 

Weatherford International 270,800 416,400 312,200 USD 10.820 2,930,056.00 1.16 

Willis Group Holdings 21,330 21,400 7,200 USD 24.880 530,690.40 0.21 

Total Bermuda 9,464,917.06 3.74 

Canada 

Research In Motion 39,650 39,800 43,950 USD 40.580 1,608,997.00 0.64 

Ultra Petroleum 5,900 6,350 450 USD 34.510 203,609.00 0.08 

Total Canada 1,812,606.00 0.72 

Netherlands 

Core Laboratories 5,300 4,400 3,450 USD 59.860 317,258.00 0.13 

Total Netherlands 317,258.00 0.13 

Netherlands Antilles 

Schlumberger 40,700 97,700 71,300 USD 42.330 1,722,831.00 0.68 

Total Netherlands Antilles 1,722,831.00 0.68 

Singapore 

Flextronics 352,600 436,100 158,422 USD 2.560 902,656.00 0.36 

Verigy 29,600 28,900 8,200 USD 9.620 284,752.00 0.11 

Total Singapore 1,187,408.00 0.47 

Switzerland 

ACE 8,750 11,650 2,900 USD 52.920 463,050.00 0.18 

Transocean 68,157 112,219 122,000 USD 47.250 3,220,418.25 1.28 



AT&T 148,300 159,800 59,700 USD 28.500 4,226,550.00 1.67 

Activision Blizzard 225,700 274,100 48,400 USD 8.640 1,950,048.00 0.77 

Affiliated Managers Group 4,850 39,340 38,540 USD 41.920 203,312.00 0.08 

Agilent Technologies 10,300 13,900 3,600 USD 15.630 160,989.00 0.06 

Airproducts & Chemicals 38,850 87,450 60,000 USD 50.270 1,952,989.50 0.77 

Alcoa 68,800 97,100 28,300 USD 11.260 774,688.00 0.31 

49







USD assets 

period 

period 

Alliant Techsystems 5,350 5,150 2,400 USD 85.760 458,816.00 0.18 

Ameren 39,000 45,080 12,100 USD 33.260 1,297,140.00 0.51 

American Electric Power 100,400 110,700 41,000 USD 33.280 3,341,312.00 1.32 

American Eagle Outfitters 29,900 35,000 5,100 USD 9.360 279,864.00 0.11 

American Express 59,500 78,500 37,500 USD 18.550 1,103,725.00 0.44 

American Tower 135,700 141,800 162,800 USD 29.320 3,978,724.00 1.57 

Anadarko Petroleum 27,100 27,100 - USD 38.550 1,044,705.00 0.41 

Analog Devices 16,700 15,100 8,400 USD 19.020 317,634.00 0.13 

ANSYS 15,160 16,100 11,400 USD 27.890 422,812.40 0.17 

Apple Computer 41,200 43,300 47,600 USD 85.350 3,516,420.00 1.39 

Assurant 11,200 18,900 10,200 USD 30.000 336,000.00 0.13 

Avnet 13,200 16,400 3,200 USD 18.210 240,372.00 0.10 

Baidu.com 3,250 3,300 1,550 USD 130.570 424,352.50 0.17 

Bankrate 13,350 18,061 7,950 USD 38.000 507,300.00 0.20 

Beckman Coulter 5,900 5,900 2,600 USD 43.940 259,246.00 0.10 

Bed Bath & Beyond 9,000 10,800 1,800 USD 25.420 228,780.00 0.09 

Boston Scientific 260,900 312,200 105,100 USD 7.740 2,019,366.00 0.80 

Bristol Myers Squibb 111,000 125,600 14,600 USD 23.250 2,580,750.00 1.02 

Broadcom 33,400 44,300 10,900 USD 16.970 566,798.00 0.22 

Burger King Holdings 16,600 20,200 3,600 USD 23.880 396,408.00 0.16 

CH Robinson Worldwide 5,300 7,050 1,750 USD 55.030 291,659.00 0.12 

CVS 164,300 208,600 128,300 USD 28.740 4,721,982.00 1.87 

CV Therapeutics 28,700 28,800 11,150 USD 9.210 264,327.00 0.10 

Cameron International 11,600 16,000 7,100 USD 20.500 237,800.00 0.09 

Catalyst Health Solutions 16,800 26,700 9,900 USD 24.350 409,080.00 0.16 

Cavium Networks 19,694 22,750 13,106 USD 10.510 206,983.94 0.08 

Celgene 91,400 98,900 106,300 USD 55.280 5,052,592.00 2.00 

Cerner 12,200 19,450 15,750 USD 38.450 469,090.00 0.19 

Chevron 64,000 84,700 40,600 USD 73.970 4,734,080.00 1.87 

Chipotle Mexican Grill B 3,750 3,100 3,650 USD 57.290 214,837.50 0.08 

Clean Harbors 10,800 9,150 8,250 USD 63.440 685,152.00 0.27 

Clearwire 54,850 59,850 35,800 USD 4.930 270,410.50 0.11 

Cognizant Tech Solutions 126,900 232,700 291,050 USD 18.060 2,291,814.00 0.91 

Comcast Cl A 212,400 261,700 99,800 USD 16.880 3,585,312.00 1.42 

Commercial Metals 36,500 46,800 10,300 USD 11.870 433,255.00 0.17 

ConocoPhillips 77,600 87,600 31,800 USD 51.800 4,019,680.00 1.59 

CONSOL Energy 6,212 9,500 8,100 USD 28.580 177,538.96 0.07 

Consolidated Edison 8,595 10,295 1,700 USD 38.930 334,603.35 0.13 

Ctrip.com International ADR 13,650 10,900 10,750 USD 23.800 324,870.00 0.13 

Cytec Industries 13,400 13,400 8,200 USD 21.220 284,348.00 0.11 

Danaher 57,310 125,700 148,190 USD 56.610 3,244,319.10 1.28 

Dean Foods 117,000 158,500 41,500 USD 17.970 2,102,490.00 0.83 

Dell 180,000 238,300 80,000 USD 10.240 1,843,200.00 0.73 

Dover 12,100 11,400 4,300 USD 32.920 398,332.00 0.16 

Ecolab 58,496 172,190 143,224 USD 35.150 2,056,134.40 0.81 

Edwards Lifesciences 5,100 12,600 14,100 USD 54.950 280,245.00 0.11 

eHealth 20,850 17,400 13,700 USD 13.280 276,888.00 0.11 

Electronic Arts 13,850 16,250 2,400 USD 16.040 222,154.00 0.09 

Equinix 2,350 2,350 - USD 53.190 124,996.50 0.05 

Expeditors International Washington 4,850 4,850 - USD 33.270 161,359.50 0.06 

Express Scripts 98,900 130,100 170,400 USD 54.980 5,437,522.00 2.15 

50







USD assets 

period 

period 

Federated Investors Class B 15,700 16,300 8,400 USD 16.960 266,272.00 0.11 

Fifth Third Bancorp 35,190 46,790 11,600 USD 8.260 290,669.40 0.12 

First Horizon National 27,972 64,597 36,625 USD 10.570 295,664.04 0.12 

Flowserve 74,235 131,905 145,955 USD 51.500 3,823,102.50 1.51 

Gamestop 69,700 69,700 - USD 21.660 1,509,702.00 0.60 

Gap 196,650 247,200 98,600 USD 13.390 2,633,143.50 1.04 

Genentech 48,615 52,200 47,700 USD 82.910 4,030,669.65 1.59 

General Electric 162,600 187,800 61,700 USD 16.200 2,634,120.00 1.04 

Genzyme Corp 7,400 11,900 4,500 USD 66.370 491,138.00 0.19 

Google Incorporated Class A 13,715 17,325 19,305 USD 307.650 4,219,419.75 1.67 

Hansen Natural 17,529 26,150 71,771 USD 33.530 587,747.37 0.23 

Hawaiian Electric Industries 9,275 10,975 1,700 USD 22.140 205,348.50 0.08 

Hewlett-Packard 38,000 52,200 30,900 USD 36.290 1,379,020.00 0.55 

Hexcel 44,200 48,000 12,000 USD 7.390 326,638.00 0.13 

Hologic 107,800 126,400 18,600 USD 13.070 1,408,946.00 0.56 

Home Depot 91,700 124,500 32,800 USD 23.020 2,110,934.00 0.83 

Honeywell International 134,815 201,215 90,500 USD 32.830 4,425,976.45 1.75 

Hudson City Bancorp 21,280 27,900 26,355 USD 15.960 339,628.80 0.13 

Infinera 35,091 35,250 25,642 USD 8.960 314,415.36 0.12 

Intel 115,200 130,400 15,200 USD 14.660 1,688,832.00 0.67 

IntercontinentalExchange 50,550 71,800 55,800 USD 82.440 4,167,342.00 1.65 

IBM 43,000 51,700 26,600 USD 84.160 3,618,880.00 1.43 

International Flavors & Fragrances 13,000 12,100 4,900 USD 29.720 386,360.00 0.15 

Interpublic Group 149,400 231,900 139,100 USD 3.960 591,624.00 0.23 

Intuitive Surgical 2,050 1,750 1,350 USD 126.990 260,329.50 0.10 

Isis Pharmaceuticals 18,200 18,700 10,900 USD 14.180 258,076.00 0.10 

JP Morgan Chase & Co 127,200 269,500 218,300 USD 31.530 4,010,616.00 1.59 

Jacobs Engineering Group 5,965 6,265 300 USD 48.100 286,916.50 0.11 

Johnson & Johnson 29,100 52,400 23,300 USD 59.830 1,741,053.00 0.69 

Joy Global 11,600 12,000 6,800 USD 22.890 265,524.00 0.11 

KLA-Tencor 29,000 32,100 7,400 USD 21.790 631,910.00 0.25 

K12 21,156 20,006 1,200 USD 19.070 403,444.92 0.16 

Kimberly-Clark 71,100 86,300 33,300 USD 52.740 3,749,814.00 1.48 

Knight Capital Group 36,716 48,330 31,414 USD 16.150 592,963.40 0.23 

Kohl´s 58,700 160,285 123,885 USD 36.200 2,124,940.00 0.84 

Kraft Foods 146,600 191,100 94,200 USD 26.850 3,936,210.00 1.56 

LKQ 25,750 40,600 14,850 USD 11.660 300,245.00 0.12 

LSI Logic 540,200 697,700 305,000 USD 3.290 1,777,258.00 0.70 

Estee Lauder 17,600 17,600 - USD 30.960 544,896.00 0.22 

Lennar 144,900 154,200 14,800 USD 8.670 1,256,283.00 0.50 

Lockheed Martin 21,700 25,300 3,600 USD 84.080 1,824,536.00 0.72 

MSCI INC 8,555 15,800 17,218 USD 17.760 151,936.80 0.06 

Macys 30,200 144,800 122,900 USD 10.350 312,570.00 0.12 

Marathon Oil 12,400 12,400 - USD 27.360 339,264.00 0.13 

Mastercard 19,375 24,700 22,525 USD 142.930 2,769,268.75 1.09 

Mattel 164,700 179,700 49,500 USD 16.000 2,635,200.00 1.04 

Maxim Integrated Products 32,120 32,200 11,900 USD 11.420 366,810.40 0.15 

McKesson HBOC 46,500 116,000 69,500 USD 38.730 1,800,945.00 0.71 

Meadwestvaco 136,500 140,200 40,500 USD 11.190 1,527,435.00 0.60 

Medco Health Solutions 115,800 188,200 134,500 USD 41.910 4,853,178.00 1.92 

Mercadolibre 19,470 21,850 10,484 USD 16.410 319,502.70 0.13 

51







USD assets 

period 

period 

Microchip Technology 71,360 159,800 120,200 USD 19.530 1,393,660.80 0.55 

Monsanto 56,500 87,100 122,900 USD 70.350 3,974,775.00 1.57 

Moody's 11,100 11,200 8,700 USD 20.090 222,999.00 0.09 

Motorola 297,200 371,900 128,600 USD 4.430 1,316,596.00 0.52 

Murphy Oil 7,700 9,600 6,400 USD 44.350 341,495.00 0.14 

Mylan Lab 59,050 87,550 28,500 USD 9.890 584,004.50 0.23 

NII Holdings 85,410 126,000 163,890 USD 18.180 1,552,753.80 0.61 

National-Oilwell Varco 47,900 200,030 152,130 USD 24.440 1,170,676.00 0.46 

New York Community Bancorp 33,980 39,175 19,595 USD 11.960 406,400.80 0.16 

Nuance Communications 19,100 21,350 2,250 USD 10.360 197,876.00 0.08 

Occidental Petroleum 14,010 14,010 - USD 59.990 840,459.90 0.33 

Oceaneering Internationsl 11,250 9,250 7,300 USD 29.140 327,825.00 0.13 

Pactiv 20,200 38,300 18,100 USD 24.880 502,576.00 0.20 

People's United Financial 20,513 40,100 41,825 USD 17.830 365,746.79 0.15 

Pfizer 232,800 266,500 89,300 USD 17.710 4,122,888.00 1.63 

Philip Morris International 84,800 111,200 26,400 USD 43.510 3,689,648.00 1.46 

Procter & Gamble 27,200 121,100 93,900 USD 61.820 1,681,504.00 0.67 

Psychiatric Solutions 9,600 15,500 5,900 USD 27.850 267,360.00 0.11 

Qualcomm 180,100 190,700 204,000 USD 35.830 6,452,983.00 2.55 

Quanta Services 116,450 133,600 17,150 USD 19.800 2,305,710.00 0.91 

Qwest Communications 808,300 857,200 273,500 USD 3.640 2,942,212.00 1.16 

Raytheon 74,100 161,400 87,300 USD 51.040 3,782,064.00 1.49 

Resources Connection 28,550 24,000 17,600 USD 16.380 467,649.00 0.19 

Rockwell Collins 11,600 15,600 4,000 USD 39.090 453,444.00 0.18 

SPX 26,480 50,930 27,750 USD 40.550 1,073,764.00 0.42 

Salesforce.com 12,100 9,800 9,050 USD 32.010 387,321.00 0.15 

Sara Lee 136,600 176,900 40,300 USD 9.790 1,337,314.00 0.53 

Shaw Group 8,750 10,100 1,350 USD 20.470 179,112.50 0.07 

Signature Bank 6,150 6,150 - USD 28.690 176,443.50 0.07 

Smith International 14,650 12,750 11,600 USD 22.890 335,338.50 0.13 

Snap-On 8,205 10,800 4,400 USD 39.380 323,112.90 0.13 

Sony 71,900 84,900 31,700 USD 21.870 1,572,453.00 0.62 

Spirit Aerosystems Holdings 28,650 36,800 24,000 USD 10.170 291,370.50 0.12 

Starwood Hotels Worldwide 7,550 8,400 850 USD 17.900 135,145.00 0.05 

Strayer Education 3,700 3,800 3,950 USD 214.410 793,317.00 0.31 

Synovus Financial 39,095 46,195 7,100 USD 8.300 324,488.50 0.13 

TJX Companies 8,395 8,395 - USD 20.570 172,685.15 0.07 

Teleflex 9,385 10,800 5,000 USD 50.100 470,188.50 0.19 

Tenet Healthcare 780,700 890,100 289,400 USD 1.150 897,805.00 0.35 

Thermo Fisher Scientific 10,600 10,600 6,900 USD 34.070 361,142.00 0.14 

Thoratec 11,050 19,300 20,900 USD 32.490 359,014.50 0.14 

Time Warner 335,500 381,300 131,900 USD 10.060 3,375,130.00 1.33 

Toll Brothers 10,700 12,400 6,100 USD 21.430 229,301.00 0.09 

The St. Paul Travelers Companies 97,400 112,100 41,000 USD 45.200 4,402,480.00 1.74 

United States Steel Group 25,700 28,200 2,500 USD 37.200 956,040.00 0.38 

Valero Energy 57,900 162,100 104,200 USD 21.640 1,252,956.00 0.50 

Varian 10,760 11,660 4,500 USD 33.510 360,567.60 0.14 

Vertex Pharmaceuticals 10,200 8,050 6,050 USD 30.380 309,876.00 0.12 

VISA 21,000 47,600 26,600 USD 52.450 1,101,450.00 0.44 

VMware 17,894 24,260 9,100 USD 23.690 423,908.86 0.17 

WABCO 17,842 23,840 5,998 USD 15.790 281,725.18 0.11 

52







USD assets 

period 

period 

WuXi PharmaTech Cayman 29,000 28,000 18,550 USD 7.990 231,710.00 0.09 

Waste Management 50,900 52,400 12,500 USD 33.140 1,686,826.00 0.67 

Watson Pharmaceutical 101,200 103,200 35,400 USD 26.570 2,688,884.00 1.06 

Whiting Petroleum 4,750 4,750 - USD 33.460 158,935.00 0.06 

Wisconsin Energy 9,295 11,395 2,100 USD 41.980 390,204.10 0.15 

Yum Brands 87,500 164,900 77,400 USD 31.500 2,756,250.00 1.09 




to an official stock exchange USD 245,880,930.63 97.19 

Total portfolio USD 245,880,930.63 97.19 

Cash at banks 

Cash at banks 


7,215,166.19 2.85 

7,215,166.19 2.85 

Other assets 


Receivables on subscriptions 

94,115.74 0.04 


297,051.79 0.12 



-360,887.03 -0.14 







-410,393.30 -0.16 

USD 252,982,755.31 100.00 

53



SEB Fund 1 - SEB Ethical Europe Fund 



as at during the during the price value in net 


EUR assets 

period 

period 



Shares 

Austria 

Telekom Austria 23,100 11,300 24,000 EUR 10.300 237,930.00 1.35 

Total Austria 237,930.00 1.35 

Czech Republik 

Telefonica O2 Czech Republic 17,700 - 23,100 CZK 424.100 279,626.48 1.59 

Total Czech Republik 279,626.48 1.59 

Finland 

Nokia (Helsingfors) 24,900 14,900 9,500 EUR 11.100 276,390.00 1.57 

Total Finland 276,390.00 1.57 

France 

Air Liquide 3,000 3,400 400 EUR 65.450 196,350.00 1.11 

ArcelorMittal 5,100 7,400 2,300 EUR 17.110 87,261.00 0.50 

Axa 10,300 19,600 9,300 EUR 15.845 163,203.50 0.93 

BNP Paribas 3,000 3,000 - EUR 30.250 90,750.00 0.51 

Carrefour 2,900 - 21,700 EUR 27.520 79,808.00 0.45 

Electricité de France 9,000 4,800 8,900 EUR 41.500 373,500.00 2.12 

France Telecom 7,000 8,100 1,100 EUR 19.960 139,720.00 0.79 

GDF Suez 6,000 6,700 700 EUR 35.325 211,950.00 1.20 

Groupe Danone 5,400 7,100 1,700 EUR 43.180 233,172.00 1.32 

Sanofi-Aventis 5,100 3,000 1,300 EUR 45.400 231,540.00 1.31 

Société Générale 2,100 2,700 4,500 EUR 36.000 75,600.00 0.43 

Total 12,200 2,100 32,100 EUR 38.910 474,702.00 2.69 

Vinci 5,900 19,900 19,500 EUR 30.000 177,000.00 1.00 

Vivendi 5,500 6,400 900 EUR 23.265 127,957.50 0.73 

Total France 2,662,514.00 15.09 

Germany 

Adidas 8,500 - 23,900 EUR 27.140 230,690.00 1.31 

Allianz Holding Reg 2,400 2,400 - EUR 75.000 180,000.00 1.02 

BASF 6,700 7,500 3,200 EUR 27.730 185,791.00 1.05 

Bayer 9,400 7,700 8,000 EUR 41.550 390,570.00 2.22 

Daimler-Chrysler 3,500 13,100 13,800 EUR 26.700 93,450.00 0.53 

Deutsche Telekom Reg 24,700 27,600 2,900 EUR 10.750 265,525.00 1.51 

E.ON 22,506 21,004 12,000 EUR 28.440 640,070.64 3.63 

Fresenius Pref 4,950 1,000 16,500 EUR 41.590 205,870.50 1.17 

Henkel 2,200 2,200 - EUR 18.750 41,250.00 0.23 

Henkel pref 5,500 5,500 - EUR 22.590 124,245.00 0.70 

Linde 1,900 2,300 400 EUR 59.850 113,715.00 0.65 

Muenchener Rueckversicherung Reg 600 600 - EUR 111.000 66,600.00 0.38 

Pfleiderer Reg 45,800 7,800 49,300 EUR 6.600 302,280.00 1.72 

54






EUR assets 

period 

period 

Rhoen Klinikum 10,700 25,000 14,300 EUR 17.070 182,649.00 1.04 

RWE 1,800 2,200 400 EUR 63.700 114,660.00 0.65 

SAP ord 4,400 4,400 - EUR 25.240 111,056.00 0.63 

Siemens 4,400 1,400 14,000 EUR 52.680 231,792.00 1.32 

Total Germany 3,480,214.14 19.76 

Greece 

EFG Eurobank 23,200 16,864 33,200 EUR 5.700 132,240.00 0.75 

Folli - Follie 14,000 3,100 11,600 EUR 5.800 81,200.00 0.46 

Total Greece 213,440.00 1.21 

Ireland 

Anglo Irish Bank (Dublin) 140,600 41,700 33,000 EUR 0.171 24,042.60 0.14 

RyanAir Handel Dublin 10,900 10,900 - EUR 2.970 32,373.00 0.18 

Total Ireland 56,415.60 0.32 

Italy 

Atlantia 8,900 8,900 - EUR 13.100 116,590.00 0.66 

Azimut Holding 99,500 54,400 112,900 EUR 3.795 377,602.50 2.14 

Enel 17,000 17,000 - EUR 4.523 76,882.50 0.44 

Eni 11,700 13,000 26,700 EUR 16.740 195,858.00 1.11 

Fondiaria - Sai SpA - RNC 47,600 3,600 16,600 EUR 8.300 395,080.00 2.24 

UniCredit 183,600 38,100 152,300 EUR 1.745 320,382.00 1.82 

Unione di Banche Italiane 21,600 - 37,100 EUR 10.290 222,264.00 1.26 

Total Italy 1,704,659.00 9.67 

Norway 

DNB 5,600 5,600 - NOK 27.000 15,534.34 0.09 

Schibsted 6,000 5,000 32,400 NOK 83.000 51,164.71 0.29 

Statoil 26,100 15,100 61,680 NOK 113.900 305,425.63 1.73 

Total Norway 372,124.68 2.11 

Netherlands 

ING Groep 10,760 - 17,140 EUR 7.330 78,870.80 0.45 

Philips Electronic 9,000 10,500 1,500 EUR 13.830 124,470.00 0.71 

Royal Dutch Shell A 25,700 30,300 4,600 EUR 18.750 481,875.00 2.73 

Unilever CVA 9,800 - 7,600 EUR 17.340 169,932.00 0.96 

Vopak 5,500 1,700 15,800 EUR 27.000 148,500.00 0.84 


Russia 

RusHydro 7,813,292 9,113,292 1,300,000 USD 0.021 117,476.21 0.67 

Total Russia 117,476.21 0.67 

55






EUR assets 

period 

period 

Spain 

Banco Santander Central Hispano 12,300 12,300 - EUR 6.750 83,025.00 0.47 

Repsol YPF 3,300 3,300 - EUR 15.100 49,830.00 0.28 

Telefonica 13,200 9,700 30,400 EUR 15.850 209,220.00 1.19 

Total Spain 342,075.00 1.94 

Sweden 

AstraZeneca 7,000 4,400 1,800 SEK 307.000 195,497.96 1.11 

Ericsson B 12,700 12,700 162,600 SEK 58.800 67,933.95 0.39 

Getinge 23,500 21,550 32,950 SEK 93.500 199,887.34 1.13 

Handelsbanken A 9,600 11,400 1,800 SEK 126.000 110,039.24 0.62 

Total Sweden 573,358.49 3.25 

Switzerland 

ABB 21,200 30,400 9,200 CHF 15.580 223,248.45 1.27 

CS Group Reg 5,000 5,000 - CHF 28.500 96,316.34 0.54 

Nestle Reg 19,800 20,550 2,700 CHF 41.600 556,728.77 3.16 

Novartis Reg 11,460 17,300 14,790 CHF 52.700 408,206.93 2.32 

Roche Holding 1,650 800 1,700 CHF 162.500 181,226.81 1.03 

UBS Reg 5,100 5,100 26,600 CHF 14.840 51,155.13 0.29 

Zurich Financial Services 300 300 - CHF 227.000 46,029.07 0.26 


Turkey 

Turkiye Garanti Bankasi 217,300 350,700 329,600 TRY 2.600 263,327.34 1.49 

Turkiye Halk Bankasi 39,600 39,600 - TRY 4.600 84,901.60 0.48 

Total Turkey 348,228.94 1.97 


Anglo American 7,200 13,000 11,600 GBP 15.460 115,131.70 0.65 

Antofagasta 4,700 8,900 4,200 GBP 4.255 20,684.75 0.12 

Barclays 38,500 38,500 - GBP 1.534 61,085.62 0.35 

BG Group 15,400 17,300 1,900 GBP 9.570 152,435.32 0.86 

BHP Billiton 3,800 3,800 - GBP 12.940 50,859.35 0.29 

British Airways 200 - - GBP 1.797 371.73 0.00 

British Petroleum 89,700 109,300 19,600 GBP 5.260 488,012.71 2.77 

Cadbury 36,900 46,800 9,900 GBP 6.055 231,096.55 1.31 

GlaxoSmithkline 24,100 27,100 15,500 GBP 12.845 320,187.29 1.82 

HBOS 75,500 75,500 - GBP 0.690 53,882.65 0.31 

HSBC Holding 49,300 55,000 5,700 GBP 6.620 337,565.34 1.92 

Reckitt Benckiser 3,040 3,840 800 GBP 25.780 81,060.53 0.46 

Rexam 21,000 21,000 - GBP 3.510 76,239.38 0.43 

Royal Bank of Scotland 53,300 53,300 - GBP 0.494 27,233.72 0.15 

Standard Chartered 6,781 6,781 - GBP 8.750 61,369.80 0.35 

Tesco Ord 107,200 - 61,200 GBP 3.600 399,162.96 2.26 

Unified Energy Systems GDR Spinoff 7 2,500 2,500 - USD 2.000 3,596.99 0.02 

56






EUR assets 

period 

period 

United Business Media 50,800 - 30,800 GBP 5.085 267,182.25 1.52 

Venture Production 19,100 - 11,900 GBP 4.258 84,108.71 0.48 

Vodafone Group 273,300 - 155,288 GBP 1.390 392,922.93 2.23 

Xstrata 6,000 4,600 5,600 GBP 6.400 39,717.70 0.23 


Total shares EUR 16,494,919.82 93.59 


to an official stock exchange EUR 16,494,919.82 93.59 


Rights 


HBOS Rights 104,484 - - GBP 0.0001 10.80 0.00 


Total rights EUR 10.80 0.00 

Total other transferable securities EUR 10.80 0.00 


EUR 16,494,930.62 93.59 

Financial Futures 

purchased financial futures Commitment in EUR 

DJ EURO STOXX 50 20/03/09 34 833,000.00 

2,380.00 0.01 

Total financial futures (total unrealised result) 2,380.00 0.01 

Cash at banks 

Cash at banks 


1,185,338.83 6.73 

1,185,338.83 6.73 

Other assets 




4,064.31 0.02 


33,377.23 0.19 

57






EUR assets 

period 

period 



-25,924.00 -0.15 







58 

-91,779.63 -0.52 

EUR 17,624,247.05 100.00



SEB Fund 1 - SEB Europe 1 Fund 






EUR assets 

period 

period 



Shares 

Austria 

Telekom Austria 123,000 64,500 93,900 EUR 10.300 1,266,900.00 1.32 

Total Austria 1,266,900.00 1.32 


Telefonica O2 Czech Republic 97,000 7,800 95,900 CZK 424.100 1,532,416.34 1.59 

Total Czech Republik 1,532,416.34 1.59 

Finland 

Nokia (Helsingfors) 135,100 88,700 29,800 EUR 11.100 1,499,610.00 1.56 

Total Finland 1,499,610.00 1.56 

France 


Alstom 13,200 13,200 - EUR 41.980 554,136.00 0.58 


Axa 52,700 102,000 49,300 EUR 15.845 835,031.50 0.87 

BNP Paribas 20,700 21,300 600 EUR 30.250 626,175.00 0.65 

Carrefour 6,700 8,400 106,300 EUR 27.520 184,384.00 0.19 

Electricité de France 48,000 26,500 33,700 EUR 41.500 1,992,000.00 2.07 

France Telecom 39,500 39,500 - EUR 19.960 788,420.00 0.82 

GDF Suez 29,000 30,496 1,496 EUR 35.325 1,024,425.00 1.07 

Groupe Danone 25,100 33,800 8,700 EUR 43.180 1,083,818.00 1.13 

Sanofi-Aventis 25,700 13,500 1,900 EUR 45.400 1,166,780.00 1.21 


Total 62,400 5,900 144,900 EUR 38.910 2,427,984.00 2.53 

Vinci 26,000 86,400 83,400 EUR 30.000 780,000.00 0.81 

Vivendi 33,030 33,030 - EUR 23.265 768,442.95 0.80 

Total France 14,144,728.45 14.72 

Germany 

Adidas 44,400 3,700 101,100 EUR 27.140 1,205,016.00 1.25 


BASF 32,900 37,000 13,400 EUR 27.730 912,317.00 0.95 

Bayer 42,300 37,100 35,100 EUR 41.550 1,757,565.00 1.83 


Deutsche Telekom Reg 135,900 141,500 5,600 EUR 10.750 1,460,925.00 1.52 

E.ON 117,400 114,500 63,000 EUR 28.440 3,338,856.00 3.48 

Fresenius Pref 27,700 8,000 68,900 EUR 41.590 1,152,043.00 1.20 

Henkel 10,300 10,300 - EUR 18.750 193,125.00 0.20 


59







EUR assets 

period 

period 

Linde 8,300 8,300 - EUR 59.850 496,755.00 0.52 

Muenchener Rueckversicherung Reg 5,500 5,500 - EUR 111.000 610,500.00 0.64 

Pfleiderer Reg 231,700 13,100 170,100 EUR 6.600 1,529,220.00 1.59 

Rheinmetall 39,400 3,800 48,100 EUR 22.900 902,260.00 0.94 

Rhoen Klinikum 58,600 106,700 48,100 EUR 17.070 1,000,302.00 1.04 

RWE 10,700 10,700 - EUR 63.700 681,590.00 0.71 

SAP ord 23,400 23,400 - EUR 25.240 590,616.00 0.61 

Siemens 24,000 13,500 63,300 EUR 52.680 1,264,320.00 1.32 

Total Germany 19,102,365.00 19.88 

Greece 


Folli - Follie 76,430 5,694 39,100 EUR 5.800 443,294.00 0.46 

Intralot Integrated Lottery 374,860 67,200 148,100 EUR 3.000 1,124,580.00 1.17 

Total Greece 2,290,634.00 2.38 

Ireland 


RyanAir 53,800 53,800 - EUR 2.970 159,786.00 0.17 


Italy 

Atlantia 34,500 34,500 - EUR 13.100 451,950.00 0.47 

Azimut Holding 511,200 156,300 353,500 EUR 3.795 1,940,004.00 2.02 

Enel 71,700 76,500 4,800 EUR 4.523 324,263.25 0.34 

Eni 57,400 61,900 102,800 EUR 16.740 960,876.00 1.00 

Finmeccanica 78,000 78,000 - EUR 10.890 849,420.00 0.88 

Fondiaria - Sai SpA - RNC 205,800 15,500 75,400 EUR 8.300 1,708,140.00 1.78 

UniCredit 980,000 394,300 632,700 EUR 1.745 1,710,100.00 1.78 

Unione di Banche Italiane 116,000 4,900 132,800 EUR 10.290 1,193,640.00 1.24 

Total Italy 9,138,393.25 9.51 

Netherlands 

ING Groep 53,500 3,000 72,100 EUR 7.330 392,155.00 0.41 


Royal Dutch Shell A 138,900 147,200 8,300 EUR 18.750 2,604,375.00 2.71 

Unilever CVA 42,100 60,400 18,300 EUR 17.340 730,014.00 0.76 

Vopak 30,300 2,400 60,800 EUR 27.000 818,100.00 0.85 


Norway 

DNB 27,300 27,300 - NOK 27.000 75,729.94 0.08 

Schibsted 26,700 6,800 136,400 NOK 83.000 227,683.00 0.24 

Statoil 143,500 99,000 268,900 NOK 113.900 1,679,255.87 1.75 

Total Norway 1,982,668.81 2.07 

60







EUR assets 

period 

period 

Russia 

RusHydro 45,415,992 47,650,992 2,235,000 USD 0.021 682,849.00 0.71 

Total Russia 682,849.00 0.71 

Spain 


Repsol 16,200 16,200 - EUR 15.100 244,620.00 0.25 

Telefonica 68,600 75,800 142,000 EUR 15.850 1,087,310.00 1.13 

Total Spain 1,687,655.00 1.75 

Sweden 

AstraZeneca 37,600 19,900 1,500 SEK 307.000 1,050,103.37 1.09 

Ericsson B 60,600 60,600 720,500 SEK 58.800 324,157.28 0.34 

Getinge 127,500 82,993 123,393 SEK 93.500 1,084,495.18 1.13 

Handelsbanken A 53,400 53,400 - SEK 126.000 612,093.31 0.64 

Swedish Match 50,300 75,100 24,800 SEK 111.750 511,353.63 0.53 

Unibet Group 117,000 6,000 62,900 SEK 103.000 1,096,298.75 1.14 

Total Sweden 4,678,501.52 4.87 

Turkey 

Turkiye Garanti Bankasi 1,225,400 1,811,500 1,417,400 TRY 2.600 1,484,957.80 1.55 

Turkiye Halk Bankasi 200,000 211,000 11,000 TRY 4.600 428,795.99 0.45 

Total Turkey 1,913,753.79 2.00 

Switzerland 

ABB 85,100 124,500 39,400 CHF 15.580 896,152.99 0.93 


Nestle Reg 83,300 81,100 5,800 CHF 41.600 2,342,197.30 2.44 

Novartis Reg 57,800 78,300 52,600 CHF 52.700 2,058,844.74 2.14 

Roche Holding 9,700 4,200 6,650 CHF 162.500 1,065,393.99 1.11 

UBS Reg 26,500 26,500 110,400 CHF 14.840 265,806.08 0.28 

Zurich Financial Services 1,400 1,400 - CHF 227.000 214,802.35 0.22 




Antofagasta 40,100 40,100 - GBP 4.255 176,480.56 0.18 

Bae Systems 256,100 277,300 21,200 GBP 3.768 997,966.09 1.04 

Barclays 182,000 182,000 - GBP 1.534 288,768.42 0.30 

BG Group 83,300 83,300 - GBP 9.570 824,536.50 0.86 

BHP Billiton 56,900 49,100 69,000 GBP 12.940 761,551.87 0.79 

British American Tobacco 76,100 80,400 4,300 GBP 18.000 1,416,805.09 1.47 

British Petroleum 469,400 492,800 23,400 GBP 5.260 2,553,769.98 2.66 

Cadbury 177,800 218,900 41,100 GBP 6.055 1,113,522.13 1.16 

Diageo 122,700 228,900 106,200 GBP 9.610 1,219,609.78 1.27 

GlaxoSmithkline 118,300 87,200 20,400 GBP 12.845 1,571,707.77 1.64 

61







EUR assets 

period 

period 

HBOS 364,000 364,000 - GBP 0.690 259,778.63 0.27 

HSBC Holding 263,200 273,900 10,700 GBP 6.620 1,802,174.42 1.87 

Rexam 105,200 105,200 - GBP 3.510 381,922.99 0.40 

Rio Tinto 12,400 13,300 36,600 GBP 14.900 191,100.09 0.20 



Tesco Ord 484,900 134,100 371,100 GBP 3.600 1,805,542.16 1.88 


United Business Media 258,900 6,300 93,000 GBP 5.085 1,361,682.81 1.42 

Venture Production 132,500 3,100 27,200 GBP 4.258 583,476.65 0.61 

Vodafone Group 1,342,600 44,000 600,100 GBP 1.390 1,930,253.69 2.01 

Xstrata 23,300 23,300 31,800 GBP 6.400 154,237.09 0.16 






Rights 

EUR 93,084,076.45 96.88 


HBOS Rights 503,740 503,740 - GBP 0.0001 52.10 0.00 





EUR 93,084,128.55 96.88 

Financial Futures 


DJ EURO STOXX 50 20/03/09 41 1,004,500.00 

-1,800.00 -0.01 

Total financial futures (total unrealised result) -1,800.00 -0.01 

Cash at banks 

Cash at banks 


3,046,713.79 3.17 

3,046,713.79 3.17 

Other assets 

Interest receivable on banks 197.38 0.00 


Receivables on securities lending 119.28 0.00 


902.65 0.00 


62 

135,836.17 0.14







EUR assets 

period 

period 



-132,905.50 -0.14 







-184,635.27 -0.19 

EUR 96,080,243.24 100.00 

63









EUR assets 

period 

period 



Shares 

Austria 






Finland 



France 

Air Liquide 1,900 1,900 - EUR 65.450 124,355.00 1.05 

Alstom 1,600 1,600 - EUR 41.980 67,168.00 0.57 

ArcelorMittal (Paris) 2,700 3,300 600 EUR 17.110 46,197.00 0.39 

Axa 6,600 12,500 5,900 EUR 15.845 104,577.00 0.88 

BNP Paribas 2,100 2,700 600 EUR 30.250 63,525.00 0.54 

Carrefour 800 800 13,100 EUR 27.520 22,016.00 0.19 



GDF Suez 3,600 3,600 - EUR 35.325 127,170.00 1.08 

Groupe Danone 2,900 4,100 1,200 EUR 43.180 125,222.00 1.06 

Sanofi-Aventis 3,000 1,500 400 EUR 45.400 136,200.00 1.15 


Total 7,600 - 17,900 EUR 38.910 295,716.00 2.50 

Vinci 3,200 10,500 10,300 EUR 30.000 96,000.00 0.81 

Vivendi 3,900 3,900 - EUR 23.265 90,733.50 0.77 

Total France 1,668,637.50 14.12 

Germany 

Adidas 5,200 - 12,900 EUR 27.140 141,128.00 1.19 


BASF 3,500 4,300 2,000 EUR 27.730 97,055.00 0.82 

Bayer 5,000 3,900 4,100 EUR 41.550 207,750.00 1.76 


Deutsche Telekom Reg 15,100 16,900 1,800 EUR 10.750 162,325.00 1.37 

E.ON 13,700 14,000 8,700 EUR 28.440 389,628.00 3.29 

Fresenius Pref 3,200 500 8,600 EUR 41.590 133,088.00 1.13 

Henkel 1,200 1,200 - EUR 18.750 22,500.00 0.19 


64







EUR assets 

period 

period 

Linde 1,100 1,100 - EUR 59.850 65,835.00 0.56 


Pfleiderer Reg 28,100 - 23,100 EUR 6.600 185,460.00 1.57 

Rheinmetall 4,650 - 6,300 EUR 22.900 106,485.00 0.90 


RWE 1,300 1,300 - EUR 63.700 82,810.00 0.70 

SAP ord 2,600 2,600 - EUR 25.240 65,624.00 0.56 

Siemens 3,100 1,600 8,000 EUR 52.680 163,308.00 1.38 

Total Germany 2,252,758.00 19.05 

Greece 


Folli - Follie 8,700 - 5,500 EUR 5.800 50,460.00 0.43 

Intralot Integrated Lottery 46,100 9,200 18,700 EUR 3.000 138,300.00 1.17 

Total Greece 267,420.00 2.26 

Ireland 



Italy 

Atlantia 2,800 2,800 - EUR 13.100 36,680.00 0.31 

Azimut Holding 64,900 14,700 39,800 EUR 3.795 246,295.50 2.08 

Enel 9,500 9,500 - EUR 4.523 42,963.75 0.36 

Eni 6,200 7,400 13,300 EUR 16.740 103,788.00 0.88 


Fondiaria - Sai SpA - RNC 23,200 - 10,800 EUR 8.300 192,560.00 1.63 

UniCredit SpA 117,600 37,200 72,600 EUR 1.745 205,212.00 1.73 

Unione di Banche Italiane 12,800 - 16,300 EUR 10.290 131,712.00 1.11 

Total Italy 1,063,755.25 8.98 

Netherlands 

ING Groep 8,700 - 6,900 EUR 7.330 63,771.00 0.54 




Vopak 3,900 - 7,300 EUR 27.000 105,300.00 0.89 


Norway 

Schibsted 3,100 - 17,200 NOK 83.000 26,435.10 0.22 

Statoil 17,400 10,000 32,200 NOK 113.900 203,617.08 1.72 

Total Norway 230,052.18 1.94 

65







EUR assets 

period 

period 

Russia 

RusHydro 5,788,507 5,788,507 - USD 0.021 87,032.69 0.74 

Total Russia 87,032.69 0.74 

Spain 


Repsol YPF 1,900 1,900 - EUR 15.100 28,690.00 0.24 


Total Spain 202,770.00 1.71 

Sweden 

AstraZeneca 4,300 2,500 900 SEK 307.000 120,091.60 1.02 

Ericsson B 7,400 7,400 81,000 SEK 58.800 39,583.56 0.34 

Getinge 15,500 9,662 14,862 SEK 93.500 131,840.59 1.11 

Svenska Handelsbanken A 6,300 6,300 - SEK 126.000 72,213.25 0.61 


Unibet Group 14,300 - 8,400 SEK 103.000 133,992.06 1.13 

Total Sweden 560,750.73 4.74 

Switzerland 

ABB 10,400 14,900 4,500 CHF 15.580 109,518.10 0.93 


Nestle Reg 9,900 9,000 100 CHF 41.600 278,364.38 2.35 


Roche Holding 1,200 450 800 CHF 162.500 131,801.31 1.11 

UBS Reg 3,200 3,200 14,000 CHF 14.840 32,097.33 0.27 


Total Switzerland 869,023.49 7.34 

Turkey 



Total Turkey 238,736.82 2.01 



Antofagasta 4,700 4,700 - GBP 4.255 20,684.75 0.17 

BAE Systems 33,200 33,200 - GBP 3.768 129,373.19 1.09 

Barclays 20,600 20,600 - GBP 1.534 32,684.77 0.28 

BG Group 10,000 10,000 - GBP 9.570 98,983.97 0.84 


British American Tobacco 9,400 9,400 - GBP 18.000 175,006.14 1.48 


Cadbury 20,200 26,700 6,500 GBP 6.055 126,508.13 1.07 

Diageo 15,200 28,800 13,600 GBP 9.610 151,084.50 1.28 

66







EUR assets 

period 

period 

GlaxoSmithKline 13,500 11,800 3,400 GBP 12.845 179,358.03 1.52 

HBOS 44,700 44,700 - GBP 0.690 31,901.38 0.27 


Rexam 7,900 7,900 - GBP 3.510 28,680.52 0.24 

Rio Tinto 1,500 1,300 4,200 GBP 14.900 23,116.94 0.20 



Tesco Ord 57,000 5,200 38,900 GBP 3.600 212,241.49 1.79 


United Business Media 31,200 - 12,500 GBP 5.085 164,096.19 1.39 

Venture Production 14,100 - 7,200 GBP 4.258 62,090.72 0.52 


Xstrata 3,300 3,000 4,000 GBP 6.400 21,844.73 0.18 






Rights 

EUR 10,977,371.01 92.78 


HBOS Rights 61,860 - - GBP 0.0001 6.39 0.00 





EUR 10,977,377.40 92.78 



DJ EURO STOXX 50 20/03/09 25 612,500.00 

3,620.00 0.03 


Cash at banks 

Cash at banks 


864,868.18 7.31 

864,868.18 7.31 

Other assets 





21,794.73 0.18 

67







EUR assets 

period 

period 



Payables on redemptions 






68 

-16,457.33 -0.14 

-19,056.77 -0.16 

-35,514.10 -0.30 

EUR 11,832,146.21 100.00








GBP assets 

period 

period 



Shares 

Austria 






Finland 



France 

Air Liquide 800 800 - EUR 65.450 50,622.86 0.94 

Alstom 500 500 - EUR 41.980 20,293.61 0.37 

ArcelorMittal 1,500 1,500 - EUR 17.110 24,813.51 0.46 

Axa 3,000 5,700 2,700 EUR 15.845 45,957.94 0.85 

BNP Paribas 1,100 1,100 - EUR 30.250 32,171.04 0.60 



GDF Suez 1,806 1,806 - EUR 35.325 61,680.37 1.14 

Groupe Danone 1,300 1,800 500 EUR 43.180 54,271.65 1.00 

Sanofi-Aventis 1,100 - - EUR 45.400 48,283.15 0.89 

Société Générale 800 800 900 EUR 36.000 27,844.50 0.52 

Total 3,500 1,500 7,600 EUR 38.910 131,666.81 2.43 

Vinci 1,000 4,600 4,800 EUR 30.000 29,004.69 0.54 

Vivendi 1,400 1,400 - EUR 23.265 31,490.39 0.58 

Total France 722,396.64 13.35 

Greece 


Folli - Follie 5,400 - - EUR 5.800 30,280.90 0.56 

Intralot Integrated Lottery 21,200 6,900 8,700 EUR 3.000 61,489.95 1.14 

Total Greece 136,409.07 2.53 

Germany 

Adidas 2,300 500 5,600 EUR 27.140 60,351.03 1.12 

Allianz Holding Reg 600 600 - EUR 75.000 43,507.04 0.80 

BASF 2,100 2,100 500 EUR 27.730 56,301.01 1.04 

Bayer 2,600 2,800 2,200 EUR 41.550 104,445.91 1.93 

69






GBP assets 

period 

period 

Daimler-Chrysler 900 3,100 3,000 EUR 26.700 23,232.76 0.43 

Deutsche Telekom Reg 6,500 6,500 - EUR 10.750 67,556.77 1.25 

E.ON 6,771 6,514 3,200 EUR 28.440 186,178.47 3.44 

Fresenius Pref 1,500 500 3,500 EUR 41.590 60,315.26 1.12 


Linde 500 500 - EUR 59.850 28,932.18 0.54 


Pfleiderer Reg 13,000 1,600 8,500 EUR 6.600 82,953.43 1.53 

Rheinmetall 2,650 500 2,000 EUR 22.900 58,671.66 1.09 


RWE 600 600 - EUR 63.700 36,951.98 0.68 

SAP ord 1,300 1,300 - EUR 25.240 31,723.40 0.59 

Siemens 1,400 800 3,100 EUR 52.680 71,305.14 1.32 

Total Germany 1,038,100.47 19.21 

Ireland 



Italy 

Atlantia 1,400 1,400 - EUR 13.100 17,731.53 0.33 

Azimut Holding SpA 34,000 10,400 12,600 EUR 3.795 124,749.19 2.31 

Enel 4,200 4,200 - EUR 4.523 18,364.32 0.34 

Eni 3,700 3,700 5,200 EUR 16.740 59,883.09 1.11 


Fondiaria - Sai SpA - RNC 12,900 1,700 2,200 EUR 8.300 103,517.76 1.91 

UniCredit 60,300 23,800 23,200 EUR 1.745 101,732.52 1.88 

Unione di Banche Italiane 8,200 1,300 5,600 EUR 10.290 81,578.60 1.51 

Total Italy 531,773.03 9.84 

Netherlands 

ING Groep 4,200 - 2,000 EUR 7.330 29,764.61 0.55 

Philips Electronic 2,100 2,100 - EUR 13.830 28,079.44 0.52 

Royal Dutch Shell A 8,400 8,400 - EUR 18.750 152,274.65 2.82 

Unilever CVA 2,200 2,200 - EUR 17.340 36,882.37 0.68 

Vopak 1,900 600 3,100 EUR 27.000 49,598.03 0.92 


Norway 

Schibsted 2,700 900 6,000 NOK 83.000 22,260.25 0.41 

Statoil 8,800 6,300 13,500 NOK 113.900 99,562.24 1.84 

Total Norway 121,822.49 2.25 

Russia 

RusHydro 2,634,000 2,634,000 - USD 0.021 38,289.40 0.71 

Total Russia 38,289.40 0.71 

70






GBP assets 

period 

period 

Spain 



Total Spain 61,833.17 1.14 

Sweden 

AstraZeneca 2,000 1,000 - SEK 307.000 54,003.38 1.00 

Ericsson B 4,000 4,000 36,100 SEK 58.800 20,686.63 0.38 

Getinge 7,318 5,518 6,500 SEK 93.500 60,180.61 1.11 

Handelsbanken A 1,900 1,900 - SEK 126.000 21,056.04 0.39 


Unibet Group 5,800 - 2,900 SEK 103.000 52,543.36 0.97 

Total Sweden 236,973.51 4.38 

Switzerland 

ABB 4,500 7,400 2,900 CHF 15.580 45,815.46 0.85 


Nestle Reg 4,400 4,100 100 CHF 41.600 119,612.94 2.21 


Roche Holding 650 200 200 CHF 162.500 69,023.80 1.28 

UBS Reg 1,400 2,300 6,500 CHF 14.840 13,576.69 0.25 



Turkey 



Total Turkey 108,572.26 2.01 



BAE Systems 12,700 12,700 - GBP 3.768 47,847.25 0.89 

Barclays 10,300 10,300 - GBP 1.534 15,800.20 0.29 

BG Group 5,000 5,000 - GBP 9.570 47,850.00 0.89 


British American Tobacco 4,700 4,700 - GBP 18.000 84,600.00 1.56 

British Petroleum 28,300 28,300 - GBP 5.260 148,858.00 2.75 

Cadbury 12,500 12,500 - GBP 6.055 75,687.50 1.40 

Diageo 7,200 11,800 4,600 GBP 9.610 69,192.00 1.28 


HBOS 17,000 17,000 - GBP 0.690 11,730.00 0.22 


Rio Tinto 1,200 900 1,500 GBP 14.900 17,880.00 0.33 


Tesco Ord 27,100 - 16,800 GBP 3.600 97,560.00 1.80 

United Business Media 17,400 3,000 2,900 GBP 5.085 88,479.00 1.64 

Venture Production 7,400 - - GBP 4.258 31,505.50 0.58 

71






GBP assets 

period 

period 


Xstrata 1,600 1,100 1,100 GBP 6.400 10,240.00 0.19 


Total shares GBP 5,049,262.12 93.39 




Rights 

GBP 5,049,262.12 93.39 


HBOS Rights 23,526 23,526 - GBP 0.0001 2.35 0.00 


Total rights GBP 2.35 0.00 

Total other transferable securities GBP 2.35 0.00 


GBP 5,049,264.47 93.39 


purchased financial futures Commitment in GBP 

DJ EURO STOXX 50 20/03/09 10 236,871.64 

676.77 0.01 

Total financial futures (total unrealised result) 676.77 0.01 

Cash at banks 

Cash at banks 


383,638.43 7.10 

383,638.43 7.10 

Other assets 



Receivables subscriptions 67.68 0.00 


4,764.24 0.09 



-7,022.63 -0.13 







72 

-32,034.74 -0.59 

GBP 5,406,309.17 100.00



SEB Fund 1 - SEB Global Chance / Risk Fund 


Unit* Market % of 



yield EUR assets 

period 

period 



Bonds 

Sweden 

0.00% Swedish T-Bill 21/01/09 10,000 10,000 - SEK 99.925 909,029.16 4.40 

0.00% Swedish T-Bill 17/06/09 10,000 10,000 - SEK 99.549 905,615.54 4.38 

Total Sweden 1,814,644.70 8.78 

Total bonds EUR 1,814,644.70 8.78 

Shares 


Austria 

OMV 12,738 19,756 9,743 EUR 18.720 238,455.36 1.15 


Belgium 

Solvay 1,620 2,223 603 EUR 53.050 85,941.00 0.42 

UCB 840 3,693 2,853 EUR 23.300 19,572.00 0.09 

Total Belgium 105,513.00 0.51 

Denmark 

Danisco 830 2,760 1,930 DKK 214.500 23,919.05 0.12 

Novozymes B 1,274 1,507 233 DKK 418.000 71,545.83 0.35 

Total Denmark 95,464.88 0.47 

Finland 

Neste Oil 12,811 20,961 8,150 EUR 10.580 135,540.38 0.66 

Stora Enso R 3,185 31,857 28,672 EUR 5.520 17,581.20 0.09 

UPM-Kymmene Oyj 2,955 23,783 20,828 EUR 9.000 26,595.00 0.13 


France 

EADS 21,272 21,272 - EUR 12.030 255,902.16 1.24 


Safran 1,894 6,972 9,512 EUR 9.634 18,246.79 0.09 

Total 8,601 43,354 34,753 EUR 38.910 334,664.91 1.62 

Vallourec 3,755 9,429 5,674 EUR 81.000 304,155.00 1.47 

Wendel Investissement 1,466 4,279 3,067 EUR 35.400 51,896.40 0.25 

Total France 1,313,925.74 6.36 

73






EUR assets 

period 

period 

Germany 

Hamburger Hafen und Logistik 672 672 - EUR 23.500 15,792.00 0.08 

Suedzucker 2,512 8,589 6,077 EUR 10.870 27,305.44 0.13 

Total Germany 43,097.440 0.21 

Ireland 


Kerry Group 4,015 5,260 1,245 EUR 13.100 52,596.50 0.25 


Italy 

A2A SpA 13,933 163,921 149,988 EUR 1.271 17,708.84 0.09 

Enel 73,580 73,580 - EUR 4.523 332,765.55 1.61 

Prysmian 30,024 39,258 9,234 EUR 11.100 333,266.40 1.61 

Saras 8,599 32,754 24,155 EUR 2.400 20,637.60 0.10 

Total Italy 704,378.39 3.41 

Japan 

Asahi Breweries 3,200 3,800 600 JPY 1,539 39,083.21 0.19 

Astellas Pharma 2,200 2,500 300 JPY 3,630 63,376.89 0.31 

Bridgestone 4,200 4,200 - JPY 1,327 44,230.50 0.21 

Canon 4,400 4,400 - JPY 2,770 96,723.96 0.47 

Central Japan Railway 10 10 - JPY 777,000 61,662.72 0.30 

Chubu Electric Power 3,200 3,200 - JPY 2,735 69,455.87 0.34 

Daiichi Sankyo 3,400 4,100 700 JPY 2,100 56,663.04 0.27 

Daikin Industries 2,200 2,200 - JPY 2,315 40,418.04 0.20 

Daito Trust Construction 1,000 1,000 - JPY 4,680 37,140.48 0.18 

Dentsu 24 31 7 JPY 177,000 33,712.12 0.16 

East Japan Railway 15 15 - JPY 689,000 82,018.56 0.40 

Eisai 1,600 1,600 - JPY 3,700 46,981.12 0.23 

Hirose Electric 400 400 - JPY 9,020 28,633.08 0.14 

Idemitsu Kosan 600 600 - JPY 5,700 27,141.12 0.13 

Isetan 4,700 4,700 - JPY 767 28,608.48 0.14 

Itochu 12,000 12,000 - JPY 443 42,187.77 0.20 

Japan Steel Works 4,000 4,000 - JPY 1,230 39,045.12 0.19 

Japan Tobacco 23 29 6 JPY 295,000 53,845.76 0.26 

KDDI 17 21 4 JPY 635,000 85,669.12 0.41 

Konica 6,000 6,000 - JPY 682 32,474.11 0.16 

Kuraray 5,500 5,500 - JPY 690 30,117.12 0.15 

Kurita Water Industries 1,600 1,600 - JPY 2,380 30,220.28 0.15 

Mitsubishi UFJ Financial Group 7,900 7,900 - JPY 549 34,419.22 0.17 

Mitsui & Co 8,000 9,000 1,000 JPY 901 57,202.68 0.28 

Mitsui OSK Lines 8,000 11,000 3,000 JPY 542 34,410.49 0.17 

Mitsui Trust Holdings 11,000 11,000 - JPY 430 37,537.28 0.18 

Mizuho Financial Group 42 45 3 JPY 257,700 85,894.50 0.42 

Nidec 1,200 1,200 - JPY 3,440 32,759.80 0.16 

74






EUR assets 

period 

period 

Nikon 4,000 4,000 - JPY 1,058 33,585.15 0.16 

Nippon Yusen Kabushiki Kaisha 8,000 12,000 4,000 JPY 545 34,600.96 0.17 

Nomura Real Estate Holdings 2,200 2,500 300 JPY 1,752 30,588.51 0.15 

Orix 830 830 - JPY 4,990 32,868.53 0.16 

Osaka Gas 13,000 17,000 4,000 JPY 414 42,711.55 0.21 

Sankyo Co (6417) 900 900 - JPY 4,500 32,140.80 0.16 

Sekisui Chemical 7,000 7,000 - JPY 556 30,886.91 0.15 

Sekisui House 5,000 5,000 - JPY 778 30,871.04 0.15 

Shin-Etsu Chemical 1,800 1,800 - JPY 4,070 58,139.13 0.28 

Sojitz Holdings 24,600 24,600 - JPY 147 28,698.16 0.14 

Stanley Electric 3,200 3,700 500 JPY 933 23,693.72 0.11 

Sumitomo Heavy Industries 10,000 13,000 3,000 JPY 350 27,776.00 0.13 

Sumitomo Metal Industries 26,000 26,000 - JPY 217 44,774.91 0.22 

Sumitomo Mitsui Financial Group 30 32 2 JPY 376,000 89,518.08 0.43 

Sumitomo Realty & Development 4,000 4,000 - JPY 1,314 41,711.61 0.20 

Sumitomo Rubber Industries 4,400 4,400 - JPY 778 27,166.51 0.13 

Suzuken 1,300 1,700 400 JPY 2,670 27,545.85 0.13 

Takeda Pharmaceutical 2,800 3,300 500 JPY 4,640 103,104.51 0.50 

TDK 1,300 1,300 - JPY 3,250 33,529.60 0.16 

Tokyo Electric Power 4,700 4,700 - JPY 3,000 111,897.60 0.54 

Tokyo Gas 14,000 17,000 3,000 JPY 455 50,552.32 0.24 

Yamaha Motor 3,900 3,900 - JPY 932 28,845.77 0.14 

Total Japan 2,316,839.66 11.23 

Netherlands 

Randstad Holding 4,059 15,387 11,328 EUR 14.550 59,058.45 0.29 

TomTom 8,488 30,437 21,949 EUR 5.200 44,137.60 0.21 


Norway 

DNB 30,092 30,092 - NOK 27.000 83,474.93 0.40 

Total Norway 83,474.93 0.40 

Portugal 

Jeronimo Martins 3,400 17,213 13,813 EUR 3.970 13,498.00 0.07 

Total Portugal 13,498.00 0.07 

Sweden 

Electrolux B 19,955 24,182 4,227 SEK 66.750 121,173.83 0.59 

Husqvarna B 7,447 7,447 - SEK 41.300 27,979.32 0.14 

Loomis AB B 2,788 2,788 - SEK 49.000 12,427.81 0.06 

Modern Times Group B 5,725 5,725 - SEK 168.500 87,756.89 0.42 

Scania B 10,838 57,991 47,153 SEK 77.750 76,657.62 0.37 

Securitas B 13,941 13,941 - SEK 64.250 81,484.10 0.39 


Total Sweden 583,108.70 2.82 

75






EUR assets 

period 

period 

Switzerland 

Clariant Reg 12,259 29,584 17,325 CHF 7.130 59,078.53 0.29 

Petroplus 6,608 10,014 3,406 CHF 20.960 93,615.21 0.45 



AstraZeneca 12,333 35,071 22,738 GBP 28.070 358,066.83 1.73 

Balfour Beatty 20,595 50,908 30,313 GBP 3.293 70,135.92 0.34 

British American Tobacco 18,240 20,889 21,020 GBP 18.000 339,586.39 1.64 

Carnival UK 11,099 19,840 8,741 GBP 15.090 173,231.17 0.84 

Drax Group 42,722 57,965 15,243 GBP 5.610 247,894.78 1.20 


Imperial Tobacco Group 16,770 33,491 16,721 GBP 18.500 320,891.15 1.55 

Mondi PLC 13,255 27,558 14,303 GBP 2.038 27,933.81 0.14 

Persimmon 5,346 32,924 27,578 GBP 2.298 12,703.91 0.06 

Provident Financial 16,432 28,707 33,793 GBP 8.600 146,164.47 0.71 

Wolseley 10,563 123,640 113,077 GBP 3.840 41,953.81 0.20 



Alcoa 33,515 50,818 17,303 USD 11.260 271,485.85 1.31 

Altria Group 20,218 25,552 5,334 USD 15.060 219,044.70 1.06 

American Tower 20,612 20,612 - USD 29.320 434,764.11 2.10 

Bemis Company 989 16,337 15,348 USD 23.680 16,847.96 0.08 

Brown-Forman B 1,099 2,235 2,324 USD 51.490 40,708.97 0.20 

Burlington Northern 3,253 3,941 688 USD 75.710 177,176.81 0.86 

CenturyTel 9,569 10,329 760 USD 27.330 188,137.67 0.91 

CH Robinson Worldwide 1,818 2,467 649 USD 55.030 71,971.90 0.35 

Chevron 3,863 7,415 10,373 USD 73.970 205,565.35 1.00 

Clorox 1,474 1,587 113 USD 55.560 58,915.46 0.29 

ConocoPhillips 5,770 6,310 4,411 USD 51.800 215,018.17 1.04 

Consol Energy 1,114 2,437 1,323 USD 28.580 22,904.29 0.11 

CSX 4,287 10,792 6,505 USD 32.470 100,139.48 0.48 

Eaton 1,723 5,122 3,399 USD 49.710 61,616.72 0.30 

Ecolab 8,706 10,357 1,651 USD 35.150 220,147.41 1.07 

Ensco International 1,017 1,824 1,503 USD 28.390 20,770.92 0.10 

Exxon Mobil 3,784 10,050 14,917 USD 79.830 217,313.56 1.05 

Family Dollar Stores 4,551 7,165 2,614 USD 26.070 85,352.73 0.41 

General Dynamics 6,094 3,837 978 USD 57.590 252,475.42 1.22 

Kraft Foods 13,127 35,867 36,126 USD 26.850 253,559.19 1.23 

L-3 Communications 2,761 2,761 - USD 73.780 146,546.22 0.71 

Lorillard 1,880 1,983 103 USD 56.350 76,211.64 0.37 

Meadwestvaco 7,055 7,055 - USD 11.190 56,793.24 0.27 

Monsanto 4,158 3,115 1,791 USD 70.350 210,435.09 1.02 

Monster Worldwide 1,209 1,209 7,170 USD 12.090 10,515.31 0.05 

National-Oilwell Varco 2,525 7,552 6,780 USD 24.440 44,394.80 0.21 

Noble Energy 1,221 2,775 1,554 USD 49.220 43,234.14 0.21 

76






EUR assets 

period 

period 

Norfolk Southern 4,063 5,433 1,370 USD 47.050 137,523.22 0.67 

Occidental Petroleum 5,793 12,306 14,609 USD 59.990 250,006.89 1.21 

Pitney Bowes 2,281 3,136 855 USD 25.480 41,811.36 0.20 

Procter & Gamble 5,583 9,833 4,250 USD 61.820 248,293.99 1.20 

Raytheon 6,408 4,506 2,757 USD 51.040 235,289.61 1.14 

Republic Services 1,612 1,612 - USD 24.790 28,748.23 0.14 

Reynolds American 1,811 1,811 - USD 40.310 52,517.11 0.25 

RR Donnelley & Sons 2,071 3,544 1,473 USD 13.580 20,232.49 0.10 

Sealed Air 7,850 8,977 1,127 USD 14.940 84,370.34 0.41 

Sigma Aldrich 6,279 7,237 958 USD 42.240 190,802.46 0.92 

Sunoco 6,723 7,082 928 USD 43.460 210,195.01 1.02 

Union Pacific Resources Group 6,060 7,461 1,401 USD 47.800 208,386.75 1.01 

Vulcan Materials 4,854 6,679 1,825 USD 69.580 242,970.63 1.18 

Waste Management 5,746 6,816 1,070 USD 33.140 136,989.63 0.66 


Total shares 



Investment funds 

EUR 13,943,939.92 67.51 

EUR 15,758,584.62 76.29 

Luxembourg 

SEB Absolute - SEB Genesis Multistrat I EUR 71,303 - 86,922 EUR 11.503 820,219.79 3.97 

SEB Fund 2 - SEB Nordic Focus Fund SH A EUR 2,136 - - EUR 50.078 106,966.60 0.52 

Total Luxembourg 927,186.39 4.49 


SPDR Trust Series 1 14,644 21,247 6,603 USD 90.330 951,615.08 4.61 

Total United States of America 951,615.08 4.61 

Total investment funds EUR 1,878,801.47 9.10 


EUR 17,637,386.09 85.39 




DJ EURO STOXX 50 20/03/09 7 171,500.00 

-140.00 0.00 

FTSE 100 20/03/09 2 90,812.86 

1,747.99 0.01 

HSI 30/01/09 3 200,567.30 

-9,105.95 -0.05 

MSCI Singapore 29/01/09 5 109,251.65 

-649.11 0.00 

77






EUR assets 

period 

period 

S&P 500 E-Mini 20/03/09 87 2,816,447.09 

-39,743.17 -0.19 

S&P TSE 60 19/03/09 14 880,947.27 

26,433.30 0.13 

SPI 200 19/03/09 13 610,630.31 

30,808.61 0.15 

TOPIX 12/03/09 1 68,408.32 

3,618.81 0.01 




AUD 11/03/09 1,219,084 605,927.27 2.93 

CAD 11/03/09 1,733,040 1,006,389.37 4.87 

HKD 11/03/09 1,469,380 136,027.66 0.66 

JPY 11/03/09 134,045,001 1,062,448.46 5.14 

SGD 11/03/09 178,190 88,891.35 0.43 

USD 11/03/09 833,028 597,595.06 2.89 


SEK 11/03/09 -38,967,038 -3,529,662.51 -17.08 


Cash at banks 

Cash at banks 


3,030,364.84 14.67 

3,030,364.84 14.67 

Other assets 

Interest receivable on banks 

894.13 0.01 

Dividends receivable 

18,639.61 0.09 

Kickback receivable 821.70 0.00 











78 

41,955.81 0.20 

-33,644.99 -0.16 

-33,644.99 -0.16 

EUR 20,656,648.89 100.00



SEB Fund 1 - SEB Global Fund 


Unit * Market % of 


price/ value in net 


yield USD assets 

period 

period 



Bonds 

Sweden 

0.00 % Swedish T-Bill 21/01/09 30,000 30,000 - SEK 99.925 3,790,785.79 2.93 



Total Sweden 15,136,596.21 11.70 

Total bonds USD 15,136,596.21 11.70 

Shares 


Australia 

Australian and New Zealand Banking Group 13,175 1,631 - AUD 15.290 140,447.97 0.11 

BHP Billiton 24,526 3,279 - AUD 30.440 520,509.60 0.40 

Commonwealth Bank of Australia 9,013 1,143 - AUD 28.900 181,603.65 0.14 

National Australia Bank 10,274 1,302 - AUD 20.870 149,492.49 0.12 

Westfield Group 11,203 1,351 - AUD 12.950 101,148.97 0.08 

Westpac Banking 12,455 1,535 - AUD 16.970 147,361.13 0.11 

Total Australia 1,240,563.81 0.96 

Austria 

OMV 22,696 48,418 32,181 EUR 18.720 590,589.32 0.46 


Belgium 

Fortis 540 12,802 15,885 EUR 0.929 697.33 0.00 

Solvay 2,886 4,324 1,438 EUR 53.050 212,819.85 0.16 

UCB 1,497 8,135 6,638 EUR 23.300 48,485.08 0.04 


Canada 

Bank of Montreal 515 3,222 6,600 CAD 31.250 13,036.65 0.01 

Bank of Nova Scotia 8,089 3,514 2,627 CAD 33.310 218,262.13 0.17 

Canadian Imperial Bank of Commerce 350 2,666 4,872 CAD 51.090 14,484.81 0.01 

Canadian National Railway 4,039 1,638 1,523 CAD 44.780 146,509.86 0.11 

EnCana 6,869 907 - CAD 56.960 316,936.62 0.25 

Manulife Financial 12,456 4,727 4,457 CAD 20.800 209,870.24 0.16 

Royal Bank of Canada 10,543 5,077 3,321 CAD 36.100 308,304.83 0.24 

Sun Life Financial 602 2,762 6,673 CAD 28.440 13,868.67 0.01 

Suncor Energy 936 5,190 7,304 CAD 23.720 17,984.54 0.01 

Total Canada 1,259,258.35 0.97 

79







USD assets 

period 

period 

Denmark 

Danisco 1,478 6,216 4,738 DKK 214.500 59,206.68 0.05 

Novo Nordisk B 2,100 16,352 14,252 DKK 271.000 106,281.47 0.08 

Novozymes B 2,121 3,320 1,199 DKK 418.000 165,571.63 0.13 

Vestas Wind Systems 1,883 5,604 3,721 DKK 303.500 106,727.90 0.08 


Finland 

Fortum 3,712 5,714 2,002 EUR 15.230 78,584.75 0.06 

Neste Oil 22,826 41,012 18,186 EUR 10.580 335,695.79 0.26 


Stora Enso R 5,676 70,163 64,487 EUR 5.520 43,552.37 0.04 



France 


Alstom 2,063 2,885 822 EUR 41.980 120,384.91 0.09 


Axa 6,709 11,808 9,625 EUR 15.845 147,768.02 0.11 

BNP Paribas 3,587 7,777 6,653 EUR 30.250 150,829.80 0.12 

Bouygues 2,192 36,235 34,043 EUR 30.200 92,019.08 0.07 

Carrefour 3,090 2,053 - EUR 27.520 118,205.40 0.09 

Crédit Agricole 6,402 4,664 - EUR 8.000 71,192.80 0.06 

EADS 37,902 37,902 - EUR 12.030 633,808.67 0.49 


France Telecom 39,023 165,102 130,968 EUR 19.960 1,082,708.66 0.84 

GDF Suez 4,618 21,569 19,543 EUR 35.325 226,760.03 0.18 

Groupe Danone 2,306 858 - EUR 43.180 138,411.55 0.11 

Hermes International 588 1,154 566 EUR 100.000 81,734.94 0.06 

LÓréal 1,353 472 - EUR 62.300 117,169.95 0.09 

Lafarge 78 1,885 2,165 EUR 43.350 4,700.17 0.00 

LVMH Louis Vuitton Moët Hennessy 1,625 1,710 656 EUR 47.770 107,904.36 0.08 

Pernod-Ricard 1,667 2,227 560 EUR 52.970 122,742.79 0.10 

Renault 71 863 1,125 EUR 18.550 1,830.76 0.00 

Safran 3,375 15,355 22,488 EUR 9.634 45,197.12 0.04 

Saint-Gobain 2,236 19,700 18,011 EUR 33.595 104,418.35 0.08 

Sanofi-Aventis 4,531 3,914 2,356 EUR 45.400 285,943.57 0.22 

Schneider Electric 1,393 17,278 16,354 EUR 53.000 102,626.00 0.08 

Société Générale 2,327 2,024 699 EUR 36.000 116,447.26 0.09 

Suez Environment 100 776 676 EUR 12.050 1,675.01 0.00 

Total 24,229 97,111 78,319 EUR 38.910 1,310,470.17 1.01 

Unibail 582 949 367 EUR 106.500 86,159.46 0.07 

Vallourec 6,558 20,597 14,039 EUR 81.000 738,391.77 0.57 

Veolia Environnement 3,089 5,736 2,647 EUR 22.200 95,323.79 0.07 

Vinci 2,926 3,919 993 EUR 30.000 122,018.58 0.09 

Vivendi 5,555 2,095 - EUR 23.265 179,645.99 0.14 

Wendel Investissement 2,612 9,084 7,075 EUR 35.400 128,530.69 0.10 

Total France 6,824,876.50 5.28 

80







USD assets 

period 

period 

Germany 

Allianz Holding Reg 2,280 4,360 3,305 EUR 75.000 237,698.55 0.18 

BASF 4,701 82,019 90,792 EUR 27.730 181,205.15 0.14 

Bayer 3,231 3,585 1,711 EUR 41.550 186,611.50 0.15 

Bayerische Motoren Werke 3,837 5,132 25,997 EUR 21.610 115,259.56 0.09 

Daimler-Chrysler 4,232 2,440 - EUR 26.700 157,067.86 0.12 

Deutche Boerse 1,327 1,828 501 EUR 50.800 93,705.49 0.07 

Deutsche Bank Reg 3,480 2,074 - EUR 27.830 134,624.11 0.10 

Deutsche Post 6,323 12,014 5,691 EUR 11.910 104,680.39 0.08 

Deutsche Telekom Reg 14,021 6,409 - EUR 10.750 209,516.32 0.16 

E.ON 8,012 10,870 4,259 EUR 28.440 316,738.57 0.25 

HAMBURGER HAFEN UND LOGI 1,198 1,198 - EUR 23.500 39,134.07 0.03 

Linde 1,270 1,684 414 EUR 59.850 105,657.00 0.08 

Muenchener Rueckversicherung Reg 1,021 935 316 EUR 111.000 157,535.75 0.12 

RWE 2,172 785 - EUR 63.700 192,322.31 0.15 

SAP ord 4,415 3,023 1,333 EUR 25.240 154,899.66 0.12 

Siemens 3,680 3,592 1,941 EUR 52.680 269,478.42 0.21 

Suedzucker 4,475 17,648 13,173 EUR 10.870 67,616.54 0.05 

Total Germany 2,723,751.25 2.10 

Greece 

National Bank of Greece 4,456 6,146 1,690 EUR 13.200 81,761.62 0.06 

Total Greece 81,761.62 0.06 

Hong Kong 

Hutchinson Whampoa 18,188 2,188 - HKD 38.850 91,172.31 0.07 

Total Hong Kong 91,172.31 0.07 

Ireland 

Allied Irish Banks (London) 430 8,405 9,785 EUR 1.740 1,040.03 0.00 


Bank of Ireland 670 11,999 13,309 EUR 0.834 776.73 0.00 

CRH 3,567 6,589 3,022 EUR 18.100 89,745.87 0.07 

Kerry Group 7,154 12,557 5,403 EUR 13.100 130,271.87 0.10 


Italy 

A2A 24,826 327,144 302,318 EUR 1.271 43,861.42 0.03 

Enel 149,610 141,469 4,196 EUR 4.523 940,523.43 0.73 

Eni 11,092 57,378 52,757 EUR 16.740 258,104.59 0.20 

Generali 4,590 2,544 1,134 EUR 19.490 124,352.62 0.10 

Intesa Sanpaolo 40,056 20,778 - EUR 2.538 141,287.60 0.11 

Prysmian 53,497 83,396 29,899 EUR 11.100 825,434.90 0.64 

Saras 15,321 63,562 48,241 EUR 2.400 51,112.69 0.04 

Telecom Italia 62,981 53,891 29,349 EUR 1.150 100,678.74 0.08 

Telecom Italia Risp 4,530 43,867 51,637 EUR 0.789 4,968.27 0.00 

81







USD assets 

period 

period 

UniCredit 58,289 139,284 103,637 EUR 1.745 141,387.96 0.11 

Unione di Banche Italiane 4,982 8,994 4,012 EUR 10.290 71,260.60 0.06 

Total Italy 2,702,972.82 2.10 

Japan 

Asahi Breweries 14,500 9,300 9,000 JPY 1,539 246,171.20 0.19 

Astellas Pharma 10,200 26,200 16,000 JPY 3,630 408,448.61 0.32 


Canon 19,800 19,800 16,200 JPY 2,770 605,028.16 0.47 

Central Japan Railway 45 90 45 JPY 777,000 385,712.90 0.30 


Daiichi Sankyo 14,700 22,700 8,000 JPY 2,100 340,539.31 0.26 

Daikin Industries 9,900 9,900 - JPY 2,315 252,823.14 0.20 

Daito Trust Construction 4,700 10,100 5,400 JPY 4,680 242,646.67 0.19 

Dentsu 109 176 67 JPY 177,000 212,828.80 0.16 


Eisai 7,200 12,100 11,300 JPY 3,700 293,876.49 0.23 

Hirose Electric 1,900 1,900 - JPY 9,020 189,056.13 0.15 

Idemitsu Kosan 2,800 2,800 - JPY 5,700 176,061.14 0.14 

Isetan 21,300 21,300 - JPY 767 180,221.08 0.14 

Itochu 48,000 73,000 57,000 JPY 443 234,571.68 0.18 



KDDI 75 203 128 JPY 635,000 525,370.42 0.41 

Konica 27,500 32,500 5,000 JPY 682 206,893.90 0.16 

Kuraray 24,000 24,000 - JPY 690 182,679.98 0.14 

Kurita Water Industries 7,100 7,100 - JPY 2,380 186,408.59 0.14 

Mitsubishi UFJ Financial Group 35,900 162,400 245,200 JPY 549 217,418.96 0.17 

Mitsui & Co 37,000 54,000 17,000 JPY 901 367,753.78 0.28 


Mitsui Trust Holdings 48,000 110,000 62,000 JPY 430 227,688.09 0.18 


Nidec 5,500 5,500 - JPY 3,440 208,714.08 0.16 

Nikon 19,000 31,000 12,000 JPY 1,058 221,753.20 0.17 


Nomura Real Estate Holdings 10,600 13,400 2,800 JPY 1,752 204,866.33 0.16 

Orix 3,780 7,290 5,360 JPY 4,990 208,076.47 0.16 

Osaka Gas 59,000 175,000 116,000 JPY 414 269,452.97 0.21 

Sankyo Co (6417) 4,000 8,400 4,400 JPY 4,500 198,565.20 0.15 


Sekisui House 24,000 24,000 22,000 JPY 778 205,978.30 0.16 

Shin-Etsu Chemical 8,300 8,300 - JPY 4,070 372,651.72 0.29 

Sojitz Holdings 107,100 126,000 69,700 JPY 147 173,675.05 0.13 

Stanley Electric 13,000 20,900 7,900 JPY 933 133,799.85 0.10 


Sumitomo Metal Industries 119,000 119,000 79,000 JPY 217 284,863.84 0.22 


Sumitomo Realty & Development 16,000 31,000 15,000 JPY 1,314 231,924.15 0.18 


Suzuken 6,100 9,500 3,400 JPY 2,670 179,668.41 0.14 

Takeda Pharmaceutical 12,900 16,000 14,300 JPY 4,640 660,295.47 0.51 

82







USD assets 

period 

period 

TDK 5,800 5,800 - JPY 3,250 207,941.89 0.16 


Tokyo Gas 65,000 105,000 40,000 JPY 455 326,253.65 0.25 

Yamaha Motor 17,600 41,500 33,400 JPY 932 180,950.26 0.14 

Total Japan 14,579,537.08 11.28 

Luxembourg 

Reinet Investments SCA 282 282 - EUR 7.000 2,743.95 0.00 


Netherlands 

Aegon 760 7,468 9,238 EUR 4.525 4,780.38 0.00 

Akzo Nobel 2,370 3,668 1,298 EUR 29.440 96,987.68 0.07 

ING Groep 11,551 24,605 33,417 EUR 7.330 117,693.90 0.09 

Koninklijke Ahold 7,374 13,897 6,523 EUR 8.790 90,099.51 0.07 

KPN 9,007 2,663 - EUR 10.380 129,959.47 0.10 


Randstad Holding 7,232 34,516 27,284 EUR 14.550 146,268.84 0.11 

Royal Dutch Shell A (Amsterdam) 13,719 108,412 142,369 EUR 18.750 357,564.29 0.28 

TomTom 15,125 44,530 29,405 EUR 5.200 109,327.43 0.08 



Norway 

DNB 53,617 53,617 - NOK 27.000 206,746.40 0.16 

Independent Tankers Corp 4,266 4,266 - NOK 3.000 1,827.73 0.00 

Statoil 5,873 96,450 90,577 NOK 113.900 95,533.44 0.08 

Total Norway 304,107.57 0.24 

Portugal 

Jeronimo Martins 6,059 37,911 31,852 EUR 3.970 33,436.58 0.03 


Spain 

Banco Bilbao Vizcaya Argentaria 17,875 40,429 34,122 EUR 8.660 215,176.26 0.17 

Banco Santander Central Hispano 40,613 52,911 28,271 EUR 6.750 381,065.17 0.29 

Iberdrola 14,951 5,803 - EUR 6.540 135,918.44 0.11 

Repsol YPF 4,537 40,507 38,678 EUR 15.100 95,230.51 0.07 


Total Spain 1,217,780.57 0.94 

Sweden 


Ericsson B 17,145 13,577 5,906 SEK 58.800 127,482.57 0.10 

Hennes & Mauritz B 2,341 4,013 1,672 SEK 305.500 90,437.51 0.07 


83







USD assets 

period 

period 

Loomis AB B 4,968 4,968 - SEK 49.000 30,783.19 0.02 

Modern Times Group B 10,200 10,200 - SEK 168.500 217,338.20 0.17 

Nordea 13,103 5,655 - SEK 54.700 90,634.61 0.07 

Scania B 19,311 154,516 135,205 SEK 77.750 189,863.36 0.15 



TeliaSonera 16,307 31,470 15,163 SEK 38.900 80,215.75 0.06 

Total Sweden 1,814,650.05 1.41 

Switzerland 

ABB 10,082 131,983 121,901 CHF 15.580 147,580.74 0.11 


Compagnie Financiere Richemont A 7,016 6,066 17,695 CHF 20.280 133,682.04 0.10 

CS Group Reg 5,296 10,431 8,374 CHF 28.500 141,810.50 0.11 

Holcim 1,946 2,778 832 CHF 60.300 110,249.26 0.09 

Nestle Reg 16,059 23,953 8,797 CHF 41.600 627,664.23 0.49 


Petroplus 13,053 16,864 3,811 CHF 20.960 257,049.73 0.20 

Roche Holding 2,919 2,369 1,573 CHF 162.500 445,659.33 0.34 

Swiss Reinsurance Reg 2,013 1,066 - CHF 50.300 95,132.15 0.07 

Syngenta 588 6,260 5,672 CHF 200.400 110,710.95 0.09 

UBS Reg 14,794 32,927 24,369 CHF 14.840 206,269.52 0.16 





AstraZeneca 28,315 79,752 56,543 GBP 28.070 1,142,726.64 0.88 

Aviva 18,678 10,446 - GBP 3.900 104,731.74 0.08 

BAE Systems 14,969 27,159 12,190 GBP 3.768 81,082.92 0.06 


Barclays 40,980 79,497 59,101 GBP 1.534 90,381.73 0.07 

BG Group 14,385 137,328 134,045 GBP 9.570 197,927.06 0.15 


British American Tobacco 39,892 42,702 51,146 GBP 18.000 1,032,385.01 0.80 

British Energy Group 6,517 12,669 13,810 GBP 7.735 72,475.53 0.06 


BT Group 43,048 675,083 936,994 GBP 1.352 83,678.33 0.06 

Cadbury 12,843 14,265 4,493 GBP 6.055 111,805.71 0.09 

Carnival 19,776 44,074 24,298 GBP 15.090 429,053.12 0.33 

Centrica 27,193 20,953 - GBP 2.660 103,997.31 0.08 

Diageo 11,100 4,916 2,523 GBP 9.610 153,366.23 0.12 

Drax Group 76,122 138,345 62,223 GBP 5.610 613,983.11 0.47 

GlaxoSmithKline 77,382 290,703 231,133 GBP 12.845 1,429,082.94 1.11 

HBOS 2,027 754,645 765,111 GBP 0.690 2,010.88 0.00 



Lloyds TSB Group 39,164 36,044 14,821 GBP 1.260 70,948.13 0.05 

Mondi 23,617 63,377 39,760 GBP 2.038 69,184.00 0.05 

National Grid 11,169 6,229 4,091 GBP 6.840 109,838.29 0.09 

84







USD assets 

period 

period 

Persimmon 9,525 62,669 53,144 GBP 2.298 31,463.27 0.02 


Prudential Corp 14,652 7,803 - GBP 4.165 87,739.52 0.07 

Reckitt Benckiser 2,491 1,171 - GBP 25.780 92,329.40 0.07 

Reed Elsevier 9,391 17,535 8,144 GBP 5.055 68,252.15 0.05 

Rio Tinto 4,923 20,493 17,939 GBP 14.900 105,462.84 0.08 

Rolls Royce 18,433 29,081 10,648 GBP 3.355 88,914.36 0.07 

Royal Bank of Scotland 125,711 437,839 343,189 GBP 0.494 89,286.04 0.07 

Royal Dutch Shell B 2,012 2,012 12,810 GBP 17.260 49,928.91 0.04 

SABMiller Plc 5,216 9,586 4,370 GBP 11.630 87,216.90 0.07 

Scottish & Southern Energy 4,169 30,737 26,568 GBP 12.170 72,946.73 0.06 

Standard Chartered 8,937 11,482 2,545 GBP 8.750 112,430.25 0.09 

Tesco Ord 33,723 20,099 9,479 GBP 3.600 174,546.87 0.13 

Unilever 6,431 98,432 94,291 GBP 15.790 145,997.02 0.11 

Vodafone Group 226,886 213,938 514,039 GBP 1.390 453,425.43 0.35 

William Morrison Supermarkets 19,760 147,752 127,992 GBP 2.803 79,618.85 0.06 

Wolseley 18,821 230,624 211,803 GBP 3.840 103,909.98 0.08 



3M 2,158 2,237 2,374 USD 57.540 124,171.32 0.10 

Abbott Laboratories 4,949 2,190 2,814 USD 53.370 264,128.13 0.20 

Accenture 2,002 3,133 1,131 USD 32.790 65,645.58 0.05 

ACE 1,945 8,257 6,312 USD 52.920 102,929.40 0.08 

Adobe Systems 3,644 13,512 9,868 USD 21.290 77,580.76 0.06 

Aetha 3,401 25,679 22,278 USD 28.500 96,928.50 0.07 

Aflac 1,538 17,430 15,892 USD 45.840 70,501.92 0.05 

Airproducts & Chemicals 1,151 20,918 19,767 USD 50.270 57,860.77 0.04 

Alcoa 54,259 103,024 48,765 USD 11.260 610,956.34 0.47 

Allergan 1,591 16,228 14,637 USD 40.320 64,149.12 0.05 

Allstate 3,535 3,535 - USD 32.760 115,806.60 0.09 


Amazon.Com 1,740 1,740 15,076 USD 51.280 89,227.20 0.07 

American Electric Power 1,842 2,911 1,069 USD 33.280 61,301.76 0.05 

American Express 3,388 11,092 11,234 USD 18.550 62,847.40 0.05 

American Tower 36,586 36,586 - USD 29.320 1,072,701.52 0.83 

Amgen 3,477 1,963 3,665 USD 57.750 200,796.75 0.16 

Anadarko Petroleum 1,550 3,175 1,625 USD 38.550 59,752.50 0.05 

Aon 1,295 2,498 18,226 USD 45.680 59,155.60 0.05 

Apache 1,089 2,034 945 USD 74.530 81,163.17 0.06 

Apple Computer 2,839 12,813 9,974 USD 85.350 242,308.65 0.19 

Applied Materials 7,636 7,636 - USD 10.130 77,352.68 0.06 

Archer-Daniels-Midland 2,500 4,826 2,326 USD 28.830 72,075.00 0.06 

AT&T 19,015 17,174 21,670 USD 28.500 541,927.50 0.42 

Automatic Data Processing 1,670 11,859 10,189 USD 39.340 65,697.80 0.05 

Avon Products 3,628 3,628 - USD 24.030 87,180.84 0.07 

Baker Hughes 1,760 2,900 1,140 USD 32.070 56,443.20 0.04 

Bank of America 15,881 23,808 26,944 USD 14.080 223,604.48 0.17 

Bank of New York Mellon 3,728 6,783 3,055 USD 28.330 105,614.24 0.08 

Baxter Intl 2,036 3,562 1,526 USD 53.590 109,109.24 0.08 

BB&T 2,680 2,680 - USD 27.460 73,592.80 0.06 

85







USD assets 

period 

period 

Becton Dickinson 872 1,350 478 USD 68.390 59,636.08 0.05 

Bemis Company 1,602 37,262 35,660 USD 23.680 37,935.36 0.03 

Berkshire Hathaway B 32 54 22 USD 3,214.000 102,848.00 0.08 

Biogen Idec 1,322 2,144 822 USD 47.630 62,966.86 0.05 

Boeing 2,324 3,225 3,901 USD 42.670 99,165.08 0.08 

Boston Scientific Corp 8,210 75,339 67,129 USD 7.740 63,545.40 0.05 

Bristol Myers Squibb 6,382 10,247 38,980 USD 23.250 148,381.50 0.11 

Brown-Forman B 1,364 6,649 8,761 USD 51.490 70,232.36 0.05 

Burlington Northern 6,092 12,637 6,545 USD 75.710 461,225.32 0.36 

Capital One Financial 2,508 2,508 - USD 31.890 79,980.12 0.06 

Cardinal Health 2,448 18,653 16,205 USD 34.470 84,382.56 0.07 

Carnival 197 29,696 38,527 USD 24.320 4,791.04 0.00 

Caterpillar 1,991 3,469 1,478 USD 44.670 88,937.97 0.07 

Celgene 1,407 22,246 20,839 USD 55.280 77,778.96 0.06 

CenturyTel 15,492 22,326 6,834 USD 27.330 423,396.36 0.33 

CH Robinson Worldwide 2,555 6,487 3,932 USD 55.030 140,601.65 0.11 

Charles Schwab 3,678 5,557 36,981 USD 16.170 59,473.26 0.05 

Chesapeake Energy 2,830 4,888 2,058 USD 16.170 45,761.10 0.04 

Chevron 12,899 17,882 33,978 USD 73.970 954,139.03 0.74 

Chubb 1,234 1,915 681 USD 51.000 62,934.00 0.05 

Cisco Systems 18,956 15,190 21,878 USD 16.300 308,982.80 0.24 

Citigroup 16,914 57,835 60,606 USD 6.710 113,492.94 0.09 

Clorox 2,386 5,003 2,617 USD 55.560 132,566.16 0.10 

CME Group 333 2,749 4,456 USD 208.110 69,300.63 0.05 

Coca Cola Company 6,685 30,839 31,878 USD 45.270 302,629.95 0.23 

Colgate-Palmolive 1,635 2,680 1,045 USD 68.540 112,062.90 0.09 

Comcast Cl A 6,283 75,832 69,549 USD 16.880 106,057.04 0.08 

Comcast Special Cl A 4,081 6,406 2,325 USD 16.150 65,908.15 0.05 


Consol Energy 1,803 4,968 3,165 USD 28.580 51,529.74 0.04 

Consolidated Edison 1,402 2,169 767 USD 38.930 54,579.86 0.04 

Corning 8,631 8,631 - USD 9.530 82,253.43 0.06 

Costco Wholesale 1,399 2,355 956 USD 52.500 73,447.50 0.06 

Covidien 1,600 2,691 3,087 USD 36.240 57,984.00 0.04 

CSX 9,062 32,427 23,365 USD 32.470 294,243.14 0.23 

CVS 4,669 8,635 3,966 USD 28.740 134,187.06 0.10 

Danaher 1,050 16,954 15,904 USD 56.610 59,440.50 0.05 

Deere 1,749 2,887 1,138 USD 38.320 67,021.68 0.05 

Dell 5,884 22,506 63,747 USD 10.240 60,252.16 0.05 

Devon Energy 1,378 2,438 1,060 USD 65.710 90,548.38 0.07 

DIRECTV Group 2,870 4,807 1,937 USD 22.910 65,751.70 0.05 

Dominion Resources 1,866 3,125 1,259 USD 35.840 66,877.44 0.05 

Dow Chemical 3,023 5,408 2,385 USD 15.090 45,617.07 0.04 

Dr. Pepper Snapple Group 500 500 - USD 16.250 8,125.00 0.01 

Du Pont Ei de Nemours 2,932 5,335 2,403 USD 25.300 74,179.60 0.06 

Duke Energy 4,044 6,385 2,341 USD 15.010 60,700.44 0.05 

Eaton 2,624 13,547 10,923 USD 49.710 130,439.04 0.10 

eBay 5,938 11,022 25,439 USD 13.960 82,894.48 0.06 

Ecolab 14,543 20,997 6,454 USD 35.150 511,186.45 0.40 

Edison International 1,721 2,771 1,050 USD 32.120 55,278.52 0.04 

86







USD assets 

period 

period 

Eli Lilly 3,319 3,037 3,593 USD 40.270 133,656.13 0.10 

EMC / Mass 6,685 11,310 4,625 USD 10.470 69,991.95 0.05 

Emerson Electric 2,527 4,399 1,872 USD 36.610 92,513.47 0.07 

Ensco International 2,098 3,619 3,487 USD 28.390 59,562.22 0.05 

Entergy 696 1,170 474 USD 83.130 57,858.48 0.04 

EOG Resources 800 10,472 9,672 USD 66.580 53,264.00 0.04 

Exelon 2,134 3,847 1,713 USD 55.610 118,671.74 0.09 

Express Scripts 1,029 6,459 10,695 USD 54.980 56,574.42 0.04 

Exxon Mobil 23,077 30,760 55,615 USD 79.830 1,842,236.91 1.42 

Family Dollar Stores 13,254 23,639 10,385 USD 26.070 345,531.78 0.27 

Federal Express 947 12,076 11,129 USD 64.150 60,750.05 0.05 

FirstEnergy 1,034 22,904 21,870 USD 48.580 50,231.72 0.04 

FPL Group 1,249 2,121 872 USD 50.330 62,862.17 0.05 

Freeport McMoran Copper & Gold B (FCX) 208 11,350 11,142 USD 24.440 5,083.52 0.00 

Genentech 1,510 2,730 1,220 USD 82.910 125,194.10 0.10 

General Dynamics 18,851 16,001 6,616 USD 57.590 1,085,629.09 0.84 

General Electric 33,656 33,169 39,409 USD 16.200 545,227.20 0.42 

General Mills 1,075 12,246 11,171 USD 60.750 65,306.25 0.05 

Genzyme Corp 854 12,872 12,018 USD 66.370 56,679.98 0.04 

Gilead Sciences 2,982 45,429 42,447 USD 51.140 152,499.48 0.12 

Goldman Sachs 1,246 2,192 946 USD 84.390 105,149.94 0.08 

Google Incorporated Class A 765 5,551 4,786 USD 307.650 235,352.25 0.18 

Halliburton 3,339 5,173 1,834 USD 18.180 60,703.02 0.05 

Hess 1,424 1,990 566 USD 53.640 76,383.36 0.06 

Hewlett-Packard 7,927 3,534 6,235 USD 36.290 287,670.83 0.22 

HJ Heinz 1,343 2,187 844 USD 37.600 50,496.80 0.04 

Home Depot 5,394 7,264 10,799 USD 23.020 124,169.88 0.10 

Honeywell International 2,275 3,879 1,604 USD 32.830 74,688.25 0.06 

IBM 4,423 2,142 3,533 USD 84.160 372,239.68 0.29 

Illinois Tool Works 1,760 3,002 1,242 USD 35.050 61,688.00 0.05 

Intel 18,309 11,786 14,705 USD 14.660 268,409.94 0.21 

Johnson & Johnson 9,021 4,113 7,140 USD 59.830 539,726.43 0.42 

Johnson Controls 3,830 5,795 1,965 USD 18.160 69,552.80 0.05 

JP Morgan Chase & Co 11,899 10,417 11,861 USD 31.530 375,175.47 0.29 

Juniper Network 293 10,645 10,352 USD 17.510 5,130.43 0.00 

Kellogg 1,220 1,813 593 USD 43.850 53,497.00 0.04 

Kimberly-Clark 1,349 2,230 12,872 USD 52.740 71,146.26 0.06 


Kroger 2,044 3,385 1,341 USD 26.410 53,982.04 0.04 

L-3 Communications 8,107 9,220 1,113 USD 73.780 598,134.46 0.46 

Lockheed Martin 1,113 1,882 769 USD 84.080 93,581.04 0.07 

Loews 192 3,364 3,172 USD 28.250 5,424.00 0.00 

Lorillard 3,798 6,212 2,414 USD 56.350 214,017.30 0.17 

Lowes 4,700 7,719 3,019 USD 21.520 101,144.00 0.08 

Marathon Oil 3,161 36,347 33,186 USD 27.360 86,484.96 0.07 

Marsh & McLennan 3,401 3,401 - USD 24.270 82,542.27 0.06 

Mastercard 419 683 264 USD 142.930 59,887.67 0.05 

McDonald's 3,640 7,811 26,891 USD 62.190 226,371.60 0.18 

McKesson HBOC 2,340 3,440 7,288 USD 38.730 90,628.20 0.07 

87







USD assets 

period 

period 

Meadwestvaco 11,421 11,421 - USD 11.190 127,800.99 0.10 

Medco Health Solutions 1,636 20,417 24,334 USD 41.910 68,564.76 0.05 

Medtronic 3,647 37,633 38,711 USD 31.420 114,588.74 0.09 

Merck 6,894 8,131 8,510 USD 30.400 209,577.60 0.16 

Merrill Lynch & Co 7,014 18,327 14,648 USD 11.640 81,642.96 0.06 

Metlife 2,838 19,020 16,182 USD 34.860 98,932.68 0.08 

Microsoft 26,866 18,991 25,610 USD 19.440 522,275.04 0.40 

Monsanto 13,868 16,112 10,600 USD 70.350 975,613.80 0.75 

Morgan Stanley 6,023 13,212 10,880 USD 16.040 96,608.92 0.08 

Motorola 976 17,086 59,796 USD 4.430 4,323.68 0.00 

National-Oilwell Varco 6,464 14,812 13,310 USD 24.440 157,980.16 0.12 

Newmont Mining 2,427 9,231 20,285 USD 40.700 98,778.90 0.08 

News Corp Cl-A 11,062 11,062 32,144 USD 8.680 96,018.16 0.07 

Nike B 1,234 15,225 13,991 USD 51.000 62,934.00 0.05 

Noble Energy 2,040 6,804 4,764 USD 49.220 100,408.80 0.08 

Norfolk Southern 7,781 14,380 6,599 USD 47.050 366,096.05 0.28 

Northern Trust 99 1,737 1,638 USD 52.140 5,161.86 0.00 

Northrop Grumman 2,055 2,055 - USD 45.040 92,557.20 0.07 

Nucor 2,727 25,803 40,551 USD 46.200 125,987.40 0.10 

Occidental Petroleum 12,060 34,505 47,214 USD 59.990 723,479.40 0.56 

Oracle 13,314 22,956 82,146 USD 17.730 236,057.22 0.18 

Pepsico 5,105 40,815 42,025 USD 54.770 279,600.85 0.22 

Pfizer 21,771 29,443 36,258 USD 17.710 385,564.41 0.30 

PG&E 1,488 2,504 1,016 USD 38.710 57,600.48 0.04 

Philip Morris International 6,788 22,601 15,813 USD 43.510 295,345.88 0.23 

Pitney Bowes 3,316 7,918 4,602 USD 25.480 84,491.68 0.07 

PNC Financial Services 1,109 10,301 9,192 USD 49.000 54,341.00 0.04 

PPL 1,733 3,857 4,021 USD 30.690 53,185.77 0.04 

Praxair 1,013 1,709 696 USD 59.360 60,131.68 0.05 

Procter & Gamble 18,291 31,167 26,115 USD 61.820 1,130,749.62 0.88 

Progress Energy 1,438 2,363 2,221 USD 39.850 57,304.30 0.04 

Prudential Financial 147 2,543 2,396 USD 30.260 4,448.22 0.00 

Public Service Enterprise Group 1,951 5,719 5,032 USD 29.170 56,910.67 0.04 

Public Storage 74 1,298 1,224 USD 79.500 5,883.00 0.01 

Qualcomm 5,232 19,828 20,705 USD 35.830 187,462.56 0.15 

Raytheon 20,020 18,391 12,003 USD 51.040 1,021,820.80 0.79 

Republic Services 2,396 2,396 - USD 24.790 59,396.84 0.05 

Reynolds American 2,384 5,124 2,740 USD 40.310 96,099.04 0.07 

RR Donnelley & Sons 3,352 8,116 4,764 USD 13.580 45,520.16 0.04 

Safeway US 2,706 4,298 1,592 USD 23.770 64,321.62 0.05 

Schering-Plough 5,241 8,988 36,068 USD 17.030 89,254.23 0.07 

Schlumberger 3,891 29,922 26,031 USD 42.330 164,706.03 0.13 

Sealed Air 12,709 18,199 5,490 USD 14.940 189,872.46 0.15 

Sigma Aldrich 10,165 16,208 6,043 USD 42.240 429,369.60 0.33 

Simon Property Group 1,665 1,665 - USD 53.130 88,461.45 0.07 

Southern 2,472 4,045 1,573 USD 37.000 91,464.00 0.07 

Southwestern Energy 1,813 3,385 1,572 USD 28.970 52,522.61 0.04 

Spectra Energy 3,597 5,323 1,726 USD 15.740 56,616.78 0.04 

Sprint Nextel 1,689 163,718 162,029 USD 1.830 3,090.87 0.00 

St Jude Medical 2,519 14,180 33,030 USD 32.960 83,026.24 0.06 

Staples 3,587 6,312 2,725 USD 17.920 64,279.04 0.05 

88







USD assets 

period 

period 

State Street Corp 2,577 31,887 40,110 USD 39.330 101,353.41 0.08 

Stryker 1,798 13,346 11,548 USD 39.950 71,830.10 0.06 

Sunoco 19,580 32,574 14,602 USD 43.460 850,946.80 0.66 

SunTrust Banks 2,442 4,905 2,463 USD 29.540 72,136.68 0.06 

Symantec 6,321 6,321 - USD 13.520 85,459.92 0.07 

Sysco 2,397 3,698 27,331 USD 22.940 54,987.18 0.04 

Target 2,426 4,168 1,742 USD 34.530 83,769.78 0.07 

Texas Instruments 4,270 14,132 14,630 USD 15.520 66,270.40 0.05 

The St. Paul Travelers Companies 1,953 13,671 11,718 USD 45.200 88,275.60 0.07 

Thermo Fisher Scientific 2,445 3,889 10,457 USD 34.070 83,301.15 0.06 

Time Warner 11,620 17,260 21,786 USD 10.060 116,897.20 0.09 

TJX Companies 214 44,757 44,543 USD 20.570 4,401.98 0.00 

Transocean 1,036 1,834 798 USD 47.250 48,951.00 0.04 

Tyco Electronics 292 5,112 6,816 USD 16.210 4,733.32 0.00 

Tyco International 3,982 39,184 37,198 USD 21.600 86,011.20 0.07 

Union Pacific Resources Group 11,422 22,626 11,204 USD 47.800 545,971.60 0.42 

United Parcel Service Cl B 2,238 4,069 1,831 USD 55.160 123,448.08 0.10 

United Technologies 2,977 1,917 2,771 USD 53.600 159,567.20 0.12 

UnitedHealth Group 3,951 13,817 15,283 USD 26.600 105,096.60 0.08 

Us Bancorp 5,595 43,330 45,296 USD 25.010 139,930.95 0.11 

UST 793 1,293 500 USD 69.380 55,018.34 0.04 

Verizon Communications 9,058 6,778 8,273 USD 33.900 307,066.20 0.24 

Viacom Class B 279 4,888 4,609 USD 19.060 5,317.74 0.00 

VISA 1,432 2,245 813 USD 52.450 75,108.40 0.06 

Vulcan Materials 7,859 13,540 5,681 USD 69.580 546,829.22 0.42 

Wachovia 15,032 48,379 41,174 USD 5.540 83,277.28 0.06 

Walgreen 3,192 5,253 2,061 USD 24.670 78,746.64 0.06 

Walmart Stores 7,605 16,739 33,156 USD 56.060 426,336.30 0.33 

Walt Disney 5,841 3,890 5,358 USD 22.690 132,532.29 0.10 

Waste Management 11,143 20,939 9,796 USD 33.140 369,279.02 0.29 

Weatherford International 4,657 7,419 2,762 USD 10.820 50,388.74 0.04 

Wellpoint 1,701 5,961 15,917 USD 42.130 71,663.13 0.06 

Wells Fargo 11,227 48,487 50,076 USD 29.480 330,971.96 0.26 

Western Union 6,410 40,392 77,355 USD 14.340 91,919.40 0.07 

Williams Cos 5,427 86,333 80,906 USD 14.480 78,582.96 0.06 

Wyeth 4,305 4,574 5,071 USD 37.510 161,480.55 0.12 

XTO Energy 1,762 2,874 1,112 USD 35.270 62,145.74 0.05 

Yahoo! 7,451 23,870 16,419 USD 12.200 90,902.20 0.07 

Yum Brands 2,201 13,662 11,461 USD 31.500 69,331.50 0.05 

Zimmer Holdings 1,439 2,193 754 USD 40.420 58,164.38 0.05 





USD 103,996,666.68 80.41 

89







USD assets 

period 

period 



Luxembourg 

SEB Absolute - SEB Genesis Multi Strat I EUR 125,682 14,868 112,928 EUR 11.503 2,009,675.56 1.55 

SEB Fund 2 - SEB Nordic Focus Fund A EUR 10,187 946 - EUR 50.078 709,126.48 0.55 

Total Luxembourg 2,718,802.04 2.10 

Sweden 

SEB Europafond Småbolag 472,704 387,277 107,827 SEK 20.007 1,195,910.06 0.93 

Total Sweden 1,195,910.06 0.93 

Total investment funds USD 3,914,712.10 3.03 

Rights 

Belgium 

Fortis 16,425 15,885 - EUR 0.0001 2.28 0.00 



HBOS Issue 15/12/08 2,805 2,805 - GBP 0.0001 0.40 0.00 

Lloyds TSB Group 17,025 17,025 - GBP 0.0001 2.44 0.00 



Total other transferable securities USD 3,914,717.22 3.03 


USD 107,911,383.90 83.44 



Commitment in USD 

DJ EURO STOXX 50 20/03/09 88.00 2,996,947.80 

-1,112.04 0.00 

FTSE 100 20/03/09 24.00 1,514,813.40 

28,917.94 0.02 

Hang Seng Index Futures 30/01/09 9.00 836,398.24 

-37,973.20 -0.03 

MSCI Singapore 29/01/09 36.00 1,093,430.59 

-6,496.61 -0.01 

Russell E-Mini 20/03/09 42.00 2,091,180.00 

76,860.00 0.06 

S&P Midcap 400 19/03/09 11.00 2,954,600.00 

75,075.00 0.06 

S&P500 Mini 20/03/09 415.00 18,675,000.00 

83,661.40 0.07 

S&P/TSE 19/03/09 32.00 2,798,997.09 

-271,685.00 -0.21 

SPI 200 Australien 19/03/09 31.00 2,024,076.18 

101,843.49 0.08 

TOPIX 12/03/09 15.00 1,426,308.30 

68,593.24 0.05 


90







USD assets 

period 

period 



AUD 11/03/09 2,319,357 99.097 1,602,451.45 1.24 

CAD 11/03/09 1,755,255 99.650 1,416,863.59 1.10 

CHF 11/03/09 147,746 99.880 138,647.06 0.11 

HKD 11/03/09 7,788,247 99.732 1,002,220.75 0.77 

JPY 11/03/09 139,421,394 99.875 1,536,086.39 1.19 

SGD 11/03/09 758,003 99.907 525,626.89 0.41 

USD 11/03/09 12,764,166 99.719 12,728,294.00 9.84 


DKK 11/03/09 -241,135 99.194 -44,669.96 -0.04 

EUR 11/03/09 -2,075,161 99.463 -2,869,084.05 -2.22 

GBP 11/03/09 -714,377 99.545 -1,022,422.84 -0.79 

NOK 11/03/09 -26,161 99.201 -3,706.31 0.00 

SEK 11/03/09 -123,063,235 99.570 -15,495,096.53 -11.98 


Cash at banks 

Cash at banks 


21,927,060.46 16.96 

21,927,060.46 16.96 

Other assets 



128,623.93 0.10 

Kickback receivable 2,429.07 0.00 

Receivables on foreign exchange 394.50 0.00 



142,511.45 0.11 



-177,480.65 -0.14 

Payables on foreign exchange -300.89 0.00 








-290,869.71 -0.23 

USD 129,322,980.76 100.00 

91



SEB Fund 1 - SEB International Mixed Fund 


Unit * Market % of 


price/ value in net 


yield USD assets 

period period 



Bonds 

Sweden 

0.00 % Sweden Bill 21/01/09 30,000 30,000 - SEK 99.925 3,790,785.79 27.18 

Total Sweden 3,790,785.79 27.18 

Total bonds USD 3,790,785.79 27.18 

Shares 


Australia 

Australian and New Zealand Banking Group 1,179 - - AUD 15.290 12,568.36 0.09 

BHP Billiton 2,371 - - AUD 30.440 50,319.18 0.36 

Commonwealth Bank of Australia 826 - - AUD 28.900 16,643.14 0.12 

National Australia Bank 942 - - AUD 20.870 13,706.63 0.10 

Westfield Group 977 - - AUD 12.950 8,821.07 0.06 

Westpac Banking 1,110 - - AUD 16.970 13,132.94 0.09 

Total Australia 115,191.32 0.82 

Austria 

OMV 1,754 3,465 2,366 EUR 18.720 45,642.12 0.33 


Belgium 

Solvay 223 372 149 EUR 53.050 16,444.50 0.12 

UCB 116 424 308 EUR 23.300 3,757.02 0.03 


Canada 

Bank of Montreal 373 - - CAD 31.250 9,442.08 0.07 

Bank of Nova Scotia 708 - - CAD 33.310 19,103.67 0.14 

Canadian Imperial Bank of Commerce 253 - - CAD 51.090 10,470.45 0.08 

Canadian National Railway 429 - - CAD 44.780 15,561.45 0.11 

EnCana 656 - - CAD 56.960 30,267.93 0.22 

Manulife Financial 1,192 - - CAD 20.800 20,083.92 0.14 

Royal Bank of Canada 885 - - CAD 36.100 25,879.70 0.19 

Sun Life Financial 435 - - CAD 28.440 10,021.38 0.07 

Suncor Energy 678 339 - CAD 23.720 13,027.26 0.09 

Total Canada 153,857.84 1.11 

Denmark 

Danisco 114 416 302 DKK 214.500 4,566.68 0.03 

Novo Nordisk B 156 887 731 DKK 271.000 7,895.19 0.06 

92







USD assets 

period period 

Novozymes B 173 173 - DKK 418.000 13,504.89 0.10 

Vestas Wind Systems 162 423 261 DKK 303.500 9,182.11 0.07 


Finland 

Fortum 315 315 - EUR 15.230 6,668.69 0.05 

Neste Oil 1,764 2,933 1,169 EUR 10.580 25,942.67 0.19 


Stora Enso R 439 3,654 3,215 EUR 5.520 3,368.48 0.02 

UPM-Kymmene Oyj 407 2,728 2,321 EUR 9.000 5,091.75 0.04 

Total Finland 

59,494.47 0.43 

France 

Air Liquide 79 7 - EUR 65.450 7,187.32 0.05 

Alstom 159 159 - EUR 41.980 9,278.33 0.07 

ArcelorMittal 312 3,692 3,380 EUR 17.110 7,420.53 0.05 

Axa 484 390 390 EUR 15.845 10,660.26 0.08 

BNP Paribas 299 422 422 EUR 30.250 12,572.65 0.09 

Bouygues 191 2,901 2,710 EUR 30.200 8,018.08 0.06 

Carrefour 148 - - EUR 27.520 5,661.61 0.04 

Crédit Agricole 309 77 - EUR 8.000 3,436.20 0.02 

EADS 2,930 2,930 - EUR 12.030 48,996.34 0.35 

Electricité de France 129 129 - EUR 41.500 7,441.63 0.05 


GDF Suez 370 1,541 1,434 EUR 35.325 18,168.30 0.13 

Groupe Danone 140 - - EUR 43.180 8,403.13 0.06 

Hermès International 64 64 - EUR 100.000 8,896.32 0.06 

LÓréal 91 - - EUR 62.300 7,880.61 0.06 

Lafarge 120 59 - EUR 43.350 7,231.04 0.05 

LVMH Louis Vuitton Moët Hennessy 74 - - EUR 47.770 4,913.79 0.04 

Pernod-Ricard 123 123 - EUR 52.970 9,056.60 0.06 

Safran 261 800 1,605 EUR 9.634 3,495.24 0.02 

Saint-Gobain 194 1,870 1,770 EUR 33.595 9,059.55 0.06 

Sanofi-Aventis 306 - - EUR 45.400 19,311.13 0.14 

Schneider Electric 94 836 836 EUR 53.000 6,925.22 0.05 

Société Générale 121 - - EUR 36.000 6,055.05 0.04 

Total 1,913 8,418 7,145 EUR 38.910 103,468.13 0.74 

Unibail 52 52 - EUR 106.500 7,698.09 0.06 

Vallourec 516 1,512 996 EUR 81.000 58,098.52 0.42 

Veolia Environnement 317 317 - EUR 22.200 9,782.33 0.07 

Vinci 216 216 - EUR 30.000 9,007.52 0.06 

Vivendi 346 - - EUR 23.265 11,189.47 0.08 

Wendel Investissement 202 525 384 EUR 35.400 9,939.96 0.07 

Total France 521,018.63 3.72 

Germany 

Allianz Holding Reg 126 240 240 EUR 75.000 13,135.97 0.09 

BASF 264 5,660 6,791 EUR 27.730 10,176.16 0.07 

Bayer 196 - - EUR 41.550 11,320.28 0.08 

93







USD assets 

period period 

Bayerische Motoren Werke 283 283 2,505 EUR 21.610 8,501.03 0.06 

Daimler-Chrysler 215 - - EUR 26.700 7,979.58 0.06 

Deutche Boerse 101 101 - EUR 50.800 7,132.06 0.05 

Deutsche Bank Reg 170 - - EUR 27.830 6,576.46 0.05 

Deutsche Post 663 663 - EUR 11.910 10,976.29 0.08 

Deutsche Telekom Reg 1,010 - - EUR 10.750 15,092.46 0.11 

E.ON 570 380 - EUR 28.440 22,533.82 0.16 

Hamburger Hafen und Logistik 93 93 - EUR 23.500 3,037.95 0.02 

Linde 93 93 - EUR 59.850 7,737.08 0.06 

Muenchener Rueckversicherung Reg 72 - - EUR 111.000 11,109.27 0.08 

RWE 136 - - EUR 63.700 12,042.28 0.09 

SAP ord 364 - - EUR 25.240 12,770.88 0.09 

Siemens 260 - - EUR 52.680 19,039.23 0.14 

Suedzucker 346 1,063 717 EUR 10.870 5,228.00 0.04 

Total Germany 184,388.80 1.33 

Greece 

National Bank of Greece 339 339 - EUR 13.200 6,220.19 0.04 

Total Greece 6,220.19 0.04 

Hong Kong 

Hutchinson Whampoa 1,582 - - HKD 38.850 7,930.20 0.06 


Ireland 

Anglo Irish Bank (Dublin) 3,362 5,678 2,316 EUR 0.171 799.14 0.01 

CRH 364 364 - EUR 18.100 9,158.25 0.07 

Kerry Group A 553 879 326 EUR 13.100 10,069.93 0.07 


Italy 

A2A 1,919 26,921 25,002 EUR 1.271 3,390.40 0.02 

Enel 11,405 10,134 - EUR 4.523 71,697.54 0.51 

Eni 760 4,348 4,348 EUR 16.740 17,684.77 0.13 

Generali 375 - - EUR 19.490 10,159.52 0.07 

Intesa Sanpaolo 2,332 - - EUR 2.538 8,225.55 0.06 

Prysmian 4,135 4,343 208 EUR 11.100 63,801.20 0.46 

Saras 1,184 4,291 3,107 EUR 2.400 3,949.96 0.03 

Telecom Italia 3,880 - - EUR 1.150 6,202.40 0.04 

UniCredit 3,819 7,397 5,959 EUR 1.745 9,263.50 0.07 

Unione di Banche Italiane 497 497 - EUR 10.290 7,108.89 0.05 

Total Italy 201,483.73 1.44 

Japan 

Asahi Breweries 1,200 - 300 JPY 1,539 20,372.78 0.15 

Astellas Pharma 800 1,800 1,000 JPY 3,630 32,035.18 0.23 


94







USD assets 

period period 

Canon 1,500 1,500 1,700 JPY 2,770 45,835.46 0.33 

Central Japan Railway 3 7 4 JPY 777,000 25,714.19 0.18 


Daiichi Sankyo 1,200 1,200 - JPY 2,100 27,799.12 0.20 

Daikin Industries 800 800 - JPY 2,315 20,430.15 0.15 

Daito Trust Construction 400 900 500 JPY 4,680 20,650.78 0.15 

Dentsu 9 9 - JPY 177,000 17,573.02 0.13 


Eisai 600 700 800 JPY 3,700 24,489.70 0.18 

Hirose Electric 100 100 - JPY 9,020 9,950.32 0.07 

Idemitsu Kosan 200 200 - JPY 5,700 12,575.79 0.09 

Isetan Mitsukoshi Holdings 1,600 1,600 - JPY 767 13,537.73 0.10 

Itochu 4,000 4,000 3,000 JPY 443 19,547.64 0.14 



KDDI 6 14 8 JPY 635,000 42,029.63 0.30 

Konica 2,000 2,500 500 JPY 682 15,046.82 0.11 

Kuraray 2,000 2,000 - JPY 690 15,223.33 0.11 

Kurita Water Industries 500 500 - JPY 2,380 13,127.36 0.09 

Mitsubishi UFJ Financial Group 2,700 14,700 24,100 JPY 549 16,351.84 0.12 

Mitsui & Co 3,000 3,000 - JPY 901 29,817.87 0.21 


Mitsui Trust Holdings 4,000 8,000 4,000 JPY 430 18,974.00 0.14 


Nidec 400 400 - JPY 3,440 15,179.20 0.11 

Nikon 1,000 2,000 1,000 JPY 1,058 11,671.22 0.08 


Nomura Real Estate Holdings 800 800 - JPY 1,752 15,461.61 0.11 

Orix 290 480 360 JPY 4,990 15,963.53 0.11 

Osaka Gas 5,000 13,000 8,000 JPY 414 22,834.99 0.16 

Sankyo Co (6417) 300 700 400 JPY 4,500 14,892.39 0.11 


Sekisui House 2,000 2,000 2,000 JPY 778 17,164.85 0.12 

Shin-Etsu Chemical 600 600 - JPY 4,070 26,938.67 0.19 

Sojitz Corp 7,200 7,200 5,700 JPY 147 11,675.63 0.08 

Stanley Electric 1,100 1,100 - JPY 933 11,321.52 0.08 


Sumitomo Metal Industries 9,000 9,000 9,000 JPY 217 21,544.32 0.15 


Sumitomo Realty & Development 1,000 2,000 1,000 JPY 1,314 14,495.25 0.10 


Suzuken 500 500 - JPY 2,670 14,726.91 0.11 

Takeda Pharmaceutical 1,000 600 700 JPY 4,640 51,185.69 0.37 

TDK 400 400 - JPY 3,250 14,340.82 0.10 


Tokyo Gas 5,000 5,000 - JPY 455 25,096.43 0.18 

Yamaha Motor 1,300 2,600 2,300 JPY 932 13,365.64 0.10 

Total Japan 1,103,857.90 7.93 

95







USD assets 

period period 

Luxembourg 

Reinet Investments SCA 29 29 - EUR 7.000 282.18 0.00 

Total Luxembourg 282.18 0.00 

Netherlands 

Akzo Nobel 203 203 - EUR 29.440 8,307.38 0.06 

ING Groep 669 1,353 2,841 EUR 7.330 6,816.48 0.05 

Koninklijke Ahold 767 767 - EUR 8.790 9,371.61 0.07 

KPN 654 - - EUR 10.380 9,436.38 0.07 

Philips Electronic 416 - - EUR 13.830 7,997.34 0.06 

Randstad Holding 559 2,217 1,658 EUR 14.550 11,305.90 0.08 


TomTom 1,169 2,800 1,631 EUR 5.200 8,449.83 0.06 

Unilever CVA 611 - - EUR 17.340 14,727.21 0.11 


Norway 

DNB 4,144 4,144 - NOK 27.000 15,979.20 0.11 

Independent Tankers 375 375 - NOK 3.000 160.66 0.00 

Statoil 432 8,822 8,390 NOK 113.900 7,027.14 0.05 

Total Norway 23,167.00 0.16 

Portugal 

Jeronimo Martins 468 1,974 1,506 EUR 3.970 2,582.65 0.02 


Spain 

Banco Bilbao Vizcaya Argentaria 1,124 2,097 2,097 EUR 8.660 13,530.52 0.10 

Banco Santander Central Hispano 1,835 2,791 2,790 EUR 6.750 17,217.50 0.12 

Iberdrola 1,092 - - EUR 6.540 9,927.29 0.07 

Repsol YPF 370 3,547 3,547 EUR 15.100 7,766.20 0.06 

Telefonica 1,590 - - EUR 15.850 35,031.34 0.25 

Total Spain 83,472.85 0.60 

Sweden 

Electrolux B 2,642 2,642 - SEK 66.750 22,300.78 0.16 

Ericsson B 1,056 - - SEK 58.800 7,851.94 0.06 

Hennes & Mauritz B 222 222 - SEK 305.500 8,576.30 0.06 


Loomis AB B 384 384 - SEK 49.000 2,379.37 0.02 

Modern Times Group B 788 788 - SEK 168.500 16,790.44 0.12 

Nordea 841 - - SEK 54.700 5,817.27 0.04 

Scania B 1,493 8,889 7,396 SEK 77.750 14,678.99 0.11 


96







USD assets 

period period 

Swedish Match 2,379 3,281 902 SEK 111.750 33,618.47 0.24 

TeliaSonera 1,738 1,738 - SEK 38.900 8,549.39 0.06 

Total Sweden 141,520.80 1.02 

Switzerland 

ABB 741 10,960 10,219 CHF 15.580 10,846.78 0.08 


Compagnie Financiere Richemont A 205 - 1,794 CHF 20.280 3,906.04 0.03 

CS Group Reg 342 576 576 CHF 28.500 9,157.70 0.07 

Holcim 153 153 - CHF 60.300 8,668.10 0.06 

Nestle Reg 1,326 1,212 - CHF 41.600 51,826.56 0.37 

Novartis Reg 802 100 - CHF 52.700 39,710.05 0.28 

Petroplus 910 1,149 239 CHF 20.960 17,920.42 0.13 

Roche Holding 220 - - CHF 162.500 33,588.57 0.24 

Swiss Reinsurance Reg 182 88 - CHF 50.300 8,601.11 0.06 

Syngenta 45 483 438 CHF 200.400 8,472.77 0.06 

UBS Reg 905 1,550 1,287 CHF 14.840 12,618.21 0.09 

Zurich Financial Services 45 - - CHF 227.000 9,597.40 0.07 



Anglo American 358 1,619 1,619 GBP 15.460 7,957.48 0.06 

Astrazeneca 2,191 5,833 4,155 GBP 28.070 88,423.59 0.63 

Aviva Plc 993 - - GBP 3.900 5,567.97 0.04 

Bae Systems 1,500 1,500 - GBP 3.768 8,125.08 0.06 


Barclays 2,012 2,001 2,001 GBP 1.534 4,437.48 0.03 

BG Group 1,221 10,646 10,646 GBP 9.570 16,800.06 0.12 

BHP Billiton 799 - 5,426 GBP 12.940 14,864.98 0.11 

British American Tobacco 3,101 2,794 4,572 GBP 18.000 80,252.32 0.58 

British Energy Group 700 700 777 GBP 7.735 7,784.69 0.06 


BT Group 2,815 37,771 66,057 GBP 1.352 5,471.90 0.04 

Cadbury 919 350 - GBP 6.055 8,000.42 0.06 

Carnival UK 1,529 2,848 1,319 GBP 15.090 33,172.64 0.24 

Centrica 1,699 463 - GBP 2.660 6,497.68 0.05 

Compass Group 1,705 9,530 7,825 GBP 3.440 8,432.69 0.06 

Diageo 990 - - GBP 9.610 13,678.60 0.10 

Drax Group 5,761 7,832 2,071 GBP 5.610 46,466.94 0.33 

GlaxoSmithkline 6,046 19,746 15,500 GBP 12.845 111,656.91 0.80 

HBOS 4,577 43,589 40,366 GBP 0.690 4,540.60 0.03 



Lloyds TSB Group 1,872 - - GBP 1.260 3,391.24 0.02 

Man Group 1,331 9,574 8,243 GBP 2.375 4,544.90 0.03 

Mondi 1,826 3,984 2,256 GBP 2.038 5,349.11 0.04 

National Grid 970 - - GBP 6.840 9,539.18 0.07 

Persimmon 736 3,264 2,528 GBP 2.298 2,431.17 0.02 


Prudential Corp 732 - - GBP 4.165 4,383.38 0.03 

97







USD assets 

period period 

Reckitt Benckiser Plc 258 - - GBP 25.780 9,562.82 0.07 

Reed Elsevier 968 968 - GBP 5.055 7,035.25 0.05 

Rio Tinto 293 1,541 1,541 GBP 14.900 6,276.78 0.04 

Rolls Royce 1,606 1,606 - GBP 3.355 7,746.78 0.06 

Royal Bank of Scotland 5,007 33,179 31,204 GBP 0.494 3,556.21 0.03 

SABMiller Plc 529 529 - GBP 11.630 8,845.42 0.06 

Scottish & Southern Energy 409 2,549 2,140 GBP 12.170 7,156.44 0.05 

Standard Chartered 681 681 - GBP 8.750 8,567.19 0.06 

Tesco Ord 2,380 - - GBP 3.600 12,318.64 0.09 

Unilever 346 6,671 6,671 GBP 15.790 7,854.91 0.06 


William Morrison Supermarkets 1,969 12,984 11,015 GBP 2.803 7,933.68 0.06 

Wolseley 1,455 16,335 14,880 GBP 3.840 8,032.99 0.06 

Xstrata 439 2,263 1,824 GBP 6.400 4,039.50 0.03 

Total United Kingdom 836,739.12 6.02 


3M 194 - 220 USD 57.540 11,162.76 0.08 

Abbott Laboratories 418 - 416 USD 53.370 22,308.66 0.16 

Accenture 170 170 - USD 32.790 5,574.30 0.04 

ACE 105 685 580 USD 52.920 5,556.60 0.04 

Adobe Systems 197 1,176 979 USD 21.290 4,194.13 0.03 

AETNA New 184 1,459 1,275 USD 28.500 5,244.00 0.04 

Aflac 140 1,218 1,078 USD 45.840 6,417.60 0.05 

Airproducts & Chemicals 99 1,155 1,056 USD 50.270 4,976.73 0.04 

Alcoa 4,161 5,580 1,419 USD 11.260 46,852.86 0.34 

Allergan 140 1,462 1,322 USD 40.320 5,644.80 0.04 

Allstate 191 191 - USD 32.760 6,257.16 0.04 


Amazon.Com 94 94 1,558 USD 51.280 4,820.32 0.03 

American Electric Power 158 158 - USD 33.280 5,258.24 0.04 

American Express 321 321 632 USD 18.550 5,954.55 0.04 

American Tower 2,733 2,733 - USD 29.320 80,131.56 0.57 

Amgen 311 - 315 USD 57.750 17,960.25 0.13 

Anadarko Petroleum 172 172 - USD 38.550 6,630.60 0.05 

Aon 135 135 1,714 USD 45.680 6,166.80 0.04 

Apache 109 109 - USD 74.530 8,123.77 0.06 

Apple Computer 260 1,011 751 USD 85.350 22,191.00 0.16 

Applied Materials 414 414 - USD 10.130 4,193.82 0.03 

Archer-Daniels-Midland 261 261 - USD 28.830 7,524.63 0.05 

AT&T 1,611 - 1,802 USD 28.500 45,913.50 0.33 

Automatic Data Processing 151 1,051 900 USD 39.340 5,940.34 0.04 

Avon Products 197 197 - USD 24.030 4,733.91 0.03 

Baker Hughes 157 157 - USD 32.070 5,034.99 0.04 

Bank of America 1,457 92 1,056 USD 14.080 20,514.56 0.15 

Bank of New York Mellon 362 362 - USD 28.330 10,255.46 0.07 

Baxter International 181 181 - USD 53.590 9,699.79 0.07 

BB&T 145 145 - USD 27.460 3,981.70 0.03 

Becton Dickinson 73 73 - USD 68.390 4,992.47 0.04 

Bemis Company 123 2,567 2,444 USD 23.680 2,912.64 0.02 

Berkshire Hathaway B 3 3 - USD 3214.000 9,642.00 0.07 

98







USD assets 

period period 

Biogen Idec 116 116 - USD 47.630 5,525.08 0.04 

Boeing 203 - 201 USD 42.670 8,662.01 0.06 

Boston Scientific 657 6,415 5,758 USD 7.740 5,085.18 0.04 

Bristol Myers Squibb 570 311 3,685 USD 23.250 13,252.50 0.10 

Brown-Forman B 143 491 701 USD 51.490 7,363.07 0.05 

Burlington Northern 502 641 139 USD 75.710 38,006.42 0.27 

Capital One Financial 136 136 - USD 31.890 4,337.04 0.03 

Cardinal Health 133 1,631 1,498 USD 34.470 4,584.51 0.03 

Carnival 187 1,638 2,334 USD 24.320 4,547.84 0.03 

Caterpillar 185 185 - USD 44.670 8,263.95 0.06 

Celgene 128 1,904 1,776 USD 55.280 7,075.84 0.05 

CenturyTel 1,134 1,134 - USD 27.330 30,992.22 0.22 

CH Robinson Worldwide 230 314 84 USD 55.030 12,656.90 0.09 

Charles Schwab 301 301 3,550 USD 16.170 4,867.17 0.03 

Chesapeake Energy 265 265 - USD 16.170 4,285.05 0.03 

Chevron 1,065 761 3,037 USD 73.970 78,778.05 0.56 

Chubb 104 104 - USD 51.000 5,304.00 0.04 

Cisco Systems 1,736 - 1,529 USD 16.300 28,296.80 0.20 

Citigroup 1,607 945 1,982 USD 6.710 10,782.97 0.08 

Clorox 174 232 58 USD 55.560 9,667.44 0.07 

CME Group 18 179 368 USD 208.110 3,745.98 0.03 

Coca Cola Company 551 1,796 2,373 USD 45.270 24,943.77 0.18 

Colgate-Palmolive 143 143 - USD 68.540 9,801.22 0.07 

Comcast Cl A 604 6,128 5,524 USD 16.880 10,195.52 0.07 

Comcast Special Cl A 347 347 - USD 16.150 5,604.05 0.04 


CONSOL Energy 138 393 255 USD 28.580 3,944.04 0.03 

Consolidated Edison 118 118 - USD 38.930 4,593.74 0.03 

Corning 461 461 - USD 9.530 4,393.33 0.03 

Costco Wholesale 126 126 - USD 52.500 6,615.00 0.05 

Covidien 144 144 270 USD 36.240 5,218.56 0.04 

CSX 647 1,689 1,042 USD 32.470 21,008.09 0.15 

CVS 438 438 - USD 28.740 12,588.12 0.09 

Danaher 89 987 898 USD 56.610 5,038.29 0.04 

Deere 156 156 - USD 38.320 5,977.92 0.04 

Dell 541 1046 5917 USD 10.240 5,539.84 0.04 

Devon Energy 124 124 - USD 65.710 8,148.04 0.06 

DIRECTV Group 260 260 - USD 22.910 5,956.60 0.04 

Dominion Resources 167 167 - USD 35.840 5,985.28 0.04 

Dow Chemical 289 289 - USD 15.090 4,361.01 0.03 

Dr. Pepper Snapple Group (USD) 69 69 - USD 16.250 1,121.25 0.01 

Du Pont Ei de Nemours 271 271 - USD 25.300 6,856.30 0.05 

Duke Energy 346 346 - USD 15.010 5,193.46 0.04 

Eaton Corporation 223 1028 805 USD 49.710 11,085.33 0.08 

eBay 322 790 2729 USD 13.960 4,495.12 0.03 

Ecolab 1081 1137 56 USD 35.150 37,997.15 0.27 

Edison International 150 150 - USD 32.120 4,818.00 0.03 

Eli Lilly 293 - 295 USD 40.270 11,799.11 0.08 

EMC Corp/Mass 604 604 - USD 10.470 6,323.88 0.05 

Emerson Electric 235 235 - USD 36.610 8,603.35 0.06 

Ensco International 163 105 162 USD 28.390 4,627.57 0.03 

Entergy 63 63 - USD 83.130 5,237.19 0.04 

EOG Resources 74 639 565 USD 66.580 4,926.92 0.04 

99







USD assets 

period period 

Exelon 195 195 - USD 55.610 10,843.95 0.08 

Express Scripts 96 498 987 USD 54.980 5,278.08 0.04 

Exxon Mobil 1,944 982 4,904 USD 79.830 155,189.52 1.11 

Family Dollar Stores 1,028 1,429 401 USD 26.070 26,799.96 0.19 

Federal Express 85 666 581 USD 64.150 5,452.75 0.04 

FirstEnergy 101 1,271 1,170 USD 48.580 4,906.58 0.04 

FPL Group 115 115 - USD 50.330 5,787.95 0.04 

Freeport McMoran Copper & Gold B (FCX) 197 932 735 USD 24.440 4,814.68 0.03 

Genentech 140 140 - USD 82.910 11,607.40 0.08 

General Dynamics 1,474 696 179 USD 57.590 84,887.66 0.61 

General Electric 2,915 - 2,589 USD 16.200 47,223.00 0.34 

General Mills 90 717 627 USD 60.750 5,467.50 0.04 

Genzyme 72 1,008 936 USD 66.370 4,778.64 0.03 

Gilead Sciences 256 3,231 2,975 USD 51.140 13,091.84 0.09 

Goldman Sachs 113 113 - USD 84.390 9,536.07 0.07 

Google Incorporated Class A 68 472 404 USD 307.650 20,920.20 0.15 

Halliburton 280 280 - USD 18.180 5,090.40 0.04 

Hess 108 108 - USD 53.640 5,793.12 0.04 

Hewlett-Packard 721 - 771 USD 36.290 26,165.09 0.19 

HJ Heinz 118 118 - USD 37.600 4,436.80 0.03 

Home Depot 502 - 693 USD 23.020 11,556.04 0.08 

Honeywell International 207 207 - USD 32.830 6,795.81 0.05 

IBM 397 - 417 USD 84.160 33,411.52 0.24 

Illinois Tool Works 163 163 - USD 35.050 5,713.15 0.04 

Intel 1,643 - 1,442 USD 14.660 24,086.38 0.17 

Johnson & Johnson 766 - 799 USD 59.830 45,829.78 0.33 

Johnson Controls 314 314 - USD 18.160 5,702.24 0.04 

JP Morgan Chase & Co 1,074 65 848 USD 31.530 33,863.22 0.24 

Juniper Network 278 797 519 USD 17.510 4,867.78 0.03 

Kellogg 98 98 - USD 43.850 4,297.30 0.03 

Kimberly-Clark 119 119 1,228 USD 52.740 6,276.06 0.05 


Kroger 183 183 - USD 26.410 4,833.03 0.03 

L-3 Communications 688 688 - USD 73.780 50,760.64 0.36 

Lockheed Martin 100 100 - USD 84.080 8,408.00 0.06 

Loews 182 182 - USD 28.250 5,141.50 0.04 

Lorillard 283 283 - USD 56.350 15,947.05 0.11 

Lowes 412 412 - USD 21.520 8,866.24 0.06 

Marathon Oil 235 3,229 2,994 USD 27.360 6,429.60 0.05 

Marsh & McLennan 184 184 - USD 24.270 4,465.68 0.03 

Mastercard 37 37 - USD 142.930 5,288.41 0.04 

McDonald's 335 335 2,354 USD 62.190 20,833.65 0.15 

McKesson HBOC 127 245 742 USD 38.730 4,918.71 0.04 

Meadwestvaco 876 876 - USD 11.190 9,802.44 0.07 

Medco Health Solutions 147 1,869 2,301 USD 41.910 6,160.77 0.04 

Medtronic 319 2,206 2,504 USD 31.420 10,022.98 0.07 

Merck 605 - 559 USD 30.400 18,392.00 0.13 

Merrill Lynch & Co 485 - - USD 11.640 5,645.40 0.04 

Metlife 214 1,562 1,348 USD 34.860 7,460.04 0.05 

Microsoft 2,314 - 2,427 USD 19.440 44,984.16 0.32 

Monsanto 1,105 723 459 USD 70.350 77,736.75 0.56 

Morgan Stanley 322 427 621 USD 16.040 5,164.88 0.04 

100







USD assets 

period period 

Motorola 926 926 4,430 USD 4.430 4,102.18 0.03 

National-Oilwell Varco 512 524 563 USD 24.440 12,513.28 0.09 

Newmont Mining 217 821 1,918 USD 40.700 8,831.90 0.06 

News Corp Cl-A 599 599 3,260 USD 8.680 5,199.32 0.04 

Nike B 105 840 735 USD 51.000 5,355.00 0.04 

Noble Energy 152 380 228 USD 49.220 7,481.44 0.05 

Norfolk Southern 607 741 134 USD 47.050 28,559.35 0.20 

Northern Trust 94 94 - USD 52.140 4,901.16 0.04 

Northrop Grumman 111 111 - USD 45.040 4,999.44 0.04 

Nucor Corp 148 940 2,564 USD 46.200 6,837.60 0.05 

Occidental Petroleum 971 1,416 2,959 USD 59.990 58,250.29 0.42 

Oracle 1,160 1,313 8,478 USD 17.730 20,566.80 0.15 

Pepsico 449 2,710 3,143 USD 54.770 24,591.73 0.18 

Pfizer 1,849 - 2,010 USD 17.710 32,745.79 0.23 

PG&E 136 136 - USD 38.710 5,264.56 0.04 

Philip Morris International 614 833 219 USD 43.510 26,715.14 0.19 

Pitney Bowes 299 391 92 USD 25.480 7,618.52 0.05 

PNC Financial Services 94 616 522 USD 49.000 4,606.00 0.03 

PPL 163 233 267 USD 30.690 5,002.47 0.04 

Praxair 91 91 - USD 59.360 5,401.76 0.04 

Procter & Gamble 1,537 1,679 1,843 USD 61.820 95,017.34 0.68 

Progress Energy 128 128 134 USD 39.850 5,100.80 0.04 

Prudential Financial 136 136 - USD 30.260 4,115.36 0.03 

Public Service Enterprise Group 174 410 367 USD 29.170 5,075.58 0.04 

Public Storage 70 70 - USD 79.500 5,565.00 0.04 

Qualcomm 478 1,505 1,982 USD 35.830 17,126.74 0.12 

Raytheon 1,567 634 477 USD 51.040 79,979.68 0.57 

Republic Services 200 200 - USD 24.790 4,958.00 0.04 

Reynolds American 198 289 91 USD 40.310 7,981.38 0.06 

RR Donnelley & Sons 398 398 - USD 13.580 5,404.84 0.04 

Safeway US 233 233 - USD 23.770 5,538.41 0.04 

Schering-Plough 480 480 3,413 USD 17.030 8,174.40 0.06 

Schlumberger 361 1,646 1,285 USD 42.330 15,281.13 0.11 

Sealed Air 986 986 - USD 14.940 14,730.84 0.11 

Sigma Aldrich 795 795 - USD 42.240 33,580.80 0.24 

Simon Property Group 90 90 - USD 53.130 4,781.70 0.03 

Southern 216 216 - USD 37.000 7,992.00 0.06 

Southwestern Energy 183 183 - USD 28.970 5,301.51 0.04 

Spectra Energy 288 288 - USD 15.740 4,533.12 0.03 

Sprint Nextel 1,601 8,117 6,516 USD 1.830 2,929.83 0.02 

St Jude Medical 136 230 2,336 USD 32.960 4,482.56 0.03 

Staples 342 342 - USD 17.920 6,128.64 0.04 

State Street 138 1,805 2,795 USD 39.330 5,427.54 0.04 

Stryker 97 1,095 998 USD 39.950 3,875.15 0.03 

Sunoco 1,519 1,519 180 USD 43.460 66,015.74 0.47 

SunTrust Banks 132 364 232 USD 29.540 3,899.28 0.03 

Symantec 342 342 - USD 13.520 4,623.84 0.03 

Sysco 200 406 2,754 USD 22.940 4,588.00 0.03 

Target 223 223 - USD 34.530 7,700.19 0.06 

Texas Instruments 384 384 886 USD 15.520 5,959.68 0.04 

The St. Paul Travelers Companies 177 737 560 USD 45.200 8,000.40 0.06 

Thermo Fisher Scientific 132 283 1,065 USD 34.070 4,497.24 0.03 

101







USD assets 

period period 

Time Warner Inc 1,033 - 1,264 USD 10.060 10,391.98 0.07 

TJX Companies 202 2,757 2,555 USD 20.570 4,155.14 0.03 

Transocean 93 93 - USD 47.250 4,394.25 0.03 

Tyco Electronics 277 277 270 USD 16.210 4,490.17 0.03 

Tyco International 216 3,281 3,334 USD 21.600 4,665.60 0.03 

Union Pacific Corp 877 1,143 266 USD 47.800 41,920.60 0.30 

United Parcel Service Cl B 207 207 - USD 55.160 11,418.12 0.08 

United Technologies 263 - 251 USD 53.600 14,096.80 0.10 

UnitedHealth Group 347 347 720 USD 26.600 9,230.20 0.07 

Us Bancorp 485 2,704 3,170 USD 25.010 12,129.85 0.09 

UST 70 70 - USD 69.380 4,856.60 0.03 

Verizon Communications 710 - 840 USD 33.900 24,069.00 0.17 

Viacom Class B 265 265 - USD 19.060 5,050.90 0.04 

VISA 122 122 - USD 52.450 6,398.90 0.05 

Vulcan Materials Company 603 733 130 USD 69.580 41,956.74 0.30 

Wachovia 814 912 1,122 USD 5.540 4,509.56 0.03 

Walgreen 281 281 - USD 24.670 6,932.27 0.05 

Walmart Stores 687 1,107 3,186 USD 56.060 38,513.22 0.28 

Walt Disney 530 - 618 USD 22.690 12,025.70 0.09 

Waste Management 923 1,005 82 USD 33.140 30,588.22 0.22 

Weatherford International 402 402 - USD 10.820 4,349.64 0.03 

Wellpoint 155 481 1,534 USD 42.130 6,530.15 0.05 

Wells Fargo 841 2,842 3,708 USD 29.480 24,792.68 0.18 

Western Union 347 2,158 6,099 USD 14.340 4,975.98 0.04 

Williams Cos 294 5,392 5,098 USD 14.480 4,257.12 0.03 

Wyeth 390 - 329 USD 37.510 14,628.90 0.10 

XTO Energy 156 156 - USD 35.270 5,502.12 0.04 

Yahoo! 404 1,949 1,545 USD 12.200 4,928.80 0.04 

Yum Brands 178 1,207 1,029 USD 31.500 5,607.00 0.04 

Zimmer Holdings 119 119 - USD 40.420 4,809.98 0.03 


Total shares 





USD 7,106,176.80 50.96 

USD 10,896,962.59 78.14 

Luxembourg 

SEB Absolute - SEB Genesis Multi Strat I (EUR) 42,613 - - EUR 11.503 681,388.78 4.88 

SEB Fund 2 - SEB Nordic Focus Fund A (EUR) 955 - - EUR 50.078 66,478.43 0.48 


Sweden 

SEB Europafond Småbolag 21,708 316 37,503 SEK 20.007 54,919.24 0.39 

Total Sweden 54,919.24 0.39 

102







USD assets 

period period 


SPDR Trust Series 1 6,293 6,293 - USD 90.330 568,446.69 4.08 


Total investment funds USD 1,371,233.14 9.83 

Rights 

Belgium 

Fortis 349 349 - EUR 0.0001 0.04 0.00 



HBOS Issue 15/12/08 6,335 6,335 - GBP 0.0001 0.91 0.00 

Lloyds TSB Group 814 814 - GBP 0.0001 0.11 0.00 



Total other transferable securities USD 1,371,234.20 9.83 


USD 12,268,196.79 87.97 


purchased financial futures Commitment in USD 

Euro Bobl Future 5 Year March 2009 06/03/09 8 1,292,301.68 

11,122.92 0.08 

Euro Bund Future 10 Year March 09 06/03/09 15 2,603,007.63 

15,221.43 0.11 

Euro Schatz Future 2 Year March 09 12/03/09 7 1,045,720.71 

3,660.65 0.03 

Hang Seng Index Futures 2009-01-30 30/01/09 1 92,933.14 

-4,219.24 -0.03 

MSCI Singapore 2009-01 29/01/09 3 91,119.22 

-541.38 0.00 

Russell E-Mini 2009-03-20 20/03/09 3 149,370.00 

5,490.00 0.04 

S&P Midcap 400 2009-03-19 19/03/09 1 268,600.00 

6,825.00 0.05 

S&P/TSE 2009-03-19 19/03/09 3 262,405.98 

7,873.63 0.06 

S&P500 Mini 2009-03-20 20/03/09 5 225,000.00 

-3,685.00 -0.03 

SPI 200 Australien 2009-03-19 

sold financial futures 

19/03/09 2 130,585.56 

6,588.54 0.05 

DJ EURO STOXX 50 20/03/09 -3 -102,168.68 

556.02 0.00 




AUD 11/03/09 26,396 18,237.35 0.13 

CAD 11/03/09 48,778 39,373.83 0.28 

EUR 11/03/09 3,221,875 4,454,512.52 31.94 

HKD 11/03/09 818,360 105,309.64 0.76 

JPY 11/03/09 11,507,213 126,781.64 0.91 

USD 11/03/09 177,954 177,454.00 1.27 

103







USD assets 

period period 


GBP 11/03/09 -78,978 -113,034.46 -0.81 

NOK 11/03/09 -446,758 -63,292.72 -0.45 

SEK 11/03/09 -36,129,695 -4,549,149.95 -32.62 

Total forward foreign exchange contracts (total unrealised result) 196,191.85 1.41 

Cash at banks 

Cash at banks 


1,448,110.16 10.38 

Other assets 



9,474.53 0.07 

Kickback receivable 

637.55 0.00 



10.38 

12,562.60 0.09 



-18,825.30 -0.13 

Bank overdraft -4,047.17 -0.03 








104 

1,448,110.16 

-29,406.01 -0.21 

USD 13,944,547.96 100.00



SEB Fund 1 - SEB Nordic Fund 






EUR assets 

period period 



Shares 

Denmark 

A P Moeller - Maersk B 309 165 206 DKK 28100.000 1,166,550.21 1.87 

Danske Bank 134,552 87,340 61,910 DKK 52.000 940,009.28 1.51 

Novo Nordisk B 80,506 46,000 55,490 DKK 271.000 2,931,137.42 4.69 

SimCorp A/S 7,300 2,830 500 DKK 591.000 579,627.49 0.93 

Vestas Wind Systems 23,454 29,000 41,085 DKK 303.500 956,344.26 1.53 

Total Denmark 6,573,668.66 10.53 

Finland 

Elisa Corp 141,139 123,000 119,320 EUR 12.300 1,736,009.70 2.78 

Fortum 127,350 101,700 45,010 EUR 15.230 1,939,540.50 3.11 

Kone 21,808 36,404 34,000 EUR 15.530 338,678.24 0.54 

Nokia (Helsingfors) 545,123 459,600 388,727 EUR 11.100 6,050,865.30 9.69 

Nokian Tyres 52,628 79,850 144,918 EUR 7.910 416,287.48 0.67 

Sampo A 160,558 167,500 97,980 EUR 13.240 2,125,787.92 3.40 


YIT-Yhtyma 89,185 116,100 84,600 EUR 4.580 408,467.30 0.65 

Total Finland 13,952,851.44 22.34 

Norway 

DNB NOR 250,960 183,300 91,400 NOK 27.000 696,160.73 1.11 

Eitzen Chemical 118,580 155,000 375,220 NOK 8.650 105,382.57 0.17 

Ekornes 85,673 30,000 21,500 NOK 67.000 589,739.24 0.94 

Norsk Hydro 117,925 56,500 59,200 NOK 27.800 336,815.39 0.54 

Orkla 379,345 181,500 146,170 NOK 45.450 1,771,370.89 2.84 

Petroleum Geo-Services 127,533 129,400 82,540 NOK 27.650 362,292.18 0.58 

Pronova BioPharma 324,500 178,000 118,800 NOK 23.100 770,136.90 1.23 

Prosafe 3,290 59,500 142,660 NOK 26.000 8,788.41 0.01 

Seadrill 56,000 43,500 101,390 NOK 55.100 317,015.77 0.51 

Statoil 299,433 224,020 159,360 NOK 113.900 3,504,004.35 5.61 

Tandberg 153,280 224,600 71,320 NOK 75.400 1,187,402.85 1.90 

Telenor 170,508 105,800 88,670 NOK 46.300 811,086.18 1.30 

Yara International 21,666 27,800 40,720 NOK 148.750 331,113.55 0.53 

Total Norway 10,791,309.01 17.27 

Sweden 

ABB 44,790 55,000 153,040 SEK 116.000 472,655.68 0.76 

Alfa Laval 73,380 156,785 143,860 SEK 67.500 450,595.98 0.72 

Assa Abloy B 214,850 208,600 52,440 SEK 88.500 1,729,754.47 2.77 

AstraZeneca 77,919 119,000 82,110 SEK 307.000 2,176,143.74 3.49 

Atlas Copco B 212,778 155,100 155,060 SEK 59.500 1,151,726.92 1.84 


105







EUR assets 

period period 

Ericsson B 586,320 1,356,000 813,880 SEK 58.800 3,136,301.94 5.02 

Getinge 65,000 64,200 55,200 SEK 93.500 552,879.89 0.89 

Svenska Handelsbanken A 108,198 63,800 44,010 SEK 126.000 1,240,211.09 1.99 

Hennes & Mauritz B 152,959 94,800 86,440 SEK 305.500 4,251,009.57 6.81 

Husqvarna B 317,318 174,600 144,600 SEK 41.300 1,192,204.05 1.91 

Intrum Justitia 139,640 92,500 67,760 SEK 78.500 997,207.02 1.60 

Investor B 118,895 45,000 38,580 SEK 117.000 1,265,480.00 2.03 

Loomis B 11,220 12,240 1,020 SEK 49.000 50,014.36 0.08 

Millicom International Cellular SDR 9,550 5,800 11,750 SEK 359.500 312,325.97 0.50 

Nordea 391,280 332,500 326,860 SEK 54.700 1,947,066.61 3.12 

Sandvik 185,052 191,300 203,550 SEK 49.000 824,889.34 1.32 

Svenska Cellulosa AB 120,942 71,300 52,400 SEK 66.750 734,402.67 1.18 

Scania B 57,162 21,700 25,000 SEK 77.750 404,309.22 0.65 

SEB A 154,666 151,430 100,200 SEK 60.750 854,765.46 1.37 


Skanska B 76,840 35,100 28,300 SEK 77.500 541,744.97 0.87 

SKF B 77,140 65,100 55,600 SEK 77.250 542,105.67 0.87 

Swedbank A 102,518 141,600 133,690 SEK 44.400 414,084.45 0.66 

Tele2 B 63,570 63,000 113,200 SEK 69.000 399,031.45 0.64 

TeliaSonera 429,470 279,000 286,780 SEK 38.900 1,519,806.39 2.43 

Volvo B 281,155 130,000 165,930 SEK 42.900 1,097,258.45 1.76 

Total Sweden 28,952,232.87 46.39 




EUR 60,270,061.98 96.53 

Total portfolio EUR 60,270,061.98 96.53 

Cash at banks 

Cash at banks 


2,047,199.35 3.28 

2,047,199.35 3.28 

Other assets 


Receivables on sales of securities 102,414.30 0.16 


108,908.57 0.17 


106 

211,322.88 0.33







EUR assets 

period period 



-81,580.26 -0.13 

Bank overdraft -1,084.71 0.00 







-90,683.01 -0.14 

EUR 62,437,901.20 100.00 

107



SEB Fund 1 - SEB Wireless Fund 






EUR assets 

period period 



Shares 

Canada 

Research In Motion 5,470 5,470 - CAD 49.500 157,786.92 2.33 

Total Canada 157,786.92 2.33 

Egypt 

Telecom Egypt 165,400 - 109,800 EGP 16.260 351,049.78 5.18 

Total Egypt 351,049.78 5.18 

Finland 

Nokia (Helsingfors) 29,090 - - EUR 11.100 322,899.00 4.76 


Hong Kong 

China Telecom 998,800 - - HKD 2.890 267,937.13 3.95 


Indonesia 

Indosat (f) 906,700 - - IDR 5750.000 344,092.65 5.07 

Total Indonesia 344,092.65 5.07 

Mexico 

America Movil de CV ADR Serie L 12,000 - - USD 30.990 267,529.95 3.94 

Telefonos de Mexico ADR Serie L 20,250 - - USD 20.940 305,050.18 4.50 

Total Mexico 572,580.13 8.44 

Netherlands 

TomTom 9,060 - - EUR 5.200 47,112.00 0.69 


Norway 

Telenor 40,700 6,770 - NOK 46.300 193,605.03 2.85 

Total Norway 193,605.03 2.85 

Poland 

Telekomunikacja Polska 74,290 - - PLN 19.200 346,311.31 5.11 

Total Poland 346,311.31 5.11 

108







EUR assets 

period period 

Russia 

Mobile Telesystems ADR 10,340 - - USD 26.680 198,461.35 2.93 

Vimpel-Communications ADR 25,775 - 4,770 USD 7.160 132,764.29 1.96 

Total Russia 331,225.64 4.89 

South Africa 

Telkom South Africa 15,730 - 4,720 ZAR 114.500 140,151.24 2.07 

Total South Africa 140,151.24 2.07 

South Korea 

Samsung Electronics 849 - - KRW 451,000 218,673.61 3.22 

Total South Korea 218,673.61 3.22 

Sweden 

Enea Data 35,555 - - SEK 22.800 73,746.49 1.09 

Ericsson B 84,320 - - SEK 58.800 451,038.64 6.65 

HiQ International 83,730 - - SEK 21.000 159,958.09 2.36 

Millicom International Cellular SDR 7,790 7,790 - SEK 359.500 254,766.42 3.75 

Net Insight B 534,600 - - SEK 3.360 163,408.28 2.41 

Total Sweden 1,102,917.92 16.26 

Switzerland 

Logitech Reg 20,000 - - CHF 16.370 221,291.03 3.26 


Taiwan 

High Tech Computer 31,434 7,254 - TWD 327.000 225,323.13 3.32 

Tripod Technology 205,723 11,644 - TWD 32.150 144,984.71 2.14 

Total Taiwan 370,307.84 5.46 

Turkey 

Turkcell Iletisim Hizmet ADR 34,560 - - USD 14.580 362,494.01 5.34 

Total Turkey 362,494.01 5.34 


ARM Holdings 271,800 99,800 - GBP 0.865 243,174.76 3.58 

Total United Kingdom 243,174.76 3.58 


Amdocs 15,550 3,150 11,800 USD 18.290 204,603.79 3.01 

Broadcom 15,157 - - USD 16.970 185,039.60 2.73 

109







EUR assets 

period period 

F5 Networks 15,700 - - USD 22.860 258,193.59 3.81 

Qualcomm 8,050 - - USD 35.830 207,497.21 3.06 






Cash at banks 

Cash at banks 


EUR 6,448,944.19 95.07 

EUR 6,448,944.19 95.07 

339,642.62 5.01 

339,642.62 5.01 

Other assets 

Receivables on sales of securities 4,430.04 0.07 









110 

4,430.04 0.07 

-10,118.70 -0.15 

-10,118.70 -0.15 

EUR 6,782,898.15 100.00

Combined Statement of Operations 

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

SEB Asset Selection SEB Choice Global Value SEB Choice Japan 

Fund Fund Chance / Risk Fund 

EUR USD JPY 

01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 

Income 

Dividends - 6,023,650.01 129,999,965 

Interest on bonds 22,663,613.15 - - 

Income from securities lending - - - 

Income from investment funds - - - 

Bank interest on cash accounts 3,187,444.12 146,185.08 14,766,443 

Kickbacks - - - 

Total income 25,851,057.27 6,169,835.09 144,766,408 

Expenses 

Management fee (note 2) 11,744,301.33 2,746,398.27 140,345,077 

Performance fee (note 3) 46,925,738.22 - - 

Taxe d'abonnement (note 4) 754,748.59 63,611.41 4,615,757 

Bank interest on cash accounts 12,010.08 24,069.92 337,558 

Total expenses 59,436,798.22 2,834,079.60 145,298,392 

Net income / loss for the year -33,585,740.95 3,335,755.49 -531,984 


111

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

SEB Choice Japan Fund SEB Choice North America SEB Ethical Europe SEB Europe 1 Fund 

Chance / Risk Fund Fund 

JPY USD EUR EUR 

01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 

Income 

Dividends 530,113,003 2,556,993.98 1,046,121.85 5,384,281.36 

Interest on bonds - - - - 

Income from securities lending - - - 29,344.20 

Income from investment funds - - - - 

Bank interest on cash accounts 14,920,561 507,089.80 76,318.61 139,286.78 

Kickbacks - - - - 

Total income 545,033,564 3,064,083.78 1,122,440.46 5,552,912.34 

Expenses 

Management fee (note 2) 234,918,682 4,988,478.87 475,112.63 2,284,124.76 

Performance fee (note 3) - - - - 

Taxe d'abonnement (note 4) 4,544,586 165,052.75 13,937.87 71,398.42 

Bank interest on cash accounts 1,048,592 46,220.69 3,488.16 3,399.70 

Total expenses 240,511,860 5,199,752.31 492,538.66 2,358,922.88 

Net income / loss for the year 304,521,704 -2,135,668.53 629,901.80 3,193,989.46 


112


SEB Europe 2 Fund SEB Europe 3 Fund SEB Global SEB Global Fund 

Chance / Risk Fund 

EUR GBP EUR USD 

01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 

Income 

Dividends 669,708.40 253,212.41 394,504.87 2,881,442.14 

Interest on bonds - - 99,199.91 351,870.71 

Income from securities lending 2,417.36 - - 2,097.08 

Income from investment funds - - 26.46 - 

Bank interest on cash accounts 26,225.10 20,630.87 118,412.43 808,634.56 

Kickbacks - - 16,960.03 47,314.38 

Total income 698,350.86 273,843.28 629,103.70 4,091,358.87 

Expenses 

Management fee (note 2) 287,637.58 108,402.91 458,018.03 2,450,453.71 

Performance fee (note 3) - - - - 

Taxe d'abonnement (note 4) 8,979.61 3,510.05 12,445.90 79,163.46 

Bank interest on cash accounts 902.74 211.66 21,749.31 26,133.90 

Total expenses 297,519.93 112,124.62 492,213.24 2,555,751.07 

Net income / loss for the year 400,830.93 161,718.66 136,890.46 1,535,607.80 


113

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

SEB International SEB Nordic Fund SEB Wireless Fund Combined 

Mixed Fund 

USD EUR EUR USD 

01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 

Income 

Dividends 259,241.59 4,303,246.57 203,724.53 36,049,896.84 

Interest on bonds 149,999.92 - - 32,143,318.93 

Income from securities lending - 188,786.64 - 308,670.12 

Income from investment funds - - - 36.79 

Bank interest on cash accounts 65,885.87 65,839.77 10,414.36 6,922,394.12 

Kickbacks 8,062.53 - - 78,952.21 

Total income 483,189.91 4,557,872.98 214,138.89 75,503,269.01 

Expenses 

Management fee (note 2) 285,399.97 1,386,646.57 153,833.26 38,104,608.21 

Performance fee (note 3) - - - 65,229,122.42 

Taxe d'abonnement (note 4) 8,673.13 48,675.52 4,534.42 1,694,102.07 

Bank interest on cash accounts 141.63 8,563.25 172.61 182,060.94 

Total expenses 294,214.73 1,443,885.34 158,540.29 105,209,893.64 

Net income / loss for the year 188,975.18 3,113,987.64 55,598.60 -29,706,624.64 


114

Combined Statement of Changes in Net Assets 




EUR USD JPY 

01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 

Net assets at the beginning of the year 372,901,804.95 263,119,647.84 8,130,502,969 

Net income / loss for the year -33,585,740.95 3,335,755.49 -531,984 

Net realised gain / loss on: 

- sales of securities -66,053,393.28 -50,591,591.74 -4,171,132,744 

- foreign exchange 5,900,164.73 -10,707,613.93 -22,069,610 

- forward foreign exchange contracts 0.00 0.00 0 

- futures contracts 229,041,099.31 -257,193.30 -7,474,949 

Total net realised gain / loss 168,887,870.76 -61,556,398.97 -4,200,677,302 

Change in net unrealised appreciation / 

depreciation on: 

- securities -82,861,121.02 -99,943,607.78 -3,062,774,810 

- forward foreign exchange contracts -27,089,490.92 873,007.81 0 

- futures contracts 

Total change in net unrealised appreciation / 

30,020,571.33 0.00 0 

depreciation 

Increase / decrease in net assets as a result 

-79,930,040.61 -99,070,599.97 -3,062,774,810 

of operations 55,372,089.20 -157,291,243.45 -7,263,984,097 

Proceeds on issues of units 

"C" or "IC" units 1,217,677,680.18 71,895,617.88 10,955,566,423 

"D" or "ID" units 0.00 5,006,401.59 0 

Payment on redemptions of units 

"C" or "IC" units -151,958,658.12 -75,337,986.54 -5,318,866,683 

"D" or "ID" units 0.00 -5,882,118.87 0 

Dividends paid 0.00 -2,977,020.97 0 

Foreign exchange difference 0.00 0.00 0 

Total net assets as at December 31, 2008 1,493,992,916.21 98,533,297.48 6,503,218,611 


115


SEB Choice Japan Fund SEB Choice North America SEB Ethical Europe SEB Europe 1 Fund 



01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 

Net assets at the beginning of the year 37,157,840,805 284,465,085.62 61,880,329.19 252,239,979.91 

Net income / loss for the year 304,521,704 -2,135,668.53 629,901.80 3,193,989.46 


- sales of securities -12,197,627,011 -92,535,192.36 -11,861,202.38 -44,442,753.61 

- foreign exchange -21,378,563 -3,483,740.54 21,137.66 -74,850.40 

- forward foreign exchange contracts 0 0.00 0.00 0.00 

- futures contracts -470,958,481 0.00 -744,388.12 -88,760.86 

Total net realised gain / loss -12,689,964,055 -96,018,932.90 -12,584,452.84 -44,606,364.87 



- securities 1,187,967,368 -117,165,922.88 -11,569,841.19 -70,871,883.44 

- forward foreign exchange contracts 0 0.00 0.00 0.00 


Total change in net unrealised appreciation 

24,829,227 0.00 -41,880.00 -1,800.00 

/ depreciation 

Increase / decrease in net assets as a result 

1,212,796,594 -117,165,922.88 -11,611,721.19 -70,873,683.44 

of operations -11,172,645,757 -215,320,524 -23,566,272 -112,286,059 


"C" or "IC" units 3,123,921,880 359,749,487.90 5,213,742.70 13,260,569.62 

"D" or "ID" units 702,007,238 0.00 0.00 0.00 


"C" or "IC" units -24,294,745,308 -175,911,293.90 -25,903,552.61 -57,134,247.44 

"D" or "ID" units -271,726,782 0.00 0.00 0.00 

Dividends paid 0 0.00 0.00 0.00 

Foreign exchange difference 0 0.00 0.00 0.00 

Total net assets as at December 31, 2008 5,244,652,077 252,982,755.31 17,624,247.05 96,080,243.24 


116





01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 

Net assets at the beginning of the year 32,687,384.42 11,443,737.60 26,823,270.48 171,178,374.76 

Net income / loss for the year 400,830.93 161,718.66 136,890.46 1,535,607.80 


- sales of securities -6,392,362.04 -933,941.28 -10,668,387.54 -64,589,584.71 

- foreign exchange -33,657.59 124,718.51 1,750,914.44 610,264.37 

- forward foreign exchange contracts 0.00 0.00 0.00 0.00 

- futures contracts -97,602.84 -254,687.17 -4,110,779.56 -19,358,625.16 

Total net realised gain / loss -6,523,622.47 -1,063,909.94 -13,028,252.66 -83,337,945.50 



- securities -8,159,937.26 -2,486,048.36 -1,426,578.92 -25,801,347.44 

- forward foreign exchange contracts 0.00 0.00 -82,903.55 -713,645.11 



6,820.00 -25,624.85 27,555.92 -408,470.32 

depreciation 

Increase / decrease in net assets as a result of 

-8,153,117.26 -2,511,673.21 -1,481,926.55 -26,923,462.87 

operations -14,275,908.80 -3,413,864.49 -14,373,288.75 -108,725,800.57 


"C" or "IC" units 1,574,419.79 195,385.53 19,342,376.93 147,809,904.76 

"D" or "ID" units 0.00 0.00 0.00 6,455,890.73 


"C" or "IC" units -8,153,749.20 -2,818,949.47 -11,135,709.77 -86,898,437.72 

"D" or "ID" units 0.00 0.00 0.00 -496,951.20 

Dividends paid 0.00 0.00 0.00 0.00 

Foreign exchange difference 0.00 0.00 0.00 0.00 

Total net assets as at December 31, 2008 11,832,146.21 5,406,309.17 20,656,648.89 129,322,980.76 


117


SEB International SEB Nordic Fund SEB Wireless Fund combined 



01/01/08 - 31/12/0801/01/08 - 31/12/08 01/01/08 - 31/12/08 01/01/08 - 31/12/08 

Net assets at the beginning of the year 24,935,385.08 128,119,685.78 14,939,214.65 2,472,481,862.71 

Net income / loss for the year 188,975.18 3,113,987.64 55,598.60 -29,706,624.64 


- sales of securities -4,255,189.90 -12,581,658.05 -777,057.12 -606,245,531.97 

- foreign exchange 745,909.36 -121,776.09 10,320.77 -2,776,138.49 

- forward foreign exchange contracts 0.00 0.00 0.00 0.00 

- futures contracts -640,180.42 0.00 0.00 285,470,824.88 

Total net realised gain / loss -4,149,460.96 -12,703,434.14 -766,736.35 -323,550,845.58 



- securities -2,959,225.59 -55,317,298.42 -6,179,693.11 -598,714,271.11 

- forward foreign exchange contracts 161,634.24 0.00 0.00 -37,449,989.99 



125,439.98 0.00 0.00 41,671,180.77 

depreciation 

Increase / decrease in net assets as a result of 

-2,672,151.37 -55,317,298.42 -6,179,693.11 -594,493,080.33 

operations -6,632,637.15 -64,906,744.92 -6,890,830.86 -947,750,550.55 


"C" or "IC" units 316,064.63 39,444,856.23 2,769,710.71 2,541,431,655.41 

"D" or "ID" units 71,567.80 0.00 0.00 19,277,701.96 


"C" or "IC" units -4,523,909.06 -40,219,895.89 -4,035,196.35 -1,088,379,255.78 

"D" or "ID" units -201,256.98 0.00 0.00 -9,577,745.18 

Dividends paid -20,666.36 0.00 0.00 -2,997,687.33 

Foreign exchange difference 0.00 0.00 0.00 23,822,484.50 

Total net assets as at December 31, 2008 13,944,547.96 62,437,901.20 6,782,898.15 3,008,308,465.75 


118

Combined Statement of Net Assets 





EUR USD JPY 

Assets 

Portfolio at cost 1,450,758,527.44 

191,563,108.40 

9,650,598,421 

Unrealised appreciation / depreciation -82,789,284.67 

-96,055,636.12 

-3,328,793,921 

Portfolio at market value (note 1) 

Unrealised appreciation / depreciation on 

1,367,969,242.77 

95,507,472.28 

6,321,804,500 

financial futures contracts / forex futures 


26,287,944.74 

- 

- 

forward foreign exchange contracts -27,789,594.10 

-850,927.09 

- 

Receivable interest and / or dividends 5,814,073.97 

165,209.56 

4,698,000 

Cash at banks 122,363,537.82 

3,632,441.97 

52,345,972 

Other assets 23,738,773.96 

1,567,858.63 

135,607,640 

Total assets 1,518,383,979.16 

100,022,055.35 

6,514,456,112 

Liabilities 

Bank overdraft -795,599.08 - 

-1,094,254 

Other liabilities -23,595,463.87 

-1,488,757.87 

-10,143,247 

Total liabilities -24,391,062.95 

-1,488,757.87 

-11,237,501 

Total net assets as at December 31, 2008 1,493,992,916.21 98,533,297.48 

6,503,218,611 

"C" or "IC" units outstanding as at December 31, 2008 102,527,922.3210 (SEK) 6,484,607.3900 (C (SEK)) 145,210,007.7060 

11,491,622.3930 (EUR) - - 

63,055.3810 (NOK) 

"D" or "ID" units outstanding as at December 31, 2008 521,112.0080 (SEK) 5,428,623.6740 (ID (EUR)) - 

- 1,246,295.7470 (D (SEK)) - 

Net asset value per "C" or "IC" unit as at December 31, 2008 142.0458 (SEK) 62.2371 (C (SEK)) 44.7849 

14.0724 (EUR) - - 

112.1185 (NOK) 

Net asset value per "D" or "ID" unit as at December 31, 2008 140.7322 (SEK) 5.0055 (ID (EUR)) - 

- 61.7122 (D (SEK)) - 


119


SEB Choice Japan Fund SEB Choice North America SEB Ethical Europe Fund SEB Europe 1 Fund 

Chance/Risk Fund 



Portfolio at cost 7,833,989,096 

344,018,165.48 27,108,420.63 148,564,919.78 

Unrealised appreciation / depreciation -2,707,498,991 

-98,137,234.85 -10,613,490.01 -55,480,791.23 

Portfolio at market value (note 1) 


5,126,490,105 

245,880,930.63 16,494,930.62 93,084,128.55 

futures contracts 


12,255,135 

- 2,380.00 -1,800.00 

forward foreign exchange contracts - 

- - - 

Receivable interest and / or dividends 7,782,659 

202,936.05 29,312.92 134,814.24 

Cash at banks 107,779,750 

7,215,166.19 1,185,338.83 3,046,713.79 

Other assets 30,824,349 

94,115.74 4,064.31 1,021.93 

Total assets 5,285,131,998 

253,393,148.61 17,716,026.68 96,264,878.51 

Liabilities 

Bank overdraft - 

- - - 

Other liabilities -40,479,921 

-410,393.30 -91,779.63 -184,635.27 

Total liabilities -40,479,921 

-410,393.30 -91,779.63 -184,635.27 

Total net assets as at December 31, 2008 5,244,652,077 

252,982,755.31 17,624,247.05 96,080,243.24 

"C" or "IC" units outstanding as at December 31, 2008 103,038,962.7810 ("C") 87,454,302.3260 11,654,993.4060 45,559,621.7790 

- - - 

"D" or "ID" units outstanding as at December 31, 2008 15,277,478.9470 ("D") - - - 

Net asset value per "C" or "IC" unit as at December 31, 2008 44.9125 ("C") 2.8927 1.5121 2.1088 

- - - 

Net asset value per "D" or "ID" unit as at December 31, 2008 40.3805 ("D") - - - 

- - - - 


120






Portfolio at cost 18,137,095.74 6,276,386.84 19,269,392.47 124,557,200.08 

Unrealised appreciation / depreciation -7,159,718.34 -1,227,122.37 -1,632,006.38 -16,645,816.18 

Portfolio at market value (note 1) 10,977,377.40 5,049,264.47 17,637,386.09 107,911,383.90 


futures contracts 3,620.00 676.77 12,970.48 117,684.22 


forward foreign exchange contracts - - -32,383.34 -484,789.56 

Receivable interest and / or dividends 17,264.12 4,696.56 19,533.74 132,361.69 

Cash at banks 864,868.18 383,638.43 3,030,364.84 21,927,060.46 

Other assets 4,530.61 67.68 22,422.07 10,149.76 

Total assets 11,867,660.31 5,438,343.91 20,690,293.88 129,613,850.47 

Liabilities 

Bank overdraft - - - - 

Other liabilities -35,514.10 -32,034.74 -33,644.99 -290,869.71 

Total liabilities -35,514.10 -32,034.74 -33,644.99 -290,869.71 

Total net assets as at December 31, 2008 11,832,146.21 5,406,309.17 20,656,648.89 129,322,980.76 

"C" or "IC" units outstanding as at December 31, 2008 16,871,903.0700 1,801,076.6210 42,480,976.0120 70,611,627.0970 

"D" or "ID" units outstanding as at December 31, 2008 - - - 9,150,279.7400 

Net asset value per "C" or "IC" unit as at December 31, 2008 0.7012 3.0017 0.4862 1.6925 

Net asset value per "D" or "ID" unit as at December 31, 2008 - - - 1.0717 

- - - - 


121






Portfolio at cost 13,374,745.17 104,756,181.59 10,213,011.14 3,348,041,012.41 

Unrealised appreciation / depreciation -1,106,548.38 -44,486,119.61 -3,764,066.95 -566,542,587.40 

Portfolio at market value (note 1) 12,268,196.79 60,270,061.98 6,448,944.19 2,781,498,425.01 


futures contracts 48,892.57 - - 36,868,161.62 

Unrealised appreciation / depreciation on - 

forward foreign exchange contracts 196,191.85 - - -39,813,464.54 

Receivable interest and / or dividends 9,890.18 0.01 - 9,015,973.47 

Cash at banks 1,448,110.16 2,047,199.35 339,642.62 221,247,300.60 

Other assets 2,672.42 211,322.87 4,430.04 36,853,330.91 

Total assets 13,973,953.97 62,528,584.21 6,793,016.85 3,045,669,727.07 

Liabilities 

Bank overdraft -4,047.17 -1,084.71 - -1,123,548.20 

Other liabilities -25,358.84 -89,598.30 -10,118.70 -36,237,713.13 

Total liabilities -29,406.01 -90,683.01 -10,118.70 -37,361,261.33 

Total net assets as at December 31, 2008 13,944,547.96 62,437,901.20 6,782,898.15 3,008,308,465.75 

"C" or "IC" units outstanding as at December 31, 2008 535,541.4190 16,452,037.3500 70,124,412.1240 - 

"D" or "ID" units outstanding as at December 31, 2008 98,344.5860 - - - 

Net asset value per "C" or "IC" unit as at December 31, 2008 23.0512 3.7951 0.0967 - 

Net asset value per "D" or "ID" unit as at December 31, 2008 16.2658 - - - 

- - - - 


122

Statistical Information 





EUR USD JPY 

Number of "C" or "IC" units outstanding 

as at December 31, 2008 102,527,922.3210 (SEK) 6,484,607.3900 ("C (SEK)") 145,210,007.7060 

as at December 31, 2008 11,491,622.3930 (EUR) - - 

as at December 31, 2008 63,055.3810 (NOK) - - 


as at December 31, 2007 227,177.2670 (EUR) - - 


as at December 31, 2006 333,590.0000 (EUR) - - 

Number of "D" or "ID" units outstanding 

as at December 31, 2008 521,112.0080 (SEK) 5,428,623.6700 ("ID (EUR)") - 

as at December 31, 2008 - 1,246,295.7470 ("D (SEK)") - 

as at December 31, 2007 - 5,250,445.6440 ("ID (EUR)") - 

as at December 31, 2007 - 1,714,810.7690 ("D (SEK)") - 

as at December 31, 2006 - 5,100,000.0000 ("ID (EUR)") - 

Total net assets 

as at December 31, 2008 1,493,992,916.21 (EUR) 98,533,297.48 (USD) 6,503,218,611 

as at December 31, 2007 372,901,804.95 (EUR) 263,119,647.84 (USD) 8,130,502,969 

as at December 31, 2006 28,679,677.05 (EUR) 187,134,409.27 (USD) 12,490,868,501 

Net asset value per "C" or "IC" unit 

as at December 31, 2008 142.0458 (SEK) 62.2371 ("C (SEK)") 44.7849 

as at December 31, 2008 14.0724 (EUR) - - 

as at December 31, 2008 112.1185 (NOK) - 





Net asset value per "D" or "ID" unit 

as at December 31, 2008 140.7322 (SEK) 5.0055 ("ID (EUR)") - 

as at December 31, 2008 - 61.7122 ("D (SEK)") - 

as at December 31, 2007 - 11.1371 ("ID (EUR)") - 

as at December 31, 2007 - 116.3969 ("D (SEK)") - 

as at December 31, 2006 - 12.1458 ("ID (EUR)") - 


123




EUR USD JPY 

Performance in % "C" or "IC" units 

as at December 31, 2008 25.5 (SEK) -46.5 ("C (SEK)") -50.0 


as at December 31, 2008 12.1 (NOK) ****) - - 

as at December 31, 2007 9.0 (SEK) -2.6 ("C (SEK)") -6.9 


as at December 31, 2006 3.9 (SEK) *) 19.5 ("C (SEK)") **) 6.5 

as at December 31, 2006 4.1 (EUR) *) - - 

Performance in % "D" or "ID" units 

as at December 31, 2008 12.7 (SEK) **** -53.7 ("ID (EUR)") - 

as at December 31, 2008 - -46.6 ("D (SEK)") - 

as at December 31, 2007 - -5.3 ("ID (EUR)") - 

as at December 31, 2007 - -10.5 ("D (SEK)") ***) - 

as at December 31, 2006 - 21.5 ("ID (EUR)") **) - 

Dividend paid 

2008 N/A 0.3 ("ID (EUR)") N/A 

2008 N/A 0.9 ("D (SEK)") N/A 

2007 N/A 0.4 ("ID (EUR)") N/A 

2006 N/A N/A N/A 

*) since launch on 02/10/06 at NAV per unit SEK 100.00 and EUR 10.00 

**) since launch on 12/06/06 at NAV per unit SEK 100.00 and EUR 10.00 

***) since launch on 05/10/07 at NAV per unit SEK 130.0189 

****) since launch on 15/10/08 at NAV per unit NOK 100.00. 

*****) since launch on 15/10/08 at NAV per unit SEK 124.8953 

124 

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


SEB Choice Japan Fund SEB Choice North America SEB Ethical Europe Fund SEB Europe 1 Fund 




as at December 31, 2008 103,038,962.7810 ("C") 87,454,302.3260 

11,654,993.4060 45,559,621.7790 

as at December 31, 2008 - ("IC") ***) - - - 

as at December 31, 2007 124,258,233.0520 ("C") 55,083,757.0160 

20,247,891.3310 57,889,370.8560 

as at December 31, 2007 337,548,028.1750 ("IC") - - - 

as at December 31, 2006 487,059,390.3220 ("C") 28,273,299.7350 13,852,698.0360 59,444,815.1980 


as at December 31, 2008 15,277,478.9470 

- - - 

as at December 31, 2007 6,969,579.2000 

- - - 

as at December 31, 2006 11,920,809.6990 

- - - 


as at December 31, 2008 5,244,652,077 

252,982,755.31 17,624,247.05 96,080,243.24 

as at December 31, 2007 37,157,840,805 

284,465,085.62 61,880,329.19 252,239,979.91 

as at December 31, 2006 46,308,220,622 

135,085,102.52 41,832,431.87 256,907,950.77 


as at December 31, 2008 44.9125 ("C") 2.8927 1.5121 2.1088 



as at December 31, 2007 79.5439 ("IC") - - - 



as at December 31, 2008 40.3805 

- - - 

as at December 31, 2007 70.9773 

- - - 

as at December 31, 2006 83.6172 

- - - 


as at December 31, 2008 -43.1 ("C") -44.0 -50.5 -51.6 


as at December 31, 2007 -15.1 ("C") 8.1 1.2 0.8 

as at December 31, 2007 -15.8 ("IC") *) - - - 



as at December 31, 2008 -43.1 

- - - 

as at December 31, 2007 -15.1 

- - - 

as at December 31, 2006 6.1 - - - 

Dividend paid 

2008 N/A N/A N/A N/A 

2007 N/A N/A N/A N/A 

2006 N/A N/A N/A N/A 

*) since launch on 19/01/07 at NAV per unit JPY 94.5059 

***) share class was closed down October 3, 2008 


125






as at December 31, 2008 16,871,903.0700 

1,801,076.6210 42,480,976.0120 70,611,627.0970 

as at December 31, 2007 22,568,584.4700 

2,439,213.5170 34,143,983.0370 58,249,075.2340 

as at December 31, 2006 22,601,006.6520 2,061,087.9720 28,081,674.0190 36,394,147.9130 


as at December 31, 2008 - - - 9,150,279.74 

as at December 31, 2007 - - - - 

as at December 31, 2006 - - - - 


as at December 31, 2008 11,832,146.21 5,406,309.17 20,656,648.89 129,322,980.76 

as at December 31, 2007 32,687,384.42 11,443,737.60 26,823,270.48 171,178,374.76 

as at December 31, 2006 32,442,527.81 8,769,572.50 22,895,336.07 98,991,703.33 


as at December 31, 2008 0.7012 3.0017 0.4862 1.6925 

as at December 31, 2007 1.4483 4.6915 0.7855 2.9387 

as at December 31, 2006 1.4354 4.2548 0.8153 2.7199 


as at December 31, 2008 - - - 1.0717 

as at December 31, 2007 - - - - 

as at December 31, 2006 - - - - 


as at December 31, 2008 -51.6 -36.0 -38.1 -42.4 

as at December 31, 2007 0.9 10.3 -3.7 8.0 

as at December 31, 2006 24.6 22.1 6.7 20.2 


as at December 31, 2008 - - - 12.2 *) 

as at December 31, 2007 - - - - 

as at December 31, 2006 - - - - 

Dividend paid 

2008 N/A N/A N/A N/A 

2007 N/A N/A N/A N/A 

2006 N/A N/A N/A N/A 

*) since launch on 21/11/08 at NAV per unit USD 0.9124 


126






as at December 31, 2008 535,541.4190 16,452,037.3500 70,124,412.1240 - 

as at December 31, 2007 677,869.7610 17,264,406.5630 78,661,783.4300 - 

as at December 31, 2006 787,068.4110 10,918,638.0000 86,078,586.6080 - 


as at December 31, 2008 98,344.59 - - - 

as at December 31, 2007 105,307.63 - - - 

as at December 31, 2006 125,581.7910 - - - 


as at December 31, 2008 13,944,547.96 62,437,901.20 6,782,898.15 3,008,308,465.75 

as at December 31, 2007 24,935,385.08 128,119,685.78 14,939,214.65 2,472,481,862.71 

as at December 31, 2006 26,653,677.18 101,695,862.14 *) 14,546,991.80 1,584,072,205.82 


as at December 31, 2008 23.0512 3.7951 0.0967 - 

as at December 31, 2007 33.1225 7.4210 0.1899 - 

as at December 31, 2006 30.3967 9.3139 *) 0.1689 - 


as at December 31, 2008 16.2658 - - - 

as at December 31, 2007 23.5746 - - - 

as at December 31, 2006 21.7336 - - - 


as at December 31, 2008 -30.4 -48.9 -49.1 - 

as at December 31, 2007 9.0 5.1 **) 12.4 - 

as at December 31, 2006 15.4 35.2 -2.1 - 


as at December 31, 2008 -30.4 - - - 

as at December 31, 2007 9.0 - - - 

as at December 31, 2006 15.4 - - - 

Dividend paid 

2008 0.2017 N/A N/A - 

2007 0.1064 N/A N/A - 

2006 0.1420 N/A N/A - 

*) Figures and performances expressed in USD 

Change of base currency from USD to EUR with effective date March 30, 2007 

**) Performance calculated with FX rate EUR/USD 1.318650 as of December 31, 2006 


127

Total Expense Ratio *) (TER) in % per "C" units 


SEB Asset Selection SEB Choice Global SEB Choice Japan 

Fund Value Fund Chance / Risk Fund 

EUR USD JPY 

01/01/08 - 31/12/08 5.6 (SEK) 1.8 1.6 

Thereof Performance Fee 4.4 (SEK) 

01/01/08 - 31/12/08 5.7 (EUR) 

Thereof Performance Fee 4.3 (EUR) 

15/10/08 - 31/12/08 2.5 (NOK) 

Total Expense Ratio *) (TER) in % per "D" units 

15/10/08 - 31/12/08 2.3 (SEK) 1.8 - 

Thereof Performance Fee 1.1 (SEK) 

Total Expense Ratio *) (TER) in % per "ID" units 

01/01/08 - 31/12/08 - 0.8 

Portfolio Turnover Rate **) (PTR) in % 

01/01/08 - 31/12/08 489 41 115 


SEB Choice Japan Fund SEB Choice North America SEB Ethical Europe 


JPY USD EUR 

Total Expense Ratio *) (TER) in % per "C" units 

01/01/08 - 31/12/08 1.6 1.6 1.5 

Total Expense Ratio *) (TER) in % per "IC" units 

01/01/08 - 31/12/08 0.6 - - 

Total Expense Ratio *) (TER) in % per "D" units 

01/01/08 - 31/12/08 1.6 - - 


01/01/08 - 31/12/08 93 151 68 

*) TER is calculated by the following formula: (Total expenses / average TNA) * 100 

**) PTR is calculated by the following formula: ((Total 1 - Total 2) / average TNA) * 100 

TNA = Total Net Assets 

Total 1 = Total of securities transactions for the period under review (purchases + sales) 

Total 2 = Total of subscribed and redeemed units for the period under review (subscription + redemption) 


128

Total Expense Ratio *) (TER) in % 


SEB Europe 1 Fund SEB Europe 2 Fund SEB Europe 3 Fund SEB Global 


EUR EUR GBP EUR 

01/01/08 - 31/12/08 1.5 1.5 1.5 1.8 


01/01/08 - 31/12/08 115 102 99 598 

Total Expense Ratio *) (TER) in % 


SEB Global Fund SEB Internatinal SEB Nordic Fund SEB Wireless Fund 


USD USD EUR EUR 

01/01/08 - 31/12/08 1.6 1.5 1.3 1.6 


01/01/08 - 31/12/08 402 327 47 -29 

*) TER is calculated by the following formula: (Total expenses / average TNA) * 100 

**) PTR is calculated by the following formula: ((Total 1 - Total 2) / average TNA) * 100 

TNA = Total Net Assets 

Total 1 = Total of securities transactions for the period under review (purchases + sales) 

Total 2 = Total of subscribed and redeemed units for the period under review (subscription + redemption) 


129

Notes to the Financial Statements 


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Independent Auditor’s Report 

= 

qç=íÜÉ=råáíÜçäÇÉêë=çÑ=== 

pb_=cìåÇ=N= 

= 

PricewaterhouseCoopers 

Société à responsabilité limitée 

Réviseur d'Entreprises 

400, route d’Esch 

B.P. 1443 

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Telephone +352 494848-1 

Facsimile +352 494848-2900 

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Annual Report SEB Fund 1 - SEB Asset Management

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