seb_lux_gp_2002.doc

SEB Lux Fund

A LUXEMBOURG MUTUAL FUND

AUDITED ANNUAL REPORT

DECEMBER 31, 2002

Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus, supplemented by the latest annual report and the most recent semi-annual report if

published thereafter.

SEB Lux Fund Management Company S.A.

Promoted by:SKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM

SEB Lux Fund

TABLE OF CONTENTS

Page(s)

Organisation and General Information 2 – 3

Independent Auditor’s report 4

Reports of the Board of Directors, Schedule of Investments, Statements of Net Assets, Statements of Operations, Statements of Changes in Net Assets and Statistical Information as at December 31, 2002:

SEB Lux Fund - World 5 – 16

SEB Lux Fund - Global Equity 17 – 23

SEB Lux Fund - Swedish Short-Medium Term 24 – 28

SEB Lux Fund - Ethical Sweden 29 – 34

SEB Lux Fund - Europe Equity 35 – 40

SEB Lux Fund - North America Equity 41 – 47

SEB Lux Fund - Japan Equity 48 – 54

SEB Lux Fund - Asia Equity 55 – 60

SEB Lux Fund - Medical 61 – 65

SEB Lux Fund - Technology 66 – 70

SEB Lux Fund - Ethical Global 71 – 77

SEB Lux Fund - Swedish Medium Term 78 – 82

Consolidated Statement of Net Assets 83

Consolidated Statement of Operations 83

Consolidated Statement of Changes in Net Assets 84

Statistical Information 84

Notes to the Financial Statements 85 – 87

1

ORGANISATION AND GENERAL INFORMATION

ORGANISATION

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

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

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

The Board of Directors of the 1) Cecilia LAGERManagement Company is: Chief Operating Officer at SEB Asset Management, (a Division within

SKANDINAVI8SKA ENSKILDA BANKEN AB (publ), STOCKHOLM)Chairman of the Board (since March 28, 2002)

2) Barbro LILIEHOLM,Head of Corporate Law at SEB Asset Management, (a Division withinSKANDINAVISKA ENSKILDA BANKEN AB (publ), STOCKHOLM)Director

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

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

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

The Independent Auditor ofthe Fund and the Management

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

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

The Custodian Bank is: SEB Private Bank S.A.6a, Circuit de la Foire Internationale,L-1347 LUXEMBOURG

Administrative Agent is: SEB Invest Luxembourg S.A.6a, Circuit de la Foire Internationale,L-1347 LUXEMBOURG

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

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

2

GENERAL INFORMATION

SEB Lux Fund is a Mutual Fund governed by Luxembourg Law and investing in marketable transferable securities. The Fund is set up in accordance with Management Regulations signed initially in Luxembourg on 27 May 1993. These Management Regulations were deposited with the Chief Registrar of the District Court of and in Luxembourg on June 10, 1993 and published in the Mémorial C No-319 as of 5 July 1993.

Amendments hereto were deposited with the Chief Registrar of the District Court of and in Luxembourg on December 21, 1993, on September 2, 1994, on April 11, 1997, on July 27, 1998, on July 1, 1999 and on November 27, 2002 and published in the Mémorial C as of February 8, 1994, of October 13, 1994, of May 7, 1997, of October 3, 1998, of August 5, 1999 and of December 9, 2002.

SEB Lux Fund as a Mutual Fund governed by the law of March 30, 1988 does not have a legal personality. Its assets are the undivided joint property of the unitholders and are separate from the assets of the Management Company SEB Lux Fund Management Company S.A. There is no restriction on the amount of the Fund's assets nor to the number of its units. SEB Lux Fund is divided into several Sub -Funds, for various geographical areas or industrial sectors in which investments will be made (cf. "Sub-Funds" below).

The Net Asset Value per unit, computed on each day, which is a Bank Business day in Luxembourg and in Sweden, is made public daily at the office of the Custodian Bank.

The Fund is divided into Sub-Funds. There were twelve Sub-Funds in existence at December 31, 2002:

SEB Lux Fund - WorldSEB Lux Fund - Global EquitySEB Lux Fund - Swedish Short-Medium TermSEB Lux Fund - Ethical SwedenSEB Lux Fund - Europe EquitySEB Lux Fund - North America EquitySEB Lux Fund - Japan EquitySEB Lux Fund - Asia EquitySEB Lux Fund – MedicalSEB Lux Fund - TechnologySEB Lux Fund - Ethical GlobalSEB Lux Fund - Swedish Medium Term

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

International Herald Tribune.

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

Financial Servicing for the Fund is provided by the Depositary Bank:

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

L-1347 Luxembourgand by all branches, subsidiaries and affiliates of

SKANDINAVISKA ENSKILDA BANKEN AB (publ),Kungsträdgårdsgatan 8,

S-10640 Stockholm

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

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

3

SEB Lux Fund

INDEPENDENT AUDITOR'S REPORT

To the Unitholders ofSEB Lux FundLuxembourg

We have audited the financial statements, which consist of the statement of net assets, the statement of operations, the statement of changes in net assets, the schedule of investments and the notes to the financial statements of SEB Lux Fund and of each of its Sub-Funds for the year ended December 31, 2002. These financial statements are the responsibility of the Board of Directors of the Management Company. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the management company in preparing the financial statements, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the attached financial statements give, in conformity with Luxembourg legal and regulatory requirements, a true and fair view of the financial position of SEB Lux Fund and each of its Sub-Funds at December 31, 2002 and the results of their operations and changes in their net assets for the year then ended.

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. We have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers S.àr.l. Luxembourg, March 21, 2003Réviseur d’entreprisesRepresented by

Jean- Robert Lentz

4

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

TO THE UNITHOLDERS OF

SEB Lux Fund - World

1. The Sub-Fund’s performance The Sub-Fund’s capital fell from USD 239.74 million to USD 170.44 million during the year. The net asset value fell by 27.5 percent if expressed in SEK, while the Sub-Fund’s comparison index fell by 24.2 percent.The selection of both Swedish and foreign shares had the most negative effect on the Sub-Fund’s return, while bonds made a positive contribution. The distribution between shares and bonds had a marginally negative effect, as the markets performed more poorly than we had expected. The stronger Swedish krona had a negative effect on the net asset value figure in SEK, but a positive effect on the relative index, as the Sub-Fund had an overweight in Swedish kronor.

The selection of Swedish shares and the overweight in forestry companies accounted for the biggest positive contribution, while the selection of shares and sector weighting in manufacturing and banks were most negative.

In foreign shares, the holdings in Tyco, Charter Communication, Allianz, Ford Motor Co and Ahold had the most negative effect. The shares that made the most positive contribution to the Sub-Fund’s development were consumer companies Anheuser-Bush and Procter & Gamble, insurance company Zürich Financial Services and bank ABN Amro. Our cautious exposure to the technology and media sectors also made a positive contribution.

During the first half of the year, the relative development of bonds was also favoured by the fact that the maturity remained shorter than index, but was negatively affected in the second half of the year when the interest rates fell.

2. Changes during the periodIn Swedish shares, the biggest changes took place in the banking sector, with SEB reduced in favour of Nordea and Handelsbanken, while the sector was overweighted. In foreign shares, in the early part of the year we increased the proportion of cyclically sensitive companies in the portfolio, but in line with reports of constantly weakening economic statistics, we reduced the Sub-Fund’s cyclic element during autumn. We also reduced the exposure to banks and insurance to underweight, compared with the index. This was done by reducing the holdings in Citigroup and Allianz. In view of the political unease in the Middle East and the uncertain share climate, we kept an overweight in the oil sector for most of the year. In other respects, the Sub-Fund had a relatively balanced distribution between cyclic and defensive sectors.

During the period, we had for the most part a neutral weighting between shares and bonds. In bonds, the proportion of housing bonds is greater than in the Sub-Fund’s comparison index.

3. OtherSub-Fund traded in index futures throughout the year.

March 21, 2003THE BOARD OF DIRECTORS

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

5

SEB Lux Fund - WorldSCHEDULE OF INVESTMENTS

As at December 31, 2002

(A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES

NUMBER DESCRIPTION MARKET VALUE NAVUSD %

AUSTRALIA

17'193 Australian Stock Exchange 110'465 0.0649'828 BHP Billiton 284'790 0.1750'000 Lend Lease Corp 273'667 0.16

TOTAL AUSTRALIA 668'922 0.39

BELGIUM

15'700 Interbrew 370'701 0.22TOTAL BELGIUM 370'701 0.22

CHINA

117'000 CNOOC 152'281 0.09192'000 Cosco Pacific 157'571 0.09

TOTAL CHINA 309'852 0.18

FINLAND

32'420 Nokia 515'426 0.3030'940 Stora Enso R 326'308 0.19

TOTAL FINLAND 841'734 0.49

FRANCE

12'204 Aventis 663'396 0.3920'680 Credit Agricole 312'069 0.186'600 Sanofi-Synthelabo 403'442 0.248'480 Schneider Electronics 401'252 0.249'930 Société Générale 578'340 0.34

11'700 Suez 203'078 0.124'082 Total Fina Elf 583'005 0.34

TOTAL FRANCE 3'144'582 1.85

GERMANY

3'127 Allianz Holding Reg 297'466 0.176'150 Daimler-Chrysler 189'419 0.11

13'820 E.ON 557'629 0.332'140 Siemens 90'951 0.05

TOTAL GERMANY 1'135'465 0.66

GREECE

21'200 Hellenic Telecommun Organiza 233'596 0.14TOTAL GREECE 233'596 0.14

HONG KONG

6

140'500 CLP Holdings 565'718 0.33TOTAL HONG KONG 565'718 0.33

7


As at December 31, 2002 (CONTINUED)

JAPAN

600 Aeon Credit Service 21'792 0.0113'000 Bridgestone 161'036 0.092'000 Canon 75'336 0.041'600 Daiichi Pharmaceutical 22'961 0.011'000 Daikin Industries 15'842 0.01

53 East Japan Railway 263'059 0.153'000 Fuji Photo Film 97'835 0.06

18'000 Fujitsu 51'420 0.031'400 Heiwa Corp 20'634 0.011'000 Hirose Electric 76'347 0.04

17'000 Hitachi 65'181 0.042'200 Honda Motor 81'386 0.05

10'000 Kaneka 53'510 0.0310'000 Kuraray 62'021 0.04

800 Mabuchi Motor 73'617 0.0417'000 Matsushita Electric 167'609 0.10

17 Millea Holdings 122'340 0.0749'000 Mitsui & Co 228'754 0.133'000 Murata 120'335 0.076'000 NGK Spark Plug 38'831 0.028'000 Nippon Comsys 27'101 0.02

16'000 Nippon Oil 72'538 0.0450 Nippon Telegraph & Telephone 181'598 0.11

610 Nippon Television Network 90'984 0.0538 Nippon Unipac Hldg 164'912 0.10

11'000 Nomura Holdings Inc 123'655 0.0738 NTT DoCoMo 70'128 0.04

11'000 Oji Paper 47'274 0.037'000 Omron 103'936 0.062'300 Promise 81'984 0.05

16'000 Ricoh 262'512 0.151'700 Rohm 217'319 0.131'600 Sankyo Co 39'842 0.02

19'000 Showa Shell Sekiyu 131'930 0.08300 SMC 28'162 0.02

26'000 Sompo Japan Insurance 151'834 0.094'100 Sony Corp 171'367 0.10

11'000 Sumitomo Bakelite 45'420 0.0323'000 Sumitomo Electric Industries 149'045 0.098'400 Takeda Chemical 351'094 0.21

27'000 Teijin 64'617 0.044'000 TOHO 38'393 0.024'400 Tokyo Electric Power 83'611 0.059'000 Toppan Printing 67'726 0.04

14'100 Toyota Motor 379'029 0.223'000 Ushio 32'865 0.02

8 West Japan Railway 28'381 0.022'400 World 46'111 0.03

8


As at December 31, 2002(CONTINUED)

8'000 Yamanouchi Pharmaceutical 231'906 0.14TOTAL JAPAN 5'305'120 3.11

NETHERLANDS

11'240 Ahold Koninklijke 142'723 0.0811'660 Intl Nederlanden Groep 197'489 0.12

TOTAL NETHERLANDS 340'212 0.20

SINGAPORE

73'700 Development Bank of Singapore 467'397 0.27TOTAL SINGAPORE 467'397 0.27

SPAIN

23'700 Banco Santander Central Hispano 162'655 0.10TOTAL SPAIN 162'655 0.10

SWEDEN

198'437 Assa Abloy B 2'266'017 1.33132'180 AstraZeneca 4'641'994 2.72

78'135 Atlas Copco A 1'524'446 0.8932'770 Bilia A 327'200 0.1930'068 Billerud 327'828 0.1972'241 Boliden 119'389 0.0739'640 Castellum 555'023 0.3313'000 CyberCom Consulting Group 19'396 0.0176'000 Electrolux B 1'199'316 0.7059'670 Eniro 376'648 0.22

4'526'742 Ericsson B 3'169'078 1.86130'330 Europolitan Vodafone AB 613'261 0.36138'644 FöreningsSparbanken 1'638'912 0.96120'810 Handelsbanken A 1'608'342 0.94274'050 Hennes & Mauritz B 5'283'923 3.10167'610 Investor B 1'000'278 0.59

46'341 JM 861'584 0.5156'850 Kinnevik B 567'632 0.336'870 LGP Telecom 28'069 0.02

10'400 Lindex 202'908 0.1216'100 Metro International SDB A 9'978 0.0149'600 Metro International SDB B 33'585 0.0249'440 Modern Times Group B 400'023 0.2352'293 Nokia SDR 828'209 0.49

867'050 Nordea 3'821'138 2.245'560 OM 26'545 0.02

64'300 Pandox Hotellfastigheter 538'705 0.3237'535 Perbio Science 426'471 0.2529'922 Pergo 54'258 0.0313'200 Poolia B 32'874 0.0250'080 Ratos B 548'890 0.3235'743 Sandvik 797'862 0.47

9

59'730 SCA A 2'011'954 1.18

10



49'285 SCA B 1'662'951 0.9845'240 Scania B 874'863 0.51

290'820 SEB A 2'419'801 1.42111'150 Securitas B 1'326'662 0.78289'440 Skandia 770'662 0.45

66'290 Skanska B 388'003 0.2337'674 SKF B 977'164 0.5755'070 SSAB A 650'983 0.38

124'190 Stora Enso R 1'289'890 0.7675'835 Tele2 B 2'006'125 1.18

135'570 Telelogic 96'466 0.06926'980 TeliaSonera 3'489'487 2.05

11'500 Teligent 11'482 0.0115'000 Tietoenator 205'720 0.1219'775 Transcom Worldwide A 22'695 0.0137'325 Transcom Worldwide B 51'404 0.0389'330 Volvo A 1'394'292 0.8246'360 Volvo B 755'526 0.44

139'500 WM-Data B 121'676 0.07TOTAL SWEDEN 54'377'590 31.91

SWITZERLAND

4'754 Nestle Reg 1'007'393 0.5914'230 Novartis Reg 519'204 0.303'130 Swatch Group 260'324 0.156'956 Zurich Financial Services 648'965 0.38

TOTAL SWITZERLAND 2'435'886 1.42

UNITED KINGDOM

3'990 Astrazeneca 142'602 0.08129'500 Barclays 802'656 0.47139'600 British Petroleum 959'649 0.56

73'400 Compass Group 389'950 0.2338'210 Diageo 415'221 0.2415'081 GlaxoSmithkline 289'405 0.1723'800 HSBC Holding 263'037 0.1532'227 Pearson 298'064 0.1715'060 Rio Tinto 300'639 0.1816'340 Royal Bank of Scotland 391'430 0.2336'100 Severn Trent 403'335 0.24

111'588 Shell Transport & Trading 734'750 0.43500'714 Vodafone Group 912'908 0.54

50'900 WPP Group 388'824 0.23TOTAL UNITED KINGDOM 6'692'468 3.92

UNITED STATES

12'760 Alcoa 290'673 0.174'210 American Express 148'824 0.09

10'424 American Intl Group 603'028 0.35

11



2'480 Amgen 119'883 0.076'220 Anadarko Petroleum 297'938 0.175'454 Anheuser-Busch 263'974 0.15

14'740 Bank of America 1'025'462 0.6016'160 Bank of New York 387'194 0.234'380 Bristol Myers Squibb 101'397 0.063'570 Cardinal Health 211'308 0.126'111 ChevronTexaco Corp 406'259 0.24

15'300 Cisco Systems 200'430 0.1232'651 Citigroup 1'148'989 0.6717'930 Coca Cola Company 785'693 0.4614'671 Duke Energy 286'671 0.1736'366 Exxon Mobil 1'270'628 0.7510'479 Fannie Mae 674'114 0.4040'982 General Electric 997'912 0.5928'110 Hewlett-Packard 487'990 0.2912'734 Home Depot 305'107 0.185'490 Honeywell Intl 131'760 0.08

11'600 IBM 899'000 0.5312'530 Ingersoll Rand 539'542 0.3227'180 Intel 423'193 0.2512'190 Johnson & Johnson 654'725 0.3820'310 Mattel Inc 388'937 0.2310'880 Merck 615'917 0.3615'013 Metlife 405'952 0.2423'873 Microsoft 1'234'234 0.7218'785 Oracle 202'878 0.1253'806 Pfizer 1'644'849 0.979'110 Procter & Gamble 782'913 0.46

31'495 SBC Communications 853'829 0.5015'056 Target 451'680 0.2711'012 Texas Instruments 165'290 0.102'750 The McGraw-Hill Companies 166'210 0.10

12'652 Transocean Sedco Forex 293'526 0.1710'200 Tyco Intl 174'216 0.109'840 United Technologies 609'490 0.364'395 UnitedHealth Group 366'983 0.22

27'065 Verizon Communications Inc 1'048'769 0.625'830 Viacom Class B 237'631 0.14

22'551 Walmart Stores 1'139'051 0.6714'662 Washington Mutual 506'279 0.307'340 Wyeth 274'516 0.16

TOTAL UNITED STATES 24'224'841 14.25

TOTAL SHARES 101'276'738 59.44

12



(b) BONDS

NOMINAL VALUE

DESCRIPTION INTERESTRATE

MATURITYDATE

MARKET VALUE

NAV%

% USDDENOMINATED IN CANADIAN DOLLARS

70'000 Canada 5.00 040901 45'716 0.0380'000 Canada 6.00 080601 55'130 0.0375'000 Canada 7.00 061201 52'995 0.03

240'000 Canada 8.00 230601 201'115 0.12TOTAL CAD 354'956 0.21

DENOMINATED IN DANISH KRONER

1'000'000 Kingdom Of Denmark 8.00 030515 143'761 0.08TOTAL DKK 143'761 0.08

DENOMINATED IN EURO

100'000 Belgium 3.75 090328 104'709 0.06220'000 Belgium 4.75 060928 243'088 0.14

75'000 Belgium 5.50 170928 85'771 0.05230'000 Belgium 5.00 110928 255'255 0.15346'000 Belgium 7.25 040429 384'148 0.23125'000 Germany 6.75 040715 138'988 0.08713'200 Germany 6.50 270704 924'643 0.54490'000 France OAT 6.50 061025 573'777 0.34300'000 Freddie Mac 4.75 130115 320'518 0.19400'000 Kingdom of Sweden 5.00 090128 445'995 0.26680'000 Nederland 5.50 100715 782'518 0.46240'000 Nederland 7.75 050301 277'346 0.16100'000 Spain 4.95 050730 110'238 0.06150'000 Spain 6.00 080131 175'333 0.10

TOTAL EUR 4'822'327 2.82

DENOMINATED IN POUNDS STERLING

15'000 UK Treasury 6.25 101125 27'185 0.02295'000 UK Treasury 8.00 130927 619'710 0.36

10'000 UK Treasury 8.00 151207 21'640 0.01TOTAL GBP 668'535 0.39

DENOMINATED IN JAPANESE YEN

140'000'000 European Investment Bank 3.00 060920 1'302'327 0.765'000'000 Italy 3.80 080327 49'731 0.03

50'000'000 Japan 3.00 170920 521'973 0.3188'000'000 KFW International Finance 1.00 041220 754'981 0.4420'000'000 KFW International Finance 2.05 090921 186'637 0.1155'000'000 OKB 1.80 100322 507'365 0.3040'000'000 Spain 4.75 050314 371'285 0.22

TOTAL JPY 3'694'299 2.17

13



NOMINAL VALUE


MATURITYDATE

MARKET VALUE

NAV%

% USDDENOMINATED IN SWEDISH KRONOR

10'000'000 Caisse 1565 6.00 061220 1'211'229 0.715'000'000 Ericsson 6.50 050808 538'367 0.32

12'000'000 Nordea Hypotek 5514 5.25 040616 1'402'546 0.824'000'000 Nordea Hypotek 5515 5.75 050921 476'922 0.287'000'000 Nordea Hypotek 5517 6.00 070919 851'805 0.50

28'000'000 SBAB 119 5.50 060315 3'327'975 1.954'000'000 SEB Bolån 556 6.00 030618 463'255 0.27

25'000'000 SEB Bolån 558 6.00 050615 2'989'396 1.754'000'000 Skanska 158 6.35 050523 473'015 0.28

10'000'000 Spintab 161 7.50 040615 1'204'171 0.7110'000'000 Spintab 169 5.50 030917 1'160'456 0.6810'000'000 Spintab 170 5.75 050615 1'190'054 0.7011'000'000 Stadshypotek 1559 5.00 031217 1'275'959 0.7520'000'000 Stadshypotek 1562 3.50 040915 2'278'632 1.3423'000'000 Stadshypotek 1564 6.00 060315 2'773'024 1.63

5'000'000 Stora 6.25 060317 587'068 0.346'200'000 Sweden 1037 8.00 070815 824'338 0.48

30'000'000 Sweden 1040 6.50 080505 3'808'799 2.2314'500'000 Sweden 1041 6.75 140505 1'938'154 1.14

2'000'000 Sweden 1043 5.00 090128 237'012 0.145'000'000 Sweden 1044 3.50 060420 566'198 0.336'300'000 Sweden 1045 5.25 110315 753'386 0.44

13'000'000 Sweden 1046 5.50 121008 1'582'117 0.932'564'790 Sydsvenska Kemi 0.00 110609 86'973 0.05

TOTAL SEK 32'000'850 18.77

DENOMINATED IN US DOLLARS

850'000 Asian Development Bank 6.125 040309 895'985 0.53500'000 Asian Development Bank 6.75 070611 578'800 0.34240'000 US Treasury 5.00 110215 263'738 0.15280'000 US Treasury 5.50 080215 315'958 0.19130'000 US Treasury 5.75 030815 133'666 0.08200'000 US Treasury 6.125 271115 233'734 0.14150'000 US Treasury 6.75 050515 167'247 0.10320'000 US Treasury 7.125 230215 412'112 0.24530'000 US Treasury 7.25 040815 579'820 0.34

TOTAL USD 3'581'060 2.11

TOTAL BONDS 45'265'788 26.55

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 146'542'526 85.99

14



B) SECURITIES DEALT IN ANOTHER REGULATED MARKET

NOMINAL VALUE


MATURITY MARKET VALUE

NAV%

% USDTREASURY BILLS

1'500'000 Sweden Treasury Bill 0.00 030917 148'428 0.09TOTAL TREASURY BILLS 148'428 0.09

TOTAL SECURITIES DEALT IN ANOTHER REGULATED MARKET 148'428 0.09

C) OTHER SECURITIES

a) INVESTMENT FUNDS


FRANCE

16'460 Street Tracks MSCI Europe Industrials 630'124 0.37TOTAL FRANCE 630'124 0.37

LUXEMBOURG1'016'000 SISF Japanese Smaller Fund 398'372 0.23

TOTAL LUXEMBOURG 398'372 0.23

SWEDEN

332'623 SEB Europeiska Småbolagsfond 422'164 0.253'578'959 SEB Sverige Småbolagsfond 3'304'376 1.94

TOTAL SWEDEN 3'726'540 2.19

UNITED KINGDOM

7'380 FTSE Global Banks LDRS 278'340 0.1610'400 FTSE Global Basic Industries LDRS 412'758 0.24

TOTAL UNITED KINGDOM 691'098 0.40

UNITED STATES

6'070 Ishares DJ US Healthcare 294'577 0.1711'720 Ishares DJ US Industrial 438'680 0.26

TOTAL UNITED STATES 733'257 0.43

TOTAL INVESTMENT FUNDS 6’179'391 3.62

15



b) SHARES

SWEDEN

22'240 Ballingslöv Holding 108'776 0.0623'256 Duni 1'078'790 0.63

218'736 FlexLink Systems 482'669 0.28154'826 Holding Stenqvist Holding AB 314'457 0.18155'762 Tac AB 1'072'063 0.63

TOTAL SWEDEN 3'056'755 1.78

TOTAL SHARES 3'056'755 1.78

TOTAL OTHER SECURITIES 9'236'146 5.40

TOTAL PORTFOLIO 155'927'100 91.48(PORTFOLIO AT COST USD: 169'058'487)

The accompanying notes are an integral part of these financial statements

16

SEB Lux Fund - WorldSTATEMENT OF NET ASSETS


ASSETS USD

Portfolio at Cost 169’058’487

Unrealised Depreciation (13’131’387)

Portfolio at Market Value (Note 2) 155’927’100

Cash at Banks 14’261’616

Other Assets 1’305’590

Total Assets 171’494’306

Total Liabilities 1’054’639

TOTAL NET ASSETS 170’439’667

SEB Lux Fund – WorldSTATEMENT OF OPERATIONS

For the year ending December 31, 2002

INCOME USD

Dividends 2’021’606

Interest on bonds 3’304’385

Bank interest 82’951

Total income 5’408’942

EXPENSES

Management Fees (Note 3) 2’427’462

Taxe d'abonnement (Note 4) 97’340

Total expenses 2’524’802

NET INCOME FOR THE YEAR 2’884’140

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

17

SEB Lux Fund – WorldSTATEMENT OF CHANGES IN NET ASSETS


USD

NET ASSETS AT THE BEGINNING OF THE YEAR 239’744’143

Net Income for the Year 2’884’140

Net Realised Gain (Loss) on:Sales of Securities (45’166’480)Exchange 500’931Futures (530’286)

Net Realised Loss (42’311’695)

Change in Net Unrealised Appreciation / (Depreciation) on Investments in:

Securities 12’604’892Exchange 12’596Futures (299’761)

Decrease in Net Assets as a Result of Operations (29’993’968)

Proceeds on Issue of B Units 15’461’985

Payment on Redemptions of B Units (52’200’774)

Dividends paid (2’571’719)

TOTAL NET ASSETS AT THE END OF THE YEAR 170’439’667

SEB Lux Fund - WorldSTATISTICAL INFORMATION


Number of Units Outstanding at December 31, 2002

B Units 134’291’950.283:Total Net Assets USDAt December 31, 2002 170’439’667At December 31, 2001 239’744’143At December 31, 2000 349’535’230

Net Asset Value per B UnitAt December 31, 2002 1.2691At December 31, 2001 1.4682At December 31, 2000 1.8234

Dividend PaidOn February 06, 2002 0.015200On January 24, 2001 0.018400On May 15, 2000 0.005000On January 25, 2000 0.022600

The accompanying notes are an integral part of the financial statements

18



SEB Lux Fund - Global Equity

1. PerformanceIn 2002, the Sub-Fund's capital fell from USD 35.1 million to USD 23.0 million. The Sub-Fund's net asset value sank by 37.7 per cent if expressed in SEK, whereas the benchmark index declined by 34.4 per cent.The weakening of the US dollar had an adverse effect on the Sub-Fund's performance.The main reason why the Sub-Fund underperformed in relation to the benchmark is the choice of equity. Holdings in Tyco, Charter Communication, Allianz, Ford Motor Co. and Ahold accounted for the most negative contributions.The companies that contributed most to the results were the consumer goods companies Anheuser-Bush and Procter & Gamble, the insurance company Zurich Financial Services and the bank ABN Amro. Our cautious exposure to the technology and media sectors was also positive.

2. Changes in the periodAt the start of the year, we increased the share of cyclically-sensitive companies in the portfolio. In line with increasingly weaker financial statistics, we reduced this cyclically-sensitive share again in the autumn. At the same time, we reduced our exposure to the banking and insurance sectors so that these were underweighted in relation to the index. This was done, among other things, by reducing our holdings in Citigroup and Allianz. Against the background of political unrest in the Middle East and uncertainty in the stock market, we maintained an overweight in the oil sector for the greater part of the year. Exxon and Shell are two of the most important holdings.Otherwise, the Sub-Fund had a relatively balanced spread between cyclical and defensive sectors.

3. GeneralThe Sub-Fund periodically invested in forward contracts to optimise its performance.



19

SEB Lux Fund - Global EquitySCHEDULE OF INVESTMENTS


A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

(a) SHARES


AUSTRALIA7’001 Australian Stock Exchange 44’981 0.20

19’412 BHP Billiton 110’949 0.4820’000 Lend Lease Corp 109’467 0.48

TOTAL AUSTRALIA 265’396 1.16

BELGIUM

6’680 Interbrew 157’725 0.69TOTAL BELGIUM 157’725 0.69

CHINA

48.000 CNOOC 62’474 0.2779.000 Cosco Pacific 64’834 0.28

TOTAL CHINA 127’308 0.55

FINLAND

13’100 Stora Enso R 138’159 0.6013’830 Nokia 219’875 0.96

TOTAL FINLAND 358’034 1.56

FRANCE

5’207 Aventis 283’047 1.238’810 Credit Agricole SA 132’946 0.582’808 Sanofi-Synthelabo 171’646 0.753’830 Schneider Electronics 181’226 0.794’220 Société Générale 245’780 1.074’890 Suez 84’876 0.371’742 Total Fina Elf 248’798 1.08

TOTAL FRANCE 1’348’319 5.87

GERMANY

1’329 Allianz Holding Reg 126’425 0.552’610 Daimler-Chrysler 80’388 0.355’800 E.ON 234’027 1.02

909 Siemens 38’633 0.17TOTAL GERMANY 479’473 2.09

GREECE

9’040 Hellenic Telecommun Organiza 99’609 0.43TOTAL GREECE 99’609 0.43

20



HONG KONG53’900 CLP Holdings 217’027 0.94

TOTAL HONG KONG 217’027 0.94

NETHERLANDS

4’747 Ahold Koninklijke 60’276 0.264’960 Intl Nederlanden Groep 84’009 0.36

TOTAL NETHERLANDS 144’285 0.62

SINGAPORE30’290 Development Bank of Singapore 192’096 0.83

TOTAL SINGAPORE 192.096 0.83

SPAIN10’090 Banco Santander Central Hispano 69’248 0.30

TOTAL SPAIN 69’248 0.30

SWITZERLAND

2’024 Nestle Reg 428’894 1.866’073 Novartis Reg 221’583 0.961’440 Swatch Group 119’766 0.522’957 Zurich Financial Services 275’875 1.20

TOTAL SWITZERLAND 1’046’118 4.54

UNITED KINGDOM

1’700 Astrazeneca 60’758 0.2654’820 Barclays 339’781 1.4859’270 British Petroleum 407’438 1.7731’300 Compass Group 166’287 0.7216’340 Diageo 177’564 0.77

6’437 GlaxoSmithkline 123’526 0.5410’100 HSBC Holding 111’625 0.4813’698 Pearson 126’691 0.55

6’400 Rio Tinto 127’762 0.566’980 Royal Bank of Scotland 167’208 0.73

15’400 Severn Trent 172’060 0.7547’599 Shell Transport & Trading 313’415 1.36

213’896 Vodafone Group 389’978 1.6921’620 WPP Group 165’155 0.72

TOTAL UNITED KINGDOM 2’849’246 12.38

UNITED STATES

5’422 Alcoa 123’513 0.541’800 American Express 63’630 0.284’585 American Intl Group 265’242 1.151’060 Amgen 51’240 0.222’590 Anadarko Petroleum 124’061 0.542’313 Anheuser-Busch 111’949 0.49

21



6’253 Bank of America 435’021 1.896’860 Bank of New York 164’366 0.711’870 Bristol Myers Squibb 43’291 0.191’523 Cardinal Health 90’146 0.392’548 ChevronTexaco Corp 169’391 0.746’510 Cisco Systems 85’281 0.37

13’869 Citigroup 488’050 2.127’661 Coca Cola Company 335’705 1.466’128 Duke Energy 119’741 0.52

15’474 Exxon Mobil 540’662 2.354’387 Fannie Mae 282’216 1.23

17’476 General Electric 425’541 1.8511’990 Hewlett-Packard 208’146 0.90

5’430 Home Depot 130’103 0.572’340 Honeywell Intl 56’160 0.244’950 IBM 383’625 1.675’330 Ingersoll Rand 229’510 1.00

11’510 Intel 179’211 0.784’960 Ishares DJ US Industrial 185’653 0.815’160 Johnson & Johnson 277’144 1.208’640 Mattel Inc 165’456 0.724’625 Merck 261’821 1.146’403 Metlife 173’137 0.75

10’078 Microsoft 521’033 2.267’941 Oracle 85’763 0.37

22’674 Pfizer 693’144 3.013’879 Procter & Gamble 333’361 1.45

13’353 SBC Communications 362’000 1.576’248 Target 187’440 0.814’682 Texas Instruments 70’277 0.311’170 The McGraw-Hill Companies 70’715 0.315’302 Transocean Sedco Forex 123’006 0.534’320 Tyco Intl 73’786 0.324’172 United Technologies 258’414 1.121’874 UnitedHealth Group 156’479 0.68

11’414 Verizon Communications Inc 442’293 1.922’480 Viacom Class B 101’085 0.449’620 Walmart Stores 485’906 2.116’249 Washington Mutual 215’778 0.943’132 Wyeth 117’137 0.51

TOTAL UNITED STATES 10’466’627 45.48

TOTAL SHARES 17’820’511 77.44

TOTAL TRANSFERABLE SECURITIES ADMITTEDTO AN OFFICIAL STOCK EXCHANGE 17’820’511 77.44

22



B) OTHER SECURITIES

INVESTMENT FUNDS

UNITED KINGDOM

2’880 FTSE Global Banks LDRS 108’620 0.474’430 FTSE Global Basic Industries LDRS 175’819 0.76

TOTAL UNITED KINGDOM 284’449 1.23

UNITED STATES2’370 iShares DJ US Healthcare 115’016 0.50

TOTAL UNITED STATES 115’016 0.50

SWEDEN7’010 Street Tracks MSCI Europe Industrials 268’358 1.17

146’190 SEB Europeiska Småbolagsfond 185’544 0.81TOTAL SWEDEN 453’902 1.98

TOTAL INVESTMENT FUNDS 853’357 3.71

TOTAL OTHER SECURITIES 853’357 3.71

TOTAL PORTFOLIO 18’673’868 81.15(PORTFOLIO AT COST USD: 21’664’835)

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

23

SEB Lux Fund - Global EquitySTATEMENT OF NET ASSETS


ASSETS USD





Other Assets 29’481


Total Liabilities 95’817


SEB Lux Fund - Global EquitySTATEMENT OF OPERATIONS


INCOME USD

Dividends 362’637


Total income 412’433

EXPENSES

Management Fees (Note 3) 420’020


Total expenses 433’617

NET LOSS FOR THE YEAR (21’184)


24

SEB Lux Fund - Global EquitySTATEMENT OF CHANGES IN NET ASSETS


USD


Net Loss for the Year (21’184)

Net Realised Loss on:Sales of Securities (5’099’753)Exchange (507’231)Futures (309’949)



Securities (2’620’790)Exchange 185’756Futures (126’151)





SEB Lux Fund - Global EquitySTATISTICAL INFORMATION



B Units 24’550’774.151

Total Net Assets USDAt December 31, 2002 23’018’838At December 31, 2001 35’139’148At December 31, 2000 49’639’661


Dividend PaidOn February 6, 2002 NILOn January 24, 2001 NILOn January 25, 2000 NIL


25



SEB Lux Fund - Swedish Short-Medium Term

1. The Sub-Fund’s performance The Sub-Fund capital amounted to SEK 716.9 million at 31 December 2002, compared with SEK 429.4 million at 31 December 2001. The Sub-Fund’s net asset value increased by 3.7 percent during the year, while its comparison index rose by 4.6 percent.

2. Changes during the periodIn the first half of 2002 the Sub-Fund had a shorter average maturity period than its comparison index. Our analysis on higher inflation, upwardly revised growth forecasts and signs of a healthier economy was correct and in spring the Swedish Central Bank increased the repo rate by 0.5 percent, from 3.75 percent to 4.25 percent. Market rates rose, which favoured the Sub-Fund’s value development in comparison with index.

During the second quarter the widespread market unease had a negative effect on market rates. However, taken as a whole, the Sub-Fund had a positive return in comparison with its reference index in the first half-year.

In the third and fourth quarters the Sub-Fund’s average maturity was a little longer than its comparison index. Our assessment was based on the Swedish Central Bank keeping the repo rate unchanged and there being no risk of an increase, which favoured the Sub-Fund’s value growth. In the middle of the fourth quarter the world’s central banks began to discuss further lowering of interest rates. This resulted in a steeper yield curve and also had a positive effect on the Sub-Fund’s performance.

3. OtherThe Sub-Fund had a larger proportion of short-term securities issued by mortgage credit institutions than did the comparison index. The Sub-Fund has traded in futures contracts on a very small scale. At the end of the period the Sub-Fund had a neutral maturity compared with index.



26

SEB Lux Fund - Swedish Short-Medium TermSCHEDULE OF INVESTMENTS



BONDS

NOMINAL VALUE


MATURITYDATE

MARKET VALUE

NAV%

% SEKBANKS

65’000’000 Nordea Hypotek 5512 6.00 030618 65’592’800 9.1560’000’000 SBAB 117 5.50 031015 60’744’000 8.4720’000’000 SEB Bolån 556 6.00 030618 20’182’400 2.8260’000’000 Spintab 169 5.50 030917 60’668’400 8.4636’000’000 Stadshypotek 1558 5.75 030319 36’127’440 5.0430’000’000 Stadshypotek 1559 5.00 031217 30’321’300 4.23

TOTAL BANKS 273’636’340 38.17

INDUSTRIALS

5’000’000 Fortum Power ser 104 5.00 030610 5’020’450 0.7010’000’000 Stora Enso Lån 10 5.25 030317 10’023’500 1.4020’000’000 Sydkraft 121 5.90 030121 20’014’200 2.79

TOTAL INDUSTRIALS 35’058’150 4.89TOTAL BONDS 308’694’490 43.06

B) SECURITIES DEALT IN ON IN OTHER RECOGNIZED MARKETS

NOMINAL VALUE


MATURITYDATE

MARKET VALUE

NAV%

% SEKTREASURY BILLS

10’000’000 Sweden Treasury Bill 0.00 20030115 9’899’095 1.3810’000’000 Sweden Treasury Bill 0.00 20030115 9’903’841 1.38

126’000’000 Sweden Treasury Bill 0.00 20030115 123’017’063 17.1660’000’000 Sweden Treasury Bill 0.00 20030115 58’318’860 8.1310’000’000 Sweden Treasury Bill 0.00 20030115 9’658’783 1.3530’000’000 Sweden Treasury Bill 0.00 20030115 29’966’874 4.1830’000’000 Sweden Treasury Bill 0.00 20030115 29’924’856 4.1750’000’000 Sweden Treasury Bill 0.00 20030115 48’082’721 6.71

TOTAL SWEDISH TREASURY BILLS 318’772’094 44.46TOTAL SECURITIES DEALT IN ON IN OTHER RECOGNIZED MARKETS 318’772’094 44.46

27

SEB Lux Fund - Swedish Short-Medium TermSCHEDULE OF INVESTMENTS AS AT

DECEMBER 31, 2002(CONTINUED)

C) OTHER SECURITIES

NOMINAL VALUE


MATURITYDATE

MARKET VALUE

NAV%

% SEKCERTIFICATES

20’000’000 FC Fortum Power 0.00 030128 19’911’488 2.7820’000’000 FC SCA 0.00 030319 19’794’860 2.7610’000’000 FC Vattenfall 0.00 030115 9’853’861 1.3720’000’000 FC Volvo 0.00 030122 19’741’210 2.75

TOTAL CERTIFICATES # 69’301’419 9.67TOTAL OTHER SECURITIES 69’301’419 9.67

TOTAL PORTFOLIO 696’768’003 97.19(PORTFOLIO AT COST SEK: 696’774’144)


28

SEB Lux Fund - Swedish Short-Medium TermSTATEMENT OF NET ASSETS


ASSETS SEK


Unrealised Depreciation (6’141)







SEB Lux Fund - Swedish Short-Medium TermSTATEMENT OF OPERATIONS


INCOME SEK




EXPENSES






29

SEB Lux Fund - Swedish Short-Medium TermSTATEMENT OF CHANGES IN NET ASSETS


SEK



Net Realised Gain (Loss) on:Sales of Securities 245’328Exchange (14)Futures (17’400)

Net Realised Profit 18’800’575


Securities 1’017’448

Increase in Net Assets as a Result of Operations 19’818’023





SEB Lux Fund - Swedish Short-Medium TermSTATISTICAL INFORMATION



B Units 73’082’537.356

Total Net Assets SEKAt December 31, 2002 716’896’707At December 31, 2001 429’445’478At December 31, 2000 216’687’548


Dividend PaidOn February 06, 2002 0.3120On January 24, 2001 0.4315On May 15, 2000 0.1000On January 25, 2000 0.4156


30



SEB Lux Fund - Ethical Sweden

1. The Sub-Fund’s performance The net asset value, with dividend re-invested, decreased from SEK 30.71 to SEK 18.88 during the year. The Sub-Fund’s comparison index dropped by 36.1 percent in the same period. A dividend of SEK 0.03 per share was paid on the February 6, 2002.

Most of the Sub-Fund’s poor performance against its comparison index occurred in the first half of the year. The main cause was an over-positive view of the share market and the difficulty in predicting the poor development in the technology sector. In the first half of the year the Sub-Fund made relatively large investments in the telecoms sector.

However, positive contributions came from the Sub-Fund’s large holdings in stable, well-organised SCA and positions in some small companies, including Castellum and Billerud. The Sub-Fund also had holdings in Esselte and Munskjö, two companies that were taken over during the year.

2. Changes during the periodMajor changes in the Sub-Fund included increased investments in the finance sector and changed positions in the sector. Large acquisitions were made in Handelsbanken and Nordea. The holding in Föreningssparbanken was increased a little. Large sales were made in SEB and Skandia. The main purpose of these changes was to increase exposure to a low-valued sector with stable earning capacity and also to increase exposure in this sector to companies with an earning capacity that is not so dependent on capital market trends.

A changed and more cautious view of the telecoms market, particularly telecommunications equipment, resulted in a smaller position in this sector. This means the Sub-Fund’s position in Nokia, for example, is consequently smaller. However, the holdings in Tele2 and Telia have increased. We consider these companies to be more stable and attractively valued.

The holding in Hennes & Mauritz was reduced during the year. Hennes & Mauritz is a very well-organised company, but in our opinion the outlook for private consumption is a little uncertain and valuation became somewhat demanding.

3. OthersDuring the year the Sub-Fund traded in options and futures contracts and lent shares to a limited extent.



31

SEB Lux Fund - Ethical SwedenSCHEDULE OF INVESTMENTS



SHARES

NUMBER DESCRIPTION MARKET VALUE NAVSEK %

BANKS196’040 FöreningsSparbanken 20’192’120 4.29142’500 Handelsbanken A 16’530’000 3.51594’500 Nordea 22’828’800 4.85174’000 SEB A 12’615’000 2.68

TOTAL BANKS 72’165’920 15.33

COMPUTER SOFTWARE42’000 Teligent 365’400 0.0816’600 Tietoenator 1’983’700 0.42

TOTAL COMPUTER SOFTWARE 2’349’100 0.50

DEPARTMENT STORES230’000 Hennes & Mauritz B 38’640’000 8.21

13’000 Lindex 2’210’000 0.47TOTAL DEPARTMENT STORES 40’850’000 8.68

ELECTROTECHNICAL, ELECTRONICS80’100 Electrolux B 11’013’750 2.3422’500 Ericsson A 193’500 0.04

3’893’500 Ericsson B 23’750’350 5.0545’000 Nokia SDR 6’210’000 1.32

TOTAL ELECTROTECHNICAL, ELECTRONICS 41’167’600 8.75

ENGINEERING INDUSTRY139’520 Assa Abloy B 13’882’240 2.95

46’187 Atlas Copco A 7’851’790 1.6731’402 Atlas Copco B 4’851’609 1.0313’675 Munters 2’639’275 0.5652’000 Sandvik 10’114’000 2.15

5’000 Seco Tools B 1’117’500 0.245’000 SKF A 1’127’500 0.24

27’973 SKF B 6’321’898 1.34TOTAL ENGINEERING INDUSTRY 47’905’812 10.18

HOLDING & FINANCE54’620 Castellum 6’663’640 1.4274’358 Kinnevik B 6’469’146 1.3759’100 Pandox Hotellfastigheter 4’314’300 0.9241’630 Ratos B 3’975’665 0.84

251’500 Skandia 5’834’800 1.2452’600 Wihlborg Fastigheter 4’050’200 0.86

TOTAL HOLDING & FINANCE 31’307’751 6.65

32



MASSMEDIA62’972 Metro International SDB A 340’049 0.07

108’868 Metro International SDB B 642’321 0.1443’397 Modern Times Group B 3’059’489 0.65

TOTAL MASSMEDIA 4’041’859 0.86

MINING INDUSTRY29’521 Billerud 2’804’495 0.6067’906 Boliden 977’846 0.2146’870 SSAB A 4’827’610 1.03

TOTAL MINING INDUSTRY 8’609’951 1.84

MISCELLANEOUS6’284 Invik B 1’627’556 0.35

40’500 Poolia B 878’850 0.19TOTAL MISCELLANEOUS 2’506’406 0.54

PAPER & FORESTRY9’700 Holmen B 2’051’550 0.44

44’732 SCA A 13’128’842 2.7947’629 SCA B 14’002’926 2.9858’800 Stora Enso R SEK 5’321’400 1.13

TOTAL PAPER & FORESTRY 32’453’168 7.35

PHARMACEUTICALS &COSMETICS102’770 AstraZeneca SEK 31’447’620 6.68

32’000 Gambro B 1’548’800 0.3331’616 Perbio Science 3’129’984 0.66

TOTAL PHARMACEUTICALS &COSMETICS 36’126’404 7.67

REAL ESTATE36’805 JM 5’962’410 1.2765’868 Skanska B 3’359’268 0.71

TOTAL REAL ESTATE 9’321’678 1.98SERVICES

47’050 Eniro 2’587’750 0.5527’972 Pergo 441’958 0.0989’000 Securitas B 9’256’000 1.97

TOTAL SERVICES 12’285’708 2.61

TELECOMMUNICATIONS46’490 Allgon B 557’880 0.12

117’340 Europolitan Vodafone AB 4’810’940 1.0291’992 Tele2 B 21’204’156 4.51

4’019 Teleca 118’962 0.03199’750 Telelogic 1’238’450 0.26849’500 TeliaSonera 27’863’600 5.92

21’549 Transcom Worldwide A 215’490 0.0557’917 Transcom Worldwide B 695’004 0.15

TOTAL TELECOMMUNICATIONS 56’704’482 12.06

33



TRUCKS16’790 Bilia A 1’460’730 0.3113’200 Scania B 2’224’200 0.4773’885 Volvo A 10’048’360 2.1436’598 Volvo B 5’196’916 1.10

TOTAL TRUCKS 18’930’206 4.02

TOTAL SHARES 418’777’595 89.01

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 418’777’595 89.01

C) OTHER SECURITIES

NOMINAL VALUE


MATURITYDATE

MARKET VALUE NAV%

% SEKBONDS

2’372’010 Sydsvenska Kemi 0.00 110609 700’857 0.15TOTAL BONDS 700’857 0.15

INVESTMENT FUNDS1’930’891 SEB Sverige Småbolagsfond 15’533’635 3.30

TOTAL INVESTMENT FUNDS 15’533’635 3.30

MISCELLANEOUS SHARES10’596 Ballingslöv Holding 451’570 0.10

8’776 Duni 3’547’163 0.7586’559 FlexLink Systems 1’664’270 0.3571’433 Stenqvist Holding AB 1’264’150 0.2788’012 Tac AB 5’278’167 1.12

TOTAL MISCELLANEOUS SHARES 12’205’320 2.59

TOTAL OTHER SECURITIES 28’439’812 6.04

TOTAL PORTFOLIO 447’217’407 95.05 (PORTFOLIO AT COST SEK: 544’348’122)


34

SEB Lux Fund - Ethical SwedenSTATEMENT OF NET ASSETS


ASSETS SEK









SEB Lux Fund - Ethical SwedenSTATEMENT OF OPERATIONS


INCOME SEK


Interest on bonds 36’719



EXPENSES






35

SEB Lux Fund - Ethical SwedenSTATEMENT OF CHANGES IN NET ASSETS


SEK



Net Realised Gain (Loss) on:Sales of Securities (217’501’558)Exchange 6’552’385Futures (11’676’075)



Securities (113’789’767)Futures (761’940)

Net Unrealised Depreciation (114’551’707)




Dividends paid (807’780)


SEB Lux Fund - Ethical SwedenSTATISTICAL INFORMATION



B Units 24’921’946.629

Total Net Assets SEKAt December 31, 2002 470’565’856At December 31, 2001 885’696’210At December 31, 2000 1’135’796’557


Dividend PaidOn February 06, 2002 0.0280On January 24, 2001 NILOn May 15, 2000 0.0200On January 25, 2000 0.0394


36



SEB Lux Fund - Europe Equity

1. The Sub-Fund’s performance Sub-Fund capital amounted to USD 51.0 million at 31 December 2002, compared with USD 79.3 million at 31 December 2001. The Sub-Fund’s net asset value decreased by 35.1 percent if expressed in SEK while its comparison index fell by 33.1 percent.

The Sub-Fund lagged behind its comparison index after its holdings in public utility companies, the retail trade and food performed worse than index. Suez, the Sub-Fund’s holding in public utility companies, suffered a large decline in value during the year, due to economic unrest in South America and devaluation of currencies in the region. The holding in Ahold in the retail trade was sold. The company issued profit warnings during the year and investors became nervous about development in the company’s American operations. We remained neutral in food companies during the year, but did not own Unilever, which was clearly the best share. In banks, technology and oil, development was better. The Sub-Fund’s holdings in Libertel and Telecel performed particularly well. In banks, Gjensidige was one of the best shares in 2002. Shell performed better than Royal Dutch, which had a positive impact on the Sub-Fund’s development.

The euro weakened by 2 percent against the Swedish krona, the GB pound by 8 percent and the Danish krone by 2 percent. This had a negative effect on the Sub-Fund’s development. The Swiss franc was unchanged against the Swedish krona during the year. The Norwegian krone strengthened by 7 percent against the Swedish krona, which had a positive effect on the Sub-Fund’s development.

2. Changes during the periodDuring the period we increased the Sub-Fund’s holdings in oil, manufacturing and pharmaceuticals. To finance this increase, we reduced the holdings in the raw materials and insurance sectors. From a company perspective, we sold the Sub-Fund’s holding in German motor company DaimlerChrysler, mainly on account of its exposure to the US market, and purchased German BMW instead. We also sold the Sub-Fund’s holding in SEB. In addition, we sold the holdings in German insurance companies Allianz and SCA and increased the holdings in pharmaceutical company Novartis, retail company Tesco and Greek telecoms operator Hellenic Telecom.The Sub-Fund’s largest holdings in relation to index were Vallehermoso, Novartis and DaimlerChrysler, and its most underweighted holding in relation to index were Allianz, Roche and L'Oreal.

3. OtherDuring the period the Sub-Fund had holdings in share futures listed in GBP and Euro. The Sub-Fund also has a permit to trade in share options, but did not exercise this facility in 2002.



37

SEB Lux Fund - Europe EquitySCHEDULE OF INVESTMENTS


TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE

SHARES

NUMBER DESCRIPTION MARKET VALUE NAV

USD %

BELGIUM49’635 Fortis 875’061 1.72

TOTAL BELGIUM 875’061 1.72

DENMARK

12’800 TDC 311’031 0.61

TOTAL DENMARK 311’031 0.61

FINLAND

74’807 Nokia 1’189’312 2.33

57’340 Stora Enso R 604’735 1.19

TOTAL FINLAND 1’794’047 3.52

FRANCE

11’510 Accor 348’588 0.68

22’074 Aventis 1’199’919 2.35

4’650 Carrefour 207’046 0.41

55’090 Credit Agricole 831’329 1.63

10’700 Peugeot 436’343 0.86

4’745 Sanofi-Synthelabo 290’050 0.57

15’790 Schneider Electronics 747’142 1.46

19’900 STMicroelectronics 390’096 0.76

40’460 Suez 702’267 1.38

15’285 Total Fina Elf 2’183’055 4.28

TOTAL FRANCE 7’335’835 14.38

GERMANY

18’084 AMB Generali 987’202 1.93

9’836 Bayer 211’083 0.41

43’330 Bayerische Motoren Werke 1’315’007 2.58

6’818 Deutsche Bank 314’096 0.62

50’450 Deutsche Telekom Ag Reg 648’542 1.27

27’580 E.ON 1’112’837 2.18

38

3’528 SAP ord 279’596 0.55

7’465 Schering 324’710 0.64

11’875 Siemens 504’696 0.99

TOTAL GERMANY 5’697’769 11.17

GREECE

92’630 Hellenic Telecommun Organiza 1’020’662 2.00

TOTAL GREECE 1’020’662 2.00

IRELAND

88’150 Bank of Ireland 901’920 1.77

59’670 CRH 738’889 1.45

TOTAL IRELAND 1’640’809 3.22

39



ITALY40’011 Eni 636’111 1.25

145’541 Unicredito Italiano 581’904 1.14TOTAL ITALY 1’218’015 2.39

NETHERLANDS23’400 ABN Amro Holding 382’582 0.7527’630 Euronext 600’485 1.1827’428 Intl Nederlanden Groep 464’557 0.9112’600 Reed Elsevier 154’041 0.3051’152 Vodafone Libertel 546’451 1.07

TOTAL NETHERLANDS 2’148’116 4.21

NORWAY8’300 Gjensidige 271’962 0.53

TOTAL NORWAY 271’962 0.53

PORTUGAL73’520 Vodafone Telecel-Comunicacoes 570’924 1.12

TOTAL PORTUGAL 570’924 1.12

SPAIN16’800 Acciona 691’974 1.36

141’641 Banco Santander Central Hispano 972’093 1.9137’310 Endesa SA 436’557 0.8647’460 Grupo Prisa 309’286 0.6119’411 Mapfre 157’459 0.3138’391 Telefonica SA 343’653 0.67

TOTAL SPAIN 2’911’022 5.72

SWEDEN61’320 Assa Abloy B 700’233 1.3722’146 AstraZeneca 777’739 1.5265’960 FöreningsSparbanken 779’714 1.5331’390 Hennes & Mauritz B 605’227 1.19

181’800 Skandia 484’060 0.95TOTAL SWEDEN 3’346’973 6.56

SWITZERLAND16’400 ABB Ltd 46’613 0.0916’610 CS Group Reg 360’382 0.7112’141 Nestle Reg 2’572’730 5.0458’626 Novartis Reg 2’139’063 4.19

6’060 Swatch Group 504’014 0.996’593 Zurich Financial Services 615’099 1.21

TOTAL SWITZERLAND 6’237’900 12.23

40



UNITED KINGDOM146’000 ARM Holdings 112’822 0.22

81’010 Barclays 502’109 0.98268’098 British Petroleum 1’842’979 3.61

65’680 Diageo 713’733 1.4068’777 GlaxoSmithkline 1’319’831 2.59

119’748 HSBC Holding 1’323’451 2.5939’940 Lloyds Tsb 286’775 0.5664’156 Pearson 593’371 1.1614’000 Rio Tinto 279’479 0.5560’523 Royal Bank of Scotland 1’449’847 2.84

311’522 Shell Transport & Trading 2’051’214 4.0247’559 Standard Chartered 540’551 1.06

340’300 Tesco 1’062’827 2.0857’562 United Business Media 268’740 0.53

807’491 Vodafone Group 1’472’227 2.8946’230 WPP Group 353’150 0.69

TOTAL UNITED KINGDOM 14’173’105 27.77

TOTAL SHARES 49’553’232 97.15

TOTAL TRANSFERABLE SECURITIES ADMITTEDTO AN OFFICIAL STOCK EXCHANCE 49’553’232 97.15



41

SEB Lux Fund - Europe EquitySTATEMENT OF NET ASSETS


ASSETS USD









SEB Lux Fund - Europe EquitySTATEMENT OF OPERATIONS


INCOME USD




EXPENSES




NET INCOME FOR THE YEAR 430’076


42

SEB Lux Fund - Europe EquitySTATEMENT OF CHANGES IN NET ASSETS


USD


Net Income for the Year 430’076

Net Realised Loss on:Sales of Securities (6’754’820)Exchange (4’294)Futures (601)



Securities (9’652’837)






SEB Lux Fund - Europe EquitySTATISTICAL INFORMATION



B Units 40’679’580.678



Dividend PaidOn May 15, 2002 0.0090On February 06, 2002 0.0010On January 24, 2001 0.0024On January 25, 2000 0.0040


43



SEB Lux Fund - North America Equity

1. Sub-Fund's performanceIn 2002, the Sub-Fund's capital fell from USD 17.0 million to USD 11.0 million. The Sub-Fund's net asset value sank by 41.6 per cent if expressed in SEK, whereas the benchmark index declined by 36.3 per cent. The weak US dollar had a negative impact on the Sub-Fund's net asset value. Small and medium-sized businesses performed considerably better than large companies in the first half of the year. This is the main reason why the Sub-Fund followed a poorer trend than the stock market as a whole, as the Sub-Fund invested primarily in big companies.The share spread between sectors had an adverse effect on the Sub-Fund's return for the year, primarily because the share of software companies was too big and the share of stable food and beverages and pharmaceutical companies was too small. The finance companies Principal Financial Group and Washington Mutual are two of the companies that made the most positive contribution to the Sub-Fund's performance in relation to the benchmark index, whereas the manufacturing conglomerate Tycho and technology company Micron had the most negative impact.

2. Changes in the periodIn the first quarter of the year, we increased the share of pharmaceutical companies in the Sub-Fund through purchases of shares in Bristol-Myers and Eli Lilly. The holding in Citigroup was reduced with the aim of reducing the Sub-Fund's share in the banking sector, due to increased uncertainty regarding the US banks' credit risk. In terms of stable consumer goods companies, Pepsi Co was sold in favour of Coca-Cola, which has a more attractive rating. In addition, risk in the technology sector was reduced through the sales of Sun Microsystem and Computer Sciences, in favour of IBM and Intel. The Sub-Fund is currently overweighted in the technology and pharmaceutical sectors, but is otherwise generally sector neutral.

3. GeneralForward contracts and sector futures were used in 2002.



44

SEB Lux Fund - North America EquitySCHEDULE OF INVESTMENTS



SHARES

NUMBER DESCRIPTION MARKET VALUE NAV USD %

AERONAUTIC INDUSTRY2’440 Honeywell Intl 58’560 0.532’350 Boeing 77’527 0.70

TOTAL AERONAUTIC INDUSTRY 136’087 1.23

ALUMINIUM1’720 Alcoa 39’182 0.35

TOTAL ALUMINIUM 39’182 0.35

BANKS, SAVINGS AND LOANS1’690 Bank of New York 40’492 0.372’440 Bank of America 169’751 1.543’130 Wells Fargo 146’703 1.333’460 JP Morgan Chase & Co 83’040 0.755’377 Citigroup 189’217 1.714’263 MBNA 81’082 0.732’395 American Express 84’663 0.772’900 AmSouth Bancorporation 55’680 0.502’420 Southtrust 60’137 0.544’960 Us Bancorp 105’251 0.951’911 Charter One Financial 54’903 0.502’130 Marshall & Ilsley 58’319 0.531’460 Morgan Stanley Dean Witter 58’283 0.53

TOTAL BANKS, SAVINGS AND LOANS 1’187’522 10.75

COMPUTER COMPONENTS2’080 Automatic Data Processing 81’640 0.742’810 Texas Instruments 42’178 0.384’170 Dell Computer 111’506 1.017’310 Intel 113’817 1.032’470 First Data 87’463 0.79

TOTAL COMPUTER COMPONENTS 436’603 3.95

CONSUMER GOODS3’340 Gap 51’837 0.47

780 Knight-Ridder 49’335 0.451’210 Kohl´s 67’700 0.618’100 Mattel Inc 155’115 1.401’260 Nike B 56’032 0.511’940 Procter & Gamble 166’724 1.51

TOTAL CONSUMER GOODS 546’742 4.95

DEPARTMENT STORES, RETAIL TRADE3’230 Home Depot 77’391 0.702’280 Target 68’400 0.62

45



4’430 Walmart Stores 223’759 2.03TOTAL DEPARTMENT STORES, RETAIL TRADE 369’550 3.35

ELECTROTECHNICAL, ELECTRONICS923 3M 113’806 1.03

1’440 Electronic Data Systems 26’539 0.2410’274 General Electric 250’172 2.26

1’410 Ingersoll Rand 60’715 0.552’040 Linear Technology 52’469 0.481’630 Nvidia 18’761 0.17

TOTAL ELECTROTECHNICAL, ELECTRONICS 522’462 4.73

ENERGY989 Dominion Resources 54’296 0.49

2’880 El Paso Corporation 20’045 0.183’150 Sempra Energy 74’498 0.671’450 TXU 27’086 0.25

TOTAL ENERGY 175’924 1.59

FOODSTUFF, BEVERAGES3’050 Coca Cola Company 133’651 1.212’690 ConAgra Foods 67’277 0.611’020 Hershey Foods 68’789 0.621’570 Kroger 24’257 0.223’130 McDonald's 50’330 0.463’250 Pepsico 137’215 1.242’450 Sysco 72’986 0.661’270 Wrigley WM 69’698 0.63

TOTAL FOODSTUFF, BEVERAGES 624’202 5.65

HEALTHCARE739 Allergan 42’581 0.39

6’950 Bristol Myers Squibb 160’893 1.461’326 Cardinal Health 78’486 0.712’760 Medtronic 125’856 1.14

937 UnitedHealth Group 78’240 0.71TOTAL HEALTHCARE 486’055 4.41

HOLDINGS, FINANCIAL COMPANIES1’970 Fannie Mae 126’730 1.151’290 Lehman Brothers 68’744 0.62

TOTAL HOLDINGS, FINANCIAL COMPANIES 195’474 1.77

INSURANCE COMPANIES2’380 Allstate 88’036 0.802’819 American Intl Group 163’079 1.481’770 Household Intl 49’224 0.452’150 Metlife 58’136 0.532’750 Washington Mutual 94’958 0.86

TOTAL INSURANCE COMPANIES 453’433 4.12

46



MISCELLANEOUS2’110 ACE 61’907 0.561’180 Illinois Tool Works 76’535 0.692’930 Applied Materials 38’178 0.351’410 Airproducts & Chemicals 60’278 0.552’660 Newmont Mining 77’220 0.702’255 Comcast Corp Cl A 50’940 0.462’060 Costco Wholesale 57’804 0.521’500 Marriott International Class A 49’305 0.451’470 Maxim Integrated Products 48’569 0.441’940 May Department Stores 44’581 0.402’040 Newell Rubbermaid 61’873 0.562’440 Paychex 68’076 0.62

TOTAL MISCELLANEOUS 695’266 6.30

MOVIES AND ENTERTAINMENT1’190 Clear Channel Communications 44’375 0.405’020 Walt Disney 81’876 0.742’790 Viacom Class B 113’720 1.03

TOTAL MOVIES AND ENTERTAINMENT 239’972 2.17

OFFICE EQUIPMENT4’744 Hewlett-Packard 82’356 0.752’010 IBM 155’775 1.415’300 EMC Corp/Mass 32’542 0.291’230 Hartford Financial 55’879 0.51

OFFICE EQUIPMENT 326’552 2.96

PAPER AND FOREST PRODUCTS1’139 Weyerhaeuser 56’050 0.511’580 Plum Creek Timber 37’288 0.34

TOTAL PAPER AND FOREST PRODUCTS 93’338 0.85

PETROLEUM1’260 ChevronTexaco Corp 83’765 0.761’499 Anadarko Petroleum 71’802 0.652’900 Duke Energy 56’666 0.518’670 Exxon Mobil 302’930 2.742’400 Marathon Oil 51’096 0.461’190 Schlumberger 50’087 0.451’340 ConocoPhillips 64’843 0.59

TOTAL PETROLEUM 681’188 6.16

PHARMACEUTICALS AND COSMETICS2’370 Abbott Laboratories 94’800 0.862’040 Baxter Intl 57’120 0.522’130 Walgreen 62’175 0.561’700 Colgate-Palmolive 89’131 0.813’420 Johnson & Johnson 183’688 1.662’829 Merck 160’150 1.456’900 Pfizer 210’933 1.91

47



1’977 Amgen 95’568 0.872’850 Dow Chemical 84’645 0.772’262 Wyeth 84’599 0.773’580 Tyco Intl 61’146 0.553’440 Schering-Plough 76’368 0.691’990 Eli Lilly 126’365 1.144’100 McKesson HBOC 110’823 1.00

TOTAL PHARMACEUTICALS AND COSMETICS 1’497’511 13.56

ROAD VEHICLES5’770 Ford Motor 53’661 0.491’370 Harley-Davidson 63’294 0.57

TOTAL ROAD VEHICLES 116’955 1.06SOFTWARE

9’320 Cisco Systems 122’092 1.116’810 Microsoft 352’077 3.197’700 Oracle 83’160 0.757’700 Micron Technology 74’998 0.681’400 United Technologies 86’716 0.795’900 Activision 86’081 0.781’720 Adobe Systems 42’658 0.39

TOTAL SOFTWARE 847’782 7.69

TELECOMMUNICATIONS4’280 SBC Communications 116’031 1.053’300 Verizon Communications Inc 127’875 1.161’750 Qualcomm 63’683 0.587’890 A T&T Wireless Services Group 44’579 0.401’394 A T&T 36’397 0.334’340 Motorola 37’541 0.345’600 Aol Time Warner 73’360 0.661’530 Alltel 78’030 0.71

TOTAL TELECOMMUNICATIONS 577’495 5.23

TOBACCO AND ALCOHOLIC DRINKS2’180 Anheuser-Busch 105’512 0.96

TOTAL TOBACCO AND ALCOHOLIC DRINKS 105’512 0.96

TRANSPORTS AND CARRIERS1’360 United Parcel Service Cl B 85’789 0.782’370 Burlington Northern 61’644 0.56

TOTAL TRANSPORTS AND CARRIERS 147’433 1.34

TOTAL SHARES 10’502’239 95.13


TOTAL PORTFOLIO 10’502’239 95.13(PORTFOLIO AT COST USD: 12'157'019)


48

SEB Lux Fund - North America EquitySTATEMENT OF NET ASSETS


ASSETS USD




Cash at Banks 541’155





SEB Lux Fund - North America EquitySTATEMENT OF OPERATIONS


INCOME USD

Dividends 135’166



EXPENSES






49

SEB Lux Fund - North America EquitySTATEMENT OF CHANGES IN NET ASSETS


USD






Securities (1’991’755)Futures (8’979)




Dividends paid 0


SEB Lux Fund - North America EquitySTATISTICAL INFORMATION



B Units 7’200’168.601





50



SEB Lux Fund - Japan Equity

1. Sub-Fund's performanceThe Sub-Fund's capital amounted to JPY 472 million on 31 December 2002. The corresponding figure for 2001 was JPY 732.8 million. There have been substantial capital outflows from the Sub-Fund, in particular when the market plummeted in June, October and December. In view of the difficult conditions in the stock markets, holdings performed relatively well in 2002 and outperformed the benchmark index by 5.5 per cent. The Sub-Fund's net asset value fell by 20.5 per cent if expressed in SEK, whereas the benchmark index declined by 26 per cent.The Sub-Fund performed well in the second half of the year, primarily due to the underweighting of holdings in the banking sector. Following an announcement by the Japanese central bank that it intended to buy parts of Japanese banks' equity holdings, investors bought bank shares in the market. The central bank did not succeed in giving the banking sector the intended lift, which in fact benefited the Sub-Fund, due to the underweighting of the banking sector.The Sub-Fund's performance also benefited from movements in private shares in NTT, Kao and Komeri.These gains were to some extent offset by the weak trend in Electronic Equipments, as the company was overweighted through the year. The Swedish krona firmed against the Japanese yen, which pulled down the Sub-Fund's return in SEK.

2. Changes in the periodThe Sub-Fund's holdings in the electrical equipment sector were increased in 2002, whereas holdings in energy companies and capital goods were reduced. New holdings include shares in Ushio, Mitsui & Co. and Misumi. We sold the Sub-Fund's holdings in Fuji Photo, Murata and Nomura Holdings. It seems that the market has become sensitive to short-term gains in recent months. This has created favourable conditions for switching from shares that have performed well to shares that have recorded the poorest performance.We strive to take advantage of such opportunities by buying new shares with a better growth potential and/or lowering ratings.

3. GeneralThe Sub-Fund is permitted to trade in options, forward contracts and similar financial instruments, but did not use this possibility in 2002.



51

SEB Lux Fund - Japan EquitySCHEDULE OF INVESTMENTS



SHARES


JPY %AGRICULTURAL PRODUCTS

1’000 Ajinomoto 1’239’000 0.26TOTAL AGRICULTURAL PRODUCTS 1’239’000 0.26

BUILDINGS AND BUILDING MATERIAL500 Komeri 1’490’000 0.32

5’000 Nippon Comsys 2’010’000 0.43TOTAL BUILDINGS AND BUILDING MATERIAL 3’500’000 0.75

CAR COMPONENTS3’000 NGK Spark Plug 2’304’000 0.49

TOTAL CAR COMPONENTS 2’304’000 0.49

CHEMICALS8’000 Kaneka 5’080’000 1.088’000 Kuraray 5’888’000 1.259’000 Sumitomo Bakelite 4’410’000 0.936’500 Takeda Chemical 32’240’000 6.83

19’000 Teijin 5’396’000 1.14TOTAL CHEMICALS 53’014’000 11.23

CONSUMER GOODS1’000 Canon 4’470’000 0.95

13’000 Fujitsu 4’407’000 0.931’000 Kao 2’605’000 0.55

500 Otsuka Kagu 935’000 0.2010’000 Ricoh 19’470’000 4.12

1’800 World 4’104’000 0.87TOTAL CONSUMER GOODS 35’991’000 7.62

ELECTROTECHNICAL, ELECTRONICS4’000 Furukawa Electric 996’000 0.212’800 Hakuto Co 3’175’200 0.67

600 Hirose Electric 5’436’000 1.1513’000 Hitachi 5’915’000 1.2511’000 Matsushita Electric 12’870’000 2.73

2’200 Murata 10’472’000 2.22800 Nichicon Corporation 1’098’400 0.23

5’000 Omron 8’810’000 1.871’200 Rohm 18’204’000 3.862’500 Sony Corp 12’400’000 2.63

14’000 Sumitomo Electric Industries 10’766’000 2.282’000 Ushio 2’600’000 0.55

TOTAL ELECTROTECHNICAL, ELECTRONICS 92’742’600 19.65

52



ENERGY2’300 Tokyo Electric Power 5’186’500 1.10

TOTAL ENERGY 5’186’500 1.10

FINANCIAL COMPANIES500 Aeon Credit Service 2’155’000 0.46

7’000 Nomura Holdings Inc 9’338’000 1.981’500 Promise 6’345’000 1.34

TOTAL FINANCIAL COMPANIES 17’838’000 3.78

HEALTHCARE AND SERVICE700 Sundrug 2’786’000 0.59

TOTAL HEALTHCARE AND SERVICE 2’786’000 0.59

INDUSTRIAL COMPANIES300 SMC 3’342’000 0.71

1’000 Daikin Industries 1’880’000 0.405’000 Mirai Industry 2’600’000 0.55

TOTAL INDUSTRIAL COMPANIES 7’822’000 1.66

LEISURE AND TOURISME COMPANIES1’000 Heiwa Corp 1’749’000 0.371’100 Sankyo Co 3’250’500 0.69

TOTAL LEISURE AND TOURISME COMPANIES 4’999’500 1.06

INSURANCE COMPANIES11 Millea Holdings 9’394’000 1.99

14’000 Sompo Japan Insurance 9’702’000 2.06TOTAL INSURANCE COMPANIES 19’096’000 4.05

MASSMEDIA440 Nippon Television Network 7’788’000 1.65

TOTAL MASSMEDIA 7’788’000 1.65

MISCELLANEOUS600 Fp Corp 900’000 0.19400 Hokuto 964’000 0.20

1’000 NIFCO 1’290’000 0.27TOTAL MISCELLANEOUS 3’154’000 0.66

MOVIES AND ENTERTAINMENT3’500 TOHO 3’986’500 0.84

TOTAL MOVIES AND ENTERTAINMENT 3’986’500 0.84

PAPER AND FORREST PRODUCTS25 Nippon Unipac Hldg 12’875’000 2.73

6’000 Oji Paper 3’060’000 0.65TOTAL PAPER AND FORREST PRODUCTS 15’935’000 3.38

53



PETROLEUM13’000 Nippon Oil 6’994’000 1.4812’200 Showa Shell Sekiyu 10’052’800 2.13

TOTAL PETROLEUM 17’046’800 3.61

PHARMACEUTICALS AND COSMETICS1’000 Daiichi Pharmaceutical 1’703’000 0.365’400 Yamanouchi Pharmaceutical 18’576’000 3.94

TOTAL PHARMACEUTICALS AND COSMETICS 20’279’000 4.30

PHOTGRAPHIC AND OPTICS2’000 Fuji Photo Film 7’740’000 1.64

TOTAL PHOTGRAPHIC AND OPTICS 7’740’000 1.64

PUBLISHING AND PRINTING6’000 Toppan Printing 5’358’000 1.14

TOTAL PUBLISHING AND PRINTING 5’358’000 1.14

ROAD VEHICLES1’200 Honda Motor 5’268’000 1.12

600 Mabuchi Motor 6’552’000 1.399’900 Toyota Motor 31’581’000 6.69

TOTAL ROAD VEHICLES 43’401’000 9.20

RUBBER AND TIRES8’000 Bridgestone 11’760’000 2.49

TOTAL RUBBER AND TIRES 11’760’000 2.49

TELECOMMUNICATIONS32 Nippon Telegraph & Telephone 13’792’000 2.9234 NTT DoCoMo 7’446’000 1.58

TOTAL TELECOMMUNICATIONS 21’238’000 4.50

TRADING COMPANIES1’000 Misumi 3’650’000 0.77

33’000 Mitsui & Co 18’282’000 3.87TOTAL TRADING COMPANIES 21’932’000 4.64

TRANSPORTES AND CARRIES34 East Japan Railway 20’026’000 4.24

2 West Japan Railway 842’000 0.18TOTAL TRANSPORTES AND CARRIES 20’868’000 4.42

TOTAL SHARES 447’004’900 94.71


54



B) OTHER SECURITIES

INVESTMENT FUNDS

LUXEMBOURG358’000 SISF Japanese Smaller Fund 16’657’740 3.53

TOTAL LUXEMBOURG 16’657’740 3.53


TOTAL PORTFOLIO 463’662’640 98.24(PORTFOLIO AT COST JPY: 594’972’867)


55

SEB Lux Fund - Japan EquitySTATEMENT OF NET ASSETS


ASSETS JPY(000)

Portfolio at Cost 594’973


Portfolio at Market Value (Note 2) 463’663


Other Assets 300

Total Assets 472’102

Total Liabilities 62

TOTAL NET ASSETS 472’040

SEB Lux Fund - Japan EquitySTATEMENT OF OPERATIONS


INCOME JPY(000)

Dividends 4’892


EXPENSES

Bank interest 60


Taxe d'abonnement (Note 4) 293




56

SEB Lux Fund - Japan EquitySTATEMENT OF CHANGES IN NET ASSETS


JPY(000)

NET ASSETS AT THE BEGINNING OF THE YEAR 732’763


Net Realised Loss on:Sales of Securities (47’004)Exchange (562)

Net Realised Loss (52’442)


Securities (59’213)

Decrease in Net Assets as a Result of Operations (111’655)

Proceeds on Issue of B Units 152’517

Payment on Redemptions of B Units (301’585)

Dividends paid 0

TOTAL NET ASSETS AT THE END OF THE YEAR 472’040

SEB Lux Fund - Japan EquitySTATISTICAL INFORMATION



B Units9’463’509.672

Total Net Assets JPY(000)

At December 31, 2002 472’040At December 31, 2001 732’763At December 31, 2000 1’339’771

Net Asset Value per B Unit JPYAt December 31, 2002 49.8800At December 31, 2001 59.7518At December 31, 2000 73.3104


57


58



SEB Lux Fund - Asia Equity

1. Sub-Fund's performanceThe Sub-Fund's capital amounted to USD 8.9 million at end-2002, compared with USD 11.5 million at the start of the year. The Sub-Fund outperformed the benchmark index by 0.8 per cent through the year. The Sub-Fund's net asset value fell by 25.3 per cent if expressed in SEK, whereas the benchmark index declined by 26.1 per cent. The reason for this is that the choice of equity offset the negative effect of the Sub-Fund's asset allocation. Despite overweighted holdings in Indonesia and South Korea (which followed the most favourable trends after Thailand) and underweighted holdings in the Philippines and Taiwan (the markets with the poorest performance), the Sub-Fund's underweighting in Thailand contributed negatively to the Sub-Fund's performance, as this market recorded the greatest rise. In terms of the share spread, Hong Kong contributed positively. A sharp rise in certain consumer goods and energy shares had a greater impact than the negative effect of the Sub-Fund's overweighting in property management. Malaysia also helped to improve the performance. Developments in certain finance companies and defensive holdings outperformed the Sub-Fund's benchmark index. Holdings in Thailand also made a positive contribution as the holding of energy shares rose in line with oil prices. These factors all helped to soften the impact of the poor choice of shares in Taiwan's technology sector that performed badly as a result of the uncertainty surrounding the outlook for the technology sector. The Swedish krona firmed against currencies in the region in 2002, which resulted in a decline in the Sub-Fund's return measured in SEK.

2. Changes in the periodIn terms of country distribution, the Sub-Fund's investments in Hong Kong, Singapore and Taiwan were reduced. And in terms of sector, the Sub-Fund's holdings in the technology sector were reduced following the sharp upturn in the first quarter. There were gains on some technology shares through the year and the Sub-Funds were reinvested in quality shares with attractive credit ratings in the consumer goods and banking sectors primarily in Hong Kong, South Korea and Malaysia. These investments helped to maintain the Sub-Fund's cyclical position. We also reduced the Sub-Fund's property holding in Hong Kong as the trend in the property market continues to be weak and the sector is threatened by oversupply.We increased the Sub-Fund's holdings in metal shares in Taiwan and South Korea and in energy shares in China.The Sub-Fund is currently overweighted in Singapore and South Korea and underweighted in the other markets. The Sub-Fund has no equity in the Philippines. In terms of sector distribution, the Sub-Fund is overweighted in the energy and food and consumer goods sectors and underweighted in the metal and property sectors.

3. GeneralThe Sub-Fund is permitted to use in options, forward contracts and similar financial instruments, but did not use this possibility in 2002.


59


60

SEB Lux Fund - Asia EquitySCHEDULE OF INVESTMENTS



SHARES


CHINA120’000 China Merchant 83’863 0.94115’500 China Mobile 274’739 3.07

93’000 CNOOC 121’044 1.3578’000 Cosco Pacific 64’013 0.72

338’000 Denway Motors 113’773 1.271’072’000 Petrochina 213’069 2.38

210’000 Zhejiang Expressway 80’786 0.90TOTAL CHINA 951’287 10.63

HONG KONG38’000 Cathay Pacific Airways 51’895 0.5823’000 Cheung Kong 149’678 1.67

184’000 China Oilfield Services 44’830 0.5051’900 CLP Holdings 208’974 2.3428’000 Dah Sing Financial 141’824 1.5966’000 Esprit Holding 111’292 1.2412’500 Hang Seng Bank 133’040 1.4928’000 HK Exchange and Clearing 35’187 0.3954’100 Hong Kong & China Gas 70’067 0.7810’800 HSBC Holding 118’063 1.3222’000 Hutchinson Whampoa 137’669 1.5462’500 Johnson Electric 68’524 0.77

132’000 Li & Fung 125’256 1.4023’000 Sun Hung Kai Properties 136’259 1.5222’000 Swire Pacific A 84’069 0.9427’000 Television Broadcast 85’171 0.9526’000 Yue Yuen Industrial 84’351 0.94

TOTAL HONG KONG 1’786’147 19.96

INDONESIA521’000 Telekomunikasi Indonesia 224’254 2.51

TOTAL INDONESIA 224’254 2.51

KOREA1’730 Hite Brewery 71’615 0.805’550 Honam Petrochem 101’539 1.142’570 Hyundai Mobis 47’236 0.532’530 Hyundai Motor 59’192 0.66

10’385 Kookmin Bank 367’735 4.1116’990 Koram Bank 106’000 1.19

9’790 Korea Exchange Bank 31’448 0.351’600 Korea Telecom 68’392 0.763’300 KT Corp ADR 71’115 0.802’200 POSCO 218’869 2.45

61



3’030 Samsung Electronics 802’142 8.971’860 Samsung Fire and Marine 101’617 1.14

12’220 Seoul Securities 43’683 0.49490 Shinsegae Company 61’761 0.69

1’530 SK Telecom 295’397 3.303’530 Sk Telecom Co Ltd ADR 75’366 0.84

TOTAL KOREA 2’523’106 28.22

MALAYSIA37’000 Genting 130’474 1.4637’000 Maxis Communication 52’579 0.5959’000 New Straits Times Press 64’279 0.7260’000 Malaysian Airline System 56’211 0.6391’000 Hong Leong Bank 107’763 1.21

128’375 Public Bank (F) 87’836 0.98TOTAL MALAYSIA 499’142 5.59

SINGAPORE1’553 Haw Par 2’919 0.03

23’000 Development Bank of Singapore 145’863 1.6323’000 Keppel Corp 49’063 0.5525’000 Sembcorp Industries warrants 73 0.0031’000 Venture Corp 248’429 2.7832’000 Singapore Airlines 188’181 2.1043’000 United Overseas Bank 292’534 3.2749’000 Singapore Exchange 34’748 0.39

114’000 Sembcorp Industries 51’594 0.58205’000 Singapore Telecom 146’555 1.64221’000 Chartered Semiconductors 90’464 1.01

TOTAL SINGAPORE 1’250’423 13.98

TAIWAN126’050 Advanced Semiconductor Engineering 73’955 0.83

37’830 Ambit Microsystem 122’945 1.3823’000 Faraday Technology 50’273 0.56

182’360 Formosa Chemicals & Fibre 193’007 2.1632’140 Hon Hai Precision Industry 110’923 1.2416’100 Quanta Computer 26’393 0.30

153’000 Siliconware Precision 74’366 0.8352’250 Sunplus Technology 97’678 1.09

246’962 Taiwan Semiconductor 302’576 3.38332’434 United Microelectronics Corp 201’736 2.26

TOTAL TAIWAN 1’253’851 14.03

THAILAND18’947 Telecomasia Rights Issue 31.03.08 2 0.0088’800 Thai Farmers 61’810 0.69

TOTAL THAILAND 61’812 0.69

62



UNITED STATES1’070 Sindoh Ricoh Company 59’089 0.66

129’960 Star Cruises (HKD) 36’662 0.41TOTAL UNITED STATES 95’751 1.07

TOTAL SHARES 8’645’774 96.68

TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE 8’645’774 96.68



63

SEB Lux Fund - Asia EquitySTATEMENT OF NET ASSETS


ASSETS USD









SEB Lux Fund - Asia EquitySTATEMENT OF OPERATIONS


INCOME USD

Dividends 214’552



EXPENSES






64

SEB Lux Fund - Asia EquitySTATEMENT OF CHANGES IN NET ASSETS


USD



Net Realised Losses on:Sales of Securities (53’537)Exchange (25’898)

Net Realised Loss (63’543)








SEB Lux Fund - Asia EquitySTATISTICAL INFORMATION



B Units 17’557’982.015



Dividend PaidOn February 06, 2002 0.0020On January 24, 2001 NILOn January 25, 2000 NIL

65


66



SEB Lux Fund - Medical

1. The Sub-Fund’s performance Sub-Fund capital started the year on USD 181.9 million and ended on USD 119.7 million. This fall is largely attributable to the reduction in the value of the shares during the year. The Sub-Fund had a negative return of 35.8 percent if expressed in SEK, which was 0.5 percent more than its comparison index, which fell to 35.3 percent. Despite the fact that the Sub-Fund’s return was positively affected by the selection of shares in the biotechnology and medical service sectors, the return was negative against the index on account of the selection of shares in pharmaceutical companies.

The performance of the US dollar did not affect the Sub-Fund’s return in comparison with its index, but the absolute return was negatively affected.

2. Changes during the periodIn recent times we have seen some positive trends, such as the approval of new products. This has made us more positive to the large pharmaceutical companies. We still prefer shares where growth comes from products that are already on the market and which have limited exposure to patent expiry.

Pharmaceutical companies in the USA and Europe have roughly the same valuations, while the Japanese pharmaceutical companies appear a little less attractive. The Japanese pharmaceuticals market has a lower growth rate than the equivalent US and European markets and the Japanese pharmaceutical companies are much more dependent on their domestic market than are their more international US and European rivals.

We reduced our holdings in medical service a little, after the high exposure in this sector during the year. We are still biding our time with regard to the biotechnology sector and prefer companies with products that are already on the market or are in the final research phase. These companies have a lower profit growth than small companies, but are more predictable.

At the start of the year we invested in unlisted companies on the Sub-Fund’s behalf, such as the Swedish biotechnology company Personal Chemistry and the US medical technology company Vertis Neuroscience. A new addition to the Sub-Fund is the US manufacturer of generic pharmaceuticals, Mylan Laboratories. The medical technology company Mettler Toledo and biotechnology company Human Genome Sciences were sold.

3. OtherThe Sub-Fund traded in options with Pfizer during the year.



67

SEB Lux Fund - MedicalSCHEDULE OF INVESTMENTS



(a) SHARES


USD %BIO TECHNOLOGY

126’484 Amgen 6’114’237 5.1112’480 Anthem 784’992 0.6633’575 Biacore Intl 709’008 0.5927’910 Cephalon 1’358’324 1.1323’900 Cerus Corp 513’850 0.4336’010 Chiron Corp 1’353’976 1.13

357’106 Conpharm B 81’558 0.0745’600 Genentech 1’512’096 1.2650’400 Genzyme Corp 1’490’328 1.2459’790 Gilead Sciences 2’032’860 1.7033’120 IDEC Pharmaceuticals 1’098’590 0.9236’000 Invitrogen 1’126’440 0.9475’600 Medimmune 2’054’052 1.7231’500 Perbio Science 357’901 0.30

128’973 Personal Chemistry i Uppsala 592’074 0.49176’500 Reneuron 24’863 0.02150’000 Vertis Neuroscience 600’000 0.50

TOTAL BIO TECHNOLOGY 21’805’150 18.21

MAJOR PHARMA92’100 AstraZeneca 3’234’435 2.7057’660 Aventis 3’134’335 2.62

103’670 Bristol Myers Squibb 2’399’961 2.0018’100 Eisai 406’479 0.3458’210 Eli Lilly 3’696’335 3.0947’000 Fujisawa Pharmaceutical 1’075’302 0.90

272’290 GlaxoSmithkline 5’225’247 4.36148’090 Merck 8’383’375 7.00162’900 Novartis Reg 5’943’665 4.96159’070 Pfizer 4’862’770 4.06269’570 Pharmacia Corporation 11’268’026 9.41

48’350 Roche Holding Gs 3’369’149 2.8138’290 Sanofi-Synthelabo 2’340’574 1.9622’800 Schering 991’746 0.8368’500 Takeda Chemical 2’863’090 2.3921’600 Teva Pharmaceuticals ADR 833’976 0.7071’500 Wyeth 2’674’100 2.2316’500 Actelion 727’924 0.6125’500 Mylan Lab 889’950 0.74

TOTAL MAJOR PHARMA 64’320’438 53.71

68

SEB Lux Fund - MedicalSCHEDULE OF INVESTMENTS


MEDICAL TECHNOLOGY86’450 Abbott Laboratories 3’458’000 2.89

115’600 Baxter Intl 3’236’800 2.7025’430 Cardinal Health 1’505’202 1.26

161’000 Elekta B 1’626’020 1.3620’000 Fresenius Medical 828’186 0.69

127’380 Johnson & Johnson 6’841’580 5.7134’210 Medtronic 1’559’976 1.3012’700 Nobel Biocare Holding AG 816’540 0.68

152’450 Protein Design Labs 1’295’825 1.0859’700 Enzon 998’184 0.83

TOTAL MEDICAL TECHNOLOGY 22’166’313 18.50

MEDICAL SERVICES46’560 Affymetrix 1’065’758 0.8933’690 Boston Scientific Corp 1’432’499 1.2024’000 Guidant 740’400 0.6245’510 HCA Inc 1’888’665 1.5821’500 McKesson HBOC 581’145 0.4928’460 Tenet Healthcare 466’744 0.3925’204 UnitedHealth Group 2’104’534 1.7620’900 Novo-Nordisk B 603’816 0.50

TOTAL MEDICAL SERVICES 8’883’561 7.43

TOTAL SHARES 117’175’462 97.85

(b) OPTIONS

MAJOR PHARMA38’900 PFIZER_ Option 3 jun 32,5 70’020 0.06

TOTAL MAJOR PHARMA 70’020 0.06

TOTAL OPTIONS 70’020 0.06


C) OTHER SECURITIES

BIO TECHNOLOGY190’600 Vitrolife B 238’433 0.20

TOTAL BIO TECHNOLOGY 238’433 0.20

TOTAL OTHER SECURITIES 238’433 0.20



69

SEB Lux Fund - MedicalSTATEMENT OF NET ASSETS


ASSETS USD









SEB Lux Fund - MedicalSTATEMENT OF OPERATIONS


INCOME USD




EXPENSES






70

SEB Lux Fund – MedicalSTATEMENT OF CHANGES IN NET ASSETS


USD



Net Realised Gain (Loss) on:Sales of Securities (18’364’331)Exchange 28’927Futures (53’920)







Dividends paid 0


SEB Lux Fund - MedicalSTATISTICAL INFORMATION


Number of Units Outstanding at December 31, 2002 B Units 48’458’339.630





71



SEB Lux Fund-Technology

1. The Sub-Fund’s performance The Sub-Fund started the year with a total capital of USD 92.1 million, which had fallen to USD 38.2 million at the end of the year. The net asset value fell by 49.7 percent if expressed in SEK, while the Sub-Fund’s comparison index decreased by 48.2 percent. The deviation from index was quite small during the period and is largely due to the fact that the biggest index shares performed relatively well. In a weak market it was difficult to find alternatives to the big and more stable index shares, as the Sub-Fund also had to take into consideration the 40-percent rule. In the second half of the year, for example, the Sub-Fund lost 0.8 percent in relative return on Microsoft alone, which had a weighting of almost 20 percent of index, while the Sub-Fund maximum may have 10 percent.

Examples of shares that contributed positively in the second half of the year were BEA Systems, Amazon.com, Oracle and Hewlett Packard. Negative contributions to the Sub-Fund’s return came mainly from semiconductor companies.

The net asset value was affected negatively during the year by approx. 12 percent, on account of the falling dollar rate.

2. Changes during the periodThe first big change to the Sub-Fund’s structure was a relatively large increase in the weighting in traditional computer companies at the expense of other sectors. Computer companies have increased their weighting from 16 to 26 percent through the Sub-Fund’s investments in Hewlett Packard and EMC (data warehousing) and the increased holding in IBM and Dell.

Towards the end of the year, we sold all Internet-related shares, such as Amazon.com and Yahoo, because of sharp price rises and high expectations relating to Christmas trading. We also sold all the shares in AOL Time Warner and Sony.

3. OtherAt mid-year the Sub-Fund changed its comparison index to the Financial Times Information Technology Index, in order to have a globally uniform index that better reflects the global electronics industry, with Taiwan, Korea, Singapore and Hong Kong among the investment areas.

The Sub-Fund has a permit to trade in options, futures contracts and similar financial instruments, but did not exercise this facility during the period.



72

SEB Lux Fund-TechnologySCHEDULE OF INVESTMENTS



SHARES

NUMBER DESCRIPTION MARKET VALUE NAV USD %

DATA INDUSTRY-HARDWARE

58’250 Applied Materials 758’998 1.9913’700 Canon 516’049 1.3566’760 Dell Computer 1’785’162 4.67

197’940 EMC Corp/Mass 1’215’352 3.18114’206 Hewlett-Packard 1’982’616 5.19

41’022 IBM 3’179’205 8.32114’000 Quanta Computer 186’885 0.49

14’900 Zoran Corp 209’643 0.55TOTAL DATA INDUSTRY-HARDWARE 9’833’910 25.74

DATA INDUSTRY-SOFTWARE & SERVICES

21’900 Activision 319’521 0.8419’696 Adobe Systems 488’480 1.2858’220 Bea Systems 667’783 1.7514’050 Dassault Systemes 302’843 0.7914’400 Electronic Data Systems 265’392 0.6965’200 Microsoft 3’370’840 8.83

7’370 Novellus System Inc 206’950 0.54177’802 Oracle 1’920’262 5.03

28’750 Peoplesoft 526’125 1.38435’000 Protegrity 87’000 0.23

94’900 Sanmina-SCI 426’101 1.1211’651 SAP ord 923’350 2.4237’250 STMicroelectronics 730’204 1.9135’060 Veritas Software Corp 547’637 1.43

TOTAL DATA INDUSTRY-SOFTWARE & SERVICES 10’782’488 28.24

ELECTRONIC COMPONENTS & INSTRUMENTS

10’946 Analog Devices 261’281 0.68464’500 ARM Holdings 358’943 0.94

22’540 ASML Hldg N.V. 188’282 0.4980’000 Asustek Computer 140’351 0.37

258’000 Compal Electronics 267’127 0.70145’820 Intel 2’270’417 5.94

13’370 Maxim Integrated Products 441’745 1.169’190 Microchip Technology 224’696 0.597’300 Murata 292’814 0.776’600 Nidec 411’565 1.08

43’610 Nvidia 501’951 1.315’100 Rohm 651’956 1.711’500 Samsung Electronics 397’100 1.04

510’000 Taiwan Semiconductor 624’848 1.6448’580 Texas Instruments 729’186 1.90

561’200 United Microelectronics Corp 340’561 0.89

73

TOTAL ELECTRONIC COMPONENTS & INSTRUMENTS 8’102’823 21.21

74

SEB Lux Fund-TechnologySCHEDULE OF INVESTMENTS


GENERAL TECHNOLOGY

21’670 Business Objects ADR 325’050 0.85181’650 Cisco Systems 2’379’615 6.23

34’000 Concord Efs 535’160 1.4045’210 Extreme Networks 147’837 0.3923’020 First Data 815’138 2.1322’290 Jabil Circuit 399’437 1.05

155’500 JDS Uniphase 384’085 1.015’450 KLA-Tencor Corp 192’767 0.50

113’130 Nokia 1’798’587 4.719’680 Qualcomm 352’255 0.929’400 Tokyo Electron 425’368 1.11

TOTAL GERNERAL TECHNOLOGY 7’755’299 20.30

TELECOMMUNICATIONS

400’000 Ericsson B 280’032 0.7369’200 Motorola 598’580 1.57

TOTAL TELECOMMUNICATIONS 878’612 2.30

TOTAL SHARES 37’353’131 97.79




75

SEB Lux Fund - TechnologySTATEMENT OF NET ASSETS


ASSETS USD









SEB Lux Fund - TechnologySTATEMENT OF OPERATIONS


INCOME USD

Dividends 148’021



EXPENSES






76

SEB Lux Fund - TechnologySTATEMENT OF CHANGES IN NET ASSETS


USD



Net Realised Gain (Loss) on:Sales of Securities (28’880’391)Exchange 4’465







Dividends paid 0


SEB Lux Fund - TechnologySTATISTICAL INFORMATION







77



SEB Lux Fund - Ethical Global

1. The Sub-Fund’s performance Sub-Fund capital fell from USD 4.4 million to USD 2.9 million during the year. The net asset value fell by 37.8 percent if expressed in SEK, while the Sub-Fund’s comparison index fell by 36.0 percent.

The fact that the Sub-Fund performed worse than index is due to the selection of shares rather than sector. The largest negative contribution came from the manufacturing companies Tyco and ABB and the consumer companies Ahold and Home Depot. The investments in Nokia and Ericsson provided the biggest positive contribution to it’s development. The weakened dollar had a negative effect on the Sub-Fund’s return in SEK.

2. Changes during the periodIn the early part of the year we increased the proportion of cyclically sensitive companies in the portfolio, but in pace with ever weakening economic statistics, we gradually returned to a more balanced weighting between cyclic and defensive sectors. We also reduced the exposure in banks and insurance to underweight, compared with index. This was achieved by selling ABN Amro Holding and BBVA.

In view of the political unease in the Middle East and our opinion that the energy sector’s favourable conditions would continue in the uncertain share climate, we increased the Sub-Fund’s proportion of oil companies to an overweight through the purchase of Transocean and BP.

3. OtherWe set ethical restrictions on the Sub-Fund’s investment approach in December. The Sub-Fund now invests in accordance with GES (Global Ethical Standard), whereby companies are identified from a selection of international standards covering human rights, work, environment, arms and corruption. In addition, the Sub-Fund does not invest in companies whose main business is arms, alcohol, tobacco and pornography.

The Sub-Fund has not exercised its facility to trade in options and futures contracts.



78

SEB Lux Fund - Ethical GlobalSCHEDULE OF INVESTMENTS



(a) SHARES


AUSTRALIA

930 Australian Stock Exchange 5’975 0.202’120 BHP Billiton 12’117 0.41

TOTAL AUSTRALIA 18’092 0.61

CHINA

6’000 CNOOC 7’809 0.2712’000 Cosco Pacific 9’848 0.34

6’500 CLP Holdings 26’172 0.89TOTAL CHINA 43’829 1.50

FINLAND

1’749 Nokia 27’806 0.953’100 Stora Enso R 32’694 1.11

TOTAL FINLAND 60’500 2.06

FRANCE

900 Aventis 48’923 1.67375 Carrefour 16’697 0.57219 Sanofi-Synthelabo 13’387 0.46667 Schneider Electronics 31’561 1.08624 Société Générale 36’343 1.24460 STMicroelectronics 9’017 0.31586 Suez 10’171 0.35

TOTAL FRANCE 166’099 5.68

GERMANY

166 Allianz Holding Reg 15’791 0.54801 Daimler-Chrysler 24’671 0.84760 Deutsche Telekom Ag Reg 9’770 0.33684 E.ON 27’599 0.9470 Muenchener Rueckversicherung Reg 8’374 0.29

243 SAP ord 19’258 0.66TOTAL GERMANY 105’463 3.60

JAPAN

6 East Japan Railway 29’780 1.011’000 Fuji Photo Film 32’612 1.112’000 Hitachi 7’668 0.263’000 Mitsui & Co 14’005 0.48

200 Murata 8’022 0.272 Nippon Telegraph & Telephone 7’264 0.25

79

2 Nippon Unipac Hldg 8’680 0.30100 Rohm 12’783 0.44

80

SEB Lux Fund - Ethical GlobalSCHEDULE OF INVESTMENTS


1’000 Showa Shell Sekiyu 6’944 0.243’000 Sompo Japan Insurance 17’519 0.601’000 Sony Corp 41’797 1.422’000 Sumitomo Electric Industries 12’960 0.44

400 Takeda Chemical 16’719 0.57500 Toyota Motor 13’441 0.46400 Yamanouchi Pharmaceutical 11’595 0.40

TOTAL JAPAN 241’790 8.25

NETHERLANDS

1.862 Ahold Koninklijke 23.643 0.811.748 Intl Nederlanden Groep 29.606 1.01

TOTAL NETHERLANDS 53.250 1.82

NORWAY1’193 Tomra Systems 7.766 0.26

TOTAL NORWAY 7.766 0.26

SPAIN3’360 Banco Santander Central Hispano 23’060 0.79

TOTAL SPAIN 23.060 0.79SWEDEN

11’920 Ericsson B 8’345 0.28950 FöreningsSparbanken 11’230 0.38810 Hennes & Mauritz B 15’618 0.53

5’600 Skandia 14’911 0.51TOTAL SWEDEN 50’103 1.70

SWITZERLAND

1’041 CS Group Reg 22’586 0.771’217 Novartis Reg 44’404 1.51

413 Zurich Financial Services 38’531 1.31TOTAL SWITZERLAND 105’522 3.59

UNITED KINGDOM

416 Astrazeneca 14’868 0.516’930 Barclays 42’953 1.46

11’940 British Petroleum 82’079 2.804’590 Compass Group 24’385 0.831’200 FTSE Global Banks LDRS 45’259 1.541’760 GlaxoSmithkline 33’774 1.152’660 HSBC Holding) 29’398 1.004’060 Lloyds Tsb 29’151 0.992’050 Pearson 18’960 0.651’520 Royal Bank of Scotland 36’412 1.24

822 Severn Trent 9’184 0.316’610 Shell Transport & Trading 43’523 1.48

26’300 Vodafone Group 47’950 1.63

81

2’400 WPP Group 18’334 0.62TOTAL UNITED KINGDOM 476’231 16.21

82

SEB Lux Fund - Ethical GlobalSCHEDULE OF INVESTMENTS AS AT


UNITED STATES

282 3M 34’771 1.181’281 Alcoa 29’181 0.99

329 American Express 11’630 0.40788 American Intl Group 45’586 1.55504 Amgen 24’363 0.83499 Anadarko Petroleum 23’902 0.81

1’110 Aol Time Warner 14’541 0.50920 Bank of America 64’004 2.18982 Bank of New York 23’529 0.80475 Bristol Myers Squibb 10’996 0.37192 Cardinal Health 11’364 0.39

2’219 Cisco Systems 29’069 0.992’188 Citigroup 76’996 2.62

289 Colgate-Palmolive 15’152 0.52553 ConocoPhillips 26’760 0.91730 Costco Wholesale 20’484 0.70625 Dell Computer 16’713 0.57

1’165 Dow Chemical 34’601 1.18862 Duke Energy 16’843 0.57290 Fannie Mae 18’656 0.64

2’670 General Electric 65’015 2.221’500 Hewlett-Packard 26’040 0.891’048 Home Depot 25’110 0.86

491 IBM 38’053 1.30931 Ingersoll Rand 40’089 1.37

1’903 Intel 29’630 1.01886 Johnson & Johnson 47’587 1.62389 Kimberly-Clark 18’466 0.63

1’100 Mattel Inc 21’065 0.72539 Merck 30’513 1.04739 Metlife 19’983 0.68

1’887 Microsoft 97’558 3.321’510 Oracle 16’308 0.56

995 Pepsico 42’009 1.432’878 Pfizer 87’980 3.00

716 Procter & Gamble 61’533 2.102’079 SBC Communications 56’362 1.92

529 Texas Instruments 7’940 0.27252 The McGraw-Hill Companies 15’231 0.52766 Transocean Sedco Forex 17’771 0.61222 UnitedHealth Group 18’537 0.63

1’536 Verizon Communications Inc 59’520 2.03484 Viacom Class B 19’728 0.67862 Washington Mutual 29’765 1.01324 Wyeth 12’118 0.41

TOTAL UNITED STATES 1’453’049 49.52

TOTAL SHARES 2’804’755 95.59

83

SEB Lux Fund - Ethical GlobalSCHEDULE OF INVESTMENTS AS AT


(b) INVESTMENT TRUSTS

INVESTMENT TRUSTS798 Ishares DJ US Healthcare 38’727 1.32

TOTAL UNITED STATES 38’727 1.32

TOTAL INVESTMENT TRUSTS 38’727 1.32

TOTAL TRANSFERABLE SECURITIES ADMITTED TOTOTAL INVESTMENT TRUSTS 2’843’482 96.91



84

SEB Lux Fund - Ethical GlobalSTATEMENT OF NET ASSETS


ASSETS USD







Total Liabilities 385


SEB Lux Fund - Ethical GlobalSTATEMENT OF OPERATIONS


INCOME USD

Dividends 54’414



EXPENSES






85

SEB Lux Fund - Ethical GlobalSTATEMENT OF CHANGES IN NET ASSETS


USD



Net Realised Gain (Loss) on:Sales of Securities (1’084’274)Exchange 12’356



Securities 20’568


Proceeds on Issue of B Units 457’399

Payment on Redemptions of B Units (857’849)

Dividends paid 0


SEB Lux Fund - Ethical GlobalSTATISTICAL INFORMATION







86



SEB Lux Fund - Swedish Medium Term

1. The Sub-Fund’s performance Sub-Fund capital amounted to SEK 334 million at 31 December 2002, compared with SEK 301.7 million at 31 December 2001.

The Sub-Fund’s net asset value increased by 5.2 percent, while its comparison index increased by 6.4 percent.

2. Changes during the periodIn the first half of 2002 the Sub-Fund had a shorter average maturity period than its comparison index. Our analysis on higher inflation, upwardly revised growth forecasts and signs of a healthier economy was correct and in spring the Swedish Central Bank increased the repo rate by 0.5 percent, from 3.75 percent to 4.25 percent.

However, in spring the Sub-Fund was negative against index, as a result of the widespread market unease that sent market rates falling. However, taken as a whole, the Sub-Fund had a positive return in comparison with its reference index in the first half-year.

In the second half of the year, the Sub-Fund’s average maturity was again a little shorter than its comparison index, as market rates had fallen considerably below our equilibrium rate. It was our opinion that the rate of inflation above the inflation target and stable public finances would result in the Swedish Central Bank keeping the repo rate unchanged at 4.25 percent. In the fourth quarter the world’s central banks began to discuss further lowering of interest rates. This resulted in a steeper yield curve, which had a positive effect on the Sub-Fund.At the end of the quarter the risk of a war between the USA and Iraq increased, with new worries that this would halt the economic recovery, which caused interest rates to fall again. The Sub-Fund was negatively affected by this during the second half-year.

3. OtherThe Sub-Fund has traded in futures contracts on a small scale. At the end of the period the Sub-Fund had a shorter maturity than its comparison index.



87

SEB Lux Fund - Swedish Medium TermSCHEDULE OF INVESTMENTS



(b) BONDS

NOMINAL VALUE


MATURITYDATE

MARKET VALUE

NAV%

% SEKBANKS

7’000’000 Nordea Hypotek 5512 6.00 030618 7’063’840 2.113’500’000 Nordea Hypotek 5514 5.25 040616 3’564’400 1.075’000’000 Nordea Hypotek 5515 5.75 050921 5’194’450 1.569’000’000 Nordea Hypotek 5516 5.00 060621 9’184’500 2.754’000’000 Nordea Hypotek 5517 6.00 070919 4’241’160 1.27

14’000’000 SBAB 117 5.50 031015 14’173’600 4.244’000’000 SBAB 119 5.50 060315 4’142’520 1.242’000’000 SEB Bolån 556 6.00 030618 2’018’240 0.607’000’000 SEB Bolån 557 5.25 040616 7’128’800 2.13

13’000’000 SEB Bolån 558 6.00 050615 13’544’700 4.0612’000’000 Spintab 161 7.50 040615 12’590’760 3.77

2’000’000 Spintab 170 5.75 050615 2’073’860 0.6211’000’000 Spintab 171 5 060621 11’232’540 3.36

1’000’000 Stadshypotek 1558 5.75 030319 1’003’540 0.307’000’000 Stadshypotek 1559 5.00 031217 7’074’970 2.125’000’000 Stadshypotek 1562 3.50 040915 4’963’600 1.499’000’000 Stadshypotek 1563 6.00 050615 9’383’490 2.817’000’000 Stadshypotek 1564 6.00 060315 7’353’710 2.20

TOTAL BANKS 125’932’680 37.70

GOVERNMENT BONDS1’800’000 Sweden 1035 6.00 050209 1’879’218 0.564’800’000 Sweden 1037 8.00 070815 5’560’800 1.66

12’250’000 Sweden 1040 6.50 080505 13’551’440 4.066’000’000 Sweden 1041 6.75 140505 6’988’020 2.09

13’000’000 Sweden 1042 5.00 040115 13’175’370 3.945’500’000 Sweden 1043 5.00 090128 5’679’190 1.70

10’500’000 Sweden 1044 3.50 060420 10’360’245 3.101’500’000 Sweden 1045 5.25 110315 1’562’970 0.477’500’000 Sweden 1046 5.50 121008 7’953’150 2.38

TOTAL GOVERNMENT BONDS 66’710’403 19.96

INDUSTRIALS

5’000’000 Sandvik 103 5.70 070125 5’136’150 1.544’000’000 Skanska 133 4.5 030212 4’000’800 1.207’000’000 Fortum Power 117 FF FRN 030225 7’002’030 2.10

TOTAL INDUSTRIALS 16’138’980 4.84

TOTAL BONDS 208’782’063 62.50

88

SEB Lux Fund - Swedish Medium TermSCHEDULE OF INVESTMENTS


B) SECURITIES DEALT IN ON ANOTHER REGULATED MARKET

NOMINAL VALUE


MATURITYDATE

MARKET VALUE

NAV%

% SEKSWEDISH TREASURY BILLS

21’000’000 Sweden Treasury Bill 0.00 030115 20’889’162 6.2860’500’000 Sweden Treasury Bill 0.00 030319 59’745’601 17.9810’000’000 Sweden Treasury Bill 0.00 030618 9’525’273 2.9510’000’000 Sweden Treasury Bill 0.00 030917 9’508’399 2.92

TOTAL SWEDISH TREASURY BILLS 99’668’435 29.84

TOTAL SECURITIES DEALT IN ONANOTHER REGULATED MARKET 99’668’435 29.84

C) OTHER SECURITIES

NOMINAL VALUE


MATURITYDATE

MARKET VALUE

NAV%

% SEKDEBT CERTIFICATES

8’000’000 FC VOLVO 0.00 30122 7’816’968 2.34TOTAL DEBT CERTIFICATES 7’816’967 2.34


TOTAL PORTFOLIO 316’267’465 94.68(PORTFOLIO AT COST SEK: 313’454’975)


89

SEB Lux Fund - Swedish Medium TermSTATEMENT OF NET ASSETS


ASSETS SEK


Unrealised Appreciation 2’812’491







SEB Lux Fund - Swedish Medium TermSTATEMENT OF OPERATIONS


INCOME SEK




EXPENSES






90

SEB Lux Fund - Swedish Medium TermSTATEMENT OF CHANGES IN NET ASSETS


SEK




Net Realised Profit 10’489’965


Securities 4’173’850Futures (57’021)

Increase in Net Assets as a Result of Operations 14’606’794





SEB Lux Fund - Swedish Medium TermSTATISTICAL INFORMATION



Total Net Assets SEKAt December 31, 2002 334’017’004At December 31, 2001 301’702’080At December 31, 2000 196’686’251


Dividend PaidOn May 15, 2002 0.1640On February 06, 2002 0.4090On January 24, 2001 0.4550On May 15, 2000 0.2000


91

SEB Lux FundCONSOLIDATED STATEMENT OF NET ASSETS


ASSETS USD







Total Liabilities 1’432’027


SEB Lux FundCONSOLIDATED STATEMENT OF OPERATIONS


INCOME USD





EXPENSES

Bank interest 506






92

SEB Lux FundCONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS


USD



Net Realised Gain (Loss) on:Sales of Securities (133’784’954)Exchange 751’507Futures (2’878’561)



Securities (37’476’086)Exchange 198’352Futures (528’467)





Foreign exchange difference 32’226’506


SEB Lux FundSTATISTICAL INFORMATION


Total Net Assets USD

At December 31, 2002 603’136’214At December 31, 2001 819’831’684At December 31, 2000 1’158’485’768


93

SEB Lux FundNOTES TO FINANCIAL STATEMENTS

As at December 31, 2002Note 1. GENERAL

SEB LUX Fund ("the Fund") was established on May 27, 1993 as a Luxembourg Mutual Fund and is governed by the Investment Funds law dated March 30, 1988 and its Management Regulations. The Fund is divided into the following Sub-Funds:

SEB Lux Fund - WorldSEB Lux Fund - Global EquitySEB Lux Fund - Swedish Short-Medium TermSEB Lux Fund - Ethical SwedenSEB Lux Fund - Europe EquitySEB Lux Fund - North America EquitySEB Lux Fund - Japan EquitySEB Lux Fund - Asia EquitySEB Lux Fund – MedicalSEB Lux Fund - TechnologySEB Lux Fund - Ethical GlobalSEB Lux Fund - Swedish Medium Term

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

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

Note 2. SIGNIFICANT ACCOUNTING POLICIES

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

Currency translation:

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

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

Assets and liabilities, expressed in a currency other than the accounting currency, are translated on the basis of exchange rates ruling at the balance sheet date.

Forward foreign exchange contracts are valued at the forward foreign exchange rate.

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

Investments:

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

Other securities and securities listed or traded on other organised markets whose prices or quotations are not deemed to be representative, are valued with prudence and in good faith by the Management Company on the basis of information available and exchange rates prevailing at year end.

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Changes in the values of zero papers are included in "other assets" and reflected as "interest on bonds". Results on sales of securities are determined by the average cost method.

Income:

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

Note 3. MANAGEMENT FEE

In payment of its services, the Management Company may receive a commission at a maximum annual rate of 1.75% on all Sub-Funds. The effective rate applied in 1999 was 1.50% on the equity Sub-Funds and 0.80% on the bond Sub-Funds. However, a commission at an annual rate of 1.40% is charged on SEB Lux Fund - Europe Equity, of 1.30% is charged on SEB Lux Fund - Ethical Sweden, of 1.25% is charged on SEB Lux Fund – World and of 1.75% is charged on SEB Lux Fund – Asia Equity. A twelfth of theses rates is payable at the end of each month and based on the net assets of each Sub-Fund on the last valuation of the respective month.

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

Note 4. TAXES

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

Note 5. FORWARD FOREIGN EXCHANGE CONTRACTS COMMITMENTS

As at December 31, 2002, the following forward foreign exchange contract commitments were outstanding:

SUB-FUND MATURITY CRCY PURCHASE AMOUNT

CRCY SALE AMOUNT

World 190203 SEK 16’298’803 EUR 1’786’366190203 USD 3’500’000 SEK 31’790’500190203 SEK 2’319’164 JPY 30’475’220190203 USD 1’200’000 SEK 10’833’480190203 USD 1’000’000 SEK 9’073’000190203 SEK 22’746’500 USD 2’500’000190203 USD 2’200’000 SEK 19’884’700190203 SEK 34’219’760 USD 3’800’000190203 SEK 19’606’400 USD 2’200’000190203 USD 1’200’000 SEK 10’600’800

Global Equity 190203 SEK 3’603’998 EUR 395’002190203 SEK 11’762’485 USD 1’295’000190203 JPY 217’621’665 SEK 16’561’009190203 SEK 2’302’105 GBP 160’683190203 EUR 121’123 USD 120’000190203 JPY 12’000’000 GBP 62’059190203 EUR 115’000 GBP 73’980190203 SEK 1’399’540 JPY 19’000’000

The net unrealised loss on the outstanding forward foreign exchange contracts as at December 31, 2002 for the Sub-Fund World amounts to USD 39,854.- and is included in the statement of net assets of the Sub-Fund under “Liabilities”.

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The net unrealised gain on the outstanding forward foreign exchange contracts as at December 31, 2002 for the Sub-Fund Global Equity amounts to USD 7,345.- and is included in the statement of net assets of the Sub-Fund under “Other Assets”.

Note 6. FINANCIAL FUTURES

As at December 31, 2002, outstanding contract commitments were as follows:

SUB-FUND STOCK EXCHANGE MATURITY CURRENCY NUMBER OF CONTRACTSINDEX sold purchased

World S&P/TSE 0303 CAD 31FTSE 100 0303 GBP 2OMX 0301 SEK 458NASDAQ 0303 USD 4S & P Midcap 0303 USD 3S & P 500 0303 USD 34

Global Equity TOPIX 0303 JPY 28S&P/TSE 0303 CAD 3NASDAQ 0303 USD 1S & P Mini 0303 USD 34

North America Eq.

S & P Mini 0303 USD 10

The net unrealised loss on the outstanding future contracts as at December 31, 2002 for the Sub-Fund World amounts to USD 253,731.- and is included in the statement of net assets of the Sub-Fund under “Liabilities”.

The net unrealised loss on the outstanding future contracts as at December 31, 2002 for the Sub-Fund Global Equity amounts to USD 92,950.- and is included in the statement of net assets of the Sub-Fund under “Liabilities”.

The net unrealised loss on the outstanding future contracts as at December 31, 2002 for the Sub-Fund North America Equity amounts to USD 8,978.- and is included in the statement of net assets of the Sub-Fund under “Liabilities”.

Note 7. CHANGES IN INVESTMENTS

Details of purchases and sales of investments are available free of charge from the registered office of the Fund as well as at the Custodian and the Administrative Agent.

Note 8. INCOME EQUALIZATION

The Fund applies, for distribution purposes, the income equalization policy. Under this policy, the share of the unitholder in the net income of the Fund is not diluted (or increased) by subscriptions (redemptions). Accordingly, (net) income included in the subscriptions (redemptions) is accounted for to an equalisation reserve account. The latter is, for reporting purposes, included in the amount of net subscriptions (redemptions).

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seb_lux_gp_2002.doc

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