SEB Lux Equity Fund

A LUXEMBOURG MUTUAL FUND

UN-AUDITED SEMI-ANNUAL REPORT

JUNE 30, 2002

Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus, supplemented by the latest annual

report and the most recent semi-annual report if published thereafter.

SEB Lux Equity Fund Management Company S.A.

Promoted by:

SKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM

SEB Lux Equity Fund

TABLE OF CONTENTS

Page(s)

Organisation and general information 2 – 4

Reports of the Board of Directors 5 – 15

Schedule of Investments, Statements of net assets and statistical information as at June 30, 2002:

SEB Lux Equity Fund – International 16 – 21

SEB Lux Equity Fund – Natural Resources 22 – 24

SEB Lux Equity Fund – Japan 25 – 28

SEB Lux Equity Fund - United Kingdom 29 – 31

SEB Lux Equity Fund – Nordic 32 – 34

SEB Lux Equity Fund - North America 35 – 38

SEB Lux Equity Fund – Mediterranean 39 – 41

SEB Lux Equity Fund – Continental Europe 42 – 44

SEB Lux Equity Fund – Global 45 – 50

SEB Lux Equity Fund – Euroland 51 – 53

SEB Lux Equity Fund - Japan Chance/Risk 54 – 56

SEB Lux Equity Fund – Wireless Communications 57 – 59

SEB Lux Equity Fund - Global Chance/Risk 60 – 62

SEB Lux Equity Fund – Opportunity Europe 63 – 65

Consolidated Statement of net assets 66

Consolidated Statistical information of net assets 66

Notes to the Financial Statements 67 – 69

Additional Information for Investors in Germany 69

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ORGANISATION AND GENERAL INFORMATION

ORGANISATION

SEB Lux Equity Fund ("The Fund") is a Luxembourg Mutual Umbrella Fund investing mainly in shares.

The Fund is sponsored by:SKANDINAVISKA ENSKILDA BANKEN AB (publ),Kungsträdgårdsgatan 8,S-10640 STOCKHOLM

The Fund is managed by: SEB Lux Equity Fund Management Company S.A.6a, Circuit de la Foire Internationale,L-1347 LUXEMBOURG

The Board of Directors of the

1) Cecilia LAGER

Management Company is:Chief Operating Officer at SEB Asset Management, (a Division within SKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM)Chairman of the Board (since March 28, 2002)

2) Barbro LILIEHOLM,Head of Corporate Law of SEB Invest & FonderSKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLMDirector

3) Jan Lennart PALMBERG,Head of Mutual Funds at SEB Asset management, (a Division withinSKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM)Director (since April 3, 2002)

4) Kaj-Gustaf Johan BERGHFormer Head of SEB Invest & FonderSKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLMDirector (until March 28, 2002)

5) Jos HEMMER,Former Head of Fund AdministrationSEB Private Bank S.A., LUXEMBOURGDirector (until April 3, 2002)

The Independent Auditor ofthe Fund and the Management

PricewaterhouseCoopers S.à r. l.Réviseur d’entreprises

Company is: 400, route d’Esch,L-1471 LUXEMBOURG

The Custodian Bank and SEB Private Bank S.A.Administrative Agent is: 6a, Circuit de la Foire Internationale,

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L-1347 LUXEMBOURG

The Investment Adviser is:SKANDINAVISKA ENSKILDA BANKEN AB (publ),- SEB Asset Management - Sergels Torg S-10640 STOCKHOLM

The Listing Agent is: BANQUE GÉNÉRALE du LUXEMBOURG S.A.14, rue Aldringen,L-2951 LUXEMBOURG

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German Transfer- Paying SEB AGAgent and Information Ulmenstrasse 30Place is: D - 60325 FRANKFURT AM MAIN

The Legal Adviser is: Dr. Pierre BERNAAvocat à la Cour16a, boulevard de la FoireL-1528 LUXEMBOURG

GENERAL INFORMATION

The Management Regulations of the Fund were deposited with the Chief Registrar of the District court of and in Luxembourg on December 3, 1987, and published in the Mémorial C No 13 as of January 15, 1988.

After several amendments a restated version was deposited with the Chief Registrar of the District Court of and in Luxembourg on July 1, 1991 and published in the Mémorial C as of August 5, 1991. Amendments hereto were deposited with the Chief Registrar of the District Court of and in Luxembourg on March 17, 1992, on March 17, 1993, on December 21, 1993, on September 2, 1994, on April 11, 1997, on July 27, 1998, on July 9, 1999 and August 17, 2000 and published in the Mémorial C as of August 12, 1992, of April 30, 1993, of February 8, 1994, of October 13, 1994, of May 7, 1997, of October 3, 1998, of August 5, 1999 and September 4, 2000.

The Articles of Incorporation of the Management Company were deposited with the Chief Registrar of the District Court of and in Luxembourg on December 3, 1987, and published in the Mémorial C No 13 as of January 15, 1988. Amendments hereto were deposited with the Chief Registrar of the District Court of and in Luxembourg on July 9, 1999 and published in the Mémorial C as of August 5, 1999.

The net asset value per unit, computed on each Bank Business day in Luxembourg and in Sweden, is made public daily at the office of the Custodian Bank.

The Fund is divided into Sub-Funds. The following Sub-Funds were in existence as at June 30, 2002:

- SEB Lux Equity Fund - International- SEB Lux Equity Fund - Natural Resources- SEB Lux Equity Fund - Japan- SEB Lux Equity Fund - United Kingdom - SEB Lux Equity Fund - Nordic- SEB Lux Equity Fund - North America- SEB Lux Equity Fund - Mediterranean- SEB Lux Equity Fund - Continental Europe- SEB Lux Equity Fund - Global- SEB Lux Equity Fund - Euroland- SEB Lux Equity Fund - Japan Chance/Risk- SEB Lux Equity Fund - Wireless Communications- SEB Lux Equity Fund - Global Chance/Risk- SEB Lux Equity Fund - Opportunity Europe

FINANCIAL INFORMATION is published in at least one internationally circulated newspaper.

Subscription and redemption prices are- made public daily at the registered office of the Custodian Bank- published daily in at least one internationally circulated newspaper. Currently,

publication is made in the International Herald Tribune.

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-FINANCIAL REPORTS of the Fund are published annually and semi-annually. These reports, as well as the OFFERING PROSPECTUS and the MANAGEMENT REGULATIONS, and all information concerning the Fund can be obtained at the offices of the agents responsible for FINANCIAL SERVICES listed below:

Financial Servicing for the Fund is provided by the Depository Bank

SEB Private Bank S.A.6a, Circuit de la Foire Internationale,

L-1347 Luxembourg

and by all branches, subsidiaries and affiliates of

SKANDINAVISKA ENSKILDA BANKEN AB (publ)Kungsträdgårdsgatan 8,

S-10640 Stockholm

and from all branches, subsidiaries and affiliates of the Skandinaviska Enskilda Banken Group.

Financial information regarding SEB Lux Equity Fund Management Company S.A. can be received, free of charge, upon request in writing to the registered office of the Management Company.

5

REPORT OF THE BOARD OF DIRECTORS OF SEB Lux Equity Fund Management Company S.A.

TO THE UNITHOLDERS OF

SEB Lux Equity Fund

Trends

The general Swedish stock market index fell by 24 percent in the first six months of the year, while foreign stock markets fell by 21 percent. On the financial futures markets, the index for the Swedish interest rate portfolio showed a 2 percent return, while the foreign portfolio lost 4 percent owing to the stronger Swedish krona. Likewise, the value of mixed funds containing foreign securities was adversely affected by the appreciation in the Swedish currency during the period, especially against the US dollar.

All the world's major stock markets apart from Japan fell sharply in the first half-year. The fall was so sharp that it proved to be one of the worst periods in recent stock market history. This poor performance was quite surprising, given that many of the economic statistics published during the first half-year indicated a recovery in the world economy. Nevertheless, at the end of June, market levels were close to the lows reached following last September's terrorist attacks on the US.

The sharp fall in the markets is attributable to the instability in the Middle East and Kashmir, the emergence of new accounting scandals in the US, ongoing revaluation of the TMT (technology, media and telecoms) sectors following a series of profit warnings, large-scale goodwill write-offs, and the falling dollar. Towards the end of the six-month period, falling consolidation levels more or less forced insurance companies into selling off shares. A number of large companies in the telecom and technology sectors, such as Ericsson, Alcatel, IBM and Microsoft, issued profit warnings. Other negative developments that adversely affected the markets were the bankruptcy of KirchMedia, NTL and KPNQuest, and reduced credit ratings for Vivendi Universal, Deutsche Telekom, France Telecom and Tyco.

The best performers were cycle-sensitive sectors such as chemicals, raw materials and vehicle manufacturing, but banks and stable consumer goods companies also weathered the decline well. The worst performers were the telecommunications, technology and media sectors, all of which fell by 40–45 percent. Pharmaceuticals also fell sharply towards the end of the period.

In Sweden, the continuing poor performance of the telecom sector – equipment suppliers and phone companies alike – is the primary factor behind the downward trend. The telecom crisis is probably the worst ever seen in the industry, affecting companies on both sides of the Atlantic. Ericsson's share price dropped to 1994 levels and was 70 percent down in the first half-year. The company's turnover today is more than double the 1994 figure, but the systems market has declined sharply over the past two years, and profitability is very poor. This has forced the company into a new share issue worth SEK 30bn. Meanwhile, the growth in mobile phone sales seems to have tailed off, and total sales for this year are again expected to be in the region of 400 million handsets – a slowdown that will nevertheless affect Nokia even more. Renewed acceleration in sales of mobile systems is now vital to the Nordic markets. It is also important for Ericsson to maintain its world-leading position in this segment, with a market share of around 35 percent.

Expectations that Sweden is likely to sign up for EMU had a positive effect on Swedish market rates. Joining the euro would remove the particular krona-related risk inherent in Swedish bonds. If Sweden joins, Swedish bonds would be valued like German and French bonds, but with a mark-up for poorer liquidity, likely to be around 0.2 percentage points. During the spring, the Swedish Central Bank raised its base rate twice, by a total of 0.5 percentage points, owing to the fact that Swedish inflation is exceeding the Bank's targets. There is a risk that this will create an inflationary climate that will complicate future wage settlements. The Central Bank will probably need to raise interest rates by a further half percentage point before the risk of higher inflation is eliminated. As the Swedish Central Bank has been quicker to raise its base rate than other central banks, Swedish interest rates have risen more than the corresponding euro rates.

Surprisingly strong growth in the US and increased expectations of austerity measures by the Federal Reserve caused American interest rates to rise sharply in the first quarter. In the second quarter, global interest rates fell back. Investors world wide increased the proportion of bonds in their portfolios during the first quarter, owing to fears that the strong growth would not persist, coupled with the fall in the stock markets.

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The US stockmarket, as represented by the S&P 500 index, fell by 14 percent in the first six months of 2002, despite increasing signals that the US economy had turned the corner. The likely cause was the sharp rise in share prices in the last quarter of 2001, as a result of which many stocks already included provision for a large part of any economic recovery. There are also many indications that the recovery will not be as fast or as marked as the market at first believed. Another negative factor was that a number of companies resorted to dishonest accounting methods in order to bolster their share price. When market players were unable to determine the extent of this cheating, they chose to dispose of shares in favour of interest rate futures. The best performers were raw materials companies and stable consumer goods companies, which rose by 8 percent and 5 percent respectively. The worst performers were telecommunications and technology stocks, which fell by 36 percent and 32 percent respectively. Small and medium-sized companies significantly outperformed the market as a whole, as in 2001. These companies are generally valued lower than large companies and therefore represent a safer option for investors in times of uncertainty.

The European stock exchanges fell by 17 percent in the first half of the year. The market suffered from uncertainty over companies’ accounting principles, uncertainty in the Middle East, concerns about new terrorist attacks and an unwillingness to believe there would be an improvement in the economic situation. As the stock exchanges fell, some long-term investors, such as insurance companies, were forced to sell shares in order to fulfil consolidation requirements. Private individuals held back on share purchase and investments in mutual funds were on the thin side in the first half-year.

Up to May the indexes were fluctuating between zero and minus 5 percent. In June the stock markets collapsed and fell almost 10 percent. This was mainly due to increased concerns about terrorist attacks and uncertainty about profits reported by companies.

The spate of accounting scandals continued in the USA. Worldcom announced that they had reported to huge profits totalling USD 3.7 billion. In Europe too, companies were called into question as many of them had made large purchases in the USA. The uncertainty was whether these had been reported correctly. Some companies, including Elan and Amey, changed their accounting principles. However, seen in context, these are relatively small. In particular, Spanish companies with a high exposure to Argentina and Brazil came under pressure on account of trends in Latin America.

The UK developed better than the European markets. In countries such as Finland and Sweden the stock exchange fell drastically. Technology and telecom operators fell sharply in June and are down 40 and 32 percent respectively this year.

Telecom operators’ bond loans were affected by the downgrading. In the first half of the year most company bankruptcies were also concentrated within the telecoms sector. KPNQwest and Flag Telecom were declared bankrupt and there are question marks about whether Energis can survive. Deutsche Telecom, France Telecom and Orange had their credit ratings reduced. Both France Telecom and Deutsche Telecom are surviving as companies, as they are majority-owned by the state. They may, however, be forced to sell out their mobile operators in order to be able to settle their debts.

Insurance companies also experienced poor development during the first half of the year. They were exposed to the stock market and fell in pace with the stock exchange. There has also been speculation that the equity/assets ratio of some companies is too low and that they will be forced to implement new share issues. Both cyclic and defensive sectors gave a good account of themselves during the first half of the year. Real estate was the best sector, but raw materials, banks and oil made a positive contribution. Small companies generally managed better than large companies, falling by 14 percent during the first half of the year.

The US dollar fell by almost 14 percent against the euro, mainly during the second quarter. This resulted in downgrading of profits for companies that had a high exposure to the USA. Corporate profit forecasts stabilised during the first quarter. The analysts began to upgrade some of the estimates on the basis of a better economic outlook. However, the forecasts fell again during the second quarter. This was due to the fall in the dollar and weaker profit trends in companies. The forecasts for 2002 are around 22 - 24 percent, but are too high.

The number of company takeovers and mergers continued to fall. Despite this, the size of business transactions actually rose during the second quarter. Major takeovers include Shell’s purchase of Enterprise Oil, Vivendi Environment’s purchase of Southern Water and E.On’s purchase of Ruhrgas. The number of announced new listings on the stock exchange increased during the second quarter. However, many were forced to withdraw in June on account of the poor stock markets.

The influx into equity funds was on the thin side during the first half of the year. On average, private individuals made purchases of equity funds of approx. 3 billion euros a month. By way of comparison, private individuals made purchases of equity funds of approx. 7 billion euros a month in 1999. This

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year’s influx into equity funds is, so far, on a par with 2001. However, the influx into money market funds continued to increase. In 2001 the influx was 63 billion euros and this year up to May, 49 billion euros.

The main distorting factor continues to be the weak trend in the telecom sector. This covers both suppliers of telecomm equipment and telecomm operators. The crisis in the telecomm sector is probably the worst the industry has ever experienced. It has hit companies both in Europe and the USA. The small company funds have generally done better than the funds which have a large proportion of their investments in big companies.

Information technology has been important for both social development and economic growth since the 1950s. The period between 1980 and 2000 was particularly important. During this period, mass-market products such as personal computers and mobile phones were developed. These two products have been of decisive importance for the rapid growth of the modern IT industry, particularly during the 1990s. In 1995 the Internet also became available on the mass market and this meant very great demand from consumers and companies for personal computers, modem and software among other things. During the latter part of the 90s and up to today, broadband equipment has been developed and installed and a new wave of digital consumer products has been launched onto the market. However, since autumn 2000 growth has stagnated and the market for personal computers and mobile phones is no longer growing at the same rate. Now, every year approximately 140 million personal computers and approximately 400 million mobile phones are being sold. We can expect continued growth of only 5 to 10 percent from these levels. Growth in future will, to a large extent, depend on upgrade cycles, that is people buying new equipment to replace old. Obviously, the market for personal computers and mobile phones will expand in developing countries but this will take time since the purchasing power of large parts of the population is too low. It is difficult to identify any single object or application that can drive growth up to the high levels of the 1990s in the next few years. We have arrived at ‘mature markets’ at the same time as a degree of over capacity has been created – this will take time to overcome. The stock market has been involved in a process where IT shares are being revalued. This process has been painful since it is difficult to estimate the long-term growth of the sector. Historically, the IT sector has grown between 12 and 14 percent a year but we believe that for the rest of the current decade growth will be somewhere around 8 percent. This also means that growth in profits in technology companies will be lower than before. The thing that has above all pulled growth down is the crisis in the communications sector since operators around the world were formerly big buyers of equipment and software etc and no longer have the resources to invest to the same extent. During the latter part of the Internet boom, traditional and newly established operators invested large amounts to meet an expected wave of digital traffic over their networks. However, competition became so fierce and the range of offerings so large that the prices of services fell dramatically. Other large buyers of IT products such as the banking and insurance sector are also in a global process of consolidation which has led to less buying of IT products. According to Gartner Group the electronics industry will grow by approximately 6 percent up to 2006, which is something less than over the last ten years when growth was almost 8 percent. Software and computer services are expected to grow by around 10 percent and this too is less than their historic growth. IT is a sector that has matured but despite this it remains of great strategic importance for future development.

Five months of relatively good development in Japan were followed in June by a sharp decline. This means that the benchmark fell by 5.6 percent in the first half of the year. At the beginning of the year the mood was negative. However, in March the Japanese government took some action to support the market and prevent a banking crisis, which made hedge funds aggressively cover their short-term positions. During the period, the economy showed several signs of a recovery, supported by increased export and adjustment of stock levels. Expectations of a recovery started in the manufacturing industry and then spread to other sectors.

The government could at last declare that the worst was over. However, the authorities still appear unwilling to devote themselves to preventive reform work. Prime Minister Koizumis popularity plummeted after he fired the Foreign Minister Tanaka, which reduced his future manoeuvring space. Despite Moody’s downgrading of Japanese government bonds, the yen rose against the dollar by over 9.7 percent. The revaluation was partly due to investors’ increased belief in a recovery of the Japanese economy.

Most Japanese companies submitted their annual reports during May. After some downward revision before then, there were few surprises. Companies’ forecasts for the present year were quite positive and were in general positively received by investors.

The number of companies reporting reorganisations has increased, which is positive for the market in the long term. Examples of this include factory closures or the transfer of divisions to joint ventures. These types of measure create space for companies to concentrate on more profitable core activities.

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Asia developed better than other markets in the global arena. The domestic mood was improved by positive economic statistics and the market developed strongly during the first quarter. During the second quarter the stock exchange deteriorated a little. There was unease about the strength of the US recovery and anxiety about the possible outcome of the tensions between India and Pakistan. South Asian markets developed well during the period. Things went best in Indonesia, which benefited from the successful renegotiation of the national debt. The government was also successful with its reform programme. Expectations of a strong profit recovery during 2002 resulted in a positive market mood during the first half of the year, from which Thailand also benefited. At the same time, investors took profits in Singapore.

In North Asia the South Korean market rose, despite the fact that international institutional investors took profits. The market was strengthened by foreign investors making large investments on the basis of expected profit increases. Development in Taiwan was weak, due to worries that companies’ IT investments had not recovered. Development in Hong Kong and China was weak. The worries there were related to domestic deflation and a sluggish economy, which made the mood negative.

Some losses, caused by the overweighted positions in Hong Kong, China and Taiwan, were partly offset by the South Korean overweight. Development in the Australian stock market was mixed. The report season and profit warnings from some of the biggest companies resulted in substantial price movements. Banks experienced good development, strengthened by factors such as repurchase of shares. Japan developed quite well, supported by investors’ optimistic belief in a future domestic recovery.

During the first half of the year the performance improved, particularly through the selection of shares in Hong Kong. Holdings in the energy sector benefited from the rising price of oil and the underweight in Hutchison Whampoa made a positive contribution. The selection of sales in Malaysia had the same effect, with an overweight in Hong Leong Bank and Public Bank and an underweight in Tenaga. However, the holdings of technology shares in Japan and Taiwan had a negative impact on development.

Sub-Funds

SEB Lux Equity Fund – International

Holdings of foreign shares also lost around 2 percent in relation to their benchmark index. The choice of shares is the main reason why these components underperformed somewhat, primarily during the first quarter. Holdings of Tyco, Charter Communication, Vodafone and Ahold made the largest negative contribution. The companies making the largest positive contribution included Crédit Agricole, TotalFinaElf, ABN Amro, Société Générale and Daimler-Chrysler. With regard to the spread of shares across various sectors, the Sub-Fund benefited from having taken a cautious approach to technology and media in the second quarter. The more cautious approach to stable consumer goods companies adversely affected performance.

Holdings of bonds also performed somewhat better than the index. Surprisingly strong growth in the US and increased expectations of austerity measures by the Federal Reserve caused American interest rates to rise sharply in the first quarter. We had predicted this rise, and the average term of the Sub-Fund was shorter than that of the benchmark index, benefiting their performance in relative terms. In the second quarter, investors world wide increased the proportion of bonds in their portfolios, and global interest rates fell back. At this time, the Sub-Fund still had a shorter average term than that of the benchmark index, with adverse consequences for their relative performance.

One of the main changes in the equity component is the increased proportion of cycle-sensitive shares. This increase was made at the expense of companies whose earning potential is less dependent on the business cycle, partly by purchasing shares in the vehicle manufacturers Daimler-Chrysler and Ford, and partly by increasing our exposure to the chemicals and raw materials sectors. A new investment was also made in United Technologies, a company supplying high-technology products to the aerospace and construction industries. All Tyco shares held by the Sub-Fund were sold. Tyco had run into financial and strategic difficulties when the company and its managing director were accused of accounting irregularities and tax offences.

Exposure to pharmaceuticals was reduced owing to an increasingly cautious attitude towards the sector during the first six months of the year. Shares in Sanofi-Synthelabo and the biotech company Amgen were sold off, while holdings in GlaxoSmithKline were reduced. The reason for the more restrained approach is that the industry is facing many important patent issues, increased competition from generic products, and a climate in which it is likely to be more difficult to achieve price increases. Given the expected economic improvement in 2002–03, with companies in other sectors expected to

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see bigger rises in profits, the pharmaceuticals sector risks being slightly overlooked by investors. There is a danger that long-term growth forecasts will have to be revised downward more than in other sectors.

As far as company changes in the banking sector are concerned, we disposed of the Sub-Funds’ holdings in ABN Amro and instead reinvested in Barclays, the British bank. The Sub-Fund also reduced its exposure to pure investment banks by disposing of Lehman Brothers and reducing holdings in Credit Suisse. In their place, investments in Bank of America were increased, making this one of the Sub-Fund s' main holdings in the sector. Bank of America is a well-run, widely diversified bank with a reasonable valuation.

In the telecommunications sector, we disposed of Telecom Italia entirely, investing instead in the Greek operator Ote Hellenic Telecom, a low-valued company with sound capital adequacy and good growth potential. This opportunity arose when the Greek government reduced its stake in the company.

The proportion of oil stocks was increased in the light of the political turbulence in the Middle East and the generally uncertain profit outlook in many other sectors. We therefore reinvested in BP and purchased additional shares in TotalFinaElf. Meanwhile, we reduced our exposure to the media sector by disposing of Charter Communication, Liberty Media Corp and Vivendi Universal.

Overall, the changes outlined above mean that the Sub-Fund is well placed for continuing economic improvement. The portfolio should also benefit in relation to the benchmark index if the pharmaceuticals and technology sectors continue to under perform. In geographical terms, Japanese stocks are slightly over weighted and American stocks slightly under weighted.

The Sub-Funds' bond holdings have a slightly shorter term than that of the benchmark index. To produce larger ongoing returns, the proportion of non-government securities held by the Sub-Fund is being increased during 2002. The securities purchased have a very low credit risk. The proportion of housing bonds in the Sub-Fund was increased during the first quarter and is now larger in relation to the index figure compared with the start of the year.

Over the six-month period, the Sub-Fund generally maintained a neutral balance between equities and bonds, but on one occasion during the first quarter, the equity component was over weighted. It was thought that the market had exaggerated fears of conflict in the Middle East and Kashmir, and mistrust of company accounts. After a brief upturn, worries on the stock markets increased and the equity component was again reduced. As falling share prices towards the end of the half-year reduced the proportion of equities, the equity component was increased to restore a neutral balance. The valuation of global stocks in relation to bonds is now lower than last September, whereas the conditions for growth are better overall. Consequently, expected future returns on stocks, even with cautious profit forecasts, exceed those for bonds. In the short term, companies will continue to require fresh capital (new share issues), which is perceived as a risk to the stock market. Likewise, a great deal of uncertainty surrounds reported profits. For this reason, we are not increasing the equity component beyond a neutral balance at present.

SEB Lux Equity Fund - Global

The net asset value of SEB Lux Equity Fund - Global decreased by 22.4 percent, while the comparison index MSCI World fell by 20.7 during the same period.

Market trends during the first quarter were slightly negative, but the big market decline did not really start until April. In the latter part of 2001 the market was hoping for a relatively speedy economic recovery, accompanied by profit improvements. But as companies became increasingly cautious in their statements about the future, these hopes began to look more doubtful. Most large companies in telecoms and technology, such as Ericsson, Alcatel, IBM and Microsoft, issued profit warnings. Bankruptcies in KirchMedia, NTL and KPNQuest and reduced credit ratings for Vivendi Universal, Deutsche Telekom, France Telecom and Tyco were other negative events that had an impact on the market.

It was mainly during the first quarter that the Sub-Fund developed worse than its benchmark index. The main explanation for this can be found in the selection of shares, with the holdings in Tyco, Charter Communication, Vodafone and Ahold making the largest negative contribution. Companies making the biggest positive contribution included Crédit Agricole, TotalFinaElf, ABN Amro, Société Générale and Daimler-Chrysler. With regard to share distribution among different sectors, the Sub-Fund benefited from a cautious view of technology and media during the second quarter. However, our underweight in stable consumer companies had a negative effect on development.

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One of the most important changes is the increased proportion of shares that are sensitive to changes in the economic climate. The increase was at the expense of companies with an earnings potential that is not dependent on the economy. It was achieved partly by purchases in the motor vehicle companies Daimler-Chrysler and Ford and partly by increasing the exposure to the chemicals and raw materials sectors. A new investment was also made in United Technologies, which supplies high-tech products to the aircraft and building industries. All the Sub-Fund’s shares in Tyco were sold.

The proportion of shares in the oil sector was increased on the basis of the political unrest in the Middle East and the generally uncertain profit outlook in many other sectors. For this reason, the Sub-Fund made a new investment in BP and additional purchases in TotalFinaElf.

The exposure to pharmaceuticals was reduced, due to an increasingly cautious attitude to the sector during the first half of the year. Sanofi-Synthelabo and the biology company Amgen were sold and the holding in GlaxoSmithKline was reduced. The reason for the more restrictive view is that the sector is facing many important patent expiries, increased competition from generic preparations and a climate in which price increases will probably be more difficult to come through. With an improvement in the economy expected in 2002 – 2003, which may see companies in other sectors experiencing a big reversal in profits, the pharmaceuticals sector is in danger of finding itself a little sidelined in terms of investors’ focus. There is a danger that there will have to be more downward revision of long-term growth expectations than for other sectors.

At a sector level, the exposure to media was reduced by the sale of Charter Communication, Liberty Media Corp and Vivendi Universal. This has given the Sub-Fund a cautious exposure to the media sector. In the second half of the year efforts will be made to find other media companies in which to invest. The criteria are that they must have a positive cash flow and profits that are largely positively affected by an upswing in the advertising economic situation.

With regard to large company changes in the bank sector, the Sub-Fund sold ABN Amro, investing instead in UK company Barclays. The Sub-Fund also reduced the exposure to pure investment banks by selling Lehman Brothers and reducing the holding in Credit Suisse. Investments in Bank of America were increased instead. This makes the holding one of the Sub-Fund’s most important in the sector. Bank of America is a well-organised, widely diversified bank with a reasonable valuation.

In telecoms, Telecom Italia was sold completely and investments made instead in the Greek operator Ote Hellenic Telecom – a low valued company with a good equity/assets ratio and good growth potential. This opportunity presented itself when the Greek government reduced its holding in the company. The holding in Verizon Communication was increased, financed by the sale of AT&T Wireless.

Taken as a whole, the above changes mean that the Sub-Fund is positioned for continued improvement in the economy. The portfolios should also benefit against index if the pharmaceuticals and technology sectors continue to develop worse than the market. In terms of regions, the Sub-Fund has a small overweight in Japanese shares and some overweight in US shares.

SEB Lux Equity Fund - Global Chance/Risk

The Sub-Fund declined by 21.1 percent during the first half of 2002, while its comparison index MSCI World fell by 20.70 percent during the same period.

The selection of shares in the retail trade sector, with Gap and Wal-Mart in the USA, was the most positive contribution to the Sub-Fund’s development. The overweight in software rather than hardware paid off well in technology. However, in retrospect there could have been more underweight in both sectors. The largest individual contribution came from Credit Agricole, a French bank that came to the market at the end of last year when it sold some of its shares. During the first half of the year, forestry companies throughout the world experienced stable positive development. The overweight in Finland’s Stora Enso and in the sector as a whole made a positive contribution to the Sub-Fund.

It was not surprising to find companies in technology and media on the negative side. However, they were also joined by pharmaceutical companies such as Wyeth (formerly American Home Products). Computer Associates was only one of a number of technology companies that showed poor profit trends and were also burdened by complaints about accounting irregularities.

The proportion of shares sensitive to changes in the economic climate has been constantly increased since the start of the year. This has been done by purchases, including Daimler-Chrysler, Alstom and various banks, such as Gensidige Nor Sparebank, Bank of America and Barclays. The weighting in oil was increased by the purchase of BP in the UK. The large exposure to oil is due to the unrest in the Middle East and suspense about whether the USA will attack Iraq.

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To compensate for the overweight in these areas, companies sensitive to changes in the economic climate were sold, such as insurance company American International Group, brewery Anheuser-Busch and pharmaceutical company Pharmacia. Telecoms operators had a difficult start to the year. The rate of growth in the whole industry was called into question and the burden of debt was overwhelming in several large European companies.

The holding in Vodafone was reduced and the Sub-Fund currently owns defensive telecoms operators, such as Ote Hellenic Telecom. In terms of regions, the Sub-Fund has a small overweight in Japanese shares and some overweight in US shares.

SEB Lux Equity Fund - Natural Resources

The Sub-Fund has a yield relative to the index of 3.9 percent as at 30.06.2002. It is worth mentioning that the Sub-Fund has experienced a trend approximately 20 percent better than the world index for shares during the period under review.

The fact that the Sub-Fund has done so well relative to its benchmark is due partly to the right choice of shares and partly to a successful distribution between sectors. The Sub-Fund has been overweighted in the gold and steel sector, i.e. the two sectors, which have experienced the best development, while energy and metal companies have been underweighted. Moreover, the Sub-Fund has put a premium on the big, global energy companies, which has proved to be profitable.

During the first quarter of the year, the overweight in metal companies was reduced to an underweight at the same time as the proportion of steel companies increased. The main reason for this was that steel companies had for a while been experiencing a trend below the average for the market, which meant that they seemed relatively cheap. In connection with this, we also increased our positions in the gold sector, which meant that the Sub-Fund became somewhat overweighted in this sector. The price of gold had been rising for a while and we felt that this was a trend, which could continue, despite the fact that gold had lost a little of its status as a safe investment in bad times. During the second quarter, the weight in the steel sector was reduced somewhat by the sale of Acerinox. The gold sector has also gradually been reduced.

SEB Lux Equity Fund - Continental Europe

SEB Lux Equity Fund - Continental Europe unfortunately lost 1.5 percent against its comparison index this half year.

SEB Lux Equity Fund - Continental Europe had an overweight in vehicles, raw materials, building and real estate. There was a corresponding underweight in chemicals, food and the retail trade. We also sold our holding in Holcim, investing in St Gobain instead.

SEB Lux Equity Fund – Mediterranean.

SEB Lux Equity Fund – Mediterranean developped 3.2 percent better than its index.

In SEB Lux Equity Fund – Mediterranean, Autogrill and Vallehermoso were sold during the half-year. A large purchase was made in SCH, one of the largest banks in Spain.

SEB Lux Equity Fund – Mediterranean had an overweight in telecom operators, insurance companies and public utility companies. There was a corresponding underweight in transport, bank and manufacturing. The overweight in telecom operators was in Stet Hellas, one of the biggest mobile operators in Greece.

SEB Lux Equity Fund - Euroland

SEB Lux Equity Fund – Euroland performed better than its index by 2 percent.

SEB Lux Equity Fund – Euroland had a major position in Vallehermoso, which made a positive contribution, but Credit Agricole also performed well. The Sub-Fund’s underweight in Eni made a negative contribution, as did the Sub-Fund’s position in Bayerische Vita. Vallehermoso was sold and investments were made in Grupo Acciona. The Sub-Fund also sold Autogrill at the beginning of the year.

SEB Lux Equity Fund – Euroland had an overweight in vehicles, oil, bank and building and real estate. There was a corresponding underweight in chemicals, food and service companies. We participated in

12

the Greek government’s disposal sale of Hellenic Telecom in April, selling Telecom Italia in order to finance the purchase. We also sold Vallehermoso and invested in Grupo Acciona in its place.

SEB Lux Equity Fund – Nordic

The Sub-Fund fell by approximately 19.5 percent over the first six months of the year at the same time as the Sub-Funds’ comparative index fell by 18.6 percent. The Norwegian market performed best with a fall of 9 percent and the Finnish market worst with a fall of 32 percent. The smaller companies were the winners in the Nordic region generally, mainly because they were cheaply valued. Examples include the Finnish companies Uponor, Konecranes and Finnlines. Munters was one of the Sub-Fund’s best holdings, recording an increase of 20 percent. Metro was one of the losing shares. The company’s rapid expansion was capital intensive and during the year it secured, after a certain amount of trouble, a bank credit of EUR 80 million. On the whole, the company is meeting its targets in terms of expansion and profitability for the newly launched newspapers. At the same time, it is now competing in an advertising market in sharp decline.

The Sub-Fund did not hold any shares in Telia during the period under review, which was a positive point as the share fell by 50 percent. Operators had a difficult start to the year and this was the worst-performing sector in the Sub-Fund. The Nordic operators are currently cheaply valued and have generally good balance sheets. Unfortunately, they are being affected by the fact that operators in Europe incurred large debts in connection with the auctions for licences for the 3G mobile network.

During the first six months of the year even pharmaceuticals fell markedly, although the sector is normally a defensive one which usually copes well in a difficult stock-market climate. The sector is experiencing a period of change, with several patents running out and a shortage of new products to take their place. However, the fall was positive compared with the index.

In terms of the structure, the overweight in forestry is mainly motivated by the fact that the industry has undergone a process of consolidation in recent years and that top managers are now focusing more than before on profitability. The market for forestry products also appears stable and several price rises have been announced.

The portfolio also has large holdings in the retail sector which are benefiting from a continued high level of private consumption. Both H&M and Lindex recorded results which exceeded expectations and, in the case of H&M, there are still good opportunities for growth, not least in the USA. The telecoms operators have now fallen to a level where a slight overweight may be justified. Despite the fact that the Swedish operators did not have any major financial problems themselves, they were negatively affected by equivalent companies in other countries experiencing problems with weak balance sheets. The outlook for banks is fairly positive but, overall, are still underweighted. The Sub-Fund does not hold any shares in Handelsbanken, which is assessed as being overvalued in relation to other banks. A number of engineering companies are relatively sensitive to changes in the dollar and this increases caution in investing in the sector. This applies in particular to Sandvik and Atlas Copco, which have been underweighted to some extent.

The proportion of Swedish shares increased during the year at the expense of Norwegian shares. The Norwegian economy is on the verge of overheating and the Bank of Norway has raised the bank base rate by 0.5 percent to 7 percent. The weight in Statoil was reduced during the spring when the share was showing strong development thanks to a high oil price. At the same time, the holding in H&M was increased as the share fell, reaching attractive levels. The position in Sonera was also increased. The share was reasonably valued and traded at a discount to Telia’s offer. The English Davis Group took over the Danish company Sophus Berendsen, which was a major position. Even the favourite, the Swedish paper manufacturer Munksjö, is now in foreign hands following an offer from Smurfit.

Perlos was sold during the year owing to the anxiety about the mobile telephone market. The sugar and ingredient manufacturer Daniso was added as a new holding. This is one of the few big companies in Denmark which has an open ownership structure. Danisco has strong and stable cashflows, a good valuation and is buying back shares.

The Danish company AP Möller continues to be a significant holding and is benefiting from the turnaround in market conditions and world trade. The same applies to the operator TDC in which the Sub-Fund also has shares. Sparebanken Nor is an important holding in the bank sector. The bank is cheaply valued and is an obvious candidate for take over. Nordea is another major position in the bank sector. The outlook is positive for telecom operators, transport and media companies but more cautious in the pharmaceutical, oil and engineering sectors.

SEB Lux Equity Fund – North America

13

The US stockmarket (S&P 500) fell by 24.5 percent during the first half of the year if expressed in SEK. The North America Sub-Fund fell by around 29.5 percent over the same period if expressed in SEK. Small and medium-sized companies significantly outperformed large corporations in the first half-year, which was one of the reasons why the Sub-Fund underperformed in relation to the stockmarket as a whole, as the Sub-Fund invests primarily in large corporations. In the wake of last year's Enron scandal, the accounting policies of American companies were called into question. Hardest hit were large companies that had expanded by acquisition, among them the Tyco manufacturing conglomerate, despite its repeated assurances that it had adhered to the relevant accounting standards. Tyco made the largest negative contribution of a single company to the Sub-Fund’s performance during the six-month period.

Worldcom's accounts were not only called into question, but found to be inaccurate. However, the Sub-Fund was largely unaffected by the scandal. Most of our holdings in Worldcom were sold off last September, and the remainder in April. Nevertheless, to a certain extent, Worldcom was a negative factor in the performance of the Sub-Fund. The spread of shares across sectors adversely affected the Sub-Fund’s performance during the period, primarily owing to overweighting in software companies and underweighting in stable consumer goods companies. The companies that made the largest positive contributions to Sub-Fund’s performance were IBM, the finance houses Principal Financial and Washington Mutual, and the clothing chain Gap.

Consumer spending remained healthy in spite of the recession during the period. Consequently, profits by consumer good companies fell significantly less than company profits in other sectors. The relatively healthy profits were reflected in the share prices of consumer good companies during the first few months of the year. However, consumer-related stocks rose at the start of the second quarter. Holdings of stable consumer stocks were therefore reduced in favour of cash. Holdings of manufacturing stocks were also reduced to an underweight position during the period, by reducing holdings in the large financial and industrial conglomerate General Electric (GE). The reason for this move was a fear that GE's accounting policies would also be questioned. The Sub-Fund was neutrally positioned in the technology sector. However, the risk in this sector was reduced by selling Sun Microsystems, Oracle and Computer Sciences in favour of IBM and Intel. Elsewhere, the Sub-Fund held overweight positions in pharmaceuticals and chemicals.

SEB Lux Equity Fund - UK

The UK developed better than the European markets. The Sub-Fund declined by 10.96 percent if expressed in its base currency during the first half of 2002.

SEB Lux Equity Fund - Japan

The Sub-Fund fell by 5.4 percent over the first six months of the year at the same time as the Sub-Funds’ comparative index fell by 5.6 percent.

Exposure to shares that are sensitive to changes in the economic climate increased during the period. The remaining bank holdings were sold and the Sub-Fund is generally overweighted in electrical equipment, in particular component shares.

Credit Saison was sold following strong development and the position in NTT was reduced. At the same time, the positions in Ricoh and JR East were increased, taking advantage of their short-term weak development.

SEB Lux Equity Fund – Japan Chance/Risk

The Sub-Fund fell by 3.4 percent over the first six months of the year at the same time as the Sub-Funds’ comparative index fell by 5.6 percent.

Exposure to shares that are sensitive to changes in the economic climate increased during the period. The remaining bank holdings were sold and the Sub-Fund is generally overweighted in electrical equipment, in particular component shares.

NTT is the strongest overweighted position. Several existing holdings were sold, including Nomura and Sony. New holdings include Kao and Misumi, which means increased exposure to small companies.

SEB Lux Equity Fund - Wireless Communications

The net asset value per unit fell by 48.3 percent during the period. The Sub-Fund has no benchmark. It has been an unremittingly subdued half-year for the companies involved in wireless communications. The expected upgrading of mobile phones to next generation GPRS phones with the new MMS

14

(Multimedia Messaging Service) has been put off again. This has contributed to expectations of global sales of mobile phones being further revised downward, this time to around 400 million phones in 2002. The heavily indebted telecom operators’ expected investments in new technology and new software solutions to upgrade the networks have once again been postponed. Many telecom operators have established guidelines by which investments may not exceed 12 to 15 percent of sales, which indicates that investment will not gather momentum for several quarters. Some system suppliers in telecoms maintain than they are not reckoning on any improvement in sales before the end of 2003 at the earliest. The Sub-Fund’s return has been favourably affected by its holdings in the giant Japanese telecom operator NTT DoCoMo, the American semiconductor company in wireless communications Skyworks Solutions and by a cash position of just over 8 percent. The companies that affected the return on the Sub-Fund in a negative direction are principally Ericsson, the American semiconductor company RF Micro Devices and Nokia.

Since the beginning of the year, the structure of the Sub-Fund has been changed in a defensive direction. We have expanded our cash position from 3.3 percent at turn of the year to 8.9 percent because the entire wireless communication sector has been characterised by great uncertainty. The large cash position has contributed to the Sub-Fund not having gone down as much as it would have done had it been fully invested. The geographical distribution of shares remains broadly speaking unchanged since the beginning of the year. Around 46 percent of the value of the Sub-Fund is invested in the USA, almost 37 percent in Europe and just over 8 percent in Asia. So far as distribution between industries is concerned, the proportion invested in companies in component manufacturing remains in principle at around 35 percent of the value of the Sub-Fund. The reason is that an ever greater proportion of components is being used in mobile phones, handheld computers and in wireless infrastructure. When wireless communication does show an upturn again, the first positive signals will be seen in the component sector – the first link in the commercial chain. The three biggest holdings in the component sector are Analog Devices, ST Microelectronics and Intersil. Almost 24 percent of the Sub-Fund is invested in communications equipment, where the largest holdings are in Nokia, Cisco Systems and Ericsson. Just under 17 percent of the Sub-Fund is invested in software and service companies, where the biggest holdings are Microsoft, Telelogic and Logica. The telecom operators account for just under 14 percent of the Sub-Fund’s holdings, with Vodafone Group, Verizon Communication and NTT DoCoMo being the biggest.

We have sold the holding in Japan’s Matsushita Communication Industrial and the greater part of the software company Amdocs as the valuations were approaching relatively high levels. We sold the holding in semiconductor Conexant when the company was divided into three and are retaining only Skyworks Solutions, which is oriented towards wireless communication. We elected to realise our profit on the Australian telecom operator Telstra. We sold the holding in the generally oriented telecom operator SBC in order to invest further in the slimmed down world leading mobile operator Vodafone instead. Over the half, we have bought shares in the American communications company Qualcomm, which is primarily known for developing digital CDMA technology. Other investments have been made in the network equipment company Riverstone Networks and Ericsson.

SEB Lux Equity Fund - Opportunity Europe

SEB Lux Equity Fund - Opportunity Europe fell by 16.4 percent during the period. The Sub-Funds’ comparison index dropped by 17 percent in the same period. SEB Lux Equity Fund - Opportunity Europe has performed a little better than its benchmark index, mainly because we have used the opportunity to keep some of the assets in cash, instead of shares and derivative instruments.

We deal in shares, share options and other derivative instruments on the European stock markets. The Sub-Funds’ strategy is to use the lever effect in share options to try and obtain a higher yield. This means that the risk is substantially higher than normal, but also makes it possible to obtain a considerably higher yield in an ascending market. Important keywords for the Sub-Fund is speed and direction in the underlying market. The direction must be positive, but at the same time it is important for the speed to be sufficiently high to compensate for time value loss in the option holding. At mid-year the proportion of shares in SEB Lux Equity Fund - Opportunity Europe was 57 percent and liquid assets 43 percent. The distribution between shares, options and cash is changing constantly with the market. During the past half-year option holdings and the lever have gradually gone down, due to falling prices.

Outlook

The Sub-Funds continue to have a composition, which would benefit from a recovery in the world economy and company profits in 2002-2003. Many problems should now be behind us. In 2000 the IT and telecom bubble burst, in 2001 the financial markets were affected by the terrorist attacks and this year has been characterised by problems with company’s accounting practices. At the same time, Ericsson is carrying out Sweden’s biggest ever new share issue. Much of the anxiety, which has

15

followed these events can already be seen in current share prices. A return to a more normal situation would probably involve significantly higher stock market prices. The big price falls have also resulted in a situation where the expected future yield on shares exceeds the expected yield on bonds, even with cautious profit forecasts. Current share prices should therefore withstand downwards adjustment of profit expectations this year.

After the dramatic fall in the last quarter, it will probably take time to establish a firm basis for a long and enduring upward trend. The market will therefore probably swing relatively markedly in both directions but is likely to finish the year at higher levels than at mid-year. However, this assumes that the economy will continue to strengthen and that companies’ profits will take a serious turn for the better.

Economic forecasts indicate modest growth in 2002. A growth-oriented economic policy, with high levels of debt, high energy prices and wage restraint, lead us to predict a modest increase in consumer spending. Over capacity and weak growth in profits indicate a weak upturn in the investment cycle, but accelerating growth in 2003. The cyclical recovery will lead to:1) Productivity improvements and potential for growth in profits2) A change in market focus from short-term profit issues to future growth3) A switch in monetary policy from growth-oriented to neutral, i.e. increased base rates4) Higher bond rates5) An increase in the value of shares in relation to bonds.

In the short term, new share issues and further accounting scandals will continue to pose a risk to the stock market, which may lead to declining confidence in the markets and further pressure to sell.

Market interest rates are somewhat low, considering the strength of the ongoing recovery in the world economy. Low rates may be justified for some time to come, owing to the risk of more bad news concerning terrorist threats or companies with accounting irregularities. These fears are likely to subside as the economy grows stronger, which will probably lead to higher interest rates in the second half of the year, primarily on long-term bonds. The level should rise modestly, and an increase of 0.5–0.8 percentage points will ensure that interest rates in the bond market become attractive once again.

Market prospects for the second half of the year are relatively uncertain. What is certain is that the valuation excesses that existed at the time of the stock exchange peak in March 2000 have now been largely erased. However, the problem is that the market is still faced with a number of tricky questions.

How strong will the US economic recovery be, bearing in mind the over-investment and over-consumption that we saw in the second half of the 1990s? The main scenario is that the recovery will be very moderate, seen from a historical perspective.

How will companies’ profits develop in an environment characterised by low inflation and low nominal growth? There is large uncertainty around, but investors should probably go for relatively moderate profit increases in the future.

Finally, we have to mention the uncertainty about reported profits. In light of the latest accounting scandals, new cases of irregularities can unfortunately not be ruled out. This means a danger of falling confidence in the financial markets.

We are cautiously optimistic about market prospects in the slightly longer term. On the one hand, most macroeconomic indicators suggest that the economy has turned the corner, implying a steady rise in share prices during the autumn. On the other hand, some would argue that the turnaround is only temporary, and that we shall experience what is known as a double dip. This means that the economy, after picking up, again falls into a period of negative growth. There are good reasons why the economy often behaves like this. As the economy emerges from the first downturn, companies substantially increase production to compensate for a period when their stocks of goods declined sharply. However, with the recession fresh in their minds, companies tend to be intolerant of variations in demand. Variations of this kind are normal, but companies often respond with cuts in production and cost savings, pushing the economy into another downturn. In our main scenario, however, we are looking to the future with some confidence. Companies have adapted their cost structure to more normal growth rates. Meanwhile, tax cuts and lower interest rates have given consumers more disposable income, despite the falling stockmarket. In the longer term, the increase in demand should filter through to industry, which will respond by increasing production. Coupled with a lower cost base, this will create excellent conditions for improved profitability. Good profitability leads to new investment, which in turn drives economic recovery.

16

Assuming that our main scenario becomes reality, profits should steadily improve. In the long term, however, we cannot expect to see the same growth in profits that we enjoyed in the second half of the 1990s. Unfortunately, lower profit growth also means lower returns on company shares.

This applies particularly when interest rates are low, since the scope for higher price-earnings (P/E) ratios is then limited. P/E ratios are essentially governed by the market's required returns; in other words, low interest rates produce high P/E ratios and vice versa.

As a consequence of economic recovery, profits in the cyclical parts of the economy rise faster than those in the more stable areas. The simple conclusion is therefore that, in times of recovery, stable growth companies should be sold in favour of cyclical shares. To complicate matters, however, many of the cyclical sectors suffer from relatively high valuations. The most reasonable type of exposure in the current situation is therefore selected cyclical companies combined with attractively valued growth companies. There are also many signs that small and medium-sized companies will continue to outperform the market as a whole. The explanation for this is that share prices over the next few years will, in all probability, be driven by profit growth rather than multiple expansion (higher P/E ratios). As small companies are expanding from a smaller base, they can be expected to grow faster than large companies. Small and medium-sized companies are also generally valued lower than large companies, although the difference has been reduced markedly. However, it is conceivable that an autumn recovery on the stockmarket will be driven primarily by larger companies, since they have fallen considerably further. Moreover, large companies are generally more transparent than smaller ones, which is why they are often the first to attract new investments.

The forecasts for the European economy indicate moderate growth in 2002. Growth is boosted by lowered interest rates and taxes, but a high level of indebtedness, high energy prices and a toning-down of salary increases are slowing factors. This also means a forecast for a moderate increase in private consumption. Low capacity utilisation and poor profitability make us believe there will be a limited improvement in the level of investment activity, but that growth will pick up in 2003.

Europe has been spared from any major accounting scandals so far. There was some speculation about companies such as Vodafone, Deutsche Telekom, WPP and Vivendi Universal. However, it has not been possible to prove anything. In the short term, the need for capital (new share issues) from companies and further accounting scandals continue to represent a risk for the stock exchange. This may cause diminishing confidence in the stock markets and result in more pressure to sell. In turn, this may result in a decline in the growth potential of the US economy and a further weakening of the dollar. This will make export to the USA difficult and will stifle economic expansion in Europe. Companies such as Ericsson have already announced new share issues and the market still believes that companies such as France Telecom can be forced to the market. Europe has also seen more compulsory sales from insurance companies than has the USA.

Despite the fact that the European markets are reasonably valued, we are still a little cautious about market trends in the short term. Confidence in the stock exchanges needs to recover and there must be a clear improvement in the economic situation. On a more long-term basis, however, there is every prospect of a good yield.Thanks to restructuring in Japanese companies in recent years, even a small increase in sales brings major improvements to results. The domestic economy is thought to have bottomed out. However, there is growing concern about the weak dollar. Low US demand compared with that expected may also have a negative effect on the Japanese economy. The key players in the Japanese market are still foreign investors. Their willingness to increase exposure to Japan is restricted by the weak development of the domestic markets. Japanese companies increased repurchase of own shares considerably, reducing market supply a little. This is not only positive for short-term price movements, but may also result in companies managing their assets more effectively in the long term.

We are optimistic about the question of medium and long-term prospects for Asian shares. When confidence in a global recovery increases, capital is expected to come to the region from international investors. This is dependent upon investors wanting to benefit from the fact that many Asian companies are very positively affected by an economic recovery. We also believe that when the region’s domestic confidence improves, local investors will move capital from low-earning bank accounts to the stock markets.

Asian companies made considerable structural improvements, which may warrant further upgrading. The transfer from investment-controlled growth to consumption-controlled growth should result in much higher return on capital employed. Together with improved management of companies, this gives room for optimism for the region’s long-term opportunities. In the short term, however, Asian shares continue to be sensitive to negative news from the USA.

17

We believe there will be a resumption in companies’ investment in information technology beginning in the second half of 2002 and during 2003 since the economy is expected to improve. Stronger demand for IT products and services is necessary if technology shares are to achieve more positive growth. There have been great hopes of a turnaround but, at the same time, companies (the technology companies customers) have been cutting their budgets over the last year. Because companies’ cash flows are expected to improve this year and next, we believe that this will lead to something of a recovery so far as strategically important information technology projects that have been put off into the future are concerned. There is a close connection between investments and cash flow. The fourth quarter of the year is the strongest for purchases of IT products, partly because of the budgeting process within companies and partly because consumers often buy new products as part of the Christmas trade. The reports from the second quarter, which affect the immediate future, will unfortunately probably contain a great many disappointments. However, we expect some stabilisation during the third quarter and a stronger recovery during the last. For the 196 technology companies we track, we are forecasting a fall in sales of 5 percent this year and an increase of 13 percent in 2003. Profits are expected to fall this year but next year to increase strongly from a low level. On next year’s profits, the entire IT sector is valued at a P/E ratio of 23, which is a relatively attractive valuation historically speaking.

However, there continues to be great uncertainty about the strength of the economic recovery and the growth of profits. Distrust of the stock market and its players has also increased substantially in connection with the recent exposure of accounting swindles and aggressive accounting practices in a number of American companies. At present, this is the single most negative factor for an increase in share prices. It is more or less well known on the market that companies will be announcing poor figures but if new accounting offenders turn up, this will be unequivocally interpreted as negative. Technology companies have also been affected since option programmes are extensive while reporting of income and expenses gives plenty of room for interpretation. However, a great many companies have opted within US GAAP (Generally Accepted Accounting Principles) to exploit the opportunities that are to make the figures better than they really are and in this way try to increase their own company's stock exchange value. However, the psychological effect of this phenomenon on the market has possibly reached its peak.

In our main scenario, we envisage a slow economic recovery ahead. Seen in fundamental terms, the energy sector is felt to be the most uncertain, at least in the short term, while the prospects for the metal and forestry industries are somewhat more promising. There is much to suggest that the demand for metals has reached a turning point. Since the middle of the first quarter of 2002, the number of orders has increased appreciably and has reached the majority of the world’s markets. The increased demand, in combination with significantly lower stocks than has been normal in the case of previous turnarounds, vouches for a marked increase in prices over the next year. Nickel and aluminium will probably lead the price recovery. Volumes in the forestry sector have slowly crept higher at the same time as the prices per volume unit have risen too. May and June saw a downturn in prices in the energy sector. Unusually large stocks mean that the price of oil may well fall in the short term, which was reflected in the share prices. The tense situation in the Middle East also suggests that we will see extreme fluctuations in the price of oil in the near future. However, in the slightly longer term, the economic recovery should lead to a higher demand for oil, which in turn means higher oil prices.

August 12, 2002THE BOARD OF DIRECTORS

NOTE : Performances mentioned in this report are historical and are not indicative of future results.

18

SEB Lux Equity Fund - InternationalSCHEDULE OF INVESTMENTS AS AT

June 30, 2001

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVUSD %

AUSTRALIA

7'001 Australian Stock Exchange 52'667 0.1241'451 BHP Billiton 239'687 0.5418'000 Lend Lease Corp 106'509 0.24

TOTAL AUSTRALIA 398'863 0.90

BELGIUM

22'270 Fortis 476'827 1.085'200 Interbrew 149'290 0.34

TOTAL BELGIUM 626'116 1.42

CANADA

4'250 Alcan Inc 161'237 0.36TOTAL CANADA 161'237 0.36

CHINA

48'500 CNOCC 64'978 0.1580'000 Cosco Pacific 63'590 0.14

TOTAL CHINA 128'567 0.29

FINLAND

9'852 Nokia 144'196 0.3326'160 Stora Enso R 366'607 0.83

TOTAL FINLAND 510'804 1.16

FRANCE

5'714 Aventis 404'896 0.9219'500 Credit Agricole SA 433'310 0.98

4'360 Schneider Electronics 234'458 0.536'777 Société Générale 446'421 1.014'900 Suez 130'659 0.304'806 Total Fina Elf 780'309 1.76

TOTAL FRANCE 2'430'053 5.50

GERMANY

1'083 Allianz Holding Reg 218'674 0.499'170 Daimler-Chrysler 445'026 1.016'575 E.ON 381'491 0.86

803 Muenchener Rueckversicherung Reg 190'330 0.431'051 SAP ord 103'018 0.234'224 Siemens 253'551 0.572'940 Street Tracks MSCI Europe Industrials 152'146 0.34

19

TOTAL GERMANY 1'744'237 3.93

20

SEB Lux Equity Fund - InternationalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

GREECE

15'400 Hellenic Telecommun Organiza 243'345 0.55TOTAL GREECE 243'345 0.55

HONG KONG

80'000 Li & Fung 107'692 0.24TOTAL HONG KONG 107'692 0.24

NETHERLANDS

9'040 Ahold Koninklijke 190'164 0.439'008 Intl Nederlanden Groep 231'304 0.52

TOTAL NETHERLANDS 421'468 0.95

SINGAPORE

29'970 Development Bank of Singapore 210'340 0.48TOTAL SINGAPORE 210'340 0.48

SPAIN33'810 Banco Santander Central Hispano 268'462 0.61

TOTAL SPAIN 268'462 0.61

SWEDEN9'850 Assa Abloy B 138'793 0.31

34'200 Skandia 155'548 0.35TOTAL SWEDEN 294'340 0.66

SWITZERLAND

4'760 CS Group Reg 151'119 0.341'765 Nestle Reg 411'513 0.93

13'340 Novartis Reg 586'644 1.331'570 Swatch Group 139'774 0.32

TOTAL SWITZERLAND 1'289'050 2.92

UNITED KINGDOM

3'440 Astrazeneca 142'416 0.3246'010 Barclays 387'134 0.88

123'770 British Petroleum 1'039'531 2.3513'110 Diageo 170'260 0.39

4'940 GlaxoSmithkline 106'776 0.2430'376 Pearson 302'121 0.6810'118 Shell Transport & Trading 76'343 0.17

274'245 Vodafone Group 376'228 0.85TOTAL UNITED KINGDOM 2'600'810 5.88

UNITED STATES

5'660 Alcoa 187'629 0.425'960 American Express 216'467 0.493'798 American Intl Group 259'138 0.59

21

2'650 Anadarko Petroleum 130'645 0.30

22

SEB Lux Equity Fund - InternationalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

7'111 Anheuser-Busch 355'550 0.803'182 Applied Materials 60'522 0.149'715 Bank of America 683'547 1.554'770 Bank of New York 160'988 0.363'830 Bristol Myers Squibb 98'431 0.221'250 Cardinal Health 76'763 0.174'405 Carnival Corp 121'974 0.282'601 ChevronTexaco Corp 230'189 0.52

23'362 Cisco Systems 325'900 0.7417'229 Citigroup 667'624 1.51

6'253 Duke Energy 194'468 0.442'010 Electronic Data Systems 74'672 0.17

15'556 Exxon Mobil 636'552 1.445'852 Fannie Mae 431'585 0.98

19'890 Ford Motor 318'240 0.7210'470 Gap 148'674 0.3422'874 General Electric 664'490 1.5011'340 General Motors Hughes 117'936 0.27

1'810 Guidant 54'716 0.122'380 Hewlett-Packard 36'366 0.089'071 Home Depot 333'178 0.759'730 Honeywell Intl 342'788 0.785'692 IBM 409'824 0.933'960 Ingersoll Rand 180'814 0.41

18'110 Intel 330'870 0.753'150 Johnson & Johnson 164'619 0.378'261 Metlife 237'917 0.54

12'714 Microsoft 695'456 1.5717'302 Oracle 163'850 0.37

7'444 Pepsico 358'801 0.8125'768 Pfizer 901'880 2.04

2'638 Pharmacia Corporation 98'793 0.226'191 Procter & Gamble 552'856 1.25

15'190 SBC Communications 463'295 1.056'330 St. Paul 246'364 0.565'883 Target 224'142 0.514'791 Texas Instruments 113'547 0.265'321 Transocean Sedco Forex 165'749 0.374'743 United Technologies 322'050 0.732'500 UnitedHealth Group 228'875 0.52

12'924 Verizon Communications Inc 518'899 1.1711'651 Walmart Stores 640'920 1.4510'098 Washington Mutual 374'737 0.85

3'478 Wyeth 178'074 0.40TOTAL UNITED STATES 14'501'359 32.81TOTAL SHARES 25'936'742 58.66

23

SEB Lux Equity Fund - InternationalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

(b) INVESTMENT TRUSTS

UNITED STATES

7'499 iShares DJ US Consumer Cyclic 373'075 0.845'000 Ishares DJ US Industrial 215'250 0.49

22'400 S&P Basic Industries SPDR Fund (XLB) 519'456 1.17TOTAL UNITED STATES 1'107'781 2.50TOTAL INVESTMENT TRUSTS 1'107'781 2.50

(c) BONDS

NOMINAL VALUE

DESCRIPTION INTERESTRATE

MATURITYDATE

MARKET VALUE

NAV

% USD %DENOMINATED IN CANADIAN DOLLARS

70'000 Canada 5.000 040901 46'924 0.11140'000 Canada 5.500 090601 93'447 0.21

90'000 Canada 6.000 110601 61'528 0.14200'000 Canada 7.250 070601 144'944 0.33

80'000 Canada 8.000 230601 66'193 0.15TOTAL CAD 413'037 0.94

DENOMINATED IN DANISH KRONER

280'000 Denmark 7.000 241110 44'733 0.10640'000 Denmark 8.000 030515 87'918 0.20

1'100'000 Denmark 8.000 060315 162'079 0.37TOTAL DKK 294'730 0.67

DENOMINATED IN EURO

150'000 Belgium 4.750 060928 149'177 0.34530'000 Belgium 5.000 110928 518'822 1.17320'000 Belgium 7.250 040429 333'948 0.76580'000 Belgium 8.000 150328 714'996 1.62

80'000 Belgium 8.500 071001 92'651 0.21650'000 France OAT 6.500 061025 691'870 1.56100'000 France OAT 7.500 061025 107'276 0.24130'000 Germany 5.250 080104 132'434 0.30222'500 Germany 6.500 270704 254'853 0.58260'000 Germany 7.375 050103 276'250 0.62285'000 Italy BTPS 4.000 040715 281'590 0.64

50'000 Italy BTPS 5.000 120201 48'911 0.11390'000 Netherlands 5.500 100715 398'452 0.90130'000 Spain 3.000 030131 128'003 0.29

50'000 Spain 4.000 100131 46'308 0.10410'000 Spain 6.000 080131 429'648 0.97

TOTAL EUR 4'605'189 10.41

24

SEB Lux Equity Fund - InternationalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

DENOMINATED IN POUND STERLING

80'000 UK Treasury Bond 5.750 091207 127'128 0.2960'000 UK Treasury Bond 6.250 101125 98'839 0.22

230'000 UK Treasury Bond 8.000 130927 439'726 0.99TOTAL GBP 665'693 1.50

DENOMINATED IN JAPANESE YEN

20'000'000 Austria 4.500 050928 190'490 0.4345'000'000 European Investment Bank 2.125 070920 410'506 0.9364'000'000 European Investment Bank 3.000 060920 596'325 1.3580'000'000 KFW International Finance 1.000 041220 683'000 1.5475'000'000 KFW International Finance 2.050 090921 685'365 1.5560'000'000 Spain 4.750 050314 563'660 1.27

TOTAL JPY 3'129'344 7.07

DENOMINATED IN US DOLLAR

690'000 Asian Development Bank 6.125 040309 725'535 1.64450'000 Asian Development Bank 6.750 070611 494'820 1.12

80'000 European Investment Bank 7.250 050615 87'576 0.20270'000 US Treasury Bond 5.000 110215 274'601 0.62

80'000 US Treasury Bond 5.500 080215 85'029 0.19170'000 US Treasury Bond 5.625 021231 173'314 0.39

50'000 US Treasury Bond 6.125 070815 54'510 0.12150'000 US Treasury Bond 6.375 270815 163'712 0.37

80'000 US Treasury Bond 6.750 050515 87'316 0.20520'000 US Treasury Bond 7.125 230215 612'056 1.38270'000 US Treasury Bond 7.500 161115 325'223 0.74

TOTAL USD 3'083'691 6.97TOTAL BONDS 12'191'68

427.56

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

39'236'207

88.72

B) OTHER SECURITIES

INVESTMENT FUNDS

SWEDEN133'412 SEB Europeiska Småbolagsfond 219'396 0.50

TOTAL SWEDEN 219'396 0.50TOTAL OTHER SECURITIES 219'396 0.50TOTAL PORTFOLIO 39'455'604 89.22

(PORTFOLIO AT COST USD:41'010'982)

25

The accompanying notes are an integral part of these financial statements.

26

SEB Lux Equity Fund - InternationalSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets USD

Portfolio at Cost 41'010'982

Unrealised Depreciation (1'555'378)

Portfolio at Market Value (Note 2) 39'455'604

Cash at Banks 4'411'480

Other Assets 806'314

Total Assets 44'673'398

Total Liabilities 462'802

TOTAL NET ASSETS 44'210'596

SEB Lux Equity Fund - InternationalSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets USD

As at June 30, 2002 44'210'596As at December 31, 2001 49'226'535As at December 31, 2000 66'374'136As at December 31, 1999 88'727'083

A Units B UnitsNumber of Units Outstanding as at June 30, 2002

1'987'003.393 324'699.012

Net Asset Value per Unit A Unit B UnitUSD USD

As at June 30, 2002 19.8552 14.6531As at December 31, 2001 21.1218 15.7209As at December 31, 2000 25.8547 19.4073As at December 31, 1999 30.8345 23.3751

Dividend Paid2002 Nil 0.12562001 Nil 0.16412000 Nil 0.22241999 Nil 0.2325

The accompanying notes are an integral part of these financial statements.

27

SEB Lux Equity Fund - Natural ResourcesSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVUSD %

ELECTRICAL COMPONENTS

3'900 SGL Carbon 69'907 2.75TOTAL ELECTRICAL COMPONENTS 69'907 2.75

ENERGY, WATER UTILITIES

3'642 British Petroleum ADR 183'885 7.231'480 Eni ADR 118'400 4.665'056 Exxon Mobil 206'892 8.143'610 Royal Dutch Petroleum ADR 199'525 7.851'146 Total Fina Elf 186'066 7.32

TOTAL ENERGY, WATER UTILITIES 894'767 35.20

MINES & FEROUS METALS

5'300 Anglo American 88'140 3.4740'000 Nippon Steel 62'406 2.45

3'300 Voest-Alpine AG 107'876 4.24TOTAL MINES & FEROUS METALS 258'422 10.16

MINES, NON FEROUS METALS

2'280 Alcan Inc 86'499 3.402'690 Alcoa 89'174 3.516'020 Freeport McMoran Copper & Gold B 107'457 4.233'200 Inco 71'852 2.83

43'000 MIM Holdings 31'382 1.2312'000 Mitsubishi Materials 23'828 0.94

1'520 Pechiney A 69'428 2.73TOTAL MINES, NON FEROUS METALS 479'620 18.87

MINES PRECIOUS METALS AND STONES

3'480 Barrick Gold 65'966 2.5926'000 Newcrest Mining 110'641 4.35

TOTAL MINES PRECIOUS METALS AND STONES

176'607 6.94

PAPER AND FOREST PRODUCTS

5'700 Abitibi-Consolidated 52'544 2.071'300 Aracruz Celulose ADR 26'000 1.023'700 Domtar 43'182 1.704'320 Georgia Pacific 106'186 4.18

230 Holcim 52'775 2.08

28

SEB Lux Equity Fund - Natural ResourcesSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

1'220 Intl Paper 53'168 2.091'920 Meadwestvaco Corp 64'435 2.53

11'500 M-Real B 111'189 4.377'200 Stora Enso R 100'901 3.97

TOTAL PAPER AND FOREST PRODUCTS 610'379 24.01TOTAL SHARES 2'489'702 97.93TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 2'489'702 97.93

TOTAL PORTFOLIO 2'489'702 97.93(PORTFOLIO AT COST USD:2'059'537)

The accompanying notes are an integral part of these financial statements.

29

SEB Lux Equity Fund - Natural ResourcesSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets USD

Portfolio at Cost 2'059'537

Unrealised Appreciation 430'165

Portfolio at Market Value (Note 2) 2'489'702

Cash at Banks 74'837

Other Assets 506

Total Assets 2'565'045

Total Liabilities 22'702

TOTAL NET ASSETS 2'542'343

SEB Lux Equity Fund - Natural ResourcesSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets USD

As at June 30, 2002 2'542'343As at December 31, 2001 2'347'820As at December 31, 2000 2'519'480As at December 31, 1999 3'622'008

A Units

Number of Units Outstanding as at June 30, 2002 1'552'243.121

Net Asset Value per Unit A UnitUSD

As at June 30, 2002 1.6378As at December 31, 2001 1.4461As at December 31, 2000 1.4730As at December 31, 1999 1.6382

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

30

SEB Lux Equity Fund - JapanSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVJPY %

AGRICULTURAL PRODUCTS

14'000 Ajinomoto 18'004'000 0.62TOTAL AGRICULTURAL PRODUCTS 18'004'000 0.62

BUILDINGS & BUILDING MATERIAL

4'600 Komeri 16'054'000 0.5624'000 Nippon Comsys 15'936'000 0.55

TOTAL BUILDINGS & BUILDING MATERIAL 31'990'000 1.11

CAR COMPONENTS

18'000 NGK Spark Plug 16'362'000 0.57TOTAL CAR COMPONENTS 16'362'000 0.57

CHEMICALS

44'000 Kaneka 36'740'000 1.2838'000 Kuraray 29'830'000 1.0439'000 Sumitomo Bakelite 33'891'000 1.1825'000 Takeda Chemical 131'500'000 4.56

107'000 Teijin 43'656'000 1.52TOTAL CHEMICALS 275'617'00

09.58

CONSUMER GOODS

8'000 Canon 36'240'000 1.2639'000 Fujitsu 32'604'000 1.13

5'000 Kao 13'800'000 0.4849'000 Ricoh 101'675'000 3.53

9'500 World 33'725'000 1.17TOTAL CONSUMER GOODS 218'044'00

07.57

ELECTROTECHNICAL, ELECTRONICS

21'000 Furukawa Electric 9'639'000 0.3310'300 Hakuto Co 16'068'000 0.56

2'600 Hirose Electric 27'170'000 0.9480'000 Hitachi 62'000'000 2.15

970 Keyence Corp 24'628'300 0.8561'000 Matsushita Electric 99'735'000 3.4610'300 Murata 77'662'000 2.7020'000 Omron 34'420'000 1.19

4'600 Rohm 81'420'000 2.8314'400 Sony Corp 91'152'000 3.16

31

63'000 Sumitomo Electric Industries 52'353'000 1.8216'000 Ushio 22'784'000 0.79

TOTAL ELECTROTECHNICAL, ELECTRONICS 599'031'300

20.78

32

SEB Lux Equity Fund - JapanSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

ENERGY, WATER UTILITIES

26'000 Tokyo Electric Power 64'090'000 2.22TOTAL ENERGY, WATER UTILITIES 64'090'000 2.22

FINANCIAL COMPANIES

2'400 Aeon Credit Service 17'184'000 0.6039'000 Nomura Holdings Inc 68'640'000 2.38

8'000 Promise 48'320'000 1.68TOTAL FINANCIAL COMPANIES 134'144'00

04.66

INDUSTRIAL COMPANIES4'000 Daikin Industries 8'780'000 0.30

30'600 Mirai Industry 24'786'000 0.861'200 SMC 17'004'000 0.593'300 Trusco Nakayama 5'214'000 0.18

TOTAL INDUSTRIAL COMPANIES 55'784'000 1.93

INSURANCE COMPANIES

56 Millea Holdings 55'104'000 1.9192'000 Sompo Japan Insurance 67'528'000 2.34

TOTAL INSURANCE COMPANIES 122'632'000

4.25

LEISURE & TOURISME COMPANIES

4'900 Sankyo Co 14'798'000 0.51TOTAL LEISURE & TOURISME COMPANIES 14'798'000 0.51

MASSMEDIA

1'660 Nippon Television Network 44'388'400 1.54TOTAL MASSMEDIA 44'388'400 1.54

MOVIES & ENTERTAINMENT

2'000 TOHO 2'748'000 0.1018'000 TOHO New 24'732'000 0.86

TOTAL MOVIES & ENTERTAINMENT 27'480'000 0.96

PAPER AND FOREST PRODUCTS

106 Nippon Unipac Hldg 78'652'000 2.7337'000 Oji Paper 25'345'000 0.88

TOTAL PAPER AND FOREST PRODUCTS 103'997'000

3.61

PETROLEUM

18'000 Nippon Mitsubishi Oil 11'160'000 0.3973'000 Showa Shell Sekiyu 50'881'000 1.77

TOTAL PETROLEUM 62'041'000 2.16

33

PHARMACEUTICALS AND COSMETICS

7'000 Daiichi Pharmaceutical 15'330'000 0.534'500 Sundrug 23'850'000 0.83

27'000 Yamanouchi Pharmaceutical 83'970'000 2.91TOTAL PHARMACEUTICALS AND COSMETICS 123'150'00

04.27

34

SEB Lux Equity Fund - JapanSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

PHOTOGRAPHIC AND OPTICS

21'000 Fuji Photo Film 81'270'000 2.82TOTAL PHOTOGRAPHIC AND OPTICS 81'270'000 2.82

PUBLISHING & PRINTING

50'000 Toppan Printing 62'300'000 2.16TOTAL PUBLISHING & PRINTING 62'300'000 2.16

REAL ESTATE

22'000 Daiwa House Industry 16'126'000 0.56TOTAL REAL ESTATE 16'126'000 0.56

ROAD VEHICLES

3'100 Mabuchi Motor 36'611'000 1.2741'900 Toyota Motor 133'242'000 4.62

TOTAL ROAD VEHICLES 169'853'000

5.89

RUBBER AND TIRES

51'000 Bridgestone 84'150'000 2.92TOTAL RUBBER AND TIRES 84'150'000 2.92

TELECOMMUNICATIONS

157 Nippon Telegraph & Telephone 77'401'000 2.6966 NTT DoCoMo 19'470'000 0.6872 NTT DoCoMo NEW 21'240'000 0.74

TOTAL TELECOMMUNICATIONS 118'111'000

4.11

TRADING COMPANIES3'000 Misumi 12'870'000 0.45

41'000 Mitsubishi 35'547'000 1.23144'000 Mitsui & Co 115'488'000 4.01

TOTAL TRADING COMPANIES 163'905'000

5.69

TRANSPORTERS AND CARRIERS

233 East Japan Railway 130'713'000 4.5456 West Japan Railway 27'104'000 0.94

TOTAL TRANSPORTERS AND CARRIERS 157'817'000

5.48

TOTAL SHARES 2'765'084'700

95.97

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 2'765'084'7

0095.97

B) OTHER SECURITIESINVESTMENT FUNDS

35

LUXEMBOURG1'974'00

0SISF Japanese Smaller Fund 115'992'240 4.03

TOTAL LUXEMBOURG 115'992'240

4.03

TOTAL INVESTMENT FUNDS 115'992'240

4.03

TOTAL OTHER SECURITIES 115'992'240

4.03

TOTAL PORTFOLIO 2'881'076'940

100.00

(PORTFOLIO AT COST JPY:3'216'129'500)The accompanying notes are an integral part of these financial statements.

36

SEB Lux Equity Fund - JapanSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets JPY(000)

Portfolio at Cost 3'216'130

Unrealised Depreciation (335'053)

Portfolio at Market Value (Note 2) 2'881'077

Cash at Banks 0

Other Assets 16'637

Total Assets 2'897'714

Total Liabilities 16'620

TOTAL NET ASSETS 2'881'094

SEB Lux Equity Fund - JapanSTATISTICAL INFORMATION

As at June 30, 2002

JPYTotal Net Assets (000)

As at June 30, 2002 2'881'094As at December 31, 2001 3'328'466As at December 31, 2000 7'114'621As at December 31, 1999 13'190'781

A UnitsNumber of Units Outstanding as at June 30, 2002 44'012'617.740

A UnitNet Asset Value per Unit JPY

As at June 30, 2002 65.4606As at December 31, 2001 66.3191As at December 31, 2000 80.9725As at December 31, 1999 106.9132

Dividend Paid NIL

The accompanying notes are an integral part of these financial statements.

37

SEB Lux Equity Fund - United KingdomSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVGBP %

BANKS, SAVINGS AND LOANS

107'760 Barclays 594'835 7.3550'848 HSBC Holding 383'648 4.7442'700 Lloyds Tsb 278'831 3.4425'709 Royal Bank of Scotland 478'187 5.91

TOTAL BANKS, SAVINGS AND LOANS 1'735'502

21.44

BUILDINGS & BUILDING MATERIAL

24'290 Hanson 113'799 1.41TOTAL BUILDINGS & BUILDING MATERIAL 113'799 1.41

DEPARTMENT STORES, RETAIL TRADE

50'676 Marks & Spencer 188'895 2.3318'520 Next 172'606 2.1384'820 Tesco Ord 202'296 2.50

TOTAL DEPARTMENT STORES, RETAIL TRADE 563'797 6.96

ELECTROTECHNICAL, ELECTRONICS

28'330 ARM Holdings 41'362 0.51TOTAL ELECTROTECHNICAL, ELECTRONICS 41'362 0.51

ENERGY144'946 British Petroleum 798'652 9.86105'000 Centrica 213'150 2.63

81'030 Shell Transport & Trading 401'099 4.95TOTAL ENERGY 1'412'90

117.44

FINANCIAL SERVICE PROVIDERS

85'100 Hilton Group 194'241 2.40TOTAL FINANCIAL SERVICE PROVIDERS 194'241 2.40

FOODSTUFFS, BEVERAGES

27'130 Diageo 231'148 2.8513'801 Unilever 82'530 1.02

TOTAL FOODSTUFFS, BEVERAGES 313'678 3.87

INDUSTRIAL COMPANIES

24'060 3i Group 164'691 2.0351'000 Chubb 80'325 0.9919'300 Smiths Group 164'436 2.03

38

TOTAL INDUSTRIAL COMPANIES 409'452 5.05

39

SEB Lux Equity Fund - United KingdomSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

INSURANCE COMPANIES

13'850 CGNU 73'059 0.90149'900 Legal & General 195'994 2.42

TOTAL INSURANCE COMPANIES 269'053 3.32

IT CONSULTING SERVICES

17'100 Logica 34'200 0.42TOTAL IT CONSULTING SERVICES 34'200 0.42

MASSMEDIA

14'487 Pearson ord 94'528 1.1719'040 Reed Elsevier 118'714 1.4724'950 United Business Media 108'533 1.34

TOTAL MASSMEDIA 321'775 3.98

MINING AND STEEL INDUSTRY

27'590 Anglo American 301'007 3.729'460 CRH 101'131 1.257'546 Rio Tinto 90'778 1.12

TOTAL MINING AND STEEL INDUSTRY 492'917 6.09

PHARMACEUTICALS AND COSMETICS

11'957 Astrazeneca 324'752 4.0146'357 GlaxoSmithkline 657'342 8.12

TOTAL PHARMACEUTICALS AND COSMETICS 982'094 12.13

RESTAURANTS

19'600 Compass Group 78'008 0.96TOTAL RESTAURANTS 78'008 0.96

SPECIAL SERVICE COMPANIES

20'950 HBOS 148'745 1.8410'170 WPP Group 56'342 0.70

TOTAL SPECIAL SERVICE COMPANIES 205'087 2.54

TELECOMMUNICATIONS

64'780 BT Group 163'246 2.02591'407 Vodafone Group 532'266 6.57

TOTAL TELECOMMUNICATIONS 695'512 8.59TOTAL SHARES 7'863'37

597.11

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 7'863'37

597.11

TOTAL PORTFOLIO 7'863'375

97.11

40

(PORTFOLIO AT COST GBP:8'389'179)

The accompanying notes are an integral part of these financial statements.

41

SEB Lux Equity Fund - United KingdomSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets GBP

Portfolio at Cost 8'389'179

Unrealised Depreciation (525'804)

Portfolio at Market Value (Note 2) 7'863'375

Cash at Banks 237'334

Other Assets 172'322

Total Assets 8'273'031

Total Liabilities 175'761

TOTAL NET ASSETS 8'097'270

SEB Lux Equity Fund - United KingdomSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets GBP

As at June 30, 2002 8'097'270As at December 31, 2001 12'038'350As at December 31, 2000 25'314'140As at December 31, 1999 33'075'046

A Units

Number of Units Outstanding as at June 30, 2002 3'349'168.652

Net Asset Value per Unit A UnitGBP

As at June 30, 2002 2.4176As at December 31, 2001 2.7152As at December 31, 2000 3.2955As at December 31, 1999 3.4996

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

42

SEB Lux Equity Fund - NordicSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVUSD %

DENMARK

2'002 Carlsberg B 104'865 0.41163 D/S 1912 B 1'224'358 4.76

6'250 Danisco 228'499 0.8939'900 Danske Bank 734'675 2.86

3'647 Group 4 Falck 126'061 0.499'740 Lundbeck 257'682 1.00

26'754 Nordea Copenhagen GDR 145'829 0.5716'880 Novo-Nordisk B 558'784 2.1723'180 TDC 640'987 2.49

1'500 TopDanmark A/S 46'863 0.189'850 Vestas Wind Systems 267'140 1.04

TOTAL DENMARK 4'335'744 16.86

FINLAND18'963 Elisa Communication 135'777 0.53

8'670 Finnlines 226'050 0.8824'700 Fujitsu Invia 73'181 0.28

6'040 Huhtamäki I 274'335 1.079'520 Konecranes 319'666 1.24

140'090 Nokia 2'050'390 7.9776'785 Nordea FDR 417'081 1.62

145'525 Sonera 553'324 2.1511'930 UPM-Kymmene 469'633 1.8320'170 Uponor 418'318 1.63

TOTAL FINLAND 4'937'755 19.20

NORWAY7'425 Concept ESolutions ASA 297 0.004'416 DNB Holding 24'068 0.096'850 Ekornes 86'261 0.34

11'270 Gjensidige NOR Sparebank 417'502 1.626'360 Infocus (NO) 67'801 0.26

146'700 Kvaerner A fr 132'932 0.5210'271 Norsk Hydro 489'988 1.9114'790 Norske Skogindustrier 275'922 1.0710'990 Orkla AS 212'352 0.8317'700 Prosafe ASA 271'245 1.05

7'840 Royal Carribean Cruises (NOK) 159'322 0.6261'450 Statoil 548'639 2.1385'210 Telenor 302'038 1.1712'620 Tomra Systems 99'220 0.39

TOTAL NORWAY 3'087'587 12.00

43

SEB Lux Equity Fund - NordicSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

SWEDEN11'330 ABB Ltd SEK 100'473 0.3933'362 Assa Abloy B 470'092 1.8320'980 AstraZeneca SEK 872'026 3.39

3'800 Atlas Copco A 90'963 0.358'370 Atlas Copco B 188'520 0.73

27'500 Bure Equity 65'230 0.2555'060 Capio 467'296 1.8221'900 Electrolux B 442'027 1.72

367'930 Ericsson B 556'469 2.1628'710 FöreningsSparbanken 363'932 1.4253'350 Hennes & Mauritz B 1'068'103 4.1516'830 Höganäs B 362'585 1.4112'920 Industrivärden A 172'913 0.6719'050 Intentia International B 63'842 0.25

4'739 Invik B 139'223 0.549'740 JM 254'350 0.99

13'000 Lindex 262'390 1.0229'200 Metro International SDB A 38'126 0.1573'700 Metro International SDB B 108'259 0.42

9'120 Modern Times Group B 121'064 0.4722'780 Munters 505'644 1.9749'650 Nokia SDR 721'209 2.8097'000 Nordea 527'719 2.0527'919 Observer AB 162'523 0.63

2'231 Pharmacia Corporation 85'570 0.3324'160 Poolia B 81'493 0.32

8'750 Sandvik 218'500 0.8518'380 SCA B 653'964 2.5437'300 SEB A 391'649 1.5211'930 Securitas B 245'337 0.9533'940 Handelsbanken A 518'859 2.0278'820 Skandia 358'487 1.3924'500 Skanska B 169'278 0.66

5'900 SKF B 152'788 0.5941'120 Stora Enso R SEK 574'933 2.2416'124 Tele2 B 296'497 1.15

113'500 Telelogic 81'508 0.3223'100 Volvo B 478'815 1.86

TOTAL SWEDEN 12'432'656

48.32

TOTAL SHARES 24'793'742

96.38

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 24'793'74

296.38

TOTAL PORTFOLIO 24'793'742

96.38

(PORTFOLIO AT COST USD:29'508'134)

44

The accompanying notes are an integral part of these financial statements.

45

SEB Lux Equity Fund - NordicSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets USD

Portfolio at Cost 29'508'134

Unrealised Depreciation (4'714'392)

Portfolio at Market Value (Note 2) 24'793'742

Cash at Banks 1'476'045

Other Assets 5'817

Total Assets 26'275'604

Total Liabilities 560'319

TOTAL NET ASSETS 25'715'285

SEB Lux Equity Fund - NordicSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets USD

As at June 30, 2002 25'715'285As at December 31, 2001 35'694'025As at December 31, 2000 56'555'681As at December 31, 1999 69'808'563

A Units

Number of Units Outstanding as at June 30, 2002 7'706'907.361

Net Asset Value per Unit A UnitUSD

As at June 30, 2002 3.3366As at December 31, 2001 3.6412As at December 31, 2000 4.9652As at December 31, 1999 5.6615

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

46

SEB Lux Equity Fund - North AmericaSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVUSD %

AERONAUTIC INDUSTRY

36'800 Honeywell Intl 1'296'464 1.37TOTAL AERONAUTIC INDUSTRY 1'296'46

41.37

ALUMINIUM

23'300 Alcan Inc 883'957 0.93TOTAL ALUMINIUM 883'957 0.93

BANKS, SAVINGS AND LOANS

38'700 American Express 1'405'584 1.4826'400 Bank of America 1'857'504 1.9620'300 Bank of New York 685'125 0.7281'186 Citigroup 3'145'958 3.3223'000 MBNA 760'610 0.80

TOTAL BANKS, SAVINGS AND LOANS 7'854'781

8.28

COMPUTER COMPONENTS

94'500 Intel 1'726'515 1.8225'800 Texas Instruments 611'460 0.64

TOTAL COMPUTER COMPONENTS 2'337'975

2.46

CONSUMER GOODS

17'000 Kimberly-Clark 1'054'000 1.1149'100 Mattel Inc 1'035'028 1.0918'800 Procter & Gamble 1'678'840 1.77

TOTAL CONSUMER GOODS 3'767'868

3.97

DEPARTMENT STORES, RETAIL TRADE

44'950 Home Depot 1'651'014 1.7424'300 Target 925'830 0.9846'200 Walmart Stores 2'541'462 2.68

TOTAL DEPARTMENT STORES, RETAIL TRADE 5'118'306

5.40

ELECTROTECHNICAL, ELECTRONICS

110'000 Flextronics 784'300 0.83101'010 General Electric 2'934'341 3.09

47

90'600 General Motors Hughes 942'240 0.9925'000 Ingersoll Rand 1'141'500 1.20

TOTAL ELECTROTECHNICAL, ELECTRONICS 5'802'381

6.11

FOODSTUFFS, BEVERAGES

45'000 Pepsico 2'169'000 2.29TOTAL FOODSTUFFS, BEVERAGES 2'169'00

02.29

48

SEB Lux Equity Fund - North AmericaSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

HEALTHCARE

10'300 Cardinal Health 632'523 0.67TOTAL HEALTHCARE 632'523 0.67

HOLDINGS, FINANCIAL COMPANIES

24'850 Fannie Mae 1'832'688 1.9321'000 Lehman Brothers 1'312'920 1.3858'000 Principal Financial Group 1'798'000 1.90

TOTAL HOLDINGS, FINANCIAL COMPANIES 4'943'608

5.21

INSURANCE COMPANIES

26'344 American Intl Group 1'797'451 1.9058'950 Washington Mutual 2'187'635 2.31

TOTAL INSURANCE COMPANIES 3'985'086

4.21

OFFICE EQUIPEMENT, COMPUTERS

160'000 EMC Corp/Mass 1'208'000 1.2735'420 Hewlett-Packard 541'218 0.5719'000 IBM 1'368'000 1.44

TOTAL OFFICE EQUIPEMENT, COMPUTERS 3'117'218

3.28

PAPER AND FOREST PRODUCTS

10'000 Weyerhaeuser 638'500 0.67TOTAL PAPER AND FOREST PRODUCTS 638'500 0.67

PETROLEUM

18'200 Anadarko Petroleum 897'260 0.9517'880 ChevronTexaco Corp 1'582'380 1.6743'000 Duke Energy 1'337'300 1.4194'840 Exxon Mobil 3'880'853 4.0927'200 Transocean Sedco Forex 847'280 0.89

TOTAL PETROLEUM 8'545'073

9.01

PHARMACEUTICALS AND COSMETICS

54'900 Abbott Laboratories 2'066'985 2.1817'350 Amgen 726'618 0.7724'100 Baxter Intl 1'071'245 1.1325'000 Dow Chemical 859'500 0.9135'360 Johnson & Johnson 1'847'914 1.9514'000 Merck 708'960 0.75

124'482 Pfizer 4'356'870 4.5938'450 Pharmacia Corporation 1'439'953 1.5249'250 Tyco Intl 665'368 0.70

49

17'500 Wyeth 896'000 0.94TOTAL PHARMACEUTICALS AND COSMETICS 14'639'4

1215.44

ROAD VEHICLES

52'000 Ford Motor 832'000 0.88TOTAL ROAD VEHICLES 832'000 0.88

50

SEB Lux Equity Fund - North AmericaSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

SOFTWARE

50'000 Accenture 950'000 1.0025'000 Calpine 175'750 0.1987'320 Cisco Systems 1'218'114 1.2829'000 Citrix Systems 175'160 0.1872'000 Micron Technology 1'455'840 1.5461'180 Microsoft 3'346'546 3.5322'400 Radian Group 1'094'240 1.1520'100 United Technologies 1'364'790 1.44

TOTAL SOFTWARE 9'780'440

10.31

TELECOMMUNICATIONS

68'929 A T&T 737'540 0.7873'800 Aol Time Warner 1'085'598 1.1468'780 Liberty Media Corp A 687'800 0.7333'100 SBC Communications 1'009'550 1.0647'650 Verizon Communications Inc 1'913'148 2.02

TOTAL TELECOMMUNICATIONS 5'433'636

5.73

TOBACCO AND ALCOHOLIC DRINKS

22'220 Anheuser-Busch 1'111'000 1.17TOTAL TOBACCO AND ALCOHOLIC DRINKS 1'111'00

01.17

TRANSPORTERS & CARRIERS

26'000 AMR Corp 438'360 0.4635'000 Carnival Corp 969'150 1.02

TOTAL TRANSPORTERS & CARRIERS 1'407'510

1.48

TOTAL SHARES 84'296'734

88.87

INVESTMENT TRUSTS

14'300 MidCap SPDR Trust (S&P Midcap 400 SPDR) 1'280'565 1.3570'200 S&P Basic Industries SPDR Fund (XLB) 1'627'938 1.72

TOTAL INVESTMENT TRUSTS 2'908'503

3.07

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 87'205'2

3791.94

TOTAL PORTFOLIO 87'205'237

91.94

(PORTFOLIO AT COST USD:95'890'630)

51

The accompanying notes are an integral part of these financial statements.

52

SEB Lux Equity Fund - North AmericaSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets USD

Portfolio at Cost 95'890'630

Unrealised Depreciation (8'685'393)

Portfolio at Market Value (Note 2) 87'205'237

Cash at Banks 7'043'548

Other Assets 1'073'389

Total Assets 95'322'174

Total Liabilities 479'922

TOTAL NET ASSETS 94'842'252

SEB Lux Equity Fund - North AmericaSTATISTICAL INFORMATION

As at June 30, 2002

USDTotal Net AssetsAs at June 30, 2002 94'842'252As at December 31, 2001 133'609'025As at December 31, 2000 196'833'948As at December 31, 1999 250'966'046

A Units

Number of Units Outstanding as at June 30, 2002 25'670'721.106

Net Asset Value per Unit A UnitUSD

As at June 30, 2002 3.6945As at December 31, 2001 4.5844As at December 31, 2000 5.6601As at December 31, 1999 6.6873

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

53

SEB Lux Equity Fund - MediterraneanSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVEUR %

GREECE

3'558 Athens Medical Care 10'745 0.124'720 Attica Enterprises 16'898 0.184'380 Coca-Cola Hellenic Bottling Co 75'073 0.82

12'070 Elval 33'193 0.366'650 Hellenic Telecommun Organiza 106'400 1.163'804 Intracom 34'845 0.381'410 Lambrakis Media 4'047 0.043'834 National Bank of Greece 82'584 0.90

34'200 Stet Hellas Telecommunication (US) 228'554 2.492'154 Titan Cement 85'428 0.93

TOTAL GREECE 677'766 7.38

ITALY7'060 Alleanza Assicurazioni 68'630 0.75

15'830 Banca Fideuram 99'887 1.0929'610 Banca Monte dei Paschi di Siena 97'506 1.06

3'020 Benetton 35'708 0.3944'380 Bipop-Carire 31'239 0.3435'335 Capitalia 66'218 0.7234'900 Enel 201'548 2.1953'315 Eni 857'572 9.34

6'210 Fiat 79'134 0.8622'848 Generali 545'839 5.9499'486 IntesaBCI 305'522 3.3311'510 Mediaset 90'480 0.99

9'580 Mediobanca 89'650 0.984'410 Mediolanum 26'513 0.29

98'760 Olivetti 106'365 1.1611'788 RAS 160'246 1.74

8'431 Rolo Banca 1473 145'856 1.5954'629 Seat 40'431 0.4447'530 Telecom Italia 377'626 4.1180'880 Telecom Italia Mobile Ord 333'468 3.6382'061 Unicredito Italiano 375'839 4.09

TOTAL ITALY 4'135'276

45.03

PORTUGAL

32'476 Banco Comercial Portugues Reg 113'991 1.24129'650 Electricidade De Portugal 254'114 2.77

17'442 Portugal Telecom 124'710 1.36TOTAL PORTUGAL 492'815 5.37

54

SEB Lux Equity Fund - MediterraneanSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

SPAIN2'680 Acciona 118'429 1.29

58'713 Banco Bilbao Vizcaya Argentaria 672'264 7.324'488 Banco Popular 200'928 2.19

82'170 Banco Santander Central Hispano 660'647 7.1922'880 Endesa SA 336'565 3.66

2'770 Gas Natural 54'015 0.5919'860 Iberdrola 292'935 3.1923'580 Repsol YPF 281'545 3.0789'177 Telefonica SA 758'005 8.2510'660 Terra Networks 61'295 0.67

4'850 Union Fenosa 90'210 0.98TOTAL SPAIN 3'526'83

738.40

TOTAL SHARES 8'832'694

96.18

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 8'832'69

496.18

TOTAL PORTFOLIO 8'832'694

96.18

(PORTFOLIO AT COST EUR:11'251'841)

55

The accompanying notes are an integral part of these financial statements.

56

SEB Lux Equity Fund - MediterraneanSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets EUR

Portfolio at Cost 11'251'841

Unrealised Depreciation (2'419'147)

Portfolio at Market Value (Note 2) 8'832'694

Cash at Banks 383'118

Other Assets 868

Total Assets 9'216'680

Total Liabilities 32'825

TOTAL NET ASSETS 9'183'855

SEB Lux Equity Fund - MediterraneanSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets EUR

As at June 30, 2002 9'183'855As at December 31, 2001 11'210'197As at December 31, 2000 15'179'051As at December 31, 1999 21'752'986

A Units

Number of Units Outstanding as at June 30, 2002 5'400'759.662

Net Asset Value per Unit A UnitEUR

As at June 30, 2002 1.7004As at December 31, 2001 1.9359As at December 31, 2000 2.3292As at December 31, 1999 2.3438

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

57

SEB Lux Equity Fund - Continental EuropeSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVEUR %

AUSTRIA

296'222 Telekom Austria 2'405'323 1.1487'950 Voest-Alpine AG 2'911'145 1.38

TOTAL AUSTRIA 5'316'468 2.52

BELGIUM

243'100 Fortis 5'270'408 2.51TOTAL BELGIUM 5'270'408 2.51

FRANCE101'200 Accor 4'156'284 1.98157'900 Alcatel 1'111'616 0.53127'100 Alstom 1'361'241 0.65149'132 Aventis 10'700'221 5.09151'968 Axa 2'814'447 1.34

84'478 BNP Paribas 4'730'768 2.2510'900 Cap Gemini Sogeti 438'725 0.2130'690 Carrefour 1'681'812 0.80

193'400 Credit Agricole SA 4'351'500 2.0734'380 L´Oreal 2'716'020 1.2941'700 LVMH Louis Vuitton Moet Hennessy 2'126'700 1.0187'060 Peugeot 4'575'003 2.18

136'680 Saint-Gobain 6'212'106 2.9535'060 Sanofi-Synthelabo 2'159'696 1.0389'070 STMicroelectronics 2'249'018 1.0799'700 Suez 2'691'900 1.2887'637 Total Fina Elf 14'407'523 6.85

103'250 Vivendi Universal 2'259'110 1.07TOTAL FRANCE 70'743'69

033.65

GERMANY50'190 Allianz Holding Reg 10'261'346 4.8853'294 AMB Generali 5'302'753 2.5261'460 Basf 2'897'839 1.38

116'260 Bayer 3'772'637 1.7937'400 Bayerische Motoren Werke 1'537'514 0.73

145'440 Daimler-Chrysler 7'146'922 3.4069'690 Deutsche Bank 4'906'176 2.33

156'900 Deutsche Telekom Ag Reg 1'490'550 0.7193'300 E.ON 5'481'375 2.6121'640 Muenchener Rueckversicherung Reg 5'193'600 2.47

58

SEB Lux Equity Fund - Continental EuropeSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

31'080 SAP ord 3'084'690 1.4723'300 Schering 1'486'074 0.71

123'600 Siemens 7'512'408 3.57TOTAL GERMANY 60'073'88

328.57

NETHERLANDS

206'000 ABN Amro Holding 3'788'340 1.80181'649 Ahold Koninklijke 3'869'124 1.84126'300 Euronext 2'399'700 1.14250'900 Reed Elsevier N V 3'462'420 1.65165'120 Royal Dutch Petroleum 9'312'768 4.43277'500 Vodafone Libertel 1'911'975 0.91

TOTAL NETHERLANDS 24'744'327

11.77

SWITZERLAND

450'000 ABB Ltd 4'056'550 1.93262'200 CS Group Reg 8'428'745 4.01

54'030 Nestle Reg 12'755'365 6.07330'900 Novartis Reg 14'734'481 7.01

16'780 Swatch Group 1'512'642 0.72TOTAL SWITZERLAND 41'487'78

319.74

TOTAL SHARES 207'636'558

98.76

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 207'636'5

5898.76

TOTAL PORTFOLIO 207'636'558

98.76

(PORTFOLIO AT COST EUR:209'765'758)

59

The accompanying notes are an integral part of these financial statements.

60

SEB Lux Equity Fund - Continental EuropeSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets EUR

Portfolio at Cost 209'765'758

Unrealised Depreciation (2'129'200)

Portfolio at Market Value (Note 2) 207'636'558

Cash at Banks 2'958'793

Other Assets 3'583'962

Total Assets 214'179'313

Total Liabilities 3'886'537

TOTAL NET ASSETS 210'292'776

SEB Lux Equity Fund - Continental EuropeSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets EUR

As at June 30, 2002 210'292'776As at December 31, 2001 270'003'612As at December 31, 2000 443'324'487As at December 31, 1999 505'218'758

A Units

Number of Units Outstanding as at June 30, 2002 75'404'995.058

Net Asset Value per Unit A UnitEUR

As at June 30, 2002 2.7888As at December 31, 2001 3.1871As at December 31, 2000 3.8895As at December 31, 1999 3.8497

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

61

SEB Lux Equity Fund - GlobalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVUSD %

AUSTRALIA

35'772 Australian Stock Exchange 269'104 0.17214'836 BHP Billiton 1'242'272 0.81

90'000 Lend Lease Corp 532'544 0.35TOTAL AUSTRALIA 2'043'920 1.33

BELGIUM

97'730 Fortis 2'092'513 1.3625'720 Interbrew 738'409 0.48

TOTAL BELGIUM 2'830'923 1.84

CANADA21'030 Alcan Inc 797'838 0.52

TOTAL CANADA 797'838 0.52

CHINA247'000 CNOCC 330'917 0.21407'000 Cosco Pacific 323'513 0.21

TOTAL CHINA 654'429 0.42

FINLAND49'329 Nokia 721'991 0.47

116'600 Stora Enso R 1'634'038 1.06TOTAL FINLAND 2'356'028 1.53

FRANCE25'250 Aventis 1'789'223 1.1685'400 Credit Agricole 1'897'673 1.2319'100 Schneider Electronics 1'027'099 0.6730'670 Société Générale 2'020'322 1.3124'600 Suez 655'964 0.4321'094 Total Fina Elf 3'424'852 2.22

TOTAL FRANCE 10'815'134

7.02

GERMANY5'359 Allianz Holding Reg 1'082'062 0.70

41'700 Daimler-Chrysler 2'023'729 1.3129'230 E.ON 1'695'968 1.10

3'766 Muenchener Rueckversicherung Reg 892'632 0.585'200 SAP ord 509'700 0.33

21'153 Siemens 1'269'737 0.82TOTAL GERMANY 7'473'828 4.84

62

SEB Lux Equity Fund - GlobalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

GREECE76'800 Hellenic Telecommun Organization 1'213'563 0.79

TOTAL GREECE 1'213'563 0.79

HONG KONG400'000 Li & Fung 538'461 0.35

TOTAL HONG KONG 538'461 0.35

JAPAN1'600 Aeon Credit Service 95'579 0.06

10'000 Ajinomoto 107'292 0.0735'000 Bridgestone 481'814 0.31

5'000 Canon 188'971 0.125'000 Daiichi Pharmaceutical 91'357 0.063'000 Daikin Industries 54'939 0.04

153 East Japan Railway 716'113 0.4714'000 Fuji Photo Film 452'029 0.2926'000 Fujitsu 181'346 0.12

2'300 Hirose Electric 200'526 0.1352'000 Hitachi 336'227 0.2223'000 Kaneka 160'229 0.10

800 Keyence Corp 169'465 0.1120'000 Kuraray 130'987 0.09

2'000 Mabuchi Motor 197'064 0.1341'000 Matsushita Electric 559'280 0.36

42 Millea Holdings 344'804 0.2235'000 Mitsubishi 253'171 0.16

100'000 Mitsui & Co 669'117 0.437'300 Murata 459'221 0.30

13'000 NGK Spark Plug 98'590 0.0623'000 Nippon Comsys 127'416 0.0820'000 Nippon Mitsubishi Oil 103'454 0.07

108 Nippon Telegraph & Telephone 444'220 0.291'170 Nippon Television Network 261'021 0.17

78 Nippon Unipac Hldg 482'865 0.3127'000 Nomura Holdings Inc 396'464 0.26

96 NTT DoCoMo 236'277 0.1526'000 Oji Paper 148'591 0.1013'000 Omron 186'660 0.12

5'600 Promise 282'197 0.1833'000 Ricoh 571'294 0.37

3'000 Rohm 443'019 0.293'900 Sankyo Co 98'265 0.067'000 Sekisui House 51'452 0.03

48'000 Showa Shell Sekiyu 279'127 0.18900 SMC 106'400 0.07

71'000 Sompo Japan Insurance 434'792 0.289'900 Sony Corp 522'837 0.34

63

SEB Lux Equity Fund - GlobalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

27'000 Sumitomo Bakelite 195'754 0.1345'000 Sumitomo Electric Industries 311'990 0.2017'000 Takeda Chemical 746'040 0.4878'000 Teijin 265'511 0.17

1'500 TOHO 17'195 0.0113'500 TOHO New 154'756 0.1020'100 Tokyo Electric Power 413'371 0.2738'000 Toppan Printing 395'029 0.2628'900 Toyota Motor 766'748 0.5012'000 Ushio 142'567 0.09

43 West Japan Railway 173'637 0.116'000 World 177'708 0.12

20'000 Yamanouchi Pharmaceutical 518'941 0.34TOTAL JAPAN 15'403'71

89.98

NETHERLANDS45'300 Ahold Koninklijke 952'925 0.6244'592 Intl Nederlanden Groep 1'145'016 0.74

TOTAL NETHERLANDS 2'097'941 1.36

SINGAPORE155'900 Development Bank of Singapore 1'094'159 0.71

TOTAL SINGAPORE 1'094'159 0.71

SPAIN168'500 Banco Santander Central Hispano 1'337'941 0.87

TOTAL SPAIN 1'337'941 0.87

SWEDEN49'400 Assa Abloy B 696'077 0.45

169'800 Skandia 772'280 0.50TOTAL SWEDEN 1'468'357 0.95

SWITZERLAND23'700 CS Group Reg 752'419 0.49

7'802 Nestle Reg 1'819'051 1.1858'480 Novartis Reg 2'571'737 1.67

7'160 Swatch Group 637'439 0.41TOTAL SWITZERLAND 5'780'645 3.75

UNITED KINGDOM17'200 Astrazeneca 712'080 0.46

201'900 Barclays 1'698'814 1.10545'100 British Petroleum 4'578'237 2.97

64'900 Diageo 842'859 0.5524'604 GlaxoSmithkline 531'805 0.35

124'947 Pearson ord 25p 1'242'730 0.8151'264 Shell Transport & Trading 386'801 0.25

1'215'411 Vodafone Group 1'667'386 1.08

64

TOTAL UNITED KINGDOM 11'660'711

7.57

65

SEB Lux Equity Fund - GlobalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

UNITED STATES28'010 Alcoa 928'532 0.6029'500 American Express 1'071'440 0.7019'038 American Intl Group 1'298'963 0.8413'000 Anadarko Petroleum 640'900 0.4231'189 Anheuser-Busch 1'559'450 1.0115'720 Applied Materials 298'994 0.1942'630 Bank of America 2'999'447 1.9523'900 Bank of New York 806'625 0.5219'000 Bristol Myers Squibb 488'300 0.32

6'230 Cardinal Health 382'584 0.2521'999 Carnival Corp 609'152 0.4012'794 ChevronTexaco Corp 1'132'269 0.74

100'684 Cisco Systems 1'404'542 0.9176'558 Citigroup 2'966'623 1.9330'777 Duke Energy 957'165 0.6210'400 Electronic Data Systems 386'360 0.2567'858 Exxon Mobil 2'776'749 1.8026'484 Fannie Mae 1'953'195 1.2787'300 Ford Motor 1'396'800 0.9153'700 Gap 762'540 0.50

100'884 General Electric 2'930'680 1.9050'764 General Motors Hughes 527'946 0.34

9'060 Guidant 273'884 0.1811'800 Hewlett-Packard 180'304 0.1241'510 Home Depot 1'524'662 0.9943'000 Honeywell Intl 1'514'890 0.9824'950 IBM 1'796'400 1.1719'600 Ingersoll Rand 894'936 0.5879'340 Intel 1'449'542 0.9415'600 Johnson & Johnson 815'256 0.5343'710 Metlife 1'258'848 0.8255'730 Microsoft 3'048'431 1.9888'139 Oracle 834'676 0.5432'640 Pepsico 1'573'248 1.02

113'559 Pfizer 3'974'565 2.5813'123 Pharmacia Corporation 491'456 0.3227'740 Procter & Gamble 2'477'182 1.6166'564 SBC Communications 2'030'202 1.3231'350 St. Paul 1'220'142 0.7926'334 Target 1'003'325 0.6522'838 Texas Instruments 541'261 0.3526'568 Transocean Sedco Forex 827'593 0.5420'790 United Technologies 1'411'641 0.9212'450 UnitedHealth Group 1'139'798 0.7459'208 Verizon Communications Inc 2'377'201 1.5451'792 Walmart Stores 2'849'078 1.85

66

SEB Lux Equity Fund - GlobalSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

44'350 Washington Mutual 1'645'829 1.0717'270 Wyeth 884'224 0.57

TOTAL UNITED STATES 66'317'829

43.07

TOTAL SHARES 133'885'426

86.90

(b) INVESTMENT TRUSTS

UNITED STATES

33'100 iShares DJ US Consumer Cyclic 1'646'725 1.0724'900 Ishares DJ US Industrial 1'071'945 0.7099'400 S&P Basic Industries SPDR Fund (XLB) 2'305'086 1.5014'800 Street Tracks MSCI Europe Industrials 765'904 0.50

TOTAL UNITED STATES 5'789'660 3.77TOTAL INVESTMENT TRUSTS 5'789'660 3.77TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 139'675'0

8690.67

B) OTHER SECURITIES

INVESTMENT FUNDS

LUXEMBOURG2'449'000 SISF Japanese Smaller Fund 1'200'599 0.78

TOTAL LUXEMBOURG 1'200'599 0.78

SWEDEN

667'460 SEB Europeiska Småbolagsfond 1'097'640 0.71TOTAL SWEDEN 1'097'640 0.71TOTAL INVESTMENT FUNDS 2'298'239 1.49TOTAL OTHER SECURITIES 2'298'239 1.49

TOTAL PORTFOLIO 141'973'324

92.16

(PORTFOLIO AT COST USD:154'979'064)

67

The accompanying notes are an integral part of these financial statements.

68

SEB Lux Equity Fund - GlobalSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets USD

Portfolio at Cost 154'979'064

Unrealised Depreciation (13'005'740)

Portfolio at Market Value (Note 2) 141'973'324

Cash at Banks 12'229'732

Other Assets 715'531

Total Assets 154'918'587

Total Liabilities 960'030

TOTAL NET ASSETS 153'958'557

SEB Lux Equity Fund - GlobalSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets USD

As at June 30, 2002 153'958'557As at December 31, 2001 177'506'637As at December 31, 2000 229'961'942As at December 31, 1999 331'337'331

A Units

Number of Units Outstanding as at June 30, 2002 91'059'372.719

Net Asset Value per Unit A UnitUSD

As at June 30, 2002 1.6907As at December 31, 2001 1.9077As at December 31, 2000 2.4916As at December 31, 1999 3.1902

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

69

SEB Lux Equity Fund - EurolandSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVEUR %

AUSTRIA

7'058 Voest-Alpine 233'620 1.29TOTAL AUSTRIA 233'620 1.29

BELGIUM28'180 Fortis 610'942 3.36

TOTAL BELGIUM 610'942 3.36

FINLAND25'415 M-Real B 248'813 1.3738'676 Nokia 573'178 3.16

TOTAL FINLAND 821'991 4.53

FRANCE10'880 Alcatel 76'595 0.42

9'400 Alstom 100'674 0.558'906 Aventis 639'006 3.526'938 Axa 128'492 0.711'020 Cap Gemini Sogeti 41'055 0.233'906 Carrefour 214'049 1.18

30'000 Credit Agricole 675'000 3.723'100 L´Oreal 244'900 1.355'100 LVMH Louis Vuitton Moet Hennessy 260'100 1.436'084 Peugeot 319'714 1.762'720 Sanofi-Synthelabo 167'552 0.926'079 STMicroelectronics 153'495 0.85

17'515 Suez 472'905 2.607'869 Total Fina Elf 1'293'664 7.128'290 Vivendi Universal 181'385 1.00

TOTAL FRANCE 4'968'585

27.36

GERMANY2'821 Allianz Holding Reg 576'753 3.185'343 AMB Generali 531'629 2.932'574 Basf 121'364 0.678'401 Bayer 272'612 1.502'914 Bayerische Motoren Werke 119'795 0.66

13'010 Daimler-Chrysler 639'311 3.525'410 Deutsche Bank 380'864 2.10

18'080 Deutsche Telekom Reg 171'760 0.957'300 E.ON 428'875 2.361'520 Muenchener Rueckversicherung Reg 364'800 2.012'694 SAP ord 267'380 1.47

70

SEB Lux Equity Fund - EurolandSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

2'060 Schering 131'387 0.7212'216 Siemens 742'488 4.09

TOTAL GERMANY 4'749'018

26.16

GREECE24'730 Hellenic Telecommun Organiza 395'680 2.1819'400 Stet Hellas Telecommunication 129'648 0.71

TOTAL GREECE 525'328 2.89

IRELAND29'800 Bank of Ireland 374'884 2.0623'120 CRH 391'884 2.16

TOTAL IRELAND 766'768 4.22

ITALY52'384 Bayerische Vita 245'681 1.3555'658 Unicredito Italiano 254'914 1.40

TOTAL ITALY 500'595 2.75

NETHERLANDS

18'000 ABN Amro Holding 331'020 1.8214'354 Ahold Koninklijke 305'740 1.6819'190 Euronext 364'610 2.0118'560 Reed Elsevier 256'128 1.4121'560 Royal Dutch Petroleum 1'215'984 6.70

5'142 Unilever Cert 340'915 1.8811'790 Vodafone Libertel 81'233 0.45

TOTAL NETHERLANDS 2'895'630

15.95

PORTUGAL27'030 Vodafone Telecel-Comunicacoes 191'372 1.05

TOTAL PORTUGAL 191'372 1.05

SPAIN4'930 Acciona 217'857 1.20

58'560 Banco Santander Central Hispano 470'822 2.598'590 Endesa 126'359 0.70

18'370 Grupo Prisa 156'696 0.8636'174 Telefonica 307'479 1.69

TOTAL SPAIN 1'279'213

7.04

TOTAL SHARES 17'543'062

96.60

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 17'543'0

6296.60

TOTAL PORTFOLIO 17'543'0 96.60

71

62(PORTFOLIO AT COST EUR:20'316'502)

The accompanying notes are an integral part of these financial statements.

72

SEB Lux Equity Fund - EurolandSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets EUR

Portfolio at Cost 20'316'502

Unrealised Depreciation (2'773'440)

Portfolio at Market Value (Note 2) 17'543'062

Cash at Banks 787'461

Other Assets 359'059

Total Assets 18'689'582

Total Liabilities 532'768

TOTAL NET ASSETS 18'156'814

SEB Lux Equity Fund - EurolandSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets EUR

As at June 30, 2002 18'156'814As at December 31, 2001 22'593'030As at December 31, 2000 31'814'419As at December 31, 1999 30'680'012

A Units

Number of Units Outstanding as at June 30, 2002 20'225'234.281

Net Asset Value per Unit A UnitEUR

As at June 30, 2002 0.8977As at December 31, 2001 1.0375As at December 31, 2000 1.2560As at December 31, 1999 1.2656

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

73

SEB Lux Equity Fund - Japan Chance/RiskSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVJPY %

BUILDINGS & BUILDING MATERIAL

10'700 Komeri 37'343'000 2.2937'000 Nippon Comsys 24'568'000 1.51

TOTAL BUILDINGS & BUILDING MATERIAL 61'911'000 3.80

CHEMICALS

45'000 Kuraray 35'325'000 2.1715'200 Shin-Etsu Chemical 78'280'000 4.80

TOTAL CHEMICALS 113'605'000

6.97

CONSUMER GOODS

18'000 Canon 81'540'000 5.0022'000 Kao 60'720'000 3.7311'100 World 39'405'000 2.42

TOTAL CONSUMER GOODS 181'665'000

11.15

ELECTROTECHNICAL, ELECTRONICS

21'000 Hakuto Co 32'760'000 2.014'000 Hirose Electric 41'800'000 2.57

35'000 Matsushita Electric 57'225'000 3.517'100 Murata 53'534'000 3.294'500 Rohm 79'650'000 4.89

31'000 Sumitomo Electric Industries 25'761'000 1.5824'000 Ushio 34'176'000 2.10

TOTAL ELECTROTECHNICAL, ELECTRONICS 324'906'000

19.95

FINANCIAL COMPANIES

6'000 Aeon Credit Service 42'960'000 2.64TOTAL FINANCIAL COMPANIES 42'960'000 2.64

INSURANCE COMPANIES

60 Millea Holdings 59'040'000 3.62TOTAL INSURANCE COMPANIES 59'040'000 3.62

PAPER AND FOREST PRODUCTS

99 Nippon Unipac Hldg 73'458'000 4.51TOTAL PAPER AND FOREST PRODUCTS 73'458'000 4.51

74

PHARMACEUTICALS AND COSMETICS

13'000 Sankyo 21'190'000 1.3021'000 Takeda Chemical 110'460'000 6.78

TOTAL PHARMACEUTICALS AND COSMETICS 131'650'000

8.08

75

SEB Lux Equity Fund - Japan Chance/RiskSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

PHOTOGRAPHIC AND OPTICS

16'000 Fuji Photo Film 61'920'000 3.80TOTAL PHOTOGRAPHIC AND OPTICS 61'920'000 3.80

REAL ESTATE

43'000 Daiwa House Industry 31'519'000 1.93TOTAL REAL ESTATE 31'519'000 1.93

ROAD VEHICLES

40'700 Toyota Motor 129'426'000 7.94TOTAL ROAD VEHICLES 129'426'00

07.94

TELECOMMUNICATIONS

254 Nippon Telegraph & Telephone 125'222'000 7.69TOTAL TELECOMMUNICATIONS 125'222'00

07.69

TRADING COMPANIES

59'000 Kamigumi 29'559'000 1.819'700 Misumi 41'613'000 2.55

57'000 Mitsubishi 49'419'000 3.03TOTAL TRADING COMPANIES 120'591'00

07.39

TRANSPORTERS AND CARRIERS

186 East Japan Railway 104'346'000 6.40TOTAL TRANSPORTERS AND CARRIERS 104'346'00

06.40

TOTAL SHARES 1'562'219'000

95.87

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 1'562'219'0

0095.87

B) OTHER SECURITIES

INVESTMENT FUNDS

LUXEMBOURG865'000 SISF Japanese Smaller Fund 50'827'400 3.12

TOTAL LUXEMBOURG 50'827'400 3.12TOTAL INVESTMENT FUNDS 50'827'400 3.12TOTAL OTHER SECURITIES 50'827'400 3.12

TOTAL PORTFOLIO 1'613'046'400

98.99

(PORTFOLIO AT COST JPY:1'749'337'506)

76

The accompanying notes are an integral part of these financial statements.

77

SEB Lux Equity Fund - Japan Chance/RiskSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets JPY(000)

Portfolio at Cost 1'749'338

Unrealised Depreciation (136'292)

Portfolio at Market Value (Note 2) 1'613'046

Cash at Banks 14'663

Other Assets 4'357

Total Assets 1'632'066

Total Liabilities 2'840

TOTAL NET ASSETS 1'629'226

SEB Lux Equity Fund - Japan Chance/RiskSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets JPY(000)

As at June 30, 2002 1'629'226As at December 31, 2001 1'662'859As at December 31, 2000 2'941'883As at December 31, 1999 NIL

A Units

Number of Units Outstanding as at June 30, 2002 26'545'747.265

Net Asset Value per Unit A UnitJPY

As at June 30, 2002 61.3742As at December 31, 2001 60.8783As at December 31, 2000 79.6298As at December 31, 1999 ./.

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

78

SEB Lux Equity Fund - Wireless CommunicationsSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVEUR %

FRANCE8'100 Business Objects 240'165 1.52

140'000 Gemplus Intl 203'000 1.2826'700 STMicroelectronics 674'175 4.26

TOTAL FRANCE 1'117'340 7.06

ISRAEL39'000 Ceragon Networks 64'763 0.41

TOTAL ISRAEL 64'763 0.41

JAPAN7'500 Murata 477'723 3.02

200 NTT DoCoMo 498'420 3.15TOTAL JAPAN 976'143 6.17

SOUTH-KOREA

2'200 Samsung Electronics GDR 305'853 1.93TOTAL SOUTH-KOREA 305'853 1.93

SWEDEN

221'700 Anoto Gruop AB 415'236 2.62763'000 Enea Data 174'010 1.10264'000 Ericsson B 404'295 2.55

71'000 Nokia SDR 1'044'286 6.6056'511 Teleca 211'686 1.34

823'000 Telelogic 598'444 3.78TOTAL SWEDEN 2'847'957 17.99

UNITED KINGDOM

217'000 ARM Holdings 488'992 3.0992'500 Logica 285'536 1.80

128'000 Psion 95'817 0.61669'000 Vodafone Group 929'304 5.87

TOTAL UNITED KINGDOM 1'799'649 11.37

UNITED STATES OF AMERICA

9'300 Amdocs 71'097 0.4524'100 Analog Devices 724'757 4.5862'000 Cisco Systems 875'759 5.5357'500 Conexant Systems 94'320 0.60

79

SEB Lux Equity Fund - Wireless CommunicationsSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

39'400 Extreme Networks 402'537 2.5436'830 Flextronics 265'895 1.6828'000 Intersil 606'156 3.8385'000 Interwoven 262'505 1.6643'000 Micromuse 202'025 1.2812'700 Microsoft 703'412 4.4458'040 Powerwave 538'322 3.4012'840 Qualcomm 357'403 2.2657'000 RF Micro Devices 439'793 2.7872'000 Riverstone Networks 228'190 1.4420'182 Skyworks Solutions 113'416 0.7224'010 Texas Instruments 576'182 3.6421'000 Verizon Communications Inc 853'736 5.39

TOTAL UNITED STATES OF AMERICA 7'315'506 46.22TOTAL SHARES 14'427'21

291.15

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 14'427'21

291.15

14'427'212

91.15

TOTAL PORTFOLIO 14'427'212

91.15

(PORTFOLIO AT COST EUR:49'709'300)

80

The accompanying notes are an integral part of these financial statements.

81

SEB Lux Equity Fund - Wireless CommunicationsSTATEMENT OF NET ASSETS

As at June 30, 2002

Assets EUR

Portfolio at Cost 49'709'300

Unrealised Depreciation (35'282'088)

Portfolio at Market Value (Note 2) 14'427'212

Cash at Banks 1'387'985

Other Assets 32'592

Total Assets 15'847'789

Total Liabilities 20'057

TOTAL NET ASSETS 15'827'732

SEB Lux Equity Fund - Wireless CommunicationsSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets EUR

As at June 30, 2002 15'827'732As at December 31, 2001 29'048'748As at December 31, 2000 73'359'387As at December 31, 1999 NIL

A Units

Number of Units Outstanding as at June 30, 2002 108'106'724.985

Net Asset Value per Unit A UnitEUR

As at June 30, 2002 0.1454As at December 31, 2001 0.2754As at December 31, 2000 0.7287As at December 31, 1999 ./.

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

82

SEB Lux Equity Fund - Global Chance/RiskSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVEUR %

BELGIUM19'100 Interbrew 555'237 1.28

TOTAL BELGIUM 555'237 1.28

FINLAND65'800 M-Real B 644'182 1.4930'780 Stora Enso R 436'768 1.01

TOTAL FINLAND 1'080'950 2.50

FRANCE61'900 Alstom 662'949 1.5316'705 Aventis 1'198'584 2.7761'500 Credit Agricole 1'383'750 3.20

TOTAL FRANCE 3'245'283 7.50

GERMANY9'073 AMB Generali 902'764 2.09

18'520 Daimler-Chrysler 910'073 2.10TOTAL GERMANY 1'812'836 4.19

GREECE69'700 Hellenic Telecommun Organiza 1'115'200 2.5836'700 Stet Hellas Telecommunication 245'261 0.57

TOTAL GREECE 1'360'461 3.15

NETHERLANDS75'400 Randstad Holding 891'982 2.06

TOTAL NETHERLANDS 891'982 2.06

NORWAY29'700 Gjensidige NOR Sparebank 1'114'064 2.57

TOTAL NORWAY 1'114'064 2.57

SPAIN13'600 Acciona 600'984 1.3980'500 Banco Santander Central Hispano 647'220 1.50

TOTAL SPAIN 1'248'204 2.89

SWITZERLAND5'220 Nestle Reg 1'232'334 2.85

TOTAL SWITZERLAND 1'232'334 2.85

83

SEB Lux Equity Fund - Global Chance/RiskSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

UNITED KINGDOM106'000 Barclays 903'097 2.09191'400 British Petroleum 1'627'732 3.76

87'500 CGNU 712'393 1.6594'400 Pearson 950'696 2.20

TOTAL UNITED KINGDOM 4'193'919 9.70

UNITED STATES26'580 Bank of New York 908'338 2.1039'151 Citigroup 1'536'150 3.5516'794 Duke Energy 528'851 1.2243'688 Exxon Mobil 1'810'159 4.1865'600 Gap 943'216 2.1819'045 General Electric 560'204 1.2912'400 Honeywell Intl 442'337 1.0211'810 IBM 860'996 1.9911'800 Ingersoll Rand 545'553 1.2647'690 Intel 882'236 2.0421'863 Microsoft 1'210'922 2.8019'800 Pepsico 966'343 2.2352'020 Pfizer 1'843'560 4.2624'150 SBC Communications 745'823 1.7215'300 St. Paul 602'953 1.3923'302 Texas Instruments 559'191 1.2920'410 Verizon Communications Inc 829'750 1.9216'100 Walmart Stores 896'781 2.0724'720 Wyeth 1'281'555 2.96

TOTAL UNITED STATES 17'954'918

41.47

TOTAL SHARES 34'690'188

80.16

(b) INVESTMENT TRUSTS

UNITED STATES

25'390 iShares DJ US Consumer Cyclic 1'279'012 2.9638'970 S&P Basic Industries SPDR Fund (XLB) 915'061 2.11

TOTAL UNITED STATES 2'194'073 5.07TOTAL INVESTMENT TRUSTS 2'194'073 5.07TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 36'884'26

185.23

TOTAL PORTFOLIO 36'884'261

85.23

(PORTFOLIO AT COST EUR:45'192'564)

84

The accompanying notes are an integral part of these financial statements.

85

SEB Lux Equity Fund - Global Chance/RiskSTATEMENT OF NET ASSETS

June 30, 2002

Assets EUR

Portfolio at Cost 45'192'564

Unrealised Depreciation (8'308'303)

Portfolio at Market Value (Note 2) 36'884'261

Cash at Banks 6'872'757

Other Assets 40'257

Total Assets 43'797'275

Total Liabilities 521'433

TOTAL NET ASSETS 43'275'842

SEB Lux Equity Fund - Global Chance/RiskSTATISTICAL INFORMATION

June 30, 2002

Total Net Assets EUR

As at June 30, 2002 43'275'842As at December 31, 2001 50'806'798As at December 31, 2000 ./.As at December 31, 1999 ./.

A Units

Number of Units Outstanding as at June 30, 2002 65'083'624.775

Net Asset Value per Unit A UnitEUR

As at June 30, 2002 0.6649As at December 31, 2001 0.8185As at December 31, 2000 ./.As at December 31, 1999 ./.

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

86

SEB Lux Equity Fund – Opportunity EuropeSCHEDULE OF INVESTMENTS AS AT

June 30, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVEUR %

FINLAND2'039 Nokia 30'218 2.00

TOTAL FINLAND 30'218 2.00

FRANCE841 Axa 15'575 1.03371 BNP Paribas 20'776 1.38277 Total Fina Elf 45'539 3.02502 Vivendi Universal 10'984 0.73

TOTAL FRANCE 92'874 6.16

GERMANY84 Allianz Holding Reg 17'174 1.14

362 Daimler-Chrysler 17'789 1.18233 Deutsche Bank 16'403 1.09

1'252 Deutsche Telekom Ag Reg 11'894 0.79288 E.ON 16'920 1.12325 Siemens 19'754 1.31

TOTAL GERMANY 99'933 6.63

ITALY1'012 Generali 24'177 1.60

TOTAL ITALY 24'177 1.60

NETHERLANDS726 Intl Nederlanden Groep 18'876 1.25532 Philips Electronic 15'040 1.00797 Royal Dutch Petroleum 44'951 2.98227 Unilever NV Cert 15'050 1.00

TOTAL NETHERLANDS 93'917 6.23

SPAIN2'357 Banco Santander Central Hispano 18'950 1.262'079 Telefonica SA 17'672 1.17

TOTAL SPAIN 36'622 2.43

SWITZERLAND477 CS Group Reg 15'334 1.02137 Nestle Reg 32'343 2.15

1'021 Novartis Reg 45'464 3.02259 Roche Holding Gs 19'824 1.31488 UBS Reg 24'851 1.65

TOTAL SWITZERLAND 137'815 9.15

87

SEB Lux Equity Fund – Opportunity EuropeSCHEDULE OF INVESTMENTS AS AT

June 30, 2002(CONTINUED)

UNITED KINGDOM582 Astrazeneca 24'397 1.62

2'326 Barclays 19'817 1.317'634 British Petroleum 64'922 4.312'969 BT Group 11'548 0.771'594 CGNU 12'978 0.861'326 Diageo 17'437 1.162'512 GlaxoSmithkline 54'978 3.653'038 HSBC Holding 35'378 2.352'035 Lloyds Tsb 20'510 1.36

826 Royal Bank of Scotland 23'713 1.573'276 Shell Transport & Trading 25'029 1.66

24'294 Vodafone Group 33'747 2.24TOTAL UNITED KINGDOM 344'453 22.86TOTAL SHARES 860'008 57.06TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 860'008 57.06

TOTAL PORTFOLIO 860'008 57.06(PORTFOLIO AT COST EUR:1'001'786)

The accompanying notes are an integral part of these financial statements.

88

SEB Lux Equity Fund – Opportunity EuropeSTATEMENT OF NET ASSETS

June 30, 2002

Assets EUR

Portfolio at Cost 1'001'786

Unrealised Depreciation (141'778)

Portfolio at Market Value (Note 2) 860'008

Cash at Banks 641'712

Other Assets 8'050

Total Assets 1'509'770

Total Liabilities 2'277

TOTAL NET ASSETS 1'507'493

SEB Lux Equity Fund – Opportunity EuropeSTATISTICAL INFORMATION

As at June 30, 2002

Total Net Assets EUR

As at June 30, 2002 1'507'493As at December 31, 2001 738'483As at December 31, 2000 ./.As at December 31, 1999 ./.

A UnitsNumber of Units Outstanding as at June 30, 2002 2'077'952.554

Net Asset Value per Unit A UnitEUR

As at June 30, 2002 0.7254As at December 31, 2001 0.8437As at December 31, 2000 ./.As at December 31, 1999 ./.

Dividend Paid Nil

The accompanying notes are an integral part of these financial statements.

89

SEB Lux Equity FundCONSOLIDATED STATEMENT OF NET ASSETS

As at June 30, 2002

Assets USD

Portfolio at Cost 713'237'472

Unrealised Depreciation (83'044'644)

Portfolio at Market Value (Note 2) 630'192'828

Cash at Banks 38'675'888

Other Assets 7'042'473

Total Assets 675'911'190

Total Liabilities 7'884'347

TOTAL NET ASSETS 668'026'842

SEB Lux Equity FundCONSOLIDATED STATISTICAL INFORMATION

As at June 30, 2002

Consolidated total Net Assets USD

As at June 30, 2002 668'026'842As at December 31, 2001 791'799'921As at December 31, 2000 1'207'356'973As at December 31, 1999 1'485'630'419

The accompanying notes are an integral part of these financial statements.

90

SEB Lux Equity FundNOTES TO THE FINANCIAL STATEMENTS

June 30, 2002

Note 1. GENERAL

SEB Lux Equity Fund ("the Fund") was established on December 3, 1987 as a Luxembourg mutual fund and is governed by the Investment Funds law dated March 30, 1988 and its management regulations. The Fund is divided into the following Sub-Funds:

- SEB Lux Equity Fund - International- SEB Lux Equity Fund - Natural Resources- SEB Lux Equity Fund - Japan- SEB Lux Equity Fund - United Kingdom- SEB Lux Equity Fund - Nordic- SEB Lux Equity Fund - North America- SEB Lux Equity Fund - Mediterranean- SEB Lux Equity Fund - Continental Europe- SEB Lux Equity Fund - Global- SEB Lux Equity Fund - Euroland- SEB Lux Equity Fund - Japan Chance/Risk- SEB Lux Equity Fund - Wireless Communications- SEB Lux Equity Fund - Global Chance/Risk- SEB Lux Equity Fund - Opportunity Europe

SEB Lux Equity Fund Management Company S.A. ("Management Company") manages the net assets of the Fund and issues registered units of joint ownership in accordance with the Management Regulations.

The Management Regulations stipulate that each Sub-Fund may be divided in two classes of units: accumulation units ("A" units) and dividend units ("B" units). The "B" units may pay a dividend. The "A" units will capitalise income, with the result that their value will become greater than that of "B" units, in the proportion of the dividends paid to the "B" units. The Management Company has decided that currently only the International Sub-Fund issues both types of units.

Note 2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are presented in accordance with Luxembourg regulations relating to undertakings for collective investment.

Currency translation:

Separate accounts are maintained for each Sub-Fund in the currency in which the net asset value of the units to which it relates is expressed (the accounting currency).

Transactions denominated in a currency other than the accounting currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Sub-Fund.

Assets and liabilities, expressed in a currency other than the accounting currency, are translated on the basis of exchange rates ruling at year-end.

Unmatured forward foreign exchange contracts are valued by reference to the forward exchange rate prevailing on the remaining live of the contract. Unrealised gains or losses are recorded in the statement of operations.

Futures and options are valued by reference to the previous day closing price on the relevant market. The market prices are the future exchange settlement prices.

The financial statements of the Fund are the aggregate of the financial statements of the different Sub-Funds which, where applicable, are translated into US Dollars at the year end exchange rate.

Investments:

Listed securities and securities traded on other organized markets are valued on the basis of the prices and exchange rates prevailing on the balance sheet date.

91

Other securities and securities listed or traded on other organized markets whose prices are not deemed to be representative, are valued with prudence and in good faith by the Management Company on the basis of information available and exchange rates prevailing on the balance sheet date. Results on sales of securities are determined by the average cost method.

92

SEB Lux Equity FundNOTES TO THE FINANCIAL STATEMENTS

June 30, 2002(CONTINUED)

Income:

Dividends are recorded on the ex-dividend date. Interest is recognised on an accrual basis.

Note 3. MANAGEMENT FEE

In payment of its services, the Management Company received a commission at an annual rate of 1.50% on all Sub-Funds except that a commission at an annual rate of 1.40% is charged on SEB Lux Equity Fund - Mediterranean, SEB Lux Equity Fund - Continental Europe, SEB Lux Equity Fund – United Kingdom, SEB Lux Equity Fund – Euroland, of 1.30% is charged on SEB Lux Equity Fund – Nordic and of 1.75% is charged on SEB Lux Equity Fund - Global Chance/Risk and SEB Lux Equity Fund - Opportunity Europe. A twelfth of this rate is payable at the end of each month and based on the net assets of each Sub-Fund of the last valuation of the respective month.

The Management Company pays accounting fees, administration fees, custodian fees and all other charges incurred by the Fund, except for taxes and bank and brokerage handling and transaction fees.

Note 4. TAXES

The Fund is not subject to any Luxembourg taxes on income or capital gains under existing legislation. The Fund is, however, subject to the "taxe d'abonnement" which is charged at the rate of 0.05% per annum, based on the net assets of the Fund at the end of each calendar quarter. The tax is calculated and paid quarterly.

Note 5. FORWARD FOREIGN EXCHANGE CONTRACT COMMITMENTS

As at June 30, 2002, the following forward foreign exchange contract commitments were outstanding.

SUB-FUND MATURITY CRCY PURCHASE AMOUNT

CRCY SALE AMOUNT

International 210802 USD 450’000 EUR 478’446210802 USD 220’000 EUR 234’645210802 USD 220’000 EUR 225’570210802 SEK 20’262’512 USD 1’975’000210802 USD 180’000 SEK 1’787’760210802 SEK 15’291’278 EUR 1’658’526210802 SEK 1’793’300 JPY 22’700’000210802 SEK 2’547’600 JPY 33’000’000210802 GBP 540’695 SEK 7’982’551

Global 210802 USD 1’700’000 EUR 1’807’463210802 USD 150’000 EUR 153’798210802 EUR 535’217 USD 500’000210802 SEK 6’442’854 USD 660’000210802 USD 760’000 SEK 7’103’568210802 GBP 5’360’541 SEK 79’140’347210802 SEK 14’749’922 JPY 183’472’715210802 SEK 66’236’896 EUR 7’184’201210802 USD 940’000 GBP 642’199210802 USD 1’100’000 JPY 137’907’000

The net unrealised gain on the outstanding forward foreign exchange contracts as at June 30, 2002 for the Sub-Fund International amounts to USD 36,581.- and is included in the statement of net assets of the Sub-Fund under “Other assets”.

The net unrealised gain on the outstanding forward foreign exchange contracts as at June 30, 2002 for the Sub-Fund Global amounts to USD 1,588,688.- and is included in the statement of net assets of the Sub-Fund under “Other assets”.

93

SEB Lux Equity FundNOTES TO THE FINANCIAL STATEMENTS

June 30, 2002(CONTINUED)

Note 6. FINANCIAL FUTURE CONTRACTS

As at June 30, 2002, outstanding contract commitments were as follows:

SUB-FUND STOCK EXCHANGE MATURITYCURRENCY NUMBER OF CONTRACTSINDEX sold purchased

International TOPIX 0209 JPY 37S&P / TSE 0209 CAD 9S&P 500 0209 USD 2

Global S&P / TSE 0209 CAD 64FTSE 100 0209 GBP 18S&P MINI 0209 USD 49S&P 500 0209 USD -1

North America S&P 500 0209 USD 19

Euroland DJ EURO STOXX 50 0209 EUR 9

Opportunity Europe

DJ EURO STOXX 50 0209 EUR 5

Global Chance/RiskTOPIX 0209 JPY 57NASDAQ 0209 USD 10

The net unrealised loss on the outstan ding future contracts as at June 30, 2002 for the Sub-Fund International amounts to USD 226,341.- and is included in the statement of net assets of the Sub-Fund under “Liabilities”.

The net unrealised loss on the outstanding future contracts as at June 30, 2002 for the Sub-Fund Global amounts to USD 129,352.- and is included in the statement of net assets of the Sub-Fund under “Liabilities”.

The net unrealised loss on the outstanding future contracts as at June 30, 2002 for the Sub-Fund North America amounts to USD 178,950.- and is included in the statement of net assets of the Sub-Fund under “Liabilities”.

The net unrealised gain on the outstanding future contracts as at June 30, 2002 for the Sub-Fund Euroland amounts to EUR 8,730.- and is included in the statement of net assets of the Sub-Fund under “Other Assets”.

The net unrealised gain on the outstanding future contracts as at June 30, 2002 for the Sub-Fund Opportunity Europe amounts to EUR 4,850.- and is included in the statement of net assets of the Sub-Fund under “Other Assets”.

The net unrealised loss on the outstanding future contracts as at June 30, 2002 for the Sub-Fund Global Chance/Risk amounts to EUR 456,571.- and is included in the statement of net assets of the Sub-Fund under “Liabilities”.

Note 7. CHANGES IN INVESTMENTS

Details of purchases and sales of investments are available free of charge from the registered office of the Fund as well as at the Transfer Agent, Paying Agent and Information Agent in Germany.

Additional Information for Investors in Germany

The Transfer Agent, Paying Agent and Information Agent for Investors in Germany is:

SEB AGUlmenstrasse 30D-60325 Frankfurt am Main(Hereafter: SEB AG)

The following documents are available at SEB AG upon request:- Detailed information relating to the purchases and sales of investments,- The contracts,- Latest annual and semi-annual reports,

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- Issue and redemption prices,- Sales Prospectus,- Custodian agreement dated April 23, 1990,- Administration and service agreement dated April 23, 1990,- Advisory contract dated March 1, 1993.

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