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COVER_EN_2005 29/0 /05 16:00 Page 2

SEMI-ANNUAL REPORT 2006

CARLSON FUND
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Statement of Net Assets 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in USD Securities Quantity USD Price USD %
Note
Net Asset Value 139,137.01
LG CHEM 6,310 232.90 KRW 33,000.00 219.49 0.16
LG ELECTRONICS INC 8,120 487.74 KRW 57,500.00 492.15 0.35
Statement of Operations at 30/06/06 LG PHILIPS LCD 7,013 335.79 KRW 35,300.00 260.95 0.19
LOTTE SHOPPING 800 343.71 KRW 369,000.0 311.16 0.22
Figures in thousands in USD 0
NCSOFT 1,800 155.47 KRW 54,500.00 103.40 0.07
Note PACIFIC CORP 151 19.82 KRW 156,000.0 24.83 0.02
0
Income 1,800.48
POSCO 6,516 1,172.71 KRW 254,500.0 1,747.99 1.26
Dividends received 2 1,736.84 0
Bank interest 63.64 PUSAN BANK 11,500 122.33 KRW 12,100.00 146.67 0.11
SAMSUNG CORP 12,640 167.12 KRW 26,050.00 347.08 0.25
Expenditure 1,616.97 SAMSUNG ELECTRO 5,110 121.49 KRW 32,700.00 176.13 0.13
Management fees 4 1,245.25 MECHANICS
Sub-custodian fees 0.01 SAMSUNG ELECTRONICS 10,854 4,508.39 KRW 603,000.0 6,898.87 4.96
CO LTD 0
Taxe d'abonnement 3 36.37 SAMSUNG FIRE AND 3,890 308.23 KRW 127,500.0 522.79 0.38
Professionnal expenses 4.74 MARINE INSURANCE 0
Other expenses 330.61 SAMSUNG HEAVY 14,810 127.09 KRW 21,900.00 341.88 0.25
INDUSTRIES CO LTD
Net income from investments 183.51 SAMSUNG SDI CO LTD 2,732 273.78 KRW 65,200.00 187.76 0.13
Net realised result on sales of investment securities 10,582.64 SAMSUNG SECURITIES CO 5,600 181.16 KRW 51,100.00 301.63 0.22
Net realised result on foreign exchange -204.76 LTD
SHINHAN FINANCIAL 43,420 1,484.89 KRW 44,500.00 2,036.67 1.46
Variation in unrealised result -4,125.55 GROUP
Securities portfolio -4,125.55 SHINSEGAE CO LTD 1,424 385.52 KRW 475,000.0 712.98 0.51
0
Increase in net assets as a result of operations 6,435.84 SK CORP LTD 11,040 599.54 KRW 61,000.00 709.86 0.51
SK TELEKOM 3,753 648.18 KRW 204,000.0 807.01 0.58
0
Statement of Changes in Net Assets SSANGYONG OIL REFINING 4,440 229.86 KRW 67,100.00 314.03 0.23
CO LTD
Figures in thousands in USD WOORI INVESTMENT & 11,000 157.66 KRW 19,850.00 230.16 0.17
SECURITIES CO LTD
Note Taiwan 18,620.29 13.38
Net asset value at beginning of the period 125,387.12 ACER INC 222,600 347.33 TWD 56.90 391.20 0.28
ASUSTEK COMPUTER 203,500 514.90 TWD 79.50 499.68 0.36
Units issued during the period 19,972.73
AU OPTRONICS 663,150 953.99 TWD 45.70 936.03 0.67
Units redeemed during the period -12,658.68 CATHAY FINANCIAL 601,000 1,079.59 TWD 70.80 1,314.23 0.94
Increase in net assets during the period 6,435.84 CHINA FIN HOLDINGS 488,000 381.82 TWD 26.85 404.69 0.29
CHINA STEEL CORP 822,000 731.80 TWD 32.10 814.97 0.59
Net asset value at end of the period 139,137.01
CHUNGHWA TELECOM 490,000 825.62 TWD 58.50 885.35 0.64
COMPAL ELECTRONICS 750,000 675.75 TWD 30.90 715.79 0.51
Sub-Fund advisor: Kalapi Darmeci DELTA ELECTRONIC INCS 355,950 562.08 TWD 92.00 1,011.44 0.73
FAR EASTONE 412,000 473.24 TWD 36.20 460.65 0.33
TELECOMMUNICATION CO
LTD
Statement of Investments at 30/06/06 FORMOSA CHEMICALS 604,000 995.97 TWD 50.00 932.76 0.67
FIBER CO LTD
Purchase price Market value FORMOSA PLASTICS CORP 846,220 1,271.85 TWD 49.10 1,283.30 0.92
1,000 Currency 1,000 FUBON FINANCIAL 1,564,000 1,523.82 TWD 28.00 1,352.57 0.97
Securities Quantity USD Price USD % HOLDING COMPANY
HON HAI PRECISION 359,181 1,757.55 TWD 200.00 2,218.74 1.59
Transferable securities admitted to an official 135,988.61 97.74 INDUSTRY CO LTD
MEDIA TEK 52,200 363.16 TWD 300.00 483.68 0.35
stock exchange listing
INCORPORATION
SILICONWARE PRECISION 664,000 609.96 TWD 39.80 816.23 0.59
Shares 130,714.64 93.95 INDUSTRIES CO LTD
South Korea 25,415.25 18.27 TAIWAN SEMICONDUCTOR 1,592,718 2,099.14 TWD 58.40 2,872.86 2.06
AMOREPACIFIC CORP 248 82.60 KRW 391,000.0 102.21 0.07 MANUFACTURING CO LT
0 UNITED 1,274,982 745.66 TWD 19.40 763.96 0.55
CJ CORP 1,540 110.21 KRW 104,000.0 168.82 0.12 MICROELECTRONICS CORP
0 WAN HAI LINES 671,000 398.17 TWD 22.30 462.16 0.33
DAEGU BANK 11,900 144.74 KRW 17,000.00 213.24 0.15 South Africa 14,995.75 10.78
DAELIM INDUSTRIAL CO 2,080 107.12 KRW 59,600.00 130.67 0.09 ANGLO AMERICAN 15,600 545.48 ZAR 290.00 635.08 0.46
DAEWOO ENGINEERING 11,000 119.77 KRW 13,500.00 156.53 0.11 ANGLO PLATINUM 5,300 405.34 ZAR 740.00 550.57 0.40
AND CONSTRUCTION CO ANGLOGOLD ASHANTI
DAEWOO SHIPBUILDING 25,300 1,420.35 ZAR 338.02 1,200.52 0.86
8,180 162.61 KRW 27,900.00 240.56 0.17
LTD-REG.SHS
AND MARINE ENGINEERI EDGARS CONSOLIDATED
GS ENGINEERING & 208,500 1,196.30 ZAR 29.20 854.66 0.61
2,800 107.83 KRW 61,400.00 181.22 0.13
STORES LTD
CONSTRUCTION CORP
ELLERINE HOLDINGS 51,000 787.67 ZAR 65.00 465.36 0.33
HAN JIN SHIPPING CO LTD 3,990 125.53 KRW 22,650.00 95.26 0.07
GOLD FIELDS 40,000 552.65 ZAR 160.25 899.84 0.65
HAN KOOK TIRE MFG 9,650 122.52 KRW 11,150.00 113.42 0.08
HANA FINANCIAL GROUP HARMONY GOLD MINING 63,800 902.75 ZAR 110.05 985.64 0.71
10,895 308.96 KRW 44,600.00 512.19 0.37
IMPALA PLATINIUM ORD. 3,167 252.27 ZAR 1,360.00 604.64 0.43
INC
HITE BREWERY 1,100 133.07 KRW 94,900.00 110.03 0.08 R0,020
HYUNDAI DEPARTMENT MTN GROUP LTD 241,000 1,962.50 ZAR 54.30 1,837.06 1.32
1,110 80.42 KRW 73,300.00 85.76 0.06
STORE SHS NASPERS -N- 56,600 776.95 ZAR 121.55 965.78 0.69
HYUNDAI DEVELOPMENT 5,160 99.17 KRW 41,000.00 223.00 0.16 SASOL LTD 77,380 2,038.38 ZAR 276.85 3,007.32 2.16
COMPANY ENGINEERING STANDARD BANK GROUP 181,964 1,342.69 ZAR 77.90 1,989.89 1.43
HYUNDAI HEAVY 4,510 212.26 KRW 106,500.0 506.29 0.36 TELKOM 53,527 738.91 ZAR 133.00 999.38 0.72
INDUSTRIES CO LTD 0 Brazil 14,561.02 10.47
HYUNDAI MOBIS 4,690 236.86 KRW 80,300.00 396.97 0.29 AMBEV PREF.SHS 2,546,474 548.28 BRL 0.89 1,040.67 0.75
HYUNDAI MOTOR CO LTD 14,540 627.81 KRW 80,600.00 1,235.29 0.89 BANCO BRADESCO PREF. 40,554 384.30 BRL 67.01 1,247.83 0.90
KANGWON LAND 8,400 140.20 KRW 16,200.00 143.44 0.10 CEMIG PREF (CIA 10,359,075 234.94 BRL 0.09 442.32 0.32
KIA MOTORS 14,720 206.85 KRW 16,250.00 252.13 0.18 ENERG.MINAS GERAIS)
KOOKMIN BANK 28,040 1,073.11 KRW 78,000.00 2,305.39 1.66 CENTRAIS ELETRICAS 23,620,177 372.39 BRL 0.05 515.07 0.37
KOREA ELECTRIC POWER 20,090 478.76 KRW 35,150.00 744.35 0.53 BRASILEIRAS
CORP COMPANHIA SIDERURGICA 20,349 298.08 BRL 69.40 648.46 0.47
KT CORPORATION 14,660 630.76 KRW 39,150.00 604.97 0.43 NACIONAL

The accompanying notes form an integral part of these financial statements

Page 16
Purchase price Market value Purchase price Market value
1,000 Currency 1,000 1,000 Currency 1,000
Securities Quantity USD Price USD % Securities Quantity USD Price USD %

GERDAU PREF. 24,600 272.33 BRL 32.34 365.31 0.26 AKBANK 116,111 839.45 TRY 7.65 565.59 0.41
ITAU HOLDING PFD N1- 46,730 578.24 BRL 61.80 1,326.07 0.95 HACI OMER SABANCI 173,500 529.23 TRY 4.32 477.25 0.34
PREF SHS- HOLDING AS
PETROLEO SP ADR PFD 59,833 1,684.44 USD 79.23 4,740.57 3.41 KOC HOLDING AS -B- 1 0.00 TRY 4.76 0.00 0.00
TELE NORTE LESTE 21,000 409.64 BRL 28.00 270.00 0.19 TOFAS TURK OTOMOBIL 256,097 600.03 TRY 3.96 645.75 0.46
PARTICIPACOES PREF.SHS FABRIKASI AS
TELEMAR PFD -A- 13,124 197.17 BRL 42.95 258.83 0.19 TURKIYE GARANTI 283,934 1,006.46 TRY 3.96 715.94 0.51
UNIBANCO UNITS CONS 44,000 505.17 BRL 28.40 573.79 0.41 BANKASI AS (NAMEN-AKT)
UBBPN+UBHDN TURKIYE IS BANKASI AS 91,001 782.01 TRY 7.75 449.06 0.32
VALE DO RIO DOCE ADR 123,762 1,089.66 USD 23.60 2,920.78 2.10 Indonesia 2,228.07 1.60
VALE DO RIO DOCE PREF - 10,534 196.34 BRL 43.69 211.33 0.15 ASTRA INTERNATIONAL 358,000 398.42 IDR 9,750.00 376.74 0.27
A- TBK
Russia 11,503.48 8.27 BANK CENTRAL ASIA TBK 969,000 380.76 IDR 4,100.00 428.81 0.31
GAZPROM ADR REPR. 4 SHS 65,180 2,322.60 USD 42.00 2,737.56 1.97 BANK RAKYAT INDONESIA 769,000 278.09 IDR 4,100.00 340.30 0.24
JSFC SISTEMA GDR 74,354 1,761.87 USD 20.00 1,487.08 1.07 PERUSAHAAN GAS 202,000 200.16 IDR 11,250.00 245.28 0.18
REPR.SHS REG-S NEGARA (PERSERO) -B-
LUKOIL HOLDINGS ADR 36,598 1,044.39 USD 84.00 3,074.23 2.21 TELKOM INDONESIA 1,055,000 573.06 IDR 7,350.00 836.94 0.60
REPR.4 SHS SERIES -B-
MMC NORILSK NICKEL 6,167 291.84 USD 129.50 798.63 0.57 Poland 2,227.12 1.60
ADR REPR.1SHS AGORA SA 35,700 571.42 PLN 35.30 395.81 0.28
POLYUS ZOLOTO 8,367 75.42 USD 39.70 332.17 0.24 GRUPA LOTOS SA 25,500 463.47 PLN 47.30 378.83 0.27
SPONS.ADR REPR.1SH POLISH TELECOM 144,642 791.00 PLN 19.90 904.04 0.65
ROSTELECOM SPONS.ADR 28,500 405.15 USD 28.00 798.00 0.57 POLSKI KONCERN GDR 16,313 427.98 USD 33.62 548.44 0.39
REPR.6 SHS
SURGUTNEFTEGAZ JSC REPR.REG S WHEN ISSUE
10,224 487.86 USD 73.70 753.51 0.54
ADR -REPR.50SHS Chile 1,949.62 1.40
UES GDR (RAO UNIFIED BANCO SANTANDER - 4,900,000 190.99 CLP 20.40 183.09 0.13
9,140 313.41 USD 70.00 639.80 0.46
ENERGY SYSTEM) CHILE
VIMPEL COMPANIA DE TELECOM - 103,000 223.11 CLP 935.00 176.40 0.13
19,400 811.99 USD 45.49 882.51 0.63
COMMUNICATIONS SPONS A-
EMPRESAS CMPC 10,100 279.64 CLP 14,480.00 267.88 0.19
ADR 3/4 SHS
China EMPRESAS COPEC SA 58,450 512.11 CLP 4,902.60 524.88 0.38
8,841.85 6.35
CHINA CONSTRUCTION 1,900,000 575.89 HKD 3.55 868.40 0.62 ENDESA 446,000 451.12 CLP 477.00 389.67 0.28
BANK CORPORATION ENERSIS SA 1,847,000 434.63 CLP 120.51 407.70 0.29
CHINA LIFE INSURANCE - 582,000 483.08 HKD 12.25 917.90 0.66 Hungary 1,406.55 1.01
H- CO LTD MOL MAGYAR OLAY ES 4,019 276.71 HUF 22,470.00 406.28 0.29
CHINA PETROLEUM AND 2,142,000 1,140.89 HKD 4.45 1,227.21 0.88 GAZIPARI -A-
CHEMICAL -H- OTP BANK LTD 19,230 683.63 HUF 6,310.00 545.89 0.39
CHINA SHENHUA ENERGY 355,500 655.90 HKD 14.35 656.79 0.47 RICHTER GEDEON LTD 2,500 471.56 HUF 40,400.00 454.38 0.33
CO LTD-SHS.H- Thailand 818.41 0.59
CHINA TELECOM CORP 1,122,000 356.84 HKD 2.50 361.14 0.26 ADVANCED INFO SERVICE 56,400 141.11 THB 90.16 133.17 0.10
LTD -F-
DALIAN PORT (PDA) 2,706,000 1,414.49 HKD 3.63 1,262.92 0.91 BANGKOK BANK PUBLIC 49,300 128.28 THB 106.00 136.85 0.10
COMPANY LTD CO LTD -F-
JIANGXI COPPER 1,259,000 1,173.42 HKD 7.20 1,167.07 0.84 KASIKORNBANK -F- 49,600 75.99 THB 61.30 79.62 0.06
PETROCHINA -H- 1,448,000 1,206.24 HKD 8.30 1,547.34 1.11 PTT EXPLORATION AND 71,500 158.19 THB 106.00 198.48 0.14
YANZHOU COAL MINING 1,200 0.99 HKD 5.75 0.89 0.00 PRODUCTION PUBLIC CO
CO -H- PTT PUBLIC COMPANY LTD 33,200 191.55 THB 227.73 198.00 0.14
ZHEJIANG EXPRESSWAY - 1,368,000 826.81 HKD 4.73 832.20 0.60 -F-
H- SIAM CEMENT FOREIGN 12,000 73.75 THB 230.00 72.28 0.05
Mexico 8,081.60 5.81 REGISTERED
AMERICA MOVIL ADR 77,467 764.51 USD 33.35 2,583.52 1.86 Bermuda 774.80 0.56
REPR.20SHS -L-WHEN.ISS COFCO INTERNATIONAL 1,360,000 724.13 HKD 4.43 774.80 0.56
CEMEX ADR 28,994 931.69 USD 56.58 1,640.48 1.18
Oman 742.50 0.53
AMERI.DEPO.RECEIPT REPR BANK MUSCAT SAOG 74,250 702.75 USD 10.00 742.50 0.53
10 CPO SPONSOR.GL.DEP.REC.SHS
FEMSA SPON ADR 7,108 309.99 USD 83.11 590.75 0.42
Luxembourg 696.03 0.50
REP.10UTS CONS -B-+-D-
GFNORTE -O- 136,000 293.94 MXN 26.81 322.45 0.23 TENARIS SA ADR 2 SHS 17,405 226.53 USD 39.99 696.03 0.50
TELEFONOS DE MEXICO SA 1,238,298 1,030.21 MXN 11.61 1,271.43 0.91 Egypt 680.06 0.49
-L- ORASCOM CONSTRUCTION 4,241 315.92 USD 62.50 265.06 0.19
TLEVISA 238,676 575.40 MXN 43.66 921.56 0.66 INDUSTRIE GRD REG-S
ORD.PART.CERT.REPR.(SHS ORASCOM TELECOM GDR 10,000 540.00 USD 41.50 415.00 0.30
1A+1L+1D) REPR.1 SHS REG-S
WAL MART DE MEXICO -V- 284,356 464.23 MXN 29.88 751.41 0.54 The Netherlands 593.48 0.43
ZENTIVA 12,650 427.35 CZK 1,051.00 593.48 0.43
India 4,859.38 3.49
BHARAT PETROLEUM 95,800 897.71 INR 338.80 704.82 0.51 Czech Republic 578.91 0.42
CORP DEMATERIALISED CESKE ENERGETICKE 17,338 346.39 CZK 748.00 578.91 0.42
GRASIM INDUSTRIES 26,000 1,104.23 INR 1,935.00 1,092.51 0.79 ZAVODY
DEMATERIALISED Argentina 147.24 0.11
INFOSYS TECHNOLOGIES 17,548 887.59 INR 3,080.05 1,173.70 0.84 TELECOM ARGENTINA 13,313 175.66 USD 11.06 147.24 0.11
DEMATERALISED SPONS.ADR REPR.5 B SHS
NTPC DS - SHS - 225,000 582.35 INR 111.15 543.08 0.39 Options, warrants, rights 5,273.97 3.79
DEMATERIALISED Malaysia 3,821.42 2.75
RELIANCE INDUSTRIES 35,500 566.24 INR 1,058.00 815.61 0.59 MS S.25 (MSCI 63,300 3,504.71 USD 60.37 3,821.42 2.75
DEMATERAILISED MALAYS.OPALS) 07.04.07
TATA CONSULT.SERVICES 14,050 443.76 INR 1,736.00 529.66 0.38 WAR
SVS DEMATERIALISED Thailand 1,452.55 1.04
Israel 4,354.23 3.13 MS S.54(MSCI THAILAND 10,000 1,320.60 USD 145.26 1,452.55 1.04
BANK LEUMI LE-ISRAEL 220,000 948.23 ILS 15.74 779.38 0.56 FREE) 07.04.07 WAR
(IL604611) Brazil
CHECK POINT SOFTWARE 0.00 0.00
34,600 722.08 USD 18.34 634.56 0.46 AMBEV FOR PFD SHARES 1,146 0.00 BRL 0.00 0.00 0.00
TECHNOLOGIES
31.07.06 RIGHT
M.A.INDUSTRIES 157,200 922.92 ILS 23.30 824.39 0.59
TEVA PHARMA IND.ADR 67,622 2,594.02 USD 31.29 2,115.89 1.52
Hong Kong 3,785.40 2.72
CHINA MOBILE LIMITED 516,000 2,065.16 HKD 44.40 2,949.65 2.12
CNOOC LTD 1,047,000 505.21 HKD 6.20 835.75 0.60
Turkey 2,853.59 2.05
ADANA CIMENTO -A- 1 0.01 TRY 7.25 0.00 0.00

The accompanying notes form an integral part of these financial statements

Page 17
Purchase price Market value
1,000 Currency 1,000
Securities Quantity USD Price USD %

Transferable securities dealt in on another 368.72 0.27


regulated market

Shares 368.72 0.27


South Korea 368.72 0.27
NHN CORP 1,060 103.56 KRW 330,000.0 368.72 0.27
0
Total securities 136,357.33 98.00
Liquid assets 2,779.68 2.00
Net Asset Value 139,137.01 100.00
Key figures relating to the last 3 years

30/06/06 31/12/05 31/12/04

Net assets 139,137,008.33 125,387,118.28 119,404,241.22

Capitalisation units

Number of units 72,214,810 68,908,128 85,315,746


Net asset value per unit 1.93 1.82 1.40

The accompanying notes form an integral part of these financial statements

Page 18
Carlson Fund Equity-Sweden
The sub-fund invests in Swedish equities. The selection Performance
of equities by industry will vary depending on our view
Fund Index**
of the market situation.
USD EUR USD EUR
1995 33% 27% 32% 25%
During 2006, the value of the sub-fund's units increased 1996 36% 41% 34% 38%
1997 9% 23% 7% 21%
by 5,35 % in EUR and by 3,37 % in the sub-fund's 1998 27% 18% 8% -1%
quoted currency SEK. 1999 54% 80% 57% 70%
2000 -19% -13% -20% -15%
2001 -21% -16% -22% -18%
Benchmark: SIX Portfolio 2002 -21% -33% -23% -35%
2003 61% 34% 57% 31%
2004 22% 13% 28% 19%
2005 12% 29% 10% 27%
Sector distribution 2006 14% 5% 14% 5%
Since Last 5 years 99% 32% 94% 29%
(Percentage of portfolio) 5 year average 15% 6% 14% 5%
** see diagram

Performance graph in USD


Road v ehicules
Pharmaceuticals and 7.52%
cosmetics Machine and apparatus
6.98% construction
11.52%
Miscellaneous trading
Coal mining and steel
companies
industry
7.39%
5.68%
Unit trusts
4.17%
Banks and credit
institutions
15.29% Other
17.89%
Holding and finance
companies
7.65% Communications
15.90%

Performance graph in EUR

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
31/12/95 SEK 22.18 2.73 2.43 2,007,333
31/12/96 SEK 31.09 3.82 3.59 2,034,294
31/12/97 SEK 39.26 4.83 4.54 2,106,698
31/12/98 SEK 50.74 6.24 5.35 2,010,380
31/12/99 SEK 82.22 7.01 9.60 2,295,984
31/12/00 SEK 73.90 n/a 8.37 2,996,518
31/12/01 SEK 65.08 n/a 7.00 2,913,886
31/12/02 SEK 42.62 n/a 5.78 1,872,882
31/12/03 SEK 56.55 n/a 5.18 1,852,145
31/12/04 SEK 63.66 n/a 7.05 1,747,475
31/12/05 SEK 85.41 n/a 9.10 1,504,010
30/06/06 SEK 88.04 n/a 9.54 1,455,589

Statement of Net Assets 30/06/06


Figures in thousands in SEK

Note
Assets 132,243.64
Securities at market value 2 124,832.71
Bank accounts 6,648.36
Receivable from units issued 757.43
Other accounts receivable 5.14

The accompanying notes form an integral part of these financial statements

Page 19
Statement of Net Assets 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in SEK Securities Quantity SEK Price SEK %
Note
Liabilities 4,100.50
HUSQVARNA -B- 12,944 1,103.99 SEK 82.75 1,071.12 0.84
Accrued expenditures 405.44
INDUTRADE AB 1,458 97.67 SEK 99.00 144.34 0.11
Payable on units redeemed 148.97 NIBE INDUSTRIER -B- 1,700 82.69 SEK 77.00 130.90 0.10
Payable on securities purchased 3,546.10 SANDVIK AB 48,833 3,474.93 SEK 85.25 4,163.01 3.25
Net Asset Value 128,143.13 SKF -B- FREE 18,945 1,732.48 SEK 113.50 2,150.26 1.68
Holding and finance companies 9,548.02 7.45
INDUSTRIVAERDEN AB -A- 7,484 1,330.01 SEK 207.00 1,549.19 1.21
Statement of Operations at 30/06/06 FREE
INVESTMENT AB KINNEVIK 16,630 1,205.25 SEK 88.25 1,467.60 1.15
Figures in thousands in SEK -B-
INVESTOR -B- FREE 43,881 4,748.99 SEK 132.50 5,814.23 4.54
Note VOSTOK NAFTA INVEST 1,500 721.68 SEK 478.00 717.00 0.56
SWEDISH DEPOSIT REC.
Income 2,495.21
Road vehicules 9,385.36 7.32
Dividends received 2 2,490.29 BILIA -A- 1,103 56.76 SEK 99.00 109.20 0.09
Bank interest 4.92 SCANIA -A- 1,206 53.99 SEK 311.00 375.07 0.29
Expenditure 913.34 SCANIA -B- 10,039 2,898.42 SEK 318.00 3,192.40 2.49
VOLVO -A- FREE 236 85.34 SEK 344.00 81.18 0.06
Management fees 4 763.10
VOLVO -B- FREE 16,010 4,297.59 SEK 351.50 5,627.52 4.39
Taxe d'abonnement 3 31.74
Miscellaneous trading companies 9,230.85 7.20
Professionnal expenses 3.29 HENNES & MAURITZ AB -B- 32,850 7,233.63 SEK 281.00 9,230.85 7.20
Other expenses 115.21 FREE
Net income from investments 1,581.87 Pharmaceuticals and cosmetics 8,709.79 6.80
ASTRAZENECA 13,850 5,094.28 SEK 434.00 6,010.90 4.69
Net realised result on sales of investment securities 11,758.82 ELEKTA INSTRUMENT -B- 3,400 316.07 SEK 122.00 414.80 0.32
Net realised result on foreign exchange 0.13 FREE
GETINGE -B- 7,300 865.87 SEK 123.50 901.55 0.70
Variation in unrealised result -8,561.81 MEDA -A- 5,958 570.82 SEK 151.00 899.66 0.70
Securities portfolio -8,561.81 ORIFLAME COSMETICS SA - 2,012 481.24 SEK 240.00 482.88 0.38
Increase in net assets as a result of operations 4,779.02 SDR-
Coal mining and steel industry 7,091.05 5.53
BOLIDEN AB 39,929 4,225.12 SEK 132.50 5,290.59 4.13
Statement of Changes in Net Assets HOEGANAES -B- FREE 1,300 249.35 SEK 181.00 235.30 0.18
SSAB SWEDISH STEEL -B- 10,423 654.80 SEK 132.50 1,381.05 1.08
Figures in thousands in SEK FREE
TRANSCOM WORLDWIDE - 2,280 135.52 SEK 80.75 184.11 0.14
Note B-
Net asset value at beginning of the period 128,457.25 Paper and forest products 3,343.29 2.61
MO OCH DOMSJOE -B- FREE 2,400 745.41 SEK 292.00 700.80 0.55
Units issued during the period 22,192.52 SVENSKA CELLULOSA SCA 8,823 2,601.11 SEK 299.50 2,642.49 2.06
Units redeemed during the period -27,285.66 AB-SHS-B-
Building materials and trade 3,065.19 2.39
Increase in net assets during the period 4,779.02 NCC -B- FREE 4,943 767.25 SEK 172.00 850.20 0.66
Net asset value at end of the period 128,143.13 SKANSKA -B- FREE 15,607 1,409.42 SEK 111.50 1,740.18 1.36
SVEDBERGS I DALSTORP - 7,752 271.00 SEK 61.25 474.81 0.37
Sub-Fund advisor: Anders Ahl B-
Office supplies and computing 2,283.67 1.78
ANOTO GROUP AB 8,334 166.21 SEK 14.05 117.09 0.09
WM-DATA B FREE 98,481 2,256.47 SEK 22.00 2,166.58 1.69
Statement of Investments at 30/06/06 Miscellaneous services 2,162.64 1.69
GANT COMPANY AB 193 27.21 SEK 188.50 36.38 0.03
Purchase price Market value SECURITAS -B- FREE 15,577 1,910.45 SEK 136.50 2,126.26 1.66
1,000 Currency 1,000 Petroleum 1,558.22 1.22
Securities Quantity SEK Price SEK % LUNDIN PETROL 17,459 1,390.40 SEK 89.25 1,558.22 1.22
Precious metals and stones 1,453.52 1.13
Transferable securities admitted to an official 119,575.17 93.31 LUNDIN MINING CORP 7,341 1,548.85 SEK 198.00 1,453.52 1.13
stock exchange listing SWEDISH DEP.REC.
Real estate companies 1,304.49 1.02
Shares CASTELLUM 5,700 329.15 SEK 74.25 423.23 0.33
119,575.17 93.31
FASTIGHETS 7,000 335.45 SEK 54.25 379.75 0.30
Communications 19,849.75 15.49
MILLICOM HUFVUDSTADEN -A- FREE
1,469 240.65 SEK 331.00 486.24 0.38
HALDEX 967 144.77 SEK 154.00 148.92 0.12
INTERNATIONAL
KUNGSLEDEN 4,300 298.26 SEK 82.00 352.60 0.28
CELLULAR SA-SDR-
MODERN TIMES GROUP -B- 2,441 588.92 SEK 377.50 921.48 0.72 Internet, Software & IT services 1,125.03 0.88
NOKIA SWEDISH INDUSTRIAL AND 8,000 76.23 SEK 9.80 78.40 0.06
346 38.18 SEK 146.50 50.69 0.04
DEPOSITORY RECEIPT FINANCIAL SYSTEMS -B-
TELEFON AB L.M.ERICSSON 484,797 10,511.96 SEK 23.70 11,489.69 8.97 TELELOGIC 31,399 469.03 SEK 15.90 499.24 0.39
-SHS-B- TIETOENATOR 1,246 315.56 SEK 209.00 260.41 0.20
TELE2 AB 14,568 1,298.03 SEK 73.25 1,067.11 0.83 TRADEDOUBLER AB 2,199 243.44 SEK 130.50 286.97 0.22
TELIASONERA AB 142,654 5,398.30 SEK 40.90 5,834.55 4.55 Healthcare & Social services 884.14 0.69
Banks and credit institutions 19,090.39 14.90 CAPIO AB 7,017 912.70 SEK 126.00 884.14 0.69
CARNEGIE INVESTMENT 1,200 166.89 SEK 130.50 156.60 0.12 Miscellaneous consumer goods 858.40 0.67
FOERENINGSSPARBANKEN 18,827 3,450.44 SEK 190.00 3,577.13 2.79 NOBIA 3,700 830.90 SEK 232.00 858.40 0.67
AB - SHS-A- Retail trade, department stores 553.96 0.43
INVIK -B- 1,673 97.91 SEK 118.00 197.41 0.15 AXFOOD AB 1,300 241.54 SEK 207.00 269.10 0.21
NORDEA BANK 91,692 6,853.42 SEK 86.00 7,885.51 6.15 CLAS OHLSON -B- 1,500 235.48 SEK 149.00 223.50 0.17
OMX AB 4,252 421.78 SEK 127.50 542.13 0.42 HEMTEX AB 543 30.41 SEK 113.00 61.36 0.05
SKANDINAVISKA 18,944 2,511.99 SEK 170.00 3,220.48 2.51 Transportation 549.46 0.43
ENSKILDA BANKEN -A- SAS 4,400 386.97 SEK 76.50 336.60 0.26
SVENSKA HANDELSBANK - 18,877 3,400.93 SEK 186.00 3,511.12 2.74 UNIBET GROUP SHS 1,059 165.19 SEK 201.00 212.86 0.17
A- FREE SWEDISH DEPOSIT RECIPTS
Machine and apparatus construction 14,383.19 11.22 Aerospace industry 513.74 0.40
ASSA ABLOY -B- 15,401 1,696.90 SEK 123.00 1,894.32 1.48 SAAB AB -SHS-B- 2,815 332.73 SEK 182.50 513.74 0.40
ATLAS COPCO -B- FREE 18,245 2,439.75 SEK 184.50 3,366.20 2.63
Chemicals 507.68 0.40
ELECTROLUX -B- FREE 12,946 1,221.36 SEK 103.00 1,333.44 1.04 NOLATO -B- FREE 6,680 381.87 SEK 76.00 507.68 0.40
GUNNEBO 1,600 126.40 SEK 81.00 129.60 0.10

The accompanying notes form an integral part of these financial statements

Page 20
Purchase price Market value
1,000 Currency 1,000
Securities Quantity SEK Price SEK %

Electronics & Semiconductors 467.38 0.36


CASH GUARD -B- 6,000 52.87 SEK 8.15 48.90 0.04
MICRONIC LASER SYSTEMS 5,331 423.95 SEK 78.50 418.48 0.33
Miscellaneous sectors 414.71 0.32
AUTOLIV SWEDISH 744 251.69 SEK 405.50 301.69 0.24
DEPOSIT RECEIPS
METRO INTL -A- SWEDISH 10,867 59.02 SEK 10.40 113.02 0.09
DEPOSIT.RECEIPT
Tires and rubber 411.72 0.32
TRELLEBORG -B- FREE 3,307 406.84 SEK 124.50 411.72 0.32
Textiles and garments 367.28 0.29
KAPPAHL HOLDING AB 1,816 101.55 SEK 52.00 94.43 0.07
NEW WAVE GROUP -B- 3,400 228.35 SEK 80.25 272.85 0.21
Foods and beverages 277.75 0.22
HAKON INVEST AB 2,525 196.73 SEK 110.00 277.75 0.22
Electrical engineering and electronics 184.50 0.14
ABB REG.SHS 2,000 187.12 SEK 92.25 184.50 0.14
Other transferable securities 5,257.54 4.10

Shares 49.18 0.04


Real estate companies 49.18 0.04
CATENA 551 14.77 SEK 89.25 49.18 0.04
Miscellaneous sectors 0.00 0.00
WESTCHESTER HOLDINGS 60,667 0.00 GBP 0.00 0.00 0.00
GBP0.1-DEFERRED SHS
Units in Investment Funds 5,208.36 4.06
Unit trusts 5,208.36 4.06
CARLSON 4,519 2,751.47 SEK 1,152.48 5,208.36 4.06
SMABOLAGFOND
Total securities 124,832.71 97.42
Liquid assets 3,310.43 2.58
Net Asset Value 128,143.13 100.00
Key figures relating to the last 3 years

30/06/06 31/12/05 31/12/04

Net assets 128,143,131.77 128,457,247.75 111,251,654.64

Capitalisation units

Number of units 1,455,589 1,504,010 1,747,475


Net asset value per unit 88.04 85.41 63.66

The accompanying notes form an integral part of these financial statements

Page 21
Carlson Fund Equity-Scandinavia
The sub-fund invests in equities in Sweden, Finland, Performance
Denmark and Norway. The selection of equities and the
Fund Index**
distribution by country and industry will vary depending
USD EUR USD EUR
on our view of the market situation. 1998* 19% n/a 15% n/a
1999 53% 79% 67% 77%
2000 -15% -10% -15% -14%
During 2006, the value of the sub-fund's units increased 2001 -22% -18% -24% -20%
by 8,47 % in the sub-fund's quoted currency EUR. 2002 -19% -32% -15% -28%
2003 52% 27% 53% 27%
2004 26% 17% 31% 21%
Benchmark: Berg Nordic Portfolio 2005 17% 35% 20% 38%
2006 18% 8% 17% 8%
Since Last 5 years 114% 42% 137% 57%
5 year average 16% 7% 19% 9%
Geographic distribution * from 07/01/98 ** see diagram

(Percentage of portfolio)
Performance graph in USD

Sweden
37.71%

Norway
22.43%

Other
18.89%

Finland
20.97%

Performance graph in EUR

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
07/01/98 USD 1.00 1.00 0.86 18,323,998
31/12/98 USD 1.19 1.19 0.88 14,168,903
31/12/99 EUR 1.82 1.29 1.82 12,810,954
31/12/00 EUR 1.65 n/a 1.65 10,328,746
31/12/01 EUR 1.36 n/a 1.36 9,469,724
31/12/02 EUR 0.93 n/a 0.93 9,524,452
31/12/03 EUR 1.18 n/a 1.18 5,212,847
31/12/04 EUR 1.38 n/a 1.38 5,516,983
31/12/05 EUR 1.87 n/a 1.87 6,301,052
30/06/06 EUR 2.03 n/a 2.03 5,866,442

Statement of Net Assets 30/06/06


Figures in thousands in EUR

Note
Assets 12,178.39
Securities at market value 2 11,729.39
Bank accounts 276.68
Receivable from units issued 1.69
Receivable from securities sold 165.54
Other accounts receivable 5.09
Liabilities 274.47
Accrued expenditures 41.05

The accompanying notes form an integral part of these financial statements

Page 22
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
Payable on units redeemed 2.01
SVENSKA CELLULOSA SCA 18,100 558.30 SEK 299.50 587.49 4.94
Payable on securities purchased 231.41
AB-SHS-B-
Net Asset Value 11,903.92 SVENSKA HANDELSBANK - 9,660 171.48 SEK 186.00 194.72 1.64
A- FREE
TELEFON AB L.M.ERICSSON 242,800 665.96 SEK 23.70 623.62 5.24
Statement of Operations at 30/06/06 -SHS-B-
TELE2 AB 14,900 137.70 SEK 73.25 118.28 0.99
Figures in thousands in EUR VOLVO -B- FREE 7,416 260.95 SEK 351.50 282.50 2.37
Norway 2,631.47 22.11
Note AKER -A- 2,820 88.70 NOK 326.00 115.99 0.97
Income 213.62 AKER KVAERNER OGEP 416 30.53 NOK 596.00 31.28 0.26
Dividends received 2 212.17 ASA
AWILCO OFFSHORE ASA 1,760 12.83 NOK 48.20 10.70 0.09
Bank interest 1.45 AXIS-SHIELD 16,532 79.40 NOK 42.00 87.61 0.74
Expenditure 107.64 BIOTECH PHARMACON 13,900 41.76 NOK 38.90 68.22 0.57
Management fees 4 74.66 DEEP OCEAN ASA 8,312 23.19 NOK 19.00 19.93 0.17
DNO DET NORSKE 30,012 49.44 NOK 12.90 48.85 0.41
Sub-custodian fees 0.00
OLJESLSKAP
Taxe d'abonnement 3 3.05 FAST SEARCH AND 142,810 379.56 NOK 19.70 354.97 2.98
Professionnal expenses 0.33 TRANSFER AS
Other expenses 29.60 FRED OLSEN ENERGY 2,430 74.76 NOK 285.00 87.38 0.73
FRONTLINE 1,400 40.17 NOK 235.50 41.60 0.35
Net income from investments 105.98
NORSK HYDRO 13,436 243.85 NOK 172.50 292.43 2.46
Net realised result on sales of investment securities 1,522.93 ORKLA BORREGAARD FRIE 4,400 144.40 NOK 290.50 161.27 1.35
Net realised result on foreign exchange -68.91 A
PAN FISH ASA 57,530 46.78 NOK 7.10 51.54 0.43
Variation in unrealised result -644.63 PETROJARL ASA 210 0.00 NOK 43.00 1.14 0.01
Securities portfolio -644.63 PETROLEUM GEO- 210 7.18 NOK 369.00 9.78 0.08
Increase in net assets as a result of operations 915.38 SERVICES ASA
RENEWABLE ENERGY 4,970 56.95 NOK 86.75 54.40 0.46
SEADRILL LTD 4,970 50.51 NOK 83.75 52.52 0.44
Statement of Changes in Net Assets SEVAN MARINE AS 3,323 15.19 NOK 36.80 15.43 0.13
STATOIL 33,843 712.46 NOK 180.00 768.61 6.46
Figures in thousands in EUR STOLT COMEX SEAWAY 5,600 58.99 NOK 95.00 67.12 0.56
SUBSEA 7 INC 6,448 68.81 NOK 99.50 80.95 0.68
Note TELENOR AS 18,000 161.73 NOK 76.25 173.17 1.45
Net asset value at beginning of the period 11,753.27 WILHEMSEN LTD 1,400 38.81 NOK 207.00 36.57 0.31
Units issued during the period 1,637.78 Finland 2,459.09 20.66
AMER SPORTS-A- PLC 4,900 82.49 EUR 16.25 79.63 0.67
Units redeemed during the period -2,402.51 HUHTAMAEKI VAN LEER 33,491 441.20 EUR 14.00 468.87 3.94
Increase in net assets during the period 915.38 OYJ -I- FREE
NOKIA 600 8.15 EUR 15.82 9.49 0.08
Net asset value at end of the period 11,903.92 NOKIA CORP 55,950 857.52 EUR 15.89 889.05 7.47
NOKIAN TYRES PLC 30,500 365.16 EUR 10.43 318.12 2.67
Sub-Fund advisor: Per-Henrik Graesberg OUTOKUMPU -A- 19,700 284.53 EUR 18.06 355.78 2.99
RAISIO PLC -V- 30,000 62.88 EUR 1.64 49.20 0.41
SAMPO LEONIA OYJ -A- 8,100 103.71 EUR 14.88 120.53 1.01
SANOMA-WSOY OYJ 5,700 110.14 EUR 18.83 107.33 0.90
Statement of Investments at 30/06/06 TIETOENATOR CORP 2,700 61.03 EUR 22.63 61.10 0.51
Purchase price Market value Denmark 2,203.06 18.51
A.P. MOELLER-MAERSK -B- 52 331.06 DKK 45,000.00 313.71 2.64
1,000 Currency 1,000 DANISCO A/S 7,800 463.00 DKK 421.50 440.76 3.70
Securities Quantity EUR Price EUR % DANSKE BANK 11,300 278.02 DKK 221.00 334.80 2.81
Transferable securities admitted to an official GENMAB AS 2,549 40.24 DKK 187.50 64.07 0.54
11,729.39 98.53 GN GREAT NORDIC 5,100 54.43 DKK 67.50 46.15 0.39
stock exchange listing GROUP 4 SECURICOR 243,000 576.14 DKK 18.30 596.17 5.01
H. LUNDBECK 5,060 91.28 DKK 133.75 90.73 0.76
Shares 11,729.39 98.53 NOVO-NORDISK -B- 4,100 172.01 DKK 370.50 203.65 1.71
Sweden 4,422.68 37.15 VESTAS WIND SYSTEMS AS 5,302 95.26 DKK 159.00 113.02 0.95
ASSA ABLOY -B- 4,438 49.43 SEK 123.00 59.16 0.50
Bermuda 13.08 0.11
ASTRAZENECA 6,500 247.22 SEK 434.00 305.72 2.57
SCORPION OFFSHORE LTD 1,659 12.78 NOK 62.50 13.08 0.11
ATLAS COPCO -B- FREE 4,900 65.75 SEK 184.50 97.97 0.82
CONSAFE OFFSHORE AB - 1,620 20.39 NOK 121.00 24.73 0.21 Total securities 11,729.39 98.53
A-
FOERENINGSSPARBANKEN 14,100 311.21 SEK 190.00 290.33 2.44 Liquid assets 174.53 1.47
AB - SHS-A- Net Asset Value 11,903.92 100.00
GETINGE -B- 4,116 55.78 SEK 123.50 55.09 0.46
HENNES & MAURITZ AB -B- 8,000 214.93 SEK 281.00 243.62 2.05 Key figures relating to the last 3 years
FREE
INDUSTRIAL AND 56,000 66.07 SEK 9.80 59.48 0.50
FINANCIAL SYSTEMS -B- 30/06/06 31/12/05 31/12/04
INVESTMENT AB KINNEVIK 5,200 48.94 SEK 88.25 49.73 0.42
-B- Net assets 11,903,921.77 11,753,273.95 7,627,728.19
INVESTOR -B- FREE 14,050 182.91 SEK 132.50 201.75 1.69
MEDIVIR -B- 9,600 87.80 SEK 53.00 55.14 0.46
MILLICOM 4,900 145.45 SEK 331.00 175.77 1.48
INTERNATIONAL
CELLULAR SA-SDR- Capitalisation units
MUNTERS 831 19.39 SEK 246.00 22.15 0.19
NCC -B- FREE 3,262 49.53 SEK 172.00 60.80 0.51 Number of units 5,866,442 6,301,052 5,516,983
NORDEA BANK 42,200 298.30 SEK 86.00 393.31 3.30 Net asset value per unit 2.03 1.87 1.38
PA RESOURCES AB 3,000 11.85 NOK 35.00 13.25 0.11
SANDVIK AB 14,900 110.93 SEK 85.25 137.66 1.16
SCANIA -B- 4,958 146.95 SEK 318.00 170.87 1.44
SKANSKA -B- FREE 8,522 88.12 SEK 111.50 102.98 0.87
SKF -B- FREE 7,850 83.26 SEK 113.50 96.56 0.81

The accompanying notes form an integral part of these financial statements

Page 23
Carlson Fund Equity-European Small Cap
Carlson Fund Equity - European Small Cap, earlier Performance
Carlson Fund Equity - Nordic Small Cap, changed
Fund Index**
investment strategy as of November 24, 2003. Emphasis
USD EUR USD EUR
is now placed on investments in the stock markets in 2004* 24% 15% 30% 20%
Europe. Small and medium capitalisation companies will 2005 16% 33% 17% 34%
2006 14% 5% 18% 8%
be targeted. The selection of equities and the distribution Since Last 5 years n/a n/a n/a n/a
by country and industry will vary depending on our view 5 year average n/a n/a n/a n/a

of the market situation. * from 02/12/97 ** see diagram

Performance graph in USD


During 2006, the value of the sub-fund's units increased
by 4,88 % in the sub-fund's quoted currency EUR.

Benchmark: MSCI Europe Small Cap

Geographic distribution
(Percentage of portfolio)

United Kingdom
24.77%
France
19.29%

The Netherlands Performance graph in EUR


4.98%
Other
6.92%

Finland
Switzerland 2.92%
17.69% Spain
3.13%
Germany Sweden
4.59% Italy 6.52%
9.19%

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units Statement of Net Assets 30/06/06
02/12/97 EUR 0.86 1.00 0.86 10,316,823
31/12/97 EUR 0.85 0.99 0.85 10,634,396 Figures in thousands in EUR
31/12/98 EUR 0.73 0.86 0.73 7,735,104
Note
31/12/99 EUR 1.22 0.88 1.22 7,745,800
31/12/00 EUR 1.13 n/a 1.13 4,008,664 Assets 9,762.67
31/12/01 EUR 0.84 n/a 0.84 2,162,847 Securities at market value 2 9,723.02
31/12/02 EUR 0.68 n/a 0.68 2,230,790 Bank accounts 33.07
31/12/03 EUR 0.94 n/a 0.94 2,430,566 Receivable from units issued 0.64
31/12/04 EUR 1.08 n/a 1.08 2,822,200
Other accounts receivable 5.94
31/12/05 EUR 1.44 n/a 1.44 6,784,226
30/06/06 EUR 1.51 n/a 1.51 6,450,636 Liabilities 52.30
Accrued expenditures 48.28
Payable on units redeemed 4.02
Net Asset Value 9,710.37

The accompanying notes form an integral part of these financial statements

Page 24
Statement of Operations at 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in EUR Securities Quantity EUR Price EUR %
Note
Income 103.64
HIESTAND HLDG / NOM. 213 169.01 CHF 1,300.00 176.67 1.82
Dividends received 2 103.64 PANALPINA 2,755 232.62 CHF 114.30 200.91 2.07
Expenditure 114.60 WELTTRANSPORT
Management fees 4 91.05 (HOLDING) AGNAM
PHONAK HOLDING AG 6,571 240.00 CHF 74.85 313.81 3.23
Taxe d'abonnement 3 2.57 NAM-AKT
Professionnal expenses 0.28 SPEEDEL HOLDING AG 1,460 171.95 CHF 156.80 146.06 1.50
Other expenses 20.71 Italy 893.32 9.20
Net loss from investments -10.96 BULGARI SPA 25,733 227.13 EUR 8.76 225.29 2.32
DIGITAL MULTIMEDIA 5,707 132.93 EUR 45.22 258.07 2.66
Net realised result on sales of investment securities 771.83 TECHNILOGIES SPA
Net realised result on foreign exchange -34.32 ERG 10,700 213.58 EUR 19.49 208.54 2.15
TOD'S GROUP SPA 3,456 132.59 EUR 58.28 201.42 2.07
Variation in unrealised result -334.12
Sweden 633.85 6.53
Securities portfolio -334.12 BOLIDEN AB 14,708 172.56 SEK 132.50 211.20 2.17
Increase in net assets as a result of operations 392.43 CAPIO AB 17,102 173.96 SEK 126.00 233.53 2.40
SSAB SWEDISH STEEL -A- 12,333 69.00 SEK 141.50 189.12 1.95
FREE
Statement of Changes in Net Assets The Netherlands 484.34 4.99
BUHRMANN 22,368 186.84 EUR 11.34 253.65 2.61
Figures in thousands in EUR VEDIOR 14,302 178.71 EUR 16.13 230.69 2.38
Germany 446.40 4.60
Note RHEINMETALL BERLIN AG 2,100 134.59 EUR 54.92 115.33 1.19
Net asset value at beginning of the period 9,799.06 STADA-ARZNEIMITTEL 4,097 119.95 EUR 30.85 126.39 1.30
Units issued during the period 792.73 NAM.AKT
WINCOR NIXDORF AG 2,049 203.34 EUR 99.89 204.67 2.11
Units redeemed during the period -1,273.84 Spain 304.70 3.14
Increase in net assets during the period 392.43 CORPORACION MAPFRE 6,814 81.90 EUR 14.54 99.08 1.02
REG
Net asset value at end of the period 9,710.37 FADESA 5,394 82.18 EUR 26.88 144.99 1.49
TELECINCO 3,258 47.26 EUR 18.61 60.63 0.62
Sub-Fund advisor: Peter von Sivers Finland 284.11 2.93
NESTE OIL 5,209 98.25 EUR 27.50 143.25 1.48
OKO BANK -A- SHS A 12,400 152.52 EUR 11.36 140.86 1.45
Denmark 277.73 2.86
Statement of Investments at 30/06/06 COLOPLAST -B- 1,952 89.69 DKK 431.00 112.79 1.16
GROUP 4 SECURICOR 68,090 139.66 GBP 1.68 164.94 1.70
Purchase price Market value
Ireland 238.78 2.46
1,000 Currency 1,000 ANGLO IRISH BANK CORP 10,304 87.80 EUR 11.70 120.56 1.24
Securities Quantity EUR Price EUR % PLC
IRISH LIFE & PERMANENT 6,478 89.22 EUR 18.25 118.22 1.22
Transferable securities admitted to an official 9,723.02 100.13 Norway 155.95 1.61
stock exchange listing PETROJARL ASA 3,000 12.62 NOK 43.00 16.28 0.17
PETROLEUM GEO- 3,000 108.28 NOK 369.00 139.67 1.44
Shares 9,723.02 100.13 SERVICES ASA
United Kingdom 2,408.61 24.80 Other transferable securities 0.00 0.00
CHARTER PLC 11,270 122.47 GBP 8.01 130.16 1.34
DEBENHAMS PLC 31,657 90.13 GBP 1.88 85.59 0.88 Shares 0.00 0.00
INTERTEK GROUP PLC 11,660 127.91 GBP 6.99 117.43 1.21 United Kingdom 0.00 0.00
KELDA GROUP PLC 16,487 144.01 GBP 7.63 181.26 1.87 WESTCHESTER HOLDINGS 32,666 0.00 GBP 0.00 0.00 0.00
LAIRD GROUP PLC 43,200 270.14 GBP 3.95 246.04 2.53 GBP0.1-DEFERRED SHS
METAL BULLETIN 13,363 42.74 GBP 3.02 58.19 0.60
MICHAEL PAGE
Total securities 9,723.02 100.13
38,200 155.62 GBP 3.50 192.51 1.98
INTERNATIONAL PLC Liquid assets -12.65 -0.13
NORTHGATE INFO 200,100 224.91 GBP 0.78 224.33 2.31
SOLUTIONS PLC Net Asset Value 9,710.37 100.00
PARAGON GROUP OF 30,361 231.24 GBP 6.49 283.89 2.92
COMPANIES Key figures relating to the last 3 years
REDROW PLC 30,244 165.84 GBP 4.95 215.75 2.22
REXAM 35,560 250.96 GBP 5.16 264.44 2.72 30/06/06 31/12/05 31/12/04
SERCO GROUP 36,363 122.41 GBP 3.19 167.12 1.72
STANLEY LEISURE DFD 21,548 0.00 GBP 0.00 0.00 0.00 Net assets 9,710,372.15 9,799,055.31 3,061,296.71
SHS
STANLEY LEISURE PLC 20,704 233.78 GBP 6.49 193.60 1.99
UMBRO PLC 23,919 41.55 GBP 1.40 48.28 0.50
France 1,875.18 19.31
BIOMERIEUX 5,468 201.67 EUR 46.29 253.11 2.61 Capitalisation units
BOURBON NOM. 4,386 108.83 EUR 41.83 183.47 1.89
IPSEN 5,129 113.86 EUR 31.59 162.03 1.67 Number of units 6,450,636 6,784,226 2,822,200
LAURENT PERRIER 503 22.61 EUR 60.30 30.33 0.31 Net asset value per unit 1.51 1.44 1.08
MODELABS GROUP ACT. 8,370 80.35 EUR 8.45 70.73 0.73
PROV. OPO
NEOPOST 3,020 189.36 EUR 88.30 266.67 2.75
NEXANS 3,410 127.81 EUR 55.80 190.28 1.96
NEXTRADIOTV PROMESSES 10,001 183.82 EUR 19.20 192.02 1.98
NOM
PARIS-ORLEANS ET CIE 761 189.29 EUR 260.00 197.86 2.04
TRIGANO 4,701 133.73 EUR 41.45 194.86 2.01
ZODIAC ACT. 3,091 168.08 EUR 43.30 133.84 1.38
Switzerland 1,720.05 17.71
AFG ARBONIA FORSTER 800 197.67 CHF 392.00 200.09 2.06
HOLDING
ARPIDA AGNAMEN.AKT 9,903 177.82 CHF 23.00 145.32 1.50
BB MEDTECH 6,121 179.12 CHF 58.55 228.66 2.35
CALIDA HOLDING -NAMEN 294 76.34 CHF 468.00 87.79 0.90
GEBERIT NAM.AKT 248 151.03 CHF 1,395.00 220.73 2.27

The accompanying notes form an integral part of these financial statements

Page 25
Carlson Fund Equity-Europe
The sub-fund invests in equities throughout Europe. The Performance graph in USD
breakdown between countries and industries depends on
our opinion of their market situations.

During 2006, the value of the sub-fund's units increased


by 4,95 % in the sub-fund's quoted currency EUR.

Benchmark: MSCI Europe

Geographic distribution
(Percentage of portfolio)

United Kingdom
29.73% France
17.53% Performance graph in EUR

Other
The Netherlands
4.68%
8.95%
Spain
3.34%

Switzerland Norway
12.61% 4.05%
Sweden
Germany Italy 8.83%
7.17% 3.11%

Development of Net Asset Value Statement of Net Assets 30/06/06


Capitalisation units
Figures in thousands in EUR
Unit price USD EUR Number of units Note
25/08/98 XEU 1.00 1.17 1.00 10,423,734 Assets 11,055.93
31/12/98 XEU 1.00 1.16 1.00 10,932,936
Securities at market value 2 10,954.82
31/12/99 EUR 1.31 1.11 1.31 26,286,941
31/12/00 EUR 1.27 n/a 1.27 29,942,048 Bank accounts 77.51
31/12/01 EUR 1.02 n/a 1.02 29,591,215 Receivable from units issued 1.81
31/12/02 EUR 0.69 n/a 0.69 22,751,606 Other accounts receivable 21.79
31/12/03 EUR 0.76 n/a 0.76 17,197,311 Liabilities 39.22
31/12/04 EUR 0.82 n/a 0.82 19,329,030
Accrued expenditures 39.22
31/12/05 EUR 1.03 n/a 1.03 10,033,795
30/06/06 EUR 1.08 n/a 1.08 10,221,809 Net Asset Value 11,016.70

Performance Statement of Operations at 30/06/06


Fund Index** Figures in thousands in EUR

USD EUR USD EUR Note


1998* n/a n/a n/a n/a Income 222.26
1999 12% 31% 14% 34% Dividends received 2 222.26
2000 -9% -3% -10% -4%
Expenditure 102.48
2001 -23% -19% -21% -17%
2002 -20% -32% -20% -32% Management fees 4 69.30
2003 31% 9% 35% 12% Sub-custodian fees 0.00
2004 17% 9% 18% 9% Taxe d'abonnement 3 2.75
2005 9% 25% 7% 23% Professionnal expenses 0.31
2006 14% 5% 11% 3%
Other expenses 30.12
Since Last 5 years 45% -4% 45% -4%
5 year average 8% -1% 8% -1% Net income from investments 119.78

* from 25/08/98 ** see diagram


Net realised result on sales of investment securities 1,160.76

The accompanying notes form an integral part of these financial statements

Page 26
Statement of Operations at 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in EUR Securities Quantity EUR Price EUR %
Note
Net realised result on foreign exchange -54.36
The Netherlands 980.08 8.90
Variation in unrealised result -790.00 ABN AMRO HOLDING 11,777 277.32 EUR 21.29 250.73 2.28
Securities portfolio -790.00 AHOLD, KONINKLIJKE 13,193 83.71 EUR 6.69 88.26 0.80
Increase in net assets as a result of operations 436.18 ASML HOLDING NV 1,769 29.44 EUR 15.82 27.99 0.25
DSM KONINKLIJKE -K- 3,749 132.08 EUR 32.61 122.25 1.11
HAGEMEYER 32,674 141.20 EUR 3.57 116.65 1.06
Statement of Changes in Net Assets KPN, KONINKLIJKE 3,841 29.65 EUR 8.75 33.61 0.31
NUMICO, KONINKLIJKE 4,307 141.32 EUR 34.88 150.23 1.36
Figures in thousands in EUR TNT NV 4,387 121.68 EUR 27.70 121.52 1.10
TOMTOM NV 511 13.91 EUR 30.38 15.52 0.14
Note
VOPAK, KONINKLIJKE 1,961 48.37 EUR 27.19 53.32 0.48
Net asset value at beginning of the period 10,345.44 Sweden 966.92 8.78
Units issued during the period 1,943.95 BOLIDEN AB 4,066 53.51 SEK 132.50 58.39 0.53
HENNES & MAURITZ AB -B- 2,659 78.52 SEK 281.00 80.97 0.74
Units redeemed during the period -1,708.86 FREE
Increase in net assets during the period 436.18 MILLICOM 1,082 22.21 SEK 331.00 38.81 0.35
INTERNATIONAL
Net asset value at end of the period 11,016.70
CELLULAR SA-SDR-
NORDEA BANK 29,500 274.84 SEK 86.00 274.94 2.50
Sub-Fund advisor: Björn Kvarnskog SKANSKA -B- FREE 12,200 132.73 SEK 111.50 147.42 1.34
TELEFON AB L.M.ERICSSON 24,668 68.18 SEK 23.70 63.36 0.58
-SHS-B-
TELE2 AB 5,263 51.75 SEK 73.25 41.78 0.38
Statement of Investments at 30/06/06 TRADEDOUBLER AB 899 12.35 SEK 130.50 12.71 0.12
VOLVO -B- FREE 5,707 198.15 SEK 351.50 217.40 1.97
Purchase price Market value WM-DATA B FREE 13,060 35.17 SEK 22.00 31.14 0.28
1,000 Currency 1,000 Germany 785.98 7.13
Securities Quantity EUR Price EUR % ADVA OPTICAL 1,366 11.29 EUR 7.80 10.65 0.10
NETWORKING
Transferable securities admitted to an official 10,954.82 99.44 ALLIANZ AG NAMEN 2,827 373.71 EUR 123.24 348.40 3.16
stock exchange listing VINKULIERT
BASF AG 1,701 102.08 EUR 62.48 106.28 0.96
Shares 10,852.58 98.51 CONTINENTAL AG 1,034 82.27 EUR 79.52 82.22 0.75
United Kingdom 3,256.63 29.56 DEUTSCHE TELEKOM 1,074 15.31 EUR 12.48 13.40 0.12
BARRATT DEVELOPMENTS 7,350 105.34 GBP 9.42 99.83 0.91 NAMEN
PLC INFINEON TECHNOLOGIES 3,206 25.83 EUR 8.76 28.08 0.25
BP PLC 70,405 619.65 GBP 6.33 642.09 5.83 NOM.
BT GROUP PLC 25,489 79.98 GBP 2.37 87.04 0.79 SALZGITTER 2,102 121.69 EUR 66.00 138.73 1.26
CABLE WIRELESS PLC 13,589 23.27 GBP 1.14 22.34 0.20 SAP AG 67 8.66 EUR 164.70 11.03 0.10
CORUS GROUP 28,809 132.18 GBP 4.52 187.56 1.70 TUI AG-NAMEN 3,079 55.74 EUR 15.32 47.17 0.43
DEBENHAMS PLC 21,819 62.20 GBP 1.88 58.99 0.54 Norway 443.31 4.02
GLAXOSMITHKLINE PLC 6,141 121.53 GBP 15.17 134.35 1.22 FRED OLSEN ENERGY 2,635 60.50 NOK 285.00 94.75 0.86
HBOS 6,639 97.57 GBP 9.38 89.79 0.82 OPERA SOFTWARE ASA 5,267 11.13 NOK 24.00 15.95 0.14
HSBC HOLDINGS PLC (USD 18,422 238.01 GBP 9.54 253.27 2.30 STATOIL 9,957 220.24 NOK 180.00 226.14 2.05
0.5) TELENOR AS 11,067 93.15 NOK 76.25 106.47 0.97
LADBROKES PLC 11,320 69.56 GBP 4.05 66.06 0.60 Spain 365.65 3.32
MAN GROUP PLC 6,487 151.33 GBP 25.78 241.13 2.19 BANCO SANTANDER 16,285 197.04 EUR 11.30 184.02 1.67
MICHAEL PAGE 7,860 38.27 GBP 3.50 39.61 0.36 CENTRAL HISPANO REG.
INTERNATIONAL PLC TELEFONICA SA 3,383 42.72 EUR 12.91 43.67 0.40
NATIONAL GRID TRANSCO 27,950 217.28 GBP 5.85 235.76 2.14 UNION ELECTRICA FENOSA 4,577 142.85 EUR 30.14 137.95 1.25
PLC SA
RECKITT BENCKISER PLC 3,043 70.94 GBP 20.14 88.37 0.80 Italy 341.05 3.10
REED ELSEVIER PLC 18,163 143.46 GBP 5.42 141.94 1.29 ENEL 28,604 196.24 EUR 6.71 191.79 1.74
REUTERS GROUP PLC 1,671 9.32 GBP 3.82 9.19 0.08 PARMALAT SPA 29,608 68.77 EUR 2.47 72.98 0.66
RIO TINTO PLC 3,967 163.39 GBP 28.97 165.70 1.50 PIRELLI C AZ 113,682 92.64 EUR 0.67 76.28 0.69
ROYAL BANK OF 6,325 154.16 GBP 17.70 161.42 1.47 Belgium 153.05 1.39
SCOTLAND GROUP PLC INBEV 4,033 125.00 EUR 37.95 153.05 1.39
TELENT PLC 587 10.09 GBP 5.21 4.41 0.04 Finland 150.06 1.36
TESCO ORD PLC 28,937 138.08 GBP 3.34 139.52 1.27 NOKIA CORP 7,645 115.01 EUR 15.89 121.48 1.10
TOMKINS PLC 25,467 101.00 GBP 2.90 106.49 0.97 TIETOENATOR CORP 1,263 32.20 EUR 22.63 28.58 0.26
VODAFONE GROUP PLC 111,098 216.90 GBP 1.16 186.08 1.69 Greece 77.91 0.71
WIMPEY G.PLC 14,608 101.74 GBP 4.54 95.68 0.87 COSMOTE MOBILE 2,885 52.89 EUR 17.28 49.85 0.45
France 1,920.92 17.44 TELECOMMUNICATION
ALCATEL 5,203 58.74 EUR 10.02 52.13 0.47 REG.SHS
AXA 11,587 329.33 EUR 25.60 296.63 2.69 HELLENIC 1,622 28.04 EUR 17.30 28.06 0.25
BNP PARIBAS 2,080 156.89 EUR 74.60 155.17 1.41 TELECOMMUNICATIONS
CREDIT AGRICOLE SA 8,990 286.34 EUR 29.45 264.76 2.40 ORGANISATION
GROUPE DANONE 944 76.37 EUR 98.45 92.94 0.84 Portugal 29.71 0.27
PORTUGAL TELECOM REG. 3,151 31.82 EUR 9.43 29.71 0.27
ILIAD 651 36.29 EUR 64.85 42.22 0.38
SANOFI-AVENTIS 3,561 241.51 EUR 75.25 267.97 2.43 Units in Investment Funds 102.14 0.93
SOCIETE GENERALE PARIS 2,020 246.79 EUR 114.80 231.90 2.10 Ireland 102.14 0.93
-A- ISHARES DJ STOXX 50 ETF 3,049 106.49 EUR 33.50 102.14 0.93
TECHNIP-COFLEXIP 5,316 247.43 EUR 43.41 230.77 2.09 Options, warrants, rights 0.10 0.00
UNIBAIL HOLDING ACT 975 140.31 EUR 134.10 130.75 1.19 Belgium 0.10 0.00
VIVENDI 5,754 153.97 EUR 27.06 155.70 1.41 DEXIA STRIP 9,730 0.10 EUR 0.01 0.10 0.00
Switzerland 1,381.30 12.54 VVPR
ADECCO REG.SHS 1,075 50.86 CHF 72.50 49.73 0.45 Total securities 10,954.82 99.44
EFG INTL 2,714 61.64 CHF 32.25 55.84 0.51
KUEHNE + NAGEL 690 32.20 CHF 88.70 39.05 0.35 Liquid assets 61.89 0.56
INTERNATIONAL AG
NESTLE SA REG.SHS 795 189.74 CHF 377.25 191.35 1.74
Net Asset Value 11,016.70 100.00
NOVARTIS SA REG.SHS 8,518 357.35 CHF 65.50 355.98 3.23
ROCHE HOLDING 2,320 240.33 CHF 200.00 296.05 2.69
GENUSSSCHEIN
UBS NAM.AKT 4,614 299.58 CHF 133.60 393.30 3.57

The accompanying notes form an integral part of these financial statements

Page 27
Key figures relating to the last 3 years

30/06/06 31/12/05 31/12/04

Net assets 11,016,704.86 10,345,439.84 15,914,617.75

Capitalisation units

Number of units 10,221,809 10,033,795 19,329,030


Net asset value per unit 1.08 1.03 0.82

The accompanying notes form an integral part of these financial statements

Page 28
Carlson Fund Equity-North America
The sub-fund invests in Japanese securities. If the risk is Performance
judged too high, investments may also be made in
Fund Index**
Japanese bonds, money market instruments or other
USD EUR USD EUR
forms of security. The selection of equities by industry 1995 34% 26% 35% 28%
will vary depending on our view of the market situation. 1996 23% 28% 22% 24%
1997 32% 26% 50% 48%
1998 20% 14% 26% 19%
During 2006 the value of the sub-fund's units declined by 1999 27% 49% 20% 40%
2000 -10% -4% -10% -4%
-8,81 % in EUR and by -4,26 % in the sub-fund's quoted 2001 -19% -15% -13% -8%
currency JPY. 2002 -25% -36% -24% -35%
2003 23% 2% 28% 6%
2004 7% -1% 9% 1%
2005 4% 20% 5% 21%
Benchmark: MSCI Japan 2006 2% -6% 2% -6%
Since Last 5 years -3% -36% 7% -29%
5 year average -1% -9% 1% -7%
Sector distribution ** see diagram

(Percentage of portfolio)
Performance graph in USD

Graphic art and


publishing Pharmaceuticals and
4.10% cosmetics Office supplies and
Retail trade, 6.37% computing
department stores 3.78%
5.10% Internet, Software &
Banks and credit IT serv ices
institutions 5.46%
11.58% Petroleum
9.97%
Holding and finance
companies
10.49%
Communications
5.41%
Other
37.75%

Performance graph in EUR

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
31/12/95 USD 1.76 1.76 1.29 13,454,275
31/12/96 USD 2.16 2.16 1.72 12,386,346
31/12/97 USD 2.46 2.46 2.25 16,486,972
31/12/98 USD 2.93 2.93 2.51 15,718,734
31/12/99 USD 3.73 3.73 3.71 19,330,807
31/12/00 USD 3.35 3.35 3.60 21,165,791
31/12/01 USD 2.74 2.74 3.11 16,671,587
31/12/02 USD 2.05 2.05 1.96 14,220,312
31/12/03 USD 2.51 2.51 1.97 8,611,213
31/12/04 USD 2.68 2.68 1.97 4,246,513
31/12/05 USD 2.80 2.80 2.37 3,057,191
30/06/06 USD 2.86 2.86 2.25 3,520,497
Statement of Net Assets 30/06/06
Figures in thousands in USD

Note
Assets 10,511.58
Securities at market value 2 9,952.52
Bank accounts 196.32
Receivable from securities sold 288.88
Other accounts receivable 73.86

The accompanying notes form an integral part of these financial statements

Page 29
Statement of Net Assets 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in USD Securities Quantity USD Price USD %
Note
Liabilities 435.36
GENERAL ELECTRIC CO 12,588 438.48 USD 33.27 418.80 4.16
Accrued expenditures 34.53
INDYMAC BANCORP INC 1,783 70.18 USD 46.02 82.05 0.81
Payable on units redeemed 13.72 LAZARD -A- 492 15.47 USD 39.20 19.29 0.19
Payable on securities purchased 321.44 LIBERTY GLOBAL SERIES - 546 11.09 USD 20.68 11.29 0.11
Other accounts payable 65.67 C-
NII HOLDINGS INC 438 22.45 USD 55.62 24.36 0.24
Net Asset Value 10,076.22 PRUDENTIAL FINANCIAL 1,108 72.18 USD 77.92 86.34 0.86
INC
SLM 1,452 69.18 USD 53.00 76.96 0.76
Statement of Operations at 30/06/06 UNUMPROVIDENT 700 13.58 USD 18.09 12.66 0.13
Petroleum 992.57 9.85
Figures in thousands in USD
BAKER HUGHES INC 1,543 100.28 USD 81.18 125.26 1.24
Note ENCANA CORP 1,471 65.01 CAD 58.77 77.84 0.77
EXXON MOBIL 3,289 202.53 USD 62.37 205.13 2.04
Income 51.57
FOREST OIL CORP 1,049 37.37 USD 32.80 34.41 0.34
Dividends received 2 51.53 NATIONAL OILWELL 1,447 92.41 USD 63.10 91.31 0.91
Bank interest 0.04 VARCO INC
Expenditure 74.73 NEXEN INC 1,610 74.24 CAD 61.50 89.16 0.88
NOBLE ENERGY INC 932 39.48 USD 46.33 43.18 0.43
Management fees 4 59.92 OCCIDENTAL PETROLEUM 1,730 166.71 USD 102.25 176.89 1.76
Taxe d'abonnement 3 2.51 CORP
Professionnal expenses 0.27 TRANSOCEAN INC 1,066 68.01 USD 79.47 84.72 0.84
VALERO ENERGY CORP 978 47.73 USD 66.13 64.68 0.64
Other expenses 12.02
(NEW)
Net loss from investments -23.15 Pharmaceuticals and cosmetics 633.82 6.29
Net realised result on sales of investment securities 335.76 ABBOTT LABORATORIES 196 8.28 USD 42.90 8.41 0.08
BARD INC 548 39.44 USD 73.26 40.15 0.40
Net realised result on foreign exchange 15.55
BAXTER INTERNATIONAL 1,891 70.70 USD 36.93 69.83 0.69
Variation in unrealised result -161.72 INC
Securities portfolio -161.72 BECKMAN COULTER INC 67 3.57 USD 54.12 3.63 0.04
BOSTON SCIENTIFIC CORP 12 0.27 USD 16.94 0.20 0.00
Increase in net assets as a result of operations 166.43
ELI LILLY CO 1,574 81.43 USD 54.53 85.83 0.85
ENDO PHARMACEUTICALS 1,216 38.28 USD 31.95 38.85 0.39
Statement of Changes in Net Assets HOLDING
JOHNSON & JOHNSON 2,150 128.98 USD 59.89 128.76 1.28
PFIZER INC 4,572 123.75 USD 23.24 106.25 1.05
Figures in thousands in USD
ST JUDE MEDICAL INC 1,332 48.91 USD 32.44 43.21 0.43
Note WYETH 2,473 111.81 USD 43.95 108.69 1.08
Net asset value at beginning of the period 8,552.83 Internet, Software & IT services 543.30 5.39
AMDOCS LTD 1,263 40.75 USD 36.07 45.56 0.45
Units issued during the period 2,887.43 BEA SYSTEMS 3,561 35.37 USD 12.93 46.04 0.46
Units redeemed during the period -1,530.47 GOOGLE -SHS A - 124 45.76 USD 417.81 51.81 0.51
MICROSOFT CORP 11,266 298.97 USD 23.54 265.20 2.63
Increase in net assets during the period 166.43
NETFLIX INC 1,577 46.44 USD 27.16 42.83 0.43
Net asset value at end of the period 10,076.22 YAHOO INC 2,786 90.54 USD 32.97 91.85 0.91
Communications 538.25 5.34
Sub-Fund advisor: Bård Johannessen ALLTEL CORP 1,178 73.78 USD 63.51 74.81 0.74
AMERICA MOVIL ADR 311 9.70 USD 33.35 10.37 0.10
REPR.20SHS -L-WHEN.ISS
AMERICAN TOWER -A- 764 22.75 USD 30.98 23.67 0.23
Statement of Investments at 30/06/06 AT&T INC 3,015 77.59 USD 27.70 83.52 0.83
CORNING INC 3,331 76.65 USD 23.88 79.54 0.79
Purchase price Market value EMBARQ CORP WHEN 50 2.26 USD 41.11 2.06 0.02
1,000 Currency 1,000 ISSUED
Securities Quantity USD Price USD % FREESCALE 1 0.01 USD 29.63 0.03 0.00
SEMICONDUCTOR-SHS.B
Transferable securities admitted to an official 9,952.52 98.77 WHEN ISSUE
stock exchange listing LEVEL 3 2,385 9.85 USD 4.10 9.78 0.10
COMMUNICATIONS INC
MOTOROLA 3,575 80.38 USD 19.99 71.46 0.71
Shares 9,852.48 97.78 POLYCOM 2,451 53.76 USD 21.44 52.55 0.52
Banks and credit institutions 1,152.23 11.44 QUALCOMM INC 410 19.69 USD 40.54 16.62 0.16
BANK OF AMERICA CORP 1,666 63.24 USD 48.60 80.97 0.80
SONUS NETWORKS INC 11,805 55.67 USD 4.83 57.02 0.57
CANADIAN IMPERIAL 303 19.25 CAD 74.80 20.41 0.20 SPRINT NEXTEL 1 SHS- 1,004 23.78 USD 19.93 20.01 0.20
BANK OF COMMERCE
CAPITAL ONE FINANCIAL 2,311 179.10 USD 86.84 200.69 1.99
SERIES 1
CORP TELUS NON-VOTING 435 17.03 CAD 44.07 17.26 0.17
CITIGROUP INC 3,152 137.92 USD 48.86 154.01 1.53 VERIZON 587 18.62 USD 33.30 19.55 0.19
COMMUNICATIONS INC
COMMERCE BANCORP INC 1,223 38.52 USD 36.06 44.10 0.44
Retail trade, department stores 507.21 5.03
GOLDMAN SACHS GROUP 681 89.15 USD 152.20 103.65 1.03 ABERCROMBIE AND FITCH 1,935 118.81 USD 54.92 106.27 1.05
JP MORGAN CHASE 2,396 93.81 USD 42.68 102.26 1.01 -A-
MARSHALL & ILSLEY 1,038 44.07 USD 45.77 47.51 0.47 ADVANCE AUTO PARTS 969 38.82 USD 29.91 28.98 0.29
NATIONAL BK CANADA 450 23.93 CAD 57.38 23.25 0.23 AEROPOSTALE INC 941 26.79 USD 28.62 26.93 0.27
COMMON BEST BUY CO INC 821 42.66 USD 55.21 45.33 0.45
PNC FINANCIAL SERVIVES 1,727 110.31 USD 70.61 121.94 1.21
GROUP CVS CORP 3,829 100.34 USD 30.45 116.59 1.16
ROYAL BANK OF CANADA 1,419 54.66 CAD 44.90 57.37 0.57 URBAN OUTFITTERS INC 2,832 72.09 USD 16.71 47.32 0.47
WACHOVIA CORP 3,142 167.28 USD 54.34 170.74 1.69 WALGREEN CO 1,752 71.29 USD 45.27 79.31 0.79
WELLS FARGO AND CO 376 20.27 USD 67.40 25.34 0.25 WHOLE FOODS MARKET 878 61.20 USD 64.32 56.47 0.56
NEW Graphic art and publishing 407.82 4.05
Holding and finance companies 1,043.56 10.36 AT & T COMCAST CORP 3,957 119.19 USD 32.64 129.16 1.28
AMERICAN INTERNATL 2,653 171.44 USD 59.27 157.24 1.56 MC GRAW-HILL INC 2,200 107.07 USD 49.64 109.21 1.08
GROUP INC TIME WARNER INC 9,801 172.64 USD 17.29 169.46 1.68
CHICAGO MERCANTILE 106 33.13 USD 487.72 51.70 0.51 Office supplies and computing 376.45 3.74
EXCHANGE HOLDINGS -A APPLE COMPUTER COM. 177 11.76 USD 59.08 10.46 0.10
COUNTRYWIDE FINANCIAL 2,702 94.69 USD 38.07 102.87 1.02 CISCO SYSTEMS 2,723 53.21 USD 19.95 54.32 0.54
CORP

The accompanying notes form an integral part of these financial statements

Page 30
Purchase price Market value Purchase price Market value
1,000 Currency 1,000 1,000 Currency 1,000
Securities Quantity USD Price USD % Securities Quantity USD Price USD %

IBM CORP 2,839 233.28 USD 77.59 220.28 2.19 Miscellaneous sectors 54.76 0.54
ORACLE CORP 6,179 79.98 USD 14.79 91.39 0.91 FIRST MARBLEHEAD 533 22.71 USD 58.00 30.91 0.31
Chemicals 316.48 3.14 MORGANS HOTEL GROUP 1,646 32.64 USD 14.49 23.85 0.24
AGRIUM 963 17.89 CAD 25.74 22.32 0.22 Real estate companies 52.13 0.52
CONOCOPHILLIPS 2,601 169.04 USD 65.97 171.59 1.70 HOST HOTELS & RESORTS - 2,429 45.78 USD 21.46 52.13 0.52
DOW CHEMICAL CO COM. 3,120 128.22 USD 38.73 120.84 1.20 SHS
TRONOX INC-B- WHEN 135 2.01 USD 12.86 1.74 0.02 Watch industry 29.73 0.30
ISSUED BLUE NILE INC 926 32.54 USD 32.11 29.73 0.30
Utilities 306.32 3.04 Units in Investment Funds 100.03 0.99
AES CORP 2,878 48.23 USD 18.53 53.33 0.53 Unit trusts 100.03 0.99
CENTERPOINT ENERGY 4,699 59.02 USD 12.48 58.64 0.58 SPDR TRUST UNIT SERIE 1 786 97.83 USD 127.27 100.03 0.99
EXELON CORP 584 32.58 USD 56.44 32.96 0.33
PG AND E CORP 1,693 67.43 USD 38.81 65.71 0.65 Total securities 9,952.52 98.77
TXU 1,623 92.91 USD 58.95 95.68 0.95 Liquid assets 123.71 1.23
Foods and beverages 299.87 2.98
COCA-COLA CO 4,793 206.86 USD 43.06 206.39 2.05 Net Asset Value 10,076.22 100.00
GENERAL MILLS INC 1,648 83.03 USD 51.75 85.28 0.85 Key figures relating to the last 3 years
WRIGLEY JR CO WM 181 9.79 USD 45.29 8.20 0.08
Miscellaneous consumer goods 295.82 2.94
MANPOWER INC 1,408 76.03 USD 64.95 91.45 0.91 30/06/06 31/12/05 31/12/04
PROCTER & GAMBLE CO 3,586 196.65 USD 56.99 204.37 2.03
Building materials and trade 280.29 2.78 Net assets 10,076,222.57 8,552,826.24 11,381,285.12
CLEVELAND CLIFFS INC 524 36.14 USD 81.18 42.54 0.42
LENNAR CORP -A- 1,175 68.45 USD 44.85 52.70 0.52
MASCO CORP 3,988 125.62 USD 29.68 118.36 1.17
SHERWIN WILLIAMS CO 633 32.83 USD 47.41 30.01 0.30 Capitalisation units
TOLL BROTHERS INC 1,401 45.92 USD 26.18 36.68 0.36
Biotechnology 272.60 2.71 Number of units 3,520,497 3,057,191 4,246,513
AMGEN INC 1,696 112.36 USD 65.10 110.41 1.10
BIOMARIN 3,497 47.84 USD 14.60 51.06 0.51 Net asset value per unit 2.86 2.80 2.68
PHARMACEUTICAL INC
GENZYME CORP 1,258 80.73 USD 61.50 77.37 0.77
MEDIMMUNE INC 1,245 37.81 USD 27.12 33.76 0.34
Electronics & Semiconductors 271.94 2.70
APPLIED MATERIALS INC 2,689 48.57 USD 16.55 44.50 0.44
HIMAX TECHNOLOGIES 6,586 32.65 USD 5.70 37.54 0.37
INC
INTEL CORP 3,006 71.63 USD 19.34 58.14 0.58
MAXIM INTEGRATED 2,266 69.42 USD 32.67 74.03 0.73
PRODUCTS INC
SPANSION INC -A- 3,901 55.63 USD 14.80 57.73 0.57
Healthcare & Social services 271.05 2.69
AETNA US HEALTHCARE 1,227 57.02 USD 39.24 48.15 0.48
INC
CONOR MEDSYSTEMS INC 1,115 26.92 USD 27.34 30.48 0.30
HEALTH NET -SHS- 1,533 64.14 USD 44.54 68.28 0.68
WELLPOINT INC 1,704 122.09 USD 72.85 124.14 1.23
Transportation 191.09 1.90
CSX CORP 1,793 100.42 USD 69.20 124.08 1.23
J.B. HUNT TRANSPORT 2,689 65.91 USD 24.92 67.01 0.67
SERVICES INC
Insurance 190.68 1.89
ACE 1,213 57.62 USD 50.39 61.12 0.61
AFLAC INC 1,586 70.20 USD 46.35 73.51 0.73
GENWORTH FINANCIAL 1,063 31.05 USD 34.73 36.92 0.37
INC CLASS-A
MANULIFE FINANCIAL 600 19.41 CAD 35.40 19.13 0.19
CORP
Miscellaneous services 176.27 1.75
ACCENTURE LTD -A- 2,685 73.93 USD 28.10 75.45 0.75
E TRADE FINANCIAL 4,457 84.13 USD 22.62 100.82 1.00
Hotels and restaurants 138.56 1.38
CHEESECAKE FACTORY 985 31.05 USD 27.12 26.71 0.27
INC
P.F. CHANG'S CHINA 651 30.48 USD 37.87 24.65 0.24
STARBUCKS CORP 1,158 41.98 USD 38.00 44.00 0.44
STATION CASINOS INC 637 42.38 USD 67.80 43.19 0.43
Coal mining and steel industry 107.06 1.06
TECK CORP CL. "B" SUB- 1,818 115.40 CAD 65.40 107.06 1.06
VOTING
Aerospace industry 103.62 1.03
RAYTHEON CO 2,340 106.26 USD 44.28 103.62 1.03
Machine and apparatus construction 102.61 1.02
BRUNSWICK CORP. 1,267 52.64 USD 32.35 40.99 0.41
PARKER-HANNIFIN CORP 792 54.93 USD 77.80 61.62 0.61
Electrical engineering and electronics 73.05 0.72
ROGERS 313 12.55 CAD 44.59 12.57 0.12
COMMUNICATIONS -B-
NON VOTING
TYCO INTERNATIONAL 2,217 61.89 USD 27.28 60.48 0.60
Road vehicules 64.72 0.64
HARLEY DAVIDSON INC 1,193 61.23 USD 54.25 64.72 0.64
Paper and forest products 58.65 0.58
LOUISIANA PACIFIC CORP. 2,623 70.14 USD 22.36 58.65 0.58

The accompanying notes form an integral part of these financial statements

Page 31
Carlson Fund Equity-American Small Cap
The sub-fund invests in equities of small North American Performance
companies. The sub-fund invests in companies that have
Fund Index**
a stock market value below USD 500 million. The
USD EUR USD EUR
selection of equities by industry will vary depending on 1995 16% 11% 26% 21%
our view of the market situation. 1996 12% 16% 15% 19%
1997 50% 46% 40% 37%
1998 -5% -13% 0% -10%
During 2006 the value of the sub-fund's units declined by 1999 0% 18% 20% 40%
2000 31% 40% -4% 2%
-5,61 % in EUR and increased by 2,32 % in the fund's 2001 26% 33% 1% 7%
quoted currency USD. 2002 -11% -25% -21% -33%
2003 28% 6% 44% 20%
2004 16% 7% 17% 9%
2005 n/a 16% 3% 19%
Benchmark: Russel 2000 2006 2% -6% 8% -1%
Since Last 5 years 39% -8% 44% -5%
5 year average 7% -2% 8% -1%
Sector distribution ** see diagram

(Percentage of portfolio)
Performance graph in USD

Internet, Software &


Banks and credit IT serv ices
institutions 5.19%
Electronics &
13.93% Semiconductors
Holding and finance 9.30%
companies
4.85%
Electrical engineering
Transportation
and electronics
6.88%
9.37%
Communications
4.74%

Miscellaneous
serv ices
8.70% Other
37.05%

Performance graph in EUR

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
31/12/95 USD 0.89 0.89 0.65 10,871,580
31/12/96 USD 0.99 0.99 0.79 7,500,252
31/12/97 USD 1.28 1.28 1.17 6,502,543
31/12/98 USD 1.19 1.19 1.02 5,422,840
31/12/99 USD 1.20 1.20 1.19 2,243,559
31/12/00 USD 1.56 1.56 1.68 1,574,158
31/12/01 USD 1.98 1.98 2.24 4,325,129
31/12/02 USD 1.75 1.75 1.68 5,955,363
31/12/03 USD 2.23 2.23 1.76 6,926,478
31/12/04 USD 2.58 2.58 1.90 6,888,718
31/12/05 USD 2.59 2.59 2.21 5,117,283
30/06/06 USD 2.63 2.63 2.07 4,397,200
Statement of Net Assets 30/06/06
Figures in thousands in USD

Note
Assets 11,679.54
Securities at market value 2 11,203.97
Bank accounts 460.60
Receivable from units issued 0.81
Receivable from securities sold 9.83

The accompanying notes form an integral part of these financial statements

Page 32
Statement of Net Assets 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in USD Securities Quantity USD Price USD %
Note
Other accounts receivable 4.33
SCHAWK -A- 6,300 140.56 USD 17.55 110.57 0.96
Liabilities 136.24
Electronics & Semiconductors 1,041.48 9.02
Bank overdraft 7.14 ENTEGRIS INC 23,084 174.57 USD 9.56 220.68 1.91
Accrued expenditures 56.24 MEASUREMENT 8,300 182.74 USD 23.03 191.15 1.66
Payable on units redeemed 16.47 SPECIALTIES INC
MICREL INC 16,900 194.82 USD 10.15 171.54 1.49
Payable on securities purchased 56.40
NU HORIZONS 28,000 259.31 USD 9.35 261.80 2.27
Net Asset Value 11,543.29 ELECTRONICS
PDF SOLUTIONS INC 3,400 39.26 USD 12.35 41.99 0.36
VARIAN 3,800 151.17 USD 40.61 154.32 1.34
Statement of Operations at 30/06/06 Miscellaneous services 975.23 8.45
CITI TRENDS INC 5,400 154.96 USD 39.32 212.33 1.84
Figures in thousands in USD FTI CONSULTING 5,100 139.14 USD 26.78 136.58 1.18
Note G K SERVICES INC -A- 5,500 213.36 USD 34.80 191.40 1.66
ON ASSIGNMENT INC 18,600 102.36 USD 9.49 176.51 1.53
Income 37.78 PENSON WORLDWIDE INC 1,600 30.01 USD 17.58 28.13 0.24
Dividends received 2 23.09 RBC BEARINGS INC 10,100 162.18 USD 22.80 230.28 1.99
Bank interest 14.69 Transportation 771.00 6.68
Expenditure 130.10 HEARTLAND EXPRESS INC 10,533 161.84 USD 17.30 182.22 1.58
KNIGHT TRANSPORTATN 7,837 94.91 USD 19.96 156.43 1.36
Management fees 4 112.97
MARTEN TRANSPORT LTD 11,700 168.17 USD 21.16 247.57 2.14
Taxe d'abonnement 3 3.18 OLD DOMINION FREIGHT 5,050 97.73 USD 36.59 184.78 1.60
Professionnal expenses 0.33 LINES INC
Other expenses 13.63 Internet, Software & IT services 581.38 5.04
APPLIX INC 25,100 200.54 USD 6.98 175.10 1.52
Net loss from investments -92.32
MSC SOFTWARE CORP 11,800 160.27 USD 17.80 210.04 1.82
Net realised result on sales of investment securities 258.55 SI INTERNATIONAL INC 6,300 175.83 USD 31.15 196.25 1.70
Net realised result on foreign exchange -21.26 Holding and finance companies 543.45 4.71
CARTER S INC 9,000 242.96 USD 26.13 235.17 2.04
Variation in unrealised result 62.77
HMS HOLDINGS CORP 28,000 182.54 USD 11.01 308.28 2.67
Securities portfolio 62.77 Communications 530.64 4.60
Increase in net assets as a result of operations 207.74 EMS TECHNOLOGIES 9,500 189.52 USD 19.70 187.15 1.62
LIN TV -A- 17,700 383.58 USD 7.49 132.57 1.15
SAGA COMMUNICATIONS - 24,243 394.29 USD 8.70 210.91 1.83
Statement of Changes in Net Assets A-
Healthcare & Social services 449.60 3.89
Figures in thousands in USD BIO-REFERENCE 14,700 219.16 USD 21.22 311.93 2.70
LABORATOIRES INC
Note US PHYSICAL THERAPY 9,600 158.03 USD 14.34 137.66 1.19
Net asset value at beginning of the period 13,260.28 INC
Miscellaneous consumer goods 400.77 3.47
Units issued during the period 2,198.02 INTERLINE BRANDS INC 10,700 213.50 USD 23.41 250.49 2.17
Units redeemed during the period -4,122.74 MATTHEWS 4,300 168.06 USD 34.95 150.29 1.30
INTERNATIONAL -A-
Increase in net assets during the period 207.74
Chemicals 386.69 3.35
Net asset value at end of the period 11,543.29 MACDERMID INC 7,600 261.94 USD 28.10 213.56 1.85
SPARTECH CORPORATION 7,600 181.10 USD 22.78 173.13 1.50
Sub-Fund advisor: Daniel Goldfarb, OFI Institutional Management INC Petroleum 377.02 3.27
ROWAN COMPANIES INC 3,300 112.11 USD 35.46 117.02 1.01
RPC 10,975 96.13 USD 23.69 260.00 2.25
Graphic art and publishing 364.91 3.16
Statement of Investments at 30/06/06 GRAY TELEVISION INC 18,200 194.99 USD 5.49 99.92 0.87
MULTI COLOR CORP 9,100 210.24 USD 29.12 264.99 2.30
Purchase price Market value Machine and apparatus construction 313.15 2.71
1,000 Currency 1,000 AXSYS TECHOLOGIES INC 14,400 251.70 USD 15.08 217.15 1.88
Securities Quantity USD Price USD % THE EASTERN CO 4,800 109.20 USD 20.00 96.00 0.83
Insurance 307.87 2.67
Transferable securities admitted to an official 11,203.97 97.06 DARWIN PROFESSIONAL 2,500 43.58 USD 19.25 48.13 0.42
stock exchange listing UNDERWRITERS INC
DONEGAL GROUP INC -A- 8,901 85.77 USD 20.05 178.47 1.55
Shares 11,203.97 97.06 HARLEYSVILLE GROUP 2,600 71.19 USD 31.26 81.28 0.70
Banks and credit institutions 1,560.28 13.52 Watch industry 251.65 2.18
BOSTON PRIVATE 5,800 133.53 USD 28.19 163.50 1.42 MOVADO 11,300 217.19 USD 22.27 251.65 2.18
FINANCIAL HOLDINGS INC Retail trade, department stores 242.65 2.10
CENTENNIAL BANK 7,400 88.25 USD 9.99 73.93 0.64 HOT TOPIC 20,200 234.12 USD 11.49 232.10 2.01
HOLDINGS INC J CREW GROUP INC 400 8.00 USD 26.38 10.55 0.09
FIDELITY BANKSHARES 4,300 103.81 USD 32.16 138.29 1.20
FINANCIAL INSTITUTIONS Pharmaceuticals and cosmetics 207.20 1.79
3,800 86.64 USD 18.81 71.48 0.62 WEST PHARMACEUTICAL 5,700 156.65 USD 36.35 207.20 1.79
INC
SERVICES INC
FIRST REPUBLIC BANK 5,475 115.02 USD 44.97 246.21 2.13
FIRST STATE Coal mining and steel industry 195.84 1.70
10,400 203.00 USD 23.40 243.36 2.11 GIBRALTAR INDUSTRIES 6,800 134.59 USD 28.80 195.84 1.70
BANCORPORATION
INC
FLAG FINANCIAL CORP 1,000 18.67 USD 21.49 21.49 0.19
Building materials and trade 191.90 1.66
HANMI FIANCIAL CORP 5,300 74.28 USD 19.49 103.30 0.89
TREX COMPANY INC 7,600 285.38 USD 25.25 191.90 1.66
PACIFIC CAPITAL 3,800 114.79 USD 31.40 119.32 1.03
BANCORP Environmental services & Recycling 170.76 1.48
PREFERRED BANK 3,400 138.67 USD 53.89 183.23 1.59 TEAM INC 6,500 136.82 USD 26.27 170.76 1.48
TIB FINANCIAL CORP 700 21.91 USD 31.70 22.19 0.19 Utilities 118.71 1.03
UMB FINANCIAL CORP 5,200 151.06 USD 33.46 173.99 1.51 AQUILA INC 27,800 113.77 USD 4.27 118.71 1.03
Electrical engineering and electronics 1,049.30 9.09 Biotechnology 77.30 0.67
CHARLES RIVER 2,100 92.38 USD 36.81 77.30 0.67
AZZ INC 7,800 130.94 USD 24.50 191.10 1.66
LABORATORIES
BALDOR ELECTRIC CO LTD 7,600 183.96 USD 29.55 224.58 1.95
INTERNATIONAL
BEL FUSE INC -B- 3,900 106.04 USD 31.30 122.07 1.06
Aerospace industry 63.16 0.55
II VI INCORPORATED 12,100 124.79 USD 18.10 219.01 1.90
HEICO CORP 2,300 53.89 USD 27.46 63.16 0.55
LA BARGE INC 14,500 229.90 USD 12.55 181.98 1.58

The accompanying notes form an integral part of these financial statements

Page 33
Purchase price Market value
1,000 Currency 1,000
Securities Quantity USD Price USD %

Miscellaneous sectors 32.06 0.28


FRANKLIN BANK CORP 1,600 31.95 USD 20.04 32.06 0.28
Total securities 11,203.97 97.06
Liquid assets 339.32 2.94
Net Asset Value 11,543.29 100.00
Key figures relating to the last 3 years

30/06/06 31/12/05 31/12/04

Net assets 11,543,293.60 13,260,277.24 17,776,973.64

Capitalisation units

Number of units 4,397,200 5,117,283 6,888,718


Net asset value per unit 2.63 2.59 2.58

The accompanying notes form an integral part of these financial statements

Page 34
Carlson Fund Equity-Far East
The sub-fund invests in equities in the Far East excluding Performance
Japan. Distribution by country and industry will vary and
Fund Index**
from time to time, certain countries will not be
USD EUR USD EUR
represented. 1995 1% -3% 4% -1%
1996 10% 13% 9% 13%
1997 -40% -32% -36% -27%
During 2006, the value of the sub-fund's units declined 1998 -7% -13% -7% -13%
by -0,78 % in the sub-fund's quoted currency EUR. 1999 59% 87% 47% 72%
2000 -26% -21% -30% -25%
2001 -7% -2% -5% 0%
Benchmark: MSCI AC Asia Pacific Free ex Japan. 2002 -11% -24% -8% -22%
2003 48% 24% 44% 20%
2004 9% 1% 19% 10%
2005 16% 34% 17% 34%
Geographic distribution 2006 8% -1% 7% -2%
Since Last 5 years 76% 17% 98% 31%
(Percentage of portfolio) 5 year average 12% 3% 15% 6%
** see diagram

Performance graph in USD

Taiwan
Hong Kong 13.52%
15.39%
China
6.38%
Malaysia
2.46%
India
3.85%
Australia
Other
29.58%
3.89%

South Korea
Singapore 18.31%
6.63%

Performance graph in EUR

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
31/12/95 USD 2.30 2.30 1.68 33,874,503
31/12/96 USD 2.52 2.52 2.01 37,216,359
31/12/97 USD 1.52 1.52 1.39 22,138,043
31/12/98 USD 1.41 1.41 1.04 25,544,843
31/12/99 EUR 2.25 1.85 2.25 26,948,563
31/12/00 EUR 1.79 n/a 1.79 25,435,902
31/12/01 EUR 1.76 n/a 1.76 22,221,779
31/12/02 EUR 1.33 n/a 1.33 21,958,481
31/12/03 EUR 1.64 n/a 1.64 18,097,945
31/12/04 EUR 1.65 n/a 1.65 17,105,010
31/12/05 EUR 2.21 n/a 2.21 6,358,121
30/06/06 EUR 2.21 n/a 2.21 6,027,505

Statement of Net Assets 30/06/06


Figures in thousands in EUR

Note
Assets 13,484.41
Securities at market value 2 13,149.89
Bank accounts 93.79
Receivable from units issued 3.84
Receivable from securities sold 124.22

The accompanying notes form an integral part of these financial statements

Page 35
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
Other accounts receivable 112.68
COMMONWEALTH BANK 10,234 250.87 AUD 44.41 265.87 2.00
Liabilities 174.14 OF AUSTRALIA
Bank overdraft 45.19 CSL LTD 1,660 25.03 AUD 53.75 52.19 0.39
Accrued expenditures 49.90 FOSTER BREWING GROUP 20,323 58.68 AUD 5.47 65.03 0.49
LTD
Payable on units redeemed 11.08 HARVEY NORMAN 7,096 12.68 AUD 3.94 16.35 0.12
Other accounts payable 67.98 HOLDINGS
Net Asset Value 13,310.27 INSURANCE AUSTRALIA 22,119 73.10 AUD 5.35 69.22 0.52
GROUP LIMITED
JOHN FAIRFAX HOLDINGS 9,874 22.48 AUD 3.75 21.66 0.16
Statement of Operations at 30/06/06 LEIGTHON HOLDINGS LTD 1,316 9.58 AUD 17.35 13.36 0.10
LEND LEASE CORP LTD 5,053 39.63 AUD 13.99 41.35 0.31
Figures in thousands in EUR MACQUARIE BANK 2,267 52.20 AUD 69.00 91.50 0.69
MACQUARIE GOODMAN 11,680 27.68 AUD 6.00 41.00 0.31
Note GROUP (STAPLED SEC.)
Income 186.09 MACQUARIE 21,890 50.43 AUD 3.36 43.03 0.32
INFRASTRUCTURE(STAPLE
Dividends received 2 186.09 D SECUR.)
Expenditure 122.55 MAYNE PHARMA LTD 13,070 10.33 AUD 2.60 19.88 0.15
Management fees 4 89.95 MIRVAC GROUP STAPLED 8,666 24.63 AUD 4.35 22.05 0.17
SECURITIES
Taxe d'abonnement 3 3.48 NAT. AUSTRALIA BANK 1,799 29.15 AUD 35.16 37.00 0.28
Professionnal expenses 0.38 NEWCREST MINING LTD 3,172 29.34 AUD 21.08 39.11 0.29
Other expenses 28.74 ORICA LIMITED 3,732 42.33 AUD 23.89 52.15 0.39
Net income from investments 63.54 ORIGIN ENERGY LTD 10,366 38.73 AUD 7.36 44.63 0.34
PATRICK CORPORATION 6,657 21.90 AUD 8.90 34.66 0.26
Net realised result on sales of investment securities 730.37 QBE INSURANCE GROUP 8,274 65.53 AUD 20.50 99.22 0.75
Net realised result on foreign exchange 20.87 QUANTAS AIRWAYS LTD 9,308 18.63 AUD 2.96 16.12 0.12
Variation in unrealised result -843.28 RINKER GROUP 11,452 69.90 AUD 16.39 109.80 0.82
RIO TINTO 2,877 64.49 AUD 77.80 130.94 0.98
Securities portfolio -843.28
SANTOS LTD 5,688 28.40 AUD 12.10 40.26 0.30
Decrease in net assets as a result of operations -28.50 SONIC HEALTHCARE LTD 2,700 24.86 AUD 14.20 22.43 0.17
SUNCORP METWAY 5,661 50.28 AUD 19.35 64.08 0.48
Statement of Changes in Net Assets SYMBION HEALTH LTD 6,120 9.20 AUD 3.06 10.95 0.08
TABCORP HOLDINGS LTD 5,271 46.18 AUD 15.20 46.87 0.35
TELSTRA CORP 19,887 57.01 AUD 3.68 42.81 0.32
Figures in thousands in EUR
TRANSURBAN GROUP 9,250 38.64 AUD 6.95 37.61 0.28
Note WESFARMERS 3,455 64.80 AUD 35.33 71.41 0.54
WESTFIELD GROUP LTD 15,632 142.34 AUD 17.33 158.47 1.19
Net asset value at beginning of the period 14,065.90
STAPLED SECURITY
Units issued during the period 1,419.82 WESTPAC BANKING CORP 19,192 200.69 AUD 23.28 261.36 1.96
Units redeemed during the period -2,146.95 WOODSIDE PETROLEUM 4,460 48.53 AUD 44.00 114.80 0.86
WOOLWORTHS LTD 12,037 95.20 AUD 20.15 141.88 1.07
Decrease in net assets during the period -28.50
South Korea 2,373.99 17.84
Net asset value at end of the period 13,310.27 CJ CORP 330 14.04 KRW 104,000.0 28.46 0.21
0
DAELIM INDUSTRIAL CO 460 16.05 KRW 59,600.00 22.73 0.17
Sub-Fund advisor: Kalapi Darmeci
DAEWOO ENGINEERING 210 0.83 KRW 13,500.00 2.35 0.02
AND CONSTRUCTION CO
DAEWOO SHIPBUILDING 1,750 20.09 KRW 27,900.00 40.48 0.30
AND MARINE ENGINEERI
Statement of Investments at 30/06/06 HAN JIN SHIPPING CO LTD 40 0.62 KRW 22,650.00 0.75 0.01
HANA FINANCIAL GROUP 1,879 34.63 KRW 44,600.00 69.49 0.52
Purchase price Market value INC
1,000 Currency 1,000 HYUNDAI DEVELOPMENT 650 19.33 KRW 41,000.00 22.10 0.17
Securities Quantity EUR Price EUR % COMPANY ENGINEERING
HYUNDAI HEAVY 680 17.51 KRW 106,500.0 60.05 0.45
Transferable securities admitted to an official 13,116.24 98.54 INDUSTRIES CO LTD 0
stock exchange listing HYUNDAI MOBIS 550 22.57 KRW 80,300.00 36.62 0.28
HYUNDAI MOTOR CO LTD 1,620 54.18 KRW 80,600.00 108.27 0.81
Shares 12,653.16 95.06 HYUNDAI MOTOR CO LTD 680 14.83 KRW 47,500.00 26.78 0.20
Australia 3,749.16 28.17 KANGWON LAND 1,630 14.91 KRW 16,200.00 21.89 0.16
ALINTA LTD 2,560 17.60 AUD 10.43 15.62 0.12 KIA MOTORS 2,390 18.34 KRW 16,250.00 32.20 0.24
ALUMINA 12,615 40.21 AUD 6.75 49.81 0.37 KOOKMIN BANK 3,740 120.61 KRW 78,000.00 241.88 1.82
AMCOR LTD 8,803 37.05 AUD 6.68 34.40 0.26 KOREA ELECTRIC POWER 3,140 61.29 KRW 35,150.00 91.52 0.69
AMP LIMITED 18,572 76.77 AUD 9.13 99.19 0.75 CORP
KT & G CORP-SHS. 1,130 24.04 KRW 55,400.00 51.91 0.39
ANZ BANKING GROUP LTD 11,540 133.34 AUD 26.59 179.50 1.35
KT CORPORATION 1,390 36.39 KRW 39,150.00 45.12 0.34
ARISTOCRAT LEISURE 3,140 20.94 AUD 12.88 23.66 0.18
AUSTRALIAN GAS LIGHT LG CHEM 650 19.26 KRW 33,000.00 17.79 0.13
4,627 36.45 AUD 17.51 47.39 0.36
COMPANY LG ELECTRONICS INC 910 41.92 KRW 57,500.00 43.39 0.33
AXA ASIA PACIFIC 20,310 42.84 AUD 6.27 74.49 0.56 LG ELECTRONICS INC PFD 40 1.02 KRW 33,300.00 1.10 0.01
HOLDINGS SHS.NON VOTING
BHP BILLITON LTD 34,986 288.93 AUD 29.00 593.51 4.46 LG PHILIPS LCD 910 30.92 KRW 35,300.00 26.64 0.20
BLUESCOPE STEEL 7,329 34.33 AUD 7.95 34.08 0.26 NCSOFT 216 15.21 KRW 54,500.00 9.76 0.07
BORAL LTD 6,045 24.96 AUD 8.14 28.78 0.22 POSCO 780 101.28 KRW 254,500.0 164.60 1.24
BRAMBLES INDUSTRIES 0
9,790 39.07 AUD 11.00 63.00 0.47
SAMSUNG CORP 1,830 18.71 KRW 26,050.00 39.53 0.30
LTD
SAMSUNG ELECTRO 900 16.72 KRW 32,700.00 24.40 0.18
CALTEX AUSTRALIA LTD 1,375 17.89 AUD 23.60 18.98 0.14
CENTRO PROPERTIES MECHANICS
7,652 18.78 AUD 6.69 29.95 0.22 SAMSUNG ELECTRONICS 1,130 361.57 KRW 603,000.0 564.98 4.24
STAPLED SECURITY 0
CENTRO RETAIL GROUP CO LTD
6,651 4.73 AUD 1.57 6.09 0.05 SAMSUNG ELECTRONICS 230 47.62 KRW 463,000.0 88.30 0.66
STAPLED SECURITY 0
CFS RETAIL PROPERTY CO LTD PFD SHS N/VTG
15,400 17.89 AUD 1.86 16.76 0.13 SAMSUNG FIRE AND 370 20.47 KRW 127,500.0 39.12 0.29
TRUST 0
MARINE INSURANCE
COCA-COLA AMATIL LTD 5,639 23.71 AUD 7.09 23.39 0.18 SAMSUNG HEAVY 1,760 19.04 KRW 21,900.00 31.96 0.24
COLES MYER 10,761 59.37 AUD 11.36 71.51 0.54 INDUSTRIES CO LTD

The accompanying notes form an integral part of these financial statements

Page 36
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 %

SAMSUNG SDI CO LTD 340 26.35 KRW 65,200.00 18.38 0.14 DBS GROUP HOLDINGS 37,000 296.35 SGD 18.10 331.92 2.49
SAMSUNG SECURITIES CO 540 19.27 KRW 51,100.00 22.88 0.17 FRASER & NEAVE LTD 10,000 13.70 SGD 4.00 19.82 0.15
LTD KEPPEL CORPORATION 5,000 17.65 SGD 14.70 36.43 0.27
SHINHAN FINANCIAL 4,820 136.80 KRW 44,500.00 177.85 1.34 LTD
GROUP SINGAPORE AIRLINES LTD 6,000 32.29 SGD 12.70 37.77 0.28
SHINSEGAE CO LTD 160 33.48 KRW 475,000.0 63.02 0.47 LOCAL
0 SINGAPORE TELECOM.LTD 67,000 73.98 SGD 2.54 84.35 0.63
SK CORP LTD 890 33.52 KRW 61,000.00 45.02 0.34 BOARD-LOT 1000
SK TELEKOM 400 49.82 KRW 204,000.0 67.66 0.51 S'PORE PRESS HOLDINGS 16,000 33.75 SGD 4.12 32.67 0.25
0 LTD
SSANGYONG OIL REFINING 450 18.27 KRW 67,100.00 25.04 0.19 UNITED OVERSEAS BANK 34,000 250.23 SGD 15.60 262.88 1.98
CO LTD China 839.58 6.31
Hong Kong 2,023.43 15.20 CHINA CONSTRUCTION 244,000 61.57 HKD 3.55 87.73 0.66
BANK OF EAST ASIA LTD 17,800 46.69 HKD 31.95 57.60 0.43 BANK CORPORATION
BOC HONG KONG 5,500 9.26 HKD 15.20 8.47 0.06 CHINA COSCO HOLDINGS 400 0.18 HKD 4.00 0.16 0.00
(HOLDINGS) LTD SHS.H
CATHAY PACIFIC AIRWAYS 10,000 13.83 HKD 13.60 13.77 0.10 CHINA LIFE INSURANCE - 66,000 46.10 HKD 12.25 81.88 0.62
CHEUNG-KONG HOLDINGS 16,000 113.22 HKD 84.15 136.36 1.02 H- CO LTD
LTD CHINA PETROLEUM AND 232,000 96.59 HKD 4.45 104.56 0.79
CHINA L&P HLDGS 16,500 72.17 HKD 45.45 75.95 0.57 CHEMICAL -H-
CHINA MOBILE LIMITED 64,500 213.15 HKD 44.40 290.03 2.18 CHINA SHENHUA ENERGY 42,500 61.37 HKD 14.35 61.77 0.46
CNOOC LTD 131,500 52.61 HKD 6.20 82.57 0.62 CO LTD-SHS.H-
DAH SING FINANCIAL CHINA TELECOM CORP 142,000 38.16 HKD 2.50 35.95 0.27
79,600 480.14 HKD 56.90 458.70 3.45
HOLDINGS LTD LTD
DALIAN PORT (PDA) 318,000 132.25 HKD 3.63 116.75 0.88
ESPRIT HOLDINGS SHS 9,500 23.52 HKD 63.40 61.00 0.46
HENDERSON LAND COMPANY LTD
8,000 29.17 HKD 40.35 32.69 0.25
JIANGXI COPPER 163,000 122.26 HKD 7.20 118.86 0.89
DEVLOPMENT CO LTD
HONG KONG CHINA GAS 36,000 57.05 HKD 17.05 62.16 0.47 PETROCHINA -H- 184,000 125.67 HKD 8.30 154.67 1.16
HONG KONG ELECTRIC YANZHOU COAL MINING 1,200 0.82 HKD 5.75 0.70 0.01
14,500 49.53 HKD 35.15 51.62 0.39
HOLDINGS LTD CO -H-
HONG KONG EXCHANGES ZHEJIANG EXPRESSWAY - 160,000 77.00 HKD 4.73 76.56 0.58
18,000 33.44 HKD 49.95 91.06 0.68
AND CLEARING H-
HOPEWELL HOLDINGS LTD 6,570 12.81 HKD 21.90 14.57 0.11 India 505.75 3.80
BHARAT PETROLEUM 12,400 96.18 INR 338.80 71.76 0.54
HUTCHISON WHAMPOA 20,000 125.03 HKD 70.90 143.61 1.08
CORP DEMATERIALISED
HYSAN DEVELOPMENT 7,000 10.10 HKD 21.90 15.53 0.12 GRASIM INDUSTRIES 3,360 118.11 INR 1,935.00 111.06 0.83
INDUSTRIAL AND 92,000 108.81 HKD 11.45 106.68 0.80 DEMATERIALISED
COMMERCIAL BK OF INFOSYS TECHNOLOGIES 2,486 101.79 INR 3,080.05 130.80 0.98
CHINA DEMATERALISED
LI AND FUNG LTD 19,800 22.76 HKD 15.70 31.48 0.24 NTPC DS - SHS - 29,700 63.57 INR 111.15 56.39 0.42
NEW WORLD 24,000 18.09 HKD 12.80 31.11 0.23 DEMATERIALISED
DEVELOPMENT RELIANCE INDUSTRIES 4,590 60.66 INR 1,058.00 82.95 0.62
PCCW LTD 37,000 16.07 HKD 5.55 20.80 0.16 DEMATERAILISED
SHANGRI - LA ASIA LTD 12,000 12.52 HKD 14.95 18.17 0.14 TATA CONSULT.SERVICES 1,780 47.07 INR 1,736.00 52.78 0.40
SUN HUNG KAI 13,000 103.53 HKD 79.20 104.27 0.78 SVS DEMATERIALISED
PROPERTIES LTD Thailand 182.59 1.37
SWIRE PACIFIC LTD SIE A 8,500 51.19 HKD 80.15 69.00 0.52 ADVANCED INFO SERVICE 14,205 29.62 THB 90.16 26.38 0.20
TECHTRONIC INDUSTRIES 9,300 11.93 HKD 10.50 9.89 0.07 -F-
CO LTD BANGKOK BANK PUBLIC 8,400 18.21 THB 106.00 18.34 0.14
WHARF HOLDINGS 13,000 32.52 HKD 27.60 36.34 0.27 CO LTD -F-
Taiwan 1,778.01 13.36 KASIKORNBANK -F- 21,600 27.58 THB 61.30 27.28 0.20
ACER INC 25,080 29.70 TWD 56.90 34.67 0.26 PTT EXPLORATION AND 17,900 33.00 THB 106.00 39.09 0.29
ADVANCED 1,099 0.52 TWD 32.00 0.85 0.01 PRODUCTION PUBLIC CO
PTT PUBLIC COMPANY LTD 11,100 53.37 THB 227.73 52.07 0.39
SEMICONDUCTOR
-F-
ENGENEERING INC SIAM CEMENT FOREIGN 4,100 21.00 THB 230.00 19.43 0.15
ASUSTEK COMPUTER 25,700 49.77 TWD 79.50 49.64 0.37
REGISTERED
AU OPTRONICS 85,010 95.57 TWD 45.70 94.39 0.71
Indonesia 175.82 1.32
CATHAY FINANCIAL 82,000 116.19 TWD 70.80 141.05 1.06 ASTRA INTERNATIONAL 35,000 32.54 IDR 9,750.00 28.97 0.22
CHINA FIN HOLDINGS 48,000 31.47 TWD 26.85 31.31 0.24 TBK
CHINA STEEL CORP 119,000 87.76 TWD 32.10 92.81 0.70 BANK CENTRAL ASIA TBK 98,635 32.38 IDR 4,100.00 34.34 0.26
CHUNGHWA TELECOM 63,000 88.64 TWD 58.50 89.54 0.67 BANK RAKYAT INDONESIA 49,300 14.89 IDR 4,100.00 17.16 0.13
COMPAL ELECTRONICS 96,000 71.65 TWD 30.90 72.07 0.54 PERUSAHAAN GAS 26,000 21.52 IDR 11,250.00 24.83 0.19
DELTA ELECTRONIC INCS 45,650 60.05 TWD 92.00 102.04 0.77 NEGARA (PERSERO) -B-
FAR EASTONE 55,000 52.64 TWD 36.20 48.37 0.36 TELKOM INDONESIA 113,000 50.28 IDR 7,350.00 70.52 0.53
TELECOMMUNICATION CO SERIES -B-
LTD Bermuda 94.11 0.71
FORMOSA CHEMICALS 67,000 91.52 TWD 50.00 81.39 0.61 COFCO INTERNATIONAL 210,000 92.54 HKD 4.43 94.11 0.71
FIBER CO LTD New Zealand 59.39 0.45
FORMOSA PLASTICS CORP 100,250 122.80 TWD 49.10 119.59 0.90 FLETCHER BUILDING LTD 4,730 20.94 NZD 9.15 20.78 0.16
FUBON FINANCIAL 146,000 116.05 TWD 28.00 99.32 0.75 TELECOM CORP OF NEW 19,900 68.01 NZD 4.04 38.61 0.29
HOLDING COMPANY ZEALAND LTD
HON HAI PRECISION 39,312 154.27 TWD 200.00 191.02 1.44 Units in Investment Funds 140.16 1.05
INDUSTRY CO LTD
MEDIA TEK 6,300 34.01 TWD 300.00 45.92 0.34 Australia 140.16 1.05
DB RREEF TRUST STAPLED 26,400 22.42 AUD 1.47 22.62 0.17
INCORPORATION
SILICONWARE PRECISION 87,000 66.59 TWD 39.80 84.13 0.63 SECURITY
GENERAL PROP GRP - 18,144 38.46 AUD 4.34 46.06 0.35
INDUSTRIES CO LTD
TAIWAN SEMICONDUCTOR 200,742 205.05 TWD 58.40 284.83 2.14 STAPLED SECURITY-
MANUFACTURING CO LT STOCKLAND 17,404 58.15 AUD 7.02 71.47 0.54
UNITED 154,258 69.85 TWD 19.40 72.71 0.55 Options, warrants, rights 322.92 2.43
MICROELECTRONICS CORP Malaysia 322.92 2.43
VANGUARD 168 0.13 TWD 21.85 0.09 0.00 MS S.25 (MSCI 6,800 299.75 USD 60.37 322.92 2.43
INTERNATIONAL MALAYS.OPALS) 07.04.07
SEMICONDUCTOR COR WAR
WAN HAI LINES 78,000 38.79 TWD 22.30 42.26 0.32
Singapore 871.31 6.55
CAPITALAND LTD 12,000 9.70 SGD 4.50 26.76 0.20
CITY DEVELOPMENT 5,000 15.42 SGD 9.35 23.17 0.17
COMFORTDELGRO CORP 20,500 11.97 SGD 1.53 15.55 0.12

The accompanying notes form an integral part of these financial statements

Page 37
Purchase price Market value
1,000 Currency 1,000
Securities Quantity EUR Price EUR %

Transferable securities dealt in on another 33.65 0.25


regulated market

Shares 33.65 0.25


South Korea 33.38 0.25
NHN CORP 122 7.80 KRW 330,000.0 33.38 0.25
0
Taiwan 0.27 0.00
CAREER TECHNOLOGY 439 0.44 TWD 24.90 0.27 0.00
Total securities 13,149.89 98.80
Liquid assets 160.38 1.20
Net Asset Value 13,310.27 100.00
Key figures relating to the last 3 years

30/06/06 31/12/05 31/12/04

Net assets 13,310,268.27 14,065,903.88 28,223,234.95

Capitalisation units

Number of units 6,027,505 6,358,121 17,105,010


Net asset value per unit 2.21 2.21 1.65

The accompanying notes form an integral part of these financial statements

Page 38
Carlson Fund Equity-Asian Small Cap
The sub-fund invests in small and medium sized Performance
companies the Far East, excluding Japan. The sub-fund's
Fund Index**
investment strategy is a pronounced "bottom-up"
USD EUR USD EUR
strategy. This means that the sub-fund concentrates on 1995* 0% n/a 2% n/a
identifying companies that represent good acquisition 1996 19% 24% 10% 13%
1997 -36% -27% -39% -27%
value irrespective of where the company is based. 1998 -5% -11% -5% -13%
Distribution by country and industry will vary and from 1999 146% 188% 44% 72%
2000 -13% -7% -30% -25%
time-to-time, certain countries will not be represented. 2001 11% 17% -5% 0%
2002 -8% -22% -8% -22%
2003 104% 70% 44% 20%
During 2006, the value of the sub-fund's units declined 2004 11% 3% 19% 10%
2005 18% 36% 17% 34%
by -3,64 % in the sub-fund's quoted currency EUR. 2006 4% -4% 7% -2%
Since Last 5 years 115% 43% 98% 31%
5 year average 17% 7% 15% 6%
Benchmark: MSCI AC Asia Pacific Free ex Japan.
* from 23/05/95 ** see diagram

Performance graph in USD


Geographic distribution
(Percentage of portfolio)

India
37.51%

China
14.94%

Other
18.22%

Hong Kong
29.34% Performance graph in EUR

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
23/05/95 USD 1.00 1.00 0.86 1,729,502
31/12/95 USD 1.00 1.00 0.86 9,135,738
31/12/96 USD 1.20 1.20 1.03 10,788,804
31/12/97 USD 0.77 0.77 0.66 15,711,086
31/12/98 USD 0.73 0.73 0.54 14,342,753
31/12/99 EUR 1.79 1.10 1.79 15,413,704
31/12/00 EUR 1.66 n/a 1.66 12,363,657
31/12/01 EUR 1.94 n/a 1.94 14,461,893
31/12/02 EUR 1.50 n/a 1.50 26,496,276
31/12/03 EUR 2.55 n/a 2.55 58,241,370 Statement of Net Assets 30/06/06
31/12/04 EUR 2.64 n/a 2.64 62,097,076
31/12/05 EUR 3.60 n/a 3.60 67,175,334 Figures in thousands in EUR
30/06/06 EUR 3.48 n/a 3.48 68,633,116
Note
Assets 246,236.79
Securities at market value 2 222,017.14
Bank accounts 15,823.33
Receivable from units issued 67.13
Receivable from securities sold 5,484.87

The accompanying notes form an integral part of these financial statements

Page 39
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
Other accounts receivable 2,844.33
GVK POWER INFRAST- 860,000 4,497.11 INR 165.00 2,423.94 1.01
Liabilities 7,174.75 DEMATERIALISED
Bank overdraft 1,353.00 INDRAPRASTHA GAS LTD 3,200,000 5,507.49 INR 111.50 6,094.87 2.55
Accrued expenditures 1,322.85 INFRASTRUCTURE DEVL 414,940 472.67 INR 53.85 381.69 0.16
FIN. DEMATERIALISED
Payable on units redeemed 90.39 LAKSHMI OVERSEAS 332,345 5,473.47 INR 766.00 4,348.68 1.82
Payable on securities purchased 1,897.77 DEMATERIALISED
Other accounts payable 2,510.75 MAHINDRA AND 300,000 2,830.46 INR 622.00 3,187.51 1.33
MAHINDRA
Net Asset Value 239,062.04
DEMATERALISED
MEGASOFT 1,250,000 2,824.20 INR 145.00 3,096.12 1.30
Statement of Operations at 30/06/06 DEMATERIALISED
PTC INDIA LTD 5,441,535 5,289.90 INR 50.05 4,652.27 1.95
RUCHI SOYA INDUSTRIES 983,492 4,043.67 INR 286.00 4,804.81 2.01
Figures in thousands in EUR LTD DEMATERIALISED
RUCHI SOYA INDUSTRIES 147,900 838.04 USD 5.03 585.20 0.24
Note
LTD GDR REPR REG-S
Income 2,142.82 SAKTHI SUGAR LTD 1,300,000 1,964.39 INR 169.90 3,772.91 1.58
Dividends received 2 2,005.02 DEMATERIALISED
SASKEN COMMUNICATION 477,206 3,099.45 INR 287.95 2,347.27 0.98
Bank interest 137.80 TECHNOLOGY
Expenditure 4,764.12 SHREE RENUKA SUGARS 350,000 1,910.90 INR 894.10 5,345.56 2.24
Management fees 4 2,484.37 LTD
UNITED PHOSPHORUS LTD 2,800,000 2,880.79 INR 233.00 11,144.31 4.66
Taxe d'abonnement 3 69.27 DEMATERIALISED
Professionnal expenses 7.29 VOLTAS-DEMATERIALISED 371,278 3,165.37 INR 782.00 4,959.59 2.07
Other expenses 2,203.19 SHS-
Hong Kong 65,133.08 27.25
Net loss from investments -2,621.30 CENTURY SUNSHINE 13,550,000 3,210.76 HKD 3.95 5,420.55 2.27
Net realised result on sales of investment securities 20,612.72 CHINA EVERBRIGHT 124,863,000 8,922.18 HKD 0.65 8,219.67 3.44
INTERNATIONAL
Net realised result on foreign exchange -2,884.79 CHINA FIRE SAFETY 68,180,000 4,929.67 HKD 0.89 6,145.46 2.57
Variation in unrealised result -27,394.74 ENTERPRISE GROUP LTD
EAGLE NICE HOLDINGS 4,786,000 1,920.20 HKD 1.60 775.53 0.32
Securities portfolio -27,394.74
LTD
Decrease in net assets as a result of operations -12,288.11 ENRIC ENERGY 20,330,000 6,067.61 HKD 4.65 9,574.09 4.00
EQUIPMENT
FONG'S INDUSTRIES CO 6,762,000 4,313.28 HKD 4.85 3,321.42 1.39
Statement of Changes in Net Assets LTD
FU JI FOOD AND CATERING 4,000,000 4,100.09 HKD 12.80 5,185.34 2.17
Figures in thousands in EUR SERVICE
GLOBAL BIO-CHEM 16,872,000 7,441.91 HKD 3.30 5,638.82 2.36
Note TECHNOLOGY GROUP CO
Net asset value at beginning of the period 241,535.52 LTD
IPE GROUP CO LTD 29,895,000 4,728.32 HKD 1.43 4,329.54 1.81
Units issued during the period 74,833.33 QIN JIA YUAN MEDIA 15,008,000 2,924.87 HKD 2.40 3,647.89 1.53
Units redeemed during the period -65,018.70 SERVICES CO LTD
SHANGRI - LA ASIA LTD 4,222,000 4,349.43 HKD 14.95 6,392.44 2.67
Decrease in net assets during the period -12,288.11 SHENZHOU 12,959,000 3,850.02 HKD 3.23 4,232.61 1.77
Net asset value at end of the period 239,062.04 INTERNATIONAL GROUP
WASION METERS GROUP 7,530,000 930.07 HKD 2.95 2,249.70 0.94
LTD
Sub-Fund advisor: Anna Ho
China 33,168.14 13.87
BAOYE GROUP COMPAGNY 4,726,000 4,220.70 HKD 11.10 5,312.81 2.22
-H-
CHINA INTERNATIONAL 6,086,100 6,662.94 HKD 11.36 7,002.04 2.93
Statement of Investments at 30/06/06 MARINE CONTAINERS B
CHINA SHENHUA ENERGY 3,123,500 4,549.03 HKD 14.35 4,539.42 1.90
Purchase price Market value CO LTD-SHS.H-
1,000 Currency 1,000 CMA LOGISTICS CO-SHS.H 2,748,000 1,678.54 HKD 4.68 1,301.09 0.54
Securities Quantity EUR Price EUR % FIRST TRACTOR CO LTD 16,716,000 3,121.46 HKD 1.35 2,285.46 0.96
GUANGZHOU SHIPYARO 7,842,000 4,090.77 HKD 5.25 4,169.59 1.74
Transferable securities admitted to an official 222,017.14 92.87 INTL CO LTD -H-
stock exchange listing SHANDONG WEIGAO GRP - 14,008,000 2,960.55 HKD 4.45 6,313.11 2.64
H-
SHENZHEN VANKE CO LTD 3,203,284 1,626.28 HKD 6.60 2,141.15 0.90
Shares 221,966.61 92.85
ZHEJIANG SHIBAO -H- 792,000 120.69 HKD 1.29 103.47 0.04
India 83,271.12 34.83
ABAN LOYD CHILES - SHS 23,000 376.56 INR 978.80 384.56 0.16 Cayman Islands 15,753.17 6.59
DEMATERIALISED ELONG ADR 309,400 3,470.73 USD 13.94 3,392.75 1.42
ABG SHIPYARD LTD 1,000,000 6,610.51 INR 267.20 4,564.32 1.91 FOCUS MEDIA HOLDING 124,600 4,543.65 USD 64.61 6,332.67 2.65
DEMATERIALISED LTD ADR REPR.10 SHS
ADHUNIK METALINKS LTD 4,126,000 3,388.85 INR 31.60 2,227.18 0.93 PICO FAR EAST HOLDINGS 38,648,000 3,396.76 HKD 1.54 6,027.75 2.52
(DEMAT.) Singapore 10,084.60 4.22
ALLSEC TECHNOLOGIES 500,000 1,345.43 INR 182.50 1,558.74 0.65 CITIRAYA INDUSTRIES LTD 15,142,000 5,262.24 SGD 0.01 75.05 0.03
LTD OLAM INTERNATIONAL 5,715,000 4,787.58 SGD 1.44 4,078.78 1.71
BALLARPUR INDUSTRIES 1,676,566 2,547.85 INR 105.80 3,030.02 1.27 LTD
DEMATERIALISED SINO-ENVIRONMENT 14,865,000 5,412.77 SGD 0.81 5,930.78 2.48
DEEPAK 1,400,000 2,385.69 INR 71.70 1,714.69 0.72 TECHNOLOGIY GROUP
FERTILIZERS&PETROCHEM Taiwan 7,827.64 3.27
ICAL DEMAT. HIGH TECH COMPUTER 362,000 8,059.43 TWD 890.00 7,827.64 3.27
ENTERTAINMENT NETWO 23,448 72.17 INR 191.45 76.68 0.03 CORP
DEMATERIALISED Japan 5,091.70 2.13
GATEWAY DISTRIPARKS 1,300,000 4,646.52 INR 206.35 4,582.34 1.92 SHIMA SEIKI MFG LTD 250,800 5,917.84 JPY 2,960.00 5,091.70 2.13
GEODESIC INFO SYSTEMS- 1,506,746 5,728.40 INR 155.00 3,989.43 1.67 Bermuda 1,637.16 0.68
DEMATERIALISED SHANGHAI REAL ESTATE 11,384,000 2,378.68 HKD 1.42 1,637.16 0.68
GRASIM INDUSTRIES 296 6.13 INR 1,935.00 9.78 0.00
DEMATERIALISED Options, warrants, rights 50.52 0.02
GREAT EASTERN SHIPPING 1,000,000 4,576.12 INR 233.50 3,988.65 1.67 Bermuda 50.52 0.02
CO DEMATERIALISED PLAYMATES HOLDINGS 4,988,800 0.00 HKD 0.10 50.52 0.02
LTD 25.05.07 WAR

The accompanying notes form an integral part of these financial statements

Page 40
Purchase price Market value
1,000 Currency 1,000
Securities Quantity EUR Price EUR %

Total securities 222,017.14 92.87


Liquid assets 17,044.91 7.13
Net Asset Value 239,062.04 100.00
Key figures relating to the last 3 years

30/06/06 31/12/05 31/12/04

Net assets 239,062,043.57 241,535,519.55 163,837,060.84

Capitalisation units

Number of units 68,633,116 67,175,334 62,097,076


Net asset value per unit 3.48 3.60 2.64

The accompanying notes form an integral part of these financial statements

Page 41
Carlson Fund Equity-Japan
The sub-fund invests in Japanese securities. If the risk is Performance
judged too high, investments may also be made in
Fund Index**
Japanese bonds, money market instruments or other
USD EUR USD EUR
forms of security. The selection of equities by industry 1995 0% -5% 0% -4%
will vary depending on our view of the market situation. 1996 -19% -16% -16% -13%
1997 -29% -20% -24% -14%
1998 6% -1% 4% -2%
During 2006 the value of the sub-fund's units declined by 1999 73% 102% 61% 88%
2000 -35% -30% -33% -24%
-8,81 % in EUR and by -4,26 % in the sub-fund's quoted 2001 -33% -29% -30% -26%
currency JPY. 2002 -12% -25% -11% -24%
2003 33% 10% 35% 12%
2004 9% 1% 15% 6%
2005 25% 44% 26% 45%
Benchmark: MSCI Japan 2006 -1% -9% 2% -6%
Since Last 5 years 18% -22% 35% -11%
5 year average 3% -5% 6% -2%
Sector distribution ** see diagram

(Percentage of portfolio)
Performance graph in USD

Machine and
apparatus
Road v ehicules construction
10.13% 3.49% Electronics &
Pharmaceuticals and Semiconductors
cosmetics 12.47%
4.95%
Chemicals
Miscellaneous
4.59%
trading companies
3.66% Building materials
and trade
4.98%

Holding and finance


companies
21.70%
Other
Utilities 29.76%
4.28%

Performance graph in EUR

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
31/12/95 JPY 125 1.10 0.88 38,704,790
31/12/96 JPY 114 1.00 0.78 34,554,609
31/12/97 JPY 91 0.80 0.64 17,941,703
31/12/98 JPY 84 0.74 0.63 20,044,112
31/12/99 JPY 131 0.89 1.27 25,876,769
31/12/00 JPY 96 n/a 0.89 23,880,991
31/12/01 JPY 73 n/a 0.64 16,283,530
31/12/02 JPY 59 n/a 0.60 17,960,390
31/12/03 JPY 70 n/a 0.43 13,052,170
31/12/04 JPY 73 n/a 0.53 10,328,897
31/12/05 JPY 105 n/a 0.75 26,426,646
30/06/06 JPY 101 n/a 0.69 11,226,120
Statement of Net Assets 30/06/06
Figures in thousands in JPY

Note
Assets 1,137,735.37
Securities at market value 2 1,109,543.37
Bank accounts 19,018.99
Receivable from units issued 77.02
Other accounts receivable 9,095.99

The accompanying notes form an integral part of these financial statements

Page 42
Statement of Net Assets 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in JPY Securities Quantity JPY Price JPY %
Note
Liabilities 7,191.60
HOYA CORP 2,400 9,049.86 JPY 4,070 9,768.00 0.86
Accrued expenditures 7,172.08
IBIDEN 423 2,572.69 JPY 5,500 2,326.50 0.21
Payable on units redeemed 19.52 KEYENCE CORP 130 3,299.43 JPY 29,220 3,798.60 0.34
Net Asset Value 1,130,543.77 MATSUSHITA ELECTRIC 7,000 14,633.31 JPY 2,415 16,905.00 1.50
IND.
MURATA 900 5,449.54 JPY 7,420 6,678.00 0.59
Statement of Operations at 30/06/06 MANUFACTURING CO LTD
NIDEC CORP 400 2,812.00 JPY 8,150 3,260.00 0.29
Figures in thousands in JPY NIKON CORP 2,000 3,040.14 JPY 1,998 3,996.00 0.35
NINTENDO CO LTD 400 5,197.04 JPY 19,200 7,680.00 0.68
Note RICOH COMPANY LTD. 3,000 5,909.27 JPY 2,245 6,735.00 0.60
Income 18,184.07 SEIKO EPSON CORP 2 7.71 JPY 3,120 6.24 0.00
Dividends received 2 18,184.07 SHARP CORP 4,000 6,933.53 JPY 1,808 7,232.00 0.64
SONY CORP 3,700 15,842.53 JPY 5,050 18,685.00 1.65
Expenditure 18,842.86 TDK CORP 500 4,148.64 JPY 8,700 4,350.00 0.38
Management fees 4 16,048.98 TOKYO ELECTRON LTD 600 3,852.29 JPY 8,000 4,800.00 0.42
Taxe d'abonnement 3 570.28 YOKOGAWA ELECTRIC 1,400 2,183.30 JPY 1,631 2,283.40 0.20
Professionnal expenses 50.16 CORP
Road vehicules 112,382.80 9.94
Other expenses 2,173.43 AISIN SEIKI CO 792 2,983.34 JPY 3,400 2,692.80 0.24
Net loss from investments -658.79 DENSO CORP 2,300 6,866.74 JPY 3,740 8,602.00 0.76
Net realised result on sales of investment securities 287,217.03 HONDA MOTOR 6,000 18,335.07 JPY 3,63021,780.00 1.93
NISSAN MOTOR 8,500 10,191.73 JPY 1,25010,625.00 0.94
Net realised result on foreign exchange -9,242.83
NOK CORP 300 967.56 JPY 3,320 996.00 0.09
Variation in unrealised result -347,899.59 TOYOTA MOTOR CORP 11,300 55,461.06 JPY 5,99067,687.00 5.99
Securities portfolio -347,899.59 Building materials and trade 55,233.52 4.89
DAITO TRUST 300 1,478.89 JPY 6,340 1,902.00 0.17
Decrease in net assets as a result of operations -70,584.18
CONSTRUCTION CO LTD
DAIWA HOUSE INDUSTRY 3,000 4,607.52 JPY 1,830 5,490.00 0.49
Statement of Changes in Net Assets CO LTD
HOSODA CORP 26,000 22,715.52 JPY 670 17,420.00 1.54
JGC CORP 1,000 1,795.50 JPY 1,969 1,969.00 0.17
Figures in thousands in JPY
JS GROUP 1,000 2,112.31 JPY 2,405 2,405.00 0.21
Note KAJIMA CORP 4,000 2,461.41 JPY 525 2,100.00 0.19
KYOCERA CORP 700 5,660.46 JPY 8,860 6,202.00 0.55
Net asset value at beginning of the period 2,780,161.77
KYUDENKO CORP 9,305 7,579.89 JPY 680 6,327.40 0.56
Units issued during the period 614,221.70 SEKISUI HOUSE LTD 3,000 4,233.83 JPY 1,571 4,713.00 0.42
Units redeemed during the period -2,193,255.53 SHIN NIPPON AIR 3,940 3,674.67 JPY 848 3,341.12 0.30
TECHNOLOGIES CO LTD
Decrease in net assets during the period -70,584.18 TAIHEIYO CEMENT CORP 5,000 2,470.91 JPY 422 2,110.00 0.19
Net asset value at end of the period 1,130,543.77 TAISEI 3,000 1,350.18 JPY 418 1,254.00 0.11
Pharmaceuticals and cosmetics 54,893.50 4.86
Sub-Fund advisor: Erwin Hidalgo ASTELLAS PHARMA 2,000 8,217.57 JPY 4,200 8,400.00 0.74
CHUGAI 1,300 2,996.19 JPY 2,335 3,035.50 0.27
PHARMACEUTICAL
EISAI 1,000 4,266.91 JPY 5,150 5,150.00 0.46
Statement of Investments at 30/06/06 KAO CORP 2,000 5,871.46 JPY 2,995 5,990.00 0.53
SHINOGI CO LTD 1,000 1,587.00 JPY 2,040 2,040.00 0.18
Purchase price Market value SHISEIDO 1,000 1,693.00 JPY 2,245 2,245.00 0.20
1,000 Currency 1,000 TAISHO PHARMACEUTICAL 1,000 2,089.29 JPY 2,245 2,245.00 0.20
Securities Quantity JPY Price JPY % TAKEDA PHARMA 3,300 20,120.18 JPY 7,120 23,496.00 2.08
TERUMO CORP. 600 1,992.54 JPY 3,820 2,292.00 0.20
Transferable securities admitted to an official 1,109,543.37 98.14 Chemicals 50,968.00 4.51
stock exchange listing ASAHI KASEI 7,000 4,219.22 JPY 747 5,229.00 0.46
CORPORATION
Shares JSR CORP 1,400 3,445.25 JPY 2,890 4,046.00 0.36
1,109,543.37 98.14
Holding and finance companies KANEKA CORP 1,000 1,380.82 JPY 1,040 1,040.00 0.09
240,717.55 21.29
CSK HOLDINGS CORP 400 1,896.22 JPY 5,220 2,088.00 0.18 KURARAY CO LTD 2,000 2,288.49 JPY 1,280 2,560.00 0.23
KYOWA HAKKO KOGYO 2,000 1,507.83 JPY 771 1,542.00 0.14
DAIICHI SANKYO CO LTD 2,776 6,119.81 JPY 3,150 8,744.40 0.77
CO LTD
FAST RETAILING CO LTD 200 2,134.69 JPY 9,350 1,870.00 0.17
MITSUBISHI GAS CHEM. 1,000 758.58 JPY 1,312 1,312.00 0.12
INPEX HOLDINGS INC 1 958.86 JPY 1,010,000 1,010.00 0.09
MITSUI CHEMICALS 3,000 2,076.59 JPY 747 2,241.00 0.20
JFE HOLDINGS INC 2,300 7,747.04 JPY 4,850 11,155.00 0.99
NITTO DENKO CORP 700 4,982.27 JPY 8,150 5,705.00 0.50
KONICA MINOLTA 500 582.28 JPY 1,445 722.50 0.06
SHIN-ETSU CHEM. 1,700 8,477.14 JPY 6,220 10,574.00 0.94
HOLDINGS INC
MILLEA HOLDING 15 31,570.45 JPY 2,130,000 31,950.00 2.83 SUMITOMO CHEMICAL 7,000 4,589.92 JPY 954 6,678.00 0.59
MITSUBISHI CHEMICAL 4,725 3,273.65 JPY 715 3,378.38 0.30 TEIJIN LTD 3,000 1,699.16 JPY 726 2,178.00 0.19
HOLDINGS CORP TORAY INDUSTRIES INC 6,000 3,831.16 JPY 993 5,958.00 0.53
MITSUBISHI UFJ 50 65,440.05 JPY 1,600,000 80,000.00 7.08 TOSOH CORP 2,000 893.64 JPY 456 912.00 0.08
FINANCIAL GROUP INC UBE INDUSTRIES LTD 3,000 773.19 JPY 331 993.00 0.09
NIPPON MINING HOLDINGS 4,000 2,993.17 JPY 963 3,852.00 0.34 Utilities 47,489.41 4.20
INC CHUBU ELECTRIC POWER 2,200 5,894.06 JPY 3,090 6,798.00 0.60
SBI TRADE SECURITIES CO 179 45,742.18 JPY 153,000 27,387.00 2.42 CO
LTD ELECTRIC POWER 647 1,964.95 JPY 4,360 2,820.92 0.25
SEGA SAMMY HOLDINGS 539 2,145.11 JPY 4,240 2,285.36 0.20 DEVELOPMENT CO
INC HOKKAIDO ELECTRIC 686 1,578.87 JPY 2,715 1,862.49 0.16
SEVEN & I HOLDINGS CO 3,433 13,217.41 JPY 3,770 12,942.41 1.14 POWER CO INC
LTD, TOKYO KANSAI ELECTRIC POWER 2,900 6,788.81 JPY 2,560 7,424.00 0.66
SUMITOMO MITSUI 44 54,271.80 JPY 1,210,000 53,240.00 4.71 KYUSHU ELECTRIC POWER 1,400 3,373.33 JPY 2,660 3,724.00 0.33
FINANCIAL GROUP INC CO INC
T&D HOLDINGS 10 65.11 JPY 9,250 92.50 0.01 OSAKA GAS CY 8,000 2,881.40 JPY 368 2,944.00 0.26
Electronics & Semiconductors 138,344.74 12.24 TOHOKU ELECTRIC POWER 1,600 3,598.24 JPY 2,510 4,016.00 0.36
ALPS ELECTRIC CO LTD 1,400 2,478.47 JPY 1,430 2,002.00 0.18 CO INC
CANON INC 4,200 17,188.43 JPY 5,610 23,562.00 2.08 TOKYO ELECTRIC POWER 4,300 11,869.31 JPY 3,160 13,588.00 1.20
CASIO COMPUTER CO LTD 1,400 2,360.35 JPY 2,185 3,059.00 0.27 TOKYO GAS CY 8,000 3,651.14 JPY 539 4,312.00 0.38
HIROSE ELECTRIC CO 100 1,366.33 JPY 13,900 1,390.00 0.12
HITACHI LTD 13,000 9,554.94 JPY 756 9,828.00 0.87

The accompanying notes form an integral part of these financial statements

Page 43
Purchase price Market value Purchase price Market value
1,000 Currency 1,000 1,000 Currency 1,000
Securities Quantity JPY Price JPY % Securities Quantity JPY Price JPY %

Miscellaneous trading companies 40,641.00 3.59 Tobacco and alcoholic drinks 11,652.00 1.03
ITOCHU CORP 6,000 5,552.80 JPY 1,005 6,030.00 0.53 JAPAN TOBACCO 15 4,902.86 JPY 417,000 6,255.00 0.55
MARUBENI CORP 6,000 3,657.43 JPY 610 3,660.00 0.32 KIRIN BREWERY CO LTD 3,000 3,463.96 JPY 1,799 5,397.00 0.48
MITSUBISHI CORP. 6,000 12,248.89 JPY 2,285 13,710.00 1.21 Photographics and optics 10,356.00 0.92
MITSUI CO.LTD 6,000 7,125.40 JPY 1,616 9,696.00 0.86 FUJI PHOTO FILM 1,900 7,003.27 JPY 3,840 7,296.00 0.65
SUMITOMO CORP 5,000 5,424.65 JPY 1,509 7,545.00 0.67 OLYMPUS CORP 1,000 2,243.75 JPY 3,060 3,060.00 0.27
Machine and apparatus construction 38,717.82 3.42 Foods and beverages 7,988.20 0.71
AMADA CO LTD 1,000 1,003.00 JPY 1,200 1,200.00 0.11 AJINOMOTO CO INC 3,000 3,604.43 JPY 1,267 3,801.00 0.34
DAIKIN INDUSTRIES LTD 1,400 4,028.57 JPY 3,970 5,558.00 0.49 ASAHI BREWERIES 1,600 2,259.73 JPY 1,607 2,571.20 0.23
KOMATSU LTD 4,000 7,264.99 JPY 2,275 9,100.00 0.80 NISSHIN FOOD PRODUCTS 400 1,325.96 JPY 4,040 1,616.00 0.14
KUBOTA CORP 4,000 3,969.60 JPY 1,085 4,340.00 0.38 CO LTD
MITSUBISHI HEAVY IND. 14,000 7,259.64 JPY 494 6,916.00 0.61 Graphic art and publishing 7,838.00 0.69
NACHI-FUJIKOSHI CORP 6,747 2,861.40 JPY 645 4,351.82 0.38 DAI NIPPON PRINTING 3,000 5,598.18 JPY 1,770 5,310.00 0.47
NSK LTD 2,000 1,456.32 JPY 949 1,898.00 0.17 DENTSU 8 2,537.02 JPY 316,000 2,528.00 0.22
SMC CORP 200 3,503.54 JPY 16,190 3,238.00 0.29 Tires and rubber 6,615.00 0.59
SUMITOMO HEAVY 2,000 1,827.60 JPY 1,058 2,116.00 0.19 BRIDGESTONE CORP 3,000 6,781.71 JPY 2,205 6,615.00 0.59
INDUSTRIES Petroleum 5,356.00 0.47
Transportation 35,346.00 3.13 NIPPON OIL CORP 5,000 3,812.88 JPY 836 4,180.00 0.37
CENTRAL JAPAN RAILWAY 6 5,529.32 JPY 1,140,000 6,840.00 0.61 TONENGENERAL SEKIYU 1,000 1,315.00 JPY 1,176 1,176.00 0.10
CO Non-ferrous metals 4,936.00 0.44
EAST JAPAN RAILWAY CO 15 9,422.08 JPY 850,000 12,750.00 1.13 MITSUBISHI MATERIAL 4,000 2,578.44 JPY 488 1,952.00 0.17
KINETSU 6,000 2,187.00 JPY 382 2,292.00 0.20 SUMITOMO METAL MINING 2,000 2,168.48 JPY 1,492 2,984.00 0.26
MITSUI O.S.K. LINES 4,000 3,609.20 JPY 778 3,112.00 0.28 CO LTD
NIPPON EXPRESS 3,000 1,626.75 JPY 618 1,854.00 0.16 Miscellaneous sectors 4,080.00 0.36
NIPPON YUSEN KAISHA 4,000 2,613.88 JPY 744 2,976.00 0.26 ROHM CO LTD 400 4,127.50 JPY 10,200 4,080.00 0.36
TOKYU CORP 4,000 2,339.62 JPY 668 2,672.00 0.24 Watch industry 1,451.80 0.13
WEST JAPAN RAILWAY 6 2,509.54 JPY 475,000 2,850.00 0.25 CITIZEN WATCH LTD ACT. 1,400 1,350.42 JPY 1,037 1,451.80 0.13
COMPANY
Textiles and garments 34,710.41 3.07
Total securities 1,109,543.37 98.14
SHOEI CO LTD 10,003 33,748.05 JPY 3,470 34,710.41 3.07 Liquid assets 21,000.40 1.86
Banks and credit institutions 31,667.85 2.80
AEON CREDIT SERVICE 200 613.20 JPY 2,780 556.00 0.05 Net Asset Value 1,130,543.77 100.00
LTD Key figures relating to the last 3 years
AIFUL CORP 225 1,980.10 JPY 6,110 1,374.75 0.12
CREDIT SAISON CO LTD 700 3,649.63 JPY 5,420 3,794.00 0.34
ORIX CORP 330 8,984.74 JPY 27,950 9,223.50 0.82 30/06/06 31/12/05 31/12/04
PROMISE CO LTD 400 2,962.44 JPY 6,630 2,652.00 0.23
SURUGA BANK LTD 7,000 10,217.20 JPY 1,542 10,794.00 0.95 Net assets 1,130,543,769.00 2,780,161,769.00 755,938,610.00
TAKEFUJI CORP 480 3,693.10 JPY 6,820 3,273.60 0.29
Coal mining and steel industry 26,637.47 2.36
KOBE STEEL 10,709 3,079.94 JPY 358 3,833.82 0.34
MITSUI MINING 2,000 1,469.69 JPY 675 1,350.00 0.12
SMELTING CO LTD Capitalisation units
NIPPON STEEL CORP 26,000 9,078.69 JPY 433 11,258.00 1.00
NISSHIN STEEL CO LTD 3,336 1,164.11 JPY 368 1,227.65 0.11 Number of units 11,226,120 26,426,646 10,328,897
SUMITOMO METAL INDUS 19,000 5,802.30 JPY 472 8,968.00 0.79 Net asset value per unit 101 105 73
Real estate companies 26,576.73 2.35
LEOPALACE21 CORP 28 116.88 JPY 3,950 110.60 0.01
SUMITOMO REALTY 9,000 22,993.24 JPY 2,820 25,380.00 2.24
DEVLOPMENT
TOKYU LAND CORP 1,219 1,123.92 JPY 891 1,086.13 0.10
Electrical engineering and electronics 25,874.28 2.29
ADVANTEST CORP 300 2,948.37 JPY 11,660 3,498.00 0.31
FANUC LTD 800 6,987.07 JPY 10,280 8,224.00 0.73
FURUKAWA ELECTRIC CO 2,000 1,153.66 JPY 740 1,480.00 0.13
LTD
MITSUBISHI ELECTRIC 8,000 5,610.29 JPY 917 7,336.00 0.65
NEC ELECTRONICS CORP 84 390.18 JPY 3,670 308.28 0.03
SUMITOMO ELECTRIC 3,000 4,259.51 JPY 1,676 5,028.00 0.44
INDUSTRIES LTD
Office supplies and computing 21,522.00 1.90
FUJITSU LTD 15,000 11,534.02 JPY 887 13,305.00 1.18
TOSHIBA CORP 11,000 5,769.38 JPY 747 8,217.00 0.73
Miscellaneous services 18,250.00 1.61
NIPPON TEL. TEL. 18 9,204.73 JPY 561,000 10,098.00 0.89
SECOM CO LTD 1,000 5,474.78 JPY 5,410 5,410.00 0.48
TOHO CO 1,200 2,526.35 JPY 2,285 2,742.00 0.24
Retail trade, department stores 17,418.60 1.54
AEON CO LTD 1,400 3,497.10 JPY 2,510 3,514.00 0.31
DAIMARU INC 1,000 1,735.50 JPY 1,516 1,516.00 0.13
ISETAN CO LTD 700 1,308.22 JPY 1,950 1,365.00 0.12
MARUI CO LTD 1,300 2,497.99 JPY 1,782 2,316.60 0.20
TAKASHIMAYA CO LTD 2,000 3,731.10 JPY 1,436 2,872.00 0.25
YAMADA DENKI CO LTD 500 5,448.23 JPY 11,670 5,835.00 0.52
Communications 16,911.00 1.50
KDDI CORP 9 5,410.34 JPY 703,000 6,327.00 0.56
NTT DOCOMO 63 11,880.01 JPY 168,000 10,584.00 0.94
Internet, Software & IT services 14,967.70 1.32
KONAMI CO LTD 500 1,222.29 JPY 2,525 1,262.50 0.11
NTT DATA CORP 5 2,086.08 JPY 495,000 2,475.00 0.22
RAKUTEN 16 1,247.52 JPY 68,000 1,088.00 0.10
SOFTBANK CORP 2,800 6,403.74 JPY 2,565 7,182.00 0.64
TREND MICRO INC 500 2,203.33 JPY 3,860 1,930.00 0.17
YAHOO JAPAN CORP 17 1,115.63 JPY 60,600 1,030.20 0.09

The accompanying notes form an integral part of these financial statements

Page 44
Carlson Fund International Bond
The sub-fund is an international bond sub-fund that Development of Net Asset Value
invests in government and corporate bonds for which Distribution units
there is good market liquidity. The fund aims to obtain
Unit price USD EUR Dividend Number of units
high returns with limited risk. 31/12/95 USD 1.11 1.11 0.81 0.07 70,000
31/12/96 USD 1.38 1.38 n/a n/a 6,707,909
31/12/97 USD 1.40 1.40 n/a n/a 8,296,209
The sub-fund has two kinds of units, the capitalisation 31/12/98 USD n/a n/a n/a n/a n/a
unit (A) and the distribution (B) unit. 31/12/99 EUR 1.38 1.41 1.38 n/a 700
31/12/00 EUR 1.49 n/a 1.49 n/a 1,031,735
31/12/01 EUR 1.47 n/a 1.47 0.06 466,410
At the end of the first half year, the duration was 5,55 31/12/02 EUR 1.43 n/a 1.43 0.05 485,310
31/12/03 EUR 1.33 n/a 1.33 0.05 498,695
years and the average term to maturity 7,42 years. 31/12/04 EUR 1.30 n/a 1.30 0.04 9,580
31/12/05 EUR 1.35 n/a 1.35 0.04 3,569
30/06/06 EUR 1.26 n/a 1.26 n/a 3,532
During 2006, the value of the fund¶s units declined by -
6,58 % in the fund¶s quoted currency EUR. Performance
Fund Index**
Benchmark: Lehman Global Treasury
USD EUR USD EUR
1995 18% 13% 19% 15%
1996 -3% 1% 4% 9%
Geographic distribution 1997 1% 15% 0% 14%
1998 11% 4% 15% 8%
(Percentage of portfolio) 1999 -11% 4% -4% 11%
2000 1% 8% 1% 8%
2001 -3% 3% -1% 4%
2002 18% 1% 20% 1%
France 2003 16% -4% 15% -5%
5.50% 2004 9% 1% 10% 2%
United Kingdom 2005 -7% 7% -7% 8%
7.47% 2006 1% -7% 3% -5%
USA Since Last 5 years 44% -4% 50% -1%
23.18% 5 year average 8% -1% 8% 0%
** see diagram

Germany
28.39%

Japan
16.57%

Finland
Italy
4.09%
10.39% Sweden Canada
1.41% 3.00%

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
31/12/95 USD 1.42 1.42 1.04 15,390,570
31/12/96 USD 1.38 1.38 1.10 6,707,909
31/12/97 USD 1.40 1.40 1.28 8,296,209
31/12/98 USD 1.56 1.56 1.34 10,093,665
31/12/99 EUR 1.38 1.41 1.38 32,538,944
31/12/00 EUR 1.49 n/a 1.49 22,916,960
31/12/01 EUR 1.53 n/a 1.53 23,945,800
31/12/02 EUR 1.54 n/a 1.54 23,279,962
31/12/03 EUR 1.48 n/a 1.48 23,673,393
31/12/04 EUR 1.49 n/a 1.49 23,209,620
31/12/05 EUR 1.60 n/a 1.60 1,410,671
30/06/06 EUR 1.49 n/a 1.49 1,369,704

The accompanying notes form an integral part of these financial statements

Page 45
Performance graph in USD Statement of Operations at 30/06/06
Figures in thousands in EUR

Note
Securities portfolio -54.18
Decrease in net assets as a result of operations -147.70

Statement of Changes in Net Assets


Figures in thousands in EUR

Note
Net asset value at beginning of the period 2,256.60
Units issued during the period 975.38
Units redeemed during the period -1,036.35
Decrease in net assets during the period -147.70
Net asset value at end of the period 2,047.93

Sub-Fund advisor: Torbjörn Hamnmark

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 1,593.24 77.80
stock exchange listing

Bonds 1,593.24 77.80


Germany 521.52 25.47
BRD 4.50 03-13 173,000 177.47 EUR 102.98 178.15 8.70
04/01A
BRD 4.75 98-08 50,000 51.78 EUR 102.25 51.12 2.50
04/07A
BRD 6.50 97-27 57,000 71.90 EUR 129.39 73.75 3.60
04/07A
BRD -301- 4.75 03-34 36,000 38.04 EUR 106.33 38.28 1.87
04/07A
GERMANY -147- 2.50 190,000 182.30 EUR 94.85 180.21 8.80
05-10 08/10A
Japan 333.30 16.27
DBJ EMTN 1.60 04-14 10,000,000 73.50 JPY 98.19 67.35 3.29
20/06S
DBJ REGD 1.70 02-22 14,000,000 99.71 JPY 93.25 89.54 4.37
Statement of Net Assets 30/06/06 20/09S
DEV BK OF JAPAN 1.40 26,000,000 194.99 JPY 98.93 176.42 8.61
02-12 20/06S
Figures in thousands in EUR
Italy 209.10 10.21
ITALY REGD 1.80 00- 30,000,000 235.70 JPY 101.62 209.10 10.21
Note
10 23/02S
Assets 2,215.03 USA 157.63 7.70
Securities at market value 2 2,012.01 USA TREASURY NOTES 210,000 171.39 USD 95.42 157.63 7.70
Bank accounts 37.27 2.625 03-08 15/05S
United Kingdom 150.35 7.34
Receivable from units issued 0.33 UK TREASURY STOCK 73,000 116.76 GBP 102.85 108.25 5.29
Receivable from securities sold 64.19 5.75 98-09 07/12S
Other accounts receivable 101.23 UNITED KINGDOM 4.25 30,000 40.76 GBP 97.31 42.09 2.06
00-32 07/06S
Liabilities 167.10 France 110.61 5.40
Accrued expenditures 7.17 FRANCE OAT 5.00 01- 103,000 110.97 EUR 107.39 110.61 5.40
Payable on units redeemed 87.56 16 25/10A
Other accounts payable 72.37 Finland 82.32 4.02
FINLAND 5.375 02-13 76,000 83.12 EUR 108.31 82.32 4.02
Net Asset Value 2,047.93 04/07A
Sweden 28.42 1.39
SWEDEN 8.00 95-07 15/08A 125,000 14.94 SEK 105.48 14.29 0.70
Statement of Operations at 30/06/06 SWEDEN 1041 6.75 97 -14 110,000 14.93 SEK 118.52 14.13 0.69
05/05A
Figures in thousands in EUR Transferable securities dealt in on another 418.77 20.45
Note regulated market
Income 36.18
Bonds 418.77 20.45
Interest on securities 2 36.18 USA 308.74 15.08
Expenditure 11.06 US TREASURY NOTES 80,000 61.07 USD 96.92 60.99 2.98
4.375 05-10 15/12S
Management fees 4 10.18 USA TREASURY BOND 100,000 126.83 USD 128.41 101.01 4.93
Taxe d'abonnement 3 0.53 8,75 87-17 15/05S
Professionnal expenses 0.06 USA TREASURY BONDS 46,000 43.85 USD 112.25 40.62 1.98
6.25 99-30 15/05S
Other expenses 0.30 USA TREASURY NOTES 144,000 117.26 USD 93.69 106.12 5.18
Net income from investments 25.12 4.00 02-12 15/11S
Net realised result on sales of investment securities -16.16 Canada 60.34 2.95
CANADA 6.00 00-11 80,000 58.78 CAD 106.48 60.34 2.95
Net realised result on foreign exchange -102.48 01/06S
Variation in unrealised result -54.18

The accompanying notes form an integral part of these financial statements

Page 46
Purchase price Market value
1,000 Currency 1,000
Securities Quantity EUR Price EUR %

Germany 49.69 2.43


GERMANY T-BILL SERIES 50,000 49.68 EUR 99.94 49.69 2.43
06/01 -06 12/07U
Total securities 2,012.01 98.25
Liquid assets 35.92 1.75
Net Asset Value 2,047.93 100.00
Key figures relating to the last 3 years

30/06/06 31/12/05 31/12/04

Net assets 2,047,926.72 2,256,598.14 34,587,513.56

Capitalisation units

Number of units 1,369,704 1,410,671 23,209,620


Net asset value per unit 1.49 1.60 1.49
Distribution units

Number of units 3,532 3,569 9,580


Net asset value per unit 1.26 1.35 1.30
Dividend per unit n/a 0.04 0.04

The accompanying notes form an integral part of these financial statements

Page 47
Carlson Fund SEK Long Bond
The sub-fund invests in interest-bearing securities issued Performance
in Swedish kronor. The credit rating requirement is very
Fund Index**
high and the sub-fund only invests in securities issued by
USD EUR USD EUR
the Swedish government or by Swedish mortgage 1995 38% 32% 32% 26%
institutions with high creditworthiness. 1996 11% 15% 14% 18%
1997 -8% 4% -8% 4%
1998 10% 3% 9% 3%
The sub-fund has two kinds of units, the capitalisation 1999 -5% 11% -5% 11%
2000 -2% 5% -2% 5%
unit (A) and the distribution (B) unit. 2001 -7% -2% -7% -1%
2002 30% 10% 30% 11%
2003 27% 5% 27% 6%
The sub-fund has an investment policy that means the 2004 15% 7% 16% 8%
2005 -14% n/a -13% n/a
average terms to maturity may vary between one and ten 2006 9% 1% 10% 1%
years. If there is a strong likelihood that interest rates will Since Last 5 years 92% 27% 99% 32%
5 year average 14% 5% 15% 6%
fall, the sub-fund¶s assets are invested short-term.
** see diagram

At the end of the first half year, the sub-fund had an Performance graph in USD
average term to maturity of 4,12 years and duration of
3,61 years.

During 2006, the value of the sub-fund¶s units increased


by 1,00 % EUR and declined by -0,90 % in the sub-
fund¶s quoted currency SEK.

Benchmark: OMRX Bond

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
31/12/95 SEK 20.08 2.47 2.20 8,578,661
31/12/96 SEK 23.06 2.84 2.66 9,259,466
31/12/97 SEK 24.60 3.02 2.85 10,408,818
31/12/98 SEK 27.65 3.40 2.91 17,595,160
31/12/99 SEK 27.58 3.27 3.22 18,735,125 Performance graph in EUR
31/12/00 SEK 29.90 n/a 3.39 26,127,638
31/12/01 SEK 30.83 n/a 3.32 16,744,295
31/12/02 SEK 33.28 n/a 3.46 19,955,293
31/12/03 SEK 34.84 n/a 3.78 25,474,373
31/12/04 SEK 37.00 n/a 4.10 39,346,802
31/12/05 SEK 38.33 n/a 4.08 56,019,126
30/06/06 SEK 37.96 n/a 4.11 57,069,191

Development of Net Asset Value


Distribution units
Unit price USD EUR Dividend Number of units
31/12/95 SEK 12.78 1.57 1.40 1.20 11,480,439
31/12/96 SEK 13.53 1.66 1.56 1.10 13,583,475
31/12/97 SEK 13.56 1.67 1.57 1.70 16,156,111
31/12/98 SEK 14.46 1.78 1.52 1.52 19,652,995
31/12/99 SEK 13.80 1.71 1.61 1.98 16,813,957
31/12/00 SEK 14.16 n/a 1.60 1.56 33,051,518
31/12/01 SEK 13.98 n/a 1.50 0.62 42,713,073
31/12/02 SEK 14.43 n/a 1.57 0.64 58,885,929
31/12/03 SEK 14.46 n/a 1.64 0.64 92,040,277
31/12/04 SEK 14.73 n/a 1.63 0.62 104,881,446 Statement of Net Assets 30/06/06
31/12/05 SEK 14.73 n/a 1.57 0.53 129,976,676
30/06/06 SEK 14.59 n/a 1.58 n/a 92,382,015 Figures in thousands in SEK

Note
Assets 3,521,151.28
Securities at market value 2 3,431,818.09
Bank accounts 11,924.04
Receivable from units issued 523.14
Other accounts receivable 76,886.02

The accompanying notes form an integral part of these financial statements

Page 48
Statement of Net Assets 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in SEK Securities Quantity SEK Price SEK %
Note
Liabilities 7,008.89
SWEDEN 3.00 05-16 350,500,000 331,056.10 SEK 91.49 320,679.4 9.13
Accrued expenditures 6,949.77 07/12A 6
Payable on units redeemed 59.13 SWEDEN 8.00 95-07 15/08A 335,300,000 370,720.28 SEK 105.48 353,659.3 10.06
5
Net Asset Value 3,514,142.39 SWEDEN INDEXED -3102- 88,000,000 126,342.67 SEK 124.32 126,923.9 3.61
4.00 96-20 01/12A 4
SWEDEN TREASURY BILLS 400,000,000 398,773.77 SEK 99.90 398,817.2 11.35
Statement of Operations at 30/06/06 -06 19/07U 2
SWEDEN TREASURY BILLS 200,000,000 199,663.01 SEK 99.90 199,697.6 5.68
Figures in thousands in SEK -06 19/07U 8
SWEDEN TREASURY BILLS 25,000,000 24,959.00 SEK 99.90 24,963.60 0.71
Note -06 19/07U
Income 88,661.78 SWEDEN 1045 5.25 00-11 50,000,000 53,642.50 SEK 106.09 53,042.50 1.51
15/03A
Bank interest 155.00 SWEDEN -1046- 5.50 01- 157,000,000 172,455.08 170,547.5
SEK 108.63 4.85
Interest on securities 2 88,506.78 12 08/10A 3
Expenditure 13,702.77 SWEDEN -1047- 5.00 03- 136,000,000 152,152.72 SEK 109.79 149,318.4 4.25
20 01/12A 8
Management fees 4 12,682.76 SWEDEN -1049- 4.50 04- 107,500,000 117,555.88 SEK 103.59 111,360.3 3.17
Taxe d'abonnement 3 890.61 15 12/08A 3
Professionnal expenses 99.17 Transferable securities dealt in on another 9,990.29 0.28
Other expenses 30.22 regulated market
Net income from investments 74,959.02
Bonds 9,990.29 0.28
Net realised result on sales of investment securities -47,089.48 Sweden 9,990.29 0.28
Net realised result on foreign exchange 4.30 SWEDEN TREASURY BILLS 10,000,000 9,987.88 SEK 99.91 9,990.29 0.28
-06 19/07U
Variation in unrealised result -62,193.47
Securities portfolio -62,193.47
Total securities 3,431,818.09 97.66

Decrease in net assets as a result of operations -34,319.63 Liquid assets 82,324.30 2.34
Net Asset Value 3,514,142.39 100.00
Statement of Changes in Net Assets Key figures relating to the last 3 years
Figures in thousands in SEK
30/06/06 31/12/05 31/12/04
Note
Net asset value at beginning of the period 4,061,071.72 Net assets 3,514,142,388.82 4,061,071,722.28 3,000,502,135.56

Units issued during the period 225,206.96


Units redeemed during the period -737,816.66
Decrease in net assets during the period -34,319.63 Capitalisation units
Net asset value at end of the period 3,514,142.39
Number of units 57,069,191 56,019,126 39,346,802
Sub-Fund advisor: Christer Käck Net asset value per unit 37.96 38.33 37.00
Distribution units

Statement of Investments at 30/06/06 Number of units 92,382,015 129,976,676 104,881,446


Net asset value per unit 14.59 14.73 14.73
Purchase price Market value Dividend per unit n/a 0.53 0.62
1,000 Currency 1,000
Securities Quantity SEK Price SEK %
Transferable securities admitted to an official 3,421,827.79 97.37
stock exchange listing

Bonds 3,421,827.79 97.37


Sweden 3,421,827.79 97.37
NORDEA HYPOTEK -5517- 104,000,000 111,876.27 SEK 103.37 107,506.3 3.06
6.00 01-07 19/09A 6
NORDEA HYPOTEK -5518- 13,000,000 13,516.36 SEK 101.98 13,256.75 0.38
4.50 02-08 17/09A
NORDEA HYPOTEK -5519- 220,000,000 222,631.25 SEK 97.50 214,503.3 6.10
3.25 04-10 16/06A 0
SCBC N.118 5.50 05-08 291,000,000 313,348.06 SEK 104.28 303,460.6 8.64
17/12A 2
SCBC N.122 4.00 06-10 35,000,000 35,924.35 SEK 100.15 35,053.90 1.00
01/06A
SEB BOLAN-SERIES 560- 94,000,000 98,822.20 SEK 102.36 96,213.70 2.74
4.75 02-08 18/06A
SKANDINAV.ENSKIL 4.25 67,000,000 69,072.36 SEK 101.30 67,869.66 1.93
03-09 16/06A
SPINTAB AB -173- 5.00 61,000,000 64,391.94 SEK 102.81 62,714.10 1.78
02-08 18/06A
SPINTAB AB -174- 3.50 90,000,000 90,480.60 SEK 98.31 88,479.45 2.52
04-10 16/06A
SPINTAB 168 6.00 97- 180,000,000 197,672.28 SEK 105.88 190,588.5 5.42
09 20/04A 0
STADSHYPOTEK 1567 6.00 24,000,000 26,351.76 SEK 104.71 25,131.24 0.72
02-08 18/06A
STADSHYPOTEK 1569 6.00184,000,000 203,143.53 SEK 106.76 196,433.8 5.59
03-09 16/12A 0
STADSHYPOTEK 1570 6.00 33,000,000 36,695.67 SEK 107.67 35,529.62 1.01
04-10 15/09A
STADSHYPOTEK 1571 6.00 70,000,000 78,824.90 SEK 108.68 76,076.70 2.16
04-11 15/06A

The accompanying notes form an integral part of these financial statements

Page 49
Carlson Fund SEK Short Bond
The sub-fund invests in Swedish interest-bearing Performance
securities that are issued in Swedish kronor. The credit
Fund Index**
rating requirement is very high and the sub-fund only
USD EUR USD EUR
invests in securities issued by the government or 1995 22% 17% 23% 17%
institutions with high creditworthiness. 1996 5% 8% 5% 8%
1997 -11% 1% -10% 1%
1998 2% -5% 3% -4%
The sub-fund has two kinds of units, the capitalisation 1999 -2% 14% -2% 15%
2000 -6% 0% -6% 1%
unit (A) and the distribution (B) unit. 2001 -7% -1% -6% -1%
2002 25% 6% 26% 7%
2003 25% 4% 25% 4%
The sub-fund has an investment policy that means that 2004 11% 3% 11% 3%
2005 -15% -2% -15% -2%
the average term to maturity can vary between one and 2006 11% 3% 12% 3%
twelve months. The short-dated maturity of securities in Since Last 5 years 74% 15% 77% 17%
5 year average 12% 3% 12% 3%
which the sub-fund invests means that the sub-fund is
** see diagram
relatively insensitive to interest rate fluctuations.
Performance graph in USD
At the end of the first half year, the average term to
maturity was 0,62 years and duration 0,62 years.

During 2006, the value of the sub-fund¶s units increased


by 2,69 % in EUR and by 0,76 % in the sub-fund¶s
quoted currency SEK.

Benchmark: OMRX T-Bill

Development of Net Asset Value


Capitalisation units
Unit price USD EUR Number of units
31/12/95 SEK 16.20 1.99 1.77 7,259,664
31/12/96 SEK 17.49 2.15 2.02 3,258,902
31/12/97 SEK 18.04 2.22 2.09 2,071,737
31/12/98 SEK 18.78 2.31 1.98 4,904,807
31/12/99 SEK 19.31 2.25 2.26 9,124,683 Performance graph in EUR
31/12/00 SEK 20.02 n/a 2.27 7,248,834
31/12/01 SEK 20.81 n/a 2.24 6,290,915
31/12/02 SEK 21.65 n/a 2.33 7,688,708
31/12/03 SEK 22.36 n/a 2.41 11,082,246
31/12/04 SEK 22.91 n/a 2.54 19,466,938
31/12/05 SEK 23.27 n/a 2.48 52,558,032
30/06/06 SEK 23.45 n/a 2.54 69,727,598

Development of Net Asset Value


Distribution units
Unit price USD EUR Dividend Number of units
31/12/95 SEK 10.24 1.26 1.12 0.85 4,777,577
31/12/96 SEK 10.28 1.26 1.19 0.77 1,715,554
31/12/97 SEK 10.15 1.25 1.17 0.90 170,700
31/12/98 SEK 10.11 1.24 1.07 0.90 1,188,932
31/12/99 SEK 10.06 1.21 1.18 1.11 10,699,658
31/12/00 SEK 10.09 n/a 1.14 0.68 9,409,057
31/12/01 SEK 10.14 n/a 1.09 0.35 16,824,796
31/12/02 SEK 10.12 n/a 1.14 0.42 20,087,250
31/12/03 SEK 10.08 n/a 1.13 0.37 18,787,950
31/12/04 SEK 10.07 n/a 1.11 0.26 16,678,174 Statement of Net Assets 30/06/06
31/12/05 SEK 10.03 n/a 1.07 0.20 41,174,745
30/06/06 SEK 10.10 n/a 1.09 n/a 41,729,687 Figures in thousands in SEK

Note
Assets 2,060,032.34
Securities at market value 2 2,027,360.86
Bank accounts 12,183.26
Receivable from units issued 4,018.66
Other accounts receivable 16,469.57

The accompanying notes form an integral part of these financial statements

Page 50
Statement of Net Assets 30/06/06 Purchase price Market value
1,000 Currency 1,000
Figures in thousands in SEK Securities Quantity SEK Price SEK %
Note
Liabilities 3,452.58
SWEDEN TREASURY BILLS 100,000,000 97,747.57 SEK 98.89 97,683.25 4.75
Accrued expenditures 1,786.09 -06 20/12U
Payable on units redeemed 1,666.50 SWEDEN TREASURY BILLS 70,000,000 68,423.39 SEK 98.89 68,384.28 3.33
Net Asset Value 2,056,579.76 -06 20/12U
SWEDEN TREASURY BILLS 50,000,000 49,070.39 SEK 98.89 49,033.26 2.38
-06 20/12U
SWEDEN TREASURY BILLS 50,000,000 48,907.33 SEK 98.89 48,844.98 2.38
Statement of Operations at 30/06/06 -06 20/12U
SWEDEN TREASURY BILLS 30,000,000 29,321.01 SEK 98.89 29,302.38 1.42
Figures in thousands in SEK -06 20/12U
SWEDEN TREASURY BILLS 20,000,000 19,691.77 SEK 98.89 19,681.85 0.96
Note -06 20/12U
Income 24,407.43 SWEDEN TREASURY BILLS 18,000,000 17,765.71 SEK 98.89 17,757.68 0.86
Bank interest 111.17 -06 20/12U
SWEDEN TREASURY BILLS 15,000,000 14,811.16 SEK 98.89 14,804.53 0.72
Interest on securities 2 24,296.26 -06 20/12U
Expenditure 3,185.61 SWEDEN TREASURY BILLS 10,000,000 9,786.72 SEK 98.89 9,782.49 0.48
-06 20/12U
Management fees 4 3,032.64 SWEDEN TREASURY BILLS 7,000,000 6,847.18 SEK 98.89 6,839.11 0.33
Taxe d'abonnement 3 91.15 -06 20/12U
Professionnal expenses 52.06 SWEDEN TREASURY BILLS 244,000,000 237,586.93 SEK 97.35 237,334.3 11.54
-07 20/06U 3
Other expenses 9.76 SWEDEN TREASURY BILLS 35,000,000 34,066.83 SEK 97.33 34,063.23 1.66
Net income from investments 21,221.82 -07 20/06U
SWEDEN TREASURY BILLS 25,000,000 24,319.96 SEK 97.35 24,329.21 1.18
Net realised result on sales of investment securities -13,187.34
-07 20/06U
Net realised result on foreign exchange 1.27 SWEDEN TREASURY BILLS 12,000,000 11,685.44 SEK 97.35 11,673.04 0.57
Variation in unrealised result 4,832.47 -07 20/06U
SWEDEN TREASURY BILLS 150,000,000 146,603.28 SEK 98.15 146,182.6 7.11
Securities portfolio 4,832.47 -07 21/03U 9
Increase in net assets as a result of operations 12,868.22 SWEDEN TREASURY BILLS 125,000,000 122,381.05 SEK 98.15 122,217.9 5.94
-07 21/03U 4
SWEDEN TREASURY BILLS 100,000,000 97,704.85 SEK 98.15 97,433.27 4.74
Statement of Changes in Net Assets -07 21/03U
SWEDEN TREASURY BILLS 45,000,000 44,006.82 SEK 98.15 43,932.69 2.14
-07 21/03U
Figures in thousands in SEK SWEDEN TREASURY BILLS 15,000,000 14,659.69 SEK 98.15 14,618.70 0.71
Note
-07 21/03U
SWEDEN TREASURY BILLS 10,000,000 9,776.73 SEK 98.15 9,749.82 0.47
Net asset value at beginning of the period 1,636,042.31 -07 21/03U
SWEDEN TREASURY BILLS 5,000,000 4,888.41 SEK 98.15 4,878.71 0.24
Units issued during the period 703,248.00
-07 21/03U
Units redeemed during the period -295,578.77 SWEDEN TREASURY BILLS 30,000,000 29,414.88 SEK 98.15 29,375.43 1.43
Increase in net assets during the period 12,868.22 06-07 21/03U
SWEDEN TREASURY BILLS 20,000,000 19,620.03 SEK 98.15 19,607.57 0.95
Net asset value at end of the period 2,056,579.76 06-07 21/03U
Transferable securities dealt in on another 994.53 0.05
Sub-Fund advisor: Maud Ljungqvist regulated market

Bonds 994.53 0.05


Sweden 994.53 0.05
Statement of Investments at 30/06/06 SWEDEN TREASURY BILLS 1,000,000 994.34 SEK 99.74 994.53 0.05
-06 16/08U
Purchase price Market value
Total securities 2,027,360.86 98.58
1,000 Currency 1,000
Securities Quantity SEK Price SEK % Liquid assets 29,218.90 1.42

Transferable securities admitted to an official Net Asset Value 2,056,579.76 100.00


2,026,366.32 98.53
stock exchange listing Key figures relating to the last 3 years
Bonds 2,026,366.32 98.53
Sweden 2,026,366.32 98.53
30/06/06 31/12/05 31/12/04
S E BANKEN BOLAN 559 128,000,000 131,373.52 SEK 102.07 130,650.8 6.35
5.25 01-07 13/06A 8 Net assets 2,056,579,756.81 1,636,042,310.66 613,934,641.53
SPINTAB 172 5.00 01-07 135,000,000 138,230.55 SEK 101.88 137,534.6 6.69
20/06A 3
STADSHYPOTEK 1565 6.00166,000,000 170,960.78 SEK 101.54 168,548.1 8.20
01-06 20/12A 0
SWEDEN TREASURY BILL 29,000,000 28,546.98 SEK 99.52 28,543.42 1.39 Capitalisation units
0.00 05-06 20/09U
SWEDEN TREASURY BILL 29,000,000 28,357.41 SEK 98.89 28,339.55 1.38 Number of units 69,727,598 52,558,032 19,466,938
0.00 05-06 20/12U
SWEDEN TREASURY BILLS 1,000,000 994.69 SEK 99.90 994.82 0.05 Net asset value per unit 23.45 23.27 22.91
-06 19/07U Distribution units
SWEDEN TREASURY BILLS 100,000,000 99,178.59 SEK 99.52 99,183.38 4.82
-06 20/09U
SWEDEN TREASURY BILLS 50,000,000 49,204.37 SEK 99.52 49,176.30 2.39 Number of units 41,729,687 41,174,745 16,678,174
-06 20/09U Net asset value per unit 10.10 10.03 10.07
SWEDEN TREASURY BILLS 50,000,000 49,154.35 SEK 99.52 49,108.16 2.39 Dividend per unit n/a 0.20 0.26
-06 20/09U
SWEDEN TREASURY BILLS 40,000,000 39,311.95 SEK 99.52 39,280.32 1.91
-06 20/09U
SWEDEN TREASURY BILLS 20,000,000 19,811.28 SEK 99.52 19,811.44 0.96
-06 20/09U
SWEDEN TREASURY BILLS 10,000,000 9,838.76 SEK 99.52 9,833.99 0.48
-06 20/09U
SWEDEN TREASURY BILLS 10,000,000 9,838.46 SEK 99.52 9,831.49 0.48
-06 20/09U
SWEDEN TREASURY BILLS 100,000,000 98,080.14 SEK 98.89 98,019.38 4.77
-06 20/12U

The accompanying notes form an integral part of these financial statements

Page 51
Carlson Fund
Notes to the Financial Statements at June 30, 2006
1. General

Carlson Fund is a Mutual Fund (Fonds Commun de Placement), created on August 31, 1990, under the law
of March 30, 1988 relating to undertakings for collective investment. Carlson Fund is an unincorporated
co-proprietorship of its securities and other assets, managed by Carlson Fund Management Company
S.A. (the Management Company). The assets of the fund are segregated from those of the Management
Company.

The following sub-funds are open to subscriptions and redemptions as at June 30, 2006:

Equity sub-funds:

Carlson Fund Equity - International


Carlson Fund Equity - Global
Carlson Fund Equity - Global Emerging Markets
Carlson Fund Equity - Sweden
Carlson Fund Equity - Scandinavia
Carlson Fund Equity - European Small Cap
Carlson Fund Equity - Europe
Carlson Fund Equity - North America
Carlson Fund Equity - American Small Cap
Carlson Fund Equity - Far East
Carlson Fund Equity - Asian Small Cap
Carlson Fund Equity - Japan

Bond sub-funds:

Carlson Fund International Bond


Carlson Fund SEK Long Bond
Carlson Fund SEK Short Bond

The annual financial statements of the fund include a consolidation of all the sub-funds.

These consolidated figures are expressed in “US Dollars” (USD), all figures expressed in another currency
being converted into USD on the basis the average rate of the last known bid and offer rates.

For each sub-fund, the net asset value at the beginning of the year is converted into USD on the basis of the
exchange rates used at June 30, 2006. The exchange differences between the net asset value at beginning of
the year converted at the exchange rates used at December 31, 2005 and the exchange rates used at June 30,
2006 are included in the “Reevaluation of opening consolidated NAV” in the Statement of Changes in Net
Assets on page 9.

Carlson Investment Management (Mauritius) Ltd ceased to be used by Carlson Fund for its investments in
India during 2003, due to the scale of operations and the costs associated. The formal liquidation started
during the last quarter 2005 and is expected to be completed during the third quarter 2006.

Page 52
Carlson Fund
Notes to the Financial Statements at June 30, 2006
2. Summary of significant accounting policies

Presentation of the accounts

The financial statements are presented in accordance with Luxembourg regulations on investment funds.

Valuation of investments

Securities quoted on a stock exchange or on an over-the-counter market are valued at the latest available
price.

Securities quoted on an official Stock Exchange or any other organized market, are valued on the basis of the
last known price, and, if there are several markets, the last known price of the Stock Exchange which is the
principal market for the security in question, unless these prices are not representative.

For unquoted securities, and for quoted securities for which the last known price is not representative,
valuation is based on the probable sales value estimated prudently and in good faith.

Liquid assets are assessed at their nominal value plus accrued interest.

Assets denominated in other currencies than the base currency of the sub-fund will be converted into that
base currency at the average rate of the last known bid and offer rates of these currencies.

The Management Company is authorised to adopt other realistic valuation principles for assets of the fund
where circumstances make the determination of values according to the criteria specified above non realistic,
impossible or inadequate. Especially in case of major changes in market conditions, the valuation basis of the
different investments may be adjusted to the new market yields.

For the purposes of the financial statements, the market value of quoted investments is based on last known
prices on June 30, 2006. When last known prices are not available, latest prices from the best available
source have been used, including quotation from brokers.

Transaction fees are recorded separately from the transaction cost in the profit and loss account : "Other
expenses".

Realised profit and loss on investments

The profits and losses on sales of investments have been determined on the basis of average cost.

Foreign exchange

The market value of the investments and other assets and liabilities expressed in currencies other than the
reporting currency of the related sub-fund, have been converted at the rates of exchange prevailing at the end
of the period. The cost of investments in currencies other than the reporting currency of the related sub-fund
have been converted at the rates of exchange prevailing at the date of purchase. Profits and losses arising
from foreign exchange operations are taken to the statement of operations and changes in net assets.

Forward foreign exchange contracts

Outstanding forward foreign exchange contracts are valued at the forward exchange rate applicable to the
remaining life of the contract. The unrealised gains or losses on open forward currency contracts are
calculated as the difference between the contracted rate and the rate to close out the contract. Realised gains
and losses include net results on contracts which have been settled or offset by other contracts with the same
counterparty.

Page 53
Carlson Fund
Notes to the Financial Statements at June 30, 2006
2. Summary of significant accounting policies (cont'd)
Income from investments

Dividends are recognised as income on the date securities are first quoted ex-dividend, to the extent
information thereon is reasonably available to the fund. Interest income is accrued on a daily or weekly basis
i.e. on every valuation day.

Formation expenses

Formation expenses are shared by all sub-funds in proportion to their net assets six months after the launch
of the fund and then amortised over a period of 5 years.

Interest on bank account

Interest received and paid on bank accounts are disclosed as a net amount either as a net income in the profit
and loss account "Bank interest" or as a net charge in the profit and loss account "Other expenses".

3. Tax status

The fund is registered under Luxembourg law as a Mutual Investment Fund ("Fonds Commun de
Placement"). Accordingly, the fund is not subject to any tax on income or capital gains. However, the fund is
subject to an annual "taxe d'abonnement" calculated at the annual rate of 0.05% p.a. of the net asset value of
the fund at the end of each quarter. Because of the type of investments held, the sub-fund SEK Short Bond
benefits from a reduced rate of "taxe d'abonnement" at the annual rate of 0.01% p.a. of its net asset value at
the end of each quarter. This tax is payable quarterly.

4. Management fees and Custodian fees

The Management Company, is entitled to a fee, payable at the end of each quarter and calculated on the
average net asset value during the quarter.

The annual rate of the fee is:

- 1.75% p.a. for the sub-funds Carlson Fund Equity-American Small Cap, Carlson Fund Equity-
Asian Small Cap, Carlson Fund Equity-European Small Cap and Carlson Fund Equity-Global
Emerging Markets
- 1.25% p.a. for the equity sub-funds
- 0.95% p.a. for the sub-fund Carlson Fund International Bond
- 0.70% p.a. for the sub-fund Carlson Fund SEK Long Bond
- 0.35% p.a. for the sub-fund Carlson Fund SEK Short Bond

This fee covers custodian and bookkeeping fees, payable on a monthly basis by the Management Company.

For the sub-funds Carlson Fund Equity – Global Emerging Markets and Carlson Fund Equity – European
Small Cap, specific sub-custodian fees related to certain markets are paid directly by the relevant sub-fund.

Page 54
Carlson Fund
Notes to the Financial Statements at June 30, 2006
5. Dividend

The Board of Directors of the Management Company decided not to pay any dividends for the period from
January 01, 2006 to June 30, 2006.

6. Changes in the composition of the portfolio

The report on the changes in the statement of investments is available upon request at the registered office of
the Management Company of the fund free of charge.

7. Units

Please note that in this report reference is made to A and B units which stands respectively for capitalisation
and distribution shares.

8. Change in the composition of the Board of Directors

Mr. Antoine Gilson de Rouvreux resigned from the Board of Directors with the effect from April 5, 2006.
The remaining Board members resolved to approve Mr. Hans Christian Gjövik as Director with effect from
April 5, 2006.

Page 55
COVER_DE_0605 29/0 /05 16:00 Page 1

Carlson Investment Management Carlson Fund Management Company S.A.


P.O. Box 3510, SE-103 69 Stockholm Part of the DnB NOR Group
SWEDEN 5, Allée Scheffer
Office: Sveavägen 38 Building B
Tel: +46 8 454 90 00 L-2520 Luxembourg
Fax: +46 8 24 57 99 Tel: +352 26 35 08 18
E-mail: carlsonfonder@cim.se Fax: +352 26 35 06 18
E-mail: info@cimlux.lu
DnB NOR Asset Management
N-0021 Oslo DnB NOR Asset Management
NORWAY 52 Vanderbilt Avenue, 12th Floor
Tel: +47 22 48 10 50 New York, NY 10017
Fax: +47 22 48 17 84 USA
Tel: +1 212 -551 98 00
DnB NOR Asset Management Fax: +1 212 551 98 40
P.O. Box 7515x, N-5020 Bergen
NORWAY DnB NOR Asset Management
Tel: +47 55 21 10 00 3305-6 The Center
Fax: +47 55 26 06 99 99 Queen's Road Central
HONG KONG
DnB NOR Asset Management Tel: +852 28 68 29 11
2nd Floor, 20 St. Dunstan's Hill Fax: +852 25 01 45 45
London, EC3R 8HY
UK DnB NOR Asset Management
Tel: +44 20 7220 3650 No.5, Third Floor, 51 First Main Road
Fax: +44 20 7220 3630 Gandhi Nagar
Chennai 600 020
INDIA
Tel: +91 44 2442 5009

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