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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 InvestorInformation Document "KIID" accompanied by the latest annual report and the latest semi-annual report

C WORLD\X/IDE (formerly CARNEGIE FUND)

TABLE OF CONTENTS

GENERAL INFORMATION

Management and AdministrationBoard of Directors of the Management Company

INVESTMENT M.ANAGER'S REPORTS

AUDIT REPORT

FINANCIAL STATEMENTS

Statement of Net AssetsNet Asset Value per UnitStatement of Operations and Changes in Net AssetsDividend Paid to UnitholdersStatement of Changes in Number of Units OutstandingFinancial 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

21 -2321-2324-2624-2627-2930-32

33-3435-3839-4142-4445-4647-4849-5051-5354-5657-59

60-65


MANAGEMENT AND ADMINISTRATION

MANAGEMENT COMPANY INVESTIVIENT MANAGERSC 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, DenmarkR.C.S. Luxembourg B 53 022

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 ManagementL-1229 Luxembomg Fondsmaeglerselskab A/S, Denmark

Sweden BranchBlasieholmsgatan 5S-103 94 Stockholm, Sweden

CENTRAL ADMINISTRATION AGENT AUDITORCarnegie Fund Services S.A. PricewaterhouseCoopers, Société cooperativeLe Dame (A) * 2, Rue Gerhard Mercator

15, rue Bender L-2182 Luxembourg

L—1229 Luxembourg

PRINCIPAL DISTRIBUTION AND LEGAL ADVISORPAYING AGENT Arendt & Medernach

Carnegie Asset Management Fondsmaeglerselskab A/ S 41A, avenue ].F. KennedyDampfaergevej 26 L-2082 LuxembourgDK- 2100 Copenhagen

RESEARCH ADVISORC WorldWide Medical and C WorldWide Biotechnology

Insamlingsstiftelsen for Framjande ochUtveckling av Meclicinsk Forskning vidKarolinska Insntuttet

S—17177 Stockholm

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

CHAIRMAN :

RolfDOLANGDirectorC WorldWide Fund Management S.A. (1)

DIRECTORS :

Steinat LUNDSTROM Bruno VANDERSCHELDEN

Director DirectorC Worldwide Fund Management S.A. (1) C WorldWide Fund Management S.A. (1)

Mattias KOLl\/IDirectorC 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

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 NasdaqBiotechnology Index, declined by 19.34%.

Positive contributions came from three companies being acquired (Medivation, Cepheid andRelypsa. The three positions were sold during the year) and from holdings in Aerie (reportedpositive 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 Voretigenesdurable effect on visual improvements in inherited eye diseases and positive early data on genetherapy for hemophilia B). Negative contributions came from Cempra (failed to win approval fornovel antibiotic due to manufacturing issues and safety concerns), Dynavax (failed to win approvalof novel hepatitis B vaccine) and Vertex (slower than expected adoption caused cystic fibrosis drugOrkambi to fall short of expectations).

Biotechnology and pharmaceutical companies suffered from politicians calling for tough action ondrug prices in addition to raised concern about development of new treatments. We think the worstmay have passed, the sector remains well funded and is likely to be the beneficiary of a wave ofM&A as a result of the anticipated repatriation. In addition, several late stage read outs are expectedduring the year.

During the year, the net asset value per unit decreased from EUR 33.14 to EUR 27.13 representinga decrease of 18.14%. The total net assets decreased during the year from EUR 32.98 million toEUR 10.62 million. Net redemptions of units were EUR 15.67 million.

INVESTMENT STRATEGY

C V/orldWide Biotechnology mainly focuses on investments in equities of companies in thebiotechnology/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 results4



C WORLDWIDE EMERGING MARKETS (formerly WORLDWIDE EMERGING

MARIGETS EQUITIES Sub-Fund)

PERFORMANCE

C WorldWide Emerging Markets (Class 1A) returned 2.43 °/o in 2016. The benchmark of the fund,the MSCI Emerging Markets Index returned 11.19 °/o. In total, this represents anunderperformance of 8.76 percentage points.

2016 was a year dominated by politics and mean reversion in the commodity complex. Politicalevents such as the impeachment of President Dilma Rousseff in Brazil, political tension andterrorist events in Turkey, Prime l\/Iinister Modi's demonetization decision in India, and President-elect Trump's election win in the US. had significant implications for the sub—fund's relativeperformance.

Because of the strong performance of commodities and a more constructive approach to structuralreforms 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'sunderweight in these countries and in the commodity sector, We substantially underperformed thebenchmark. Nevertheless, along with the strong performance of the Brazilian market, ourinvestment in Itau Unibanco - the best—in-class private sector bank in Brazil — was among the largestpositive contributors to the sub-fund's performance.

As a result of the terrorist events and geopolitical uncertainty in Turkey, among the largest negativecontributors 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 potentialelimination 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 thefact 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 25.14 to USD 25.75, representingan increase of 2.43%. The total net assets increased during the year from USD 7.99 million toUSD 8.09 million.

Class 2A Units:

During the year, the net asset value per unit increased from USD 32.08 to USD 33.28, representingan 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 toUSD 8.99 million. Net redemptions of units were USD 0.08 million.




INVESTMENT STRATEGY

C WorldWide Emerging Markets aims to achieve long-term capital growth from a portfolio ofcompanies, which primarily either are incorporated- or have their principal acfivities in emergingmarkets. Emerging markets are countries that are transforming from developing economies intoindustrialized economies. Hong Kong and Singapore both figure in this group. You will typicallyfind emerging markets countries in Asia, Latin America, Africa and Eastern Europe.




C WORLDWIDE STABLE EQUITIES (formerly WORLDWIDE STABLE EQUITIESSub-Fund)

PERFORMANCEC WorldWide Stable Equities had a return of -0.66 % (Class 1A) while benchmark (MSCI ACMinimum 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 uncertaintiesrelating to the global economy and the Chinese currency, which put the global stock market underpressure. A continuing expansive monetary policy in Europe and Japan combined with astabilisation of the Chinese currency made the market rebound in the spring. In June, the UKsurprised by voting to leave the European Union, but that only had a short—term impact on thestock market. The year ended with the surprising election of Donald Trump as the president ofUSA and the Republican party with the majority in Congress.

Class 1A Units:

During the year, the net asset value per unit decreased from USD 25.68 to USD 25.51,representing a decrease of 0.66%. The total net assets increased during the year from USD 28.40million to USD 29.21 million.

Class 2A Units:

During the year, the net asset value per unit increased from USD 30.27 to USD 30.40, representingan increase of 0.43%. The total net assets increased during the year from USD 1.98 million to USD2.12 million.

Total net assets for all classes of units increased during the year from USD 30.39 to USD 31.33million. 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 portfolioof equities. It consists principally of equities is sued in eligible markets, although convertible bondsand 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 primarilyinvest in equites within the lower half of the global stock market with respect to volatility. There isno pre—determined geographical distribution as the Sub—Fund seeks to lower the risk and maximizereturn.




C WORLDWIDE MEDICAL (formerly MEDICAL Sub—Fund)

PERFORMANCE

C WorldWide Medical returned —1 4.13 % (Class 1A) compared to a benchmark return of -4.02 °/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 salesand earnings growth), Genmab (a strong product launch in multiple myeloma and strong clinicaldata in additional indications) and Clovis (its ovarian cancer product was approved by FDA in theUS ahead of schedule). Negative contribution came from Cempra (which irnploded after the FDAwanted more clinical studies on novel antibiotic Solithromycin on serious concerns about die liversafety of the drug) and Valeant (which suffered from allegations of price rigging and productchannel stuffing).

The Healthcare sector has been very volatile since 2015 and some sub—sectors have declinedsubstantially. Fundamentals have not changed but political rhetoric has sparked investor fear,particularly among generalists after four years of sector outperformance. We think the downturnhas 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 sectorwide product cycle in multiple sclerosis, cancer, gene therapy, gene sequencing etc; and atechnology revolution coupled with demand from aging populations and emerging markets. Webelieve 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 105.13 to EUR 90.28,representing a decrease of 14.13%. The total net assets decreased during the year from EUR 584.05million to EUR 484.48 million.

Class 2A Units:During the year, the net asset value per unit decreased from EUR 121.57 to EUR 105.38,representing a decrease of 13.32°/o. The total net assets increased during the year from EUR 64.88million to EUR 69.32 million.

Total net assets for all classes of units decreased during the year from EUR 648.94 million toEUR 553.81 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 inequities of companies operating in the pharmaceutical, biotechnology and medical technologysectors.




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 thefund, 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 overweightposition in Healthcare and an underweight in IT. The good performance in Healthcare was led byanother good year for Genmab, where the portfolio has been overweighted the whole year and thegood performance from IT stems from an underweight in Ericsson and Nokia during the year. Onthe positive side it is also worth mentioning that some of the cyclical names did very well meaningthat the overweight in companies like Atlas Copco, Norsk Hydro, Volvo and Kone all attributedwell to the overall performance.

The worst attribution to performance on a company specific basis came from Orkla. The increasingoil prices during 2016 made the oil sector one of the best performing sectors of the year, which ofcourse meant that Statoil had a good run. Other Norwegian stocks like DnB and Orkla also had agood year due to Norway’s huge dependence of oil, and as the portfolio have been underweight inNorway 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 pickingup 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 141.12 to USD 138.80,representing a decrease of 1.64%. The total net assets dereased during the year from USD 69.25million to USD 65.79 million.

Class 2A Units:

During the year, the net asset value per unit decreased from USD 170.08 to USD 169.29,representing a decrease of 0.46%. The total net assets decreased during the year from USD 5.07million to USD 5.01 million.

Class 5B Units:

During the year, the net asset value per unit decreased from USD 104.02 to USD 99.64 and theUnitholders received a dividend of USD 2.77 per unit. The total decrease of the unit class was thus1.55%. 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 75.40 million toUSD 72.88 million. Net redemptions of units were USD 1.31 million.

INVESTMENT STRATEGYC WorldWide Nordic aims to achieve long—term capital growth from a diversified portfolio ofinvestments. 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 results9



SVENSK KORT RANTA Sub-Fund - LIQUIDATED 29 DECEMBER 2016

PERFORMANCE

The Svensk Kort Ranta Sub-Fund returned 0,12% (Class 1A) in 2016. The Swedish OMRX T-billmarket returned -0.64% in the same period. The positive relative performance was primarilygenerated by the carry earned on the credit exposure of the portfolio and tighter credit spreadsduring 2016. With a low duration, the Sub-Fund has in line with the overall low risk strategy of thefund held a very low interest rate exposure during 2016. Accordingly, the fund has not had anymajor capital gains from the declining yields in 2016. The fund was liquidated on 29 December2016.

Class 1A Units:

During the year, the net asset value per unit increased from SEK 136.98 to SEK 137.15representing an increase of 0.12%. The total net assets decreased during the year from SEK 306.89million to SEK 89.49 million.

Class 5A Units:

During the year, the net asset value per unit increased from SEK 138.07 to SEK 138.60,representing an increase of 0.38%. The total net assets increased during the year from SEK 72.35million to SEK 72.62 million.

Class 5B Units:

During the year, the net asset value per unit decreased from SEK 125.05 to SEK 124.60 and theUnitholders received a dividend of SEK 0.61 per unit. The total increase of the unit class was thus0.13%. Total net assets decreased during the year from SEK 101.14 million to SEK 19.21 million.

Total net assets for all classes of units decreased during the year from SEK 480.38 million toSEK 181.32 million. Net redemptions of units were SEK 480.60 million.

The information in this report represents historical data and is not an indication of future results1 0



C WORLDWIDE SWEDEN (formerly SWEDISH LARGE CAP Sub-Fund)

PERFORMANCE

C WorldWide Sweden increased by 11,20% in 2016. This was 2,03%-point better than the Swedishstock market defined as the OMX Stockholm Benchmark Cap (dividend-adjusted) index thatincreased 9,17%.

The three most positive contributors to the fund performance in 2016 were Meda, Catena Mediaand Volvo. The medtech company Meda was acquired with a premium by US listed companyMylan. The online gaming affiliate Catena Media delivered superior profitable growth in par with anaggressive acquisition strategy, which was highly appreciated by the stock market. The truckproducer Volvo gained momentum due to a market belief that cost rationalisations will actuallyhave a positive impact on earnings going forward. Volvo was also one of the main beneficiary inthe last quarter due to a general cyclical outperformance. Three of the most negative contributorsto the fund performance were found within the gaming sector. Namely; Evolution Gaming, LeoVegas and Betsson.

Class 1A Units:

During the year, the net asset value per unit increased from SEK 194.76 to SEK 216.57, andrepresenting an increase of 11.20%. Total Net Assets increased during the year from SEK 123.11million to SEK 175.44 million. Net subscriptions of units were SEK 40.42 million.

INVESTMENT STRATEGY

C WorldWide Sweden aims to achieve long—term capital growth through a dynamic and analyticalstrategy. The Sub—Fund will focus on investing in shares, subscription rights and depository receiptslisted in Sweden. The Sub—Fund may invest up to 10% of its net assets in shares, subscription rightsand depository receipts listed in Denmark, Finland or Norway. The Sub—Fund shall invest at least50% of its net assets in mid cap and large cap companies ofwhich the market cap of the companyat 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 results1 1



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 2016. This was 1°/o-point lowerthan the Swedish small cap stock market defined as the Carnegie Swedish Net Return (dividend-adjusted) index which increased 11,4°/o.

The three most positive contributors to the fund performance in 2016 were Munkjo, Meda andAlirnak. The niched special—paper producer Munksjé achieved to increase EBIT margins towardstheir stated goal of 12%. On top of that Munksjo announced an appreciated merger with FinnishAlstrom. 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 oncustomers demand within the oil and gas sector as well as in China. Best performance from Alirnakwas however in the 4th quarter, when two larger acquisitions were announced. Three of the mostnegative 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 290.68 to SEK 320.97,represeniing an increase of 10.42%. Total net assets decreased during the year from SEK 2.19billion to SEK 1.84 billion.

Class 5B Units:

During the year, the net asset value per unit increased from SEK 287.80 to SEK 309.83 and theUnitholders received a dividend of SEK 7.09 per unit. The total increase of the unit class was thus10.12%. Total net assets increased during the year from SEK 10.80 million to SEK 11.61 million.

Total net assets for all classes of units decreased during the year from SEK 2.20 billion to SEK 1.85billion. Net redemptions of units were SEK 449.33 million.

INVESTMENT STRATEGYC WorldWide Sweden Small Cap aims to achieve long—term capital growth through a dynamic andanalytical strategy. The Sub—Fund will focus on investing in shares, subscription rights anddepository 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 willbe made in small and mid cap companies of which the market cap of the company at the time ofthe investment does not exceed 1% of the total Swedish regulated markets.




C WORLDWIDE GLOBAL EQUITIES (formerly WORLDWIDE Sub-Fund)

PERFORMANCE

The global stock market performed better than what we had expected during 2016 driven by bettergrowth prospects for the global economy. 2016 was a disappointment for the portfolio as the CWorldWide Global Equities (Class 1A) declined 6.63%. This was 14.49 percentage points below thebenchmark 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) Theimproved global growth and the resulting rising interest rates led to a rotation in the stock marketaway from growth oriented stocks and towards more value oriented stocks. The rotation resulted insignificant stock returns for materials- and energy stocks — a segment of the market where the sub-fund has very limited exposure. 2) Furthermore, a few of our stocks disappointed during the yearincluding our positions in the healthcare sector. Novo Nordisk, Gilead, CVS and McKesson all fell

significantly in 2016. On the positive side, Keyence, Reynolds and First Republic Bank allperformed well with stock prices increasing more than 20% in 2016.

We are confident that 2017 will be a better year, although the growth-to—value rotation maycontinue a while longer as a result of US fiscal policy moves. During 2016 we reduced the portfolioweight in the stable growth part of the portfolio. We added a couple of new positions during theyear including Amazon, Sun Hung Kai Properties, TSMC, Shell, CRH and Siemens.

Class 1A UnitsDuring the year, the net asset value per unit decreased from USD 106.46 to USD 99.40,representing a decrease of 6.63%. The total net assets decreased during the year from USD 1.23billion to USD 865 million.

Class 2A Units:During the year, the net asset value per unit decreased from USD 126.07 to USD 119.01,represeniing a decrease of 5.60%. The total net assets decreased during the year from USD 144.20million to USD 128.04 million.

Class 3A Units:During the year, the net asset value per unit decreased from USD 131.60 to USD 124.61representing a decrease of 5.31°/o. The total net assets decreased during the year from USD 109.92million to USD 100.46 million.

Class 4A Units:

During the year, the net asset value per unit increased from USD 111.67 to USD 105.73,representing a decrease of 5.32%. The total net assets decreased during the year from USD 170.22million to USD 158.63 million.

Class 5A Units:

During the year, the net asset value per unit decreased from USD 106.64 to USD 99.57,representing a decrease of 6.63%. The total net assets decreased during the year from USD 485.27million to USD 462.33 million.




Class 5B Units:During the year, the net asset value per unit decreased from USD 54.88 to USD 48.59 and theUnitholders received a dividend of USD 2.74 per unit. The total decrease of the unit class was thus6.47%. 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 106.48 to USD 99.42,representing a decrease of 6.63%. The total net assets increased during the year from USD 42.43million to USD 68.98 million.

Total net assets for all classes of units decreased during the year from USD 2.19 billion toUSD 1.79 billion. Net redemp1ions of units were USD 255.47 million.

INVESTMENT STRATEGY

C \X/orld\Y/ide Global Equities aims to achieve long—term capital growth from a diversified portfolioof investments. It consists principally of equities issued in eligible markets, although convertiblebonds 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 byexploiting investment opportunities wherever they arise.




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 returnwas 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 2016. Supply sidereforms in China and expectations of increased infrastructure investments have made commodityprices 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 themarket.

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 Indiaand maintain the weighting.

On the positive side, our investment in select component suppliers to the smartphone producershas continued to perform very well. Especially camera producers like Sunny Optical and Largancontinue to do good.

Class 1A Units:During the year, the net asset value per unit increased from USD 122.22 to USD 126.41,

representing an increase of 3.43 %. The total net assets decreased during the year from USD 331.47million to USD 281.17 million.

Class 2A Units:

During the year, the net asset value per unit increased from USD 126.13 to USD 132.29representing an increase of 4.88%. The total net assets decreased during the year from USD 2.80million to USD 2.56 million.

Class 3A Units:During the year, the net asset value per unit increased from USD 123.32 to USD 129.47representing an increase of 4.99%. The total net assets increased during the year from USD 5.68million to USD 5.93 million.

Class 4A Units:

During the year, the net asset value per unit increased from USD 125.26 to USD 131.64,representing an increase of 5.09%. The total net assets increased during flrie year from USD 78.23million to 82.01 million.




Class 7A Units:Units were issued for the first time on 21 December 2016. During the year, the net asset Value perunit increased from USD 104.42 to USD 105.41, representing a increase of 0.95%. Total net assetsat the end of the year were USD 4.22 million.

Total net assets for all classes of units decreased during the’ year from USD 418.18 million toUSD 375.89 million. Net redemptions of units were USD 41.14 million.INVESTMENT STRATEGY

C WorldWide Asia aims to achieve long-term capital growth by investing in equities in companiesthat are incorporated or have their principal activities in the Asian region excluding Japan. The Sub-Fund will typically invest in 35-70 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 ofeach investment.


C \X/ORLDW/IDE (formerly CARNEGIE FUND)


C WORLDWIDE GLOBAL EQUITIES ETHICAL (formerly WORLDWIDE ETHICALSub-Fund)

PERFORMANCE

The global stock market performed better than what we had expected during 2016 driven by bettergrowth prospects for the global economy. 2016 was a disappointment for the portfolio as the C

WorldWide Global Equities Ethical (Class 1A) declined 6.05%. This was 17.14 percentage pointsbelow the benchmark MSCI ACWorld which gained 11.09% during the year.

The sub-funds negative relative returns in 2016 can be attributed to two main factors. 1) Theimproved global growth and the resulting rising interest rates led to a rotation in the stock marketaway from growth oriented stocks and towards more value oriented stocks. The rotation resulted insignificant stock returns for materials— and energy stocks — a segment of the market where the sub-fund has very limited exposure. 2) Furthermore, a few of our stocks disappointed during the yearincluding our positions in the healthcare sector. Novo Nordisk, Gilead, CVS and McKesson all fell

significantly in 2016. On the positive side, Keyence, First Republic Bank and Ciiigroup allperformed well with stock prices increasing more than 20% in 2016.

We are confident that 2017 will be a better year, although the growth—to-value rotation maycontinue a while longer as a result of US fiscal policy moves. During 2016 we reduced the portfolioweight in the stable growth part of the portfolio. We added a couple of new positions during theyear 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 MorrisIntl. and Reynolds American or in Royal Dutch Shell and Siemens, which are held in Worldviddesub—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 17.03 to EUR 16.00, representinga decrease of 6.05%. Total net assets decreased during the year from EUR 197.23 million toEUR 194.19 million.

Class 2A Units:During the year, the net asset value per unit decreased from EUR 20.37 to EUR 19.39, representinga decrease of 4.81%. The total net assets increased during the year from EUR 62.57 million to EUR1 17.45 million.

Class 5B Units:

During the year, the net asset value per unit decreased from EUR 12.76 to EUR 11.35 and the

Unitholders received a dividend of EUR 0.64 per unit. The total decrease of the unit class was thus6.03°/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 results1 7



Class 6A Units:Units were issued for the first time on 23 November 2016. During the year, the net asset value perunit increased from EUR 117.45 to EUR 118.27, representing a increase of 0.70%. Total net assetsat the end of the year were USD 17.74 million.

Total net assets for all classes of units increased during the year from EUR 263.12 million toEUR 333.48 million. Net subscriptions of units were EUR 83.57 million.

INVESTMENT STRATEGY

C WorldWide Global Equities Ethical aims to achieve long—term capital growth from a diversifiedportfolio of global equities. There is no pre-determined geographical distribution as the Sub-Fundseeks 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 ofweapons or technology and software which is specificallydesigned to facilitate the production ofweapons;

- production and distribution of any other goods and services which may be deemed bythe Investment Manager to be of an unethical nature.

The management company of the Fund decided to adopt the commitment approach to determinethe global market risk exposure. This methodology is applied to all the Sub-Funds.

Luxembourg, 02 February 2017


Audit report

To the Unitholders ofCWORLDWIDE (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 2016and the statement of operations and changes in net assets for the year then ended, and a summary ofsignificant 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 fairpresentation of these financial statements in accordance with Luxembourg legal and regulatoryrequirements relating to the preparation of the financial statements and for such internal control asthe Board of Directors of the Management Company determines is necessary to enable the preparationof 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. Weconducted our audit in accordance with International Standards on Auditing as adopted forLuxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin 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 thefinancial 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 fairpresentation of the financial statements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’sinternal control. An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of accounting estimates made by the Board of Directors of the ManagementCompany, 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: +352 494848 1, F: +352 494848 2900, www.pwc.Iu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°1oo28256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

_i..pwc

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

Opinion

In our opinion, the financial statements give a true and fair View of the financial position ofCWORLDWIDE and of each of its Sub-Funds as of 31 December 2016, and of the results of theiroperations and changes in their net assets for the year then ended in accordance with Luxembourglegal 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. Theother information comprises the information included in the annual report but does not include thefinancial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If, based on the work we have performed, we conclude that there is a material misstatementof this other information, we are required to report this fact. We have nothing to report in this regard.

PricewaterhouseCoopers, Société coopérative Luxembourg, 28 April 2017Represented by

Nathalie Dogniez

20

C W/ORLDWIDE (formerly CARNEGIE FUND)

STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2016

ASSETSInvestments at market value (Note 2.1)Cash at banksDividends receivable (Note 2.4)Receivable on subscriptionsReceivable from management CompanyTotal Assets

LIABILITIESPayable on investments purchasedBank ovetdraftsSubscription tax payable ("Taxe cl'abonnement") (Note 4)Payable on redemptionsUntealised loss on forward foreignexchange contracts (Note 2.1, 2.3 & 5)Other payablesTotal Liabilities

NET ASSETS AT THE END OF THE YEAR

Class 1A - Net assetsClass 1A - Net asset value per unitClass 2A - Net assets

COMBINED c WORLDWIDE c WORLDWIDE c WORLDWIDEBIOTECHNOLOGY EMERGING STABLE

MARKETS EQUITIES(U513) (EUR) (USD) (U313)

3,383,601,280.06 10,487,682.50 8,629,688.69 29,413,279.8264,527,926.67 23,334.61 379,225.10 1,897,752.352,581,488.93 0.00 14,473.34 51,381.672,963,533.66 156,146.21 367.88 3,663.83

1,308.57 0.00 0.00 0.003,453,675,537.89 10,667,163.32 9,023,755.01 31,366,o77.67

(2,152,133.70) 0.00 0.00 0.00(17,701.75) 0.00 0.00 0.00(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) 0.00 0.00 0.00(71,219.33) (161.25) (6,709.16) (3,139.60)

(5,740,484.17) (45,637.17) (30,236.37) (38,754.81)

3,447,935,053.72 10,621,526.15 8,993,518.64 31,327,322.86

NET ASSET VALUE PER UNIT AS AT 31 DECEMBER 2016

c WORLDWIDE c WORLDWIDE c WORLDWIDEBIOTECHNOLOGY EMERGING STABLE

MARKETS EQUI’I‘IES(EUR) (U§D) (USD)

10,621,526.15 8,086,491.38 29,208,o74.2927.13 25.75 25.51

— 907,027.26 2,119,248.57— 33.28 30.40Class 2A - Net asset value per unit

Class 3A — Net assetsClass 3A — Net asset value per unitClass 4A — Net assetsClass 4A — Net asset value per unitClass 5A — Net assetsClass 5A — Net asset value per unitClass 5B - Net assetsClass SB — Net asset value per unit

Class 6A — Net assetsClass 6A - Net asset value per unit

Class 7A — Net assets

Class 7A — Net asset value per unit

The accompanying notes form an integral part of this annual report21



SVENSK KORTRANTA

C WORLDWIDE C WORLDWIDE SUB-FUND C WORIDWIDEMEDICAL NORDIC (liquidated SWEDEN

29.12.2016)(EUR) (USD) (SEK) (SEK)

547,729,695.76 71,266,317.15 0.00 171,732,414.304,966,801.87 1,643,738.06 0.00 3,165,916.88124,234.51 0.00 0.00 0.001,449,214.46 2,178.97 0.00 760,330.80

0.00 0.00 11,848.54 0.00554,269,946.60 72,912,234.18 11,848.54 175,658,661.98

0.00 0.00 0.00 0.000.00 0.00 (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) 0.00 0.00 0.00(4,683.49) (17,298.09) 0.00 (13,261.12)

(464,341.10) (32,095.17) (11,848.54) (210,667.48)

553,805,605.50 72,880,139,01 0.00 175,447,994.50


SVENSK KORTRANTA

C WORLDWIDE C WORLDWIDE SUB—FUND C WORLDWIDEMEDICAL NORDIC (liquidated SWEDEN

29.12.2016)(EUR) (USD) (SEK) (SEK)

484,481,066.69 65,787,526.76 — 175,447,994.5090.28 138.80 - 216.57

69,324,538.81 5,008,182.57 — —105.38 169.29 — —

. 2,084,429.69 — —- 99.64 — —

The accompanying notes form an integral part of this annual report22.



c WORIDWIDE c WORLDWIDE C WORLDWIDESWEDEN SMALL GLOBAL C WORLDWIDE GLOBAL

AsIA EQUITIESCAP EQUITIES ETHICAL

(SE19 <UsD) <UsD> (EUR)1,784,180,550.05 1,761,961,925.50 357,544,791.28 331,529,472.9879,668,299.98 26,473,450.98 17,800,095.23 1,819,980.70

0.00 1,646,980.90 533,126.78 193,769.706,124,460.77 99,856.29 370,985.86 30,613.35

0.00 0.00 0.00 0.001,869,973,310.80 1,790,182,213.67 376,248,999.15 333,573,836.73

(19,486,692.45) 0.00 0.00 0.000.00 (1 6,393.18) 0.00 0.00

(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)

0.00 0.00 0.00 0.000,280.82) (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 1,787,871,969.50 375,890,938.56 333,484,533.40


c WORLDWIDE C WORLDWIDE C WORLDWIDE

SWEDEN SMALL GLOBAL C WORLDWIDE GLOBALASIA EQUITIES

CAP EQUITIES ETHICAL

(SEK) (U513) (USD) (EUR)1,837,409,2o8.02 865,377,630.92 281,173,612.23 194,190,789.33

320.97 99.40 126.41 16.00_ 128,044,955.40 2,563,217.98 117,449,815.09. 119.01 132.29 19.39- 100,457,019.65 5,928,438.08 —- 124.61 129.47 -- 158,628,575.33 82,009,371.98 —— 105.73 131.64 —- 462,332,112.27 ~ —. 99.57 — —

11,609,820.28 4,052,053.87 _ 4,104,011.25309.83 48.59 I 11.35

— 68,979,622.06 — 17,739,917.73— 99.42 - 118.27_ _ 4,216,298.29 —- - 105.41 -

23The accompanying notes form an integral part of this annual report

C W/ORLDWIDE (formerly CARNEGIE FUND)

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSFORTHE YEAR ENDED 31 DECEMBER 2016

INCOMEDividends, net (Note 2.4)Interest on bonds, net (Note 2.4)Other incomeTotal Income

EXPENSESManagement fee (Note 6)Depositary fee (Note 7)Bank and Interest ExpensesTaxe d’abonnement (Note 4)Audit feeProfessional expensesOther expensesTotal 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 investmentsVariation in unrealised apprecia1ion/ (depreciation) on forward foreignexchange contractsResult of operations fo: the yearSubscdptionsRedemptionsDividend PaidInc1:ease/ (decrease) in net assets

Net assets at the beginning of the year

NET ASSETS AT THE END OF THE YEAR

Notes:

COMBINED C WORLDWIDE C WORLDWIDE C WORLDWIDE(USD) BIOTECHNOLOGY EMERGING STABLE

MARKETS EQUITIES6) (EUR) (U5D) (U5D)

65,067,825.52 36,366.28 153,707.99 606,871.09686,827.41 0.00 0.00 0.0013,687.32 0.00 0.00 0.00

65,768,340.25 36,366.28 153,707.99 606,871.09

(50,973,122.61) (273,457.40) 056,891.48) 073,472.91)0,024,519.31) 0.00 0.00 0.00(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) 0.00 0.00 0.000 40,358.57) 0.00 (6,651.22) (3,112.48)(48,022.13) 0.00 0.00 0.00

(53,861,117.77) (286,734.54) 068,353.50) (496,028.42)

11,907,222.47 (250,368.26) 04,645.51) 110,842.6771 ,931,553.71 405,009.89 (2,440,414.02) 0,284,359.99)0,721,711.47) 927,258.80 030,656.42) 043,200.39)76,117,064.72 1,081,900.43 (2,585,715.95) 0,316,717.71)

(322,983,471.24) 0,778,341.39) 2,746,399.53 1,048,171.11

(55.21) 0.00 0.00 0.00(246,866,461.73) (6,696,440.96) 160,683.58 (268,546.60)650,495,895.41 13,283,334.80 1,129,645.87 3,901,709.09(979,195,357.74) (28,948,540.32) 0,204,842.57) (2,691,919.57)0,016,410.57) 0.00 0.00 0.00

(576,582,334.62) (22,361,646.48) 85,486.88 941,242.92

4,024,517,388.35 32,983,172.63 8,908,031.76 3o,386,079.94

3,447,935,053.72 10,621 ,526.15 8,993,518.64 31,327,322.86

(1) Combined net assets at the beginning of the year were translated at the exchange rate ruling as at 31 December 2016. The same net assets when translated at

1 EUR = USD 1.0883, and 1 SEK = USD 0.11872839 (the exchange rates ruling as at 31 December 2015) reflect a figure of USD 4-,079,113,018.81

DIVIDEND PAID TO UNITHOLDERSFORTHE YEAR ENDED 31 DECEMBER 2016

Class 5B — Dividend per UnitClass 5B - Ex date

c WORLDWIDE c WORLDWIDE c WORLDWIDEBIOTECHNOLOGY EMERGING STABLE

MARKETS EQUITIES(EUR) (USD) (USD)




SVENSK KORTRANTA

C WORLDWIDE C WORLDWIDE suB.1=UND C WORLDWIDEMEDICAL NORDIC (liquidated SWEDEN

29.12.2016)(EUR) (U513) (55K) (SEK)

5,590,045.52 2,587,013.16 0.00 6,517,337.210.00 0.00 6,218,941.91 0.000.00 0.00 11,848.54 0.00

5,590,045.52 2,587,013.16 6,230,790.45 6,517,337.21

(8,238,201.40) 0,109,715.12) (1,921,949.07) (1,889,030.19)07,715.07) (18,762.93) 0.00 0.0002,014.83) (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) 0.00 0.0004,351.77) 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) 1,389,470.87 3,877,721.21 4,503,383.6722,109,402.25 7,161,163.86 (8,454,813.42) 6,338,375.0011,990,041.13 0,789,258.03) 0.00 124.4031,082,667.34 5,761,376.70 (4,577,092.21) 1o,841,883.07

(121,171,782.96) (6,945,261.93) 5,339,503.42 1,075,633.73

(52.33) 0.00 0.00 0.00(90,089,167.95) 0,183,885.23) 762,411.21 11,917,516.8040,270,094.90 7,626,246.44 114,611,366.54 89,343,084.10(45,312,639.41) (8,937,827.65) (595,210,607.67) (48,923,083.07)

0.00 07,876.21) (542,205.72) 0.00(95,131,712.46) 0,523,342.65) (480,379,035.64) 52,337,517.83

648,937,317.96 75,403,481.66 480,379,035.64 123,110,476.67

553,805,605.50 72,880,139.01 0.00 175,447,994.50

DIVIDEND PAID TO UNITHOLDERSFORTHE YEARENDED 31 DECEMBER 2016

The accompanying notes form a

SVENSK KORTRANTA

C WORLDWIDE C WORLDWIDE SUB-FUND C WORLDWIDEMEDICAL NORDIC (liquidated 29.12.2016) SWEDEN

(EUR) (USD) (SEK) (SEK)- 2.77 0.61 -— 03/06/16 03/06/16 —

n integral part of this annual report25



. c WORLDWIDE8s;8;N ASIA EQUI'I'IESCA1» EQUITIES ETHICAL

(SEK) (U513) (U313) (EUR)

34,869,230.57 39,993,497.66 5,895,808.74 5,045,699.540.00 0.00 0.00 0.000.00 0.00 12,378.75 0.00

34,869,230.57 39,993,497.66 5,908,187.49 5,045,699.54

(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)

5,613,151.10 10,925,899.96 (39,062.30) 1,361,329.0846,375,448.11 63,201,491.66 (14,S06,035.62) (8,381,448.74)

332.08 (23,239,911.79) (3,176,250.59) 7,703,982.7351,988,931.29 50,887,479.83 (17,721,348.51) 683,863.07

48,145,901.37 (192,385,375.17) 16,565,300.48 (13,252,976.61)

0.00 0.00 0.00 0.00100,134,832.66 (141,497,895.34) (1,156,048.03) (12,569,113.54)703,136,713.57 159,692,757.95 197,266,739.84 117,708,592.42

(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) 70,367,912.42

2,198,473,318.94 2,185,075,407.58 418,183,593.55 263,116,620.98

1,849,o19,028.30 1,787,871,969.50 375,890,938.56 333,484,533.4o

DIVIDEND PAID TO UNITHOLDERSFORTHE YEAR ENDED 31 DECEMBER 2016

c WORLDWIDEScwzggfggi CWSEXDE c WORLDWIDE GLOBAL

ASIA EQUITIESCAP EQUITIES ETHICAL

(SEK) (USD) (U513) (EUR)7.09 2.74 . 0.64

03/06/16 03/06/16 — 03/06/16



STATEMENT OF CHANGES IN NUMBER OF UNITS OUTSTANDINGFORTHE YEAR ENDED 31 DECEMBER 2016

Class 1A

Units outstanding at 1 January 2016Units issuedUnits redeemedUnits outstanding at 31 December 2016

Class 2A


Class 3A


Class 4A


Class 5A

Units outstanding at 1 January 2016

Units issuedUnits redeemedUnits outstanding at 31 December 2016

Class 5B


Class 6AUnits outstanding at 1 January 2016Units issuedUnits redeemedUnits outstanding at 31 December 2016

Class 7AUnits outstanding at 1 January 2016Units issuedUnits redeemedUnits outstanding at 31 December 2016

C \WORLD\X7IDE C WORLDWIDE CWORLDWIDE C WORLDWIDE

BIOTECHNOLOGY EMERGING STABLE MEDICALMARKETS EQUITIES

991332.602? 317,899.6926 1,106,202.8830 5,555,41 1.3611504,04-6.7215 41,’/15.7466 135,768.2682 276,149.7571

(1,107,885.5413) (45,562.6916) (96,941.8833) (465,390.3601)391,493.7829 314,052.7476 1,145,029.2679 5,366,170.7581

- 28,534.2111 65,485.41-728 533,710.5647— 0.0000 10,169.4677 150,896.7785- (12.83.6210) (5,942.6016) (26,731.9987)- 27,250.5901 69,712.3389 657,875.344-5

27The accompanying notes form an integral part of this annual report


STATEMENT OF CHANGES IN NUMBER OF UNITS OUTSTANDINGFORTHE YEAR ENDED 31 DECEMBER 2016

SVENSK KORTRAMA CWORLDWIDE

c WORLDWIDE SUB-FUND c WORLDWIDE SWEDEN SMALL

NORDIC (liquidated SWEDEN CA1’29.12.2010)

490,es3.95o3 2,240,484.6274 632,126.0516 7,526,069.922845,987.2767 761,020.1088 429,775.5715 2,422,215.9359(62,686.8397) (3,001,504.7362) (2s1,7s2.30s5) (4,223,717.5632)473,9s4.3s73 0.0000 810,139.3146 5,724,568.2955

29,s04.9253 — — —700.1347 — — —(921.9279) . - —

29,5s3.1321 . . -

. 523,96] .2404 . —— 0.0000 — —- (523,961.2404) — —— 0.0000 — -

10,4es.9743 s0s,793.2040 - 37,522.499011,s94.1149 s0,s19.7544 ~ 958.8317(1,443.9609) (ss9,m2.95s4) . (1,0o9.4907)20,919.12s3 0.0000 . 37,471.s400

The accompanying notes form an integral part of this annual report2.8

C W/ORLDVVIDE (formerly CARNEGIE FUND)

STATEMENT OF CHANGES IN NUMBER OF UNITS OUTSTANDINGFOR THE YEAR ENDED 31 DECEMBER 2016

C WORLDWIDEc WORLDWIDE

GLOBAL c WORLDWIDE GLOBALASIA EQUITIES

EQUITIES ETHICAL

11,536,434.3669 2,711,962.6887 11,57s,s9s.5412748,638.6282 1,S11,495.6949 1,973,532.s713

(3,579,186.5713) (1,999,1ss.330s) (1,419,030.6662)8,705,886.4238 2,224,270.052s 12,133,400.7463

1,143,867.8106 22,229.15s4 3,072,123.0710274,s3s.3145 122.3112 3,237,711.9902(342,7s5.9527) (2,975.5270) (251,337.9195)1,075,920.1724 19,375.9396 6,05s,497.1417

835,228.1833 46,026.0837 _430.9065 0.0000 _

(29,471.0920) (236.0468) —806,187.9972 45,790.0369 .

1,524,373.0a19 624,575.7498 —0.0000 0.0000 —

(24,102.6810) (1,s71.7177) -1,5o0,270.4009 e23,004.0321 _

4,550,449.4974 . .217,336.4407 — —(124,673.7100) — —4,643,112.2281 . _

s9,54s.1723 . 260,076.0636V 4,021.6090 — 736,704.0412(10,183.9429) — (635,068.5016)s3,3s5.s3s4 — 361,711.6032

398,512.4726 . 0.0000295,278.7465 . 150,000.0000

0.0000 . 0.0000693,791,219] — 150,000.o000

. 0.0000 —— 40,000.0000 —. 0,0000 —. 40,000.0000 .



31 December 2016

Total net assets — Class 1ATotal net assets - Class 2A

Total net assets - Class 3ATotal net assets — Class 4A

Total net assets — Class SATotal 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 2ANet asset value per unit — Class 3A


Net asset value per unit — Class SANet asset value per unit — Class SB

Net asset value per unit - Class 6ANet asset value per unit — Class 7A

31 December 2015



Total net assets — Class 3ATotal net assets - Class 4ATotal net assets — Class SATotal net assets — Class SB





Net asset value per unit - Class 4ANet asset value per unit - Class SANet asset value per unit — Class SB

Net asset value per unit — Class 6A

31 December 2014




Total net assets - Class 4ATotal net assets - Class 5A

Total net assets - Class SB

Net asset value per unit — Class 1A




Net asset value per unit — Class SA

Net asset value per unit — Class SB

FINANCIAL DETAILS RELATING TO THE LAST 3 YEARS

C WORLDVVIDE C WORLDWIDE C WORLDWIDE C WORLDWIDEBIOTECHNOLOGY EMERGING STABLE MEDICAL

MARKETS EQUITIES

(EUR) (U513) (U513) (EUR)

10,621,S26.1S 8,086,491.38 29,208,074.29 484,481,066.69- 907,027.26 2,119,248.57 69,324,S38.81

27.13 25.75 25.51 90.28— 33.28 30.40 105.38

32,983,172.63 7,992,618.81 28,404,050.34 S84,054,447.11- 915,412.95 1,982,029.60 64,882,870.85

33.14 25.14 25.68 105.13

- 32.08 30.27 121.57

(1)

28,191,662.39 9,754,036.13 19,839,622.00 5S2,533,S10.82— 1,893,546.43 1,013,118.53 57,824,914.91

30.92 26.14 19.93 94.34- 32.88 23.22 108.04

(1) Stated in EUR in previous years. Worldvtride Stable Equities changed the sub-fund currency from EUR to USD on 4 May 2015


c WORLDWIDE (formerly CARNEGIE FUND)


SVENSK KORTRANTA é CWORLDWIDE

WED MALLc WORLDWIDE SUB-FUND c WORLDWIDE 5 EN S

NORDIC (liquidated sWEDEN CAP29.12.2016)

(U513) (SEK) (SEK) (SEK)

65,787,526.76 . 175,447,994.50 1,837,409,208.025,008,182.57 . . .

2,084,429.69 — . 11,609,820.28

138.80 — 216.57 320.97169.29 . . -

99 64 . . 309.83

69,245,412.15 306,393,375.14 123,110,476.67 2,187,674,480.495,069,096.65 . . -

. 72,345,666.77 . -1,088,972.86 101,139,993.73 . 10,798,838.45

141.12 136.98 194.76 290.68170.08 . . -

. 138.07 - -104.02 125.05 - 287.80

66,847,673.36 547,471,731.51 104,668,705.20 286,862,29o.704,612,477.07 . . -

- 72,610,254.43 . -1,162,894.23 68,364,997.00 . 8,450,649.49

129.46 137.82 167.30 201.19154.11 . . -

- 138.58 - -96.34 126.68 — 201.29

The accompanying notes form 2.11 integral part of this annual report31



c WORLDWIDECWORLDWIDE

GLOBAL c WORLDWIDE GLOBALASIA EQUYTIES

EQUITIES ETHICAL'

(USD) (USD) (EUR)

865,377,630.92 281,173,612.23 194,190,789.33128,044,955.40 2,563,217.98 117,449,815.09100,457,019.65 5,928,438.08 .

158,628,575.33 82,009,371.98 »

462,332,112.27 . .

4,052,053.87 — 4,104,011.2568,979,622.06 . 17,739,917.73

— 4,216,298.29 -

99.40 126.41 16.00119.01 132.29 19.39124.61 129.47 .

105.73 131.64 .

99.57 . .

48.59 . 11.3599.42 — 118.27- 105.41 —

1,228,121,473.90 331,469,320.32 197,228,391.32144,203,110.93 2,803,837.87 62,568,788.96109,916,555.93 5,676,032.21 .

170,222,640.75 78,234,383.15 .

485,265,076.34 . .

4,914,281.61 . 3,319,440.7042,432,268.12 . .

106.46 122.22 17.03126.07 126.13 20.37131.60 123.32 .

111.67 125.26 .106.64 . .

54.88 . . 12.76106.48 . .

1,246,564,883.13 374,851,845.76 121,253,523.78131,801,523.84 2,008,696.00 37,895,624.48126,766,660.36 — —

166,250,753.66 81,998,672.94 —

572,245,744.81 — —

4,060,968.52 . 2,920,066.51

101.88 129.90 14.55119.29 132.14 17.17

124.15 — —

105.34 130.97 —102.02 - -

55.09 . 11.39


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

Denmark1,000 Genmab 157,788.54 1.49

157,788.54 1.49

United States ofAmerica8,184 Acadia Pharmaceuticals 223,700.65 2.1 1

5,320 Acceleron Pharma 128,676.33 1.21

7,083 Aerie Pharmaceuticals 254,091.13 2.39

4,100 Alexion Pharmaceuticals 475,438.35 4.48

3,550 Biogen 954,136.10 8.98

7,000 BioMarin Pharmaceutical 549,597.19 5.17

3,225 Bluebird Bio 188,591.13 1.78

19,820 Cara Therapeutics 174,512.18 1.64

7,677 Celgene 842,207.14 7.93

16,063 Cempra Holdings 42,627.62 0.40

5,833 Clovis Oncology 245,570.90 2.31

9,676 Coherus Biosciences 258,1 55.06 2.43

5,000 Dermira 143,730.45 1.35

22,807 Dynavax Technologies Corporation 85,383.04 0.80

1 ,600 Eagle Pharmaceuticals 120,314.66 1 .13

11,808 Gilead Sciences 801,413.02 7.55

1,824 GW Pharmaceuticals ADR 193,187.38 1.82

13,640 Horizon Pharma 209,169.94 1.97

6,756 Incyte Corporation 642,047.31 6.04

1 ,439 Intercept Pharmaceuticals 148,182.49 1.40

6,048 Intra—Cellular Therapies 86,498.27 0.81

6,000 Ionis Pharmaceuticals 271,993.18 2.56

3,240 Jazz Pharmaceuticals 334,809.21 3.15

13,000 Karyophatm Therapeutics 115,818.41 1.09

26,000 Keryx Biopharmaceuticals 144,403.37 1.36

2,904 Kite Pharma 123,415.18 1.16

1 1 ,397 Lexicon Pharmaceuticals 149,389.17 1.41

7,667 Portola Pharmaceuticals 1 63,062.72 1.54

10,322 PTC Therapeutics 106,732.08 1.00

7,354 Radius Health 265,067.41 2.50

350 Regeneron Pharmaceuticals 121,771.87 1.15

3,304 Sarepta Therapeutics 85,895.86 0.81

2,404 Shire ADR 388,203.51 3.65

5,666 Spark Therapeutics 267,968.34 2.52

The accompanying notes form an integral part of this annual report

33

C WORLDVVIDE BIOTECHNOLOGY(formerly CARNEGIE FUND — BIOTECHNOLOGY SUB—FUND)



Transferable Securities and money market instruments admitted to an official stock exchange1isting/dealt in on another regulated market (continued)

Shares (continued)

United States ofAmerica (continued)2,536 Tesaro 323,231.24 3.044,225 Ultragenyx Pharmaceutical 281,546.54 2.65

6,006 Vertex Pharmaceuticals 419,355.53 3.95

TOTAL SHARES 10,329,893.96 97.24

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTSADMIFITED TO AN OFFICIAL STOCK EXCHANGE LISTING/DEALT IN ONANOTHER REGULATED MARKET 10,487,682.5O 98.73

TOTAL SECURITIES PORTFOLIO 10,487,682.50 98.73

INDUSTRY SECTORANALYSIS AS AT 31 DECEMBER 2016

SECTOR DESCRIPTION % 01: NETASSETS

Health Care 22.26Pharmaceuticals & Biotechnology 76.47

A statement of changes in the composition of the portfolio is available to Unitholdersfree of charge on request from the Management Company's registered office

The accompanying notes form an integral part of this annual report

34

98.73

C WORLDWIDE EMERGING MARKETS(formerly CARNEGIE FUND — WORLDWIDE EMERGING MARKETS EQUITIES SUB—FUND)


NOMINAL SECURITY DESCRIPTION MAREIT %VALUE OF NET(USD) ASSETS

Transferable Securities and money market instruments admitted to an oflicial stock exchangelisting

Shares

M26,600 Banco do Brasil 229,582.80 2.5534,893 Itau Unibanco Holding Preference 362,913.37 4.04

30,300 Kroton Educational 124,101.99 1.383,700 Raia Drogasil 69,564.58 0.77

786,162.74 8.74

Hong Kong31,800 AIA Group 179,387.24 1.99128,000 Beijing Enterprises Water Group 85,162.04 0.9574,000 Best Pacifi c International Holdings 56,867.53 0.63

96,000 China Overseas Land & Investment 254,372.08 2.83

82,000 China State Construction International Holdings 122,647.36 1.36

57,400 China Taiping Insurance Holdings Company 118,418.15 1.32250,000 Huaneng Renewables Corp H 81,231.96 0.90

18,000 Sands China 78,214.77 0.8716,000 Shenzhou International Group 101,191.81 1.13

120,000 Sunac China Holdings 99,799.26 1.1167,000 Sunny Optical Technology Group Company 293,292.50 3.2619,100 Tencent Holdings 467,183.05 5.19

190,000 Xinyi Solar Holdings 61,736.29 0.691,999,504.04 22.23

Lrfiia16,674 Berger Paints India 51,678.37 0.5712,700 Bharat Financial Inclusion 109,905.89 1.22

30,000 Crornpton Greaves Consumer Electricals 64,430.33 0.72

280 Eicher Motors 89,864.69 1.00

19,292 HDFC Bank Foreign Premium 375,140.43 4.174,300 Larsen 8: Toubro 85,393.81 0.95

1,200 Maruti Suzuki India 93,965.83 1.04

30,900 Motherson Sumi Systems 148,487.18 1.65

4,600 Strides Shasun 71,924.68 0.80

11,280 Vakrangee 45,446.21 0.51

28,519 Vedanta 90,740.95 1.01

18,000 Voltas 86,974.32 0.971,313,952.69 14.61

Indonesia230,000 Bank Rakyat Indonesia 200,064.14 2.22

3,725,000 Pakuwon Jati 156,804.77 1.74356,868.91 3.96

@6211,272 LG Chem Preference 189,539.45 2.11275 LG Household & Health Care Preferred 128,525.45 1.43

434 Samsung Electronics Preference 516,278.41 5.74834,343.31 9.28


C WORLDVVIDE EMERGING MARKETS(formerly CARNEGIE FUND — W/ORLDWIDE EMERGING MARKETS EQUITIES SUB-FUND)


NOMINAL SECURITY DESCRIPTION MARIGIT %VALUE OF NET(USD) ASSETS

Transferable Securities and money market instruments admitted to an official stock exchangelisting

Shares (continued)

Mexico49,000 Credito Real 64,974.86 0.7219,300 Fomento Economico Mexicano 147,482.19 1.64

81,600 Gentera 132,010.87 1.4714,000 Infraestructura Enetgetica Nova 61,290.51 0.68

405,758.43 4.51

Philippines1,779,000 Filinvest Land 55,029.26 0.614,600 GT Capital Holdings 118,110.32 1.31

173,139.58 1.92

South Africa60,000 Advtech 75,195.88 0.8436,000 Ascendis Health 67,006.23 0.7531,000 FirstRa.nd 120,309.76 1.341,550 Naspers 227,867.87 2.53

490,379.74 5.46

Taiwan10,000 Advantech Company 78,996.16 0.88

33,000 Chin-Poon Industrial Co. 62,175.72 0.6925,000 Hu Lane Associate 111,355.10 1.24

5,3921,000 Largan Precision Company 117,640.64 1.3117,000 Tung Thih Electronic Co. 152,762.12 1.70

556,403.00 6.19

Thailland25,500 Kasikornbank Public Company NVDR 126,484.40 1.41

4,800 Siam Cement Public Company Foreign 66,798.86 0.74193,283.26 2.15

Turkey2,450 DO & CO 162,284.19 1.80

162,284.19 1.80

United States3,710 Alibaba Group Holding ADR 325,775.10 3.621,076 Credicorp 169,857.36 1.8915,000 Taiwan Semiconductor ADR 431,250.00 4.80

926,882.46 10.31

TOTAL SHARES 8,198,962.35 91.16

TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETINSTRUMENT ADMINTED TO AN OFFICIAL STOCKEXCHANGE LISTING > 8,198,962.35 91.16

The accompanying notes form an integral part of this annual report3 6

C WORLDWIDE EIVHERGING MARKETS(formerly CARNEGIE FUND — WORLDWIDE EMERGING MARKETS EQUITIES SUB—FUND)


NOMINAL SECURITY DESCRIPTION . MARKET 0/)VALUE OF NET(USD) ASSETS

Transferable Securities Dealt in on Another Regulated Market

Shares

Russia51,750 Moscow Exchange MICEX 106,413.01 1.18

152,661 Sberbank Preferred 324,313.33 3.61430,726.34 4.79

TOTAL SHARES 430,726.34 4.79

TOTAL TRANSFERABLE SECURITIES DEALT INON ANOTHER REGULATED MARKET 430,726.34 4.79



C WORLDWIDE EMERGING MARKETS(formerly CARNEGIE FUND - WORLDWHDE EMERGING MARKETS EQUITIES SUB—FUND)

INDUSTRY SECTOR ANALYSIS AS AT 31 DECEMBER 2016

SECTORDESCRIPTION % OF NETASSETS

Alternafi beEnergy 0.90

Apparel Retailers 1.13Automobiles & Parts 6.63Banks 19.47Beverages 1.64

Chemicals 2.1 1

Clothing 8: Accessories 0.63Commercial Vehicles & Trucks 0.95

Commodity Chemicals 0.74Consumer Finance 1.94

Electronic 8c Electrical Equipment 3.09Equity Investment Instruments 1.18Financial Services 4.07

Food & Beverage 1.80

Gambling 0.87General Industrials 0.69

Heavy Construction 1.36Household Goods 1.43

Industrial Engineering 0.97

Insurance 8: Life Insurance 3.31

Investments Services 1.31

Media 2.53

Mining 1.01Personal Goods 0.77

Pharmaceuticals 1.55

Real Estate 6.29

Retail 6.88Software & Computer Services 6.58Specialty Retailers 1.95Technology Hardware 10.54Udlifi es 1.63

95.95

A statement of changes in the composition of the portfolio is available to Unitholdersfree of charge on request from the Management Company's registered office.


C WORLDVVIDE STABLE EQUITIES(formerly CARNEGIE FUND — WORLDWIDE STABLE EQUITIES SUB—FUND)

NOMINAL


SECURITY DESCRIPTION

Transferable Securities and money market instruments admitted to an oflicial stock exchangelisfing/ dealt in on another regulated market

Shares

19,450

3,475

7,61117,7002,50018,000

60,500775,000

28,2001,8001,1 30700

20,0001 1,5009,400

65,000

36,182

4,200

1 3,969

1,1505,5007208,6206,800

DenmarkNovo Nordisk B

FranceTeleperformance

GermanFresenius Medical CareDeutsche WohnenHenkel PrefVonovia

Hong KongChina. Mobile (Hong Kong)HKT Trust & HKT Ltd

apanAstellas PharmaDaito Trust Construction Co.Japan Hotel REIT InvestmentKEYENCE CorporationNTT CorporationSuntory Beverage & FoodWestjapan Railway Company

SingaporeDBS Group Holdings

SwitzerlandNestle Registered

United KingdomBritish American Tobacco

United StatesAlphabet CAutomatic Data ProcessingAutoZoneCardinal HealthCrown Castle International Corp.

MARKET %

VALUE OF NET(USD) ASSETS

703,104.08 2.24703,104.08 2.24

349,414.83 1.12349,414.83 1 .12

646,042.95 2.06557,270.06 1.78298,725.19 0.95586,941.58 1.872,088,979.78 6.66

641,229.61 2.05950,317.22 3.031,591,546.83 5.08

392,120.52 1.25271,025.12 0.87760,710.06 2.43480,828.92 1.53841,407.78 2.69478,195.24 1.53577,493.17 1.84

3,801,780.81 12.14

590,477.76 1.88590,477.76 1.88

434,360.49 1.39434,360.49 1.39

301,731.10 0.96301,731.10 0.96

799,413.95 2.55799,413.95 2.55

887,593.00 2.83565,290.00 1.80568,648.80 1.82620,381.40 1.98590,036.00 1.88


C WORLDWIDE STABLE EQUITIES(formerly CARNEGIE FUND — WORLDWIDE STABLE EQUITIES SUB—FUND)

NOMINAL


Shares (continued)

11,0006,3259,3006,9002,0506,7007,4005,00013,4557,3003,8007,1007,70013,90013,6006,60033,0004,4005,2005,50014,44710,80013,500

SECURITY DESCRIPTION MARKET "/oVALUE OF NET(USD) ASSETS

Transferable Securities and money market instruments admitted to an oflicial stock exchangelisting/dealt in on another regulated market (continued)

United States (continued)CVS Health Corporation 868,010.00 2.77Extra Space Storage 488,543.00 1.56Fidelity National Information Services 703,452.00 2.25First Republic Bank 635,766.00 2.03Home Depot 274,864.00 0.88Ingredion 837,232.00 2.67Johnson & Johnson 852,554.00 2.72_]PMorgan Chase & Co 431,450.00 1.38Kroger 464,332.05 1.48Mastercard 753,725.00 2.41Medtronic 270,674.00 0.86Mondelez International A 314,743.00 1.00

Next.Era Energy 919,842.00 2.94Pfi zer 451,472.00 1.44Reynolds American 762,144.00 2.43Snap-on 1,130,382.00 3.61STORE Capital Corporation 815,430.00 2.60Thermo Fisher Scientifi c 620,840.00 1.98UnitedHealth Group 832,208.00 2.66Vantiv A 327,910.00 1.05Visa 1,127,154.94 3.60Walgreens Boots Alliance 893,808.00 2.85Wells Fargo 743,985.00 2.37

18,752,470.19 59.85

TOTAL SHARES 29,413,279.82 93.87

TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETINSTRUMENTS ADMINTED TO AN OFFICIAL STOCK EXCHANGELISTING / DEALT IN ON ANOTHER REGULATEDMARKET 29,413,279.82 93.87



C WORLDWIDE STABLE EQUITIES(formerly CARNEGIE FUND — WORLDWIDE STABLE EQUITIES SUB—FUND)


SECTORDESCRIPTION % OF NETASSETS

Alternafi veElectricity 2.94

Banks 4.80

Chemicals 0.95

Consumer Finance 3.30

Drug Retailers 2.85Electricity 1.53Financial Services 8.38

Fixed Line Telecommunications 3.03

Food & Beverage 7.92Food Producers 2.67

Health Care 10.99

Home Improvement Retailers 3.61

Hotel & Lodging REITS 2.43Other/Unspecifi ed 1 .98Personal 8: Household Goods 1.48

Pharmaceuticals & Biotechnology 6.99

Real Estate 6.08

Retail 2.70

Retail REITS 2.60

Software 8: Computer Services 5.75Telecommunications 6.62

Tobacco 2.43

Transportation Services 1.84

93.87

A statement of changes in the composition of the portfolio is available to Unitholdersfree of charge on your request from the Management Company's registered office


NOMINAL

C \X/ORLDWIDE MEDICAL(formerly CARNEGIE FUND — MEDICAL SUB—FUND)



Transferable Securities and money market instruments admitted to an official stock exchange1isting/dealt in on another regulated market

Shares

87,323286,307

159,263

289,365104,968

80,82534,564108,59661,900163,32385,094178,224294,917654,911223,018121,728269,67298,877105,728143,995464,22869,495477,182252,501148,885119,37656,732301,873348,200213,791729,211113,80056,076273,050109,031

DenmarkGenrnabNovo Nordisk B

GermanyFresenius SE & Co.

SwitzerlandNovartis RegisteredRoche Holding Genusscheine

United States ofAmericaAbbVieAlexion PharmaceuticalsAllerganAmerisou.rceBergen CorporationArngenBiogenBioMarin PharmaceuticalCelgeneCempra HoldingsCentene CorporationCigna CorporationClovis OncologyDaVitaEdwards Lifesciences CorporationEli Lilly and CompanyExelixisExpress Scripts HoldingGilead SciencesGlaukos CorporationHCA HoldingsIncyte CorporationJazz PharmaceuticalsJohnson & JohnsonMerck 8: CoMylanPfi zerShire ADRTesaroTeva Pharmaceutical ADRThermo Fisher Scientifi c

MARKET %VALUE OF NET(EUR) ASSETS

13,778,568.61 2.499,809,307.63 1.7723,587,876.24 4.26

11,826,870.38 2.1411,826,870.38 2.14

19,985,782.39 3.6122,757,449.06 4.1142,743,231.45 7.72

4,796,949.58 0.874,008,061.23 0.7221,615,245.91 3.904,587,205.95 0.8322,632,410.04 4.0922,870,776.72 4.1313,993,058.63 2.5332,353,940.62 5.841,737,987.68 0.3111,944,599.73 2.1615,389,345.01 2.7811,353,265.32 2.056,016,399.77 1.099,389,359.87 1.7010,037,752.11 1.816,560,173.90 1.184,530,908.02 0.8232,386,506.51 5.858,208,496.16 1.4810,444,950.91 1.8911,344,736.54 2.055,862,467.97 1.0632,962,551.73 5.9519,428,048.53 3.517,730,193.02 1.4022,447,894.30 4.0518,376,688.47 3.327,147,285.07 1.299,381,160.55 1.6914,580,868.26 2.63


C WORLDWIDE MEDICAL(formerly CARNEGIE FUND — MEDICAL SUB-FUND)

NOMINAL


Shares (continued)

232,682214,02151,248

Investment Funds

87,90170,642

SECURITYDESCRIPTION MAREIT %VALUE OF NET(EUR) ASSETS


1istin.g/dealt i.n on another regulated market (continued)

United States ofAmerica fcontinuedlUnitedHealth Group 35,293,742.09 6.37

Valeant Pharmaceuticals International 2,945,298.95 0.53

Zirnmer Biomet Holdings 5,012,599.37 0.91447,370,928.52 80.79

TOTAL SHARES 525,528,906.59 94.91

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKETSINSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGELISTING / DEALT IN ON ANOTHER REGULATEDMARKET 525,528,906.59 94.91

Other Transferable Securities and money market instruments

LuxembourgC W/orldWide Biotechnology - Class 1A 2,393,553.88 0.43C Worldwide Medical Small & Mid Cap — Class 1A 19,807,235.29 3.58

22,200,789.17 4.01

TOTAL INVESTMENT FUNDS 22,200,789.17 4.01

TOTAL OTHER TRANSFERABLE SECURITIESAND MONEY MARKET INSTRUMENTS 22,200,789.17 4.01



C W'ORLD\7VIDE MEDICAL(formerly CARNEGIE FUND — MEDICAL SUB—FUND)


SECTOR DESCRIPTION % OF NETASSETS

Healthcare 40.61

Pharmaceuticals & Cosmetics 47.60Other Sectors 10.71

98.92



CWORLDWIDE NORDIC(formerly CARNEGIE FUND — NORDIC MARKETS SUB-FUND)


NOMINAL SECURITY DESCRIPTION MARKET %VALUE o1= NET(USD) ASSETS


listingldealt in on another regulated market

Shares

Denmark1,000 A.P. Moller - Maersk B 1,599,539.55 2.19

13,000 Carlsberg B 1,124,574.23 1.54

135,500 Danske Bank 4,119,360.76 5.65

31,800 DSV 1,418,091.87 1.95

34,000 FLSmidth 8: Co 1,413,896.45 1.94

22,000 Genmab 3,662,619.13 5.03

190,500 Novo Nordisk B 6,886,443.54 9.45

25,300 Pandora 3,317,902.03 4.55

59,158 Vestas Wind Systems 3,853,871.54 5.2927,396,299.10 37.59

Finland68,000 Kone B 3,054,261.28 4.19

40,000 Metso Corporation 1,143,728.40 1.57

335,000 Nokia 1,621,667.60 2.23

62,700 Sampo A 2,817,531.65 3.87

41,000 W/artsila Corporation 1,846,298.39 2.5310,483,487.32 14.39

Norwa395,000 Norsk Hydro 1,895,093.24 2.60

200,000 Orkla 1,816,854.65 2.49

45,000 Yara International 1,777,357.81 2.445,489,305.70 7.53

Sweden110,000 Assa Abloy B 2,054,316.75 2.82

124,800 Atlas Copco A 3,824,799.62 5.25

14,600 Autoliv SDB 1,657,589.88 2.27

75,000 Electrolux B 1,874,463.26 2.57

237,500 Elekta B 2,114,120.66 2.90

202,500 Ericsson B 1,196,492.35 1.64

91,000 Hennes & Maurirz B 2,546,707.80 3.49

170,000 Sandvik 2,115,942.94 2.90

58,300 SCA B 1,656,683.15 2.27

235,000 SEB A 2,479,874.31 3.40

235,000 Svenska Handelsbanken A 3,285,736.13 4.51

263,000 Volvo B 3,090,498.18 4.2427,897,225.03 38.26

TOTAL SHARES 71,266,317.15 97.77

TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETSINSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGELISTING / DEALT IN ON ANOTHER REGULATEDMARKET 71,266,317.15 97.77



CWORLDWIDE NORDIC(formerly CARNEGIE FUND — NORDIC MARKETS SUB-FUND)



Automobile & Parts 6.51Banks 13.56

Brewers 1.54

Chemicals 2.60Construction & Materials 1.94Finacial Services 3.87Food & Beverage 2.49Food Producers 2.44Forestry 2.27General Industrials 2.53Healthcare 2.90Household Goods 2.57Industrial Engineering 19.20Industnal Transportation 4.14Personal & Household Goods 2.82Pharmaceuticals 8: Biotechnology 14.48Retail 8.04Telecommunications 3.87

97.77

A statement of changes in the composition of the portfolio is available to Unitholdersfree of charge on request from the Management Company’s registered office


C W/ORLDWIDE SWEDEN(formerly CARNEGIE FUND — SWEDISH LARGE CAP SUB—FUND)

NOMINAL

Shares

33,00754,1998,28146,4937,11816,99154,53336,07715,65590,69571,02013,48051,58120,654111,26949,10647,62438,90071,40645,22130,971111,07857,75134,57423,58936,85810,27794,830


SECURITYDESCRIPTION MARKET %VALUE OF NET(SEK) ASSETS

Transferable Securides and money market instruments admitted to an official stock exchangelisting/dealt in on another regulated market

SwedenABB 6,330,742.60 3.61Assa Abloy B 9,165,050.90 5.22Astrazeneca 4,116,485.10 2.35

Atlas Copco A 12,901,807.50 7.35Autoliv SDB 7,317,304.00 4.17Bilia A 3,559,614.50 2.03

Catena Media 4,771,637.50 2.72

Collector 3,715,931.00 2.12Electrolux B 3,542,726.50 2.02

Elekta B 7,310,017.00 4.17

Ericsson B 3,799,570.00 2.17

Evolution Gaming Group 3,498,060.00 1.99Hennes & Mauritz B 13,070,625.40 7.45

Hexagon B 6,722,877.00 3.83LeoVegas 4,061,31 8.50 2.31

NetEnt B 3,452,151.80 1.97NIBE Industrier B 3,419,403.20 1.95

Nobia 3,300,665.00 1.88

Nordea Bank 7,233,427.80 4.12Sandvik 5,096,406.70 2.90

SCA B 7,968,838.30 4.54

SEB A 10,613,502.90 6.05

Svenska Handelsbanken A 7,311,276.60 4.17

Swedbank A 7,616,652.20 4.34

Swedish Orphan Biovitrum 2,516,946.30 1.43

Thule Group, The 5,252,265.00 2.99

Vitrolife 3,977,199.00 2.27

Volvo B 10,089,912.00 5.75171,732,414.30 97.87

TOTAL SHARES 171,732,414.30 97.87

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKETSINSTRUMENTS AIVIITTED TO AN OFFICIAL STOCK EXCHANGELISTING / DEALT IN ON ANOTHER REGULATEDMARKET 171,732,414.30 97.87



C WORLDWIDE SWEDEN(formerly CARNEGIE FUND — SWEDISH LARGE CAP SUB—FUND)


SECTOR DESCRIPTION % 01: NETASSETS

Automobiles & Parts 9.92Banks 1 8.68

Commercial Vehicles & Trucks 3.83

Financial Services 2.12

Food Retailers & Wholesalers 1.88

Forestry 4.54Health Care 7.87

Household Goods 3.97

Industrial Engineering 1 3.86

Media 2.72

Personal & Household Goods 5.22

Pharmaceuticals & Biotechnology 2.35Recreational Services 4.98

Retail 9.48Software 2.31

Software & Computer Services 1.97

Telecommunications 2.17

97.87



C WORLDWIDE SWEDEN SMALL CAP(formerly CARNEGIE FUND — SWEDISH SMALL CAP SUB—FUND)

NOMINAL

Shares

380,700574,187252,200221,400294,800578,000445,205500,0001,019,000570,535182,502431,000725,300835,000157,800345,6003,039,0001,422,490724,394288,500838,600903,900795,000372,167679,600511,332660,000388,591514,500457,300118,746607,112331,300


SECURITYDESCRIPTION MARKET %VALUE OF NET(SEK) ASSETS


lisn'ng/dealt in on another regulated market

SwedenAddtech B 54,249,750.00 2.93

Alimak Group 74,213,669.75 4.01

Balder B 46,430,020.00 2.51Beijer Alma B 51,586,200.00 2.79

Bilia A 61,760,600.00 3.34

Castellum 72,192,200.00 3.90

Catena Media 38,955,437.50 2.11

Collector 51,500,000.00 2.79

Elekta B 82,131,400.00 4.44

Enea 54,771,360.00 2.96

Evolution Gaming Group 47,359,269.00 2.56

Hausa Medical 50,211,500.00 2.72Hexpol B 61,179,055.00 3.31

HiQ International 51,352,500.00 2.78JM 41 ,532,960.00 2.25

Kindred Group SDB 29,566,080.00 1.60

Klovern B 29,007,255.00 1.57

LeoVegas 51,920,885.00 2.81

Moberg Phatrna 41,290,458.00 2.23

Munksjo 43,563,500.00 2.36

Mycronic 82,182,800.00 4.44

Net-Ent B 63,544,170.00 3.44

Nobia 67,455,750.00 3.65

ProAct IT Group 54,336,382.00 2.94

Scandi Standard 38,737,200.00 2.10

Storytel 22,703,140.80 1.23

Swedish Orphan Biovitrum 70,422,000.00 3.81

Systemaix 47,408,102.00 2.56

Thule Group, The 73,316,250.00 3.97

Trelleborg B 81,993,890.00 4.43

Vitrolife 45,954,702.00 2.49

Vostok New Ventures SDB 45,229,844.00 2.45

\Wihlborgs Fastigheter 56,122,220.00 3.041,784,180,550.05 96.52

TOTAL SHARES 1,784,180,550.05 96.52

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKETSINSTRUMENTS Al\/ITITED TO AN OFFICIAL STOCK EXCHANGELISTING / DEALT IN ON ANOTHER REGULATEDMARKET 1,784,180,550.05 96.52

TOTAL SECURITIES PORTFOLIO 1,784,180,550.05 96.52

The accompanying notes form an integral part of this financial report

49

C W/ORLDW/IDE SWEDEN SMALL CAP(formerly CARNEGIE FUND — SWEDISH SMALL CAP SUB~FUND)


SECTOR DESCRIPTION % OF NET

ASSETS

Biotechnology 2.72Building Materials & Fixtures 4.01Commercial Vehicles & Trucks 3.31Construction 8: Materials 2.56

Equity Investment Funds 2.45Financial Services 2.79

Food Products 2.10Food Retailers & Wholesalers 3.65

General Industrials 2.79

Health Care 10.74


Media 3.34

Paper 2.36Pharmaceuticals 2.23

Real Estate 13.27Recreational Services 6.53

Retail 3.34Software 2.81Software & Computer Services 18.16

Technology Hardware 8: Equipment 2.93

96.52


The accompanying notes form an integral part of this financial report

50

C WORLDWIDE GLOBAL EQUITIES(formerly CARNEGIE FUND — WORLDWIDE SUB—FUND)

NOMINAL




1isti.ng/dealt in on another regulated market

Shares

1,311,154

1,965,294

495,853450,695

12,625,0002,553,000

6,936,001

1,170,50091,500

3,424,803

704,488

9,183,000

1,283,9501,128,970

DenmarkNovo Nordisk B

FranceVivendi

German 1BayerSiemens

Hong KongAIA GroupSun Hung Kai Properties

IndiaHousing Development Finance Corporation

apanBridgestone CorporationKEYENCE Corporation

NetherlandsRoyal Dutch Shell A

SwitzerlandNestlé Registered

TaiwanTaiwan Semiconductor Manufacturing Company

United KingdomBritish American TobaccoCRH (GB)

MARKET %VALUE OF NET(USD) ASSETS

47,397,312.31 2.6547,397,312.31 2.65

37,43s,517.5s 2.0937,438,517.58 2.09

51,862,288.21 2.9055,541,704.80 3.11107,4o3,993.01 6.01

71,218,992.11 3.9832,259,918.78 1.80103,478,910.89 5.78

128,91o,631.04 7.21128,910,631.04 7.21

42,245,856.50 2.3662,851,208.48 3.52105,097,064.98 5.88

93,897,048.14 5.2593,897,048.14 5.25

50,610,938.37 2.8350,610,938.37 2.83

51,734,397.63 2.8951,734,397.63 2.89

73,477,524.16 4.1139,563,279.33 2.21113,040,803.49 6.32


NOMINAL



Shares (continued)

97,86862,038

1,226,429683,032659,835599,272519,477681,043615,266812,170472,0601,222,9901,634,1341,016,078

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)

United States of AmericaAlphabet C 75,536,479.76 4.22Amazon.com 46,520,435.06 2.60

Citigroup 72,886,675.47 4.08CVS Health Corporation 53,898,055.12 3.01Ecolab 77,345,858.7O 4.33Facebook A 68,946,243.6O 3.86

First Republic Bank 47,864,610.78 2.68Gilead Sciences 48,769,489.23 2.73Home Depot 82,494,865.28 4.61L Brands 53,473,272.80 2.99Philip Morris International 43,188,769.40 2.42Reynolds American 68,536,359.6O 3.83Visa 127,495,134.68 7.13Wefl sFargo 55,996,058.58 3.13

922,952,308.06 51.62

TOTAL SHARES 1,761,961,925.50 98.53

TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETSINSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGELISTING / DEALT IN ON ANOTHER REGULATEDMARKET 1,761,961,925.5O 98.53

TOTAL SECURITIES PORTFOLIO 1,761,961,925.5O 98.53




SECTORDESCRIPTION

Apparel RetailersAuto PartsBanksBuilding Materials & FixturesElectrical Components & EquipmentsFinancial ServicesFood 8: BeverageHealthcareInsuramceInternetInvestment ServicesOil & GasPharmaceuticals & BiotechnologyRetailSemiconductorsSoftware & Computer ServicesSpecialized Consumer ServicesSupport ServicesTechnology Hardware & EquipmentTobacco



% OF NETASSETS

2.992.362.682.213.5219.279.365.743.983.864.085.255.557.212.894.222.094.333.113.83

98.53

C WORLDWIDE ASIA(formerly CARNEGIE FUND — WORLDWIDE ASIA SUB—FUND)


NOMINAL SECURITY DESCRIPTION MARKET %VALUE or NET(USD) ASSETS

Transferable Securities and money market instruments admitted to an oflicial stock exchangelisting/dealt in on another regulated market

Shares

Hong Kong654,500 AAC Technologies Holdings 5,919,012.61 1.571,851,400 AIA Group 10,403,049.38 2.7711,554,000 Beijing Enterprises Water Group 7,658,900.38 2.048,810,000 Beijingjingneng Clean Energy H 2,732,361.49 0.73433,500 Cheung Kong Property Holdings 2,651,069.15 0.71881,000 China Mobile (Hong Kong) 9,299,972.63 2.474,702,000 China Overseas Land & Investment 12,410,367.50 3.30

3,312,000 China State Construction International Holdings 4,946,177.72 1.32

2,022,400 China Taiping Insurance Holdings Company 4,154,927.22 1.11

9,278,000 Huadian Fuxin Energy Corp. H 2,050,682.18 0.559,850,000 Huaneng Renewables Corp H 3,188,117.90 0.85

1,028,000 Hysan Development Company 4,239,333.63 1.131,350,400 Sands China 5,841,387.91 1.55651,000 Shenzhou International Group 4,102,460.96 1.093,132,000 Sinopec Kantons Holdings 1,427,676.86 0.384,464,000 Sound Global 1,151,172.91 0.31343,000 Sun Hung Kai Properlies 4,322,044.96 1.15

13,797,000 Sunac China Holdings 11,452,664.91 3.052,675,000 Sunny Optical Technology Group Company 11,663,664.21 3.101,187,000 Techtronic Industries Company 4,251,822.97 1.13

788,900 Tencent Holdings 19,220,923.32 5.117,730,00010,214,000 Yuzhou Properties 3,550,458.96 0.94

139,145,179.77 37.03

11,062,628 Adani Ports and Special Economic Zone 4,177,156.13 1.11686,000 Berger Paints India 2,118,058.53 0.56644,433 Bharat Financial Inclusion 5,548,619.47 1.481,277,900 Crompton Greaves Consumer Electricals 2,744,517.25 0.7314,534 Eicher Motors 4,651,633.04 1.24684,200 GRUH Finance 3,256,135.49 0.87432,730 Housing Development Finance Corporation 8,020,404.69 2.1361,701 Maruti Suzuki India 4,806,982.64 1.28702,700 Motherson Sumi Systems 3,373,408.70 0.90

240,000 Rarnco Cements 1,929,124.44 0.51

990,926 Tata Motors 4,337,923.51 1.15843,247 Voltas 4,069,886.63 1.08

49,033,850.52 13.04

Indonesia6,935,500 Bank Rakyat Indonesia 6,01 8,680.97 1 .601,773,600 Indocement Tunggal Prakarsa 2,032,372.81 0.54

148,653,200 PakuwonJati 6,236,923.1 8 1.6618,713,000 Summatecon Agung ‘ 1,840,887.44 0.49

16,128,864.40 4.29


C WORLDWIDE ASIA(formerly CARNEGIE FUND — WORLDWIDE ASIA SUB—FUND)


NOMINAL SECURITYDESCRIPTION MARKET %VALUE OF NET(USD) ASSETS

Transferable Securities and money market instruments admitted to an oflicial stock exchangelisting/dealt in on another regulated market (continued)

Shares (continued)

Egg40,426 Hyundai Motor Company Preference 3,210,798.41 0.85

143,052 Kolao Holdings 951,223.80 0.25

38,462 LG Chem Preference 5,725,103.38 1.52

6,190 LG Household & Health Care Preferred 2,890,694.03 0.77

21,628 Samsung Electronics Preference 25,697,371.21 6.8438,475,190.83 10.23

Philippines71,550,000 Filinvest Land 2,213,234.17 0.59

184,280 GT Capital Holdings 4,730,636.92 1.26

2,588,700 JG Summit Holdings 3,541,915.68 0.9410,485,786.77 2.79

Taiwan796,904 Advantech Company 6,283,010.08 1.67

1,255,000 Chin—Poon Industrial Co. 2,354,774.50 0.63

953,000 Hu Lane Associate 4,229,273.35 1.13

332,727 Kingpak Technology 2,058,884.83 0.55

109,000 Largan Precision Company 12,752,137.93 3.39

4,011,000 Taiwan Semiconductor Manufacturing Company 22,509,310.20 5.99

867,000 Tung Thih Electronic Co. 7,738,801.67 2.0657,926,192.56 15.42

Thailand1,030,900 Kasikornbank Public Company NVDR 5,097,130.19 1.36

399,350 Siam Cement NVDR 5,532,720.95 1.4710,629,851.14 2.83

United Kingdom304,105 Larsen & Toubro GDR 6,051,689.50 1.61

6,051,689.50 1.61

United States of America167,278 Alibaba Group Holding ADR 14,635,152.22 3.89

50,732 Baidu ADR 8,453,473.16 2.25

869,737 ICICI Bank ADR 6,579,560.41 1.7529,668,185.79 7.89

TOTAL SHARES 357,544,791.28 95.13

TOTAL TRANSFERABLE SECURITIES AND MONEY MARKETSINSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGELISTING / DEALT IN ON ANOTHER REGULATEDMARKET 357,544,791.28 95.13



C WORLDWIDE ASIA(formerly CARNEGIE FUND - WORLDWIDE ASIA SUB—FUND)


SECTOR DESCRIPTION °/o OF NETASSETS

Alternative Electricity 0.85

Alternative Energy 0.73

Apparel Retailers 1.09Automobiles & 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 7.42Financial Services 3.28

Food Products 0.94

Gambling 1.55

General Industrials 0.67

Heavy Construction . 1.32Home Construction 1.13

Household Goods 0.77


Insurance 2.77

Investment Services 2.37

Mortgage Finance 0.87Oil 8: Gas 0.38

Real Estate 11.87

Retail 6.99Semiconductors 5.99

Software & Computer Services 9.03Speciality Chemicals 0.56Technology Hardware & Equipment 6.84Telecommunications 2.47

Transportation Services 1 .11

Utilities 2.04

Waste & Disposal Services 0.31

95.1 3



C WORLDVVIDE GLOBAL EQUITIES ETHICAL(formerly CARNEGIE FUND — WORLDWIDE ETHICAL SUB—FUND)




1isting/dealt in on another regulated market

Shares

Denmark251,600 Novo Nordisk B 8,620,193.71 2.58

8,620,193.71 2.58

France432,200 Vivendi 7,803,371.00 2.34

7,803,371.00 2.34

Germany99,840 Bayer 9,897,139.20 2.97

9,897,139.20 2.97

Hong Kong2,443,600 AIA Group 13,064,744.77 3.92

510,000 Sun Hung Kai Properties 6,107,859.07 1.8319,172,603.84 5.75

India1,374,175 Housing Development Finance Corporation 24,206,277.49 7.26

24,206,277.49 7.26

[apan233,600 Bridgestone Corporation 7,990,830.47 2.40

22,600 KEYENCE Corporanon 14,713,207.32 4.41

46,800 SHIMANO 6,967,383.75 2.0929,671,421.54 8.90

Netherlands277,560 Unilever 10,856,759.40 3.26

10,856,759.40 3.26

Sweden493,045 Skanska B 11,101,060.29 3.33

11,101,060.29 3.33

Switzerland210,257 Nesrlé Registered 14,316,195.82 4.29

39,595 Roche Holding Genusscheine 8,584,341.85 2.5722,900,537.67 6.86

Taiwan2,136,000 Taiwan Semiconductor Manufacturing Company 11 ,405,187.72 3.42

1 1 ,405,1 87.72 3.42


C WORLDWIDE GLOBAL EQUITIES ETHICAL(formerly CARNEGIE FUND - WORIDWIDE ETHICAL SUB-FUND)



Transferable Securities and money market instrurnents admitted to an official stock exchangelisting/dealt in on another regulated market (continued)

Shares (continued)

United Kingdom337,509 CRH (GB) 11,209,896.84 3.36

11,209,896.84 3.36

United States ofAmerica19,499 Alphabet C 14,263,783.70 4.2812,380 Amazon.com 8,798,588.38 2.64242,082 Citigroup 13,635,61 1.09 4.09140,348 CVS Health Corporation 10,496,503.35 3.15140,527 Ecolab 15,612,335.27 4.6897,300 Facebook A 10,609,766.85 3.1811 8,945 First Republic Bank 10,387,254.57 3.11135,900 Gilead Sciences 9,223,579.76 2.77

125,442 Home Depot 15,940,918.74 4.78157,920 L Brands 9,854,471.42 2.961 83,650 NIKE B 8,847,435.79 2.65361,274 Visa 26,714,621.82 8.01197,200 Wells Fargo 10,300,153.54 3.09

164,685,024.28 49.39

TOTAL SHARES 331,529,472.98 99.42

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKETSINSTRUMENTS AMITTED TO AN OFFICIAL STOCK EXCHANGELISTING / DEALT IN ON ANOTHER REGULATEDMARKET 331,529,472.98 99.42



C WORLDWIDE GLOBAL EQUITIES ETHICAL(formerly CARNEGIE FUND — WORLDWIDE ETHICAL SUB-FUND)



Apparel Retailers 2.96Autp Parts 2.40

Banks 3.11

Building Materials & Fixtures 3.36

Construction & Materials 3.33

Electrical Components & Equipment 4.41Financial Services 2.0.19

Food & Beverage 7.55

Healthcare 5.92

Insurance 3.92

Internet 3.18

Investment Services 4.09

Pharmaceuticals & Biotechnology 8.12

Recreafi onalProducts 2.09

Retail 10.07

Semiconductors 3.42

Software & Computer Services 4.28

Specialized Consumer Services 2.34

Support Services 4.68

99.42




NOTES TO THE FINANCIAL STATEMENTSAS AT 31 DECEMBER 2016

1 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 otherpermitted assets. The Fund is an Undertaking for Collective Investment in Transferable Securities (a “UCIT ”) registered under PartI 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 ManagementS.A. (“the Management Company’ The Management Company was incorporated on 5 December 1995 in Luxembourg as a “sociétéanonyme”. 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:

CWorldWide Biotechnology (formerly Carnegie Fund — Biotechnology Sub—Fund) - Class 1AC WorldWide Emerging Markets (formerly Carnegie Fund - ‘Worldwide Emerging Markets Equities Sub—Fund) - Class 1AC WorldWide Emerging Markets (formerly Carnegie Fund — Worldwide Emerging Markets Equities Sub—Fund) - Class 2AC WorldWide Stable Equities (formerly Carnegie Fund — Worldwide Stable Equities Sub—Fund) - Class 1AC WorldWide Stable Equities (formerly Carnegie Fund - Worldwide Stable Equities Sub—Fund) — Class 2AC WorldWide Medical (formerly Carnegie Fund — Medical Sub—Fund) — Class 1AC WorldWide Medical (formerly Carnegie Fund — Medical Sub—Fund) - Class 2AC WorldWide Nordic (formerly Carnegie Fund - Nordic Markets Sub—Fund) - Class 1AC WorldWide Nordic (formerly Carnegie Fund — Nordic Markets Sub-Fund) — Class 2AC WorldWide Nordic (formerly Carnegie Fund — Nordic Markets Sub—Fund) — Class 5BCarnegie Fund - Svensk Kort Riinta Sub—Fund — Class 1A (Liquidated 29.12.2016)Carnegie Fund - Svensk Kort Riinta Sub—Fund — Class 5A (Liquidated 29.12.2016)Carnegie Fund — Svensk Kort Riinta Sub—Fund — Class 5B (Liquidated 29.12.2016)C WorldWide Sweden (formerly Carnegie Fund — Swedish large Cap Sub—Fund) — Class 1AC WorldWide Sweden Small Cap (formerly Carnegie Fund - Swedish Small Cap Sub—Fund) — Class 1AC WorldWide Sweden Small Cap (formerly Carnegie Fund - Swedish Small Cap Sub—Fund) — Class SBC WorldWide Global Equities (formerly Carnegie Fund — Worldwide Sub—Fund) — Class 1AC WorldWide Global Equities (formerly Carnegie Fund - Worldwide Sub—Fund) — Class 2AC WorldWide Global Equities (formerly Carnegie Fund — Worldwide Sub—Fund) — Class 3AC WorldWide Global Equities (formerly Carnegie Fund - Worldwide Sub-Fund) - Class 4AC WorldWide Global Equities (formerly Carnegie Fund — Worldwide Sub—Fund) — Class 5AC WorldWide Global Equities (formerly Carnegie Fund — Worldwide Sub—Fund) — Class 5BC WorldWide Global Equities (formerly Carnegie Fund - Worldwide Sub—Fund) - Class 6AC WorldWide Asia (formerly Carnegie Fund — Worldwide Asia Sub—Fund) — Class 1AC WorldWide Asia (formerly Carnegie Fund — Worldwide Asia Sub—Fund) — Class 2AC WorldWide Asia (formerly Carnegie Fund - Worldwide Asia Sub—Fund) — Class 3AC WorldWide Asia (formerly Carnegie Fund — Worldwide Asia Sub—Fund) - Class 4AC WorldWide Asia (formerly Carnegie Fund - Worldwide Asia Sub—Fund) — Class 7A (Launched 21.12.2016)

C WorldWide Global Equities Ethical (formerly Carnegie Fund — Worldwide Ethical Sub—Fund) — Class 1AC WorldWide Global Equities Ethical (formerly Carnegie Fund - Worldwide Ethical Sub—Fund) - Class 2AC WorldWide Global Equities Ethical (formerly Carnegie Fund — Worldwide Ethical Sub—Fund) — Class 5BC WorldWide Global Equities Ethical (formerly Carnegie Fund - Worldwide Ethical Sub—Fund) — Class 6A (Launched 23.11.2016)

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 2016.The bank overdraft amounted to SEK 11,848.54 due to bank interests will be paid by the Management Company.

60



2 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 isclosed, 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 ValueCertain 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 2016. Such investments are present in the following sub-funds and with the following

value:

Sub—Funds Securitv Descripfi on Currency Market Value °/o ofNet Assets

C WorldWide Asia Sound Global USD 1,151,172.91 0.31

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



2 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 2016.

The market value of the investments and other assets and liabilities expressed in currencies other than the base currency of eachSub-Fund have been converted at the rates of exchangethan 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 andChanges in Net Assets.

Income and expenses expressed in currencies other than the reference currency are converted at exchange ratestransaction date.

2.4 Dividend and interest income

Dividends are shown net ofwithholding 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 31December 2016.

2.6 Cross—investments

The cross—inves11nents were not eliminated from the combined figures.

At 31 December 2016, the total of cross—investments amounts to USD 2,525,438.70 and therefore total combined NAV at year-end without the cross—investments would amount to USD 3,445,408,306.46.

3 EXCHANGE RATES AT 31 DECEMBER 2016

1 BRL = 0.30725997 USD 1 IDR = 0.00007450 USD 1 SGD = 069232283 USD

1 CHF = 098344612 USD 1 INR = 0.01472020 USD 1 THE = 0.02794464 USD

1 DKK = 0.14192897 USD 1 JPY = 000856482 USD 1 TRY = 0.28404135 USD

1 SEK = 0.1104412O USD 1 KRW’ = 0.0008301?) USD 1 TWD = 0.03103975 USD

1 EUR = 1.05510000 USD 1 IVEXN = 004846556 USD 1 ZAR = 0.07299154 USD

1 GBP = 1.23829308 USD 1 NOK = 011616718 USD1 HKD = 012893962 USD 1 PHP = 002021745 USD

4 TAXATIONThe 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 otherLuxembourg funds already subject to that tax. This tax is payable quarterly. Presently, the annual rate payable is 0.05%, for unitClass 1 and 0.01% for unit Classes 2, 3, 4, 5, 6 and 7.

62



5 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 1,177,563.05 NOK 1,119,995.29 02jan17 -

52.33

6 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 29122016)

Carnegie Fund — Svensk Kort Riinta Sub—Fund - Class 5B 0.50% (]‘_1du1duu=_d 29.122016)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 5A 1.60%

C worldwide Global Equities — Class 5B 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 21.122016)

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 StableEquities, are borne by the Management Company.



7 DEPOSITARY FEE

The Depositary fees are not borne by the Management Company for the following sub-funds:C Worldwide MedicalC Worldwide NordicC Worldwide Sweden Small CapC Worldwide Global EquitiesC Worldwide AsiaC Worldwide Global Equities Ethical

The Depositary will receive a depositary fee accrued monthly on the net assets of the Sub-Fund and payable monthly inarrears, 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 inrelation 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 fundto the intermediary relating to purchases or sales of transferable securities, money market instruments, derivatives or other

eligible assets as follows:

C worldwide Biotechnology EUR 109,321.51

C Worldwide Emerging Markets USD 25,196.61

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 210,266.56

C Worldwide Sweden Small Cap SEK 1,835,952_()9

C Worldwide Global Equities USD 6,636,235.74

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% iscalculated after deduction of all expenses and the management fee (but not the performance fee) and adjusting forredemptions and subscriptions during the relevant performance period. In order for the Performance Fee to be applied, thereturn 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 theFund's Prospectus.No performance fee has been accrued or paid during the year ended 31 December 2016.

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11 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 2017.

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 EquitiesC \WorldWide NordicC WorldWide Emerging MarketsC WorldWide MedicalC WorldWide Stable EquitiesC WorldWide Global Equities EthicalC WorldWide AsiaC W/orldWide BiotechnologyC WorldWide SwedenC WorldWide Sweden Small Cap

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