COVER_EN_2005   29/0 /05   16:00   Page 2




                           SEMI-ANNUAL      REPORT   2006




        CARLSO...
Carlson Fund

                               Table of Contents

 Management and Administration                            ...
Carlson Fund

                             Management and Administration

MANAGEMENT COMPANY                              ...
Information about Carlson Fund
Managers                                                        Dividends

Carlson Fund (th...
Information about Carlson Fund
Purchasing units through Carlson in Stockholm                   Official prospectus

Person...
Information about Carlson Fund
Global asset managers                                               Socially responsible in...
Fund Managers




Filip Boman                                   Anders Ahl                                     Per Henrik ...
Fund Managers




Maud Ljungqvist                         Kalapi Darmeci                               Peter von Sivers

B...
Carlson Fund Consolidated
                  Statement of Net Assets 30/06/06
                              Figures in thou...
Carlson Fund Equity-International
The sub-fund is a balanced fund that invests in equities                                ...
Performance graph in USD                                                                                              Stat...
Purchase price         Market value                                                                Purchase price         ...
Carlson Fund Equity-Global
The sub-fund invests in equities across the world and thus                                     ...
Statement of Net Assets 30/06/06                                                                                       Pur...
Purchase price         Market value
                                     1,000 Currency           1,000
Securities        ...
Carlson Fund Equity-Global Emerging Markets
The sub-fund invests in equities in the emerging markets                      ...
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CARLSON FUND

  1. 1. COVER_EN_2005 29/0 /05 16:00 Page 2 SEMI-ANNUAL REPORT 2006 CARLSON FUND
  2. 2. Carlson Fund Table of Contents Management and Administration Page 2 Board of Directors Page 2 Information about Carlson Fund Page 3 Fund managers Page 6 Carlson Fund Consolidated Page 8 Carlson Fund Equity - International Page 9 Carlson Fund Equity - Global Page 12 Carlson Fund Equity - Global Emerging Markets Page 15 Carlson Fund Equity - Sweden Page 19 Carlson Fund Equity - Scandinavia Page 22 Carlson Fund Equity - European Small Cap Page 24 Carlson Fund Equity - Europe Page 26 Carlson Fund Equity - North America Page 29 Carlson Fund Equity - American Small Cap Page 32 Carlson Fund Equity - Far East Page 35 Carlson Fund Equity - Asian Small Cap Page 39 Carlson Fund Equity - Japan Page 42 Carlson Fund International Bond Page 45 Carlson Fund SEK Long Bond Page 48 Carlson Fund SEK Short Bond Page 50 Notes to the Financial Statements Page 52 Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published after the latest annual report. Page 1
  3. 3. Carlson Fund Management and Administration MANAGEMENT COMPANY ADMINISTRATION AGENT Carlson Fund Management Company S.A. CACEIS Bank Luxembourg 5, Allée Scheffer 5, Allée Scheffer L - 2520 Luxembourg L - 2520 Luxembourg Grand-Duchy of Luxembourg Grand-Duchy of Luxembourg INDEPENDENT AUDITOR CUSTODIAN AND PAYING AGENT PricewaterhouseCoopers S.à r.l. CACEIS Bank Luxembourg Réviseur d’entreprises 5, Allée Scheffer 400, route d’Esch L - 2520 Luxembourg L - 1471 Luxembourg Grand-Duchy of Luxembourg Grand-Duchy of Luxembourg INVESTMENT MANAGER INVESTMENT SUB-MANAGER DnB NOR Asset Management AB OFI Institutional Asset Management. Sveavägen 38 Independance Wharf PO Box 3510 470 Atlantic Avenue SE-103 69 Stockholm Boston , MA 02210 Sweden USA DnB NOR Financial Holding AB PO Box 3510 SE-103 69 Stockholm Sweden Board of Directors CHAIRMAN Mr Anders Jonsson, Managing Director, DnB NOR Asset Management AB, Sveavägen 38, PO Box 3510, SE-103 69 Stockholm, Sweden. DIRECTORS Mr Antoine Gilson de Rouvreux, Managing Director of Luxcellence Management Company S.A. 5, Allée Scheffer, L - 2520 Luxembourg. .(resigned 05/04/2006) Mr Torkild Varran, Chief Investment Officer, DnB NOR Asset Management ASA, ovre slottsgt. 3, 0021, Oslo, Norway. Mr Hans Christian Gjövik, Managing Director, Carlson Fund Management S.A., 5, Allée Scheffer, L - 2520 Luxembourg.(appointed 05/04/2006) Page 2
  4. 4. Information about Carlson Fund Managers Dividends Carlson Fund (the “fund”) is managed by Carlson Fund The Management Company will decide from time to time Management Company S.A. (the “Management Com- if and to what extent dividends should be paid to holders pany”) in Luxembourg. This Management Company has of “B”-Units of a sub-fund out of the net results of the arranged consultancy agreements with DnB NOR Asset operations attributable to the “B”-Units of that specific Management AB regarding the management of all sub- sub-fund, plus the equalization account on the net issues funds except Carlson Fund Equity - American Small Cap. of such Units. Such dividends will be paid to holders of The latter is managed by OFI Institutional Asset Man- “B”-Units as soon as practicable after the decision. agement in Boston. Managers for the respective sub- Results of operations of the sub-fund include all cost and funds are specified in the fund information for each sub- other income such as dividends and interest contributing fund. proceeds of the assets of the sub-fund, net realized and unrealized capital gains proceeds of sales of subscription Custodian bank rights and any other proceeds not to be defined as income. The “A” –Units are not entitled to the dividend payments. CACEIS BANK LUXEMBOURG acts as custodian bank for the fund’s assets. The custodian bank is also responsi- Charges ble for calculating the value of units and for issuing and redeeming units in the funds. Please refer to the respective sub-fund and the section “Note to the Financial Statements”, paragraph 4. Tax regulations for the fund Subscription and redemption of units The fund has no liability to tax in Luxembourg for capital gains, dividends and interest revenue. Instead, the fund Issue and redemption of units pays a wealth tax (“taxe d’abonnement”) of 0.05% p.a. on the value of the fund except in the case of Carlson SEK The issue and redemption of units takes place every Short Bond where the wealth tax is 0.01% p.a. In certain working day the banks are open for business in both instances depending on the country of origin, the fund Sweden and Luxembourg. Otherwise, issues and redemp- pays withholding tax on dividends received. However, tions will be conducted on the next day on which the Luxembourg does not impose a withholding tax on divi- banks are open. dends paid from the fund to unitholders. Purchase of units Tax regulations for unit holders resident in Swe- den Subscription orders, from those who are not subject to Swedish taxation, may be placed directly with CACEIS In respect of physical persons, realisation gains and divi- Bank Luxembourg, 5 Allée Scheffer, L-2520 Luxem- dends from funds are taxable as capital income at a rate of bourg, tel: +352 47 67 1, fax: +352 47 67 7039. 30%. In the event of losses on unit trusts, these will be set The initial subscription must be for a minimum amount off against gains realised on other quoted securities dis- equivalent to USD 1,000.00. No minimum is required for posed of during the same year. Capital gains and divi- subsequent subscriptions. dends on income funds where receivables are exclusively For any further information, please contact Carlson Fund in Swedish kronor will be treated as interest income for Management Company S.A. or any of the DnB NOR As- tax purposes. Capital losses on such income funds will be set Management officies. treated as interest expense. Other unit trusts like Carlson Fund International Bond that invest in foreign interest- Exchange and redemption of units bearing instruments, will be treated as unquoted securi- ties. This means that capital gains on realisation of such Unitholders who have instructed Carlson Fund Manage- units cannot be set off against losses on other quoted se- ment Company S.A. to hold their units should apply in curities, and that only 70% of a loss on disposal of the writing to Carlson Fund Management Company S.A. with units mentioned may be set off against other capital in- their instructions to exchange and redeem their units. Uni- come. tholders who have their units registered with an account other than Carlson are recommended to apply to their Unit value bank or stockbroker holding their units. The value of units is calculated each working day and is calculated on the latest available prices for the fund’s securities. The unit value is currently shown in Swedish and German newspapers and on Carlson’s websites. Page 3
  5. 5. Information about Carlson Fund Purchasing units through Carlson in Stockholm Official prospectus Persons who are liable for tax in Sweden are recom- For further information, please refer to the official pros- mended to buy their units through Carlson Investment pectus which may be obtained from Management. Carlson makes the unit purchases on the written instructions of the account holder. The minimum Carlson Fund Management Company S.A. amount for buying units via a single contribution is SEK Part of the DnB NOR Group 10,000. For monthly saving via autogiro the minimum 5, Allée Scheffer amount is SEK 200 per month and per unit trust. The nec- Building B essary forms may be obtained from Carlson Investment L-2520 Luxembourg Management. Carlson Investment Management sends a Luxembourg statement of securities to the client every half-year. At the end of December a tax certificate is also sent out. Carlson Tel: +352 26 35 08 18 Investment Management is obliged to report the client’s Fax: +352 26 35 06 18 holdings, sales and income received to the Swedish Na- info@cimlux.lu tional Tax Board. Subscription and redemption orders concerning the units of the following sub-funds: Carlson Fund Equity – International Carlson Fund Equity – Global Carlson Fund Equity – North America Carlson Fund Equity – Far East Carlson Fund Equity – Japan Carlson Fund Equity – American Small Cap Carlson Fund Equity – Asian Small Cap Carlson Fund Equity – Global Emerging Markets Carlson Fund International Bond must be received by the Stockholm Administration before 10:00 AM (CET) in the morning on the business day pre- ceding the relevant Valuation day. Otherwise the order will be executed on the next Valuation day. Subscription or redemption orders concerning Units of any other Sub-funds must be received by the Stockholm Administration before 10:00 AM (CET) on the Valuation Day. Otherwise the order will be executed on the next Valuation Day. For more information in Swedish please check our web- site www.carlsonfonder.se. Information Carlson Fund issues an audited annual Fund Report and an unaudited semi annual Fund Report. In addition, the value of units is published in Swedish and German news- papers and on Carlson’s websites. Page 4
  6. 6. Information about Carlson Fund Global asset managers Socially responsible investments DnB NOR Asset Management is a global asset man- Carlson Fund Management Company S.A. aspires to ager and part of the DnB NOR Group, a financial insti- be a responsible corporate citizen, to have a positive tution headquartered in Norway. Carlson is part of impact on society and to contribute to a sustainable DnB NOR Asset Management, focusing on profes- development by focusing on environmental, ethical sional asset management for institutions and private and social issues. At the core of our asset management individuals. We offer our clients the possibility to in- business are basic ethical guidelines for all investment vest in actively managed funds investing in both equi- activities. ties and interest-bearing securities. Our basic ethical guidelines stipulate that we must be One of the cornerstones of our philosophy is to operate particularly cautious with transactions that may consti- locally in close contact with the market. We consider it tute an unacceptable risk of contributing to violations vital to be on the ground with locally recruited staff of human rights, labor rights, corruption and the de- speaking the local language and understanding the lo- struction of the environment. cal culture. This is all designed to provide the best conditions for achieving good management results and The evaluation of companies is based on the following thereby providing clients with competitive returns. internationally accepted standards: Investment profile UN Global Compact – which aims to promote global sustainable development For us at Carlson it is important to have an active in- OECD Guidelines for Multinational Companies – vestment policy. By fundamental analysis of econom- which aims to promote ethical responsibility within ics, markets and companies we strive to achieve results companies in asset management that in the long term should ex- Ottawa convention – which is a ban against landmines ceed the market results. Both traditional fundamental analyses as well as quantitative methods are used for Implementation of our basic ethical guidelines includes this purpose. using our influence as an investor to promote positive action in companies where we see the need for change. A large part of Carlson's securities are invested in in- Based on available information, we develop an overall ternational equities and bonds. The basic idea is that understanding of a company and also consider steps you have to be close to the different markets to be able the company takes to rectify any incongruities. If a to have the best opportunities for good results in asset company shows little desire to implement positive management. For Carlson it is therefore very important changes, we may exclude the company from our in- to be on location with locally recruited personnel that vestment universe. speak the language and know the culture, in order to create the best environment for great investment re- sults. The process used for investments is based on a high degree of specialization. By focusing on the particular business area with dedicated analysts and fund manag- ers we create the necessary competence to succeed in Websites our investments. But the actual decision to make an investment is, of course, always taken by the fund www.carlsonfonder.se manager in charge. We regard it as important that res- www.carlsonfund.de ponsibilities and decision-making are clearly defined. Complete range of funds The construction of a securities portfolio with the aid of unit trusts is convenient, efficient and less risky when compared with investment in individual securi- ties. DnB NOR and Carlson offer a full range of equity and income funds. On the basis of their individual risk profiles one can simply construct an individual unit trust portfolio. You find more information regarding our fund range on our websites. Page 5
  7. 7. Fund Managers Filip Boman Anders Ahl Per Henrik Graesberg Born: 1968 Born: 1962 Born: 1955 Education: Education: Education: Bachelor of Business Administration, CFA BA in Business and Economics BA in Economics Years in the business: 12 Years in the business: 19 Years in the business: 26 Manager of sub-fund: Carlson Fund Equity - Manager of sub-fund: Carlson Fund Equity - Manager of sub-fund: Carlson Fund Equity - Global. Sweden. Scandinavia. Torbjörn Hamnmark Erwin Hidalgo Anna Ho Born: 1965 Born: 1965 Born: 1969 Education: Education: Education: BA in Economics Bachelor of Business Administration & BA in Economics Years in the business: 17 Accountancy Years in the business: 13 Manager of sub-fund: Carlson Fund Years in the business: 19 Manager of sub-funds: Carlson Fund Equity - International Bond. Manager of sub-fund: Carlson Fund Equity Asian Small Cap. - Japan. Bård Johannessen Christer Käck Björn Kvarnskog Born: 1959 Born: 1953 Born: 1965 Education: Education: Education: MBA , CEFA BSc in Economics, CEFA BA in Business Administration Years in the business: 16 Years in the business: 32 Years in the business: 19 Manager of sub-fund: Carlson Fund Manager of sub-fund: Carlson Fund SEK Long Manager of sub-fund: Carlson Fund Equity Equity - North America. Bond. - Europe. Page 6
  8. 8. Fund Managers Maud Ljungqvist Kalapi Darmeci Peter von Sivers Born: 1950 Born: 1973 Born: 1947 Education: Education: Education: BSc in Economics, CEFA BSc Accounting & Finance, MA Finance & BA in Business Administration Years in the business: 26 Investment Years in the business: 37 Manager of sub-fund: Carlson Fund SEK Years in the business: 9 Manager of sub-fund: Carlson Fund Equity - Short Bond. Manager of sub-fund: Carlson Fund Equity European Small Cap. - Global Emerging Markets and Carlson Fund Equity - Far East. Fredrik Öberg Daniel Goldfarb Ofi Institutional Asset Management INC. Born: 1965 Born: 1956 Education: Education: BA in Business and Economics BA, MBA and CFA Years in the business: 12 Years in business: 20 Manager of sub-fund: Carlson Fund Manager of sub-fund: Carlson Fund Equity Equity - International. - American Small Cap. Page 7
  9. 9. Carlson Fund Consolidated Statement of Net Assets 30/06/06 Figures in thousands in USD Note Assets 1,348,356 Securities at market value 2 1,294,029 Bank accounts 28,616 Receivable from units issued 856 Receivable from securities sold 7,616 Other accounts receivable 17,239 Liabilities 13,298 Bank overdraft 1,759 Accrued expenditures 4,062 Payable on units redeemed 564 Payable on securities purchased 3,526 Other accounts payable 3,387 Net Asset Value 1,335,058 Statement of Operations at 30/06/06 Figures in thousands in USD Note Income 21,726 Dividends received 2 6,057 Bank interest 290 Interest on securities 2 15,379 Expenditure 11,235 Management fees 4 7,545 Sub-custodian fees 0 Taxe d'abonnement 3 295 Professionnal expenses 38 Other expenses 3,356 Net income from investments 10,491 Net realised result on sales of investment securities 40,165 Net realised result on foreign exchange -4,659 Variation in unrealised result -56,069 Securities portfolio -56,069 Decrease in net assets as a result of operations -10,072 Statement of Changes in Net Assets Figures in thousands in USD Note Net asset value at beginning of the period 1,281,517 Units issued during the period 267,306 Units redeemed during the period -282,106 Decrease in net assets during the period -10,072 Reevaluation of opening consolidated NAV 78,412 Net asset value at end of the period 1,335,058 The accompanying notes form an integral part of these financial statements Page 8
  10. 10. Carlson Fund Equity-International The sub-fund is a balanced fund that invests in equities Development of Net Asset Value and bonds worldwide. Over an extended period, the sub- Capitalisation units fund will normally be balanced with an exposure of 60% Unit price USD EUR Number of units in equities and 40% in bonds as equities are expected to 31/12/95 USD 1.48 1.48 1.08 45,197,189 perform better than bonds in the long run. However, in 31/12/96 USD 1.56 1.56 1.24 42,115,785 31/12/97 USD 1.64 1.64 1.50 44,568,187 the short-term the composition may vary depending on 31/12/98 USD 1.79 1.79 1.54 56,509,159 how we see trends developing in the equity and bond 31/12/99 EUR 1.79 1.69 1.79 38,016,661 31/12/00 EUR 1.74 n/a 1.74 21,955,372 markets. In this type of sub-fund we believe that it is 31/12/01 EUR 1.61 n/a 1.61 16,606,489 important to limit the risk of losing money. Bonds 31/12/02 EUR 1.27 n/a 1.27 5,888,132 31/12/03 EUR 1.28 n/a 1.28 4,550,202 normally carry a lower risk than equities but conversely, 31/12/04 EUR 1.33 n/a 1.33 3,241,029 the potential for growth is not as great. 31/12/05 EUR 1.58 n/a 1.58 2,628,773 30/06/06 EUR 1.53 n/a 1.53 2,556,017 The sub-fund offers two kinds of units, the capitalisation Development of Net Asset Value unit (A) and the distribution (B) unit. Distribution units Unit price USD EUR Dividend Number of units During 2006 the value of the sub-fund's units declined by 31/12/95 USD 1.28 1.28 0.94 0.05 874,557 -3,03 % in the sub-fund's quoted currency EUR. 31/12/96 USD 1.29 1.29 1.03 0.05 475,204 31/12/97 USD 1.31 1.31 1.20 0.10 34,135 31/12/98 USD 1.38 1.38 1.19 0.05 34,135 Benchmark: 60% MSCI AC World Free, 24% Lehman 31/12/99 EUR 1.34 1.31 1.34 0.08 34,135 31/12/00 EUR 1.26 n/a 1.26 0.08 35,994 Euro Aggregated and 16% Lehman US Treasury. 31/12/01 EUR 1.13 n/a 1.13 0.04 34,136 31/12/02 EUR 0.86 n/a 0.86 0.03 36,452 Geographic distribution 31/12/03 EUR 0.85 n/a 0.85 0.02 34,286 31/12/04 EUR 0.86 n/a 0.86 0.02 34,135 (Percentage of portfolio) 31/12/05 EUR 1.00 n/a 1.00 0.02 36,671 30/06/06 EUR 0.97 n/a 0.97 n/a 40,816 Performance USA 45.56% Fund Index** USD EUR USD EUR 1995 17% 12% 17% 10% 1996 5% 9% 8% 10% 1997 5% 19% 8% 20% 1998 10% 3% 19% 10% 1999 0% 17% 13% 28% France 2000 -9% -3% -6% -1% 11.63% 2001 -13% -8% -15% -4% Other 2002 -7% -21% -4% -19% 2003 21% 1% 25% 4% 10.90% 2004 12% 4% 12% 4% United Kingdom 2005 3% 19% 3% 19% 8.21% 2006 5% -3% 4% -4% Japan Since Last 5 years 33% -12% 43% -6% The Netherlands 5.04% 5 year average 6% -2% 7% -1% 3.37% Sweden Switzerland Germany ** see diagram 2.23% 4.30% 8.76% The accompanying notes form an integral part of these financial statements Page 9
  11. 11. Performance graph in USD Statement of Operations at 30/06/06 Figures in thousands in EUR Note Securities portfolio -157.41 Decrease in net assets as a result of operations -123.73 Statement of Changes in Net Assets Figures in thousands in EUR Note Net asset value at beginning of the period 4,180.44 Units issued during the period 161.98 Units redeemed during the period -270.61 Decrease in net assets during the period -123.73 Net asset value at end of the period 3,948.08 Sub-Fund advisor: Fredrik Öberg Performance graph in EUR Statement of Investments at 30/06/06 Purchase price Market value 1,000 Currency 1,000 Securities Quantity EUR Price EUR % Transferable securities admitted to an official 3,677.95 93.16 stock exchange listing Bonds 936.03 23.71 France 322.08 8.16 FRANCE BTF 05/06 149,000 146.42 EUR 99.54 146.38 3.71 31/08U FRANCE OAT 5.25 98- 170,817 176.82 EUR 102.86 175.70 4.45 08 25/04A Germany 230.20 5.83 BRD 4.125 98-08 0 0.00 EUR 101.06 0.00 0.00 04/07A BRD 5.25 00-11 43,000 46.77 EUR 105.75 45.47 1.15 04/01A BRD 6.25 00-30 145,000 170.07 EUR 127.40 184.73 4.68 04/01A USA 222.31 5.63 USA TREASURY NOTE 3.5 150,000 116.03 USD 99.34 117.22 2.97 01-06 15/11S Statement of Net Assets 30/06/06 USA TREASURY NOTES 140,000 104.24 USD 95.42 105.09 2.66 2.625 03-08 15/05S Figures in thousands in EUR The Netherlands 106.11 2.69 NEDERLAND 3.25 05- 113,000 107.22 EUR 93.91 106.11 2.69 Note 15 15/07A Italy 54.96 1.39 Assets 3,961.79 ITALY BTP 5.00 98-08 53,675 56.31 EUR 102.39 54.96 1.39 Securities at market value 2 3,926.83 01/05S Bank accounts 15.04 Belgium 0.37 0.01 BELGIQUE OLO 5.75 354 0.40 EUR 103.56 0.37 0.01 Receivable from securities sold 1.11 97-08 28/03A Other accounts receivable 18.81 Shares 2,621.92 66.41 Liabilities 13.71 USA 1,197.80 30.34 Bank overdraft 0.00 ABBOTT LABORATORIES 1,750 60.36 USD 42.90 59.06 1.50 Accrued expenditures 13.71 ABERCROMBIE AND FITCH 653 34.45 USD 54.92 28.21 0.71 -A- Net Asset Value 3,948.08 ALLTEL CORP 1,100 57.50 USD 63.51 54.95 1.39 AT & T COMCAST CORP 900 21.11 USD 32.64 23.11 0.59 BAKER HUGHES INC 400 22.84 USD 81.18 25.54 0.65 Statement of Operations at 30/06/06 BEA SYSTEMS 2,900 23.15 USD 12.93 29.50 0.75 BOSTON SCIENTIFIC CORP 1,500 27.26 USD 16.94 19.99 0.51 Figures in thousands in EUR COCA-COLA CO 1,187 41.33 USD 43.06 40.21 1.02 Note CONOCOPHILLIPS 700 34.36 USD 65.97 36.33 0.92 CORNING INC 1,200 27.23 USD 23.88 22.54 0.57 Income 57.13 CVS CORP 1,600 29.43 USD 30.45 38.32 0.97 Dividends received 2 29.71 E TRADE FINANCIAL 1,722 25.96 USD 22.62 30.64 0.78 Bank interest 0.20 GENERAL ELECTRIC CO 2,000 54.03 USD 33.27 52.34 1.33 Interest on securities 2 27.23 GENWORTH FINANCIAL 1,429 34.19 USD 34.73 39.04 0.99 Expenditure 37.35 INC CLASS-A IBM CORP 1,100 74.84 USD 77.59 67.14 1.70 Management fees 4 26.16 JP MORGAN CHASE 1,600 57.31 USD 42.68 53.72 1.36 Taxe d'abonnement 3 1.04 MAXIM INTEGRATED 1,000 24.10 USD 32.67 25.70 0.65 Professionnal expenses 0.11 PRODUCTS INC MICROSOFT CORP 2,840 57.88 USD 23.54 52.59 1.33 Other expenses 10.04 MORGANS HOTEL GROUP 289 4.85 USD 14.49 3.29 0.08 Net income from investments 19.78 NATIONAL OILWELL 881 49.12 USD 63.10 43.73 1.11 Net realised result on sales of investment securities 157.62 VARCO INC OCCIDENTAL PETROLEUM 700 55.20 USD 102.25 56.30 1.43 Net realised result on foreign exchange -143.73 CORP Variation in unrealised result -157.41 PARKER-HANNIFIN CORP 300 15.88 USD 77.80 18.36 0.47 PG AND E CORP 800 25.57 USD 38.81 24.42 0.62 The accompanying notes form an integral part of these financial statements Page 10
  12. 12. Purchase price Market value Purchase price Market value 1,000 Currency 1,000 1,000 Currency 1,000 Securities Quantity EUR Price EUR % Securities Quantity EUR Price EUR % PROCTER & GAMBLE CO 1,300 54.50 USD 56.99 58.28 1.48 Norway 21.17 0.54 SONUS NETWORKS INC 3,609 15.73 USD 4.83 13.71 0.35 TELENOR AS 2,200 17.64 NOK 76.25 21.17 0.54 SYNTHES INC 190 18.44 CHF 147.20 17.84 0.45 Units in Investment Funds 120.00 3.04 TIME WARNER INC 2,700 36.52 USD 17.29 36.72 0.93 USA 120.00 3.04 TRANSOCEAN INC 600 30.29 USD 79.47 37.51 0.95 ISHARES MSCI JAPAN 11,300 112.45 USD 13.50 120.00 3.04 WACHOVIA CORP 1,100 47.57 USD 54.34 47.02 1.19 INDEX FUND WELLPOINT INC 774 45.69 USD 72.85 44.35 1.12 Transferable securities dealt in on another 248.88 6.30 WYETH 1,600 59.51 USD 43.95 55.32 1.40 regulated market YAHOO INC 1,620 42.72 USD 32.97 42.01 1.06 United Kingdom 322.48 8.17 Bonds 248.88 6.30 BHP BILLITON PLC 2,269 31.91 GBP 10.59 34.64 0.88 USA 248.88 6.30 BP PLC 6,706 63.64 GBP 6.33 61.16 1.55 US TREASURY NOTES 37,000 30.14 USD 96.92 28.21 0.71 BT GROUP PLC 13,873 43.77 GBP 2.37 47.37 1.20 4.375 05-10 15/12S CORUS GROUP 4,127 21.52 GBP 4.52 26.87 0.68 USA TREASURY BONDS 103,000 129.59 USD 112.25 90.95 2.30 DEBENHAMS PLC 3,000 8.54 GBP 1.88 8.11 0.21 6.25 99-30 15/05S MAN GROUP PLC 1,476 36.11 GBP 25.78 54.87 1.39 USA TREASURY BONDS 123,000 157.87 USD 134.08 129.73 3.29 NATIONAL GRID TRANSCO 4,301 35.80 GBP 5.85 36.28 0.92 9.875 85-15 15/11S PLC Total securities 3,926.83 99.46 ROYAL BANK OF 2,084 49.04 GBP 17.70 53.19 1.35 SCOTLAND GROUP PLC Liquid assets 21.25 0.54 Japan 198.09 5.02 Net Asset Value 3,948.08 100.00 ASAHI GLASS CO LTD 3,000 23.77 JPY 1,451.00 29.86 0.76 DENSO CORP 1,300 23.28 JPY 3,740.00 33.35 0.84 Key figures relating to the last 3 years MITSUBISHI UFJ 5 32.29 JPY 1,600,000 54.87 1.39 FINANCIAL GROUP INC .00 MITSUI FUDOSAN 2,000 15.13 JPY 2,485.00 34.09 0.86 30/06/06 31/12/05 31/12/04 NTT DOCOMO 16 21.97 JPY 168,000.0 18.44 0.47 0 Net assets 3,948,080.48 4,180,439.45 4,334,201.34 SEVEN & I HOLDINGS CO 957 20.02 JPY 3,770.00 24.75 0.63 LTD, TOKYO TOKYO ELECTRON LTD 50 4.20 JPY 8,000.00 2.74 0.07 Switzerland 168.93 4.28 EFG INTL 700 15.60 CHF 32.25 14.40 0.36 Capitalisation units NESTLE SA REG.SHS 157 38.46 CHF 377.25 37.79 0.96 NOVARTIS SA REG.SHS 1,042 47.98 CHF 65.50 43.55 1.10 Number of units 2,556,017 2,628,773 3,241,029 ROCHE HOLDING 275 30.29 CHF 200.00 35.09 0.89 Net asset value per unit 1.53 1.58 1.33 GENUSSSCHEIN UBS NAM.AKT 447 30.65 CHF 133.60 38.10 0.97 Distribution units France 134.52 3.41 ALCATEL 2,162 27.82 EUR 10.02 21.66 0.55 Number of units 40,816 36,671 34,135 AXA 1,991 57.09 EUR 25.60 50.97 1.29 Net asset value per unit 0.97 1.00 0.86 CREDIT AGRICOLE SA 1,259 40.99 EUR 29.45 37.08 0.94 Dividend per unit n/a 0.02 0.02 VIVENDI 917 26.00 EUR 27.06 24.81 0.63 Germany 113.74 2.88 ALLIANZ AG NAMEN 484 63.81 EUR 123.24 59.65 1.51 VINKULIERT INFINEON TECHNOLOGIES 3,572 27.74 EUR 8.76 31.29 0.79 NOM. PUMA 75 22.68 EUR 304.04 22.80 0.58 Sweden 87.74 2.22 HENNES & MAURITZ AB -B- 850 25.82 SEK 281.00 25.88 0.66 FREE SCANIA -B- 800 22.50 SEK 318.00 27.57 0.70 VOLVO -B- FREE 900 29.82 SEK 351.50 34.28 0.87 Singapore 77.91 1.97 DBS GROUP HOLDINGS 3,000 21.95 SGD 18.10 26.91 0.68 KEPPEL CORPORATION 7,000 25.20 SGD 14.70 51.00 1.29 LTD Canada 48.25 1.22 POTASH CORP OF 300 23.77 CAD 96.25 20.45 0.52 SASKATCHEWAN TECK CORP CL. "B" SUB- 600 24.57 CAD 65.40 27.79 0.70 VOTING Luxembourg 37.81 0.96 MILLICOM 1,068 20.47 USD 45.00 37.81 0.96 INTERNATIONAL CELLULAR SA Cayman Islands 37.58 0.95 ACE 948 31.98 USD 50.39 37.58 0.95 Belgium 35.23 0.89 DEXIA 1,866 34.54 EUR 18.88 35.23 0.89 Bermuda 33.16 0.84 ACCENTURE LTD -A- 1,500 29.67 USD 28.10 33.16 0.84 Guernsey Island 31.21 0.79 AMDOCS LTD 1,100 29.69 USD 36.07 31.21 0.79 The Netherlands 26.09 0.66 DSM KONINKLIJKE -K- 800 30.13 EUR 32.61 26.09 0.66 Hong Kong 25.73 0.65 BOC HONG KONG 107 0.15 HKD 15.20 0.16 0.00 (HOLDINGS) LTD CHEUNG-KONG HOLDINGS 3,000 25.91 HKD 84.15 25.57 0.65 LTD Italy 24.49 0.62 FINMECCANICA SPA POST 1,413 22.68 EUR 17.33 24.49 0.62 RAGGRUPPAMENTO The accompanying notes form an integral part of these financial statements Page 11
  13. 13. Carlson Fund Equity-Global The sub-fund invests in equities across the world and thus Performance all stock exchanges and currencies may be represented in Fund Index** the sub-fund. The selection of equities and the USD EUR USD EUR distribution by country and industry will vary depending 1995 16% 10% 16% 11% on our view of the market situation. 1996 8% 11% 11% 15% 1997 10% 25% 13% 28% 1998 18% 11% 20% 12% During 2006, the value of sub-fund units declined by - 1999 27% 49% 25% 47% 2000 -15% -9% -14% -9% 1,80 % in the sub-fund s quoted currency EUR. 2001 -20% -15% -17% -13% 2002 -21% -33% -21% -33% 2003 28% 7% 32% 10% Benchmark: MSCI AC World Index Free 2004 15% 6% 13% 5% 2005 10% 27% 9% 25% 2006 6% -2% 5% -3% Since Last 5 years 26% -17% 26% -17% Geographic distribution 5 year average 5% -4% 5% -4% (Percentage of portfolio) ** see diagram Performance graph in USD USA 44.56% France 4.58% United Kingdom Other 11.76% 15.16% Switzerland 5.60% South Korea Germany 2.71% Sweden Japan Singapore 3.66% 2.80% 6.61% 2.57% Performance graph in EUR Development of Net Asset Value Capitalisation units Unit price USD EUR Number of units 31/12/95 USD 1.60 1.60 1.17 11,266,778 31/12/96 USD 1.73 1.73 1.38 12,646,056 31/12/97 USD 1.90 1.90 1.74 11,612,636 31/12/98 USD 2.24 2.24 1.92 8,193,159 31/12/99 EUR 2.86 2.41 2.86 16,660,290 31/12/00 EUR 2.59 n/a 2.59 18,242,457 31/12/01 EUR 2.21 n/a 2.21 19,512,603 31/12/02 EUR 1.47 n/a 1.47 12,584,774 31/12/03 EUR 1.57 n/a 1.57 12,501,184 31/12/04 EUR 1.67 n/a 1.67 8,847,138 31/12/05 EUR 2.12 n/a 2.12 11,482,804 30/06/06 EUR 2.08 n/a 2.08 10,380,703 Statement of Net Assets 30/06/06 Figures in thousands in EUR Note Assets 21,659.52 Securities at market value 2 21,488.18 Bank accounts 149.39 Receivable from units issued 0.13 Other accounts receivable 21.82 The accompanying notes form an integral part of these financial statements Page 12
  14. 14. Statement of Net Assets 30/06/06 Purchase price Market value 1,000 Currency 1,000 Figures in thousands in EUR Securities Quantity EUR Price EUR % Note Liabilities 75.64 PROCTER & GAMBLE CO 8,869 391.60 USD 56.99 397.60 1.84 Accrued expenditures 75.64 SONUS NETWORKS INC 28,202 122.89 USD 4.83 107.15 0.50 Net Asset Value 21,583.88 SYNTHES INC 1,417 136.91 CHF 147.20 133.08 0.62 TIME WARNER INC 22,500 312.02 USD 17.29 306.02 1.42 TRANSOCEAN INC 4,237 206.11 USD 79.47 264.87 1.23 Statement of Operations at 30/06/06 WACHOVIA CORP 8,234 354.82 USD 54.34 351.97 1.63 WELLPOINT INC 5,625 337.84 USD 72.85 322.35 1.49 Figures in thousands in EUR WYETH 11,878 447.02 USD 43.95 410.65 1.90 Note YAHOO INC 11,258 296.33 USD 32.97 291.98 1.35 United Kingdom 2,525.96 11.70 Income 235.55 BHP BILLITON PLC 18,462 260.51 GBP 10.59 281.84 1.31 Dividends received 2 235.17 BP PLC 53,924 514.53 GBP 6.33 491.78 2.28 Bank interest 0.37 BT GROUP PLC 115,332 365.14 GBP 2.37 393.84 1.82 Expenditure 197.29 CORUS GROUP 30,170 161.36 GBP 4.52 196.42 0.91 DEBENHAMS PLC 15,810 45.01 GBP 1.88 42.74 0.20 Management fees 4 150.79 MAN GROUP PLC 11,826 312.19 GBP 25.78 439.59 2.04 Taxe d'abonnement 3 5.86 NATIONAL GRID TRANSCO 31,058 260.08 GBP 5.85 261.98 1.21 Professionnal expenses 0.62 PLC Other expenses 40.02 ROYAL BANK OF 16,369 395.11 GBP 17.70 417.76 1.94 SCOTLAND GROUP PLC Net income from investments 38.26 Japan 1,420.56 6.58 Net realised result on sales of investment securities 1,481.65 ASAHI GLASS CO LTD 21,000 179.76 JPY 1,451.00 208.99 0.97 Net realised result on foreign exchange -220.10 DENSO CORP 8,400 158.20 JPY 3,740.00 215.47 1.00 MITSUBISHI UFJ 36 256.65 JPY 1,600,000 395.06 1.83 Variation in unrealised result -1,641.39 FINANCIAL GROUP INC .00 Securities portfolio -1,641.39 MITSUI FUDOSAN 17,000 163.57 JPY 2,485.00 289.75 1.34 Decrease in net assets as a result of operations -341.57 NTT DOCOMO 122 171.34 JPY 168,000.0 140.58 0.65 0 SEVEN & I HOLDINGS CO 6,602 161.74 JPY 3,770.00 170.71 0.79 Statement of Changes in Net Assets LTD, TOKYO Switzerland 1,202.82 5.57 EFG INTL 4,578 102.61 CHF 32.25 94.20 0.44 Figures in thousands in EUR NESTLE SA REG.SHS 1,217 298.40 CHF 377.25 292.93 1.36 Note NOVARTIS SA REG.SHS 7,102 325.26 CHF 65.50 296.80 1.38 ROCHE HOLDING 1,864 219.75 CHF 200.00 237.86 1.10 Net asset value at beginning of the period 24,302.42 GENUSSSCHEIN Units issued during the period 4,463.74 UBS NAM.AKT 3,297 241.95 CHF 133.60 281.04 1.30 Units redeemed during the period -6,840.71 France 983.11 4.55 ALCATEL 17,824 229.70 EUR 10.02 178.60 0.83 Decrease in net assets during the period -341.57 AXA 14,250 408.88 EUR 25.60 364.80 1.69 Net asset value at end of the period 21,583.88 CREDIT AGRICOLE SA 8,632 282.96 EUR 29.45 254.21 1.18 VIVENDI 6,855 198.01 EUR 27.06 185.50 0.86 Sub-Fund advisor: Filip Boman Germany 786.49 3.64 ALLIANZ AG NAMEN 3,507 460.61 EUR 123.24 432.20 2.00 VINKULIERT INFINEON TECHNOLOGIES 22,187 173.19 EUR 8.76 194.36 0.90 NOM. Statement of Investments at 30/06/06 PUMA 526 157.64 EUR 304.04 159.93 0.74 Purchase price Market value Sweden 600.67 2.78 HENNES & MAURITZ AB -B- 5,944 181.70 SEK 281.00 181.01 0.84 1,000 Currency 1,000 FREE Securities Quantity EUR Price EUR % SCANIA -B- 5,827 176.40 SEK 318.00 200.81 0.93 VOLVO -B- FREE 5,745 204.09 SEK 351.50 218.85 1.01 Transferable securities admitted to an official 21,488.18 99.56 South Korea 583.03 2.70 stock exchange listing HYUNDAI MOTOR CO LTD 2,220 57.78 KRW 80,600.00 148.36 0.69 SAMSUNG ELECTRONICS 507 177.92 KRW 603,000.0 253.49 1.17 Shares 20,632.23 95.59 CO LTD 0 USA 8,719.77 40.40 SHINSEGAE CO LTD 460 146.44 KRW 475,000.0 181.17 0.84 ABBOTT LABORATORIES 12,553 435.54 USD 42.90 423.62 1.96 0 ABERCROMBIE AND FITCH 4,599 237.86 USD 54.92 198.68 0.92 Singapore 552.82 2.56 -A- DBS GROUP HOLDINGS 21,000 160.63 SGD 18.10 188.39 0.87 ALLTEL CORP 8,409 438.48 USD 63.51 420.10 1.95 KEPPEL CORPORATION 50,021 212.11 SGD 14.70 364.44 1.69 AT & T COMCAST CORP 6,770 159.52 USD 32.64 173.82 0.81 LTD BAKER HUGHES INC 2,975 169.97 USD 81.18 189.98 0.88 Canada 356.16 1.65 BEA SYSTEMS 21,156 170.98 USD 12.93 215.18 1.00 POTASH CORP OF 2,460 195.04 CAD 96.25 167.71 0.78 BOSTON SCIENTIFIC CORP 9,366 177.15 USD 16.94 124.81 0.58 SASKATCHEWAN TECK CORP CL. "B" SUB- 4,068 176.38 CAD 65.40 188.45 0.87 COCA-COLA CO 9,117 316.56 USD 43.06 308.81 1.43 VOTING CONOCOPHILLIPS 5,276 263.51 USD 65.97 273.79 1.27 Cayman Islands 282.50 1.31 CORNING INC 8,053 182.73 USD 23.88 151.27 0.70 ACE 7,127 260.96 USD 50.39 282.50 1.31 CVS CORP 11,627 231.13 USD 30.45 278.50 1.29 The Netherlands 279.31 1.29 E TRADE FINANCIAL 12,075 186.41 USD 22.62 214.86 1.00 DSM KONINKLIJKE -K- 5,849 220.46 EUR 32.61 190.74 0.88 GENERAL ELECTRIC CO 14,547 392.87 USD 33.27 380.71 1.76 ZENTIVA 2,400 92.08 CZK 1,051.00 88.57 0.41 GENWORTH FINANCIAL 10,613 270.09 USD 34.73 289.94 1.34 INC CLASS-A Luxembourg 256.50 1.19 MILLICOM 7,246 151.93 USD 45.00 256.50 1.19 IBM CORP 8,049 547.72 USD 77.59 491.27 2.28 INTERNATIONAL JP MORGAN CHASE 11,681 415.66 USD 42.68 392.17 1.82 MAXIM INTEGRATED CELLULAR SA 7,706 184.19 USD 32.67 198.04 0.92 PRODUCTS INC Belgium 238.78 1.11 MICROSOFT CORP 20,657 417.93 USD 23.54 382.51 1.77 DEXIA 12,647 241.79 EUR 18.88 238.78 1.11 MORGANS HOTEL GROUP 2,222 37.32 USD 14.49 25.33 0.12 Guernsey Island 235.50 1.09 NATIONAL OILWELL 5,905 325.05 USD 63.10 293.10 1.36 AMDOCS LTD 8,300 228.57 USD 36.07 235.50 1.09 VARCO INC Bermuda 228.23 1.06 OCCIDENTAL PETROLEUM 4,825 382.60 USD 102.25 388.09 1.80 ACCENTURE LTD -A- 10,325 218.40 USD 28.10 228.23 1.06 CORP South Africa 226.23 1.05 PARKER-HANNIFIN CORP 2,328 130.03 USD 77.80 142.47 0.66 STANDARD BANK GROUP 16,635 86.96 ZAR 77.90 143.10 0.66 PG AND E CORP 5,800 184.12 USD 38.81 177.07 0.82 TELKOM 5,660 59.38 ZAR 133.00 83.13 0.39 The accompanying notes form an integral part of these financial statements Page 13
  15. 15. Purchase price Market value 1,000 Currency 1,000 Securities Quantity EUR Price EUR % Russia 216.90 1.00 GAZPROM ADR REPR. 4 SHS 6,565 61.42 USD 42.00 216.90 1.00 Italy 198.93 0.92 FINMECCANICA SPA POST 11,479 184.16 EUR 17.33 198.93 0.92 RAGGRUPPAMENTO India 165.29 0.77 GUJARAT AMBUJA 102,000 83.08 USD 2.06 165.29 0.77 CEMENTS LTD GDR Norway 162.78 0.75 TELENOR AS 16,920 141.45 NOK 76.25 162.78 0.75 Hong Kong 161.93 0.75 CHEUNG-KONG HOLDINGS 19,000 164.12 HKD 84.15 161.93 0.75 LTD Taiwan 127.48 0.59 ASUSTEK COMPUTER 66,000 142.87 TWD 79.50 127.48 0.59 Mexico 120.51 0.56 EMPRESAS ICA 54,167 82.67 MXN 31.98 120.51 0.56 Units in Investment Funds 855.95 3.97 USA 855.95 3.97 ISHARES MSCI JAPAN 80,602 845.45 USD 13.50 855.95 3.97 INDEX FUND Total securities 21,488.18 99.56 Liquid assets 95.69 0.44 Net Asset Value 21,583.88 100.00 Key figures relating to the last 3 years 30/06/06 31/12/05 31/12/04 Net assets 21,583,875.44 24,302,415.27 14,753,768.57 Capitalisation units Number of units 10,380,703 11,482,804 8,847,138 Net asset value per unit 2.08 2.12 1.67 The accompanying notes form an integral part of these financial statements Page 14
  16. 16. Carlson Fund Equity-Global Emerging Markets The sub-fund invests in equities in the emerging markets Performance of the world like the Far East, Latin America and Eastern Fund Index** Europe. The selection of equities and the distribution by USD EUR USD EUR country and industry will vary depending on our view of 1999* 31% n/a 30% n/a the market situation. 2000 -27% 22% -30% -25% 2001 -3% 3% -5% 0% 2002 -13% -26% -8% -22% During 2006 the value of sub-fund units declined by - 2003 52% 27% 52% 26% 2004 13% 5% 22% 14% 2,09 % in EUR and increased by 6,14 % in the sub-fund's 2005 30% 50% 30% 50% quoted currency USD. 2006 6% -2% 6% -2% Since Last 5 years 107% 37% 131% 53% 5 year average 16% 6% 18% 9% Benchmark: MSCI Emerging Markets Free * from 25/05/99 ** see diagram Performance graph in USD Geographic distribution (Percentage of portfolio) Brazil Mexico 10.68% 5.93% Israel South Africa 3.19% 11.00% India 3.56% Russia China 8.44% 6.48% Taiwan Other 13.66% 18.16% Performance graph in EUR South Korea 18.91% Development of Net Asset Value Capitalisation units Unit price USD EUR Number of units 25/05/99 USD 1.00 1.00 0.94 n/a 31/12/99 USD 1.31 1.31 1.31 12,756,108 31/12/00 USD 0.96 0.96 1.03 19,362,968 31/12/01 USD 0.94 0.94 1.06 57,683,787 31/12/02 USD 0.81 0.81 0.78 61,892,995 31/12/03 USD 1.23 1.23 0.83 85,928,850 31/12/04 USD 1.40 1.40 1.03 85,315,746 31/12/05 USD 1.82 1.82 1.54 68,908,128 30/06/06 USD 1.93 1.93 1.52 72,214,810 Statement of Net Assets 30/06/06 Figures in thousands in USD Note Assets 139,839.17 Securities at market value 2 136,357.33 Bank accounts 2,944.30 Receivable from units issued 41.28 Other accounts receivable 496.25 Liabilities 702.16 Bank overdraft 0.05 Accrued expenditures 667.56 Payable on units redeemed 34.54 The accompanying notes form an integral part of these financial statements Page 15

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