AUDITED ANNUAL REPORT 31 DECEMBER R.C.S. Luxembourg K968

Transcription

1 ga/rzgztb C WORLDWIDE (formerly CARNEGIE FUND) FONDS COMMUN DE PLACEMENT AUDITED ANNUAL REPORT 31 DECEMBER 2016 R.C.S. Luxembourg K968 Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document "KIID" accompanied by the latest annual report and the latest semi-annual report

2 C WORLD\X/IDE (formerly CARNEGIE FUND) TABLE OF CONTENTS GENERAL INFORMATION Management and Administration Board of Directors of the Management Company INVESTMENT M.ANAGER'S REPORTS AUDIT REPORT FINANCIAL STATEMENTS Statement of Net Assets Net Asset Value per Unit Statement of Operations and Changes in Net Assets Dividend Paid to Unitholders Statement of Changes in Number of Units Outstanding Financial Details Relating to the Last 3 Years SECURITIES PORTFOLIOS C WorldV(/ide Biotechnology (formerly Carnegie Fund - Biotechnology Sub-Fund) C W orldw ide Emerging Markets (formerly Carnegie Fund - Worldwide Emerging Markets Equities Sub-Fund) C W orldwide Stable Equities (formerly Carnegie Fund - Worldwide Stable Equities Sub-Fund) C World\ (/ide Medical (formerly Carnegie Fund - Medical Sub-Fund) C World\7C ide Nordic (formerly Carnegie Fund - Nordic Markets Sub-Fund) C WorldWide Sweden (formerly Carnegie Fund Swedish Large Cap Sub-Fund) C World\Wide Sweden Small Cap (formerly Carnegie Fund Swedish Small Cap Sub-Fund) C World\3C ide Global Equities (formerly Carnegie Fund - \Worldwide Sub-Fund) C \World\X /ide Asia (formerly Carnegie Fund - Worldwide Asia Sub-Fund) C WorldW7ide Global Equities Ethical (formerly Carnegie Fund Worldwide Ethical Sub-Fund) NOTES TO THE FINANCIAL STATEMENTS 60-65

3 C WORLDWIDE (formerly CARNEGIE FUND) MANAGEMENT AND ADMINISTRATION MANAGEMENT COMPANY INVESTIVIENT MANAGERS C WorldWide Fund Management S.A. (1) Carnegie Asset Management Le Dome (A) * Fondsmaeglerselskab A/ S 15, rue Bender Dampfaergevej 26 L-1229 Luxembourg DK-2100 Copenhagen, Denmark R.C.S. Luxembourg B DEPOSITORY BANK For the C WorldWide Medical, Banque Carnegie Luxembourg S.A. C World\Wide Sweden Small Cap, C WorldWide Le Dome (A) * Sweden, C WorldWide Biotechnology: 15, rue Bender Carnegie Asset Management L-1229 Luxembomg Fondsmaeglerselskab A/ S, Denmark Sweden Branch Blasieholmsgatan 5 CENTRAL ADMINISTRATION AGENT Carnegie Fund Services S.A. Le Dame (A) * S Stockholm, Sweden 15, rue Bender L-2182 Luxembourg L 1229 Luxembourg AUDITOR PricewaterhouseCoopers, Société cooperative 2, Rue Gerhard Mercator PRINCIPAL DISTRIBUTION AND PAYING AGENT Carnegie Asset Management Fondsmaeglerselskab A/ S Dampfaergevej 26 DK Copenhagen LEGAL ADVISOR Arendt & Medernach 41A, avenue ].F. Kennedy L-2082 Luxembourg RESEARCH ADVISOR C WorldWide Medical and C WorldWide Biotechnology Insamlingsstiftelsen for Framjande och Utveckling av Meclicinsk Forskning vid Karolinska Insntuttet S Stockholm CHAIRMAN : Rolf DOLANG Director BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY C WorldWide Fund Management S.A. (1) DIRECTORS : Steinat LUNDSTROM Bruno VANDERSCHELDEN Director Director C Worldwide Fund Management S.A. (1) C WorldWide Fund Management S.A. (1) Mattias KOLl\/I Director C WorldWide Fund Management SA. (1) (1) name until 06 March 2017: Carnegie Fund Management Company S.A. * Until 16 August 2016: Centre Europe, 5 Place de la Gare, L-1616 Luxembourg 3

4 C WORLDVVIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE BIOTECHNOLOGY (formerly BIOTECHNOLOGY Sub-Fund) PERFORMANCE The C WorldWide Biotechnology declined by 18.14% while the benchmark, the Nasdaq Biotechnology Index, declined by 19.34%. Positive contributions came from three companies being acquired (Medivation, Cepheid and Relypsa. The three positions were sold during the year) and from holdings in Aerie (reported positive phase 3 data for Roclatan for the treattnent of glaucoma and NDA filing expected 1Q17) and Spark Therapeutics (which during the year presented more positive data on Voretigenes durable effect on visual improvements in inherited eye diseases and positive early data on gene therapy for hemophilia B). Negative contributions came from Cempra (failed to win approval for novel antibiotic due to manufacturing issues and safety concerns), Dynavax (failed to win approval of novel hepatitis B vaccine) and Vertex (slower than expected adoption caused cystic fibrosis drug Orkambi to fall short of expectations). Biotechnology and pharmaceutical companies suffered from politicians calling for tough action on drug prices in addition to raised concern about development of new treatments. We think the worst may have passed, the sector remains well funded and is likely to be the beneficiary of a wave of M&A as a result of the anticipated repatriation. In addition, several late stage read outs are expected during the year. During the year, the net asset value per unit decreased from EUR to EUR representing a decrease of 18.14%. The total net assets decreased during the year from EUR million to EUR million. Net redemptions of units were EUR million. INVESTMENT STRATEGY C V/orldWide Biotechnology mainly focuses on investments in equities of companies in the biotechnology/bioscience area, including companies with activities in the areas of drug delivery, drug discovery, therapeutics, enabling technologies and diagnostics. The information in this report represents historical data and is not an indication of future results 4

5 C WORLDWIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE EMERGING MARKETS (formerly WORLDWIDE EMERGING MARIGETS EQUITIES Sub-Fund) PERFORMANCE C WorldWide Emerging Markets (Class 1A) returned 2.43 /o in The benchmark of the fund, the MSCI Emerging Markets Index returned /o. In total, this represents an underperformance of 8.76 percentage points was a year dominated by politics and mean reversion in the commodity complex. Political events such as the impeachment of President Dilma Rousseff in Brazil, political tension and terrorist events in Turkey, Prime l\/iinister Modi's demonetization decision in India, and Presidentelect Trump's election win in the US. had significant implications for the sub fund's relative performance. Because of the strong performance of commodities and a more constructive approach to structural reforms in Brazil, Russia and Brazil accounted for more than 50% of the benchmark's performance during 2016 (despite only being approx. 8% of benchmark's weight). Given the sub fund's underweight in these countries and in the commodity sector, We substantially underperformed the benchmark. Nevertheless, along with the strong performance of the Brazilian market, our investment in Itau Unibanco - the best in-class private sector bank in Brazil was among the largest positive contributors to the sub-fund's performance. As a result of the terrorist events and geopolitical uncertainty in Turkey, among the largest negative contributors to performance in 2016 was Do&Co, which has Turkish Airlines as its largest client. Mexico was significantly hit by Trump's rhetoric regarding increased trade barriers and a potential elimination of NAFTA. As a result, some of our Mexican investments, including Credito Real and Femsa, were among the largest negative contributors to the sub fu.nd's performance - despite the fact that these companies operations are not linked to trade with the U.S. Class 1A Units: During the year, the net asset value per unit increased from USD to USD 25.75, representing an increase of 2.43%. The total net assets increased during the year from USD 7.99 million to USD 8.09 million. Class 2A Units: During the year, the net asset value per unit increased from USD to USD 33.28, representing an increase of 3.74%. The total net assets remained unchanged during the year to USD 0.9 million. Total net assets for all classes of units increased during the year from USD 8.91 million to USD 8.99 million. Net redemptions of units were USD 0.08 million. The information in this report represents historical data and is not an indication of future results 5

6 C WORLDVVIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS INVESTMENT STRATEGY C WorldWide Emerging Markets aims to achieve long-term capital growth from a portfolio of companies, which primarily either are incorporated- or have their principal acfivities in emerging markets. Emerging markets are countries that are transforming from developing economies into industrialized economies. Hong Kong and Singapore both figure in this group. You will typically find emerging markets countries in Asia, Latin America, Africa and Eastern Europe. The information in this report represents historical data and is not an indication of future results 6

7 C WORLDWIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE STABLE EQUITIES (formerly WORLDWIDE STABLE EQUITIES Sub-Fund) PERFORMANCE C WorldWide Stable Equities had a return of % (Class 1A) while benchmark (MSCI AC Minimum Volatility) increased by 7.43 %. The relative performance was hurt by our investments in healthcare, financials and commodities, while there was a positive attribution from IT and Utilities. The year started with uncertainties relating to the global economy and the Chinese currency, which put the global stock market under pressure. A continuing expansive monetary policy in Europe and Japan combined with a stabilisation of the Chinese currency made the market rebound in the spring. In June, the UK surprised by voting to leave the European Union, but that only had a short term impact on the stock market. The year ended with the surprising election of Donald Trump as the president of USA and the Republican party with the majority in Congress. Class 1A Units: During the year, the net asset value per unit decreased from USD to USD 25.51, representing a decrease of 0.66%. The total net assets increased during the year from USD million to USD million. Class 2A Units: During the year, the net asset value per unit increased from USD to USD 30.40, representing an increase of 0.43%. The total net assets increased during the year from USD 1.98 million to USD 2.12 million. Total net assets for all classes of units increased during the year from USD to USD million. Net subscriptions of units were USD 1.21 million. INVESTMENT STRATEGY C WorldWide Stable Equities aims to achieve long term capital growth from a diversified portfolio of equities. It consists principally of equities is sued in eligible markets, although convertible bonds and fixed income transferable securities, as investment conditions dictate, may be used. The Sub- Fund aims to have a lower volatility than the overall global stock market. The Sub Fund primarily invest in equites within the lower half of the global stock market with respect to volatility. There is no pre determined geographical distribution as the Sub Fund seeks to lower the risk and maximize return. The information in this report represents historical data and is not an indication of future results 7

8 C WORLDWIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE MEDICAL (formerly MEDICAL Sub Fund) PERFORMANCE C WorldWide Medical returned % (Class 1A) compared to a benchmark return of /o (MSCI World Healthcare Index). Positive contributions to performance came from: United Health (the health insurance company has been a safe haven in volatile markets in addition to strong sales and earnings growth), Genmab (a strong product launch in multiple myeloma and strong clinical data in additional indications) and Clovis (its ovarian cancer product was approved by FDA in the US ahead of schedule). Negative contribution came from Cempra (which irnploded after the FDA wanted more clinical studies on novel antibiotic Solithromycin on serious concerns about die liver safety of the drug) and Valeant (which suffered from allegations of price rigging and product channel stuffing). The Healthcare sector has been very volatile since 2015 and some sub sectors have declined substantially. Fundamentals have not changed but political rhetoric has sparked investor fear, particularly among generalists after four years of sector outperformance. We think the downturn has been exaggerated and that valuations are very attractive as the sector has de rated significantly. The sector has st:tong fundamentals with solid earnings growth and cash flow and a new sector wide product cycle in multiple sclerosis, cancer, gene therapy, gene sequencing etc; and a technology revolution coupled with demand from aging populations and emerging markets. We believe this is a rare buying opportunity for the long-term investor. Class 1A Units: During the year, the net asset value per unit decreased from EUR to EUR 90.28, representing a decrease of 14.13%. The total net assets decreased during the year from EUR million to EUR million. Class 2A Units: During the year, the net asset value per unit decreased from EUR to EUR , representing a decrease of /o. The total net assets increased during the year from EUR million to EUR million. Total net assets for all classes of units decreased during the year from EUR million to EUR million. Net redemptions of units were EUR 5.04 million. INVESTMENT STRATEGY C WorldWide Medical aims to achieve long term capital growth through global investment in equities of companies operating in the pharmaceutical, biotechnology and medical technology sectors. The information in this report represents historical data and is not an indication of future results 8

9 C WORLDWIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE NORDIC (formerly NORDIC MARKETS Sub-Fund) PERFORMANCE C \World\Wide Nordic (Class 1A) had a return of 1,64 % during 2016 while the benchmark of the fund, the MSCI Nordic Countries Index had a return of -2,5 %. The highest relative attribution to performance in 2016 on a sector basis was an overweight position in Healthcare and an underweight in IT. The good performance in Healthcare was led by another good year for Genmab, where the portfolio has been overweighted the whole year and the good performance from IT stems from an underweight in Ericsson and Nokia during the year. On the positive side it is also worth mentioning that some of the cyclical names did very well meaning that the overweight in companies like Atlas Copco, Norsk Hydro, Volvo and Kone all attributed well to the overall performance. The worst attribution to performance on a company specific basis came from Orkla. The increasing oil prices during 2016 made the oil sector one of the best performing sectors of the year, which of course meant that Statoil had a good run. Other Norwegian stocks like DnB and Orkla also had a good year due to Norway s huge dependence of oil, and as the portfolio have been underweight in Norway in general that pulled performance in the wrong direction. In the end of 2016 we increased the cyclical exposure as PMI around the world seems to be picking up and we continue to see more value in the cyclical stocks compared to the defensive stocks. Class 1A Units: During the year, the net asset value per unit decreased from USD to USD , representing a decrease of 1.64%. The total net assets dereased during the year from USD million to USD million. Class 2A Units: During the year, the net asset value per unit decreased from USD to USD , representing a decrease of 0.46%. The total net assets decreased during the year from USD 5.07 million to USD 5.01 million. Class 5B Units: During the year, the net asset value per unit decreased from USD to USD and the Unitholders received a dividend of USD 2.77 per unit. The total decrease of the unit class was thus 1.55%. Total net assets increased during the year from USD 1.09 million to USD 2.08 million. Total net assets for all classes of units decreased during the year from USD million to USD million. Net redemptions of units were USD 1.31 million. INVESTMENT STRATEGY C WorldWide Nordic aims to achieve long term capital growth from a diversified portfolio of investments. It consists principally of equities issued in the Nordic countries (Denmark, Finland, Norway and Sweden). The information in this report represents historical data and is not an indica1ion of future results 9

10 C WORLDVVIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS SVENSK KORT RANTA Sub-Fund - LIQUIDATED 29 DECEMBER 2016 PERFORMANCE The Svensk Kort Ranta Sub-Fund returned 0,12% (Class 1A) in The Swedish OMRX T-bill market returned -0.64% in the same period. The positive relative performance was primarily generated by the carry earned on the credit exposure of the portfolio and tighter credit spreads during With a low duration, the Sub-Fund has in line with the overall low risk strategy of the fund held a very low interest rate exposure during Accordingly, the fund has not had any major capital gains from the declining yields in The fund was liquidated on 29 December Class 1A Units: During the year, the net asset value per unit increased from SEK to SEK representing an increase of 0.12%. The total net assets decreased during the year from SEK million to SEK million. Class 5A Units: During the year, the net asset value per unit increased from SEK to SEK , representing an increase of 0.38%. The total net assets increased during the year from SEK million to SEK million. Class 5B Units: During the year, the net asset value per unit decreased from SEK to SEK and the Unitholders received a dividend of SEK 0.61 per unit. The total increase of the unit class was thus 0.13%. Total net assets decreased during the year from SEK million to SEK million. Total net assets for all classes of units decreased during the year from SEK million to SEK million. Net redemptions of units were SEK million. The information in this report represents historical data and is not an indication of future results 1 0

11 C WORLDWIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE SWEDEN (formerly SWEDISH LARGE CAP Sub-Fund) PERFORMANCE C WorldWide Sweden increased by 11,20% in This was 2,03%-point better than the Swedish stock market defined as the OMX Stockholm Benchmark Cap (dividend-adjusted) index that increased 9,17%. The three most positive contributors to the fund performance in 2016 were Meda, Catena Media and Volvo. The medtech company Meda was acquired with a premium by US listed company Mylan. The online gaming affiliate Catena Media delivered superior profitable growth in par with an aggressive acquisition strategy, which was highly appreciated by the stock market. The truck producer Volvo gained momentum due to a market belief that cost rationalisations will actually have a positive impact on earnings going forward. Volvo was also one of the main beneficiary in the last quarter due to a general cyclical outperformance. Three of the most negative contributors to the fund performance were found within the gaming sector. Namely; Evolution Gaming, Leo Vegas and Betsson. Class 1A Units: During the year, the net asset value per unit increased from SEK to SEK , and representing an increase of 11.20%. Total Net Assets increased during the year from SEK million to SEK million. Net subscriptions of units were SEK million. INVESTMENT STRATEGY C WorldWide Sweden aims to achieve long term capital growth through a dynamic and analytical strategy. The Sub Fund will focus on investing in shares, subscription rights and depository receipts listed in Sweden. The Sub Fund may invest up to 10% of its net assets in shares, subscription rights and depository receipts listed in Denmark, Finland or Norway. The Sub Fund shall invest at least 50% of its net assets in mid cap and large cap companies of which the market cap of the company at the time of the investment exceeds 1% of the total Swedish regulated markets. The information in this report represents historical data and is not an indicafion of future results 1 1

12 C WORLDVVIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE SWEDEN SMALL CAP (formerly SWEDISH SMALL CAP Sub-Fund) PERFORMANCE C WorldWide Sweden Small Cap increased by 10,42 /o (Class 1A) in This was 1 /o-point lower than the Swedish small cap stock market defined as the Carnegie Swedish Net Return (dividendadjusted) index which increased 11,4 /o. The three most positive contributors to the fund performance in 2016 were Munkjo, Meda and Alirnak. The niched special paper producer Munksjé achieved to increase EBIT margins towards their stated goal of 12%. On top of that Munksjo announced an appreciated merger with Finnish Alstrom. The medtech company Meda was acquired with a premium by US listed company Mylan. The global industrial elevator producer Alimak recovery was helped by a less negative View on customers demand within the oil and gas sector as well as in China. Best performance from Alirnak was however in the 4th quarter, when two larger acquisitions were announced. Three of the most negative contributors to the fund performance were found within the gaming sector. Namely; Evolution Gaming, Kindred (former Unibet) and Betsson. Class 1A Units: During the year, the net asset value per unit increased from SEK to SEK , represeniing an increase of 10.42%. Total net assets decreased during the year from SEK 2.19 billion to SEK 1.84 billion. Class 5B Units: During the year, the net asset value per unit increased from SEK to SEK and the Unitholders received a dividend of SEK 7.09 per unit. The total increase of the unit class was thus 10.12%. Total net assets increased during the year from SEK million to SEK million. Total net assets for all classes of units decreased during the year from SEK 2.20 billion to SEK 1.85 billion. Net redemptions of units were SEK million. INVESTMENT STRATEGY C WorldWide Sweden Small Cap aims to achieve long term capital growth through a dynamic and analytical strategy. The Sub Fund will focus on investing in shares, subscription rights and depository receipts listed in Sweden. The Sub Fund may invest up to 10% of its net assets in shares, subscription rights and depository receipts listed in Denmark, Finland or Norway. Investments will be made in small and mid cap companies of which the market cap of the company at the time of the investment does not exceed 1% of the total Swedish regulated markets. The information in this report represents historical data and is not an indication of future results 1 2

13 C WORLDWIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE GLOBAL EQUITIES (formerly WORLDWIDE Sub-Fund) PERFORMANCE The global stock market performed better than what we had expected during 2016 driven by better growth prospects for the global economy was a disappointment for the portfolio as the C WorldWide Global Equities (Class 1A) declined 6.63%. This was percentage points below the benchmark MSCI AC World which gained 7.86% during the year. The sub funds negative relative returns in 2016 can be attributed to two main factors. 1) The improved global growth and the resulting rising interest rates led to a rotation in the stock market away from growth oriented stocks and towards more value oriented stocks. The rotation resulted in significant stock returns for materials- and energy stocks a segment of the market where the subfund has very limited exposure. 2) Furthermore, a few of our stocks disappointed during the year including our positions in the healthcare sector. Novo Nordisk, Gilead, CVS and McKesson all fell significantly in On the positive side, Keyence, Reynolds and First Republic Bank all performed well with stock prices increasing more than 20% in We are confident that 2017 will be a better year, although the growth-to value rotation may continue a while longer as a result of US fiscal policy moves. During 2016 we reduced the portfolio weight in the stable growth part of the portfolio. We added a couple of new positions during the year including Amazon, Sun Hung Kai Properties, TSMC, Shell, CRH and Siemens. Class 1A Units During the year, the net asset value per unit decreased from USD to USD 99.40, representing a decrease of 6.63%. The total net assets decreased during the year from USD 1.23 billion to USD 865 million. Class 2A Units: During the year, the net asset value per unit decreased from USD to USD , represeniing a decrease of 5.60%. The total net assets decreased during the year from USD million to USD million. Class 3A Units: During the year, the net asset value per unit decreased from USD to USD representing a decrease of 5.31 /o. The total net assets decreased during the year from USD million to USD million. Class 4A Units: During the year, the net asset value per unit increased from USD to USD , representing a decrease of 5.32%. The total net assets decreased during the year from USD million to USD million. Class 5A Units: During the year, the net asset value per unit decreased from USD to USD 99.57, representing a decrease of 6.63%. The total net assets decreased during the year from USD million to USD million. The information in this report represents historical data and is not an indication of future results 1 3

14 C WORLDVVIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS Class 5B Units: During the year, the net asset value per unit decreased from USD to USD and the Unitholders received a dividend of USD 2.74 per unit. The total decrease of the unit class was thus 6.47%. Total net assets decreased during the year from USD 4.91 to USD 4.05 million. Class 6A Units: During the year, the net asset value per unit decreased from USD to USD 99.42, representing a decrease of 6.63%. The total net assets increased during the year from USD million to USD million. Total net assets for all classes of units decreased during the year from USD 2.19 billion to USD 1.79 billion. Net redemp1ions of units were USD million. INVESTMENT STRATEGY C \X/orld\Y/ide Global Equities aims to achieve long term capital growth from a diversified portfolio of investments. It consists principally of equities issued in eligible markets, although convertible bonds and fixed income transferable securities may also be used, as investment conditions dictate. There is no pre determined geographical distribution as the Sub Fu.nd seeks to maximise returns by exploiting investment opportunities wherever they arise. The information in this report represents historical data and is not an indication of future results 1 4

15 C WORLDWIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE ASIA (formerly WORLDWIDE ASIA Sub-Fund) PERFORMANCE In 2016 C WorldWide Asia (Class 1A) gained 3.43 %. Compared to the market however, the return was below the benchmark for the fund as the MSCI AC Asia ex. Japan Index increased 5.59 %. Politics and expectations of increasing rates have created a lot of volatility in Supply side reforms in China and expectations of increased infrastructure investments have made commodity prices increase significantly. This has hurt the relative performance as we have been underweight. The election of Trump as the new president of the US. has also created a lot of uncertainty in the market. In India the demonetisation in November also created a sell down in India, which also influenced the relative performance negatively. Long-term we are still positive on the development in India and maintain the weighting. On the positive side, our investment in select component suppliers to the smartphone producers has continued to perform very well. Especially camera producers like Sunny Optical and Largan continue to do good. Class 1A Units: During the year, the net asset value per unit increased from USD to USD , representing an increase of 3.43 %. The total net assets decreased during the year from USD million to USD million. Class 2A Units: During the year, the net asset value per unit increased from USD to USD representing an increase of 4.88%. The total net assets decreased during the year from USD 2.80 million to USD 2.56 million. Class 3A Units: During the year, the net asset value per unit increased from USD to USD representing an increase of 4.99%. The total net assets increased during the year from USD 5.68 million to USD 5.93 million. Class 4A Units: During the year, the net asset value per unit increased from USD to USD , representing an increase of 5.09%. The total net assets increased during flrie year from USD million to million. The information in this report represents historical data and is not an indication of future results 1 5

16 C WORLDWIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS Class 7A Units: Units were issued for the first time on 21 December During the year, the net asset Value per unit increased from USD to USD , representing a increase of 0.95%. Total net assets at the end of the year were USD 4.22 million. Total net assets for all classes of units decreased during the year from USD million to USD million. Net redemptions of units were USD million. INVESTMENT STRATEGY C WorldWide Asia aims to achieve long-term capital growth by investing in equities in companies that are incorporated or have their principal activities in the Asian region excluding Japan. The Sub- Fund will typically invest in companies and there is no pre determined sector distribution. The relatively limited number of companies makes it possible to gain a high degree of knowledge of each investment. The information in this report represents historical data and is not an indication of future results 1 6

17 C \X/ORLDW/IDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS C WORLDWIDE GLOBAL EQUITIES ETHICAL (formerly WORLDWIDE ETHICAL Sub-Fund) PERFORMANCE The global stock market performed better than what we had expected during 2016 driven by better growth prospects for the global economy was a disappointment for the portfolio as the C WorldWide Global Equities Ethical (Class 1A) declined 6.05%. This was percentage points below the benchmark MSCI AC World which gained 11.09% during the year. The sub-funds negative relative returns in 2016 can be attributed to two main factors. 1) The improved global growth and the resulting rising interest rates led to a rotation in the stock market away from growth oriented stocks and towards more value oriented stocks. The rotation resulted in significant stock returns for materials and energy stocks a segment of the market where the subfund has very limited exposure. 2) Furthermore, a few of our stocks disappointed during the year including our positions in the healthcare sector. Novo Nordisk, Gilead, CVS and McKesson all fell significantly in On the positive side, Keyence, First Republic Bank and Ciiigroup all performed well with stock prices increasing more than 20% in We are confident that 2017 will be a better year, although the growth to-value rotation may continue a while longer as a result of US fiscal policy moves. During 2016 we reduced the portfolio weight in the stable growth part of the portfolio. We added a couple of new positions during the year including Amazon, Sun Hung Kai Properties, TSMC, CRH, Skanska and Unilever. Due to its ethical profile, the portfolio does not invest in the tobacco stocks BAT, Philip Morris Intl. and Reynolds American or in Royal Dutch Shell and Siemens, which are held in Worldvidde sub fund. Instead, we have taken positions in Nike, Roche, Shimano, Skanska and Unilever. Class 1A Units: During the year, the net asset value per unit decreased from EUR to EUR 16.00, representing a decrease of 6.05%. Total net assets decreased during the year from EUR million to EUR million. Class 2A Units: During the year, the net asset value per unit decreased from EUR to EUR 19.39, representing a decrease of 4.81%. The total net assets increased during the year from EUR million to EUR million. Class 5B Units: During the year, the net asset value per unit decreased from EUR to EUR and the Unitholders received a dividend of EUR 0.64 per unit. The total decrease of the unit class was thus 6.03 /o. The total net assets increased during the year from EUR 3.32 million to EUR 4.10 million. The information in this report represents historical data and is not an indicafion of future results 1 7

18 C WORLDVVIDE (formerly CARNEGIE FUND) INVESTMENT MANAGER'S REPORTS Class 6A Units: Units were issued for the first time on 23 November During the year, the net asset value per unit increased from EUR to EUR , representing a increase of 0.70%. Total net assets at the end of the year were USD million. Total net assets for all classes of units increased during the year from EUR million to EUR million. Net subscriptions of units were EUR million. INVESTMENT STRATEGY C WorldWide Global Equities Ethical aims to achieve long term capital growth from a diversified portfolio of global equities. There is no pre-determined geographical distribution as the Sub-Fund seeks to maximise returns by exploiting investtnent opportunities wherever they arise. The Sub- Fund will specifically avoid investment in companies which operate in the following sectors: - production and distribution of alcohol; - production and distribution of tobacco products; production and distribution of products in relation to gambling; production and distribution of products in relation to pornography; - production and distribution of weapons or technology and software which is specifically designed to facilitate the production of weapons; - production and distribution of any other goods and services which may be deemed by the Investment Manager to be of an unethical nature. The management company of the Fund decided to adopt the commitment approach to determine the global market risk exposure. This methodology is applied to all the Sub-Funds. Luxembourg, 02 February 2017 The information in this report represents historical data and is not an indication of future results 1 8

19 Audit report To the Unitholders of C WORLDWIDE (formerly CARNEGIE FUND) We have audited the accompanying financial statements of C WORLDWIDE and of each of its Sub- Funds, which comprise the statement of net assets and the securities portfolio as at 31 December 2016 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility ofthe Board ofdirectors ofthe Management Companyfor thefinancial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. It» Responsibility ofthe Réviseur d entreprises agree Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. Pricewaterhousecoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L 1o14 Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n 1oo28256) R.C.S. Luxembourg B TVA LU

20 _i.. pwc We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair View of the financial position of CWORLDWIDE and of each of its Sub-Funds as of 31 December 2016, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other information The Board of Directors of the Management Company is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our audit report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. PricewaterhouseCoopers, Société coopérative Luxembourg, 28 April 2017 Represented by Nathalie Dogniez 20

21 C W/ORLDWIDE (formerly CARNEGIE FUND) STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2016 ASSETS Investments at market value (Note 2.1) Cash at banks Dividends receivable (Note 2.4) Receivable on subscriptions Receivable from management Company Total Assets COMBINED c WORLDWIDE c WORLDWIDE c WORLDWIDE BIOTECHNOLOGY EMERGING STABLE MARKETS EQUITIES (U513) (EUR) (USD) (U313) 3,383,601, ,487, ,629, ,413, ,527, , , ,897, ,581, , , ,963, , , , ,453,675, ,667, ,023, ,366,o77.67 LIABILITIES Payable on investments purchased Bank ovetdrafts Subscription tax payable ("Taxe cl'abonnement") (Note 4) Payable on redemptions Untealised loss on forward foreign exchange contracts (Note 2.1, 2.3 & 5) Other payables Total Liabilities NET ASSETS AT THE END OF THE YEAR (2,152,133.70) (17,701.75) (308,329.31) (1,337.97) (1,054.81) (3,782.41) (3,191,044.86) (44,137.95) (22,472.40) (31,832.80) (55.21) (71,219.33) (161.25) (6,709.16) (3,139.60) (5,740,484.17) (45,637.17) (30,236.37) (38,754.81) 3,447,935, ,621, ,993, ,327, NET ASSET VALUE PER UNIT AS AT 31 DECEMBER 2016 Class 1A - Net assets Class 1A - Net asset value per unit Class 2A - Net assets Class 2A - Net asset value per unit Class 3A Net assets Class 3A Net asset value per unit Class 4A Net assets Class 4A Net asset value per unit Class 5A Net assets Class 5A Net asset value per unit Class 5B - Net assets Class SB Net asset value per unit Class 6A Net assets Class 6A - Net asset value per unit Class 7A Net assets Class 7A Net asset value per unit c WORLDWIDE c WORLDWIDE c WORLDWIDE BIOTECHNOLOGY EMERGING STABLE MARKETS EQUI I IES (EUR) (U D) (USD) 10,621, ,086, ,208,o , ,119,

22 C WORLDWIDE (formerly CARNEGIE FUND) STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2016 SVENSK KORT RANTA C WORLDWIDE C WORLDWIDE SUB-FUND C WORIDWIDE MEDICAL NORDIC (liquidated SWEDEN ) (EUR) (USD) (SEK) (SEK) 547,729, ,266, ,732, ,966, ,643, ,165, , ,449, , , , ,269, ,912, , ,658, (11,848.54) 0.00 (60,210.11) (8,551.87) 0.00 (22,241.13) (399,395.17) (6,245.21) 0.00 (175,165.23) (52.33) (4,683.49) (17,298.09) 0.00 (13,261.12) (464,341.10) (32,095.17) (11,848.54) (210,667.48) 553,805, ,880,139, ,447, NET ASSET VALUE PER UNIT AS AT 31 DECEMBER 2016 SVENSK KORT RANTA C WORLDWIDE C WORLDWIDE SUB FUND C WORLDWIDE MEDICAL NORDIC (liquidated SWEDEN ) (EUR) (USD) (SEK) (SEK) 484,481, ,787, ,447, ,324, ,008, ,084,

23 C WORLDVVIDE (formerly CARNEGIE FUND) STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2016 C WORLDWIDE c WORIDWIDE c WORLDWIDE C WORLDWIDE GLOBAL SWEDEN SMALL GLOBAL AsIA EQUITIES CAP EQUITIES ETHICAL (SE19 <UsD) <UsD> (EUR) 1,784,180, ,761,961, ,544, ,529, ,668, ,473, ,800, ,819, ,646, , , ,124, , , , ,869,973, ,790,182, ,248, ,573, (19,486,692.45) (1 6,393.18) (232,648.76) (134,158.17) (38,221.24) (27,932.03) (1,227,660.47) (2,131,754.26) (318,913.50) (53,952.37) ,280.82) (27,938.56) (925.85) 0,418.93) (20,954,282.50) (2,310,244.17) (358,060.59) (89,303.33) 1,849,019,028.3o 1,787,871, ,890, ,484, NET ASSET VALUE PER UNIT AS AT 31 DECEMBER 2016 C WORLDWIDE c WORLDWIDE C WORLDWIDE C WORLDWIDE GLOBAL SWEDEN SMALL GLOBAL ASIA EQUITIES CAP EQUITIES ETHICAL (SEK) (U513) (USD) (EUR) 1,837,409,2o ,377, ,173, ,190, _ 128,044, ,563, ,449, ,457, ,928, ,628, ,009, ,332, ~ ,609, ,052, _ 4,104, I ,979, ,739, ,216,

24 C W/ORLDWIDE (formerly CARNEGIE FUND) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER 2016 INCOME Dividends, net (Note 2.4) Interest on bonds, net (Note 2.4) Other income Total Income EXPENSES Management fee (Note 6) Depositary fee (Note 7) Bank and Interest Expenses Taxe d abonnement (Note 4) Audit fee Professional expenses Other expenses Total Expenses Net investment income/ (losses) Net realised gains/ (losses) on investments (Note 2.2) Net realised gains/ (losses) on foreign exchange (Note 2.1 and 2.3) Net realised gains/ (losses) for the year Change in net untealised app1:eciation/ (depreciation) on investments Variation in unrealised apprecia1ion/ (depreciation) on forward foreign exchange contracts Result of operations fo: the year Subscdptions Redemptions Dividend Paid Inc1:ease/(decrease) in net assets Net assets at the beginning of the year NET ASSETS AT THE END OF THE YEAR COMBINED C WORLDWIDE C WORLDWIDE C WORLDWIDE (USD) BIOTECHNOLOGY EMERGING STABLE MARKETS EQUITIES 6) (EUR) (U5D) (U5D) 65,067, , , , , , ,768, , , , (50,973,122.61) (273,457.40) 056,891.48) 073,472.91) 0,024,519.31) (259,635.68) (2,825.75) (595.82) (4,487.13) 0,316,577.01) 00,451.39) (4,214.98) 04,955.90) (98,882.46) ,358.57) 0.00 (6,651.22) (3,112.48) (48,022.13) (53,861,117.77) (286,734.54) 068,353.50) (496,028.42) 11,907, (250,368.26) 04,645.51) 110, ,931, , (2,440,414.02) 0,284,359.99) 0,721,711.47) 927, ,656.42) 043,200.39) 76,117, ,081, (2,585,715.95) 0,316,717.71) (322,983,471.24) 0,778,341.39) 2,746, ,048, (55.21) (246,866,461.73) (6,696,440.96) 160, (268,546.60) 650,495, ,283, ,129, ,901, (979,195,357.74) (28,948,540.32) 0,204,842.57) (2,691,919.57) 0,016,410.57) (576,582,334.62) (22,361,646.48) 85, , ,024,517, ,983, ,908, o,386, ,447,935, ,621, ,993, ,327, Notes: (1) Combined net assets at the beginning of the year were translated at the exchange rate ruling as at 31 December The same net assets when translated at 1 EUR = USD , and 1 SEK = USD (the exchange rates ruling as at 31 December 2015) reflect a figure of USD 4-,079,113, DIVIDEND PAID TO UNITHOLDERS FOR THE YEAR ENDED 31 DECEMBER 2016 Class 5B Dividend per Unit Class 5B - Ex date c WORLDWIDE c WORLDWIDE c WORLDWIDE BIOTECHNOLOGY EMERGING STABLE MARKETS EQUITIES (EUR) (USD) (USD) 24

25 C WORLDVVIDE (formerly CARNEGIE FUND) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER 2016 SVENSK KORT RANTA C WORLDWIDE C WORLDWIDE sub.1=und C WORLDWIDE MEDICAL NORDIC (liquidated SWEDEN ) (EUR) (U513) (55K) (SEK) 5,590, ,587, ,517, ,218, , ,590, ,587, ,230, ,517, (8,238,201.40) 0,109,715.12) (1,921,949.07) (1,889,030.19) 07,715.07) (18,762.93) ,014.83) (13,267.95) (397,924.10) 00,004.52) (233,238.34) 04,584.59) (33,196.07) (65,391.54) 05,316.08) 0,009.43) ,351.77) 0 8,417.17) 0.00 (6,619.58) (5,984.07) (785.10) 0.00 (22,907.71) 0,606,821.56) 0,197,542.29) 0,353,069.24) (2,013,953.54) 0,016,776.04) 1,389, ,877, ,503, ,109, ,161, (8,454,813.42) 6,338, ,990, ,789,258.03) ,082, ,761, (4,577,092.21) 1o,841, (121,171,782.96) (6,945,261.93) 5,339, ,075, (52.33) (90,089,167.95) 0,183,885.23) 762, ,917, ,270, ,626, ,611, ,343, (45,312,639.41) (8,937,827.65) (595,210,607.67) (48,923,083.07) ,876.21) (542,205.72) 0.00 (95,131,712.46) 0,523,342.65) (480,379,035.64) 52,337, ,937, ,403, ,379, ,110, ,805, ,880, ,447, DIVIDEND PAID TO UNITHOLDERS FOR THE YEAR ENDED 31 DECEMBER 2016 SVENSK KORT RANTA C WORLDWIDE C WORLDWIDE SUB-FUND C WORLDWIDE MEDICAL NORDIC (liquidated ) SWEDEN (EUR) (USD) (SEK) (SEK) /06/16 03/06/16 25

26 C WORLDWIDE (formerly CARNEGIE FUND) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER c WORLDWIDE 8s;8;N ASIA EQUI'I'IES CA1» EQUITIES ETHICAL (SEK) (U513) (U313) (EUR) 34,869, ,993, ,895, ,045, , ,869, ,993, ,908, ,045, (27,294,097.61) (27,774,982.44) (5,405,309.87) (3,446,893.73) (246,042.00) (466,644.07) (330,223.09) (84,511.30) 048,131.68) (39,912.95) (31,368.70) (23,182.00) (862,269.05) (641,744.47) (146,013.52) (105,988.39) (48,559.97) (57,116.19) (10,054.73) (7,751.96) (38,006.53) (62,650.47) 07,206.04) (11,610.35) (18,972.63) (24,547.11) (7,073,84) (4,432.73) (29,256,079.47) (29,067,597.70) (5,947,249.79) (3,684,370.46) 5,613, ,925, (39,062.30) 1,361, ,375, ,201, (14,S06,035.62) (8,381,448.74) (23,239,911.79) (3,176,250.59) 7,703, ,988, ,887, (17,721,348.51) 683, ,145, (192,385,375.17) 16,565, (13,252,976.61) ,134, (141,497,895.34) (1,156,048.03) (12,569,113.54) 703,136, ,692, ,266, ,708, (1,152,462,043.10) (415,167,488.50) (238,403,346.80) (34,137,781.40) (263,793.77) (230,812.19) 0.00 (633,785.06) (349,454,290.64) (397,203,438.08) (42,292,6S4.99) 70,367, ,198,473, ,185,075, ,183, ,116, ,849,o19, ,787,871, ,890, ,484,533.4o DIVIDEND PAID TO UNITHOLDERS FOR THE YEAR ENDED 31 DECEMBER 2016 c WORLDWIDE Scwzggfggi C WSEXDE c WORLDWIDE GLOBAL ASIA EQUITIES CAP EQUITIES ETHICAL (SEK) (USD) (U513) (EUR) /06/16 03/06/16 03/06/16 26

27 C WORLDWIDE (formerly CARNEGIE FUND) STATEMENT OF CHANGES IN NUMBER OF UNITS OUTSTANDING FOR THE YEAR ENDED 31 DECEMBER 2016 C \WORLD\X7IDE C WORLDWIDE C WORLDWIDE C WORLDWIDE BIOTECHNOLOGY EMERGING STABLE MEDICAL MARKETS EQUITIES Class 1A Units outstanding at 1 January 2016 Units issued Units redeemed Units outstanding at 31 December ? 317, ,106, ,555, , , / , , (1,107, ) (45, ) (96, ) (465, ) 391, , ,145, ,366, Class 2A Units outstanding at 1 January 2016 Units issued Units redeemed Units outstanding at 31 December , , , , , ( ) (5, ) (26, ) - 27, , , Class 3A Units outstanding at 1 January 2016 Units issued Units redeemed Units outstanding at 31 December 2016 Class 4A Units outstanding at 1 January 2016 Units issued Units redeemed Units outstanding at 31 December 2016 Class 5A Units outstanding at 1 January 2016 Units issued Units redeemed Units outstanding at 31 December 2016 Class 5B Units outstanding at 1 January 2016 Units issued Units redeemed Units outstanding at 31 December 2016 Class 6A Units outstanding at 1 January 2016 Units issued Units redeemed Units outstanding at 31 December 2016 Class 7A Units outstanding at 1 January 2016 Units issued Units redeemed Units outstanding at 31 December

28 C WORLDVVIDE (formerly CARNEGIE FUND) STATEMENT OF CHANGES IN NUMBER OF UNITS OUTSTANDING FOR THE YEAR ENDED 31 DECEMBER 2016 SVENSK KORT C WORLDWIDE RAMA SWEDEN SMALL c WORLDWIDE SUB-FUND c WORLDWIDE NORDIC (liquidated SWEDEN CA ) 490,es3.95o3 2,240, , ,526, , , , ,422, (62, ) (3,001, ) (2s1,7s2.30s5) (4,223, ) 473,9s4.3s , ,724, ,s ( ). - 29,5s ,96] (523, ) ,4es.9743 s0s, , ,s s0,s ~ (1, ) (ss9,m2.95s4). (1,0o9.4907) 20,919.12s ,471.s

29 C W/ORLDVVIDE (formerly CARNEGIE FUND) STATEMENT OF CHANGES IN NUMBER OF UNITS OUTSTANDING FOR THE YEAR ENDED 31 DECEMBER 2016 C WORLDWIDE GLOBAL EQUITIES c WORLDWIDE ASIA c WORLDWIDE GLOBAL EQUITIES ETHICAL 11,536, ,711, ,57s,s9s , ,S11, ,973,532.s713 (3,579, ) (1,999,1ss.330s) (1,419, ) 8,705, ,224, s 12,133, ,143, ,229.15s4 3,072, ,s3s ,237, (342,7s5.9527) (2, ) (251, ) 1,075, , ,05s, , , _ _ (29, ) ( ) 806, , ,524,373.0a19 624, (24, ) (1,s ) - 1,5o0, e23, _ 4,550, , (124, ) 4,643, _ s9,54s , V 4, , (10, ) (635, ) s3,3s5.s3s4 361, , , , ,791,219] 150,000.o , , ,

30 C WORLDWIDE (formerly CARNEGIE FUND) FINANCIAL DETAILS RELATING TO THE LAST 3 YEARS C WORLDVVIDE C WORLDWIDE C WORLDWIDE C WORLDWIDE BIOTECHNOLOGY EMERGING STABLE MEDICAL MARKETS EQUITIES (EUR) (U513) (U513) (EUR) 31 December 2016 Total net assets Class 1A Total net assets - Class 2A Total net assets - Class 3A Total net assets Class 4A Total net assets Class SA Total net assets Class 5B Total net assets Class 6A Total net assets - Class 7A Net asset value per unit - Class 1A Net asset value per unit - Class 2A Net asset value per unit Class 3A Net asset value per unit - Class 4A Net asset value per unit Class SA Net asset value per unit Class SB Net asset value per unit - Class 6A Net asset value per unit Class 7A 31 December 2015 Total net assets Class 1A Total net assets Class 2A Total net assets Class 3A Total net assets - Class 4A Total net assets Class SA Total net assets Class SB Total net assets - Class 6A 10,621,S26.1S 8,086, ,208, ,481, , ,119, ,324,S ,983, ,992, ,404, S84,054, , ,982, ,882, Net asset value per unit - Class 1A Net asset value per unit - Class 2A Net asset value per unit - Class 3A Net asset value per unit - Class 4A Net asset value per unit - Class SA Net asset value per unit Class SB Net asset value per unit Class 6A 31 December 2014 Total net assets Class 1A Total net assets - Class 2A Total net assets Class 3A Total net assets - Class 4A Total net assets - Class 5A Total net assets - Class SB Net asset value per unit Class 1A Net asset value per unit - Class 2A Net asset value per unit - Class 3A Net asset value per unit - Class 4A Net asset value per unit Class SA Net asset value per unit Class SB ,191, ,754, ,839, S2,533,S ,893, ,013, ,824, (1) Stated in EUR in previous years. Worldvtride Stable Equities changed the sub-fund currency from EUR to USD on 4 May 2015 (1) 30

31 c WORLDWIDE (formerly CARNEGIE FUND) FINANCIAL DETAILS RELATING TO THE LAST 3 YEARS SVENSK KORT RANTA é CWORLDWIDE 5WEDEN SMALL c WORLDWIDE SUB-FUND c WORLDWIDE NORDIC (liquidated sweden CAP ) (U513) (SEK) (SEK) (SEK) 65,787, ,447, ,837,409, ,008, ,084, ,609, ,245, ,393, ,110, ,187,674, ,069, ,345, ,088, ,139, ,798, ,847, ,471, ,668, ,862,29o.70 4,612, ,610, ,162, ,364, ,450, The accompanying notes form 2.11 integral part of this annual report 31

32 C WORLDWIDE (formerly CARNEGIE FUND) FINANCIAL DETAILS RELATING TO THE LAST 3 YEARS C WORLDWIDE c WORLDWIDE c WORLDWIDE GLOBAL GLOBAL ASIA EQUYTIES ' EQUITIES ETHICAL (USD) (USD) (EUR) 865,377, ,173, ,190, ,044, ,563, ,449, ,457, ,928, ,628, ,009,371.98» 462,332, ,052, ,104, ,979, ,739, ,216, ,228,121, ,469, ,228, ,203, ,803, ,568, ,916, ,676, ,222, ,234, ,265, ,914, ,319, ,432, ,246,564, ,851, ,253, ,801, ,008, ,895, ,766, ,250, ,998, ,245, ,060, ,920,

33 C WORLDWIDE BIOTECHNOLOGY (formerly CARNEGIE FUND BIOTECHNOLOGY SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange listing/dealt in on another regulated market Shares Denmark 1,000 Genmab 157, , United States of America 8,184 Acadia Pharmaceuticals 223, ,320 Acceleron Pharma 128, ,083 Aerie Pharmaceuticals 254, ,100 Alexion Pharmaceuticals 475, ,550 Biogen 954, ,000 BioMarin Pharmaceutical 549, ,225 Bluebird Bio 188, ,820 Cara Therapeutics 174, ,677 Celgene 842, ,063 Cempra Holdings 42, ,833 Clovis Oncology 245, ,676 Coherus Biosciences 258, ,000 Dermira 143, ,807 Dynavax Technologies Corporation 85, ,600 Eagle Pharmaceuticals 120, ,808 Gilead Sciences 801, ,824 GW Pharmaceuticals ADR 193, ,640 Horizon Pharma 209, ,756 Incyte Corporation 642, ,439 Intercept Pharmaceuticals 148, ,048 Intra Cellular Therapies 86, ,000 Ionis Pharmaceuticals 271, ,240 Jazz Pharmaceuticals 334, ,000 Karyophatm Therapeutics 115, ,000 Keryx Biopharmaceuticals 144, ,904 Kite Pharma 123, ,397 Lexicon Pharmaceuticals 149, ,667 Portola Pharmaceuticals 1 63, ,322 PTC Therapeutics 106, ,354 Radius Health 265, Regeneron Pharmaceuticals 121, ,304 Sarepta Therapeutics 85, ,404 Shire ADR 388, ,666 Spark Therapeutics 267,

34 C WORLDVVIDE BIOTECHNOLOGY (formerly CARNEGIE FUND BIOTECHNOLOGY SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange 1isting/dealt in on another regulated market (continued) Shares (continued) United States ofamerica (continued) 2,536 Tesaro 323, ,225 Ultragenyx Pharmaceutical 281, ,006 Vertex Pharmaceuticals 419, TOTAL SHARES 10,329, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMIFITED TO AN OFFICIAL STOCK EXCHANGE LISTING/DEALT IN ON ANOTHER REGULATED MARKET 10,487,682.5O TOTAL SECURITIES PORTFOLIO 10,487, INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION % 01: NET ASSETS Health Care Pharmaceuticals & Biotechnology A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company's registered office 34

35 C WORLDWIDE EMERGING MARKETS (formerly CARNEGIE FUND WORLDWIDE EMERGING MARKETS EQUITIES SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MAREIT % VALUE OF NET (USD) ASSETS Transferable Securities and money market instruments admitted to an oflicial stock exchange listing Shares M 26,600 Banco do Brasil 229, ,893 Itau Unibanco Holding Preference 362, ,300 Kroton Educational 124, ,700 Raia Drogasil 69, , Hong Kong 31,800 AIA Group 179, ,000 Beijing Enterprises Water Group 85, ,000 Best Pacifi cinternational Holdings 56, ,000 China Overseas Land & Investment 254, ,000 China State Construction International Holdings 122, ,400 China Taiping Insurance Holdings Company 118, ,000 Huaneng Renewables Corp H 81, ,000 Sands China 78, ,000 Shenzhou International Group 101, ,000 Sunac China Holdings 99, ,000 Sunny Optical Technology Group Company 293, ,100 Tencent Holdings 467, ,000 Xinyi Solar Holdings 61, ,999, Lrfiia 16,674 Berger Paints India 51, ,700 Bharat Financial Inclusion 109, ,000 Crornpton Greaves Consumer Electricals 64, Eicher Motors 89, ,292 HDFC Bank Foreign Premium 375, ,300 Larsen 8: Toubro 85, ,200 Maruti Suzuki India 93, ,900 Motherson Sumi Systems 148, ,600 Strides Shasun 71, ,280 Vakrangee 45, ,519 Vedanta 90, ,000 Voltas 86, ,313, Indonesia 230,000 Bank Rakyat Indonesia 200, ,725,000 Pakuwon Jati 156, , ,272 LG Chem Preference 189, LG Household & Health Care Preferred 128, Samsung Electronics Preference 516, ,

36 C WORLDVVIDE EMERGING MARKETS (formerly CARNEGIE FUND W/ORLDWIDE EMERGING MARKETS EQUITIES SUB-FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARIGIT % VALUE OF NET (USD) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange listing Shares (continued) Mexico 49,000 Credito Real 64, ,300 Fomento Economico Mexicano 147, ,600 Gentera 132, ,000 Infraestructura Enetgetica Nova 61, , Philippines 1,779,000 Filinvest Land 55, ,600 GT Capital Holdings 118, , South Africa 60,000 Advtech 75, ,000 Ascendis Health 67, ,000 FirstRa.nd 120, ,550 Naspers 227, , Taiwan 10,000 Advantech Company 78, ,000 Chin-Poon Industrial Co. 62, ,000 Hu Lane Associate 111, ,392 1,000 Largan Precision Company 117, ,000 Tung Thih Electronic Co. 152, , Thailland 25,500 Kasikornbank Public Company NVDR 126, ,800 Siam Cement Public Company Foreign 66, , Turkey 2,450 DO & CO 162, , United States 3,710 Alibaba Group Holding ADR 325, ,076 Credicorp 169, ,000 Taiwan Semiconductor ADR 431, , TOTAL SHARES 8,198, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENT ADMINTED TO AN OFFICIAL STOCK EXCHANGE LISTING > 8,198,

37 C WORLDWIDE EIVHERGING MARKETS (formerly CARNEGIE FUND WORLDWIDE EMERGING MARKETS EQUITIES SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION. MARKET 0/) VALUE OF NET (USD) ASSETS Transferable Securities Dealt in on Another Regulated Market Shares Russia 51,750 Moscow Exchange MICEX 106, ,661 Sberbank Preferred 324, , TOTAL SHARES 430, TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET 430, TOTAL SECURITIES PORTFOLIO 8,629,

38 C WORLDWIDE EMERGING MARKETS (formerly CARNEGIE FUND - WORLDWHDE EMERGING MARKETS EQUITIES SUB FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION % OF NET ASSETS Alternafi beenergy 0.90 Apparel Retailers 1.13 Automobiles & Parts 6.63 Banks Beverages 1.64 Chemicals Clothing 8: Accessories 0.63 Commercial Vehicles & Trucks 0.95 Commodity Chemicals 0.74 Consumer Finance 1.94 Electronic 8c Electrical Equipment 3.09 Equity Investment Instruments 1.18 Financial Services 4.07 Food & Beverage 1.80 Gambling 0.87 General Industrials 0.69 Heavy Construction 1.36 Household Goods 1.43 Industrial Engineering 0.97 Insurance 8: Life Insurance 3.31 Investments Services 1.31 Media 2.53 Mining 1.01 Personal Goods 0.77 Pharmaceuticals 1.55 Real Estate 6.29 Retail 6.88 Software & Computer Services 6.58 Specialty Retailers 1.95 Technology Hardware Udlifi es A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company's registered office. 38

39 C WORLDVVIDE STABLE EQUITIES (formerly CARNEGIE FUND WORLDWIDE STABLE EQUITIES SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE (USD) OF NET ASSETS Transferable Securities and money market instruments admitted to an oflicial stock exchange lisfing/ dealt in on another regulated market Shares 19,450 Denmark Novo Nordisk B 703, , ,475 France Teleperformance 349, , ,611 17,700 2,500 18,000 60, ,000 German Fresenius Medical Care Deutsche Wohnen Henkel Pref Vonovia Hong Kong China. Mobile (Hong Kong) HKT Trust & HKT Ltd 646, , , , ,088, , , ,591, ,200 1,800 1, , ,500 9,400 apan Astellas Pharma Daito Trust Construction Co. Japan Hotel REIT Investment KEYENCE Corporation NTT Corporation Suntory Beverage & Food Westjapan Railway Company 392, , , , , , , ,801, , , , ,182 Singapore DBS Group Holdings 434, , ,200 Switzerland Nestle Registered 301, , ,969 United Kingdom British American Tobacco 799, , ,150 5, ,620 6,800 United States Alphabet C Automatic Data Processing AutoZone Cardinal Health Crown Castle International Corp. 887, , , , ,

40 C WORLDWIDE STABLE EQUITIES (formerly CARNEGIE FUND WORLDWIDE STABLE EQUITIES SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET "/o VALUE OF NET (USD) ASSETS Transferable Securities and money market instruments admitted to an oflicial stock exchange listing/dealt in on another regulated market (continued) Shares (continued) 11,000 6,325 9,300 6,900 2,050 6,700 7,400 5,000 13,455 7,300 3,800 7,100 7,700 13,900 13,600 6,600 33,000 4,400 5,200 5,500 14,447 10,800 13,500 United States (continued) CVS Health Corporation 868, Extra Space Storage 488, Fidelity National Information Services 703, First Republic Bank 635, Home Depot 274, Ingredion 837, Johnson & Johnson 852, _]PMorgan Chase & Co 431, Kroger 464, Mastercard 753, Medtronic 270, Mondelez International A 314, Next.Era Energy 919, Pfi zer 451, Reynolds American 762, Snap-on 1,130, STORE Capital Corporation 815, Thermo Fisher Scientifi c 620, UnitedHealth Group 832, Vantiv A 327, Visa 1,127, Walgreens Boots Alliance 893, Wells Fargo 743, ,752, TOTAL SHARES 29,413, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMINTED TO AN OFFICIAL STOCK EXCHANGE LISTING / DEALT IN ON ANOTHER REGULATED MARKET 29,413, TOTAL SECURITIES PORTFOLIO 29,413,

41 C WORLDWIDE STABLE EQUITIES (formerly CARNEGIE FUND WORLDWIDE STABLE EQUITIES SUB FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION % OF NET ASSETS Alternafi ve Electricity 2.94 Banks 4.80 Chemicals 0.95 Consumer Finance 3.30 Drug Retailers 2.85 Electricity 1.53 Financial Services 8.38 Fixed Line Telecommunications 3.03 Food & Beverage 7.92 Food Producers 2.67 Health Care Home Improvement Retailers 3.61 Hotel & Lodging REITS 2.43 Other/Unspecifi ed 1.98 Personal 8: Household Goods 1.48 Pharmaceuticals & Biotechnology 6.99 Real Estate 6.08 Retail 2.70 Retail REITS 2.60 Software 8: Computer Services 5.75 Telecommunications 6.62 Tobacco 2.43 Transportation Services A statement of changes in the composition of the portfolio is available to Unitholders free of charge on your request from the Management Company's registered office 41

42 C \X/ORLDWIDE MEDICAL (formerly CARNEGIE FUND MEDICAL SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange 1isting/dealt in on another regulated market Shares 87, ,307 Denmark Genrnab Novo Nordisk B 13,778, ,809, ,587, ,263 Germany Fresenius SE & Co. 11,826, ,826, , ,968 Switzerland Novartis Registered Roche Holding Genusscheine 19,985, ,757, ,743, ,825 34, ,596 61, ,323 85, , , , , , ,672 98, , , ,228 69, , , , ,376 56, , , , , ,800 56, , ,031 United States of America AbbVie Alexion Pharmaceuticals Allergan Amerisou.rceBergen Corporation Arngen Biogen BioMarin Pharmaceutical Celgene Cempra Holdings Centene Corporation Cigna Corporation Clovis Oncology DaVita Edwards Lifesciences Corporation Eli Lilly and Company Exelixis Express Scripts Holding Gilead Sciences Glaukos Corporation HCA Holdings Incyte Corporation Jazz Pharmaceuticals Johnson & Johnson Merck 8: Co Mylan Pfi zer Shire ADR Tesaro Teva Pharmaceutical ADR Thermo Fisher Scientifi c 4,796, ,008, ,615, ,587, ,632, ,870, ,993, ,353, ,737, ,944, ,389, ,353, ,016, ,389, ,037, ,560, ,530, ,386, ,208, ,444, ,344, ,862, ,962, ,428, ,730, ,447, ,376, ,147, ,381, ,580,

43 C WORLDWIDE MEDICAL (formerly CARNEGIE FUND MEDICAL SUB-FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MAREIT % VALUE OF NET (EUR) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange 1istin.g/ dealt i.n on another regulated market (continued) Shares (continued) 232, ,021 51,248 United States ofamerica fcontinuedl UnitedHealth Group 35,293, Valeant Pharmaceuticals International 2,945, Zirnmer Biomet Holdings 5,012, ,370, TOTAL SHARES 525,528, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETS INSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING / DEALT IN ON ANOTHER REGULATED MARKET 525,528, Other Transferable Securities and money market instruments Investment Funds 87,901 70,642 Luxembourg C W/orldWide Biotechnology - Class 1A 2,393, C Worldwide Medical Small & Mid Cap Class 1A 19,807, ,200, TOTAL INVESTMENT FUNDS 22,200, TOTAL OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS 22,200, TOTAL SECURITIES PORTFOLIO 547,729,

44 C W'ORLD\7VIDE MEDICAL (formerly CARNEGIE FUND MEDICAL SUB FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION % OF NET ASSETS Healthcare Pharmaceuticals & Cosmetics Other Sectors A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company's registered office 44

45 C WORLDWIDE NORDIC (formerly CARNEGIE FUND NORDIC MARKETS SUB-FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE o1= NET (USD) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange listingldealt in on another regulated market Shares Denmark 1,000 A.P. Moller - Maersk B 1,599, ,000 Carlsberg B 1,124, ,500 Danske Bank 4,119, ,800 DSV 1,418, ,000 FLSmidth 8: Co 1,413, ,000 Genmab 3,662, ,500 Novo Nordisk B 6,886, ,300 Pandora 3,317, ,158 Vestas Wind Systems 3,853, ,396, Finland 68,000 Kone B 3,054, ,000 Metso Corporation 1,143, ,000 Nokia 1,621, ,700 Sampo A 2,817, ,000 W/artsila Corporation 1,846, ,483, Norwa 395,000 Norsk Hydro 1,895, ,000 Orkla 1,816, ,000 Yara International 1,777, ,489, Sweden 110,000 Assa Abloy B 2,054, ,800 Atlas Copco A 3,824, ,600 Autoliv SDB 1,657, ,000 Electrolux B 1,874, ,500 Elekta B 2,114, ,500 Ericsson B 1,196, ,000 Hennes & Maurirz B 2,546, ,000 Sandvik 2,115, ,300 SCA B 1,656, ,000 SEB A 2,479, ,000 Svenska Handelsbanken A 3,285, ,000 Volvo B 3,090, ,897, TOTAL SHARES 71,266, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETS INSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING / DEALT IN ON ANOTHER REGULATED MARKET 71,266, TOTAL SECURITIES PORTFOLIO 71,266,

46 C WORLDWIDE NORDIC (formerly CARNEGIE FUND NORDIC MARKETS SUB-FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION % OF NET ASSETS Automobile & Parts 6.51 Banks Brewers 1.54 Chemicals 2.60 Construction & Materials 1.94 Finacial Services 3.87 Food & Beverage 2.49 Food Producers 2.44 Forestry 2.27 General Industrials 2.53 Healthcare 2.90 Household Goods 2.57 Industrial Engineering Industnal Transportation 4.14 Personal & Household Goods 2.82 Pharmaceuticals 8: Biotechnology Retail 8.04 Telecommunications A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company s registered office 46

47 C W/ORLDWIDE SWEDEN (formerly CARNEGIE FUND SWEDISH LARGE CAP SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (SEK) ASSETS Transferable Securides and money market instruments admitted to an official stock exchange listing/dealt in on another regulated market Shares 33,007 54,199 8,281 46,493 7,118 16,991 54,533 36,077 15,655 90,695 71,020 13,480 51,581 20, ,269 49,106 47,624 38,900 71,406 45,221 30, ,078 57,751 34,574 23,589 36,858 10,277 94,830 Sweden ABB 6,330, Assa Abloy B 9,165, Astrazeneca 4,116, Atlas Copco A 12,901, Autoliv SDB 7,317, Bilia A 3,559, Catena Media 4,771, Collector 3,715, Electrolux B 3,542, Elekta B 7,310, Ericsson B 3,799, Evolution Gaming Group 3,498, Hennes & Mauritz B 13,070, Hexagon B 6,722, LeoVegas 4,061, NetEnt B 3,452, NIBE Industrier B 3,419, Nobia 3,300, Nordea Bank 7,233, Sandvik 5,096, SCA B 7,968, SEB A 10,613, Svenska Handelsbanken A 7,311, Swedbank A 7,616, Swedish Orphan Biovitrum 2,516, Thule Group, The 5,252, Vitrolife 3,977, Volvo B 10,089, ,732, TOTAL SHARES 171,732, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETS INSTRUMENTS AIVIITTED TO AN OFFICIAL STOCK EXCHANGE LISTING / DEALT IN ON ANOTHER REGULATED MARKET 171,732, TOTAL SECURITIES PORTFOLIO 171,732,

48 C WORLDWIDE SWEDEN (formerly CARNEGIE FUND SWEDISH LARGE CAP SUB FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION % 01: NET ASSETS Automobiles & Parts 9.92 Banks Commercial Vehicles & Trucks 3.83 Financial Services 2.12 Food Retailers & Wholesalers 1.88 Forestry 4.54 Health Care 7.87 Household Goods 3.97 Industrial Engineering Media 2.72 Personal & Household Goods 5.22 Pharmaceuticals & Biotechnology 2.35 Recreational Services 4.98 Retail 9.48 Software 2.31 Software & Computer Services 1.97 Telecommunications A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company's registered office 48

49 C WORLDWIDE SWEDEN SMALL CAP (formerly CARNEGIE FUND SWEDISH SMALL CAP SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (SEK) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange lisn'ng/dealt in on another regulated market Shares 380, , , , , , , ,000 1,019, , , , , , , ,600 3,039,000 1,422, , , , , , , , , , , , , , , ,300 Sweden Addtech B 54,249, Alimak Group 74,213, Balder B 46,430, Beijer Alma B 51,586, Bilia A 61,760, Castellum 72,192, Catena Media 38,955, Collector 51,500, Elekta B 82,131, Enea 54,771, Evolution Gaming Group 47,359, Hausa Medical 50,211, Hexpol B 61,179, HiQ International 51,352, JM 41,532, Kindred Group SDB 29,566, Klovern B 29,007, LeoVegas 51,920, Moberg Phatrna 41,290, Munksjo 43,563, Mycronic 82,182, Net-Ent B 63,544, Nobia 67,455, ProAct IT Group 54,336, Scandi Standard 38,737, Storytel 22,703, Swedish Orphan Biovitrum 70,422, Systemaix 47,408, Thule Group, The 73,316, Trelleborg B 81,993, Vitrolife 45,954, Vostok New Ventures SDB 45,229, \Wihlborgs Fastigheter 56,122, ,784,180, TOTAL SHARES 1,784,180, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETS INSTRUMENTS Al\/ITITED TO AN OFFICIAL STOCK EXCHANGE LISTING / DEALT IN ON ANOTHER REGULATED MARKET 1,784,180, TOTAL SECURITIES PORTFOLIO 1,784,180, The accompanying notes form an integral part of this financial report 49

50 C W/ORLDW/IDE SWEDEN SMALL CAP (formerly CARNEGIE FUND SWEDISH SMALL CAP SUB~FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION % OF NET ASSETS Biotechnology 2.72 Building Materials & Fixtures 4.01 Commercial Vehicles & Trucks 3.31 Construction 8: Materials 2.56 Equity Investment Funds 2.45 Financial Services 2.79 Food Products 2.10 Food Retailers & Wholesalers 3.65 General Industrials 2.79 Health Care Industrial Engineering 4.43 Media 3.34 Paper 2.36 Pharmaceuticals 2.23 Real Estate Recreational Services 6.53 Retail 3.34 Software 2.81 Software & Computer Services Technology Hardware 8: Equipment A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company's registered office The accompanying notes form an integral part of this financial report 50

51 C WORLDWIDE GLOBAL EQUITIES (formerly CARNEGIE FUND WORLDWIDE SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (USD) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange 1isti.ng/dealt in on another regulated market Shares 1,311,154 Denmark Novo Nordisk B 47,397, ,397, ,965,294 France Vivendi 37,43s,517.5s ,438, , ,695 German 1 Bayer Siemens 51,862, ,541, ,4o3, ,625,000 2,553,000 6,936,001 1,170,500 91,500 Hong Kong AIA Group Sun Hung Kai Properties India Housing Development Finance Corporation apan Bridgestone Corporation KEYENCE Corporation 71,218, ,259, ,478, ,91o, ,910, ,245, ,851, ,097, ,424,803 Netherlands Royal Dutch Shell A 93,897, ,897, ,488 Switzerland Nestlé Registered 50,610, ,610, ,183,000 Taiwan Taiwan Semiconductor Manufacturing Company 51,734, ,734, ,283,950 1,128,970 United Kingdom British American Tobacco CRH (GB) 73,477, ,563, ,040,

52 C WORLDWIDE GLOBAL EQUITIES (formerly CARNEGIE FUND WORLDWIDE SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (USD) ASSETS Transferable Securities and money market instruments admitted to an oflicial stock exchange ]ist1'ng/dealt i.n on another regulated market (continued) Shares (continued) 97,868 62,038 1,226, , , , , , , , ,060 1,222,990 1,634,134 1,016,078 United States of America Alphabet C 75,536, Amazon.com 46,520, Citigroup 72,886, CVS Health Corporation 53,898, Ecolab 77,345,858.7O 4.33 Facebook A 68,946,243.6O 3.86 First Republic Bank 47,864, Gilead Sciences 48,769, Home Depot 82,494, L Brands 53,473, Philip Morris International 43,188, Reynolds American 68,536,359.6O 3.83 Visa 127,495, Wefl sfargo 55,996, ,952, TOTAL SHARES 1,761,961, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETS INSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING / DEALT IN ON ANOTHER REGULATED MARKET 1,761,961,925.5O TOTAL SECURITIES PORTFOLIO 1,761,961,925.5O

53 C WORLDWIDE GLOBAL EQUITIES (formerly CARNEGIE FUND WORLDWIDE SUB FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION Apparel Retailers Auto Parts Banks Building Materials & Fixtures Electrical Components & Equipments Financial Services Food 8: Beverage Healthcare Insuramce Internet Investment Services Oil & Gas Pharmaceuticals & Biotechnology Retail Semiconductors Software & Computer Services Specialized Consumer Services Support Services Technology Hardware & Equipment Tobacco % OF NET ASSETS A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company's registered office 53

54 C WORLDWIDE ASIA (formerly CARNEGIE FUND WORLDWIDE ASIA SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE or NET (USD) ASSETS Transferable Securities and money market instruments admitted to an oflicial stock exchange listing/dealt in on another regulated market Shares Hong Kong 654,500 AAC Technologies Holdings 5,919, ,851,400 AIA Group 10,403, ,554,000 Beijing Enterprises Water Group 7,658, ,810,000 Beijingjingneng Clean Energy H 2,732, ,500 Cheung Kong Property Holdings 2,651, ,000 China Mobile (Hong Kong) 9,299, ,702,000 China Overseas Land & Investment 12,410, ,312,000 China State Construction International Holdings 4,946, ,022,400 China Taiping Insurance Holdings Company 4,154, ,278,000 Huadian Fuxin Energy Corp. H 2,050, ,850,000 Huaneng Renewables Corp H 3,188, ,028,000 Hysan Development Company 4,239, ,350,400 Sands China 5,841, ,000 Shenzhou International Group 4,102, ,132,000 Sinopec Kantons Holdings 1,427, ,464,000 Sound Global 1,151, ,000 Sun Hung Kai Properlies 4,322, ,797,000 Sunac China Holdings 11,452, ,675,000 Sunny Optical Technology Group Company 11,663, ,187,000 Techtronic Industries Company 4,251, ,900 Tencent Holdings 19,220, ,730,000 10,214,000 Yuzhou Properties 3,550, ,145, ,062,628 Adani Ports and Special Economic Zone 4,177, ,000 Berger Paints India 2,118, ,433 Bharat Financial Inclusion 5,548, ,277,900 Crompton Greaves Consumer Electricals 2,744, ,534 Eicher Motors 4,651, ,200 GRUH Finance 3,256, ,730 Housing Development Finance Corporation 8,020, ,701 Maruti Suzuki India 4,806, ,700 Motherson Sumi Systems 3,373, ,000 Rarnco Cements 1,929, ,926 Tata Motors 4,337, ,247 Voltas 4,069, ,033, Indonesia 6,935,500 Bank Rakyat Indonesia 6,01 8, ,773,600 Indocement Tunggal Prakarsa 2,032, ,653,200 Pakuwon Jati 6,236, ,713,000 Summatecon Agung 1,840, ,128,

55 C WORLDWIDE ASIA (formerly CARNEGIE FUND WORLDWIDE ASIA SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (USD) ASSETS Transferable Securities and money market instruments admitted to an oflicial stock exchange listing/dealt in on another regulated market (continued) Shares (continued) Egg 40,426 Hyundai Motor Company Preference 3,210, ,052 Kolao Holdings 951, ,462 LG Chem Preference 5,725, ,190 LG Household & Health Care Preferred 2,890, ,628 Samsung Electronics Preference 25,697, ,475, Philippines 71,550,000 Filinvest Land 2,213, ,280 GT Capital Holdings 4,730, ,588,700 JG Summit Holdings 3,541, ,485, Taiwan 796,904 Advantech Company 6,283, ,255,000 Chin Poon Industrial Co. 2,354, ,000 Hu Lane Associate 4,229, ,727 Kingpak Technology 2,058, ,000 Largan Precision Company 12,752, ,011,000 Taiwan Semiconductor Manufacturing Company 22,509, ,000 Tung Thih Electronic Co. 7,738, ,926, Thailand 1,030,900 Kasikornbank Public Company NVDR 5,097, ,350 Siam Cement NVDR 5,532, ,629, United Kingdom 304,105 Larsen & Toubro GDR 6,051, ,051, United States of America 167,278 Alibaba Group Holding ADR 14,635, ,732 Baidu ADR 8,453, ,737 ICICI Bank ADR 6,579, ,668, TOTAL SHARES 357,544, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETS INSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING / DEALT IN ON ANOTHER REGULATED MARKET 357,544, TOTAL SECURITIES PORTFOLIO 357,544,

56 C WORLDWIDE ASIA (formerly CARNEGIE FUND - WORLDWIDE ASIA SUB FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION /o OF NET ASSETS Alternative Electricity 0.85 Alternative Energy 0.73 Apparel Retailers 1.09 Automobiles & Parts 8.86 Banks 4.71 Building Materials & Fixtures 1.05 Chemicals 2.99 Commercial Vehicles & Trucks 1.61 Consumer Finance 1.48 Electrical Components & Equipment 7.42 Financial Services 3.28 Food Products 0.94 Gambling 1.55 General Industrials 0.67 Heavy Construction Home Construction 1.13 Household Goods 0.77 Industrial Engineering 1.08 Insurance 2.77 Investment Services 2.37 Mortgage Finance 0.87 Oil 8: Gas 0.38 Real Estate Retail 6.99 Semiconductors 5.99 Software & Computer Services 9.03 Speciality Chemicals 0.56 Technology Hardware & Equipment 6.84 Telecommunications 2.47 Transportation Services 1.11 Utilities 2.04 Waste & Disposal Services A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company's registered office 56

57 C WORLDVVIDE GLOBAL EQUITIES ETHICAL (formerly CARNEGIE FUND WORLDWIDE ETHICAL SUB FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange 1isting/dealt in on another regulated market Shares Denmark 251,600 Novo Nordisk B 8,620, ,620, France 432,200 Vivendi 7,803, ,803, Germany 99,840 Bayer 9,897, ,897, Hong Kong 2,443,600 AIA Group 13,064, ,000 Sun Hung Kai Properties 6,107, ,172, India 1,374,175 Housing Development Finance Corporation 24,206, ,206, [apan 233,600 Bridgestone Corporation 7,990, ,600 KEYENCE Corporanon 14,713, ,800 SHIMANO 6,967, ,671, Netherlands 277,560 Unilever 10,856, ,856, Sweden 493,045 Skanska B 11,101, ,101, Switzerland 210,257 Nesrlé Registered 14,316, ,595 Roche Holding Genusscheine 8,584, ,900, Taiwan 2,136,000 Taiwan Semiconductor Manufacturing Company 11,405, ,405,

58 C WORLDWIDE GLOBAL EQUITIES ETHICAL (formerly CARNEGIE FUND - WORIDWIDE ETHICAL SUB-FUND) SECURITIES PORTFOLIO AS AT 31 DECEMBER 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities and money market instrurnents admitted to an official stock exchange listing/dealt in on another regulated market (continued) Shares (continued) United Kingdom 337,509 CRH (GB) 11,209, ,209, United States of America 19,499 Alphabet C 14,263, ,380 Amazon.com 8,798, ,082 Citigroup 13,635, ,348 CVS Health Corporation 10,496, ,527 Ecolab 15,612, ,300 Facebook A 10,609, ,945 First Republic Bank 10,387, ,900 Gilead Sciences 9,223, ,442 Home Depot 15,940, ,920 L Brands 9,854, ,650 NIKE B 8,847, ,274 Visa 26,714, ,200 Wells Fargo 10,300, ,685, TOTAL SHARES 331,529, TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETS INSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING / DEALT IN ON ANOTHER REGULATED MARKET 331,529, TOTAL SECURITIES PORTFOLIO 331,529,

59 C WORLDWIDE GLOBAL EQUITIES ETHICAL (formerly CARNEGIE FUND WORLDWIDE ETHICAL SUB-FUND) INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016 SECTOR DESCRIPTION % OF NET ASSETS Apparel Retailers 2.96 Autp Parts 2.40 Banks 3.11 Building Materials & Fixtures 3.36 Construction & Materials 3.33 Electrical Components & Equipment 4.41 Financial Services Food & Beverage 7.55 Healthcare Insurance Internet Investment Services 4.09 Pharmaceuticals & Biotechnology 8.12 Recreafi onalproducts 2.09 Retail Semiconductors Software & Computer Services 4.28 Specialized Consumer Services 2.34 Support Services A statement of changes in the composition of the portfolio is available to Unitholders free of charge on request from the Management Company's registered office 59

60 C WORLDWIDE (formerly CARNEGIE FUND) NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER GENERAL C WORLDWIDE (hereafter the "Fund") is an unincorporated collective investment fund ( fonds commun de placement ) constituted in Luxembourg on 6 December 1995 governed by Luxembourg law and investing in transferable securities and other permitted assets. The Fund is an Undertaking for Collective Investment in Transferable Securities (a UCIT ) registered under Part I of the 17th December 2010 law on collective investment undertakings. The Fund is an unincorporated co proprietorship of its securities and other assets, managed by C WorldWide Fund Management S.A. ( the Management Company The Management Company was incorporated on 5 December 1995 in Luxembourg as a société anonyme. The assets of the Fund are segregated from those of the Management Company. The Fund has currently the following Sub-Funds and Classes/Sub Classes: C WorldWide Biotechnology (formerly Carnegie Fund Biotechnology Sub Fund) - Class 1A C WorldWide Emerging Markets (formerly Carnegie Fund - Worldwide Emerging Markets Equities Sub Fund) - Class 1A C WorldWide Emerging Markets (formerly Carnegie Fund Worldwide Emerging Markets Equities Sub Fund) - Class 2A C WorldWide Stable Equities (formerly Carnegie Fund Worldwide Stable Equities Sub Fund) - Class 1A C WorldWide Stable Equities (formerly Carnegie Fund - Worldwide Stable Equities Sub Fund) Class 2A C WorldWide Medical (formerly Carnegie Fund Medical Sub Fund) Class 1A C WorldWide Medical (formerly Carnegie Fund Medical Sub Fund) - Class 2A C WorldWide Nordic (formerly Carnegie Fund - Nordic Markets Sub Fund) - Class 1A C WorldWide Nordic (formerly Carnegie Fund Nordic Markets Sub-Fund) Class 2A C WorldWide Nordic (formerly Carnegie Fund Nordic Markets Sub Fund) Class 5B Carnegie Fund - Svensk Kort Riinta Sub Fund Class 1A (Liquidated ) Carnegie Fund - Svensk Kort Riinta Sub Fund Class 5A (Liquidated ) Carnegie Fund Svensk Kort Riinta Sub Fund Class 5B (Liquidated ) C WorldWide Sweden (formerly Carnegie Fund Swedish large Cap Sub Fund) Class 1A C WorldWide Sweden Small Cap (formerly Carnegie Fund - Swedish Small Cap Sub Fund) Class 1A C WorldWide Sweden Small Cap (formerly Carnegie Fund - Swedish Small Cap Sub Fund) Class SB C WorldWide Global Equities (formerly Carnegie Fund Worldwide Sub Fund) Class 1A C WorldWide Global Equities (formerly Carnegie Fund - Worldwide Sub Fund) Class 2A C WorldWide Global Equities (formerly Carnegie Fund Worldwide Sub Fund) Class 3A C WorldWide Global Equities (formerly Carnegie Fund - Worldwide Sub-Fund) - Class 4A C WorldWide Global Equities (formerly Carnegie Fund Worldwide Sub Fund) Class 5A C WorldWide Global Equities (formerly Carnegie Fund Worldwide Sub Fund) Class 5B C WorldWide Global Equities (formerly Carnegie Fund - Worldwide Sub Fund) - Class 6A C WorldWide Asia (formerly Carnegie Fund Worldwide Asia Sub Fund) Class 1A C WorldWide Asia (formerly Carnegie Fund Worldwide Asia Sub Fund) Class 2A C WorldWide Asia (formerly Carnegie Fund - Worldwide Asia Sub Fund) Class 3A C WorldWide Asia (formerly Carnegie Fund Worldwide Asia Sub Fund) - Class 4A C WorldWide Asia (formerly Carnegie Fund - Worldwide Asia Sub Fund) Class 7A (Launched ) C WorldWide Global Equities Ethical (formerly Carnegie Fund Worldwide Ethical Sub Fund) Class 1A C WorldWide Global Equities Ethical (formerly Carnegie Fund - Worldwide Ethical Sub Fund) - Class 2A C WorldWide Global Equities Ethical (formerly Carnegie Fund Worldwide Ethical Sub Fund) Class 5B C WorldWide Global Equities Ethical (formerly Carnegie Fund - Worldwide Ethical Sub Fund) Class 6A (Launched ) Classes 2, 3, 4, 5 and 6 are only available to institutional investors. Class 7 is only available to institutional investors approved by Carnegie Asset Management Fondsmaeglerselskab A/S. During the year the regulations of Fund were approved and changed which incorporated the following: Carnegie Fund - Svensk Kort Ranta Sub Fund was liquidated on 29 December The bank overdraft amounted to SEK 11, due to bank interests will be paid by the Management Company. 60

61 c WORLDWIDE (formerly CARNEGIE FUND) NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Valuation of investments (3) (b) (C) (d) (6) (f) (h) (i) (i) (k) The financial statements are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for col1ec1:ive investment. The value of a.ny cash at hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, dividends and interests declared or due but not yet collected will be deemed to be the full value thereof, unless it is unlikely that such values are received in full, in which case the value thereof will be determined by deducting such amount the Directors of the Management Company consider appropriate to reflect the true value thereof. Securities listed on a stock exchange or traded on any other regulated market will be Valued at the last available price on such stock exchange or market. If a security is listed on several stock exchanges or markets, the last available price on the stock exchange or market, which constitutes the main market for such securities, will be determining. Securities not listed on any stock exchange or traded on any regulated market will be valued at their last available market price. Securities for which no price quotation is available or for which the price referred to in (b) and/or (c) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. Contracts for differences are valued at market value based on the last available price of the underlying security. Investments in investment funds of an open ended type are taken at their latest net asset values reported by the administrator of the relevant investment fund. Financial futures contracts (on securities, interest rates and indices) are valued at the exchange quoted settlement price. While the contracts are open, unrealised gains and losses are recorded on "mark-to market" basis at the valuation date. When a contract is closed, the Fund records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the price at which the contract was originally written. Options contracts (on securities, currencies, interest rates and indices) are valued on the basis of the last available trade price. Forward foreign exchange contracts are valued by reference to the forward rate prevailing at the valuation date. Contracts for which no price quotation is available or for which the price referred to in (g) and/ or (h) and/or (i) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. Fair Value Certain market prices obtained from different sources may not be representative of the fair value of some investments. As a result, the Board of Directors of the Management Company of the fund has implemented fair value techniques in order to estimate the fair value of these investments as of 31 December Such investments are present in the following sub-funds and with the following value: Sub Funds Securitv Descripfi on Currency Market Value /o of Net Assets C WorldWide Asia Sound Global USD 1,151, The fair value techniques implemented consist in investments being valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. Because of the inherent uncertainty in the fair value process, these estimated values may significantly differ from the values that would have been used had a readily market for the securities existed, and from the values that may be uhimately recovered. 2.2 Realised gains and losses on investments Realised gains and losses on sales of investments have been determined on the average cost basis and include transaction costs. 61

62 C WORLDWIDE (formerly CARNEGIE FUND) NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.3 Foreign currency translation The combined financial statements of the Fund are maintained in USD. The combined financial statements are the sum of the Sub- Funds financial statements equivalent in USD uranslated, where applicable, at the rate of exchange ruling at 31 December The market value of the investments and other assets and liabilities expressed in currencies other than the base currency of each Sub-Fund have been converted at the rates of exchange than the base currency of each Sub Fund is converted at the rates of exchange prevailing at each Net Asset Value calculation date. The realised and unrealised gains and losses on foreign exchange operaiions are recognized in the Statement of Operations and Changes in Net Assets. Income and expenses expressed in currencies other than the reference currency are converted at exchange rates transaction date. 2.4 Dividend and interest income Dividends are shown net of withholding tax deducted at source, and are recorded as income on the ex-dividend date. Interest income is accrued on a daily basis. 2.5 Additional information - Year end valuation The annual report is prepared on the basis of a NAV recomputed for reporting purposes only using closing prices as at 31 December Cross investments The cross inves11nents were not eliminated from the combined figures. At 31 December 2016, the total of cross investments amounts to USD 2,525, and therefore total combined NAV at yearend without the cross investments would amount to USD 3,445,408, EXCHANGE RATES AT 31 DECEMBER BRL = USD 1 IDR = USD 1 SGD = USD 1 CHF = USD 1 INR = USD 1 THE = USD 1 DKK = USD 1 JPY = USD 1 TRY = USD 1 SEK = O USD 1 KRW = ?) USD 1 TWD = USD 1 EUR = USD 1 IVEXN = USD 1 ZAR = USD 1 GBP = USD 1 NOK = USD 1 HKD = USD 1 PHP = USD 4 TAXATION The Fund is registered under the Luxembourg law as a mutual investment fund ( Fonds Commun de Placement ). Accordingly, no Luxembourg income or capital gains tax is, at present, payable. It is subject, however, to an annual taxe d'abonnement calculated as a percentage of the net asset value of the Fund at the end of each quarter, excluding invesunents in other Luxembourg funds already subject to that tax. This tax is payable quarterly. Presently, the annual rate payable is 0.05%, for unit Class 1 and 0.01% for unit Classes 2, 3, 4, 5, 6 and 7. 62

63 C WORLDWIDE (formerly CARNEGIE FUND) NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER FORWARD FOREIGN EXCHANGE CONTRACTS As at 31 December 2015 CARNEGIE INVESTMENT FUND Short Term Fund had entered into the following forward foreign exchange contracts with counter-party Banque Carnegie Luxembourg S.A.: Purchase Sale Maturity Unrealised Results (SEK) SEK 1,177, NOK 1,119, jan MANAGEMENT FEE The Management Company is entitled to be paid a fee based on the net assets of each Sub Fund as determined on each Valuation date. The fee is accrued daily and payable monthly. The management fee rate applicable to each Sub Fund, in % of the total net assets per year, is as follows: C worldwide Biotechnology 1.10% C worldwide Emerging Markets Class 1A 1.90% C Worldwide Emerging Markets Class 2A 0.60% C worldwide Stable Equities - Class 1A 1.60% C worldwide Stable Equities Class 2A 0.50% C worldwide Medical Class 1A 1.70% C worldwide Medical Class 2A 0.70% C worldwide Nordic - Class 1A 1.60% C Worldwide Nordic Class 2A 0.40% C worldwide Nordic Class 5B 1.60% Carnegie Fund - Svensk Kort Ranta Sub-Fund Class 1A 0.50% (Ljqujdated 2912,2016) Carnegie Fund Svensk Kort Ranta Sub Fund - Class 5A 0.25% (Liqujdated ) Carnegie Fund Svensk Kort Riinta Sub Fund - Class 5B 0.50% (] _1du1duu=_d ) C worldwide Sweden Class 1A 1.60 /o C worldwide Sweden Small Cap - Class 1A 1.60% C worldwide Sweden Small Cap - Class SB 1.60% C worldwide Global Equities - Class 1A 1.60% C worldwide Global Equities - Class 2A 0.50% C worldwide Global Equities Class 3A 0.20% C worldwide Global Equities Class 4A 0.20% C Worldwide Global Equities Class 5A 1.60% C worldwide Global Equities Class 5B 1.60% C worldwide Global Equities Class 6A 1.60% C worldwide Asia - Class 1A 1.90% C worldwide Asia Class 2A 0.50% C worldwide Asia - Class 3A 0.40% C worldwide Asia Class 4A 0.30% C worldwide Asia - Class 7A 0.85% (Launched ) C worldwide Global Equities Ethical - Class 1A 1.60% C worldwide Global Equities Ethical - Class 2A 0.30% C worldwide Global Equities Ethical - Class 5B 1.60% C worldwide Global Equities Ethical - Class 6A 1.60% (Launched 23_11_2016) Due to their size, the depositary, administration, audit, legal and other expenses for the following Sub Funds: C worldwide Biotechnology, C worldwide Sweden, Svensk Kort Ranta Sub-Fund, C worldwide Emerging Markets and C worldwide Stable Equities, are borne by the Management Company.

64 c WORLDWIDE (formerly CARNEGIE FUND) NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER DEPOSITARY FEE The Depositary fees are not borne by the Management Company for the following sub-funds: C Worldwide Medical C Worldwide Nordic C Worldwide Sweden Small Cap C Worldwide Global Equities C Worldwide Asia C Worldwide Global Equities Ethical The Depositary will receive a depositary fee accrued monthly on the net assets of the Sub-Fund and payable monthly in arrears, not exceeding 0.05% of the net assets of the Sub-Fund. In addition, the Depositary is entitled to be reimbursed our of the net assets of the Sub-Fund for any fees charged to it in relation to sub-custodian services regarding the Sub-Fund and for its reasonable out-of pocket expenses. 8 TRANSACTION COSTS For the year ended 2016, the Fund incurred transarion costs which have been defined as the commission paid by the fund to the intermediary relating to purchases or sales of transferable securities, money market instruments, derivatives or other eligible assets as follows: C worldwide Biotechnology EUR 109, C Worldwide Emerging Markets USD 25, C Worldwide Stable Equities USD 166,231_95 C Worldwide Medical EUR 749,927_34 C worldwide Nordic USD 253,s14_77 Carnegie Fund - Svensk Kort Riinta Sub-Fund SEK C worldwide Sweden SEK 210, C Worldwide Sweden Small Cap SEK 1,835,952_()9 C Worldwide Global Equities USD 6,636, C worldwide Asia USD 9s2,9s5_65 C worldwide Global Equities Ethical EUR 1,o2g,o12_47 Transaction costs for bonds are included in the cost of invesunenrs. 9 PLEDGES The assets of the Fund are pledged in favour of the Custodian to guarantee the liabilities of the Fund. 10 PERFORMANCE FEE The Management Company is entitled to an annual performance fee, accrued monthly, from the Carnegie Fund - Biotechnology Sub Fund s assets which is due as of the end of each fiscal quarter. The Performance Fee of 20% is calculated after deduction of all expenses and the management fee (but not the performance fee) and adjusting for redemptions and subscriptions during the relevant performance period. In order for the Performance Fee to be applied, the return of the Sub fund has to be higher than a high watermark and a hurdle rate of 5 percent p.a. as defined in detail in the Fund's Prospectus. No performance fee has been accrued or paid during the year ended 31 December

65 c WORLDWIDE (formerly CARNEGIE FUND) NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER REMUNERATION POLICY OF THE MANAGEMENT COMPANY (UNAUDITED) The Board of Directors of the Management Company is responsible for the design and implementation of the Remuneration Policy and reviewed it on a regular basis as part of its supervisory function. In reviewing the Remuneration Policy, the Board of Directors of the Management Company considered whether the remuneration framework operated as intended and that the risk profile, long-term objectives and goals of the Company were adequately reflected. A copy of the Remuneration Policy is available, free of charge, at the registered office of the Management Company. During the period under review no remuneration has been paid to the directors of the Company and the Company had no employees. 12 SUBSEQUENT EVENTS JP Morgan Luxembourg S.A. has been appointed as the Custodian since 6th February The Sub-Funds have be renamed on 31 March 2017 as follows: Carnegie Fund - Worldwide Sub fund became Carnegie Fund Nordic Markets Sub Fund became Carnegie Fund Worldwide Emerging Markets Equines Sub Fund became Carnegie Fund - Medical Sub Fund became Carnegie Fund Worldwide Stable Equities Sub Fund became Carnegie Fund - Worldwide Ethical Sub Fund became Carnegie Fund W/orldwide Asia Sub Fu.nd became Carnegie Fund Biotechnology Sub Fund became Carnegie Fund - Swedish Large Cap Sub Fund became Carnegie Fund Swedish Small Cap Sub Fund became C WorldWide Global Equities C \WorldWide Nordic C WorldWide Emerging Markets C WorldWide Medical C WorldWide Stable Equities C WorldWide Global Equities Ethical C WorldWide Asia C W/orldWide Biotechnology C WorldWide Sweden C WorldWide Sweden Small Cap