CARLSON FUND

CARLSON FUND

S E M I - A N N U A L R E P O R T 2 0 0

COVER_EN_2005 29/0 /05 16:00 Page 2

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CARLSON FMC

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CARLSON FMC

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CARLSON FMC

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CARLSON FMC

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Carlson Fund

Table of Contents

Page 1

Management and Administration Page 2

Board of Directors Page 2

Information about Carlson Fund Page 3

Fund managers Page 6

Carlson Fund Consolidated Page 8

Carlson Fund Equity - International Page 9 Carlson Fund Equity - Global Page 12 Carlson Fund Equity - Global Emerging Markets Page 15 Carlson Fund Equity - Sweden Page 19 Carlson Fund Equity - Scandinavia Page 22 Carlson Fund Equity - European Small Cap Page 24 Carlson Fund Equity - Europe Page 26 Carlson Fund Equity - North America Page 29 Carlson Fund Equity - American Small Cap Page 32 Carlson Fund Equity - Far East Page 35 Carlson Fund Equity - Asian Small Cap Page 39 Carlson Fund Equity - Japan Page 42 Carlson Fund International Bond Page 45 Carlson Fund SEK Long Bond Page 48 Carlson Fund SEK Short Bond Page 50

Notes to the Financial Statements Page 52

Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published after the latest annual report.

Carlson Fund

Management and Administration

Page 2

MANAGEMENT COMPANY ADMINISTRATION AGENT

Carlson Fund Management Company S.A. 5, Allée Scheffer L - 2520 Luxembourg Grand-Duchy of Luxembourg

CACEIS Bank Luxembourg 5, Allée Scheffer L - 2520 Luxembourg Grand-Duchy of Luxembourg

INDEPENDENT AUDITOR CUSTODIAN AND PAYING AGENT

PricewaterhouseCoopers S.à r.l. Réviseur d’entreprises 400, route d’Esch L - 1471 Luxembourg Grand-Duchy of Luxembourg

CACEIS Bank Luxembourg 5, Allée Scheffer L - 2520 Luxembourg Grand-Duchy of Luxembourg

INVESTMENT MANAGER INVESTMENT SUB-MANAGER

DnB NOR Asset Management AB Sveavägen 38 PO Box 3510 SE-103 69 Stockholm Sweden

OFI Institutional Asset Management. Independance Wharf 470 Atlantic Avenue Boston , MA 02210 USA

DnB NOR Financial Holding AB PO Box 3510 SE-103 69 Stockholm Sweden

Board of Directors

CHAIRMAN

Mr Anders Jonsson, Managing Director, DnB NOR Asset Management AB, Sveavägen 38, PO Box 3510, SE-103 69 Stockholm, Sweden.

DIRECTORS

Mr Antoine Gilson de Rouvreux, Managing Director of Luxcellence Management Company S.A. 5, Allée Scheffer, L - 2520 Luxembourg. .(resigned 05/04/2006)

Mr Torkild Varran, Chief Investment Officer, DnB NOR Asset Management ASA, ovre slottsgt. 3, 0021, Oslo, Norway.

Mr Hans Christian Gjövik, Managing Director, Carlson Fund Management S.A., 5, Allée Scheffer, L - 2520 Luxembourg.(appointed 05/04/2006)

Information about Carlson Fund

Page 3

Managers

Carlson Fund (the “fund”) is managed by Carlson Fund Management Company S.A. (the “Management Com-pany”) in Luxembourg. This Management Company has arranged consultancy agreements with DnB NOR Asset Management AB regarding the management of all sub-funds except Carlson Fund Equity - American Small Cap. The latter is managed by OFI Institutional Asset Man-agement in Boston. Managers for the respective sub-funds are specified in the fund information for each sub-fund.

Custodian bank

CACEIS BANK LUXEMBOURG acts as custodian bank for the fund’s assets. The custodian bank is also responsi-ble for calculating the value of units and for issuing and redeeming units in the funds.

Tax regulations for the fund

The fund has no liability to tax in Luxembourg for capital gains, dividends and interest revenue. Instead, the fund pays a wealth tax (“taxe d’abonnement”) of 0.05% p.a. on the value of the fund except in the case of Carlson SEK Short Bond where the wealth tax is 0.01% p.a. In certain instances depending on the country of origin, the fund pays withholding tax on dividends received. However, Luxembourg does not impose a withholding tax on divi-dends paid from the fund to unitholders.

Tax regulations for unit holders resident in Swe-den

In respect of physical persons, realisation gains and divi-dends from funds are taxable as capital income at a rate of 30%. In the event of losses on unit trusts, these will be set off against gains realised on other quoted securities dis-posed of during the same year. Capital gains and divi-dends on income funds where receivables are exclusively in Swedish kronor will be treated as interest income for tax purposes. Capital losses on such income funds will be treated as interest expense. Other unit trusts like Carlson Fund International Bond that invest in foreign interest-bearing instruments, will be treated as unquoted securi-ties. This means that capital gains on realisation of such units cannot be set off against losses on other quoted se-curities, and that only 70% of a loss on disposal of the units mentioned may be set off against other capital in-come.

Unit value

The value of units is calculated each working day and is calculated on the latest available prices for the fund’s securities. The unit value is currently shown in Swedish and German newspapers and on Carlson’s websites.

Dividends

The Management Company will decide from time to time if and to what extent dividends should be paid to holders of “B”-Units of a sub-fund out of the net results of the operations attributable to the “B”-Units of that specific sub-fund, plus the equalization account on the net issues of such Units. Such dividends will be paid to holders of “B”-Units as soon as practicable after the decision. Results of operations of the sub-fund include all cost and other income such as dividends and interest contributing proceeds of the assets of the sub-fund, net realized and unrealized capital gains proceeds of sales of subscription rights and any other proceeds not to be defined as income. The “A” –Units are not entitled to the dividend payments.

Charges

Please refer to the respective sub-fund and the section “Note to the Financial Statements”, paragraph 4.

Subscription and redemption of units

Issue and redemption of units

The issue and redemption of units takes place every working day the banks are open for business in both Sweden and Luxembourg. Otherwise, issues and redemp-tions will be conducted on the next day on which the banks are open.

Purchase of units

Subscription orders, from those who are not subject to Swedish taxation, may be placed directly with CACEIS Bank Luxembourg, 5 Allée Scheffer, L-2520 Luxem-bourg, tel: +352 47 67 1, fax: +352 47 67 7039. The initial subscription must be for a minimum amount equivalent to USD 1,000.00. No minimum is required for subsequent subscriptions. For any further information, please contact Carlson Fund Management Company S.A. or any of the DnB NOR As-set Management officies.

Exchange and redemption of units

Unitholders who have instructed Carlson Fund Manage-ment Company S.A. to hold their units should apply in writing to Carlson Fund Management Company S.A. with their instructions to exchange and redeem their units. Uni-tholders who have their units registered with an account other than Carlson are recommended to apply to their bank or stockbroker holding their units.


Page 4

Purchasing units through Carlson in Stockholm

Persons who are liable for tax in Sweden are recom-mended to buy their units through Carlson Investment Management. Carlson makes the unit purchases on the written instructions of the account holder. The minimum amount for buying units via a single contribution is SEK 10,000. For monthly saving via autogiro the minimum amount is SEK 200 per month and per unit trust. The nec-essary forms may be obtained from Carlson Investment Management. Carlson Investment Management sends a statement of securities to the client every half-year. At the end of December a tax certificate is also sent out. Carlson Investment Management is obliged to report the client’s holdings, sales and income received to the Swedish Na-tional Tax Board.

Subscription and redemption orders concerning the units of the following sub-funds: Carlson Fund Equity – International Carlson Fund Equity – Global Carlson Fund Equity – North America Carlson Fund Equity – Far East Carlson Fund Equity – Japan Carlson Fund Equity – American Small Cap Carlson Fund Equity – Asian Small Cap Carlson Fund Equity – Global Emerging Markets Carlson Fund International Bond must be received by the Stockholm Administration before 10:00 AM (CET) in the morning on the business day pre-ceding the relevant Valuation day. Otherwise the order will be executed on the next Valuation day.

Subscription or redemption orders concerning Units of any other Sub-funds must be received by the Stockholm Administration before 10:00 AM (CET) on the Valuation Day. Otherwise the order will be executed on the next Valuation Day.

For more information in Swedish please check our web-site www.carlsonfonder.se.

Information

Carlson Fund issues an audited annual Fund Report and an unaudited semi annual Fund Report. In addition, the value of units is published in Swedish and German news-papers and on Carlson’s websites.

Official prospectus

For further information, please refer to the official pros-pectus which may be obtained from

Carlson Fund Management Company S.A. Part of the DnB NOR Group 5, Allée Scheffer Building B L-2520 Luxembourg Luxembourg

Tel: +352 26 35 08 18 Fax: +352 26 35 06 18 [email protected]


Page 5

Global asset managers

DnB NOR Asset Management is a global asset man-ager and part of the DnB NOR Group, a financial insti-tution headquartered in Norway. Carlson is part of DnB NOR Asset Management, focusing on profes-sional asset management for institutions and private individuals. We offer our clients the possibility to in-vest in actively managed funds investing in both equi-ties and interest-bearing securities.

One of the cornerstones of our philosophy is to operate locally in close contact with the market. We consider it vital to be on the ground with locally recruited staff speaking the local language and understanding the lo-cal culture. This is all designed to provide the best conditions for achieving good management results and thereby providing clients with competitive returns.

Investment profile

For us at Carlson it is important to have an active in-vestment policy. By fundamental analysis of econom-ics, markets and companies we strive to achieve results in asset management that in the long term should ex-ceed the market results. Both traditional fundamental analyses as well as quantitative methods are used for this purpose.

A large part of Carlson's securities are invested in in-ternational equities and bonds. The basic idea is that you have to be close to the different markets to be able to have the best opportunities for good results in asset management. For Carlson it is therefore very important to be on location with locally recruited personnel that speak the language and know the culture, in order to create the best environment for great investment re-sults.

The process used for investments is based on a high degree of specialization. By focusing on the particular business area with dedicated analysts and fund manag-ers we create the necessary competence to succeed in our investments. But the actual decision to make an investment is, of course, always taken by the fund manager in charge. We regard it as important that res-ponsibilities and decision-making are clearly defined.

Complete range of funds

The construction of a securities portfolio with the aid of unit trusts is convenient, efficient and less risky when compared with investment in individual securi-ties. DnB NOR and Carlson offer a full range of equity and income funds. On the basis of their individual risk profiles one can simply construct an individual unit trust portfolio. You find more information regarding our fund range on our websites.

Socially responsible investments

Carlson Fund Management Company S.A. aspires to be a responsible corporate citizen, to have a positive impact on society and to contribute to a sustainable development by focusing on environmental, ethical and social issues. At the core of our asset management business are basic ethical guidelines for all investment activities.

Our basic ethical guidelines stipulate that we must be particularly cautious with transactions that may consti-tute an unacceptable risk of contributing to violations of human rights, labor rights, corruption and the de-struction of the environment.

The evaluation of companies is based on the following internationally accepted standards:

UN Global Compact – which aims to promote global sustainable development OECD Guidelines for Multinational Companies – which aims to promote ethical responsibility within companies Ottawa convention – which is a ban against landmines

Implementation of our basic ethical guidelines includes using our influence as an investor to promote positive action in companies where we see the need for change. Based on available information, we develop an overall understanding of a company and also consider steps the company takes to rectify any incongruities. If a company shows little desire to implement positive changes, we may exclude the company from our in-vestment universe.

Websites

www.carlsonfonder.sewww.carlsonfund.de

Fund Managers

Page 6

Filip Boman

Born: 1968 Education:Bachelor of Business Administration, CFA Years in the business: 12Manager of sub-fund: Carlson Fund Equity - Global.

Anders Ahl

Born: 1962 Education:BA in Business and Economics Years in the business: 19Manager of sub-fund: Carlson Fund Equity - Sweden.

Per Henrik Graesberg

Born: 1955 Education:BA in Economics Years in the business: 26 Manager of sub-fund: Carlson Fund Equity - Scandinavia.

Torbjörn Hamnmark

Born: 1965 Education:BA in Economics Years in the business: 17Manager of sub-fund: Carlson Fund International Bond.

Erwin Hidalgo

Born: 1965 Education:Bachelor of Business Administration & Accountancy Years in the business: 19Manager of sub-fund: Carlson Fund Equity - Japan.

Anna Ho

Born: 1969 Education:BA in Economics Years in the business: 13Manager of sub-funds: Carlson Fund Equity - Asian Small Cap.

Bård Johannessen

Born: 1959 Education:MBA , CEFAYears in the business: 16 Manager of sub-fund: Carlson Fund Equity - North America.

Björn Kvarnskog

Born: 1965 Education:BA in Business Administration Years in the business: 19 Manager of sub-fund: Carlson Fund Equity - Europe.

Christer Käck

Born: 1953 Education:BSc in Economics, CEFA Years in the business: 32Manager of sub-fund: Carlson Fund SEK Long Bond.

Fund Managers

Page 7

Maud Ljungqvist

Born: 1950 Education:BSc in Economics, CEFA Years in the business: 26Manager of sub-fund: Carlson Fund SEK Short Bond.

Kalapi Darmeci

Born: 1973 Education:BSc Accounting & Finance, MA Finance & Investment Years in the business: 9 Manager of sub-fund: Carlson Fund Equity - Global Emerging Markets and Carlson Fund Equity - Far East.

Peter von Sivers

Born: 1947 Education:BA in Business Administration Years in the business: 37Manager of sub-fund: Carlson Fund Equity - European Small Cap.

Fredrik Öberg

Born: 1965 Education:BA in Business and Economics Years in the business: 12Manager of sub-fund: Carlson Fund Equity - International.

Daniel GoldfarbOfi Institutional Asset Management INC. Born: 1956 Education:BA, MBA and CFA Years in business: 20 Manager of sub-fund: Carlson Fund Equity - American Small Cap.

8The accompanying notes form an integral part of these financial statements

Page

Carlson Fund Consolidated

Assets 1,348,356Securities at market value 1,294,0292Bank accounts 28,616Receivable from units issued 856Receivable from securities sold 7,616Other accounts receivable 17,239

Liabilities 13,298Bank overdraft 1,759Accrued expenditures 4,062Payable on units redeemed 564Payable on securities purchased 3,526Other accounts payable 3,387

Net Asset Value 1,335,058

Statement of Net Assets 30/06/06

Figures in thousands in USD

Note

Income 21,726Dividends received 6,0572Bank interest 290Interest on securities 15,3792

Expenditure 11,235Management fees 7,5454Sub-custodian fees 0Taxe d'abonnement 2953Professionnal expenses 38Other expenses 3,356

Net income from investments 10,491Net realised result on sales of investment securities 40,165Net realised result on foreign exchange -4,659Variation in unrealised result -56,069

Securities portfolio -56,069Decrease in net assets as a result of operations -10,072

Statement of Operations at 30/06/06


Note

Net asset value at beginning of the period 1,281,517Units issued during the period 267,306Units redeemed during the period -282,106Decrease in net assets during the period -10,072Reevaluation of opening consolidated NAV 78,412Net asset value at end of the period 1,335,058

Statement of Changes in Net Assets


Note


Page

Carlson Fund Equity-InternationalThe sub-fund is a balanced fund that invests in equitiesand bonds worldwide. Over an extended period, the sub-fund will normally be balanced with an exposure of 60%in equities and 40% in bonds as equities are expected toperform better than bonds in the long run. However, inthe short-term the composition may vary depending onhow we see trends developing in the equity and bondmarkets. In this type of sub-fund we believe that it isimportant to limit the risk of losing money. Bondsnormally carry a lower risk than equities but conversely,the potential for growth is not as great.

The sub-fund offers two kinds of units, the capitalisationunit (A) and the distribution (B) unit.

During 2006 the value of the sub-fund's units declined by-3,03 % in the sub-fund's quoted currency EUR.

Benchmark: 60% MSCI AC World Free, 24% LehmanEuro Aggregated and 16% Lehman US Treasury.

Geographic distribution(Percentage of portfolio)

USA45.56%

France11.63%

United Kingdom8.21%

The Netherlands3.37% Switzerland

4.30%Germany

8.76%

Sweden2.23%

Japan5.04%

Other10.90%

Development of Net Asset Value

31/12/95 45,197,1891.081.481.48USD31/12/96 42,115,7851.241.561.56USD31/12/97 44,568,1871.501.641.64USD31/12/98 56,509,1591.541.791.79USD31/12/99 38,016,6611.791.691.79EUR31/12/00 21,955,3721.74n/a1.74EUR31/12/01 16,606,4891.61n/a1.61EUR31/12/02 5,888,1321.27n/a1.27EUR31/12/03 4,550,2021.28n/a1.28EUR31/12/04 3,241,0291.33n/a1.33EUR31/12/05 2,628,7731.58n/a1.58EUR

Number of unitsUnit price

Capitalisation units

USD EUR

30/06/06 2,556,0171.53n/a1.53EUR



Distribution units

30/06/06 40,8160.97n/a0.97EUR n/a

Dividend31/12/95 874,5570.941.281.28USD 0.0531/12/96 475,2041.031.291.29USD 0.0531/12/97 34,1351.201.311.31USD 0.1031/12/98 34,1351.191.381.38USD 0.0531/12/99 34,1351.341.311.34EUR 0.0831/12/00 35,9941.26n/a1.26EUR 0.0831/12/01 34,1361.13n/a1.13EUR 0.0431/12/02 36,4520.86n/a0.86EUR 0.0331/12/03 34,2860.85n/a0.85EUR 0.0231/12/04 34,1350.86n/a0.86EUR 0.0231/12/05 36,6711.00n/a1.00EUR 0.02

USD EUR

Performance

Index**

2006 5% -3% 4% -4%Since Last 5 years 33% -12% 43% -6%5 year average 6% -2% 7% -1%

1995 17% 12% 17% 10%1996 5% 9% 8% 10%1997 5% 19% 8% 20%1998 10% 3% 19% 10%1999 0% 17% 13% 28%2000 -9% -3% -6% -1%2001 -13% -8% -15% -4%2002 -7% -21% -4% -19%2003 21% 1% 25% 4%2004 12% 4% 12% 4%2005 3% 19% 3% 19%

Fund

see diagram**

USD USDEUR EUR


Page

Performance graph in USD

Performance graph in EUR

Assets 3,961.79Securities at market value 3,926.832Bank accounts 15.04Receivable from securities sold 1.11Other accounts receivable 18.81

Liabilities 13.71Bank overdraft 0.00Accrued expenditures 13.71

Net Asset Value 3,948.08


Figures in thousands in EUR

Note

Income 57.13Dividends received 29.712Bank interest 0.20Interest on securities 27.232

Expenditure 37.35Management fees 26.164Taxe d'abonnement 1.043Professionnal expenses 0.11Other expenses 10.04

Net income from investments 19.78Net realised result on sales of investment securities 157.62Net realised result on foreign exchange -143.73Variation in unrealised result -157.41



Note

Securities portfolio -157.41Decrease in net assets as a result of operations -123.73



Note

Net asset value at beginning of the period 4,180.44Units issued during the period 161.98Units redeemed during the period -270.61Decrease in net assets during the period -123.73Net asset value at end of the period 3,948.08



Note

Sub-Fund advisor: Fredrik Öberg

Statement of Investments at 30/06/06

CurrencyMarket value

EURQuantitySecurities

Purchase price

Price1,000EUR %

1,000

FRANCE BTF 05/0631/08U

149,000 EUR 146.38 3.71146.42 99.54

Transferable securities admitted to an officialstock exchange listing

3,677.95 93.16

Bonds 936.03 23.71

France 322.08 8.16

FRANCE OAT 5.25 98-08 25/04A

170,817 EUR 175.70 4.45176.82 102.86

BRD 4.125 98-0804/07A

0 EUR 0.00 0.000.00 101.06Germany 230.20 5.83

BRD 5.25 00-1104/01A

43,000 EUR 45.47 1.1546.77 105.75

BRD 6.25 00-3004/01A

145,000 EUR 184.73 4.68170.07 127.40

USA TREASURY NOTE 3.501-06 15/11S

150,000 USD 117.22 2.97116.03 99.34USA 222.31 5.63

USA TREASURY NOTES2.625 03-08 15/05S

140,000 USD 105.09 2.66104.24 95.42

NEDERLAND 3.25 05-15 15/07A

113,000 EUR 106.11 2.69107.22 93.91The Netherlands 106.11 2.69

ITALY BTP 5.00 98-0801/05S

53,675 EUR 54.96 1.3956.31 102.39Italy 54.96 1.39

BELGIQUE OLO 5.7597-08 28/03A

354 EUR 0.37 0.010.40 103.56Belgium 0.37 0.01

ABBOTT LABORATORIES 1,750 USD 59.06 1.5060.36 42.90

Shares 2,621.92 66.41USA 1,197.80 30.34

ABERCROMBIE AND FITCH-A-

653 USD 28.21 0.7134.45 54.92

ALLTEL CORP 1,100 USD 54.95 1.3957.50 63.51AT & T COMCAST CORP 900 USD 23.11 0.5921.11 32.64BAKER HUGHES INC 400 USD 25.54 0.6522.84 81.18BEA SYSTEMS 2,900 USD 29.50 0.7523.15 12.93BOSTON SCIENTIFIC CORP 1,500 USD 19.99 0.5127.26 16.94COCA-COLA CO 1,187 USD 40.21 1.0241.33 43.06CONOCOPHILLIPS 700 USD 36.33 0.9234.36 65.97CORNING INC 1,200 USD 22.54 0.5727.23 23.88CVS CORP 1,600 USD 38.32 0.9729.43 30.45E TRADE FINANCIAL 1,722 USD 30.64 0.7825.96 22.62GENERAL ELECTRIC CO 2,000 USD 52.34 1.3354.03 33.27GENWORTH FINANCIALINC CLASS-A

1,429 USD 39.04 0.9934.19 34.73

IBM CORP 1,100 USD 67.14 1.7074.84 77.59JP MORGAN CHASE 1,600 USD 53.72 1.3657.31 42.68MAXIM INTEGRATEDPRODUCTS INC

1,000 USD 25.70 0.6524.10 32.67

MICROSOFT CORP 2,840 USD 52.59 1.3357.88 23.54MORGANS HOTEL GROUP 289 USD 3.29 0.084.85 14.49NATIONAL OILWELLVARCO INC

881 USD 43.73 1.1149.12 63.10

OCCIDENTAL PETROLEUMCORP

700 USD 56.30 1.4355.20 102.25

PARKER-HANNIFIN CORP 300 USD 18.36 0.4715.88 77.80PG AND E CORP 800 USD 24.42 0.6225.57 38.81


Page



Purchase price

Price1,000EUR %

1,000

PROCTER & GAMBLE CO 1,300 USD 58.28 1.4854.50 56.99SONUS NETWORKS INC 3,609 USD 13.71 0.3515.73 4.83SYNTHES INC 190 CHF 17.84 0.4518.44 147.20TIME WARNER INC 2,700 USD 36.72 0.9336.52 17.29TRANSOCEAN INC 600 USD 37.51 0.9530.29 79.47WACHOVIA CORP 1,100 USD 47.02 1.1947.57 54.34WELLPOINT INC 774 USD 44.35 1.1245.69 72.85WYETH 1,600 USD 55.32 1.4059.51 43.95YAHOO INC 1,620 USD 42.01 1.0642.72 32.97

BHP BILLITON PLC 2,269 GBP 34.64 0.8831.91 10.59United Kingdom 322.48 8.17

BP PLC 6,706 GBP 61.16 1.5563.64 6.33BT GROUP PLC 13,873 GBP 47.37 1.2043.77 2.37CORUS GROUP 4,127 GBP 26.87 0.6821.52 4.52DEBENHAMS PLC 3,000 GBP 8.11 0.218.54 1.88MAN GROUP PLC 1,476 GBP 54.87 1.3936.11 25.78NATIONAL GRID TRANSCOPLC

4,301 GBP 36.28 0.9235.80 5.85

ROYAL BANK OFSCOTLAND GROUP PLC

2,084 GBP 53.19 1.3549.04 17.70

ASAHI GLASS CO LTD 3,000 JPY 29.86 0.7623.77 1,451.00Japan 198.09 5.02

DENSO CORP 1,300 JPY 33.35 0.8423.28 3,740.00MITSUBISHI UFJFINANCIAL GROUP INC

5 JPY 54.87 1.3932.29 1,600,000.00

MITSUI FUDOSAN 2,000 JPY 34.09 0.8615.13 2,485.00NTT DOCOMO 16 JPY 18.44 0.4721.97 168,000.0

0SEVEN & I HOLDINGS COLTD, TOKYO

957 JPY 24.75 0.6320.02 3,770.00

TOKYO ELECTRON LTD 50 JPY 2.74 0.074.20 8,000.00

EFG INTL 700 CHF 14.40 0.3615.60 32.25Switzerland 168.93 4.28

NESTLE SA REG.SHS 157 CHF 37.79 0.9638.46 377.25NOVARTIS SA REG.SHS 1,042 CHF 43.55 1.1047.98 65.50ROCHE HOLDINGGENUSSSCHEIN

275 CHF 35.09 0.8930.29 200.00

UBS NAM.AKT 447 CHF 38.10 0.9730.65 133.60

ALCATEL 2,162 EUR 21.66 0.5527.82 10.02France 134.52 3.41

AXA 1,991 EUR 50.97 1.2957.09 25.60CREDIT AGRICOLE SA 1,259 EUR 37.08 0.9440.99 29.45VIVENDI 917 EUR 24.81 0.6326.00 27.06

ALLIANZ AG NAMENVINKULIERT

484 EUR 59.65 1.5163.81 123.24Germany 113.74 2.88

INFINEON TECHNOLOGIESNOM.

3,572 EUR 31.29 0.7927.74 8.76

PUMA 75 EUR 22.80 0.5822.68 304.04

HENNES & MAURITZ AB -B-FREE

850 SEK 25.88 0.6625.82 281.00Sweden 87.74 2.22

SCANIA -B- 800 SEK 27.57 0.7022.50 318.00VOLVO -B- FREE 900 SEK 34.28 0.8729.82 351.50

DBS GROUP HOLDINGS 3,000 SGD 26.91 0.6821.95 18.10Singapore 77.91 1.97

KEPPEL CORPORATIONLTD

7,000 SGD 51.00 1.2925.20 14.70

POTASH CORP OFSASKATCHEWAN

300 CAD 20.45 0.5223.77 96.25Canada 48.25 1.22

TECK CORP CL. "B" SUB-VOTING

600 CAD 27.79 0.7024.57 65.40

MILLICOMINTERNATIONALCELLULAR SA

1,068 USD 37.81 0.9620.47 45.00Luxembourg 37.81 0.96

ACE 948 USD 37.58 0.9531.98 50.39Cayman Islands 37.58 0.95

DEXIA 1,866 EUR 35.23 0.8934.54 18.88Belgium 35.23 0.89

ACCENTURE LTD -A- 1,500 USD 33.16 0.8429.67 28.10Bermuda 33.16 0.84

AMDOCS LTD 1,100 USD 31.21 0.7929.69 36.07Guernsey Island 31.21 0.79

DSM KONINKLIJKE -K- 800 EUR 26.09 0.6630.13 32.61The Netherlands 26.09 0.66

BOC HONG KONG(HOLDINGS) LTD

107 HKD 0.16 0.000.15 15.20Hong Kong 25.73 0.65

CHEUNG-KONG HOLDINGSLTD

3,000 HKD 25.57 0.6525.91 84.15

FINMECCANICA SPA POSTRAGGRUPPAMENTO

1,413 EUR 24.49 0.6222.68 17.33Italy 24.49 0.62



Purchase price

Price1,000EUR %

1,000

TELENOR AS 2,200 NOK 21.17 0.5417.64 76.25Norway 21.17 0.54

ISHARES MSCI JAPANINDEX FUND

11,300 USD 120.00 3.04112.45 13.50

Units in Investment Funds 120.00 3.04USA 120.00 3.04

US TREASURY NOTES4.375 05-10 15/12S

37,000 USD 28.21 0.7130.14 96.92

Transferable securities dealt in on anotherregulated market

248.88 6.30

Bonds 248.88 6.30

USA 248.88 6.30

USA TREASURY BONDS6.25 99-30 15/05S

103,000 USD 90.95 2.30129.59 112.25


123,000 USD 129.73 3.29157.87 134.08

Total securities 3,926.83 99.46

Liquid assets 21.25 0.54

Net Asset Value 3,948.08 100.00

Key figures relating to the last 3 years

Net assets

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

3,948,080.48 4,180,439.45 4,334,201.34


2,556,0171.53

2,628,7731.58

3,241,0291.33

Number of unitsNet asset value per unitDistribution units

40,8160.97n/a

36,6711.000.02

34,1350.860.02

Number of unitsNet asset value per unitDividend per unit


Page

Carlson Fund Equity-GlobalThe sub-fund invests in equities across the world and thusall stock exchanges and currencies may be represented inthe sub-fund. The selection of equities and thedistribution by country and industry will vary dependingon our view of the market situation. During 2006, the value of sub-fund units declined by -1,80 % in the sub-fund s quoted currency EUR.

Benchmark: MSCI AC World Index Free


USA44.56%

France4.58%

United Kingdom11.76%

Switzerland5.60%

Germany3.66% Sweden

2.80%Japan6.61%

Singapore2.57%

South Korea2.71%

Other15.16%





USD EUR

30/06/06 10,380,7032.08n/a2.08EUR

Performance

Index**


1995 16% 10% 16% 11%1996 8% 11% 11% 15%1997 10% 25% 13% 28%1998 18% 11% 20% 12%1999 27% 49% 25% 47%2000 -15% -9% -14% -9%2001 -20% -15% -17% -13%2002 -21% -33% -21% -33%2003 28% 7% 32% 10%2004 15% 6% 13% 5%2005 10% 27% 9% 25%

Fund

see diagram**

USD USDEUR EUR



Assets 21,659.52Securities at market value 21,488.182Bank accounts 149.39Receivable from units issued 0.13Other accounts receivable 21.82



Note


Page

Liabilities 75.64Accrued expenditures 75.64




Note

Income 235.55Dividends received 235.172Bank interest 0.37


Net income from investments 38.26Net realised result on sales of investment securities 1,481.65Net realised result on foreign exchange -220.10Variation in unrealised result -1,641.39

Securities portfolio -1,641.39Decrease in net assets as a result of operations -341.57



Note

Net asset value at beginning of the period 24,302.42Units issued during the period 4,463.74Units redeemed during the period -6,840.71Decrease in net assets during the period -341.57Net asset value at end of the period 21,583.88



Note

Sub-Fund advisor: Filip Boman




Purchase price

Price1,000EUR %

1,000

ABBOTT LABORATORIES 12,553 USD 423.62 1.96435.54 42.90


21,488.18 99.56

Shares 20,632.23 95.59

USA 8,719.77 40.40


4,599 USD 198.68 0.92237.86 54.92

ALLTEL CORP 8,409 USD 420.10 1.95438.48 63.51AT & T COMCAST CORP 6,770 USD 173.82 0.81159.52 32.64BAKER HUGHES INC 2,975 USD 189.98 0.88169.97 81.18BEA SYSTEMS 21,156 USD 215.18 1.00170.98 12.93BOSTON SCIENTIFIC CORP 9,366 USD 124.81 0.58177.15 16.94COCA-COLA CO 9,117 USD 308.81 1.43316.56 43.06CONOCOPHILLIPS 5,276 USD 273.79 1.27263.51 65.97CORNING INC 8,053 USD 151.27 0.70182.73 23.88CVS CORP 11,627 USD 278.50 1.29231.13 30.45E TRADE FINANCIAL 12,075 USD 214.86 1.00186.41 22.62GENERAL ELECTRIC CO 14,547 USD 380.71 1.76392.87 33.27GENWORTH FINANCIALINC CLASS-A

10,613 USD 289.94 1.34270.09 34.73

IBM CORP 8,049 USD 491.27 2.28547.72 77.59JP MORGAN CHASE 11,681 USD 392.17 1.82415.66 42.68MAXIM INTEGRATEDPRODUCTS INC

7,706 USD 198.04 0.92184.19 32.67

MICROSOFT CORP 20,657 USD 382.51 1.77417.93 23.54MORGANS HOTEL GROUP 2,222 USD 25.33 0.1237.32 14.49NATIONAL OILWELLVARCO INC

5,905 USD 293.10 1.36325.05 63.10

OCCIDENTAL PETROLEUMCORP

4,825 USD 388.09 1.80382.60 102.25

PARKER-HANNIFIN CORP 2,328 USD 142.47 0.66130.03 77.80PG AND E CORP 5,800 USD 177.07 0.82184.12 38.81



Purchase price

Price1,000EUR %

1,000

PROCTER & GAMBLE CO 8,869 USD 397.60 1.84391.60 56.99SONUS NETWORKS INC 28,202 USD 107.15 0.50122.89 4.83SYNTHES INC 1,417 CHF 133.08 0.62136.91 147.20TIME WARNER INC 22,500 USD 306.02 1.42312.02 17.29TRANSOCEAN INC 4,237 USD 264.87 1.23206.11 79.47WACHOVIA CORP 8,234 USD 351.97 1.63354.82 54.34WELLPOINT INC 5,625 USD 322.35 1.49337.84 72.85WYETH 11,878 USD 410.65 1.90447.02 43.95YAHOO INC 11,258 USD 291.98 1.35296.33 32.97

BHP BILLITON PLC 18,462 GBP 281.84 1.31260.51 10.59United Kingdom 2,525.96 11.70

BP PLC 53,924 GBP 491.78 2.28514.53 6.33BT GROUP PLC 115,332 GBP 393.84 1.82365.14 2.37CORUS GROUP 30,170 GBP 196.42 0.91161.36 4.52DEBENHAMS PLC 15,810 GBP 42.74 0.2045.01 1.88MAN GROUP PLC 11,826 GBP 439.59 2.04312.19 25.78NATIONAL GRID TRANSCOPLC

31,058 GBP 261.98 1.21260.08 5.85

ROYAL BANK OFSCOTLAND GROUP PLC

16,369 GBP 417.76 1.94395.11 17.70

ASAHI GLASS CO LTD 21,000 JPY 208.99 0.97179.76 1,451.00Japan 1,420.56 6.58

DENSO CORP 8,400 JPY 215.47 1.00158.20 3,740.00MITSUBISHI UFJFINANCIAL GROUP INC

36 JPY 395.06 1.83256.65 1,600,000.00

MITSUI FUDOSAN 17,000 JPY 289.75 1.34163.57 2,485.00NTT DOCOMO 122 JPY 140.58 0.65171.34 168,000.0

0SEVEN & I HOLDINGS COLTD, TOKYO

6,602 JPY 170.71 0.79161.74 3,770.00

EFG INTL 4,578 CHF 94.20 0.44102.61 32.25Switzerland 1,202.82 5.57

NESTLE SA REG.SHS 1,217 CHF 292.93 1.36298.40 377.25NOVARTIS SA REG.SHS 7,102 CHF 296.80 1.38325.26 65.50ROCHE HOLDINGGENUSSSCHEIN

1,864 CHF 237.86 1.10219.75 200.00

UBS NAM.AKT 3,297 CHF 281.04 1.30241.95 133.60

ALCATEL 17,824 EUR 178.60 0.83229.70 10.02France 983.11 4.55

AXA 14,250 EUR 364.80 1.69408.88 25.60CREDIT AGRICOLE SA 8,632 EUR 254.21 1.18282.96 29.45VIVENDI 6,855 EUR 185.50 0.86198.01 27.06


3,507 EUR 432.20 2.00460.61 123.24Germany 786.49 3.64


22,187 EUR 194.36 0.90173.19 8.76

PUMA 526 EUR 159.93 0.74157.64 304.04


5,944 SEK 181.01 0.84181.70 281.00Sweden 600.67 2.78

SCANIA -B- 5,827 SEK 200.81 0.93176.40 318.00VOLVO -B- FREE 5,745 SEK 218.85 1.01204.09 351.50

HYUNDAI MOTOR CO LTD 2,220 KRW 148.36 0.6957.78 80,600.00South Korea 583.03 2.70

SAMSUNG ELECTRONICSCO LTD

507 KRW 253.49 1.17177.92 603,000.00

SHINSEGAE CO LTD 460 KRW 181.17 0.84146.44 475,000.00

DBS GROUP HOLDINGS 21,000 SGD 188.39 0.87160.63 18.10Singapore 552.82 2.56

KEPPEL CORPORATIONLTD

50,021 SGD 364.44 1.69212.11 14.70

POTASH CORP OFSASKATCHEWAN

2,460 CAD 167.71 0.78195.04 96.25Canada 356.16 1.65


4,068 CAD 188.45 0.87176.38 65.40

ACE 7,127 USD 282.50 1.31260.96 50.39Cayman Islands 282.50 1.31

DSM KONINKLIJKE -K- 5,849 EUR 190.74 0.88220.46 32.61The Netherlands 279.31 1.29

ZENTIVA 2,400 CZK 88.57 0.4192.08 1,051.00

MILLICOMINTERNATIONALCELLULAR SA

7,246 USD 256.50 1.19151.93 45.00Luxembourg 256.50 1.19

DEXIA 12,647 EUR 238.78 1.11241.79 18.88Belgium 238.78 1.11

AMDOCS LTD 8,300 USD 235.50 1.09228.57 36.07Guernsey Island 235.50 1.09

ACCENTURE LTD -A- 10,325 USD 228.23 1.06218.40 28.10Bermuda 228.23 1.06

STANDARD BANK GROUP 16,635 ZAR 143.10 0.6686.96 77.90South Africa 226.23 1.05

TELKOM 5,660 ZAR 83.13 0.3959.38 133.00


Page



Purchase price

Price1,000EUR %

1,000

GAZPROM ADR REPR. 4 SHS 6,565 USD 216.90 1.0061.42 42.00Russia 216.90 1.00

FINMECCANICA SPA POSTRAGGRUPPAMENTO

11,479 EUR 198.93 0.92184.16 17.33Italy 198.93 0.92

GUJARAT AMBUJACEMENTS LTD GDR

102,000 USD 165.29 0.7783.08 2.06India 165.29 0.77

TELENOR AS 16,920 NOK 162.78 0.75141.45 76.25Norway 162.78 0.75

CHEUNG-KONG HOLDINGSLTD

19,000 HKD 161.93 0.75164.12 84.15Hong Kong 161.93 0.75

ASUSTEK COMPUTER 66,000 TWD 127.48 0.59142.87 79.50Taiwan 127.48 0.59

EMPRESAS ICA 54,167 MXN 120.51 0.5682.67 31.98Mexico 120.51 0.56

ISHARES MSCI JAPANINDEX FUND

80,602 USD 855.95 3.97845.45 13.50

Units in Investment Funds 855.95 3.97USA 855.95 3.97





Net assets

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

21,583,875.44 24,302,415.27 14,753,768.57


10,380,7032.08

11,482,8042.12

8,847,1381.67

Number of unitsNet asset value per unit


Page

Carlson Fund Equity-Global Emerging MarketsThe sub-fund invests in equities in the emerging marketsof the world like the Far East, Latin America and EasternEurope. The selection of equities and the distribution bycountry and industry will vary depending on our view ofthe market situation.

During 2006 the value of sub-fund units declined by -2,09 % in EUR and increased by 6,14 % in the sub-fund'squoted currency USD.

Benchmark: MSCI Emerging Markets Free


Russia8.44%

South Africa11.00%

Mexico5.93%

Brazil10.68%

Israel3.19%

India3.56%

China6.48%

Taiwan13.66%

South Korea18.91%

Other18.16%


31/12/99 12,756,1081.311.311.31USD31/12/00 19,362,9681.030.960.96USD31/12/01 57,683,7871.060.940.94USD31/12/02 61,892,9950.780.810.81USD31/12/03 85,928,8500.831.231.23USD31/12/04 85,315,7461.031.401.40USD31/12/05 68,908,1281.541.821.82USD



USD EUR25/05/99 n/a0.941.001.00USD

30/06/06 1.93 1.52 72,214,8101.93USD

Performance

Index**

31% n/a 30% n/a1999*

2006 6% -2% 6% -2%Since Last 5 years 107% 37% 131% 53%5 year average 16% 6% 18% 9%

Fund

* from 25/05/99 see diagram**

USD USDEUR EUR

2000 -27% 22% -30% -25%2001 -3% 3% -5% 0%2002 -13% -26% -8% -22%2003 52% 27% 52% 26%2004 13% 5% 22% 14%2005 30% 50% 30% 50%



Assets 139,839.17Securities at market value 136,357.332Bank accounts 2,944.30Receivable from units issued 41.28Other accounts receivable 496.25

Liabilities 702.16Bank overdraft 0.05Accrued expenditures 667.56Payable on units redeemed 34.54



Note


Page




Note

Income 1,800.48Dividends received 1,736.842Bank interest 63.64

Expenditure 1,616.97Management fees 1,245.254Sub-custodian fees 0.01Taxe d'abonnement 36.373Professionnal expenses 4.74Other expenses 330.61

Net income from investments 183.51Net realised result on sales of investment securities 10,582.64Net realised result on foreign exchange -204.76Variation in unrealised result -4,125.55

Securities portfolio -4,125.55Increase in net assets as a result of operations 6,435.84



Note

Net asset value at beginning of the period 125,387.12Units issued during the period 19,972.73Units redeemed during the period -12,658.68Increase in net assets during the period 6,435.84Net asset value at end of the period 139,137.01



Note

Sub-Fund advisor: Kalapi Darmeci



USDQuantitySecurities

Purchase price

Price1,000USD %

1,000

AMOREPACIFIC CORP 248 KRW 102.21 0.0782.60 391,000.00


135,988.61 97.74

Shares 130,714.64 93.95

South Korea 25,415.25 18.27

CJ CORP 1,540 KRW 168.82 0.12110.21 104,000.00

DAEGU BANK 11,900 KRW 213.24 0.15144.74 17,000.00DAELIM INDUSTRIAL CO 2,080 KRW 130.67 0.09107.12 59,600.00DAEWOO ENGINEERINGAND CONSTRUCTION CO

11,000 KRW 156.53 0.11119.77 13,500.00

DAEWOO SHIPBUILDINGAND MARINE ENGINEERI

8,180 KRW 240.56 0.17162.61 27,900.00

GS ENGINEERING &CONSTRUCTION CORP

2,800 KRW 181.22 0.13107.83 61,400.00

HAN JIN SHIPPING CO LTD 3,990 KRW 95.26 0.07125.53 22,650.00HAN KOOK TIRE MFG 9,650 KRW 113.42 0.08122.52 11,150.00HANA FINANCIAL GROUPINC

10,895 KRW 512.19 0.37308.96 44,600.00

HITE BREWERY 1,100 KRW 110.03 0.08133.07 94,900.00HYUNDAI DEPARTMENTSTORE SHS

1,110 KRW 85.76 0.0680.42 73,300.00

HYUNDAI DEVELOPMENTCOMPANY ENGINEERING

5,160 KRW 223.00 0.1699.17 41,000.00

HYUNDAI HEAVYINDUSTRIES CO LTD

4,510 KRW 506.29 0.36212.26 106,500.00

HYUNDAI MOBIS 4,690 KRW 396.97 0.29236.86 80,300.00HYUNDAI MOTOR CO LTD 14,540 KRW 1,235.29 0.89627.81 80,600.00KANGWON LAND 8,400 KRW 143.44 0.10140.20 16,200.00KIA MOTORS 14,720 KRW 252.13 0.18206.85 16,250.00KOOKMIN BANK 28,040 KRW 2,305.39 1.661,073.11 78,000.00KOREA ELECTRIC POWERCORP

20,090 KRW 744.35 0.53478.76 35,150.00

KT CORPORATION 14,660 KRW 604.97 0.43630.76 39,150.00



Purchase price

Price1,000USD %

1,000

LG CHEM 6,310 KRW 219.49 0.16232.90 33,000.00LG ELECTRONICS INC 8,120 KRW 492.15 0.35487.74 57,500.00LG PHILIPS LCD 7,013 KRW 260.95 0.19335.79 35,300.00LOTTE SHOPPING 800 KRW 311.16 0.22343.71 369,000.0

0NCSOFT 1,800 KRW 103.40 0.07155.47 54,500.00PACIFIC CORP 151 KRW 24.83 0.0219.82 156,000.0

0POSCO 6,516 KRW 1,747.99 1.261,172.71 254,500.0

0PUSAN BANK 11,500 KRW 146.67 0.11122.33 12,100.00SAMSUNG CORP 12,640 KRW 347.08 0.25167.12 26,050.00SAMSUNG ELECTROMECHANICS

5,110 KRW 176.13 0.13121.49 32,700.00


10,854 KRW 6,898.87 4.964,508.39 603,000.00

SAMSUNG FIRE ANDMARINE INSURANCE

3,890 KRW 522.79 0.38308.23 127,500.00

SAMSUNG HEAVYINDUSTRIES CO LTD

14,810 KRW 341.88 0.25127.09 21,900.00

SAMSUNG SDI CO LTD 2,732 KRW 187.76 0.13273.78 65,200.00SAMSUNG SECURITIES COLTD

5,600 KRW 301.63 0.22181.16 51,100.00

SHINHAN FINANCIALGROUP

43,420 KRW 2,036.67 1.461,484.89 44,500.00

SHINSEGAE CO LTD 1,424 KRW 712.98 0.51385.52 475,000.00

SK CORP LTD 11,040 KRW 709.86 0.51599.54 61,000.00SK TELEKOM 3,753 KRW 807.01 0.58648.18 204,000.0

0SSANGYONG OIL REFININGCO LTD

4,440 KRW 314.03 0.23229.86 67,100.00

WOORI INVESTMENT &SECURITIES CO LTD

11,000 KRW 230.16 0.17157.66 19,850.00

ACER INC 222,600 TWD 391.20 0.28347.33 56.90Taiwan 18,620.29 13.38

ASUSTEK COMPUTER 203,500 TWD 499.68 0.36514.90 79.50AU OPTRONICS 663,150 TWD 936.03 0.67953.99 45.70CATHAY FINANCIAL 601,000 TWD 1,314.23 0.941,079.59 70.80CHINA FIN HOLDINGS 488,000 TWD 404.69 0.29381.82 26.85CHINA STEEL CORP 822,000 TWD 814.97 0.59731.80 32.10CHUNGHWA TELECOM 490,000 TWD 885.35 0.64825.62 58.50COMPAL ELECTRONICS 750,000 TWD 715.79 0.51675.75 30.90DELTA ELECTRONIC INCS 355,950 TWD 1,011.44 0.73562.08 92.00FAR EASTONETELECOMMUNICATION COLTD

412,000 TWD 460.65 0.33473.24 36.20

FORMOSA CHEMICALSFIBER CO LTD

604,000 TWD 932.76 0.67995.97 50.00

FORMOSA PLASTICS CORP 846,220 TWD 1,283.30 0.921,271.85 49.10FUBON FINANCIALHOLDING COMPANY

1,564,000 TWD 1,352.57 0.971,523.82 28.00

HON HAI PRECISIONINDUSTRY CO LTD

359,181 TWD 2,218.74 1.591,757.55 200.00

MEDIA TEKINCORPORATION

52,200 TWD 483.68 0.35363.16 300.00

SILICONWARE PRECISIONINDUSTRIES CO LTD

664,000 TWD 816.23 0.59609.96 39.80

TAIWAN SEMICONDUCTORMANUFACTURING CO LT

1,592,718 TWD 2,872.86 2.062,099.14 58.40

UNITEDMICROELECTRONICS CORP

1,274,982 TWD 763.96 0.55745.66 19.40

WAN HAI LINES 671,000 TWD 462.16 0.33398.17 22.30

ANGLO AMERICAN 15,600 ZAR 635.08 0.46545.48 290.00South Africa 14,995.75 10.78

ANGLO PLATINUM 5,300 ZAR 550.57 0.40405.34 740.00ANGLOGOLD ASHANTILTD-REG.SHS

25,300 ZAR 1,200.52 0.861,420.35 338.02

EDGARS CONSOLIDATEDSTORES LTD

208,500 ZAR 854.66 0.611,196.30 29.20

ELLERINE HOLDINGS 51,000 ZAR 465.36 0.33787.67 65.00GOLD FIELDS 40,000 ZAR 899.84 0.65552.65 160.25HARMONY GOLD MINING 63,800 ZAR 985.64 0.71902.75 110.05IMPALA PLATINIUM ORD.R0,020

3,167 ZAR 604.64 0.43252.27 1,360.00

MTN GROUP LTD 241,000 ZAR 1,837.06 1.321,962.50 54.30NASPERS -N- 56,600 ZAR 965.78 0.69776.95 121.55SASOL LTD 77,380 ZAR 3,007.32 2.162,038.38 276.85STANDARD BANK GROUP 181,964 ZAR 1,989.89 1.431,342.69 77.90TELKOM 53,527 ZAR 999.38 0.72738.91 133.00

AMBEV PREF.SHS 2,546,474 BRL 1,040.67 0.75548.28 0.89Brazil 14,561.02 10.47

BANCO BRADESCO PREF. 40,554 BRL 1,247.83 0.90384.30 67.01CEMIG PREF (CIAENERG.MINAS GERAIS)

10,359,075 BRL 442.32 0.32234.94 0.09

CENTRAIS ELETRICASBRASILEIRAS

23,620,177 BRL 515.07 0.37372.39 0.05

COMPANHIA SIDERURGICANACIONAL

20,349 BRL 648.46 0.47298.08 69.40


Page



Purchase price

Price1,000USD %

1,000

GERDAU PREF. 24,600 BRL 365.31 0.26272.33 32.34ITAU HOLDING PFD N1-PREF SHS-

46,730 BRL 1,326.07 0.95578.24 61.80

PETROLEO SP ADR PFD 59,833 USD 4,740.57 3.411,684.44 79.23TELE NORTE LESTEPARTICIPACOES PREF.SHS

21,000 BRL 270.00 0.19409.64 28.00

TELEMAR PFD -A- 13,124 BRL 258.83 0.19197.17 42.95UNIBANCO UNITS CONSUBBPN+UBHDN

44,000 BRL 573.79 0.41505.17 28.40

VALE DO RIO DOCE ADR 123,762 USD 2,920.78 2.101,089.66 23.60VALE DO RIO DOCE PREF -A-

10,534 BRL 211.33 0.15196.34 43.69

GAZPROM ADR REPR. 4 SHS 65,180 USD 2,737.56 1.972,322.60 42.00Russia 11,503.48 8.27

JSFC SISTEMA GDRREPR.SHS REG-S

74,354 USD 1,487.08 1.071,761.87 20.00

LUKOIL HOLDINGS ADRREPR.4 SHS

36,598 USD 3,074.23 2.211,044.39 84.00

MMC NORILSK NICKELADR REPR.1SHS

6,167 USD 798.63 0.57291.84 129.50

POLYUS ZOLOTOSPONS.ADR REPR.1SH

8,367 USD 332.17 0.2475.42 39.70

ROSTELECOM SPONS.ADRREPR.6 SHS

28,500 USD 798.00 0.57405.15 28.00

SURGUTNEFTEGAZ JSCADR -REPR.50SHS

10,224 USD 753.51 0.54487.86 73.70

UES GDR (RAO UNIFIEDENERGY SYSTEM)

9,140 USD 639.80 0.46313.41 70.00

VIMPELCOMMUNICATIONS SPONSADR 3/4 SHS

19,400 USD 882.51 0.63811.99 45.49

CHINA CONSTRUCTIONBANK CORPORATION

1,900,000 HKD 868.40 0.62575.89 3.55China 8,841.85 6.35

CHINA LIFE INSURANCE -H- CO LTD

582,000 HKD 917.90 0.66483.08 12.25

CHINA PETROLEUM ANDCHEMICAL -H-

2,142,000 HKD 1,227.21 0.881,140.89 4.45

CHINA SHENHUA ENERGYCO LTD-SHS.H-

355,500 HKD 656.79 0.47655.90 14.35

CHINA TELECOM CORPLTD

1,122,000 HKD 361.14 0.26356.84 2.50

DALIAN PORT (PDA)COMPANY LTD

2,706,000 HKD 1,262.92 0.911,414.49 3.63

JIANGXI COPPER 1,259,000 HKD 1,167.07 0.841,173.42 7.20PETROCHINA -H- 1,448,000 HKD 1,547.34 1.111,206.24 8.30YANZHOU COAL MININGCO -H-

1,200 HKD 0.89 0.000.99 5.75

ZHEJIANG EXPRESSWAY -H-

1,368,000 HKD 832.20 0.60826.81 4.73

AMERICA MOVIL ADRREPR.20SHS -L-WHEN.ISS

77,467 USD 2,583.52 1.86764.51 33.35Mexico 8,081.60 5.81

CEMEX ADRAMERI.DEPO.RECEIPT REPR10 CPO

28,994 USD 1,640.48 1.18931.69 56.58

FEMSA SPON ADRREP.10UTS CONS -B-+-D-

7,108 USD 590.75 0.42309.99 83.11

GFNORTE -O- 136,000 MXN 322.45 0.23293.94 26.81TELEFONOS DE MEXICO SA-L-

1,238,298 MXN 1,271.43 0.911,030.21 11.61

TLEVISAORD.PART.CERT.REPR.(SHS1A+1L+1D)

238,676 MXN 921.56 0.66575.40 43.66

WAL MART DE MEXICO -V- 284,356 MXN 751.41 0.54464.23 29.88

BHARAT PETROLEUMCORP DEMATERIALISED

95,800 INR 704.82 0.51897.71 338.80India 4,859.38 3.49

GRASIM INDUSTRIESDEMATERIALISED

26,000 INR 1,092.51 0.791,104.23 1,935.00

INFOSYS TECHNOLOGIESDEMATERALISED

17,548 INR 1,173.70 0.84887.59 3,080.05

NTPC DS - SHS -DEMATERIALISED

225,000 INR 543.08 0.39582.35 111.15

RELIANCE INDUSTRIESDEMATERAILISED

35,500 INR 815.61 0.59566.24 1,058.00

TATA CONSULT.SERVICESSVS DEMATERIALISED

14,050 INR 529.66 0.38443.76 1,736.00

BANK LEUMI LE-ISRAEL(IL604611)

220,000 ILS 779.38 0.56948.23 15.74Israel 4,354.23 3.13

CHECK POINT SOFTWARETECHNOLOGIES

34,600 USD 634.56 0.46722.08 18.34

M.A.INDUSTRIES 157,200 ILS 824.39 0.59922.92 23.30TEVA PHARMA IND.ADR 67,622 USD 2,115.89 1.522,594.02 31.29

CHINA MOBILE LIMITED 516,000 HKD 2,949.65 2.122,065.16 44.40Hong Kong 3,785.40 2.72

CNOOC LTD 1,047,000 HKD 835.75 0.60505.21 6.20

ADANA CIMENTO -A- 1 TRY 0.00 0.000.01 7.25Turkey 2,853.59 2.05



Purchase price

Price1,000USD %

1,000

AKBANK 116,111 TRY 565.59 0.41839.45 7.65HACI OMER SABANCIHOLDING AS

173,500 TRY 477.25 0.34529.23 4.32

KOC HOLDING AS -B- 1 TRY 0.00 0.000.00 4.76TOFAS TURK OTOMOBILFABRIKASI AS

256,097 TRY 645.75 0.46600.03 3.96

TURKIYE GARANTIBANKASI AS (NAMEN-AKT)

283,934 TRY 715.94 0.511,006.46 3.96

TURKIYE IS BANKASI AS 91,001 TRY 449.06 0.32782.01 7.75

ASTRA INTERNATIONALTBK

358,000 IDR 376.74 0.27398.42 9,750.00Indonesia 2,228.07 1.60

BANK CENTRAL ASIA TBK 969,000 IDR 428.81 0.31380.76 4,100.00BANK RAKYAT INDONESIA 769,000 IDR 340.30 0.24278.09 4,100.00PERUSAHAAN GASNEGARA (PERSERO) -B-

202,000 IDR 245.28 0.18200.16 11,250.00

TELKOM INDONESIASERIES -B-

1,055,000 IDR 836.94 0.60573.06 7,350.00

AGORA SA 35,700 PLN 395.81 0.28571.42 35.30Poland 2,227.12 1.60

GRUPA LOTOS SA 25,500 PLN 378.83 0.27463.47 47.30POLISH TELECOM 144,642 PLN 904.04 0.65791.00 19.90POLSKI KONCERN GDRREPR.REG S WHEN ISSUE

16,313 USD 548.44 0.39427.98 33.62

BANCO SANTANDER -CHILE

4,900,000 CLP 183.09 0.13190.99 20.40Chile 1,949.62 1.40

COMPANIA DE TELECOM -A-

103,000 CLP 176.40 0.13223.11 935.00

EMPRESAS CMPC 10,100 CLP 267.88 0.19279.64 14,480.00EMPRESAS COPEC SA 58,450 CLP 524.88 0.38512.11 4,902.60ENDESA 446,000 CLP 389.67 0.28451.12 477.00ENERSIS SA 1,847,000 CLP 407.70 0.29434.63 120.51

MOL MAGYAR OLAY ESGAZIPARI -A-

4,019 HUF 406.28 0.29276.71 22,470.00Hungary 1,406.55 1.01

OTP BANK LTD 19,230 HUF 545.89 0.39683.63 6,310.00RICHTER GEDEON LTD 2,500 HUF 454.38 0.33471.56 40,400.00

ADVANCED INFO SERVICE-F-

56,400 THB 133.17 0.10141.11 90.16Thailand 818.41 0.59

BANGKOK BANK PUBLICCO LTD -F-

49,300 THB 136.85 0.10128.28 106.00

KASIKORNBANK -F- 49,600 THB 79.62 0.0675.99 61.30PTT EXPLORATION ANDPRODUCTION PUBLIC CO

71,500 THB 198.48 0.14158.19 106.00

PTT PUBLIC COMPANY LTD-F-

33,200 THB 198.00 0.14191.55 227.73

SIAM CEMENT FOREIGNREGISTERED

12,000 THB 72.28 0.0573.75 230.00

COFCO INTERNATIONAL 1,360,000 HKD 774.80 0.56724.13 4.43Bermuda 774.80 0.56

BANK MUSCAT SAOGSPONSOR.GL.DEP.REC.SHS

74,250 USD 742.50 0.53702.75 10.00Oman 742.50 0.53

TENARIS SA ADR 2 SHS 17,405 USD 696.03 0.50226.53 39.99Luxembourg 696.03 0.50

ORASCOM CONSTRUCTIONINDUSTRIE GRD REG-S

4,241 USD 265.06 0.19315.92 62.50Egypt 680.06 0.49

ORASCOM TELECOM GDRREPR.1 SHS REG-S

10,000 USD 415.00 0.30540.00 41.50

ZENTIVA 12,650 CZK 593.48 0.43427.35 1,051.00The Netherlands 593.48 0.43

CESKE ENERGETICKEZAVODY

17,338 CZK 578.91 0.42346.39 748.00Czech Republic 578.91 0.42

TELECOM ARGENTINASPONS.ADR REPR.5 B SHS

13,313 USD 147.24 0.11175.66 11.06Argentina 147.24 0.11

MS S.25 (MSCIMALAYS.OPALS) 07.04.07WAR

63,300 USD 3,821.42 2.753,504.71 60.37

Options, warrants, rights 5,273.97 3.79Malaysia 3,821.42 2.75

MS S.54(MSCI THAILANDFREE) 07.04.07 WAR

10,000 USD 1,452.55 1.041,320.60 145.26Thailand 1,452.55 1.04

AMBEV FOR PFD SHARES31.07.06 RIGHT

1,146 BRL 0.00 0.000.00 0.00Brazil 0.00 0.00


Page



Purchase price

Price1,000USD %

1,000

NHN CORP 1,060 KRW 368.72 0.27103.56 330,000.00


368.72 0.27

Shares 368.72 0.27

South Korea 368.72 0.27


Liquid assets 2,779.68 2.00

Net Asset Value 139,137.01 100.00


Net assets

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

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


72,214,8101.93

68,908,1281.82

85,315,7461.40



Page

Carlson Fund Equity-SwedenThe sub-fund invests in Swedish equities. The selectionof equities by industry will vary depending on our viewof the market situation.

During 2006, the value of the sub-fund's units increasedby 5,35 % in EUR and by 3,37 % in the sub-fund'squoted currency SEK.

Benchmark: SIX Portfolio

Sector distribution(Percentage of portfolio)

Unit trusts4.17%

Coal mining and steel industry5.68%

Machine and apparatus construction

11.52%

Road vehicules7.52%Pharmaceuticals and

cosmetics6.98%

Miscellaneous trading companies

7.39%

Banks and credit institutions

15.29%

Holding and finance companies

7.65% Communications15.90%

Other17.89%


31/12/95 2,007,3332.432.7322.18SEK31/12/96 2,034,2943.593.8231.09SEK31/12/97 2,106,6984.544.8339.26SEK31/12/98 2,010,3805.356.2450.74SEK31/12/99 2,295,9849.607.0182.22SEK31/12/00 2,996,5188.37n/a73.90SEK31/12/01 2,913,8867.00n/a65.08SEK31/12/02 1,872,8825.78n/a42.62SEK31/12/03 1,852,1455.18n/a56.55SEK31/12/04 1,747,4757.05n/a63.66SEK31/12/05 1,504,0109.10n/a85.41SEK



USD EUR

30/06/06 1,455,5899.54n/a88.04SEK

Performance

Index**

2006 14% 5% 14% 5%Since Last 5 years 99% 32% 94% 29%5 year average 15% 6% 14% 5%

1995 33% 27% 32% 25%1996 36% 41% 34% 38%1997 9% 23% 7% 21%1998 27% 18% 8% -1%1999 54% 80% 57% 70%2000 -19% -13% -20% -15%2001 -21% -16% -22% -18%2002 -21% -33% -23% -35%2003 61% 34% 57% 31%2004 22% 13% 28% 19%2005 12% 29% 10% 27%

Fund

see diagram**

USD USDEUR EUR



Assets 132,243.64Securities at market value 124,832.712Bank accounts 6,648.36Receivable from units issued 757.43Other accounts receivable 5.14


Figures in thousands in SEK

Note


Page

Liabilities 4,100.50Accrued expenditures 405.44Payable on units redeemed 148.97Payable on securities purchased 3,546.10




Note



Net income from investments 1,581.87Net realised result on sales of investment securities 11,758.82Net realised result on foreign exchange 0.13Variation in unrealised result -8,561.81

Securities portfolio -8,561.81Increase in net assets as a result of operations 4,779.02



Note

Net asset value at beginning of the period 128,457.25Units issued during the period 22,192.52Units redeemed during the period -27,285.66Increase in net assets during the period 4,779.02Net asset value at end of the period 128,143.13



Note

Sub-Fund advisor: Anders Ahl



SEKQuantitySecurities

Purchase price

Price1,000SEK %

1,000

MILLICOMINTERNATIONALCELLULAR SA-SDR-

1,469 SEK 486.24 0.38240.65 331.00


119,575.17 93.31

Shares 119,575.17 93.31

Communications 19,849.75 15.49

MODERN TIMES GROUP -B- 2,441 SEK 921.48 0.72588.92 377.50NOKIA SWEDISHDEPOSITORY RECEIPT

346 SEK 50.69 0.0438.18 146.50

TELEFON AB L.M.ERICSSON-SHS-B-

484,797 SEK 11,489.69 8.9710,511.96 23.70

TELE2 AB 14,568 SEK 1,067.11 0.831,298.03 73.25TELIASONERA AB 142,654 SEK 5,834.55 4.555,398.30 40.90

CARNEGIE INVESTMENT 1,200 SEK 156.60 0.12166.89 130.50Banks and credit institutions 19,090.39 14.90

FOERENINGSSPARBANKENAB - SHS-A-

18,827 SEK 3,577.13 2.793,450.44 190.00

INVIK -B- 1,673 SEK 197.41 0.1597.91 118.00NORDEA BANK 91,692 SEK 7,885.51 6.156,853.42 86.00OMX AB 4,252 SEK 542.13 0.42421.78 127.50SKANDINAVISKAENSKILDA BANKEN -A-

18,944 SEK 3,220.48 2.512,511.99 170.00

SVENSKA HANDELSBANK -A- FREE

18,877 SEK 3,511.12 2.743,400.93 186.00

ASSA ABLOY -B- 15,401 SEK 1,894.32 1.481,696.90 123.00Machine and apparatus construction 14,383.19 11.22

ATLAS COPCO -B- FREE 18,245 SEK 3,366.20 2.632,439.75 184.50ELECTROLUX -B- FREE 12,946 SEK 1,333.44 1.041,221.36 103.00GUNNEBO 1,600 SEK 129.60 0.10126.40 81.00



Purchase price

Price1,000SEK %

1,000

HUSQVARNA -B- 12,944 SEK 1,071.12 0.841,103.99 82.75INDUTRADE AB 1,458 SEK 144.34 0.1197.67 99.00NIBE INDUSTRIER -B- 1,700 SEK 130.90 0.1082.69 77.00SANDVIK AB 48,833 SEK 4,163.01 3.253,474.93 85.25SKF -B- FREE 18,945 SEK 2,150.26 1.681,732.48 113.50

INDUSTRIVAERDEN AB -A-FREE

7,484 SEK 1,549.19 1.211,330.01 207.00Holding and finance companies 9,548.02 7.45

INVESTMENT AB KINNEVIK-B-

16,630 SEK 1,467.60 1.151,205.25 88.25

INVESTOR -B- FREE 43,881 SEK 5,814.23 4.544,748.99 132.50VOSTOK NAFTA INVESTSWEDISH DEPOSIT REC.

1,500 SEK 717.00 0.56721.68 478.00

BILIA -A- 1,103 SEK 109.20 0.0956.76 99.00Road vehicules 9,385.36 7.32

SCANIA -A- 1,206 SEK 375.07 0.2953.99 311.00SCANIA -B- 10,039 SEK 3,192.40 2.492,898.42 318.00VOLVO -A- FREE 236 SEK 81.18 0.0685.34 344.00VOLVO -B- FREE 16,010 SEK 5,627.52 4.394,297.59 351.50


32,850 SEK 9,230.85 7.207,233.63 281.00Miscellaneous trading companies 9,230.85 7.20

ASTRAZENECA 13,850 SEK 6,010.90 4.695,094.28 434.00Pharmaceuticals and cosmetics 8,709.79 6.80

ELEKTA INSTRUMENT -B-FREE

3,400 SEK 414.80 0.32316.07 122.00

GETINGE -B- 7,300 SEK 901.55 0.70865.87 123.50MEDA -A- 5,958 SEK 899.66 0.70570.82 151.00ORIFLAME COSMETICS SA -SDR-

2,012 SEK 482.88 0.38481.24 240.00

BOLIDEN AB 39,929 SEK 5,290.59 4.134,225.12 132.50Coal mining and steel industry 7,091.05 5.53

HOEGANAES -B- FREE 1,300 SEK 235.30 0.18249.35 181.00SSAB SWEDISH STEEL -B-FREE

10,423 SEK 1,381.05 1.08654.80 132.50

TRANSCOM WORLDWIDE -B-

2,280 SEK 184.11 0.14135.52 80.75

MO OCH DOMSJOE -B- FREE 2,400 SEK 700.80 0.55745.41 292.00Paper and forest products 3,343.29 2.61

SVENSKA CELLULOSA SCAAB-SHS-B-

8,823 SEK 2,642.49 2.062,601.11 299.50

NCC -B- FREE 4,943 SEK 850.20 0.66767.25 172.00Building materials and trade 3,065.19 2.39

SKANSKA -B- FREE 15,607 SEK 1,740.18 1.361,409.42 111.50SVEDBERGS I DALSTORP -B-

7,752 SEK 474.81 0.37271.00 61.25

ANOTO GROUP AB 8,334 SEK 117.09 0.09166.21 14.05Office supplies and computing 2,283.67 1.78

WM-DATA B FREE 98,481 SEK 2,166.58 1.692,256.47 22.00

GANT COMPANY AB 193 SEK 36.38 0.0327.21 188.50Miscellaneous services 2,162.64 1.69

SECURITAS -B- FREE 15,577 SEK 2,126.26 1.661,910.45 136.50

LUNDIN PETROL 17,459 SEK 1,558.22 1.221,390.40 89.25Petroleum 1,558.22 1.22

LUNDIN MINING CORPSWEDISH DEP.REC.

7,341 SEK 1,453.52 1.131,548.85 198.00Precious metals and stones 1,453.52 1.13

CASTELLUM 5,700 SEK 423.23 0.33329.15 74.25Real estate companies 1,304.49 1.02

FASTIGHETSHUFVUDSTADEN -A- FREE

7,000 SEK 379.75 0.30335.45 54.25

HALDEX 967 SEK 148.92 0.12144.77 154.00KUNGSLEDEN 4,300 SEK 352.60 0.28298.26 82.00

INDUSTRIAL ANDFINANCIAL SYSTEMS -B-

8,000 SEK 78.40 0.0676.23 9.80Internet, Software & IT services 1,125.03 0.88

TELELOGIC 31,399 SEK 499.24 0.39469.03 15.90TIETOENATOR 1,246 SEK 260.41 0.20315.56 209.00TRADEDOUBLER AB 2,199 SEK 286.97 0.22243.44 130.50

CAPIO AB 7,017 SEK 884.14 0.69912.70 126.00Healthcare & Social services 884.14 0.69

NOBIA 3,700 SEK 858.40 0.67830.90 232.00Miscellaneous consumer goods 858.40 0.67

AXFOOD AB 1,300 SEK 269.10 0.21241.54 207.00Retail trade, department stores 553.96 0.43

CLAS OHLSON -B- 1,500 SEK 223.50 0.17235.48 149.00HEMTEX AB 543 SEK 61.36 0.0530.41 113.00

SAS 4,400 SEK 336.60 0.26386.97 76.50Transportation 549.46 0.43

UNIBET GROUP SHSSWEDISH DEPOSIT RECIPTS

1,059 SEK 212.86 0.17165.19 201.00

SAAB AB -SHS-B- 2,815 SEK 513.74 0.40332.73 182.50Aerospace industry 513.74 0.40

NOLATO -B- FREE 6,680 SEK 507.68 0.40381.87 76.00Chemicals 507.68 0.40


Page



Purchase price

Price1,000SEK %

1,000

CASH GUARD -B- 6,000 SEK 48.90 0.0452.87 8.15Electronics & Semiconductors 467.38 0.36

MICRONIC LASER SYSTEMS 5,331 SEK 418.48 0.33423.95 78.50

AUTOLIV SWEDISHDEPOSIT RECEIPS

744 SEK 301.69 0.24251.69 405.50Miscellaneous sectors 414.71 0.32

METRO INTL -A- SWEDISHDEPOSIT.RECEIPT

10,867 SEK 113.02 0.0959.02 10.40

TRELLEBORG -B- FREE 3,307 SEK 411.72 0.32406.84 124.50Tires and rubber 411.72 0.32

KAPPAHL HOLDING AB 1,816 SEK 94.43 0.07101.55 52.00Textiles and garments 367.28 0.29

NEW WAVE GROUP -B- 3,400 SEK 272.85 0.21228.35 80.25

HAKON INVEST AB 2,525 SEK 277.75 0.22196.73 110.00Foods and beverages 277.75 0.22

ABB REG.SHS 2,000 SEK 184.50 0.14187.12 92.25Electrical engineering and electronics 184.50 0.14

CATENA 551 SEK 49.18 0.0414.77 89.25

Other transferable securities 5,257.54 4.10

Shares 49.18 0.04Real estate companies 49.18 0.04

WESTCHESTER HOLDINGSGBP0.1-DEFERRED SHS

60,667 GBP 0.00 0.000.00 0.00Miscellaneous sectors 0.00 0.00

CARLSONSMABOLAGFOND

4,519 SEK 5,208.36 4.062,751.47 1,152.48

Units in Investment Funds 5,208.36 4.06Unit trusts 5,208.36 4.06



Net Asset Value 128,143.13 100.00


Net assets

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

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


1,455,58988.04

1,504,01085.41

1,747,47563.66



Page

Carlson Fund Equity-ScandinaviaThe sub-fund invests in equities in Sweden, Finland,Denmark and Norway. The selection of equities and thedistribution by country and industry will vary dependingon our view of the market situation.

During 2006, the value of the sub-fund's units increasedby 8,47 % in the sub-fund's quoted currency EUR.

Benchmark: Berg Nordic Portfolio


Sweden37.71%

Norway22.43%

Finland20.97%

Other18.89%


31/12/98 14,168,9030.881.191.19USD31/12/99 12,810,9541.821.291.82EUR31/12/00 10,328,7461.65n/a1.65EUR31/12/01 9,469,7241.36n/a1.36EUR31/12/02 9,524,4520.93n/a0.93EUR31/12/03 5,212,8471.18n/a1.18EUR31/12/04 5,516,9831.38n/a1.38EUR31/12/05 6,301,0521.87n/a1.87EUR



USD EUR07/01/98 18,323,9980.861.001.00USD

30/06/06 5,866,4422.03n/a2.03EUR

Performance

Index**

19% n/a 15% n/a1998*


Fund


USD USDEUR EUR

1999 53% 79% 67% 77%2000 -15% -10% -15% -14%2001 -22% -18% -24% -20%2002 -19% -32% -15% -28%2003 52% 27% 53% 27%2004 26% 17% 31% 21%2005 17% 35% 20% 38%



Assets 12,178.39Securities at market value 11,729.392Bank accounts 276.68Receivable from units issued 1.69Receivable from securities sold 165.54Other accounts receivable 5.09




Note


Page

Payable on units redeemed 2.01Payable on securities purchased 231.41




Note


Expenditure 107.64Management fees 74.664Sub-custodian fees 0.00Taxe d'abonnement 3.053Professionnal expenses 0.33Other expenses 29.60

Net income from investments 105.98Net realised result on sales of investment securities 1,522.93Net realised result on foreign exchange -68.91Variation in unrealised result -644.63

Securities portfolio -644.63Increase in net assets as a result of operations 915.38



Note

Net asset value at beginning of the period 11,753.27Units issued during the period 1,637.78Units redeemed during the period -2,402.51Increase in net assets during the period 915.38Net asset value at end of the period 11,903.92



Note

Sub-Fund advisor: Per-Henrik Graesberg




Purchase price

Price1,000EUR %

1,000

ASSA ABLOY -B- 4,438 SEK 59.16 0.5049.43 123.00


11,729.39 98.53

Shares 11,729.39 98.53

Sweden 4,422.68 37.15

ASTRAZENECA 6,500 SEK 305.72 2.57247.22 434.00ATLAS COPCO -B- FREE 4,900 SEK 97.97 0.8265.75 184.50CONSAFE OFFSHORE AB -A-

1,620 NOK 24.73 0.2120.39 121.00

FOERENINGSSPARBANKENAB - SHS-A-

14,100 SEK 290.33 2.44311.21 190.00

GETINGE -B- 4,116 SEK 55.09 0.4655.78 123.50HENNES & MAURITZ AB -B-FREE

8,000 SEK 243.62 2.05214.93 281.00

INDUSTRIAL ANDFINANCIAL SYSTEMS -B-

56,000 SEK 59.48 0.5066.07 9.80

INVESTMENT AB KINNEVIK-B-

5,200 SEK 49.73 0.4248.94 88.25

INVESTOR -B- FREE 14,050 SEK 201.75 1.69182.91 132.50MEDIVIR -B- 9,600 SEK 55.14 0.4687.80 53.00MILLICOMINTERNATIONALCELLULAR SA-SDR-

4,900 SEK 175.77 1.48145.45 331.00

MUNTERS 831 SEK 22.15 0.1919.39 246.00NCC -B- FREE 3,262 SEK 60.80 0.5149.53 172.00NORDEA BANK 42,200 SEK 393.31 3.30298.30 86.00PA RESOURCES AB 3,000 NOK 13.25 0.1111.85 35.00SANDVIK AB 14,900 SEK 137.66 1.16110.93 85.25SCANIA -B- 4,958 SEK 170.87 1.44146.95 318.00SKANSKA -B- FREE 8,522 SEK 102.98 0.8788.12 111.50SKF -B- FREE 7,850 SEK 96.56 0.8183.26 113.50



Purchase price

Price1,000EUR %

1,000

SVENSKA CELLULOSA SCAAB-SHS-B-

18,100 SEK 587.49 4.94558.30 299.50

SVENSKA HANDELSBANK -A- FREE

9,660 SEK 194.72 1.64171.48 186.00

TELEFON AB L.M.ERICSSON-SHS-B-

242,800 SEK 623.62 5.24665.96 23.70

TELE2 AB 14,900 SEK 118.28 0.99137.70 73.25VOLVO -B- FREE 7,416 SEK 282.50 2.37260.95 351.50

AKER -A- 2,820 NOK 115.99 0.9788.70 326.00Norway 2,631.47 22.11

AKER KVAERNER OGEPASA

416 NOK 31.28 0.2630.53 596.00

AWILCO OFFSHORE ASA 1,760 NOK 10.70 0.0912.83 48.20AXIS-SHIELD 16,532 NOK 87.61 0.7479.40 42.00BIOTECH PHARMACON 13,900 NOK 68.22 0.5741.76 38.90DEEP OCEAN ASA 8,312 NOK 19.93 0.1723.19 19.00DNO DET NORSKEOLJESLSKAP

30,012 NOK 48.85 0.4149.44 12.90

FAST SEARCH ANDTRANSFER AS

142,810 NOK 354.97 2.98379.56 19.70

FRED OLSEN ENERGY 2,430 NOK 87.38 0.7374.76 285.00FRONTLINE 1,400 NOK 41.60 0.3540.17 235.50NORSK HYDRO 13,436 NOK 292.43 2.46243.85 172.50ORKLA BORREGAARD FRIEA

4,400 NOK 161.27 1.35144.40 290.50

PAN FISH ASA 57,530 NOK 51.54 0.4346.78 7.10PETROJARL ASA 210 NOK 1.14 0.010.00 43.00PETROLEUM GEO-SERVICES ASA

210 NOK 9.78 0.087.18 369.00

RENEWABLE ENERGY 4,970 NOK 54.40 0.4656.95 86.75SEADRILL LTD 4,970 NOK 52.52 0.4450.51 83.75SEVAN MARINE AS 3,323 NOK 15.43 0.1315.19 36.80STATOIL 33,843 NOK 768.61 6.46712.46 180.00STOLT COMEX SEAWAY 5,600 NOK 67.12 0.5658.99 95.00SUBSEA 7 INC 6,448 NOK 80.95 0.6868.81 99.50TELENOR AS 18,000 NOK 173.17 1.45161.73 76.25WILHEMSEN LTD 1,400 NOK 36.57 0.3138.81 207.00

AMER SPORTS-A- PLC 4,900 EUR 79.63 0.6782.49 16.25Finland 2,459.09 20.66

HUHTAMAEKI VAN LEEROYJ -I- FREE

33,491 EUR 468.87 3.94441.20 14.00

NOKIA 600 EUR 9.49 0.088.15 15.82NOKIA CORP 55,950 EUR 889.05 7.47857.52 15.89NOKIAN TYRES PLC 30,500 EUR 318.12 2.67365.16 10.43OUTOKUMPU -A- 19,700 EUR 355.78 2.99284.53 18.06RAISIO PLC -V- 30,000 EUR 49.20 0.4162.88 1.64SAMPO LEONIA OYJ -A- 8,100 EUR 120.53 1.01103.71 14.88SANOMA-WSOY OYJ 5,700 EUR 107.33 0.90110.14 18.83TIETOENATOR CORP 2,700 EUR 61.10 0.5161.03 22.63

A.P. MOELLER-MAERSK -B- 52 DKK 313.71 2.64331.06 45,000.00Denmark 2,203.06 18.51

DANISCO A/S 7,800 DKK 440.76 3.70463.00 421.50DANSKE BANK 11,300 DKK 334.80 2.81278.02 221.00GENMAB AS 2,549 DKK 64.07 0.5440.24 187.50GN GREAT NORDIC 5,100 DKK 46.15 0.3954.43 67.50GROUP 4 SECURICOR 243,000 DKK 596.17 5.01576.14 18.30H. LUNDBECK 5,060 DKK 90.73 0.7691.28 133.75NOVO-NORDISK -B- 4,100 DKK 203.65 1.71172.01 370.50VESTAS WIND SYSTEMS AS 5,302 DKK 113.02 0.9595.26 159.00

SCORPION OFFSHORE LTD 1,659 NOK 13.08 0.1112.78 62.50Bermuda 13.08 0.11





Net assets

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

11,903,921.77 11,753,273.95 7,627,728.19


5,866,4422.03

6,301,0521.87

5,516,9831.38



Page

Carlson Fund Equity-European Small CapCarlson Fund Equity - European Small Cap, earlierCarlson Fund Equity - Nordic Small Cap, changedinvestment strategy as of November 24, 2003. Emphasisis now placed on investments in the stock markets inEurope. Small and medium capitalisation companies willbe targeted. The selection of equities and the distributionby country and industry will vary depending on our viewof the market situation.


Benchmark: MSCI Europe Small Cap


France19.29%


The Netherlands4.98%

Switzerland17.69%

Germany4.59% Italy

9.19%

Sweden6.52%

Spain3.13%

Finland2.92%

Other6.92%


31/12/97 10,634,3960.850.990.85EUR31/12/98 7,735,1040.730.860.73EUR31/12/99 7,745,8001.220.881.22EUR31/12/00 4,008,6641.13n/a1.13EUR31/12/01 2,162,8470.84n/a0.84EUR31/12/02 2,230,7900.68n/a0.68EUR31/12/03 2,430,5660.94n/a0.94EUR31/12/04 2,822,2001.08n/a1.08EUR31/12/05 6,784,2261.44n/a1.44EUR



USD EUR02/12/97 10,316,8230.861.000.86EUR

30/06/06 6,450,6361.51n/a1.51EUR

Performance

Index**

2006 14% 5% 18% 8%Since Last 5 years n/a n/a n/a n/a5 year average n/a n/a n/a n/a

Fund


USD USDEUR EUR2004* 24% 15% 30% 20%2005 16% 33% 17% 34%




Liabilities 52.30Accrued expenditures 48.28Payable on units redeemed 4.02




Note


Page

Income 103.64Dividends received 103.642


Net loss from investments -10.96Net realised result on sales of investment securities 771.83Net realised result on foreign exchange -34.32Variation in unrealised result -334.12




Note

Net asset value at beginning of the period 9,799.06Units issued during the period 792.73Units redeemed during the period -1,273.84Increase in net assets during the period 392.43Net asset value at end of the period 9,710.37



Note

Sub-Fund advisor: Peter von Sivers




Purchase price

Price1,000EUR %

1,000

CHARTER PLC 11,270 GBP 130.16 1.34122.47 8.01


9,723.02 100.13

Shares 9,723.02 100.13

United Kingdom 2,408.61 24.80

DEBENHAMS PLC 31,657 GBP 85.59 0.8890.13 1.88INTERTEK GROUP PLC 11,660 GBP 117.43 1.21127.91 6.99KELDA GROUP PLC 16,487 GBP 181.26 1.87144.01 7.63LAIRD GROUP PLC 43,200 GBP 246.04 2.53270.14 3.95METAL BULLETIN 13,363 GBP 58.19 0.6042.74 3.02MICHAEL PAGEINTERNATIONAL PLC

38,200 GBP 192.51 1.98155.62 3.50

NORTHGATE INFOSOLUTIONS PLC

200,100 GBP 224.33 2.31224.91 0.78

PARAGON GROUP OFCOMPANIES

30,361 GBP 283.89 2.92231.24 6.49

REDROW PLC 30,244 GBP 215.75 2.22165.84 4.95REXAM 35,560 GBP 264.44 2.72250.96 5.16SERCO GROUP 36,363 GBP 167.12 1.72122.41 3.19STANLEY LEISURE DFDSHS

21,548 GBP 0.00 0.000.00 0.00

STANLEY LEISURE PLC 20,704 GBP 193.60 1.99233.78 6.49UMBRO PLC 23,919 GBP 48.28 0.5041.55 1.40

BIOMERIEUX 5,468 EUR 253.11 2.61201.67 46.29France 1,875.18 19.31

BOURBON NOM. 4,386 EUR 183.47 1.89108.83 41.83IPSEN 5,129 EUR 162.03 1.67113.86 31.59LAURENT PERRIER 503 EUR 30.33 0.3122.61 60.30MODELABS GROUP ACT.PROV. OPO

8,370 EUR 70.73 0.7380.35 8.45

NEOPOST 3,020 EUR 266.67 2.75189.36 88.30NEXANS 3,410 EUR 190.28 1.96127.81 55.80NEXTRADIOTV PROMESSESNOM

10,001 EUR 192.02 1.98183.82 19.20

PARIS-ORLEANS ET CIE 761 EUR 197.86 2.04189.29 260.00TRIGANO 4,701 EUR 194.86 2.01133.73 41.45ZODIAC ACT. 3,091 EUR 133.84 1.38168.08 43.30

AFG ARBONIA FORSTERHOLDING

800 CHF 200.09 2.06197.67 392.00Switzerland 1,720.05 17.71

ARPIDA AGNAMEN.AKT 9,903 CHF 145.32 1.50177.82 23.00BB MEDTECH 6,121 CHF 228.66 2.35179.12 58.55CALIDA HOLDING -NAMEN 294 CHF 87.79 0.9076.34 468.00GEBERIT NAM.AKT 248 CHF 220.73 2.27151.03 1,395.00



Purchase price

Price1,000EUR %

1,000

HIESTAND HLDG / NOM. 213 CHF 176.67 1.82169.01 1,300.00PANALPINAWELTTRANSPORT(HOLDING) AGNAM

2,755 CHF 200.91 2.07232.62 114.30

PHONAK HOLDING AGNAM-AKT

6,571 CHF 313.81 3.23240.00 74.85

SPEEDEL HOLDING AG 1,460 CHF 146.06 1.50171.95 156.80

BULGARI SPA 25,733 EUR 225.29 2.32227.13 8.76Italy 893.32 9.20

DIGITAL MULTIMEDIATECHNILOGIES SPA

5,707 EUR 258.07 2.66132.93 45.22

ERG 10,700 EUR 208.54 2.15213.58 19.49TOD'S GROUP SPA 3,456 EUR 201.42 2.07132.59 58.28

BOLIDEN AB 14,708 SEK 211.20 2.17172.56 132.50Sweden 633.85 6.53

CAPIO AB 17,102 SEK 233.53 2.40173.96 126.00SSAB SWEDISH STEEL -A-FREE

12,333 SEK 189.12 1.9569.00 141.50

BUHRMANN 22,368 EUR 253.65 2.61186.84 11.34The Netherlands 484.34 4.99

VEDIOR 14,302 EUR 230.69 2.38178.71 16.13

RHEINMETALL BERLIN AG 2,100 EUR 115.33 1.19134.59 54.92Germany 446.40 4.60

STADA-ARZNEIMITTELNAM.AKT

4,097 EUR 126.39 1.30119.95 30.85

WINCOR NIXDORF AG 2,049 EUR 204.67 2.11203.34 99.89

CORPORACION MAPFREREG

6,814 EUR 99.08 1.0281.90 14.54Spain 304.70 3.14

FADESA 5,394 EUR 144.99 1.4982.18 26.88TELECINCO 3,258 EUR 60.63 0.6247.26 18.61

NESTE OIL 5,209 EUR 143.25 1.4898.25 27.50Finland 284.11 2.93

OKO BANK -A- SHS A 12,400 EUR 140.86 1.45152.52 11.36

COLOPLAST -B- 1,952 DKK 112.79 1.1689.69 431.00Denmark 277.73 2.86

GROUP 4 SECURICOR 68,090 GBP 164.94 1.70139.66 1.68

ANGLO IRISH BANK CORPPLC

10,304 EUR 120.56 1.2487.80 11.70Ireland 238.78 2.46

IRISH LIFE & PERMANENT 6,478 EUR 118.22 1.2289.22 18.25

PETROJARL ASA 3,000 NOK 16.28 0.1712.62 43.00Norway 155.95 1.61

PETROLEUM GEO-SERVICES ASA

3,000 NOK 139.67 1.44108.28 369.00

WESTCHESTER HOLDINGSGBP0.1-DEFERRED SHS

32,666 GBP 0.00 0.000.00 0.00

Other transferable securities 0.00 0.00

Shares 0.00 0.00United Kingdom 0.00 0.00


Liquid assets -12.65 -0.13



Net assets

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

9,710,372.15 9,799,055.31 3,061,296.71


6,450,6361.51

6,784,2261.44

2,822,2001.08



Page

Carlson Fund Equity-EuropeThe sub-fund invests in equities throughout Europe. Thebreakdown between countries and industries depends onour opinion of their market situations.


Benchmark: MSCI Europe


France17.53%


The Netherlands8.95%

Switzerland12.61%

Germany7.17%

Italy3.11%

Sweden8.83%

Norway4.05%

Spain3.34%

Other4.68%


31/12/98 10,932,9361.001.161.00XEU31/12/99 26,286,9411.311.111.31EUR31/12/00 29,942,0481.27n/a1.27EUR31/12/01 29,591,2151.02n/a1.02EUR31/12/02 22,751,6060.69n/a0.69EUR31/12/03 17,197,3110.76n/a0.76EUR31/12/04 19,329,0300.82n/a0.82EUR31/12/05 10,033,7951.03n/a1.03EUR



USD EUR25/08/98 10,423,7341.001.171.00XEU

30/06/06 10,221,8091.08n/a1.08EUR

Performance

Index**

n/a n/a n/a n/a1998*

2006 14% 5% 11% 3%Since Last 5 years 45% -4% 45% -4%5 year average 8% -1% 8% -1%

Fund


USD USDEUR EUR

1999 12% 31% 14% 34%2000 -9% -3% -10% -4%2001 -23% -19% -21% -17%2002 -20% -32% -20% -32%2003 31% 9% 35% 12%2004 17% 9% 18% 9%2005 9% 25% 7% 23%








Note


Expenditure 102.48Management fees 69.304Sub-custodian fees 0.00Taxe d'abonnement 2.753Professionnal expenses 0.31Other expenses 30.12

Net income from investments 119.78Net realised result on sales of investment securities 1,160.76



Note


Page

Net realised result on foreign exchange -54.36Variation in unrealised result -790.00




Note




Note

Sub-Fund advisor: Björn Kvarnskog




Purchase price

Price1,000EUR %

1,000

BARRATT DEVELOPMENTSPLC

7,350 GBP 99.83 0.91105.34 9.42


10,954.82 99.44

Shares 10,852.58 98.51

United Kingdom 3,256.63 29.56

BP PLC 70,405 GBP 642.09 5.83619.65 6.33BT GROUP PLC 25,489 GBP 87.04 0.7979.98 2.37CABLE WIRELESS PLC 13,589 GBP 22.34 0.2023.27 1.14CORUS GROUP 28,809 GBP 187.56 1.70132.18 4.52DEBENHAMS PLC 21,819 GBP 58.99 0.5462.20 1.88GLAXOSMITHKLINE PLC 6,141 GBP 134.35 1.22121.53 15.17HBOS 6,639 GBP 89.79 0.8297.57 9.38HSBC HOLDINGS PLC (USD0.5)

18,422 GBP 253.27 2.30238.01 9.54

LADBROKES PLC 11,320 GBP 66.06 0.6069.56 4.05MAN GROUP PLC 6,487 GBP 241.13 2.19151.33 25.78MICHAEL PAGEINTERNATIONAL PLC

7,860 GBP 39.61 0.3638.27 3.50

NATIONAL GRID TRANSCOPLC

27,950 GBP 235.76 2.14217.28 5.85

RECKITT BENCKISER PLC 3,043 GBP 88.37 0.8070.94 20.14REED ELSEVIER PLC 18,163 GBP 141.94 1.29143.46 5.42REUTERS GROUP PLC 1,671 GBP 9.19 0.089.32 3.82RIO TINTO PLC 3,967 GBP 165.70 1.50163.39 28.97ROYAL BANK OFSCOTLAND GROUP PLC

6,325 GBP 161.42 1.47154.16 17.70

TELENT PLC 587 GBP 4.41 0.0410.09 5.21TESCO ORD PLC 28,937 GBP 139.52 1.27138.08 3.34TOMKINS PLC 25,467 GBP 106.49 0.97101.00 2.90VODAFONE GROUP PLC 111,098 GBP 186.08 1.69216.90 1.16WIMPEY G.PLC 14,608 GBP 95.68 0.87101.74 4.54

ALCATEL 5,203 EUR 52.13 0.4758.74 10.02France 1,920.92 17.44

AXA 11,587 EUR 296.63 2.69329.33 25.60BNP PARIBAS 2,080 EUR 155.17 1.41156.89 74.60CREDIT AGRICOLE SA 8,990 EUR 264.76 2.40286.34 29.45GROUPE DANONE 944 EUR 92.94 0.8476.37 98.45ILIAD 651 EUR 42.22 0.3836.29 64.85SANOFI-AVENTIS 3,561 EUR 267.97 2.43241.51 75.25SOCIETE GENERALE PARIS-A-

2,020 EUR 231.90 2.10246.79 114.80

TECHNIP-COFLEXIP 5,316 EUR 230.77 2.09247.43 43.41UNIBAIL HOLDING ACT 975 EUR 130.75 1.19140.31 134.10VIVENDI 5,754 EUR 155.70 1.41153.97 27.06

ADECCO REG.SHS 1,075 CHF 49.73 0.4550.86 72.50Switzerland 1,381.30 12.54

EFG INTL 2,714 CHF 55.84 0.5161.64 32.25KUEHNE + NAGELINTERNATIONAL AG

690 CHF 39.05 0.3532.20 88.70

NESTLE SA REG.SHS 795 CHF 191.35 1.74189.74 377.25NOVARTIS SA REG.SHS 8,518 CHF 355.98 3.23357.35 65.50ROCHE HOLDINGGENUSSSCHEIN

2,320 CHF 296.05 2.69240.33 200.00

UBS NAM.AKT 4,614 CHF 393.30 3.57299.58 133.60



Purchase price

Price1,000EUR %

1,000

ABN AMRO HOLDING 11,777 EUR 250.73 2.28277.32 21.29The Netherlands 980.08 8.90

AHOLD, KONINKLIJKE 13,193 EUR 88.26 0.8083.71 6.69ASML HOLDING NV 1,769 EUR 27.99 0.2529.44 15.82DSM KONINKLIJKE -K- 3,749 EUR 122.25 1.11132.08 32.61HAGEMEYER 32,674 EUR 116.65 1.06141.20 3.57KPN, KONINKLIJKE 3,841 EUR 33.61 0.3129.65 8.75NUMICO, KONINKLIJKE 4,307 EUR 150.23 1.36141.32 34.88TNT NV 4,387 EUR 121.52 1.10121.68 27.70TOMTOM NV 511 EUR 15.52 0.1413.91 30.38VOPAK, KONINKLIJKE 1,961 EUR 53.32 0.4848.37 27.19

BOLIDEN AB 4,066 SEK 58.39 0.5353.51 132.50Sweden 966.92 8.78


2,659 SEK 80.97 0.7478.52 281.00

MILLICOMINTERNATIONALCELLULAR SA-SDR-

1,082 SEK 38.81 0.3522.21 331.00

NORDEA BANK 29,500 SEK 274.94 2.50274.84 86.00SKANSKA -B- FREE 12,200 SEK 147.42 1.34132.73 111.50TELEFON AB L.M.ERICSSON-SHS-B-

24,668 SEK 63.36 0.5868.18 23.70

TELE2 AB 5,263 SEK 41.78 0.3851.75 73.25TRADEDOUBLER AB 899 SEK 12.71 0.1212.35 130.50VOLVO -B- FREE 5,707 SEK 217.40 1.97198.15 351.50WM-DATA B FREE 13,060 SEK 31.14 0.2835.17 22.00

ADVA OPTICALNETWORKING

1,366 EUR 10.65 0.1011.29 7.80Germany 785.98 7.13


2,827 EUR 348.40 3.16373.71 123.24

BASF AG 1,701 EUR 106.28 0.96102.08 62.48CONTINENTAL AG 1,034 EUR 82.22 0.7582.27 79.52DEUTSCHE TELEKOMNAMEN

1,074 EUR 13.40 0.1215.31 12.48


3,206 EUR 28.08 0.2525.83 8.76

SALZGITTER 2,102 EUR 138.73 1.26121.69 66.00SAP AG 67 EUR 11.03 0.108.66 164.70TUI AG-NAMEN 3,079 EUR 47.17 0.4355.74 15.32

FRED OLSEN ENERGY 2,635 NOK 94.75 0.8660.50 285.00Norway 443.31 4.02

OPERA SOFTWARE ASA 5,267 NOK 15.95 0.1411.13 24.00STATOIL 9,957 NOK 226.14 2.05220.24 180.00TELENOR AS 11,067 NOK 106.47 0.9793.15 76.25

BANCO SANTANDERCENTRAL HISPANO REG.

16,285 EUR 184.02 1.67197.04 11.30Spain 365.65 3.32

TELEFONICA SA 3,383 EUR 43.67 0.4042.72 12.91UNION ELECTRICA FENOSASA

4,577 EUR 137.95 1.25142.85 30.14

ENEL 28,604 EUR 191.79 1.74196.24 6.71Italy 341.05 3.10

PARMALAT SPA 29,608 EUR 72.98 0.6668.77 2.47PIRELLI C AZ 113,682 EUR 76.28 0.6992.64 0.67

INBEV 4,033 EUR 153.05 1.39125.00 37.95Belgium 153.05 1.39

NOKIA CORP 7,645 EUR 121.48 1.10115.01 15.89Finland 150.06 1.36

TIETOENATOR CORP 1,263 EUR 28.58 0.2632.20 22.63

COSMOTE MOBILETELECOMMUNICATIONREG.SHS

2,885 EUR 49.85 0.4552.89 17.28Greece 77.91 0.71

HELLENICTELECOMMUNICATIONSORGANISATION

1,622 EUR 28.06 0.2528.04 17.30

PORTUGAL TELECOM REG. 3,151 EUR 29.71 0.2731.82 9.43Portugal 29.71 0.27

ISHARES DJ STOXX 50 ETF 3,049 EUR 102.14 0.93106.49 33.50

Units in Investment Funds 102.14 0.93Ireland 102.14 0.93

DEXIA STRIPVVPR

9,730 EUR 0.10 0.000.10 0.01

Options, warrants, rights 0.10 0.00Belgium 0.10 0.00





Page


Net assets

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

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


10,221,8091.08

10,033,7951.03

19,329,0300.82



Page

Carlson Fund Equity-North AmericaThe sub-fund invests in Japanese securities. If the risk isjudged too high, investments may also be made inJapanese bonds, money market instruments or otherforms of security. The selection of equities by industrywill vary depending on our view of the market situation.

During 2006 the value of the sub-fund's units declined by-8,81 % in EUR and by -4,26 % in the sub-fund's quotedcurrency JPY.

Benchmark: MSCI Japan


Petroleum9.97%

Internet, Software & IT serv ices

5.46%

Office supplies and computing

3.78%

Pharmaceuticals and cosmetics

6.37%

Graphic art and publishing

4.10%Retail trade,

department stores5.10%

Banks and credit institutions

11.58%


10.49%

Communications5.41%

Other37.75%


31/12/95 13,454,2751.291.761.76USD31/12/96 12,386,3461.722.162.16USD31/12/97 16,486,9722.252.462.46USD31/12/98 15,718,7342.512.932.93USD31/12/99 19,330,8073.713.733.73USD31/12/00 21,165,7913.603.353.35USD31/12/01 16,671,5873.112.742.74USD31/12/02 14,220,3121.962.052.05USD31/12/03 8,611,2131.972.512.51USD31/12/04 4,246,5131.972.682.68USD31/12/05 3,057,1912.372.802.80USD



USD EUR

30/06/06 3,520,4972.252.862.86USD

Performance

Index**

2006 2% -6% 2% -6%Since Last 5 years -3% -36% 7% -29%5 year average -1% -9% 1% -7%

1995 34% 26% 35% 28%1996 23% 28% 22% 24%1997 32% 26% 50% 48%1998 20% 14% 26% 19%1999 27% 49% 20% 40%2000 -10% -4% -10% -4%2001 -19% -15% -13% -8%2002 -25% -36% -24% -35%2003 23% 2% 28% 6%2004 7% -1% 9% 1%2005 4% 20% 5% 21%

Fund

see diagram**

USD USDEUR EUR



Assets 10,511.58Securities at market value 9,952.522Bank accounts 196.32Receivable from securities sold 288.88Other accounts receivable 73.86



Note


Page

Liabilities 435.36Accrued expenditures 34.53Payable on units redeemed 13.72Payable on securities purchased 321.44Other accounts payable 65.67




Note



Net loss from investments -23.15Net realised result on sales of investment securities 335.76Net realised result on foreign exchange 15.55Variation in unrealised result -161.72




Note




Note

Sub-Fund advisor: Bård Johannessen




Purchase price

Price1,000USD %

1,000

BANK OF AMERICA CORP 1,666 USD 80.97 0.8063.24 48.60


9,952.52 98.77

Shares 9,852.48 97.78

Banks and credit institutions 1,152.23 11.44

CANADIAN IMPERIALBANK OF COMMERCE

303 CAD 20.41 0.2019.25 74.80

CAPITAL ONE FINANCIALCORP

2,311 USD 200.69 1.99179.10 86.84

CITIGROUP INC 3,152 USD 154.01 1.53137.92 48.86COMMERCE BANCORP INC 1,223 USD 44.10 0.4438.52 36.06GOLDMAN SACHS GROUP 681 USD 103.65 1.0389.15 152.20JP MORGAN CHASE 2,396 USD 102.26 1.0193.81 42.68MARSHALL & ILSLEY 1,038 USD 47.51 0.4744.07 45.77NATIONAL BK CANADACOMMON

450 CAD 23.25 0.2323.93 57.38

PNC FINANCIAL SERVIVESGROUP

1,727 USD 121.94 1.21110.31 70.61

ROYAL BANK OF CANADA 1,419 CAD 57.37 0.5754.66 44.90WACHOVIA CORP 3,142 USD 170.74 1.69167.28 54.34WELLS FARGO AND CONEW

376 USD 25.34 0.2520.27 67.40

AMERICAN INTERNATLGROUP INC

2,653 USD 157.24 1.56171.44 59.27Holding and finance companies 1,043.56 10.36

CHICAGO MERCANTILEEXCHANGE HOLDINGS -A

106 USD 51.70 0.5133.13 487.72

COUNTRYWIDE FINANCIALCORP

2,702 USD 102.87 1.0294.69 38.07



Purchase price

Price1,000USD %

1,000

GENERAL ELECTRIC CO 12,588 USD 418.80 4.16438.48 33.27INDYMAC BANCORP INC 1,783 USD 82.05 0.8170.18 46.02LAZARD -A- 492 USD 19.29 0.1915.47 39.20LIBERTY GLOBAL SERIES -C-

546 USD 11.29 0.1111.09 20.68

NII HOLDINGS INC 438 USD 24.36 0.2422.45 55.62PRUDENTIAL FINANCIALINC

1,108 USD 86.34 0.8672.18 77.92

SLM 1,452 USD 76.96 0.7669.18 53.00UNUMPROVIDENT 700 USD 12.66 0.1313.58 18.09

BAKER HUGHES INC 1,543 USD 125.26 1.24100.28 81.18Petroleum 992.57 9.85

ENCANA CORP 1,471 CAD 77.84 0.7765.01 58.77EXXON MOBIL 3,289 USD 205.13 2.04202.53 62.37FOREST OIL CORP 1,049 USD 34.41 0.3437.37 32.80NATIONAL OILWELLVARCO INC

1,447 USD 91.31 0.9192.41 63.10

NEXEN INC 1,610 CAD 89.16 0.8874.24 61.50NOBLE ENERGY INC 932 USD 43.18 0.4339.48 46.33OCCIDENTAL PETROLEUMCORP

1,730 USD 176.89 1.76166.71 102.25

TRANSOCEAN INC 1,066 USD 84.72 0.8468.01 79.47VALERO ENERGY CORP(NEW)

978 USD 64.68 0.6447.73 66.13

ABBOTT LABORATORIES 196 USD 8.41 0.088.28 42.90Pharmaceuticals and cosmetics 633.82 6.29

BARD INC 548 USD 40.15 0.4039.44 73.26BAXTER INTERNATIONALINC

1,891 USD 69.83 0.6970.70 36.93

BECKMAN COULTER INC 67 USD 3.63 0.043.57 54.12BOSTON SCIENTIFIC CORP 12 USD 0.20 0.000.27 16.94ELI LILLY CO 1,574 USD 85.83 0.8581.43 54.53ENDO PHARMACEUTICALSHOLDING

1,216 USD 38.85 0.3938.28 31.95

JOHNSON & JOHNSON 2,150 USD 128.76 1.28128.98 59.89PFIZER INC 4,572 USD 106.25 1.05123.75 23.24ST JUDE MEDICAL INC 1,332 USD 43.21 0.4348.91 32.44WYETH 2,473 USD 108.69 1.08111.81 43.95

AMDOCS LTD 1,263 USD 45.56 0.4540.75 36.07Internet, Software & IT services 543.30 5.39

BEA SYSTEMS 3,561 USD 46.04 0.4635.37 12.93GOOGLE -SHS A - 124 USD 51.81 0.5145.76 417.81MICROSOFT CORP 11,266 USD 265.20 2.63298.97 23.54NETFLIX INC 1,577 USD 42.83 0.4346.44 27.16YAHOO INC 2,786 USD 91.85 0.9190.54 32.97

ALLTEL CORP 1,178 USD 74.81 0.7473.78 63.51Communications 538.25 5.34

AMERICA MOVIL ADRREPR.20SHS -L-WHEN.ISS

311 USD 10.37 0.109.70 33.35

AMERICAN TOWER -A- 764 USD 23.67 0.2322.75 30.98AT&T INC 3,015 USD 83.52 0.8377.59 27.70CORNING INC 3,331 USD 79.54 0.7976.65 23.88EMBARQ CORP WHENISSUED

50 USD 2.06 0.022.26 41.11

FREESCALESEMICONDUCTOR-SHS.BWHEN ISSUE

1 USD 0.03 0.000.01 29.63

LEVEL 3COMMUNICATIONS INC

2,385 USD 9.78 0.109.85 4.10

MOTOROLA 3,575 USD 71.46 0.7180.38 19.99POLYCOM 2,451 USD 52.55 0.5253.76 21.44QUALCOMM INC 410 USD 16.62 0.1619.69 40.54SONUS NETWORKS INC 11,805 USD 57.02 0.5755.67 4.83SPRINT NEXTEL 1 SHS-SERIES 1

1,004 USD 20.01 0.2023.78 19.93

TELUS NON-VOTING 435 CAD 17.26 0.1717.03 44.07VERIZONCOMMUNICATIONS INC

587 USD 19.55 0.1918.62 33.30


1,935 USD 106.27 1.05118.81 54.92Retail trade, department stores 507.21 5.03

ADVANCE AUTO PARTS 969 USD 28.98 0.2938.82 29.91AEROPOSTALE INC 941 USD 26.93 0.2726.79 28.62BEST BUY CO INC 821 USD 45.33 0.4542.66 55.21CVS CORP 3,829 USD 116.59 1.16100.34 30.45URBAN OUTFITTERS INC 2,832 USD 47.32 0.4772.09 16.71WALGREEN CO 1,752 USD 79.31 0.7971.29 45.27WHOLE FOODS MARKET 878 USD 56.47 0.5661.20 64.32

AT & T COMCAST CORP 3,957 USD 129.16 1.28119.19 32.64Graphic art and publishing 407.82 4.05

MC GRAW-HILL INC 2,200 USD 109.21 1.08107.07 49.64TIME WARNER INC 9,801 USD 169.46 1.68172.64 17.29

APPLE COMPUTER COM. 177 USD 10.46 0.1011.76 59.08Office supplies and computing 376.45 3.74

CISCO SYSTEMS 2,723 USD 54.32 0.5453.21 19.95


Page



Purchase price

Price1,000USD %

1,000

IBM CORP 2,839 USD 220.28 2.19233.28 77.59ORACLE CORP 6,179 USD 91.39 0.9179.98 14.79

AGRIUM 963 CAD 22.32 0.2217.89 25.74Chemicals 316.48 3.14

CONOCOPHILLIPS 2,601 USD 171.59 1.70169.04 65.97DOW CHEMICAL CO COM. 3,120 USD 120.84 1.20128.22 38.73TRONOX INC-B- WHENISSUED

135 USD 1.74 0.022.01 12.86

AES CORP 2,878 USD 53.33 0.5348.23 18.53Utilities 306.32 3.04

CENTERPOINT ENERGY 4,699 USD 58.64 0.5859.02 12.48EXELON CORP 584 USD 32.96 0.3332.58 56.44PG AND E CORP 1,693 USD 65.71 0.6567.43 38.81TXU 1,623 USD 95.68 0.9592.91 58.95

COCA-COLA CO 4,793 USD 206.39 2.05206.86 43.06Foods and beverages 299.87 2.98

GENERAL MILLS INC 1,648 USD 85.28 0.8583.03 51.75WRIGLEY JR CO WM 181 USD 8.20 0.089.79 45.29

MANPOWER INC 1,408 USD 91.45 0.9176.03 64.95Miscellaneous consumer goods 295.82 2.94

PROCTER & GAMBLE CO 3,586 USD 204.37 2.03196.65 56.99

CLEVELAND CLIFFS INC 524 USD 42.54 0.4236.14 81.18Building materials and trade 280.29 2.78

LENNAR CORP -A- 1,175 USD 52.70 0.5268.45 44.85MASCO CORP 3,988 USD 118.36 1.17125.62 29.68SHERWIN WILLIAMS CO 633 USD 30.01 0.3032.83 47.41TOLL BROTHERS INC 1,401 USD 36.68 0.3645.92 26.18

AMGEN INC 1,696 USD 110.41 1.10112.36 65.10Biotechnology 272.60 2.71

BIOMARINPHARMACEUTICAL INC

3,497 USD 51.06 0.5147.84 14.60

GENZYME CORP 1,258 USD 77.37 0.7780.73 61.50MEDIMMUNE INC 1,245 USD 33.76 0.3437.81 27.12

APPLIED MATERIALS INC 2,689 USD 44.50 0.4448.57 16.55Electronics & Semiconductors 271.94 2.70

HIMAX TECHNOLOGIESINC

6,586 USD 37.54 0.3732.65 5.70

INTEL CORP 3,006 USD 58.14 0.5871.63 19.34MAXIM INTEGRATEDPRODUCTS INC

2,266 USD 74.03 0.7369.42 32.67

SPANSION INC -A- 3,901 USD 57.73 0.5755.63 14.80

AETNA US HEALTHCAREINC

1,227 USD 48.15 0.4857.02 39.24Healthcare & Social services 271.05 2.69

CONOR MEDSYSTEMS INC 1,115 USD 30.48 0.3026.92 27.34HEALTH NET -SHS- 1,533 USD 68.28 0.6864.14 44.54WELLPOINT INC 1,704 USD 124.14 1.23122.09 72.85

CSX CORP 1,793 USD 124.08 1.23100.42 69.20Transportation 191.09 1.90

J.B. HUNT TRANSPORTSERVICES INC

2,689 USD 67.01 0.6765.91 24.92

ACE 1,213 USD 61.12 0.6157.62 50.39Insurance 190.68 1.89

AFLAC INC 1,586 USD 73.51 0.7370.20 46.35GENWORTH FINANCIALINC CLASS-A

1,063 USD 36.92 0.3731.05 34.73

MANULIFE FINANCIALCORP

600 CAD 19.13 0.1919.41 35.40

ACCENTURE LTD -A- 2,685 USD 75.45 0.7573.93 28.10Miscellaneous services 176.27 1.75

E TRADE FINANCIAL 4,457 USD 100.82 1.0084.13 22.62

CHEESECAKE FACTORYINC

985 USD 26.71 0.2731.05 27.12Hotels and restaurants 138.56 1.38

P.F. CHANG'S CHINA 651 USD 24.65 0.2430.48 37.87STARBUCKS CORP 1,158 USD 44.00 0.4441.98 38.00STATION CASINOS INC 637 USD 43.19 0.4342.38 67.80


1,818 CAD 107.06 1.06115.40 65.40Coal mining and steel industry 107.06 1.06

RAYTHEON CO 2,340 USD 103.62 1.03106.26 44.28Aerospace industry 103.62 1.03

BRUNSWICK CORP. 1,267 USD 40.99 0.4152.64 32.35Machine and apparatus construction 102.61 1.02

PARKER-HANNIFIN CORP 792 USD 61.62 0.6154.93 77.80

ROGERSCOMMUNICATIONS -B-NON VOTING

313 CAD 12.57 0.1212.55 44.59Electrical engineering and electronics 73.05 0.72

TYCO INTERNATIONAL 2,217 USD 60.48 0.6061.89 27.28

HARLEY DAVIDSON INC 1,193 USD 64.72 0.6461.23 54.25Road vehicules 64.72 0.64

LOUISIANA PACIFIC CORP. 2,623 USD 58.65 0.5870.14 22.36Paper and forest products 58.65 0.58



Purchase price

Price1,000USD %

1,000

FIRST MARBLEHEAD 533 USD 30.91 0.3122.71 58.00Miscellaneous sectors 54.76 0.54

MORGANS HOTEL GROUP 1,646 USD 23.85 0.2432.64 14.49

HOST HOTELS & RESORTS -SHS

2,429 USD 52.13 0.5245.78 21.46Real estate companies 52.13 0.52

BLUE NILE INC 926 USD 29.73 0.3032.54 32.11Watch industry 29.73 0.30

SPDR TRUST UNIT SERIE 1 786 USD 100.03 0.9997.83 127.27

Units in Investment Funds 100.03 0.99Unit trusts 100.03 0.99





Net assets

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

10,076,222.57 8,552,826.24 11,381,285.12


3,520,4972.86

3,057,1912.80

4,246,5132.68



Page

Carlson Fund Equity-American Small CapThe sub-fund invests in equities of small North Americancompanies. The sub-fund invests in companies that havea stock market value below USD 500 million. Theselection of equities by industry will vary depending onour view of the market situation.

During 2006 the value of the sub-fund's units declined by-5,61 % in EUR and increased by 2,32 % in the fund'squoted currency USD.

Benchmark: Russel 2000


Electrical engineering and electronics

9.37%

Electronics & Semiconductors

9.30%

Internet, Software & IT serv ices

5.19%Banks and credit

institutions13.93%


4.85%Transportation

6.88%

Communications4.74%

Miscellaneous serv ices

8.70% Other37.05%


31/12/95 10,871,5800.650.890.89USD31/12/96 7,500,2520.790.990.99USD31/12/97 6,502,5431.171.281.28USD31/12/98 5,422,8401.021.191.19USD31/12/99 2,243,5591.191.201.20USD31/12/00 1,574,1581.681.561.56USD31/12/01 4,325,1292.241.981.98USD31/12/02 5,955,3631.681.751.75USD31/12/03 6,926,4781.762.232.23USD31/12/04 6,888,7181.902.582.58USD31/12/05 5,117,2832.212.592.59USD



USD EUR

30/06/06 4,397,2002.072.632.63USD

Performance

Index**


1995 16% 11% 26% 21%1996 12% 16% 15% 19%1997 50% 46% 40% 37%1998 -5% -13% 0% -10%1999 0% 18% 20% 40%2000 31% 40% -4% 2%2001 26% 33% 1% 7%2002 -11% -25% -21% -33%2003 28% 6% 44% 20%2004 16% 7% 17% 9%2005 n/a 16% 3% 19%

Fund

see diagram**

USD USDEUR EUR



Assets 11,679.54Securities at market value 11,203.972Bank accounts 460.60Receivable from units issued 0.81Receivable from securities sold 9.83



Note


Page

Other accounts receivable 4.33Liabilities 136.24

Bank overdraft 7.14Accrued expenditures 56.24Payable on units redeemed 16.47Payable on securities purchased 56.40




Note



Net loss from investments -92.32Net realised result on sales of investment securities 258.55Net realised result on foreign exchange -21.26Variation in unrealised result 62.77

Securities portfolio 62.77Increase in net assets as a result of operations 207.74



Note




Note

Sub-Fund advisor: Daniel Goldfarb, OFI Institutional Management INC




Purchase price

Price1,000USD %

1,000

BOSTON PRIVATEFINANCIAL HOLDINGS INC

5,800 USD 163.50 1.42133.53 28.19


11,203.97 97.06

Shares 11,203.97 97.06

Banks and credit institutions 1,560.28 13.52

CENTENNIAL BANKHOLDINGS INC

7,400 USD 73.93 0.6488.25 9.99

FIDELITY BANKSHARES 4,300 USD 138.29 1.20103.81 32.16FINANCIAL INSTITUTIONSINC

3,800 USD 71.48 0.6286.64 18.81

FIRST REPUBLIC BANK 5,475 USD 246.21 2.13115.02 44.97FIRST STATEBANCORPORATION

10,400 USD 243.36 2.11203.00 23.40

FLAG FINANCIAL CORP 1,000 USD 21.49 0.1918.67 21.49HANMI FIANCIAL CORP 5,300 USD 103.30 0.8974.28 19.49PACIFIC CAPITALBANCORP

3,800 USD 119.32 1.03114.79 31.40

PREFERRED BANK 3,400 USD 183.23 1.59138.67 53.89TIB FINANCIAL CORP 700 USD 22.19 0.1921.91 31.70UMB FINANCIAL CORP 5,200 USD 173.99 1.51151.06 33.46

AZZ INC 7,800 USD 191.10 1.66130.94 24.50Electrical engineering and electronics 1,049.30 9.09

BALDOR ELECTRIC CO LTD 7,600 USD 224.58 1.95183.96 29.55BEL FUSE INC -B- 3,900 USD 122.07 1.06106.04 31.30II VI INCORPORATED 12,100 USD 219.01 1.90124.79 18.10LA BARGE INC 14,500 USD 181.98 1.58229.90 12.55



Purchase price

Price1,000USD %

1,000

SCHAWK -A- 6,300 USD 110.57 0.96140.56 17.55

ENTEGRIS INC 23,084 USD 220.68 1.91174.57 9.56Electronics & Semiconductors 1,041.48 9.02

MEASUREMENTSPECIALTIES INC

8,300 USD 191.15 1.66182.74 23.03

MICREL INC 16,900 USD 171.54 1.49194.82 10.15NU HORIZONSELECTRONICS

28,000 USD 261.80 2.27259.31 9.35

PDF SOLUTIONS INC 3,400 USD 41.99 0.3639.26 12.35VARIAN 3,800 USD 154.32 1.34151.17 40.61

CITI TRENDS INC 5,400 USD 212.33 1.84154.96 39.32Miscellaneous services 975.23 8.45

FTI CONSULTING 5,100 USD 136.58 1.18139.14 26.78G K SERVICES INC -A- 5,500 USD 191.40 1.66213.36 34.80ON ASSIGNMENT INC 18,600 USD 176.51 1.53102.36 9.49PENSON WORLDWIDE INC 1,600 USD 28.13 0.2430.01 17.58RBC BEARINGS INC 10,100 USD 230.28 1.99162.18 22.80

HEARTLAND EXPRESS INC 10,533 USD 182.22 1.58161.84 17.30Transportation 771.00 6.68

KNIGHT TRANSPORTATN 7,837 USD 156.43 1.3694.91 19.96MARTEN TRANSPORT LTD 11,700 USD 247.57 2.14168.17 21.16OLD DOMINION FREIGHTLINES INC

5,050 USD 184.78 1.6097.73 36.59

APPLIX INC 25,100 USD 175.10 1.52200.54 6.98Internet, Software & IT services 581.38 5.04

MSC SOFTWARE CORP 11,800 USD 210.04 1.82160.27 17.80SI INTERNATIONAL INC 6,300 USD 196.25 1.70175.83 31.15

CARTER S INC 9,000 USD 235.17 2.04242.96 26.13Holding and finance companies 543.45 4.71

HMS HOLDINGS CORP 28,000 USD 308.28 2.67182.54 11.01

EMS TECHNOLOGIES 9,500 USD 187.15 1.62189.52 19.70Communications 530.64 4.60

LIN TV -A- 17,700 USD 132.57 1.15383.58 7.49SAGA COMMUNICATIONS -A-

24,243 USD 210.91 1.83394.29 8.70

BIO-REFERENCELABORATOIRES INC

14,700 USD 311.93 2.70219.16 21.22Healthcare & Social services 449.60 3.89

US PHYSICAL THERAPYINC

9,600 USD 137.66 1.19158.03 14.34

INTERLINE BRANDS INC 10,700 USD 250.49 2.17213.50 23.41Miscellaneous consumer goods 400.77 3.47

MATTHEWSINTERNATIONAL -A-

4,300 USD 150.29 1.30168.06 34.95

MACDERMID INC 7,600 USD 213.56 1.85261.94 28.10Chemicals 386.69 3.35

SPARTECH CORPORATION 7,600 USD 173.13 1.50181.10 22.78

ROWAN COMPANIES INC 3,300 USD 117.02 1.01112.11 35.46Petroleum 377.02 3.27

RPC 10,975 USD 260.00 2.2596.13 23.69

GRAY TELEVISION INC 18,200 USD 99.92 0.87194.99 5.49Graphic art and publishing 364.91 3.16

MULTI COLOR CORP 9,100 USD 264.99 2.30210.24 29.12

AXSYS TECHOLOGIES INC 14,400 USD 217.15 1.88251.70 15.08Machine and apparatus construction 313.15 2.71

THE EASTERN CO 4,800 USD 96.00 0.83109.20 20.00

DARWIN PROFESSIONALUNDERWRITERS INC

2,500 USD 48.13 0.4243.58 19.25Insurance 307.87 2.67

DONEGAL GROUP INC -A- 8,901 USD 178.47 1.5585.77 20.05HARLEYSVILLE GROUP 2,600 USD 81.28 0.7071.19 31.26

MOVADO 11,300 USD 251.65 2.18217.19 22.27Watch industry 251.65 2.18

HOT TOPIC 20,200 USD 232.10 2.01234.12 11.49Retail trade, department stores 242.65 2.10

J CREW GROUP INC 400 USD 10.55 0.098.00 26.38

WEST PHARMACEUTICALSERVICES INC

5,700 USD 207.20 1.79156.65 36.35Pharmaceuticals and cosmetics 207.20 1.79

GIBRALTAR INDUSTRIESINC

6,800 USD 195.84 1.70134.59 28.80Coal mining and steel industry 195.84 1.70

TREX COMPANY INC 7,600 USD 191.90 1.66285.38 25.25Building materials and trade 191.90 1.66

TEAM INC 6,500 USD 170.76 1.48136.82 26.27Environmental services & Recycling 170.76 1.48

AQUILA INC 27,800 USD 118.71 1.03113.77 4.27Utilities 118.71 1.03

CHARLES RIVERLABORATORIESINTERNATIONAL

2,100 USD 77.30 0.6792.38 36.81Biotechnology 77.30 0.67

HEICO CORP 2,300 USD 63.16 0.5553.89 27.46Aerospace industry 63.16 0.55


Page



Purchase price

Price1,000USD %

1,000

FRANKLIN BANK CORP 1,600 USD 32.06 0.2831.95 20.04Miscellaneous sectors 32.06 0.28





Net assets

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

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


4,397,2002.63

5,117,2832.59

6,888,7182.58



Page

Carlson Fund Equity-Far EastThe sub-fund invests in equities in the Far East excludingJapan. Distribution by country and industry will vary andfrom time to time, certain countries will not berepresented.

During 2006, the value of the sub-fund's units declinedby -0,78 % in the sub-fund's quoted currency EUR.

Benchmark: MSCI AC Asia Pacific Free ex Japan.


India3.85%

Malaysia2.46%

China6.38%

Taiwan13.52%Hong Kong

15.39%

Australia29.58%

Singapore6.63%

South Korea18.31%

Other3.89%





USD EUR

30/06/06 6,027,5052.21n/a2.21EUR

Performance

Index**


1995 1% -3% 4% -1%1996 10% 13% 9% 13%1997 -40% -32% -36% -27%1998 -7% -13% -7% -13%1999 59% 87% 47% 72%2000 -26% -21% -30% -25%2001 -7% -2% -5% 0%2002 -11% -24% -8% -22%2003 48% 24% 44% 20%2004 9% 1% 19% 10%2005 16% 34% 17% 34%

Fund

see diagram**

USD USDEUR EUR



Assets 13,484.41Securities at market value 13,149.892Bank accounts 93.79Receivable from units issued 3.84Receivable from securities sold 124.22



Note


Page

Other accounts receivable 112.68Liabilities 174.14

Bank overdraft 45.19Accrued expenditures 49.90Payable on units redeemed 11.08Other accounts payable 67.98




Note



Net income from investments 63.54Net realised result on sales of investment securities 730.37Net realised result on foreign exchange 20.87Variation in unrealised result -843.28




Note

Net asset value at beginning of the period 14,065.90Units issued during the period 1,419.82Units redeemed during the period -2,146.95Decrease in net assets during the period -28.50Net asset value at end of the period 13,310.27



Note

Sub-Fund advisor: Kalapi Darmeci




Purchase price

Price1,000EUR %

1,000

ALINTA LTD 2,560 AUD 15.62 0.1217.60 10.43


13,116.24 98.54

Shares 12,653.16 95.06

Australia 3,749.16 28.17

ALUMINA 12,615 AUD 49.81 0.3740.21 6.75AMCOR LTD 8,803 AUD 34.40 0.2637.05 6.68AMP LIMITED 18,572 AUD 99.19 0.7576.77 9.13ANZ BANKING GROUP LTD 11,540 AUD 179.50 1.35133.34 26.59ARISTOCRAT LEISURE 3,140 AUD 23.66 0.1820.94 12.88AUSTRALIAN GAS LIGHTCOMPANY

4,627 AUD 47.39 0.3636.45 17.51

AXA ASIA PACIFICHOLDINGS

20,310 AUD 74.49 0.5642.84 6.27

BHP BILLITON LTD 34,986 AUD 593.51 4.46288.93 29.00BLUESCOPE STEEL 7,329 AUD 34.08 0.2634.33 7.95BORAL LTD 6,045 AUD 28.78 0.2224.96 8.14BRAMBLES INDUSTRIESLTD

9,790 AUD 63.00 0.4739.07 11.00

CALTEX AUSTRALIA LTD 1,375 AUD 18.98 0.1417.89 23.60CENTRO PROPERTIESSTAPLED SECURITY

7,652 AUD 29.95 0.2218.78 6.69

CENTRO RETAIL GROUPSTAPLED SECURITY

6,651 AUD 6.09 0.054.73 1.57

CFS RETAIL PROPERTYTRUST

15,400 AUD 16.76 0.1317.89 1.86

COCA-COLA AMATIL LTD 5,639 AUD 23.39 0.1823.71 7.09COLES MYER 10,761 AUD 71.51 0.5459.37 11.36



Purchase price

Price1,000EUR %

1,000

COMMONWEALTH BANKOF AUSTRALIA

10,234 AUD 265.87 2.00250.87 44.41

CSL LTD 1,660 AUD 52.19 0.3925.03 53.75FOSTER BREWING GROUPLTD

20,323 AUD 65.03 0.4958.68 5.47

HARVEY NORMANHOLDINGS

7,096 AUD 16.35 0.1212.68 3.94

INSURANCE AUSTRALIAGROUP LIMITED

22,119 AUD 69.22 0.5273.10 5.35

JOHN FAIRFAX HOLDINGS 9,874 AUD 21.66 0.1622.48 3.75LEIGTHON HOLDINGS LTD 1,316 AUD 13.36 0.109.58 17.35LEND LEASE CORP LTD 5,053 AUD 41.35 0.3139.63 13.99MACQUARIE BANK 2,267 AUD 91.50 0.6952.20 69.00MACQUARIE GOODMANGROUP (STAPLED SEC.)

11,680 AUD 41.00 0.3127.68 6.00

MACQUARIEINFRASTRUCTURE(STAPLED SECUR.)

21,890 AUD 43.03 0.3250.43 3.36

MAYNE PHARMA LTD 13,070 AUD 19.88 0.1510.33 2.60MIRVAC GROUP STAPLEDSECURITIES

8,666 AUD 22.05 0.1724.63 4.35

NAT. AUSTRALIA BANK 1,799 AUD 37.00 0.2829.15 35.16NEWCREST MINING LTD 3,172 AUD 39.11 0.2929.34 21.08ORICA LIMITED 3,732 AUD 52.15 0.3942.33 23.89ORIGIN ENERGY LTD 10,366 AUD 44.63 0.3438.73 7.36PATRICK CORPORATION 6,657 AUD 34.66 0.2621.90 8.90QBE INSURANCE GROUP 8,274 AUD 99.22 0.7565.53 20.50QUANTAS AIRWAYS LTD 9,308 AUD 16.12 0.1218.63 2.96RINKER GROUP 11,452 AUD 109.80 0.8269.90 16.39RIO TINTO 2,877 AUD 130.94 0.9864.49 77.80SANTOS LTD 5,688 AUD 40.26 0.3028.40 12.10SONIC HEALTHCARE LTD 2,700 AUD 22.43 0.1724.86 14.20SUNCORP METWAY 5,661 AUD 64.08 0.4850.28 19.35SYMBION HEALTH LTD 6,120 AUD 10.95 0.089.20 3.06TABCORP HOLDINGS LTD 5,271 AUD 46.87 0.3546.18 15.20TELSTRA CORP 19,887 AUD 42.81 0.3257.01 3.68TRANSURBAN GROUP 9,250 AUD 37.61 0.2838.64 6.95WESFARMERS 3,455 AUD 71.41 0.5464.80 35.33WESTFIELD GROUP LTDSTAPLED SECURITY

15,632 AUD 158.47 1.19142.34 17.33

WESTPAC BANKING CORP 19,192 AUD 261.36 1.96200.69 23.28WOODSIDE PETROLEUM 4,460 AUD 114.80 0.8648.53 44.00WOOLWORTHS LTD 12,037 AUD 141.88 1.0795.20 20.15

CJ CORP 330 KRW 28.46 0.2114.04 104,000.00

South Korea 2,373.99 17.84

DAELIM INDUSTRIAL CO 460 KRW 22.73 0.1716.05 59,600.00DAEWOO ENGINEERINGAND CONSTRUCTION CO

210 KRW 2.35 0.020.83 13,500.00

DAEWOO SHIPBUILDINGAND MARINE ENGINEERI

1,750 KRW 40.48 0.3020.09 27,900.00

HAN JIN SHIPPING CO LTD 40 KRW 0.75 0.010.62 22,650.00HANA FINANCIAL GROUPINC

1,879 KRW 69.49 0.5234.63 44,600.00

HYUNDAI DEVELOPMENTCOMPANY ENGINEERING

650 KRW 22.10 0.1719.33 41,000.00

HYUNDAI HEAVYINDUSTRIES CO LTD

680 KRW 60.05 0.4517.51 106,500.00

HYUNDAI MOBIS 550 KRW 36.62 0.2822.57 80,300.00HYUNDAI MOTOR CO LTD 1,620 KRW 108.27 0.8154.18 80,600.00HYUNDAI MOTOR CO LTD 680 KRW 26.78 0.2014.83 47,500.00KANGWON LAND 1,630 KRW 21.89 0.1614.91 16,200.00KIA MOTORS 2,390 KRW 32.20 0.2418.34 16,250.00KOOKMIN BANK 3,740 KRW 241.88 1.82120.61 78,000.00KOREA ELECTRIC POWERCORP

3,140 KRW 91.52 0.6961.29 35,150.00

KT & G CORP-SHS. 1,130 KRW 51.91 0.3924.04 55,400.00KT CORPORATION 1,390 KRW 45.12 0.3436.39 39,150.00LG CHEM 650 KRW 17.79 0.1319.26 33,000.00LG ELECTRONICS INC 910 KRW 43.39 0.3341.92 57,500.00LG ELECTRONICS INC PFDSHS.NON VOTING

40 KRW 1.10 0.011.02 33,300.00

LG PHILIPS LCD 910 KRW 26.64 0.2030.92 35,300.00NCSOFT 216 KRW 9.76 0.0715.21 54,500.00POSCO 780 KRW 164.60 1.24101.28 254,500.0

0SAMSUNG CORP 1,830 KRW 39.53 0.3018.71 26,050.00SAMSUNG ELECTROMECHANICS

900 KRW 24.40 0.1816.72 32,700.00


1,130 KRW 564.98 4.24361.57 603,000.00

SAMSUNG ELECTRONICSCO LTD PFD SHS N/VTG

230 KRW 88.30 0.6647.62 463,000.00

SAMSUNG FIRE ANDMARINE INSURANCE

370 KRW 39.12 0.2920.47 127,500.00

SAMSUNG HEAVYINDUSTRIES CO LTD

1,760 KRW 31.96 0.2419.04 21,900.00


Page



Purchase price

Price1,000EUR %

1,000

SAMSUNG SDI CO LTD 340 KRW 18.38 0.1426.35 65,200.00SAMSUNG SECURITIES COLTD

540 KRW 22.88 0.1719.27 51,100.00

SHINHAN FINANCIALGROUP

4,820 KRW 177.85 1.34136.80 44,500.00

SHINSEGAE CO LTD 160 KRW 63.02 0.4733.48 475,000.00

SK CORP LTD 890 KRW 45.02 0.3433.52 61,000.00SK TELEKOM 400 KRW 67.66 0.5149.82 204,000.0

0SSANGYONG OIL REFININGCO LTD

450 KRW 25.04 0.1918.27 67,100.00

BANK OF EAST ASIA LTD 17,800 HKD 57.60 0.4346.69 31.95Hong Kong 2,023.43 15.20

BOC HONG KONG(HOLDINGS) LTD

5,500 HKD 8.47 0.069.26 15.20

CATHAY PACIFIC AIRWAYS 10,000 HKD 13.77 0.1013.83 13.60CHEUNG-KONG HOLDINGSLTD

16,000 HKD 136.36 1.02113.22 84.15

CHINA L&P HLDGS 16,500 HKD 75.95 0.5772.17 45.45CHINA MOBILE LIMITED 64,500 HKD 290.03 2.18213.15 44.40CNOOC LTD 131,500 HKD 82.57 0.6252.61 6.20DAH SING FINANCIALHOLDINGS LTD

79,600 HKD 458.70 3.45480.14 56.90

ESPRIT HOLDINGS SHS 9,500 HKD 61.00 0.4623.52 63.40HENDERSON LANDDEVLOPMENT CO LTD

8,000 HKD 32.69 0.2529.17 40.35

HONG KONG CHINA GAS 36,000 HKD 62.16 0.4757.05 17.05HONG KONG ELECTRICHOLDINGS LTD

14,500 HKD 51.62 0.3949.53 35.15

HONG KONG EXCHANGESAND CLEARING

18,000 HKD 91.06 0.6833.44 49.95

HOPEWELL HOLDINGS LTD 6,570 HKD 14.57 0.1112.81 21.90HUTCHISON WHAMPOA 20,000 HKD 143.61 1.08125.03 70.90HYSAN DEVELOPMENT 7,000 HKD 15.53 0.1210.10 21.90INDUSTRIAL ANDCOMMERCIAL BK OFCHINA

92,000 HKD 106.68 0.80108.81 11.45

LI AND FUNG LTD 19,800 HKD 31.48 0.2422.76 15.70NEW WORLDDEVELOPMENT

24,000 HKD 31.11 0.2318.09 12.80

PCCW LTD 37,000 HKD 20.80 0.1616.07 5.55SHANGRI - LA ASIA LTD 12,000 HKD 18.17 0.1412.52 14.95SUN HUNG KAIPROPERTIES LTD

13,000 HKD 104.27 0.78103.53 79.20

SWIRE PACIFIC LTD SIE A 8,500 HKD 69.00 0.5251.19 80.15TECHTRONIC INDUSTRIESCO LTD

9,300 HKD 9.89 0.0711.93 10.50

WHARF HOLDINGS 13,000 HKD 36.34 0.2732.52 27.60

ACER INC 25,080 TWD 34.67 0.2629.70 56.90Taiwan 1,778.01 13.36

ADVANCEDSEMICONDUCTORENGENEERING INC

1,099 TWD 0.85 0.010.52 32.00

ASUSTEK COMPUTER 25,700 TWD 49.64 0.3749.77 79.50AU OPTRONICS 85,010 TWD 94.39 0.7195.57 45.70CATHAY FINANCIAL 82,000 TWD 141.05 1.06116.19 70.80CHINA FIN HOLDINGS 48,000 TWD 31.31 0.2431.47 26.85CHINA STEEL CORP 119,000 TWD 92.81 0.7087.76 32.10CHUNGHWA TELECOM 63,000 TWD 89.54 0.6788.64 58.50COMPAL ELECTRONICS 96,000 TWD 72.07 0.5471.65 30.90DELTA ELECTRONIC INCS 45,650 TWD 102.04 0.7760.05 92.00FAR EASTONETELECOMMUNICATION COLTD

55,000 TWD 48.37 0.3652.64 36.20

FORMOSA CHEMICALSFIBER CO LTD

67,000 TWD 81.39 0.6191.52 50.00

FORMOSA PLASTICS CORP 100,250 TWD 119.59 0.90122.80 49.10FUBON FINANCIALHOLDING COMPANY

146,000 TWD 99.32 0.75116.05 28.00

HON HAI PRECISIONINDUSTRY CO LTD

39,312 TWD 191.02 1.44154.27 200.00

MEDIA TEKINCORPORATION

6,300 TWD 45.92 0.3434.01 300.00

SILICONWARE PRECISIONINDUSTRIES CO LTD

87,000 TWD 84.13 0.6366.59 39.80

TAIWAN SEMICONDUCTORMANUFACTURING CO LT

200,742 TWD 284.83 2.14205.05 58.40

UNITEDMICROELECTRONICS CORP

154,258 TWD 72.71 0.5569.85 19.40

VANGUARDINTERNATIONALSEMICONDUCTOR COR

168 TWD 0.09 0.000.13 21.85

WAN HAI LINES 78,000 TWD 42.26 0.3238.79 22.30

CAPITALAND LTD 12,000 SGD 26.76 0.209.70 4.50Singapore 871.31 6.55

CITY DEVELOPMENT 5,000 SGD 23.17 0.1715.42 9.35COMFORTDELGRO CORP 20,500 SGD 15.55 0.1211.97 1.53



Purchase price

Price1,000EUR %

1,000

DBS GROUP HOLDINGS 37,000 SGD 331.92 2.49296.35 18.10FRASER & NEAVE LTD 10,000 SGD 19.82 0.1513.70 4.00KEPPEL CORPORATIONLTD

5,000 SGD 36.43 0.2717.65 14.70

SINGAPORE AIRLINES LTDLOCAL

6,000 SGD 37.77 0.2832.29 12.70

SINGAPORE TELECOM.LTDBOARD-LOT 1000

67,000 SGD 84.35 0.6373.98 2.54

S'PORE PRESS HOLDINGSLTD

16,000 SGD 32.67 0.2533.75 4.12

UNITED OVERSEAS BANK 34,000 SGD 262.88 1.98250.23 15.60

CHINA CONSTRUCTIONBANK CORPORATION

244,000 HKD 87.73 0.6661.57 3.55China 839.58 6.31

CHINA COSCO HOLDINGSSHS.H

400 HKD 0.16 0.000.18 4.00

CHINA LIFE INSURANCE -H- CO LTD

66,000 HKD 81.88 0.6246.10 12.25

CHINA PETROLEUM ANDCHEMICAL -H-

232,000 HKD 104.56 0.7996.59 4.45


42,500 HKD 61.77 0.4661.37 14.35

CHINA TELECOM CORPLTD

142,000 HKD 35.95 0.2738.16 2.50

DALIAN PORT (PDA)COMPANY LTD

318,000 HKD 116.75 0.88132.25 3.63

JIANGXI COPPER 163,000 HKD 118.86 0.89122.26 7.20PETROCHINA -H- 184,000 HKD 154.67 1.16125.67 8.30YANZHOU COAL MININGCO -H-

1,200 HKD 0.70 0.010.82 5.75

ZHEJIANG EXPRESSWAY -H-

160,000 HKD 76.56 0.5877.00 4.73

BHARAT PETROLEUMCORP DEMATERIALISED

12,400 INR 71.76 0.5496.18 338.80India 505.75 3.80


3,360 INR 111.06 0.83118.11 1,935.00

INFOSYS TECHNOLOGIESDEMATERALISED

2,486 INR 130.80 0.98101.79 3,080.05

NTPC DS - SHS -DEMATERIALISED

29,700 INR 56.39 0.4263.57 111.15

RELIANCE INDUSTRIESDEMATERAILISED

4,590 INR 82.95 0.6260.66 1,058.00

TATA CONSULT.SERVICESSVS DEMATERIALISED

1,780 INR 52.78 0.4047.07 1,736.00

ADVANCED INFO SERVICE-F-

14,205 THB 26.38 0.2029.62 90.16Thailand 182.59 1.37

BANGKOK BANK PUBLICCO LTD -F-

8,400 THB 18.34 0.1418.21 106.00

KASIKORNBANK -F- 21,600 THB 27.28 0.2027.58 61.30PTT EXPLORATION ANDPRODUCTION PUBLIC CO

17,900 THB 39.09 0.2933.00 106.00

PTT PUBLIC COMPANY LTD-F-

11,100 THB 52.07 0.3953.37 227.73

SIAM CEMENT FOREIGNREGISTERED

4,100 THB 19.43 0.1521.00 230.00

ASTRA INTERNATIONALTBK

35,000 IDR 28.97 0.2232.54 9,750.00Indonesia 175.82 1.32

BANK CENTRAL ASIA TBK 98,635 IDR 34.34 0.2632.38 4,100.00BANK RAKYAT INDONESIA 49,300 IDR 17.16 0.1314.89 4,100.00PERUSAHAAN GASNEGARA (PERSERO) -B-

26,000 IDR 24.83 0.1921.52 11,250.00

TELKOM INDONESIASERIES -B-

113,000 IDR 70.52 0.5350.28 7,350.00

COFCO INTERNATIONAL 210,000 HKD 94.11 0.7192.54 4.43Bermuda 94.11 0.71

FLETCHER BUILDING LTD 4,730 NZD 20.78 0.1620.94 9.15New Zealand 59.39 0.45

TELECOM CORP OF NEWZEALAND LTD

19,900 NZD 38.61 0.2968.01 4.04

DB RREEF TRUST STAPLEDSECURITY

26,400 AUD 22.62 0.1722.42 1.47

Units in Investment Funds 140.16 1.05Australia 140.16 1.05

GENERAL PROP GRP -STAPLED SECURITY-

18,144 AUD 46.06 0.3538.46 4.34

STOCKLAND 17,404 AUD 71.47 0.5458.15 7.02

MS S.25 (MSCIMALAYS.OPALS) 07.04.07WAR

6,800 USD 322.92 2.43299.75 60.37

Options, warrants, rights 322.92 2.43Malaysia 322.92 2.43


Page



Purchase price

Price1,000EUR %

1,000

NHN CORP 122 KRW 33.38 0.257.80 330,000.00


33.65 0.25

Shares 33.65 0.25

South Korea 33.38 0.25

CAREER TECHNOLOGY 439 TWD 0.27 0.000.44 24.90Taiwan 0.27 0.00





Net assets

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

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


6,027,5052.21

6,358,1212.21

17,105,0101.65



Page

Carlson Fund Equity-Asian Small CapThe sub-fund invests in small and medium sizedcompanies the Far East, excluding Japan. The sub-fund'sinvestment strategy is a pronounced "bottom-up"strategy. This means that the sub-fund concentrates onidentifying companies that represent good acquisitionvalue irrespective of where the company is based.Distribution by country and industry will vary and fromtime-to-time, certain countries will not be represented.

During 2006, the value of the sub-fund's units declinedby -3,64 % in the sub-fund's quoted currency EUR.

Benchmark: MSCI AC Asia Pacific Free ex Japan.


India37.51%

China14.94%

Hong Kong29.34%

Other18.22%





USD EUR23/05/95 1,729,5020.861.001.00USD

30/06/06 68,633,1163.48n/a3.48EUR

Performance

Index**

0% n/a 2% n/a1995*


Fund


USD USDEUR EUR

1996 19% 24% 10% 13%1997 -36% -27% -39% -27%1998 -5% -11% -5% -13%1999 146% 188% 44% 72%2000 -13% -7% -30% -25%2001 11% 17% -5% 0%2002 -8% -22% -8% -22%2003 104% 70% 44% 20%2004 11% 3% 19% 10%2005 18% 36% 17% 34%



Assets 246,236.79Securities at market value 222,017.142Bank accounts 15,823.33Receivable from units issued 67.13Receivable from securities sold 5,484.87



Note


Page

Other accounts receivable 2,844.33Liabilities 7,174.75

Bank overdraft 1,353.00Accrued expenditures 1,322.85Payable on units redeemed 90.39Payable on securities purchased 1,897.77Other accounts payable 2,510.75




Note


Expenditure 4,764.12Management fees 2,484.374Taxe d'abonnement 69.273Professionnal expenses 7.29Other expenses 2,203.19

Net loss from investments -2,621.30Net realised result on sales of investment securities 20,612.72Net realised result on foreign exchange -2,884.79Variation in unrealised result -27,394.74

Securities portfolio -27,394.74Decrease in net assets as a result of operations -12,288.11



Note

Net asset value at beginning of the period 241,535.52Units issued during the period 74,833.33Units redeemed during the period -65,018.70Decrease in net assets during the period -12,288.11Net asset value at end of the period 239,062.04



Note

Sub-Fund advisor: Anna Ho




Purchase price

Price1,000EUR %

1,000

ABAN LOYD CHILES - SHSDEMATERIALISED

23,000 INR 384.56 0.16376.56 978.80


222,017.14 92.87

Shares 221,966.61 92.85

India 83,271.12 34.83

ABG SHIPYARD LTDDEMATERIALISED

1,000,000 INR 4,564.32 1.916,610.51 267.20

ADHUNIK METALINKS LTD(DEMAT.)

4,126,000 INR 2,227.18 0.933,388.85 31.60

ALLSEC TECHNOLOGIESLTD

500,000 INR 1,558.74 0.651,345.43 182.50

BALLARPUR INDUSTRIESDEMATERIALISED

1,676,566 INR 3,030.02 1.272,547.85 105.80

DEEPAKFERTILIZERS&PETROCHEMICAL DEMAT.

1,400,000 INR 1,714.69 0.722,385.69 71.70

ENTERTAINMENT NETWODEMATERIALISED

23,448 INR 76.68 0.0372.17 191.45

GATEWAY DISTRIPARKS 1,300,000 INR 4,582.34 1.924,646.52 206.35GEODESIC INFO SYSTEMS-DEMATERIALISED

1,506,746 INR 3,989.43 1.675,728.40 155.00


296 INR 9.78 0.006.13 1,935.00

GREAT EASTERN SHIPPINGCO DEMATERIALISED

1,000,000 INR 3,988.65 1.674,576.12 233.50



Purchase price

Price1,000EUR %

1,000

GVK POWER INFRAST-DEMATERIALISED

860,000 INR 2,423.94 1.014,497.11 165.00

INDRAPRASTHA GAS LTD 3,200,000 INR 6,094.87 2.555,507.49 111.50INFRASTRUCTURE DEVLFIN. DEMATERIALISED

414,940 INR 381.69 0.16472.67 53.85

LAKSHMI OVERSEASDEMATERIALISED

332,345 INR 4,348.68 1.825,473.47 766.00

MAHINDRA ANDMAHINDRADEMATERALISED

300,000 INR 3,187.51 1.332,830.46 622.00

MEGASOFTDEMATERIALISED

1,250,000 INR 3,096.12 1.302,824.20 145.00

PTC INDIA LTD 5,441,535 INR 4,652.27 1.955,289.90 50.05RUCHI SOYA INDUSTRIESLTD DEMATERIALISED

983,492 INR 4,804.81 2.014,043.67 286.00

RUCHI SOYA INDUSTRIESLTD GDR REPR REG-S

147,900 USD 585.20 0.24838.04 5.03

SAKTHI SUGAR LTDDEMATERIALISED

1,300,000 INR 3,772.91 1.581,964.39 169.90

SASKEN COMMUNICATIONTECHNOLOGY

477,206 INR 2,347.27 0.983,099.45 287.95

SHREE RENUKA SUGARSLTD

350,000 INR 5,345.56 2.241,910.90 894.10

UNITED PHOSPHORUS LTDDEMATERIALISED

2,800,000 INR 11,144.31 4.662,880.79 233.00

VOLTAS-DEMATERIALISEDSHS-

371,278 INR 4,959.59 2.073,165.37 782.00

CENTURY SUNSHINE 13,550,000 HKD 5,420.55 2.273,210.76 3.95Hong Kong 65,133.08 27.25

CHINA EVERBRIGHTINTERNATIONAL

124,863,000 HKD 8,219.67 3.448,922.18 0.65

CHINA FIRE SAFETYENTERPRISE GROUP LTD

68,180,000 HKD 6,145.46 2.574,929.67 0.89

EAGLE NICE HOLDINGSLTD

4,786,000 HKD 775.53 0.321,920.20 1.60

ENRIC ENERGYEQUIPMENT

20,330,000 HKD 9,574.09 4.006,067.61 4.65

FONG'S INDUSTRIES COLTD

6,762,000 HKD 3,321.42 1.394,313.28 4.85

FU JI FOOD AND CATERINGSERVICE

4,000,000 HKD 5,185.34 2.174,100.09 12.80

GLOBAL BIO-CHEMTECHNOLOGY GROUP COLTD

16,872,000 HKD 5,638.82 2.367,441.91 3.30

IPE GROUP CO LTD 29,895,000 HKD 4,329.54 1.814,728.32 1.43QIN JIA YUAN MEDIASERVICES CO LTD

15,008,000 HKD 3,647.89 1.532,924.87 2.40

SHANGRI - LA ASIA LTD 4,222,000 HKD 6,392.44 2.674,349.43 14.95SHENZHOUINTERNATIONAL GROUP

12,959,000 HKD 4,232.61 1.773,850.02 3.23

WASION METERS GROUPLTD

7,530,000 HKD 2,249.70 0.94930.07 2.95

BAOYE GROUP COMPAGNY-H-

4,726,000 HKD 5,312.81 2.224,220.70 11.10China 33,168.14 13.87

CHINA INTERNATIONALMARINE CONTAINERS B

6,086,100 HKD 7,002.04 2.936,662.94 11.36


3,123,500 HKD 4,539.42 1.904,549.03 14.35

CMA LOGISTICS CO-SHS.H 2,748,000 HKD 1,301.09 0.541,678.54 4.68FIRST TRACTOR CO LTD 16,716,000 HKD 2,285.46 0.963,121.46 1.35GUANGZHOU SHIPYAROINTL CO LTD -H-

7,842,000 HKD 4,169.59 1.744,090.77 5.25

SHANDONG WEIGAO GRP -H-

14,008,000 HKD 6,313.11 2.642,960.55 4.45

SHENZHEN VANKE CO LTD 3,203,284 HKD 2,141.15 0.901,626.28 6.60ZHEJIANG SHIBAO -H- 792,000 HKD 103.47 0.04120.69 1.29

ELONG ADR 309,400 USD 3,392.75 1.423,470.73 13.94Cayman Islands 15,753.17 6.59

FOCUS MEDIA HOLDINGLTD ADR REPR.10 SHS

124,600 USD 6,332.67 2.654,543.65 64.61

PICO FAR EAST HOLDINGS 38,648,000 HKD 6,027.75 2.523,396.76 1.54

CITIRAYA INDUSTRIES LTD 15,142,000 SGD 75.05 0.035,262.24 0.01Singapore 10,084.60 4.22

OLAM INTERNATIONALLTD

5,715,000 SGD 4,078.78 1.714,787.58 1.44

SINO-ENVIRONMENTTECHNOLOGIY GROUP

14,865,000 SGD 5,930.78 2.485,412.77 0.81

HIGH TECH COMPUTERCORP

362,000 TWD 7,827.64 3.278,059.43 890.00Taiwan 7,827.64 3.27

SHIMA SEIKI MFG LTD 250,800 JPY 5,091.70 2.135,917.84 2,960.00Japan 5,091.70 2.13

SHANGHAI REAL ESTATE 11,384,000 HKD 1,637.16 0.682,378.68 1.42Bermuda 1,637.16 0.68

PLAYMATES HOLDINGSLTD 25.05.07 WAR

4,988,800 HKD 50.52 0.020.00 0.10

Options, warrants, rights 50.52 0.02Bermuda 50.52 0.02


Page



Purchase price

Price1,000EUR %

1,000



Net Asset Value 239,062.04 100.00


Net assets

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

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


68,633,1163.48

67,175,3343.60

62,097,0762.64



Page

Carlson Fund Equity-JapanThe sub-fund invests in Japanese securities. If the risk isjudged too high, investments may also be made inJapanese bonds, money market instruments or otherforms of security. The selection of equities by industrywill vary depending on our view of the market situation.

During 2006 the value of the sub-fund's units declined by-8,81 % in EUR and by -4,26 % in the sub-fund's quotedcurrency JPY.

Benchmark: MSCI Japan


Building materials and trade

4.98%

Chemicals4.59%

Electronics & Semiconductors

12.47%

Machine and apparatus

construction3.49%

Road vehicules10.13%

Pharmaceuticals and cosmetics

4.95%

Miscellaneous trading companies

3.66%


21.70%

Utilit ies4.28%

Other29.76%


31/12/95 38,704,7900.881.10125JPY31/12/96 34,554,6090.781.00114JPY31/12/97 17,941,7030.640.8091JPY31/12/98 20,044,1120.630.7484JPY31/12/99 25,876,7691.270.89131JPY31/12/00 23,880,9910.89n/a96JPY31/12/01 16,283,5300.64n/a73JPY31/12/02 17,960,3900.60n/a59JPY31/12/03 13,052,1700.43n/a70JPY31/12/04 10,328,8970.53n/a73JPY31/12/05 26,426,6460.75n/a105JPY



USD EUR

30/06/06 11,226,1200.69n/a101JPY

Performance

Index**

2006 -1% -9% 2% -6%Since Last 5 years 18% -22% 35% -11%5 year average 3% -5% 6% -2%

1995 0% -5% 0% -4%1996 -19% -16% -16% -13%1997 -29% -20% -24% -14%1998 6% -1% 4% -2%1999 73% 102% 61% 88%2000 -35% -30% -33% -24%2001 -33% -29% -30% -26%2002 -12% -25% -11% -24%2003 33% 10% 35% 12%2004 9% 1% 15% 6%2005 25% 44% 26% 45%

Fund

see diagram**

USD USDEUR EUR



Assets 1,137,735.37Securities at market value 1,109,543.372Bank accounts 19,018.99Receivable from units issued 77.02Other accounts receivable 9,095.99


Figures in thousands in JPY

Note


Page

Liabilities 7,191.60Accrued expenditures 7,172.08Payable on units redeemed 19.52

Net Asset Value 1,130,543.77



Note

Income 18,184.07Dividends received 18,184.072

Expenditure 18,842.86Management fees 16,048.984Taxe d'abonnement 570.283Professionnal expenses 50.16Other expenses 2,173.43

Net loss from investments -658.79Net realised result on sales of investment securities 287,217.03Net realised result on foreign exchange -9,242.83Variation in unrealised result -347,899.59




Note

Net asset value at beginning of the period 2,780,161.77Units issued during the period 614,221.70Units redeemed during the period -2,193,255.53Decrease in net assets during the period -70,584.18Net asset value at end of the period 1,130,543.77



Note

Sub-Fund advisor: Erwin Hidalgo



JPYQuantitySecurities

Purchase price

Price1,000

JPY %1,000

CSK HOLDINGS CORP 400 JPY 2,088.00 0.181,896.22 5,220


1,109,543.37 98.14

Shares 1,109,543.37 98.14

Holding and finance companies 240,717.55 21.29

DAIICHI SANKYO CO LTD 2,776 JPY 8,744.40 0.776,119.81 3,150FAST RETAILING CO LTD 200 JPY 1,870.00 0.172,134.69 9,350INPEX HOLDINGS INC 1 JPY 1,010.00 0.09958.86 1,010,000JFE HOLDINGS INC 2,300 JPY 11,155.00 0.997,747.04 4,850KONICA MINOLTAHOLDINGS INC

500 JPY 722.50 0.06582.28 1,445

MILLEA HOLDING 15 JPY 31,950.00 2.8331,570.45 2,130,000MITSUBISHI CHEMICALHOLDINGS CORP

4,725 JPY 3,378.38 0.303,273.65 715

MITSUBISHI UFJFINANCIAL GROUP INC

50 JPY 80,000.00 7.0865,440.05 1,600,000

NIPPON MINING HOLDINGSINC

4,000 JPY 3,852.00 0.342,993.17 963

SBI TRADE SECURITIES COLTD

179 JPY 27,387.00 2.4245,742.18 153,000

SEGA SAMMY HOLDINGSINC

539 JPY 2,285.36 0.202,145.11 4,240

SEVEN & I HOLDINGS COLTD, TOKYO

3,433 JPY 12,942.41 1.1413,217.41 3,770

SUMITOMO MITSUIFINANCIAL GROUP INC

44 JPY 53,240.00 4.7154,271.80 1,210,000

T&D HOLDINGS 10 JPY 92.50 0.0165.11 9,250

ALPS ELECTRIC CO LTD 1,400 JPY 2,002.00 0.182,478.47 1,430Electronics & Semiconductors 138,344.74 12.24

CANON INC 4,200 JPY 23,562.00 2.0817,188.43 5,610CASIO COMPUTER CO LTD 1,400 JPY 3,059.00 0.272,360.35 2,185HIROSE ELECTRIC CO 100 JPY 1,390.00 0.121,366.33 13,900HITACHI LTD 13,000 JPY 9,828.00 0.879,554.94 756



Purchase price

Price1,000

JPY %1,000

HOYA CORP 2,400 JPY 9,768.00 0.869,049.86 4,070IBIDEN 423 JPY 2,326.50 0.212,572.69 5,500KEYENCE CORP 130 JPY 3,798.60 0.343,299.43 29,220MATSUSHITA ELECTRICIND.

7,000 JPY 16,905.00 1.5014,633.31 2,415

MURATAMANUFACTURING CO LTD

900 JPY 6,678.00 0.595,449.54 7,420

NIDEC CORP 400 JPY 3,260.00 0.292,812.00 8,150NIKON CORP 2,000 JPY 3,996.00 0.353,040.14 1,998NINTENDO CO LTD 400 JPY 7,680.00 0.685,197.04 19,200RICOH COMPANY LTD. 3,000 JPY 6,735.00 0.605,909.27 2,245SEIKO EPSON CORP 2 JPY 6.24 0.007.71 3,120SHARP CORP 4,000 JPY 7,232.00 0.646,933.53 1,808SONY CORP 3,700 JPY 18,685.00 1.6515,842.53 5,050TDK CORP 500 JPY 4,350.00 0.384,148.64 8,700TOKYO ELECTRON LTD 600 JPY 4,800.00 0.423,852.29 8,000YOKOGAWA ELECTRICCORP

1,400 JPY 2,283.40 0.202,183.30 1,631

AISIN SEIKI CO 792 JPY 2,692.80 0.242,983.34 3,400Road vehicules 112,382.80 9.94

DENSO CORP 2,300 JPY 8,602.00 0.766,866.74 3,740HONDA MOTOR 6,000 JPY 21,780.00 1.9318,335.07 3,630NISSAN MOTOR 8,500 JPY 10,625.00 0.9410,191.73 1,250NOK CORP 300 JPY 996.00 0.09967.56 3,320TOYOTA MOTOR CORP 11,300 JPY 67,687.00 5.9955,461.06 5,990

DAITO TRUSTCONSTRUCTION CO LTD

300 JPY 1,902.00 0.171,478.89 6,340Building materials and trade 55,233.52 4.89

DAIWA HOUSE INDUSTRYCO LTD

3,000 JPY 5,490.00 0.494,607.52 1,830

HOSODA CORP 26,000 JPY 17,420.00 1.5422,715.52 670JGC CORP 1,000 JPY 1,969.00 0.171,795.50 1,969JS GROUP 1,000 JPY 2,405.00 0.212,112.31 2,405KAJIMA CORP 4,000 JPY 2,100.00 0.192,461.41 525KYOCERA CORP 700 JPY 6,202.00 0.555,660.46 8,860KYUDENKO CORP 9,305 JPY 6,327.40 0.567,579.89 680SEKISUI HOUSE LTD 3,000 JPY 4,713.00 0.424,233.83 1,571SHIN NIPPON AIRTECHNOLOGIES CO LTD

3,940 JPY 3,341.12 0.303,674.67 848

TAIHEIYO CEMENT CORP 5,000 JPY 2,110.00 0.192,470.91 422TAISEI 3,000 JPY 1,254.00 0.111,350.18 418

ASTELLAS PHARMA 2,000 JPY 8,400.00 0.748,217.57 4,200Pharmaceuticals and cosmetics 54,893.50 4.86

CHUGAIPHARMACEUTICAL

1,300 JPY 3,035.50 0.272,996.19 2,335

EISAI 1,000 JPY 5,150.00 0.464,266.91 5,150KAO CORP 2,000 JPY 5,990.00 0.535,871.46 2,995SHINOGI CO LTD 1,000 JPY 2,040.00 0.181,587.00 2,040SHISEIDO 1,000 JPY 2,245.00 0.201,693.00 2,245TAISHO PHARMACEUTICAL 1,000 JPY 2,245.00 0.202,089.29 2,245TAKEDA PHARMA 3,300 JPY 23,496.00 2.0820,120.18 7,120TERUMO CORP. 600 JPY 2,292.00 0.201,992.54 3,820

ASAHI KASEICORPORATION

7,000 JPY 5,229.00 0.464,219.22 747Chemicals 50,968.00 4.51

JSR CORP 1,400 JPY 4,046.00 0.363,445.25 2,890KANEKA CORP 1,000 JPY 1,040.00 0.091,380.82 1,040KURARAY CO LTD 2,000 JPY 2,560.00 0.232,288.49 1,280KYOWA HAKKO KOGYOCO LTD

2,000 JPY 1,542.00 0.141,507.83 771

MITSUBISHI GAS CHEM. 1,000 JPY 1,312.00 0.12758.58 1,312MITSUI CHEMICALS 3,000 JPY 2,241.00 0.202,076.59 747NITTO DENKO CORP 700 JPY 5,705.00 0.504,982.27 8,150SHIN-ETSU CHEM. 1,700 JPY 10,574.00 0.948,477.14 6,220SUMITOMO CHEMICAL 7,000 JPY 6,678.00 0.594,589.92 954TEIJIN LTD 3,000 JPY 2,178.00 0.191,699.16 726TORAY INDUSTRIES INC 6,000 JPY 5,958.00 0.533,831.16 993TOSOH CORP 2,000 JPY 912.00 0.08893.64 456UBE INDUSTRIES LTD 3,000 JPY 993.00 0.09773.19 331

CHUBU ELECTRIC POWERCO

2,200 JPY 6,798.00 0.605,894.06 3,090Utilities 47,489.41 4.20

ELECTRIC POWERDEVELOPMENT CO

647 JPY 2,820.92 0.251,964.95 4,360

HOKKAIDO ELECTRICPOWER CO INC

686 JPY 1,862.49 0.161,578.87 2,715

KANSAI ELECTRIC POWER 2,900 JPY 7,424.00 0.666,788.81 2,560KYUSHU ELECTRIC POWERCO INC

1,400 JPY 3,724.00 0.333,373.33 2,660

OSAKA GAS CY 8,000 JPY 2,944.00 0.262,881.40 368TOHOKU ELECTRIC POWERCO INC

1,600 JPY 4,016.00 0.363,598.24 2,510

TOKYO ELECTRIC POWER 4,300 JPY 13,588.00 1.2011,869.31 3,160TOKYO GAS CY 8,000 JPY 4,312.00 0.383,651.14 539


Page



Purchase price

Price1,000

JPY %1,000

ITOCHU CORP 6,000 JPY 6,030.00 0.535,552.80 1,005Miscellaneous trading companies 40,641.00 3.59

MARUBENI CORP 6,000 JPY 3,660.00 0.323,657.43 610MITSUBISHI CORP. 6,000 JPY 13,710.00 1.2112,248.89 2,285MITSUI CO.LTD 6,000 JPY 9,696.00 0.867,125.40 1,616SUMITOMO CORP 5,000 JPY 7,545.00 0.675,424.65 1,509

AMADA CO LTD 1,000 JPY 1,200.00 0.111,003.00 1,200Machine and apparatus construction 38,717.82 3.42

DAIKIN INDUSTRIES LTD 1,400 JPY 5,558.00 0.494,028.57 3,970KOMATSU LTD 4,000 JPY 9,100.00 0.807,264.99 2,275KUBOTA CORP 4,000 JPY 4,340.00 0.383,969.60 1,085MITSUBISHI HEAVY IND. 14,000 JPY 6,916.00 0.617,259.64 494NACHI-FUJIKOSHI CORP 6,747 JPY 4,351.82 0.382,861.40 645NSK LTD 2,000 JPY 1,898.00 0.171,456.32 949SMC CORP 200 JPY 3,238.00 0.293,503.54 16,190SUMITOMO HEAVYINDUSTRIES

2,000 JPY 2,116.00 0.191,827.60 1,058

CENTRAL JAPAN RAILWAYCO

6 JPY 6,840.00 0.615,529.32 1,140,000Transportation 35,346.00 3.13

EAST JAPAN RAILWAY CO 15 JPY 12,750.00 1.139,422.08 850,000KINETSU 6,000 JPY 2,292.00 0.202,187.00 382MITSUI O.S.K. LINES 4,000 JPY 3,112.00 0.283,609.20 778NIPPON EXPRESS 3,000 JPY 1,854.00 0.161,626.75 618NIPPON YUSEN KAISHA 4,000 JPY 2,976.00 0.262,613.88 744TOKYU CORP 4,000 JPY 2,672.00 0.242,339.62 668WEST JAPAN RAILWAYCOMPANY

6 JPY 2,850.00 0.252,509.54 475,000

SHOEI CO LTD 10,003 JPY 34,710.41 3.0733,748.05 3,470Textiles and garments 34,710.41 3.07

AEON CREDIT SERVICELTD

200 JPY 556.00 0.05613.20 2,780Banks and credit institutions 31,667.85 2.80

AIFUL CORP 225 JPY 1,374.75 0.121,980.10 6,110CREDIT SAISON CO LTD 700 JPY 3,794.00 0.343,649.63 5,420ORIX CORP 330 JPY 9,223.50 0.828,984.74 27,950PROMISE CO LTD 400 JPY 2,652.00 0.232,962.44 6,630SURUGA BANK LTD 7,000 JPY 10,794.00 0.9510,217.20 1,542TAKEFUJI CORP 480 JPY 3,273.60 0.293,693.10 6,820

KOBE STEEL 10,709 JPY 3,833.82 0.343,079.94 358Coal mining and steel industry 26,637.47 2.36

MITSUI MININGSMELTING CO LTD

2,000 JPY 1,350.00 0.121,469.69 675

NIPPON STEEL CORP 26,000 JPY 11,258.00 1.009,078.69 433NISSHIN STEEL CO LTD 3,336 JPY 1,227.65 0.111,164.11 368SUMITOMO METAL INDUS 19,000 JPY 8,968.00 0.795,802.30 472

LEOPALACE21 CORP 28 JPY 110.60 0.01116.88 3,950Real estate companies 26,576.73 2.35

SUMITOMO REALTYDEVLOPMENT

9,000 JPY 25,380.00 2.2422,993.24 2,820

TOKYU LAND CORP 1,219 JPY 1,086.13 0.101,123.92 891

ADVANTEST CORP 300 JPY 3,498.00 0.312,948.37 11,660Electrical engineering and electronics 25,874.28 2.29

FANUC LTD 800 JPY 8,224.00 0.736,987.07 10,280FURUKAWA ELECTRIC COLTD

2,000 JPY 1,480.00 0.131,153.66 740

MITSUBISHI ELECTRIC 8,000 JPY 7,336.00 0.655,610.29 917NEC ELECTRONICS CORP 84 JPY 308.28 0.03390.18 3,670SUMITOMO ELECTRICINDUSTRIES LTD

3,000 JPY 5,028.00 0.444,259.51 1,676

FUJITSU LTD 15,000 JPY 13,305.00 1.1811,534.02 887Office supplies and computing 21,522.00 1.90

TOSHIBA CORP 11,000 JPY 8,217.00 0.735,769.38 747

NIPPON TEL. TEL. 18 JPY 10,098.00 0.899,204.73 561,000Miscellaneous services 18,250.00 1.61

SECOM CO LTD 1,000 JPY 5,410.00 0.485,474.78 5,410TOHO CO 1,200 JPY 2,742.00 0.242,526.35 2,285

AEON CO LTD 1,400 JPY 3,514.00 0.313,497.10 2,510Retail trade, department stores 17,418.60 1.54

DAIMARU INC 1,000 JPY 1,516.00 0.131,735.50 1,516ISETAN CO LTD 700 JPY 1,365.00 0.121,308.22 1,950MARUI CO LTD 1,300 JPY 2,316.60 0.202,497.99 1,782TAKASHIMAYA CO LTD 2,000 JPY 2,872.00 0.253,731.10 1,436YAMADA DENKI CO LTD 500 JPY 5,835.00 0.525,448.23 11,670

KDDI CORP 9 JPY 6,327.00 0.565,410.34 703,000Communications 16,911.00 1.50

NTT DOCOMO 63 JPY 10,584.00 0.9411,880.01 168,000

KONAMI CO LTD 500 JPY 1,262.50 0.111,222.29 2,525Internet, Software & IT services 14,967.70 1.32

NTT DATA CORP 5 JPY 2,475.00 0.222,086.08 495,000RAKUTEN 16 JPY 1,088.00 0.101,247.52 68,000SOFTBANK CORP 2,800 JPY 7,182.00 0.646,403.74 2,565TREND MICRO INC 500 JPY 1,930.00 0.172,203.33 3,860YAHOO JAPAN CORP 17 JPY 1,030.20 0.091,115.63 60,600



Purchase price

Price1,000

JPY %1,000

JAPAN TOBACCO 15 JPY 6,255.00 0.554,902.86 417,000Tobacco and alcoholic drinks 11,652.00 1.03

KIRIN BREWERY CO LTD 3,000 JPY 5,397.00 0.483,463.96 1,799

FUJI PHOTO FILM 1,900 JPY 7,296.00 0.657,003.27 3,840Photographics and optics 10,356.00 0.92

OLYMPUS CORP 1,000 JPY 3,060.00 0.272,243.75 3,060

AJINOMOTO CO INC 3,000 JPY 3,801.00 0.343,604.43 1,267Foods and beverages 7,988.20 0.71

ASAHI BREWERIES 1,600 JPY 2,571.20 0.232,259.73 1,607NISSHIN FOOD PRODUCTSCO LTD

400 JPY 1,616.00 0.141,325.96 4,040

DAI NIPPON PRINTING 3,000 JPY 5,310.00 0.475,598.18 1,770Graphic art and publishing 7,838.00 0.69

DENTSU 8 JPY 2,528.00 0.222,537.02 316,000

BRIDGESTONE CORP 3,000 JPY 6,615.00 0.596,781.71 2,205Tires and rubber 6,615.00 0.59

NIPPON OIL CORP 5,000 JPY 4,180.00 0.373,812.88 836Petroleum 5,356.00 0.47

TONENGENERAL SEKIYU 1,000 JPY 1,176.00 0.101,315.00 1,176

MITSUBISHI MATERIAL 4,000 JPY 1,952.00 0.172,578.44 488Non-ferrous metals 4,936.00 0.44

SUMITOMO METAL MININGCO LTD

2,000 JPY 2,984.00 0.262,168.48 1,492

ROHM CO LTD 400 JPY 4,080.00 0.364,127.50 10,200Miscellaneous sectors 4,080.00 0.36

CITIZEN WATCH LTD ACT. 1,400 JPY 1,451.80 0.131,350.42 1,037Watch industry 1,451.80 0.13

Total securities 1,109,543.37 98.14


Net Asset Value 1,130,543.77 100.00


Net assets

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

1,130,543,769.00 2,780,161,769.00 755,938,610.00


11,226,120101

26,426,646105

10,328,89773



Page

Carlson Fund International BondThe sub-fund is an international bond sub-fund thatinvests in government and corporate bonds for whichthere is good market liquidity. The fund aims to obtainhigh returns with limited risk.

The sub-fund has two kinds of units, the capitalisationunit (A) and the distribution (B) unit.

At the end of the first half year, the duration was 5,55years and the average term to maturity 7,42 years.

During 2006, the value of the fund s units declined by -6,58 % in the fund s quoted currency EUR.

Benchmark: Lehman Global Treasury


USA23.18%

France5.50%

United Kingdom7.47%

Germany28.39%

Italy10.39% Sweden

1.41%Canada

3.00%

Finland4.09%

Japan16.57%





USD EUR

30/06/06 1,369,7041.49n/a1.49EUR



Distribution units

30/06/06 3,5321.26n/a1.26EUR n/a

Dividend31/12/95 70,0000.811.111.11USD 0.0731/12/96 6,707,909n/a1.381.38USD n/a31/12/97 8,296,209n/a1.401.40USD n/a31/12/98 n/an/an/an/aUSD n/a31/12/99 7001.381.411.38EUR n/a31/12/00 1,031,7351.49n/a1.49EUR n/a31/12/01 466,4101.47n/a1.47EUR 0.0631/12/02 485,3101.43n/a1.43EUR 0.0531/12/03 498,6951.33n/a1.33EUR 0.0531/12/04 9,5801.30n/a1.30EUR 0.0431/12/05 3,5691.35n/a1.35EUR 0.04

USD EUR

Performance

Index**

2006 1% -7% 3% -5%Since Last 5 years 44% -4% 50% -1%5 year average 8% -1% 8% 0%

1995 18% 13% 19% 15%1996 -3% 1% 4% 9%1997 1% 15% 0% 14%1998 11% 4% 15% 8%1999 -11% 4% -4% 11%2000 1% 8% 1% 8%2001 -3% 3% -1% 4%2002 18% 1% 20% 1%2003 16% -4% 15% -5%2004 9% 1% 10% 2%2005 -7% 7% -7% 8%

Fund

see diagram**

USD USDEUR EUR


Page



Assets 2,215.03Securities at market value 2,012.012Bank accounts 37.27Receivable from units issued 0.33Receivable from securities sold 64.19Other accounts receivable 101.23

Liabilities 167.10Accrued expenditures 7.17Payable on units redeemed 87.56Other accounts payable 72.37




Note

Income 36.18Interest on securities 36.182


Net income from investments 25.12Net realised result on sales of investment securities -16.16Net realised result on foreign exchange -102.48Variation in unrealised result -54.18



Note




Note

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



Note

Sub-Fund advisor: Torbjörn Hamnmark




Purchase price

Price1,000EUR %

1,000

BRD 4.50 03-1304/01A

173,000 EUR 178.15 8.70177.47 102.98


1,593.24 77.80

Bonds 1,593.24 77.80

Germany 521.52 25.47

BRD 4.75 98-0804/07A

50,000 EUR 51.12 2.5051.78 102.25

BRD 6.50 97-2704/07A

57,000 EUR 73.75 3.6071.90 129.39

BRD -301- 4.75 03-3404/07A

36,000 EUR 38.28 1.8738.04 106.33

GERMANY -147- 2.5005-10 08/10A

190,000 EUR 180.21 8.80182.30 94.85

DBJ EMTN 1.60 04-1420/06S

10,000,000 JPY 67.35 3.2973.50 98.19Japan 333.30 16.27

DBJ REGD 1.70 02-2220/09S

14,000,000 JPY 89.54 4.3799.71 93.25

DEV BK OF JAPAN 1.4002-12 20/06S

26,000,000 JPY 176.42 8.61194.99 98.93

ITALY REGD 1.80 00-10 23/02S

30,000,000 JPY 209.10 10.21235.70 101.62Italy 209.10 10.21


210,000 USD 157.63 7.70171.39 95.42USA 157.63 7.70

UK TREASURY STOCK5.75 98-09 07/12S

73,000 GBP 108.25 5.29116.76 102.85United Kingdom 150.35 7.34

UNITED KINGDOM 4.2500-32 07/06S

30,000 GBP 42.09 2.0640.76 97.31

FRANCE OAT 5.00 01-16 25/10A

103,000 EUR 110.61 5.40110.97 107.39France 110.61 5.40

FINLAND 5.375 02-1304/07A

76,000 EUR 82.32 4.0283.12 108.31Finland 82.32 4.02

SWEDEN 8.00 95-07 15/08A 125,000 SEK 14.29 0.7014.94 105.48Sweden 28.42 1.39

SWEDEN 1041 6.75 97 -1405/05A

110,000 SEK 14.13 0.6914.93 118.52

US TREASURY NOTES4.375 05-10 15/12S

80,000 USD 60.99 2.9861.07 96.92


418.77 20.45

Bonds 418.77 20.45

USA 308.74 15.08

USA TREASURY BOND8,75 87-17 15/05S

100,000 USD 101.01 4.93126.83 128.41


46,000 USD 40.62 1.9843.85 112.25


144,000 USD 106.12 5.18117.26 93.69

CANADA 6.00 00-1101/06S

80,000 CAD 60.34 2.9558.78 106.48Canada 60.34 2.95


Page



Purchase price

Price1,000EUR %

1,000

GERMANY T-BILL SERIES06/01 -06 12/07U

50,000 EUR 49.69 2.4349.68 99.94Germany 49.69 2.43





Net assets

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

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


1,369,7041.49

1,410,6711.60

23,209,6201.49


3,5321.26n/a

3,5691.350.04

9,5801.300.04



Page

Carlson Fund SEK Long BondThe sub-fund invests in interest-bearing securities issuedin Swedish kronor. The credit rating requirement is veryhigh and the sub-fund only invests in securities issued bythe Swedish government or by Swedish mortgageinstitutions with high creditworthiness. The sub-fund has two kinds of units, the capitalisationunit (A) and the distribution (B) unit.

The sub-fund has an investment policy that means theaverage terms to maturity may vary between one and tenyears. If there is a strong likelihood that interest rates willfall, the sub-fund s assets are invested short-term.

At the end of the first half year, the sub-fund had anaverage term to maturity of 4,12 years and duration of3,61 years.

During 2006, the value of the sub-fund s units increasedby 1,00 % EUR and declined by -0,90 % in the sub-fund s quoted currency SEK.

Benchmark: OMRX Bond





USD EUR

30/06/06 57,069,1914.11n/a37.96SEK



Distribution units

30/06/06 92,382,0151.58n/a14.59SEK n/a

Dividend31/12/95 11,480,4391.401.5712.78SEK 1.2031/12/96 13,583,4751.561.6613.53SEK 1.1031/12/97 16,156,1111.571.6713.56SEK 1.7031/12/98 19,652,9951.521.7814.46SEK 1.5231/12/99 16,813,9571.611.7113.80SEK 1.9831/12/00 33,051,5181.60n/a14.16SEK 1.5631/12/01 42,713,0731.50n/a13.98SEK 0.6231/12/02 58,885,9291.57n/a14.43SEK 0.6431/12/03 92,040,2771.64n/a14.46SEK 0.6431/12/04 104,881,4461.63n/a14.73SEK 0.6231/12/05 129,976,6761.57n/a14.73SEK 0.53

USD EUR

Performance

Index**


1995 38% 32% 32% 26%1996 11% 15% 14% 18%1997 -8% 4% -8% 4%1998 10% 3% 9% 3%1999 -5% 11% -5% 11%2000 -2% 5% -2% 5%2001 -7% -2% -7% -1%2002 30% 10% 30% 11%2003 27% 5% 27% 6%2004 15% 7% 16% 8%2005 -14% n/a -13% n/a

Fund

see diagram**

USD USDEUR EUR



Assets 3,521,151.28Securities at market value 3,431,818.092Bank accounts 11,924.04Receivable from units issued 523.14Other accounts receivable 76,886.02



Note


Page

Liabilities 7,008.89Accrued expenditures 6,949.77Payable on units redeemed 59.13




Note

Income 88,661.78Bank interest 155.00Interest on securities 88,506.782

Expenditure 13,702.77Management fees 12,682.764Taxe d'abonnement 890.613Professionnal expenses 99.17Other expenses 30.22

Net income from investments 74,959.02Net realised result on sales of investment securities -47,089.48Net realised result on foreign exchange 4.30Variation in unrealised result -62,193.47




Note

Net asset value at beginning of the period 4,061,071.72Units issued during the period 225,206.96Units redeemed during the period -737,816.66Decrease in net assets during the period -34,319.63Net asset value at end of the period 3,514,142.39



Note

Sub-Fund advisor: Christer Käck




Purchase price

Price1,000SEK %

1,000

NORDEA HYPOTEK -5517-6.00 01-07 19/09A

104,000,000 SEK 107,506.36

3.06111,876.27 103.37


3,421,827.79 97.37

Bonds 3,421,827.79 97.37

Sweden 3,421,827.79 97.37

NORDEA HYPOTEK -5518-4.50 02-08 17/09A

13,000,000 SEK 13,256.75 0.3813,516.36 101.98

NORDEA HYPOTEK -5519-3.25 04-10 16/06A

220,000,000 SEK 214,503.30

6.10222,631.25 97.50

SCBC N.118 5.50 05-0817/12A

291,000,000 SEK 303,460.62

8.64313,348.06 104.28

SCBC N.122 4.00 06-1001/06A

35,000,000 SEK 35,053.90 1.0035,924.35 100.15

SEB BOLAN-SERIES 560-4.75 02-08 18/06A

94,000,000 SEK 96,213.70 2.7498,822.20 102.36

SKANDINAV.ENSKIL 4.2503-09 16/06A

67,000,000 SEK 67,869.66 1.9369,072.36 101.30

SPINTAB AB -173- 5.0002-08 18/06A

61,000,000 SEK 62,714.10 1.7864,391.94 102.81

SPINTAB AB -174- 3.5004-10 16/06A

90,000,000 SEK 88,479.45 2.5290,480.60 98.31

SPINTAB 168 6.00 97-09 20/04A

180,000,000 SEK 190,588.50

5.42197,672.28 105.88

STADSHYPOTEK 1567 6.0002-08 18/06A

24,000,000 SEK 25,131.24 0.7226,351.76 104.71

STADSHYPOTEK 1569 6.0003-09 16/12A

184,000,000 SEK 196,433.80

5.59203,143.53 106.76

STADSHYPOTEK 1570 6.0004-10 15/09A

33,000,000 SEK 35,529.62 1.0136,695.67 107.67

STADSHYPOTEK 1571 6.0004-11 15/06A

70,000,000 SEK 76,076.70 2.1678,824.90 108.68



Purchase price

Price1,000SEK %

1,000

SWEDEN 3.00 05-1607/12A

350,500,000 SEK 320,679.46

9.13331,056.10 91.49

SWEDEN 8.00 95-07 15/08A 335,300,000 SEK 353,659.35

10.06370,720.28 105.48

SWEDEN INDEXED -3102-4.00 96-20 01/12A

88,000,000 SEK 126,923.94

3.61126,342.67 124.32

SWEDEN TREASURY BILLS-06 19/07U

400,000,000 SEK 398,817.22

11.35398,773.77 99.90


200,000,000 SEK 199,697.68

5.68199,663.01 99.90


25,000,000 SEK 24,963.60 0.7124,959.00 99.90

SWEDEN 1045 5.25 00-1115/03A

50,000,000 SEK 53,042.50 1.5153,642.50 106.09

SWEDEN -1046- 5.50 01-12 08/10A

157,000,000 SEK 170,547.53

4.85172,455.08 108.63

SWEDEN -1047- 5.00 03-20 01/12A

136,000,000 SEK 149,318.48

4.25152,152.72 109.79

SWEDEN -1049- 4.50 04-15 12/08A

107,500,000 SEK 111,360.33

3.17117,555.88 103.59


10,000,000 SEK 9,990.29 0.289,987.88 99.91


9,990.29 0.28

Bonds 9,990.29 0.28

Sweden 9,990.29 0.28



Net Asset Value 3,514,142.39 100.00


Net assets

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

3,514,142,388.82 4,061,071,722.28 3,000,502,135.56


57,069,19137.96

56,019,12638.33

39,346,80237.00


92,382,01514.59

n/a

129,976,67614.730.53

104,881,44614.730.62



Page

Carlson Fund SEK Short BondThe sub-fund invests in Swedish interest-bearingsecurities that are issued in Swedish kronor. The creditrating requirement is very high and the sub-fund onlyinvests in securities issued by the government orinstitutions with high creditworthiness.

The sub-fund has two kinds of units, the capitalisationunit (A) and the distribution (B) unit.

The sub-fund has an investment policy that means thatthe average term to maturity can vary between one andtwelve months. The short-dated maturity of securities inwhich the sub-fund invests means that the sub-fund isrelatively insensitive to interest rate fluctuations.

At the end of the first half year, the average term tomaturity was 0,62 years and duration 0,62 years.

During 2006, the value of the sub-fund s units increasedby 2,69 % in EUR and by 0,76 % in the sub-fund squoted currency SEK.

Benchmark: OMRX T-Bill





USD EUR

30/06/06 69,727,5982.54n/a23.45SEK



Distribution units

30/06/06 41,729,6871.09n/a10.10SEK n/a

Dividend31/12/95 4,777,5771.121.2610.24SEK 0.8531/12/96 1,715,5541.191.2610.28SEK 0.7731/12/97 170,7001.171.2510.15SEK 0.9031/12/98 1,188,9321.071.2410.11SEK 0.9031/12/99 10,699,6581.181.2110.06SEK 1.1131/12/00 9,409,0571.14n/a10.09SEK 0.6831/12/01 16,824,7961.09n/a10.14SEK 0.3531/12/02 20,087,2501.14n/a10.12SEK 0.4231/12/03 18,787,9501.13n/a10.08SEK 0.3731/12/04 16,678,1741.11n/a10.07SEK 0.2631/12/05 41,174,7451.07n/a10.03SEK 0.20

USD EUR

Performance

Index**


1995 22% 17% 23% 17%1996 5% 8% 5% 8%1997 -11% 1% -10% 1%1998 2% -5% 3% -4%1999 -2% 14% -2% 15%2000 -6% 0% -6% 1%2001 -7% -1% -6% -1%2002 25% 6% 26% 7%2003 25% 4% 25% 4%2004 11% 3% 11% 3%2005 -15% -2% -15% -2%

Fund

see diagram**

USD USDEUR EUR



Assets 2,060,032.34Securities at market value 2,027,360.862Bank accounts 12,183.26Receivable from units issued 4,018.66Other accounts receivable 16,469.57



Note


Page

Liabilities 3,452.58Accrued expenditures 1,786.09Payable on units redeemed 1,666.50




Note

Income 24,407.43Bank interest 111.17Interest on securities 24,296.262

Expenditure 3,185.61Management fees 3,032.644Taxe d'abonnement 91.153Professionnal expenses 52.06Other expenses 9.76

Net income from investments 21,221.82Net realised result on sales of investment securities -13,187.34Net realised result on foreign exchange 1.27Variation in unrealised result 4,832.47

Securities portfolio 4,832.47Increase in net assets as a result of operations 12,868.22



Note

Net asset value at beginning of the period 1,636,042.31Units issued during the period 703,248.00Units redeemed during the period -295,578.77Increase in net assets during the period 12,868.22Net asset value at end of the period 2,056,579.76



Note

Sub-Fund advisor: Maud Ljungqvist




Purchase price

Price1,000SEK %

1,000

S E BANKEN BOLAN 5595.25 01-07 13/06A

128,000,000 SEK 130,650.88

6.35131,373.52 102.07


2,026,366.32 98.53

Bonds 2,026,366.32 98.53

Sweden 2,026,366.32 98.53

SPINTAB 172 5.00 01-0720/06A

135,000,000 SEK 137,534.63

6.69138,230.55 101.88

STADSHYPOTEK 1565 6.0001-06 20/12A

166,000,000 SEK 168,548.10

8.20170,960.78 101.54

SWEDEN TREASURY BILL0.00 05-06 20/09U

29,000,000 SEK 28,543.42 1.3928,546.98 99.52

SWEDEN TREASURY BILL0.00 05-06 20/12U

29,000,000 SEK 28,339.55 1.3828,357.41 98.89


1,000,000 SEK 994.82 0.05994.69 99.90


100,000,000 SEK 99,183.38 4.8299,178.59 99.52


50,000,000 SEK 49,176.30 2.3949,204.37 99.52


50,000,000 SEK 49,108.16 2.3949,154.35 99.52


40,000,000 SEK 39,280.32 1.9139,311.95 99.52


20,000,000 SEK 19,811.44 0.9619,811.28 99.52


10,000,000 SEK 9,833.99 0.489,838.76 99.52


10,000,000 SEK 9,831.49 0.489,838.46 99.52


100,000,000 SEK 98,019.38 4.7798,080.14 98.89



Purchase price

Price1,000SEK %

1,000


100,000,000 SEK 97,683.25 4.7597,747.57 98.89


70,000,000 SEK 68,384.28 3.3368,423.39 98.89


50,000,000 SEK 49,033.26 2.3849,070.39 98.89


50,000,000 SEK 48,844.98 2.3848,907.33 98.89


30,000,000 SEK 29,302.38 1.4229,321.01 98.89


20,000,000 SEK 19,681.85 0.9619,691.77 98.89


18,000,000 SEK 17,757.68 0.8617,765.71 98.89


15,000,000 SEK 14,804.53 0.7214,811.16 98.89


10,000,000 SEK 9,782.49 0.489,786.72 98.89


7,000,000 SEK 6,839.11 0.336,847.18 98.89


244,000,000 SEK 237,334.33

11.54237,586.93 97.35


35,000,000 SEK 34,063.23 1.6634,066.83 97.33


25,000,000 SEK 24,329.21 1.1824,319.96 97.35


12,000,000 SEK 11,673.04 0.5711,685.44 97.35


150,000,000 SEK 146,182.69

7.11146,603.28 98.15


125,000,000 SEK 122,217.94

5.94122,381.05 98.15


100,000,000 SEK 97,433.27 4.7497,704.85 98.15


45,000,000 SEK 43,932.69 2.1444,006.82 98.15


15,000,000 SEK 14,618.70 0.7114,659.69 98.15


10,000,000 SEK 9,749.82 0.479,776.73 98.15


5,000,000 SEK 4,878.71 0.244,888.41 98.15

SWEDEN TREASURY BILLS06-07 21/03U

30,000,000 SEK 29,375.43 1.4329,414.88 98.15

SWEDEN TREASURY BILLS06-07 21/03U

20,000,000 SEK 19,607.57 0.9519,620.03 98.15


1,000,000 SEK 994.53 0.05994.34 99.74


994.53 0.05

Bonds 994.53 0.05

Sweden 994.53 0.05



Net Asset Value 2,056,579.76 100.00


Net assets

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

2,056,579,756.81 1,636,042,310.66 613,934,641.53


69,727,59823.45

52,558,03223.27

19,466,93822.91


41,729,68710.10

n/a

41,174,74510.030.20

16,678,17410.070.26


Carlson Fund Notes to the Financial Statements at June 30, 2006

Page 52

1. General

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

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

Equity sub-funds:

Carlson Fund Equity - International Carlson Fund Equity - Global Carlson Fund Equity - Global Emerging Markets Carlson Fund Equity - Sweden

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

Bond sub-funds:

Carlson Fund International Bond Carlson Fund SEK Long Bond Carlson Fund SEK Short Bond

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

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

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

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


Page 53

2. Summary of significant accounting policies

Presentation of the accounts

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

Valuation of investments

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

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

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

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

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

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

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

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

Realised profit and loss on investments

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

Foreign exchange

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

Forward foreign exchange contracts

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


Page 54

2. Summary of significant accounting policies (cont'd)

Income from investments

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

Formation expenses

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

Interest on bank account

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

3. Tax status

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

4. Management fees and Custodian fees

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

The annual rate of the fee is:

- 1.75% p.a. for the sub-funds Carlson Fund Equity-American Small Cap, Carlson Fund Equity-Asian Small Cap, Carlson Fund Equity-European Small Cap and Carlson Fund Equity-Global Emerging Markets

- 1.25% p.a. for the equity sub-funds- 0.95% p.a. for the sub-fund Carlson Fund International Bond - 0.70% p.a. for the sub-fund Carlson Fund SEK Long Bond - 0.35% p.a. for the sub-fund Carlson Fund SEK Short Bond

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

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


Page 55

5. Dividend

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

6. Changes in the composition of the portfolio

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

7. Units

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

8. Change in the composition of the Board of Directors

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

Carlson Investment Management

SWEDENOffice: Sveavägen 38Tel: +46 8 454 90 00

DnB NOR Asset ManagementN-0021 OsloNORWAYTel: +47 22 48 10 50Fax: +47 22 48 17 84

DnB NOR Asset ManagementP.O. Box 7515x, N-5020 BergenNORWAYTel: +47 55 21 10 00Fax: +47 55 26 06 99

DnB NOR Asset Management2nd Floor, 20 St. Dunstan's HillLondon, EC3R 8HYUKTel: +44 20 7220 3650Fax: +44 20 7220 3630

Carlson Fund Management Company S.A.

Tel: +352 26 35 08 18Fax: +352 26 35 06 18E-mail: [email protected]

DnB NOR Asset Management52 Vanderbilt Avenue, 12th FloorNew York, NY 10017USATel: +1 212 -551 98 00Fax: +1 212 551 98 40

DnB NOR Asset Management3305-6 The Center99 Queen's Road CentralHONG KONGTel: +852 28 68 29 11Fax: +852 25 01 45 45

DnB NOR Asset Management

Gandhi NagarChennai 600 020INDIATel: +91 44 2442 5009

No.5, Third Floor, 51 First Main Road

Part of the DnB NOR Group 5, Allée SchefferBuilding BL-2520 Luxembourg

COVER_DE_0605 29/0 /05 16:00 Page 1

P.O. Box 3510, SE-103 69 Stockholm

Fax: +46 8 24 57 99E-mail: [email protected]

CARLSON FMC

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CARLSON FMC

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