DANSKE FUND OF FUNDS

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2 A Luxembourg based mutual investment fund Unaudited Semi-Annual Report Subscriptions shall only be valid if made on the basis of the KIID (Key Investor Information Document) or the current prospectus accompanied by the most recent audited annual report as well as by the most recent semi-annual report if published more recently than the most recent audited annual report. No one is authorised to state other information than the one contained in the Prospectus as well as in the documents herein mentioned, which are available to the public.

3 Table of contents Page Management and Administration 3 Information to Unitholders 4 Report of the Management Company 5 Unaudited Combined Statement of Net Assets 6 DANSKE FUND OF FUNDS - Pensionssparfonden Statement of Investments 8 Geographical and Economic Portfolio Breakdowns 9 DANSKE FUND OF FUNDS - Navigera ProSelection Medium Term Statement of Investments 10 Geographical and Economic Portfolio Breakdowns 11 DANSKE FUND OF FUNDS - Navigera ProSelection Long Term Statement of Investments 12 Geographical and Economic Portfolio Breakdowns 13 DANSKE FUND OF FUNDS - NaviGate 6-4 Statement of Investments 14 Geographical and Economic Portfolio Breakdowns 15 DANSKE FUND OF FUNDS - NaviGate Global Statement of Investments 16 Geographical and Economic Portfolio Breakdowns 17 DANSKE FUND OF FUNDS - Investerum Global Growth Fund Statement of Investments 18 Geographical and Economic Portfolio Breakdowns 19 DANSKE FUND OF FUNDS - Investerum European Fund Statement of Investments 20 Geographical and Economic Portfolio Breakdowns 21 Notes to the Unaudited Financial Statements 22 2

4 Management and Administration MANAGEMENT COMPANY Danske Invest Management Company S.A. 13, rue Edward Steichen, L Luxembourg (Grand Duchy of Luxembourg) R.C.S B28945 BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY Chairman of the Board: Morten RASTEN (from 4 February 2014) Managing Director Danske Invest Management A/S Kongens Lyngby (Denmark) Henrik Rye PETERSEN (until 4 February 2014) Head of Global Fund Administration Danske Invest Management A/S Kongens Lyngby (Denmark) Johnny BISGAARD Deputy General Manager Danske Bank International S.A. Luxembourg (Grand Duchy of Luxembourg) Lone MORTENSEN (from 19 February 2014) Member of Executive Board Head of Management Company Integration Danske Invest Management A/S Kongens Lyngby (Denmark) Klaus EBERT (until 19 February 2014) General Manager Danske Invest Management Company S.A. Luxembourg (Grand Duchy of Luxembourg) PRINCIPAL PAYING AGENT IN LUXEMBOURG RBC Investor Services Bank S.A. 14, Porte de France, L Esch-sur-Alzette (Grand Duchy of Luxembourg) INVESTMENT MANAGERS For the Sub-Funds: Danske Fund of Funds - Pensionssparfonden, Danske Fund of Funds - Navigera ProSelection Medium Term, Danske Fund of Funds - Navigera ProSelection Long Term, Danske Fund of Funds NaviGate 6-4, Danske Fund of Funds NaviGate Global : Wassum Värdepappersaktiebolag Stureplan 4c, P.O Box 5759 SE Stockholm (Sweden) For the Sub-Funds: Danske Fund of Funds Investerum Global Growth Fund, Danske Fund of Funds - Investerum European Fund Danske Bank A/S (acting through its division Danske Capital), Parallelvej 17 DK-2800 Kongens Lyngby (Denmark) CABINET DE RÉVISION AGRÉÉ Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf, L Luxembourg (Grand Duchy of Luxembourg) CONDUCTING OFFICERS Klaus EBERT General Manager Danske Invest Management Company Luxembourg (Grand Duchy of Luxembourg) Peter DYHR Danske Invest Management Company Luxembourg (Grand Duchy of Luxembourg) Maria EKQVIST (until 23 June 2014) Danske Invest Management Company Luxembourg (Grand Duchy of Luxembourg) CUSTODIAN AND CENTRAL ADMINISTRATION RBC Investor Services Bank S.A. 14, Porte de France, L Esch-sur-Alzette (Grand Duchy of Luxembourg) REGISTRAR AGENT RBC Investor Services Bank S.A. 14, Porte de France, L Esch-sur-Alzette (Grand Duchy of Luxembourg) 3

5 Information to Unitholders Information about the Net Asset Value of the units of each Sub-Fund and about the issue and redemption prices is available at all times at the registered office of the Management Company. Copies of the audited annual report and all unaudited semi-annual reports of the Fund may be obtained by holders of units from the registered office of the Management Company, the Custodian Bank and any paying agent. A detailed schedule of portfolio changes is available free of charge upon request at the registered office of the Management Company. 4

6 Report of the Management Company Significant events during the first half-year 2014 Prospectus May 2014 A draft Danske Fund of Funds Prospectus was filed with the CSSF on 13 February 2014 and an updated draft was filed again on 24 March The main reason for the updates to the Prospectus was to be compliant with the ESMA Guidelines 2012/832. The CSSF approved the Prospectus in May 2014 with the main changes listed below:. Definition of Institutional Investors has been clarified under Glossary of Terms. Text under section 8.2 (B) Rules and restrictions with regard to financial instruments and efficient portfolio management techniques has been amended in order to be fully aligned with the disclosure requirements in ESMA Guideline 2012/832EN. Text under section 9 General Risk Considerations and Risk Management has been updated to follow the risk descriptions used/ to be used with other structures where Danske Invest Management Company is acting as a management company. Text under section 13 Redemption of Units has been amended to clarify situations where a redemption order would exceed the NAV of the Units held by the Unitholder. Text under section 18.3 FATCA Foreign Account Tax Compliance Act has been updated. A separate section 19 Conflict of Interest has been added. Section 20 Documents and Other Information Available has been amended to include information of the order execution policy ad complaints handling. The following text: There can however be no assurance that the investors recover the assets originally invested to the Sub-Fund as the value of the Sub-Fund may either increase or decrease has been added under Profile of a Typical Investor in the Appendices for each Sub-Fund. In the following Sub-Funds: Pensionssparfonden, NaviGate 6 4 and NaviGate Global the text under Performance Fee the word benchmark has been replaced with indices used for performance calculation in order to clarify the text.. The Sub-Funds Navigera 40 and Navigera 70 have been removed as these Sub-Funds do not exist anymore. The Distribution Policy of Sub-Fund NaviGate 6 4 has been clarified. The intention is to replace the current Investment Management Agreement with Danske Bank A/S with a new one; this has been taken into account in the appendices for Sub-Funds Investerum Global Growth Fund and Investerum European Fund. The following dividends were paid out as detailed below: Danske Fund of Funds Navigate 6-4 Class P: Dividend amount per unit: SEK 4, Danske Fund of Funds Navigate Global Class P: Dividend amount per unit: SEK 3, Record date: 28 February 2014 Ex-date: 3 March 2014 Payment value date: 6 March 2014 KIID All the Key Investor Information Documents - the KIIDs - are available and published on the website www. danskeinvest.com. The KIIDs for Danske Fund of Funds were updated in February 2014 to reflect the annual update. 5

7 Unaudited Combined Statement of Net Assets Pensionssparfonden Navigera ProSelection Navigera ProSelection Medium Term Long Term Note SEK SEK SEK ASSETS Investment portfolio at market value (3) 268,327, ,331,769 2,021,344,483 Cash at bank 1,957,463 4,995,303 11,640,003 Advance on investments - 31,152,000 - Amounts receivable on sale of investments - 53,158,827 36,633,713 Other Assets (12) - - 1,089,230 Interest and dividends receivable (3) Net unrealised profit on forward foreign exchange contracts (13) ,470 TOTAL ASSETS 270,284, ,637,924 2,070,909,940 LIABILITIES Bank overdraft - 29,271,196 - Interest payable 1 2,236 - Amounts payable on purchases 13,817,272 80,602,437 55,697,099 Investment management fees payable (4) 253,413 1,014,351 4,891,494 Administration fees payable (7) 95, , ,149 Performance fees payable (5) Subscription tax payable (9) 4,116 6,282 35,575 Taxes and expenses payable (11) 234, ,387 3,306,364 Other liabilities 61, ,164 - TOTAL LIABILITIES 14,465, ,826,488 64,419,681 TOTAL NET ASSETS 255,818, ,811,436 2,006,490,259 Net asset value per unit Class C 2, , , Class D , Class P Class PP Number of units outstanding Class C 125, , ,115, Class D Class P Class PP

8 Unaudited Combined Statement of Net Assets (continued) NaviGate 6-4 NaviGate Global Investerum Global Growth Fund Investerum European Fund Combined SEK SEK EUR EUR EUR 294,540, ,264,664 5,602,722 1,100, ,197, ,370 3,203,629 51,452 10,073 2,532, ,390, ,773, , , , ,341, ,468,308 5,654,174 1,110, ,132, ,186, ,384,024 9,092, ,242, , ,201 14,394 2, ,487 70,247 57, , ,812 7,895 55,707 6,089 4, ,190 18,900 14,953 3, ,647-2, ,417 8,690,002 9,344,407 66,183 11,718 22,799, ,651, ,123,901 5,587,991 1,098, ,332, , , , , , , , ,

9 Pensionssparfonden Statement of Investments (expressed in SEK) Description Quantity Currency Cost Evaluation % net assets Open - ended investment funds (UCITS) Finland Nordea Finland Index Fund I K 43,052 EUR 4,804,979 6,897, ,804,979 6,897, France Ssga Denmark Index Eq -I-/Cap 1,788 DKK 4,767,937 8,226, Ssga Norway Index Eq -I- Nok 2,087 NOK 5,438,336 7,874, ,206,273 16,101, Ireland Bny Mellon Lgt Glb Eq-S-Eur Pf 2,154,864 EUR 30,244,293 32,434, Fisher Emerging Mrkts Eq-P 4,465 USD 2,924,808 3,208, JO Hambro Capital Management - Global Select Fund Accum. Re Eur 1,911,312 EUR 29,081,593 33,134, Lg Frontier Mkt -B- Usd/Cap 109,503 USD 12,010,208 13,748, Russell Ac Em Usd-A-Acc 33,727 USD 3,002,253 3,253, ,263,155 85,779, Luxembourg Coeli I Front M-I Sek-Cap 62,760 SEK 6,918,000 6,918, Gartmore Emerging Markets -A- 1 EUR Gartmore Gl Foc -D(Div)-Acc- 1 USD Macquarie Asia New Stars-C-Sek/ Cap 72,847 SEK 7,817,883 9,528, Sisf Frontier Market Eq A Cap 6,488 USD 6,899,272 6,899, Treetop Global Opp -I- Usd/Cap 36,728 USD 25,323,736 31,630, Victoire Brasil Select -I- Usd 823 USD 4,762,922 4,551, ,721,943 59,528, Norway Skagen Global Aktiefondet 25,359 NOK 27,387,115 32,445, Skagen Kon-Tiki 4,441 NOK 2,762,010 3,222, ,149,125 35,667, Sweden Catella /Reavinstfond - SEK Danske Fonder /Sverige 9,892 SEK 29,736,000 32,099, Lannebo Sverige Fd 1,313,817 SEK 28,000,000 32,254, ,736,001 64,354, Total Open - ended investment funds (UCITS) 231,881, ,327, TOTAL INVESTMENT PORTFOLIO 231,881, ,327,

10 Pensionssparfonden Geographical and Economic Portfolio Breakdowns (expressed as a percentage of net assets) Geopraphical breakdown % Ireland Sweden Luxembourg Norway France 6.29 Finland Economic breakdown % Investment Funds

11 Navigera ProSelection Medium Term Statement of Investments (expressed in SEK) Description Quantity Currency Cost Evaluation % net assets Open - ended investment funds (UCITS) France Hmg Globetrotter -I-/Cap(3dec) 0 EUR 6,755,407 7,639, ,755,407 7,639, Ireland Bny Mellon Glb Real Ret Eur-W 6,805,053 EUR 62,358,094 69,519, Bny Mellon Lgt Glb Eq-S-Eur Pf 422,342 EUR 6,411,566 6,356, JO Hambro Capital Management - Global Select Fund Accum. Re Eur 480,162 EUR 7,008,670 8,324, Lg Frontier Mkt -B- Usd/Cap 184,417 USD 20,221,028 23,153, Pimco Gis Unconstr Bd-Adm-Sekh 0 SEK Pimco Unc Sek-In-Ac 552,779 SEK 55,438,325 55,493, ,437, ,848, Luxembourg Coeli I Front M-I Sek-Cap 105,697 SEK 11,651,000 11,650, Frank Temp Glb Tot Ret-A-Sekh1 1,152,999 SEK 13,880,011 15,035, Gartmore Gl Foc -D(Div)-Acc- 3 USD Raml-Lng/Shrt Emrg Mk E-Isek 23,207 SEK 26,187,000 26,187, Ruffer Tr Int -I- Acc 151,559 SEK 17,328,018 17,253, Sisf Frontier Market Eq A Cap 10,920 USD 11,612,437 11,612, Standard Life Global Abs Ret Strat- A-Sekh 543,593 SEK 61,977,240 66,466, Standard Life Global Foc St-D-Sekh 6,859,648 SEK 69,000,000 68,482, Treetop Global Opp -I- Usd/Cap 9,111 USD 7,070,072 7,846, ,705, ,535, Norway Skagen Global Aktiefondet 6,257 NOK 7,333,399 8,005, ,333,399 8,005, Sweden Alfred Berg Penningmarknadsfd 24,133 SEK 24,255,099 24,302, Robur Fonder Instit.Aktiefd 18 SEK ,255,820 24,303, Total Open - ended investment funds (UCITS) 408,488, ,331, TOTAL INVESTMENT PORTFOLIO 408,488, ,331, * Related party funds - refer to Note 4 10

12 Navigera ProSelection Medium Term Geographical and Economic Portfolio Breakdowns (expressed as a percentage of net assets) Geopraphical breakdown % Luxembourg Ireland Sweden 6.00 Norway 1.98 France Economic breakdown % Investment Funds

13 Navigera ProSelection Long Term Statement of Investments (expressed in SEK) Description Quantity Currency Cost Evaluation % net assets Open - ended investment funds (UCITS) France Hmg Globetrotter -I-/Cap(3dec) 16 EUR 281,671, ,872, ,671, ,872, Ireland Bny Mellon Lgt Glb Eq-S-Eur Pf 9,945,843 EUR 150,667, ,700, Fisher Emerging Mrkts Eq-P 96,120 USD 67,257,753 69,065, JO Hambro Capital Management - Global Select Fund Accum. Re Eur 18,575,182 EUR 276,832, ,023, Lg Frontier Mkt -B- Usd/Cap 996,934 USD 109,198, ,165, Russell Ac Em Usd-A-Acc 715,311 USD 67,129,518 69,005, Tiburon Taiko /Acc.Ptg.Shs Usd 4,822 USD 50,058,190 51,275, ,143, ,237, Luxembourg Coeli I Front M-I Sek-Cap 27,216 SEK 3,000,000 3,000, Gartmore Emerging Markets -A- 0 EUR Gartmore Gl Foc -D(Div)-Acc- 4 USD Macquarie Asia New Stars-C-Sek/ Cap 597,040 SEK 64,427,833 78,093, Sisf Frontier Market Eq A Cap 2,816 USD 2,995,033 2,995, Treetop Global Opp -I- Usd/Cap 387,626 USD 264,458, ,825, Victoire Brasil Select -I- Usd 4,962 USD 28,675,250 27,419, ,556, ,333, Norway Skagen Global Aktiefondet 251,092 NOK 241,324, ,256, Skagen Kon-Tiki 94,080 NOK 63,196,031 68,255, ,520, ,512, Sweden Catella /Reavinstfond 0 SEK Danske Fonder /Sverige 9,858 SEK 30,423,000 31,989, Lannebo Sverige Fd 1,645,567 SEK 27,274,603 40,398, Robur Fonder Instit.Aktiefd 2 SEK ,697,695 72,388, Total Open - ended investment funds (UCITS) 1,728,588,916 2,021,344, TOTAL INVESTMENT PORTFOLIO 1,728,588,916 2,021,344,

14 Navigera ProSelection Long Term Geographical and Economic Portfolio Breakdowns (expressed as a percentage of net assets) Geopraphical breakdown % Ireland Luxembourg Norway France Sweden Economic breakdown % Investment Funds

15 NaviGate 6-4 Statement of Investments (expressed in SEK) Description Quantity Currency Cost Evaluation % net assets Open - ended investment funds (UCITS) Ireland Bny Mellon Lgt Glb Eq-S-Eur Pf 1,454,932 EUR 20,321,893 21,899, JO Hambro Capital Management - Global Select Fund Accum. Re Eur 1,282,640 EUR 20,546,592 22,236, Lg Frontier Mkt -B- Usd/Cap 66,464 USD 7,224,770 8,394, Vanguard Gl Stock Index -Inst- 138,156 USD 19,983,420 19,786, ,076,675 72,316, Luxembourg Coeli I Front M-I Sek-Cap 38,093 SEK 4,199,000 4,198, Sisf Frontier Market Eq A Cap 3,935 USD 4,185,024 4,185, Treetop Global Opp -I- Usd/Cap 25,309 USD 17,648,998 21,796, ,033,022 30,180, Norway Skagen Global Aktiefondet 17,082 NOK 17,978,708 21,855, Skagen Kon-Tiki 0 NOK ,978,713 21,855, Sweden Catella /Reavinstfond 137,603 SEK 33,086,876 49,010, Danske Fonder /Sverige* 16,615 SEK 40,870,488 53,915, Handelsbanken Sverigefond Ind. 1,657 SEK 8,552,335 12,686, Lannebo Sverige Fd 2,223,055 SEK 37,618,119 54,576, ,127, ,187, Total Open - ended investment funds (UCITS) 232,216, ,540, TOTAL INVESTMENT PORTFOLIO 232,216, ,540, * Related party funds - refer to Note 4 14

16 NaviGate 6-4 Geographical and Economic Portfolio Breakdowns (expressed as a percentage of net assets) Geopraphical breakdown % Sweden Ireland Luxembourg Norway Economic breakdown % Investment Funds

17 NaviGate Global Statement of Investments (expressed in SEK) Description Quantity Currency Cost Evaluation % net assets Open - ended investment funds (UCITS) France Hmg Globetrotter -I-/Cap(3dec) 1 EUR 13,908,913 16,291, ,908,913 16,291, Ireland Bny Mellon Lgt Glb Eq-S-Eur Pf 2,891,789 EUR 40,065,377 43,525, JO Hambro Capital Management - Global Select Fund Accum. Re Eur 2,546,600 EUR 38,124,552 44,148, Lg Frontier Mkt -B- Usd/Cap 72,067 USD 7,864,124 9,102, Vanguard Gl Stock Index -Inst- 255,110 USD 36,900,245 36,536, ,954, ,313, Luxembourg Coeli I Front M-I Sek-Cap 41,305 SEK 4,553,000 4,553, Gartmore Gl Foc -D(Div)-Acc- 0 USD Sisf Frontier Market Eq A Cap 4,269 USD 4,539,347 4,539, Treetop Global Opp -I- Usd/Cap 50,143 USD 33,742,914 43,183, ,835,261 52,275, Norway Skagen Global Aktiefondet 33,909 NOK 32,821,046 43,384, ,821,046 43,384, Total Open - ended investment funds (UCITS) 212,519, ,264, TOTAL INVESTMENT PORTFOLIO 212,519, ,264,

18 NaviGate Global Geographical and Economic Portfolio Breakdowns (expressed as a percentage of net assets) Geopraphical breakdown % Ireland Luxembourg Norway France Economic breakdown % Investment Funds

19 Investerum Global Growth Fund Statement of Investments (expressed in EUR) Description Quantity Currency Cost Evaluation % net assets Open - ended investment funds (UCITS) Ireland Ishares Plc /S&P ,000 USD 388, , , , Luxembourg Aberd.Glob./Emerg.Mark-A2-/Ca 7,100 USD 357, , Danske Invest /Europe -I-/Cap* 75,600 EUR 835,468 1,005, Danske Invest /Europe Small-I-/ Cap* 22,400 EUR 261, , Danske Invest /Gbl Em Mkt I/Cap* 24,126 USD 679, , Danske Invest /Gbl Em Sm Cap* 10,600 USD 307, , Danske Invest /Gl Stockpick/-I-Cap* 85,000 EUR 888,084 1,094, Danske Invest /High Dividend-I-/ Cap* 87,300 EUR 824,010 1,092, Fast Europe Fd -A- Cap 345 EUR 83, , ,237,164 5,016, Total Open - ended investment funds (UCITS) 4,626,006 5,602, TOTAL INVESTMENT PORTFOLIO 4,626,006 5,602, * Related party funds - refer to Note 4 18

20 Investerum Global Growth Fund Geographical and Economic Portfolio Breakdowns (expressed as a percentage of net assets) Geopraphical breakdown % Luxembourg Ireland Economic breakdown % Investment Funds

21 Investerum European Fund Statement of Investments (expressed in EUR) Description Quantity Currency Cost Evaluation % net assets Open - ended investment funds (UCITS) Luxembourg Blackrock Global Funds Sicav Emerg Europe -A2-/Cap. 1,682 EUR 175, , Blackrock Global Funds Sicav European Fund/-A2- Cap 1,733 EUR 129, , Danske Invest /Europe -I-/Cap* 14,552 EUR 124, , Danske Invest /Europe Small-I-/ Cap* 5,250 EUR 59,068 81, Danske Invest /High Dividend-I-/ Cap* 14,400 EUR 136, , Danske Invest /Sweden Units/A/ Cap* 1,750 SEK 80, , Danske Invest Sicav Europe/Cap* 3,000 EUR 34,581 40, Fast Europe Fd -A- Cap 246 EUR 37,695 74, Multi Units Lyxor Etf Dax 1,040 EUR 65,544 98, ,979 1,100, Total Open - ended investment funds (UCITS) 843,979 1,100, TOTAL INVESTMENT PORTFOLIO 843,979 1,100, * Related party funds - refer to Note 4 20

22 Investerum European Fund Geographical and Economic Portfolio Breakdowns (expressed as a percentage of net assets) Geopraphical breakdown % Luxembourg Economic breakdown % Investment Funds

23 Notes to the Unaudited Financial Statements NOTE 1 GENERAL The Fund is an open-ended mutual investment fund ( fonds commun de placement ) with several separate Sub-Funds ( umbrella fund ) set up under the laws of the Grand Duchy of Luxembourg. Initially, the Fund was set up under Part II of the Luxembourg Law of March, 1988 as amended and its Management Regulations were executed on July 31, 2002 published on August 24, 2002 in the Mémorial, Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg and were filed with the Chancery of the District Court of and in Luxembourg, from which copies may be obtained. On February 13, 2004 Management Regulations were amended so as to comply with and to submit the Fund to Part I of the UCITs Law. On April 11, 2005, the Management Company was approved to act for the Fund as Management Company governed by chapter 15 of the UCITs Law. Additional amendments to the Management Regulations were made on May 2005, October 24, 2005, February 22, 2006, July 7, 2006, March 2, 2007, January 12, 2009, December 1, 2010, April 18, 2011, and August 31, The mention of the deposit of the last Management Regulations dated August 31, 2012 with the Registre de Commerce et des Sociétés de et à Luxembourg was published on September 10, 2012 in the Mémorial C, Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg. On June 30, 2014, 7 Sub-Funds were in operation: Danske Fund of Funds - Pensionssparfonden Danske Fund of Funds - Navigera ProSelection Medium Term Danske Fund of Funds - Navigera ProSelection Long Term Danske Fund of Funds - NaviGate 6-4 Danske Fund of Funds - NaviGate Global Danske Fund of Funds - Investerum Global Growth Fund Danske Fund of Funds - Investerum European Fund NOTE 2 INVESTMENT OBJECTIVES The investment objective of the Fund is to manage the assets of the different Sub-Funds for the benefit of the Unitholders for the purpose of earning a rate of return reflective of the investment objectives of the Fund, and of seeking growth of capital in the short and/or medium to long term in accordance with, for each Sub Fund, the investment objective mentioned in their respective Appendix, of the prospectus, as defined for each Sub-Fund by the Board of Directors of the Management Company. No assurance can however be given that the investment objective as described above will be achieved. In addition to the investment objectives described below, the Board of Directors of the Management Company resolved by Circular Resolution dated November 18, 2008 to allow each Sub-Fund to invest, for defensive purposes and in the interest of the Unitholders, the liquidity, on a temporary basis, in money market instruments and Government Bonds up to 10% of the Total Net Assets of each Sub-Fund. The investment objective of each relevant Sub-Fund is as follows: Danske Fund of Funds - Pensionssparfonden (denominated in SEK): Within the general investment objectives and policies of the Fund and with an objective of generating value increase in the long term through active investment management the Sub-Fund will invest its net assets in UCIs, which mainly invest in equities ( Equity Funds ) in respect to the following allocation: between 60% and 100% of the Sub-Fund s net assets will be invested in Equity Funds investing mainly outside of Sweden; up to 40% of the Sub-Fund s net assets will be invested in Equity Funds investing mainly in Sweden and up to 25% of the Sub-Fund's net assets may be invested in Equity Funds investing mainly in emerging markets. 22

24 Notes to the Unaudited Financial Statements (continued) NOTE 2 INVESTMENT OBJECTIVES (continued) Danske Fund of Funds - Navigera ProSelection Medium Term (denominated in SEK): Within the general investment objectives and policies of the Fund and with an objective of seeking growth of capital in the short term the Sub-Fund will invest its net assets in a diversified portfolio of UCIs mainly invested in equities ( Equity Funds ) and bonds ( Bond Funds ) in respect to the following allocation: between 0% and 50% of the Sub-Fund s net assets will be invested in Equity Funds. between 0% and 100% of the Sub-Fund s net assets will be invested in Bond and Money Market Funds. between 0% and 100% of the Sub-Fund s net assets will be invested in Hedge or Absolute Return Funds. Maximum 30% of the Sub-Fund s net assets may be invested in ETF s (Exchange traded funds). The allocation between bond, equity and hedge and absolute return investments can change over time. Danske Fund of Funds - Navigera ProSelection Long Term (denominated in SEK): Within the general investment objectives and policies of the Fund and with an objective of seeking growth of capital in the long term the Sub-Fund will invest its net assets in a diversified portfolio of UCIs mainly invested in equities ( Equity Funds ) and bonds ( Bond Funds ) in respect to the following allocation: between 40% and 100% of the Sub-Fund s net assets will be invested in Equity Funds. between 0% and 50% of the Sub-Fund s net assets will be invested in Bond and Money Market Funds. between 0% and 50% of the Sub-Fund s net assets will be invested in Hedge or Absolute Return Funds. Maximum 30% of the Sub-Fund s net assets may be invested in ETF s (Exchange traded funds). The allocation between bond, equity and hedge and absolute return investments can change over time. Danske Fund of Funds - NaviGate 6-4 (denominated in SEK): Within the general investment objectives and policies of the Fund and with an objective of generating value increase in the long term through active investment management the Sub-Fund will invest its net assets in a diversified portfolio of UCIs, which mainly invest in equities ( Equity Funds ) and bonds ("Bond Funds") in respect to the following allocation: between 45% and 75% of the Sub-Fund's net assets will be invested in Equity Funds investing in Sweden; and between 25% and 55% of the Sub-Fund's net assets will be invested in Equity Funds investing in UCIs with an investment focus outside of Sweden. Danske Fund of Funds - NaviGate Global (denominated in SEK): Within the general investment objectives and policies of the Fund and with an objective of generating value increase in the long term through active investment management the Sub-Fund will invest its net assets in a diversified global portfolio of UCIs, which mainly invest in equities ( Equity Funds ) and bonds ("Bond Funds"). Danske Fund of Funds - Investerum Global Growth Fund (denominated in EUR): Within the general investment objectives and policies of the Fund and with an objective of generating value increase in the long term through active investment management the Sub-Fund will mainly invest its net assets in a diversified portfolio of UCIs invested in equities ( Equity Funds ), part of the net assets may be invested in bonds ( Bond Funds ) and/or in money market instruments ( Money Market Funds ) and/or in Equity Funds with an investment objective allowing part investments in bonds and money market instruments in respect to the following allocation: at least 50% of the Sub-Fund s net assets will be invested in Equity Funds worldwide. no more than 50% of the Sub-Fund s net assets will be invested in Equity Funds having focus on a specific industrial or economical sector. no more than 30% of the Sub-Fund s net assets will be invested in Bond Funds and/or Money Market Funds and/or in Equity Funds with an investment objective allowing part investments in bonds and money market instruments worldwide. no more than 20% of the Sub-Fund s net assets may be held in cash. For the purpose of hedging and/or efficient portfolio management, the Sub-Fund may use all the techniques and instruments described in Section 8.2.(B) of the Prospectus. 23

25 Notes to the Unaudited Financial Statements (continued) NOTE 2 INVESTMENT OBJECTIVES (continued) Danske Fund of Funds - Investerum European Fund (denominated in EUR): Within the general investment objectives and policies of the Fund and with an objective of generating value increase in the long term through active investment management the Sub-Fund will mainly invest its net assets in a diversified portfolio of UCIs invested in equities ( Equity Funds ), part of the net assets may be invested in bonds ( Bond Funds ) and/or in money market instruments ( Money Market Funds ) and/or in Equity Funds with an investment objective allowing part investments in bonds and money market instruments in respect to the following allocation: at least 50% of the Sub-Fund s net assets will be invested in Equity Funds with broad European / Eastern European investment universe including Russia no more than 49% of the Sub-Fund s net assets may be invested in Equity Funds with an Eastern European investment Universe including Russia. no more than 50% of the Sub-Fund s net assets will be invested in Equity Funds having focus on a specific industrial or economical sector. no more than 30% of the Sub-Fund s net assets will be invested in Bond Funds and/or Money Market Funds and/or in Equity Funds with an investment objective allowing part investments in bonds and money market instruments with a European Investment universe. up to 25% of the Sub-Fund s net assets may be invested in Equity Funds having an investment universe outside the European/ Eastern European including Russia. no more than 20% of the Sub-Fund s net assets may be held in cash. For the purpose of hedging and/or efficient portfolio management, the Sub-Fund may use all the techniques and instruments described in Section 8.2.(B) of the Prospectus. NOTE 3 SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with generally accepted accounting principles and in accordance with laws and regulations in force in the Grand Duchy of Luxembourg. a) Valuation of investments in portfolio Units or shares of UCIs are valued at their last determined and available NAV, or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors of the Management Company on a fair and equitable basis. All other securities and other assets are valued at fair market value as determined in good faith pursuant to the procedures established by the Board of Directors of the Management Company. b) Realised profit/loss on sales of investments Profit and loss on investments sold are computed on the basis of the average cost of investments sold. c) Foreign exchange translation The net asset values of the different Sub-Fund classes are expressed in SEK and in EUR for Danske Fund of Funds - Investerum Global Growth Fund and Danske Fund of Funds - Investerum European Fund. All assets and liabilities, which are valued in a currency other than the base currency in which units of the relevant Sub- Fund are expressed, are converted into the base currency at the exchange rate prevailing as at June 30, The exchange rates used are the following: DKK = EUR NOK = EUR SEK = EUR USD = EUR 24

26 Notes to the Unaudited Financial Statements (continued) NOTE 3 SIGNIFICANT ACCOUNTING POLICIES (continued) Income and expenses expressed in a currency other than the base currency in which units of the relevant Sub-Fund are expressed are translated into the base currency at the applicable exchange rate prevailing at the payment date. Resulting realised and unrealised foreign exchange gains or losses are included in the statement of net assets. d) Cost of investments Cost of investments for each Sub-Fund expressed in a currency other than the base currency is translated at the exchange rate prevailing at the purchase date. e) Income from investments Dividends are recognised as income on the date the investments are first quoted ex-dividend, to the extent information thereon is reasonably available to the Fund. Interest is accrued prorata temporis on each net asset valuation. f) Forward foreign exchange contracts Profit or loss arising from un-matured forward foreign exchange contracts are determined on the basis of the applicable forward foreign exchange rates at the valuation date, and are recorded in the combined statement of net assets. NOTE 4 INVESTMENT MANAGEMENT FEES In accordance with the Investment Management Agreement dated October 1, 2012, WASSUM Varderpappersaktiebolag is entitled to the following Investment Management fees that are based on the net assets of the Sub-Funds as determined on each valuation date and payable quarterly in arrears:. An investment management fee of up to 0.40% per annum in respect of Danske Fund of Funds - Pensionssparfonden. An investment management fee of up to 0.30% per annum in respect of Danske Fund of Funds - NaviGate 6-4 and Danske Fund of Funds - NaviGate Global. An investment management fee of up to 1.00% per annum in respect of Danske Fund of Funds - Navigera ProSelection Medium Term and Danske Fund of Funds - Navigera ProSelection Long Term In accordance with the Investment Management Agreement dated October 1, 2012, Danske Bank A/S is entitled to the following Investment Management fees that are based on the net assets of the Sub-Funds as determined on each valuation date and payable quarterly in arrears:. An investment management fee of up to 1.00% per annum in respect of Danske Fund of Funds - Investerum Global Growth Fund and Danske Fund of Funds - Investerum European Fund In respect of a Sub-Fund's investments in UCITS and other UCIs whether managed or not by the Management Company or any other company linked to the Management Company, the total management fee (excluding any performance fee, if any) charged to such Sub-Fund itself and the other UCITS and/or other UCIs concerned shall not exceed 4% of the relevant assets. NOTE 5 PERFORMANCE FEES In addition to the Investment Management fee described in note 4 to the annual accounts, the Investment Manager is also entitled to a performance fee, which exceeds the return of the benchmark as fully described in the prospectus. Performance fee is payable quarterly in arrears and will be accrued in each NAV calculation. The performance fee is defined as follows:. 20% per annum of the performance which exceeds the return of the indices used for performance calculation in respect of the following Sub-Funds: Danske Fund of Funds - Pensionssparfonden, Danske Fund of Funds - Investerum Global Growth Fund and Danske Fund of Funds - Investerum European Fund.. 10% per annum of the performance which exceeds the return of the indices used for performance calculation in respect of the following Sub-Funds: Danske Fund of Funds - NaviGate 6-4, Danske Fund of Funds - NaviGate Global. The Sub-Funds Danske Fund of Funds - Navigera ProSelection Medium Term and Danske Fund of Funds - Navigera ProSelection Long Term are not subject to performance fees. As at June 30, 2014, the total performance fees amounted to EUR 55,

27 Notes to the Unaudited Financial Statements (continued) NOTE 6 DISTRIBUTION FEES AND DISTRIBUTION SUPPORT FEES Distribution fees The Distributor for Units of the Sub-Fund Danske Fund of Funds - Pensionssparfonden is entitled to a fee of up to 0.25% per annum for Class C based on the net assets of the Sub-Fund as determined on each valuation date and payable quarterly in arrears. The Distributors for Units of the Sub-Funds Danske Fund of Funds - Navigera ProSelection Medium Term and Danske Fund of Funds - Navigera ProSelection Long Term are entitled to a fee up to 0.65% based on the net assets of the Sub-Fund as determined on each valuation date and payable quarterly in arrears. The Sub-Funds Danske Fund of Funds Investerum Global Growth fund, Danske Fund of Funds Investerum European Fund, Danske Fund of Funds NaviGate 6-4 and Danske Fund of Funds NaviGate Global are not subject to distribution fees. Distribution support fees In accordance with the Transactional Support Agreement (Distribution Support Services) dated September 16, 2008, RBC Investor Services Bank S.A. is entitled to a fee agreed with the Management Company to be paid by each Sub-Fund. NOTE 7 ADMINISTRATION FEES AND TRANSFER AGENCY FEES Administration Fees The Management Company is entitled to an Administration fee. The fees are based on the net assets of the Sub-Funds as determined on each valuation date and payable quarterly in arrears. The Administration Fee rates are as follows: 0.25% per annum in respect of Danske Fund of Funds Investerum Global Growth Fund and Danske Fund of Funds Investerum European Fund. 0.15% per annum in respect of the Class C of Danske Fund of Funds - Pensionssparfonden 0.10% per annum in respect of the Class PP of Danske Fund of Funds - Navigate 6-4, Danske Fund of Funds - NaviGate Global, Danske Fund of Funds - Navigera ProSelection Medium Term, Danske Fund of Funds - Navigera ProSelection Long Term Registrar and Transfer Agency Fees In accordance with the agreement dated December 1, 2010, RBC Investor Services Bank S.A. provides registrar and transfer agency services to the Fund. The fees related to the services are agreed with the Management Company to be paid by each Sub-Fund. NOTE 8 CUSTODIAN AND INVESTMENT FUND SERVICE FEES In accordance with the Common fee schedule dated January 1, 2008, superseded by the fee agreement dated July 19, 2013 and effective from July 1, 2013, RBC Investor Services Bank S.A. is entitled to a fee agreed with the Management Company to be paid by the Management Company out of the administration fees charged to the Fund. NOTE 9 SUBSCRIPTION TAX Under present Luxembourg law, the Fund is subject to subscription tax at the annual rate of 0.01% for all Class C, Class PP and P units and at the annual rate of 0.05% for all Class D Units payable quarterly and calculated on the basis of the net assets calculated as at the end of each calendar quarter. In case some Sub-Funds are invested in other Luxembourg investment funds, which in turn are subject to the subscription tax provided for by the law of December 17, 2010, as amended, relating to undertakings in collective investment, no subscription tax is due from the Sub-Funds on the portion of assets invested therein. NOTE 10 COMBINED FINANCIAL STATEMENTS AND CURRENCY TRANSLATION The Fund s total net assets are expressed in EUR and correspond to the difference between the total assets and the total liabilities of the Fund. In order to calculate this value, the net assets of each Sub-Fund are, unless they are already expressed in EUR, converted into EUR at the exchange rates prevailing at June 30, 2014 and added together. 26

28 Notes to the Unaudited Financial Statements (continued) NOTE 10 COMBINED FINANCIAL STATEMENTS AND CURRENCY TRANSLATION (continued) Assets and liabilities expressed in currencies other than the Sub-Fund's currency are translated into the Sub-Fund's currency at the exchange rates applicable as at each valuation date. Income and expenses in currencies other than the Sub-Fund's currency are translated into the Sub-Fund's currency at the exchange rates applicable at the transaction date. NOTE 11 TAXES AND EXPENSES PAYABLE For the period ended June 30, 2014, the following taxes and expenses are payable: Pensionssparfonden Navigera ProSelection Medium Term Navigera ProSelection Long Term SEK SEK SEK Distribution fees and distribution support fees (Note 6) 218, ,328 3,179,471 Other charges 16,417 27, , , ,387 3,306,364 NaviGate 6-4 NaviGate Global Investerum Global Growth Fund SEK SEK EUR Distribution fees and distribution support fees (Note 6) Other charges 18,900 14,953 3,977 18,900 14,953 3,977 Investerum European Fund EUR Distribution fees and distribution support fees (Note 6) - Other charges NOTE 12 REBATE FEES As at June 30, 2014 "Other Assets" mostly includes rebate fees from underlying investments in target funds for the Sub-Funds. Rebate fee agreements have been negotiated by the Investment Manager when the initial investments were made in the target fund. The rebate fees receivable are recorded as "other assets" in the Combined Statement of Net Assets. NOTE 13 FORWARD FOREIGN EXCHANGE CONTRACTS The following forward foreign exchange contracts were conducted with the counterparty Danske Bank AS Stockholm. For the period ended June 30, 2014, the following forward foreign exchange contracts were outstanding: Navigera ProSelection Long Term Amount purchase Amount sold Maturity Unrealised gain SEK EUR 4,018,171 USD 5,484,000 7/02/2014 SEK 117,147 EUR 1,404,886 USD 1,915,000 7/03/2014 SEK 56,982 EUR 1,417,801 USD 1,937,000 7/07/2014 SEK 28, ,470 27

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