Audited Annual Report 2015 Nordea 1, SICAV

Transcription

1 Audited Annual Report 2015 Nordea 1, SICAV Société d Investissement à Capital Variable à compartiments multiples Investment Fund under Luxembourg Law 562, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg R.C.S. number: Luxembourg B-31442

2 No subscriptions can be received on the basis of these financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

3 Table of Contents Report of the Board of Directors 3 Audit Report 6 Statement of Net Assets as of 31/12/ Statement of Operations and Changes in Net Assets for the year ended 31/12/ Statement of Statistics as at 31/12/ Statement of Investments in Securities and Other Net Assets as of 31/12/2015 Nordea 1 - African Equity Fund 62 Nordea 1 - Alpha Nordea 1 - Asian Focus Equity Fund 70 Nordea 1 - Brazilian Equity Fund 72 Nordea 1 - Chinese Equity Fund 73 Nordea 1 - Climate and Environment Equity Fund 74 Nordea 1 - Danish Bond Fund 75 Nordea 1 - Danish Kroner Reserve 76 Nordea 1 - Danish Mortgage Bond Fund 77 Nordea 1 - Emerging Consumer Fund 79 Nordea 1 - Emerging Market Blend Bond Fund 81 Nordea 1 - Emerging Market Bond Fund 86 Nordea 1 - Emerging Market Corporate Bond Fund 91 Nordea 1 - Emerging Market Hard Currency Bond Fund 94 Nordea 1 - Emerging Market Local Debt Fund 98 Nordea 1 - Emerging Market Local Debt Fund Plus 102 Nordea 1 - Emerging Markets Focus Equity Fund 105 Nordea 1 - Emerging Markets Small Cap Fund 107 Nordea 1 - Emerging Stars Equity Fund 109 Nordea 1 - European Corporate Bond Fund 111 Nordea 1 - European Corporate Bond Fund Plus 115 Nordea 1 - European Covered Bond Fund 119 Nordea 1 - European Cross Credit Fund 122 Nordea 1 - European Diversifi ed Corporate Bond Fund 124 Nordea 1 - European Financial Debt Fund 129 Nordea 1 - European Focus Equity Fund 132 Nordea 1 - European High Yield Bond Fund 133 Nordea 1 - European High Yield Bond Fund II 137 Nordea 1 - European Low CDS Government Bond Fund 141 Nordea 1 - European Opportunity Fund 143 Nordea 1 - European Small and Mid Cap Equity Fund 144 Nordea 1 - European Value Fund 146 Nordea 1 - Flexible Fixed Income Fund 148 Nordea 1 - GBP Diversifi ed Return Fund 155 Nordea 1 - Global Bond Fund 160 Nordea 1 - Global Dividend Fund 163 Nordea 1 - Global High Yield Bond Fund 165 Nordea 1 - Global Ideas Equity Fund 170 Nordea 1 - Global Opportunity Fund 172 Nordea 1 - Global Portfolio Fund 173 Nordea 1 - Global Real Estate Fund 174 Nordea 1 - Global Small Cap Fund 175 Nordea 1 - Global Stable Equity Fund - Euro Hedged 177 Nordea 1 - Global Stable Equity Fund - Unhedged 180 Nordea 1 - Global Value Fund 182 Nordea 1 - Heracles Long/Short MI Fund 184 Nordea 1 - Indian Equity Fund 187 Nordea 1 - International High Yield Bond Fund - USD Hedged (formerly Nordea 1 - International High Yield Bond Fund) 189 Nordea 1 - Latin American Equity Fund 194 Nordea 1 - Low Duration US High Yield Bond Fund 196 Nordea 1 - Multi-Asset Fund 199 Nordea 1 - Nordic Corporate Bond Fund - Euro Hedged (formerly Nordea 1 - Nordic Corporate Bond Fund) 205 Nordea 1 - Nordic Equity Fund 207 Nordea 1 - Nordic Equity Small Cap Fund 208 Nordea 1 - Nordic Ideas Equity Fund 210 1

4 Table of Contents (continued) Nordea 1 - Nordic Stars Equity Fund 211 Nordea 1 - North American All Cap Fund 212 Nordea 1 - North American High Yield Bond Fund 213 Nordea 1 - North American Small Cap Fund 218 Nordea 1 - North American Value Fund 221 Nordea 1 - Norwegian Bond Fund 222 Nordea 1 - Norwegian Equity Fund 224 Nordea 1 - Norwegian Kroner Reserve 225 Nordea 1 - Renminbi High Yield Bond Fund 227 Nordea 1 - Senior Generations Equity Fund 229 Nordea 1 - Stable Emerging Markets Equity Fund 231 Nordea 1 - Stable Equity Long/Short Fund 233 Nordea 1 - Stable Return Fund 237 Nordea 1 - Swedish Bond Fund 244 Nordea 1 - Swedish Kroner Reserve 245 Nordea 1 - Unconstrained Bond Fund 246 Nordea 1 - US Corporate Bond Fund 250 Nordea 1 - US High Yield Bond Fund 255 Nordea 1 - US Total Return Bond Fund 259 Notes to the Financial Statements as of 31/12/ Shareholder s Information 283 Risk Transparency disclosures (unaudited) 283 Organisation 286 Administration 287 Public Marketing Authorisations 287 Representatives & Paying & Information Agents outside Luxembourg 288 Legal Advisor 290 Auditor 290 2

5 Report of the Board of Directors The Chairman s report In 2015 Nordea 1, SICAV achieved satisfactory developments in terms of investment returns, however the dispersion of the results between the asset classes were significant. Behind the results was another year of satisfactory equity market returns, while fixed income markets had a difficult year. Nordea 1, SICAV experienced strong inflows during the year, and the total asset base grew from 30.8 BEUR to 41.7 BEUR coming from 74 different sub-funds was a year characterised by worries about the global growth picture. Europe displayed weak growth during the year. The growth in the US economy was weaker than expected but remained amongst the fastest growing large developed economies. Emerging markets had a difficult year due to low commodity prices and weak growth prospects, although there were good performances amongst them. India benefitted from the low commodity prices allowing the economy to grow, while on the other hand Brazil especially suffered due to political instability in addition to the low commodity prices. The year was also characterised by divergences in central bank policies. The ECB and the Peoples Bank of China both had loose monetary policies, while the US Federal Reserve tightened theirs. The ECB and the Peoples Bank of China both used loose monetary tools in order to promote growth in their economies. The US Federal Reserve diverged on this point. After ending the quantitative easing policy in 2014, the Federal Reserve moved to raise interest rates in December 2015, in order to rein in the economy. In the equity markets, returns diverged. Global Equities returned 14% measured in EURO. On the positive side, European equities returned 14%, and US equities returned 15% measured in EURO, while emerging markets posted losses of around 3%. It was a difficult year for fixed income markets. The low interest levels together with the monetary policies of central banks meant low returns for fixed income investors. Few asset classes performed well, where especially the US High Yield asset class posted disappointing returns for the year. The performance of the financial markets translated into satisfactory returns for our funds. Our equity funds, in general, outperformed their benchmark and especially our Nordic funds posted strong returns. Our fixed income funds performed satisfactorily over the course of the year when considering the difficult market conditions. Most absolute return products posted good returns for the year. In 2015, the Stable Return Fund cemented its position as the largest sub-fund and grew by 4.3BEUR, but also the European High Yield Bond Fund and the US Corporate Bond Fund showed strong asset growth. In 2015 Nordea 1, SICAV launched 6 new sub-funds (the Emerging Market Hard Currency Bond Fund, the Emerging Market Local Debt Fund Plus, the GBP Diversified Return Fund, the Global Dividend Fund, the Global Ideas Equity Fund, and the Renminbi High Yield Bond Fund). At the Annual General Meeting of Shareholders, the Board of Directors will propose that, for the financial year 2015, Nordea 1, SICAV pays the following dividends: Sub-fund name Share class Currency (*) Amount per share Nordea 1 - Asian Focus Equity Fund AP USD Nordea 1 - Climate and Environment Equity Fund AP EUR Nordea 1 - Danish Mortgage Bond Fund AI DKK Nordea 1 - Danish Mortgage Bond Fund AP DKK Nordea 1 - Danish Mortgage Bond Fund HAI - EUR DKK Nordea 1 - Emerging Consumer Fund AI EUR Nordea 1 - Emerging Consumer Fund AP EUR Nordea 1 - Emerging Market Bond Fund AI USD Nordea 1 - Emerging Market Bond Fund AP USD Nordea 1 - Emerging Market Bond Fund HA - EUR USD Nordea 1 - Emerging Market Bond Fund HAI - EUR USD Nordea 1 - Emerging Market Corporate Bond Fund AP USD Nordea 1 - Emerging Market Corporate Bond Fund HAI - EUR USD Nordea 1 - Emerging Market Local Debt Fund AI USD Nordea 1 - Emerging Stars Equity Fund AI USD Nordea 1 - Emerging Stars Equity Fund AP USD Nordea 1 - European Corporate Bond Fund AI EUR Nordea 1 - European Corporate Bond Fund AX EUR Nordea 1 - European Covered Bond Fund AI EUR Nordea 1 - European Covered Bond Fund AP EUR Nordea 1 - European Cross Credit Fund AC EUR Nordea 1 - European Cross Credit Fund AI EUR Nordea 1 - European Cross Credit Fund AP EUR Nordea 1 - European Cross Credit Fund HAI - USD EUR Nordea 1 - European Financial Debt Fund AP EUR Nordea 1 - European High Yield Bond Fund AC EUR Nordea 1 - European High Yield Bond Fund AI EUR Nordea 1 - European High Yield Bond Fund AP EUR Nordea 1 - European High Yield Bond Fund HA - GBP EUR Nordea 1 - European High Yield Bond Fund HA - USD EUR Nordea 1 - European High Yield Bond Fund HAC - GBP EUR

6 Report of the Board of Directors (continued) Sub-fund name Share class Currency (*) Amount per share Nordea 1 - European High Yield Bond Fund HAC - USD EUR Nordea 1 - European High Yield Bond Fund HAI - GBP EUR Nordea 1 - European High Yield Bond Fund HAI - USD EUR Nordea 1 - European Opportunity Fund AP EUR Nordea 1 - European Small and Mid Cap Equity Fund AP EUR Nordea 1 - European Value Fund AC EUR Nordea 1 - European Value Fund AP EUR Nordea 1 - Flexible Fixed Income Fund AP EUR Nordea 1 - GBP Diversified Return Fund (Note 1a) AC GBP Nordea 1 - GBP Diversified Return Fund (Note 1a) AI GBP Nordea 1 - Global Bond Fund AP EUR Nordea 1 - Global Stable Equity Fund - Euro Hedged AI EUR Nordea 1 - Global Stable Equity Fund - Euro Hedged AP EUR Nordea 1 - Global Stable Equity Fund - Unhedged AC EUR Nordea 1 - Global Stable Equity Fund - Unhedged AI EUR Nordea 1 - Global Stable Equity Fund - Unhedged AP EUR Nordea 1 - Global Value Fund AI EUR Nordea 1 - Global Value Fund AP EUR Nordea 1 - Latin American Equity Fund AP EUR Nordea 1 - Low Duration US High Yield Bond Fund AP USD Nordea 1 - Low Duration US High Yield Bond Fund HA - EUR USD Nordea 1 - Low Duration US High Yield Bond Fund HAI - EUR USD Nordea 1 - Nordic Corporate Bond Fund - Euro Hedged (Note 1b) AI EUR Nordea 1 - Nordic Corporate Bond Fund - Euro Hedged (Note 1b) AP EUR Nordea 1 - Nordic Equity Fund AP EUR Nordea 1 - Nordic Equity Small Cap Fund AP EUR Nordea 1 - North American All Cap Fund AI USD Nordea 1 - North American All Cap Fund AP USD Nordea 1 - North American All Cap Fund HA - EUR USD Nordea 1 - Norwegian Bond Fund AC NOK Nordea 1 - Norwegian Bond Fund AP NOK Nordea 1 - Norwegian Equity Fund AP NOK Nordea 1 - Norwegian Kroner Reserve AC NOK Nordea 1 - Norwegian Kroner Reserve AP NOK Nordea 1 - Renminbi High Yield Bond Fund AP CNH Nordea 1 - Senior Generations Equity Fund AP USD Nordea 1 - Stable Emerging Markets Equity Fund AC USD Nordea 1 - Stable Emerging Markets Equity Fund AI USD Nordea 1 - Stable Emerging Markets Equity Fund AX USD Nordea 1 - Stable Return Fund AC EUR Nordea 1 - Stable Return Fund AI EUR Nordea 1 - Stable Return Fund AP EUR Nordea 1 - Stable Return Fund HAI - SEK EUR Nordea 1 - Stable Return Fund HAI - USD EUR Nordea 1 - Swedish Bond Fund AC SEK Nordea 1 - Swedish Bond Fund AP SEK Nordea 1 - Unconstrained Bond Fund AP USD Nordea 1 - US Corporate Bond Fund AI USD Nordea 1 - US Corporate Bond Fund AP USD Nordea 1 - US Corporate Bond Fund HA - EUR USD Nordea 1 - US Corporate Bond Fund HAI - EUR USD Nordea 1 - US Corporate Bond Fund HAI - GBP USD Nordea 1 - US High Yield Bond Fund AI USD Nordea 1 - US Total Return Bond Fund AC USD Nordea 1 - US Total Return Bond Fund AI USD Nordea 1 - US Total Return Bond Fund AP USD Nordea 1 - US Total Return Bond Fund HA - EUR USD Nordea 1 - US Total Return Bond Fund HA - GBP USD

7 Report of the Board of Directors (continued) Sub-fund name Share class Currency (*) Amount per share Nordea 1 - US Total Return Bond Fund HAC - GBP USD Nordea 1 - US Total Return Bond Fund HAI - EUR USD Nordea 1 - US Total Return Bond Fund HAI - GBP USD (*) These dividend amounts are expressed in base currency of the relevant Sub-fund and will be converted in the currency of the relevant Share Sub-Class at ex-date. The Board would again like to thank all stakeholders involved in the management of Nordea 1, SICAV for their contribution in In this spirit of commitment and motivation, the board looks forward to continue to service shareholders the best possible way also in January 29, 2015 André Roelants Performances are historical and are not necessarily an indication of present or future results. 5

8 pwc AUDIT REPORT To the Shareholders of Nordea 1, SICAV Following our appoanlment by the General Meeting of the Shareholders dated 1 6 March 201 5, we have audited the accompanying financial statements of Nordea 1, SICAV and of each of its sub-funds, which comprise the statement of net assets and the statement of investments in securities and other net assets as at 3 1 December and the siatement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statemenis. Responsibility of the Board of Directors of the SICAV for the financial stalements The Board of Direciors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements ihat are free from material misstatement, whether due to fraud or error. Responsibility of the "R6viseur d'entreprises agr66" Our responsibility is io express an opinion on these financial statements based on our audil We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier". Those siandards require that we comply wiih ethical requirements and plan and perform the audit to obiain reasonable assurance about whether ihe financial staiements are free from material missiatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of ihe "R6viseur d'entreprises ag166', including the assessment of the risks of material misstatemeni of the financial statements, whether due to fraud or error. ln making those risk assessments, the "R6viseur d'entreprises ag166" considers iniernal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumsiances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the flnancial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a irue and fair view of the financial position of Nordea 1, SICAV and of each of its sub-funds as of 31 December20l5,andoftheresultsof theiroperalionsandchangesintheirnetassetsfortheyearthenendedinaccordancewithluxembourg legal and regulaiory requirements relating to the preparation of the financial statemenis. Ather matters Supplementary jnformation included in the annual report has been reviewed rn 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, However, we have no observation to make concerninq such information in the context of the financial statements iaken as a whole. Pricewaterhousecoopers, Soci6t6 coop6rative Represented by Luxembourg,4h March /t^' Nathalie Dogniez Pricewalerhousecmp rs, Soci6t6 cmp6rative, 2 rue Gerhard Mefcats, B.P 1 443, L Luxembourg T: a 1, F: a , m.pwclu Cabinet de rovision agr66. Expertromptable (autorisation gowomementale n' ) RC.S. Luxembourg B 'NALU254a2518 Nordea l, SICAV - Audited Annual Report 2015

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10 Statement of Net Assets as of 31/12/2015 Combined Statement Nordea 1 - African Equity Fund Nordea 1 - Alpha 15 (in EUR) (in EUR) (in EUR) Assets Shares portfolio at market value (Note 2) 17,503,251, ,941, ,511, Funds portfolio at market value (Note 2) 63,060, Bonds portfolio at market value (Note 2) 21,816,153, , Cash at banks 2,114,334, ,528, ,513, Dividends and interest receivable 295,562, , Receivable for investments sold 11,911, Receivable for subscribed shares 105,884, , Receivable on forward foreign exchange contracts 11, Net other receivable 7,806, Receivable on swing factor (Note 13) 248, Unrealised gain on contracts for difference (Note 2) 30,430, ,916, Credit default swaps at cost (Note 2) 83,821, ,679, Unrealised gain on credit default swaps (Note 2) 94, Unrealised gain on futures (Note 2) 18,853, ,433, Unrealised gain on futures already cashed (Note 2) 13,008, Unrealised gain on interest rate swaps (Note 2) 994, Unrealised gain on forward foreign exchange contracts (Note 2) 237,880, Unrealised gain on foreign currencies receivables and payables (Note 2) 9, ,303,318, ,591, ,037, Liabilities Accrued fees 124,338, , ,583, Overdraft at banks 1,536, Interest payable 1, Payable on forward foreign exchange contracts 11, Payable for investments purchased 73,017, ,271, Payable for redeemed shares 63,349, , , Net other payable 4,805, , ,614, Credit default swaps at cost (Note 2) 710, Unrealised loss on credit default swaps (Note 2) 5,570, , Unrealised loss on futures (Note 2) 1,064, Unrealised loss on futures already cashed (Note 2) 71,693, ,897, Unrealised loss on interest rate swaps (Note 2) 1,245, Unrealised loss on forward foreign exchange contracts (Note 2) 233,349, ,994, Unrealised loss on foreign currencies receivables and payables (Note 2) 405, , ,100, , ,419, Net Assets 41,722,218, ,218, ,617, Portfolio at acquisition cost 38,667,719, ,290, ,722,

11 Nordea 1 - Asian Focus Equity Fund Nordea 1 - Brazilian Equity Fund Nordea 1 - Chinese Equity Fund Nordea 1 - Climate and Environment Equity Fund Nordea 1 - Danish Bond Fund (in USD) (in USD) (in USD) (in EUR) (in DKK) 84,763, ,598, ,223, ,893, ,399, ,838, ,911, , ,502, ,147, ,308, ,483, , , , ,056, , , , , , , ,466, , , ,054, ,224, ,209, ,822, ,923, , , , , , , ,100, , , , , , , , , , , ,189, , , ,555, ,552, ,034, ,157, ,019, ,367, ,619, ,189, ,094, ,316, ,607,

12 Statement of Net Assets as of 31/12/2015 Nordea 1 - Danish Kroner Reserve Nordea 1 - Danish Mortgage Bond Fund Nordea 1 - Emerging Consumer Fund (in DKK) (in DKK) (in EUR) Assets Shares portfolio at market value (Note 2) ,745, Funds portfolio at market value (Note 2) Bonds portfolio at market value (Note 2) 127,725, ,522,269, Cash at banks 5,400, ,669, ,047, Dividends and interest receivable 2,102, ,563, , Receivable for investments sold Receivable for subscribed shares 51, ,228, , Receivable on forward foreign exchange contracts Net other receivable 63, ,861, Receivable on swing factor (Note 13) Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) Unrealised gain on credit default swaps (Note 2) Unrealised gain on futures (Note 2) Unrealised gain on futures already cashed (Note 2) - 233, Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) - 2,524, Unrealised gain on foreign currencies receivables and payables (Note 2) ,341, ,613,351, ,893, Liabilities Accrued fees 186, ,042, , Overdraft at banks 924, ,803, Interest payable Payable on forward foreign exchange contracts Payable for investments purchased - - 1,502, Payable for redeemed shares 1,071, ,910, , Net other payable - - 4, Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) Unrealised loss on futures (Note 2) Unrealised loss on futures already cashed (Note 2) Unrealised loss on interest rate swaps (Note 2) - 2,797, Unrealised loss on forward foreign exchange contracts (Note 2) Unrealised loss on foreign currencies receivables and payables (Note 2) , , ,182, ,558, ,326, Net Assets 133,158, ,600,793, ,567, Portfolio at acquisition cost 129,490, ,533,185, ,134,

13 Nordea 1 - Emerging Market Blend Bond Fund Nordea 1 - Emerging Market Bond Fund Nordea 1 - Emerging Market Corporate Bond Fund Nordea 1 - Emerging Market Hard Currency Bond Fund (Note 1a) Nordea 1 - Emerging Market Local Debt Fund (in USD) (in USD) (in USD) (in USD) (in USD) 102,993, ,611, ,649, ,619, ,372, ,255, ,299, ,843, ,559, ,547, ,982, ,913, ,069, ,088, ,137, , ,047, , , , , , , ,765, ,384, ,643, ,496, ,109, , , , , , , , , , , , , , , , , , , , ,525, ,748, ,560, ,671, ,141, ,296, , , ,093, ,242, ,346, ,339, ,504, ,101, ,726, ,041, ,085, ,725,

14 Statement of Net Assets as of 31/12/2015 Nordea 1 - Emerging Market Local Debt Fund Plus (Note 1a) Nordea 1 - Emerging Markets Focus Equity Fund Nordea 1 - Emerging Markets Small Cap Fund (in USD) (in USD) (in USD) Assets Shares portfolio at market value (Note 2) - 48,470, ,724, Funds portfolio at market value (Note 2) Bonds portfolio at market value (Note 2) 9,656, Cash at banks 657, , , Dividends and interest receivable 212, , , Receivable for investments sold - 10, , Receivable for subscribed shares , Receivable on forward foreign exchange contracts Net other receivable Receivable on swing factor (Note 13) Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) Unrealised gain on credit default swaps (Note 2) Unrealised gain on futures (Note 2) Unrealised gain on futures already cashed (Note 2) 1, Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) 115, Unrealised gain on foreign currencies receivables and payables (Note 2) ,643, ,813, ,889, Liabilities Accrued fees 20, , , Overdraft at banks Interest payable Payable on forward foreign exchange contracts Payable for investments purchased Payable for redeemed shares , Net other payable 1, , , Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) Unrealised loss on futures (Note 2) Unrealised loss on futures already cashed (Note 2) Unrealised loss on interest rate swaps (Note 2) 17, Unrealised loss on forward foreign exchange contracts (Note 2) Unrealised loss on foreign currencies receivables and payables (Note 2) , , , , Net Assets 10,602, ,645, ,775, Portfolio at acquisition cost 10,241, ,295, ,720,

15 Nordea 1 - Emerging Stars Equity Fund Nordea 1 - European Corporate Bond Fund Nordea 1 - European Corporate Bond Fund Plus Nordea 1 - European Covered Bond Fund Nordea 1 - European Cross Credit Fund (in USD) (in EUR) (in EUR) (in EUR) (in EUR) 1,623,294, ,877, ,163, ,077, ,992, ,519, ,010, ,393, ,644, , ,713, ,231, ,870, ,641, ,796, ,157, , , ,256, , , , ,451, , , , , ,247, , , , ,658,708, ,708, ,479, ,187, ,742, ,038, ,003, , , ,297, ,374, ,275, , , , , , , , , , , , ,701, ,429, , ,903, ,693, ,639,006, ,279, ,072, ,284, ,049, ,716,091, ,010, ,614, ,797, ,179,

16 Statement of Net Assets as of 31/12/2015 Nordea 1 - European Diversified Corporate Bond Fund Nordea 1 - European Financial Debt Fund Nordea 1 - European Focus Equity Fund (in EUR) (in EUR) (in EUR) Assets Shares portfolio at market value (Note 2) ,867, Funds portfolio at market value (Note 2) Bonds portfolio at market value (Note 2) 80,712, ,464, Cash at banks 376, ,135, ,584, Dividends and interest receivable 1,531, ,015, , Receivable for investments sold Receivable for subscribed shares - 156, , Receivable on forward foreign exchange contracts Net other receivable , Receivable on swing factor (Note 13) 248, Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) - 48, Unrealised gain on credit default swaps (Note 2) Unrealised gain on futures (Note 2) Unrealised gain on futures already cashed (Note 2) - 361, Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) 267, ,657, Unrealised gain on foreign currencies receivables and payables (Note 2) - - 4, ,137, ,842, ,624, Liabilities Accrued fees 21, , , Overdraft at banks Interest payable Payable on forward foreign exchange contracts Payable for investments purchased Payable for redeemed shares 1, , ,212, Net other payable - - 2, Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) Unrealised loss on futures (Note 2) - 140, Unrealised loss on futures already cashed (Note 2) Unrealised loss on interest rate swaps (Note 2) Unrealised loss on forward foreign exchange contracts (Note 2) Unrealised loss on foreign currencies receivables and payables (Note 2) , , ,525, Net Assets 83,113, ,930, ,098, Portfolio at acquisition cost 79,397, ,182, ,875,

17 Nordea 1 - European High Yield Bond Fund Nordea 1 - European High Yield Bond Fund II Nordea 1 - European Low CDS Government Bond Fund Nordea 1 - European Opportunity Fund Nordea 1 - European Small and Mid Cap Equity Fund (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) ,360, ,889, ,811, ,696,395, ,830, ,082, ,946, ,488, ,015, , ,233, ,405, ,239, , , , ,499, , , , ,016, , ,308, , ,197, ,217, , ,375,764, ,029, ,017, ,754, ,133, ,151, , , , ,995, ,727, ,575, , , , , , , ,015, ,254, , ,749, ,658, , , ,211, ,338,015, ,371, ,967, ,644, ,921, ,662,447, ,930, ,806, ,422, ,892,

18 Statement of Net Assets as of 31/12/2015 Nordea 1 - European Value Fund Nordea 1 - Flexible Fixed Income Fund Nordea 1 - GBP Diversified Return Fund (Note 1a) (in EUR) (in EUR) (in GBP) Assets Shares portfolio at market value (Note 2) 1,316,817, ,089, Funds portfolio at market value (Note 2) - 25,052, Bonds portfolio at market value (Note 2) - 1,004,519, ,509, Cash at banks 84,092, ,956, ,550, Dividends and interest receivable 752, ,353, ,187, Receivable for investments sold - 1,314, Receivable for subscribed shares 2,537, ,841, Receivable on forward foreign exchange contracts Net other receivable 29, Receivable on swing factor (Note 13) Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) - 8,776, , Unrealised gain on credit default swaps (Note 2) , Unrealised gain on futures (Note 2) , Unrealised gain on futures already cashed (Note 2) - 2,901, Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) 139, ,876, Unrealised gain on foreign currencies receivables and payables (Note 2) ,404,368, ,106,592, ,560, Liabilities Accrued fees 6,020, ,348, , Overdraft at banks Interest payable Payable on forward foreign exchange contracts Payable for investments purchased - 1,246, , Payable for redeemed shares 1,090, , Net other payable - 1,173, , Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) - 368, Unrealised loss on futures (Note 2) - 22, Unrealised loss on futures already cashed (Note 2) - - 1,069, Unrealised loss on interest rate swaps (Note 2) Unrealised loss on forward foreign exchange contracts (Note 2) - - 2,578, Unrealised loss on foreign currencies receivables and payables (Note 2) 27, , ,139, ,846, ,941, Net Assets 1,397,229, ,101,746, ,619, Portfolio at acquisition cost 1,041,544, ,034,967, ,131,

19 Nordea 1 - Global Bond Fund Nordea 1 - Global Dividend Fund (Note 1a) Nordea 1 - Global High Yield Bond Fund Nordea 1 - Global Ideas Equity Fund (Note 1a) Nordea 1 - Global Opportunity Fund (in EUR) (in USD) (in USD) (in USD) (in EUR) - 3,239, ,159, ,542, ,268, ,500, ,797, , ,236, , ,143, , , ,547, , , , , , , , ,755, ,276, ,878, ,280, ,745, , , , , , , , , , , ,810, , , , ,291, , , ,824, ,272, ,586, ,277, ,693, ,686, ,234, ,197, ,142, ,738,

20 Statement of Net Assets as of 31/12/2015 Nordea 1 - Global Portfolio Fund Nordea 1 - Global Real Estate Fund Nordea 1 - Global Small Cap Fund (in EUR) (in USD) (in USD) Assets Shares portfolio at market value (Note 2) 435,862, ,300, ,833, Funds portfolio at market value (Note 2) Bonds portfolio at market value (Note 2) Cash at banks 15,817, ,223, ,103, Dividends and interest receivable 425, , , Receivable for investments sold - 3,413, Receivable for subscribed shares 1,883, , ,462, Receivable on forward foreign exchange contracts Net other receivable Receivable on swing factor (Note 13) Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) Unrealised gain on credit default swaps (Note 2) Unrealised gain on futures (Note 2) Unrealised gain on futures already cashed (Note 2) Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) Unrealised gain on foreign currencies receivables and payables (Note 2) ,989, ,126, ,569, Liabilities Accrued fees 1,158, , , Overdraft at banks Interest payable Payable on forward foreign exchange contracts Payable for investments purchased 622, ,142, , Payable for redeemed shares 273, , , Net other payable , , Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) Unrealised loss on futures (Note 2) Unrealised loss on futures already cashed (Note 2) Unrealised loss on interest rate swaps (Note 2) Unrealised loss on forward foreign exchange contracts (Note 2) Unrealised loss on foreign currencies receivables and payables (Note 2) 24, , , ,080, ,392, , Net Assets 451,908, ,734, ,613, Portfolio at acquisition cost 389,068, ,713, ,104,

21 Nordea 1 - Global Stable Equity Fund - Euro Hedged Nordea 1 - Global Stable Equity Fund - Unhedged Nordea 1 - Global Value Fund Nordea 1 - Heracles Long/ Short MI Fund Nordea 1 - Indian Equity Fund (in EUR) (in EUR) (in EUR) (in EUR) (in USD) 1,248,050, ,039,881, ,185, ,406, ,038, ,345, ,997, ,806, ,859, ,333, ,862, ,041, , , , , , ,049, ,736, , , , , , , , ,751, , ,274, ,315,706, ,087,732, ,338, ,396, ,740, ,252, ,251, , , , ,625, ,461, , , , , , , , , , , , ,615, ,163, , ,468, , ,300,091, ,077,568, ,965, ,928, ,566, ,108,859, ,757,025, ,952, ,922, ,781,

22 Statement of Net Assets as of 31/12/2015 Nordea 1 - International High Yield Bond Fund - USD Hedged (Note 1b) Nordea 1 - Latin American Equity Fund Nordea 1 - Low Duration US High Yield Bond Fund (in USD) (in EUR) (in USD) Assets Shares portfolio at market value (Note 2) - 14,971, Funds portfolio at market value (Note 2) 4,047, Bonds portfolio at market value (Note 2) 118,755, ,869, Cash at banks 39, , ,398, Dividends and interest receivable 2,328, , ,395, Receivable for investments sold - 79, Receivable for subscribed shares 7,188, , , Receivable on forward foreign exchange contracts Net other receivable Receivable on swing factor (Note 13) Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) Unrealised gain on credit default swaps (Note 2) Unrealised gain on futures (Note 2) Unrealised gain on futures already cashed (Note 2) , Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) - 3, Unrealised gain on foreign currencies receivables and payables (Note 2) ,360, ,270, ,037, Liabilities Accrued fees 318, , ,235, Overdraft at banks 1,162, Interest payable Payable on forward foreign exchange contracts Payable for investments purchased 1,552, , Payable for redeemed shares 881, , , Net other payable 1, , Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) Unrealised loss on futures (Note 2) , Unrealised loss on futures already cashed (Note 2) Unrealised loss on interest rate swaps (Note 2) Unrealised loss on forward foreign exchange contracts (Note 2) 6,349, ,518, Unrealised loss on foreign currencies receivables and payables (Note 2) - 2, ,265, , ,006, Net Assets 122,094, ,087, ,031, Portfolio at acquisition cost 139,578, ,139, ,106,

23 Nordea 1 - Multi-Asset Fund Nordea 1 - Nordic Corporate Bond Fund - Euro Hedged (Note 1b) Nordea 1 - Nordic Equity Fund Nordea 1 - Nordic Equity Small Cap Fund Nordea 1 - Nordic Ideas Equity Fund (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) 195,606, ,959, ,603, ,600, , ,388, ,737, ,663, ,194, ,095, ,027, , ,400, ,297, , , , , , , , , , ,006, ,856, , ,009, , ,941, ,910, ,497, ,249, ,454, ,452, , ,205, , , , , , , , , , , , ,278, ,867, , ,114, , ,173, , , ,827, ,290, ,324, ,924, ,934, ,154, ,610, ,649, ,673, ,415,

24 Statement of Net Assets as of 31/12/2015 Nordea 1 - Nordic Stars Equity Fund Nordea 1 - North American All Cap Fund Nordea 1 - North American High Yield Bond Fund (in EUR) (in USD) (in USD) Assets Shares portfolio at market value (Note 2) 44,449, ,632,477, Funds portfolio at market value (Note 2) ,791, Bonds portfolio at market value (Note 2) ,579, Cash at banks 345, ,686, ,316, Dividends and interest receivable - 1,642, ,063, Receivable for investments sold Receivable for subscribed shares 125, ,062, , Receivable on forward foreign exchange contracts Net other receivable 1, , Receivable on swing factor (Note 13) Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) Unrealised gain on credit default swaps (Note 2) Unrealised gain on futures (Note 2) Unrealised gain on futures already cashed (Note 2) Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) Unrealised gain on foreign currencies receivables and payables (Note 2) ,921, ,639,878, ,921, Liabilities Accrued fees 122, ,336, , Overdraft at banks Interest payable Payable on forward foreign exchange contracts Payable for investments purchased 9, ,467, Payable for redeemed shares 13, ,921, , Net other payable Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) Unrealised loss on futures (Note 2) Unrealised loss on futures already cashed (Note 2) Unrealised loss on interest rate swaps (Note 2) Unrealised loss on forward foreign exchange contracts (Note 2) - 3,149, ,626, Unrealised loss on foreign currencies receivables and payables (Note 2) , , ,409, ,774, Net Assets 44,774, ,626,468, ,146, Portfolio at acquisition cost 42,731, ,570,899, ,767,

25 Nordea 1 - North American Small Cap Fund Nordea 1 - North American Value Fund Nordea 1 - Norwegian Bond Fund Nordea 1 - Norwegian Equity Fund Nordea 1 - Norwegian Kroner Reserve (in USD) (in USD) (in NOK) (in NOK) (in NOK) 141,059, ,869, ,245, ,747,979, ,428,322, ,079, ,005, ,072, ,485, ,382, , , ,587, , ,535, , , ,371, , ,324, , , ,192, ,545, , , ,619, ,441, ,986,557, ,432, ,686,766, , ,411, ,866, ,301, ,927, , , ,183, , ,740, , , , ,914, ,050, ,527, ,667, ,649, ,526, ,966,506, ,905, ,667,099, ,398, ,677, ,612,379, ,136, ,489,383,

26 Statement of Net Assets as of 31/12/2015 Nordea 1 - Renminbi High Yield Bond Fund (Note 1a) Nordea 1 - Senior Generations Equity Fund Nordea 1 - Stable Emerging Markets Equity Fund (in CNH) (in USD) (in USD) Assets Shares portfolio at market value (Note 2) - 44,521, ,272, Funds portfolio at market value (Note 2) Bonds portfolio at market value (Note 2) 99,215, , Cash at banks 4,859, , ,258, Dividends and interest receivable 1,713, , ,205, Receivable for investments sold Receivable for subscribed shares , , Receivable on forward foreign exchange contracts 84, Net other receivable Receivable on swing factor (Note 13) Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) Unrealised gain on credit default swaps (Note 2) Unrealised gain on futures (Note 2) Unrealised gain on futures already cashed (Note 2) Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) Unrealised gain on foreign currencies receivables and payables (Note 2) ,873, ,357, ,755, Liabilities Accrued fees 366, , ,633, Overdraft at banks Interest payable Payable on forward foreign exchange contracts 85, Payable for investments purchased - 279, Payable for redeemed shares - 89, , Net other payable 1, , Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) Unrealised loss on futures (Note 2) Unrealised loss on futures already cashed (Note 2) Unrealised loss on interest rate swaps (Note 2) Unrealised loss on forward foreign exchange contracts (Note 2) 4,180, , Unrealised loss on foreign currencies receivables and payables (Note 2) , ,633, , ,802, Net Assets 101,240, ,771, ,952, Portfolio at acquisition cost 96,441, ,349, ,091,

27 Nordea 1 - Stable Equity Long/ Short Fund Nordea 1 - Stable Return Fund Nordea 1 - Swedish Bond Fund Nordea 1 - Swedish Kroner Reserve Nordea 1 - Unconstrained Bond Fund (in EUR) (in EUR) (in SEK) (in SEK) (in USD) 605,618, ,463,486, ,133,230, ,410,798, ,877,900, ,948, ,480, ,241, ,928, ,882, ,861, ,622, ,131, ,189, ,608, ,732, ,219, ,877, , ,790, , ,184, , ,507, ,561, ,258, ,403, , ,479, ,079, , , ,372, ,021,012, ,436,199, ,916,241, ,052, ,576, ,127, ,718, ,015, , , ,543, ,821, ,205, ,304, ,195, ,763, , , , , , ,418, ,786, ,926, , , ,766, ,319, ,662, ,779, ,254, ,605, ,927,692, ,430,536, ,912,461, ,797, ,587, ,303,077, ,401,512, ,891,125, ,636,

28 Statement of Net Assets as of 31/12/2015 Nordea 1 - US Corporate Bond Fund Nordea 1 - US High Yield Bond Fund Nordea 1 - US Total Return Bond Fund (in USD) (in USD) (in USD) Assets Shares portfolio at market value (Note 2) - 4,551, Funds portfolio at market value (Note 2) Bonds portfolio at market value (Note 2) 3,670,054, ,833, ,771,010, Cash at banks 123,090, ,051, ,918, Dividends and interest receivable 45,998, ,944, ,219, Receivable for investments sold Receivable for subscribed shares 2,335, ,324, ,657, Receivable on forward foreign exchange contracts Net other receivable Receivable on swing factor (Note 13) Unrealised gain on contracts for difference (Note 2) Credit default swaps at cost (Note 2) Unrealised gain on credit default swaps (Note 2) Unrealised gain on futures (Note 2) Unrealised gain on futures already cashed (Note 2) 8,686, , Unrealised gain on interest rate swaps (Note 2) Unrealised gain on forward foreign exchange contracts (Note 2) - 18,532, Unrealised gain on foreign currencies receivables and payables (Note 2) ,850,165, ,006,534, ,000,806, Liabilities Accrued fees 6,273, ,439, ,963, Overdraft at banks Interest payable Payable on forward foreign exchange contracts Payable for investments purchased Payable for redeemed shares 2,944, ,481, ,155, Net other payable Credit default swaps at cost (Note 2) Unrealised loss on credit default swaps (Note 2) Unrealised loss on futures (Note 2) 747, , Unrealised loss on futures already cashed (Note 2) Unrealised loss on interest rate swaps (Note 2) Unrealised loss on forward foreign exchange contracts (Note 2) 139,515, ,284, Unrealised loss on foreign currencies receivables and payables (Note 2) ,481, ,951, ,403, Net Assets 3,700,684, ,002,583, ,969,402, Portfolio at acquisition cost 3,784,391, ,084,991, ,780,447,

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