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Nordea 1, SICAV Société D’Investissement À Capital Variable À Compartiments Multiples Statement of Changes in Investments for the Unaudited Semi-Annual Report 2019 Nordea 1, SICAV Société d’Investissement à Capital Variable à compartiments multiples Investment Fund under Luxembourg Law 562, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg R.C.S. number: Luxembourg B-31442 Statement of Changes in Investments Table of Contents Nordea 1 - Alpha 7 MA Fund 3 Nordea 1 - Alpha 10 MA Fund 5 Nordea 1 - Alpha 15 MA Fund 7 Nordea 1 - Asian Focus Equity Fund 9 Nordea 1 - Balanced Income Fund 10 Nordea 1 - Chinese Equity Fund 13 Nordea 1 - Danish Bond Fund 14 Nordea 1 - Danish Covered Bond Fund (Formerly Nordea 1 - Danish Mortgage Bond Fund) 15 Nordea 1 - Danish Short-Term Bond Fund 16 Nordea 1 - Emerging Consumer Fund 17 Nordea 1 - Emerging Market Bond Fund 18 Nordea 1 - Emerging Market Bond Opportunities Fund 21 Nordea 1 - Emerging Market Corporate Bond Fund 24 Nordea 1 - Emerging Market Hard Currency Bond Fund 26 Nordea 1 - Emerging Market Local Debt Fund 29 Nordea 1 - Emerging Market Local Debt Fund Plus 30 Nordea 1 - Emerging Markets Debt Total Return Fund 31 Nordea 1 - Emerging Markets Focus Equity Fund 32 Nordea 1 - Emerging Markets Small Cap Fund 33 Nordea 1 - Emerging Stars Bond Fund 35 Nordea 1 - Emerging Stars Equity Fund 38 Nordea 1 - European Corporate Bond Fund 39 Nordea 1 - European Corporate Bond Fund Plus 42 Nordea 1 - European Corporate Stars Bond Fund 45 Nordea 1 - European Covered Bond Fund 47 Nordea 1 - European Covered Bond Opportunities Fund 49 Nordea 1 - European Cross Credit Fund 51 Nordea 1 - European Diversif ied Corporate Bond Fund 52 Nordea 1 - European Financial Debt Fund 55 Nordea 1 - European Focus Equity Fund 56 Nordea 1 - European High Yield Bond Fund 57 Nordea 1 - European High Yield Bond Fund II 58 Nordea 1 - European High Yield Stars Bond Fund 60 Nordea 1 - European Long Short Equity Fund 62 Nordea 1 - European Small and Mid Cap Equity Fund 63 Nordea 1 - European Stars Equity Fund 64 Nordea 1 - European Value Fund 65 Nordea 1 - Flexible Fixed Income Fund 66 Nordea 1 - GBP Diversif ied Return Fund 69 Nordea 1 - Global Bond Fund 73 Nordea 1 - Global Climate and Environment Fund 75 Nordea 1 - Global Disruption Fund 76 Nordea 1 - Global Dividend Fund 77 Nordea 1 - Global Frontier Markets Fund 78 Nordea 1 - Global Gender Diversity Fund 79 Nordea 1 - Global High Yield Bond Fund 80 Nordea 1 - Global Ideas Equity Fund 83 Nordea 1 - Global Listed Infrastructure Fund 84 Nordea 1 - Global Long Short Equity Fund - USD Hedged 85 Nordea 1 - Global Opportunity Fund 86 Nordea 1 - Global Portfolio Fund 87 Nordea 1 - Global Real Estate Fund 88 Nordea 1 - Global Small Cap Fund 89 Nordea 1 - Global Stable Equity Fund 91 Nordea 1 - Global Stable Equity Fund - Euro Hedged 92 Nordea 1 - Global Stars Equity Fund 93 Nordea 1 - Indian Equity Fund 94 Nordea 1 - International High Yield Bond Fund - USD Hedged 95 Nordea 1 - Latin American Corporate Bond Fund 98 Nordea 1 - Latin American Equity Fund 99 Nordea 1 - Long Duration US Bond Fund 100 Statement of Changes in Investments Nordea 1, SICAV - Unaudited Semi-Annual Report 2019 1 Table of Contents (continued) Nordea 1 - Low Duration European Covered Bond Fund 101 Nordea 1 - Low Duration European High Yield Bond Fund 103 Nordea 1 - Low Duration US High Yield Bond Fund 104 Nordea 1 - Nordic Equity Fund 105 Nordea 1 - Nordic Equity Small Cap Fund 106 Nordea 1 - Nordic Ideas Equity Fund 107 Nordea 1 - Nordic Stars Equity Fund 108 Nordea 1 - North American High Yield Bond Fund 109 Nordea 1 - North American Small Cap Fund 112 Nordea 1 - North American Stars Equity Fund 114 Nordea 1 - North American Value Fund 115 Nordea 1 - Norwegian Bond Fund 116 Nordea 1 - Norwegian Equity Fund 117 Nordea 1 - Norwegian Short-Term Bond Fund 118 Nordea 1 - Renminbi Bond Fund 119 Nordea 1 - Stable Emerging Markets Equity Fund 120 Nordea 1 - Stable Return Fund 121 Nordea 1 - Swedish Bond Fund 125 Nordea 1 - Swedish Short-Term Bond Fund 126 Nordea 1 - Unconstrained Bond Fund - USD Hedged 127 Nordea 1 - US Bond Opportunities Fund 129 Nordea 1 - US Corporate Bond Fund 133 Nordea 1 - US High Yield Bond Fund 136 Nordea 1 - US Total Return Bond Fund 138 Statement of Changes in Investments 2 Nordea 1, SICAV - Unaudited Semi-Annual Report 2019 Nordea 1 - Alpha 7 MA Fund Number/Nominal Changes in the Composition of the Securities Portfolio during the fi rst half of year 2019 Description Purchases Sales Bonus Description Purchases Sales Bonus Shares/ Shares/ Exchanges Exchanges Bonds GBP Bundesobligation 0.000000% 1,000,000.00 - - British American Tobacco 7,606.00 4,783.00 - 09-04-2021 Imperial Brands 6,655.00 4,137.00 - Bundesobligation 0.000000% 1,000,000.00 - - Reckitt Benckiser Group 7,159.00 773.00 - 17-04-2020 Rightmove 10,265.00 6,929.00 - Bundesobligation 0.25% 16-10-2020 1,000,000.00 - - SSE 7,074.00 4,005.00 - Bundesobligation 0.5% 12-04-2019 - - (3,000,000.00) WPP 9,777.00 6,142.00 - USD HKD United States Treasury Note/ 1% 1,000,000.00 - - 30-11-2019 China Communications Construction 124,000.00 51,000.00 - United States Treasury Note/ 1.25% 2,500,000.00 - - China Construction Bank 162,000.00 96,000.00 - 31-10-2019 China Everbright International 17,000.00 11,000.00 - United States Treasury Note/ 1.375% 2,500,000.00 - - China Longyuan Power Group - 8,000.00 - 15-12-2019 China Mobile 29,500.00 29,500.00 - United States Treasury Note/ 1.375% 1,500,000.00 - - China Overseas Land & Investment 30,000.00 16,000.00 - 30-09-2019 United States Treasury Note/ 1.375% 2,000,000.00 - - China Petroleum & Chemical 110,000.00 62,000.00 - 31-01-2020 China Railway Construction 123,000.00 34,500.00 - United States Treasury Note/ 1.5% 500,000.00 - (3,500,000.00) China Resources Land 18,000.00 6,000.00 - 28-02-2019 China Telecom 234,000.00 132,000.00 - United States Treasury Note/ 1.5% - - (5,000,000.00) ENN Energy Holdings 3,500.00 7,200.00 - 31-01-2019 Hengan International Group 8,500.00 1,500.00 - United States Treasury Note/ 1.5% - - (3,000,000.00) 31-05-2019 Industrial & Commercial Bank of 255,000.00 152,000.00 - United States Treasury Note/ 1.625% - - (5,000,000.00) China 30-04-2019 Ping An Insurance Group Co of 14,500.00 1,500.00 - China Sinopharm Group 40,000.00 10,400.00 - Techtronic Industries 11,000.00 7,500.00 - Shares IDR AUD Astra International 3,500.00 16,100.00 - Flight Centre Travel Group 1,384.00 1,003.00 - Bank Rakyat Indonesia Persero 106,300.00 136,300.00 - Westpac Banking 1,808.00 18,201.00 - Telekomunikasi Indonesia Persero 206,900.00 187,300.00 - BRL JPY Banco Bradesco 1,100.00 10,565.00 - Hoya 1,200.00 900.00 - Cielo 11,400.00 6,000.00 - KDDI 28,500.00 7,700.00 - Nippon Telegraph & Telephone 8,300.00 4,300.00 - CAD Seven & i Holdings 1,100.00 - - Agnico Eagle Mines 1,929.00 193.00 - Takeda Pharmaceutical 1,500.00 800.00 - Bank of Nova Scotia/The 5,100.00 3,100.00 - Franco-Nevada 1,481.00 148.00 - KRW Goldcorp 727.00 727.00 - E-MART 200.00 96.00 - National Bank of Canada 6,700.00 2,300.00 - Hyundai Department Store 26.00 71.00 - Royal Bank of Canada 2,500.00 1,600.00 - Hyundai Glovis 427.00 170.00 - TC Energy 2,200.00 7,200.00 24,200.00 Hyundai Mobis 457.00 270.00 - TransCanada 2,700.00 3,200.00 (24,200.00) KT&G 1,176.00 680.00 - Samsung Electronics 6,086.00 3,561.00 - CHF Samsung Fire & Marine Insurance 54.00 44.00 - Roche Holding 1,056.00 2,075.00 - SK Telecom 688.00 399.00 - CNY MXN Dong-E-E-Jiao 12,699.00 7,400.00 - Grupo Financiero Banorte 28,700.00 4,600.00 - Henan Shuanghui Investment & 22,182.00 1,400.00 - Development Shanghai International Port Group 25,300.00 157,304.00 - MYR Shenzhen Salubris Pharmaceuticals 2,900.00 6,642.00 - Tenaga Nasional 51,800.00 34,700.00 - EUR PHP Air Liquide 4,699.00 482.00 - PLDT 150.00 290.00 - Bayer 3,926.00 2,344.00 - Danone 852.00 519.00 - THB Fresenius 4,562.00 546.00 - Advanced Info Service 17,900.00 11,000.00 - Fresenius Medical Care 3,151.00 284.00 - Bangkok Bank 28,200.00 5,500.00 - Heineken 457.00 4,123.00 - Italgas 1,120.00 11,754.00 - TRY Koninklijke Ahold Delhaize 1,545.00 16,952.00 - Akbank T.A.S. 33,612.00 20,159.00 40,857.00 Muenchener Rueckversicherungs- 498.00 313.00 - Haci Omer Sabanci Holding 32,469.00 17,058.00 - Gesellschaft AG in M KOC Holding 5,315.00 2,971.00 - Sanofi 11,414.00 1,727.00 - Turk Telekomunikasyon 2,330.00 6,342.00 - Siemens 5,143.00 2,066.00 - Turkcell Iletisim Hizmetleri 15,673.00 11,749.00 - Snam 19,034.00 12,000.00 - Vinci 3,930.00 2,365.00 - Statement of Changes in Investments Nordea 1, SICAV - Unaudited Semi-Annual Report 2019 3 Nordea 1 - Alpha 7 MA Fund Number/Nominal Changes in the Composition of the Securities Portfolio during the fi rst half of year 2019 (continued) Description Purchases Sales Bonus Description Purchases Sales Bonus Shares/ Shares/ Exchanges Exchanges TWD Procter & Gamble 1,102.00 189.00 - Delta Electronics 29,000.00 - - Public Service Enterprise Group 5,948.00 1,559.00 - Hon Hai Precision Industry 13,000.00 55,000.00 - Quest Diagnostics - 100.00 - Taiwan Semiconductor 18,000.00 17,000.00 - Ross Stores 1,554.00 1,070.00 - Manufacturing Signature Bank/New York NY 444.00 296.00 - Simon Property Group 3,720.00 875.00 - USD SK Telecom ADR 1,273.00 785.00 - Accenture 851.00 588.00 - Southern 1,033.00 10,800.00 - Akamai Technologies 6,781.00 807.00 - Starbucks 3,828.00 2,648.00 - Alphabet 835.00 626.00 - Target 10,241.00 1,702.00 - Altria Group 972.00 153.00 - TE Connectivity 300.00 - - AmerisourceBergen 400.00 - - Texas Instruments 1,746.00 4,557.00 - Amgen 3,524.00 1,427.00 - Texas Roadhouse 2,196.00 1,534.00 - Anthem 1,035.00 653.00 - TJX Cos 5,431.00 3,486.00 - AO Smith
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