SEB Lux Fund


                                    A LUXEMBOURG MUTUAL FUND




                                       AUD...
SEB Lux Fund


TABLE OF CONTENTS


                                                                                       ...
ORGANISATION AND GENERAL INFORMATION

                                            ORGANISATION

SEB Lux Fund ("The Fund") ...
GENERAL INFORMATION

SEB Lux Fund is a Mutual Fund governed by Luxembourg Law and investing in marketable transferable sec...
SEB Lux Fund

                                  INDEPENDENT AUDITOR'S REPORT



To the Unitholders of
SEB Lux Fund
Luxembo...
REPORT OF THE BOARD OF DIRECTORS OF
                                    SEB Lux Fund Management Company S.A.
             ...
SEB Lux Fund - World
                                      SCHEDULE OF INVESTMENTS
                                       ...
140'500   CLP Holdings          565'718   0.33
          TOTAL HONG KONG       565'718   0.33




                        ...
SEB Lux Fund - World
                                SCHEDULE OF INVESTMENTS
                                   As at Dece...
SEB Lux Fund - World
                                  SCHEDULE OF INVESTMENTS
                                       As a...
59'730   SCA A        2'011'954   1.18




                 11
SEB Lux Fund - World
                                   SCHEDULE OF INVESTMENTS
                                      As a...
SEB Lux Fund - World
                            SCHEDULE OF INVESTMENTS
                               As at December 31,...
SEB Lux Fund - World
                                   SCHEDULE OF INVESTMENTS
                                      As a...
SEB Lux Fund - World
                                    SCHEDULE OF INVESTMENTS
                                       As...
SEB Lux Fund - World
                                    SCHEDULE OF INVESTMENTS
                                       As...
SEB Lux Fund - World
                                    SCHEDULE OF INVESTMENTS
                                       As...
SEB Lux Fund - World
                                       STATEMENT OF NET ASSETS
                                      ...
SEB Lux Fund – World
                              STATEMENT OF CHANGES IN NET ASSETS
                                 For...
REPORT OF THE BOARD OF DIRECTORS OF
                                    SEB Lux Fund Management Company S.A.
             ...
SEB Lux Fund - Global Equity
                                   SCHEDULE OF INVESTMENTS
                                  ...
SEB Lux Fund - Global Equity
                                     SCHEDULE OF INVESTMENTS
                                ...
SEB Lux Fund - Global Equity
                         SCHEDULE OF INVESTMENTS
                            As at December 3...
SEB Lux Fund - Global Equity
                                   SCHEDULE OF INVESTMENTS
                                  ...
SEB Lux Fund - Global Equity
                                       STATEMENT OF NET ASSETS
                              ...
SEB Lux Fund - Global Equity
                             STATEMENT OF CHANGES IN NET ASSETS
                             ...
REPORT OF THE BOARD OF DIRECTORS OF
                                    SEB Lux Fund Management Company S.A.
             ...
SEB Lux Fund - Swedish Short-Medium Term
                               SCHEDULE OF INVESTMENTS
                          ...
SEB Lux Fund - Swedish Short-Medium Term
                            SCHEDULE OF INVESTMENTS AS AT
                       ...
SEB Lux Fund - Swedish Short-Medium Term
                                   STATEMENT OF NET ASSETS
                      ...
SEB Lux Fund - Swedish Short-Medium Term
                              STATEMENT OF CHANGES IN NET ASSETS
                ...
REPORT OF THE BOARD OF DIRECTORS OF
                                    SEB Lux Fund Management Company S.A.
             ...
SEB Lux Fund - Ethical Sweden
                              SCHEDULE OF INVESTMENTS
                                 As at...
SEB Lux Fund - Ethical Sweden
                            SCHEDULE OF INVESTMENTS
                                As at De...
SEB Lux Fund - Ethical Sweden
                                 SCHEDULE OF INVESTMENTS
                                   ...
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seb_lux_gp_2002.doc

  1. 1. SEB Lux Fund A LUXEMBOURG MUTUAL FUND AUDITED ANNUAL REPORT DECEMBER 31, 2002 Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus, supplemented by the latest annual report and the most recent semi-annual report if published thereafter. SEB Lux Fund Management Company S.A. Promoted by: SKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM
  2. 2. SEB Lux Fund TABLE OF CONTENTS Page(s) Organisation and General Information 2–3 Independent Auditor’s report 4 Reports of the Board of Directors, Schedule of Investments, Statements of Net Assets, Statements of Operations, Statements of Changes in Net Assets and Statistical Information as at December 31, 2002: SEB Lux Fund - World 5 – 16 SEB Lux Fund - Global Equity 17 – 23 SEB Lux Fund - Swedish Short-Medium Term 24 – 28 SEB Lux Fund - Ethical Sweden 29 – 34 SEB Lux Fund - Europe Equity 35 – 40 SEB Lux Fund - North America Equity 41 – 47 SEB Lux Fund - Japan Equity 48 – 54 SEB Lux Fund - Asia Equity 55 – 60 SEB Lux Fund - Medical 61 – 65 SEB Lux Fund - Technology 66 – 70 SEB Lux Fund - Ethical Global 71 – 77 SEB Lux Fund - Swedish Medium Term 78 – 82 Consolidated Statement of Net Assets 83 Consolidated Statement of Operations 83 Consolidated Statement of Changes in Net Assets 84 Statistical Information 84 Notes to the Financial Statements 85 – 87 2
  3. 3. ORGANISATION AND GENERAL INFORMATION ORGANISATION SEB Lux Fund ("The Fund") is a Luxembourg Mutual Umbrella Fund investing mainly in quoted securities. The Fund is sponsored by: SKANDINAVISKA ENSKILDA BANKEN AB (publ), Kungsträdgårdsgatan 8, S-10640 STOCKHOLM The Fund is managed by: SEB Lux Fund Management Company S.A. 6a, Circuit de la Foire Internationale, L-1347 LUXEMBOURG The Board of Directors of the 1) Cecilia LAGER Management Company is: Chief Operating Officer at SEB Asset Management, (a Division within SKANDINAVI8SKA ENSKILDA BANKEN AB (publ), STOCKHOLM) Chairman of the Board (since March 28, 2002) 2) Barbro LILIEHOLM, Head of Corporate Law at SEB Asset Management, (a Division within SKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM) Director 3) Jan Lennart PALMBERG, Head of Mutual Funds at SEB Asset management, (a Division within SKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM) Director (since April 3, 2002) 4) Kaj-Gustaf Johan BERGH Former Head of SEB Invest & Fonder SKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM Chairman of the Board (until March 28, 2002) 5) Jos HEMMER, Former Head of Fund Administration SEB Private Bank S.A., LUXEMBOURG Director (until April 3, 2002) The Independent Auditor of PricewaterhouseCoopers S.à r. l. the Fund and the Management Réviseur d’entreprises Company is: 400, route d’Esch, L-1471 LUXEMBOURG The Custodian Bank is: SEB Private Bank S.A. 6a, Circuit de la Foire Internationale, L-1347 LUXEMBOURG Administrative Agent is: SEB Invest Luxembourg S.A. 6a, Circuit de la Foire Internationale, L-1347 LUXEMBOURG The Investment Adviser is: SKANDINAVISKA ENSKILDA BANKEN AB (publ), - SEB Asset Management - Sergels Torg S-10640 STOCKHOLM The Listing Agent is: BANQUE GÉNÉRALE du LUXEMBOURG S.A. 14, rue Aldringen, L-2951 LUXEMBOURG 3
  4. 4. GENERAL INFORMATION SEB Lux Fund is a Mutual Fund governed by Luxembourg Law and investing in marketable transferable securities. The Fund is set up in accordance with Management Regulations signed initially in Luxembourg on 27 May 1993. These Management Regulations were deposited with the Chief Registrar of the District Court of and in Luxembourg on June 10, 1993 and published in the Mémorial C No-319 as of 5 July 1993. Amendments hereto were deposited with the Chief Registrar of the District Court of and in Luxembourg on December 21, 1993, on September 2, 1994, on April 11, 1997, on July 27, 1998, on July 1, 1999 and on November 27, 2002 and published in the Mémorial C as of February 8, 1994, of October 13, 1994, of May 7, 1997, of October 3, 1998, of August 5, 1999 and of December 9, 2002. SEB Lux Fund as a Mutual Fund governed by the law of March 30, 1988 does not have a legal personality. Its assets are the undivided joint property of the unitholders and are separate from the assets of the Management Company SEB Lux Fund Management Company S.A. There is no restriction on the amount of the Fund's assets nor to the number of its units. SEB Lux Fund is divided into several Sub-Funds, for various geographical areas or industrial sectors in which investments will be made (cf. "Sub-Funds" below). The Net Asset Value per unit, computed on each day, which is a Bank Business day in Luxembourg and in Sweden, is made public daily at the office of the Custodian Bank. The Fund is divided into Sub-Funds. There were twelve Sub-Funds in existence at December 31, 2002: SEB Lux Fund - World SEB Lux Fund - Global Equity SEB Lux Fund - Swedish Short-Medium Term SEB Lux Fund - Ethical Sweden SEB Lux Fund - Europe Equity SEB Lux Fund - North America Equity SEB Lux Fund - Japan Equity SEB Lux Fund - Asia Equity SEB Lux Fund – Medical SEB Lux Fund - Technology SEB Lux Fund - Ethical Global SEB Lux Fund - Swedish Medium Term FINANCIAL INFORMATION is published in at least one internationally circulated newspaper. Subscription and redemption prices are - made public daily at the registered office of the Custodian Bank. - published daily in at least one internationally circulated newspaper. Currently, publication is made in the International Herald Tribune. FINANCIAL REPORTS of the Fund are published annually and semi-annually. These reports, as well as the OFFERING PROSPECTUS and the MANAGEMENT REGULATIONS, and all information concerning the Fund can be obtained at the offices of the agents responsible for FINANCIAL SERVICES listed below: Financial Servicing for the Fund is provided by the Depositary Bank: SEB Private Bank S.A. 6a, Circuit de la Foire Internationale, L-1347 Luxembourg and by all branches, subsidiaries and affiliates of SKANDINAVISKA ENSKILDA BANKEN AB (publ), Kungsträdgårdsgatan 8, S-10640 Stockholm and from all branches, subsidiaries and affiliates of the Skandinaviska Enskilda Banken Group. Financial information regarding SEB Lux Fund Management Company can be received, free of charge, upon request in writing to the registered office of the Management Company. 4
  5. 5. SEB Lux Fund INDEPENDENT AUDITOR'S REPORT To the Unitholders of SEB Lux Fund Luxembourg We have audited the financial statements, which consist of the statement of net assets, the statement of operations, the statement of changes in net assets, the schedule of investments and the notes to the financial statements of SEB Lux Fund and of each of its Sub-Funds for the year ended December 31, 2002. These financial statements are the responsibility of the Board of Directors of the Management Company. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the management company in preparing the financial statements, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the attached financial statements give, in conformity with Luxembourg legal and regulatory requirements, a true and fair view of the financial position of SEB Lux Fund and each of its Sub-Funds at December 31, 2002 and the results of their operations and changes in their net assets for the year then ended. Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. We have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers S.àr.l. Luxembourg, March 21, 2003 Réviseur d’entreprises Represented by Jean- Robert Lentz 5
  6. 6. REPORT OF THE BOARD OF DIRECTORS OF SEB Lux Fund Management Company S.A. TO THE UNITHOLDERS OF SEB Lux Fund - World 1. The Sub-Fund’s performance The Sub-Fund’s capital fell from USD 239.74 million to USD 170.44 million during the year. The net asset value fell by 27.5 percent if expressed in SEK, while the Sub-Fund’s comparison index fell by 24.2 percent. The selection of both Swedish and foreign shares had the most negative effect on the Sub-Fund’s return, while bonds made a positive contribution. The distribution between shares and bonds had a marginally negative effect, as the markets performed more poorly than we had expected. The stronger Swedish krona had a negative effect on the net asset value figure in SEK, but a positive effect on the relative index, as the Sub-Fund had an overweight in Swedish kronor. The selection of Swedish shares and the overweight in forestry companies accounted for the biggest positive contribution, while the selection of shares and sector weighting in manufacturing and banks were most negative. In foreign shares, the holdings in Tyco, Charter Communication, Allianz, Ford Motor Co and Ahold had the most negative effect. The shares that made the most positive contribution to the Sub-Fund’s development were consumer companies Anheuser-Bush and Procter & Gamble, insurance company Zürich Financial Services and bank ABN Amro. Our cautious exposure to the technology and media sectors also made a positive contribution. During the first half of the year, the relative development of bonds was also favoured by the fact that the maturity remained shorter than index, but was negatively affected in the second half of the year when the interest rates fell. 2. Changes during the period In Swedish shares, the biggest changes took place in the banking sector, with SEB reduced in favour of Nordea and Handelsbanken, while the sector was overweighted. In foreign shares, in the early part of the year we increased the proportion of cyclically sensitive companies in the portfolio, but in line with reports of constantly weakening economic statistics, we reduced the Sub-Fund’s cyclic element during autumn. We also reduced the exposure to banks and insurance to underweight, compared with the index. This was done by reducing the holdings in Citigroup and Allianz. In view of the political unease in the Middle East and the uncertain share climate, we kept an overweight in the oil sector for most of the year. In other respects, the Sub-Fund had a relatively balanced distribution between cyclic and defensive sectors. During the period, we had for the most part a neutral weighting between shares and bonds. In bonds, the proportion of housing bonds is greater than in the Sub-Fund’s comparison index. 3. Other Sub-Fund traded in index futures throughout the year. March 21, 2003 THE BOARD OF DIRECTORS NOTE : Performances mentioned in this report are historical and are not indicative of future results. 6
  7. 7. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE (a) SHARES NUMBER DESCRIPTION MARKET VALUE NAV USD % AUSTRALIA 17'193 Australian Stock Exchange 110'465 0.06 49'828 BHP Billiton 284'790 0.17 50'000 Lend Lease Corp 273'667 0.16 TOTAL AUSTRALIA 668'922 0.39 BELGIUM 15'700 Interbrew 370'701 0.22 TOTAL BELGIUM 370'701 0.22 CHINA 117'000 CNOOC 152'281 0.09 192'000 Cosco Pacific 157'571 0.09 TOTAL CHINA 309'852 0.18 FINLAND 32'420 Nokia 515'426 0.30 30'940 Stora Enso R 326'308 0.19 TOTAL FINLAND 841'734 0.49 FRANCE 12'204 Aventis 663'396 0.39 20'680 Credit Agricole 312'069 0.18 6'600 Sanofi-Synthelabo 403'442 0.24 8'480 Schneider Electronics 401'252 0.24 9'930 Société Générale 578'340 0.34 11'700 Suez 203'078 0.12 4'082 Total Fina Elf 583'005 0.34 TOTAL FRANCE 3'144'582 1.85 GERMANY 3'127 Allianz Holding Reg 297'466 0.17 6'150 Daimler-Chrysler 189'419 0.11 13'820 E.ON 557'629 0.33 2'140 Siemens 90'951 0.05 TOTAL GERMANY 1'135'465 0.66 GREECE 21'200 Hellenic Telecommun Organiza 233'596 0.14 TOTAL GREECE 233'596 0.14 HONG KONG 7
  8. 8. 140'500 CLP Holdings 565'718 0.33 TOTAL HONG KONG 565'718 0.33 8
  9. 9. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) JAPAN 600 Aeon Credit Service 21'792 0.01 13'000 Bridgestone 161'036 0.09 2'000 Canon 75'336 0.04 1'600 Daiichi Pharmaceutical 22'961 0.01 1'000 Daikin Industries 15'842 0.01 53 East Japan Railway 263'059 0.15 3'000 Fuji Photo Film 97'835 0.06 18'000 Fujitsu 51'420 0.03 1'400 Heiwa Corp 20'634 0.01 1'000 Hirose Electric 76'347 0.04 17'000 Hitachi 65'181 0.04 2'200 Honda Motor 81'386 0.05 10'000 Kaneka 53'510 0.03 10'000 Kuraray 62'021 0.04 800 Mabuchi Motor 73'617 0.04 17'000 Matsushita Electric 167'609 0.10 17 Millea Holdings 122'340 0.07 49'000 Mitsui & Co 228'754 0.13 3'000 Murata 120'335 0.07 6'000 NGK Spark Plug 38'831 0.02 8'000 Nippon Comsys 27'101 0.02 16'000 Nippon Oil 72'538 0.04 50 Nippon Telegraph & Telephone 181'598 0.11 610 Nippon Television Network 90'984 0.05 38 Nippon Unipac Hldg 164'912 0.10 11'000 Nomura Holdings Inc 123'655 0.07 38 NTT DoCoMo 70'128 0.04 11'000 Oji Paper 47'274 0.03 7'000 Omron 103'936 0.06 2'300 Promise 81'984 0.05 16'000 Ricoh 262'512 0.15 1'700 Rohm 217'319 0.13 1'600 Sankyo Co 39'842 0.02 19'000 Showa Shell Sekiyu 131'930 0.08 300 SMC 28'162 0.02 26'000 Sompo Japan Insurance 151'834 0.09 4'100 Sony Corp 171'367 0.10 11'000 Sumitomo Bakelite 45'420 0.03 23'000 Sumitomo Electric Industries 149'045 0.09 8'400 Takeda Chemical 351'094 0.21 27'000 Teijin 64'617 0.04 4'000 TOHO 38'393 0.02 4'400 Tokyo Electric Power 83'611 0.05 9'000 Toppan Printing 67'726 0.04 14'100 Toyota Motor 379'029 0.22 3'000 Ushio 32'865 0.02 8 West Japan Railway 28'381 0.02 2'400 World 46'111 0.03 9
  10. 10. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) 8'000 Yamanouchi Pharmaceutical 231'906 0.14 TOTAL JAPAN 5'305'120 3.11 NETHERLANDS 11'240 Ahold Koninklijke 142'723 0.08 11'660 Intl Nederlanden Groep 197'489 0.12 TOTAL NETHERLANDS 340'212 0.20 SINGAPORE 73'700 Development Bank of Singapore 467'397 0.27 TOTAL SINGAPORE 467'397 0.27 SPAIN 23'700 Banco Santander Central Hispano 162'655 0.10 TOTAL SPAIN 162'655 0.10 SWEDEN 198'437 Assa Abloy B 2'266'017 1.33 132'180 AstraZeneca 4'641'994 2.72 78'135 Atlas Copco A 1'524'446 0.89 32'770 Bilia A 327'200 0.19 30'068 Billerud 327'828 0.19 72'241 Boliden 119'389 0.07 39'640 Castellum 555'023 0.33 13'000 CyberCom Consulting Group 19'396 0.01 76'000 Electrolux B 1'199'316 0.70 59'670 Eniro 376'648 0.22 4'526'742 Ericsson B 3'169'078 1.86 130'330 Europolitan Vodafone AB 613'261 0.36 138'644 FöreningsSparbanken 1'638'912 0.96 120'810 Handelsbanken A 1'608'342 0.94 274'050 Hennes & Mauritz B 5'283'923 3.10 167'610 Investor B 1'000'278 0.59 46'341 JM 861'584 0.51 56'850 Kinnevik B 567'632 0.33 6'870 LGP Telecom 28'069 0.02 10'400 Lindex 202'908 0.12 16'100 Metro International SDB A 9'978 0.01 49'600 Metro International SDB B 33'585 0.02 49'440 Modern Times Group B 400'023 0.23 52'293 Nokia SDR 828'209 0.49 867'050 Nordea 3'821'138 2.24 5'560 OM 26'545 0.02 64'300 Pandox Hotellfastigheter 538'705 0.32 37'535 Perbio Science 426'471 0.25 29'922 Pergo 54'258 0.03 13'200 Poolia B 32'874 0.02 50'080 Ratos B 548'890 0.32 35'743 Sandvik 797'862 0.47 10
  11. 11. 59'730 SCA A 2'011'954 1.18 11
  12. 12. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) 49'285 SCA B 1'662'951 0.98 45'240 Scania B 874'863 0.51 290'820 SEB A 2'419'801 1.42 111'150 Securitas B 1'326'662 0.78 289'440 Skandia 770'662 0.45 66'290 Skanska B 388'003 0.23 37'674 SKF B 977'164 0.57 55'070 SSAB A 650'983 0.38 124'190 Stora Enso R 1'289'890 0.76 75'835 Tele2 B 2'006'125 1.18 135'570 Telelogic 96'466 0.06 926'980 TeliaSonera 3'489'487 2.05 11'500 Teligent 11'482 0.01 15'000 Tietoenator 205'720 0.12 19'775 Transcom Worldwide A 22'695 0.01 37'325 Transcom Worldwide B 51'404 0.03 89'330 Volvo A 1'394'292 0.82 46'360 Volvo B 755'526 0.44 139'500 WM-Data B 121'676 0.07 TOTAL SWEDEN 54'377'590 31.91 SWITZERLAND 4'754 Nestle Reg 1'007'393 0.59 14'230 Novartis Reg 519'204 0.30 3'130 Swatch Group 260'324 0.15 6'956 Zurich Financial Services 648'965 0.38 TOTAL SWITZERLAND 2'435'886 1.42 UNITED KINGDOM 3'990 Astrazeneca 142'602 0.08 129'500 Barclays 802'656 0.47 139'600 British Petroleum 959'649 0.56 73'400 Compass Group 389'950 0.23 38'210 Diageo 415'221 0.24 15'081 GlaxoSmithkline 289'405 0.17 23'800 HSBC Holding 263'037 0.15 32'227 Pearson 298'064 0.17 15'060 Rio Tinto 300'639 0.18 16'340 Royal Bank of Scotland 391'430 0.23 36'100 Severn Trent 403'335 0.24 111'588 Shell Transport & Trading 734'750 0.43 500'714 Vodafone Group 912'908 0.54 50'900 WPP Group 388'824 0.23 TOTAL UNITED KINGDOM 6'692'468 3.92 UNITED STATES 12'760 Alcoa 290'673 0.17 4'210 American Express 148'824 0.09 10'424 American Intl Group 603'028 0.35 12
  13. 13. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) 2'480 Amgen 119'883 0.07 6'220 Anadarko Petroleum 297'938 0.17 5'454 Anheuser-Busch 263'974 0.15 14'740 Bank of America 1'025'462 0.60 16'160 Bank of New York 387'194 0.23 4'380 Bristol Myers Squibb 101'397 0.06 3'570 Cardinal Health 211'308 0.12 6'111 ChevronTexaco Corp 406'259 0.24 15'300 Cisco Systems 200'430 0.12 32'651 Citigroup 1'148'989 0.67 17'930 Coca Cola Company 785'693 0.46 14'671 Duke Energy 286'671 0.17 36'366 Exxon Mobil 1'270'628 0.75 10'479 Fannie Mae 674'114 0.40 40'982 General Electric 997'912 0.59 28'110 Hewlett-Packard 487'990 0.29 12'734 Home Depot 305'107 0.18 5'490 Honeywell Intl 131'760 0.08 11'600 IBM 899'000 0.53 12'530 Ingersoll Rand 539'542 0.32 27'180 Intel 423'193 0.25 12'190 Johnson & Johnson 654'725 0.38 20'310 Mattel Inc 388'937 0.23 10'880 Merck 615'917 0.36 15'013 Metlife 405'952 0.24 23'873 Microsoft 1'234'234 0.72 18'785 Oracle 202'878 0.12 53'806 Pfizer 1'644'849 0.97 9'110 Procter & Gamble 782'913 0.46 31'495 SBC Communications 853'829 0.50 15'056 Target 451'680 0.27 11'012 Texas Instruments 165'290 0.10 2'750 The McGraw-Hill Companies 166'210 0.10 12'652 Transocean Sedco Forex 293'526 0.17 10'200 Tyco Intl 174'216 0.10 9'840 United Technologies 609'490 0.36 4'395 UnitedHealth Group 366'983 0.22 27'065 Verizon Communications Inc 1'048'769 0.62 5'830 Viacom Class B 237'631 0.14 22'551 Walmart Stores 1'139'051 0.67 14'662 Washington Mutual 506'279 0.30 7'340 Wyeth 274'516 0.16 TOTAL UNITED STATES 24'224'841 14.25 TOTAL SHARES 101'276'738 59.44 13
  14. 14. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) (b) BONDS NOMINAL DESCRIPTION INTEREST MATURITY MARKET NAV VALUE RATE DATE VALUE % % USD DENOMINATED IN CANADIAN DOLLARS 70'000 Canada 5.00 040901 45'716 0.03 80'000 Canada 6.00 080601 55'130 0.03 75'000 Canada 7.00 061201 52'995 0.03 240'000 Canada 8.00 230601 201'115 0.12 TOTAL CAD 354'956 0.21 DENOMINATED IN DANISH KRONER 1'000'000 Kingdom Of Denmark 8.00 030515 143'761 0.08 TOTAL DKK 143'761 0.08 DENOMINATED IN EURO 100'000 Belgium 3.75 090328 104'709 0.06 220'000 Belgium 4.75 060928 243'088 0.14 75'000 Belgium 5.50 170928 85'771 0.05 230'000 Belgium 5.00 110928 255'255 0.15 346'000 Belgium 7.25 040429 384'148 0.23 125'000 Germany 6.75 040715 138'988 0.08 713'200 Germany 6.50 270704 924'643 0.54 490'000 France OAT 6.50 061025 573'777 0.34 300'000 Freddie Mac 4.75 130115 320'518 0.19 400'000 Kingdom of Sweden 5.00 090128 445'995 0.26 680'000 Nederland 5.50 100715 782'518 0.46 240'000 Nederland 7.75 050301 277'346 0.16 100'000 Spain 4.95 050730 110'238 0.06 150'000 Spain 6.00 080131 175'333 0.10 TOTAL EUR 4'822'327 2.82 DENOMINATED IN POUNDS STERLING 15'000 UK Treasury 6.25 101125 27'185 0.02 295'000 UK Treasury 8.00 130927 619'710 0.36 10'000 UK Treasury 8.00 151207 21'640 0.01 TOTAL GBP 668'535 0.39 DENOMINATED IN JAPANESE YEN 140'000'000 European Investment Bank 3.00 060920 1'302'327 0.76 5'000'000 Italy 3.80 080327 49'731 0.03 50'000'000 Japan 3.00 170920 521'973 0.31 88'000'000 KFW International Finance 1.00 041220 754'981 0.44 20'000'000 KFW International Finance 2.05 090921 186'637 0.11 55'000'000 OKB 1.80 100322 507'365 0.30 40'000'000 Spain 4.75 050314 371'285 0.22 TOTAL JPY 3'694'299 2.17 14
  15. 15. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) NOMINAL DESCRIPTION INTEREST MATURITY MARKET NAV VALUE RATE DATE VALUE % % USD DENOMINATED IN SWEDISH KRONOR 10'000'000 Caisse 1565 6.00 061220 1'211'229 0.71 5'000'000 Ericsson 6.50 050808 538'367 0.32 12'000'000 Nordea Hypotek 5514 5.25 040616 1'402'546 0.82 4'000'000 Nordea Hypotek 5515 5.75 050921 476'922 0.28 7'000'000 Nordea Hypotek 5517 6.00 070919 851'805 0.50 28'000'000 SBAB 119 5.50 060315 3'327'975 1.95 4'000'000 SEB Bolån 556 6.00 030618 463'255 0.27 25'000'000 SEB Bolån 558 6.00 050615 2'989'396 1.75 4'000'000 Skanska 158 6.35 050523 473'015 0.28 10'000'000 Spintab 161 7.50 040615 1'204'171 0.71 10'000'000 Spintab 169 5.50 030917 1'160'456 0.68 10'000'000 Spintab 170 5.75 050615 1'190'054 0.70 11'000'000 Stadshypotek 1559 5.00 031217 1'275'959 0.75 20'000'000 Stadshypotek 1562 3.50 040915 2'278'632 1.34 23'000'000 Stadshypotek 1564 6.00 060315 2'773'024 1.63 5'000'000 Stora 6.25 060317 587'068 0.34 6'200'000 Sweden 1037 8.00 070815 824'338 0.48 30'000'000 Sweden 1040 6.50 080505 3'808'799 2.23 14'500'000 Sweden 1041 6.75 140505 1'938'154 1.14 2'000'000 Sweden 1043 5.00 090128 237'012 0.14 5'000'000 Sweden 1044 3.50 060420 566'198 0.33 6'300'000 Sweden 1045 5.25 110315 753'386 0.44 13'000'000 Sweden 1046 5.50 121008 1'582'117 0.93 2'564'790 Sydsvenska Kemi 0.00 110609 86'973 0.05 TOTAL SEK 32'000'850 18.77 DENOMINATED IN US DOLLARS 850'000 Asian Development Bank 6.125 040309 895'985 0.53 500'000 Asian Development Bank 6.75 070611 578'800 0.34 240'000 US Treasury 5.00 110215 263'738 0.15 280'000 US Treasury 5.50 080215 315'958 0.19 130'000 US Treasury 5.75 030815 133'666 0.08 200'000 US Treasury 6.125 271115 233'734 0.14 150'000 US Treasury 6.75 050515 167'247 0.10 320'000 US Treasury 7.125 230215 412'112 0.24 530'000 US Treasury 7.25 040815 579'820 0.34 TOTAL USD 3'581'060 2.11 TOTAL BONDS 45'265'788 26.55 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 146'542'526 85.99 15
  16. 16. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) B) SECURITIES DEALT IN ANOTHER REGULATED MARKET NOMINAL DESCRIPTION INTEREST MATURITY MARKET NAV VALUE RATE VALUE % % USD TREASURY BILLS 1'500'000 Sweden Treasury Bill 0.00 030917 148'428 0.09 TOTAL TREASURY BILLS 148'428 0.09 TOTAL SECURITIES DEALT IN ANOTHER REGULATED MARKET 148'428 0.09 C) OTHER SECURITIES a) INVESTMENT FUNDS NUMBER DESCRIPTION MARKET VALUE NAV USD % FRANCE 16'460 Street Tracks MSCI Europe Industrials 630'124 0.37 TOTAL FRANCE 630'124 0.37 LUXEMBOURG 1'016'000 SISF Japanese Smaller Fund 398'372 0.23 TOTAL LUXEMBOURG 398'372 0.23 SWEDEN 332'623 SEB Europeiska Småbolagsfond 422'164 0.25 3'578'959 SEB Sverige Småbolagsfond 3'304'376 1.94 TOTAL SWEDEN 3'726'540 2.19 UNITED KINGDOM 7'380 FTSE Global Banks LDRS 278'340 0.16 10'400 FTSE Global Basic Industries LDRS 412'758 0.24 TOTAL UNITED KINGDOM 691'098 0.40 UNITED STATES 6'070 Ishares DJ US Healthcare 294'577 0.17 11'720 Ishares DJ US Industrial 438'680 0.26 TOTAL UNITED STATES 733'257 0.43 TOTAL INVESTMENT FUNDS 6’179'391 3.62 16
  17. 17. SEB Lux Fund - World SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) b) SHARES SWEDEN 22'240 Ballingslöv Holding 108'776 0.06 23'256 Duni 1'078'790 0.63 218'736 FlexLink Systems 482'669 0.28 154'826 Holding Stenqvist Holding AB 314'457 0.18 155'762 Tac AB 1'072'063 0.63 TOTAL SWEDEN 3'056'755 1.78 TOTAL SHARES 3'056'755 1.78 TOTAL OTHER SECURITIES 9'236'146 5.40 TOTAL PORTFOLIO 155'927'100 91.48 (PORTFOLIO AT COST USD: 169'058'487) The accompanying notes are an integral part of these financial statements 17
  18. 18. SEB Lux Fund - World STATEMENT OF NET ASSETS As at December 31, 2002 ASSETS USD Portfolio at Cost 169’058’487 Unrealised Depreciation (13’131’387) Portfolio at Market Value (Note 2) 155’927’100 Cash at Banks 14’261’616 Other Assets 1’305’590 Total Assets 171’494’306 Total Liabilities 1’054’639 TOTAL NET ASSETS 170’439’667 SEB Lux Fund – World STATEMENT OF OPERATIONS For the year ending December 31, 2002 INCOME USD Dividends 2’021’606 Interest on bonds 3’304’385 Bank interest 82’951 Total income 5’408’942 EXPENSES Management Fees (Note 3) 2’427’462 Taxe d'abonnement (Note 4) 97’340 Total expenses 2’524’802 NET INCOME FOR THE YEAR 2’884’140 The accompanying notes are an integral part of the financial statements. 18
  19. 19. SEB Lux Fund – World STATEMENT OF CHANGES IN NET ASSETS For the year ending December 31, 2002 USD NET ASSETS AT THE BEGINNING OF THE YEAR 239’744’143 Net Income for the Year 2’884’140 Net Realised Gain (Loss) on: Sales of Securities (45’166’480) Exchange 500’931 Futures (530’286) Net Realised Loss (42’311’695) Change in Net Unrealised Appreciation / (Depreciation) on Investments in: Securities 12’604’892 Exchange 12’596 Futures (299’761) Decrease in Net Assets as a Result of Operations (29’993’968) Proceeds on Issue of B Units 15’461’985 Payment on Redemptions of B Units (52’200’774) Dividends paid (2’571’719) TOTAL NET ASSETS AT THE END OF THE YEAR 170’439’667 SEB Lux Fund - World STATISTICAL INFORMATION As at December 31, 2002 Number of Units Outstanding at December 31, 2002 B Units 134’291’950.283 : Total Net Assets USD At December 31, 2002 170’439’667 At December 31, 2001 239’744’143 At December 31, 2000 349’535’230 Net Asset Value per B Unit At December 31, 2002 1.2691 At December 31, 2001 1.4682 At December 31, 2000 1.8234 Dividend Paid On February 06, 2002 0.015200 On January 24, 2001 0.018400 On May 15, 2000 0.005000 On January 25, 2000 0.022600 The accompanying notes are an integral part of the financial statements 19
  20. 20. REPORT OF THE BOARD OF DIRECTORS OF SEB Lux Fund Management Company S.A. TO THE UNITHOLDERS OF SEB Lux Fund - Global Equity 1. Performance In 2002, the Sub-Fund's capital fell from USD 35.1 million to USD 23.0 million. The Sub-Fund's net asset value sank by 37.7 per cent if expressed in SEK, whereas the benchmark index declined by 34.4 per cent. The weakening of the US dollar had an adverse effect on the Sub-Fund's performance. The main reason why the Sub-Fund underperformed in relation to the benchmark is the choice of equity. Holdings in Tyco, Charter Communication, Allianz, Ford Motor Co. and Ahold accounted for the most negative contributions. The companies that contributed most to the results were the consumer goods companies Anheuser-Bush and Procter & Gamble, the insurance company Zurich Financial Services and the bank ABN Amro. Our cautious exposure to the technology and media sectors was also positive. 2. Changes in the period At the start of the year, we increased the share of cyclically-sensitive companies in the portfolio. In line with increasingly weaker financial statistics, we reduced this cyclically-sensitive share again in the autumn. At the same time, we reduced our exposure to the banking and insurance sectors so that these were underweighted in relation to the index. This was done, among other things, by reducing our holdings in Citigroup and Allianz. Against the background of political unrest in the Middle East and uncertainty in the stock market, we maintained an overweight in the oil sector for the greater part of the year. Exxon and Shell are two of the most important holdings. Otherwise, the Sub-Fund had a relatively balanced spread between cyclical and defensive sectors. 3. General The Sub-Fund periodically invested in forward contracts to optimise its performance. March 21, 2003 THE BOARD OF DIRECTORS NOTE : Performances mentioned in this report are historical and are not indicative of future results. 20
  21. 21. SEB Lux Fund - Global Equity SCHEDULE OF INVESTMENTS As at December 31, 2002 A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE (a) SHARES NUMBER DESCRIPTION MARKET VALUE NAV USD % AUSTRALIA 7’001 Australian Stock Exchange 44’981 0.20 19’412 BHP Billiton 110’949 0.48 20’000 Lend Lease Corp 109’467 0.48 TOTAL AUSTRALIA 265’396 1.16 BELGIUM 6’680 Interbrew 157’725 0.69 TOTAL BELGIUM 157’725 0.69 CHINA 48.000 CNOOC 62’474 0.27 79.000 Cosco Pacific 64’834 0.28 TOTAL CHINA 127’308 0.55 FINLAND 13’100 Stora Enso R 138’159 0.60 13’830 Nokia 219’875 0.96 TOTAL FINLAND 358’034 1.56 FRANCE 5’207 Aventis 283’047 1.23 8’810 Credit Agricole SA 132’946 0.58 2’808 Sanofi-Synthelabo 171’646 0.75 3’830 Schneider Electronics 181’226 0.79 4’220 Société Générale 245’780 1.07 4’890 Suez 84’876 0.37 1’742 Total Fina Elf 248’798 1.08 TOTAL FRANCE 1’348’319 5.87 GERMANY 1’329 Allianz Holding Reg 126’425 0.55 2’610 Daimler-Chrysler 80’388 0.35 5’800 E.ON 234’027 1.02 909 Siemens 38’633 0.17 TOTAL GERMANY 479’473 2.09 GREECE 9’040 Hellenic Telecommun Organiza 99’609 0.43 TOTAL GREECE 99’609 0.43 21
  22. 22. SEB Lux Fund - Global Equity SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) HONG KONG 53’900 CLP Holdings 217’027 0.94 TOTAL HONG KONG 217’027 0.94 NETHERLANDS 4’747 Ahold Koninklijke 60’276 0.26 4’960 Intl Nederlanden Groep 84’009 0.36 TOTAL NETHERLANDS 144’285 0.62 SINGAPORE 30’290 Development Bank of Singapore 192’096 0.83 TOTAL SINGAPORE 192.096 0.83 SPAIN 10’090 Banco Santander Central Hispano 69’248 0.30 TOTAL SPAIN 69’248 0.30 SWITZERLAND 2’024 Nestle Reg 428’894 1.86 6’073 Novartis Reg 221’583 0.96 1’440 Swatch Group 119’766 0.52 2’957 Zurich Financial Services 275’875 1.20 TOTAL SWITZERLAND 1’046’118 4.54 UNITED KINGDOM 1’700 Astrazeneca 60’758 0.26 54’820 Barclays 339’781 1.48 59’270 British Petroleum 407’438 1.77 31’300 Compass Group 166’287 0.72 16’340 Diageo 177’564 0.77 6’437 GlaxoSmithkline 123’526 0.54 10’100 HSBC Holding 111’625 0.48 13’698 Pearson 126’691 0.55 6’400 Rio Tinto 127’762 0.56 6’980 Royal Bank of Scotland 167’208 0.73 15’400 Severn Trent 172’060 0.75 47’599 Shell Transport & Trading 313’415 1.36 213’896 Vodafone Group 389’978 1.69 21’620 WPP Group 165’155 0.72 TOTAL UNITED KINGDOM 2’849’246 12.38 UNITED STATES 5’422 Alcoa 123’513 0.54 1’800 American Express 63’630 0.28 4’585 American Intl Group 265’242 1.15 1’060 Amgen 51’240 0.22 2’590 Anadarko Petroleum 124’061 0.54 2’313 Anheuser-Busch 111’949 0.49 22
  23. 23. SEB Lux Fund - Global Equity SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) 6’253 Bank of America 435’021 1.89 6’860 Bank of New York 164’366 0.71 1’870 Bristol Myers Squibb 43’291 0.19 1’523 Cardinal Health 90’146 0.39 2’548 ChevronTexaco Corp 169’391 0.74 6’510 Cisco Systems 85’281 0.37 13’869 Citigroup 488’050 2.12 7’661 Coca Cola Company 335’705 1.46 6’128 Duke Energy 119’741 0.52 15’474 Exxon Mobil 540’662 2.35 4’387 Fannie Mae 282’216 1.23 17’476 General Electric 425’541 1.85 11’990 Hewlett-Packard 208’146 0.90 5’430 Home Depot 130’103 0.57 2’340 Honeywell Intl 56’160 0.24 4’950 IBM 383’625 1.67 5’330 Ingersoll Rand 229’510 1.00 11’510 Intel 179’211 0.78 4’960 Ishares DJ US Industrial 185’653 0.81 5’160 Johnson & Johnson 277’144 1.20 8’640 Mattel Inc 165’456 0.72 4’625 Merck 261’821 1.14 6’403 Metlife 173’137 0.75 10’078 Microsoft 521’033 2.26 7’941 Oracle 85’763 0.37 22’674 Pfizer 693’144 3.01 3’879 Procter & Gamble 333’361 1.45 13’353 SBC Communications 362’000 1.57 6’248 Target 187’440 0.81 4’682 Texas Instruments 70’277 0.31 1’170 The McGraw-Hill Companies 70’715 0.31 5’302 Transocean Sedco Forex 123’006 0.53 4’320 Tyco Intl 73’786 0.32 4’172 United Technologies 258’414 1.12 1’874 UnitedHealth Group 156’479 0.68 11’414 Verizon Communications Inc 442’293 1.92 2’480 Viacom Class B 101’085 0.44 9’620 Walmart Stores 485’906 2.11 6’249 Washington Mutual 215’778 0.94 3’132 Wyeth 117’137 0.51 TOTAL UNITED STATES 10’466’627 45.48 TOTAL SHARES 17’820’511 77.44 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 17’820’511 77.44 23
  24. 24. SEB Lux Fund - Global Equity SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) B) OTHER SECURITIES INVESTMENT FUNDS UNITED KINGDOM 2’880 FTSE Global Banks LDRS 108’620 0.47 4’430 FTSE Global Basic Industries LDRS 175’819 0.76 TOTAL UNITED KINGDOM 284’449 1.23 UNITED STATES 2’370 iShares DJ US Healthcare 115’016 0.50 TOTAL UNITED STATES 115’016 0.50 SWEDEN 7’010 Street Tracks MSCI Europe Industrials 268’358 1.17 146’190 SEB Europeiska Småbolagsfond 185’544 0.81 TOTAL SWEDEN 453’902 1.98 TOTAL INVESTMENT FUNDS 853’357 3.71 TOTAL OTHER SECURITIES 853’357 3.71 TOTAL PORTFOLIO 18’673’868 81.15 (PORTFOLIO AT COST USD: 21’664’835) The accompanying notes are an integral part of these financial statements. 24
  25. 25. SEB Lux Fund - Global Equity STATEMENT OF NET ASSETS As at December 31, 2002 ASSETS USD Portfolio at Cost 21’664’835 Unrealised Depreciation (2’990’967) Portfolio at Market Value (Note 2) 18’673’868 Cash at Banks 4’411’306 Other Assets 29’481 Total Assets 23’114’655 Total Liabilities 95’817 TOTAL NET ASSETS 23’018’838 SEB Lux Fund - Global Equity STATEMENT OF OPERATIONS For the year ending December 31, 2002 INCOME USD Dividends 362’637 Bank interest 49’796 Total income 412’433 EXPENSES Management Fees (Note 3) 420’020 Taxe d'abonnement (Note 4) 13’597 Total expenses 433’617 NET LOSS FOR THE YEAR (21’184) The accompanying notes are an integral part of the financial statements. 25
  26. 26. SEB Lux Fund - Global Equity STATEMENT OF CHANGES IN NET ASSETS For the year ending December 31, 2002 USD NET ASSETS AT THE BEGINNING OF THE YEAR 35’139’148 Net Loss for the Year (21’184) Net Realised Loss on: Sales of Securities (5’099’753) Exchange (507’231) Futures (309’949) Net Realised Loss (5’938’117) Change in Net Unrealised Appreciation / (Depreciation) on Investments in: Securities (2’620’790) Exchange 185’756 Futures (126’151) Decrease in Net Assets as a Result of Operations (8’499’302) Proceeds on Issue of B Units 2’086’649 Payment on Redemptions of B Units (5’707’657) TOTAL NET ASSETS AT THE END OF THE YEAR 23’018’838 SEB Lux Fund - Global Equity STATISTICAL INFORMATION As at December 31, 2002 Number of Units Outstanding at December 31, 2002 B Units 24’550’774.151 Total Net Assets USD At December 31, 2002 23’018’838 At December 31, 2001 35’139’148 At December 31, 2000 49’639’661 Net Asset Value per B Unit At December 31, 2002 0.9376 At December 31, 2001 1.2506 At December 31, 2000 1.6409 Dividend Paid On February 6, 2002 NIL On January 24, 2001 NIL On January 25, 2000 NIL The accompanying notes are an integral part of the financial statements. 26
  27. 27. REPORT OF THE BOARD OF DIRECTORS OF SEB Lux Fund Management Company S.A. TO THE UNITHOLDERS OF SEB Lux Fund - Swedish Short-Medium Term 1. The Sub-Fund’s performance The Sub-Fund capital amounted to SEK 716.9 million at 31 December 2002, compared with SEK 429.4 million at 31 December 2001. The Sub-Fund’s net asset value increased by 3.7 percent during the year, while its comparison index rose by 4.6 percent. 2. Changes during the period In the first half of 2002 the Sub-Fund had a shorter average maturity period than its comparison index. Our analysis on higher inflation, upwardly revised growth forecasts and signs of a healthier economy was correct and in spring the Swedish Central Bank increased the repo rate by 0.5 percent, from 3.75 percent to 4.25 percent. Market rates rose, which favoured the Sub-Fund’s value development in comparison with index. During the second quarter the widespread market unease had a negative effect on market rates. However, taken as a whole, the Sub-Fund had a positive return in comparison with its reference index in the first half- year. In the third and fourth quarters the Sub-Fund’s average maturity was a little longer than its comparison index. Our assessment was based on the Swedish Central Bank keeping the repo rate unchanged and there being no risk of an increase, which favoured the Sub-Fund’s value growth. In the middle of the fourth quarter the world’s central banks began to discuss further lowering of interest rates. This resulted in a steeper yield curve and also had a positive effect on the Sub-Fund’s performance. 3. Other The Sub-Fund had a larger proportion of short-term securities issued by mortgage credit institutions than did the comparison index. The Sub-Fund has traded in futures contracts on a very small scale. At the end of the period the Sub-Fund had a neutral maturity compared with index. March 21, 2003 THE BOARD OF DIRECTORS NOTE : Performances mentioned in this report are historical and are not indicative of future results. 27
  28. 28. SEB Lux Fund - Swedish Short-Medium Term SCHEDULE OF INVESTMENTS As at December 31, 2002 A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE BONDS NOMINAL DESCRIPTION INTEREST MATURITY MARKET NAV VALUE RATE DATE VALUE % % SEK BANKS 65’000’000 Nordea Hypotek 5512 6.00 030618 65’592’800 9.15 60’000’000 SBAB 117 5.50 031015 60’744’000 8.47 20’000’000 SEB Bolån 556 6.00 030618 20’182’400 2.82 60’000’000 Spintab 169 5.50 030917 60’668’400 8.46 36’000’000 Stadshypotek 1558 5.75 030319 36’127’440 5.04 30’000’000 Stadshypotek 1559 5.00 031217 30’321’300 4.23 TOTAL BANKS 273’636’340 38.17 INDUSTRIALS 5’000’000 Fortum Power ser 104 5.00 030610 5’020’450 0.70 10’000’000 Stora Enso Lån 10 5.25 030317 10’023’500 1.40 20’000’000 Sydkraft 121 5.90 030121 20’014’200 2.79 TOTAL INDUSTRIALS 35’058’150 4.89 TOTAL BONDS 308’694’490 43.06 B) SECURITIES DEALT IN ON IN OTHER RECOGNIZED MARKETS NOMINAL DESCRIPTION INTEREST MATURITY MARKET NAV VALUE RATE DATE VALUE % % SEK TREASURY BILLS 10’000’000 Sweden Treasury Bill 0.00 20030115 9’899’095 1.38 10’000’000 Sweden Treasury Bill 0.00 20030115 9’903’841 1.38 126’000’000 Sweden Treasury Bill 0.00 20030115 123’017’063 17.16 60’000’000 Sweden Treasury Bill 0.00 20030115 58’318’860 8.13 10’000’000 Sweden Treasury Bill 0.00 20030115 9’658’783 1.35 30’000’000 Sweden Treasury Bill 0.00 20030115 29’966’874 4.18 30’000’000 Sweden Treasury Bill 0.00 20030115 29’924’856 4.17 50’000’000 Sweden Treasury Bill 0.00 20030115 48’082’721 6.71 TOTAL SWEDISH TREASURY BILLS 318’772’094 44.46 TOTAL SECURITIES DEALT IN ON IN OTHER RECOGNIZED MARKETS 318’772’094 44.46 28
  29. 29. SEB Lux Fund - Swedish Short-Medium Term SCHEDULE OF INVESTMENTS AS AT DECEMBER 31, 2002 (CONTINUED) C) OTHER SECURITIES NOMINAL DESCRIPTION INTEREST MATURITY MARKET NAV VALUE RATE DATE VALUE % % SEK CERTIFICATES 20’000’000 FC Fortum Power 0.00 030128 19’911’488 2.78 20’000’000 FC SCA 0.00 030319 19’794’860 2.76 10’000’000 FC Vattenfall 0.00 030115 9’853’861 1.37 20’000’000 FC Volvo 0.00 030122 19’741’210 2.75 TOTAL CERTIFICATES # 69’301’419 9.67 TOTAL OTHER SECURITIES 69’301’419 9.67 TOTAL PORTFOLIO 696’768’003 97.19 (PORTFOLIO AT COST SEK: 696’774’144) The accompanying notes are an integral part of these financial statements. 29
  30. 30. SEB Lux Fund - Swedish Short-Medium Term STATEMENT OF NET ASSETS As at December 31, 2002 ASSETS SEK Portfolio at Cost 696’774’144 Unrealised Depreciation (6’141) Portfolio at Market Value (Note 2) 696’768’003 Cash at Banks 9’174’281 Other Assets 11’467’654 Total Assets 717’409’938 Total Liabilities 513’231 TOTAL NET ASSETS 716’896’707 SEB Lux Fund - Swedish Short-Medium Term STATEMENT OF OPERATIONS For the year ending December 31, 2002 INCOME SEK Interest on bonds 22’796’453 Bank interest 616’876 Total income 23’413’329 EXPENSES Management Fees (Note 3) 4’344’253 Taxe d'abonnement (Note 4) 496’415 Total expenses 4’840’668 NET INCOME FOR THE YEAR 18’572’661 The accompanying notes are an integral part of the financial statements. 30
  31. 31. SEB Lux Fund - Swedish Short-Medium Term STATEMENT OF CHANGES IN NET ASSETS For the year ending December 31, 2002 SEK NET ASSETS AT THE BEGINNING OF THE YEAR 429’445’478 Net Income for the Year 18’572’661 Net Realised Gain (Loss) on: Sales of Securities 245’328 Exchange (14) Futures (17’400) Net Realised Profit 18’800’575 Change in Net Unrealised Appreciation / (Depreciation) on Investments in: Securities 1’017’448 Increase in Net Assets as a Result of Operations 19’818’023 Proceeds on Issue of B Units 467’139’843 Payment on Redemptions of B Units (186’713’103) Dividends paid (12’793’534) TOTAL NET ASSETS AT THE END OF THE YEAR 716’896’707 SEB Lux Fund - Swedish Short-Medium Term STATISTICAL INFORMATION As at December 31, 2002 Number of Units Outstanding at December 31, 2002 B Units 73’082’537.356 Total Net Assets SEK At December 31, 2002 716’896’707 At December 31, 2001 429’445’478 At December 31, 2000 216’687’548 Net Asset Value per B Unit At December 31, 2002 9.8094 At December 31, 2001 9.7707 At December 31, 2000 9.8826 Dividend Paid On February 06, 2002 0.3120 On January 24, 2001 0.4315 On May 15, 2000 0.1000 On January 25, 2000 0.4156 The accompanying notes are an integral part of the financial statements. 31
  32. 32. REPORT OF THE BOARD OF DIRECTORS OF SEB Lux Fund Management Company S.A. TO THE UNITHOLDERS OF SEB Lux Fund - Ethical Sweden 1. The Sub-Fund’s performance The net asset value, with dividend re-invested, decreased from SEK 30.71 to SEK 18.88 during the year. The Sub-Fund’s comparison index dropped by 36.1 percent in the same period. A dividend of SEK 0.03 per share was paid on the February 6, 2002. Most of the Sub-Fund’s poor performance against its comparison index occurred in the first half of the year. The main cause was an over-positive view of the share market and the difficulty in predicting the poor development in the technology sector. In the first half of the year the Sub-Fund made relatively large investments in the telecoms sector. However, positive contributions came from the Sub-Fund’s large holdings in stable, well-organised SCA and positions in some small companies, including Castellum and Billerud. The Sub-Fund also had holdings in Esselte and Munskjö, two companies that were taken over during the year. 2. Changes during the period Major changes in the Sub-Fund included increased investments in the finance sector and changed positions in the sector. Large acquisitions were made in Handelsbanken and Nordea. The holding in Föreningssparbanken was increased a little. Large sales were made in SEB and Skandia. The main purpose of these changes was to increase exposure to a low-valued sector with stable earning capacity and also to increase exposure in this sector to companies with an earning capacity that is not so dependent on capital market trends. A changed and more cautious view of the telecoms market, particularly telecommunications equipment, resulted in a smaller position in this sector. This means the Sub-Fund’s position in Nokia, for example, is consequently smaller. However, the holdings in Tele2 and Telia have increased. We consider these companies to be more stable and attractively valued. The holding in Hennes & Mauritz was reduced during the year. Hennes & Mauritz is a very well-organised company, but in our opinion the outlook for private consumption is a little uncertain and valuation became somewhat demanding. 3. Others During the year the Sub-Fund traded in options and futures contracts and lent shares to a limited extent. March 21, 2003 THE BOARD OF DIRECTORS NOTE : Performances mentioned in this report are historical and are not indicative of future results. 32
  33. 33. SEB Lux Fund - Ethical Sweden SCHEDULE OF INVESTMENTS As at December 31, 2002 A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE SHARES NUMBER DESCRIPTION MARKET VALUE NAV SEK % BANKS 196’040 FöreningsSparbanken 20’192’120 4.29 142’500 Handelsbanken A 16’530’000 3.51 594’500 Nordea 22’828’800 4.85 174’000 SEB A 12’615’000 2.68 TOTAL BANKS 72’165’920 15.33 COMPUTER SOFTWARE 42’000 Teligent 365’400 0.08 16’600 Tietoenator 1’983’700 0.42 TOTAL COMPUTER SOFTWARE 2’349’100 0.50 DEPARTMENT STORES 230’000 Hennes & Mauritz B 38’640’000 8.21 13’000 Lindex 2’210’000 0.47 TOTAL DEPARTMENT STORES 40’850’000 8.68 ELECTROTECHNICAL, ELECTRONICS 80’100 Electrolux B 11’013’750 2.34 22’500 Ericsson A 193’500 0.04 3’893’500 Ericsson B 23’750’350 5.05 45’000 Nokia SDR 6’210’000 1.32 TOTAL ELECTROTECHNICAL, ELECTRONICS 41’167’600 8.75 ENGINEERING INDUSTRY 139’520 Assa Abloy B 13’882’240 2.95 46’187 Atlas Copco A 7’851’790 1.67 31’402 Atlas Copco B 4’851’609 1.03 13’675 Munters 2’639’275 0.56 52’000 Sandvik 10’114’000 2.15 5’000 Seco Tools B 1’117’500 0.24 5’000 SKF A 1’127’500 0.24 27’973 SKF B 6’321’898 1.34 TOTAL ENGINEERING INDUSTRY 47’905’812 10.18 HOLDING & FINANCE 54’620 Castellum 6’663’640 1.42 74’358 Kinnevik B 6’469’146 1.37 59’100 Pandox Hotellfastigheter 4’314’300 0.92 41’630 Ratos B 3’975’665 0.84 251’500 Skandia 5’834’800 1.24 52’600 Wihlborg Fastigheter 4’050’200 0.86 TOTAL HOLDING & FINANCE 31’307’751 6.65 33
  34. 34. SEB Lux Fund - Ethical Sweden SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) MASSMEDIA 62’972 Metro International SDB A 340’049 0.07 108’868 Metro International SDB B 642’321 0.14 43’397 Modern Times Group B 3’059’489 0.65 TOTAL MASSMEDIA 4’041’859 0.86 MINING INDUSTRY 29’521 Billerud 2’804’495 0.60 67’906 Boliden 977’846 0.21 46’870 SSAB A 4’827’610 1.03 TOTAL MINING INDUSTRY 8’609’951 1.84 MISCELLANEOUS 6’284 Invik B 1’627’556 0.35 40’500 Poolia B 878’850 0.19 TOTAL MISCELLANEOUS 2’506’406 0.54 PAPER & FORESTRY 9’700 Holmen B 2’051’550 0.44 44’732 SCA A 13’128’842 2.79 47’629 SCA B 14’002’926 2.98 58’800 Stora Enso R SEK 5’321’400 1.13 TOTAL PAPER & FORESTRY 32’453’168 7.35 PHARMACEUTICALS &COSMETICS 102’770 AstraZeneca SEK 31’447’620 6.68 32’000 Gambro B 1’548’800 0.33 31’616 Perbio Science 3’129’984 0.66 TOTAL PHARMACEUTICALS &COSMETICS 36’126’404 7.67 REAL ESTATE 36’805 JM 5’962’410 1.27 65’868 Skanska B 3’359’268 0.71 TOTAL REAL ESTATE 9’321’678 1.98 SERVICES 47’050 Eniro 2’587’750 0.55 27’972 Pergo 441’958 0.09 89’000 Securitas B 9’256’000 1.97 TOTAL SERVICES 12’285’708 2.61 TELECOMMUNICATIONS 46’490 Allgon B 557’880 0.12 117’340 Europolitan Vodafone AB 4’810’940 1.02 91’992 Tele2 B 21’204’156 4.51 4’019 Teleca 118’962 0.03 199’750 Telelogic 1’238’450 0.26 849’500 TeliaSonera 27’863’600 5.92 21’549 Transcom Worldwide A 215’490 0.05 57’917 Transcom Worldwide B 695’004 0.15 TOTAL TELECOMMUNICATIONS 56’704’482 12.06 34
  35. 35. SEB Lux Fund - Ethical Sweden SCHEDULE OF INVESTMENTS As at December 31, 2002 (CONTINUED) TRUCKS 16’790 Bilia A 1’460’730 0.31 13’200 Scania B 2’224’200 0.47 73’885 Volvo A 10’048’360 2.14 36’598 Volvo B 5’196’916 1.10 TOTAL TRUCKS 18’930’206 4.02 TOTAL SHARES 418’777’595 89.01 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 418’777’595 89.01 C) OTHER SECURITIES NOMINAL DESCRIPTION INTEREST MATURITY MARKET VALUE NAV VALUE RATE DATE % % SEK BONDS 2’372’010 Sydsvenska Kemi 0.00 110609 700’857 0.15 TOTAL BONDS 700’857 0.15 INVESTMENT FUNDS 1’930’891 SEB Sverige Småbolagsfond 15’533’635 3.30 TOTAL INVESTMENT FUNDS 15’533’635 3.30 MISCELLANEOUS SHARES 10’596 Ballingslöv Holding 451’570 0.10 8’776 Duni 3’547’163 0.75 86’559 FlexLink Systems 1’664’270 0.35 71’433 Stenqvist Holding AB 1’264’150 0.27 88’012 Tac AB 5’278’167 1.12 TOTAL MISCELLANEOUS SHARES 12’205’320 2.59 TOTAL OTHER SECURITIES 28’439’812 6.04 TOTAL PORTFOLIO 447’217’407 95.05 (PORTFOLIO AT COST SEK: 544’348’122) The accompanying notes are an integral part of these financial statements. 35

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