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DANSKE INVEST

A Luxembourgbasedmut ualinvest mentfund

Unaudited Semi-AnnualReport

as atJune 30,2016

Danske InvestManagement Company

R.C.S. LuxembourgB28945

Subscriptionsshallonly bevalid ifmade onthe basiso fthe KIID(K eyInvest orInformat ionDocument) orthe

current prospectusaccompanied bythe mostrecent annualreport, includingaudit edf inancialst atements as wellas bythe mostrecent unauditedsemi-annual reportif publishedmore recentlythan themost recent

annual report,including audited financialstatements. Nooneisauthor isedtost ateother information than

the oneconta inedintheProspectus aswell asin thedocument sherein mentioned, whichare availablet othe public.

Tableof contents

Page

Management andAdministrat ion4

Informationt oUnitholders6

Report ofthe ManagementCompany 7

Unaudited CombinedStatement ofNet Assets8

Unaudited CombinedStatement ofOperat ionsand ChangesinNetAssets 14

DANISH BOND

Statementof Investments20

Geographical andEconomic Portfolio Breakdowns22

EUROPEAN BOND

Statementof Investments23

Geographical andEconomic Portfolio Breakdowns27

DENMARK FOCUS

Statementof Investments28

Geographical andEconomic Portfolio Breakdowns30

NORDIC

Statementof Investments31

Geographical andEconomic Portfolio Breakdowns33

SWEDISH BOND

Statementof Investments34

Geographical andEconomic Portfolio Breakdowns35

SWEDEN

Statementof Investments36

Geographical andEconomic Portfolio Breakdowns38

DANISH MORTGAGEBOND

Statementof Investments39

Geographical andEconomic Portfolio Breakdowns42

GLOBALEMERGING MARKETS

Statementof Investments43

Geographical andEconomic Portfolio Breakdowns46

EUROPE FOCUS

Statementof Investments47

Geographical andEconomic Portfolio Breakdowns49

GLOBALST OCKPICKING

Statementof Investments50

Geographical andEconomic Portfolio Breakdowns52

EUROPE SMALLCAP

Statementof Investments53

Geographical andEconomic Portfolio Breakdowns55

EUROPE HIGHDIVIDEND

Statementof Investments56

Geographical andEconomic Portfolio Breakdowns58

GLOBALCORPO RATEBONDS

Statementof Investments59

Geographical andEconomic Portfolio Breakdowns65

EASTERN EUROPECONV ERGENCE

Statementof Investments66

Geographical andEconomic Portfolio Breakdowns69

CHINA

Statementof Investments70

Geographical andEconomic Portfolio Breakdowns72

JAPAN

Statementof Investments73

Geographical andEconomic Portfolio Breakdowns75

INDIA

Statementof Investments76

Geographical andEconomic Portfolio Breakdowns77

TRANS-BALKAN

Statementof Investments78

Geographical andEconomic Portfolio Breakdowns81

GLOBALEMERGING MARKETSSMALL CAP

Statementof Investments82

Geographical andEconomic Portfolio Breakdowns86

RUSSIA

Statementof Investments87

Geographical andEconomic Portfolio Breakdowns89

Notest otheUnauditedFinancial Statements90

Informationfor Investors inSwitzerland (nonaudited) 102

DANSKE INVEST

3

Management andAdministr ation

MANAGEMENT COMPANY

Danske InvestManagement Company

13, rueEdward Steichen

L- 2540Luxembourg

Grand Duchyo fLuxembourg

BOARDOF DIRECTORS

Morten RASTEN(Chairman)

ManagingDirect or

Danske InvestManagement A/S

KongensL yngby

Denmark

Johnny BISGAARD

Deputy GeneralManager

Danske BankInterna tionalS.A.

Luxembourg

Grand Duchyo fLuxembourg

Lone MORTENSEN(until May31,2016)

Member ofExecut iveBoard

Head ofManagement CompanyIntegra tion

Danske InvestManagement A/S

KongensL yngby

Denmark

Thomas BorgDIDERIKSEN (co-opted

May 31,2016 subjectt oCSSF approval)

ManagingDirect or

Danske BankInterna tionalS.A.

Luxembourg

Grand Duchyo fLuxembourg

CONDUCTINGOFFICERS

Klaus EBERT

ManagingDirect or

Danske InvestManagement Company

Luxembourg

Grand Duchyo fLuxembourg

PeterDYHR

Conductingof ficer

Danske InvestManagement Company

Luxembourg

Grand Duchyo fLuxembourg

CUSTODIANAND CENTRALADMINISTRA TION

RBC InvestorServ icesBankS.A.

14, Portede France

L-4360 Esch-sur-Alzette

Grand Duchyo fLuxembourg

REGISTRAR AGENT

RBC InvestorServ icesBankS.A.

14, Portede France

L-4360 Esch-sur-Alzette

Grand Duchyo fLuxembourgPRINCIPALP AYINGAGENT

RBC InvestorServ icesBankS.A.

14, Portede France

L-4360 Esch-sur-Alzette

Grand Duchyof Luxembourg

PAYINGAGENTIN DENMARK

Danske BankA/S

2-12, HolmensKanal

DK-1092 Copenhagen

Denmark

INVESTMENT MANAGER

Danske BankA/S

Parallelvej 17

DK-2800 KongensLyngby

Denmark

SUB-INVESTMENT MANAGERS

Aberdeen AssetManagement AsiaLimite d

(for theGlobal Emerging Markets,GlobalEmerg ing

MarketsSmall Capand IndiaSub-Funds)

21, ChurchStreet #01-01Capita lsquare Two

Singapore 049480

Singapore

Schroder InvestmentManagement Limited

(for theChina Sub-Fund)

31, GreshamStreet

GB-London EC2V7QA

U.K.

Danske CapitalAB

(for theSwedish Bond,Sweden Sub-Funds)

BOX7523

Norrmalmstorg1

S-103 92St ockholm

Sweden

Danske Bankplc

(for theRussia andNordic Sub-Funds) (actingthrough itsasset managementdiv ision

Danske Capital)

Hiililaiturinkuja2

FI 00075Helsinki

Finland

Daiwa SBInvestments (UK)Limited

(for theJapan Sub-Fund)

5th floor,5KingWi lliamStre et,

GB-London EC4N7JA

U.K.

DANSKE INVEST

4

AUDITOR(CABINET DERÉVISION AGRÉÉ)

Deloitte Audit,Société àresponsabilité limitée

560, ruede Neudorf

L-2220 Luxembourg

Grand Duchyo fLuxembourg

SWISS REPRESENTATIVE

CarnegieFund Serv icesS.A.

11, ruedu General- Dufour

1204 Geneva

Switzerland

SWISS PAYINGAGENT

Banque CantonaledeGeneve

17, Quaide L'lle

1204 Geneva

Switzerland

PAYINGANDINFORMA TIONAGENT IN

GERMANY

Danske BankA/S

Zweigniederlassung Hamburg

Georgsplatz1

Postfach10 1522

D-20099 Hamburg

Germany

DANSKE INVEST

5

Management andAdministr ation(continued)

Informationto Unitholders

Informationabout theNet AssetV alueof theunits ofeachSub-Fund andabout thesubscr iption and redemptionpr icesisavailableat allt imesat thereg istered officeof theManagement Company.

Copies oftheannual report,including audited financial statement sandallunaudited semi-annualreportsof

the Fundmay beobta inedby holdersofunits from thereg isteredof fice oftheManagement Company, the

CustodianBank andany paying agent.

A detailedscheduleof thechanges inthe portfolio statement foreach Sub-Fundis availablefreeo fcharge upon requestat thereg isteredof ficeofthe ManagementCompanyandfromthe Paying andInformat ion

Agent inGermany .

The currentprospectus, theKIIDs andthe managementregulat ionsare alsoavailable from thePayingand

InformationAgent inGermany .

Informationt oUnitholdersinSw itzerland

The Fund

s prospectus,KIID, articles ofassociation,annual report,including auditedfinancialst atements and unauditedsemi-annualreports each intheir respective latestversionapproved bytheSwiss Financial Market SupervisoryAuthority, inGermanand thenet assetvalue perunit aswell asthe subscript ion, redemptionand possibleconversion price ofunits andalisto fchanges to theinvestment portfolio are available freeof chargeattheof fice of theSw issRepresentative. The investorcanobta ina listofchanges to theinvestment portfoliofree ofcharge fromtheSw iss

Representative.

All informationavailablet ounitholders attheheado ff iceo fthe ManagementCompany canalsobeobtained freeof chargeon requestf romthe Swiss Representative.

SwissRepresent ative:

CarnegieFund Serv icesS.A.11rueduGeneral -Dufour 1204Geneva, SWITZERLAND

DANSKE INVEST

6

Report oftheManagement Company

Significantevents during thefirsthalf-year 2016:

Board ofDirect ors:

At theAnnual GeneralMeet ingo fDanskeInvestManagement Company(DIMC)heldon February 17,2016, the GeneralAssembly hast akennot eoftheexpir yofthemandat efor allthe currentBoardMembersas of February17, 2016and thatall theBoard Membersatte ndedthe BoardMeet ingsheld in2015. The followingBoard Memberswere elected -Mr .MortenRasten ,Ms. LoneMortensenand Mr.JohnnyBisgaard - for aone yearper iodunt ilthenextAnnual GeneralMeetingwhich will beheld in2017. Itwas notedthat there isno remuneration feeforBoardMembers from theDanske BankGroup. DeloitteAudit waselected as statutoryauditorfor DanskeInvestManagementCompany foranother year.

Events subsequentt otheAnnualGeneral Meeting:

A circularresolut ionconstituting Mr.MortenRastenas Chairmantothe Boardwassignedaf terthe Annual

General Meeting.

On May31, 2016Ms. LoneMortense nresigned from theDIMCBoardand Mr. ThomasBorgDideriksen was co-optedto theBoard(subjectt oCSSF approval)in herreplacement. Mr.ThomasBorg Dideriksen is ManagingDirect orofDanskeBank Internat ionalS.A. Luxembourg. Mandates heldby thecurrent Boardof Directors ofDanske InvestManagement Company: Mr.Morten Rastenhas thefollow ingmandat esand engagements(inaddit iontothe Director /Chairman mandate ofDIMC): Board membership:Danske InvestFund ManagementLtd (Finland),Danske CapitalAB (Sweden),Danske CapitalAS (Norway), DanskeInvestSICAV SIF, DanskeInvest SICAVandDanske InvestAllocation (Luxembourg). Management position:Managing DirectorinDanske InvestManagementA/S(Denmark). Mr.Johnny Bisgaardhas thefollow ingmandates andengagement s(inaddition to theDirect ormandateof

DIMC):

Member ofExecut iveboardinDanske BankInterna tional S.A. Deputy ManagingDirector ofDanskeBankInterna tional S.A.

Danske InvestProspectus

The DanskeInvest Prospectuswas lastupdated inMay 2014.

UCITS VDirect iveProspectusupdate

The UCITSV Directive wasadoptedbythe LuxembourgParliament onApr il21, 2016.Updates to Danske Invest FCPProspectus onDeposita ry functions-incl.newDeposita ryAgreements andRemunerat ionPolicy requirements- will befiledw iththe CSSFduringQ3 2016. KIID All theK eyInvestorInformat ionDocuments- theKIIDs-are availableandpublishedon the websitewww .danskeinvest.com.TheannualKIID updatefor theongoing chargesand pastper formance was completedinFebruar y2016.

Board ofDirectors

DANSKE INVEST

7

UnauditedCombined State mentofNetAssets

as atJune 30,2016

Danish BondEuropean BondDenmark FocusNordic

Note DKKEUR DKKEUR

ASSETS

Investment portfolioatmarket value(3) 264,389,46234,541,516 367,524,45024,520,181

Cash atbank 970,7901,685,846 14,836,882368,991

Amounts receivableon saleo f

investments -- 2,493,898143,545 Amounts receivableon subscript ions315,938106,233580,1163,846 Interest anddiv idendreceivable,net1,510,672 423,820- 29,970

Net unrealisedpro fitonforward

foreign exchangecontr acts(7),(3)-129,163 --

Net unrealisedpro fitonfutures

contracts(9),(3) -288,982 --

Other assets- -- 449

TOTALASSETS267,186,86237,175,560 385,435,34625,066,982

LIABILITIES

Bank overdraft-- --

Interest payable,net 427569 11,242254

Amounts payableon purchaseof

investments -- 1,639,348144,206 Amounts payableon redemptions 4,84645,2386,233,53815,064

Net unrealisedloss onfor wardforeign

exchange contracts(7),(3)- -- - Management feespayable (4)174,330 23,876491,341 31,721

Marketingfees payable(4) 21,7912,984 32,7562,115

Taxed'abonnement payable(6) 33,2294,612 46,1083,045

Unrealised capitalgaintax on

investments (3)- -- -

Operatingand administrat iveexpense

and auditfees payable(4),(5) 26,1494,477 39,3073,172

Other liabilities-4 --

TOTALLIABILITIES260,77281,760 8,493,640199,577

TOTALNETASSETS266,926,090 37,093,800376,941,706 24,867,405

Net assetvalue perunit

Class A-nokh -111.360 --

Class A406.640 20.5851,436.280 72.576

Class A-sekh -- --

Class Ad 118.88012.001 --

Class I- -- -

Class A-eurh -- --

Class Y- -- -

Number ofunits outstanding

Class A-nokh -647,026.7349 --

Class A566,327.6888 1,342,287.2984262,443.7858 342,637.6191

Class A-sekh -- --

Class Ad 308,179.6117144,940.4008 --

Class I- -- -

Class A-eurh -- --

Class Y- -- -

DANSKE INVEST

8 The accompanyingnotes formanintegral partof thesef inancialstatements.

Swedish BondSweden DanishMortgage

BondGlobal Emerging

Markets

Note SEKSEK DKKUSD

ASSETS

Investment portfolioatmarket value(3) 1,920,299,885182,522,970 1,640,138,159536,824,709

Cash atbank 3,796,6238,566,375 2,525,9917,589,261

Amounts receivableon saleo f

investments 209,030,2321,695,322 -917,786 Amounts receivableon subscript ions18,50013,2612,044,71668,442 Interest anddiv idendreceivable,net15,956,903 -8,498,132 1,765,844

Net unrealisedpro fitonforward

foreign exchangecontr acts(7),(3)-- --

Net unrealisedpro fitonfutures

contracts(9),(3) -- --

Other assets- -24 2,602

TOTALASSETS2,149,102,143192,797,928 1,653,207,022547,168,644

LIABILITIES

Bank overdraft3,388- --

Interest payable,net 3,0725,192 16,415-

Amounts payableon purchaseof

investments 208,250,0501,296,505 2,108,552947,503 Amounts payableon redemptions 1,705,087-795,823672,305

Net unrealisedloss onfor wardforeign

exchange contracts(7),(3)- -5,480,478 - Management feespayable (4)830,335 241,665593,583 610,902 Marketingfees payable(4) 165,61016,111 54,37526,799 Taxed'abonnement payable(6) 241,36823,440 107,64545,780

Unrealised capitalgaintax on

investments (3)- -- 543,843

Operatingand administrat iveexpense

and auditfees payable(4),(5) 198,73219,333 160,39988,113

Other liabilities-- --

TOTALLIABILITIES211,397,6421,602,246 9,317,2702,935,245 TOTALNETASSETS1,937,704,501 191,195,6821,643,889,752 544,233,399

Net assetvalue perunit

Class A-nokh -- 170.110-

Class A250.770 518.560226.600 69.447

Class A-sekh -- 153.920-

Class Ad -- 102.970-

Class I- -121.750 34.003

Class A-eurh -- 11.150-

Class Y139.450 -- -

Number ofunits outstanding

Class A-nokh -- 8,687.2641-

Class A37,139.4222 368,702.8629544,167.7668 4,771,173.1655

Class A-sekh -- 2,769,880.6113-

Class Ad -- 178,155.7824-

Class I- -7,996,097.0000 6,260,933.7603

Class A-eurh -- 2,297,523.3052-

Class Y13,828,209.4422 -- -

DANSKE INVEST

9 The accompanyingnotes formanintegral partof thesef inancialstatements.

UnauditedCombined State mentofNetAssets

as atJune 30,2016 (continued)

Europe FocusGlobal

StockPickingEurope SmallCap EuropeHigh

Dividend

Note EUREUR EUREUR

ASSETS

Investment portfolioatmarket value(3) 72,148,426207,946,457 96,767,411138,554,474

Cash atbank 1,760,4644,652,622 272,185782,931

Amounts receivableon saleo f

investments 339,8473,354,024 3,648,323- Amounts receivableon subscript ions35,52117,762,17464,02260,057 Interest anddiv idendreceivable,net42,674 302,994264,859 215,391

Net unrealisedpro fitonforward

foreign exchangecontr acts(7),(3)-- --

Net unrealisedpro fitonfutures

contracts(9),(3) -- --

Other assets10 -3,100 76

TOTALASSETS74,326,942234,018,271 101,019,900139,612,929

LIABILITIES

Bank overdraft-- --

Interest payable,net 3341,571 192194

Amounts payableon purchaseof

investments -17,312,739 -- Amounts payableon redemptions 79,63045,9051,877,77656,959

Net unrealisedloss onfor wardforeign

exchange contracts(7),(3)- -- - Management feespayable (4)89,625 250,396140,862 132,871

Marketingfees payable(4) 4,64715,105 8,7603,977

Taxed'abonnement payable(6) 7,16725,085 12,0628,123

Unrealised capitalgaintax on

investments (3)- -- -

Operatingand administrat iveexpense

and auditfees payable(4),(5) 7,61319,288 13,25714,005

Other liabilities-27,172 --

TOTALLIABILITIES189,01617,697,261 2,052,909216,129 TOTALNETASSETS74,137,926 216,321,01098,966,991 139,396,800

Net assetvalue perunit

Class A-nokh -- --

Class A14.882 19.10647.846 25.233

Class A-sekh -- --

Class Ad -- --

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