Unaudited Semi-Annual Report 2015 Nordea Fund of Funds, SICAV

Transcription

1 Unaudited Semi-Annual Report 2015 Nordea Fund of Funds, 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-66248

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 Statement of Net Assets as of 30/06/ Statement of Operations and Changes in Net Assets for the period ended 30/06/ Statement of Statistics as at 30/06/ Statement of Investments in Securities and Other Net Assets as of 30/06/2015 Nordea Fund of Funds - Multi Manager Fund Aggressive 7 Nordea Fund of Funds - Multi Manager Fund Balanced 9 Nordea Fund of Funds - Multi Manager Fund Conservative 11 Nordea Fund of Funds - Multi Manager Fund Equity 13 Nordea Fund of Funds - Tactical Allocation Balanced 14 Nordea Fund of Funds - Tactical Allocation Conservative 16 Nordea Fund of Funds - Value Masters Fund 18 Notes to the Financial Statements as of 30/06/ Shareholder s Information 24 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

4 Statement of Net Assets as of 30/06/2015 Combined Statement Nordea Fund of Funds - Multi Manager Fund Aggressive Nordea Fund of Funds - Multi Manager Fund Balanced (in EUR) (in EUR) (in EUR) Assets Funds portfolio at market value (Note 2) 805,297, ,028, ,838, Cash at banks 22,931, ,569, ,520, Dividends and interest receivable 12, Receivable for subscribed shares 4,945, , ,905, Unrealised gain on forward exchange contracts (Note 2) 42, Unrealised gain on foreign currencies receivables and payables (Note 2) ,229, ,298, ,264, Liabilities Accrued fees 2,925, , ,797, Interest payable Payable for investments purchased 924, Payable for redeemed shares 340, , Net other payable 6, , , Unrealised loss on forward exchange contracts (Note 2) 2,331, , ,665, Unrealised loss on foreign currencies receivables and payables (Note 2) 2, ,531, , ,548, Net Assets 826,698, ,794, ,715, Portfolio at acquisition cost (Note 2) 767,379, ,386, ,722, The accompanying notes form an integral part of these financial statements. 2 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

5 Nordea Fund of Funds - Multi Manager Fund Conservative Nordea Fund of Funds - Multi Manager Fund Equity (Note 1a) Nordea Fund of Funds - Tactical Allocation Balanced Nordea Fund of Funds - Tactical Allocation Conservative Nordea Fund of Funds - Value Masters Fund (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) 219,733, ,873, ,705, ,828, ,289, ,298, , , , , , , , ,370, , , , ,946, ,147, ,260, ,796, ,516, , , , , , , , , , , , , ,216, , , , , ,729, ,131, ,204, ,814, ,307, ,189, ,093, ,274, ,493, ,219, The accompanying notes form an integral part of these financial statements. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

6 Statement of Operations and Changes in Net Assets for the period ended 30/06/2015 Combined Statement Nordea Fund of Funds - Multi Manager Fund Aggressive Nordea Fund of Funds - Multi Manager Fund Balanced (in EUR) (in EUR) (in EUR) Net assets at the beginning of the year 594,999, ,100, ,126, Income Net dividends (Note 2) 106, , , Net interest on banks (16,253.49) (1,326.84) (5,658.73) Other income 84, , , Retrocession management fees (Note 12) 14, , , , , Expenses Audit, legal, registration, board of directors and other fees 445, , , Administrative agent fees (Note 5) 627, , , Depositary bank fees (Note 4) 43, , , Investment management fees (Note 3) 4,201, , ,636, Printing, publication and internet Taxe d abonnement (Note 6) 72, , , Transaction related costs (Note 14) 22, , , ,415, , ,347, Net income/(loss) (5,225,938.16) (535,052.20) (3,257,003.77) Net realised gain/(loss) on securities 32,483, ,606, ,378, Net realised gain/(loss) on forward exchange contracts 15,496, ,724, ,364, Net realised gain/(loss) on foreign currencies 1,056, , , Net realised gain/(loss) 43,810, ,954, ,082, Changes in unrealised gain/(loss) on securities 6,670, , ,548, Changes in unrealised gain/(loss) on forward exchange contracts (2,359,325.30) (371,323.74) (1,327,003.30) Changes in unrealised gain/(loss) on foreign currencies (4,835.32) (2,120.47) Net increase/(decrease) in net assets as a result of operations 48,117, ,265, ,301, Movements in capital Proceeds from shares issued 327,694, ,390, ,821, Payments for shares redeemed (144,113,351.59) (19,961,911.30) (88,533,301.01) Net assets at the end of the period 826,698, ,794, ,715, TER for the year (Note 8) BP-Shares 2.58% 2.25% The accompanying notes form an integral part of these financial statements. 4 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

7 Nordea Fund of Funds - Multi Manager Fund Conservative Nordea Fund of Funds - Multi Manager Fund Equity (Note 1a) Nordea Fund of Funds - Tactical Allocation Balanced Nordea Fund of Funds - Tactical Allocation Conservative Nordea Fund of Funds - Value Masters Fund (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) 148,080, ,834, ,896, ,961, , , , , (7,020.16) (587.81) (598.42) (969.74) (91.79) 20, , , , , (587.81) 20, , , , , , , , , , , , , , , , , , , , , , ,231, , , , , (1,206,057.77) (15,970.02) (90,426.51) (74,011.73) (47,416.16) 4,957, , , , ,817, (157,042.64) (252,721.39) - 316, (2,610.11) (485.51) (11,073.28) - 7,885, (18,580.13) 584, , , , (220,178.99) 146, , , (779,281.77) - 35, , (2,984.32) ,911, (238,759.12) 766, , , ,064, ,376, ,027, ,521, ,492, (29,327,066.84) (6,080.01) (1,424,748.74) (979,960.41) (3,880,283.28) 228,729, ,131, ,204, ,814, ,307, % 2.46% 2.00% 1.67% 3.11% The accompanying notes form an integral part of these financial statements. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

8 Statement of Statistics as at 30/06/2015 Name of Sub-fund and share classes Total Net Asset and Net Asset Value per share in base currency (*) Number of outstanding shares 30/06/ /12/ /12/ /06/2015 Nordea Fund of Funds - Multi Manager Fund Aggressive EUR 62,794, ,100, ,404, , BP - Shares EUR , HB - CHF Shares CHF* , HB - DKK Shares DKK* 1, , HB - GBP Shares GBP* , HB - NOK Shares NOK* 1, , , HB - SEK Shares SEK* 1, , , HB - SGD Shares SGD* HB - USD Shares USD* , Nordea Fund of Funds - Multi Manager Fund Balanced EUR 491,715, ,126, ,893, ,607, BP - Shares EUR ,056, HB - CHF Shares CHF* , HB - DKK Shares DKK* , HB - GBP Shares GBP* , HB - NOK Shares NOK* 1, , , HB - SEK Shares SEK* 1, , , , HB - SGD Shares SGD* HB - USD Shares USD* , Nordea Fund of Funds - Multi Manager Fund Conservative EUR 228,729, ,080, ,655, ,813, BP - Shares EUR , HB - CHF Shares CHF* , HB - DKK Shares DKK* , HB - GBP Shares GBP* , HB - NOK Shares NOK* , HB - SEK Shares SEK* 1, , , HB - SGD Shares SGD* , HB - USD Shares USD* , Nordea Fund of Funds - Multi Manager Fund Equity (Note 1a) EUR 4,131, , BP - Shares EUR , Nordea Fund of Funds - Tactical Allocation Balanced EUR 14,204, ,834, ,272, , BP - Shares EUR , Nordea Fund of Funds - Tactical Allocation Conservative EUR 17,814, ,896, ,531, , BP - Shares EUR , Nordea Fund of Funds - Value Masters Fund EUR 7,307, ,961, ,446, , BP - Shares EUR , (*) The hedged classes are expressed in their respective hedge currency which is different from the base currency of the Sub-fund. 6 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

9 Nordea Fund of Funds - Multi Manager Fund Aggressive Statement of Investments in Securities and Other Net Assets as of 30/06/2015 (Expressed in EUR) Breakdown by Country and Economic Sector of the Investments in Securities as of 30/06/2015 (in % of Net Assets) Number/ Description Nominal Valuation (Note 2) % of Net Assets Country Undertakings for Collective Investment in Transferable Securities (UCITS) DKK 53, Nordea 1 - Danish Mortgage Bond Fund 1,635, BI-DKK 1,635, EUR 13, Adelphi Invest Fds PLC - Adelphi Europ 1,876, Select Eq B Amundi Funds - Bond US Opportunistic 820, Core Plus 65, Baring Emerging Markets Umbrella - 1,061, Baring Frontier 54, BlackRock Global Funds - European 3,851, Value Fund 2, Candriam Long Short Credit 252, , Carnegie Fonder Portfolio - Carnegie 809, Corporate Bon 5, DNCA Invest - Miuri I 707, G FUND - Alpha Fixed Income 304, , HSBC Global Inv Funds - Euro Credit 1,126, Bond To 5, InRIS UCITS PLC - R CFM Diversified 578, Fund NI 202, Invesco Pan European Structured Equity 3,743, Fund 187, Investec Global Strategy Fund Limited - 4,777, European E 7, JPMorgan Funds -Europe Equity Plus 1,413, Fund 30, Kames Equity Market Neutral Fund 306, , Merrill Lynch Investment Solutions 290, Marshall Wace Parworld Quant Equity Europe Guru 4,374, , Petercam L - Bonds EUR High Yield 1,578, Short Term 42, Robeco European Conservative Equities 6,721, I EUR Cap 49, Russell Investment Co PLC - Acadian 448, Global Leverag Syquant Capital - Helium Opportunites 234, , THEAM Quant - Equity Europe Income 991, J EUR Cap 3, UBAM FCP - EM Investment Grade 395, Corporate Bond 21, UBS Lux Equity Fund - US Total Yield 2,482, USD 38, UniInstitutional Short Term Credit 1,781, ,928, JPY 28, SPARX Japan Smaller Companies Fund 2,592, ,592, USD 7, GaveKal China Fixed Income UCITS Fund 837, , GLG Investments PLC - Man Numeric 4,488, Emerging Markets 9, Legg Mason Global Funds PLC - 1,902, ClearBridge U.S. Agg 24, Maj Invest Funds - Maj Invest Global 2,399, Value Equit Z 279, Old Mutual Global Investors Series PLC 2,870, US Capita 36, THEAM Quant - Equity US Income 3,373, ,872, Luxembourg Ireland France 6.78 Total Sector Open Equity Funds Open Bond Funds Open Hedge Funds 2.64 Total Total Undertakings for Collective Investment in Transferable Securities (UCITS) 61,028, Total Investments in Securities 61,028, Cash at banks 1,569, Other net assets 197, Total net assets 62,794, Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

10 Nordea Fund of Funds - Multi Manager Fund Aggressive Forward Exchange Contracts Amount bought Currency bought Amount sold Currency sold Unrealised appreciation/ (depreciation) in Sub-fund base currency (EUR) Maturity date Share class hedging: 661, CHF 639, EUR (3,747.31) 14/09/2015 4,509, DKK 605, EUR (303.37) 14/09/ , EUR 37, CHF (139.01) 14/09/ , EUR 268, DKK /09/ , EUR 652, GBP (14,093.89) 14/09/ , EUR 2,398, NOK /09/ , EUR 1,521, SEK (1,880.25) 14/09/2015 1, EUR 2, SGD (7.94) 14/09/2015 1,620, EUR 1,830, USD (14,649.38) 14/09/2015 8,059, GBP 11,195, EUR 119, /09/ ,973, NOK 4,660, EUR (125,700.93) 14/09/ ,486, SEK 2,735, EUR 31, /09/ , SGD 73, EUR /09/ ,443, USD 11,319, EUR (204,782.07) 14/09/2015 (213,981.02) Contracts with identical maturity date, same currency bought and same currency sold have been summed together in the above table. Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. 8 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

11 Nordea Fund of Funds - Multi Manager Fund Balanced Statement of Investments in Securities and Other Net Assets as of 30/06/2015 (Expressed in EUR) Breakdown by Country and Economic Sector of the Investments in Securities as of 30/06/2015 (in % of Net Assets) Number/ Description Nominal Valuation % of Net (Note 2) Assets Country Undertakings for Collective Investment in Transferable Securities (UCITS) DKK 948, Nordea 1 - Danish Mortgage Bond Fund 28,923, BI-DKK 28,923, EUR 71, Adelphi Invest Fds PLC - Adelphi Europ 9,804, Select Eq B 12, Amundi Funds - Bond US Opportunistic 14,990, Core Plus 345, Baring Emerging Markets Umbrella - 5,566, Baring Frontier 284, BlackRock Global Funds - European 20,124, Value Fund 73, Candriam Long Short Credit 7,521, , Carnegie Fonder Portfolio - Carnegie 13,706, Corporate Bon 37, DNCA Invest - Miuri I 4,747, , G FUND - Alpha Fixed Income 10,033, ,871, HSBC Global Inv Funds - Euro Credit 19,290, Bond To 73, InRIS UCITS PLC - R CFM Diversified 7,451, Fund NI 1,084, Invesco Pan European Structured Equity 20,033, Fund 1,007, Investec Global Strategy Fund Limited - 25,628, European E 39, JPMorgan Funds -Europe Equity Plus Fund 7,554, , Julius Baer Multistock - Absolute Return 4,720, Europe Eq 709, Kames Equity Market Neutral Fund 7,206, , Merrill Lynch Investment Solutions 4,613, Marshall Wace Parworld Quant Equity Europe Guru 22,943, , Petercam L - Bonds EUR High Yield 29,156, Short Term 220, Robeco European Conservative Equities 35,146, I EUR Cap 476, Russell Investment Co PLC - Acadian 4,323, Global Leverag 44, Serviced Platform SICAV - MSK Equity 4,703, UCITS Fund E 5, Syquant Capital - Helium Opportunites 7,470, , THEAM Quant - Equity Europe Income 4,940, J EUR Cap 41, UBAM - Unconstrained Bond Fund Class 4,312, IP EUR Acc 62, UBAM FCP - EM Investment Grade 7,624, Corporate Bond 109, UBS Lux Equity Fund - US Total Yield 12,729, USD 684, UniInstitutional Short Term Credit 31,334, ,676, JPY 144, SPARX Japan Smaller Companies Fund 13,000, ,000, USD 132, GaveKal China Fixed Income UCITS Fund 14,384, , GLG Investments PLC - Man Numeric 25,226, Emerging Markets 51, Legg Mason Global Funds PLC - 10,157, ClearBridge U.S. Agg 106, Maj Invest Funds - Maj Invest Global 10,300, Value Equit Z 1,497, Old Mutual Global Investors Series PLC 15,369, US Capita 191, THEAM Quant - Equity US Income 17,799, ,237, Luxembourg Ireland France 8.22 Total Sector Open Equity Funds Open Bond Funds Open Hedge Funds 8.50 Total Total Undertakings for Collective Investment in Transferable Securities (UCITS) 482,838, Total Investments in Securities 482,838, Cash at banks 10,520, Other net liabilities (1,642,975.47) (0.33) Total net assets 491,715, Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

12 Nordea Fund of Funds - Multi Manager Fund Balanced Forward Exchange Contracts Amount bought Currency bought Amount sold Currency sold Unrealised appreciation/ (depreciation) in Sub-fund base currency (EUR) Maturity date Share class hedging: 4,843, CHF 4,697, EUR (38,350.17) 14/09/ ,579, DKK 20,755, EUR (10,509.10) 14/09/ , EUR 175, CHF (690.05) 14/09/2015 1,216, EUR 9,060, DKK /09/2015 1,678, EUR 1,223, GBP (39,101.26) 14/09/2015 1,106, EUR 9,766, NOK (934.37) 14/09/2015 2,138, EUR 19,912, SEK (22,954.20) 14/09/2015 1, EUR 2, SGD (10.09) 14/09/2015 5,260, EUR 5,918, USD (25,713.50) 14/09/ ,500, GBP 38,171, EUR 439, /09/ ,480, NOK 32,107, EUR (856,182.70) 14/09/ ,443, SEK 42,446, EUR 484, /09/ , SGD 72, EUR /09/ ,642, USD 99,723, EUR (1,789,190.86) 14/09/2015 (1,859,052.42) Efficient portfolio management: 8,000, EUR 8,735, USD 193, /07/ , (1,665,951.70) Contracts with identical maturity date, same currency bought and same currency sold have been summed together in the above table. Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. 10 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

13 Nordea Fund of Funds - Multi Manager Fund Conservative Statement of Investments in Securities and Other Net Assets as of 30/06/2015 (Expressed in EUR) Breakdown by Country and Economic Sector of the Investments in Securities as of 30/06/2015 (in % of Net Assets) Number/ Description Nominal Valuation % of Net (Note 2) Assets Country Undertakings for Collective Investment in Transferable Securities (UCITS) DKK 672, Nordea 1 - Danish Mortgage Bond Fund 20,509, BI-DKK 20,509, EUR 17, Adelphi Invest Fds PLC - Adelphi Europ 2,389, Select Eq B 9, Amundi Funds - Bond US Opportunistic 11,001, Core Plus 80, Baring Emerging Markets Umbrella - 1,298, Baring Frontier 69, BlackRock Global Funds - European 4,904, Value Fund 45, Candriam Long Short Credit 4,618, , Carnegie Fonder Portfolio - Carnegie 9,588, Corporate Bon 35, DNCA Invest - Miuri I 4,515, Exane Funds 1- Ceres Fund A 3,037, , G FUND - Alpha Fixed Income 5,272, ,326, HSBC Global Inv Funds - Euro Credit 13,672, Bond To 44, InRIS UCITS PLC - R CFM Diversified 4,515, Fund NI 262, Invesco Pan European Structured Equity 4,840, Fund 241, Investec Global Strategy Fund Limited - 6,139, European E 9, JPMorgan Funds -Europe Equity Plus Fund 1,782, , Julius Baer Multistock - Absolute Return 3,411, Europe Eq 448, Kames Equity Market Neutral Fund 4,555, , Merrill Lynch Investment Solutions 2,803, Marshall Wace Parworld Quant Equity Europe Guru 5,651, , Petercam L - Bonds EUR High Yield 20,457, Short Term 53, Robeco European Conservative Equities 8,478, I EUR Cap 228, Russell Investment Co PLC - Acadian 2,073, Global Leverag 21, Serviced Platform SICAV - MSK Equity 2,280, UCITS Fund E 3, Syquant Capital - Helium Opportunites 4,587, , THEAM Quant - Equity Europe Income 1,351, J EUR Cap 33, UBAM - Unconstrained Bond Fund Class 3,403, IP EUR Acc 45, UBAM FCP - EM Investment Grade 5,524, Corporate Bond 25, UBS Lux Equity Fund - US Total Yield USD 2,940, , UniInstitutional Short Term Credit 21,887, ,984, JPY 35, SPARX Japan Smaller Companies Fund 3,220, ,220, USD 96, GaveKal China Fixed Income UCITS Fund 10,431, , GLG Investments PLC - Man Numeric 5,852, Emerging Markets 12, Legg Mason Global Funds PLC - 2,417, ClearBridge U.S. Agg 25, Maj Invest Funds - Maj Invest Global 2,430, Value Equit Z 359, Old Mutual Global Investors Series PLC 3,693, US Capita 45, THEAM Quant - Equity US Income 4,193, ,019, Luxembourg Ireland France 8.27 Total Sector Open Bond Funds Open Equity Funds Open Hedge Funds Total Total Undertakings for Collective Investment in Transferable Securities (UCITS) 219,733, Total Investments in Securities 219,733, Cash at banks 9,298, Other net liabilities (302,358.77) (0.13) Total net assets 228,729, Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

14 Nordea Fund of Funds - Multi Manager Fund Conservative Forward Exchange Contracts Amount bought Currency bought Amount sold Currency sold Unrealised appreciation/ (depreciation) in Sub-fund base currency (EUR) Maturity date Share class hedging: 2,284, CHF 2,215, EUR (18,480.66) 14/09/ ,916, DKK 17,578, EUR (9,089.67) 14/09/ , EUR 41, CHF (376.17) 14/09/ , EUR 2,756, DKK /09/ , EUR 397, GBP (16,344.02) 14/09/ , EUR 1,006, NOK (279.42) 14/09/2015 2,101, EUR 19,672, SEK (34,443.43) 14/09/2015 9, EUR 15, SGD (56.26) 14/09/2015 2,199, EUR 2,473, USD (9,616.01) 14/09/2015 8,563, GBP 11,887, EUR 136, /09/ ,131, NOK 4,215, EUR (116,314.50) 14/09/ ,607, SEK 33,228, EUR 383, /09/2015 2,208, SGD 1,455, EUR 7, /09/ ,594, USD 48,766, EUR (894,953.64) 14/09/2015 (572,101.96) Efficient portfolio management: 5,000, EUR 5,459, USD 120, /07/ , (451,414.01) Contracts with identical maturity date, same currency bought and same currency sold have been summed together in the above table. Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. 12 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

15 Nordea Fund of Funds - Multi Manager Fund Equity Statement of Investments in Securities and Other Net Assets as of 30/06/2015 (Expressed in EUR) Breakdown by Country and Economic Sector of the Investments in Securities as of 30/06/2015 (in % of Net Assets) Number/ Description Nominal Valuation (Note 2) % of Net Assets Country Undertakings for Collective Investment in Transferable Securities (UCITS) EUR 1, Amundi ETF Global Equity Multi Smart 548, Allocation Sc 30, Investec Global Strategy Fund Limited - 778, European E 67, ishares MSCI Europe Momentum Factor 374, UCITS ETF 2, LYXOR UCITS ETF JPX-Nikkei , C-EUR 6, Source Goldman Sachs Equity Factor 795, Index Europe UC 2,762, USD 4, GLG Investments PLC - Man Numeric 377, Emerging Markets 160, ishares US Equity Buyback Achievers 733, UCITS ETF 1,110, Ireland France Luxembourg Total Sector Open Equity Funds Total Total Undertakings for Collective Investment in Transferable Securities (UCITS) 3,873, Total Investments in Securities 3,873, Cash at banks 273, Other net liabilities (15,382.44) (0.37) Total net assets 4,131, Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

16 Nordea Fund of Funds - Tactical Allocation Balanced Statement of Investments in Securities and Other Net Assets as of 30/06/2015 (Expressed in EUR) Breakdown by Country and Economic Sector of the Investments in Securities as of 30/06/2015 (in % of Net Assets) Number/ Description Nominal Valuation (Note 2) % of Net Assets Country Undertakings for Collective Investment in Transferable Securities (UCITS) DKK 51, Nordea 1 - Danish Mortgage Bond Fund 1,564, BI-DKK 1,564, EUR Amundi - Amundi Treso 6 Mois 229, , Amundi ETF Global Equity Multi Smart 420, Allocation Sc 2, Amundi ETF Govt Bond Lowest Rated 477, Euromts Invest 80, First Trust Eurozone AlphaDEX UCITS 1,991, ETF 5, ishares Core Euro Corporate Bond 747, UCITS ETF 43, ishares MSCI Europe Minimum Volatility 1,631, UCITS ETF 10, ishares MSCI Japan EUR Hedged 500, , Lyxor UCITS ETF EuroMTS govt 3-5Y 1,053, , Lyxor UCITS ETF EuroMTS govt bond 402, Y 2, Merrill Lynch Investment Solutions 269, Marshall Wace 1, Nordea 1 - European Financial Debt Fd 173, BI-EUR 5, Source Goldman Sachs Equity Factor 717, Index Europe UC Syquant Capital - Helium Opportunites 262, ,876, GBP 15, First Trust Emerging Markets AlphaDEX 328, UCITS ETF ishares GBP Corporate Bond 1-5yr 81, UCITS ETF 409, USD 15, First Trust US Large Cap Core AlphaDEX 474, UCITS ETF 2, GaveKal China Fixed Income UCITS Fund 309, , ishares Treasury Bond 3-7yr UCITS 413, ETF (Acc) 8, ishares BRIC 50 UCITS ETF 189, , ishares MSCI Emerging Markets 234, Minimum Volatility U 13, ishares S&P 500 Minimum Volatility 457, UCITS ETF 4, Maj Invest Funds - Maj Invest Global 436, Value Equit Z 3, PIMCO Short-Term High Yield Corporate 340, Bond Index S 2,855, Ireland France Luxembourg Total Sector Open Equity Funds Open Bond Funds Open Hedge Funds 3.75 Total Total Undertakings for Collective Investment in Transferable Securities (UCITS) 13,705, Total Investments in Securities 13,705, Cash at banks 536, Other net liabilities (37,965.05) (0.27) Total net assets 14,204, Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. 14 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

17 Nordea Fund of Funds - Tactical Allocation Balanced Forward Exchange Contracts Amount bought Currency bought Amount sold Currency sold Unrealised appreciation/ (depreciation) in Sub-fund base currency (EUR) Maturity date Efficient portfolio management: 494, EUR 540, USD 11, /07/ , Contracts with identical maturity date, same currency bought and same currency sold have been summed together in the above table. Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

18 Nordea Fund of Funds - Tactical Allocation Conservative Statement of Investments in Securities and Other Net Assets as of 30/06/2015 (Expressed in EUR) Breakdown by Country and Economic Sector of the Investments in Securities as of 30/06/2015 (in % of Net Assets) Number/ Description Nominal Valuation (Note 2) % of Net Assets Country Undertakings for Collective Investment in Transferable Securities (UCITS) DKK 101, Nordea 1 - Danish Mortgage Bond Fund 3,102, BI-DKK 3,102, EUR Amundi - Amundi Treso 6 Mois 687, Amundi ETF Global Equity Multi Smart 227, Allocation Sc 2, Amundi ETF Govt Bond Lowest Rated 477, Euromts Invest 48, First Trust Eurozone AlphaDEX UCITS 1,197, ETF 9, ishares Core Euro Corporate Bond 1,180, UCITS ETF 30, ishares MSCI Europe Minimum Volatility 1,151, UCITS ETF 6, ishares MSCI Japan EUR Hedged 330, , ishares STOXX Europe 600 Food & 67, Beverage DE 17, Lyxor UCITS ETF EuroMTS govt 3-5Y 1,906, , Lyxor UCITS ETF EuroMTS govt bond 1,504, Y 4, Merrill Lynch Investment Solutions 633, Marshall Wace 2, Nordea 1 - European Financial Debt Fd 299, BI-EUR 2, Source Goldman Sachs Equity Factor 303, Index Europe UC Syquant Capital - Helium Opportunites 615, ,583, GBP 8, First Trust Emerging Markets AlphaDEX 175, UCITS ETF 1, ishares GBP Corporate Bond 1-5yr 148, UCITS ETF 323, USD 10, First Trust US Large Cap Core AlphaDEX 336, UCITS ETF 4, GaveKal China Fixed Income UCITS Fund 444, , ishares Treasury Bond 3-7yr UCITS 651, ETF (Acc) 8, ishares BRIC 50 UCITS ETF 208, , ishares MSCI Emerging Markets 85, Minimum Volatility U 11, ishares S&P 500 Minimum Volatility 387, UCITS ETF 2, Maj Invest Funds - Maj Invest Global 213, Value Equit Z 5, PIMCO Short-Term High Yield Corporate 491, Bond Index S 2,818, Ireland France Luxembourg Germany 0.38 Total Sector Open Bond Funds Open Equity Funds Open Hedge Funds 7.01 Total Total Undertakings for Collective Investment in Transferable Securities (UCITS) 16,828, Total Investments in Securities 16,828, Cash at banks 560, Other net assets 426, Total net assets 17,814, Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. 16 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

19 Nordea Fund of Funds - Tactical Allocation Conservative Forward Exchange Contracts Amount bought Currency bought Amount sold Currency sold Unrealised appreciation/ (depreciation) in Sub-fund base currency (EUR) Maturity date Efficient portfolio management: 1,254, EUR 1,370, USD 30, /07/ , Contracts with identical maturity date, same currency bought and same currency sold have been summed together in the above table. Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

20 Nordea Fund of Funds - Value Masters Fund Statement of Investments in Securities and Other Net Assets as of 30/06/2015 (Expressed in EUR) Breakdown by Country and Economic Sector of the Investments in Securities as of 30/06/2015 (in % of Net Assets) Number/ Description Nominal Valuation (Note 2) % of Net Assets Country Undertakings for Collective Investment in Transferable Securities (UCITS) EUR Acatis Gane Value Funds UI EUR B 293, , ACC Alpha Select AMI 765, , Fidecum SICAV Contrarian Value 416, Euroland A 7, Gutmann - Optiselect Global Equity 738, , Magna Umbrella Fund plc - Undervalued 567, Assets Fund 11, Nordea 1 - European Value Fund BI-EUR 679, , Nordea 1 - Global Value Fund BP-EUR 746, ProfitlichSchmidlin Fonds UI 228, , RBS Market Access Daxglobal Russia 175, Index ETF Cap 2, Squad Cap Sq Val BC 778, , Value Intelligence Fonds AMI I 750, , Warburg Value Fund B Cap 820, ,962, JPY 20, Axa Rosenberg Japan Small Cap Alpha 326, Fund A 326, Luxembourg Germany Ireland Austria Total Sector Open Equity Funds Total Total Undertakings for Collective Investment in Transferable Securities (UCITS) 7,289, Total Investments in Securities 7,289, Cash at banks 173, Other net liabilities (155,486.16) (2.13) Total net assets 7,307, Any differences in the percentages of net assets are the results of rounding. The accompanying notes form an integral part of these financial statements. 18 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

21 Notes to the Financial Statements as of 30/06/2015 Note 1 General Nordea Fund of Funds, SICAV (hereafter the Company ) is organised as a variable capital company, Société d Investissement à Capital Variable (SICAV) with multiple Sub-funds, under the law of 10 August 1915 relating to commercial companies as amended and Part 1 of the law of 17 December 2010 relating to Undertakings for Collective Investment (UCI) as amended (the Law ). At the end of the reporting period, the Company consists of the following Sub-funds: Name of Sub-fund Base Currency Inception Date Nordea Fund of Funds - Multi Manager Fund Aggressive EUR 12/09/2013 Nordea Fund of Funds - Multi Manager Fund Balanced EUR 12/09/2013 Nordea Fund of Funds - Multi Manager Fund Conservative EUR 12/09/2013 Nordea Fund of Funds - Multi Manager Fund Equity (Note 1a) EUR 15/04/2015 Nordea Fund of Funds - Tactical Allocation Balanced EUR 03/11/1998 Nordea Fund of Funds - Tactical Allocation Conservative EUR 03/11/1998 Nordea Fund of Funds - Value Masters Fund EUR 03/11/1998 a) Sub-funds launches The Board of Directors of the Company took the decision to launch the following Sub-fund: Nordea Fund of Funds - Multi Manager Fund Equity (1 st NAV calculation as of 16 April 2015) Note 2 Summary of significant accounting policies a) Valuation of investment securities Investment securities are valued as follows: 1. Target Funds are valued at their last available Net Asset Value or bid price, if bid and offer prices are quoted. 2. Securities or financial instruments admitted for official listing on a stock exchange or traded in another regulated market within Europe, North or South America, Asia, Australia, New Zealand, Africa or Oceania, which operates regularly and is recognised and open to the public, are valued on the basis of the last available price at the time when the valuation is carried out. If the same security is quoted on different markets, the quotation on the principal market for this security is used. If there is no relevant quotation or if the quotations are not representative of the fair value, the valuation is made in good faith by the Board of Directors of the Company or their delegate with a view to establishing the probable bid price for such securities. 3. Liquid assets are valued at their nominal value plus accrued interest. 4. Fixed term deposits are valued at their nominal value plus accrued interest. 5. Unlisted securities or financial instruments are valued on the basis of their probable bid price as determined by the Board of Directors of the Company or their delegate in order to reach a proper and fair valuation of the total assets of each Sub-fund. 6. Any other assets are valued on the basis of their probable bid price as determined by the Board of Directors of the Company or their delegate in order to reach a proper and fair valuation of the total assets of each Sub-fund. In the event that it is impossible or incorrect to carry out a valuation in accordance with the above rules owing to particular circumstances, the Board of Directors of the Company or its delegate is entitled to use other generally recognised valuation principles in order to reach a proper valuation of the total assets of each Sub-fund. b) Net realised gain or loss on sales of investment securities The net realised gain or loss on sales of securities is determined on the basis of the average cost of the securities sold. c) Foreign exchange translation The financial statements of each Sub-fund of the Company are expressed in the base currency of each Sub-fund. Assets and liabilities in currencies other than the base currency are translated into the base currency at the exchange rates prevailing at 30/06/2015. Income and expenses in currencies other than the base currency are translated into the base currency at the exchange rates prevailing at payment dates. Resulting foreign exchange gains or losses are included in the statement of operations. The following exchange rates were used as at 30/06/2015: 1 EUR = USD 1 EUR = DKK 1 EUR = SEK 1 EUR = GBP 1 EUR = NOK 1 EUR = CHF 1 EUR = SGD d) Cost of investment securities The cost of investment securities denominated in currencies other than the Sub-fund s base currency is translated into the base currency at the exchange rate prevailing at the date of purchase. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

22 Notes to the Financial Statements as of 30/06/2015 (continued) e) Dividends and interest Dividends are recognised as income on the date securities are first quoted ex-dividend, to the extent that information thereon is reasonably available to the Sub-fund. Interest on bonds is accrued on a daily basis. f) Forward foreign exchange contracts Forward foreign exchange contracts are valued at the forward rate applicable at the Statement of Net Assets date for the period until their maturity. The net unrealised appreciation/(depreciation) on open forward foreign exchange contracts at period-end is disclosed in the Statement of Net Assets under Unrealised gain/(loss) on forward exchange contracts. g) Combined statements The Company s Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets are the sum of the statements of each Sub-fund. Note 3 Management Company The Board of Directors of the Company appointed Nordea Investment Funds S.A. as its Management Company. The Management Company is in charge of the management, the administration and the distribution of the Company. Investment management fee In consideration for its investment management services, the Management Company is entitled to receive from the Company an annual fee for investment management as disclosed in the latest prospectus. Name of Sub-fund Private Shares (BP and HB) Nordea Fund of Funds - Multi Manager Fund Aggressive 1.50% Nordea Fund of Funds - Multi Manager Fund Balanced 1.25% Nordea Fund of Funds - Multi Manager Fund Conservative 1.00% Nordea Fund of Funds - Multi Manager Fund Equity (Note 1a) 1.50% Nordea Fund of Funds - Tactical Allocation Balanced 1.25% Nordea Fund of Funds - Tactical Allocation Conservative 1.00% Nordea Fund of Funds - Value Masters Fund 1.50% The investment management fee may be used in part to pay remuneration for distribution activities concerning the Company. Reimbursements may be made to institutional investors who, from a commercial perspective, hold Shares of the Company for third parties. Note 4 Depositary Bank The Board of Directors of the Company appointed J.P. Morgan Bank Luxembourg S.A. as the depositary (the Depositary ) of the Company. In consideration for its services, the Depositary is entitled to receive from the Company a depositary fee of up to 0.125% p.a., plus any VAT if applicable, calculated on the Net Asset Value of each share Class of each respective Sub-fund at each Valuation Day. Note 5 Administrative Agent The Board of Directors of the Company appointed Nordea Bank S.A. as accounting, registrar, transfer, administrative and paying agent (the Administrative Agent ). In consideration for its services, the Administrative Agent is entitled to receive from the Company an administration fee of up to 0.40% p.a., plus any VAT if applicable, calculated on the Net Asset Value Company. Note 6 Taxe d Abonnement Under Luxembourg law, there is currently no Luxembourg income, withholding or capital gains taxes payable by the Company. The Company is, however, subject to an annual subscription tax of 0.05% on the aggregate Net Asset Value of the outstanding Private Shares of the Company and 0.01% on the aggregate Net Asset Value of the outstanding Institutional Shares of the Company. The value of the assets represented by the units or shares held in other Luxembourg undertakings for collective investment is exempted from any subscription tax, provided that such units or shares have already been subject to the Luxembourg subscription tax. The Taxe d Abonnement is calculated and payable at the end of each quarter. Note 7 Statement of changes in investments A list specifying for each Sub-fund the total purchases and sales of investments which occurred during the reporting period can be obtained, free of charge, from the Registered Office of the Company, or the Depositary. 20 Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015

23 Notes to the Financial Statements as of 30/06/2015 (continued) Note 8 Total Expense Ratio (TER) This ratio expresses the sum of all costs and commissions charged on an ongoing basis to the Sub-fund s net assets (operating expenses as shown under Expenses in the Statement of Operations and Changes in Net Assets but excluding the caption Transaction related costs ) taken retrospectively as a percentage of the Sub-fund s average net assets. The transaction fees incurred on the purchase and sale of investments are not included in the ratio. The TER is calculated in accordance with the Swiss Funds & Asset Management Association guidelines dated May 16, 2008 and is in principle calculated using the following formula: Total operating expenses in CU* TER % = x 100 Average Sub-Fund s net assets in CU* *CU = Currency units in the Sub-fund s accounting currency The TER is calculated for the preceding 12 months as of the end of the first half of the financial year. When the Sub-fund invests at least 20% of its net assets in other collective investment schemes (target funds), the TER disclosed in the Statement of Operations and Changes in Net Assets is a composite (synthetic) TER. This composite TER corresponds to the sum of: the TER of the Sub-fund which takes into consideration the reimbursements received from the target funds during the reporting year, and the prorated TER of the individual target funds, weighted on the basis of their individual net assets proportion to the total net assets of the Sub-fund as of the closing date. Note 9 Changes to the Prospectus of the Company during the reporting period The latest prospectus of the Company was issued in December The current Prospectus and Key Investor Information Documents for the share classes of the Company s Sub-funds can be obtained free of charge and as hard copy, from the Registered Office of the Company and of the Administrative Agent. Note 10 Economic sector classification of the portfolio The economic sector classification of the portfolio is shown in accordance with the GICS Direct classifications (a joint product of MSCI and Standard & Poor s). Note 11 Share capital Please refer to chapter 4 Share Capital of the Company s prospectus specifying further characteristics of each Class of Shares. Note 12 Retrocession management fees Since the Sub-funds invest in shares of other investment funds (the Target Fund(s) ), the investor is indirectly charged with the costs, fees and expenses which are borne by the Target Funds acquired. In particular, the Sub-funds are charged with the remuneration for the administration of the Target Funds and also indirectly with the charge for administering the securities held in the respective Target Funds. When the Company invests in a Target Fund which is administered by another company linked to the Company through a significant direct or indirect holding or which is managed by a company in the Nordea Group or by a management company for a Nordea Fund, or by a company of which one or more members of the Board of Directors of that company are concurrently officers or members of the Board of the Directors of the Company or of another company in the Nordea Group, the Company may not be charged an entrance fee or a redemption fee or a management fee. The amount charged to the Company by another management company (capital investment company) or by another investment company, including its management company, as compensation for management of the shares held in the respective Sub-funds is reported in the Note 13. However, in some cases, some of these charges are reimbursed to the Company and will then be shown as a retrocession management fee in the Statement of Operations and Changes in Net Assets. In addition, however, the Company may charge investors, directly or indirectly, for fees and expenses, taxes, commissions and/or other expenses. This may result in a corresponding overcharge. Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report

24 Notes to the Financial Statements as of 30/06/2015 (continued) Note 13 Management / Capital management fees of the shares held in the respective Sub-funds Fund Name ISIN Rate in % p.a. Acatis Gane Value Funds UI EUR B DE000A1C5D ACC Alpha Select AMI DE Adelphi Invest Fds PLC - Adelphi Europ Select Eq B IE00B435LY Amundi - Amundi Treso 6 Mois FR Amundi ETF Global Equity Multi Smart Allocation Sc FR Amundi ETF Govt Bond Lowest Rated Euromts Invest FR Amundi Funds - Bond US Opportunistic Core Plus LU Axa Rosenberg Japan Small Cap Alpha Fund A IE Baring Emerging Markets Umbrella - Baring Frontier IE00B832J BlackRock Global Funds - European Value Fund LU Candriam Long Short Credit FR Carnegie Fonder Portfolio - Carnegie Corporate Bon LU DNCA Invest - Miuri I LU Exane Funds 1- Ceres Fund A LU Fidecum SICAV Contrarian Value Euroland A LU First Trust Emerging Markets AlphaDEX UCITS ETF IE00B8X9NX First Trust Eurozone AlphaDEX UCITS ETF IE00B8X9NY First Trust US Large Cap Core AlphaDEX UCITS ETF IE00B8X9NW G FUND - Alpha Fixed Income LU GaveKal China Fixed Income UCITS Fund IE00B734TY GLG Investments PLC - Man Numeric Emerging Markets IE00BTC1NF Gutmann - Optiselect Global Equity AT0000A010J HSBC Global Inv Funds - Euro Credit Bond To LU InRIS UCITS PLC - R CFM Diversifi ed Fund NI IE00BSPL Invesco Pan European Structured Equity Fund LU Investec Global Strategy Fund Limited - European E LU ishares Treasury Bond 3-7yr UCITS ETF (Acc) IE00B3VWN ishares BRIC 50 UCITS ETF IE00B1W57M ishares Core Euro Corporate Bond UCITS ETF IE00B3F81R ishares GBP Corporate Bond 1-5yr UCITS ETF IE00B5L65R ishares MSCI Emerging Markets Minimum Volatility U IE00B8KGV ishares MSCI Europe Minimum Volatility UCITS ETF DE000A1KB2C ishares MSCI Europe Momentum Factor UCITS ETF DE000A12GXR ishares MSCI Japan EUR Hedged DE000A1H53P ishares S&P 500 Minimum Volatility UCITS ETF IE00B6SPMN ishares STOXX Europe 600 Food & Beverage DE DE000A0H08H ishares US Equity Buyback Achievers UCITS ETF IE00BQT3VN JPMorgan Funds -Europe Equity Plus Fund LU Julius Baer Multistock - Absolute Return Europe Eq LU Kames Equity Market Neutral Fund IE00BQQFCW Legg Mason Global Funds PLC - ClearBridge U.S. Agg IE00B241FC Lyxor UCITS ETF EuroMTS govt 3-5Y FR Lyxor UCITS ETF EuroMTS govt bond 5-7Y FR Lyxor UCITS ETF JPX-Nikkei C-EUR FR Magna Umbrella Fund plc - Undervalued Assets Fund IE00B6821Z Nordea Fund of Funds, SICAV - Unaudited Semi-Annual Report 2015