Prospectus Nordea 1, SICAV

Investment Funds

ProspectusNordea 1, SICAV

Undertaking for Collective Investments inTransferable Securities under Luxembourg law

July 2011

PB 33

This Prospectus and the relevant Key Investor Information documents (“KII”) should be read in their entirety before making any application for Shares. If you are in doubt about the content of this Prospectus or of the KIIs you should consult your financial or other professional advisor.

Subscriptions can only be received after the KIIs have been made available and on the basis of this Prospectus accompanied by the latest Annual Report as well as by the latest Semi-Annual Report if published after the latest Annual Report. These reports form part of the present Prospectus and theKIIs. No information other than that contained in this Prospectus, in the KIIs, in the periodic financial reports as well as in any other document mentioned in the Prospectus and which may be consulted by the public may be given in connection with the offer.

The Directors, whose names are set out in the chapter “Registered Office, Board of Directors, Daily Management” below, have taken all reasonable care to ensure that the information contained in this Prospectus and in the KIIs is, to the best of their knowledge and belief, in accordance with the facts and does not omit anything material to such information. The Directors accept responsibility accordingly.

The distribution of this Prospectus, the KIIs and supplementary documentation and the offering of Shares may be restricted in certain countries. Investors wishing to apply for Shares should inform themselves as to the requirements within their own country for transactions in Shares, any applicable exchange control regulations and the tax consequences of any transaction in Shares.

This Prospectus and the KIIs do not constitute an offer or solicitation by anyone in any country in which such offer or solicitation is not lawful or authorised, or to any person to whom it is unlawful to make such offer or solicitation.

Investors should note that not all the protections provided under their relevant regulatory regime may apply and there may be no right to compensation under such regulatory regime, if such scheme exists.

The Management Company shall not divulge any confidential information concerning the Investor unless required to do so by law or regulation or being instructed to do so by the Investor. The Investor agrees that personal details contained in the application form and arising from the business relationship with the Management Company may be stored, modified or used in any other way by the Management Company or the Custodian for the purpose of administering and developing the business relationship with the Investor. To this end data may be transmitted to the Custodian, financial advisers working with the Management Company, as well as to other companies being appointed to support the business relationship. In accordance with the Luxembourg law of 2nd August 2002 regarding the protection of personal data during data processing, the Investor can request a statement of his personal data which are stored at the Management Company or the Custodian, free of charge. The Investor has the right to have these data changed or deleted should they prove to be incorrect.

The Prospectus of the Company has been deposited with and approved by the Luxembourg Financial Supervisory Authority in the English language. As the Company is authorised for public marketing in a number of countries outside Luxembourg, the distribution of the Prospectus and of the KIIs may require translation into the official language of the respective countries. In such case, the English-worded Prospectus and KIIs shall prevail in case of discrepancies between the English-worded Prospectus and KIIs and their translation into another language. In addition hereto, another language version may contain country-specific information intended for Investors subscribing to Shares of the Company in such country, and such information is not part of this English-worded Prospectus.

The Management Company or the Custodian may use telephone recording procedures to record, inter alia, conversations made to their respective call centres. By giving such calls by telephone, the counterparty to such calls is deemed to consent to the tape-recording of conversations between such counterparty and the Management Company or the Custodian and to the use of such tape recordings by the Management Company, the Custodian and/or the Company in legal proceedings or otherwise at their discretion.

Important Information

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The Company contains the following Sub-funds of investment:

Equity Sub-funds Bond Sub-funds

Nordea 1 – African Equity Fund Nordea 1 – Danish Bond Fund Nordea 1 – Brazilian Equity Fund Nordea 1 – Danish Long Bond Fund Nordea 1 – Central & Eastern European Equity Fund Nordea 1 – Danish Mortgage Bond Fund Nordea 1 – Climate and Environment Equity Fund Nordea 1 – Danish Low Duration Mortgage Bond FundNordea 1 – Danish Equity Fund Nordea 1 – Emerging Market Corporate Bond FundNordea 1 – Emerging Consumer Fund Nordea 1 – Euro Bond Fund Nordea 1 – Emerging Stars Equity Fund Nordea 1 – Euro Diversified Corporate Bond FundNordea 1 – European Alpha Fund Nordea 1 – Euro Government Bond FundNordea 1 – European Equity Fund Nordea 1 – Euro Medium Term Bond FundNordea 1 – European Small and Mid Cap Equity Fund Nordea 1 – European High Yield Bond Fund Nordea 1 – European Value Fund Nordea 1 – European High Yield Bond Fund IINordea 1 – Far Eastern Equity Fund Nordea 1 – European Corporate Bond Fund Nordea 1 – Global Emerging Markets Equity Fund Nordea 1 – European Corporate Bond Fund PlusNordea 1 – Global Theme Select Fund Nordea 1 – Global Bond Fund Nordea 1 – Global Portfolio Fund Nordea 1 – Global High Yield Bond Fund Nordea 1 – Global Stable Equity Fund Nordea 1 – Global Inflation Linked Bond FundNordea 1 – Global Stable Equity Fund - Unhedged Nordea 1 – Low Duration US High Yield Bond FundNordea 1 – Global Value Fund Nordea 1 – Norwegian Bond FundNordea 1 – Indian Equity Fund Nordea 1 – Polish Bond FundNordea 1 – Japanese Value Fund Nordea 1 – Swedish Bond Fund Nordea 1 – Latin American Equity Fund Nordea 1 – US Corporate Bond Fund Nordea 1 – Nordic Equity Fund Nordea 1 – US High Yield Bond FundNordea 1 – Nordic Equity Small Cap FundNordea 1 – North American Growth Fund Absolute Return Sub-funds Nordea 1 – North American Opportunities Fund Nordea 1 – Heracles Long/Short MI Fund Nordea 1 – North American Value Fund Nordea 1 – Multi-Asset Fund Nordea 1 – Norwegian Equity Fund Nordea 1 – Multi-Asset Plus FundNordea 1 – Polish Equity Fund Nordea 1 – Stable Return FundNordea 1 – Senior Generations Equity FundNordea 1 – Stable Emerging Markets Equity Fund Reserve Sub-funds Nordea 1 – Swedish Equity Fund Nordea 1 – Danish Kroner Reserve

Nordea 1 – Euro Reserve Nordea 1 – Norwegian Kroner Reserve Nordea 1 – Swedish Kroner Reserve Nordea 1 – US-Dollar Reserve

Money Market Sub-fundsNordea 1 – Euro Money Market Fund

This Prospectus supersedes the Prospectus dated March 2011 and incorporates all amendments to that Prospectus.

The Company is established as an Undertaking for Collective Investments in Transferable Securities (UCITS) in accordance with the laws of the Grand Duchy of Luxembourg.

Luxembourg, July 2011

ProspectusNordea 1, SICAV

(Société d’Investissement à Capital Variable à compartiments multiples)R.C.S. Luxembourg B. 31442

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1. Table of contents

1. Table of contents ................................................................................................. 5

2. Terms and definitions used in this Prospectus ................................. 6

3. Introduction ...........................................................................................................10

4. The Sub-funds of the Company ...............................................................10Nordea 1 – African Equity Fund .............................................................................11Nordea 1 – Brazilian Equity Fund ..........................................................................13Nordea 1 – Central & Eastern European Equity Fund ......................................15Nordea 1 – Climate and Environment Equity Fund ............................................17Nordea 1 – Danish Bond Fund ...............................................................................19Nordea 1 – Danish Equity Fund .............................................................................20Nordea 1 – Danish Kroner Reserve ......................................................................21Nordea 1 – Danish Long Bond Fund .....................................................................22Nordea 1 – Danish Low Duration Mortgage Bond Fund ..................................23Nordea 1 – Danish Mortgage Bond Fund ............................................................25Nordea 1 – Emerging Consumer Fund .................................................................27Nordea 1 – Emerging Market Corporate Bond Fund.........................................29Nordea 1 – Emerging Stars Equity Fund .............................................................31Nordea 1 – Euro Bond Fund ...................................................................................33Nordea 1 – Euro Diversified Corporate Bond Fund ...........................................35Nordea 1 – Euro Government Bond Fund ...........................................................37Nordea 1 – Euro Medium Term Bond Fund .........................................................39Nordea 1 – Euro Money Market Fund ...................................................................41Nordea 1 – Euro Reserve ........................................................................................43Nordea 1 – European Alpha Fund .........................................................................44Nordea 1 – European Corporate Bond Fund ......................................................46Nordea 1 – European Corporate Bond Fund Plus .............................................48Nordea 1 – European Equity Fund ........................................................................50Nordea 1 – European High Yield Bond Fund ......................................................52Nordea 1 – European High Yield Bond Fund II ..................................................54Nordea 1 – European Small and Mid Cap Equity Fund ....................................56Nordea 1 – European Value Fund .........................................................................58Nordea 1 – Far Eastern Equity Fund .....................................................................60Nordea 1 – Global Bond Fund ................................................................................62Nordea 1 – Global Emerging Markets Equity Fund ...........................................64Nordea 1 – Global High Yield Bond Fund ............................................................66Nordea 1 – Global Inflation Linked Bond Fund ...................................................68Nordea 1 – Global Portfolio Fund ..........................................................................70Nordea 1 – Global Stable Equity Fund .................................................................72Nordea 1 – Global Stable Equity Fund – Unhedged .........................................74Nordea 1 – Global Theme Select Fund ................................................................76Nordea 1 – Global Value Fund ...............................................................................78Nordea 1 – Heracles Long/Short MI Fund ...........................................................80Nordea 1 – Indian Equity Fund ...............................................................................82Nordea 1 – Japanese Value Fund .........................................................................84Nordea 1 – Latin American Equity Fund ..............................................................86Nordea 1 – Low Duration US High Yield Bond Fund ........................................88Nordea 1 – Multi-Asset Fund ..................................................................................90Nordea 1 – Multi-Asset Plus Fund .........................................................................92Nordea 1 – Nordic Equity Fund ..............................................................................94Nordea 1 – Nordic Equity Small Cap Fund ..........................................................96Nordea 1 – North American Growth Fund ...........................................................98Nordea 1 – North American Opportunities Fund ............................................ 100Nordea 1 – North American Value Fund ........................................................... 102Nordea 1 – Norwegian Bond Fund ..................................................................... 104Nordea 1 – Norwegian Equity Fund ................................................................... 106Nordea 1 – Norwegian Kroner Reserve .............................................................107Nordea 1 – Polish Equity Fund ............................................................................ 108Nordea 1 – Polish Bond Fund .............................................................................. 109Nordea 1 – Senior Generations Equity Fund ....................................................111Nordea 1 – Stable Emerging Markets Equity Fund .........................................112Nordea 1 – Swedish Bond Fund ..........................................................................114Nordea 1 – Swedish Equity Fund.........................................................................116Nordea 1 – Swedish Kroner Reserve .................................................................117Nordea 1 – Stable Return Fund............................................................................118Nordea 1 – US Corporate Bond Fund .................................................................120Nordea 1 – US-Dollar Reserve ............................................................................122Nordea 1 – US High Yield Bond Fund ................................................................123

5. Share Capital ....................................................................................................125

6. Share Dealing ...................................................................................................130

7. Net Asset Value ...............................................................................................132

8. Investment Restrictions ..............................................................................133

9. Special Risk Considerations ...................................................................138

10. Management Company ..............................................................................139

11. Investment Sub-Manager .........................................................................140

12. Investment Sub-Sub Managers ............................................................ 141

13. Investment Advisors and Sub-Advisors ........................................... 141

14. Custodian Bank and Principal Paying Agent ................................ 141

15. Service Agent ...................................................................................................142

16. Principal Distributor.......................................................................................142

17. Distributors and Nominee(s) ...................................................................142

18. Expenses borne by the Company .......................................................143

19. Taxation of the Company and its Shareholders .........................143

20. Dissolution and Merger ..............................................................................143

21. Distribution Policy ..........................................................................................144

22. Payments to Shareholders .......................................................................144

23. Notices and information to Shareholders .......................................144

24. Documents available for inspection ...................................................145

25. Registered Office & Boards of Directors .........................................145

26. Administration ...................................................................................................146

27. Distribution Channels ..................................................................................146

28. Representatives & Paying Agents outside Luxembourg ....... 147

29. Investment Sub-Managers .......................................................................148

30. Investment Sub-Sub-Managers............................................................148

31. Investment Advisors and Sub-Advisors ...........................................148

32. Legal Advisor ....................................................................................................148

33. Auditor ...................................................................................................................149

34. Public Marketing Authorisations ...........................................................149

35. Daily Share Prices .........................................................................................149

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2. Terms and definitions used in this Prospectus

Accumulating Shares Shares in the Company which are not entitled to any dividend payments. Holders of such Shares benefit from the capital appreciation resulting from the reinvestment of any income earned by the Shares.

Administration Fee An annual fee levied on the assets of the Company, payable to Nordea Investment Funds S.A. as remuneration for its functions of central administration for the Company.

Africa For investment purposes, defined as all territories on the African continent, as far as the Suez Canal, plus Madagascar and Mauritius.

AUD Australian Dollar.

Base Currency The currency in which the Net Asset Value of a given Sub-fund is expressed.

Board of Directors The decision making body of the Company elected by the Shareholders.

Business Day Each day Nordea Bank S.A. is open for business. Nordea Bank S.A. is closed for business on all legal and bank holidays in Luxembourg, on the 24th December and on Good Friday. Nordea Bank S.A. may, in addition, also be closed on other days as Nordea Bank S.A. may decide. Closure for this latter reason will be notified to the Shareholders in accordance with the law.

CAD Canadian Dollar.

Central & Eastern EuropeCentral & Eastern European

For investment purpose defined as:• the 10 countries that joined the EU on 1 May 2004; and • the new official candidates for EU membership; and• the countries in geographical Europe that constituted the former Soviet Union.

CHF Swiss Francs

Class One or more classes of Shares within a Sub-fund whose assets shall be commonly invested according to the investment policy of that Sub-fund, but where a specific sales and redemption charge structure, fee structure, distribution policy, reference currency, category of Investors, marketing country or other specificity shall apply.

Company Nordea 1, SICAV.

Conversion Exchange of Shares of one Sub-fund and/or Class and/or Sub-class against Shares of another Sub-fund and/or Class and/or Sub-class.

Conversion Fee A fee payable by the Shareholder upon Conversion of its Shares.

Custodian Nordea Bank S.A., 562 rue de Neudorf, L-2220 Luxembourg, Grand Duchy of Luxembourg.

Directive The Council Directive 85/611/EEC of 20th December 1985 on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in Transferable Securities, as amended.

Director A member of the Board of Directors of the Company.

Distributing Shares Shares in the Company which are entitled to payment of a dividend in case payment of a dividend is decided upon by the Shareholders’ general meeting.

Distribution Fee An annual fee levied on the assets of the E-Shares of the Company, payable to Nordea Investment Funds S.A. and/or the distributors/sales agents appointed by Nordea Investment Funds S.A. as a remuneration for the distribution of the Shares of the Company.

DKK Danish Kroner.

Dollar Zone For investment purpose defined as Australia (AUD), Canada (CAD), New Zealand (NZD) and the United States of America (USD).

Emerging Market(s) For investment purpose defined as countries with – compared e.g. to Europe - less developed economies (as measured by per capita Gross National Product) that have the potential for significant future growth. Examples include Brazil, China, India and Russia. Most emerging market countries are located in Latin America, Eastern Europe, Asia, Africa or the Middle East.

Equity-Based Exchange Traded Fund

A collective investment vehicle conforming to the Directive that, based on its constitutive documents, is purported to achieve the same or closely the same performance as a reference equity index. Such investment objective may be achieved either by directly investing in those equity securities composing the reference index or by using derivative instruments or any other vehicles that indirectly provide a close exposure to the underlying reference index.

EU The European Union.

EUR Euro, the single European currency adopted by a number of member states of the European Union.

Euro Zone For investment purpose defined as those countries in which the EUR is the legal currency.

Europe / European For investment purpose defined as the 27 Member States of the European Union together with Norway, Iceland, Liechtenstein and the Swiss Federation.

FCP Fonds Commun de Placement.

Far Eastern Region For investment purpose defined as Hong Kong, Taiwan, China, Korea (South- ), Philippines, Indonesia, Malaysia, Singapore, Thailand, Vietnam.

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FATF Financial Action Task Force on money laundering and terrorist financing (also referred to as Groupe d’Action Financière Internationale “GAFI”).

Fixed Coupon The interest payment for a debt instrument which is calculated with the same percentage rate for the entire lifetime of the debt instrument.

Fixed and Contingent Coupon The interest payment for a debt instrument which is calculated with the same percentage rate for the entire lifetime of the debt instrument; however, the interest amount may not necessarily be paid with cash but could i.e. be paid with further debt instruments issued by the same issuer.

GBP Pound Sterling.

Gross Conversion Amount The Net Asset Value per Share multiplied by the number of Shares being converted.

Gross Investment Amount The Net Asset Value per Share multiplied by the number of Shares subscribed and increased by the Subscription Fee.

Gross Redemption Amount The Net Asset Value per Share multiplied by the number of Shares being redeemed.

Group of Companies Companies belonging to the same body of undertakings and which must draw up consolidated accounts in accordance with Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts and according to recognised international accounting rules.

High Yield Bond Corporate debt securities rated BB+ / Ba1 and below by Standard&Poors or Moodys respectively.

Institutional Investor An undertaking or organisation that manage important funds and values such as credit institutions, professionals of the financial sector – including investment in their own name but on behalf of third parties pursuant to a discretionary management agreement - insurance and reinsurance companies, pension funds, holding companies, regional and local authorities.

Institutional Share A Share of the Company reserved for Institutional Investors.

Investor A potential Shareholder of the Company.

JPY Japanese Yen.

Key investor Information document (“KII”)

In addition to this prospectus, one or all of the Key Investor Information documents as are prepared and made available by the Company. The Key Investor Information document should be made available to investors prior to any investment in the Shares and is updated at least once per year as at 31st December.

Latin America For investment purposes defined as Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican rep., Ecuador, El Salvador, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay, Venezuela.

Law The law of the 17th December 2010 on undertakings for collective investment as amended.

Management Company Nordea Investment Funds S.A., 562 rue de Neudorf, L-2220 Luxembourg, Grand Duchy of Luxembourg.

Management Fee An annual fee levied on the assets of the Company, payable to Nordea Investment Funds S.A. as a remuneration for its investment management services rendered to the Company.

Member State A member state of the European Union.

Money Market Instruments Instruments normally dealt in on the money market which are liquid and have a value, which can be accurately determined at any time.

Net Asset Value In relation to any Shares of any Class and/or a Sub-Class of any Sub-fund, the value per Share determined in accordance with the relevant provisions described under the heading “Net Asset Value” of this Prospectus.

Net Investment Amount The amount of money effectively being invested in the Company; equals Gross Investment Amount less Subscription Fee.

Net Redemption Amount The Net Asset Value per Share multiplied by the number of Shares being redeemed less Redemption Fee.

NOK Norwegian Kroner.

Nordic Region For investment purpose defined as Denmark, Sweden, Norway, Finland and Iceland.

North America For investment purpose defined as the United States of America and Canada.

NZD New-Zealand Dollar.

OECD The Organisation for Economic Co-operation and Development.

Other Regulated Market Market which is regulated, operates regularly and is recognised and open to the public, namely a market • that meets the following cumulative criteria: high liquidity; multilateral order matching

(general matching of bid and ask prices in order to establish a single price); transparency (the circulation of complete information in order to give clients the possibility of tracking trades, thereby ensuring that their orders are executed on current conditions);

• on which the securities are dealt in at a certain fixed frequency, • which is recognised by a state or by a public authority which has been delegated by that state

or by another entity which is recognised by that state or by that public authority such as a professional association and

• on which the securities dealt are accessible to the public.

Other State Any State of Europe which is not a Member State of the European Union, and any State of America, Africa, Asia, and Oceania.

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Performance Fee An annual fee levied on the assets of the Company that is payable to certain investment sub-managers appointed by Nordea Investment Funds S.A. in addition to the investment sub-management fee as a remuneration for their investment sub-management services rendered to the Company. The Performance Fee, if any, shall be subject to conditions as described in the Prospectus.

PLN Polish Złoty.

Private Share A Share of the Company non-Institutional Investors may acquire.

Prospectus The Prospectus for Nordea 1, SICAV; this document.

Redemption The sale of Shares owned by a Shareholder.

Redemption Fee A fee payable by the Shareholder upon sale of his Shares.

Registered Office The Company address, as notified to the Registre de Commerce et des Sociétés, Luxembourg, where the Company’s records shall be kept and where official correspondence to the Company shall be sent.

Regulated Market A regulated market as defined in item 13 of Article 1 of the Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field (the “Directive 93/22/EEC”), namely a market whichappears on the list of the regulated markets drawn up by each Member State, • functions regularly,• is characterised by the fact that regulations issued or approved by the competent authorities

define the conditions for the operation of the market, the conditions for access to the market and the conditions that must be satisfied by a financial instrument before it can effectively be dealt in on the market,

• require compliance with all the reporting and transparency requirements laid down by the Directive 93/22/EEC.

Regulation S Securities Regulation S Securities are securities that are offered and sold outside of the United States of America and are not subject to the registration obligations imposed under Section 5 of the U.S. Securities Act of 1933.

Regulatory Authority The Luxembourg authority or its successor in charge of the supervision of the undertakings for collective investment in the Grand Duchy of Luxembourg.

Commission de Surveillance du Secteur Financier110 route d’ArlonL-2991 LuxembourgGrand Duchy of Luxembourg(www.cssf.lu).

Rule 144a Securities Rule 144a Securities are US securities transferable via a private placement regime (i.e. without registration with the Securities and Exchange Commission), to which a “registration right” registered under the US Securities Act of 1933 is attached. Such registration rights provide for an exchange right into equivalent debt securities or into equity shares. The selling of such Rule 144a Securities is restricted to Qualified Institutional Buyers (as defined by the US Securities Act of 1933).

Safe Custody and Paying Agent Fee

An annual fee levied on the assets of the Company, payable to Nordea Bank S.A. as remuneration for custody and paying agent services to the Company.

SEK Swedish Kronor.

Shares Shares of the Company and any rights arising therefrom.

Shareholder A person or company having invested in Shares.

SICAV Société d’Investissement à Capital variable.

Sub-class One or more sub-classes of Shares within a Class whose assets shall be commonly invested according to the investment policy of the Sub-fund to which that Class belong, but where a specific sales and redemption charge structure, fee structure, distribution policy, reference currency, category of Investors, marketing country or other specificity shall apply.

Sub-fund An individual portfolio of assets and liabilities within the Nordea 1, SICAV; the assets are invested pursuant to its own specific investment objective and policy.

Subscription The purchase of Shares.

Subscription Fee A fee payable upon purchase of Share(s).

Statutes The Articles of Incorporation and by-laws of the Company.

TIP Investment Concept The Thematic Investment Process (TIP) is unique in its construction and begins with an analysis of the aggregate economy in order to determine which industries will prosper given the general economic outlook. The analyst then continues at company level and works up to the aggregate economy aiming to identify themes and sectors benefiting the most. The company selection is based on an analysis of a company’s ability to exploit the opportunities offered by the theme.

Total Net Asset Value The total value of all Shares issued in a Sub-fund or the total value of the assets of such Sub-fund minus the value of such Sub-fund’s liabilities.

Transferable Securities Transferable Securities include• shares and other securities equivalent to shares,• bonds and other debt instruments,• any other negotiable securities which carry the right to acquire any such Transferable

Securities by subscription or exchange, with the exclusion of techniques and instruments.

PB 99

UCI An Undertaking for Collective Investment.

UCITS An Undertaking for Collective Investment in Transferable Securities governed by the UCITS Directive.

USD United States Dollar.

Valuation Day Each Business Day when the Net Asset Value per Share is calculated for a specific Sub-fund of the Company.When a Valuation Day falls on day which is not a Business Day, or on a bank holiday in Luxembourg or in a market which is the principal market for a significant part of a Sub-fund’s investments the Valuation Day shall be the next Business Day, which is a Business Day or is not a bank holiday in Luxembourg or in a market affecting a Sub-fund.

Value Investment Concept The Value Investment Concept focuses on the earning power of the business of a particular company. The Company defines earning power as the ability of a company to generate a substantial discretionary cash flow to its owners.

Variable Coupon The interest payment for a debt instrument which is not calculated with the same percentage rate for the entire lifetime of the debt instrument, but instead, with a percentage rate which is adjusted periodically, i.e. each 1, 3, 6 or 12 month.

10 PB

3. IntroductionThe main objectives of Nordea 1, SICAV (the “Company”) are• to provide a range of Sub-funds combined with active and

professional management, • to diversify investment risks and • to satisfy Investors seeking income, capital conservation and

longer-term capital growth.

The Company was originally incorporated in the Grand Duchy of Luxembourg on 31 August 1989 under the name of Frontrunner I, SICAV. The Company changed its name into Nordea 1, SICAV on 1 February 2001. The Company is organised as a variable capital company, Société d’Investissement à Capital Variable (SICAV) with multiple compartments under the law of 10 August 1915 relating to commercial companies as amended and part I of the law of 17 December 2010 on undertakings for collective investment as amended (“the Law”). The Company is established for an indefinite period from the date of incorporation.

The Registered Office of the Company is at 562, rue de Neudorf, L-2220 Luxembourg, Grand Duchy of Luxembourg.

The Statutes of the Company were originally published in the Mémorial, Recueil des Sociétés et Associations (the “Mémorial”), dated 16 October 1989, and amended several times. The last amendments to the Statutes were adopted on 09 September 2005 and published in the Mémorial on 05 October 2005. The last version of the Statutes, together with the mandatory legal notice, have been deposited with the Chancery of the District Court of Luxembourg where they are available for inspection and where copies thereof can be obtained.

The financial year of the Company commences on 1 January and ends on 31 December of each year.

Shareholders’ meetings shall be held annually in Luxembourg at the Company’s Registered Office or at such other place as specified in the notice of meeting. The Annual General Meeting shall be held on 15 March each year, at 11:00 CET. If such a day is not a Business Day, the Annual General Meeting shall be held on the first following Business Day thereafter. Other meetings of Shareholders may be held at such place and time as may be specified in the respective notices of meetings. Registered Shareholders will receive notices of meetings by ordinary mail. Notices will further be published as described in the chapter “Notices and information to Shareholders”.

Resolutions concerning the interests of the Shareholders of the Company shall be passed at a general meeting and resolutions concerning the particular rights of the Shareholders of one specific Sub-fund shall in addition be passed by that Sub-fund’s general meeting.

In accordance with the Statutes of the Company, the Board of Directors is empowered to • restrict the acquisition of Shares in the Company by any

physical person or legal entity if this is in the interest of the Company;

• restrict the holding of Shares in the Company by any physical person or legal entity if this is necessary to ensure that the laws and regulations of a country and/or official regulations are not violated or that shareholding does not lead to a situation in which the Company would incur tax liabilities or other financial disadvantages, which it would otherwise not have incurred or would not incur.

The Board of Directors has decided that the Shares shall not be offered or sold to US Persons. For this purpose, the term “US Person” shall include: • a citizen of the United States of America irrespective of

his place of residence or a resident of the United States of America irrespective of his citizenship;

• a partnership organised or existing in laws of any state, territory or possession of the United States of America;

• a corporation organised under the laws of the United States of America or of any state, territory or possession thereof or

• any estate or trust which are subject to United States tax regulations.

As the above-mentioned definition of “US Person” differs from Regulation S of the US Securities Act of 1933, the Board of Directors of the Company, notwithstanding the fact that such person or entity may come within any of the categories referred to above, has granted authority to Nordea Investment Funds S.A. to determine, on a case by case basis, whether ownership of Shares or solicitation for ownership of Shares shall or shall not violate any securities law of the United States of America or any state or other jurisdiction thereof.

For further information on restricted or prohibited Share ownership please consult the Company or the Management Company.

The Board of Directors may decide, at any time, to establish new Sub-funds for investment in securities. On the establishment of such additional Sub-funds, the present Prospectus shall be amended and a relevant KII shall be produced.

Furthermore, in the case of Sub-funds created which are not yet opened for subscription, the Board of Directors is empowered to determine at any time the initial period of subscription and the initial subscription price; at the opening of such a Sub-fund, the Prospectus shall be amended and a KII shall be produced to provide the Investors with the necessary information.

The Shares of the Sub-funds of the Company may be listed on the Luxembourg Stock Exchange.

The Shares of the Sub-funds of the Company may be distributed in Italy, in accordance with Italian laws and customs, through savings plans via a Paying Agent in Italy (as per chapter “Representatives & Paying Agents outside Luxembourg”).

Non-Institutional Investors resident in Italy shall have the possibility to grant a mandate to a Paying Agent in Italy (as per chapter “Representatives & Paying Agents outside Luxembourg) to i) submit the Subscription, Conversion and Redemption

requests, grouped by Sub-fund and distributor, to the Company;

ii) ask for registration of Shares, in its own name on behalf of a third party, in the Shareholder register of the Company;

iii) perform all services relating to the exercise of the rights of Shareholders.

For further details on such mandates, non-Institutional Investors resident in Italy are invited to read the subscription form available at local level.

4. The Sub-funds of the CompanyUnless otherwise indicated in the following paragraphs, each Sub-fund is subject to the general regulations as set out in the chapters 4 and following of this Prospectus.

Each Sub-fund is liable for its own debts and obligations.

PB 1111

Nordea 1 – African Equity Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Africa.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by world wide borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.

Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund will invest its assets in companies regardless of their size, industry and will concentrate its investments in a more limited number of companies and the resulting portfolio will be less diversified.

This Sub-fund may accessorily hold liquid assets in all currencies in which investments are effected as well as in the currency of its respective share Class(es) and/or Sub-class(es).

For this Sub-fund the use of derivatives is limited to hedging of the Sub-fund’s net assets. The Sub-fund will undertake trades in exchange traded derivatives for the purpose of protecting against downside risk.

For the purpose of this Sub-fund, investments are to be considered as eligible in the sense of Art. 19 (1) alinea a) to c) of the Directive EC/85/611 in those African markets that:any European supervisory authority has confirmed as being regulated by way of publication and/or the Board of Directors of the Company has assessed as being regulated, applying the requirements and conditions of the Markets in Financial Instruments Directive (MiFID).

The investments made in this Sub-Fund may be subject to substantial fluctuations and no guarantee can be given that the value of the shares will not fall below the value at the time of their acquisition.

The factors that may trigger such fluctuations or can influence their scale include but are not limited to:• Company specific changes• Changes in interest rates• Changes in exchange rates• Changes affecting economic factors such as employment,

public expenditure and indebtedness, inflation• Changes in the legal environment• Change in investor confidence in investment type (e.g.

equities versus bonds or cash), markets, countries, industries and sectors.

• Liquidity risk

By diversifying investments, the investment manager endeavours to partially mitigate the negative impact of such risks on the value of the Sub-Fund.

Although the Board of Directors makes every effort to achieve the investment objectives of the Company and its Sub-funds, no guarantee can be given as to whether the investment objectives will be achieved.

Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in emerging and less developed markets.

Base CurrencyThe Base Currency of this Sub-fund will be EUR.

Reference indexThis Sub-fund has no reference index.

Profile of the typical InvestorThis Sub-fund is suitable for the Investor who is prepared to take the higher risks associated with investments in the stock markets in order to maximise the return. Thus, the Investor should have experience with volatile products and be able to accept significant temporary losses. A long-term investment horizon, at least 5 years, is required in order to ride out potentially adverse market trends.

Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR, NOK, SEK, USD* and PLN*• E-Shares; EUR and PLN• HE PLN-Shares*• BI-Shares; EUR, GBP*, PLN* and USD*• HBI GBP-Shares*• X-Shares; EUR**• Y-Shares; PLN**

* this share Sub-class will be opened for subscription at a later date.** available as of the time of the first subscription request for this share Sub-class.

Cut-off Time15:30 CET on any Business Day.

Minimum Subscription, Conversion and Holding AmountFor each Investor, the minimum initial*) and subsequent**) Subscription, Conversion and Holding amount in a single Sub-fund / Class or Sub-class is:

BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHBI GBP Shares GBP 70,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent

*) The Board of Directors may decide at any time to further reduce the minimum initial Subscription amount for any of the share Classes of this Sub-fund which are reserved for Institutional Investors, if appropriate.**) No minimum subsequent Subscription amount is applicable to any of the share Classes of this Sub-fund which are reserved for Institutional Investors.

Fees charged to the Investor

Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil

Additional Subscription Fee:Shareholders may in connection with Conversion of their Shares be requested to bear the difference in the initial Subscription Fee between the Sub-fund they redeem and the Sub-fund to which they subscribe.

Fees charged by local intermediaries:Local intermediaries may claim directly from the investor an additional fee on their own behalf in connection with Subscription and/or Redemption of Shares in their market. Such fees are independent of the Company, the Custodian and the Management Company.

12 PB

Fees charged to the Sub-fund

Management Fee Distribution FeeBP-Shares 1.9500% p.a. 0.0000% p.a.E-Shares 1.9500% p.a. 0.7500% p.a.HE PLN-Shares 1.9500% p.a. 0.7500% p.a.BI-Shares 1.5000% p.a. 0.0000% p.a.HBI GBP-Shares 1.5000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.

Other fees and expenses charged to the Sub-fund:This Sub-fund pays a custodian fee of up to 0.1250% p.a. and an administration fee of up to 0.250% p.a., plus any VAT if applicable; in addition hereto the Sub-fund also pays the expenses as described in the chapter “Expenses borne by the Company”.

Total Expense Ratio (TER)This ratio expresses the sum of all costs and commissions charged on an ongoing basis to the Sub-fund’s assets taken retrospectively as a percentage of the Sub-fund’s average assets. The latest calculated TER-rate can be found in the Company’s latest financial report.

PB 1313

Investment objectiveThis Sub-fund’s objective is to provide Shareholders with long-term capital appreciation while using the principle of risk spreading and future potential growth. In the long run the Sub-fund aims to offer from its diversified portfolio a return that is higher than the return of its reference index.

Eligible assets, investment policy and risk profileThis Sub-fund invests its assets according to a combination of asset-, sector- and country allocation based on fundamental analysis.

This Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities, Participatory Notes (P-Notes) and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Brazil.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by domestic or foreign borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities, P-Notes and equity rights which do not meet the above-mentioned restriction.

The investment by the Sub-fund in P-Notes shall comply with Art 2 of the Grand-Ducal Regulation of 8th February 2008.


This Sub-fund may use financial derivative instruments in order to generate exposure to the reference index used, to hedge its net assets in relation to the composition of such reference index or as a replacement of direct investments in securities. Such financial derivative instruments include, but are not limited to, contracts for difference (CFD), equity swaps, equity options, equity futures and equity index futures.

The Sub-fund may as well undertake trades in OTC derivatives or in exchange traded derivatives for the purpose of protecting against downside risk.





• Liquidity risk

By diversifying investments, the investment manager endeavours to partially mitigate the negative impact of such risks on the value of the Sub-fund.



Base CurrencyThe Base Currency of this Sub-fund is USD.

Reference indexThis Sub-fund compares its performance against the MSCI Brazil 10/40 Index – Net Total Return in USD


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; USD**, EUR**, SEK**, NOK** and DKK**• BP-Shares; USD, EUR**, DKK **, NOK**, SEK**, GBP** and

PLN**• E-Shares; USD**, EUR** and PLN**• HE PLN-Shares*• HA EUR-Shares*• HB EUR-Shares*• HB SEK-Shares*• HB NOK-Shares*• HB CHF-Shares*• BI-Shares; USD, EUR**, GBP**, PLN**• AI-Shares; USD** and EUR**• HBI GBP-Shares*• HBI CHF-Shares*• HBI PLN-Shares*• X-Shares; USD**• Y-Shares; PLN**.

* this share Sub-class will be opened for subscription at a later date.** available as of the time of the first subscription request for this share Sub-class



AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHA EUR-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentHBI PLN-Shares PLN 29,016.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent


Nordea 1 – Brazilian Equity Fund

14 PB


Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HA EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%HB CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%AI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee Distribution FeeAP-Shares 1.8000% p.a. 0.0000% p.a.BP-Shares 1.8000% p.a. 0.0000% p.a.E-Shares 1.8000% p.a. 0.7500% p.a.HE PLN-Shares 1.8000% p.a. 0.7500% p.a.HA EUR-Shares 1.8000% p.a. 0.0000% p.a.HB EUR-Shares 1.8000% p.a. 0.0000% p.a.HB SEK-Shares 1.8000% p.a. 0.0000% p.a.HB NOK-Shares 1.8000% p.a. 0.0000% p.a.HB CHF-Shares 1.8000% p.a. 0.0000% p.a.HBI GBP-Shares 1.0000% p.a. 0.0000% p.a.HBI CHF-Shares 1.0000% p.a. 0.0000% p.a.HBI PLN-Shares 1.0000% p.a. 0.0000% p.a.BI-Shares 1.0000% p.a. 0.0000% p.a.AI-Shares 1.0000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



First launch dateThis Sub-fund is currently not open for subscription.

.

PB 1515

Nordea 1 – Central & Eastern European Equity Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Central & Eastern Europe.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by world wide borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.

Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund will invest its assets in companies regardless of their size, industry or location and will concentrate its investments in a more limited number of companies and the resulting portfolio will be less diversified.









Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in Central and Eastern European markets.

Base CurrencyThe Base Currency of this Sub-fund will be EUR.

Reference indexThis Sub-fund compares its performance against the MSCI EM Eastern Europe - Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR, NOK,SEK and PLN**• E-Shares; EUR and PLN**• HE PLN-Shares*• HB SEK-Shares*• HB NOK-Shares*• BI-Shares; EUR • X-Shares; EUR**• Y-Shares; PLN**

* this share Sub-class will be opened for subscription at a later date** available as of the time of the first subscription request for this share Sub-class.



BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil



16 PB


Management Fee Distribution FeeBP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.HB SEK.-Shares 1.5000% p.a. 0.0000% p.a.HB NOK-Shares 1.5000% p.a. 0.0000% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



PB 1717

Nordea 1 – Climate and Environment Equity Fund

Investment objectiveThis Sub-fund aims to achieve long-term capital growth through a diversified portfolio of equity or equity related investments in companies, which are expected to benefit either directly or indirectly from developments related to environmental challenges such as climate change.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest globally and shall invest a minimum of two thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by world wide borrowers as well as in equities, other equities and equity rights, dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.

Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund will invest its assets in companies which are expected to benefit either directly or indirectly from developments related to environmental challenges such as climate change.


This Sub-fund may use financial derivative instruments as a replacement of direct investments in securities or to protect against downside risk. Such financial derivative instruments include, but are not limited to, contracts for difference (CFD), equity swaps, equity options, equity futures and equity index futures.

The investments made in this Sub-Fund may be subject to substantial fluctuations and no guarantee can be given that the value of the Shares will not fall below the value at the time of their acquisition.


public expenditure and indebtedness, inflation• Changes in the legal environment• Changes in the political environment• Change in investor confidence in investment type (e.g.




Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in credit default transactions and transactions in options, futures, swaps and CFDs.

Base CurrencyThe Base Currency of this Sub-fund is EUR.

Reference indexThe Sub-fund has no reference index.

Profile of the typical InvestorThis Sub-fund is suitable for the Investor who is prepared to take the higher risks associated with investments in the specific stock markets in order to maximise the return. Thus, the Investor should have experience with volatile products and be able to accept significant temporary losses. A long-term investment horizon, at least 5 years, is required in order to ride out potentially adverse market trends.

Available SharesShares of this Sub-fund will be available as:• BP-Shares; EUR, NOK, USD*, SEK and PLN** • BI-Shares; EUR and USD*• E-Shares; EUR and PLN**• HE PLN-Shares*• X-Shares; EUR• Y-Shares; PLN*** this share Sub-class will be opened for subscription at a later date** available as of the time of the first subscription request for this share Sub-class.



BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.50% p.a. 0.0000% p.a.E-Shares 1.50% p.a. 0.7500% p.a.HE PLN-Shares 1.50% p.a. 0.7500% p.a.BI-Shares 0.85% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.

18 PB



PB 1919

Nordea 1 – Danish Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, high yield exceeding the average interest level in Denmark. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued by private borrowers and public authorities being domiciled or exercising the predominant part of their economic activity in Denmark.

In addition to the above-mentioned limitations, this Sub-fund will respect within the remaining one-third of its total assets all the following limitations for investments in the below securities/instruments which may in aggregate not exceed one third of its total assets: (i) a maximum of 25 percent of the total assets of this Sub-Fund

may be invested in convertible bonds and other equity-linked debt securities;

(ii) a maximum of one third of the total assets of this Sub-fund may be invested in money market instruments;

(iii) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in equity securities.

Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests predominantly in government bonds or bonds issued by local authorities or agencies and mortgage bonds

Private borrowers and public authorities comprise, among others, corporations, municipalities, mortgage institutions and governments.

This Sub-fund may accessorily hold liquid assets in all currencies in which investments are effected, as well as in the currency of its respective Class(es) and/or Sub-class(es).

For this Sub-fund the use of derivatives is limited to hedging of the Sub-fund’s net assets in relation to the composition of the reference index used.

The investments made in this Sub-Fund may be subject to fluctuations and no guarantee can be given that the value of the Shares will not fall below the value at the time of their acquisition.

The factors that may trigger such fluctuations or can influence their scale include but are not limited to:• Changes in interest rates• Changes in exchange rates• Changes affecting economic factors such as employment,

public expenditure and indebtedness, inflation• Changes in the legal environment• Change in investor confidence in investment type (e.g. bonds

versus equities or cash).

By diversifying investments, the investment manager endeavours to partially mitigate the negative impact of such risks on the value of the individual Sub-Funds.


Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund.

Base CurrencyThe Base Currency of this Sub-fund is DKK.

Reference indexThis Sub-fund compares its performance against Nordea Constant Maturity 5 Year Government Bond Index.

Profile of the typical InvestorThis Sub-fund is suitable for the investor who needs a well-diversified bond allocation in his portfolio. The investor should have a minimum investment horizon of 2 years and be able to accept moderate short-term losses.

Available SharesShares of this Sub-fund are currently available as:• BP-Shares; DKK and EUR• E-Shares; DKK and EUR• BI-Shares; DKK*• X-Shares; DKK

* this share Sub-class will be opened for subscription at a later date.



BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.BI-Shares 0.3000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.



20 PB

Nordea 1 – Danish Equity Fund


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Denmark.

This Sub-fund may invest up to one-fourth of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by domestic or foreign borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.


For this Sub-fund the use of derivatives is limited to hedging of the Sub-fund’s net assets in relation to the composition of the reference index used as well as for efficient portfolio management.









Reference indexThe Sub-fund compares its performance against the OMX Copenhagen – Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; DKK, EUR, and SEK• E-Shares; DKK and EUR• BI-Shares; DKK*• X-Shares; DKK







Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% Up to 1.0%E-Shares up to 5.0% up to 1.0% Up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil Nil







PB 2121

Nordea 1 – Danish Kroner Reserve

Investment objectiveThis Sub-fund aims to provide a return similar to or better than short-term interest rate levels in the DKK zone by taking risks lower than that of an average bond portfolio. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued by private borrowers and public authorities denominated in the Base Currency of the Sub-fund.

This Sub-fund may invest up to one-third of its total assets in debt securities denominated in currencies other than the Base Currency of the Sub-fund, as well as in Money Market Instruments.

Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests mainly in DKK denominated short-term bonds and other short-term transferable debt securities. The average term to maturity for fixed-coupon debt securities in this Sub-fund may be maximum 24 months. The interest rate for floating-rate debt securities must be adjusted to market conditions at least once a year in accordance with their issue conditions.

Debt securities are, among others, bonds, convertible bonds, convertible notes and warrants on bonds.

Private borrowers and public authorities comprise, among others, corporations, municipalities, mortgage institutions, governments and supra-national institutions.

This Sub-fund may accessorily hold liquid assets in all currencies in which investments are effected as well as in the currency of its respective Class(es) and/or Sub-class(es).




public expenditure and indebtedness, inflation• Changes in the legal environment• Change in investor confidence in investment type (e.g. cash

versus equities or bonds).





Reference indexThis Sub-fund compares its performance against the Denmark Interbank 3 Month – Total Return Index.

Profile of the typical InvestorThis Sub-fund is suitable for the investor who is not willing to take the duration risks of a normal bond portfolio. This Sub-fund should be regarded as a lower-risk alternative to asset classes such as bonds and equities. The investor should have an investment horizon of at least 6-12 months, as performance deviations from the reference index can appear.

Available SharesShares of this Sub-fund are currently available as:• BP-Shares; DKK, EUR,and NOK• E-Shares; DKK and EUR


Minimum Subscription, Conversion and Holding AmountFor each Investor, the minimum initial and subsequent Subscription, Conversion and Holding amount in a single Sub-fund / Class or Sub-class is:

BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalent


Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 1.0% up to 1.0% up to 1.0%E-Shares up to 1.0% up to 1.0% up to 1.0%




Management Fee Distribution FeeBP-Shares 0.1250% p.a. 0.0000% p.a.E-Shares 0.1250% p.a. 0.7500% p.a.

Other fees and expenses charged to the Sub-fund:This Sub-fund pays an administration fee of up to 0.250% p.a., plus any VAT if applicable; in addition hereto the Sub-fund also pays the expenses as described in the chapter “Expenses borne by the Company”.


22 PB

Nordea 1 – Danish Long Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, high yield exceeding the average interest level in Denmark. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileWithin the below-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests in Danish mortgage bonds with a remaining term to maturity of minimum 15 years and/or in Danish Government bonds with a remaining term to maturity of minimum 5 years.

This Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued by private borrowers and by public authorities being domiciled or exercising the predominant part of their economic activity in Denmark.
















Reference indexThis Sub-fund compares its performance against JPM Denmark Govt. Bond Denmark KRN – Total Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; DKK, EUR, and NOK• E-Shares; DKK and EUR• BI-Shares; DKK*• X-Shares; DKK







Subscription Fee

Conversion Fee

Redemption Fee








PB 2323

Nordea 1 – Danish Low Duration Mortgage Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable yield exceeding the average interest level of low duration bonds in Denmark.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate mortgage bonds issued by private borrowers and by public authorities being domiciled or exercising the predominant part of their economic activity in Denmark.

In addition to the above-mentioned limitations, this Sub-fund will respect within the remaining one-third of its total assets all the following limitations for investments in the below securities/instruments which may in aggregate not exceed one third of its total assets: (i) a maximum of one-third of the total assets of this Sub-fund may

be invested in fixed-income and floating rate debt securities issued by public authorities and/or private borrowers. Such restriction does not apply to mortgage bonds issued by Danish issuers.

(ii) a maximum of 25 percent of the total assets of this Sub-Fund may be invested in convertible bonds and other equity-linked debt securities;

(iii) a maximum of one-third of the total assets of this Sub-fund may be invested in money market instruments;

(iv) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in equity securities.


This Sub-fund may hold liquid assets in all currencies in which investments are effected, as well as in the currency of its respective Class(es) and/or Sub-class(es).

For this Sub-fund the use of derivatives is limited to the hedging of the Sub-fund’s net assets within the limits imposed by the investment restrictions of the Company. The Sub-fund may make use of derivatives such as futures, forwards and swaps, including, but not limited to, bond futures, bond forwards, interest rate swaps and credit default swaps. For the purpose of hedging the Sub-fund’s foreign currency exposure against the Sub-fund’s Base Currency, the Sub-fund may enter into FX forwards (including non-deliverable forwards) and swaps.

The Sub-fund will have a target duration of 1.0 to 3.0 years.











Available SharesShares of this Sub-fund are currently available as:• AP-Shares; DKK**, SEK**, NOK** and EUR**• AP1-Shares; DKK**, SEK**, NOK** and EUR**• BP-Shares; DKK, SEK**, NOK** and EUR**• BP1-Shares; DKK**, SEK**, NOK** and EUR**• AI-Shares; DKK**• AI1-Shares; DKK**• HAI EUR-Shares*• BI-Shares; DKK• BI1-Shares; DKK**• E-Shares; DKK** and EUR**• E1-Shares; DKK** and EUR**• X-Shares; DKK**• AX-Shares; DKK**• HAX EUR-Shares**



Minimum Subscription, Conversion and Holding AmountFor each Investor, the minimum initial*) and subsequent **) Subscription, Conversion and Holding amount in a single Sub-fund / Class or Sub-class is:

AP-Shares EUR 50.00 or the equivalentAP1-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentBP1-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentE1-Shares EUR 50.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentAI1-Shares EUR 75,000.00 or the equivalentHAI EUR-Shares EUR 75,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentBI1-Shares EUR 75,000.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalentAX-Shares EUR 10,000,000.00 or the equivalentHAX EUR-Shares EUR 10,000,000.00 or the equivalent


24 PB


Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 3.0% up to 1.0% up to 1.0%AP1-Shares up to 3.0% up to 1.0% up to 1.0%BP-Shares up to 3.0% up to 1.0% up to 1.0%BP1-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%E1-Shares up to 3.0% up to 1.0% up to 1.0%AI-Shares up to 3.0% up to 1.0% up to 1.0%AI1-Shares up to 3.0% up to 1.0% up to 1.0%HAI EUR-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%BI1-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilAX-Shares Nil Nil NilHAX EUR-Shares Nil Nil Nil




Management Fee Distribution FeeAP-Shares 0.6000% p.a. 0.0000% p.a.AP1-Shares 0.6000% p.a. 0.0000% p.a.BP-Shares 0.6000% p.a. 0.0000% p.a.BP1-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.E1-Shares 0.6000% p.a. 0.7500% p.a.AI-Shares 0.3000% p.a. 0.0000% p.a.AI1-Shares 0.3000% p.a. 0.0000% p.a.HAI EUR-Shares 0.3000% p.a. 0.0000% p.a.BI-Shares 0.3000% p.a. 0.0000% p.a.BI1-Shares 0.3000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.AX-Shares - 0.0000% p.a.HAX EUR-Shares - 0.0000% p.a.



First launch dateThis Sub-fund will be offered for subscription from on the 15 September 2011, unless decided differently by the Board of Directors, and the first NAV will be calculated on the 16 September 2011.

The launch price will be EUR 50.00, or the equivalent in any freely convertible currency.

PB 2525

Nordea 1 – Danish Mortgage Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, high yield exceeding the average interest level in Denmark.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate mortgage bonds issued by private borrowers and by public authorities being domiciled or exercising the predominant part of their economic activity in Denmark.






For this Sub-fund the use of derivatives is limited to hedging of the Sub-fund’s net assets within the limits imposed by the investment restrictions of the Company.











Available SharesShares of this Sub-fund are currently available as:• AP-Shares; DKK, and EUR• BP-Shares; DKK, EUR and SEK• AI-Shares; DKK• HAI EUR-Shares• BI-Shares; DKK• E-Shares; DKK and EUR• X-Shares; DKK• AX-Shares; DKK**• HAX EUR-Shares**

** available as of the time of the first subscription request for this share Sub-class.



AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentHAI EUR-Shares EUR 75,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalentAX-Shares EUR 10,000,000.00 or the equivalentHAX EUR-Shares EUR 10,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 3.0% up to 1.0% up to 1.0%BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%AI-Shares up to 3.0% up to 1.0% up to 1.0%HAI EUR-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilAX-Shares Nil Nil NilHAX EUR-Shares Nil Nil Nil




Management Fee Distribution FeeAP-Shares 0.6000% p.a. 0.0000% p.a.BP-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.AI-Shares 0.3000% p.a. 0.0000% p.a.HAI EUR-Shares 0.3000% p.a. 0.0000% p.a.BI-Shares 0.3000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.AX-Shares - 0.0000% p.a.HAX EUR-Shares - 0.0000% p.a.

26 PB



PB 2727

Nordea 1 – Emerging Consumer Fund

Investment objectiveThis Sub-fund aims to achieve long-term capital growth.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest globally and shall invest a minimum of two thirds of its total assets (after deduction of cash) in a diversified portfolio of equity or equity related investments (such as co-operative shares, participation certificates, equities, equity rights, dividend-right certificates and warrants on equities) of companies, which are expected to benefit either directly or indirectly from the ongoing urbanisation trend and changing consumer behaviour in the emerging market economies. Within this minimum two thirds of total assets (after deduction of cash), the Sub-fund will aim to invest in companies that are expected to generate a significant proportion of their earnings from consumers in Emerging Markets, e.g. by establishing themselves as the leading brands. Additionally the Sub-fund will focus the investment around companies in developed markets that sell products and services targeted towards the marginal spending of the emerging consumer, benefiting from the expected increases in disposable income levels.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by world wide borrowers as well as in equities, other equities and equity rights, dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.

This Sub-fund may accessorily hold liquid assets in all currencies in which investments are effected as well as in the currency of its respective share Class (es) and/or Sub-class(es).


Furthermore, this Sub-fund may from time to time use currency hedging to hedge local currency exposure into the Sub-fund’s Base Currency.







Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with the investment in emerging and less developed markets.




Available SharesShares of this Sub-fund will be available as:• BP-Shares; EUR, NOK, SEK, GBP, PLN* and USD• AI-Shares, EUR• BI-Shares; EUR, USD and GBP*• HB SEK -Shares*• HB CHF-Shares*• HBI GBP-Shares*• HBI CHF-Shares*• E-Shares; EUR, PLN*• HE PLN-Shares*• X-Shares; EUR**

* this share Sub-class will be opened for subscription at a later date;** available as of the time of the first subscription request for this share Sub-class.



BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentHB SEK -Shares SEK 600.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK- Shares up to 5.0% up to 1.0% up to 1.0%HB CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 5.0% up to 1.0% up to 1.0%AI-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil Nil


28 PB



Management Fee Distribution FeeBP-Shares 1.50% p.a. 0.0000% p.a.E-Shares 1.50% p.a. 0.7500% p.a.HE PLN-Shares 1.50% p.a. 0.7500% p.a.HB SEK - Shares 1.50% p.a. 0.0000% p.a.HB CHF-Shares 1.50% p.a. 0.0000% p.a.HBI GBP-Shares 0.85% p.a. 0.0000% p.a.HBI CHF-Shares 0.85% p.a. 0.0000% p.a.AI-Shares 0.85% p.a. 0.0000% p.a.BI-Shares 0.85% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.


Total Expense Ratio (TER)This ratio expresses the sum of all costs and commissions charged on an ongoing basis to the Sub-fund’s assets taken retrospectively as a percentage of the Sub-fund’s average assets. The latest calculated TER-rate can be found in the Company’s latest financial report

PB 2929

Nordea 1 – Emerging Market Corporate Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment. The investment manager aims to invest the assets of the Sub-fund, within the limitations stated below, into corporate bonds directly or indirectly through the use of derivatives, and into other types of transferable securities and money market instruments in anticipation of up and down market movements. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued in US Dollars by private and corporate borrowers, which are domiciled or exercise the predominant part of their economic activity in an Emerging Market country.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments such as money market instruments denominated in various currencies and issued by worldwide borrowers, including sovereign and quasi sovereign issuers and supranational institutions, as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights. However,(i) a maximum of one-third of the total assets of this Sub-fund

may be invested in fixed-income and floating rate debt securities issued by worldwide sovereign, quasi-sovereign, supra-national and private borrowers denominated in worldwide currencies;

(ii) a maximum of 25 percent of the total assets of this Sub-fund may be invested in convertible bonds issued by world-wide borrowers in world-wide currencies;

(iii) a maximum of 10 percent of the total assets of this Sub-fund may be invested in asset or mortgage backed securities;

(iv) a maximum of 10 percent of the total assets of this Sub-fund may be invested in equities and equity related securities as a result of a corporate action;

(v) a maximum of one third of the total assets of this Sub-fund may be invested in money market instruments;

Private borrowers include, among others, corporations and mortgage institutions.

A maximum of 20 percent of the total assets of this Sub-fund may be invested in a combination of mortgage-backed securities and asset-backed securities.

The Sub-fund may use derivatives for hedging purposes, for performance enhancement and to replace direct investments. In order to achieve such objectives, the Sub-fund may enter into derivative contracts, whose underlying assets consist mainly of, but are not limited to, securities belonging to the corporate bond market. The derivatives used will include, but will not be limited to, credit default swaps, total return swaps, interest rate derivatives and currency derivatives. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.

The Sub-fund may as well enter into derivative contracts for the purpose of reducing the duration of its portfolio or for the purpose of bringing the portfolio’s duration closer to that of the Sub-fund’s reference index. Such derivative contracts will then typically include bond futures or bond index futures, where the underlying assets may not be limited to corporate bonds.



The factors that may trigger such fluctuations or can influence their scale include but are not limited to:

• Company-specific changes• Changes in interest rates• Changes in exchange rates• Changes affecting economic factors such as employment,


versus equities or cash).•By diversifying investments, the investment manager endeavours to partially mitigate the negative impact of such risks on the value of the individual Sub-Funds.


Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in corporate debt securities, credit default transactions and high-yield debt securities and transactions in warrants, options, futures and swaps.


Reference indexThis Sub-fund compares its performance against the JPM Corporate Emerging Markets Bond Index Broad Diversified (CEMBI Broad Diversified) in USD.

Profile of the typical InvestorThis Sub-fund is suitable for the investor who needs a well-diversified bond allocation in his portfolio. A long-term investment horizon, at least 5 years, is required in order to ride out potentially adverse market trends.

Available SharesShares of this Sub-fund are currently available as:• BP-Shares; USD, EUR**, DKK**, NOK**, SEK**, CHF**,

GBP** and PLN**• AP-Shares; USD**, EUR**, DKK**, NOK** and SEK**• BI-Shares; USD, EUR**, DKK**, NOK**, SEK**, CHF**, GBP**

and PLN**• AI-Shares; USD**, EUR**and DKK**• E-Shares; USD**, EUR** and PLN**• HB EUR-Shares*• HB CHF-Shares*• HB GBP-Shares*• HB DKK-Shares*• HB NOK-Shares* • HB SEK-Shares*• HB PLN-Shares*• HE PLN-Shares*• HBI SEK-Shares*• X-Shares; EUR**, USD**, DKK**, NOK**, SEK**, CHF**and

GBP**• AX-Shares; EUR**• HX EUR-Shares**• HX CHF-Shares**• HX GBP-Shares**• HX NOK-Shares**• HX SEK-Shares**• HX DKK-Shares**• Y-Shares; PLN**• HY PLN-Shares**



30 PB


BP-Shares EUR 50.00 or the equivalentAP-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHB GBP-Shares GBP 42.00 or the equivalentHB DKK- Shares DKK 372.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentAX-Shares EUR 5,000,000.00 or the equivalentHX EUR-Shares EUR 5,000,000.00 or the equivalentHX CHF-Shares CHF 6,638,000 or the equivalentHX GBP-Shares GBP 4,500,000 or the equivalentHX NOK-Shares NOK 45,000,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX DKK-Shares DKK 38,000,000.00 or the equivalentY-Shares; PLN EUR 50.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%AP-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%AI-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%HB EUR-Shares up to 3.0% up to 1.0% up to 1.0%HB CHF-Shares up to 3.0% up to 1.0% up to 1.0%HB GBP-Shares up to 3.0% up to 1.0% up to 1.0%HB DKK-Shares up to 3.0% up to 1.0% up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilAX-Shares Nil Nil NilHX EUR-Shares Nil Nil NilHX CHF-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHX NOK-Shares Nil Nil NilHX SEK-Shares Nil Nil NilHX DKK-Shares Nil Nil NilY-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.2000% p.a. 0.0000% p.a.AP-Shares 1.2000% p.a. 0.0000% p.a.BI-Shares 0.8000% p.a. 0.0000% p.a.AI-Shares 0.8000% p.a. 0.0000% p.a.E-Shares 1.2000% p.a. 0.7500% p.a.HB EUR-Shares 1.2000% p.a. 0.0000% p.a.HB CHF-Shares 1.2000% p.a. 0.0000% p.a.HB GBP-Shares 1.2000% p.a. 0.0000% p.a.HB DKK-Shares 1.2000% p.a. 0.0000% p.a.HB NOK-Shares 1.2000% p.a. 0.0000% p.a.HB SEK-Shares 1.2000% p.a. 0.0000% p.a.HB PLN-Shares 1.2000% p.a. 0.0000% p.a.HE PLN-Shares 1.2000% p.a. 0.7500% p.a.HBI SEK-Shares 0.8000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.AX-Shares - 0.0000% p.a.HX EUR-Shares - 0.0000% p.a.HX CHF-Shares - 0.0000% p.a.HX GBP-Shares - 0.0000% p.a.HX NOK-Shares - 0.0000% p.a.HX SEK-Shares - 0.0000% p.a.HX DKK-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.

Other fees and expenses charged to the Sub-fund:This Sub-fund pays a custodian fee of up to 0.250% p.a. and an administration fee of up to 0.250% p.a., plus any VAT if applicable; in addition hereto the Sub-fund also pays the expenses as described in the chapter ”Expenses borne by the Company”.



PB 3131

Nordea 1 – Emerging Stars Equity Fund

Investment objectiveThis Sub-fund aims to achieve long-term capital growth.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest globally and shall invest a minimum of two thirds of its total assets (after deduction of cash) in a diversified portfolio of equity or equity related investments (such as co-operative shares, participation certificates, equities, equity rights, dividend-right certificates and warrants on equities, Participatory Notes (P-Notes)) of companies, which are domiciled or exercise the predominant part of their economic activity in the Emerging Markets.

Within this minimum two thirds of total assets (after deduction of cash), the Sub-fund will aim to invest in companies that are considered to have the potential to grow out of the Emerging Markets, e.g. by establishing themselves as global players. The Sub-fund will have particular focus on the companies’ ability to comply with international standards for environmental, social and corporate governance and use this actively in the investment process.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by world wide borrowers as well as in equities, other equities and equity rights, dividend-right certificates, warrants on equities, P-Notes and equity rights which do not meet the above-mentioned restriction.


This Sub-fund may accessorily hold liquid assets in all currencies in which investments are effected as well as in the currency of its respective share Class (es) and/or Sub-class(es).

The Sub-fund may use financial derivative instruments as a replacement of direct investments in securities. Such financial derivative instruments include, but are not limited to, contracts for difference (CFD), equity swaps, equity options, equity futures and equity index futures.

The Sub-fund may as well partly or totally hedge its foreign currency exposure back to its Base Currency or to the composition of its reference index. Such hedging techniques are further described under section II “Use of financial derivative instruments” in the chapter “Investment Restrictions”.

This Sub-fund may finally use derivatives for other hedging purposes: The Sub-fund may undertake trades in OTC derivatives or in exchange traded derivatives for the purpose of protecting against downside risk or hedging the Sub-fund’s net assets in relation to the composition of the reference index used.







Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with the investment in emerging and less developed markets.




Available Shares Shares of this Sub-fund will be available as:• BP-Shares; USD, EUR, DKK**,NOK**, PLN* and SEK• AI-Shares, EUR*• BI-Shares; EUR, USD, DKK**, SEK• E-Shares; PLN*, EUR**• HE PLN-Shares*• X-Shares; USD**, EUR**

* this share Sub-class will be opened for subscription at a later date;** available as of the time of the first subscription request for this share Sub-class.



BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%AI-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil Nil


32 PB



Management Fee Distribution FeeBP-Shares 1.50% p.a. 0.0000% p.a.E-Shares 1.50% p.a. 0.7500% p.a.HE PLN-Shares 1.50% p.a. 0.7500% p.a.AI-Shares 0.85% p.a. 0.0000% p.a.BI-Shares 0.85% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.



PB 3333

Nordea 1 – Euro Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, high yield exceeding the average interest level of the Euro Zone. This Sub-fund is further using its reference index as a tool for performance comparison purposes.






Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests in government bonds or bonds issued by local authorities or agencies, mortgage bonds, corporate bonds and bonds issued by supranational institutions.



For investment or efficient portfolio management purposes, particularly for the purpose of managing the Sub-fund’s duration, the Sub-fund may make use of futures, including, but not limited to, bond futures. For the purpose of hedging the Sub-fund’s credit risk, the Sub-fund may enter into credit default swaps. Any further use of derivatives is limited to hedging of the Sub-fund’s net assets in relation to the composition of the reference index used.







Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in credit default transactions.


Reference indexThis Sub-fund compares its performance against the Barclays Capital Euro Aggregate Bond Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR, NOK and SEK• E-Shares; EUR• BI-Shares; EUR*• HB PLN-Shares*• HE PLN-Shares*• X-Shares; EUR• HY PLN-Shares**




BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil



34 PB


Management Fee Distribution FeeBP-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.BI-Shares 0.3000% p.a. 0.0000% p.a.HB PLN-Shares 0.6000% p.a. 0.0000% p.a.HE PLN-Shares 0.6000% p.a. 0.7500% p.a.X-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



PB 3535

Nordea 1 – Euro Diversified Corporate Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate risk-adjusted rate of return on the investment. The investment manager aims to invest the assets of the Sub-fund, within the limitations stated below, into Euro-denominated corporate bonds directly or indirectly through the use of derivatives, and into other types of Euro-denominated transferable securities and money market instruments in anticipation of positive and negative market movements.

This sub-fund targets a limited exposure to any specific issuer or sector relative to its reference index, which is further used as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in Euro-denominated corporate bonds, asset-backed securities and covered bonds with fixed coupon or fixed and contingent coupon or variable coupon. A maximum of 20 percent of the net assets of this Sub-fund may be invested in asset-backed securities.

At the time of the investment, the securities must have a long-term rating between AAA and BBB- or equivalent by any available rating agency (S&P, Moody’s and Fitch).

In addition to the above-mentioned limitations, this Sub-fund may invest up to one-third of its total assets in bonds, including government bonds, warrants on bonds and other debt instruments such as money market instruments denominated in various currencies and issued by worldwide borrowers.

This sub-fund can hold investments in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights, provided that such holdings are a result of debt conversion or any form of restructuring. This fund is not allowed actively to buy equity shares in its normal cause of business. However,(i) a maximum of 10 percent of the total assets of this Sub-Fund


(ii) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in equity securities.

In order to achieve its investment objective, the Sub-fund may enter into derivative contracts, whose underlying assets consist mainly of, but are not limited to, securities belonging to the corporate bond market. The derivatives used will include, but will not be limited to, credit default swaps and interest rate derivatives. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.


The above rating criteria also apply for the underlying securities of derivatives. On derivative contracts where the underlying assets consist of multiple securities the rating criteria apply to the average rating of securities.



The factors that may trigger such fluctuations or can influence their scale include but are not limited to:- Company-specific changes- Changes in interest rates- Changes in exchange rates- Changes affecting economic factors such as employment,

public expenditure and indebtedness, inflation- Changes in the legal environment- Change in investor confidence in investment type (e.g. bonds




Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in corporate debt securities, credit default transactions and transactions in warrants, options, futures and swaps.


Reference indexThis Sub-fund compares its performance against the Merrill Lynch EMU Corporate Bonds Index.


Available SharesShares of this Sub-fund are currently available as:- BP-Shares; EUR, NOK*, DKK* and SEK*- E-Shares; EUR*- BI-Shares; EUR*- AI-Shares : EUR*- HB NOK-Shares*- HB SEK-Shares*- HB DKK-Shares*- HAI SEK Shares*- HAI NOK Shares*- HAI DKK Shares*- HBI SEK Shares*- HBI NOK-Shares*- HBI DKK-Shares*- X-Shares; EUR- HX NOK-Shares**- HX SEK-Shares- HX DKK-Shares **




36 PB

BP-Shares EUR 10,000.00 or the equivalentE-Shares EUR 10,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentHB NOK-Shares NOK 90,000.00 or the equivalentHB SEK-Shares SEK 110,000.00 or the equivalentHB DKK-Shares DKK 76,000.00 or the equivalentHAI SEK-Shares SEK 850,000.00 or the equivalentHAI NOK-Shares NOK 650,000.00 or the equivalentHAI DKK-Shares DKK 555,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHBI NOK-Shares NOK 650,000.00 or the equivalentHBI DKK-Shares DKK 555,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentHX NOK-Shares NOK 45,000,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX DKK-Shares DKK 38,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%AI-Shares up to 3.0% up to 1.0% up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HB DKK-Shares up to 3.0% up to 1.0% up to 1.0%HAI SEK-Shares up to 3.0% up to 1.0% up to 1.0%HAI NOK-Shares up to 3.0% up to 1.0% up to 1.0%HAI DKK-Shares up to 3.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 3.0% up to 1.0% up to 1.0%HBI NOK-Shares up to 3.0% up to 1.0% up to 1.0%HBI DKK-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHX NOK-Shares Nil Nil NilHX SEK-Shares Nil Nil NilHX DKK-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.BI-Shares 0.2000% p.a. 0.0000% p.a.AI-Shares 0.2000% p.a. 0.0000% p.a.HB NOK-Shares 0.6000% p.a. 0.0000% p.a.HB SEK-Shares 0.6000% p.a. 0.0000% p.a.HB DKK-Shares 0.6000% p.a. 0.0000% p.a.HAI SEK-Shares 0.2000% p.a. 0.0000% p.a.HAI NOK-Shares 0.2000% p.a. 0.0000% p.a.HAI DKK-Shares 0.2000% p.a. 0.0000% p.a.HBI SEK-Shares 0.2000% p.a. 0.0000% p.a.HBI NOK-Shares 0.2000% p.a. 0.0000% p.a.HBI DKK-Shares 0.2000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.HX NOK-Shares - 0.0000% p.a.HX SEK-Shares - 0.0000% p.a.HX DKK-Shares - 0.0000% p.a.


Swinging Single Pricing MethodologyThe Board of Directors may determine that a swinging single pricing methodology will be applied in the calculation of the daily Net Asset Value of the relevant Sub-fund, in order to compensate for the costs generated by the purchase or sale of the Sub-fund’s assets caused by subscriptions and redemptions. These costs reflect both the estimated fiscal charges and dealing costs that may be incurred by the Sub-fund and the estimated bid/offer spread of the assets in which the Sub-fund invests. Further information can be found in the chapter “Net Asset Value” of the Prospectus.


PB 3737

Nordea 1 – Euro Government Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate risk-adjusted rate of return on the investment. The investment manager aims to invest the assets of the Sub-fund, within the limitations stated below, predominantly into Euro-denominated governmental bonds.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in Euro-denominated bonds issued or guaranteed by the OECD Member States.

This Sub-fund may invest up to one-third of its total assets in other government bonds, sovereign bonds, supranational bonds, corporate bonds, warrants on bonds and other debt instruments such as money market instruments issued by banks, insurance companies, other governments and other organisations with a high credit rating. Such other bonds and debt instruments:(i) shall be issued by borrowers the credit rating of which must be

at least AAA by S&P, Aaa by Moody’s or any equivalent credit rating by another reputable credit agency. By derogation, the Sub-fund may as well invest in fixed-income debt instruments without any credit rating by any credit agency if the portfolio manager considers that the credit worthiness of the issuer of such debt instrument equals the last mentioned credit rating minimum limit;

(ii) may be denominated in various currencies and issued by worldwide borrowers.

A maximum of 20 percent of the net assets of this Sub-fund may be invested in asset-backed securities. A maximum of 25 percent of total assets of this Sub-Fund may be invested in money market instruments.




The Sub-fund may enter into derivative contracts for the purpose of: - hedging the Sub-fund’s assets denominated in another

currency than EUR back to EUR.- mitigating the negative effect related to the default of the

issuer(s) of one or more of the debt instruments held by the Sub-fund.

- taking additional credit risks.- extending or reducing the duration of the Sub-fund, i.e.

change the sensitivity of the Sub-fund to another interest rate horizon.

The derivatives used will include, but will not be limited to, credit default swaps, interest rate derivatives, bond futures, bond index futures and forward foreign exchange contracts. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund. The above rating criteria also apply for the underlying securities of derivatives. On derivative contracts where the underlying assets consist of multiple securities the rating criteria apply to the average rating of securities. The underlying assets may not be limited to government bonds.



The factors that may trigger such fluctuations or can influence their scale include but are not limited to:- Changes in interest rates- Changes in exchange rates- Changes affecting economic factors such as employment,







Reference indexThis Sub-fund compares its performance against the JP Morgan EMU Government Bond Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR• E-Shares; EUR**• BI-Shares; EUR**




BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%


38 PB



Management Fee Distribution FeeBP-Shares 0.8000% p.a. 0.0000% p.a.E-Shares 0.8000% p.a. 0.7500% p.a.BI-Shares 0.4000% p.a. 0.0000% p.a.




PB 3939

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate risk-adjusted rate of return on the investment. The investment manager aims to invest the assets of the Sub-fund, within the limitations stated below, predominantly into Euro-denominated governmental and corporate bonds, and other interest-bearing instruments.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in bonds and interest-bearing instruments denominated in EUR. These instruments shall be either issued or guaranteed by a State, central, regional or local authority or central bank, or issued or guaranteed by supranational entities such as the European Central Bank, the European Union, the European Investment Bank, or European Financial Stability Facility, or issued by corporate entities that comply with rating limitations stated below.

Within the remaining one-third of its total assets, the Sub-fund may invest:(i) up to 1/3 of its total assets in other bonds and debt

instruments denominated in other currencies;(ii) up to 1/3 of its total assets in money market instruments;(iii) up to 20 percent of its net assets in asset backed securities,

mortgage backed securities and covered bonds.(iv) up to 10 percent of its total assets in convertible bonds and

other equity-linked debt securities;(v) up to 10 percent of its total assets in equity and equity related

securities*.

* This sub-fund can hold investments in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights, provided that such holdings are the result of a debt conversion or any form of restructuring. This Sub-fund is not allowed actively to buy equity shares in its normal cause of business.

The modified duration of the Sub-fund shall be between 1 and 3 years.

In relation with the debt instruments held by the Sub-fund other than those issued by governments, the issuer’s long-term credit rating must be at least BBB- by S&P or Baa3 by Moody’s. By derogation, the Sub-fund may as well invest in debt instruments without any credit rating by any credit agency if the portfolio manager considers that the credit worthiness of the issuer of such debt instrument equals the last mentioned credit rating minimum limit.

The Sub-fund may enter into financial derivative instruments for the purpose of:- hedging the Sub-fund’s assets denominated in another

currency than EUR back to EUR.- mitigating the negative effect related to the default of the

issuer(s) of one or more of the debt instruments held by the Sub-fund.

- taking additional credit risks.- extending or reducing the duration of the Sub-fund, i.e.

change the sensitivity of the Sub-fund to another interest rate horizon.

The derivatives used will include, but will not be limited to, credit default swaps, interest rate derivatives, bond futures, bond index futures and forward foreign exchange contracts. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund. The above rating criteria also apply for the underlying securities of derivatives. On derivative contracts where the underlying assets consist of multiple securities the rating criteria apply to the average rating of securities. The underlying assets may not be limited to government bonds.










Reference indexThis Sub-fund compares its performance against the JP Morgan EMU Government Bond Index (1-3 years).









Subscription Fee

Conversion Fee

Redemption Fee


Nordea 1 – Euro Medium Term Bond Fund

40 PB








PB 4141

Nordea 1 – Euro Money Market Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate risk-adjusted rate of return on the investment. The investment manager aims to invest the assets of the Sub-fund, within the limitations stated below, predominantly into money market instruments, euro-denominated floating rate notes (FRN) and other fixed income debt instruments. This Sub-fund complies with the definition of “Money Market Fund” as per guidelines dated 19th May 2010 issued by the European Securities and Markets Authority (ESMA) and establishing “a common definition of European money market funds”.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest in one or more of the following instruments:• money market instruments, • floating rate notes, • structured financial instruments,• fixed income debt instruments.

The Sub-fund shall comply with the following requirements:

(i) The Sub-fund’s investments may be denominated in EUR or in another currency. Investments in another currency than EUR shall be hedged back to EUR.

(ii) The Weighted Average Life (“WAL”) of the Sub-fund’s investments portfolio shall not exceed 12 months.

(iii) The Weighted Average Maturity (“WAM”) of the Sub-fund’s investments portfolio shall not exceed 6 months.

(iv) The Sub-fund may invest in securities with a residual maturity until legal redemption date of less than or equal to 2 years, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days.

(v) The Sub-fund may only invest in high quality money market and debt instruments: Only instruments that have been awarded one of the two highest available short-term credit ratings by each recognized credit rating agency that has rated the instrument, or, if the instrument is not rated, it is of an equivalent quality as determined by the internal rating process of the Management Company or the Investment Sub-Manager.

The Sub-fund may use financial derivative instruments such as, but not limited to, interest rate swaps and forward rate agreements to manage its money market strategy within the above mentioned restrictions. The Sub-fund may as well enter into derivative contracts for the purpose of hedging the Sub-fund’s assets denominated in another currency than EUR back to EUR.


Glossary of terms:

The Weighted Average Maturity (WAM) is a measure of the length of time to maturity of all of the underlying securities in the Sub-fund weighted to reflect the relative holdings in each instrument, assuming that the maturity of a floating rate instrument is the time remaining until the next interest rate reset, rather than the time remaining before the principal value of the security must be repaid.

The Weighted Average Life (WAL) is the weighted average of the remaining life (maturity) of each security held in the Sub-fund, meaning the average time until the principal is repaid in full (disregarding interest and not discounting). Contrary to what is done in the calculation of the WAM, the calculation of the WAL for floating rate securities and structured financial instruments does not permit the use of interest rate reset dates and instead only uses a security’s stated (legal) final maturity.









Reference indexThis Sub-fund compares its performance against the Euribor 3-Month.

Profile of the typical InvestorThis Sub-fund is suitable for the investor who is not willing to take the duration risks of a normal bond portfolio. This Sub-fund should be regarded as a lower-risk alternative to asset classes such as bonds and equities. The investor should have a minimum investment horizon of 6 to 12 months and be able to accept moderate short-term losses.








Subscription Fee

Conversion Fee

Redemption Fee


42 PB








PB 4343

Investment objectiveThis Sub-fund aims to provide a return similar to or better than short-term interest rate levels in the EUR zone by taking risks lower than that of an average bond portfolio. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis reserve Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued by private borrowers and public authorities denominated in the Base Currency of the Sub-fund.


Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests mainly in EUR denominated short-term bonds and other short-term transferable debt securities. The average term to maturity for fixed-coupon debt securities in this Sub-fund may maximum be 24 months. The interest rate for floating-rate debt securities must be adjusted to market conditions at least once a year in accordance with their issue conditions.













Reference indexThis Sub-fund compares its performance against Germany Euro 3 Month – Total Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR, NOK and SEK• E-Shares; EUR





Subscription Fee

Conversion Fee

Redemption Fee








Nordea 1 – Euro Reserve

44 PB

Nordea 1 – European Alpha Fund

Investment objectiveThis Sub-fund aims to achieve long-term capital growth through a diversified portfolio of equity or equity related investments in companies incorporated in any European country. The Sub-fund will focus on the quality and attractiveness of individual companies rather than the outlook for particular markets. The investment manager is also permitted to invest in securities traded in other markets where the underlying companies derive a significant proportion of their earnings from the European region.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

This Sub-fund may invest up to one-fourth of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by world wide borrowers as well as in equities, other equities and equity rights, dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.

Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund will invest its assets in companies offering the best potential for generating attractive returns over a long-term horizon.


This Sub-fund may, where it is economically appropriate to the efficient portfolio management of the Sub-fund, enter into certain derivative or forward transactions in order to reduce risk or cost, within the limits imposed by the investment restrictions of the Company.









Reference indexThis Sub-fund compares its performance against MSCI Europe, Net Return Index.


Investors should further be aware that because of the investment strategy applied by this Sub-fund, significant differences between the development of the Sub-fund and that of the market (as defined by the reference index) may occur and may be prevalent for an extended period of time.

Available SharesShares of this Sub-fund will be available as:• AP-Shares; EUR• BP-Shares; EUR, NOK,SEK and PLN**• E-Shares; EUR and PLN**• HE PLN-Shares*• BI-Shares; EUR• X-Shares; EUR**• Y-Shares; PLN*

* this share Sub-class will be opened for subscription at a later date.**available as of the time of the first subscription request for this share Sub-class.



AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil



PB 4545


Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



46 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment. The investment manager aims to invest the assets of the Sub-fund, within the limitations stated below, into corporate bonds directly or indirectly through the use of derivatives, and into other types of transferable securities and money market instruments in anticipation of up and down market movements. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in corporate bonds with fixed coupon or fixed and contingent coupon or variable coupon. The Sub-fund shall focus on corporate bonds issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments such as money market instruments denominated in various currencies and issued by worldwide borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights. However,(i) a maximum of 25 percent of the total assets of this Sub-Fund




In order to achieve its investment objective, the Sub-fund may enter into derivative contracts, whose underlying assets consist mainly of, but are not limited to, securities belonging to the corporate bond market. The derivatives used will include, but will not be limited to, credit default swaps, total return swaps, interest rate derivatives and currency derivatives. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.




The factors that may trigger such fluctuations or can influence their scale include but are not limited to:• Company-specific changes• Changes in interest rates• Changes in exchange rates• Changes affecting economic factors such as employment,





Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in corporate debt securities, credit default transactions and high-yield debt securities and transactions in warrants, options, futures and swaps.




Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR, NOK, SEK and PLN*• E-Shares; EUR and PLN• BI-Shares; EUR• HB NOK-Shares • HB SEK-Shares• HB PLN-Shares*• HE PLN-Shares*• HBI SEK-Shares*• X-Shares; EUR• AX-Shares; EUR**• HX NOK-Shares• HX SEK-Shares• HX DKK-Shares• HY PLN-Shares**




BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentAX-Shares EUR 5,000,000.00 or the equivalentHX NOK-Shares NOK 45,000,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX DKK-Shares DKK 38,000,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent


Nordea 1 – European Corporate Bond Fund

PB 4747


Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilAX-Shares Nil Nil NilHX NOK-Shares Nil Nil NilHX SEK-Shares Nil Nil NilHX DKK-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.BI-Shares 0.3000% p.a. 0.0000% p.a.HB NOK-Shares 0.6000% p.a. 0.0000% p.a.HB SEK-Shares 0.6000% p.a. 0.0000% p.a.HB PLN-Shares 0.6000% p.a. 0.0000% p.a.HE PLN-Shares 0.6000% p.a. 0.7500% p.a.HBI SEK-Shares 0.3000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.AX-Shares - 0.0000% p.a.HX NOK-Shares - 0.0000% p.a.HX SEK-Shares - 0.0000% p.a.HX DKK-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



48 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a return exceeding the average return of the Euro corporate bond market. The investment manager actively uses derivatives in order to enhance returns and manage risks in the Sub-fund. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in corporate bonds, asset-backed securities and covered bonds with fixed coupon or fixed and contingent coupon or variable coupon. The Sub-fund shall focus on corporate bonds and debt instruments issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

A maximum of 20 percent of the net assets of this Sub-fund may be invested in asset-backed securities.

At the time of the investment, the securities must have a long-term rating between AAA and BBB- or equivalent by any available rating agency (S&P, Moody’s and Fitch).

In addition to the above-mentioned limitations, this Sub-fund may invest up to one-third of its total assets in bonds, including government bonds, warrants on bonds and other debt instruments such as money market instruments denominated in various currencies and issued by worldwide borrowers.




In order to achieve its investment objective, the Sub-fund may enter into derivative contracts, whose underlying assets consist mainly of, but are not limited to, securities belonging to the corporate bond market. The derivatives used will include, but will not be limited to, credit default swaps and interest rate derivatives. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.


The above rating criteria also apply for the underlying securities of derivatives. On derivative contracts where the underlying assets consist of multiple securities the rating criteria apply to the average rating of securities.



The factors that may trigger such fluctuations or can influence their scale include but are not limited to:- Company-specific changes- Changes in interest rates- Changes in exchange rates- Changes affecting economic factors such as employment,





Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in corporate debt securities, credit default transactions and transactions in warrants, options, futures and swaps.




Available SharesShares of this Sub-fund are currently available as:- BP-Shares; EUR*, NOK*, DKK* and SEK*- E-Shares; EUR*- BI-Shares; EUR- AI-Shares : EUR*- HB NOK-Shares *- HB SEK-Shares*- HB DKK-Shares*- HAI SEK Shares*- HAI NOK Shares*- HAI DKK Shares*- HBI SEK Shares*- HBI NOK-Shares*- HBI DKK-Shares*- X-Shares; EUR- HX NOK-Shares**- HX SEK-Shares**- HX DKK-Shares **




Nordea 1 – European Corporate Bond Fund Plus

PB 4949

BP-Shares EUR 10,000.00 or the equivalentE-Shares EUR 10,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentAI-Shares - EUR 75,000.00 or the equivalentHB SEK-Shares SEK 110,000.00 or the equivalentHB NOK-Shares NOK 90,000.00 or the equivalentHB DKK-Shares DKK 76,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHBI NOK-Shares NOK 650,000.00 or the equivalentHBI DKK-Shares DKK 555,000.00 or the equivalentHAI SEK-Shares SEK 850,000.00 or the equivalentHAI NOK-Shares NOK 650,000.00 or the equivalentHAI DKK-Shares DKK 555,000.00 or the equivalentX-Shares EUR 5,000,000.0 0 or the equivalentHX NOK-Shares NOK 45,000,000.0 0 or the equivalentHX SEK-Shares SEK 55,000,000.0 0 or the equivalentHX DKK-Shares DKK 38,000,000.0 0 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% up to 1.0%HB DKK-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 3.0% up to 1.0% up to 1.0%HBI NOK-Shares up to 3.0% up to 1.0% up to 1.0%HBI DKK-Shares up to 3.0% up to 1.0% up to 1.0%HAI SEK-Shares up to 3.0% up to 1.0% up to 1.0%HAI NOK-Shares up to 3.0% up to 1.0% up to 1.0%HAI DKK-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHX DKK-Shares Nil Nil NilHX SEK-Shares Nil Nil NilHX NOK-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 0.7500% p.a. 0.0000% p.a.E-Shares 0.7500% p.a. 0.7500% p.a.BI-Shares 0.4000% p.a. 0.0000% p.a.HB NOK-Shares 0.7500% p.a. 0.0000% p.a.HB SEK-Shares 0.7500% p.a. 0.0000% p.a.HB DKK-Shares 0.7500% p.a. 0.0000% p.a.HBI SEK- Shares 0.4000% p.a. 0.0000% p.a.HBI NOK-Shares 0.4000% p.a. 0.0000% p.a.HBI DKK-Shares 0.4000% p.a. 0.0000% p.a.HAI SEK-Shares 0.4000% p.a. 0.0000% p.a.HAI NOK-Shares 0.4000% p.a. 0.0000% p.a.HAI DKK-Shares 0.4000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.HX SEK-Shares - 0.0000% p.a.HX NOK-Shares - 0.0000% p.a.HX DKK-Shares - 0.0000% p.a.



50 PB

Nordea 1 – European Equity Fund


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.


Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund invests its assets according to the TIP Investment Concept.











Reference indexThis Sub-fund compares its performance against the MSCI Europe – Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR and SEK• BP-Shares; EUR, SEK and PLN* • E-Shares; EUR and PLN• HE PLN-Shares*• BI-Shares; EUR, PLN*• X-Shares; EUR• Y-Shares; PLN**







Subscription Fee

Conversion Fee

Redemption Fee




PB 5151





52 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a return exceeding the average return of the European high yield bond market. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in High Yield Bonds with Fixed Coupon or Fixed and Contingent Coupon or Variable Coupon issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

In addition to the above-mentioned limitations, this Sub-fund will respect within the remaining one-third of its total assets all the following limitations for investments in the below securities/instruments which may in aggregate not exceed one third of its total assets:(i) a maximum of 25 percent of the total assets of this Sub-Fund




Within the above-mentioned risk profile and the Company’s general investment restrictions this Sub-fund is exposed to interest and credit risk via exposure to the European and non-European High Yield Bond market.


For this Sub-fund the use of derivatives is limited to either (1) hedging partly or totally the Sub-fund’s foreign currency exposure against the Sub-fund’s Base Currency or (2) hedging the Sub-fund’s net assets in relation to the composition of the reference index used. Both approaches are further described under section II “Use of financial derivative instruments” in the chapter “Investment Restrictions”.

The investments made in this Sub-fund may be subject to fluctuations and no guarantee can be given that the value of the Shares will not fall below the value at the time of their acquisition.






Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in high-yield debt securities.


Reference indexThis Sub-fund compares its performance in EUR against the Merrill Lynch European Currency High Yield Constrained Index - Total Return 100% Hedged to EUR


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR, • BP-Shares; EUR, NOK and SEK • HB SEK-Shares• HB NOK-Shares*• HB PLN-Shares*• HB USD-Shares*• HE PLN-Shares*• BI-Shares; EUR• HBI USD-Shares*• E-Shares; EUR • X-Shares; EUR• AX-Shares; EUR**• HAX GBP-Shares**• HX SEK-Shares**• HX GBP-Shares**• HY PLN-Shares**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentHB USD-Shares USD 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHBI USD-Shares USD 75,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentAX-Shares EUR 5,000,000.00 or the equivalentHAX GBP-Shares GBP 4,500,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX GBP-Shares GBP 4,500,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent


Nordea 1 – European High Yield Bond Fund

PB 5353


Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 3.0% up to 1.0% up to 1.0%BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%HB USD-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%HBI USD-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilAX-Shares Nil Nil NilHAX GBP-Shares Nil Nil NilHX SEK-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeAP-Shares 1.0000% p.a. 0.0000% p.a.BP-Shares 1.0000% p.a. 0.0000% p.a.E-Shares 1.0000% p.a. 0.7500% p.a.HB SEK-Shares 1.0000% p.a. 0.0000% p.a.HB NOK-Shares 1.0000% p.a. 0.0000% p.a.HB PLN-Shares 1.0000% p.a. 0.0000% p.a.HB USD-Shares 1.0000% p.a. 0.0000% p.a.HE PLN-Shares 1.0000% p.a. 0.7500% p.a.BI-Shares 0.5000% p.a. 0.0000% p.a.HBI USD-Shares 0.5000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.AX-Shares - 0.0000% p.a.HAX GBP-Shares - 0.0000% p.a.HX SEK-Shares - 0.0000% p.a.HX GBP-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



54 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a long-term return exceeding the average return of the European high yield bond market. This Sub-fund uses its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in High Yield Bonds (bonds with a long-term rating equal or lower than BB+ or equivalent by any available rating agency) with Fixed Coupon or Fixed and Contingent Coupon or Variable Coupon issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

In addition to the above-mentioned limitations, this Sub-fund will respect within the remaining one-third of its total assets all the following limitations for investments in the below securities/instruments which may in aggregate not exceed one third of its total assets:(i) a maximum of 25 percent of the total assets of this Sub-

Fund may be invested in fixed-income and floating rate debt securities issued by worldwide sovereign, quasi-sovereign, supra-national or investment grade rated (long-term rating equal to or higher than BBB- by any available rating agency) corporate borrowers

(ii) a maximum of 25 percent of the total assets of this Sub-Fund may be invested in convertible bonds and other equity-linked debt securities

(iii) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in equities

(iv) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in asset backed securities

(v) a maximum of 25 percent of total assets of this Sub-Fund may be invested in money market instruments.

Within the above-mentioned risk profile and the Company’s general investment restrictions this Sub-fund is exposed to interest and credit risk via exposure to the European and non-European High Yield Bond market.


This Sub-Fund may use derivatives for hedging purposes, for performance enhancement and to replace direct investments within the limits imposed by the investment restrictions.

The Sub-fund is entitled to invest up to 100% of its net assets in Rule 144a Securities under the conditions that: • the attached registration right provides for an exchange into

equivalent debt securities or into equity shares within a period of one year after the acquisition of such Rule 144a Securities by the Sub-fund;

• such equivalent debt securities or such equity shares, obtained through exchange, are either admitted to official listing on a Regulated Market or are dealt in on an Other Regulated Market which operates regularly and is recognised and open to the public;

• such securities are negotiated before and after their exchange on a Regulated Market and/or on an Other Regulated Market;

• such securities respect Point 17 of "CESR's Guidelines concerning eligible assets for investment by UCITS", dated March 2007.

Investment in Rule 144a Securities, which would not comply with any of the above conditions, shall, together with the transferable securities eligible under section B(1) of the chapter “Investment Restrictions” of the Prospectus, not exceed 10% of the Sub-fund’s net asset value.



public expenditure and indebtedness, inflation• Changes in the legal environment• Changes in investor preferences.



Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in high-yield debt securities and Rule 144a securities.


Reference indexThis Sub-fund compares its performance in EUR against the Merrill Lynch European Currency High Yield Constrained Index - Total Return 100% Hedged to EUR.


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR**• BP-Shares; EUR**, GBP**, DKK**, NOK** and SEK**• HB SEK-Shares*• HB NOK-Shares*• HB PLN-Shares*• BI-Shares; EUR**, GBP**, DKK**, NOK** and SEK**• E-Shares; EUR** • HE PLN-Shares*• X-Shares; EUR, DKK**, NOK** and SEK• AX-Shares; EUR**• HX SEK-Shares• HX NOK-Shares• HX GBP-Shares**• HY PLN-Shares**




Nordea 1 – European High Yield Bond Fund II

PB 5555

AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentAX-Shares EUR 5,000,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX NOK-Shares NOK 45,000,000.00 or the equivalentHX GBP-Shares GBP 4,500,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 3.0% up to 1.0% up to 1.0%BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilAX-Shares Nil Nil NilHX SEK- Shares Nil Nil NilHX NOK-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeAP-Shares 1.0000% p.a. 0.0000% p.a.BP-Shares 1.0000% p.a. 0.0000% p.a.E-Shares 1.0000% p.a. 0.7500% p.a.HB SEK-Shares 1.0000% p.a. 0.0000% p.a.HB NOK-Shares 1.0000% p.a. 0.0000% p.a.HB PLN-Shares 1.0000% p.a. 0.0000% p.a.HE PLN-Shares 1.0000% p.a. 0.7500% p.a.BI-Shares 0.5000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.AX-Shares - 0.0000% p.a.HX SEK- Shares - 0.0000% p.a.HX NOK-Shares - 0.0000% p.a.HX GBP-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



56 PB


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by small and mid-size companies which are domiciled or exercise the predominant part of their economic activity in Europe. Smaller and mid size companies are to be understood as companies having market capitalisation of up to 10 billion Euro (as measured at the time of acquisition).

This Sub-fund may invest up to one-fourth of its total assets world wide in bonds, warrants on bonds and other debt instruments denominated in various currencies as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.

Within the one-fourth of its total assets mentioned in the previous paragraph, and within the Company’s general investment restrictions, the Sub-fund may also invest in exchange traded funds which directly or indirectly invest either in equities or in commodities.


This Sub-fund may enter into certain derivative contracts or instruments that will include, but will not be limited to, exchange traded futures and options, contracts for difference and equity swaps, for the purpose of:• hedging the Sub-fund’s net assets in relation to the

composition of the reference index, • generate exposure to the same reference index, • replace a direct securities investment,• and/or efficient portfolio management, where it is

economically appropriate, within the limits imposed by the investment restrictions of the Company.









Reference indexThis Sub-fund compares its performance against Dow Jones STOXX Mid 200 (Return) Index.


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR, NOK and SEK• BP-Shares; EUR, NOK, SEK and PLN*• BI-Shares; EUR, PLN* and GBP*• HBI GBP-Shares*• E-Shares; EUR and PLN• HE PLN Shares*• X-Shares; EUR**• Y-Shares; PLN**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil


Nordea 1 – European Small and Mid Cap Equity Fund

PB 5757



Management Fee Distribution FeeAP-Shares 1.3000% p.a. 0.0000% p.a.BP-Shares 1.3000% p.a. 0.0000% p.a.E-Shares 1.3000% p.a. 0.7500% p.a.HE PLN-Shares 1.3000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.HBI GBP-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



58 PB


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by domestic or foreign borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.

Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund invests its assets according to the Value Investment Concept.


For this Sub-fund the use of derivatives is limited to a small proportion of the Sub-fund’s net assets for hedging purposes as well as for efficient portfolio management.







Investors must read carefully the special risk considerations as described under the chapter “Special Risk Considerations” before investing in the Sub-fund.


Reference indexThis Sub-fund compares its performance with the MSCI Europe – Net Return Index.



Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR and SEK• BP-Shares; EUR, NOK,SEK and PLN**• BI-Shares; EUR, GBP*• HBI GBP-Shares*• E-Shares; EUR and PLN**• HE PLN-Shares*• X-Shares; EUR• Y-Shares; PLN**







Subscription Fee

Conversion Fee

Redemption Fee




Nordea 1 – European Value Fund

PB 5959





60 PB


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in the Far Eastern Region.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by borrowers world wide as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.









Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investments in the Far Eastern Region.


Reference indexThis Sub-fund compares its performance with the MSCI AC Far East ex. Japan – Net Return Index.



Available SharesShares of this Sub-fund are currently available as:• AP-Shares; USD, EUR and SEK• BP-Shares; USD, EUR, NOK, SEK, GBP and PLN*• BI-Shares; USD, GBP* and PLN*• E-Shares; USD, EUR and PLN• HBI GBP-Shares*• HE PLN-Shares• X-Shares; USD• Y-Shares; PLN**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil



Nordea 1 – Far Eastern Equity Fund

PB 6161


Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HBI GBP-Shares 0.8500% p.a. 0.0000% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



62 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, high yield exceeding the interest level represented by the Sub-funds’ reference index. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund invests globally and shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued by private borrowers and public authorities.





Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests world-wide. The Management Company will decide on the asset allocation from time to time.












Reference indexThis Sub-fund compares its performance against JP Morgan GBI Global - Total Return Index (in EUR).


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR• BP-Shares; EUR, NOK, SEK, USD* and PLN*• E-Shares; EUR and PLN• HB PLN-Shares*• HBI GBP-Shares*• HE PLN-Shares*• BI-Shares; EUR, GBP* and USD*• X-Shares; EUR• HY PLN-Shares**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 3.0% up to 1.0% up to 1.0%BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil


Fees charged by local intermediaries:Local intermediaries may claim directly from the investor additional fees in connection with Subscription and/or Redemption of Shares in their market. Such fees are independent of the Company, the Custodian and the Management Company.

Nordea 1 – Global Bond Fund

PB 6363


Management Fee Distribution FeeAP-Shares 0.6000% p.a. 0.0000% p.a.BP-Shares 0.6000% p.a. 0.0000% p.a.HB PLN-Shares 0.6000% p.a. 0.0000% p.a.HBI GBP-Shares 0.3000% p.a. 0.0000% p.a.HE PLN-Shares 0.6000% p.a. 0.7500% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.BI-Shares 0.3000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



64 PB

Investment objectiveThe Sub-fund’s objective is to provide Shareholders with long-term capital appreciation while using the principle of risk-spreading and future potential growth. In the long run the Sub-fund aims to offer from its well diversified portfolio a return that is higher than the return of its reference index.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities, Participatory Notes (P-Notes) and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Emerging Markets.



The Sub-fund may invest up to 5% of its total assets in Exchange Traded Funds (ETF) that mainly invest in securities of companies active in the Emerging Markets.


The Sub-fund may use financial derivative instruments as a replacement of direct investments in securities. Such financial derivative instruments include, but are not limited to, contracts for difference (CFD), equity swaps and equity and equity index futures.











Reference indexThis Sub-fund compares its performance against the MSCI Emerging Markets Index – Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; USD; EUR**, DKK**, NOK**, SEK** and PLN**• BP1-Shares; USD; EUR**, DKK**, NOK**, SEK** and PLN**• AP-Shares; USD**; EUR**, DKK**, NOK** and SEK**• AP1-Shares; USD**; EUR**, DKK**, NOK** and SEK**• HB EUR-Shares*• HB1 EUR-Shares*• HB CHF-Shares*• HB DKK-Shares*• HB NOK-Shares*• HB SEK-Shares*• HB PLN-Shares*• HBI CHF-Shares*• HBI EUR-Shares*• HBI1 EUR-Shares*• HBI DKK-Shares*• HBI NOK-Shares*• HBI SEK-Shares*• HBI PLN-Shares*• HBI GBP-Shares*• E-Shares; USD**; EUR** and PLN** • E1-Shares; USD**; EUR** and PLN** • HE PLN-Shares• BI-Shares; USD; EUR**, DKK**, NOK**, PLN** and SEK**• BI1-Shares; USD**; EUR**, DKK**, NOK**, PLN** and SEK**• AI-Shares; USD**; EUR** and DKK**• AI1-Shares; USD**; EUR** and DKK**• X-Shares; USD**; EUR**; GBP **; CHF **• HX EUR-Shares**• HX GBP-Shares**• HX CHF-Shares**• Y-Shares; PLN**




BP-Shares EUR 50.00 or the equivalentBP1-Shares EUR 50.00 or the equivalentAP-Shares EUR 50.00 or the equivalentAP1-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB1 EUR-Shares EUR 50.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHB DKK-Shares DKK 372.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalent

Nordea 1 – Global Emerging Markets Equity Fund

PB 6565

HB PLN-Shares PLN 200.00 or the equivalentE-Shares EUR 50.00 or the equivalentE1-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentBI1-Shares EUR 75,000.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentAI1-Shares EUR 75,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentHBI EUR-Shares EUR 75,000.00 or the equivalentHBI1 EUR-Shares EUR 75,000.00 or the equivalentHBI DKK-Shares DKK 555,000.00 or the equivalentHBI NOK-Shares NOK 650,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHBI PLN-Shares PLN 29,016.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentHX EUR-Shares EUR 5,000,000.00 or the equivalentHX GBP-Shares GBP 4,500,000.00 or the equivalentHX CHF-Shares CHF 6,638,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%BP1-Shares up to 5.0% up to 1.0% up to 1.0%AP-Shares up to 5.0% up to 1.0% up to 1.0%AP1-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%E1-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HB EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB1 EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB CHF-Shares up to 5.0% up to 1.0% up to 1.0%HB DKK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%BI1-Shares up to 5.0% up to 1.0% up to 1.0%AI-Shares up to 5.0% up to 1.0% up to 1.0%AI1-Shares up to 5.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI EUR-Shares up to 5.0% up to 1.0% up to 1.0%HBI1 EUR-Shares up to 5.0% up to 1.0% up to 1.0%HBI DKK-Shares up to 5.0% up to 1.0% up to 1.0%HBI NOK-Shares up to 5.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%HBI PLN-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHX EUR-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHX CHF-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.8000% p.a. 0.0000% p.a.BP1-Shares 1.8000% p.a. 0.0000% p.a.AP-Shares 1.8000% p.a. 0.0000% p.a.AP1-Shares 1.8000% p.a. 0.0000% p.a.HB EUR-Shares 1.8000% p.a. 0.0000% p.a.HB1 EUR-Shares 1.8000% p.a. 0.0000% p.a.HB CHF-Shares 1.8000% p.a. 0.0000% p.a.HB DKK-Shares 1.8000% p.a. 0.0000% p.a.HB NOK-Shares 1.8000% p.a. 0.0000% p.a.HB SEK-Shares 1.8000% p.a. 0.0000% p.a.HB PLN-Shares 1.8000% p.a. 0.0000% p.a.E-Shares 1.8000% p.a. 0.7500% p.a.E1-Shares 1.8000% p.a. 0.7500% p.a.HE PLN-Shares 1.8000% p.a. 0.7500% p.a.BI-Shares 1.0000% p.a. 0.0000% p.a.BI1-Shares 1.0000% p.a. 0.0000% p.a.AI-Shares 1.0000% p.a. 0.0000% p.a.AI1-Shares 1.0000% p.a. 0.0000% p.a.HBI CHF-Shares 1.0000% p.a. 0.0000% p.a.HBI EUR-Shares 1.0000% p.a. 0.0000% p.a.HBI1 EUR-Shares 1.0000% p.a. 0.0000% p.a.HBI DKK-Shares 1.0000% p.a. 0.0000% p.a.HBI NOK-Shares 1.0000% p.a. 0.0000% p.a.HBI SEK-Shares 1.0000% p.a. 0.0000% p.a.HBI PLN-Shares 1.0000% p.a. 0.0000% p.a.HBI GBP-Shares 1.0000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.HX EUR-Shares - 0.0000% p.a.HX GBP-Shares - 0.0000% p.a.HX CHF-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



First launch dateThis Sub-fund will be offered for subscription from the 18 July 2011 to the 16 August 2011, unless decided differently by the Board of Directors, and the first NAV will be calculated on the 17 August 2011.

The launch price will be USD 50.00, or the equivalent in any freely convertible currency.

66 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a return exceeding the average return of the global High Yield Bond market. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in High Yield Bonds with Fixed Coupon or Fixed and Contingent Coupon or Variable Coupon issued by companies.

In addition to the above-mentioned limitations, this Sub-fund will respect within the remaining one-third of its total assets all the following limitations for investments in the below securities/instruments worldwide (i) a maximum of 25 percent of the total assets of this Sub-Fund


(ii) a maximum of one third of the total assets of this Sub-fund may be invested in a combination of money market instruments and/or government bonds;

(iii) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in equity securities

Within the above-mentioned risk profile and the Company’s general investment restrictions this Sub-fund is exposed to interest and credit risk via exposure to the global High Yield Bond market.


At least 95% of the portfolio currency risk will be hedged against the Base Currency of the Sub-fund.

In order to achieve its investment objective, the Sub-fund may enter into derivative contracts, whose underlying instruments consist mainly of, but are not limited to, securities belonging to the High Yield Bond market. The derivatives used may include, but may not be limited to, credit default swaps. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.

The Sub-fund is entitled to invest up to 100% of its net assets in Rule 144a Securities under the conditions that: • the attached registration right provides for an exchange into












Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in high-yield debt securities, Rule 144a Securities and credit default transactions.


Reference indexThis Sub-fund compares its performance against the Merrill Lynch Global High Yield Constrained Index.


Available SharesShares of this Sub-fund will be available as:• BP-Shares; USD, NOK*, SEK* and PLN*• E-Shares; USD and PLN• HB EUR-Shares*• HB SEK-Shares*• HB PLN-Shares*• AI-Shares; USD*• BI-Shares; USD* and GBP*• HAI EUR-Shares*• HAI GBP-Shares*• HBI EUR-Shares• HBI GBP-Shares*• HBI SEK-Shares*• HE PLN-Shares• AX-Shares; USD**• X-Shares; USD** and GBP**• HAX EUR-Shares **• HAX GBP-Shares **• HX EUR-Shares • HX GBP-Shares **• HY PLN-Shares**



Nordea 1 – Global High Yield Bond Fund

PB 6767


BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHAI EUR-Shares EUR 75,000.00 or the equivalentHAI GBP-Shares GBP 70,000.00 or the equivalentHBI EUR-Shares EUR 75,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentAX-Shares EUR 10,000,000.00 or the equivalentX-Shares EUR 2,000,000.00 or the equivalentHAX EUR-Shares EUR 10,000,000.00 or the equivalentHAX GBP-Shares GBP 9,000,000.00 or the equivalentHX EUR-Shares EUR 10,000,000.00 or the equivalentHX GBP-Shares GBP 9,000,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent

*) The Board of Directors may decide at any time to further reduce the minimum initial Subscription amount for any of the share Classes of this Sub-fund which are reserved for Institutional Investors, if appropriate. **) No minimum subsequent Subscription amount is applicable to any of the share Classes of this Sub-fund which are reserved for Institutional Investors.


Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%HB EUR-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%AI-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%HAI EUR-Shares up to 3.0% up to 1.0% up to 1.0%HAI GBP-Shares up to 3.0% up to 1.0% up to 1.0%HBI EUR-Shares up to 3.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 3.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%AX-Shares Nil Nil NilX-Shares Nil Nil NilHAX EUR-Shares Nil Nil NilHAX GBP-Shares Nil Nil NilHX EUR-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.00% p.a. 0.0000% p.a.E-Shares 1.00% p.a. 0.7500% p.a.HB EUR-Shares 1.00% p.a. 0.0000% p.a.HB SEK-Shares 1.00% p.a. 0.0000% p.a.HB PLN-Shares 1.00% p.a. 0.0000% p.a.AI-Shares 0.7000% p.a. 0.0000% p.a.BI-Shares 0.7000% p.a. 0.0000% p.a.HAI EUR-Shares 0.7000% p.a. 0.0000% p.a.HAI GBP-Shares 0.7000% p.a. 0.0000% p.a.HBI EUR-Shares 0.7000% p.a. 0.0000% p.a.HBI GBP-Shares 0.7000% p.a. 0.0000% p.a.HBI SEK-Shares 0.7000% p.a. 0.0000% p.a.HE PLN-Shares 1.00% p.a. 0.7500% p.a.AX-Shares - 0.0000% p.a.X-Shares - 0.0000% p.a.HAX EUR-Shares - 0.0000% p.a.HAX GBP-Shares - 0.0000% p.a.HX EUR-Shares - 0.0000% p.a.HX GBP-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



68 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate risk adjusted rate of return represented by the Sub-funds’ reference index. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund invests globally and shall invest a minimum of two-thirds of its total assets (after deduction of cash) in inflation linked bonds issued by public authorities and/or private borrowers.

In addition to the above-mentioned limitations, this Sub-fund will respect within the remaining one-third of its total assets all the following limitations for investments in the below securities/instruments which may in aggregate not exceed one third of its total assets: (i) a maximum of one-third of the total assets of this Sub-fund may

be invested in fixed-income and floating rate debt securities issued by public authorities and/or private borrowers. This restriction does not apply to inflation linked bonds.

(ii) a maximum of one-third of the total assets of this Sub-fund may be invested in money market instruments;

(iii) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in convertible bonds, equity securities and equity-related securities.

Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests world-wide. The Management Company will decide on the asset allocation.

Public authorities and Private borrowers comprise, among others, governments, supra-national institutions, municipalities, mortgage institutions and corporations.


For investment and/or efficient portfolio management purposes the Sub-fund may make use of derivatives such as futures, forwards and swaps, including, but not limited to, bond futures, bond forwards, interest rate swaps, credit default swaps and inflation linked swaps. For the purpose of hedging the Sub-fund’s foreign currency exposure against the Sub-fund’s Base Currency, the Sub-fund may enter into FX forwards (including non-deliverable forwards) and swaps. The use of derivatives is further described under section II “Use of financial derivative instruments” in the chapter “Investment Restrictions”.


The factors that may trigger such fluctuations or can influence their scale include but are not limited to:• Changes in interest rates• Changes affecting economic factors such as employment,

public expenditure and indebtedness, inflation• Changes in exchange rates• Changes in the legal environment• Change in investor confidence in investment type (e.g. bonds






Reference indexThis Sub-fund compares its performance against Barclays Global Inflation Linked Bond Index (in EUR).


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR**, NOK**, SEK**, USD** and PLN**• AP1-Shares; EUR**, NOK**, SEK**, USD** and PLN**• BP-Shares; EUR, DKK**, NOK**, SEK**, USD** and PLN**• BP1-Shares; EUR**, DKK**, NOK**, SEK**, USD** and PLN**• E-Shares; EUR** and PLN**• E1-Shares; EUR** and PLN**• HE PLN-Shares*• HB PLN-Shares*• HB USD-Shares*• BI-Shares; EUR, DKK**, GBP**, NOK**, SEK** and USD**• BI1-Shares; EUR**, DKK**, GBP**, NOK**, SEK** and USD**• AI-Shares; EUR**, DKK**,and USD**• AI1-Shares; EUR**, DKK**,and USD**• HBI DKK-Shares*• HBI GBP-Shares*• HBI NOK-Shares*• HBI PLN-Shares*• HBI SEK-Shares*• HBI USD-Shares*• X-Shares; EUR**• HY PLN-Shares**




AP-Shares EUR 50.00 or the equivalentAP1-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentBP1-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentE1-Shares EUR 50.00 or the equivalentHE PLN Shares PLN 200.00 or the equivalentHB-PLN Shares EUR 50.00 or the equivalentHB-USD Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentBI1-Shares EUR 75,000.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentAI1-Shares EUR 75,000.00 or the equivalentHBI DKK Shares DKK 555,000.00 or the equivalentHBI GBP Shares GBP 70,000.00 or the equivalentHBI NOK Shares NOK 650,000.00 or the equivalentHBI PLN Shares PLN 29,016.00 or the equivalentHBI SEK Shares SEK 850,000.00 or the equivalentHBI USD Shares USD 75,000.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent


Nordea 1 – Global Inflation Linked Bond Fund

PB 6969


Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 3.0% up to 1.0% up to 1.0%AP1-Shares up to 3.0% up to 1.0% up to 1.0%BP-Shares up to 3.0% up to 1.0% up to 1.0%BP1-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%E1-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN Shares up to 3.0% up to 1.0% up to 1.0%HB-PLN Shares up to 3.0% up to 1.0% up to 1.0%HB-USD Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%BI1-Shares up to 3.0% up to 1.0% up to 1.0%AI-Shares up to 3.0% up to 1.0% up to 1.0%AI1-Shares up to 3.0% up to 1.0% up to 1.0%HBI DKK Shares up to 3.0% up to 1.0% up to 1.0%HBI GBP Shares up to 3.0% up to 1.0% up to 1.0%HBI NOK Shares up to 3.0% up to 1.0% up to 1.0%HBI PLN Shares up to 3.0% up to 1.0% up to 1.0%HBI SEK Shares up to 3.0% up to 1.0% up to 1.0%HBI USD Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeAP-Shares 0.7000% p.a. 0.0000% p.a.AP1-Shares 0.7000% p.a. 0.0000% p.a.BP-Shares 0.7000% p.a. 0.0000% p.a.BP1-Shares 0.7000% p.a. 0.0000% p.a.E-Shares 0.7000% p.a. 0.7500% p.a.E1-Shares 0.7000% p.a. 0.7500% p.a.HE PLN Shares 0.7000% p.a. 0.7500% p.a.HB-PLN Shares 0.7000% p.a. 0.0000% p.a.HB-USD Shares 0.7000% p.a. 0.0000% p.a.BI-Shares 0.3500% p.a. 0.0000% p.a.BI1-Shares 0.3500% p.a. 0.0000% p.a.AI-Shares 0.3500% p.a. 0.0000% p.a.AI1-Shares 0.3500% p.a. 0.0000% p.a.HBI DKK Shares 0.3500% p.a. 0.0000% p.a.HBI GBP Shares 0.3500% p.a. 0.0000% p.a.HBI NOK Shares 0.3500% p.a. 0.0000% p.a.HBI PLN Shares 0.3500% p.a. 0.0000% p.a.HBI SEK Shares 0.3500% p.a. 0.0000% p.a.HBI USD Shares 0.3500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



First launch dateThis Sub-fund will be offered for subscription from on the 15 September 2011, unless decided differently by the Board of Directors, and the first NAV will be calculated on the 16 September 2011.

The launch price will be EUR 100.00, or the equivalent in any freely convertible currency.

70 PB


Eligible assets, investment policy and risk profileThis Sub-fund invests globally and shall invest a minimum of two-thirds of its total assets (after deduction of cash) world wide in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights.



Within the Company’s general investment restrictions, the Sub-fund may also invest in open ended exchange-traded funds which directly or indirectly invest either in equities or commodities.


The factors that may trigger such fluctuations or can influence their scale include but are not limited to:• Company specific changes• Changes in exchange rates• Changes affecting economic factors such as employment,



By diversifying investments, the investment manager endeavours to partially mitigate the negative impact of such risks on the value of the Sub- Fund.




Reference indexThis Sub-fund compares its performance against MSCI World – Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP Shares; EUR, SEK, NOK*• E-Shares; EUR*• BI-Shares; EUR*, SEK*, NOK* • X-Shares; EUR**, SEK**, NOK**• Y-Shares; PLN**• HY PLN-Shares**



Minimum Subscription, Conversion and Holding AmountFor each Investor, the minimum initial*) and subsequent**) Subscription, Conversion and Holding amount in a single Subfund / Class or Sub-class is:BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee

Performance Fee

Distribution Fee

BP-Shares 0.750% p.a. 20% p.a. 0.0000% p.a.E-Shares 0.750% p.a. 20% p.a. 0.7500% p.a.BI-Shares 0.500% p.a. 20% p.a. 0.0000% p.a.X-Shares - - 0.0000% p.a.Y-Shares - - 0.0000% p.a.HY PLN-Shares - - 0.0000% p.a.

The Management Company is entitled to receive a performance-related fee (“Performance Fee”), calculated and accrued daily and paid yearly in arrears, in respect of each calendar year.

Nordea 1 – Global Portfolio Fund

PB 7171

Performance Fee will be calculated as follows: at the end of the calendar year for which Performance Fee is to be calculated, the Performance Fee for each Share will be equal to a maximum of 20% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding the all time highest end-of-year Net Asset Value per Share (“High Watermark”), in excess of the MSCI World – Net Return Index (“Hurdle Rate”). The initial Subscription price represents the first High Watermark.

In case of net redemptions as observed on any Valuation Day, the pro rata of the year-to-date performance accrual that relates to such net redeemed shares will be considered as due to the Management Company regardless of the performance of the Sub-fund after such net redemption.

Entitlement to a Performance Fee arises only when the following two conditions are met:1) the Net Asset Value per Share has exceeded the Hurdle Rate

in the relevant calendar year; or in case of net redemption on any Valuation Day, if the Net Asset Value per Share has exceeded the Hurdle Rate on the period starting at the beginning of the calendar year and finishing on the Valuation Day where the redemption price is fixed; and

2) the Net Asset Value per Share exceeds the previous all time high year-end Net Asset Value per Share.

The Hurdle Rate applied is the same as this Sub-fund’s reference index.

Investors should be aware that a Performance Fee could be charged even though the Sub-fund’s Net Asset Value has dropped during the measuring period. For more detailed information on this performance fee calculation, please contact the Management Company.



72 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment. The investment manager will focus, within the investment restriction limits listed below, on equities providing a potential of stable return over a time span of several years.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest globally and shall invest a minimum of two thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by world wide borrowers.

Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund will invest its assets in companies offering the best potential for generating stable returns over a long-term horizon. The main focus will be equities with stable historical financial figures and with low or fair valuation.


At least 90% of the portfolio currency risk will be hedged against the Base Currency of the Sub-fund.












Investors should further be aware that because of the investment strategy applied by this Sub-fund, significant differences between the development of the Sub-fund and that of the market may occur and may be prevalent for an extended period of time.

Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR• BP-Shares; EUR, SEK and PLN* • E-Shares; EUR and PLN• HB SEK-Shares• HB NOK Shares• HE PLN-Shares• BI-Shares; EUR, PLN*• X-Shares; EUR, GBP*• Y-Shares; PLN**• HY PLN-Shares**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil


Nordea 1 – Global Stable Equity Fund

PB 7373



Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HB SEK-Shares 1.5000% p.a. 0.0000% p.a.HB NOK-Shares 1.5000% p.a. 0.0000% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



74 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment. The investment manager will focus, within the investment limits described below, on equities providing a potential of stable return over a time span of several years.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest globally and shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights.

This Sub-fund may invest up to one-third of its total assets world wide in bonds and other debt instruments denominated in various currencies and warrants on bonds.

Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund will invest its assets in companies world wide offering the best potential for generating stable returns over a long-term horizon. The main focus will be equities with stable historical financial figures and with low or fair valuation.













Investors should further be aware that, because of the investment strategy applied by this Sub-fund, significant differences between the development of the Sub-fund and that of the market may occur and may be prevalent for an extended period of time.

Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR, NOK, USD* and SEK• BI-Shares; EUR, GBP* and USD*• HBI GBP-Shares*• E-Shares; EUR • X-Shares; GBP*, EUR and SEK*• AX-Shares; EUR*

* available as of the time of the first subscription request for this share Sub-class.


Minimum Subscription, Conversion and Holding AmountFor each Investor, the minimum initial* and subsequent** Subscription, Conversion and Holding amount in a single Sub-fund / Class or Sub-class is:

BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentAX-Shares EUR 15,000,000.00 or the equivalent

* The Board of Directors may decide at any time to further reduce the minimum initial Subscription amount for any of the share Classes of this Sub-fund which are reserved for Institutional Investors, if appropriate.** No minimum subsequent Subscription amount is applicable to any of the share Classes of this Sub-fund which are reserved for Institutional Investors.


Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilAX-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.HBI GBP-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.AX-Shares - 0.0000% p.a.


Nordea 1 – Global Stable Equity Fund – Unhedged

PB 7575


76 PB




Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund invests its assets according to the TIP Investment Concept.











Reference indexThis Sub-fund compares its performance against MSCI World Growth – Net Return Index.

Profile of the typical InvestorThis Sub-fund is suitable for the Investor who is prepared to take the higher risks associated with investments in the stock markets in order to maximise the return. Thus, the Investor should have experience with volatile products and be able to accept significant

temporary losses. A long-term investment horizon, at least 5 years, is required in order to ride out potentially adverse market trends.

Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR• BP-Shares; EUR, NOK, SEK and PLN*• BI-Shares; EUR, PLN*• E-Shares; EUR and PLN• HE PLN-Shares*• X-Shares; EUR.• Y-Shares; PLN**• HY PLN-Shares**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil



Nordea 1 – Global Theme Select Fund

PB 7777


Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



78 PB




Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund invests its assets according to the Value Investment Concept. The Management Company will decide on the asset allocation from time to time.











Reference indexThis Sub-fund compares its performance with the MSCI World – Net Return Index.



Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR• BP-Shares; EUR, NOK, SEK and PLN**• E-Shares; EUR and PLN**• HE PLN-Shares*• BI-Shares; EUR• X-Shares; EUR• Y-Shares; PLN**







Subscription Fee

Conversion Fee

Redemption Fee




Nordea 1 – Global Value Fund

PB 7979





80 PB

Investment objectiveThis Sub-fund aims to provide attractive absolute returns by benefiting from both rising and falling asset prices using a long-short strategy.

Eligible assets, investment policy and risk profileThis Sub-fund will generate gains from investing in a broadly diversified portfolio of derivatives strategies. Each strategy consists of a derivatives contract which can be bought (long) or sold (short). Thus, the strategies aim to generate returns both from rising as well as from falling prices of the underlying assets. The assets underlying the derivatives contracts comprise predominantly equity indices, interest rates or fixed income instruments (such as government bonds), currencies as well as other financial indices with respect to Article 44 of the Law and Article 9 of Commission Directive 2007/16/EC of 19 March 2007.

The derivatives contracts used will be exchange traded futures contracts where applicable (e.g. a futures contract on the S&P 500 index) or OTC contracts such as foreign exchange forward contracts. The total exposure to markets deriving from these derivative contracts may not exceed 100% of the Net Asset Value of the Sub-fund.

The Sub-fund may also invest in the units of other UCITS or undertakings for collective investment, deposits, fixed or floating rate instruments (including but not limited to commercialpaper), floating rate notes, certificates of deposit, debentures, asset backed securities and government or corporate bonds, cash and cash equivalents.


The investments made in this Sub-Fund may be subject to substantial fluctuations and no guarantee can be given that the value of the derivatives positions will not be negative.

The factors that may trigger such fluctuations or can influence their scale include but are not limited to:• Fluctuations in equity markets• Changes in interest rates• Changes in exchange rates• Changes in the volatility of the relevant assets• Changes in the correlation between the relevant assets





Reference indexThere is no reference index for this Sub-fund.

Profile of the typical InvestorThis Sub-fund is suitable for the Investor who is prepared to take the higher risks associated with investments in derivative strategies. Thus, the Investor should have experience with volatile products and be able to accept significant temporary losses. A medium-term investment horizon, at least 2 years, is required in order to ride out potentially adverse market developments.

Available SharesShares of this Sub-fund will be available as:• AP-Shares; EUR• BP-Shares; EUR and USD*• E-Shares; EUR • HB SEK-Shares• HB NOK-Shares• HB CHF-Shares• HB GBP- Shares*• AI-Shares; EUR• BI-Shares; EUR, GBP* and USD*• HAI JPY-Shares*• HBI JPY-Shares*• HBI CHF-Shares*• HBI GBP-Shares*• X-Shares; EUR• AX-Shares; EUR**• HX GBP-Shares**• HX USD-Shares• HX JPY-Shares**• HAX JPY-Shares**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHB GBP-Shares GBP 42.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHAI JPY-Shares JPY 9,500,000.00 or the equivalentHBI JPY-Shares JPY 9,500,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalentAX-Shares EUR 10,000,000.00 or the equivalentHX GBP-Shares GBP 9,000,000.00 or the equivalentHX USD-Shares USD 15,000,000.00 or the equivalentHX JPY-Shares JPY 1,380,000,000.00 or the equivalentHAX JPY-Shares JPY 1,380,000,000.00 or the equivalent


Nordea 1 – Heracles Long/Short MI Fund

PB 8181


Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 3.5% up to 1.0% up to 1.0%BP-Shares up to 3.5 % up to 1.0 % up to 1.0 %E-Shares up to 3.5% up to 1.0% up to 1.0%HB SEK-Shares up to 3.5% up to 1.0% up to 1.0%HB NOK-Shares up to 3.5% up to 1.0% up to 1.0%HB CHF-Shares up to 3.5% up to 1.0% up to 1.0%HB GBP-Shares up to 3.5% up to 1.0% up to 1.0%AI-Shares up to 3.5% up to 1.0% up to 1.0%BI-Shares up to 3.5 % up to 1.0 % up to 1.0 %HAI JPY-Shares up to 3.5% up to 1.0% up to 1.0%HBI JPY-Shares up to 3.5% up to 1.0% up to 1.0%HBI CHF-Shares up to 3.5% up to 1.0% up to 1.0%HBI GBP- Shares up to 3.5% up to 1.0% up to 1.0%X-Shares Nil Nil NilAX-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHX USD-Shares Nil Nil NilHX JPY-Shares Nil Nil NilHAX JPY-Shares Nil Nil Nil




Management Fee

Performance Fee

Distribution Fee

AP-Shares 2.000% p.a. 20% p.a. 0.0000% p.a.BP-Shares 2.000% p.a. 20% p.a. 0.0000% p.a.E-Shares 2.000% p.a. 20% p.a. 0.7500% p.a.HB SEK-Shares 2.000% p.a. 20% p.a. 0.0000% p.a.HB NOK-Shares 2.000% p.a. 20% p.a. 0.0000% p.a.HB CHF-Shares 2.000% p.a. 20% p.a. 0.0000% p.a.HB GBP-Shares 2.000% p.a. 20% p.a. 0.0000% p.a.AI-Shares 1.200% p.a. 15% p.a. 0.0000% p.a.BI-Shares 1.200% p.a. 15% p.a. 0.0000% p.a.HAI JPY-Shares 1.200% p.a. 15% p.a. 0.0000% p.a.HBI JPY-Shares 1.200% p.a. 15% p.a. 0.0000% p.a.HBI CHF-Shares 1.200% p.a. 15% p.a. 0.0000% p.a.HBI GBP-Shares 1.200% p.a. 15% p.a. 0.0000% p.a.X-Shares - - 0.0000% p.a.AX-Shares - - 0.0000% p.a.HX GBP-Shares - - 0.0000% p.a.HX USD-Shares - - 0.0000% p.a.HX JPY-Shares - - 0.0000% p.a.HAX JPY-Shares - - 0.0000% p.a.

Metzler Asset Management GmbH (“Metzler”), in its capacity as investment sub-manager for the Sub-fund is entitled to receive a performance-related fee (“Performance Fee”), calculated and accrued daily and paid yearly in arrears, in respect of each calendar year.

However, Metzler may elect to forego its right to the Performance Fee for any given calendar year. Metzler’s decision to forego the Performance Fee must be taken and communicated to the Management Company before the 1st January of the calendar year for which Performance Fee would otherwise be calculated. Once the decision to forego has been made, Metzler will have no entitlement to a Performance Fee for the calendar year in question.

If Metzler has not communicated its decision to forego Performance Fee, Performance Fee will be calculated as follows: at the end of the calendar year for which Performance Fee is to be calculated, the Performance Fee for each Share will be equal to maximum 20% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding the all time highest end of year Net Asset Value per Share (“High Watermark”), after deduction of Euribor1M (“Hurdle Rate”). The initial Subscription price represents the first High Watermark.

In case of net redemptions as observed on any Valuation Day, the pro rata of the year-to-date performance accrual that relates to such net redeemed shares will be considered as due to Metzler regardless of the performance of the Sub-fund after such net redemption.


in the relevant calendar year; or, in case of net redemption on any Valuation Day, if the Net Asset Value per Share has exceeded the Hurdle Rate on the period starting at the beginning of the calendar year and finishing on the Valuation Day where the redemption price is fixed; and

2) the Net Asset Value per Share exceeds the previous all time high year end Net Asset Value per Share.

The Hurdle Rate applied for non-hedged share classes is a variable EUR short term interest rate (Bloomberg code EUR001M Index). For hedged share classes, an equivalent variable short term interest rate expressed in the relevant currency will be applied for the respective currency.

Other fees and expenses charged to the Sub-fund:This Sub-fund pays a custodian fee of up to 0.1250% p.a. (with a minimum custodian fee of EUR 60,000 p.a. after six months from the launch of the Sub-fund) and an administration fee of up to 0.250% p.a. (with a minimum administration fee of EUR 90,000 p.a. after six months from the launch of the Sub-fund), plus any VAT if applicable; in addition hereto the Sub-fund also pays the expenses as described in the chapter “Expenses borne by the Company”.


82 PB

Investment objectiveThis Sub-fund’s objective is to provide Shareholders with long-term capital appreciation while using the principle of risk spreading and future potential growth. In the long run the Sub-fund aims to offer from its diversified portfolio a return that is higher than the return of its reference index.

Eligible assets, investment policy and risk profileThis Sub-fund invests its assets according to a combination of asset-, sector- and country allocation based on fundamental analysis.

This Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities, Participatory Notes (P-Notes) and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in India.





The Sub-fund may as well undertake trades in OTC derivatives or in exchange traded derivatives for the purpose of protecting against downside risk.





• Liquidity risk





Reference indexThis Sub-fund compares its performance against the MSCI India 10/40 Index – Net Total Return in USD.


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; USD**, EUR**, DKK**, NOK** and SEK**• BP-Shares; USD, EUR**, DKK**, NOK**, SEK**, GBP** and

PLN**• E-Shares; USD**, EUR** and PLN**• HE PLN-Shares*• HA EUR-Shares*• HB EUR-Shares*• HB SEK-Shares*• HB NOK-Shares*• HB CHF-Shares*• BI-Shares; USD, EUR**, GBP** and PLN**• AI-Shares; USD** and EUR**• HBI GBP-Shares*• HBI CHF-Shares*• HBI PLN-Shares*• X-Shares; USD**• Y-Shares; PLN**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHA EUR-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentBI-Shares USD 75,000.00 or the equivalentAI-Shares USD 75,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentHBI PLN-Shares PLN 29,016.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent


Nordea 1 – Indian Equity Fund

PB 8383

Fees charged to the InvestorSubscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HA EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%HB CHF-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%AI-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI PLN-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee Distribution FeeAP-Shares 1.8000% p.a. 0.0000% p.a.BP-Shares 1.8000% p.a. 0.0000% p.a.E-Shares 1.8000% p.a. 0.7500% p.a.HE PLN-Shares 1.8000% p.a. 0.7500% p.a.HA EUR-Shares 1.8000% p.a. 0.0000% p.a.HB EUR-Shares 1.8000% p.a. 0.0000% p.a.HB SEK-Shares 1.8000% p.a. 0.0000% p.a.HB NOK-Shares 1.8000% p.a. 0.0000% p.a.HB CHF-Shares 1.8000% p.a. 0.0000% p.a.BI-Shares 1.0000% p.a. 0.0000% p.a.AI-Shares 1.0000% p.a. 0.0000% p.a.HBI GBP-Shares 1.0000% p.a. 0.0000% p.a.HBI CHF-Shares 1.0000% p.a. 0.0000% p.a.HBI PLN-Shares 1.0000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.




84 PB


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Japan.











Investors must read carefully the special risk considerations as described under the chapter “Special Risk Considerations” before investing in the Sub-fund.

Base CurrencyThe Base Currency of this Sub-fund is JPY.

Reference indexThis Sub-fund compares its performance with the MSCI Japan – Net Return Index.



Available SharesShares of this Sub-fund are currently available as:• AP-Shares; JPY, EUR and NOK• BP-Shares; JPY, EUR, NOK and SEK• BI-Shares; JPY, GBP*• HBI GBP-Shares*• E-Shares; JPY and EUR• X-Shares; JPY



AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalent

*) The Board of Directors may decide at any time to further reduce the minimum initial Subscription amount for any of the share Classes of this Sub-fund which are reserved for Institutional Investors, if appropriate. **) No minimum subsequent Subscription amount is applicable to any of the share Classes of this Sub-fund which are reserved for Institutional Investors.


Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil Nil




Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.HBI GBP-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.


Nordea 1 – Japanese Value Fund

PB 8585


86 PB

Investment objectiveThe Sub-fund’s objective is to provide Shareholders with long-term capital appreciation while using the principle of risk-spreading and future potential growth. In the long run the Sub-fund aims to offer from its well diversified portfolio a return that is higher than the return of its reference index.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Latin America.


Within the above-mentioned restrictions and the Company’s general investment restrictions, this Sub-fund invests its assets according to a combination of asset-, sector- and country-allocation based on fundamental analysis.











Reference indexThis Sub-fund compares its performance against the MSCI EM Latin America 10/40 – Net Return Index converted to EUR.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR, NOK, SEK, USD* and PLN* • E-Shares; EUR and PLN• HE PLN-Shares• BI-Shares; EUR, PLN*, GBP* and USD* • HBI GBP-Shares*• X-Shares; EUR**• Y-Shares; PLN**




BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil



Nordea 1 – Latin American Equity Fund

PB 8787


Management Fee Distribution FeeBP-Shares 1.8500% p.a. 0.0000% p.a.E-Shares 1.8500% p.a. 0.7500% p.a.HE PLN-Shares 1.8500% p.a. 0.7500% p.a.BI-Shares 1.00% p.a. 0.0000% p.a.HBI GBP-Shares 1.00% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



88 PB

Nordea 1 – Low Duration US High Yield Bond Fund

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to achieve a long-term capital appreciation by investing predominantly in high yield debt instruments. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed rate, fixed and contingent rate or variable rate high yield bonds (bonds with long-term rating equal or lower than BB+ or equivalent by any available rating agency), issued by companies which are domiciled or exercise the predominant part of their economic activity in the United States of America, or denominated in US Dollars.

Within the remaining one third of its total assets, the Sub-fund is entitled to invest in transferable debt securities including sovereign bonds, investment grade corporate bonds, non-US/ non-USD denominated high yield corporate bonds, convertible bonds, equity and equity related securities, mortgage and other asset- backed securities, bank loans and money market instruments. However the Sub-fund will respect the following limitations:

(i) a maximum of one third of the total assets of this Sub-Fund may be invested in variable, fixed and fixed and contingent rate bonds with any credit rating issued by companies or sovereigns worldwide

(ii) a maximum of 25 percent of the total assets of this Sub-Fund may be invested in convertible bonds and other equity-linked debt securities

(iii) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in equities and equity related securities

(iv) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in mortgage or other asset backed securities

(v) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in bank loans issued by companies with a sub-investment grade credit rating

(vi) a maximum of one third of the total assets of this Sub-fund may be invested in money market instruments

Modified duration of this Sub-Fund fund must be between 0 and 2. The Average Effective Maturity of the investments of this Sub-Fund must be between 0 and 7 years. The measure of such Average Effective Maturity of Sub-funds’ investments is computed by weighting each bond’s maturity by its market value with respect to the portfolio and the likelihood of any of the bonds being called. In a pool of mortgages, this would also account for the likelihood of prepayments on the mortgages.

The Sub-Fund invests predominantly in USD denominated instruments/securities. Minimum 90% of the assets in the Sub-Fund must be hedged into- or denominated in the base currency of the Sub-Fund.


Within the above-mentioned risk profile and the Company’s general investment restrictions, this Sub-fund is exposed to interest, liquidity and credit risks via exposure to the High Yield Bond market.

In order to achieve its investment objective, the Sub-fund may enter into derivative contracts, whose underlying assets consist mainly of, but are not limited to, securities belonging to the foreign exchange, high yield and government bond market. The derivatives used will include, but will not be limited to, currency derivatives, credit default swaps and interest rate derivatives. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.

The Sub-fund is entitled to invest up to 100% of its net assets in Rule 144a Securities under the conditions that:

• the attached registration right provides for an exchange into equivalent debt securities or into equity shares within a period of one year after the acquisition of such Rule 144a Securities by the Sub-fund;






The factors that may trigger such fluctuations or can influence their scale include but are not limited to:• Company specific changes• Changes in interest rates• Changes in exchange rates• Changes in liquidity preferences• Changes affecting economic factors such as employment,

public expenditure and indebtedness, inflation• Changes in the legal environment• Changes in investor preferences



Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in high-yield debt securities, Rule 144a securities and credit default transactions


Reference indexThis Sub-fund compares its performance against 3M Libor USD.


Available SharesShares of this Sub-fund will be available as:• BP-Shares; USD and EUR• E-Shares; USD* and EUR*• HB CHF-Shares*• HB EUR-Shares• HB SEK-Shares• HB NOK-Shares*• AI-Shares; USD*• BI-Shares; USD• HAI EUR-Shares*• HBI CHF-Shares*• HBI EUR-Shares

PB 8989

• HBI SEK-Shares• HBI NOK-Shares• AX-Shares; USD*• HAX EUR-Shares*• HAX GBP-Shares*• X-Shares; USD and EUR*• HX EUR-Shares*• HX GBP-Shares*• HX NOK-Shares• HX SEK-Shares*




BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHB EUR-shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentAI-shares EUR 75,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHAI EUR-shares EUR 75,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentHBI EUR-shares EUR 75,000.00 or the equivalentHBI SEK-shares SEK 850,000.00 or the equivalentHBI NOK-shares NOK 650,000.00 or the equivalentAX-Shares EUR 5,000,000.00 or the equivalentHAX EUR-shares EUR 5,000,000.00 or the equivalentHAX GBP-Shares GBP 4,500,000.00 or the equivalentX-shares EUR 5,000,000.00 or the equivalentHX EUR-Shares EUR 5,000,000.00 or the equivalentHX GBP-Shares GBP 4,500,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX NOK-Shares NOK 45,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% Up to 1.0%E-Shares up to 3.0% up to 1.0% Up to 1.0%HB CHF-Shares up to 3.0% up to 1.0% Up to 1.0%HB EUR-shares up to 3.0% up to 1.0% Up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% Up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% Up to 1.0%AI-shares up to 3.0% up to 1.0% Up to 1.0%BI-Shares up to 3.0% up to 1.0% Up to 1.0%HAI EUR-shares up to 3.0% up to 1.0% Up to 1.0%HBI CHF-shares up to 3.0% up to 1.0% Up to 1.0%HBI EUR-shares up to 3.0% up to 1.0% Up to 1.0%HBI SEK-shares up to 3.0% up to 1.0% Up to 1.0%HBI NOK-shares up to 3.0% up to 1.0% Up to 1.0%AX-Shares Nil Nil NilHAX EUR-shares Nil Nil NilHAX GBP-Shares Nil Nil NilX-shares Nil Nil NilHX EUR-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHX SEK-Shares Nil Nil NilHX NOK-Shares Nil Nil Nil




Management fee Distribution FeeBP-Shares 1.0000% p.a. 0.0000% p.a.E-Shares 1.0000% p.a. 0.7500% p.a.HB CHF-shares 1.0000% p.a. 0.0000% p.a.HB EUR-shares 1.0000% p.a. 0.0000% p.a.HB SEK-Shares 1.0000% p.a. 0.0000% p.a.HB NOK-Shares 1.0000% p.a. 0.0000% p.a.AI-shares 0.7000% p.a. 0.0000% p.a.BI-Shares 0.7000% p.a. 0.0000% p.a.HAI EUR-shares 0.7000% p.a. 0.0000% p.a.HBI CHF-Shares 0.7000% p.a. 0.0000% p.a.HBI EUR-shares 0.7000% p.a. 0.0000% p.a.HBI SEK-shares 0.7000% p.a. 0.0000% p.a.HBI NOK-shares 0.7000% p.a. 0.0000% p.a.AX-Shares - 0.0000% p.a.HAX EUR-shares - 0.0000% p.a.HAX GBP-Shares - 0.0000% p.a.X-shares - 0.0000% p.a.HX EUR-Shares - 0.0000% p.a.HX GBP-Shares - 0.0000% p.a.HX SEK-Shares - 0.0000% p.a.HX NOK-Shares - 0.0000% p.a.



90 PB

Nordea 1 – Multi-Asset Fund

Investment Objective This Sub-fund aims to obtain an attractive return taking positions in a broad range of assets by investing directly into securities or indirectly via the use of derivatives.

Eligible assets, investment policy and risk profile The Sub-fund will implement investment strategies taking long or short positions in a broad range of asset classes or sub-asset classes based on the portfolio manager’s convictions. Asset classes and sub-classes refer to a group of assets of common sectors, geographic areas or other criteria relevant for the construction of each investment strategy. The Sub-fund will not borrow securities or cash to create leverage. Any short exposure will only be achieved via the use of derivatives.

The most common instruments used will be:• transferable debt securities including corporate bonds,

government bonds, mortgage-backed securities***, asset-backed securities***, fixed income instruments issued by sovereign borrowers or their agencies as well as other fixed-income securities*;

• money market instruments, including commercial papers and certificates of deposits;

• equity (including commodity related equities) and equity related securities;

• open-ended undertakings for collective investments as well as exchange traded funds**;

• derivative instruments such as futures on indices, bond futures, currency forwards, contracts for difference, total return swaps, equity swaps, portfolio swaps, interest rates swaps, credit default swaps as well as derivatives on commodities and commodity indices, where the latter are selected in compliance with Article 9 of the Grand-Ducal decree of 8th February 2008.

* No rating criteria are established for the debt securities in which the Sub-fund may invest.

** The Sub-fund may use equity and fixed income based exchange traded funds. Direct investment in open-ended exchange traded funds (ETFs) and indirect investment in ETFs via contracts for difference (CFDs) are, combined together, subject to the limit restriction C (9) defined in the Investment Restrictions chapter of this prospectus.

*** a maximum of 20 percent of the net assets of this Sub-fund may be invested in a total combination of mortgage-backed securities and asset-backed securities.

The Sub-fund may not use any derivative instruments that would require at maturity date of those derivative contracts any physical delivery of commodities by the Sub-fund to its counterparty or from the counterparty to the Sub-fund.

Depending on the instruments used to implement the investment strategies, the Sub-fund could have variable level of cash. It is not to be excluded that, in the case that the large majority of long positions are achieved via the use of derivatives, the level of cash increases up to 100% of the Sub-fund’s net assets. The portfolio manager will allocate the cash across currencies worldwide in accordance with his convictions. Cash may as well be required to cover margin call and collateral requirements.

In order to obtain the Sub-fund’s targeted risk and return profiles, the gross exposure across all portfolio holdings and derivatives of the Sub-fund may be larger than the Sub-fund’s net asset value. The level of this gross exposure may vary considerably depending on the volatility: in periods of high volatility, the gross exposure may be lower than in periods of low volatility, in order for the investment to remain within the risk and return targets. Overall, the level of the gross exposure will be measured using the VaR methodology. The monthly VaR of the Sub-fund will not exceed 20% of the Sub-fund’s net asset value at any time. Such monthly VaR will be calculated daily for a holding period of 20 days and with a 99% confidence interval.

In the context of ethical screening, international norms and guidelines for environmental, social and governance issues are considered. Furthermore, consideration is given to try to exclude companies within the following sectors: weapons, alcohol, tobacco, gambling and pornography. The investments made in this Sub-fund may be subject to fluctuations. Such fluctuations may be amplified by the leverage implemented by the Sub-fund. No guarantee can be given that the value of the Shares will not fall below the value at the time of their acquisition.




By diversifying investments, the investment manager endeavours to partially mitigate the negative impact of such risks on the value of the individual Sub-funds.


Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with credit default transactions and transactions in options, futures, swaps and CFDs.

Base Currency The Base Currency of this Sub-fund is EUR.

Reference Index This Sub-fund has no reference index.

Profile of the typical InvestorThis Sub-fund is suitable for the Investor who is prepared to take the higher risks associated with investments in financial instruments in order to maximise the return. Thus, the Investor should have experience with volatile products and be able to accept significant temporary losses. A long-term investment horizon, at least 5 years, is required in order to ride out potentially adverse market trends.

Available Shares Shares of this Sub-fund are currently available as: • BP Shares; EUR, USD* and PLN**• HB SEK-Shares• HB NOK-Shares• E-Shares; EUR and PLN**• HE PLN-Shares*• BI-Shares; EUR, USD*• HAI SEK-Shares*• HBI SEK-Shares• HBI NOK-Shares*• X-Shares; EUR**, GBP**• HX SEK-Shares**• HX NOK-Shares**• HX GBP-Shares**• Y-Shares ; PLN**



PB 9191


BP-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHAI SEK-Shares SEK 850,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHBI NOK-Shares NOK 650,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX NOK-Shares NOK 45,000,000.00 or the equivalentHX GBP-Shares GBP 4,500,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HAI SEK-Shares up to 5.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 5.0% up to 1.0% up to 1.0%HBI NOK-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHX-SEK-Shares Nil Nil NilHX NOK-Shares Nil Nil NilHX GBP-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee

Performance Fee

Distribution Fee

BP-Shares 1.0000% p.a. up to 20% p.a. 0.0000% p.a.HB SEK-Shares 1.0000% p.a. up to 20% p.a. 0.0000% p.a.HB NOK-Shares 1.0000% p.a. up to 20% p.a. 0.0000% p.a.E-Shares 1.0000% p.a. up to 20% p.a. 0.7500% p.a.HE PLN-Shares 1.0000% p.a. up to 20% p.a. 0.7500% p.a.BI-Shares 1.0000% p.a. up to 20% p.a. 0.0000% p.a.HAI SEK-Shares 1.0000% p.a. up to 20% p.a. 0.0000% p.a.HBI SEK-Shares 1.0000% p.a. up to 20% p.a. 0.0000% p.a.HBI NOK-Shares 1.0000% p.a. up to 20% p.a. 0.0000% p.a.X-Shares - - 0.0000% p.a.HX SEK-Shares - - 0.0000% p.a.HX NOK-Shares - - 0.0000% p.a.HX GBP-Shares - - 0.0000% p.a.Y-Shares - - 0.0000% p.a.


Performance Fee will be calculated as follows: at the end of the calendar year for which Performance Fee is to be calculated, the Performance Fee for each Share will be equal to a maximum of 20% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding the all time highest end-of-year Net Asset Value per Share (“High Watermark”), after deduction of Euribor1M (“Hurdle Rate”). The initial Subscription price represents the first High Watermark.





The Hurdle Rate applied is a variable EUR short term interest rate (Bloomberg code EUR001M Index or its equivalent in the Nordic countries).




92 PB

Investment Objective This Sub-fund aims to obtain an attractive return taking positions in a broad range of assets by investing directly into securities or indirectly via the use of derivatives.

Eligible assets, investment policy and risk profile The Sub-fund will implement a relatively higher return / higher risk investment strategy when compared to the Multi Asset fund in this prospectus, taking long or short positions in a broad range of asset classes or sub-asset classes based on the portfolio manager’s convictions. Asset classes and sub-classes refer to a group of assets of common sectors, geographic areas or other criteria relevant for the construction of each investment strategy. The Sub-fund will not borrow securities or cash to create leverage. Any short exposure will only be achieved via the use of derivatives.

The most common instruments used will be:• transferable debt securities including corporate bonds,

government bonds, mortgage-backed securities***, asset-backed securities***, fixed income instruments issued by sovereign borrowers or their agencies as well as other fixed-income securities*;

• money market instruments, including commercial papers and certificates of deposits;

• equity (including commodity related equities) and equity related securities;

• open-ended undertakings for collective investments as well as exchange traded funds**;

• derivative instruments such as futures on indices, bond futures, currency forwards, contracts for difference, total return swaps, equity swaps, portfolio swaps, interest rates swaps, credit default swaps as well as derivatives on commodities and commodity indices, where the latter are selected in compliance with Article 9 of the Grand-Ducal decree of 8th February 2008.

* No rating criteria are established for the debt securities in which the Sub-fund may invest.

** The Sub-fund may use equity and fixed income based exchange traded funds. Direct investment in open-ended exchange traded funds (ETFs) and indirect investment in ETFs via contracts for difference (CFDs) are, combined together, subject to the limit restriction C (9) defined in the Investment Restrictions chapter of this prospectus.

*** a maximum of 20 percent of the net assets of this Sub-fund may be invested in a total combination of mortgage-backed securities and asset-backed securities.

The Sub-fund may not use any derivative instruments that would require at maturity date of those derivative contracts any physical delivery of commodities by the Sub-fund to its counterparty or from the counterparty to the Sub-fund.

Depending on the instruments used to implement the investment strategies, the Sub-fund could have variable level of cash. It is not to be excluded that, in the case that the large majority of long positions are achieved via the use of derivatives, the level of cash increases up to 100% of the Sub-fund’s net assets. The portfolio manager will allocate the cash across currencies worldwide in accordance with his convictions. Cash may as well be required to cover margin call and collateral requirements.

In order to obtain the Sub-fund’s targeted risk and return profiles, the gross exposure across all portfolio holdings and derivatives of the Sub-fund may be larger than the Sub-fund’s net asset value. The level of this gross exposure may vary considerably depending on the volatility: in periods of high volatility, the gross exposure may be lower than in periods of low volatility, in order for the investment to remain within the risk and return targets. Overall, the level of the gross exposure will be measured using the VaR methodology. While the annual volatility of the Sub-fund shall vary under normal circumstances between 10% and 20% of the Sub-fund’s net assets, the monthly VaR of the Sub-fund will not exceed 20% of the Sub-fund’s net asset value at any time. Such monthly VaR will be calculated daily for a holding period of 20 days and with a 99% confidence interval.

In the context of ethical screening, international norms and guidelines for environmental, social and governance issues are considered. Furthermore, consideration is given to try to exclude companies within the following sectors: weapons, alcohol, tobacco, gambling and pornography. The investments made in this Sub-fund may be subject to fluctuations. Such fluctuations may be amplified by the leverage implemented by the Sub-fund which can be high at times, especially during periods of low volatility, in order to reach its return target. The leverage will however remain so as for the VaR to be within the limits as required from UCIT III compliancy. No guarantee can be given that the value of the Shares will not fall below the value at the time of their acquisition.




By diversifying investments, the investment manager endeavours to partially mitigate the negative impact of such risks on the value of the individual Sub-funds.


Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with credit default transactions and transactions in options, futures, swaps and CFDs.

Base Currency The Base Currency of this Sub-fund is EUR.

Reference Index This Sub-fund has no reference index.

Profile of the typical InvestorThis Sub-fund is suitable for the Investor who is prepared to take the higher risks associated with investments in financial instruments in order to maximise the return. The Sub-fund follows an investment policy aiming at a relatively high return in turn coupled with higher volatility. Thus, the Investor should have experience with volatile products and be able to accept significant temporary losses. A long-term investment horizon, at least 5 years, is required in order to ride out potentially adverse market trends.

Available Shares Shares of this Sub-fund are currently available as: • BP Shares; EUR* and PLN**• HB SEK-Shares*• HB NOK-Shares*• HB DKK-Shares*• E-Shares; EUR* and PLN**• HE PLN-Shares*• BI-Shares; EUR• HAI SEK-Shares*• HBI SEK-Shares• HBI NOK-Shares*• X-Shares; EUR, GBP**• HX SEK-Shares**• HX NOK-Shares**• HX GBP-Shares**• Y-Shares; PLN**


Nordea 1 – Multi-Asset Plus Fund

PB 9393



BP-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB DKK-Shares DKK 372.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHAI SEK-Shares SEK 850,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHBI NOK-Shares NOK 650,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX NOK-Shares NOK 45,000,000.00 or the equivalentHX GBP-Shares GBP 4,500,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%HB DKK-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HAI SEK-Shares up to 5.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 5.0% up to 1.0% up to 1.0%HBI NOK-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHX-SEK-Shares Nil Nil NilHX NOK-Shares Nil Nil NilHX GBP-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee

Performance Fee

Distribution Fee

BP-Shares 1.7000% p.a. up to 20% p.a. 0.0000% p.a.HB SEK-Shares 1.7000% p.a. up to 20% p.a. 0.0000% p.a.HB NOK-Shares 1.7000% p.a. up to 20% p.a. 0.0000% p.a.HB DKK-Shares 1.7000% p.a. up to 20% p.a. 0.0000% p.a.E-Shares 1.7000% p.a. up to 20% p.a. 0.7500% p.a.HE PLN-Shares 1.7000% p.a. up to 20% p.a. 0.7500% p.a.BI-Shares 1.5000% p.a. up to 20% p.a. 0.0000% p.a.HAI SEK-Shares 1.5000% p.a. up to 20% p.a. 0.0000% p.a.HBI SEK-Shares 1.5000% p.a. up to 20% p.a. 0.0000% p.a.HBI NOK-Shares 1.5000% p.a. up to 20% p.a. 0.0000% p.a.X-Shares - - 0.0000% p.a.HX SEK-Shares - - 0.0000% p.a.HX NOK-Shares - - 0.0000% p.a.HX GBP-Shares - - 0.0000% p.a.Y-Shares - - 0.0000% p.a.


Performance Fee will be calculated as follows: at the end of the calendar year for which Performance Fee is to be calculated, the Performance Fee for each Share will be equal to a maximum of 20% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding the all time highest end-of-year Net Asset Value per Share (“High Watermark”), after deduction of Euribor1M (“Hurdle Rate”). The initial Subscription price represents the first High Watermark.





The Hurdle Rate applied is a variable EUR short term interest rate (Bloomberg code EUR001M Index or its equivalent in the Nordic countries).




94 PB


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in the Nordic Region.

This Sub-fund may invest up to one-fourth of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by domestic or foreign borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction. This Sub-fund may accessorily hold liquid assets in all currencies in which investments are effected as well as in the currency of its respective share Class(es) and/or Sub-class(es).










Reference indexThis Sub-fund compares its performance against the MSCI Nordic – Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR, NOK and SEK • BP-Shares; EUR, NOK, SEK, USD* and PLN* • E-Shares; EUR and PLN• HE PLN-Shares*• BI-Shares; EUR, GBP*, PLN* and USD*• HBI GBP-Shares*• X-Shares; EUR• Y-Shares; PLN**.







Subscription Fee

Conversion Fee

Redemption Fee






Nordea 1 – Nordic Equity Fund

PB 9595



96 PB


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by smaller companies which are domiciled or exercise the predominant part of their economic activity in the Nordic Region. Smaller companies are to be understood as companies with a market capitalisation of up to 0,25% of the Nordic Stock Exchanges total market capitalisation. The Nordic Stock Exchanges are Stockholm, Helsinki, Copenhagen, Oslo and Reykjavik.

This Sub-fund may invest up to one-fourth of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by worldwide borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.









Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investments in smaller companies.


Reference indexThis Sub-fund compares its performance against the Carnegie Nordic Small Cap Index.

Profile of the typical InvestorThis Sub-fund is suitable for the Investor who is aware of the relatively high risks involved. This Investor should have experience with volatile products and be able to accept significant temporary losses. A long-term investment horizon, at least 5 years, is required in order to ride out potentially adverse market trends.

Available SharesShares of this Sub-fund are currently available as:• BP-Shares; EUR, NOK, SEK and PLN*• E-Shares; EUR and PLN• HE PLN-Shares*• BI-Shares; EUR, PLN*• X-Shares; EUR• Y-Shares; PLN**




BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 1.0000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.

Nordea 1 – Nordic Equity Small Cap Fund

PB 9797



98 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment. In the long run the Sub-fund aims to offer a return that is higher than the return of its reference index.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in North America.












Reference indexThis Sub-fund compares its performance against the Russell 1000 Growth – Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; USD and EUR • BP-Shares; USD, EUR, NOK, SEK, GBP and PLN*• E-Shares; USD, EUR and PLN• HE PLN-Shares*• HA EUR-Shares• HB EUR-Shares• HB SEK-Shares• HB NOK-Shares• HB CHF-Shares*• HBI GBP-Shares*• HBI CHF-Shares*• BI-Shares; USD, GBP*, PLN*• X-Shares; USD• Y-Shares; PLN**.




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHA EUR-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HA EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%HB CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil


Nordea 1 – North American Growth Fund

PB 9999



Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.HA EUR-Shares 1.5000% p.a. 0.0000% p.a.HB EUR-Shares 1.5000% p.a. 0.0000% p.a.HB SEK-Shares 1.5000% p.a. 0.0000% p.a.HB NOK-Shares 1.5000% p.a. 0.0000% p.a.HB CHF-Shares 1.5000% p.a. 0.0000% p.a.HBI GBP-Shares 0.8500% p.a. 0.0000% p.a.HBI CHF-Shares 0.8500% p.a. 0.0000% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



100 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment. In the long run the Sub-fund aims to offer a return that is higher than the return of its reference index.













Reference indexThis Sub-fund compares its performance against the Russell 1000 – Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• AP-Shares; USD**, EUR**, DKK**, NOK** and SEK**• BP-Shares; USD, EUR**, DKK**, NOK**, SEK**, GBP** and

PLN**• E-Shares; USD**, EUR** and PLN**• HE PLN-Shares*• HA EUR-Shares*• HB EUR-Shares*• HB SEK-Shares*• HB NOK-Shares*• HB CHF-Shares*• HBI GBP-Shares*• HBI CHF-Shares*• HBI PLN-Shares*• BI-Shares; USD, EUR**, GBP**, PLN**• AI-Shares; USD** and EUR**• X-Shares; USD** and EUR**• Y-Shares; PLN**.




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHA EUR-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentHBI PLN-Shares PLN 29,016.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HA EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%HB CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%AI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil

Nordea 1 – North American Opportunities Fund

PB 101101




Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.HA EUR-Shares 1.5000% p.a. 0.0000% p.a.HB EUR-Shares 1.5000% p.a. 0.0000% p.a.HB SEK-Shares 1.5000% p.a. 0.0000% p.a.HB NOK-Shares 1.5000% p.a. 0.0000% p.a.HB CHF-Shares 1.5000% p.a. 0.0000% p.a.HBI GBP-Shares 0.8500% p.a. 0.0000% p.a.HBI CHF-Shares 0.8500% p.a. 0.0000% p.a.HBI PLN-Shares 0.8500% p.a. 0.0000% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.AI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.




102 PB















Reference indexThis Sub-fund compares its performance with the S&P 500 Composite – Total Return Index.



Available SharesShares of this Sub-fund are currently available as: • AP-Shares; USD and EUR• BP-Shares; USD, EUR, NOK, SEK, GBP and PLN**• BI-Shares; USD, GBP*• E-Shares; USD, EUR and PLN**• HE PLN-Shares*• HA EUR-Shares• HB CHF-Shares*• HB EUR-Shares• HB SEK-Shares• HB NOK-Shares• HBI CHF-Shares*• HBI GBP-Shares*• X-Shares; USD• Y-Shares; PLN**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHA EUR-Shares EUR 50.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conver-sion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HA EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB CHF-Shares up to 5.0% up to 1.0% up to 1.0%HB EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil

Nordea 1 – North American Value Fund

PB 103103




Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.HA EUR-Shares 1.5000% p.a. 0.0000% p.a.HB CHF-Shares 1.5000% p.a. 0.0000% p.a.HB EUR-Shares 1.5000% p.a. 0.0000% p.a.HB SEK-Shares 1.5000% p.a. 0.0000% p.a.HB NOK-Shares 1.5000% p.a. 0.0000% p.a.BI-Shares 1.0000% p.a. 0.0000% p.a.HBI CHF-Shares 1.0000% p.a. 0.0000% p.a.HBI GBP-Shares 1.0000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.



104 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, high yield exceeding the average interest level in Norway. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued by private borrowers and public authorities being domiciled or exercising the predominant part of their economic activity in Norway.





Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests in government bonds or bonds issued by local authorities or agencies, mortgage bonds and corporate bonds.











Base CurrencyThe Base Currency of this Sub-fund is NOK.

Reference indexThis Sub-fund compares its performance against CGBI WGBI NW ALL MATS (NOK) – Total Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; NOK and EUR• AP-Shares; NOK* and EUR*• E-Shares; NOK and EUR• BI-Shares; NOK• X-Shares; NOK* available as of the time of the first subscription request for this share Sub-class.



BP-Shares EUR 50.00 or the equivalentAP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%AP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 0.6000% p.a. 0.0000% p.a.AP-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.BI-Shares 0.3000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.


Nordea 1 – Norwegian Bond Fund

PB 105105


106 PB


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Norway.












Reference indexThis Sub-fund compares its performance against the Oslo Exchange Mutual Fund Index – Total Return.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; NOK, EUR and SEK• E-Shares; NOK and EUR• BI-Shares; NOK*• X-Shares; NOK







Subscription Fee

Conversion Fee

Redemption Fee








Nordea 1 – Norwegian Equity Fund

PB 107107

Investment objectiveThis Sub-fund aims to provide a return similar to or better than short-term interest rate levels in the NOK zone by taking risks lower than that of an average bond portfolio. This Sub-fund is further using its reference index as a tool for performance comparison purposes.



Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests mainly in NOK denominated short-term bonds and other short-term transferable debt securities. The average term to maturity for fixed-coupon debt securities in this Sub-fund may maximum be 24 months. The interest rate for floating-rate debt securities must be adjusted to market conditions at least once a year in accordance with their issue conditions.













Reference indexThis Sub-fund compares its performance against 3 Month NIBOR – Total Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; NOK, EUR and SEK• E-Shares; NOK and EUR





Subscription Fee

Conversion Fee

Redemption Fee








Nordea 1 – Norwegian Kroner Reserve

108 PB


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Poland.

This Sub-fund may invest up to one-fourth of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies and issued by domestic or foreign borrowers.


In order to achieve its investment objective, the Sub-fund may enter into derivative contracts. The derivatives used will include but will not be limited to futures. The total exposure to markets deriving from these derivative contracts may not exceed 100% of the Net Asset Value of the Sub-fund.








Base CurrencyThe Base Currency of this Sub-fund is PLN.

Reference indexThe Sub-fund compares its performance against the WSE WIG Index – Total Return Index.


Available SharesShares of this Sub-fund are currently available as:

• BP-Shares; PLN, EUR, NOK** and SEK** • E-Shares; PLN*, EUR*• BI-Shares; PLN*, EUR*• X-Shares; PLN**, EUR**• Y-Shares; PLN**

* this share Sub-class will be opened for subscription at a later date.** available as of the time of the first subscription request for this share Sub-class (provided that the Sub-fund is open for subscription).



BP-Shares PLN 50.00 or the equivalentE-Shares PLN 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 20,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% Up to 1.0%E-Shares up to 5.0% up to 1.0% Up to 1.0%BI-Shares up to 5.0% up to 1.0% Up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - -Y-Shares - -



Nordea 1 – Polish Equity Fund

PB 109109

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, high yield exceeding the average interest level in Poland. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued by private borrowers and public authorities being domiciled or exercising the predominant part of their economic activity in Poland.






Private borrowers and public authorities comprise, among others, corporations, municipalities, mortgage institutions and governments.This Sub-fund may accessorily hold liquid assets in all currencies in which investments are effected, as well as in the currency of its respective Class(es) and/or Sub-class(es).

In order to achieve its investment objective, the Sub-fund may enter into derivative contracts, whose underlying assets consist mainly of, but are not limited to, securities belonging to the government bond market. The derivatives used will include, but will not be limited to, credit default swaps, currency swaps and interest rate futures. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.








Base CurrencyThe Base Currency of this Sub-fund is PLN.

Reference indexThis Sub-fund compares its performance against EFFAS Bond Indices Poland Govt 1-5 Yr TR.


Available SharesShares of this Sub-fund are currently available as: • BP-Shares; PLN and EUR• E-Shares; PLN* and EUR*• BI-Shares; PLN* and EUR*• X-Shares; PLN** and EUR**• Y-Shares; PLN**

* this share Sub-class will be opened for subscription at a later date.** available as of the time of the first subscription request for this share Sub-class (provided that the Sub-fund is open for subscription).



BP-Shares PLN 50.00 or the equivalentE-Shares PLN 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 20,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalent

*) The Board of Directors may decide at any time to further reduce the minimum initial Subscription amount for any of the share Classes of this Sub-fund which are reserved for Institutional Investors if appropriate.**) No minimum subsequent Subscription amount is applicable to any of the share Classes of this Sub-fund which are reserved for Institutional Investors.


Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.BI-Shares 0.2000% p.a. 0.0000% p.a.X-Shares - -Y-Shares - -

Nordea 1 – Polish Bond Fund

110 PB



PB 111111


Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are positioned to benefit from the implications of a growing ageing population in most of the World.

This Sub-fund may invest up to one-third of its total assets in bonds, warrants on bonds and other debt instruments denominated in various currencies as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights which do not meet the above-mentioned restriction.



Furthermore, this Sub-fund may from time to time use currency hedging to hedge local currency exposure into the Sub-fund’s Base Currency.










Profile of the typical InvestorThis Sub-fund is suitable for the Investor who is prepared to take the higher risks associated with investments in the stock markets in order to maximise the return. Thus, the Investor should have experience with volatile products and be able to accept significant

temporary losses. A long-term investment horizon, at least 5 years, is required in order to ride out potentially adverse market trends.

Available SharesShares of this Sub-fund are currently available as:• BP-Shares; USD, EUR, NOK and SEK• E-Shares; USD and EUR• HA EUR-Shares• BI-Shares; USD and EUR• X-Shares; USD



BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHA EUR-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HA EUR-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.HA EUR-Shares 1.5000% p.a. 0.0000% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.



Nordea 1 – Senior Generations Equity Fund

112 PB

Investment objectiveThe Sub-fund’s objective is to provide Shareholders with long-term capital appreciation while using the principle of risk-spreading and future potential growth. The Sub-fund shall follow a Stable Equity investment process: A process whereby the Sub-fund is managed according to a quantitative investment process that seeks to identify equities with a stable return and price development along with a moderate valuation. The process focuses on companies with e.g. stable development in earnings, dividend and cash flow.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities, Participatory Notes (P-Notes) and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Emerging Markets.


The Sub-fund may invest up to 5% of its net assets in Exchange Traded Funds.


The Sub-fund may use financial derivative instruments as a replacement of direct investments in securities. Such financial derivative instruments include, but are not limited to, contracts for difference (CFD), equity swaps, equity options, equity futures and equity index futures.



In the context of ethical screening, international norms and guidelines for environmental, social and governance issues are considered. Furthermore, consideration is given to try to exclude companies within the following sectors: weapons, alcohol, tobacco, gambling and pornography.









Reference indexThis Sub-fund compares its performance against the MSCI Emerging Markets Index – Net Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; USD, EUR**, DKK**, NOK**, SEK** and PLN** • AP-Shares; USD**, EUR**, DKK**, NOK** and SEK**• HB EUR-Shares*• HB DKK-Shares*• HB NOK-Shares*• HB SEK-Shares*• HB PLN-Shares*• HBI EUR-Shares*• HBI DKK-Shares*• HBI NOK-Shares*• HBI SEK-Shares*• HBI PLN-Shares*• HBI GBP-Shares*• E-Shares; USD**; EUR**, PLN** • HE PLN-Shares*• BI-Shares; USD; EUR**, DKK**, NOK**, PLN** and SEK**• AI-Shares: USD**, EUR** and DKK**• X-Shares; USD**, EUR**; GBP **; CHF **• HX EUR-Shares**• HX GBP-Shares**• HX CHF-Shares**• Y-Shares; PLN**• HY PLN-Shares**



Nordea 1 – Stable Emerging Markets Equity Fund

PB 113113


BP-Shares EUR 50.00 or the equivalentAP-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB DKK-Shares DKK 372.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentE-Shares EUR 50.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentHBI EUR-Shares EUR 75,000.00 or the equivalentHBI DKK-Shares DKK 555,000.00 or the equivalentHBI NOK-Shares NOK 650,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHBI PLN-Shares PLN 29,016.00 or the equivalentHBI GBP-Shares GBP 70,000.00 or the equivalentX-Shares EUR 15,000,000.00 or the equivalentHX EUR-Shares EUR 5,000,000.00 or the equivalentHX GBP-Shares GBP 4,500,000.00 or the equivalentHX CHF-Shares CHF 6,638,000.00 or the equivalentY-Shares EUR 50.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 5.0% up to 1.0% up to 1.0%AP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%HB EUR-Shares up to 5.0% up to 1.0% up to 1.0%HB DKK-Shares up to 5.0% up to 1.0% up to 1.0%HB NOK-Shares up to 5.0% up to 1.0% up to 1.0%HB SEK-Shares up to 5.0% up to 1.0% up to 1.0%HB PLN-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%AI-Shares up to 5.0% up to 1.0% up to 1.0%HBI EUR-Shares up to 5.0% up to 1.0% up to 1.0%HBI DKK-Shares up to 5.0% up to 1.0% up to 1.0%HBI NOK-Shares up to 5.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 5.0% up to 1.0% up to 1.0%HBI GBP-Shares up to 5.0% up to 1.0% up to 1.0%HBI PLN-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHX EUR-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHX CHF-Shares Nil Nil NilY-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.8000% p.a. 0.0000% p.a.AP-Shares 1.8000% p.a. 0.0000% p.a.HB EUR-Shares 1.8000% p.a. 0.0000% p.a.HB DKK-Shares 1.8000% p.a. 0.0000% p.a.HB NOK-Shares 1.8000% p.a. 0.0000% p.a.HB SEK-Shares 1.8000% p.a. 0.0000% p.a.HB PLN-Shares 1.8000% p.a. 0.0000% p.a.E-Shares 1.8000% p.a. 0.7500% p.a.HE PLN-Shares 1.8000% p.a. 0.7500% p.a.BI-Shares 1.0000% p.a. 0.0000% p.a.AI-Shares 1.0000% p.a. 0.0000% p.a.HBI EUR-Shares 1.0000% p.a. 0.0000% p.a.HBI DKK-Shares 1.0000% p.a. 0.0000% p.a.HBI NOK-Shares 1.0000% p.a. 0.0000% p.a.HBI SEK-Shares 1.0000% p.a. 0.0000% p.a.HBI PLN-Shares 1.0000% p.a. 0.0000% p.a.HBI GBP-Shares 1.0000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.HX EUR-Shares - 0.0000% p.a.HX GBP-Shares - 0.0000% p.a.HX CHF-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



First launch dateThis Sub-fund will be offered for subscription on the 3 October 2011, unless decided differently by the Board of Directors, and the first NAV will be calculated on the 4 October 2011.

The launch price will be USD 50.00, or the equivalent in any freely convertible currency.

114 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, high yield exceeding the average interest level in Sweden. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in fixed-income and floating rate debt securities issued by private borrowers and public authorities being domiciled or exercising the predominant part of their economic activity in Sweden.
















Base CurrencyThe Base Currency of this Sub-fund is SEK.

Reference indexThis Sub-fund compares its performance against JPM Sweden Govt. Bond in Swed. KRN – Total Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; SEK and EUR• AP-Shares; SEK** and EUR**• E-Shares; SEK and EUR• BI-Shares; SEK*• X-Shares; SEK




BP-Shares EUR 50.00 or the equivalentAP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%AP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 0.6000% p.a. 0.0000% p.a.AP-Shares 0.6000% p.a. 0.0000% p.a.E-Shares 0.6000% p.a. 0.7500% p.a.BI-Shares 0.3000% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.


Nordea 1 – Swedish Bond Fund

PB 115115


116 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide an adequate rate of return on the investment. This Sub-fund is further using its reference index as tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of three-fourths of its total assets (after deduction of cash) in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights issued by companies which are domiciled or exercise the predominant part of their economic activity in Sweden.












Reference indexThe Sub-fund compares its performance against the Swedish SIX 60 CAP Index – Total Return.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; SEK and EUR• E-Shares; SEK and EUR• BI-Shares; SEK*• X-Shares; SEK







Subscription Fee

Conversion Fee

Redemption Fee








Nordea 1 – Swedish Equity Fund

PB 117117

Investment objectiveThis Sub-fund aims to provide a return similar to or better than short-term interest rate levels in the SEK zone by taking risks lower than that of an average bond portfolio. This Sub-fund is further using its reference index as a tool for performance comparison purposes.



Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests mainly in SEK denominated short-term bonds and other short-term transferable debt securities. The average term to maturity for fixed-coupon debt securities in this Sub-fund may maximum be 24 months. The interest rate for floating-rate debt securities must be adjusted to market conditions at least once a year in accordance with their issue conditions.










Investments in and holding of warrants may result in increased volatility of the Net Asset Value of the Sub-fund, and accordingly is accompanied by a higher degree of risk.




Reference indexThis Sub-fund compares its performance against Sweden Interbank 3 Month – Total Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; SEK, EUR and NOK• E-Shares; SEK and EUR





Subscription Fee

Conversion Fee

Redemption Fee








Nordea 1 – Swedish Kroner Reserve

118 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a stable, positive return to the Shareholder in excess of a 3 months’ European interest rate. The investment manager aims to invest, within the limitations listed below, the assets of the Sub-fund into equities, bonds and Money Market Instruments in anticipation of up and down market movements. The investments will be made in a wide range of Transferable Securities and Money Market Instruments.

Eligible assets, investment policy and risk profileWithin the general investment restrictions of the Prospectus, this Sub-fund invests in all permissible types of asset classes such as equities, bonds and Money Market Instruments.

The asset allocation will be determined, from time to time, by the Management Company, but will typically fall within the following limitations: • up to 75% in equity securities, and• up to 75% in fixed-income and floating rate debt securities,

and• up to 20% in high yield fixed-income and floating rate debt

securities, and• up to 20% in Emerging Market fixed-income and floating rate

debt securities, and• up to 50% in Money Market Instruments.

For the purpose of this Sub-fund, equity securities are, among others, equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights.

For the purpose of this Sub-Fund, debt securities are, among others, bonds, convertible bonds, convertible notes and warrants on bonds.

In order to achieve its investment objective, the Sub-fund may enter into derivative contracts. The derivatives used will include but will not be limited to, futures, credit default swaps, total return swaps and contracts for difference (CFDs). The total exposure to markets deriving from these derivative contracts may not exceed 100% of the Net Asset Value of the Sub-fund.


This Sub-fund invests globally and the Base Currency is not necessarily equal to the currency of the investments made by the Sub-fund. However, at least 90% of the portfolio currency risk will be hedged against the Base Currency of the Sub-fund.




versus equities or cash), markets, countries, industries and sectors.


Investments in and holding of warrants may result in increased volatility of the Net Asset Value of the Sub-fund, and accordingly is accompanied by a higher degree of risk.


Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in credit default transactions and transactions in options, futures, swaps and CFDs.



Profile of the typical InvestorThis Sub fund is suitable for the investor who focuses on capital preservation above all. The Sub-fund should be regarded as an alternative to more traditional investment profiles. The investor should have a minimum investment horizon of 3 years and be able to accept moderate short-term losses.

Available SharesShares of this Sub-fund are currently available as:• AP-Shares; EUR and NOK • BP-Shares; EUR, NOK, SEK and PLN*• E-Shares; EUR and PLN• BI-Shares; EUR, PLN*• HE PLN-Shares• X-Shares; EUR**• Y-Shares; PLN**• HY PLN-Shares**




AP-Shares EUR 50.00 or the equivalentBP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentX-Shares EUR 10,000,000.00 or the equivalentY-Shares EUR 50.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

AP-Shares up to 5.0% up to 1.0% up to 1.0%BP-Shares up to 5.0% up to 1.0% up to 1.0%E-Shares up to 5.0% up to 1.0% up to 1.0%BI-Shares up to 5.0% up to 1.0% up to 1.0%HE PLN-Shares up to 5.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilY-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil

Nordea 1 – Stable Return Fund

PB 119119




Management Fee Distribution FeeAP-Shares 1.5000% p.a. 0.0000% p.a.BP-Shares 1.5000% p.a. 0.0000% p.a.E-Shares 1.5000% p.a. 0.7500% p.a.BI-Shares 0.8500% p.a. 0.0000% p.a.HE PLN-Shares 1.5000% p.a. 0.7500% p.a.X-Shares - 0.0000% p.a.Y-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



120 PB

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a return exceeding the average return of the US corporate bond market. The Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in corporate bonds with fixed coupon or fixed and contingent coupon or variable coupon. The Sub-fund shall focus on corporate bonds issued by companies which are domiciled or exercise the predominant part of their economic activity in the United States of America.

This Sub-fund may invest up to one-third of its total assets in bonds (including, but not limited to, government bonds) mortgage-backed securities, asset-backed securities, warrants on bonds and other debt instruments such as money market instruments denominated in various currencies and issued by worldwide borrowers as well as in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates, warrants on equities and equity rights. However,(i) a maximum of 25 percent of the total assets of this Sub-Fund



(iii) a maximum of 10 percent of the total assets of this Sub-Fund may be invested in equity securities;

(iv) a maximum of 20 percent of the net assets of this Sub-fund may be invested in a total combination of mortgage-backed securities and asset-backed securities.

Within the above-mentioned risk-profile and the Company’s general investment restrictions this Sub-fund is exposed to interest and credit risk via exposure to the US and non-US corporate bond market.


In order to achieve its investment objective, the Sub-fund may enter into derivative contracts, whose underlying assets consist mainly of, but are not limited to, securities belonging to the corporate bond market. The derivatives used will include, but will not be limited to, credit default swaps, total return swaps, interest rate derivatives and currency derivatives. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.

This Sub-fund is entitled to invest up to 100% of its net assets in Rule 144a Securities (“Rule 144a Securities”) under the conditions that:• the attached registration right provides for an exchange into




• such securities respect Point 17 of “CESR’s Guidelines concerning eligible assets for investment by UCITS”, dated March 2007.


The Sub-fund is entitled to invest in bonds that are subject to Regulation S (“Regulation S Securities”) in line with the general conditions for bonds and in line with Article 41.1 of the law of 17December 2010 on undertakings for collective investment, as amended.


The factors that may trigger such fluctuations or can influence their scale include but are not limited to:• Company-specific changes• Changes in interest rates• Changes in exchange rates• Changes affecting economic factors such as employment,


versus equities or cash).•By diversifying investments, the investment manager endeavours to partially mitigate the negative impact of such risks on the value of the individual Sub-Funds.


Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in corporate debt securities, Rule 144a Securities, credit default transactions and transactions in warrants, options, futures and swaps.


Reference indexThis Sub-fund compares its performance against the Barclays Capital US Credit Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; USD and EUR• E-Shares; USD• BI-Shares; USD• HAI EUR-Shares• HB EUR-Shares• HB NOK-Shares*• HB SEK-Shares• HB PLN-Shares*• HB CHF-Shares*• HE PLN-Shares*• HBI EUR-Shares• HBI SEK-Shares*• HBI NOK-Shares• HBI DKK-Shares*• HBI CHF-Shares*• X-Shares; USD**• HX EUR-Shares• HX NOK-Shares**• HX SEK-Shares• HX DKK-Shares• HAX EUR-Shares**• HY PLN-Shares**


Nordea 1 – US Corporate Bond Fund

PB 121121



BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHAI EUR-Shares EUR 75,000.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentHBI EUR-Shares EUR 75,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHBI NOK-Shares NOK 650,000.00 or the equivalentHBI DKK-Shares DKK 550,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentHX EUR-Shares EUR 5,000,000.00 or the equivalentHX NOK-Shares NOK 45,000,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHX DKK-Shares DKK 38,000,000.00 or the equivalentHAX EUR-Shares EUR 5,000,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%HAI EUR- Shares up to 3.0% up to 1.0% up to 1.0%HB EUR-Shares up to 3.0% up to 1.0% up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%HB CHF-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%HBI EUR-Shares up to 3.0% up to 1.0% up to 1.0%HBI NOK-Shares up to 3.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 3.0% up to 1.0% up to 1.0%HBI DKK-Shares up to 3.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 3.0% up to 1.0% up to 1.0%X-Shares Nil Nil NilHX EUR-Shares Nil Nil NilHX NOK-Shares Nil Nil NilHX SEK-Shares Nil Nil NilHX DKK-Shares Nil Nil NilHAX EUR-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 0.7000% p.a. 0.0000% p.a.E-Shares 0.7000% p.a. 0.7500% p.a.BI-Shares 0.3500% p.a. 0.0000% p.a.HAI EUR-Shares 0.3500% p.a. 0.0000% p.a.HB EUR-Shares 0.7000% p.a. 0.0000% p.a.HB NOK-Shares 0.7000% p.a. 0.0000% p.a.HB SEK-Shares 0.7000% p.a. 0.0000% p.a.HB PLN-Shares 0.7000% p.a. 0.0000% p.a.HB CHF-Shares 0.7000% p.a. 0.0000% p.a.HE PLN-Shares 0.7000% p.a. 0.7500% p.a.HBI EUR-Shares 0.3500% p.a. 0.0000% p.a.HBI NOK-Shares 0.3500% p.a. 0.0000% p.a.HBI SEK-Shares 0.3500% p.a. 0.0000% p.a.HBI DKK-Shares 0.3500% p.a. 0.0000% p.a.HBI CHF-Shares 0.3500% p.a. 0.0000% p.a.X-Shares - 0.0000% p.a.HX EUR-Shares - 0.0000% p.a.HX NOK-Shares - 0.0000% p.a.HX SEK-Shares - 0.0000% p.a.HX DKK-Shares - 0.0000% p.a.HAX EUR-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



122 PB

Investment objectiveThis Sub-fund aims to provide a return similar to or better than short-term interest rate levels in the USD zone by taking risks lower than that of an average bond portfolio. This Sub-fund is further using its reference index as a tool for performance comparison purposes.



Within the above-mentioned restrictions and the Company’s general investment restrictions this Sub-fund invests mainly in USD denominated short-term bonds and other short-term transferable debt securities. The average term to maturity for fixed-coupon debt securities in this Sub-fund may maximum be 24 months. The interest rate for floating-rate debt securities must be adjusted to market conditions at least once a year in accordance with their issue conditions.













Reference indexThis Sub-fund compares its performance against US Treasury Bill 3 Month – Total Return Index.


Available SharesShares of this Sub-fund are currently available as:• BP-Shares; USD, EUR, NOK and SEK• E-Shares; USD and EUR





Subscription Fee

Conversion Fee

Redemption Fee







Total Expense Ratio (TER)This ratio expresses the sum of all costs and commissions charged on an ongoing basis to the Sub-fund’s assets taken retrospectively as a percentage of the Sub-fund’s average assets. The latest calculated TER-rate can be found in the Company’s latest financial report

Nordea 1 – US-Dollar Reserve

PB 123123

Investment objectiveThis Sub-fund aims to preserve the Shareholder’s capital and to provide a return exceeding the average return of the US High Yield Bond market. This Sub-fund is further using its reference index as a tool for performance comparison purposes.

Eligible assets, investment policy and risk profileThis Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in High Yield Bonds with Fixed Coupon or Fixed and Contingent Coupon or Variable Coupon issued by companies which are domiciled or exercise the predominant part of their economic activity in the United States of America.

Within the remaining one third of its total assets, the Sub-fund is entitled to invest in transferable debt securities (including high yield bonds that do not qualify as US High Yield Bonds, and investment grade bonds), convertible bonds, money market instruments, warrants on bonds, equities and equity related securities. The issuer of such securities may be domiciled or may exercise a predominant part of their economic activity outside of the United States of America. However, the Sub-fund will respect the following limitations:(i) a maximum of 25 percent of the total assets of this Sub-Fund


(ii) a maximum of one third of the total assets of this Sub-fund may be invested in a combination of money market instruments and/or government bonds;


Within the above-mentioned risk profile and the Company’s general investment restrictions this Sub-fund is exposed to interest and credit risk via exposure to the US and non-US High Yield Bond market.


In order to achieve its investment objective, the Sub-fund may enter into derivative contracts, whose underlying instruments consist mainly of, but are not limited to, securities belonging to the US High Yield Bond market. The derivatives used may include, but may not be limited to, credit default swaps. The total exposure to markets deriving from these derivatives contracts may not exceed 100% of the Net Asset Value of the Sub-fund.

The Sub-fund is entitled to invest up to 100% of its net assets in Rule 144a Securities under the conditions that:• the attached registration right provides for an exchange into




• such securities respect Point 17 of “CESR’s Guidelines concerning eligible assets for investment by UCITS”, dated March 2007.








Investors must read carefully the special risk considerations as described in the chapter “Special Risk Considerations” before investing in the Sub-fund. Special attention must be drawn to the risks associated with investment in high-yield debt securities, Rule 144a Securities and credit default transactions.


Reference indexThis Sub-fund compares its performance against the Merrill Lynch US High Yield Master II Index.


Available SharesShares of this Sub-fund will be available as:• BP-Shares; USD and EUR• E-Shares; USD and EUR• HB EUR-Shares• HB CHF-Shares*• HB SEK-Shares• HB NOK-Shares• HB PLN-Shares*• HE PLN-Shares*• AI-Shares; USD• BI-Shares; USD• HAI EUR-Shares• HBI EUR-Shares• HBI CHF- Shares*• HBI SEK-Shares• HBI NOK-Shares• AX-Shares; USD *• HAX EUR-Shares *• HAX GBP-Shares *• X-Shares; USD and GBP• HX EUR-Shares • HX GBP-Shares *• HX SEK-Shares *• HY PLN-Shares*



Nordea 1 – US High Yield Bond Fund

124 PB


BP-Shares EUR 50.00 or the equivalentE-Shares EUR 50.00 or the equivalentHB EUR-Shares EUR 50.00 or the equivalentHB CHF-Shares CHF 75.00 or the equivalentHB SEK-Shares SEK 600.00 or the equivalentHB NOK-Shares NOK 450.00 or the equivalentHB PLN-Shares PLN 200.00 or the equivalentHE PLN-Shares PLN 200.00 or the equivalentAI-Shares EUR 75,000.00 or the equivalentBI-Shares EUR 75,000.00 or the equivalentHAI EUR-Shares EUR 75,000.00 or the equivalentHBI EUR-Shares EUR 75,000.00 or the equivalentHBI CHF-Shares CHF 110,000.00 or the equivalentHBI SEK-Shares SEK 850,000.00 or the equivalentHBI NOK-Shares NOK 650,000.00 or the equivalentAX-Shares EUR 5,000,000.00 or the equivalentHAX EUR-Shares EUR 5,000,000.00 or the equivalentHAX GBP-Shares GBP 4,500,000.00 or the equivalentX-Shares EUR 5,000,000.00 or the equivalentHX EUR-Shares EUR 5,000,000.00 or the equivalentHX GBP-Shares GBP 4,500,000.00 or the equivalentHX SEK-Shares SEK 55,000,000.00 or the equivalentHY PLN-Shares PLN 200.00 or the equivalent



Subscription Fee

Conversion Fee

Redemption Fee

BP-Shares up to 3.0% up to 1.0% up to 1.0%E-Shares up to 3.0% up to 1.0% up to 1.0%HB EUR-Shares up to 3.0% up to 1.0% up to 1.0%HB CHF-Shares up to 3.0% up to 1.0% up to 1.0%HB SEK-Shares up to 3.0% up to 1.0% up to 1.0%HB NOK-Shares up to 3.0% up to 1.0% up to 1.0%HB PLN-Shares up to 3.0% up to 1.0% up to 1.0%HE PLN-Shares up to 3.0% up to 1.0% up to 1.0%AI-Shares up to 3.0% up to 1.0% up to 1.0%BI-Shares up to 3.0% up to 1.0% up to 1.0%HAI EUR-Shares up to 3.0% up to 1.0% up to 1.0%HBI EUR-Shares up to 3.0% up to 1.0% up to 1.0%HBI CHF-Shares up to 3.0% up to 1.0% up to 1.0%HBI SEK-Shares up to 3.0% up to 1.0% up to 1.0%HBI NOK-Shares up to 3.0% up to 1.0% up to 1.0%AX-Shares Nil Nil NilHAX EUR-Shares Nil Nil NilHAX GBP-Shares Nil Nil NilX-Shares Nil Nil NilHX EUR-Shares Nil Nil NilHX GBP-Shares Nil Nil NilHX SEK-Shares Nil Nil NilHY PLN-Shares Nil Nil Nil




Management Fee Distribution FeeBP-Shares 1.0000% p.a. 0.0000% p.a.E-Shares 1.0000% p.a. 0.7500% p.a.HB EUR-Shares 1.0000% p.a. 0.0000% p.a.HB CHF-Shares 1.0000% p.a. 0.0000% p.a.HB SEK-Shares 1.0000% p.a. 0.0000% p.a.HB NOK-Shares 1.0000% p.a. 0.0000% p.a.HB PLN-Shares 1.0000% p.a. 0.0000% p.a.HE PLN-Shares 1.0000% p.a. 0.7500% p.a.AI-Shares 0.7000% p.a. 0.0000% p.a.BI-Shares 0.7000% p.a. 0.0000% p.a.HAI EUR-Shares 0.7000% p.a. 0.0000% p.a.HBI EUR-Shares 0.7000% p.a. 0.0000% p.a.HBI CHF-Shares 0.7000% p.a. 0.0000% p.a.HBI SEK-Shares 0.7000% p.a. 0.0000% p.a.HBI NOK-Shares 0.7000% p.a. 0.0000% p.a.AX-Shares - 0.0000% p.a.HAX EUR-Shares - 0.0000% p.a.HAX GBP-Shares - 0.0000% p.a.X-Shares - 0.0000% p.a.HX EUR-Shares - 0.0000% p.a.HX GBP-Shares - 0.0000% p.a.HX SEK-Shares - 0.0000% p.a.HY PLN-Shares - 0.0000% p.a.



PB 125125

The capital of the Company shall at all times be equal to the value of the net assets of the Company. The minimum capital of the Company shall be EUR 1,250,000.00.

The initially subscribed and paid-up capital at the time of incorporation of the Company was ECU 1,250,000, divided into 12,500 Class B shares of Frontrunner 1 - Equities ’92 (Base Currency ECU) (currently called Nordea 1 - European Value Fund) of no par value.

All Shares of the Company are issued and fully paid-up and have no par value.

Each Share carries one vote, irrespective of its Net Asset Value and of the Sub-fund / Class and/or Sub-class to which it relates.

Shares are only available as Registered Book Shares in non-certificated form. Shares issued will be evidenced by a transaction confirmation. Shares may also be held and transferred through accounts maintained with clearing systems.

Registered Book shares are issued as fractions of Shares with 3 decimal places (rounding up or down of the last decimal). Fractions of Shares will have no voting rights but will participate in the distribution of dividends, if any, and in the liquidation distribution.

If the capital of the Company falls below two-thirds of the legal minimum, the Board of Directors must submit the question of the dissolution of the Company to a general meeting of Shareholders. The meeting does not require a quorum, and decisions are taken by simple majority. If the capital falls below one quarter of the legal minimum, a decision regarding the dissolution of the Company may be passed by Shareholders present or represented holding one quarter of the Shares at the meeting. The meeting must be convened not later than 40 days from the day on which it appears that the capital has fallen below two-thirds or one-quarter of the minimum capital, as the case may be.

Share Class definitionThe Board of Directors may decide to issue Shares in different classes (a “Class”). Such Classes may be differentiated by specific sales and redemption charge structure, fee structure, distribution policy, reference currency, category of Investors, marketing country or other specificity which shall be described in further details, when issued.

Shares of any Sub-fund may be issued as either • Class AI Shares (“AI-Shares”); or• Class AI1 Shares (“AI1-Shares”); or• Class AP Shares (“AP-Shares”); or• Class AP1 Shares (“AP1-Shares”); or• Class BI Shares (“BI-Shares”); or • Class BI1 Shares (“BI1-Shares”); or • Class BP Shares (“BP-Shares”); or• Class BP1 Shares (“BP1-Shares”); or• Class E Shares (“E-Shares”); or• Class E1 Shares (“E1-Shares”); or• Class HA Shares denominated in EUR (“HA EUR-Shares ”);

or• Class HA1 Shares denominated in EUR (“HA1 EUR-Shares ”);

or• Class HA Shares denominated in SEK (“HA SEK-Shares); or• Class HA Shares denominated in NOK (“HA NOK-Shares”); or• Class HA Shares denominated in USD (“HA USD-Shares”); or• Class HAI Shares denominated in EUR (“HAI EUR-Shares”);

or• Class HAI1 Shares denominated in EUR (“HAI1 EUR-

Shares”); or• Class HAI Shares denominated in SEK (“HAI SEK-Shares”);

or• Class HAI Shares denominated in NOK (“HAI NOK-Shares”);

or• Class HAI Shares denominated in DKK (“HAI DKK-Shares”);

or • Class HAI Shares denominated in USD (“HAI USD-Shares”);

or

• Class HAI Shares denominated in GBP (“HAI GBP-Shares”); or

• Class HAI Shares denominated in JPY (“HAI JPY-Shares”); or• Class HB Shares denominated in EUR (“HB EUR-Shares”); or • Class HB1 Shares denominated in EUR (“HB1 EUR-Shares”);

or • Class HB Shares denominated in SEK (“HB SEK-Shares); or• Class HB Shares denominated in NOK (“HB NOK-Shares”); or• Class HB Shares denominated in DKK (“HB DKK-Shares”); or• Class HB Shares denominated in USD (“HB USD-Shares”); or• Class HB Shares denominated in CHF (“HB CHF-Shares”); or• Class HB Shares denominated in PLN (“HB PLN-Shares”); or• Class HB Shares denominated in GBP (“HB GBP-Shares”) or• Class HBI Shares denominated in EUR (“HBI EUR-Shares”);

or• Class HBI1 Shares denominated in EUR (“HBI1 EUR-

Shares”); or• Class HBI Shares denominated in SEK (“HBI SEK-Shares”);

or• Class HBI Shares denominated in NOK (“HBI NOK-Shares”);

or • Class HBI Shares denominated in DKK (“HBI DKK-Shares”);

or• Class HBI Shares denominated in PLN (“HBI PLN-Shares”);or• Class HBI Shares denominated in USD (“HBI USD-Shares”);

or• Class HBI Shares denominated in GBP (“HBI GBP-Shares”);

or• Class HBI Shares denominated in JPY (“HBI JPY-Shares”); or• Class HBI Shares denominated in CHF (“HBI CHF-Shares”);

or• Class HE Shares denominated in PLN (“HE PLN-Shares”); or• Class AX Shares (the “AX-Shares”); or• Class HAX Shares denominated in EUR (“HAX EUR-

Shares”); or• Class HAX Shares denominated in GBP (“HAX GBP-

Shares”); or• Class HAX Shares denominated in JPY (“HAX JPY-Shares”);

or• Class X Shares (the “X-Shares”); or• Class HX Shares denominated in EUR (“HX EUR-Shares”); or• Class HX Shares denominated in CHF (“HX CHF-Shares”), or• Class HX Shares denominated in USD (“HX USD-Shares”); or• Class HX Shares denominated in SEK (“HX SEK-Shares”); or• Class HX Shares denominated in NOK (“HX NOK-Shares”); or• Class HX Shares denominated in DKK (“HX DKK-Shares”); or• Class HX Shares denominated in GBP (“HX GBP-Shares”); or• Class HX Shares denominated in JPY (“HX JPY-Shares”); or• Class Y Shares (the “Y-Shares); or• Class HY Shares denominated in PLN.

AI-Shares shall be entitled to payment of a dividend in case payment of a dividend is decided upon by a Shareholders’ general meeting. AI-Shares are reserved for Institutional Investors.

AI1-Shares shall be entitled to payment of a dividend in case payment of a dividend is decided upon by a Shareholders’ general meeting. AI1-Shares are only reserved for Institutional Investors that are domiciled in Denmark, Sweden, Norway or Finland.

AP-Shares shall be entitled to payment of a dividend in case payment of a dividend is decided upon by a Shareholders’ general meeting. AP-Shares are available to both Institutional and non-Institutional Investors.

AP1-Shares shall be entitled to payment of a dividend in case payment of a dividend is decided upon by a Shareholders’ general meeting. AP1-Shares are only available to Institutional and non-Institutional Investors that are investing via Nordea in Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia or Poland.

AI-Shares, AI1-Shares, AP-Shares and AP1-Shares are available for subscription in certain Sub-funds of the Company only; for further information please consult the Sub-funds’ specifications.

5. Share Capital

126 PB

BI-Shares shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. BI-Shares are reserved for Institutional Investors.

BI1-Shares shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. BI1-Shares are only reserved for Institutional Investors that are domiciled in Denmark, Sweden, Norway or Finland.

BP-Shares shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. BP-Shares are available to both Institutional and non-Institutional Investors.

BP1-Shares shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. BP1-Shares are only available to Institutional and non-Institutional Investors that are investing via Nordea in Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia or Poland.

E-Shares shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. E-Shares are available to both Institutional and non-Institutional Investors.

E1-Shares shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. E1-Shares are only available to Institutional and non-Institutional Investors that are investing via Nordea in Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia or Poland.

E-Shares and E1-Shares are charged a Distribution Fee of 0.75% per annum calculated upon the Net Asset Value of the E-Shares at each Valuation Day. Such Distribution Fee will be paid to the Principal Distributor or to the respective distributor or sales agent.

HA EUR-Shares, HA1 EUR-Shares, HA SEK-Shares, HA NOK-Shares and HA USD-Shares are hedged against the Base Currency of the relevant Sub-fund. In addition, they shall be entitled to payment of a dividend in case payment of a dividend is decided upon by a Shareholders’ general meeting. HA EUR-Shares, HA SEK-Shares, HA NOK-Shares and HA USD-Shares are available to both Institutional and non-Institutional Investors. HA1 EUR-Shares only available to Institutional and non-Institutional Investors that are investing via Nordea in Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia or Poland.

HAI EUR-Shares, HAI1 EUR-Shares, HAI SEK-Shares, HAI NOK-Shares, HAI DKK-Shares, HAI USD-Shares, HAI GBP-Shares and HAI JPY-Shares are hedged against the Base Currency of the relevant Sub-fund. In addition, they shall be entitled to payment of a dividend in case payment of a dividend is decided upon by a Shareholder’s general meeting. HAI EUR-Shares, HAI SEK-Shares, HAI NOK-Shares, HAI DKK-Shares, HAI-USD Shares, HAI GBP-Shares and HAI JPY-Shares are reserved for Institutional Investors. HAI1 EUR-Shares are only reserved for Institutional Investors that are domiciled in Denmark, Sweden, Norway or Finland.

HB EUR-Shares, HB1 EUR-Shares, HB SEK-Shares, HB NOK-Shares, HB DKK-Shares, HB USD-Shares, HB CHF-Shares, HB GBP-Shares and HB PLN-Shares are hedged against the Base Currency of the relevant Sub-fund. However, they shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. HB EUR-Shares, HB SEK-Shares, HB NOK-Shares, HB DKK-Shares, HB USD-Shares, HB CHF-Shares, HB GBP-Shares and HB PLN-Shares are available to both Institutional and non-Institutional Investors. HB1 EUR-Shares only available to

Institutional and non-Institutional Investors that are investing via Nordea in Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia or Poland.

HBI EUR-Shares, HBI1 EUR-Shares, HBI SEK-Shares, HBI NOK-Shares, HBI DKK-Shares, HBI USD-Shares, HBI GBP-Shares, HBI JPY-Shares, HBI PLN-Shares and HBI CHF-Shares are hedged against the Base Currency of the relevant Sub-fund. However, they shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. HBI EUR-Shares, HBI SEK-Shares, HBI NOK-Shares, HBI DKK-Shares, HBI USD-Shares, HBI GBP-Shares, HBI JPY-Shares, HBI PLN-Shares and HBI CHF-Shares are reserved for Institutional Investors. HBI1 EUR-Shares are only reserved for Institutional Investors that are domiciled in Denmark, Sweden, Norway or Finland.

HE PLN-Shares are hedged against the Base Currency of the relevant Sub-fund. However, they shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. HE PLN-Shares are available to both Institutional and non-Institutional Investors. HE PLN-Shares are charged a Distribution Fee of 0.75% per annum calculated upon the Net Asset Value of the HE PLN-Shares at each Valuation Day. Such Distribution Fee will be paid to the Principal Distributor or to the respective distributor or sales agent.

Hedged share classes (HA EUR-Shares; HA1 EUR-Shares; HA SEK-Shares; HA NOK-Shares; HA USD-Shares; HAI EUR-Shares; HAI1 EUR-Shares; HAI SEK-Shares; HAI NOK-Shares; HAI DKK-Shares; HAI USD-Shares, HAI GBP-Shares; HAI JPY-Shares; HB EUR-Shares; HB1 EUR-Shares; HB SEK-Shares; HB NOK-Shares; HB DKK-Shares; HB USD-Shares; HB CHF-Shares; HB GBP-Shares ; HB PLN-Shares; HBI EUR-Shares; HBI1 EUR-Shares; HBI SEK-Shares; HBI NOK-Shares; HBI DKK-Shares; HBI PLN-Shares; HBI USD-Shares; HBI GBP-Shares; HBI JPY-Shares; HBI CHF-Shares; HE PLN-Shares; HAX EUR-Shares; HAX GBP-Shares; HAX JPY-Shares; HX EUR-Shares; HX CHF-Shares; HX USD-Shares; HX SEK-Shares; HX NOK-Shares; HX DKK-Shares; HX GBP-Shares; HX JPY-Shares) seek to hedge most of the exchange-rate risk between the Base Currency of the respective Sub-fund into their respective denominative currency. It should however be noted that hedging strategies employed by the Company will not completely eliminate the exposure of the hedged share classes to movements in other currencies. While the Company may attempt to hedge currency risks, there can be no guarantee that it will be successful in doing so. The hedging strategies adopted may result in mismatches between the currency position of the Sub-fund and the hedged share classes. In addition, the use of hedging strategies may substantially limit shareholders of hedged share classes from benefiting if the currency of the hedged share classes falls against the currency or currencies in which the assets of the relevant Sub-fund are invested. It should be noted that the use of hedging strategies may adversely affect the Net Asset Value of the respective Sub-fund.

Hedged share classes are available for subscription in certain Sub-funds of the Company only; for further information please consult the Sub-funds’ specifications.

AX-Shares shall be entitled to payment of a dividend in case payment of a dividend is decided upon by a Shareholders’ general meeting.

X-Shares shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. X-Shares are reserved for Institutional Investors.

HAX EUR-Shares and HAX GBP-Shares are hedged against the Base Currency of the relevant Sub-fund. In addition, they shall be entitled to payment of a dividend in case payment of a dividend is decided upon by a Shareholders’ general meeting.

HX EUR-Shares, HX CHF-Shares, HX USD-Shares, HX SEK-Shares, HX NOK-Shares, HX DKK-Shares, HX GBP-Shares and HX JPY-Shares are hedged against the Base Currency of the relevant Sub-fund. However, they shall not be entitled to any

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dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class.

AX-Shares, X-Shares, HAX EUR-Shares, HAX GBP-Shares, HAX JPY-Shares, HX EUR-Shares, HX USD-Shares, HX SEK-Shares, HX NOK-Shares, HX DKK-Shares, HX GBP-Shares and HX JPY-Shares may only be acquired by Institutional Investors (i) who meet the minimum account maintenance or qualification

requirements established from time to time,(ii) whose AX-Shares, X-Shares, HAX EUR-Shares, HAX GBP-

Shares, HAX JPY-Shares, HX EUR-Shares, HX CHF-Shares, HX USD-Shares, HX SEK-Shares, HX NOK-Shares, HX DKK-Shares, HX GBP-Shares and/or HX JPY-Shares will be held on a safe custody account with the Company’s Custodian and

(iii) this account being subject to a separate charging structure whereby all or part of the fees, normally charged to the share Sub-class and expressed in the Net Asset Value per Share, are administratively levied and collected by the Management Company directly from the Shareholder,

(iv) who, as a result of point (iii) above, conclude a written agreement with the Management Company, prior to the Shareholder’s initial subscription into such share class, in which the relevant fees and charging procedure are agreed between the Shareholder and the Management Company. The Company and/or the Custodian reserve the right to refuse a subscription if a relevant written agreement is not validly concluded between the Shareholder and the Management Company at the time the subscription is received.

AX-Shares, X-Shares, HAX EUR-Shares, HAX GBP-Shares, HAX JPY-Shares, HX EUR-Shares, HX CHF, HX USD-Shares, HX SEK-Shares, HX NOK-Shares, HX DKK-Shares, HX GBP-Shares and HX JPY-Shares are available for subscription in certain Sub-funds of the Company only; for further information please consult the Sub-funds’ specifications.

In addition, AX-Shares, X-Shares, HAX EUR-Shares, HAX GBP-Shares, HAX JPY-Shares, HX EUR-Shares, HX USD-Shares, HX SEK-Shares, HX NOK-Shares, HX DKK-Shares, HX GBP-Shares and HX JPY-Shares shall only be authorised for public marketing in the Grand Duchy of Luxembourg and in Denmark.

Y-Shares shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. Y-Shares are solely open for subscription by Specialised Investment Funds (governed by the Luxembourg Law of 13th February 2007) and Undertakings for Collective Investment that have appointed Nordea Investment Funds S.A. as Management Company.

HY PLN-Shares are hedged against the Base Currency of the relevant Sub-fund. However, they shall not be entitled to any dividend payments; Shareholders of this Class benefit from the capital appreciation resulting from the reinvestment of the revenue of the Sub-fund allocated to this Class. HY PLN-Shares are solely open for subscription by Specialised Investment Funds (governed by the Luxembourg Law of 13th February 2007) and Undertakings for Collective Investment that have appointed Nordea Investment Funds S.A. as Management Company.

Share Class summary:

Accumulating Shares Distributing SharesBI-Shares AI-SharesBI1-Shares AI1-SharesBP-Shares AP-SharesBP1-Shares AP1-SharesE-SharesE1-SharesHB EUR-Shares HA EUR-Shares HB1 EUR-Shares HA1 EUR-Shares HB SEK-Shares HA SEK-SharesHB NOK-Shares HA NOK-SharesHB DKK-SharesHB USD-Shares HA USD-SharesHB CHF-SharesHB PLN-Shares

HB GBP-SharesHBI EUR-Shares HAI EUR-SharesHBI1 EUR-Shares HAI1 EUR-SharesHBI SEK-Shares HAI SEK-SharesHBI NOK-Shares HAI NOK-SharesHBI DKK-Shares HAI DKK-SharesHBI USD-Shares HAI USD SharesHBI GBP-Shares HAI GBP-SharesHBI JPY-Shares HAI JPY-SharesHBI CHF-SharesHBI PLN-SharesHE PLN-SharesX-Shares AX-SharesHX EUR-Shares HAX EUR-SharesHX CHF-SharesHX USD-SharesHX SEK-SharesHX NOK-SharesHX DKK-SharesHX GBP-Shares HAX GBP-SharesHX JPY-Shares HAX JPY-SharesY-SharesHY PLN-Shares

Share Sub-class definitionThe Board of Directors may decide to issue Shares in different sub-classes (a “Sub-class”). Such Sub-classes may be differentiated by category of Investors, reference currency or other specificity which shall be described in further details, when issued.

Share Sub-classes based on AI-Shares:At present AI-Shares may be subdivided into the following Sub-classes: • AI-USD: distributing Shares reserved for Institutional Investors

and denominated in USD;• AI-EUR: distributing Shares reserved for Institutional Investors

and denominated in EUR;• AI-DKK: distribution Shares reserved for Institutional Investors

and denominated in DKK.

Share Sub-classes based on AI1-Shares:At present AI1-Shares (that are only reserved for Institutional Investors domiciled in Denmark, Sweden, Norway or Finland) may be subdivided into the following Sub-classes: • AI1-USD: distributing Shares reserved for Institutional

Investors and denominated in USD;• AI1-EUR: distributing Shares reserved for Institutional

Investors and denominated in EUR;• AI1-DKK: distribution Shares reserved for Institutional

Investors and denominated in DKK.

Share Sub-classes based on AP-Shares:At present AP-Shares may be subdivided into the following Sub-classes: • AP-JPY: distributing Shares denominated in JPY• AP-USD: distributing Shares denominated in USD • AP-EUR: distributing Shares denominated in EUR• AP-SEK: distributing Shares denominated in SEK.• AP-NOK: distributing Shares denominated in NOK• AP-DKK: distributing Shares denominated in DKK.

Share Sub-classes based on AP1-Shares:At present AP1-Shares (that are only available to Institutional and non-Institutional Investors investing via Nordea in Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia or Poland) may be subdivided into the following Sub-classes: • AP1-JPY: distributing Shares denominated in JPY• AP1-USD: distributing Shares denominated in USD • AP1-EUR: distributing Shares denominated in EUR• AP1-SEK: distributing Shares denominated in SEK.• AP1-NOK: distributing Shares denominated in NOK• AP1-DKK: distributing Shares denominated in DKK.

Share Sub-classes based on BI-Shares:At present BI-Shares may be subdivided into the following Sub-classes: • BI-JPY: accumulating Shares reserved for Institutional

Investors and denominated in JPY• BI-USD: accumulating Shares reserved for Institutional

Investors and denominated in USD

128 PB

• BI-EUR: accumulating Shares reserved for Institutional Investors and denominated in EUR

• BI-CHF: accumulating Shares reserved for Institutional Investors and denominated in CHF

• BI-SEK: accumulating Shares reserved for Institutional Investors and denominated in SEK.

• BI-NOK: accumulating Shares reserved for Institutional Investors and denominated in NOK.

• BI-DKK: accumulating Shares reserved for Institutional Investors and denominated in DKK.

• BI-GBP: accumulating Shares reserved for Institutional Investors and denominated in GBP.

Share Sub-classes based on BI1-Shares:At present BI1-Shares (that are only reserved for Institutional Investors domiciled in Denmark, Sweden, Norway or Finland) may be subdivided into the following Sub-classes: • BI1-JPY: accumulating Shares reserved for Institutional

Investors and denominated in JPY• BI1-USD: accumulating Shares reserved for Institutional

Investors and denominated in USD• BI1-EUR: accumulating Shares reserved for Institutional

Investors and denominated in EUR• BI1-CHF: accumulating Shares reserved for Institutional

Investors and denominated in CHF• BI1-SEK: accumulating Shares reserved for Institutional

Investors and denominated in SEK.• BI1-NOK: accumulating Shares reserved for Institutional

Investors and denominated in NOK.• BI1-DKK: accumulating Shares reserved for Institutional

Investors and denominated in DKK.• BI1-GBP: accumulating Shares reserved for Institutional

Investors and denominated in GBP.

Share Sub-classes based on BP-Shares:At present BP-Shares may be subdivided into the following Sub-classes: • BP-JPY: accumulating Shares denominated in JPY• BP-USD: accumulating Shares denominated in USD.• BP-EUR: accumulating Shares denominated in EUR• BP-SEK: accumulating Shares denominated in SEK.• BP-NOK: accumulating Shares denominated in NOK.• BP-DKK: accumulating Shares denominated in DKK.• BP-GBP: accumulating Shares denominated in GBP.• BP-PLN: accumulating Shares denominated in PLN.

Share Sub-classes based on BP1-Shares:At present BP1-Shares (that are only available to Institutional and non-Institutional Investors investing via Nordea in Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia or Poland) may be subdivided into the following Sub-classes: • BP1-JPY: accumulating Shares denominated in JPY• BP1-USD: accumulating Shares denominated in USD• BP1-EUR: accumulating Shares denominated in EUR• BP1-SEK: accumulating Shares denominated in SEK• BP1-NOK: accumulating Shares denominated in NOK• BP1-DKK: accumulating Shares denominated in DKK• BP1-GBP: accumulating Shares denominated in GBP• BP1-PLN: accumulating Shares denominated in PLN

Share Sub-classes based on E-Shares:At present E-Shares may be subdivided into the following Sub-classes: • E-JPY: accumulating Shares denominated in JPY and subject

to a Distribution Fee• E-USD: accumulating Shares denominated in USD and

subject to a Distribution Fee• E-EUR: accumulating Shares denominated in EUR and

subject to a Distribution Fee.• E-SEK: accumulating Shares denominated in SEK and

subject to a Distribution Fee.• E-NOK: accumulating Shares denominated in NOK and

subject to a Distribution Fee.• E-DKK: accumulating Shares denominated in DKK and

subject to a Distribution Fee.• E-GBP: accumulating Shares denominated in GBP and

subject to a Distribution Fee.• E-PLN: accumulating Shares denominated in PLN and subject

to a Distribution Fee.

Share Sub-classes based on E1-Shares:At present E1-Shares (that are only available to Institutional and non-Institutional Investors investing via Nordea in Denmark, Sweden, Norway, Finland, Estonia, Lithuania, Latvia or Poland) may be subdivided into the following Sub-classes: • E1-JPY: accumulating Shares denominated in JPY and

subject to a Distribution Fee• E1-USD: accumulating Shares denominated in USD and

subject to a Distribution Fee• E1-EUR: accumulating Shares denominated in EUR and

subject to a Distribution Fee.• E1-SEK: accumulating Shares denominated in SEK and

subject to a Distribution Fee.• E1-NOK: accumulating Shares denominated in NOK and

subject to a Distribution Fee.• E1-DKK: accumulating Shares denominated in DKK and

subject to a Distribution Fee.• E1-GBP: accumulating Shares denominated in GBP and

subject to a Distribution Fee.• E1-PLN: accumulating Shares denominated in PLN and

subject to a Distribution Fee.

Share Sub-classes based on AX-Shares:At present AX-Shares may be subdivided into the following Sub-classes: • AX-USD: distributing Shares, reserved for Institutional

Investors, denominated in USD with a fee structure charged outside the Company.

• AX-EUR: distributing Shares, reserved for Institutional Investors, denominated in EUR with a fee structure charged outside the Company.

• AX-DKK; distributing Shares, reserved for Institutional Investors, denominated in DKK with a fee structure charged outside the Company.

Share Sub-classes based on X-Shares:At present X-Shares may be subdivided into the following Sub-classes: • X-JPY: accumulating Shares, reserved for Institutional

Investors, denominated in JPY with a fee structure charged outside the Company.

• X-USD: accumulating Shares, reserved for Institutional Investors, denominated in USD with a fee structure charged outside the Company

• X-EUR: accumulating Shares, reserved for Institutional Investors, denominated in EUR with a fee structure charged outside the Company

• X-CHF: accumulating Shares, reserved for Institutional Investors, denominated in CHF with a fee structure charged outside the Company

• X-SEK: accumulating Shares, reserved for Institutional Investors, denominated in SEK with a fee structure charged outside the Company.

• X-NOK: accumulating Shares, reserved for Institutional Investors, denominated in NOK with a fee structure charged outside the Company.

• X-DKK: accumulating Shares, reserved for Institutional Investors, denominated in DKK with a fee structure charged outside the Company.

• X-GBP: accumulating Shares, reserved for Institutional Investors, denominated in GBP with a fee structure charged outside the Company.

Share Sub-classes based on Y-Shares:At present Y-Shares may be subdivided into the following Sub-class(es): • Y-PLN: accumulating Shares denominated in PLN

If the Base Currency of the relevant Sub-fund is JPY, USD, EUR, SEK, NOK, DKK, or GBP an additional Sub-class in JPY, USD, EUR, SEK, NOK, DKK or GBP respectively shall not be issued.

With regard to the above reservations on ownership of certain Share Classes and/or share Sub-classes, admission of Investors in further distribution countries and/or via other distribution channels shall be decided by the Board of Directors.

PB 129129

Summary on Shares which may be issued in each Sub-fund:

Share classes Share Sub-classesAI-Shares AI USD

AI EURAI DKK

AI1-Shares AI1 USDAI1 EURAI1 DKK

AP-Shares AP JPYAP USDAP EURAP SEKAP NOKAP DKK

AP1-Shares AP1 JPYAP1 USDAP1 EURAP1 SEKAP1 NOKAP1 DKK

BI-Shares BI JPYBI USDBI EURBI SEKBI NOK BI DKKBI GBPBI CHF

BI1-Shares BI1 JPYBI1 USDBI1 EURBI1 SEKBI1 NOK BI1 DKKBI1 GBPBI1 CHF

BP-Shares BP JPYBP USDBP EURBP SEKBP NOKBP DKKBP GBPBP PLN

BP1-Shares BP1 JPYBP1 USDBP1 EURBP1 SEKBP1 NOKBP1 DKKBP1 GBPBP1 PLN

E-Shares E JPYE USDE EURE SEKE NOKE DKKE GBPE PLN

E1-Shares E1 JPYE1 USDE1 EURE1 SEKE1 NOKE1 DKKE1 GBPE1 PLN

AX-Shares AX USDAX EURAX DKK

X-Shares X JPYX USDX EURX SEKX NOKX DKKX GBPX CHF

HA EUR-Shares (*) /HA1 EUR-Shares (*) /HA SEK-Shares (*) /HA NOK-Shares (*) /HA USD-Shares (*) /HAI EUR-Shares (*) /HAI1 EUR-Shares (*) /HAI SEK-Shares (*) /HAI NOK-Shares (*) /HAI DKK-Shares (*) /HAI USD-Shares (*) /HAI GBP-Shares (*) /HAI JPY-Shares (*) /HB EUR-Shares (*) /HB1 EUR-Shares (*) /HB SEK-Shares (*) /HB NOK-Shares (*) /HB DKK-Shares (*) /HB USD-Shares (*) /HB CHF-Shares (*) /HB PLN-Shares (*) /HB GBP-Shares (*) /HBI EUR-Shares (*) /HBI1 EUR-Shares (*) /HBI SEK-Shares (*) /HBI NOK-Shares (*) /HBI DKK-Shares (*) /HBI USD-Shares (*) /HBI GBP-Shares (*) /HBI JPY-Shares (*) /HBI CHF-Shares (*) /HBI PLN-Shares (*) /HE PLN-Shares (*) /HAX EUR-Shares (*) /HAX GBP-Shares (*) /HAX JPY-Shares (*) /HX EUR-Shares (*) /HX CHF-Shares (*) /HX USD-Shares (*) /HX SEK-Shares (*) /HX NOK-Shares (*) /HX DKK-Shares (*) /HX GBP-Shares (*) /HX JPY-Shares (*) /Y-Shares Y PLNHY PLN-Shares (*) /

(*) provided the Base Currency of the relevant Sub-fund is not identical thereto.

130 PB

The Board of Directors of the Company emphasises that• all Investors / Shareholders are bound to place their

subscription / redemption or conversion order(s) before the applicable cut-off time for transactions in the Company’s Shares,

• when doing so, orders are being placed for execution on the basis of still unknown prices,

• the repeated purchase and sale of Shares designed to take advantage of pricing inefficiencies in the Sub-funds, also known as “market timing”, may disrupt portfolio investment strategies and increase the Sub-funds’ expenses and adversely affect the interests of the Sub-funds’ long term Shareholders. The Sub-funds are not intended for market timing and excessive short term trading,

• to prevent such practice, the Company and its duly appointed agents reserve the right, in case of reasonable doubt and whenever an investment is suspected to be related to market timing, to suspend, revoke or cancel any subscription or conversion order placed by Shareholders who have been identified as frequently trading in and out of a particular Sub-fund.

Subscription for SharesThe Board of Directors shall be authorised, without limitation and at any time, to issue additional Shares for all Sub-funds without granting existing Shareholders a preferential right to subscribe for the Shares.

The initial and subsequent Subscription amounts in a single Sub-fund / Class / Sub-class are set out in the relevant Sub-fund’s specifications.

Initial Subscription for Shares must be made by Investors by forwarding to the Registered Office, the Custodian or a Paying Agent a duly completed subscription form.

Customers of the Custodian do not need to submit a subscription form.

Subsequent Subscription for Shares may be made either • on the subscription form or • by letter or facsimile addressed to the Registered Office, the

Custodian or a Paying Agent or• by transfer of an amount (not less than the minimum

subscription amount as specified further below) to the Company’s account with the Custodian and clearly indicating the Investor identification details (customer number and name) and the name of Sub-fund, Class and/or Sub-class applied for. Such subscription requests are deemed to be final and conclusive for the Company and are executed at the entire risk of the applicant. The Company does not accept third party payments.

If a Subscription is received by the Registered Office, the Custodian or a distributor mentioned in the chapter “Distribution Channels” of this Prospectus before or at 15:30 CET on a Business Day, the Subscription will be processed using the Net Asset Value per Share calculated on that day after 15:30 CET. If a Subscription is received later than 15:30 CET on a Business Day, the Subscription will be processed on the first following Business Day thereafter.

A Subscription Fee of up to 5% of the Net Investment Amount may be charged to Investors upon Subscription for Shares. Such Subscription Fee will be paid to the Principal Distributor or to the respective distributor or sales agent.

Example showing the Net Asset Value per Share and the payment amount:

Net Assets EUR 50,000,000Number of Shares issued 500,000Net Asset Value per Share EUR 100.00Number of Shares subscribed 200.00Net Investment Amount EUR 20,000.005 % Subscription Fee EUR 1,000.00Gross Investment Amount EUR 21,000.00

Upon Subscription, all Shares shall be allotted immediately after payment for the Shares subscribed has been made readily available on the relevant Valuation Day at the latest.

For subscriptions made by Institutional Investors the allotment of Shares is conditional upon settlement within a previously agreed period not exceeding three Business Days from the relevant Valuation Day on which the subscription has been received. In these circumstances payment by cheque will not be accepted. If timely payment has not been received within the settlement period, the subscription may lapse and be cancelled at the cost of the Investor or the Investor’s financial intermediary. Failure to make payment on the agreed payment date may result in the Company bringing an action against the defaulting Investor or the Investor’s financial intermediary or deducting any costs or losses incurred by the Company or the Service Agent against any existing holding of the Investor in the Company. In all cases, any confirmation of transaction and any money returnable to the Investor will be held by the Service Agent without payment of interest pending receipt of the remittance.

Subscription may be made for Shares denominated either in the Base Currency of the relevant Sub-fund or in the currency of the relevant Class and/or Sub-class.

Payments should preferably be made by bank transfer and in the Base Currency of the relevant Sub-fund or in the currency of the relevant Class and/or Sub-Class; if payment is made in another currency than the Base Currency of the relevant Sub-fund or the currency of the relevant Class and/or Sub-Class, the Custodian will make an exchange transaction at market conditions and at the expense of the Investor according to its “Charges and Commissions” before execution of the Subscription. This exchange transaction could lead to a postponement of the allotment of Shares.

Should the payment be made by the Investor by cheque, the Custodian will present the cheque for payment at the expense of the Investor according to its “Charges and Commissions”, and the Subscription and allotment of Shares shall only be effected once cleared funds are available to the Custodian in the Base Currency of the relevant Sub-fund or the currency of the relevant Class and/or Sub-Class. The payment in favour of the Company shall include the Net Investment Amount increased by the applicable Subscription Fee and without deduction of any transfer charges.

The Board of Directors may from time to time accept subscriptions for Shares against contribution in kind of securities or other assets which could be acquired by the relevant Sub-fund pursuant to its investment policy and restrictions. Any such contribution in kind will be made at the net asset value of the assets contributed calculated in accordance with the rules set out in the chapter “Net Asset Value” and will be the subject of an auditor’s report drawn up in accordance with the requirements of Luxembourg law. Should the Company not receive good title on the assets contributed this may result in the Company bringing an action against the defaulting Investor or his/her financial intermediary or deducting any costs or losses incurred by the Company or Manager against any existing holding of the applicant in the Company.

If requests for Subscription and/or Conversion on any Valuation Day exceed 10% of a Sub-fund’s Total Net Asset Value, the Company reserves the right not to be bound to issue Shares in the Sub-fund on any one Valuation Day in excess of 10% of the Sub-fund’s Total Net Asset Value. In these circumstances and provided that the Net Asset Value is calculated on each Business Day, the Board of Directors may declare that part or all of the Subscription and/or Conversion requests will be processed during a period not exceeding 8 (eight) Valuation Days and will be priced at the Net Asset Value determined on the Valuation Day the Shares are subscribed and/or converted. On any Valuation Day such Shares will be dealt with before any subsequent requests for Subscription and/or Conversion.

The Board of Directors may also decide that some Sub-funds shall only be open for Subscription during the initial subscription period. After the expiration of such initial subscription period, there shall be no further issue of Shares.

6. Share Dealing

PB 131131

Redemption of SharesAny Shareholder has the right to request, at any time, that the Company repurchases any or all of its Shares without capital guarantee at their Net Asset Value.

A redemption request will only be executed after the identity of the Shareholder and/or the beneficial owner has been established to the complete satisfaction of the Company. Payment will only be made to the respective Shareholder.

Shareholders wishing to have any or all of their Shares redeemed shall deliver by letter or by facsimile to the Registered Office, the Custodian or a Paying Agent, an irrevocable, written and duly signed redemption request specifying the name, address and account identification of the Shareholder(s), the name of the Sub-fund and the number of Shares to be redeemed as well as payment details for the redemption proceeds (name of bank, bank identification number, account number and name of the account holder(s). Shareholders still having Share certificates shall, when asking for Redemption of their Shares, deliver the Share certificate(s) representing such Shares to the Registered Office, the Custodian or a Paying Agent. Such Share certificate(s) will be cancelled.

If the redemption request is received by the Registered Office, the Custodian or a distributor mentioned in the chapter “Distribution Channels” before or at 15:30 CET on a Business Day, the Redemption will be processed using the Net Asset Value per Share calculated on that day after 15:30 CET. If the redemption request is received later than 15:30 CET on a Business Day, the Redemption will be processed on the first following Business Day thereafter.

All redemption requests will be processed strictly in the order in which they are received, and each Redemption shall be processed at the Net Asset Value of the said Shares.

A Redemption Fee of up to 2% of the Gross Redemption Amount may be charged to Shareholders redeeming Shares. The Redemption Fee is payable to the Principal Distributor, the respective distributor or sales agent.

Example showing the Net Asset Value per Share and the redemption payment amount:

Net Assets EUR 50,000,000Number of Shares issued 500,000Net Asset Value per Share EUR 100.00Number of shares to redeem 200.00Gross Redemption Amount EUR 20,000.001% Redemption Fee (if any) EUR 200.00Net Redemption Amount EUR 19,800.00

For presentation purpose the above example assumes that no EU Savings Tax applies to the redemption. The EU Savings Tax, if applicable to a redemption, will be calculated on the basis of the Net Redemption Amount. Neither the Company nor the Custodian or the Management Company are responsible for any delays or charges incurred at any receiving bank or settlement system.

Redemption proceeds will normally be dispatched to or available in cash to the Shareholder within 8 (eight) days after the relevant Valuation Day and after receipt/presentation of proper documentation. If in exceptional circumstances the liquidity of a Sub-fund is not sufficient to enable the payment to be made within 8 (eight) Business Days after the relevant Valuation Day, such payment will be made as soon as reasonably practicable thereafter.

Shareholders should note that any Redemption of Shares by the Company will take place at a price that may be higher or lower than the original acquisition amount.

The Redemption of Shares of any Class and/or Sub-class of any Sub-fund shall be suspended when the calculation of the Net Asset Value thereof is suspended.

If requests for Redemption and/or Conversion on any Valuation Day exceed 10% of a Sub-fund’s Shares, the Company reserves the right not to be bound to redeem and/or convert on any one

Valuation Day more than 10% of the Shares then in issue. In these circumstances and provided that the Net Asset Value is calculated on each Business Day, the Board of Directors may declare that part or all of such Shares for Redemption and/or Conversion will be redeemed and/or converted during a period not exceeding 8 (eight) Valuation Days and will be priced at the Net Asset Value determined on the Valuation Day the Shares are redeemed and/or converted. On any Valuation Day such Shares will be dealt with before any subsequent requests for Redemption and/or Conversion.

Mandatory repurchase of SharesWhere the Board of Directors become aware that a Shareholder in the Company (a) is a US Person or is holding Shares for the account of a US

Person, so that the number of US Persons known to the Board of Directors to be beneficial owners of Shares for the purposes of the US Investment Company Act of 1940 exceeds 100 or such other number as the Board of Directors may determine from time to time; or

(b) is holding Shares in breach of any law or regulation or otherwise in circumstances having or which may have adverse regulatory, tax or fiscal consequences for the Company or its Shareholders;

the Board of Directors may

(i) direct such Shareholder to dispose of the relevant Shares to a person who is qualified or entitled to own or hold such Shares; or

(ii) redeem the relevant Shares at the Net Asset Value of the Shares as at the Valuation Day immediately following the date of notification of such mandatory redemption to the relevant Shareholder.

Conversion of Shares Any Shareholder has the right to request, at any time, that the Company converts any or all of its Shares without capital guarantee at their respective Net Asset Value per Share subject to the following restrictions: • Private Shares may not be converted into Institutional Shares

and vice versa; and• Accumulating Shares may not be converted into Distributing

Shares and vice versa; • E-Shares may not be converted into any other Shares and

vice versa;• AX-Shares, HAX EUR-Shares, HAX GBP-Shares, HAX JPY-

Shares, X-Shares, HX EUR-Shares, HX USD-Shares, HX SEK-Shares, HX NOK-Shares, HX DKK-Shares, HX GBP-Shares and HX JPY-Shares may not be converted into any other Shares and vice versa;

• Y-Shares and HY PLN-Shares may not be converted into any other Shares and vice versa;

• E1-Shares may not be converted into any other Shares and vice versa;

• Only AI1-Shares and HAI1 EUR-Shares may be converted into other AI1-Shares and HAI1 EUR-Shares. No other Shares may be converted into AI1-Shares and HAI1 EUR Shares;

• Only AI1-Shares, HAI1 EUR-Shares, BI1-Shares and HBI1 EUR-Shares may be converted into other BI1-Shares and HBI1 EUR-Shares. No other Shares may be converted into BI1-Shares and HBI1 EUR Shares;

• Only AP1-Shares, HA1 EUR-Shares, AI1-Shares and HAI1 EUR-Shares may be converted into AP1-Shares and HA1 EUR; and

• Only AP1-Shares, HA1 EUR-Shares, BP1-Shares, HB1 EUR-Shares, AI1-Shares, HAI1 EUR-Shares, BI1-Shares and HBI1 EUR-Shares may be converted into BP1-Shares and HB1 EUR-Shares.

Shareholders wishing to have any or all of their Shares converted to another Sub-fund / Class or Sub-class shall deliver, by letter or by facsimile addressed to the Registered Office, the Custodian or a Paying Agent, an irrevocable, written and duly signed conversion request specifying the name, address and account identification of the Shareholder(s), the name of the Sub-fund and number of Shares to be converted as well as the name of the Sub-fund and the Class or Sub-class into which the Shares shall be converted. Shareholders still having Share certificates shall, when asking for Conversion of their Shares, deliver the Share certificate(s) representing such Shares to the Registered Office,

132 PB

the Custodian or a Paying Agent. Such Share certificate(s) will be cancelled. A physical certificate will not be issued for the Shares converted into.

If the conversion request is received by the Registered Office, the Custodian or a distributor mentioned in chapter “Distribution Channels” of this Prospectus before or at 15:30 CET on a Business Day, the Conversion will be processed using the Net Asset Value per Share for the relevant Sub-funds calculated on that Valuation Day after 15:30 CET. If the conversion request is received later than 15:30 CET on a Valuation Day, the Conversion will be processed on the first following Valuation Day thereafter. Conversion will only take place on the first possible, common Valuation Day for the Shares redeemed and the Shares subscribed.

All conversion requests will be processed strictly in the order in which they are received, and each Conversion shall be processed at the Net Asset Value of the respective Shares.

Conversion should normally be for a minimum Gross Conversion Amount which is set out for each Sub-fund in the relevant Sub-fund’s specifications.

A Conversion Fee of up to 1% of the Gross Conversion Amount may be charged to Shareholders converting Shares. The Conversion Fee is payable to the Principal Distributor, the respective distributor or sales agent.

Should the Subscription Fee of the Sub-fund into which the Shareholders subscribe be higher than the Subscription Fee of the Sub-fund they redeem, Shareholders may be requested to bear the difference in the Subscription Fee between the Sub-fund they redeem and the Sub-fund to which they subscribe, calculated on the Gross Conversion Amount net of any fees and taxes applicable, Conversion costs, if any, shall be borne by the Shareholder asking for the Conversion of his Shares.

The rate at which all or part of the Shares in a given Class and/or Sub-class of a Sub-fund (the “Original Shares”) are converted into Shares of another Class and/or Sub-class of a Sub-fund (the “New Shares”) is determined by means of the following formula:

B x C x EA =

D

whereA is the number of New Shares to be allocated; B is the number of Original Shares which are to be converted;C is the Net Asset Value per Share of the Original Shares on

the respective Valuation Day;D is the Net Asset Value per Share of the New Shares on the

respective Valuation Day;E is the applied rate of exchange on the respective Valuation

Day between the currency of the Original Shares and the currency of the New Shares.

The above-mentioned formula does not take into consideration• the possible Conversion Fee of up to 1% of the Gross

Conversion Amount of Original Shares;• the difference in initial Subscription Fee between the Original

Shares and the New Shares which the Shareholder may be requested to bear;

• the conversion costs, if any• any taxes collected at source if applicable.

The formula further assumes that no EU Savings Tax applies to the conversion.

If requests for Conversion and/or Redemption on any Valuation Day exceed 10% of a Sub-fund’s Shares, the Company reserves the right not to be bound to convert and/or redeem on any one Valuation Day more than 10% of the value of Shares then in issue. In these circumstances and provided that the Net Asset Value is calculated on each Business Day, the Board of Directors may declare that part or all of such Shares for Conversion and/or Redemption will be converted and/or redeemed during a period not exceeding 8 (eight) Valuation Days and will be priced at the Net Asset Value determined on the Valuation Day the Shares are converted and/or redeemed. On any Valuation Day such Shares will be dealt with before any subsequent requests for Conversion and/or Redemption.

Anti-money laundering In the context of money laundering prevention and in compliance with Luxembourg and international regulations applicable thereto, any Investor will have to establish its identity to the Company or to the intermediary which collects the Subscription, provided that the intermediary is located in a country that applies the recommendations of the Financial Action Task Force (FATF) – also called Groupe d’Action Financière Internationale (GAFI). Such identification shall be evidenced when subscribing for Shares. Redemption or transfer of Shares will only be executed after the identity of the Investor and/or the beneficial owner has been established to the complete satisfaction of the Company.

The Net Asset Value of Shares of each Class and/or Sub-class of each Sub-fund shall be calculated in the Base Currency of the relevant Sub-fund.

The Net Asset Value of each Class and/or Sub-class of each Sub-fund shall be determined by the Custodian by dividing the net assets of the Sub-fund attributable to that Class and/or Sub-class by the number of outstanding Shares of the relevant Class and/or Sub-class.

With respect to the individual Sub-classes denominated in another currency than the Base Currency, provided they are in issue, the Net Asset Value of Shares of such Sub-classes shall be expressed in their relevant currency by converting the Net Asset Value expressed in the Base Currency into the currency of the relevant Sub-class. Such conversion shall be made at the spot exchange rate prevailing on the relevant Valuation Day, as provided by the Custodian.

The Custodian calculates the Net Asset Value per Share in each Sub-fund on each of its Business Days provided it is a Valuation Day for the respective Sub-fund.

The value of the assets of each Class and/or Sub-class of each Sub-fund is determined as follows:

• Securities and Money Market 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 or Africa, 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 or money market instrument is quoted on different markets, the quotation of the main market for this security or money market instrument will be used. If there is no relevant quotation or if the quotations are not representative of the fair value, the evaluation will be done in good faith by the Board of Directors or its delegate with a view to establishing the probable bid price for such securities;

• unlisted securities or unlisted Money Market Instruments are valued on the base of their probable bid price as determined in good faith by the Board of Directors or its delegate;

• liquid assets and loans are valued at their nominal value plus accrued interest;

• units/shares of UCITS authorised according to Directive 85/611/EEC as amended and/or other assimilated UCI will be valued at their last available net asset value;

• derivatives are valued at market value.

In addition appropriate provisions will be made to account for the charges and fees levied on the Sub-funds.

7. Net Asset Value

PB 133133

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 or their delegate shall be entitled to use other generally recognised valuation principles which can be examined by an auditor, in order to reach a proper valuation of the total assets of each Sub-fund.

The Board of Directors may determine that a swinging single pricing methodology will be applied in the calculation of the daily Net Asset Value of the relevant Sub-fund, in order to compensate for the costs generated by the purchase or sale of the Sub-fund’s assets caused by subscriptions and redemptions. These costs reflect both the estimated fiscal charges and dealing costs that may be incurred by the Sub-fund and the estimated bid/offer spread of the assets in which the Sub-fund invests.

The swinging single pricing methodology will be applied for the relevant Sub-fund by adjusting upwards or downwards its Net Asset Value by an amount, relating to the cost of market dealing for that Sub-fund, determined as a percentage of that Net Asset Value (the “Swing Factor”). The Swing Factor will be determined by the Board of Directors (or any delegate duly appointed by the Board of Directors) and will not exceed 1.75% of the Net Asset Value. The adjustment will be upwards when the net movement results in an increase of all Shares of the Sub-fund and will be downwards when it results in a decrease. However, if assessed appropriate it can be decided only to adjust upwards or downwards. As certain stock markets and jurisdictions may have different charging structures on the buy and sell sides, the resulting Swing Factor may be different for net inflows than for net outflows. The above swinging single pricing methodology will have to be applied when the aggregate transactions result in a Net Investment Amount which, in percentage of the Net Asset Value of the Sub-fund on the relevant Valuation Day, exceeds a threshold fixed by the Board of Directors.

The calculation of the Net Asset Value of the Shares of any Class and/or Sub-class of any Sub-fund and the Subscription, Redemption, and Conversion thereof may be suspended in the following circumstances, in addition to any circumstances provided for by law:

• during any period (other than ordinary holidays or customary weekend closings) when any market or stock exchange is closed which is the principal market or stock exchange for a significant part of the Sub-fund’s investments, or in which trading is restricted or suspended.

• during any period when an emergency exists as a result of which it is impossible to dispose of investments which constitute a substantial portion of the assets of the Sub-fund, or it is impossible to transfer money involved in the acquisition or disposal of investments at normal rates of exchange, or it is impossible to fairly determine the value of any assets in the Sub-fund.

• during any breakdown in the means of communication normally employed in determining the price of any of the Sub-fund’s investments or the current prices on any stock exchange.

• when for any reason the prices of any investment held by the Sub-fund cannot be reasonably, promptly or accurately ascertained.

• during any period when remittance of money which will or may be involved in the purchase or sale of any of the Sub-fund’s investments cannot, in the opinion of the Board of Directors, be effected at normal rates of exchange.

The suspension of the calculation of the Net Asset Value and of the Subscription, Redemption, and Conversion of Shares shall be published in a Luxembourg newspaper and in a newspaper of more general circulation in those countries in which the Company has obtained authorisation for public marketing of its Shares.

I. Investment Restrictions

The Board of Directors shall, based upon the principle of risk spreading, have power to determine the corporate and investment policy for the investments for each Sub-fund, the Base Currency of a Sub-fund and the course of conduct of the management and business affairs of the Company.

Except to the extent that more restrictive rules are provided for in connection with a specific Sub-fund in this Prospectus, the investment policy shall comply with the rules and restrictions laid down hereafter.

A. Investments in the Sub-funds may consist solely of:

(1) Transferable Securities and Money Market Instruments listed or dealt in on a Regulated Market;

(2) Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State;

(3) Transferable Securities and Money Market Instruments admitted to official listing on a Regulated Market in an Other State or dealt in on an Other Regulated Market which operates regularly and is recognised and open to the public in an Other State;

(4) recently issued Transferable Securities and Money Market Instruments, provided that:- the terms of issue include an undertaking that application

will be made for admission to official listing on a Regulated Market or on an Other Regulated Market as described under (1)-(3) above;

- such admission is secured within one year of issue;(5) units of UCITS authorised according to Directive 85/611/EEC

and/or other UCIs within the meaning of the first and second indent of Article 1 (2) of the Directive 85/611/EEC, whether situated in a Member State or in an Other State, provided that:- such other UCIs are authorised under laws which

provide that they are subject to supervision considered by the Regulatory Authority to be equivalent to that laid down in Community law (as defined in the Directive) ,

and that cooperation between authorities is sufficiently ensured (currently the United States of America, Canada, Switzerland, Hong Kong and Japan);

- the level of protection for unitholders in such other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of Transferable Securities and Money Market Instruments are equivalent to the requirements of the Directive;

- the business of the other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period;

- no more than 10 % of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs;

(6) deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a Member State or, if the registered office of the credit institution is situated in an Other State, provided that it is subject to prudential rules considered by the Regulatory Authority as equivalent to those laid down in Community law;

(7) financial derivative instruments, i.e. in particular options, futures, including equivalent cash-settled instruments, dealt in on a Regulated Market or on an Other Regulated Market referred to in (1), (2) and (3) above, and/or financial derivative instruments dealt in over-the-counter (“OTC derivatives”), provided that:(i) the underlying consists of instruments covered by this

Section A, financial indices, interest rates, foreign exchange rates or currencies, in which the Company may invest according to its investment objectives;

8. Investment Restrictions

134 PB

- the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the Regulatory Authority, and

- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company’s initiative;

(ii) Under no circumstances shall these operations cause the Company to diverge from its investment objectives.

(8) Money Market Instruments other than those dealt in on a Regulated Market or on an Other Regulated Market, to the extent that the issue or the issuer of such instruments is itself regulated for the purpose of protecting investors and savings, and provided that such instruments are:- issued or guaranteed by a central, regional or local

authority or by a central bank of a Member State, the European Central Bank, the EU or the European Investment Bank, an Other State or, in case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more Member States belong, or

- issued by an undertaking any securities of which are dealt in on Regulated Markets or on Other Regulated Markets referred to in (1), (2) or (3) above, or

- issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by Community law, or by an establishment which is subject to and complies with prudential rules considered by the Regulatory Authority to be at least as stringent as those laid down by Community law; or

- issued by other bodies belonging to the categories approved by the Regulatory Authority provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least ten million Euro and which presents and publishes its annual accounts in accordance with directive 78/660/EEC, is an entity which, within a Group of companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line.

B. Each Sub-fund may however:

(1) Invest up to 10% of its net assets in Transferable Securities and Money Market Instruments other than those referred to above under A (1) through (4) and (8).

(2) Hold cash and cash equivalents on an ancillary basis; such restriction may exceptionally and temporarily be exceeded if the Directors consider this to be in the best interest of the Shareholders.

(3) Borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction.

(4) Acquire foreign currency by means of a back-to-back loan.

C. In addition, the Company shall comply in respect of the net assets of each Sub-fund with the following investment restrictions per issuer:

(a) Risk Diversification rules

For the purpose of calculating the restrictions described in (2) to (5) and (8) hereunder, companies which are included in the same Group of companies are regarded as a single issuer.

To the extent an issuer is a legal entity with multiple sub-funds where the assets of a sub-fund are exclusively reserved to the investors in such sub-fund and to those creditors whose claim has arisen in connection with the creation, operation and liquidation of that sub-fund, each sub-fund is to be considered as a separate issuer for the purpose of the application of the risk spreading rules described under items (1) to (5), (7) to (9) and (12) to (14) hereunder.

Transferable Securities and Money Market Instruments

(1) No Sub-fund may purchase additional Transferable Securities and Money Market Instruments of any single issuer if:(i) upon such purchase more than 10% of its net assets

would consist of Transferable Securities and Money Market Instruments of one single issuer; or

(ii) the total value of all Transferable Securities and Money Market Instruments of issuers in which it invests more than 5% of its net assets would exceed 40% of the value of its net assets. This limitation does not apply to deposits and OTC derivative transactions made with financial institutions subject to prudential supervision.

(2) A Sub-fund may invest on a cumulative basis up to 20% of its net assets in Transferable Securities and Money Market Instruments issued by the same Group of companies.

(3) The limit of 10% set forth above under (1)(i) is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any Other State or by a public international body of which one or more Member State(s) are member(s).

(4) The limit of 10% set forth above under (1)(i) is increased up to 25% in respect of qualifying debt securities issued by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public control in order to protect the holders of such qualifying debt securities. For the purposes hereof, “qualifying debt securities” are securities the proceeds of which are invested in accordance with applicable law in assets providing a return which will cover the debt service through to the maturity date of the securities and which will be applied on a priority basis to the payment of principal and interest in the event of a default by the issuer. To the extent that a relevant Sub-fund invests more than 5% of its net assets in debt securities issued by such an issuer, the total value of such investments may not exceed 80% of the net assets of such Sub-fund.

(5) The securities specified above under (3) and (4) are not to be included for purposes of computing the ceiling of 40% set forth above under (1)(ii).

(6) Notwithstanding the ceilings set forth above, each Sub-fund is authorised to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any other member state of the Organisation for Economic Co-operation and Development (“OECD”) such as the U.S. or by a public international body of which one or more Member State(s) are member(s), provided that (i) such securities are part of at least six different issues and (ii) the securities from any such issue do not account for more than 30% of the net assets of such Sub-fund.

(7) Without prejudice to the limits set forth hereunder under (b), the limits set forth in (1) are raised to a maximum of 20 % for investments in shares and/or bonds issued by the same body when the aim of the Sub-fund’s investment policy is to replicate the composition of a certain stock or bond index which is recognised by the Regulatory Authority, on the following basis:- the composition of the index is sufficiently diversified,- the index represents an adequate benchmark for the

market to which it refers,- it is published in an appropriate manner.

The limit of 20 % is raised to 35 % where that proves to be justified by exceptional market conditions in particular in Regulated Markets where certain Transferable Securities or Money Market Instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.

Bank Deposits

(8) A Sub-fund may not invest more than 20 % of its assets in deposits made with the same body.

Units of Open-Ended Companies

(9) No Sub-fund may invest more than 5 % of its assets in the units of UCITS or other UCIs.

PB 135135

When a Sub-fund invests in the units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same Management Company or by any other company with which the Management Company is linked by common management or control, or by a substantial direct or indirect holding (regarded as more than 10% of the voting rights or share capital), no subscription or redemption or management fees may be charged to the Company on its investment in the units of such other UCITS and/or UCIs

(b) Limitations on Control

(10) No Sub-fund may acquire such amount of shares carrying voting rights which would enable the Company to exercise a significant influence over the management of the issuer.

(11) The Company may not acquire (i) more than 10% of the outstanding non-voting shares of

any one issuer; (ii) more than 10% of the outstanding debt securities of any

one issuer; (iii) more than 10% of the Money Market Instruments of any

one issuer; or (iv) more than 25% of the outstanding shares or units of the

same UCITS and/or other UCI.

The limits set forth in (ii) to (iv) may be disregarded at the time of acquisition if at that time the gross amount of bonds or of the Money Market Instruments or the net amount of the instruments in issue cannot be calculated.

The ceilings set forth above under (10) and (11) do not apply in respect of:

- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or by its local authorities;

- Transferable Securities and Money Market Instruments issued or guaranteed by any Other State;

- Transferable Securities and Money Market Instruments issued by a public international body of which one or more Member State(s) are member(s); and

- shares in the capital of a company which is incorporated under or organised pursuant to the laws of an Other State provided that (i) such company invests its assets principally in securities issued by issuers of that State, (ii) pursuant to the laws of that State a participation by the relevant Sub-fund in the equity of such company constitutes the only possible way to purchase securities of issuers of that State, and (iii) such company observes in its investments policy the restrictions set forth under I. C, items (1) to (5), (8), (9) and (11) and under II. B item (1). Where these limits are exceeded Article 49 of the Law shall apply mutatis mutandis.

- shares held by one or more investment companies in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country/state where the subsidiary is located, in regard to the repurchase of shares at Shareholder’s request exclusively on its or their behalf.

D. In addition, the Company shall comply in respect of its net assets with the following investment restriction per instrument:

Each Sub-fund shall ensure that its global exposure relating to derivative instruments does not exceed the total net value of its portfolio. The exposure is calculated taking into account the current value of the underlying assets, i.e. the market risk components, the counterparty risk, foreseeable market movements and the time available to liquidate the positions.

E. Finally, the Company shall comply in respect of the assets of each Sub-fund with the following investment restrictions:

(1) No Sub-fund may acquire commodities or precious metals or certificates representative thereof, provided that transactions in foreign currencies, financial instruments, indices or Transferable Securities as well as futures and forward contracts, options and swaps thereon are not considered to be transactions in commodities for the purposes of this restriction.

(2) No Sub-fund may invest in real estate provided that investments may be made in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein.

(3) No Sub-fund may use its assets to underwrite any securities.(4) No Sub-fund may issue warrants or other rights to subscribe

for shares in such Sub-fund.(5) A Sub-fund may not grant loans or guarantees in favour of

a third party, provided that such restriction shall not prevent each Sub-fund from investing in non fully paid-up Transferable Securities, Money Market Instruments or other financial instruments, as mentioned under A, items (5), (7) and (8).

(6) The Company may not enter into uncovered sales of Transferable Securities, Money Market Instruments or other financial instruments as listed under A, items (5), (7) and (8).

F. Notwithstanding anything to the contrary herein contained:

(1) The ceilings set forth above may be disregarded by each Sub-fund when exercising subscription rights attaching to securities in such Sub-fund’s portfolio.

(2) If such ceilings are exceeded for reasons beyond the control of a Sub-fund or as a result of the exercise of subscription rights, such Sub-fund must adopt as its priority objective in its sale transactions the remedying of such situation, taking due account of the interests of its Shareholders. The Directors have the right to determine additional investment restrictions to the extent that those restrictions are necessary to comply with the laws and regulations of countries where shares of the Company are offered or sold.

II. Use of financial derivative instruments

A. The Company shall comply in respect of its net assets with the following restrictions:

Each Sub-fund shall ensure that its global exposure relating to derivative instruments does not exceed the total net value of its portfolio. The Board of Directors may choose one of the following methodologies to measure the market risk components of such global exposure relating to derivative instruments:- The Commitment approach: the positions on derivative

financial instruments are converted into equivalent positions in the underlying assets, after consideration of all netting and coverage effects, as further described in section III.1.2.2. of CSSF Circular 07/308.

- The Value-at-Risk (VaR) approach: the VaR is measured at the whole portfolio level, on a holding period of one month and a 99% confidence level, and is coupled with back tests as well as stress tests.

B. Additionally: (1) The risk exposure to a counterparty in an OTC derivative

transaction may not exceed 10 % of the Sub-fund’s net assets when the counterparty is a credit institution referred to in section I. A (6) above or 5 % of its net assets in other cases.

(2) Investment in financial derivative instruments shall only be made provided that the exposure to the underlying assets does not exceed in aggregate the investment limits set forth in (1) to (8) of section I.C. above and (1) and (2) of section II. C. below. When the Sub-fund invests in index-based financial derivative instruments, these investments do not have to be combined to the limits set forth in (1) to (8) of section I.C. above and (1) and (2) of section II. C. below.

(3) When a Transferable Security or Money Market Instrument embeds a derivative, the latter must be taken into account when complying with the requirements of sections I. A (7) (ii) and II. A.. above as well as with the risk exposure and information requirements laid down in the present Prospectus.

C. Combined limits(1) Notwithstanding the individual limits laid down in (1) and (8)

of section I. C. and (1) of section II. B. above, a Sub-fund may not combine:- investments in Transferable Securities or Money Market

Instruments issued by,- deposits made with, - and/or exposures arising from OTC derivative transactions

undertaken with a single body in excess of 20 % of its net assets.

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(2) The limits set out in (1), (3), (4) and (8) of section I. C., in (1) of section II. B. and in (1) of section II.C. above may not be combined, and thus investments in Transferable Securities or Money Market Instruments issued by the same body, in deposits or derivative instruments made with this body carried out in accordance with (1), (3), (4) and (8) of section I. C., in (1) of section II. B. and in (1) of section II.C above may not exceed a total of 35 % of the net assets of the Company.

D. Eligible financial derivative instruments

Each Sub-fund may use derivative instruments provided those transactions do not cause a Sub-fund to diverge from its investment objectives as laid down in this Prospectus and such transactions comply with the conditions and restrictions set out above.

Options on securities:

(1) the Company may not invest in put or call options on securities unless:- such options are quoted on a stock exchange or traded on

a Regulated Market; and- the acquisition price of such options does not exceed,

in terms of premium, 15 % of the total net assets of the relevant Sub-fund;

(2) the Company may not write call options on securities that it does not own unless the aggregate of the exercise prices of such call options does not exceed 25 % of the net asset value of the relevant Sub-fund;

(3) the Company may not write put options on securities unless the relevant Sub-fund holds sufficient liquid assets to cover the aggregate of the exercise prices of such options written.

Currency derivatives:

Sub-funds may be authorised, as part of their investment strategies or investment policy as described in their relevant specifications, to use currency derivatives for:

(1) either hedging purposes

In such case, the Company may enter into forward currency contracts or write call options or purchase put options on currencies provided however that the transactions made in one currency in respect of one Sub-fund may in principle not exceed the valuation of the aggregate assets of such Sub-fund denominated in that currency (or currencies which are likely to fluctuate in the same manner) nor exceed the period during which such assets are held.

By derogation to the above, Sub-funds may be managed by referring to the reference index as mentioned under each Sub-fund for the purpose of hedging currency risk. These reference indexes are appropriate, recognised indices or combinations thereof and disclosed in this Prospectus.

The neutral risk position of any Sub-fund will be the composition of the reference index in both its investment and currency component weightings.

The Company may increase or decrease the currency positions in a Sub-fund in comparison to its respective reference index by purchasing (or selling) currencies for forward settlement by the sale (or purchase) of other currencies held in the Sub-fund’s portfolio.

The Company may give a Sub-fund a currency exposure that differs from its respective reference index provided that, when using forward currency contracts, purchases of currencies that are not the Base Currency of the relevant Sub-fund will be permitted to increase the exposure up to a maximum of 15% above the reference index’s weight of a given currency.

The total of such purchase transactions providing a currency exposure which is greater than the reference index weightings (except purchases in the Base Currency of the Sub-fund) shall not exceed 20% of the assets of the relevant Sub-fund.

In addition, the Company may engage in the following currency hedging techniques:

- hedging by proxy - a technique whereby a Sub-fund effects a hedge of the Base Currency of the Sub-fund (or benchmark or currency exposure of the assets of the Sub-fund) against exposure in one currency by instead selling (or purchasing) another currency closely related to it, provided however that these currencies are indeed likely to fluctuate in the same manner.

- cross-hedging - a technique whereby a Sub-fund sells a currency to which it is exposed and purchases more of another currency to which the Sub-fund may also be exposed, the level of the Base Currency being left unchanged, provided however that all such currencies are currencies of the countries which are at that time within the Sub-fund’s benchmark or investment policy and the technique is used as an efficient method to gain the desired currency and asset exposures.

- anticipatory hedging, - a technique whereby the decision to take a position on a given currency and the decision to have some securities held in a Sub-fund’s portfolio denominated in that currency are separate, provided however that the currency which is bought in anticipation of a later purchase of underlying portfolio securities is a currency associated with those countries which are within the Sub-fund’s benchmark or investment policy.

A Sub-fund may not sell forward more currency exposure than there is in underlying assets exposure on either an individual currency (unless hedging by proxy) or a total currency basis.

In case the publication of the benchmark index has been stopped or where major changes in that benchmark have occurred or if for some reason the Directors feel that another benchmark is appropriate, another benchmark may be chosen. Any such change of benchmark will be reflected in an updated Prospectus.

(2) or investment purposes (as a separate asset class for speculative purposes):

In such case, currency derivatives may conduct a Sub-fund to be long or short in one or more currencies.

Whatever the purpose, hedging or investment, the Company may only enter into forward currency contracts if they constitute private agreements with highly rated financial institutions specialised in this type of transaction and may only write call options and purchase put options on currencies if they are traded on a Regulated Market operating regularly, being recognised and open to the public.

Financial futures and index options:

(1) For the purpose of hedging the risk of the fluctuation of the value of the portfolio securities of its Sub-funds, the Company may sell stock index futures, sell call options on indices or purchase put options on indices provided that there exists sufficient correlation between the composition of the index used and the corresponding portfolio of the relevant Sub-fund; or

(2) For investment purposes, as a separate asset class and provided such purpose is authorised as part of the investment strategies and investment policy as described in the specifications of the relevant Sub-fund, or for the purpose of efficient portfolio management, the Company may, in respect of each Sub-fund, purchase and sell futures contracts and/or purchase and sell options on any kind of financial instruments.

Shall options be purchased, the aggregate acquisition cost (in terms of premiums paid) of options on securities, index options, interest rate options and options on any kind of financial instruments purchased by the Company in respect of a particular Sub-fund shall not exceed 15 % of the total net assets of the relevant Sub-fund;

Furthermore, the Company may only enter into transactions on financial futures and index options referred to above, if these transactions concern contracts which are traded on a Regulated Market operating regularly, being recognised and open to the public.

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Interest rate derivatives

(1) The Company may sell interest rate futures contracts for the purpose of managing interest rate risk. It may also for the same purpose write call options or purchase put options on interest rates or enter into interest rate swaps by private agreement with highly rated financial institutions specialised in this type of operation.

(2) The Company may use bond and interest rate options, bond and interest rate futures and index futures contracts for the purposes of efficient portfolio management.

Swaps

(1) The Company may enter into swap contracts in which the Company and the counterparty agree to exchange payments where one or both parties pay the returns generated by a security, instrument, basket or index thereof. The payments made by the Company to the counterparty and vice versa are calculated by reference to a specific index, security or instruments and an agreed upon notional amount. Any such underlying security or instrument must be a transferable security and any such index must be an index of a Regulated Market. The relevant indices include, but are not limited to, currencies, interest rates, prices and total return on interest rates indices, fixed income indices and stock indices.

(2) The Company may enter into swap contracts relating to any financial instruments or index, including total return swaps.

(3) The Company may use credit default swaps. A credit default swap is a bilateral financial contract in which one counterpart (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event of a reference issuer. The protection buyer must either sell particular obligations issued by the reference issuer for its par value (or some other designated reference or strike price) when a credit event occurs or receive a cash settlement based on the difference between the market price and such reference price. A credit event is commonly defined as bankruptcy, insolvency, receivership, material adverse restructuring of debt, or failure to meet payment obligations when due. The International Swap and Derivatives Association (“ISDA”) have produced standardised documentation for these transactions under the umbrella of its ISDA Master Agreement.

The Company may use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection. In addition, the Company may, provided it is in its exclusive interest, buy protection under credit default swaps without holding the underlying assets provided that the aggregate premiums paid together with the present value of the aggregate premiums still payable in connection with credit default swap purchased together with the amount of the aggregate of premiums paid relating to the purchase of options on Transferable Securities or on financial instruments for a purpose other than hedging, may not, at any time, exceed 100% of the net assets of the relevant Sub-fund.

The Company may also sell protection under credit default swaps in order to acquire a specific credit exposure provided such possibility is referred to in the investment strategies and investment policy as described in the specifications of the relevant Sub-fund and provided the purpose followed is in the exclusive interest of such Sub-fund.

The Company will only enter into credit default swap transactions with highly rated financial institutions specialised in this type of transaction and only in accordance with the standard terms laid down by the ISDA. Also, the Company will only accept obligations upon a credit event that are within the investment policy of the relevant Sub-fund. The Company will ensure it can dispose of the necessary assets at any time in order to pay redemption proceeds resulting from redemption requests and to meet its obligations resulting from credit default swaps and other techniques and instruments.

(4) The Company may deal in contract for difference (CFD) transactions. CFD is an agreement between two parties to exchange the difference between the opening price and the closing price of the contract, at the close of the contract, multiplied by the number of units of the underlying asset specified within the contract. Differences in settlement are thus made through cash payments, rather than physical delivery of the underlying assets. CFD on transferable securities, financial indexes or swap contracts will be used in strict accordance with the investment policy followed for each of the Sub-funds.

Additional information with respect to options

With respect to the options referred to in the preceding sections above, the Sub-funds may enter into OTC options transactions with highly rated Financial Institutions participating in theses types of transactions if such transactions are more advantageous to the Sub-funds or if quoted options having the required features are not available.

III. Other Special Investment Techniques and Instruments

The Company may employ the following techniques and instruments relating to Transferable Securities and Money Market Instruments provided that such techniques or instruments are considered by the Board of Directors as economically appropriate to the effective portfolio management of the Company in accordance with investment objective of each Sub-fund. When those transactions involve the use of derivatives, the conditions and restrictions set out above must be complied with.

Under no circumstances shall these operations cause a Sub-fund to diverge from its investment objectives as laid down in this Prospectus.

Securities Lending and BorrowingThe Company may enter into securities lending and borrowing transactions provided that they comply with the following rules, in line with CSSF Circular 08/356:

(1) The Company may only lend or borrow securities through a standardised system organised by a recognised clearing institution or through a first class financial institution specialising in this type of transaction.

(2) As part of lending transactions, the Company must in principle receive collateral, the value of which at the conclusion of the contract must be at least equal to the global valuation of the securities lent. Collateral must be given in the form of liquid assets and/or in the form of securities issued or guaranteed by a Member State of the OECD or by their local authorities or by supranational institutions and undertakings of a community, regional or world-wide nature and held in the name of the Company until the expiry of the loan contract. Collateral shall not be required if the securities lending is made through Clearstream International or EUROCLEAR or through any other organisation assuring to the lender a reimbursement of the value of the securities lent, by way of a guarantee or otherwise.

(3) The securities borrowed by the Company may not be disposed of during the time they are held by the Company, unless they are covered by sufficient financial instruments which enable the Company to resituate the borrowed securities at the close of the transaction.

(4) The Company may borrow securities under the following circumstances in connection with the settlement of a sale transaction: (I) during a period the securities have been sent out for re-registration; (II) when the securities have been loaned and not returned in time; and (III) to avoid a failed settlement when the Custodian fails to make delivery.

Repurchase Agreement TransactionsThe Company may on an ancillary basis enter into repurchase agreement transactions which consist of the purchase and sale of securities with a clause reserving the seller the right or the obligation to repurchase from the acquirer the securities sold at a price and term specified by the two parties in their contractual arrangement.

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The Company can act either as purchaser or seller in repurchase agreement transactions or a series of continuing repurchase transactions. Its involvement in such transactions is, however, subject to the following rules:

(1) The Company may not buy or sell securities using a repurchase agreement transaction unless the counterparty in such transactions is a first class financial institution specialising in this type of transaction.

(2) During the life of a repurchase agreement contract, the Company cannot sell the securities which are the object of the contract, either before the right to repurchase these securities has been exercised by the counterparty, or the repurchase term has expired.

(3) The Company must take care to ensure that the level of its exposure to repurchase agreement transactions is such that it is able, at all times, to meet its redemption obligations.

(4) Repurchase agreement transactions are expected to take place on an occasional basis only.

IV. Co-management and pooling of assets For the purpose of effective management, where the investment policies of the Sub-funds so permit, the Board of Directors may choose to allow co-management of the assets of certain Sub-funds.

In such case, assets of different Sub-funds will be managed in common. The assets which are co-managed shall be referred to as a “pool” notwithstanding the fact that such pool(s) are used solely for internal management purposes. The pool(s) do not constitute separate entities and are not directly accessible to the Shareholders. Each of the co-managed Sub-funds shall be allocated its specific assets.

Where the assets of two or more Sub-funds are pooled, the assets attributable to each participating Sub-fund will initially be determined by reference to its initial allocation of assets to such a pool and will change in the event of additional allocations or withdrawals.

The entitlements of each participating Sub-fund to the co-managed assets apply to each and every line of investments of such pool.

Additional investments made on behalf of the co-managed Sub-funds shall be allotted to such Sub-funds in accordance with their respective entitlements and assets sold shall be levied similarly on the assets attributable to each participating Sub-fund.

9. Special Risk ConsiderationsInvestors must read these special risk considerations before investing in any of the Company’ Sub-funds.

Special risk consideration regarding investment in the Far Eastern RegionThe Far Eastern Region may include emerging and less developed markets. In emerging and less developed markets the legal, judicial and regulatory infrastructure is still developing but there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. These risks may include any or all of the following elements: Political or economic risks, legal risks, accounting practices, lacking or insufficient protection of shareholders, market and settlement risks, unclear tax rules, execution and counterparty risk, as well as an uncertain status of nomineeship. This list may not be exhaustive and other risks may occur. Investors’ attention is also pointed to the fact that significant currency movements may occur and that the convertibility of a currency may be revoked.

Hence, investments in emerging and less developed markets should be made only by sophisticated investors or professionals who have independent knowledge of the relevant markets, are able to consider and weight the various risks presented by such investments, and have the financial resources necessary to bear the substantial risk of loss of investment in such investments.

Special risk consideration regarding investment in Central & Eastern European marketsIn emerging and less developed markets the legal, judicial and regulatory infrastructure is still developing but there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. Investments in emerging and less developed markets should be made only by sophisticated investors or professionals who have independent knowledge of the relevant markets, are able to consider and weight the various risks presented by such investments, and have the financial resources necessary to bear the substantial risk of loss of investment in such investments.

Special risk consideration regarding investment in emerging and less developed marketsIn emerging and less developed markets the legal, judicial and regulatory infrastructure is still developing but there is much legal uncertainty both for local market participants and their overseas

counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. These risks may include any or all of the following elements: Political or economic risks, legal risks, accounting practices, lacking or insufficient protection of shareholders, market and settlement risks, unclear tax rules, execution and counterparty risk, as well as an uncertain status of nomineeship. This list may not be exhaustive and other risks may occur. Investors’ attention is also pointed to the fact that significant currency movements may occur and that the convertibility of a currency may be revoked.

Hence, investments in emerging and less developed markets should be made only by sophisticated investors or professionals who have independent knowledge of the relevant markets, are able to consider and weight the various risks presented by such investments, and have the financial resources necessary to bear the substantial risk of loss of investment in such investments

Special risk consideration regarding investments in high-yield debt securitiesCertain High Yield Bonds rated Ba1 or BB+ and below by Moody’s or Standard & Poor’s respectively are very speculative, involve comparatively greater risks than higher quality securities, including price volatility, and may be questionable as to principal and interest payments. The attention of the potential investor is drawn to the type of high-risk investment that the Sub-fund is authorised to make. Compared to higher-rated securities, lower-rated High Yield Bonds generally tend to be more affected by economic and legislative developments, changes in the financial condition of their issuers, have a higher incidence of default and be less liquid. The Sub-Fund may also invest in High Yield Bonds placed by emerging market issuers that may be subject to greater social, economic and political uncertainties or may be economically based on relatively few or closely interdependent industries.

Corporate debt securities may bear Fixed Coupon or Fixed and Contingent Coupon or Variable Coupon and may involve equity features such as conversion or exchange rights or warrants for the acquisition of stock of the same or a different issuer (e.g. synthetic convertibles) or participation based on revenue, sales or profits.

Special risk consideration regarding investments in lower rated debt securitiesSecurities rated below investment grade or assigned equivalent ratings by the Management Company are considered speculative and may be questionable as to repayment of principal and interest. Such securities involve higher credit or liquidity risk.

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High Credit Risk: Lower rated debt securities, commonly referred to as ‘‘junk bonds’’ are subject to a substantially higher degree of credit risk than investment grade debt securities. During recessions, a high percentage of issuers of lower rated debt securities may default on payments of principal and interest. The price of a lower rated debt security may therefore fluctuate drastically due to unfavourable news about the issuer or the economy in general.

High Liquidity Risk: During recessions and periods of broad market declines, lower rated debt securities could become less liquid, meaning that they will be harder to value or sell at a fair price.

Risks associated with credit default (“CDS”) transactionsThe purchase of credit default swap protection allows the Company, on payment of a premium, to protect itself against the risk of default by an issuer. In the event of default by an issuer, settlement can be effected in cash or in kind. In the case of a cash settlement, the purchaser of the CDS protection receives from the seller of the CDS protection the difference between the nominal value and the attainable redemption amount. Where settlement is made in kind, the purchaser of the CDS protection receives the full nominal value from the seller of the CDS protection and in exchange delivers to him the security which is the subject of the default, or an exchange shall be made from a basket of securities. The detailed composition of the basket of securities shall be determined at the time the CDS contract is concluded. The events which constitute a default and the terms of delivery of bonds and debt certificates shall be defined in the CDS contract. The Company can if necessary sell the CDS protection or restore the credit risk by purchasing call options.

Upon the sale of credit default swap protection, the Sub-fund incurs a credit risk comparable to the purchase of a bond issued by the same issuer at the same nominal value. In either case, the risk in the event of issuer default is in the amount of the difference between the nominal value and the attainable redemption amount.

Besides the general counterparty risk, upon the concluding of credit default swap transactions there is also in particular a risk of the counterparty being unable to establish one of the payment obligations which it must fulfil. The Sub-fund will ensure that the counterparties involved in these transactions are selected carefully and that the risk associated with the counterparty is limited and closely monitored.

Risks associated with transactions in warrants, options, futures, swaps and contracts for difference (CFD)Some of the Sub-funds may seek to protect or enhance the returns from the underlying assets by using warrants, options, futures, CFD and swap contracts and enter into forward foreign exchange transactions in currency. The ability to use these strategies may be limited by market conditions and regulatory limits and there can be no assurance that the objective sought to be attained from the use of these strategies will be achieved. Participation in the warrants, options or futures markets and in swap contracts and in currency exchange transactions involves investment risks and transaction costs to which the Sub-funds would not be subject if the Sub-funds did not use these strategies. If the investment manager’s predictions of movements in the direction of the securities, foreign currency and interest rate markets are inaccurate, the adverse consequences to a Sub-fund may leave the Sub-fund in a worse position than if such strategies were not used.

Risks inherent to warrants, options, foreign currency, swaps, CFD, futures contracts and options on futures contracts include, but are not limited to: (a) dependence on the investment manager’s ability to predict correctly movements in the direction of interest

rates, securities prices and currency markets; (b) imperfect correlation between the price of options and futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (c) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (d) the possible absence of a liquid secondary market for any particular instrument at any time; and (e) the possible inability of a Sub-fund to purchase or sell a portfolio security at a time that otherwise would be favourable for it to do so, or the possible need for a Sub-fund to sell a portfolio security at a disadvantageous time.

Where a Sub-fund enters into swap or CFD transactions it is exposed to a potential counterparty risk. In case of insolvency or default of the swap or CFD counterparty, such event would affect the assets of the Sub-fund.

Risks associated with investment in smaller companiesThe stock prices of smaller and mid-sized companies can perform differently than larger, more recognised, companies and have the potential to be more volatile. A lower degree of liquidity in their securities, a greater sensitivity to changes in economic conditions and interest rates, and uncertainty over future growth aspects may all contribute to such increased price volatility. Additionally, smaller companies may be unable to generate new funds for growth and development, may lack depth in management, and may be developing products in new and uncertain markets all of which are risks to consider when investing in such companies.

Risks associated with investment in Rule 144a SecuritiesRule 144a Securities are not registered with the Securities and Exchange Commission (SEC). These securities are considered as recently issued transferable securities and are only deemed for investment by Qualified Institutional Buyers (as defined in the US Securities Act of 1933).

Counterparty risksWith OTC derivatives there is a risk that a counterparty will not be able to fulfil its obligations and/or that a contract will be cancelled, e.g. due to bankruptcy, subsequent illegality or a change in the tax or accounting regulations since the conclusion of the OTC derivative contract. In order to determine the counterparty risk relating to OTC financial derivative instruments, the Company will normally apply the method described in section III.2.3 of CSSF Circular 07/308.

Liquidity RiskThe Company’s ability to trade in and out of investments can be limited as the counterparties with which the Company effects transactions might cease making markets or quoting prices in certain of the instruments. This is off greater probability in emerging markets, small capitalisation securities, and some OTC financial derivative instruments.

Risk Management FunctionThe Management Company employs a permanent Risk Management function, which monitors the risk management procedures, oversees the Company’s compliance with the Investment Restrictions, advises on the Risk Profile of each Sub-fund and provides reports to the Board of Directors and Conducting Officers. The function also monitors the risk limits and OTC counterparty limits.

Synthetic Risk and Reward IndicatorEach Sub-fund or Share Class will have, with its KII, a risk rating (synthetic risk and reward indicator) between 1 (representing a lower risk) and 7 (representing a higher risk). This will be calculated weekly.

The Board of Directors of the Company has appointed Nordea Investment Funds S.A. as management company (the “Management Company”) registered with the Luxembourg Supervisory Authority under Chapter 15 of the Law.

The Management Company has been appointed under a Management Company Agreement which is for an indefinite period of time and may be terminated by either party at three months’ notice.

10. Management Company

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The Management Company has been incorporated under the name Frontrunner Management Company S.A. on 12 September 1989. Its statutes have been amended from time to time and the last amendments thereto have been adopted on 23 May 2007 and were published in the Mémorial on 10 August 2007. It is registered with the Trade Registrar of Luxembourg under reference B-31619. The Management Company is established for an undetermined period of time. It is a subsidiary of Nordea Bank S.A. and as of 31 December 2008 its fully paid-up share capital amounted to EUR 1,245,000.

The Management Company’s main object is the management, the administration and the marketing of undertakings for collective investment in Transferable Securities authorised by Directive 85/611/CEE as amended as well as of other undertakings for collective investment which are not covered by the said Directive and for which the Management Company is subject to prudential supervision but the units/shares of which cannot be marketed in other member states of the European Union under that Directive.

The Management Company shall be in charge of the management, the administration and the distribution of the Company.

The Management Company shall be responsible for the investment management of all Sub-funds. The Management Company may at its own expense and under its control and supervision appoint one or more investment advisors to provide investment information, recommendations and research concerning prospective and existing investments. Furthermore, the Management Company may at its own expense and under

its control and supervision delegate its investment management functions in relation to the assets of the Company within the limits prescribed by article 85 of the Law.

The Management Company shall be responsible for the distribution and marketing of the shares of the Company in those jurisdictions in which the Company obtains a marketing permission. The Management Company is empowered to appoint at its own expense and under its control and supervision sub-distributors and/or sales agents for the shares of the Company.

The Management Company is entitled to delegate at its own expense and under its control and supervision the functions of central administration for the Company.

In consideration for its investment management, administration and distribution services, the Management Company is entitled to receive the fees as indicated in the description of the individual Sub-funds of the Company. These fees shall be calculated upon the Net Asset Value of the Sub-funds on each Valuation Day and payable at the end of each quarter.

The Management Company is further remunerated, in full or partly, by the Subscription Fee charged to Investors upon Subscription for Shares in the Company, by the Conversion Fee charged to Shareholders converting their Shares or the Redemption Fee charged to Shareholders redeeming their Shares.

The Management Company may distribute its fees further to other distributors / sales agents appointed by the Management Company in its capacity as Principal Distributor for the Company.

Pursuant to article 110 of the Law, the Management Company has delegated its investment management functions to the following entities for the respective, specified Sub-funds:

Nordea Investment Management AB, Denmark Filial af Nordea Investment Management AB, Sweden*

- Nordea 1 – African Equity Fund- Nordea 1 – Brazilian Equity Fund- Nordea 1 – Senior Generations Equity Fund- Nordea 1 – Central & Eastern European Equity Fund- Nordea 1 – Climate and Environment Equity Fund- Nordea 1 – Danish Bond Fund- Nordea 1 – Danish Equity Fund- Nordea 1 – Danish Kroner Reserve- Nordea 1 – Danish Long Bond Fund- Nordea 1 – Danish Low Duration Mortgage Bond Fund- Nordea 1 – Danish Mortgage Bond Fund- Nordea 1 – Emerging Consumer Fund- Nordea 1 – Emerging Market Corporate Bond Fund- Nordea 1 – Emerging Stars Equity Fund- Nordea 1 – Euro Diversified Corporate Bond Fund- Nordea 1 – Euro Government Bond Fund- Nordea 1 – Euro Medium Term Bond Fund- Nordea 1 – European Corporate Bond Fund- Nordea 1 – European Corporate Bond Fund Plus- Nordea 1 – European Equity Fund - Nordea 1 – European High Yield Bond Fund- Nordea 1 – European High Yield Bond Fund II- Nordea 1 – Euro Money Market Fund- Nordea 1 – European Small and Mid Cap Equity Fund- Nordea 1 – Euro Bond Fund- Nordea 1 – Euro Reserve- Nordea 1 – Global Bond Fund - Nordea 1 – Global Emerging Markets Equity Fund- Nordea 1 – Global Inflation Linked Bond Fund- Nordea 1 – Global Theme Select Fund- Nordea 1 – Global High Yield Bond Fund- Nordea 1 – Global Portfolio Fund- Nordea 1 – Global Stable Equity Fund- Nordea 1 – Global Stable Equity Fund - Unhedged- Nordea 1 – Indian Equity Fund - Nordea 1 – Multi-Asset Fund

- Nordea 1 – Multi-Asset Plus Fund- Nordea 1 – Nordic Equity Fund- Nordea 1 – Nordic Equity Small Cap Fund- Nordea 1 – North American Value Fund- Nordea 1 – North American Opportunities Fund- Nordea 1 – Norwegian Bond Fund- Nordea 1 – Norwegian Equity Fund- Nordea 1 – Norwegian Kroner Reserve- Nordea 1 – Polish Bond Fund- Nordea 1 – Polish Equity Fund- Nordea 1 – Swedish Bond Fund- Nordea 1 – Swedish Equity Fund- Nordea 1 – Swedish Kroner Reserve- Nordea 1 – Stable Emerging Markets Equity Fund- Nordea 1 – Stable Return Fund- Nordea 1 – US Corporate Bond Fund- Nordea 1 – US-Dollar Reserve- Nordea 1 – Low Duration US High Yield Bond Fund- Nordea 1 – US High Yield Bond Fund

Ashburton (Jersey) Limited- Nordea 1 – European Alpha Fund

Metzler Asset Management GmbH**- Nordea 1 – Heracles Long/Short MI Fund

Itaú Unibanco S.A.- Nordea 1 – Latin American Equity Fund

Tokio Marine Asset Management International PTE Ltd- Nordea 1 – Far Eastern Equity Fund

In the context of the respective, specified Sub-fund(s) for which each Investment Sub-Manager has been appointed, each Investment Sub-Manager shall be responsible for determining which investment should be purchased, sold or exchanged and what portion of the assets of the respective, above-mentioned Sub-funds should be held in various securities, subject to the respective Sub-fund’s investment objectives and policy and within the limits imposed by the investment restrictions of the Company as set out in this Prospectus and in the Statutes of the Company.

11. Investment Sub-Manager

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The Management Company may, at any time, give specific instructions regarding investment decisions to the Investment Sub-Manager who shall, upon receiving such instructions, act accordingly.

In consideration for the services rendered, the Investment Sub-Manager is paid a fee at commercial rate and payable by the Management Company directly out of its investment management fee received from the Company.

*This Investment Sub-Manager may engage, at its own expense, the services of any company or person to perform any or all of its duties, subject to the prior approval of the Luxembourg

Supervisory Authority (the “Commission de Surveillance du Secteur Financier”) and disclosure of such company or person in the present Prospectus.

**In addition to the fee received from the Management Company (directly from the investment management fee received from the Company), this Investment Sub-Manager is entitled to receive a performance-related fee as described in the specifications of the Sub-fund “Nordea 1 – Heracles Long/Short MI Fund”.

The Investment Sub-Manager Nordea Investment Management AB, Denmark Filial af Nordea Investment Management AB, Sweden has appointed the following entities as investment sub-sub-manager to the respective, specified Sub-funds:

Capital Four Management A/S, Copenhagen, Denmark- Nordea 1 – European High Yield Bond Fund.

STANLIB Asset Management Limited, Johannesburg, South Africa- Nordea 1 – African Equity Fund.

Private Capital Management, L.P., Naples, Florida, United States of America - Nordea 1 - North American Value Fund.

MacKay Shields LLC, New York, United States of America- Nordea 1 – US High Yield Bond Fund- Nordea 1 – US Corporate Bond Fund- Nordea 1 – Low Duration US High Yield Bond Fund - Nordea 1 – Global High Yield Bond Fund.

Hexam Capital Partners LLP- Nordea 1 – Global Emerging Markets Equity Fund

In the context of the respective, specified Sub-fund(s) for which each Investment Sub-Sub-Manager has been appointed, each Investment Sub-Sub Manager shall be responsible for determining which investment should be purchased, sold or exchanged and what portion of the assets of the respective, above-mentioned Sub-funds should be held in various securities, subject to the respective Sub-fund’s investment objectives and policy and within the limits imposed by the investment restrictions of the Company as set out in this Prospectus and in the Statutes of the Company.

In consideration for the services rendered, the Investment Sub-Sub Manager is paid a fee at commercial rate and payable by the Investment Sub-Manager directly out of its fee received from the Management Company.

12. Investment Sub-Sub Managers

The Management Company has appointed the following entity as investment advisor to the respective, specified Sub-fund:

European Value Partners Advisors AG, Zurich, Switzerland - Nordea 1 – European Value Fund.

Aletheia Research and Management, Inc., Santa Monica, USA- Nordea 1 - North American Growth Fund.

In the context of the respective, specified Sub-fund(s) for which each investment advisor has been appointed, each investment advisor shall provide the Management Company with investment information, recommendations and research concerning prospective and existing investments for the respective, above-mentioned Sub-fund(s).

In consideration for the services rendered, the investment advisor is paid a fee at commercial rate and payable by the Management Company directly out of its Management Fee received from the Company.

The Investment Advisor European Value Partners Advisors AG, Zurich, Switzerland has appointed the following entity as investment sub-advisor to the respective, specified Sub-fund:

European Value Partners Advisors S.à r.l., Luxembourg, Grand-Duchy of Luxembourg- Nordea 1 – European Value Fund;

In the context of the specified Sub-fund for which each investment sub-advisor has been appointed, the investment sub-advisor shall provide the Investment Advisor with investment information, recommendations and research concerning prospective and existing investments for the above-mentioned Sub-fund.

In consideration for the services rendered, the investment sub-advisor is paid a fee at a commercial rate and payable by the Investment Advisor directly out of its fee received from the Management Company.

13. Investment Advisors and Sub-Advisors

The Board of Directors of the Company has appointed Nordea Bank S.A. as custodian bank and principal paying agent (the “Custodian”). The Custodian is authorised to appoint paying agents in other countries. The Custodian has been appointed under a Custodian Bank and Principal Paying Agency Agreement which is concluded for an indefinite period of time and may be terminated by either party within a three months’ notice. Before maturity of said notice period, the Company shall indicate the name of a new custodian bank which fulfils the requirements of the Law and to which the assets shall be transferred and which shall take over its duties as the Company’s custodian from the

Custodian pursuant to the Prospectus and the Statutes of the Company as amended from time to time. The Custodian has to carry out its duties as custodian as long as it is necessary to transfer all assets to the new custodian.

The Custodian has to receive and hold in a segregated account or deposit all cash amounts, securities and other assets belonging to the Company. The Custodian may, under its own responsibility and with the approval of the Company entrust other banks, duly authorised financial institutions in other countries or clearing houses, such as Clearstream International and Euroclear

14. Custodian Bank and Principal Paying Agent

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(together referred to hereinafter as “Correspondents”) with the assets of each Sub-fund, if these are listed on a foreign stock exchange or traded in an Other Regulated Market or other foreign assets which are only available in other countries.

The Custodian may only dispose of the Company’s assets deposited with itself or with Correspondents in accordance with the regulations of the Statutes and the respective laws.

In performance of its functions the Custodian acts independently from the Company and the Management Company and solely in the interest of the Shareholders.

The Custodian must moreover ensure that:• the sale, issue, redemption, conversion and cancellation of

shares are carried out in accordance with the Law and the Statutes of the Company;

• in transactions involving the assets of the Company, the consideration is remitted to it within the usual time limits;

• the income of the Company is applied in accordance with its Statutes.

The Custodian has the legal form of a Société Anonyme incorporated under the laws of the Grand Duchy of Luxembourg. Its Registered Office is in Luxembourg. Its share capital amounted to EUR 25,000,000 as at 31 December 2005.

In consideration for its services as custodian and principal paying agent, the Custodian is entitled to receive a quarterly fee calculated by reference to the Net Asset Value of the Sub-funds during the relevant quarter as indicated in the relevant Sub-funds’ specifications. Reasonable expenses incurred by the Custodian or by other banks and financial institutions to whom safekeeping of the assets of the Company is entrusted are additional to the Custodian’s fee.

Pursuant to article 85 of the Law, the Management Company has appointed, at its own expense and under its control and responsibility, Nordea Bank S.A. as registrar, transfer and administrative agent (the “Service Agent”). The Service Agent has been appointed under a Service Agreement, which is concluded for an indefinite period of time and may be terminated by either party within a three months’ notice.

As registrar, transfer and administrative agent the Service Agent will be responsible for the general administrative functions required by Luxembourg law such as the calculation of the Net

Asset Value of each Sub-fund and the keeping of the register of the Shareholders of the Company, and for processing the issue, redemption and conversion of Shares and for the maintenance of accounting records.

Further details about Nordea Bank S.A. and its management may be found in its latest Annual Report, which is available from the Company, the Management Company or the Custodian.

15. Service Agent

Nordea Investment Funds S.A.562, rue de NeudorfL-2220 Luxembourg Grand Duchy of Luxembourg.

16. Principal Distributor

Distributor in SwedenThe Principal Distributor has appointed Nordea Investment Funds AB as distributor in Sweden.

The distributor has been appointed under an agreement which is for an indefinite period of time and may be terminated by either party at three months’ notice.

In consideration for its services the distributor is entitled to receive a portion of the Subscription Fee, Redemption Fee and Conversion Fee when levied on transactions with Shares. In addition hereto the distributor is paid a fee at commercial rates and payable by the Principal Distributor directly out of its fees received from the Company.

Nominee for SwedenThe Board of Directors has further appointed Nordea Bank AB (publ) as nominee in Sweden.

The nominee will provide nominee services for the Shares distributed subject to the terms and conditions of a nominee agreement. Pursuant to this nominee agreement, the nominee and

not the Investor(s) having subscribed for Shares shall be entered in the register of Shareholders. The terms and conditions of the nominee agreement provide - inter alia - that the Investor(s) having subscribed for Shares at all times shall be entitled to require the transfer of legal title to the Shares, whereupon the Investor(s) shall be entered in the register of Shareholders.

Distributor for FinlandThe Principal Distributor has appointed Nordea Investment Fund Company Finland Ltd. as distributor in Finland.

The distributor has been appointed under an agreement which is for an indefinite period of time and may be terminated by either party at three months’ notice.

In consideration for its services the distributor is entitled to receive a portion of the Subscription Fee, Redemption Fee and Conversion Fee when levied on transactions with Shares. In addition hereto the distributor is paid a fee at commercial rates and payable by the Principal Distributor directly out of its fees received from the Company.

17. Distributors and Nominee(s)

143

The Company shall bear all expenses connected with its establishment as well as the fees due to the Management Company, the Custodian and the Principal Distributor as well as to any service provider appointed by the Board of Directors from time to time.

Each Sub-fund is liable for its own debts and obligations.

Any costs incurred by the Company, which are not attributable to a specific Sub-fund, will be charged to all Sub-funds in proportion to their net assets. Each Sub-fund will be charged with all costs and expenses directly attributable to it.

Moreover, the Company shall bear the following expenses:• all taxes which may be payable on the assets, income and

expenses chargeable to the Company;• third party standard brokerage fees and bank charges such

as transaction fees originating from the Company’s business transactions;

• all fees due to the Management Company, the Custodian, the Principal Distributor, the Auditor and the Legal Adviser to the Company;

• all expenses connected with publications and the supply of information to Shareholders, in particular the cost of printing,

the distribution of the Annual and Semi-Annual Reports as well as any Prospectuses;

• all expenses related to the maintenance, production, printing, translation, distribution, despatch, storage and archiving of the KIIs;

• all expenses involved in registering and maintaining the registration of the Company with all governmental agencies and stock exchanges;

• all expenses incurred in connection with its operation and its management.

Advertising costs and expenses other than those specified above, relating directly to the offer or distribution of Shares, will be charged to the Company to the extent decided by the Management Company.

All recurring expenses will be charged first against current income, then, should this not suffice, against realised capital gains, and, if necessary, against assets.

The expenses in connection with the establishment of the Company, were amortised over a period of the first 5 (five) years.

18. Expenses borne by the Company

Taxation of the CompanyUnder Luxembourg law, there are currently no Luxembourg income, withholding or capital gains taxes payable by the Company. The Company is, however, subject to• an annual subscription tax (Taxe d’Abonnement) of 0.05%

on the aggregate Net Asset Value of the outstanding Private Shares of the Company

• an annual subscription tax (Taxe d’Abonnement) of 0.01% on the aggregate Net Asset Value of the outstanding Institutional Shares of the Company.

The Taxe d’Abonnement is calculated and payable at the end of each quarter.

Taxation of the ShareholdersOn 3 June 2003 the European Union agreed on the implementation of the Council Directive 2003/48/EC (the “Savings Tax Directive”). The Savings Tax Directive will apply to the whole European Union (“EU”); furthermore a number of other countries and territories have agreed to introduce rules similar to those of the EU. The Savings Tax Directive is applicable to interest income as defined in the Savings Tax Directive, when the interest income - as a main rule - is received by an individual, who is resident in the EU and holds a bank account in another country or territory

that has agreed to implement the Savings Tax Directive. Further to its implementation on 1 July 2005, the Savings Tax Directive may therefore have an effect on the individual Shareholder taxation level, either as a withholding tax on (part of) the gains realised at disposal of the shares or as a withholding tax on any distributions.

At the date of issue of this Prospectus, there is no Luxembourg withholding tax in general, should the Company decide to make distributions as mentioned in the chapter “Distribution Policy”. However, the Savings Tax Directive, as described above, may have an effect on the distributions.

Prospective Investors should keep themselves informed of the taxes applicable to the acquisition, holding and disposal of Shares and to distributions in respect thereof under the laws of the countries of their citizenship, residence or domicile before they subscribe, convert or redeem any Shares.

Investors and prospective investors should know that the Management Company might not produce all the reporting or the figures necessary to such investors in order for them to comply with all their tax transparency requirements applicable in their jurisdictions and/or to the share classes such investors have invested in.

19. Taxation of the Company and its Shareholders

Dissolution of the CompanyIn the event of the dissolution of the Company by decision of a Shareholders’ meeting, the liquidation shall be effected by one or several liquidators appointed by the meeting of the Shareholders deciding upon such dissolution and determining their powers and their compensation. The liquidator(s) shall realise the Company’s assets in the best interest of the Shareholders and shall distribute the net liquidation proceeds (after deduction of the liquidation charges and expenses) to the Shareholders in proportion to their share in the Company. Any amounts not claimed promptly by any Shareholder will be deposited at the close of the liquidation in escrow with the Caisse de Consignation, Luxembourg. Amounts not claimed from escrow within the period stipulated according to statutory limitation rules will be forfeited according to the provisions of Luxembourg law.

In the event of any contemplated liquidation of the Company, no further Subscription, Conversion, or Redemption will be permitted

after publication of the first notice convening the extraordinary meeting of Shareholders for the purpose of winding-up the Company. All Shares outstanding at the time of such publication will participate in the Company’s liquidation distribution.

Dissolution/Merger of Sub-fundsA Sub-fund with capital guarantee may not be terminated by resolution of the Board of Directors, but shall remain in force irrespective of the Net Asset Value of such Sub-fund until the Sub-fund is dissolved. A Sub-fund without capital guarantee may be terminated by resolution of the Board of Directors if the Net Asset Value of the Sub-fund is below EUR 6,000,000 or its equivalent in any other currency or in the event of special circumstances beyond its control, such as political, economical and military emergencies. In such events, the assets of the Sub-fund will be realised, the liabilities discharged and the net proceeds of realisation distributed to Shareholders in the proportion to their holding of Shares in the Sub-fund. In such event, written notice

20. Dissolution and Merger

144

of the termination of the Sub-fund will be given to registered Shareholders and will further be published as described in the chapter of the Statutes entitled “Dissolution of the Company, Liquidation, Merger or Contribution of a Sub-fund”. No Shares shall be redeemed or converted after the date of the decision to liquidate a Sub-fund.

Any amounts not claimed by any Shareholder shall be deposited at the close of liquidation with the Custodian Bank during a period of 6 (six) months; at the expiry of the 6 (six) month period, any outstanding amount will be deposited in escrow with the Caisse de Consignation, Luxembourg.

A Sub-fund with capital guarantee can not be merged with another Sub-fund, with or without capital guarantee, of the Company.

A Sub-fund without capital guarantee may be merged with another Sub-fund without capital guarantee by resolution of the Board of Directors if the value of its net assets is below EUR 6,000,000 or its equivalent in any other currency or in the event of special circumstances beyond its control, such as political, economic and military emergencies. In such event, written notice of the merger will be given to registered Shareholders and will further be published as described in the chapter of the Statutes entitled “Dissolution of the Company, Liquidation, Merger or Contribution of a Sub-fund”. Each Shareholder of the relevant Sub-fund without capital guarantee shall be given the possibility, within a period of 1 (one) month as of the date of the publication, to request either the repurchase of his Shares, free of any charges, or the exchange

of his Shares, free of any charges, against Shares of a Sub-fund without capital guarantee not concerned by the merger.

At the expiry of this 1 (one) month period any Shareholder which did not request the repurchase or the exchange of its Shares, shall be bound by the decision relating to the merger.

A Sub-fund may be merged with a sub-fund of another Luxembourg SICAV organised under Part I of the Law by resolution of the Board of Directors when deemed appropriate in the best interest of the Shareholders. In such event, written notice will be given to registered Shareholders and will further be published as described in the chapter of the Statutes entitled “Dissolution of the Company, Liquidation, Merger or Contribution of a Sub-fund”. Each Shareholder of the relevant Sub-fund shall be given the possibility, within a period of 1 (one) month as of the date of the publication, to request either the repurchase of his Shares, free of any charges, or the exchange of his Shares, free of any charges, against Shares of a Sub-fund not concerned by the merger. At the expiry of this 1 (one) month period, any Shareholder who did not request the repurchase or the exchange of his Shares shall be bound by the decision relating to the merger. When a Sub-fund is contributed to a sub-fund of another Luxembourg SICAV, the valuation of the Sub-fund’s assets shall be verified by the auditor of the Company who shall issue a written report at the time of the contribution.

The Company does not consider to merge any Sub-fund with another Luxembourg “FCP” or with any foreign investment fund.

The Company makes Distributing Shares available for subscription in certain Sub-funds and Accumulating Shares available for subscription in all Sub-funds; for further information please consult the specifications relating to each Sub-fund.

The profits allocated to Distributing Shares (AI-Shares, AI1-Shares; AP-Shares; AP1-Shares; HA EUR-Shares; HA1 EUR-Shares; HA SEK-Shares; HA NOK-Shares; HA USD-Shares; HAI EUR-Shares; HAI1 EUR-Shares; HAI SEK-Shares; HAI NOK-Shares; HAI USD-Shares; HAI GBP-Shares; HAI JPY-Shares; AX-Shares; HAX EUR-Shares; HAX GBP-Shares; HAX JPY-Shares) will be available for distribution to the Shareholders as the Annual General Meeting of the Shareholders may decide, provided that the capital of the Company does not fall below EUR 1,250,000.00.

Dividends due on Distributing Shares will normally be paid in cash by transfer of funds. Upon written instruction to the Service Agent, Shareholders may instead elect to have their dividends reinvested in further Distributing Shares of the Sub-fund and Class/Sub-class to which such dividends relate, to their own benefit.

Dividends not claimed within five years of their due date will forfeit and revert to the Sub-fund / Sub-class from where they originated.

The profits allocated to Accumulating Shares (BI-Shares, BI1-Shares, BP-Shares, BP1-Shares, E-Shares, E1-Shares, HB EUR-Shares, HB1 EUR-Shares, HB SEK-Shares, HB NOK-Shares, HB USD-Shares, HB CHF-Shares, HBI EUR-Shares, HBI1 EUR-Shares, HBI SEK-Shares, HBI NOK-Shares, HBI DKK-Shares, HBI USD-Shares, HBI GBP-Shares, HBI JPY-Shares, HBI CHF-Shares, X-Shares, HX EUR-Shares, HX USD-Shares, HX SEK-Shares, HX NOK-Shares, HX DKK-Shares, HX GBP-Shares, HX JPY-Shares) shall be added to the portion of net assets relating to BI-Shares, BP-Shares, E-Shares, HB EUR-Shares, HB SEK-Shares, HB NOK-Shares, HB USD-Shares, HB CHF-Shares, HBI EUR-Shares, HBI SEK-Shares, HBI NOK-Shares, HBI DKK-Shares, HBI USD-Shares, HBI GBP-Shares, HBI JPY-Shares, HBI CHF-Shares, X-Shares, HX EUR-Shares, HX USD-Shares, HX SEK-Shares, HX NOK-Shares, HX DKK-Shares, HX GBP-Shares, HX JPY-Shares, Y-Shares and HY PLN-Shares respectively and all income relating to these Shares will automatically be reinvested.

21. Distribution Policy

All payments from the Company to the Shareholders will be made available in the currency of the respective Shares. If a Shareholder wishes payment in another freely convertible currency than the currency of the respective Shares, the Custodian will process the necessary currency exchange at the expense of the Shareholder.

Payment will only be made to the respective Shareholder. The Custodian will effect all payment by means of a bank transfer to the registered shareholder(s)’ designated bank account.

The Custodian will charge a fee for the payment services rendered in accordance with its Charges and Commissions.

22. Payments to Shareholders

Notices to Shareholders will be available at the Registered Office, the Custodian, the Representatives and the Paying Agents. In the case of a Dissolution or Merger, Shareholders will be informed as per the chapter entitled “Dissolution or Merger”. In all other cases, if required by law, Notices to Shareholders are also published in the Mémorial as well as in a daily newspaper in Luxembourg and

in a newspaper of more general circulation in countries in which the Company is authorised for public marketing of its Shares. The Board of Directors determines, from time to time, in which newspaper(s) the notices shall be published. Information about the name of these newspapers can be obtained from the Company or Nordea Investment Funds S.A.

23. Notices and information to Shareholders

145

The information about the Net Asset Value of each Class and/or Sub-class of each Sub-fund and about the Subscription and Redemption Prices will be available at all times at the Registered Office, the Custodian, the Representatives and the Paying Agents.

Audited Annual Reports and unaudited Semi-Annual Reports will be made available at the Registered Office, the Custodian, the Representatives and the Paying Agents not later than 4 (four) months after the end of the financial year in the case of Annual Reports, and 2 (two) months after the first 6 (six) months of the financial year in the case of Semi-Annual Reports.

Separate financial statements shall be issued for each Sub-fund in its relevant Base Currency. To establish the balance sheet of the Company, these financial statements will be added after conversion into the currency of the Company.

All reports will be available at the Registered Office, the Custodian, the Representatives and the Paying Agents.

Shareholders can send any complaints to the Management Company. The Management Company will make every effort to respond to all reasonable complaints quickly and will maintain a Shareholder complaints procedure which is available on request to Shareholders free of charge.

The following documents may be consulted or can be obtained free of charge and as hardcopy at the Registered Office of the Company, the Management Company, the Custodian, the Representatives or the Representatives and Paying Agents as disclosed in the chapter “Representatives & Paying Agents outside Luxembourg” during their respective business days:

• the Statutes of the Company;• the Prospectus of the Company;• the Key Investor Information Documents of the Company;• the Subscription Form;• the Management Company Agreement between the Company

and Nordea Investment Funds S.A.;• the Custodian Bank and Principal Paying Agency Agreement

between the Company and Nordea Bank S.A.;

• the Service Agreement between Nordea Investment Funds S.A. and Nordea Bank S.A.;

• the Nominee Agreement with Nordea Bank AB (publ);• the Investment Sub-Management Agreements • the Investment Advisory Agreements • the periodical financial reports.

An up-to-date version of the KIIs will be made available on www.nordea.lu, and, depending on the local language(s) of the countries where the Company, a Sub-fund or a Share Class are registered for public offering, on the local Nordea websites ending with the international country codes of such relevant countries. As an exception, KIIs in Portuguese and Dutch will be made available on www.nordea.lu only.

24. Documents available for inspection

Registered OfficeNordea 1, SICAV562, rue de NeudorfL-2220 LuxembourgGrand Duchy of Luxembourg

Board of Directors of the Company

André RoelantsLuxembourgGrand Duchy of Luxembourg

André Roelants is Chairman of the Board of Directors of Clearstream International S.A.He has previously assumed the position of CEO of Clearstream, as well as Deputy CEOof Deutsche Börse in Frankfurt. His other functions have included being a member of theDEXIA Group’s Executive Committee and Chairman of the Executive Board of BanqueInternationale à Luxembourg S.A., Luxembourg.

Allan PolackCopenhagenDenmark

Allan Polack is CEO of Nordea Savings & Asset Management and member of the executive management group of Nordea Capital Markets & Savings.

Niels ThygesenCopenhagenDenmark

Niels Thygesen is Professor of Economics at the University of Copenhagen with avery active career as adviser to governments and central banks as well as a memberof many Economic committees.

Alex SchmittLuxembourgGrand Duchy of Luxembourg

Alex Schmitt is Partner of Bonn Schmitt Steichen, Avocats à la Cour, Luxembourg.

Jhon MortensenLuxembourgGrand Duchy of Luxembourg

Jhon Mortensen is Managing Director and CEO of Nordea Bank S.A., Luxembourg and member of the executive management group of Nordea Capital Markets & Savings.

Jari KivihuhtaHelsinkiFinland

Jari Kivihuhta is Managing Director of Nordea Investment Fund Company Finland Ltd, Helsinki.

Peter HemmeBagsvaerdDenmark

Peter Hemme is retired after 24 years in the investment fund business and CEO of Nordea Invest Management A/S. He holds various board memberships in Denmark.

Eira Palin-LehtinenHelsinkiFinland

Eira Palin-Lehtinen is retired after a long career within the Nordea Group. She holds variousboard memberships in Finland.

25. Registered Office & Boards of Directors

146

Board of Directors of the Management Company

Allan PolackCopenhagenDenmark

Allan Polack is CEO of Nordea Savings & Asset Management and member of the executive management group of Nordea Capital Markets & Savings.

Lars Erik HøghLuxembourgGrand-Duchy of Luxembourg

Lars Erik Høgh is Managing Director of Nordea Investment Funds S.A.

Jari KivihuhtaHelsinkiFinland

Jari Kivihuhta is Managing Director of Nordea Investment Fund Company Finland Ltd, Helsinki.

Management Company Custodian and Principal Paying Agent Service AgentNordea Investment Funds S.A. 562, rue de NeudorfL-2220 LuxembourgGrand Duchy of LuxembourgTelephone: + 352 43 39 50-1Telefax: + 352 43 39 48Homepage: http://www.nordea.luE-mail: [email protected]

Nordea Bank S.A. 562, rue de NeudorfL-2220 LuxembourgGrand Duchy of LuxembourgTelephone: +352 43 88 71Telefax: +352 43 93 52

Nordea Bank S.A. 562, rue de NeudorfL-2220 LuxembourgGrand Duchy of LuxembourgTelephone: +352 43 88 71Telefax: +352 43 93 52

26. Administration

Principal Distributor: Distributor for Sweden Nominee in Sweden Nordea Investment Funds S.A. 562, rue de NeudorfL-2220 LuxembourgGrand Duchy of LuxembourgTelephone: + 352 43 39 50-1Telefax general matters: + 352 43 39 48Telefax dealing purposes: + 352 43 39 40Homepage: www.nordea.luE-mail: [email protected]

Nordea Investment Funds ABRegeringsgatan 59S-105 71 StockholmSwedenTelephone: + 46 8 57 942891Telefax: + 46 8 57 942424

Nordea Bank AB (publ)Hamngatan 10S-10571 StockholmSwedenTelephone: + 46 8 61 47000Telefax: + 46 8 20 08 46

Distributor for Finland: Distributor for Switzerland: Distributor for Norway:Nordea Investment Fund Company Finland LtdCentralgatan / Keskuskatu 3aFIN-00020 NORDEA, HelsinkiFinlandTelephone: + 358 9 1651Telefax: + 358 9 165 48368

Nordea Bank S.A. Luxemburg Zweigniederlassung ZürichMainaustrasse 21-23CH-8008 ZurichSwitzerlandTelephone: +41 44 4214242Telefax: +41 44 4214282

Nordea Fondene Norge ASEssendrops gate 7Postboks 1166 SentrumN-0107 OsloNorwayTelephone: + 47 22 48 45 00 Telefax: + 47 22 48 46 03

Distributor for Poland: Distributor for the Republic of Latvia: Distributor for the Republic of Estonia:Nordea Bank Polska S.A.Ul. Kielecka 2PL-81-303 GdyniaPolandTelephone: + 48 58 3 000 000Telefax: + 48 58 669 11 10

Nordea Bank Finland Plc Latvia Branch62 Kr. Valdemāra streetLV-1013 RigaRepublic of LatviaTelephone: +371 67 096 096Telefax: +371 67 005 622

Nordea Bank Finland Plc Estonia BranchHobujaama 415068 TallinnRepublic of EstoniaTelephone: +372 6283 300Telefax: +372 6283 201

Distributor for the Republic of Lithuania:

Distributor for Denmark:

Nordea Bank Finland Plc Lithuania BranchDidzioji str. 18/2LT-01128 VilniusRepublic of LithuaniaTelephone: +370 5 2 361 361Telefax: +370 5 2 361 362

Nordea Bank Danmark A/SStrandgade 3Christiansbro1401 Copenhagen KDenmark

27. Distribution Channels

147

The full list of Representatives and Paying Agents outside Luxembourg can be obtained, free of any charge and in paper form, at the Registered Office of the Company, the Management Company and/or the Custodian.

Representative & Paying Agent in Poland:

Representative & Paying Agent in Switzerland:

Representative and Sub-Paying Agent in Austria:

Nordea Bank Polska S.A.Ul. Kielecka 2PL-81-303 GdyniaPolandTelephone: + 48 58 3 000 000Telefax: + 48 58 669 11 10

Nordea Bank S.A. Luxemburg Zweigniederlassung ZürichMainaustrasse 21-23CH-8008 ZurichSwitzerlandTelephone: +41 44 4214242Telefax: +41 44 4214282

Erste Bank der österreichischen Sparkassen AGGraben 21A-1010 ViennaAustriaTelephone: + 43 (0) 50100 12139Telefax: + 43 (0) 50100 9 12139

Centralising Correspondent in France:

Paying Agent in Sweden:

Representative Agent in Sweden:

CACEIS Bank1-3, place ValhubertF-75206 Paris cedex 13FranceTelephone: + 33 1 41 89 70 00Telefax: + 33 1 41 89 70 05

Nordea Bank AB (publ)Hamngatan 10S-105 71 StockholmSwedenTelephone: + 46 8 61 47000Telefax: + 46 8 20 08 46

Nordea Fonder ABRegeringsgatan 59S-105 71 StockholmSwedenTelephone: + 46 8 61 47000Telefax: + 46 8 20 08 46

Paying Agent in Finland:

Representative Agent in Finland:

Representative & Paying Agent in the United Kingdom:

Nordea Bank Finland PlcAleksanterinkatu 30FIN-00020 NORDEA, HelsinkiFinlandTelephone: + 358 9 1651Telefax: + 358 9 165 54500

Nordea Investment Fund Company Finland LtdCentralgatan / Keskuskatu 3aFIN-00020 NORDEA, HelsinkiFinlandTelephone: + 358 9 1651Telefax: + 358 9 165 48368

Nordea Bank Finland PlcLondon Branch8th floor City Place House55 Basinghall StreetGB-London EC2V 5NB United KingdomTelephone: + 44 20 7726 9000Telefax: + 44 20 7726 9009

Representative and Sub-Paying Agent in Denmark:

Paying Agentin Norway:

Representative Agentin Norway:

Nordea Bank Danmark A/SStrandgade 3Christiansbro1401 Copenhagen KDenmarkTelephone: +45 33 33 65 44Telefax: +45 33 33 10 04

Nordea Bank Norge ASMiddelthunsgate 17Postboks 1166 SentrumN-0107 OsloNorwayTelephone: + 47 22 48 45 00 Telefax: + 47 22 48 46 03

Nordea Fondene Norge ASEssendrops gate 7Postboks 1166 SentrumN-0107 OsloNorwayTelephone: + 47 22 48 45 00 Telefax: + 47 22 48 46 03

Paying Agent in Italy Paying Agent in Italy Paying Agent in ItalyState Street Bank S.p.A.Via Ferrante Aporti 10I-20125 MilanoTelephone: +39 (02) 3211-7001 / 7002Telefax: + 39 02 8796 9964

BNP Paribas Securities ServicesVia Ansperto 5I-20123 MilanTelephone: + 39 2 7247 4294Telefax: + 39 2 7247 4805

Banca Sella Holding S.p.A.Piazza Gaudenzio Sella 1I-13900 BiellaTelephone: +39 015 3501 997Telefax: +39 2433 964

Paying Agent in Italy Paying Agent in Italy Representative & Paying Agent in the Republic of Estonia:

Allfunds Bank S.A. Sucursal de MilanVia Santa Margherita 7I-20121 Milan

Telephone: +39 02 89 628 301Telefax: +39 02 89 628 240

Société Générale Securities Services S.p.A.via Benigno Crespi, 19/A –MAC2,I-20159 Milan

Telephone: +39 02 9178 4661Telefax: +39 02 9178 3059

Nordea Bank Finland Plc Estonia BranchHobujaama 415068 TallinnRepublic of Estonia

Telephone: +372 6283 300Telefax: +372 6283 201

Representative & Paying Agent in the Republic of Latvia:

Representative & Paying Agent in the Republic of Lithuania:

Information and Paying Agent in Germany

Nordea Bank Finland Plc Latvia Branch62 Kr. Valdemāra streetLV-1013 RigaRepublic of Latvia

Telephone: +371 67 096 096Telefax: +371 67 005 622

Nordea Bank Finland Plc Lithuania BranchDidzioji str. 18/2LT-01128 VilniusRepublic of Lithuania

Telephone: +370 5 2 361 361Telefax: +370 5 2 361 362

Nordea Bank Finland plcGermany BranchBockenheimer Landstrasse 33D-60325 Frankfurt am MainGermanyTelephone: +49 69 71004-0Telefax: +49 69 71004-119

28. Representatives & Paying Agents outside Luxembourg

148

Nordea Investment Management AB, DenmarkFilial af Nordea Investment Management AB, SwedenChristiansbro, Strandgade 3DK-0900 Copenhagen CDenmark

Ashburton (Jersey) Limited17 Hilary Street,St. Helier,Jersey JE4 8SJ,Channel Islands

Metzler Asset Management GmbHGroße Gallusstraße 1860311 Frankfurt am MainGermany

Itaú Unibanco S.A.Praça Alfredo Egydio de Souza Aranha, 100 – Torre ItaúsaCEP 04344-902São PauloBrazil

Tokio Marine Asset Management International PTE Ltd20 McCallum street #18-01Tokio Marine CentreSingapore 069046

29. Investment Sub-Managers

Capital Four Management A/SFrederiksholmskanal 2, 4DK-1220 Copenhagen KDenmark

STANLIB Asset Management Limited17 Melrose BoulevardMelrose ArchJohannesburg2196South Africa

Private Capital Management, L.P.8889 Pelican Bay Boulevard, Suite 500Naples, FL 34108United States of America

MacKay Shields LLC9 West 57th Street, 33rd FloorNew York, NY 10019United States of America

Hexam Capital Partners LLPEdinburgh Quay, 133 Fountainbridge, Edinburgh, EH3 9AG, United Kingdom

30. Investment Sub-Sub-Managers

European Value Partners Advisors AGLavaterstrasse 45CH-8002 Zürich Switzerland

European Value Partners Advisors S.à r.l.534, rue de NeudorfL-2220 LuxembourgGrand Duchy of Luxembourg

Aletheia Research and Management, Inc., 100 Wilshire Blvd.Santa Monica, CA 90401 United States of America

31. Investment Advisors and Sub-Advisors

Bonn Schmitt Steichen22-24, rives de ClausenL-2165 LuxembourgGrand Duchy of Luxembourg

32. Legal Advisor

149

KPMG Audit S.à r.l.9, Allée SchefferL-2520 LuxembourgGrand Duchy of Luxembourg

33. Auditor

Nordea 1, SICAV is fully or partly authorised for public marketing in at least the following countries:

Grand Duchy of Luxembourg Sweden FinlandThe United Kingdom Austria FranceSwitzerland Norway Spain Italy The Netherlands Poland Lithuania Latvia EstoniaPortugal Germany Denmark

For further details on the public marketing authorisations and a full list of countries, please contact the Management Company at the address stated above.

34. Public Marketing Authorisations

The Net Asset Value per Share of all share Classes / share Sub-Classes of all Sub-funds are available on a daily basis from the Management Company, the Custodian, the Representatives and the Paying Agents. Their addresses and telephone numbers are listed above. The share prices are published in the “Tageblatt” in Luxembourg and may also be published in a daily newspaper in those countries where the Company has obtained a public marketing authorisation.

In addition hereto all prices are available on the Internet at the address: www.nordea.lu.

35. Daily Share Prices

150

Nordea 1, SICAV562, rue de NeudorfL-2220 LuxembourgGrand Duchy of Luxembourg

Tel. +352 43 39 50 - 1Fax +352 43 39 [email protected]

R.C.S. Luxembourg B-31442