SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

Skandia Global 

Funds plc 

Annual Report and 

Audited Financial Statements 

for the year end 31 December 2011

SKANDIA GLOBAL FUNDS PLC 

(Registered Number 271517) 

An Umbrella Fund with Segregated Liability between Sub-Funds 

Annual Report and Audited Financial Statements 

for the year ended 31 December 2011

Skandia Global Funds plc 

Annual Report and Audited Financial Statements for the year ended 31 December 2011 

CONTENTS PAGE 

Directory 3 – 9 

General Information 10 – 13 

Directors‟ Report 14 – 15 

Custodian‟s Report 16 

Investment Advisers‟ Reports: 

Skandia Global Equity Fund 17 

Skandia US Large Cap Growth Fund 19 

Skandia US Capital Growth Fund 22 

Skandia US All Cap Value Fund 23 

Skandia US Value Fund 28 

Skandia European Equity Fund 29 

Skandia European Opportunities Fund 32 

Skandia Swedish Equity Fund 34 

Skandia Swedish Growth Fund 36 

Skandia Japanese Equity Fund 37 

Skandia Pacific Equity Fund 40 

Skandia Greater China Equity Fund 42 

Skandia Global Bond Fund 43 

Skandia Total Return USD Bond Fund 45 

Skandia Swedish Bond Fund 47 

Skandia SEK Reserve Fund 48 

Skandia Emerging Market Debt Fund 49 

Skandia Swiss Equity Fund 51 

Skandia Healthcare Fund 53 

Skandia Technology Fund 56 

Skandia European Best Ideas Fund 59 

Skandia US Large Cap Value Fund 61 

Skandia Investment Grade Corporate Bond Fund 62 

Skandia Global Emerging Markets Fund 65 

Skandia Asian Equity Fund 66 

Skandia Local Currency Emerging Market Debt Fund 67 

Skandia Global Futures Fund 69 

Independent Auditor‟s Report 70 – 71 

Portfolio of Investments: 



















1



CONTENTS (continued) PAGE 

Portfolio of Investments: 










Statement of Operations 159 – 167 

Balance Sheet 168 – 221 

Statement of Changes in Net Assets 222 – 266 

Notes to the Financial Statements 267 – 338 

Significant Purchases and Sales: 




























Total Expense Ratios (unaudited) 379 – 381 

Portfolio Turnover Ratios (unaudited) 382 

Fund Performance (unaudited) 383 – 384 

Significant Events (unaudited) 385 – 386 

2



DIRECTORY 

Board of Directors Michelle Andrews (English) 

Noel Ford (Irish) 

Alain Keck (French) 

Gerald Moloney (Irish) (Non-Executive) 

Dirk Rathjen (German) 

Jim Rotsman (Swedish) 

Bronwyn Wright (Irish) (Non-Executive) 

Manager Skandia Fund Management (Ireland) Limited, 

Arthur Cox Building, 

Earlsfort Terrace, 

Dublin 2, 

Ireland. 

Investment Adviser to the Manager JPMorgan Asset Management (UK) Limited, 

for the Skandia Global Equity Fund Finsbury Dials, 

20 Finsbury Street, 

London EC2Y 9AQ, 

England. 

Investment Adviser to the Manager Wellington Management Company, LLP, 

for the Skandia Global Bond Fund 280 Congress Street, 

and the Skandia Investment Grade Corporate Bond Fund Boston, 

MA 02210, 

USA. 

Investment Adviser to the Manager Fifth Third Asset Management, Inc. 

for the Skandia US Large Cap Growth Fund 38 Fountain Square, 

Cincinnati, 

OH 45263, 

USA. 

Investment Adviser to the Manager Janus Capital International Limited, 

for the Skandia Technology Fund 26th Floor, 

Citypoint, 

1 Ropemaker Street, 

London EC2Y 9HT, 

England. 

Investment Adviser to the Manager Marsico Capital Management, LLC, 

for the Skandia US Capital Growth Fund 1200 17 th Street, 

Suite 1600, 

Denver, 

CO 80202, 

USA. 

Investment Adviser to the Manager GAMCO Asset Management, Inc. 

for the Skandia US All Cap Value Fund One Corporate Centre, 

Rye, 

NY 10580, 

USA. 

3



DIRECTORY (continued) 

Investment Adviser to the Manager Hotchkis and Wiley Capital Management, LLC, 

for the Skandia US Value Fund 725 South Figueroa Street, 

39th Floor, 

Los Angeles, 

CA 90017-5439, 

USA. 

Investment Adviser to the Manager Goldman Sachs Asset Management International, 

for the Skandia European Equity Fund Peterborough Court, 

133 Fleet Street, 

London EC4A 2BB, 

England. 

Investment Adviser to the Manager SVM Asset Management Limited, 

for the Skandia European Opportunities 7 Castle Street, 

Fund Edinburgh EH2 3AH, 

Scotland. 

Investment Adviser to the Manager Enter Kapitalförvaltning AB, (until 14 November 2011) 

for the Skandia Swedish Equity Fund Box 7006, 

S – 103 86 Stockholm, 

Sweden. 

Enter Fonder AB, 

(from 14 November 2011) 

Box 7006, 

S – 103 86 Stockholm, 

Sweden. 

Investment Adviser to the Manager Lannebo Fonder AB, 

for the Skandia Swedish Growth Fund Birger Jarlsgatan 15, 

103 99, Stockholm, 

Sweden. 

Investment Adviser to the Manager Dalton Capital (Hong Kong) Limited, 

for the Skandia Japanese Equity Fund 33rd Floor, 

Gloucester House, 

15 Queen's Road Central, 

Hong Kong. 

Investment Adviser to the Manager First State Investment Management (UK) Limited, 

for the Skandia Pacific Equity Fund and 23 St. Andrew Square, 

the Skandia Greater China Equity Fund Edinburgh EH2 1BB, 

Scotland. 

Investment Adviser to the Manager Pacific Investment Management Company LLC, 

for the Skandia Total Return USD Bond 840 Newport Centre Drive, 

Fund Suite 300, Newport Beach, 

CA 92660, 

USA. 

Investment Adviser to the Manager DnB NOR Asset Management AB, 

for the Skandia Swedish Bond Fund and Box 3510, 

the Skandia SEK Reserve Fund S – 103 69 Stockholm, 

Sweden. 

4




Investment Adviser to the Manager Stone Harbor Investment Partners LP, 

for the Skandia Emerging Market Debt Fund and the 31 West 52 nd Street, 

Skandia Local Currency Emerging Market Debt Fund New York, 

NY 10019, 

USA. 

Investment Adviser to the Manager Deutsche Asset Management Switzerland, 

for the Skandia Swiss Equity Fund Theaterstr. 12, 

8022 Zürich, 

Switzerland. 

Investment Adviser to the Manager OrbiMed Capital, LLC, 

for the Skandia Healthcare Fund 30 th Floor, 767 Third Avenue, 

New York, 

NY 10017, 

USA. 

Investment Advisers to the Manager Acadian Asset Management, LLC, 

for the Skandia European Best Ideas Fund One Post Office Square, 

Boston, 

MA 02109, 

USA. 

5 

Baring Asset Management Limited, 

(until 3 December 2011) 

155 Bishopsgate, 

London EC2M 3XY, 

England. 

BNY Mellon Asset Management International 

Limited, 

The Bank of New York Mellon Centre, 

160 Queen Victoria Street, 

London EC4V 4LA, 

England. 

Danske Capital, 

(from 10 January 2011) 

Strødamvej 46, 

DK-2100 Copenhagen, 

Denmark. 

Financière de L‟Echiquier, 

53, avenue d‟Iéna, 

75116 Paris, 

France. 

First Private Investment Management KAG mbH, 

(until 10 June 2011) 

Westhafenplatz 6-8, 

60327 Frankfurt am Main, 

Germany.




Investment Advisers to the Manager Jupiter Asset Management Limited, 

for the Skandia European Best Ideas (from 1 June 2011) 

Fund (continued) 1 Grosvenor Place, 

London SW1X 7JJ, 

England. 

6 

Liontrust European Investment Services Limited, 

(until 14 December 2011) 

2 Savoy Court, 

London WC2R 0EZ, 

England. 

Liontrust Investment Partners LLP 

(from 14 December 2011) 

2 Savoy Court, 

London WC2R 0EZ, 

England. 

Mandarine Gestion, 

(from 10 June 2011) 

5 rue Alfred de Vigny, 

75008 Paris, 

France. 

Odey Asset Management LLP, 

12 Upper Grosvenor Square, 

London W1K 2ND, 

England. 

SVM Asset Management Limited, 

7 Castle Street, 

Edinburgh EH2 3AH, 

Scotland. 

Wellington Management Company, LLP, 

(from 3 December 2011) 

280 Congress Street, 

Boston, 

MA 02210, 

USA. 

Investment Adviser to the Manager Epoch Investment Partners, Inc., 

for the Skandia US Large Cap Value 640 Fifth Avenue, 

Fund 18 th Floor, 

New York, 

NY 10019, 

USA. 

Investment Adviser to the Manager Fisher Asset Management, LLC, 

for the Skandia Global Emerging 13100 Skyline Blvd., 

Markets Fund Woodside, 

CA 94062 

USA. 

Investment Adviser to the Manager MIR Investment Management (Pty) Limited, 

for the Skandia Asian Equity Fund Level 40, 

50 Bridge Street, 

Sydney, 

NSW 2000, Australia




Investment Adviser to the Manager Aspect Capital Limited, 

for the Skandia Global Futures Fund Nations House, 

103 Wigmore Street, 

London W1U 1QS 

England. 

Custodian Citibank International plc, 

Ireland Branch, 

1 North Wall Quay, 

Dublin 1, 

Ireland. 

Administrator, Registrar and Transfer Agent Citi Fund Services (Ireland) Limited, 

1 North Wall Quay, 

Dublin 1, 

Ireland. 

Company Secretary Bradwell Limited, 



Dublin 2, 

Ireland. 

Registered Office Arthur Cox Building, 


Dublin 2, 

Ireland. 

Auditors KPMG, 

Chartered Accountants, 

1 Harbourmaster Place, 

International Financial Services Centre, 

Dublin 1, 

Ireland. 

Legal Advisers Arthur Cox, 

Earlsfort Centre, 


Dublin 2, 

Ireland. 

Distributors Skandia Global Funds (Asia Pacific) Limited, 

24 th Floor, 

Henley Building, 

5 Queen‟s Road, 

Central, 

Hong Kong. 

7 

SGF Marketing Limited, 



Dublin 2, 

Ireland. 

Paying Agent in Austria Erste Bank der oesterreichischen Sparkassen AG, 

1010 Wien, 

Petersplatz 7, 

Austria,




Paying Agents in Chile Cruz del Sur, Corredora de Bolsa S.A., 

Magdalena 121, 

Las Condes, 

Santigao, 

Chile. 

Larraín Vial S.A., Corredora de Bolsa, 

Avenida El Bosque Norte N 0 0177, piso 3, 

Las Condes, 

Santiago, 

Chile 

French Centralising and Financial Agent BNP Paribas Securities Services, 

75009 Paris, 

France. 

Paying Agent in Germany Merck Finck & Co., 

Neuer Wall 77, 

20354 Hamburg, 

Germany. 

Information Agent in Germany Skandia Portfolio Management GmbH, 

Kaiserin-Augusta-Allee 108, 

10553 Berlin, 

Germany. 

Hong Kong Representative Skandia Global Funds (Asia Pacific) Limited, 

24th Floor, 

Henley Building, 

5 Queen‟s Road, 

Central, 

Hong Kong. 

Paying Agent in Luxembourg 

Paying Agent in Switzerland 

8 

BNP Paribas Securities Services, Luxembourg 

Branch 

33, rue de Gasperich, 

L-5826 Hesperange, 

Grand Duchy of Luxembourg. 

BNP Paribas Securities Services, Paris, 

succursale de Zurich, 

Selnaustrasse 16, 

8002 Zurich, 

Switzerland. 

Representative in Switzerland First Independent Fund Services Ltd, 

Klausstrasse 33, 

8008 Zurich, 

Switzerland.




Facilities Agent in the United Kingdom Skandia Investment Management Limited, 

Skandia House, 

Portland Terrace, 

Southampton, 

SO14 7EJ. 

Copies of the Memorandum and Articles of Association, the Prospectus, the simplified prospectus, the annual and semi-annual reports 

of the Company are available free of charge at the office of the representative or agent of each jurisdiction. 

Additionally, a list of the purchases and sales of each Fund made during the financial period of this report may be obtained free of 

charge from the Representative in Switzerland and the Information Agent in Germany. 

The following funds are not authorised in Hong Kong and not available to Hong Kong residents: 

Skandia SEK Reserve Fund 

Skandia Swedish Bond Fund 

Skandia Swedish Equity Fund 

Skandia Swedish Growth Fund 

Skandia Swiss Equity Fund 

Skandia Healthcare Fund 

Skandia Technology Fund 

Skandia US Large Cap Value Fund 

Skandia European Best Ideas Fund 

Skandia Investment Grade Corporate Bond Fund 

Skandia Global Emerging Markets Fund 

9



GENERAL INFORMATION 

Structure 

Skandia Global Funds plc (the “Company”) is an umbrella fund with segregated liability between funds established as an open-ended 

investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Companies 

Acts, 1963 to 2009 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 

2011 (the “Regulations”) and has been authorised by the Central Bank of Ireland as a UCITS. Its share capital is divided into a 

number of classes each representing interests in a fund and each fund (a “Fund”) may comprise various classes of shares. The 

subscriber shares do not entitle the holders to participate in the assets of any Fund. 

Investment Objectives of the Funds 

Skandia Global Equity Fund 

The objective of the Skandia Global Equity Fund is to seek to achieve asset growth through investment in a well-diversified portfolio 

of securities of issuers worldwide. 

Skandia US Large Cap Growth Fund 

The objective of the Skandia US Large Cap Growth Fund is to seek to achieve asset growth and future income through investment in 

a well-diversified portfolio of equity securities of issuers in the US or of issuers established outside of the US which have a significant 

proportion of their assets or business operations in the US. 

Skandia US Capital Growth Fund * 

The objective of the Skandia US Capital Growth Fund is to seek to achieve asset growth through investment in a well-diversified 

portfolio of securities of large and medium-sized US issuers whom the Investment Adviser believes have earnings growth potential. 

Skandia US All Cap Value Fund 

The objective of the Skandia US All Cap Value Fund is to seek to achieve asset growth through investment in a well-diversified 

portfolio of equity and equity-related securities of issuers in the US of all sizes of market capitalisation which appear to be under 

priced relative to their private market value. 

Skandia US Value Fund 

The objective of the Skandia US Value Fund is to seek to achieve a total return through investment in a well-diversified portfolio of 

equity and equity-related securities of issuers in the US, emphasising large companies which appear undervalued relative to their 

market value. 

Skandia European Equity Fund 

The objective of the Skandia European Equity Fund is to seek to achieve asset growth through investment in a well-diversified 

portfolio of securities of European issuers or of issuers established outside Europe which have a predominant proportion of their 

assets or business operations in Europe. 

Skandia European Opportunities Fund 

The objective of the Skandia European Opportunities Fund is to seek to achieve asset growth through investment in a well-diversified 

portfolio of equity and equity-related securities of issuers in Europe or of issuers established outside Europe which have a 

predominant proportion of their assets and/or business operations in Europe. The investments will be diversified across countries and 

industry groups and the Fund will invest in at least three European countries. 


The objective of the Skandia Swedish Equity Fund is to seek to achieve asset growth through investment in a well-diversified 

portfolio of equity securities of Swedish issuers or of issuers established outside Sweden which have a significant proportion of their 

assets or business operations in Sweden. 


The objective of the Skandia Swedish Growth Fund is to seek to achieve asset growth through investment in a well-diversified 

portfolio of equity and equity-related securities of Swedish issuers or of issuers established outside Sweden which have a predominant 

proportion of their assets and/or business operations in Sweden. 

*Following an EGM of Skandia US Capital Growth Fund held on 28 December 2011, the investment objective was amended. 

10



GENERAL INFORMATION (continued) 

Skandia Japanese Equity Fund 

The objective of the Skandia Japanese Equity Fund is to seek to achieve asset growth through investment in a well-diversified 

portfolio of securities of Japanese issuers or of issuers established outside Japan which have a predominant proportion of their assets 

or business operations in Japan. 

Skandia Pacific Equity Fund 

The objective of the Skandia Pacific Equity Fund is to seek to achieve asset growth through investment in a well-diversified portfolio 

of securities of Pacific region issuers or of issuers established outside the Pacific region which have a predominant proportion of their 

assets or business operations in the Pacific region. 

Skandia Greater China Equity Fund 

The objective of the Skandia Greater China Equity Fund is to seek to achieve long-term capital appreciation by investing in a welldiversified 

portfolio of equity securities issued by companies with either the predominant part of their assets in, or the predominant 

part of their revenues derived from, the People‟s Republic of China, Hong Kong and Taiwan that are listed, traded or dealt in on 

Regulated Markets in the People‟s Republic of China, Hong Kong, Taiwan, the US, Singapore, Korea, Thailand and Malaysia or in a 

member state of the OECD. 

Skandia Global Bond Fund 

The objective of the Skandia Global Bond Fund is to seek to achieve asset growth through worldwide investment in a well-diversified 

portfolio of fixed and variable rate debt securities. 

Skandia Total Return USD Bond Fund 

The objective of the Skandia Total Return USD Bond Fund is to seek to maximise total return consistent with preservation of capital 

and prudent investment management. 


The objective of the Skandia Swedish Bond Fund is to seek to achieve asset growth through investment in a well-diversified portfolio 

of Swedish government and corporate bonds. 


The objective of the Skandia SEK Reserve Fund is to seek to attain a high degree of liquidity through investment in high-quality 

SEK-denominated short-term government securities and SEK-denominated debt securities. 

Skandia Emerging Market Debt Fund* 

The objective of the Skandia Emerging Market Debt Fund is to seek to achieve preservation of capital through investment in a welldiversified 

portfolio of fixed and variable rate debt securities issued in emerging markets, meaning those countries listed as 

developing countries in the World Bank‟s website. 

Skandia Swiss Equity Fund** 

The objective of the Skandia Swiss Equity Fund is to seek asset growth through investment in a well-diversified portfolio of equities 

or equity-related securities of companies that are either included in the Swiss Performance Index and have their registered office in 

Switzerland or who predominantly carry out their business activities in Switzerland or who hold a predominant portion of their 

investments in Swiss-domiciled entities. 


The objective of the Skandia Healthcare Fund is to seek to achieve asset growth through investment in a well-diversified portfolio of 

equities or equity-related securities of companies that operate in the biotechnology, healthcare, medical technology and 

pharmaceutical sectors worldwide. 


The objective of the Skandia Technology Fund is to seek to achieve asset growth through investment in a well-diversified portfolio of 

equities or equity-related securities of technology or technology-related companies worldwide. 

* Following an EGM of Skandia Emerging Market Debt Fund held on 19 December 2011, the investment objective was amended. 

** Following an EGM of Skandia Swiss Equity Fund held on 28 December 2011, the investment objective was amended. 

11





The objective of the Skandia US Large Cap Value Fund is to seek to achieve asset growth and current income through investment in a 

well-diversified portfolio of equity and equity-related securities of large-sized issuers in the US. 


The objective of the Skandia European Best Ideas Fund is to seek to achieve asset growth through investment in a well-diversified 

portfolio of equities or equity-related securities of European issuers or of issuers established outside Europe which have a 

predominant proportion of their assets and/or business operations in Europe. 


The objective of the Skandia Investment Grade Corporate Bond Fund is to seek to achieve income and capital growth predominantly 

through investment in a well-diversified portfolio of credit securities rated Investment Grade. 


The objective of the Skandia Global Emerging Markets Fund is to seek to achieve asset growth through investment in a welldiversified 

portfolio of equity securities of issuers in the Emerging Markets or of issuers established outside of the Emerging Markets, 

which have a predominant proportion of their assets or business operations in the Emerging Markets and which are listed, traded or 

dealt in on a Regulated Market worldwide. 

Skandia Asian Equity Fund 

The objective of the Skandia Global Emerging Markets Fund is to seek to achieve asset growth through investment in a welldiversified 

portfolio of equity securities of Asian issuers in the Emerging Markets or of issuers established outside the Asian region, 

which have a predominant proportion of their assets or business operations in the Asian region. 

Skandia Local Currency Emerging Market Debt Fund 

The objective of the Skandia Global Emerging Markets Fund is to seek to achieve total return through investment in a well-diversified 

portfolio of fixed and variable rate debt securities issued in the Emerging Markets worldwide and which are primarily denominated in 

the local currency of the issuer. 

Skandia Global Futures Fund 

The objective of the Skandia Global Futures Fund is to seek to achieve capital appreciation while closely controlling risk. The 

Skandia Global Futures Fund intends to provide investors with exposure to the performance of the Index. 

Distribution Policy 

Distributions were made during 2011 with respect to certain Share Classes of the Skandia Global Bond Fund, Skandia Total Return 

USD Bond Fund, Skandia Emerging Market Debt Fund, Skandia Healthcare Fund, Skandia European Best Ideas Fund, Skandia US 

Large Cap Value Fund, Skandia Investment Grade Corporate Bond Fund, Skandia Global Emerging Markets Fund and Skandia Local 

Currency Emerging Market Debt Fund. All of the other Funds‟ income and capital gains were reinvested in accordance with the 

investment objective and policy of the Funds. 

Investment Risks 

An investment in any Fund involves investment risks, including possible loss of the amount invested. Moreover, there can be no 

assurance that a Fund will achieve its investment objective. 

12




Subscriptions and Repurchases 

Certain Share Classes have minimum initial investment, minimum subsequent investment and minimum holding requirements which 

are disclosed in the Prospectus. 

An initial charge may be payable to the Manager on subscription for shares. An initial charge of up to 6.25% of the Net Asset Value 

per share may be payable on all Class A Shares. No initial charge shall be payable on the Class B Shares, Class I Shares and Class S 

Shares of any Fund. 

An initial charge of up to 1% of the Net Asset Value per share may be payable on the Class C Shares of any Fund. 

A contingent deferred sales charge may be payable to the Manager on the subscription price paid for each of the Class B Shares of 

each Fund if they are repurchased within four years of issue. The amount of the contingent deferred sales charge payable will depend 

on the length of time between the date the shares were purchased and their repurchase. A contingent deferred sales charge may also 

be payable to the Manager on the subscription price paid for the Class C Shares and Class C1 Income Shares of each Fund if they are 

repurchased within one year of issue. 

Taxation 

As an investment undertaking within the meaning of Section 739(B) of the Taxes Consolidation Act 1997, as amended, the Company 

is generally exempt from Irish tax on its income and gains and the Company will not be required to account for any tax in respect of 

shareholders who are not Irish residents or exempt Irish resident provided that the signed necessary declarations are in place. The 

Company may be required to account for tax in respect of shareholders who are Irish residents. Shareholders who are not Irish 

residents and have made the required declaration of non-residence will not be liable to Irish tax on income from their shares or gains 

made on the disposal of their shares, provided the shares are not attributable to an Irish branch or agency of such shareholder. No 

stamp duty or other tax is generally payable in Ireland on the subscription, issue, holding, redemption, conversion or transfer of 

shares. 

Securities Lending 

A Fund may lend securities to a counterparty approved by the Manager. Such securities lending agreements may only be effected in 

accordance with normal market practice. The types of collateral that may be obtained under these agreements and the restrictions 

applicable to them are set out in the Prospectus of the Company. 

In participating in any securities lending programme, assets of the Company may be transferred to certain borrowers. Notwithstanding 

the requirement to receive collateral from any borrower, there are certain risks inherent in the lending of securities, such as the 

bankruptcy or default of a borrower or securities lending agent and a Fund could experience delays in liquidating the collateral and 

incur expenses in enforcing its rights. In addition, there are certain market risks associated with the investment of any collateral 

received from a borrower which could result in a decline in the value of the invested collateral resulting in a loss to the Company. 

The Company must have the right to terminate the securities lending agreement at any time and demand the return of any or all of the 

securities loaned. The agreement must provide that, once such notice is given, the borrower is obliged to redeliver the securities 

within 5 business days or other period as normal market practice dictates. The securities lending programme is discussed in further 

detail in Note 19 on page 337. 

Selling Restrictions 

The shares may not be purchased or held by US persons unless pursuant to an exemption under applicable US law and may not be 

offered or sold in any jurisdiction in which such offer or sale is not lawful or in which the person making such offer or sale is not 

qualified to do so or to anyone to whom it is unlawful to make such an offer or sale. 

Dealing Days 

A dealing day means every Business Day (as defined for each Fund in the Prospectus) or such other days as the Directors may 

determine provided that there shall be at least one Dealing Day each fortnight. 

13



DIRECTORS’ REPORT 

The Directors submit their report together with the audited financial statements for the year ended 31 December 2011. 

Statement of Directors' Responsibilities 

The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and 

regulations. 

Company law requires directors to prepare financial statements for each financial year. Under that law the Directors have elected to 

prepare the Company‟s financial statements in accordance with Generally Accepted Accounting Practice in Ireland, comprising 

applicable law and the accounting standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered 

Accountants in Ireland. 

The Company‟s financial statements are required by law to give a true and fair view of the state of affairs of the Company and of its 

profit or loss for that period. 

In preparing each of the financial statements, the Directors are required to: 

� select suitable accounting policies and then apply them consistently; 

� make judgments and estimates that are reasonable and prudent; and 

� prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in 

business. 

The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial 

position of the Company and enable them to ensure that its financial statements comply with the Companies Acts, 1963 to 2009 and 

the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. They are also 

responsible for safeguarding the assets of the Company. In this regard, they have entrusted the assets of the Company to a Custodian 

for safe-keeping. They have general responsibility for taking such steps as are reasonably open to them to prevent and detect fraud 

and other irregularities. 

The Directors are also responsible for preparing a Directors‟ Report that complies with the requirements of the Companies Acts, 1963 

to 2009. 

Books of Account 

The Directors are responsible for ensuring that proper books and accounting records, as outlined in Section 202 of the Companies Act, 

1990, are kept by the Company. To achieve this, the Directors have appointed Citi Fund Services (Ireland) Limited, which reports to 

the Board to ensure that the requirements of Section 202 of the Companies Act, 1990 are complied with. The books of account are 

located at the offices of the Administrator as stated on page 7. 

Directors 

The Directors of the Company at 31 December 2011 were: 

Nationality 

Michelle Andrews English 

Noel Ford Irish 

Alain Keck French 

Gerald Moloney (Non-Executive) Irish 

Dirk Rathjen German 

Jim Rotsman Swedish 

Bronwyn Wright (Non-Executive) Irish 

Directors' and Company Secretary's Interests in Shares and Contracts 

Dirk Rathjen held 4,526 shares in the Company at 31 December 2011 (2010: 7,100 shares). All other Directors and the Company 

secretary who held office at 31 December 2011 had no interest in the share capital of the Company (2010: Nil). 

14



SKANDIA GLOBAL EQUITY FUND 

INVESTMENT ADVISER’S REPORT FOR THE YEAR ENDED 31 December 2011 

Skandia Global Equity Fund – JPMorgan Asset Management (UK) Limited 

Below is a report from the Investment Adviser of the Skandia Global Equity Fund for 2011. 

The Skandia Global Equity Fund was launched on 13 September 2000 with a starting Net Asset Value per share of USD 1.00. 

Investment Adviser’s Commentary 

The Skandia Global Equity Fund underperformed its benchmark, the MSCI World Index Net Return. The fund returned -10.92%, 

while the benchmark index posted a total net return of -5.54% over the period.* 

During the first quarter of 2011, stock selection in the information technology and healthcare sectors contributed positively to returns 

over the quarter, while stock selection in the financials and industrials sectors detracted. The portfolio's underweight position in 

defensive sectors, such as consumer staples and healthcare, also contributed positively to performance. 

From a regional perspective, positive contributions to returns came from stock selection in Japan, while Europe ex UK detracted from 

performance. Style performance across momentum and value had a positive impact over the quarter, while the Investment Adviser‟s 

small-cap exposure detracted. 

During the second quarter, stock selection was strong across a number of sectors, as most of the trends that benefited performance in 

previous quarters continued. Stock selection in the consumer discretionary, financials and healthcare sectors contributed positively to 

returns, while stock selection in the information technology sector detracted. 

Sector allocation had a negative impact, with the portfolio‟s underweight in the consumer staples sector hurting performance as the 

sector rose strongly in a volatile quarter. From a regional perspective, positive contributions to returns came from stock selection in 

Europe ex UK, North America and Pacific ex Japan, while Japan detracted. 

Style performance had a small negative impact in a volatile quarter. While the portfolio's momentum tilt was a particularly strong 

contributor over the period, small-cap stocks detracted and the latter factor is now negative over 12 months. The portfolio‟s value tilt 

was neutral for performance, but has helped returns over 12 months. 

In the third quarter the fund underperformed its primary benchmark, the MSCI World Index Net Return. Most of the trends that 

benefited performance in previous quarters detracted from returns amid a sharp rotation into high quality, defensive stocks. Stock 

selection detracted from returns across all sectors and no region had a positive impact on performance, with the exception of the 

beneficial effect of an underweight position in Pacific ex Japan. Stock selection in financials and materials were the main detractors 

from performance. Small and mid-cap companies performed poorly and the portfolio‟s overweight in these areas also hampered 

performance. Portfolio beta has fallen slightly but remains positive. After providing strong support to returns over the 12 months to 

the end of June, style performance became a significant negative in the highly volatile third quarter. Given the portfolio‟s pro-cyclical 

tilt, high volatility stocks were a significant negative for performance. 

However, the portfolio‟s momentum tilt continued to be positive for returns, as it has been over the last 12 months. Small cap stocks 

detracted marginally from returns this quarter and are now a negative factor over 12 months. The portfolio‟s value tilt was negative 

for performance, but remains positive for returns over 12 months. 

The fund underperformed, finishing the fourth quarter and the year behind the benchmark. The fund‟s positions in high beta and high 

volatility stocks were unhelpful for performance overall during the fourth quarter. At the sector level, stock picking in industrials and 

consumer discretionary stocks were the weakest areas. In the case of the latter this was due to worries over the impact that an 

economic slowdown in Europe and China would have on a number of luxury, retail and media stocks. However, stock selection in the 

energy, materials and consumer staples sectors provided a boost to performance. 

October was a good month for the fund and the portfolio strongly outperformed the benchmark, as stock selection contributed to 

returns across all sectors and regions. November and (despite some improvement) December were more challenging months for the 

fund‟s relative performance. At the regional level, the most unproductive areas were Hong Kong and India. In the case of the latter, a 

combination of poor economic data and new central bank controls to bolster the strength of the Rupee undermined the market. 

However, the portfolio‟s underweight in Japan was a significant benefit, while stock picking boosted the fund‟s return in both Canada 

and France. 

17



SKANDIA GLOBAL EQUITY FUND 


Skandia Global Equity Fund – JPMorgan Asset Management (UK) Limited 

Investment Adviser’s Commentary (continued) 

Source: JPMorgan Asset Management (UK) Limited, as at 31 December 2011. 

* Performance figures refer to Class A1 shares and are sourced from Morningstar. Calculation basis: bid to bid, net of fees, gross 

income reinvested in fund base currency (US Dollars). 

References to benchmarks are for illustrative purposes only and are not intended to imply a performance objective. There is no 

guarantee that the Skandia Global Equity Fund will outperform this benchmark. 

18



SKANDIA US LARGE CAP GROWTH FUND 


Skandia US Large Cap Growth Fund – Fifth Third Asset Management, Inc. 

Below is a report from the Investment Adviser of the Skandia Global Equity Fund for 2011. 

The Skandia US Large Cap Growth Fund was launched on 13 September 2000 with a starting Net Asset Value per share of USD 

1.00. 


The Skandia US Large Cap Growth Fund underperformed its benchmark, Russell 1000 Growth Index, in 2011. The fund returned - 

2.57%, while the benchmark index gained +2.64% over the period.* 

During the first quarter of 2011, within the Russell 1000 Growth Index, sector returns ranged widely from -0.7% to +16.6%. 

Energy, utilities, and Industrials performed best, while telecommunication services, materials, and consumer discretionary were the 

weakest performing sectors in the benchmark over the quarter. 

Information Technology, consumer discretionary, and financials were the best performing sectors relative to the fund‟s benchmark. 

Although large-cap technology stocks generally lagged, the portfolio‟s technology investments were a source of relative 

outperformance. Within technology, the Investment Adviser‟s best performing stocks included Baidu Inc., Altera Corp., EMC 

Corp., IBM Corp., Cognizant Technology Solutions Corp. and Apple Inc. Favorable stock selection in the consumer discretionary 

sector was also a significant contributor to portfolio performance. The portfolio‟s top performing consumer stocks included Fossil 

Inc. (+33%), Walt Disney Co., Williams-Sonoma, and Johnson Controls Inc. Within the consumer discretionary sector, the 

Investment Adviser initiated positions in Fossil Inc. and Priceline.com Inc. and sold Nike Inc. in response to its disappointing 

earnings release. Though their scepticism toward much of the financials sector persists, CB Richard Ellis Group Inc. was a 

significant performance contributor over the quarter. 

Energy, industrials, and utilities were the worst performing sectors relative to the fund‟s benchmark. Given robust gains from the 

quarter‟s best performing sector, Energy, the portfolio‟s underweight position accounted for a significant portion of the 

underperformance in this sector. Insufficient exposure to the large-cap integrated energy companies (Exxon Mobil, Chevron, and 

ConocoPhillips) also constrained performance as these companies dominated as contributors to energy sector returns. Fifth Third 

initiated positions in Exxon Mobil Corp. and National Oilwell Varco Inc. to boost the portfolio‟s Energy exposure as they took 

advantage of improving global growth and higher sustained oil prices. Although Industrials was a strong performing sector for the 

portfolio, in terms of absolute performance, it did lag that of the benchmark. 

Within industrials, the portfolio‟s weakest performing stocks included Goodrich Corp., Cummins Inc., and WABCO Holdings. The 

Investment Adviser continued to overweight Industrials to maintain exposure to economy-sensitive themes. Although some are 

beginning to question the resilience of Industrials‟ outperformance, they remain confident in their overweight stance given the 

sector‟s appealing global growth prospects. On an individual stock basis, Freeport-McMoRan Copper & Gold Inc. had the largest 

negative impact to the portfolio as copper prices began to falter during the quarter. As a result, they sold Freeport-McMoRan in 

March and reinvested its proceeds into International Flavors and Fragrances Inc. and Valspar Corp. 

In the second quarter of 2011, healthcare, information technology, and consumer staples were the portfolio‟s best performing 

sectors, relative to its benchmark. Strong performance within Healthcare was led by Biogen Idec Inc., Watson Pharmaceuticals Inc., 

UnitedHealth Group Inc., Cooper Cos., and Perrigo Co. Given the newly crowned leadership position of healthcare, Fifth Third 

retains a positive view toward the sector, especially when considering near-term market volatility and the improving earnings 

outlook for healthcare companies. Outperformance in information technology was a result of favorable stock selection led by 

advances from Polycom Inc., Agilent Technologies Inc., IBM, Altera Corp. and EMC Corp. The portfolio also benefited from its 

new purchases within this sector – Avago Technologies Ltd. and Teradata Corp. 

While an underweight position in consumer staples negatively impacted performance, stock selection more than offset this impact as 

one of the fund‟s recent additions, Ralcorp Holdings, gained 27% in the quarter, driven by a combination of acquisition-related 

news and stellar earnings. Costco Wholesale Corp. and Estee Lauder Cos. were also strong performers in this sector. 

19







Materials, financials, and consumer discretionary were the portfolio‟s worst-performing sectors, relative to its benchmark. Concerns 

about a pause in the economic recovery led to a meaningful rotation toward defensive sectors at the expense of cyclically oriented 

stocks and commodities. For the portfolio, specifically, Peabody Energy Corp., Deere & Co., Mosaic Co., and Fluor Corp. fell 

victim to aggressive profit-taking in the quarter. With chatter about a “soft patch” in the global economic recovery intensifying, 

Fifth Third took action to reduce a portion of the portfolio‟s cyclical exposure by selling Mosaic and Fluor during the quarter. 

Within financials, JPMorgan Chase & Co. and CB Richard Ellis Group Inc. were poor performers in an economic sector that 

continues to languish. 

During the quarter, Fifth Third also sold Ameriprise Financial Inc. and replaced it with American Express Co. While Fossil Inc. and 

McDonald‟s Corp. contributed to performance within Consumer Discretionary, the portfolio simply did not have sufficient exposure 

to this resilient economic sector. Tiffany & Co. – a new purchase within consumer discretionary –also performed well on the heels 

of a strong quarterly earnings report. 

In the third quarter, the Skandia US Large Cap Growth Fund outperformed its benchmark, the Russell 1000 Growth Index. Sector 

returns were broadly negative within the Russell 1000 Growth Index, ranging from -24.6% to -0.8%. Not surprisingly, defensive 

sectors, notably utilities, consumer staples and telecommunication services performed best, while materials, industrials, energy and 

financials experienced intense selling pressure. Healthcare, industrials, and materials were the portfolio‟s best performing sectors 

relative to the benchmark. Given the sharp market decline, many of the portfolio‟s best performing stocks all shared a common 

theme: defensive characteristics. The top contributors to performance included Alexion Pharmaceuticals Inc, Apple Inc, Perrigo Co, 

McDonald‟s Corp, IBM Corp, Mead Johnson Nutrition Co, Costco Wholesale Corp, Coca-Cola Co, Procter & Gamble Co, and 

Cooper Cos. Although materials and industrials were the weakest performing sectors in the quarter, favourable stock selection 

helped the portfolio in relative terms. Portfolio holdings such as Fastenal Co, Stericycle Inc, International Flavors & Fragrances Inc, 

and Valspar Corp held up much better than many of their more cyclical counterparts. 

Information technology, consumer discretionary, and energy were the portfolio‟s worst performing sectors relative to the 

benchmark. Cyclical stocks have generally had the largest negative impact on performance over the past three months as concerns 

about a pause in the economic recovery led to aggressive profit taking in what is now considered a growing risk environment. 

Companies with the largest market capitalisations benefited as investors perceived them to be safer investments. As a result, the 

portfolio‟s mid cap exposure hindered performance. For example, Polycom Inc, Agilent Technologies Inc, Cliffs Natural Resources 

Inc, Johnson Controls Inc, Citrix Systems Inc, Ametek Inc, Fossil Inc, Altera Corp, and Tiffany & Co were particularly hard hit 

during the quarter. Stock selection within energy has been a disappointment with Schlumberger Ltd, National Oilwell Varco Inc and 

Occidental Petroleum Corp significantly underperforming the large-cap integrated-energy companies, such as Exxon Mobil Corp, 

Chevron Corp and ConocoPhillips. From a sector allocation standpoint, the portfolio‟s underweight positioning in consumer staples 

and telecommunication services detracted from performance as defensive, yield-oriented sectors fared best as investors took 

aggressive action to reduce risk. 

The fund was performing in line with the Russell 1000 Growth Index up to Q3. Unfortunately, disappointing performance over the 

last three months resulted in the strategy underperforming its benchmark in the fourth quarter. All sector returns within the Russell 

1000 Growth Index generated positive returns ranging from 3.8% to 18.7%. Energy, industrials and materials performed best, while 

utilities, information technology, healthcare, and telecoms were the worst performing sectors in the index. Although cyclical sectors 

benefited from this sector rotation at the expense of defensive areas, it seems unlikely that the preference for cyclical companies will 

be sustainable. 

Energy was the portfolio‟s best relative sector performer due to favourable stock selection. National Oilwell Varco (33%), 

Occidental Petroleum (32%), Anadarko Petroleum (21%), Exxon Mobil (17%) and Schlumberger (15%) reflected the remarkable 

performance of many energy and commodity oriented stocks during the quarter. Strong gains from newly purchased Wisconsin 

Energy, our sole utility holding, also contributed to results. Given the rotation away from defensive stocks, not having any exposure 

to telecoms was a benefit, as this sector was a laggard in the sharp rally off the October lows. 

20







The portfolio experienced broad weakness overall due to unfavourable stock selection in three important sectors -- healthcare, IT 

and consumer discretionary. The portfolio‟s poorest performing stocks included Amazon.com (-20%), Deckers Outdoor (-19%), 

Watson Pharmaceuticals (-12%), Cooper Cos. (-11%), Oracle Corp. (-11%), Thermo Fisher Scientific (-11%), and Teradata (-9%). 

After two and a half years of small and mid cap leadership, the market aggressively shifted toward large caps beginning in October 

in response to falling investor confidence amidst global turmoil. Investors fled to companies they judged could provide safety, 

liquidity, and dividend income. The portfolio was under-represented in the mega cap area which benefited most from this short term 

rotation, i.e., large cap pharmaceuticals and biotech (Bristol-Myers Squibb Co., Pfizer, Amgen, Celgene), large cap retailers and 

media (Home Depot, Walmart Stores, Walt Disney and Time Warner) and large cap technology (Google, Intel Corp, Cisco 

Systems). We eliminated select mid cap companies that did not deliver on growth expectations, including Deckers Outdoor Corp., 

Fossil Inc., Cooper Cos., Citrix Systems Inc., Avago Technologies Ltd. and Polycom Inc. 

Source: Fifth Third Asset Management, Inc. as at 31 December 2011. 




guarantee that the Skandia US Large Cap Growth Fund will outperform this benchmark. 

21



SKANDIA US CAPITAL GROWTH FUND 


Skandia US Capital Growth Fund – Marsico Capital Management, LLC 

Below is a report from the Investment Adviser of the Skandia U.S. Capital Growth Fund for 2011. 

The Skandia US Capital Growth Fund was launched on 17 April 2002 with a starting Net Asset Value per share of USD 10.00. 


The Skandia US Capital Growth Fund underperformed its benchmark, the Russell 3000 Growth Index, in 2011. The fund returned - 

4.98%, while the benchmark index returned +3.61% over the period.* 

During the first quarter, stock selection within financials and, to a lesser extent, industrials had a negative impact over the quarter. The 

underweight exposure to energy was also a drag on performance. At stock level, the main detractors were Nike (consumer durables 

and apparel), F5 Networks (technology hardware and equipment), Broadcom (semiconductors and semiconductor equipment), 

Citigroup (diversified financials) and Freeport-McMoRan Copper & Gold (materials). 

On the positive side, stock selection within information technology was strong. Top individual stock contributors included Baidu 

(software and services), priceline.com (retailing), Dow Chemical (materials), EOG Resources (energy), and Apple (technology 

hardware and equipment). 

During the second quarter, stock selection within financials was the key driver of the weaker performance over the quarter. At stock 

level, the main detractors were Goldman Sachs and Citigroup (both diversified financials), EOG Resources (energy), Hutchison Port 

Holdings (transportation) and Dow Chemical (materials). 

On the positive side, stock selection within consumer discretionary was strong, while the fund‟s overweight exposure to this sector 

also added value. Top individual stock contributors included Tiffany & Co (retailing), Nike (consumer durables and apparel), 

Amazon.com (retailing), Green Mountain Coffee Roasters (food beverage and tobacco) and Compagnie Financiere Richemont 

(consumer durables & apparel). 

The Skandia US Capital Growth Fund modestly lagged its primary benchmark index, the Russell 1000 Growth Index, amid the heavy 

volatility of the third quarter. Both sector allocation and stock selection had a negative effect on performance overall during much of 

the quarter. Nevertheless, in the strong consumer discretionary area being overweight and stock selection both benefited performance 

in August and September. However, being underweight and stock picking in consumer staples, which outperformed in the third 

quarter, proved negative for performance. The fund underperformed the benchmark in a very volatile fourth quarter. Stock picking 

was negative overall, but particularly within the industrials, IT and consumer discretionary sectors. However, share selection was 

positive within the areas of energy, financials and particularly healthcare. 

At the sector level, positioning was beneficial in most areas with the exception of the Investment Adviser‟s underweights in energy 

and financials. Among companies held in the fund, Amazon was the biggest negative for performance as its shares underperformed on 

poor company newsflow and disappointing earnings. Meanwhile, First Niagara Financial was hit by investor concerns over the 

banking sector in the fourth quarter. On a brighter note, Occidental Petroleum and National Oilwell Varco benefited from the recovery 

in oil prices and pick up in global demand. Intuitive Surgical was one of the many winners in the healthcare industry, which gained on 

the growing expectations of benefits accruing to companies in the sector from the introduction of healthcare reforms in the US. 

The fund underperformed the benchmark in a very volatile fourth quarter. Stock picking was negative overall, but particularly within 

the industrials, IT and consumer discretionary sectors. However, share selection was positive within the areas of energy, financials 

and particularly healthcare. 

Source: Marsico Capital Management, LLC as at 31 December 2011. 




guarantee that the Skandia US Capital Growth Fund will outperform this benchmark 

22



SKANDIA US ALL CAP VALUE FUND 


Skandia US All Cap Value Fund – GAMCO Asset Management, Inc. 

Below is a report from the Investment Adviser of the Skandia US All Cap Value Fund for 2011. 

The Skandia US All Cap Value Fund was launched on 11 April 2002 with a starting Net Asset Value per share of USD 10.00. 


The Skandia US All Cap Value Fund underperformed its benchmark, the Russell 3000 Index, in 2011. The fund returned -4.55%, 

while the benchmark index returned 1.03% over the period.* 

During the first quarter of 2011, the main detractors from performance included: 

Ford Motor Co. – the Investment Adviser believes the company‟s shares are attractively valued, particularly as Ford‟s revived 

product portfolio has enabled retail share gains and the North American automotive market has recovered over the past two years. 

Further, Ford will be a major beneficiary of global automotive growth, as global light vehicle sales are expected to rise to 

approximately 88 million units in 2015 from 72 million today. They expect the company to continue its strong performance, led by 

CEO Alan Mulally, whose strategic vision helped the company restructure its balance sheet and cost structure while remaining 

committed to product development. 

Newmont Mining - the company produced 5.4 million ounces of gold and 325 million pounds of copper in 2010, and GAMCO 

expect this number to grow as the company develops large scale projects in Ghana, Peru, and the Canadian Arctic. Newmont 

announced the $2.3 billion acquisition of Nevada focused Fronteer Gold on February 7, 2011 in order to enhance its growth profile in 

the state. In 2010, approximately one third of Newmont‟s production came from its Nevada operations. 

Monster Worldwide - provides online employment solutions in North America, Europe, and Asia. The company operates a network 

of websites that connect employers and jobseekers. It‟s online recruiting and employment services and solutions include searchable 

job postings, resume database, recruitment media solutions, and other career-related content. 

Las Vegas Sands - develops multi-use integrated resorts worldwide. It owns the Venetian resort-hotel-casino and the Sands Expo and 

Convention Center in Las Vegas, Nevada; and The Sands Macao Casino in Macao, the People‟s Republic of China. The $5.5 billion 

Marina Bay Sands officially opened on June 23, 2010 and is expected to drive significant cash flows for the company. LVS is 

currently constructing a 6,400 room complex on the Cotai Strip in Macau that will feature the Shangri-La, Traders, Sheraton, and St. 

Regis hotel brands. 

On the positive side, the main contributors were: 

Viacom Inc. - is a pure play content company that owns a global stable of cable networks, including MTV, Nickelodeon, MTV, VH1, 

MTV, and BET, and the Paramount movie studio. The company has benefited from a cyclical rebound in advertising, an improvement 

in its viewership, and a shift in audience from broadcast networks to cable. Paramount has posted a series of box office successes with 

franchises such as Star Trek, Iron Man, and Transformers. The company announced that it will use its substantial free cash flow 

generation to resume its share repurchase program late in 2010. 

Navistar International - manufactures and sells commercial and military trucks, buses, diesel engines, recreational vehicles (RVs), 

and chassis, as well as provides service parts for trucks and trailers. The Investment Advisers were encouraged by Navistar‟s positive 

tone and bias towards the high end of its FY11 guidance range. They continue to believe Navistar is best leveraged to what they see as 

a 3-4 year recovery in North America commercial trucking. They also believe shares are undervalued and continue to communicate a 

buy recommendation. 

CBS Corp. - CBS Corp. operates the CBS television network, the premium cable network Showtime, owns 29 local television 

stations, 130 radio stations and the third-largest international outdoor advertising network. In 2011, GAMCO estimate CBS will 

generate $14.3 billion revenue, $2.8 billion EBITDA and $1.55 in EPS. They believe CBS has a number of opportunities to generate 

incremental non-advertising revenue from the sale of existing content to OVDs (online video distributors) and through retransmission 

consent agreements with traditional distributors. In addition, they expect a continued recovery in advertising, especially in radio and 

outdoor, to contribute to earnings growth. Finally, the Investment Adviser believes financial engineering, including the announced 

$1.5 billion buyback or a potential spin-off of CBS Outdoor, could act as a catalyst for shares. 

23







National Fuel Gas - a diversified natural gas and pipeline utility with a rapidly growing exploration and production business. The 

E&P segment, or Seneca Resources, operates in California, the Gulf of Mexico and most importantly, Appalachia, which is 

commonly referred to as the company‟s “Marcellus” acreage. On September 23, 2010, NFG announced that it had hired an adviser to 

explore joint venture opportunities in the Marcellus. Potential joint ventures will likely exclude mineral rights to the Utica shale, 

which lies beneath the Marcellus and could potentially prove to be as abundant as the Marcellus. 

In the second quarter of 2011, the main detractors from performance included: 

Janus - a publicly owned asset management holding company with approximately $167.7 billion in assets under management. 

GAMCO Asset Management, Inc sees improving management and operating stability due to new CEO Richard Weil. On a three-year 

basis, the percentage of Janus equity mutual funds in the top two Lipper quartiles was 80%. The stock trades at an attractive valuation. 

Bank of New York Mellon Corp. - a global financial services company with over $1 trillion of assets under management and $22.4 

trillion of assets under custody and administration. The company is the global leader in asset servicing and benefits from cross selling 

additional services to existing customers. It has the largest market share in six of its nine largest businesses, including the #1 global 

Corporate Trust business and over 50% market share in the US for broker-dealer services. The company‟s leadership position and 

strong operating track record should fuel continued global growth as it takes advantage of recent dislocations in the financial markets. 

GAMCO believes the company, along with other well capitalized financial firms, will raise its dividend in 2011. 

Navistar International - manufactures and sells commercial and military trucks, buses, diesel engines, recreational vehicles (RVs), 

and chassis, as well as provides service parts for trucks and trailers. GAMCO was encouraged by Navistar‟s positive tone and bias 

towards the high end of its FY11 guidance range. GAMCO continues to believe Navistar is best leveraged to what it sees as a 3-4 year 

recovery in North American commercial trucking and believes its shares are undervalued. 

Ford Motor Co. - the third-largest manufacturer of light vehicles in the US (by sales). GAMCO believes the company‟s shares are 

attractively valued, particularly as Ford‟s revived product portfolio has enabled retail share gains as the North American automotive 

market has recovered over the past two years. Further, Ford will be a major beneficiary of global automotive growth, as global light 

vehicle sales are expected to rise to approximately 88 million units in 2015 from 72 million today. GAMCO expects the company to 

continue its strong performance, led by CEO Alan Mulally, whose strategic vision helped the company restructure its balance sheet 

and cost structure while remaining committed to product development. 

CNH Global - manufactures and distributes agricultural and construction equipment worldwide under the Case and New Holland 

brands. GAMCO believes CNH remains a major benefactor of global infrastructure growth and continued secular increase in demand 

for food. Notably, CNH expects the world demand for agricultural equipment to rise 4.5% per year through 2014 to a total of $123 

billion, driven by growth in emerging economies and rising global population. Finally, GAMCO believes Fiat‟s plan to spin-off Iveco 

and CNH into a separate entity named Fiat Industrial by the end of the year will continue to serve as a catalyst for CNH. 

On the positive side, the main contributors were: 

Viacom Inc. - a pure play content company that owns a global stable of cable networks. The company has benefited from a cyclical 

rebound in advertising, an improvement in its viewership, and a shift in audience from broadcast networks to cable. Paramount has 

posted a series of box office successes with franchises such as Star Trek, Iron Man, and Transformers. The company announced that it 

will use its substantial free cash flow generation to resume its share repurchase program. 

Sprint Corp. - operates the third-largest wireless carrier in the US. GAMCO believes that Sprint‟s operational turnaround will 

continue to gain momentum throughout 2011 and the company could become a buyout target (in the medium- to long-term) for cable 

companies in order to stay competitive on the multi-service bundle front in an environment where consumers increasingly look to 

access content on their mobile devices. A bid from Verizon Wireless is also possible, but GAMCO thinks this is less likely, as VZW 

will also benefit significantly (as a strong #2) from more rational pricing, could use the AT&T/T-Mobile approval as a “cover” for 

smaller transactions (e.g. U.S. Cellular or MetroPCS), and will likely be more focused on trying to buy out the minority interest in 

Verizon Wireless from Vodafone rather than pursuing a challenging integration project. 

24







American Express - the largest closed loop credit card company in the world. The company‟s strong consumer brand has allowed 

American Express to enter the deposit gathering market as an alternate source of funding, while the company‟s affluent customers 

have begun to see slight improvements in spending. Longer term, American Express should capitalize on its higher spending customer 

base and to continue to expand into other payment-related businesses like corporate purchasing while also growing in emerging 

markets. 

CBS Corp. Class A - CBS Corp. operates the CBS television network, the premium cable network Showtime, owns 29 local 

television stations, 130 radio stations and the third-largest international outdoor advertising network. In 2011, GAMCO estimates that 

CBS will generate $14.3 billion revenue, $2.8 billion EBITDA and $1.55 in EPS. GAMCO believes CBS has a number of 

opportunities to generate incremental non-advertising revenue from the sale of existing content to OVDs (online video distributors) 

and through retransmission consent agreements with traditional distributors. In addition, GAMCO expects a continued recovery in 

advertising, especially in radio and outdoor, to contribute to earnings growth. Finally, GAMCO believes financial engineering, 

including the announced $1.5 billion buyback or a potential spin-off of CBS Outdoor, could act as a catalyst for its shares. 

Dish Network - provides direct broadcast satellite (DBS) subscription television services in the US. It offers programming that 

includes approximately 280 basic video channels, 60 Sirius satellite radio music channels, 30 premium movie channels, 35 regional 

and specialty sports channels, 2,800 local channels, 250 Latino and international channels, and 55 channels of pay-per-view content. 

With recurring cash flow and an underleveraged balance sheet, GAMCO thinks DISH would make an attractive LBO candidate at a 

modest premium to current prices. GAMCO believes DISH retains strategic value as one of two national video providers. 

During the third quarter the Skandia US All Cap Value Fund modestly outperformed its primary benchmark, the Russell 3000 Index, 

over the third quarter of 2011. The fund recorded a return of 15.2%, while the benchmark index declined by 15.3% over the quarter.* 

The main contributors to performance in Q3 included: 

Newmont Mining - is primarily a gold producer, with a significant presence in the United States, Australia, Peru, Indonesia, Ghana, 

Canada, New Zealand, and Mexico. As of December 31, 2009, Newmont had probable gold reserves of 91.8 million equity ounces 

and aggregate land holdings of approximately 38,840 square miles. Founded in 1921 and publicly traded since 1925, Newmont is one 

of the world‟s largest gold producers and is the only gold company included in the S&P 500 Index and the Fortune 500. 

Headquartered near Denver, Colorado, the company has over 35,000 employees and contractors worldwide. 

Apple - designs and sells Macs, arguably the best personal computers in the world, along with OS X, iLife, iWork, and professional 

software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple is reinventing the mobile phone with 

its revolutionary iPhone and App Store, and has recently introduced its revolutionary iPad which is defining the future of mobile 

media and computing devices. 

Bristol Myers Squibb - a global biopharmaceutical company that develops innovative medicines that help patients prevail over 

serious diseases. The company focuses on areas of serious unmet medical needs, such as cardiovascular disease, mental illness, 

cancer, HIV/AIDS, hepatitis and Alzheimer‟s. 

Midas - offers retail automotive services through franchised and company-operated shops, primarily in the United States, Canada, and 

Europe. It sells Midas, SpeeDee, and Midas-SpeeDee co-branded items. Its chain of shops offer car repair/maintenance services and 

equipment in areas such as exhaust systems, brakes, suspension, tyres, batteries, etc. 

Google - is widely recognised as the world‟s leading Internet search engine. Google generates revenue by providing advertisers with 

the opportunity to deliver measurable, cost effective online advertising that is relevant to the information displayed on any given 

webpage. This makes the content useful to consumers as well as to the advertiser placing it. We believe this highly innovative and fast 

growing company is uniquely positioned to create new market opportunities while maintaining its lead in online search. 

25







The main detractors from performance in Quarter 3 included: 

Sprint - is the third-largest wireless carrier in the US with 48.3mn subscribers, employing CDMA and iDEN network technologies. 

GAMCO believes that Sprint could become a buyout target in the medium-to-long term for cable companies in order to stay 

competitive on the multi-service bundle front in an environment where consumers increasingly look to access content on their mobile 

devices. A bid from Verizon Wireless is also possible, but it seems less likely, as they will also benefit significantly (as a strong 2nd 

in the market) from more rational pricing, and could use the AT&T/TMobile approval as a “cover” for smaller transactions. Verizon 

will likely be more focused on trying to buy out Vodafone‟s minority interest than pursuing a challenging integration project. 

Ford Motor Co- based in Dearborn, Michigan, Ford is the third largest manufacturer of light vehicles in the United States (by sales). 

It currently sells vehicles globally under its Ford and Lincoln brands. Additionally, it operates Ford Motor Credit, a financial services 

business that offers retail and wholesale financing of new vehicles. In 2010, Ford generated approximately $11 billion of EBITDA on 

$112 billion in sales. GAMCO believes the company‟s shares are attractively valued, particularly since Ford‟s revived product 

portfolio has led to gains in its share of the retail market as the North American automotive market has recovered over the past two 

years. Furthermore, Ford should be a major beneficiary of the world‟s automotive growth, as global light vehicle sales are expected to 

rise to approximately 88 million units in 2015 from 72 million today. GAMCO expects the company to continue its strong 

performance, led by CEO Alan Mulally, whose strategic vision helped the company restructure its balance sheet and cost structure 

while remaining committed to product development. 

Navistar International - based in Warrenville, Illinois, it manufactures Class 4-8 trucks, buses, and defense vehicles, as well as 

diesel engines and parts for the trucking industry. NFC, a wholly owned subsidiary, provides financing of products sold by the 

company‟s truck segment. Navistar is currently ramping up production of its low-emission EGR engines, providing its customers with 

a low maintenance alternative for trucks that must meet EPA emissions standards. As production mounts, we expect NAV to regain 

market share in North America and lever fixed costs to expand margins and drive profitability over the next several years. 

National Fuel Gas - is a diversified natural gas company. NFG owns a regulated gas utility serving the region around Buffalo, New 

York, gas pipelines that transport gas from the Midwest and Canada to New York City and New England, as well as an oil and gas 

exploration and production business. GAMCO sees significant unrecognised value in NFG‟s ownership of 800,000 acres in the 

Marcellus Shale field. Advances in drilling technology have made extracting the enormous gas reserve potential from the shale 

possible. GAMCO estimates that the Marcellus holding could be worth well over $4 billion, judging by recent comparable 

transactions. In late 2010, the company hired an adviser to pursue joint venture opportunities. The company has increased its dividend 

for forty consecutive years. 

Viacom - owns a global stable of cable networks, including MTV, Nickelodeon, VH1 and BET, as well as the Paramount movie 

studio. The company was spun off from former parent “old Viacom”, now known as CBS Corporation, on 31 December 2005. 

Viacom‟s cable networks generate revenue from advertising sales, fixed monthly subscriber fees and ancillary revenue from toy 

licensing, etc. The company has benefitted from a cyclical rebound in advertising, an improvement in its viewership, and a shift in 

audience from broadcast networks to cable. Paramount has posted a series of box office successes with franchises such as Star Trek, 

Iron Man, and Transformers. The company announced that it would use its substantial free cash flow generation to resume its share 

repurchase programme. 

Although gaining in absolute terms, the Fund underperformed the benchmark over the fourth quarter of 2011. Among the holdings 

that detracted from the returns in the fourth quarter was Sprint Corp, the third-largest wireless carrier in the US. Its shares suffered 

from lowered expectations for sector and company performance in 2012. Another wireless carrier, NII Holdings, focused primarily 

on business customers in Latin America, suffered from the increased risk aversion that has affected emerging market stocks in the past 

two quarters. NII traded at a significant discount to its private market value. The Fund‟s holding in Exelis weighed on performance in 

the fourth quarter. ITT Industries completed the spinoffs of its defense (Exelis) and water (Xylem) businesses during the quarter. 

Although Exelis provides surveillance and reconnaissance-related products and services to militaries, security agencies, 

governments and commercial customers worldwide, the initial take up in its shares was disappointing in the uncertain market 

environment. We continue to believe the spinoff should ultimately realise the underlying value of the company. 

26







Among holdings that benefited performance during the quarter was Thomas & Betts, a manufacturer of electrical connectors and 

components, whose stock gained on growing optimism over the US recovery. Similarly Crane, a US manufacturer of brake 

control systems, fibre glass panels, pumps and valves saw its stock benefit from increasing optimism about higher demand as the 

US economy picks up steam. Meanwhile, shares in aircraft manufacturer Boeing benefited from news of new orders from several 

airlines, particularly for its newest more fuel efficient version of the best-selling 737 aircraft. 

Source: GAMCO Asset Management, Inc., as at 31 December 2011. 




guarantee that the Skandia US All Cap Value Fund will outperform this benchmark. 

27



SKANDIA US VALUE FUND 


Skandia US Value Fund – Hotchkis and Wiley Capital Management, LLC 

Below is a report from the Investment Adviser of the Skandia US Value Fund for 2011. 

The Skandia US Value Fund was launched on 17 April 2002 with a starting Net Asset Value per share of USD 10.00. 


The Skandia US Value Fund underperformed its benchmark, the Russell 1000 Value Index, in 2011. The fund returned -6.47%, 

while the benchmark index recorded a total return of 0.39% over the period.* 

During the first quarter, stock selection in information technology, utilities, and healthcare detracted from relative performance, as 

did the underweight in energy. The largest individual detractors for the quarter were Hewlett-Packard, General Motors, and 

Microsoft. Positive stock selection in financials and telecommunications contributed to relative performance for the quarter. The 

largest individual contributors for the quarter were Lockheed Martin, ConocoPhillips, and Royal Dutch Shell. 

In the second quarter, an overweight in low-valued stocks and an underweight in non-cyclical stocks were major performance 

detractors in the quarter. Stock selection in financials also had a negative impact. The largest individual detractors were Hewlett- 

Packard, Genworth Financial, and Gap. Positive stock selection in energy, materials and industrials were the primary contributors 

to performance for the quarter. The largest individual contributors were Novartis, Magna International, and CVS Caremark. 

In the third quarter the Skandia US Value Fund marginally outperformed the benchmark Russell 1000 Value Index. Beneficial 

stock selection in the energy, telecoms, and healthcare sectors was the largest contributor to returns for the quarter. An overweight 

in utilities and an underweight in materials also proved advantageous. The main detractor from performance was having an 

overweight in stocks with low valuations. The portfolio‟s underweight in three of the four non cyclical sectors (healthcare, 

staples, and telecoms) also detracted from performance slightly. Stock selection in financials and technology was another negative 

factor for performance. 

In the last quarter the portfolio underperformed the Russell 1000 Value Index over the quarter. An overweight position in low P/E 

stocks hurt performance as this group considerably underperformed the market. Also hurting performance was stock selection in 

technology and financials. The position in banks weighed on performance as concerns regarding sovereign debt exposure and 

continued economic weakness pressured the stocks. Positive stock selection in energy, materials, and telecommunications was the 

largest contributor to returns. 

Source: Hotchkis & Wiley Capital Management, LLC as at 31 December 2011. 




guarantee that the Skandia US Value Fund will outperform this benchmark. 

28



SKANDIA EUROPEAN EQUITY FUND 


Skandia European Equity Fund – Goldman Sachs Asset Management International 

Below is a report from the Investment Adviser of the Skandia European Equity Fund for 2011. 

The Skandia European Equity Fund was launched on 13 September 2000 with a starting Net Asset Value per share of EUR 1.00. 


During 2011, the Skandia European Equity Fund returned -12.03% underperforming it‟s benchmark, the MSCI Europe GR Index, that 

produced a return of -7.51% over the same period.* 

Strong stock selection within the consumer staples and energy sectors were the primary drivers of performance during the first quarter, 

while the Investment Adviser‟s positioning in the healthcare and industrials sectors detracted from relative performance. 

As mentioned above, the consumer staples sector was the weakest performing sector in the first quarter of 2011,underperforming the 

European market by almost 5%. Investors were concerned about rising input costs and whether companies in the sector would be able 

to pass the costs on in a weak consumer environment. There was also an element of profit taking that weighed on returns, as many 

companies in the consumer staples sector performed well in 2010. While the portfolio had an overall underweight to the sector over 

the quarter, consumer staples was the top alpha contributor in the portfolio. The portfolio was well-positioned with holdings in 

companies such as Swiss-based bakery company Aryzta and Irish food company Kerry Group. Aryzta, which also produces animal 

feed and fertilizer, led returns after revealing a strong recovery in organic growth in the company‟s fiscal half year results. The 

Investment Adviser believes there is scope for continued growth driven by recovering demand for Aryzta‟s products after the 

downturn, as well as the synergies and international growth opportunities from acquisitions in 2010. Within the energy sector, 

GSAM‟s position in Italian energy company ENI contributed to returns. In their view, the company's production growth target is 

conservative and they believes that the market is underestimating growth in the company's oil and gas business. The Investment 

Adviser believe the company's production profile is more attractive compared to its peers. 

While the healthcare sector experienced marginal weakness in the market this quarter, GSAM‟s holdings in the sector detracted from 

returns due to positions in hearing and wireless systems company Sonova and pharmaceutical company Swedish Orphan Biovitrum. 

The Investment Adviser initiated a position in Swiss-based Sonova as they believed the company was well positioned to benefit from 

demographic trends of growing aging populations and its position as a leader in the hearing aid industry, based on the company‟s 

product range and technology. In March, Sonova‟s share price fell sharply after it issued a profits warning. Factors leading to the 

warning included a product recall, a slower-than-expected development in a new product range, and generally poor development of 

the core underlying hearing aid operations. Following subsequent conversations with senior management, GSAM decided to sell out 

of their position as they felt the valuation of the stock did not reflect two aspects; a significant deterioration in management credibility 

and a lack of near-term visibility in the operating environment for Sonova. Their holdings in the industrials sector also detracted from 

returns over the quarter. Within the sector, French aerospace company Safran was a detractor. The Investment Adviser continues to 

like this company and added to our position following the share price fall as they believe that Safran, which provides spare parts and 

after-sales service for aircraft engines, is well placed to benefit from the upswing in the spare parts cycle. 

During the second quarter, strong stock selection within the consumer discretionary and information technology sectors were the 

primary alpha drivers during the quarter, whilst the fund‟s positioning in the industrials and telecommunication services sectors 

detracted from relative performance. 

The consumer discretionary sector made gains over the quarter, leaving behind concerns about disruptions to the supply chain caused 

by the Japanese earthquake in March. The fund was overweight the sector over the quarter and its holdings in companies such as 

German automobile company Volkswagen and cable operator Kabel Deutschland contributed to returns. Volkswagen performed well 

as fears over supply disruptions caused by the disaster in Japan dissipated and the company released better-than-expected Q1 results 

in April. Within information technology, Swedish communications company Ericsson, the world‟s largest telecommunications 

network equipment maker, outperformed after posting stronger-than-expected Q1 results driven by solid demand for wireless 

technology. The Investment Adviser, GSAM, expects sales to remain strong as telecommunications network operators upgrade and 

add capacity to accommodate increasing mobile broadband usage. 

The top contributor in the second quarter was French aerospace and defence company Safran, which has performed well in 2011. The 

stock continues to do well on the back of a strengthening US Dollar, which is beneficial to Safran as the company‟s revenue base is in 

US Dollars whilst its costs are reported in Euro. Safran‟s share price was further boosted by a weak oil price which GSAM believes 

may improve airline profitability. 

29







In both the fund and the general market, the industrial sector experienced weakness. The fund‟s positions in Dutch companies TNT 

Express and PostNL, both formally part of TNT N.V., were large detractors from performance. To give some background, Dutch 

transportation company TNT N.V. was restructured in May into two companies; PostNL, which focuses on mail delivery and TNT 

Express, an international express and cargo delivery services company. PostNL continues to own a stake in TNT Express. GSAM had 

expected the demerger to be a positive catalyst for the stock, but it has instead been a negative one, particularly for PostNL, which is 

the slower growing, high dividend-paying stock which operates in a deregulated market. GSAM continues to hold both companies as 

it believes there are a number of positive drivers in place for both. PostNL has many areas of opportunity including price increases, a 

healthier competitive landscape, growth in their parcels business, and the possibility of branching out to international markets. GSAM 

believes that TNT Express has a strong Express parcel delivery business and is well positioned to benefit from the company‟s move to 

seed growth in China earlier than competitors. 

In the third quarter the fund underperformed its primary benchmark, the MSCI Europe GR Index. Strong stock selection in the 

financials and materials sectors were the main positives during the quarter, whilst GSAM‟s positioning in the consumer staples and 

healthcare sectors detracted from relative performance. 

Despite the weakness of the financials sector in the broader market, GSAM‟s stock selection in this area benefited the portfolio in the 

third quarter. BNP‟s stock price had been experiencing weakness since July amid the ongoing European sovereign debt fears. 

However, GSAM took the view that these concerns had been exaggerated, which was reflected in the share price, so it decided to take 

advantage and add to the portfolio‟s position at an attractive valuation in September. Since then, the stock has begun to recover and 

has contributed to the portfolio‟s returns. Elsewhere in the portfolio, a stake in the UK based oil and gas company Tullow Oil was one 

of the top contributing investments in the portfolio during the third quarter. Shares of the company increased after an oil discovery 

made at the Zaedyus exploration well in offshore French Guiana. Tullow has built a strong and unique exploration position in South 

America and this could mark the start of a significant and potentially transformational long-term exploration and appraisal campaign 

in the region. In addition, UK based software company Autonomy Corporation was a strong contributor to performance. However, 

overall stock selection in the information technology sector lagged. Shares of a holding in Autonomy soared after the company agreed 

to be acquired by Hewlett-Packard at a 78% premium to the previous day‟s closing share price. GSAM subsequently trimmed the 

position, taking profits. The performance of the portfolio‟s holdings in the information technology and consumer staples sectors 

highlight how important single stock selection is as the primary driver of returns in this portfolio. In contrast to the positive 

performance of Autonomy, a holding in Temenos, which specialises in packaged software for banks, was one of the biggest detractors 

during the third quarter. The share price‟s weakness was due to investor concern that European banks would defer purchases given the 

uncertainty related to the European sovereign debt crisis. GSAM has maintained a small position in the company in the belief that 

Temenos has compelling long-term prospects given its strong position in the growing market of packaged-software solutions for 

banks, and its significant exposure to emerging market growth. 

UK based consumer goods company, Reckitt Benckiser, was the top performing stock during the quarter for two main reasons. First, 

its core household and personal care business remained relatively resilient, buoyed by market data suggesting that rival Procter & 

Gamble was promoting some of its competing household markets less. Second,a positive stream of news concerning its 

pharmaceutical business, notably the drug Suboxone, benefited the company‟s share price. In contrast, Danish brewer Carlsberg was 

the largest detractor in both the consumer staples sector and the portfolio as a whole. Carlsberg was hit by a lowered earnings outlook 

for 2011 due to near-term weakness in Russia where higher taxes have depressed beer consumption. In addition, investor risk aversion 

amid uncertainty in the markets, weaker global consumer sentiment, and news of a poor quality barley harvest put more pressure on 

Western European profitability. In response to these developments, GSAM reduced its investment in the company to mitigate nearterm 

risks and continues to monitor Carlsberg‟s outlook closely. 

30




INVESTMENT ADVISER’S REPORT FOR THE YEAR ENDED 31 December 2011 (continued) 



The Skandia European Equity Fund gained in the fourth quarter, but trailed the MSCI Europe GR Index. Challenging stock selection 

in the fourth quarter, notably our positioning in the consumer discretionary and financials sectors detracted from relative performance. 

However, strong stock selection within the telecommunication services and industrials sectors benefited and tempered 

underperformance elsewhere. The financials sector made small absolute gains in the fourth quarter, but our sector underweight made 

it the biggest detractor from relative performance. Most of the underperformance can be attributed to our overweight position in the 

defensive UK-based motor insurance company, Admiral Group, which was down over 30% during the quarter. Admiral lagged the 

stock rally in October, due in part to company and industry specific issues that have hampered Admiral‟s share performance. For 

example, the company recently announced that its underwriting results relating to large bodily injury claims had deteriorated further 

from the first half of the year. Despite Admiral‟s weakness in the fourth quarter, we retain a favourable long term view as the 

company enjoys significant underwriting advantages compared with its peers. However, due to the short-term uncertainty we trimmed 

our position and continue to monitor the situation. GSAM remains cautious about the European Financials sector, particularly banks, 

while the uncertainty surrounding the European sovereign debt crisis continues to develop. The fund‟s in the energy sector was 

generally strong in the fourth quarter. All of the major European oil companies outperformed because of their robust balance sheets 

and continued high oil prices. UK-based oil and gas company Royal Dutch Shell‟s share price performed well throughout the year, 

however the fund has been underweight this company, which has resulted in it being one of the biggest detractors from relative 

returns. 

GSAM prefers Total of France and ENI of Italy among the major oil names in Europe because we have greater confidence in their 

production growth plans and they present a more compelling valuation case compared with their peers. GSAM‟s position in ENI was 

a top contributor to the portfolio‟s relative performance. Despite the negative impact of ENI‟s exposure to the Middle East, 

particularly in Libya, amid the uprisings there earlier in 2011, towards the end of the year the performance of ENI‟s shares decoupled 

from its local market and enjoyed a big improvement. The share price was further bolstered when the company announced an 

enormous natural gas discovery off the coast of Mozambique. 

Elsewhere, holdings in the telecoms sector was another area of strength. In particular, an underweight in Telefonica of Spain benefited 

as the shares lagged after the company cut its dividend forecast. A position in UK based Vodafone also performed well, driven by the 

continued strong performance of Verizon Wireless, in which Vodafone holds a 45% stake. 

German pharmaceutical company Bayer was one of the top performing stocks in the portfolio in the fourth quarter. Its share price 

performed well off the back of a number of positive pipeline related news items, including the approval by the Food and Drug 

Administration of the US of Bayer‟s anti-clotting drug Xarelto. 

Source: Goldman Sachs Asset Management International and FactSet. MSCI Europe Index in total return, Euro terms as at 31 

December 2011. 


income reinvested in fund base currency (Euros). 


guarantee that the Skandia European Equity Fund will outperform this benchmark. 

31



SKANDIA EUROPEAN OPPORTUNITIES FUND 


Skandia European Opportunities Fund – SVM Asset Management Limited 

Below is a report from the Investment Adviser of the Skandia European Opportunities Fund for 2011. 

The Skandia European Opportunities Fund was launched on 12 April 2002 with a starting Net Asset Value per share of EUR 

10.00. 


The fund produced a total net return of -17.85% underperforming its benchmark index MSCI Europe GR Index which had a gross 

return of –7.51% for the year 2011. 

February‟s best performing stock, German real estate company Gagfah, was responsible for much of the underperformance. A 

substantial portion of the company‟s real estate portfolio was sold to the company by the City of Dresden with specific social 

conditions attached. The seller now claims that these clauses have not been adhered to and seeks substantial damages against the 

company. The Investment Adviser has sold their shareholding as such legal proceedings are likely to burden the share price for some 

considerable time. One of 2010‟s best performers, Swiss chemicals company Clariant, was also a poor performer following the 

acquisition of Sud Chemie of Germany. SVM disagree with the market and view this acquisition very positively. SVM intend to 

increase our holding in the forthcoming rights issue. 

Good performers included Centrotec, a German supplier of environmentally compliant products to the building industry. Despite a 

decline in worldwide construction, the energy saving nature of the company‟s products has ensured good growth prospects even in 

this difficult environment. Italian cement producer Buzzi Unichem also fared well as attention turns from the company‟s struggling 

Italian operations to the larger international division. A number of financials posted good performances despite jitters over sovereign 

debt. These included Société Générale, Allianz and BNP. 

During the second quarter of 2011, five stocks were hit particularly hard in this environment, contributing substantially to the fund‟s 

underperformance with double-digit negative returns. The worst was Mediaset of Italy. The Investment Adviser, SVM, was well 

aware of the issues surrounding the company when it first purchased the stock but the shares had already substantially 

underperformed. The company had expected a rebound in advertising revenues in the second half of the year but now guide that this is 

unlikely to materialise. The position was sold as this news emerged. German utility E.ON had also been a very poor performer before 

it was purchased but was still hit hard by the news that Germany would enforce a shutdown of all nuclear facilities following the 

tragic events in Japan. The shutdown itself does not alter SVM‟s forecasts for the company as it believes the resultant increase in 

power prices should offset this event but instead the costs of the decommission may prove more painful than some expect. As a result, 

the holding was sold. Both BG Group and Statoil also suffered during the quarter, but there was little in terms of negative news flow 

and so the positions were maintained. 

Positive contributions came from stocks with clear emerging market exposure such as PPR and LVMH, while Clariant was the second 

best performer. SVM sold the latter following a meeting with management and some concerns over the outlook for margins. 

In the third quarter the fund underperformed its primary benchmark, the MSCI Europe GR Index, although it outperformed in 

September, when the portfolio was helped by an underweight in banks. The financial sector was hit particularly hard as talks of 

funding problems combined with a lack of political clarity created uncertainty. The cash balance also remained high as the Investment 

Adviser, SVM waited for more certainty on the economic and political fronts. Over the course of the quarter the portfolio was hurt by 

exposure to sectors most affected by today‟s economic uncertainties. Basic materials, such as oil and metals, bore the brunt as did 

holdings like Xstrata, Aker Solutions, Bourbon and FL Smidth. Residual holdings in financials also detracted from performance; these 

included insurer Storebrand and Scandinavian Bank SEB. Defensives, such as Tate and Lyle, Swedish Match and Millicom proved 

extremely resilient managing to post positive returns in this harsh environment. 

The fund underperformed the index over the final quarter. In the more risk averse environment more defensive companies – those 

whose stocks enjoy a dependable relatively non-cyclical earnings stream topped the leader board. These included Swedish Match, BG 

Group, Tate and Lyle and Deutsche Post. There was little news concerning any of these names though Swedish Match did announce 

price increases for its snuff products, demonstrating the relatively inelastic demand for tobacco-related goods. The lack of a clear plan 

for the European debt crisis did little for the financial sector with ING, Axa, Allianz and Deutsch Bank all underperforming. 

Performance in the final quarter was affected by the underweight position in UK equities. Within UK equities it was the largest FTSE 

100 stocks that outperformed and our exposure to medium and smaller companies was not helpful. We believe that valuations in 

medium and smaller sized companies in many cases are compelling and that their share prices will soon reflect fundamentals. 

32



SKANDIA EUROPEAN OPPORTUNITIES FUND 


Skandia European Opportunities Fund – SVM Asset Management Limited 


Source: SVM Asset Management Limited, Factset and Skandia Investment Group as at 31 December 2011. 


income reinvested in fund base currency (Euros). 


guarantee that the Skandia European Opportunities Fund will outperform this benchmark. 

33



SKANDIA SWEDISH EQUITY FUND 


Skandia Swedish Equity Fund – Enter Fonder AB 

Below is a report from the Investment Adviser of the Skandia Swedish Equity Fund for 2011. 

The Skandia Swedish Equity Fund was launched on 13 September 2000 with a starting Net Asset Value per share of SEK 10.00. 


The Skandia Swedish Equity Fund underperformed its benchmark, the SIXPRX Index, for 2011. The fund returned -22.04%, 

compared to the benchmark index that returned -13.60%.* 

During the first quarter, the overweight exposure to industrials was the main reason behind the lag, as the sector underperformed the 

market over the quarter after a very strong finish to 2010. In addition, slightly disappointing fourth quarter numbers raised questions 

on how Swedish exporters will be able to handle the combination of a strong Swedish Krona and rising input prices. The Japanese 

earthquake added to concerns, especially for auto-related names which will most likely suffer from production disruption in the 

second quarter. 

One of the main detractors from performance included Electrolux, which suffered from weak sentiment for consumer stocks in 

general, compounded by the board‟s decision to only pay a small dividend. Autoliv was affected by supply issues affecting car 

production worldwide and the earthquake in Japan impacted their operations in the region. Meanwhile, Sandvik suffered from a 

number of misfortunes, including Australian floods affecting an important end market, productivity issues in the materials division 

and concerns about Sandvik‟s Nuke business after the Japanese earthquake. In addition, Indutrade was weak, reporting a 

disappointing fourth quarter, mainly due to its acquired company not performing according to expectations. 

The largest positive contributors included MTG, which rebounded, supported by strong market data from Sweden and Russia, and 

JM, which reported solid fourth quarter numbers on the back of a strong residential construction market in Sweden. Swedbank 

performed well due to new financial targets including a buy back mandate, while Hexagon benefited as the Intergraph acquisition is 

attracting foreign investors. 

In the second quarter of 2011, The fund‟s underperformance was largely due to not owning Ericsson, a strong performer following 

its Q1 results. Other negative contributors included JM, as the market was concerned about the impact of higher interest rates on 

housing, and MTG, as a weak ratings trend triggered concerns over higher programming costs. Meanwhile, Avanza suffered as its 

much-liked CEO stepped down, Lindab was weak due to management guiding down ahead of its Q2 results, and Boliden was hurt 

by disappointing results due to internal problems and worries about global growth. 

On the positive side, ABB performed well thanks to a good order intake, while Hexagon rose as its transition to more software is 

being rewarded. Autoliv benefited from indications that auto production is coming back after the Japanese earthquake and parts 

shortage, Alpha Laval gained as late cyclicals were increasingly in favour, while Haldex had a good run ahead of its spin-off and big 

dividend pay-out. 

In the third quarter the most severe setback occurred in August when the European debt crisis escalated, sending risk premiums up, 

while risky assets tumbled. The Skandia Swedish Equity Fund underperformed its primary benchmark, the SIXPRX Index with a 

total net return of -23.9%, while the benchmark index declined by 19.8% in the third quarter.* In general, the portfolio‟s holdings 

were tilted towards a more positive scenario than the one that materialised during the summer. 

Among the biggest negatives for the portfolio included the shares of the holding in JM, which fell on fears that the residential 

housing market would turn down sharply. The holding in Volvo suffered a setback on cyclical concerns heightened by the 

company‟s bad performance in the last downturn. Autoliv was subject to an anti-trust investigation, which hit the share price, and 

cyclical concerns also weighed on its stock. Shares in Hexagon proved vulnerable to worries that the company‟s relatively high 

leverage would exacerbate cyclical impacts, while MTG‟s stocks succumbed to fears that the Scandinavian ad market would be hit 

by the downturn. 

The biggest positives for the fund included a position in Kinnevik, a holding company with stable cash flows whose shares trade at a 

high discount; Millicom, which benefited the fund thanks to solid top line growth in combination with high payouts and share buy 

backs; Meda, which is seeing the return of organic growth, while becoming more aggressive on acquisitions; Mekonomen, which 

posted strong results, notably from a recent acquisition; and H&M, which is being helped by lower input costs, and is seeing market 

investments starting to pay off. 

34



SKANDIA SWEDISH EQUITY FUND 


Skandia Swedish Equity Fund – Enter Fonder AB 


During the fourth quarter, the Investment Adviser added Investor, a quality company whose shares traded at a record high discount 

to the portfolio‟s list of holdings. It also increased its holding in Mekonomen, which is benefiting from bigger than- expected 

synergies from acquisitions. The Investment Adviser also added to the position in H&M, which benefits from lower input costs and 

is likely to see a return to profit soon, and to Kinnevik, a stable holding enjoying strong cash flows with shares that trade at a very 

high discount. The holding in SEB was increased to take advantage of the fact that its shares are cheap and oversold. Elsewhere, the 

Investment Adviser trimmed the holding in Hexagon, whose shares are hindered by the company‟s higher-than-average financial 

leverage. Similar reasoning led to the trimming of the position in Volvo. Meanwhile, the Investment Adviser reduced the holding in 

Nordea as part of a move to reduce the portfolio‟s bank exposure, and in the case of Swedbank the buy back case did not appear as 

strong as previously thought. Shares in Sandvik usually fare worst among engineering stocks during downturns, which led the 

Investment Adviser to reduce the portfolio holding during the quarter. The Investment Adviser sold Haldex after the company‟s spin 

off of its Concentric division. 

Source: Enter Fonder AB, Factset and Skandia Investment Group as at 31 December 2011. 


income reinvested in fund base currency (Swedish Krona). 


guarantee that the Skandia Swedish Equity Fund will outperform this benchmark. 

35



SKANDIA SWEDISH GROWTH FUND 


Skandia Swedish Growth Fund – Lannebo Fonder AB 

Below is a report from the Investment Adviser of the Skandia Swedish Growth Fund for 2011. 

The Skandia Swedish Growth Fund was launched on 3 June 2002 with a starting Net Asset Value per share of SEK 10.00. 


The Skandia Swedish Growth Fund underperformed its benchmark, the SIXPRX Index, for 2011. The fund returned -15.07%, while 

the benchmark index recorded a total return of -13.60% over the period.* 

During the first quarter, the main reason for the lag was the weak performance of the capital goods shares, where the fund had large 

overweight positions. Fourth quarter results, which were reported during the first quarter, were weaker than expected mainly due to a 

negative impact on margins from higher raw material prices. Furthermore, the strong Swedish Krona had a negative impact on 

earnings in the capital goods sector. 

Meanwhile, the Swedish state sold part of their holding in Nordea, which exerted pressure on this stock. As Nordea is one of the 

largest overweight positions in the fund, it had a large negative impact on relative performance. 

On the positive side, the strong performance of the Swedbank shares, where the fund had a large overweight, to some extent 

compensated for the weak performance of the capital goods sector and the Nordea shares. Stock picks in Investor, Ericsson, Getinge 

and in particular MTG had a positive impact on the relative performance of the fund. 

While this kind of underperformance can happen when managing a fairly concentrated portfolio, the Investment Adviser is still 

disappointed by the weak performance of the capital goods and Nordea shares. 

During the second quarter, the main drag on performance came from capital goods shares, where the fund had large overweight 

positions. Weaker macroeconomic statistics increased concerns regarding the business cycle. Furthermore, the strong Swedish Krona 

had a negative impact on earnings in the sector. 

On the positive side, the strong performance of more stable shares such as Getinge, AstraZeneca and Swedish Match, where the fund 

held large overweight positions, to some extent compensated for the weak performance of the capital goods sector. Moreover, the 

overweight in Ericsson had a positive impact on the fund‟s relative performance. 

The Skandia Swedish Growth Fund outperformed its primary benchmark, the SIXPRX Index, over the third quarter of 2011. The fund 

produced a total net return of -19.56%, while the benchmark index had a return of -19.80% for the period.* On the positive side, the 

strong performance of more stable shares such as TeliaSonera, Tele2, AstraZeneca and Swedish Match, where the fund had large 

overweight positions, to some extent compensated for the weak performance of the capital goods sector. Capital goods shares 

detracted where the fund had over weight positions. Weaker macro economic statistics increased concerns regarding the business 

cycle, which had a negative impact on capital goods shares. 

During the fourth quarter the fund gained in real terms and performed nearly in line with the benchmark. Fund holdings in a number 

of defensive stocks were a major beneficial factor in its performance. Among the better performers were SCA, Elekta, Getinge and 

Swedish Match. Holdings in some quality cyclical shares, such as SSAB and JM, also benefited the fund. However an underweight in 

Lundin Petroleum, which significantly outperformed the market detracted from the fund‟s returns. Assa Abloy was another holding 

that hurt performance. 

At the sector level, overweights in construction and healthcare plus an underweight in real estate benefited, but an overweight in 

banks and underweight in utilities (LundinPetroleum) detracted. 

Source: Lannebo Fonder AB as at 31 December 2011. 




guarantee that the Skandia Swedish Growth Fund will outperform this benchmark. 

36



SKANDIA JAPANESE EQUITY FUND 


Skandia Japanese Equity Fund –Dalton Capital (Hong Kong) Limited 

Below is a report from the Investment Advisers of the Skandia Japanese Equity Fund for 2011. 

The Skandia Japanese Equity Fund was launched on 13 September 2000 with a starting Net Asset Value per share of JPY 100. 


The Skandia Japanese Equity Fund slightly underperformed its benchmark, the Topix Index, in 2011. The fund returned -19.21%, 

while the benchmark index recorded a total return of -18.94% over the period.* 

During the first quarter, the fund performed well in January, mainly attributed to a positive stock selection effect. Many holdings 

backed by favorable earnings prospects for FY 2010 and 2011 encountered a good market response to the quarterly (October- 

December, 2010) earnings results announcements and forecasts for a full year in line with / revised upward with consensus. Three 

top car manufacturers – Honda, Nissan and Toyota – gave a largely positive impact on the performance based on the earnings 

recovery scenario. Hitachi and Murata Manufacturing (electric appliances) also contributed positively. Hitachi surged up, supported 

by the concentration and selection of their existing businesses. Murata continued to play a major role as a main supplier of parts for 

smart-phones. In contrast, two mega banks – Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group – faced profittaking 

with negative contributions to the fund. JFE, a second largest steel maker, gave a negative impact through the uncertainty 

over its business forecast. Canon (electric appliances) was also sold because of the conservative earnings estimate. 

Good stock selection also helped drive outperformance in February. Nitto Denko, a comprehensive materials producer benefiting 

from the LCD polarizing film business, had a very positive contribution during the month. The company gained investors‟ attention 

due to its focus on touch panels used in smart-phones as well as its attractive valuation. Hitachi (electric appliances) also performed 

positively on a structural change scenario. Better-than-expected earnings revisions pushed the stock price of SoftBank higher and 

this contributed positively. The company‟s share price showed a resurgence following a two month correction. Sumitomo Mitsui 

Financial Group and Toyota Motor performed positively as well. In contrast, the share price of Fujifilm, the top-ranked photo film 

manufacturer, fell because the earnings estimates of the company did not exceed market consensus. Canon (electric appliances) also 

faced selling pressure after it announced conservative guidance for FY2011. Mitsubishi Corp. (the largest trading firm, wholesale 

trade), Murata Manufacturing (electric appliances) and Nissan Motor (transportation equipment) also contributed negatively in the 

month due to profit-taking selling. As for sector selection, the banks, telecommunication & information, other financial business, 

chemical and electric appliances sectors worked as positive contributors. On the other hand, the transportation equipment, 

pharmaceuticals, iron & steel, wholesale trade and non-ferrous metals sectors were the main detractors. 

The fund underperformed its benchmark in March, however. On the stock selection front, Mitsui & Co. and Mitsubishi Corp. 

(leading general trading companies) provided strong contributions as general trading companies have not been badly affected by the 

earthquake in terms of physical damage. Komatsu (construction machinery) and Kawasaki Heavy Industry (comprehensive heavy 

machinery) also worked positively. Both companies depend heavily on emerging countries and were in focus with investors despite 

the equity market fall. SoftBank (telecommunication) performed well, backed by its defensive nature and earnings momentum. In 

contrast, holdings in three mega banks – Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial 

Group – had a negative impact. Due to the expected downturn in the domestic economy and huge loans to electric power companies, 

they were out of favour. Mitsui Fudosan (leading real estate) also had a negative contribution because of the expected damages to 

their assets. Honda Motor was negatively affected because of suspended production. As for sector selection, wholesale trade 

(general trading firms), information & communication, machinery, mining and pharmaceuticals performed as positive contributors. 

Banks, automobiles, real estate, insurance and land transportation were the main negatives. 

During the second quarter of 2011, the majority of this outperformance came in April thanks to positive stock selection and 

successful sector allocation. On the stock selection front, Canon (electric appliances) gave the best contribution, rising significantly 

after the announcement of a downward earnings revision for FY2011 which had already been discounted. Mitsubishi Chemical 

Holdings (chemicals) and Hitachi (electric appliances), which had been depressed since the earthquake, rebounded sharply, while 

Honda (transportation equipment) and Mitsubishi UFJ Financial Group (banks) also contributed positively. In contrast, TDK 

(electric appliances), the largest negative contributor in April, dropped sharply following an announcement of an M&A plan of the 

HDD business between Seagate and Samsung which could negatively impact TDK‟s market share. Sony (electric appliances) also 

sank due to the cyber-attack on its online network services. Mitsui & Co. and Sumitomo Corp. (wholesale trade) contributed 

negatively as they experienced profit-taking. 

37







The fund continued to outperform in May. The Investment Adviser trimmed general trading houses because of the decline of natural 

resources and increased automobiles slightly. On the stock selection front, Hitachi (electric appliances) was the best monthly 

contributor as the company was successful in achieving a rapid earnings recovery through a sustainable restructuring effort. Toyota 

(transportation equipment) also showed a positive contribution reflecting a front-loaded production projection. KDDI and NTT 

(information & communication) performed well as their results revealed stable earnings growth. Sega Sammy Holdings, the largest 

producer of slot machines and operator of commercial use games and game arcade centres, contributed positively as well. In 

contrast, Komatsu, the world‟s second largest manufacturer of construction machinery, saw its share price slump in May as 

investors anticipate slower demand from China this year. Kyushu Electric Power and Kansai Electric Power also contributed 

negatively after weak news flow on their earthquake disaster reconstruction plans. Sumitomo Mitsui Financial Group (banks) was 

also sold because the Chief Cabinet Secretary suggested mega banks might write-off lending to Tokyo Electric Power. SoftBank 

(information & communication) was negatively impacted by increased profit-taking. As for sector selection, transport equipment, 

information & communication, electric appliances, chemicals and pharmaceutical sectors performed positively over the month, 

while electric power & gas, wholesale trades (general trading houses), non-ferrous metals, banks and machinery sectors were the 

main negative contributors. 

However, the fund underperformed in June. Both stock selection and sector allocation worked negatively, mainly impacted by the 

reversal of sector returns. On the stock selection front, DeNA (an operator of game platforms for mobile phones) gave the best 

contribution, rising to its highest historical price level. Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group also 

performed well, rising in tandem with the market rebound. Both Kyushu Electric Power and Kansai Electric Power, which had been 

in a downward trend since the earthquake, showed a sharp turnaround and provided a positive contribution. Fanuc, the world‟s top 

manufacturer of NC equipment, worked positively as concern over the possible slowdown in the machinery industry in China 

mounted. In contrast, NTT DoCoMo and SoftBank (information & communication) contributed negatively due to profit-taking. 

Toyota Motor and Nintendo also dragged on performance, with the latter suffering following an announcement of an introduction of 

new hardware. On the sector selection front, electric power & gas, banks, services, machinery and iron & steel performed positively 

while information & communication, electrical appliances, chemicals, other products and wholesale trade were negative 

contributors. 

The Skandia Japanese Equity Fund underperformed its primary benchmark, the Topix Index, over the third quarter. The portfolio‟s 

outperformance in July (thanks to positive share selection and allocation) was more than offset by the weakness experienced in 

August and September, when stock picking and sector positioning turned negative. Both were particularly affected by the sharp selloff 

of stocks in sectors oriented to external demand. Among sectors, transport equipment, electrical appliances, chemicals, 

machinery and financial business sectors were negative for performance, while air transport, retail, pharmaceuticals, services and 

electric power/gas sectors were the main positives for returns. 

By September, we had neutralised our sector allocation positions by increasing our weighting in domestic demand- related areas, 

such as construction, retailing and pharmaceuticals, while reducing our holdings in exporters in response to weak markets. 

At the company level, Honda Motor and Nissan Motor both sold heavily in August, which resulted in losses for the fund. Electrical 

appliances group Hitachi also faced selling pressures as investors took profits. Fujifilm (chemicals) and Mitsubishi UFJ Financial 

Group (banks) came under pressure during the month as well. On a brighter note, a holding in Skymark Airlines continued to benefit 

the fund in August. Slot machine group Sega Sammy Holdings also gained during the month, while Japan‟s largest mobile phone 

group NTT Docomo contributed to returns. Meanwhile shares in general contractor Obayashi attracted strong investor interest amid 

expectations of rising construction demand. 

Among stocks in September, wholesale trader Mitsui & Co was the worst performer in the portfolio, tumbling in line with a steep 

fall in commodity prices worldwide. Machinery group Komatsu and electrical appliances business Fanuc lost ground because of a 

slowdown in orders from China. SoftBank (the sole distributor of the iPhone series in Japan) sold heavily after news that KDDI 

would become another distributor of iPhone5. On the positive side, NTT and NTT Docomo were the biggest contributors to 

performance in September, reflecting their high dividend yields and stable corporate earnings. Shares in Mitsubishi UFJ Financial 

Group also provided a boost thanks to a rally towards month end while pharmaceuticals firm Otsuka Holdings was resilient as 

investors liked its stable earnings profile. 

38







During the last quarter, though declining, the fund modestly outperformed the benchmark. This was due to both positive sector 

positioning and stock selection. From mid-September, the Investmnet Adviser cut export-oriented sectors further mainly due to the 

serious European debt crisis. In December, the Investment Adviser stopped reducing exposure to exporters and edged up the 

holdings in electric appliance businesses and wholesale traders because of some signs that markets were stabilising, which benefited 

the fund. The fund is now slightly overweight in the export-oriented and domestic-oriented sectors and underweight on defensive 

sectors. 

On the stock selection front, over the past three months, NTT (telecom) was the biggest relative contributor to the fund due to its 

stable earnings, low valuation and high dividend yield. Fanuc, Hitachi (electrical appliance) and Komatsu (machinery) posted good 

performances thanks to their active business exposure to the global market. Wholesale trade firms (general trading companies) like 

Mitsui& Company, Marubeni and Sumitomo Corporation gained ground based on their low PER and positive earnings prospects. In 

contrast, Skymark (a low-cost airline, air transport) was pushed down by profit taking despite its favourable earnings expectations. 

Mitsubishi Chemical Holdings (chemicals) and Nippon Steel (iron & steel) also detracted because of reductions to earnings 

estimates for FY2011. 

On the sector allocation front, export-oriented sectors (wholesale trade, electric appliances, automobiles and machinery) gained. 

Information & communications (telecoms) was also a contributor to performance. Due to negative earnings prospects, chemicals 

and iron & steel were the detractors. Electric power and gas was also sold as the government imposed a high safety standard on the 

operation of nuclear power stations. 

Source: Dalton Capital (Hong Kong) Limited as at 31 December 2011. 


income reinvested in fund base currency (Japanese Yen). 


guarantee that the Skandia Japanese Equity Fund will outperform this benchmark. 

39



SKANDIA PACIFIC EQUITY FUND 


Skandia Pacific Equity Fund – First State Investment Management (UK) Limited 

Below is a report from the Investment Adviser of the Skandia Pacific Equity Fund for 2011. 

The Skandia Pacific Equity Fund was launched on 13 September 2000 with a starting Net Asset Value per share of USD 1.00. 


The Skandia Pacific Equity Fund outperformed its benchmark, the MSCI AC Asia Pacific Free ex. Japan. The fund returned -1.27%, 

while the benchmark index returned -5.72%.* 

During the first quarter, the Taiwanese technology company Delta Electronics contributed to the underperformance. It lagged on 

concerns about the impact of rising raw material prices on margins. In South Korea, Shinsegae (Consumer Staples) declined on the 

announcement of weaker-than-expected full year results. In Hong Kong, Swire Pacific (Financials) declined on profit taking which 

was sparked by concerns that interest rates will rise soon, making property a less attractive investment. 

On the positive side, QR National (Australia: Industrials) rose over the quarter on positive first half results that improved market 

confidence in management. This also boosted the share price of Cheung Kong (Hong Kong: Financials). China Telecom rose on the 

announcement of plans to purchase its parent‟s network by 2012, which should result in lower leasing costs. 

Over the quarter, the Investment Adviser bought Quanta Computer (Taiwan: Information & Technology), a leading assembler of 

consumer electronic products with a strong track record. They also purchased Worleyparsons (Australia), a well managed provider of 

engineering, procurement and construction management services with an emphasis on hydrocarbon projects, and MTR Corp 

(Industrials), a stable cash-generating franchise. 

The Investment Adviser sold Swire Pacific (Hong Kong: Financials) on worries about renewed attempts to list the property division. 

They also sold Woodside Petroleum (Australia: Energy) following strong gains on the back of rising global energy prices, and Oil 

Search (Papua New Guinea: Energy) on valuation concerns. 

During the second quarter, performance was helped by Hindustan Unilever (India: Consumer Staples), which gained on 

improvements to its competitive position, and Taiwan Semiconductor (Information Technology), which rebounded after a weak first 

quarter. China Telecom climbed as its mobile business performed well. 

Less positively, Cheung Kong (Hong Kong: Financials) weighed on returns due to fears over rising interest rates while Samsung 

Electronics (Information Technology) fell on concerns about the outlook for demand in the IT space. CNOOC (Energy: Hong Kong) 

retreated with the oil price. 

Over the quarter, the fund took new positions in E-Mart (South Korea: Consumer Staples), a strong Korean discount store franchise, 

following its spin-off from Shinsegae. The fund also purchased Tata Power (India: Utilities), a company with a high level of 

management integrity and promising growth, and Mahindra & Mahindra (India: Consumer Discretionary), a well managed 

conglomerate trading on attractive valuations given the earnings outlook. Meanwhile, Westfield Group (Australia: Financials) was 

sold to reduce the fund‟s property exposure. 

In the third quarter, the Skandia Pacific Equity Fund outperformed its primary benchmark, the MSCI AC Asia Pacific Free ex Japan 

Index, recording a total net return of -14.2%, while the benchmark index experienced a fall of 20.6% for the period.* Hong Kong & 

China Gas benefited the fund, as its defensive qualities proved a big attraction for cautious investors who were drawn to well run and 

defensive franchises and India‟s Mahindra & Mahindra conglomerate outperformed due to its ongoing strong sales performance. In 

South Korea, IT group NHN rose on optimism about its growth prospects, while E-Mart of China gained following its spin-off from 

Shinsegae, as investors had a positive view of the prospects for its supermarket business.Stocks that disappointed included Newcrest 

Mining of Australia, which declined as gold prices retrenched and Hong Kong financial group Cheung Kong lagged on concerns 

about the prospects for the territory‟s property market. While DBS Group of Singapore was hurt by the poor performance of the 

global banking sector on worries about the Eurozone sovereign debt crisis. Shares in energy group CNOOC of China declined as oil 

prices retreated. 

40



SKANDIA PACIFIC EQUITY FUND 


Skandia Pacific Equity Fund – First State Investment Management (UK) Limited 


In the fourth quarter, the fund underperformed its benchmark index over the period. But Samsung Electronics (Korea: IT) and Taiwan 

Semiconductor (IT) benefited from the interest of investors drawn to these strong franchises with good growth prospects. Cheung 

Kong Holdings (Hong Kong: financials) also outperformed over the month, rebounding from an oversold position. Stocks detracting 

from returns included China Telecom which was weak on profit-taking and concerns over a monopoly investigation into broadband 

connections. Newcrest Mining (Australia: materials) retreated in line with gold prices, while Tata Power Company (India: utilities) 

underperformed as investors looked unfavourably on the possibility of an equity raising. 

Source: First State Investment Management (UK) Limited, as at 31 December 2011. 




guarantee that the Skandia Pacific Equity Fund will outperform this benchmark. 

41



SKANDIA GREATER CHINA EQUITY FUND 


Skandia Greater China Equity Fund – First State Investment Management (UK) Limited 

Below is a report from the Investment Adviser of the Skandia Greater China Equity Fund for 2011. 

The Skandia Greater China Equity Fund was launched on 5 May 1998 with a starting Net Asset Value per share of USD 10.00. 


The Skandia Greater China Equity Fund outperformed its benchmark, the MSCI Golden Dragon Net Return Index, for the year 

2011. The fund returned -11.23%, compared to the benchmark which returned -18.67%.* 

During the first quarter, Taiwanese technology stocks Delta Electronics and Compal Electronics underperformed. Delta lagged on 

concerns about the impact of rising raw material prices on margins and Compal was weak on worries about margin pressure and 

lacklustre notebook demand. Hengan International (China: Consumer Staples) underperformed on worries about the impact of the 

rising pulp price on margins. 

Key positive contributors over the quarter included oil stock CNOOC (China), which rose with the oil price, and China Telecom. 

The latter gained on the announcement that it intends to purchase its parent‟s network by 2012 which should lower leasing costs. 

Cheung Kong (Hong Kong: Financials) benefited from strong performance by Hutchison Whampoa. 

The Investment Adviser did not establish any new positions over the quarter. They sold ASM Pacific and Kingboard Chemicals on 

valuation concerns following periods of strong performance. They also sold China Mobile as it disappointed the market on 

announcing higher capital expenditure and no increase in the dividend. 

During the second quarter of 2011, Jardine Matheson (Singapore: Financials) outperformed as it benefited from strong earnings 

momentum and a supportive PE valuation, and Yantai Changyu (Consumer Staples) gained as it announced strong results. 

On the negative side, China Oilfield Services (Energy) declined with the oil price and Cheung Kong (Hong Kong: Financials) 

retreated as transactions fell sharply and the government introduced more measures to curb property prices. 

Key activity over the quarter included the purchase of AU Optronics (Taiwan: Information Technology), a well regarded TFT-LCD 

maker trading at a substantial discount to book. In addition, the Investment Adviser reduced exposure to some defensive companies 

where valuations were looking full. 

The Skandia Greater China Equity Fund outperformed its primary benchmark, the MSCI Golden Dragon Index, over the third 

quarter of 2011. Hotai Motors of Taiwan outperformed as auto sales remained firm and the company gained market share. 

Chunghwa Telecom of Taiwan and Hong Kong consumer staples company Sun Art Retail both outperformed, benefiting from their 

defensive characteristics, which attracted cautious investors to their shares. On a less positive note, Cheung Kong underperformed 

on concerns about the outlook for the Hong Kong property market and in the energy sector CNOOC of China fell in tandem with 

declining oil prices. Taiwan‟s Delta Electronics had a weak quarter as it faced increasing competition in power supply. 

In the fourth quarter the Fund outperformed its benchmark index. The holdings in China Merchants Bank and China Oilfield 

Services outperformed as they both bounced back after periods of weakness. China Resources Power gained as the government 

raised electricity tariffs. On the negative side, a holding in China Telecom underperformed on profit-taking and concerns over a 

monopoly investigation into broadband connections, while China Mengniu lagged on a quality issue associated with one of its milk 

products. Simplo Technology underperformed on weak quarterly results and concerns that it was losing market share to another 

Taiwanese battery-pack maker. 

Source: First State Investment Management (UK) Limited and Skandia Investment Group, as at 31 December 2011. 




guarantee that the Skandia Greater China Equity Fund will outperform this benchmark. 

42



SKANDIA GLOBAL BOND FUND 


Skandia Global Bond Fund – Wellington Management Company, LLP 

Below is a report from the Investment Adviser of the Skandia Global Bond Fund for 2011. 

The Skandia Global Bond Fund was launched on 13 September 2000 with a starting Net Asset Value per share of USD 1.00. 


The Skandia Global Bond Fund slightly underperformed its benchmark, Barclays Capital Global Aggregate Index, for 2011. The fund 

returned 5.09%, while the benchmark index was 5.64 % over the 12 month period.* 

Quantitatively oriented strategies were positive during the first quarter. The overweight US (10 and 30-year) versus underweight 

Germany (10 and 30-year) and UK (10-year) contributed to results. 

Macro currency strategies were also positive contributors. The underweight to the Japanese Yen (versus the USD) helped 

performance as the Investment Adviser was able to find good entry points after the strong rally in the Japanese Yen in response to the 

Japan earthquake in March. The Japanese Yen then declined against the greenback as the Bank of Japan and G-7 nations intervened in 

financial markets in order to ensure stability in Japan following the strongest earthquake in the nation‟s history. Partly offsetting these 

results was the overweight US Dollar position versus a basket of currencies. 

Macro-driven duration strategies detracted from performance during the quarter as the tactical long positioning in US 10-year, 20year, 

and 30-year issues detracted. This weaker performance was added to by the tactical short positions in UK duration, particularly 

among 10-year issues. Partially offsetting these weaker results, the tactical short positions in Germany 5-year and 10-year issues 

performed well. 

Macro-driven country strategies also detracted from returns as the long Germany 10-year positions versus short Belgium and Austria 

10-year positions hurt performance. The long US versus Germany aided results. Macro yield curve positioning was marginally 

negative as the UK 5-30 year flattener position detracted. 

Credit strategies contributed to performance during the quarter. The continued overweight allocations to investment grade corporates 

and CMBS sectors added value. These positive results were partially offset by the underweight to covered bonds, as the sector rallied 

significantly across the quarter. 

Currency strategies were overall neutral during the quarter, as the positive impact from an underweight to the Australian Dollar, 

Canadian Dollar and Swedish Krona was offset by an overweight to the US Dollar and an underweight to the Euro. 

During the second quarter of 2011, Macro-driven duration strategies contributed to performance during the quarter. The fund‟s 

tactical long positions in US 5-year issues aided results. The tactical long UK 5- and 10-year positions held throughout the first half of 

the quarter, and the tactical long positions in Germany 2-, 5-, and 10-year issues also performed well. This was only partially offset by 

the tactical long US 30-year positions held in June. 

Macro yield curve positions were favorable for performance, notably the Germany 2-5 year flattener positions, as were macro-driven 

country strategies, specifically the long Germany versus short Ireland 10-year positions, and long Germany versus short Portugal 30year 

positions. 

Credit strategies also added value over the quarter. The fund‟s positions in Germany versus an underweight to peripheral Europe 

(Austria, Belgium, and Portugal), together with the underweight exposure to covered bonds and local authorities contributed to 

performance. Corporate sector allocation detracted from returns, but this was partly offset by gains from security selection. 

On the weaker side, both quantitative and currency strategies detracted from performance. The long US versus short Germany 10-year 

positions had a negative impact as US Treasuries sold off, especially near the end of the quarter. Meanwhile, the fund‟s underweight 

exposure to the Mexican Peso versus a basket of currencies hurt performance. The underweight to the Swiss Franc versus the US 

Dollar, and the underweight to the Canadian Dollar also detracted. 

43



SKANDIA GLOBAL BOND FUND 


Skandia Global Bond Fund – Wellington Management Company, LLP 


The fund marginally outperformed the benchmark Barclays Capital Global Aggregate Index in the third quarter, returning 1.01% 

versus 0.97% for the index.* Duration, country, currency and yield curve strategies all benefited performance. Macro-driven duration 

strategies in Germany, Sweden and the US provided the largest positive impact on returns, although a tactical short in the UK ten year 

sector detracted. In addition a long US 30 year versus short French 30 year trade added to returns. 

In FX, macro currency strategies were positive overall. Our overweight US Dollar versus commodity currencies (Australia, New 

Zealand and Canada) had the biggest positive impact. However, our underweight positioning in the Swedish Krona also added to 

results. More generally, being overweight the US Dollar added to results. 

Credit strategies were largely unhelpful during the third quarter. The portfolio‟s overweight position in investment grade corporates 

detracted from results, mainly due to widening credit spreads. However, favourable positions in German bonds versus underweights 

to peripheral Europe (Austria, Belgium and Portugal) were positive. Our underweight to covered bonds was another positive during 

the quarter. 

Quantitatively-oriented strategies benefited returns, as significant volatility in the quarter created attractive shorter-term opportunities, 

especially in the UK and Germany. Specifically, long UK ten-year versus short US ten-year positions in the early part of September 

were primary contributors. Value strategies struggled as we began building short US relative value contrarian positions starting in the 

middle of the quarter. Partially offsetting the weakness was the exit of the long US ten-year versus short Germany ten-year positions, 

which were built early in the quarter, and later closed at a profit. 

The Fund underperformed its benchmark index in the fourth quarter. Macro-driven country strategies were marginally negative 

resulting from a long German ten-year versus short US ten-year position. Tactical overweight positions in UK ten-year debt detracted 

from the results as well, as did tactical underweight positions in US 30-year debt. Macro driven duration strategies that had the biggest 

impact during the quarter included: tactical positions in German five and ten-year issues and Swedish five-year issues, which added to 

returns. 

Macro currency strategies were also positive, for example, an overweight to the US Dollar versus high-beta currencies like the 

Turkish Lira and the Brazilian Real had the largest positive impact during the quarter. The portfolio‟s tactical overweight in NZD 

versus USD and CHF also added to results. 

Credit strategies were largely positive for the quarter, with an overweight position in investment grade corporates and CMBS 

benefiting performance. Portfolio positions in German bonds versus an underweight in peripheral Europe (Austria, Portugal) were 

also favourable, as was an underweight to covered bonds. Quantitative strategies in the portfolio also proved largely positive for 

returns. The significant volatility seen in the quarter created attractive opportunities. Among the primary contributors were long 

German relative-value trades which the Investment Adviser started adding in November. Specifically, a long German ten-year versus 

short US ten-year position was the biggest positive. German yields experienced one their most volatile periods on record during the 

quarter, rising sharply in November following an undersubscribed auction, then falling to all-time lows in December as inflation 

expectations dropped. 

The Investment Adviser quantitative process identified the German ten-year sector as quite cheap and attractive compared with 

other markets, and in particular the US. In addition, long UK ten-year versus short US ten-year positions also greatly contributed, 

especially earlier in the quarter. 

Source: Wellington Management Company, LLP as at 31 December 2011. 

*Performance figures refer to Class A1 shares and are sourced from Morningstar. Calculation basis: bid to bid, net of fees, gross 



guarantee that the Skandia Global Bond Fund will outperform this benchmark. 

44



SKANDIA TOTAL RETURN USD BOND FUND 


Skandia Total Return USD Bond Fund – Pacific Investment Management Company LLC 

Below is a report from the Investment Adviser of the Skandia Total Return USD Bond Fund for 2011. 

The Skandia Total Return USD Bond Fund was launched on 17 April 2002 with a starting Net Asset Value per share of USD 

10.00. 


The Skandia Total Return USD Bond Fund underperformed its benchmark, the Barclays Capital U.S. Aggregate Bond Index, for 

2011. The fund gained 2.19%, while the benchmark index recorded a total return of 7.84% over the period.* 

A focus on sectors that provided attractive risk-adjusted yields versus treasuries helped returns for the quarter. The following 

strategies were positive for first quarter returns: 

� A focus on shorter maturities, implemented via money market futures as most shorter-dated contracts increased in price during 

the quarter 

� An underweight to US duration as interest rates rose 

� An overweight to bonds of banks, finance companies, and life insurers, which outpaced the broader corporate market amid 

improving balance sheets and higher profits 

� An emerging markets overweight, especially to Emerging Markets corporates in Russia; exposure to a select basket of Emerging 

Markets currencies also helped 

� Exposure to Build America Bonds (BABs) as technical factors improved following a large volume of new issuance in late 2010 

� Holdings of real return bonds, which outperformed nominal bonds as breakeven inflation levels widened 

The following strategies were negative or neutral for returns: 

� Tactical positioning in agency mortgage-backed securities, which had little effect on returns 

� An underweight to commercial mortgage-backed securities, as these spreads tightened 

� Exposure to non-US developed interest rates, particularly Canada and core Europe, where rates rose 

The following strategies were positive for second quarter returns: 

� Exposure to non-US developed interest rates, particularly core Europe, where rates fell on fears of a global economic slowdown 

� A focus on shorter maturity securities as the yield curve steepened, measured by the difference between the 2- and 30-year 

Treasury yields 

� An emerging markets overweight, especially to external debt in Brazil; exposure to a select basket of Emerging Markets 

currencies also added to returns 

� Exposure to Build America Bonds (BABs), given the light supply and reduced negative headlines for municipals 

� Holdings of real return bonds, which outperformed nominal bonds on strong inflation accruals 


� An underweight to US duration as interest rates fell 

� An overweight to bonds of financial companies, which lagged the broader corporate market amid uncertainty surrounding 

financial regulation, capital requirements, and contagion related to European sovereign risk 

� An underweight to agency mortgage-backed securities, which outperformed like-duration Treasuries 

� Exposure to non-agency mortgages, as risk aversion put downward pressure on prices 

The Skandia Total Return USD Bond Fund underperformed its primary benchmark index, the Barclays Capital US Aggregate Bond 

Index, over the third quarter of 2011, producing a total net return of -2.1%, while the benchmark index had a total return of 3.8%.* 


� An overweight to bonds of financial companies, which lagged the broader corporate market amid fears of a slowdown in global 

growth and uncertainty surrounding contagion related to European sovereign risk. 

� An underweight to longer maturities as the two- and 30- year Treasury yields portion of the yield curve flattened amid a sharp fall 

in 30-year yields. 

� An emerging markets overweight, especially to Emerging Markets corporates and quasi-sovereigns; however, exposure to 

Emerging Markets local debt in Brazil and Mexico partially mitigated this negative impact as rates fell sharply in these countries. 

� Exposure to a select basket of Emerging Markets currencies, as the US Dollar appreciated against most currencies. 

� Exposure to high-yielding Build America Bonds (BABs),which did not keep pace with Treasuries of the same duration. 

45



SKANDIA TOTAL RETURN USD BOND FUND 


Skandia Total Return USD Bond Fund – Pacific Investment Management Company LLC 


The following strategies were positive for quarterly returns: 

� Tactical positioning in agency mortgage-backed securities, which underperformed Treasuries of the same duration. 

� Exposure to non-US developed interest rates, particularly core Europe, where rates fell on fears of a global economic slowdown. 

The Skandia Total Return USD Bond fund portfolio achieved a positive return over the fourth quarter and outperformed the 

benchmark. The fund‟s allocation to emerging markets benefitted from the sharp recovery in the sector. Within US credit, the 

emphasis on financials hurt relative returns, as industrials and utilities continued to outperform, being more isolated from the direct 

effects of the European crisis. In currency positioning, the Fund‟s progressive shift into the Dollar (financed by trading the Euro) paid 

off, as the greenback appreciated over the European currency on fears of the crisis escalating. 

The contribution of duration positioning was neutral, as the negative effect from the Fund‟s front-end US rate overweight was offset 

by a tactical allocation to long-term UK gilts, which rallied on the back of strong quantitative easing (QE) support from the Bank of 

England. 

Source: Pacific Investment Management Company LLC as at 31 December 2011. 




guarantee that the Skandia Total Return USD Bond Fund will outperform this benchmark. 

46



SKANDIA SWEDISH BOND FUND 


Skandia Swedish Bond Fund – DnB NOR Asset Management AB 

Below is a report from the Investment Adviser of the Skandia Swedish Bond Fund for 2011. 

The Skandia Swedish Bond Fund was launched on 13 September 2000 with a starting Net Asset Value per share of SEK 10.00. 


The Skandia Swedish Bond Fund underperformed its benchmark in relative terms, the OMRX T-Bond Index (income reinvested), 

during 2011. The fund returned 11.69%, compared to the benchmark index that returned 13.27%.* 

During the first quarter of 2011, the Investment Adviser increased the portfolio‟s duration in mortgage bonds by moving their 

exposure to the 5-year segment vs. the 2-year segment. Carlson still believe mortgages are undervalued for technical reasons and 

will be dominated by fundamental valuations going forward. 

They changed the overall portfolio duration twice during the first quarter. On the basis of their fundamental analysis, an 

environment for higher interest rates required a short duration exposure vs. the benchmark in January. This exposure was 

neutralized during the volatile period in the middle of March. 

In the second quarter, based on fundamental analysis, DnB NOR Asset Management AB (Carlson) believed that an environment 

for higher interest rates required a short duration exposure vs. the benchmark in April. This exposure was neutralized during the 

downward pressure in June. The portfolio‟s overweight in corporate bonds was beneficial for performance over the quarter. 

The Skandia Swedish Bond Fund marginally underperformed its primary benchmark, the OMRX T-Bond Index, over the third 

quarter of 2011. The fund produced a total net return of 6.74%, while the benchmark index had a total return of 7.57% for the 

period. As a result of the flight to quality during Q3, government bonds outperformed all other sectors. As the Skandia Swedish 

Bond Fund was underweight governments in favour of overweights in mortgages and corporate bonds the portfolio 

underperformed during the quarter. Nevertheless, the Investment Adviser still believes the risk/reward trade off in mortgages is 

attractive and it will keep this exposure going forward. 

The fund had a positive return, but marginally lagged the benchmark in the fourth quarter. The Investment Adviser positioned the 

portfolio 25bps short duration as the Investment Adviser saw some return of optimism to the market. The Investment Adviser 

judged that interest rates would rise as EU politicians reached an agreement. However, this optimism switched to pessimism after 

the Greek prime minister sprang the suggestion that the agreement reached would be put to the Greek people in a referendum, 

thus dashing the faith he had built up among fellow EU politicians. The Investment Adviser shifted the portfolio into a neutral 

stance shortly afterwards with a loss of approximately 10bps. During the fourth quarter the holding in mortgage bonds 

underperformed on a relative basis, and detracted 5bps from performance. Nevertheless, despite a weaker market for mortgage 

bonds some of our losses were offset by a high degree of carry as mortgage bonds are yielding on a record high level versus 

government bonds. 

Source: DnB NOR Asset Management AB and Skandia Investment Group, as at 31 December 2011. 




guarantee that the Skandia Swedish Bond Fund will outperform this benchmark. 

47



SKANDIA SEK RESERVE FUND 


Skandia SEK Reserve Fund – DnB NOR Asset Management AB 

Below is a report from the Investment Adviser of the Skandia SEK Reserve Fund for 2011. 

The Skandia SEK Reserve Fund was launched on 13 September 2000 with a starting Net Asset Value per share of SEK 10.00. 


The Skandia SEK Reserve Fund underperformed its benchmark, the Svenska Handelsbank Short Treasury Bill Index, in 2011. 

The fund returned 1.06%, compared to a return of 1.55% for the benchmark index.* 

During the first quarter of 2011, the fund‟s duration is now 0.07 years longer than the index and this is approximately the same as 

at the end of the fourth quarter 2010. The index consists of the two first maturing T-bills i.e. at the moment 44% April and 56% 

May T-bills. The fund must invest in at least six different issues and is not able to invest more than 30% of the market share in 

each. 

In the second quarter of 2011, the fund‟s duration is now 0.12 years longer than the index and this is a bit longer than at the end 

of the previous quarter. The index consists of the two first maturing T-bills i.e. at the moment 45% July and 55 % August T-bills. 

The fund must invest in at least six different issues and is not able to invest more than 30% of the market share in each. 

In the third quarter the Skandia SEK Reserve Fund recorded a total net return of 0.32% over the third quarter of 2011, while its 

primary benchmark, the Svenska Handelsbank Short Treasury Bill Index, had a total return of 0.43% for the period.* 

The Skandia SEK Reserve Fund is now 0.10 years longer than the index and is a bit longer than at the end of last quarter. The 

index consists of the two first maturing T-bills, i.e., at the moment 40% October and 60% November T-bills. The fund must 

invest in at least six different issues and is not able to invest more than 30% of the market share in each. 

During the last quarter the fund returned 0.36% which was 3bps better than the benchmark index during the fourth quarter. The 

performance can be attributed to longer duration and a carry contribution from high yielding short mortgage bonds. The fund is 

now 0.10 years longer than the index and this is approximately the same as at the end of last quarter. The index consists of the 

two first maturing T-bills, i.e, at the moment 43% January and 57% February T-bills. The Fund must invest in at least six 

different issues and is not able to invest more than 30% of the market share in each. Going short the index is not possible if the 

Investment Adviser is not able to use derivatives. 

Source: DnB NOR Asset Management AB and Skandia Investment Group, as at 31 December 2011. 




guarantee that the Skandia SEK Reserve Fund will outperform this benchmark. 

48



SKANDIA EMERGING MARKET DEBT FUND 


Skandia Emerging Market Debt Fund – Stone Harbor Investment Partners LP 

Below is a report from the Investment Adviser of the Skandia Emerging Market Debt Fund for 2011. 

The Skandia Emerging Market Debt Fund was launched on 4 November 2003 with a starting Net Asset Value per share of USD 

10.00. 


During the year of 2011, the fund returned 4.97%, underperforming the JPMorgan EMBI Global Diversified Index benchmark 

which returned 7.35%.* 

In the first quarter excess returns were driven by country selection, both in the sovereign and corporate segments of the market, 

and slightly less so, by issue selection. An overweight position in Venezuela sovereign debt was one of the key contributors to 

outperformance. The sovereign benefited from its position as an oil exporter, as well as ongoing demand for higher yielding 

fixed income assets. An underweight allocation to Lebanon, which was negatively impacted by turmoil in the Middle East, also 

contributed to gains, as did exposure to corporate credits in Mexico. Cemex, a global cement manufacturer, rallied on improved 

sentiment for US economic growth and clarity over the company‟s restructuring of bank debt. Aggressive policy action in 

Colombia drove a negative return contribution from the portfolio‟s exposure to local interest rate markets. 

During the second quarter of 2011, the bulk of the underperformance was attributable to credit-specific events in the China and 

Kazakhstan corporate sectors, weighing on emerging markets corporates and dragging fund performance down. Argentina 

sovereign debt also underperformed, suffering from a lack of sponsorship this quarter despite strong performance on the year. 

Iraq sovereign debt also underperformed on no specific news. Despite underperformance in country selection, issue selection 

contributed to returns, driven mainly through exposure to local market interest and exchange rates in Colombia, Brazil and 

Mexico. An overweight position in Venezuela external sovereign debt also contributed positively to performance on the back of 

several developments during the quarter. The government announced it had been buying bonds in the secondary market and that it 

will privately place new debt with the central bank as expected. Local investors were active buyers of external debt given 

attractive yields, adding further support. In addition, reports emerged that Hugo Chavez discovered he had cancer while on a trip 

to Cuba. While the severity of his cancer is unclear at this point, asset prices responded positively on speculation of a possible 

change in economic leadership in Venezuela. 

In the third quarter the fund underperformed its primary benchmark, the JP Morgan EMBI Global Diversified Index; returns for 

both were negative in real terms. Underperformance was driven by local markets exchange rates and emerging markets corporate 

debt. A rebound in the US Dollar led to currency depreciation across all emerging market countries. General risk aversion and 

credit-specific events in the China and Kazakhstan corporate sectors also weighed on fund performance. Within sovereign 

external debt, an overweight allocation to Argentina detracted from returns, as high beta credits suffered due to their riskier nature 

and lack of sponsorship. There was no particular news on Lebanon to precipitate this market‟s positive performance, but the 

illiquid nature of this credit may have provided some respite in a market dominated by technical factors. The portfolio‟s 

underweight to the country factored in to losses. 

The Fund gained in the fourth quarter, but marginally trailed its benchmark index. Country selection decisions were responsible 

for all of the portfolio‟s excess returns over the benchmark but were offset by exposure to select emerging markets corporate 

credits, particularly in Kazakhstan banks and a Dominican Republic resort developer. The largest contributor to performance was 

an underweight allocation to Hungarian external sovereign debt (US Dollar denominated). In addition to the rating downgrades 

noted above, Hungary‟s debt prices dropped following the passage of two new laws, in the face of warnings from the IMF and the 

European Central Bank. One law expands the central bank‟s Monetary Policy Committee by two members including a third 

deputy governor who will no longer be nominated by the Central Bank head, thereby potentially reducing the Bank‟s 

independence. The other law requires a two-thirds majority to make changes to the flat personal income tax system, despite 

requests by the IMF/EU for its withdrawal. The portfolio‟s overweight to Venezuela hard currency debt also enhanced returns. 

Venezuela debt outperformed on the back of very attractive valuations and the market‟s ongoing recognition of the country‟s 

strong capacity and willingness to repay debt, in spite of the harsh rhetoric of Hugo Chavez. 

49



SKANDIA EMERGING MARKET DEBT FUND 


Skandia Emerging Market Debt Fund – Stone Harbor Investment Partners LP 


Source: Stone Harbor Investment Partners LP, as at 31 December 2011. 




guarantee that the Skandia Emerging Market Debt Fund will outperform this benchmark. 

50



SKANDIA SWISS EQUITY FUND 


Skandia Swiss Equity Fund – Deutsche Asset Management Switzerland 

Below is a report from the Investment Adviser of the Skandia Swiss Equity Fund for 2011. 

The Skandia Swiss Equity Fund was launched on 10 December 2003 with a starting Net Asset Value per share of CHF 10.00. 


The Skandia Swiss Equity Fund underperformed its benchmark, the Swiss Performance Index (SPI), for the year. The fund 

returned -12.91%, compared to the benchmark index which returned -7.72%.* 

In the first quarter the nuclear catastrophe in Japan and the resultant threat to human life and the environment will result in a 

change of attitudes as regards to nuclear technology. The accident showed that not only a power plant like the one in Chernobyl, 

but even a state-of-the-art nuclear power plant is not necessarily immune to the forces of nature. Alternative energy concepts are 

now advocated by representatives of both politics and the economy. Solar power is especially popular. As a result, the prices of 

shares with exposure in alternative energy increased significantly following the accident. The largest overweight in the fund, 

Meyer Burger, and OC Oerlikon (solar thin-film equipment) were strong positive contributors. The underweight in the two large 

caps, Nestlé and Novartis, also contributed significantly to performance. 

On the weaker side, Sonova proved to be a disappointment. At various investor events held in the last two months, company 

management was extremely optimistic that the Advanced Bionics cochlear implant that had been recalled temporarily would be 

back on the market much earlier than expected. There was no mention of weakening US sales or problems with the launch of the 

new product platform. Massive sales of shares held by company managers and directors in the amount of about 50 million Swiss 

Francs prior to the announcement of negative news (profit warning) have most likely caused a significant loss of confidence on 

the part of investors. The Investment Adviser was able to reduce their position in Sonova at relatively good prices when the 

exchange opened on the day in question and could therefore avoid greater damage. 

During the second quarter, the fund‟s underperformance over the quarter was largely driven by stock selection. Sector allocation 

had a positive impact, coming mainly from the underweight in the oil and gas sector but offset to some extent by the technical 

underweight in the consumer goods sector. 

Deutsche sold the entire position in Temenos at a price of CHF34.3, which was a great deal given that three months later the stock 

stood at CHF18 after a profit warning. Deutsche also sold the position in Rieter prior to the spilt of the company into two firms, 

Autoneum and Rieter textile, and in Synthes after the company had announced that Johnson and Johnson will finalise the 

acquisition in Q1 2012. In addition, the position in Meyer Burger was reduced, as the size of the overweight had become too large 

following the strong rally in the share price. 

Tecan was a new addition to the portfolio over the period. While growth should increase significantly in the quarters to come, the 

share price dropped due to upstream outlays, which presented a good buying opportunity. Another new holding was Panalpina as 

Deutsche is convinced that the management of the company will be able to narrow the gap in terms of margins compared to 

competitors. 

Among large caps, Deutsche reduced the underweight in the two large banks, but the fund remains underweight in the sector in 

general and in CS Group in particular. This contributed to relative performance as the bank was one of the poorest performers in 

the index. The overweight exposure to insurance shares, which was hardly reduced, is clearly reflected in the fund‟s holdings in 

Swiss Re, Zurich, Helvetia and Baloise. The current environment remains supportive of this sector, which was affected only 

marginally by the debt crisis in Europe. 

The fund maintains a position in Actelion. Although this share suffered a strong loss in value after the failure of the activists at 

the annual general meeting, Deutsche still considers it a takeover candidate due to its pipeline and large cash flow. 

In the raw materials sector, Deutsche is still negative on Syngenta since the price environment remains difficult due to the 

competition situation (Bayer) and persistently high prices for raw materials. Deutsche is also sceptical of the consumer goods 

sector and therefore remains underweight. Nestlé outperformed the benchmark over the quarter due to its conservative policies; 

however, Deutsche still expects the share to lag significantly in the event of positive market performance. 

51



SKANDIA SWISS EQUITY FUND 


Skandia Swiss Equity Fund – Deutsche Asset Management Switzerland 


Deutsche remains very bullish as regards the luxury goods segment. Population and income growth in emerging markets and in 

particular China should continue to fuel growth of the companies held by the fund, namely Richemont and Swatch. 

During the third quarter the focus of portfolio strategy remained on recovery and asset-inflation trades. Deutsche‟s investment 

decisions were based on expectations of positive stock market performance. As a result, the strong correction in the market in 

July and August came as a surprise. The Skandia Swiss Equity Fund underperformed its primary benchmark, the Swiss 

Performance Index (SPI), returning -7.38% versus -5.62%. Both stock selection and asset allocation detracted from 

performance.* The industrials and healthcare sectors were particularly negative for returns. Due to the uncertainty as to when the 

upswing will occur and how far it will go, we remained committed to a barbell strategy. Therefore, we invested in very cyclical 

shares that should benefit disproportionately from an economic upswing. 

On the other hand, Deutsche also focused on value shares that were not only underpriced, but underperforming. The second 

category also includes pharmaceutical stocks, which were already an area of relatively strong interest. The reasons for retaining 

these shares (although the Skandia Swiss Equity portfolio is limited to a maximum of 10.0%, resulting in an underweight versus 

the benchmark index) was not only for valuation considerations, but also because of the high dividend yields they offer, as well as 

their earnings visibility and high cash flows. The growth area was represented by shares like Adecco and ABB. The portfolio also 

contained holdings of small and medium-sized companies (Schmolz & Bickenbach, Geberit, Zehnder, Georg-Fischer, Meyer 

Burger, OC Oerlikon, and Schaffner). These were among the biggest detractors during the quarter. 

Among the more beneficial holdings in the portfolio, advanced bionics company Sonova enjoyed a solid gain during the quarter 

as it benefited from a competitor, Cochlear, having to withdraw a product similar to Sonova‟s from the market. It also gained 

after advanced bionics was reapproved in the US. After the strong rally some profits were taken. Partners Group, Flughafen 

Zürich and Tecan were other helpful holdings. The portfolio benefited from not holding Nobel Biocare, Temenos, Weatherford, 

Transocean and Petroplus. Less helpful for the portfolio were holdings in Schmolz & Bickenbach, which completely collapsed in 

July the face of the fears over the global economy. Deutsche sold the stock in a bear market rally at reasonable prices. Meyer 

Burger also came under pressure on some negative news in the solar sector. 

In the last quarter, due to the fund‟s small- and midcap bias and an underweight in large cap companies, like Roche, Novartis and 

Nestle, the fund lagged the benchmark. At the sector level, the fund‟s underweight in consumer gods detracted from performance, 

but gained from an overweight in the industrials and the materials sectors. At the stock level, the fund‟s overweights in Goldbach 

Group, Meyer Burger and Gate Group all had negative impacts on performance. Gategroup‟s shares came under significant 

pressure following a lowered forecast. On a brighter note, the Fund benefited from its overweights in Swatch Group, Galenica and 

Givaudan. 

Source: Deutsche Asset Management Switzerland, as at 31 December 2011. 


income reinvested in fund base currency (Swiss Francs). 


guarantee that the Skandia Swiss Equity Fund will outperform this benchmark. 

52



SKANDIA HEALTHCARE FUND 


Skandia Healthcare Fund – OrbiMed Capital, LLC 

Below is a report from the Investment Adviser of the Skandia Healthcare Fund for 2011. 

The Skandia Healthcare Fund was launched on 21 April 2006 with a starting Net Asset Value per share of USD 10.00. 


The Skandia Healthcare Fund underperformed its benchmark, the MSCI World Healthcare Index, in relative terms for the year 

2011. The fund returned 2.85%, while the benchmark index generated a total net return of 9.46% over the period.* 

During the first quarter, in January, key fund holdings Pfizer (which benefited from continued momentum) and Roche (which 

rebounded) were important positive contributors. However, Merck‟s share price took a significant hit in the month as the 

company unexpectedly announced the cessation of a late stage clinical trial for an important cardiovascular drug, called vorapaxar, 

due to safety and efficacy concerns. This was a thesis changing event and the Investment Adviser sold out on the back of this 

news. 

Two Japanese stocks in particular were negative contributors in January. First, Mitsubishi Tanabe confirmed a small product 

recall due to insufficient quality testing before the drugs were distributed. In Japan, such an action is considered “scandalous” and 

the stock sold off. However, OrbiMed viewed the event as negligible and were opportunistic buyers on the dip. Second, Nichi-iko 

Pharmaceutical Co. announced a large equity offering to raise funds for biosimilar research. The share price reacted severely to 

the dilutive offering, falling c.20% at the close of the month. While disappointing, the Investment Adviser‟s secular thesis on 

Japanese generics continues to work, as revenues and earnings for these companies reach record highs. Thus, they expect the 

stock to eventually rebound given continued demand. 

In February, key positive contributors to performance came from three distinct sources: large-cap pharmaceuticals, Japan 

pharmaceuticals, and emerging biotechnology. First, Pfizer‟s momentum continued after a bullish earnings call early in the month 

which showcased the new CEO‟s vision for the company (slashing spend on research and divesting non-core assets). Second, 

Mitsubishi-Tanabe bounced back as the Investment Adviser expected after last month‟s dip on the heels of a manufacturing issue. 

And finally, Vertex announced data for a novel compound for the treatment of cystic fibrosis, which rallied the stock to 52-week 

highs. 

Large-cap pharmaceutical stocks - with the exception of Pfizer - were mostly tepid in February in the absence of any significant 

catalysts and earnings season mostly complete. It is noteworthy that Sanofi-Aventis finally reached an agreement with Genzyme 

to acquire the company for $20 billion in cash (plus contingent value rights). Overall, OrbiMed remains selective on large-cap 

pharmaceutical stocks. Medical device stocks held in the portfolio were mostly positive in February. In particular, Baxter and 

Given Imaging were strong, with double-digit advances in the period. Managed care stocks continued their impressive momentum 

in 2011 and February was no different. The Japanese generic drug company, Sawai Pharmaceutical, was also a key contributor to 

performance in February. The stock exhibited a sustained rally in the month in the anticipation of the company withdrawing its 

bid for Kyorin, which ultimately was confirmed at month end. 

Performance in March was primarily influenced by the fund‟s exposure to Japan and to the devastating natural disaster that befell 

that nation. Due to the uncertainty brought by the earthquake, tsunami, and nuclear plant worries, the Nikkei 225 lost -8.2% in 

March while the TOPIX Pharmaceutical Index lost -4.1%. Clearly, healthcare stocks in Japan proved to be defensive but losses 

during the period were unavoidable. Consequently, all Japanese equities held were negative contributors in the period. 

Large-cap pharmaceutical stocks were positive contributors in March. The Investment Adviser believes its selective approach to 

this group – contrarian plays and new product stories – will continue to be a winning strategy. Notably in March, Bristol-Myers 

Squibb received approval for a novel, life saving cancer therapy for patients with a severe form of skin cancer. OrbiMed expect 

this drug, dubbed Yervoy, to be a blockbuster. Emerging biotechnology stocks were also important contributors in March. In 

particular, NPS Pharmaceuticals rose due to increasing positive sentiment over the company‟s late stage pipeline drug, Gattex (for 

short bowel syndrome). Additionally, Dendreon Corporation rallied in March owing to the approval of a key manufacturing plant 

and confirmation of federal reimbursement for the company‟s therapeutic prostate cancer vaccine, Provenge. 

53







In the second quarter, the fund‟s performance in April was hampered by its underweight exposure to rallying large-cap 

pharmaceuticals, although this was partly offset by its holdings in Novartis and Roche. Holdings in specialty pharma stocks were 

positive for performance in April, in particular Allergan, which participated in the pharma rally. Other key contributions came 

from generic drug stocks on a global basis, including Sawai Pharmaceuticals (Japan), Hikma Pharmaceuticals (UK), Watson 

Pharmaceuticals (US), and the over-the-counter drug maker Perrigo Co. (US). Biotechnology stocks were mixed in the month, 

with a net positive contribution from emerging biotech companies offset by a net negative contribution from large-cap biotech. 

Novartis and Roche continued to perform well in May, although again the fund‟s underweight in large-cap pharmaceuticals 

detracted overall. Key contributions came from Japan, notably Japanese generic drug manufacturers including Sawai 

Pharmaceutical Co. and Towa Pharmaceutical Co. Outperformance from these stocks was fueled by strong fiscal year-end results 

and forward-looking guidance. The lingering impact of the Great East Japan Earthquake has been negligible. Additional 

contributions came from a variety of sub-sectors, including medical devices (most notably Volcano Corporation on the heels of 

better-than-expected Q1 results), managed care (continued momentum in the group), and specialty pharma (such as Elan, posttransaction 

with Alkermes and rising expectations for their multiple sclerosis drug, Tysabri). 

The only significant headwind in May came from emerging biotech, specifically Allos Therapeutics. The disappointing launch of 

Fotolyn (for peripheral T-Cell lymphoma) continued, as confirmed by quarterly results and a lowering of sales guidance by the 

company. Additionally, a partnership for Fotolyn was announced, partially defusing some of the M&A bid that was in the stock. 

With expectations reset, the Investment Adviser is constructive on the stock. 

Positive drivers of fund performance were highly varied in June. Important contributions came from all three Japanese generic 

drug firms, Sawai Pharmaceuticals, Towa Pharmaceuticals, and Nichi-iko Pharmaceuticals. Speculation continues to build around 

potential positive legislative changes in Japan to further foster generic usage there. Another key contributor was the Ireland-based 

Elan Corporation. This specialty pharmaceutical company has been a momentum stock since April 2011, buoyed by a number of 

catalysts, including a sale of their drug technology unit to Alkermes, increased enthusiasm for their marketed multiple sclerosis 

drug, Tysabri, and anticipation of data for their Phase III Alzheimer‟s drug, bapineuzumab. Pharmacyclics, a California-based 

emerging biotechnology company, also performed well in June. The American Society of Clinical Oncology (“ASCO”) 

conference saw the release of data about several meaningful new cancer therapies. Pharmacyclics reported positive data for its lead 

compound PCI-32765. This compound showed impressive response rates for chronic lymphocytic leukemia in a phase II trial, and 

it also shows promise in mantle cell lymphoma and follicular lymphoma. 

Detractors in June were few. With pharma stocks giving back some of their earlier gains, Novartis and Roche were notable 

detractors. However, this was offset by two overweight positions that were up in the month, namely Sanofi and, importantly, 

Bristol-Myers Squibb, which announced positive Phase III data for their blood thinner, Eliquis (apixaban). The fund‟s net 

underweight in large-cap pharmaceuticals also helped to mitigate losses. 

The Skandia Healthcare Fund slightly lagged its primary benchmark, the MSCI World Healthcare Index, over the third quarter of 

2011. As the quarter started, mid-sized Japanese pharmaceutical company, Mitsubishi Tanabe – a key holding in the fund 

performed strongly. A series of events fuelled a significant share price move, including a benign resolution of manufacturing 

issues with local authorities (an overhang removed), solid quarterly sales of out-licensed multiple sclerosis drug, Gilenya (reported 

by partner Novartis), and an increase in the company‟s full year guidance (presented with the first quarter earnings result). Second 

quarter earnings reports for large cap pharma stocks were generally positive in July. In particular, we would highlight Bristol- 

Myers Squibb, Novartis, and Roche. Sales for Bristol‟s new cancer drug, Yervoy, were well ahead of expectations and contributed 

to a “beat and raise” of full year guidance. Novartis and Roche were able to overcome significant currency headwinds and post 

results that were ahead of expectations. 

Most prominent of the detractors were the managed care companies, and in particular, Wellpoint. Despite solid earnings reports 

during July, results were below expectations and concerns over utilisation began to unsettle the market. The mismatch of results 

versus expectations ignited a selloff; Wellpoint‟s was the most egregious. 

As we moved into August, biotechnology stocks struggled due to some outsized downward moves of a few stocks while large cap 

pharmaceuticals were the largest source of positive alpha, given our underweight stance. A key contributor was the emerging 

biotechnology company, Pharmasset Inc. Momentum continues to build around the company‟s pipeline in hepatitis C and we 

believe they are the best positioned among the next generation therapies for this viral disease. 

54







A position in Human Genome Sciences Inc. hurt during the period. A slow launch for the company‟s novel therapeutic for lupus, 

Benlysta (belimumab), pressured the share price. Moreover, the stock gapped down when another biotechnology company with a 

new product launch (albeit in a totally different therapeutic category) reported disappointing sales in August. The stock fell nearly 

40% in the month in sympathy. 

During September, strong performance again came from Mitsubishi Tanabe Pharma. following the regulatory approval for two 

drugs in Japan, specifically, therapies for the treatment of hepatitis and multiple sclerosis, respectively. The stock gained over 10% 

in the month and remains a core holding in the fund. Further performance came from Pharmasset Inc. due to its best-in-class 

pipeline for hepatitis and emerging speculation of a take-out. Despite some profit taking after a 20% move in the month, the stock 

remains a core holding in the fund. 

Overweight positions in large cap pharmaceuticals, such as Novartis and Roche, were negative in September. However, the fund 

remains underweight large cap pharma; thus represented a collective positive and was the largest source of excess adjusted returns 

this period.Other sources of negative contribution included Life Science Tools (such Pacific Biosciences of California Inc.which 

announced a corporate restructuring), Specialty Pharmaceuticals (such as Warner Chilcott PLC which concerns over generic 

competition continue to rise), and Managed Health Care (including Aetna Inc and Express Scripts Inc.) 

In the fourth quarter the fund provided a positive absolute return, but lagged the benchmark as relative positioning impeded 

performance. One key consideration was large cap pharmaceutical stocks. While they moved higher as a group, the Fund‟s 

underweight positioning in the sector detracted. Pfizer led the pharma resurgence. While the stock is held in the fund and posted 

the largest absolute gain, we remain underweight, thus it was a notable negative on a relative basis. The top contributor was 

Pharmasset. The acquisition was the largest dollar amount ever paid for a development stage biotechnology company, with Gilead 

Sciences paying $11bn in cash to purchase the company, a developer of oral drugs to treat the hepatitis C virus (HCV). Gilead has 

built an impressive franchise over the years by focusing on treatments for the human immunodeficiency virus (HIV), and is 

seeking to make HCV the next avenue for growth through this acquisition. We expect HCV to be a critical catalyst for growth in 

the industry in the future. As a group, emerging biotech stocks were the biggest contributors to performance in the quarter. Dental 

company Align Technology was another notable contributor over the period. The company reported strong quarterly results and 

forecast continued momentum from new product introductions and investments in sales and marketing. Japanese pharmaceutical 

company, Mitsubishi Tanabe was among key detractors. It possesses perhaps the best domestic and global pipeline of any 

Japanese pharma. 

However, in November, the government set the price for their new treatment for HCV, Incivek, much lower than expectations. 

The stock dropped in response, but we believe that the sell-off was excessive and the stock remains mispriced relative to the future 

growth potential offered by their emerging product pipeline. US generic drug company, Watson Pharmaceuticals, was another 

detractor. Sentiment towards the firm took a decidedly negative turn among investors after concerns were sparked by an advisory 

issued by an FDA committee panel in January for a key product under development (for prevention of preterm birth). Investors 

doubts were also raised by and an increasingly competitive market for several of Watson‟s key generics, including Lipitor. 

Meanwhile, the Life science tools/diagnostics sector not only did not share in the fourth quarter rallies but instead sold off as NIH 

budgetary concerns weighed on the group. One stock in particular that was hurt was Illumina, a company involved in large scale 

genetic sequencing. In October, as a result of both sequencing overcapacity and uncertainties over the NIH budget, Illumina 

decided to retract their 2011 forecast and the stock fell accordingly. With uncertainty rising, we disposed of the stock. Modest 

outperformance was achieved in managed care and healthcare equipment, supplies, and technology. 

Source: OrbiMed Capital, LLC as at 31 December 2011. 




guarantee that the Skandia Healthcare Fund will outperform this benchmark. 

55



SKANDIA TECHNOLOGY FUND 


Skandia Technology Fund – Janus Capital International Limited 

Below is a report from the Investment Adviser of the Skandia Technology Fund for 2011. 

The Skandia Technology Fund was launched on 21 April 2006 with a starting Net Asset Value per share of USD 10.00. 


The Skandia Technology Fund underperformed its benchmark, MSCI World Information Technology, for 2011. The fund 

recorded -10.76%, while the benchmark index had a return of -2.49% over the period.* 

During the first quarter, the fund underperformed in January, with its holdings in software and services weighing the most on 

relative performance, followed by the non-index holdings in pharmaceuticals and biotechnology. Among individual detractors, 

telecommunications equipment maker Tellabs traded significantly lower after giving first quarter sales guidance that was below 

estimates. A technology change with one of the company‟s main customers will impact the company‟s ability to grow revenues 

this year. Since this move violated part of the Investment Adviser‟s thesis on the relative stability of its legacy products, the 

position was trimmed. The Investment Adviser continues to hold the name due to the company‟s strong balance sheet and its 

belief that management is on the right track in terms of focusing on its core niche network areas and expanding into new 

geographies. 

Biotechnology holding Celgene declined after reporting modestly lower-than-expected earnings although revenues came in 

slightly higher than forecasts. Brazilian stock and derivative exchange operator BM&F Bovespa also weighed on relative 

performance due to investor concerns over a new competitor entering the market. The Investment Adviser feels the concerns are 

somewhat overdone given BM&F Bovespa‟s defensive moat in terms of its clearing capabilities, a key factor in maintaining 

market share for exchanges. Longer term, the Investment Adviser thinks the company will benefit from increasing stock and 

derivative trading volumes in Brazil driven by rising numbers of algorithmic traders, agricultural derivatives and retail investors. 

In February, the fund outperformed its benchmark. The fund‟s holdings in semiconductors and semiconductor equipment were the 

largest contributors, followed by the holdings in technology hardware and equipment. Among individual contributors, 

semiconductor maker Atmel reported better-than-expected results, driven by improved profit margins in its latest quarter. The 

company restructured some of its manufacturing facilities, which has resulted in higher profit margins, and it has gained market 

share with its micro-controller devices. In addition, Atmel‟s products enable touch functionality in products such as mobile device 

Android and PC tablets. Software maker SolarWinds also posted strong returns after the company reported its quarterly results. 

The Investment Adviser likes the leading vendor of low-cost management software for its growing presence in network 

management and entry into storage and application management areas as well. 

The fund also outperformed in March. The fund‟s holdings in software and services contributed to relative performance, while its 

holdings in semiconductors and semiconductor equipment lagged those within the index. Among individual contributors, 

biotechnology holding Celgene rebounded from recent weakness. Celgene has been negatively impacted by concerns that its 

blood-cancer fighting drug Revlimid could be associated with secondary malignancies although there is no scientific evidence that 

the drug is a cause. The Investment Adviser believes that the risk-reward profile for the drug remains positive and sees continued 

strong growth ahead for the franchise. On-demand public relations software provider Vocus also moved modestly higher. The 

company has superior technology that has proven to be a cost saver for its business customers. The Investment Adviser believes 

Vocus will continue to benefit from its dominant market position given the lack of meaningful competition. 

Individual detractors over the month included ON Semiconductor, which traded down due to concerns over its two facilities in 

Japan. This large-scale provider of low-cost analog and other semiconductor chips has a business model advantage, in the 

Investment Adviser‟s view, in that it spends less on marketing and research and development than its competitors. The Investment 

Adviser thinks ON Semiconductor can generate attractive levels of profit and free cash flows in its competitive markets. 

Telecommunications equipment provider Finisar also moved sharply lower after the company gave lower-than-expected guidance. 

The world‟s largest optical component supplier is benefiting from strengthening demand in its main end markets. The Investment 

Adviser believes the company stands to benefit from increasing data usage, as their primary product, Transceivers, is a key 

ingredient in telecommunications infrastructure. The Investment Adviser also thinks the company should be among beneficiaries 

from the increasing bandwidth demand for video. 

56







In the second quarter, the fund‟s holdings in internet software and services and semiconductors contributed the most to relative 

performance, while its one non-index holding in commodity chemicals and zero exposure to data processing and outsourced 

services were the largest detractors. 

Among individual contributors, Qlik Technologies, an analytics software vendor, saw its shares spike after reporting strong 

revenue growth in its latest quarter. Janus Capital feels Qlik will benefit from the trend of corporations using such business 

intelligence technology to analyze and understand both what is happing now and what is likely to happen in the future. Janus 

thinks the company is well positioned in a market that has low penetration. 

Teradata was also a key contributor. This leading data warehousing company, which helps customers with sophisticated analytics, 

has an attractive growth profile. Janus likes that the company has a good corporate culture and that it has remained committed to 

its core competency, which has grown in importance as more companies across most industries compete on information. 

Individual detractors were led by Longtop Financial Technologies, which was hit by what appears to be an issue of fraud or at 

least questionable accounting. The stock remains suspended so the options to liquidate the position are limited. It is impossible to 

assess the timing of resolution but Janus has seen the discovery process take several months at least in other Chinese companies 

with questionable financial statements. 

STR Holdings, a manufacturer of solar power module encapsulants, was also weak. Encapsulants (extruded sheets and film which 

hold the solar module together and protect the semiconductor circuit of a solar panel) are a vital but low-cost component of a solar 

module. STR Holdings produces the highest quality encapsulants in Janus‟s view and therefore should benefit from the unit 

growth that Janus anticipates in the solar industry. 

The Skandia Technology Fund underperformed its primary benchmark, returning -14.2% over the third quarter versus a declined 

of 9.5% by the benchmark MSCI World Information Technology Index.* The underperformance was mainly attributable to the 

holdings in semiconductors and Internet software/services. Janus‟s focus on supply-chain stocks, such as connector maker TE 

Connectivity, weighed significantly on performance. Semiconductor holdings Atmel and ON Semiconductor were also caught in 

the downdraft. All three were among top ten holdings during the period. Supply chain stocks were priced as if a crisis were 

imminent. Based on its channel checks, which did show slower activity, Janus views that as an over-reaction,but not as slow as 

2008. The market‟s behaviour has been painful, but it has made semiconductor and electronic connector stocks more attractive. 

Generally, companies further down the supply chain were most affected by the slowing trend. We modestly added to the weaker 

names and established new positions in hardware companies based in Taiwan, the heart of the supply chain. Taiwan‟s technology 

stocks rebounded faster than the broader technology market following the financial crisis in 2008-09 and could be the ones to lead 

again out of the latest downturn. Janus believes the consensus view that PC hardware will become increasingly commoditised due 

to software innovations is not as drastic as valuation simply. Janus also thinks the Windows 8 introduction will have a favourable 

impact on PC demand in 2012 rather than in 2013, as the consensus currently suggests. Meanwhile, the growth in Android-based 

smart phones in emerging markets could be another boon for Taiwan. Autonomy, a UK-based software company, was among 

the top performing holdings during the period after Hewlett-Packard announced it would buy the firm. This was an example of 

how the Janus team, working across various segments within technology, enabled it to value Autonomy‟s assets higher than where 

the stock had been trading. Janus found the company had a strong niche in unstructured data; its software enables companies to 

tease valuable information from large data sources. The buyout also indicated that traditional technology companieslike HP have 

significant cash on their balance sheets and continue to generate high levels of free cash flow, both of which could fuel more 

transactions to help them re-start their growth engines. The Investment Adviser likes the companies it owns for their own 

characteristics, but Janus also feels that many could be acquired in the years ahead. 

57







In the fourth quarter the Fund underperformed due largely to non-index holdings in internet retail and to its holdings and 

underweight position in internet software/services. Generally, an overweight to more defensive names within the index weighed 

on the fund‟s relative performance. Amazon was the largest detractor within internet retail and for the fund overall. The company 

lowered its revenue growth forecast due to slower growth rates in the US and Europe. Investors were also worried about short term 

pressure on margins from the sales of Kindle hardware. The Investment Adviser continues to favour Amazon based on the 

likelihood of its gaining market share in cloud computing, e-commerce and mobile devices. Healthcare technology company 

Athena Health also weighed on performance after it lowered its earnings forecast. But the Investment Adviser views it as a highly 

innovative company that is re-investing in software products to help make the US healthcare system more efficient. Athena health 

remains in the early stages of its growth potential. Enterprise software giant Oracle also reported worse-than expected results in its 

latest quarter. 

While disappointing, the report was similar to those from other companies in the enterprise market and therefore was not specific 

to Oracle, which did face difficult sales and earnings comparables from previous quarters. In the Investment Adviser‟s view the 

company can continue to expand its margins as its licensing business grows and its hardware business improves. Oracle‟s products 

appear to be reasonably recession-resistant in that they are considered necessary, not discretionary, purchases by its corporate 

customers. Recurring revenues from Oracle‟s maintenance services is also a key strength of its business. The fund‟s holdings in 

application software, systems software and electronic components were relative contributors to performance. Within application 

software,analytics software vendor Qlik Technologies recorded strong gains after reporting better-than-expected quarterly revenue 

growth. Qlik continues to gain market share in areas where IT spending has been strong. Qlik stands to benefit from the trend of 

corporations using such business intelligence technology to analyse and understand both what is happening now and what is likely 

to happen in the future. The company looks well positioned in a market that has low penetration. Semiconductor equipment 

provider ASML Holdings NV was another key contributor after it reported more orders than the market was expecting, indicating 

a rebound in the equipment purchase cycle. Capital expenditures from its main customers also remain robust. This Netherlandsbased 

leading producer of next generation semiconductor manufacturing equipment continues to build its market lead. 




guarantee that the Skandia Technology Fund will outperform this benchmark. 

58



SKANDIA EUROPEAN BEST IDEAS FUND 


Skandia European Best Ideas Fund – Acadian Asset Management, LLC, 

BNY Mellon Asset Management International Limited, 


Financière de L’Echiquier, 

Jupiter Asset Management Limited, 





Wellington Management Company, LLP. 

Below is a report from the Investment Advisers of the Skandia European Best Ideas Fund for 2011. 

The Skandia European Best Ideas Fund was launched on 10 April 2008 with a starting Net Asset Value per share of EUR 10.00. 


The Skandia European Best Ideas Fund underperformed its benchmark, the MSCI Europe GR Index, for the year 2011. The fund 

lost -18.44%, compared to -7.51% for the benchmark index.* 

After another year of significant outperformance for the portfolio in 2010, the fund underperformed in January. The 

underperformance can be explained purely by mean reversion at a sector, country and stock level. The fund‟s significant 

underweight exposure to financials and significant overweight in industrials detracted from performance. In 2010, industrials clearly 

outperformed while financials was one of the worst performing sectors. At a stock level, the mean reversion trade was shown clearly 

by last year‟s big winners for the fund, Clariant and Tui, and Q4's big winners Semperit and Andritz selling off in January and 

hurting performance. Finally, not holding Spanish bank Banco Santander, one of last year‟s big losers, and being underweight 

Spain, also had a negative impact. 

The fund also underperformed the index in February. As in January, the mean reversion trend continued at a sector, country and 

stock level. In February, the underperformance was mainly due to stock selection in materials, UK stocks (the latter exacerbated by 

being underweight as the UK performed well) and small/mid-cap names. Just like in January, the names underperforming over the 

month continued to contain those big outperforming names of last year, such as Clariant and Yule Catto. 

After this difficult start to the year, the fund had a good March, outperforming the index. Stocks in winning sectors industrials, 

energy and consumer sectors helped, as did stocks held in the Nordic region as stocks in Sweden, Norway, Denmark and Finland 

had a great month. As risk seekers came back into the market in March, Swiss stocks did poorly and being underweight that country 

helped. In a reversal of the trend we had so far seen this year, small and mid caps outperformed mega caps and this dynamic helped 

given the fund‟s all-cap nature. Indeed Banco Santander, HSBC and BP, none of which are held, had a poor month. Two of the 

fund‟s largest holdings contributed the most to performance over the month, namely Lundin Petroleum and Clariant. 

During the second quarter, the fund‟s underweight exposure to defensive sectors (consumer staples and healthcare) was a drag on 

performance over the quarter. The main stock detractors included large-cap defensive stocks Nestle, Roche, Novartis, Sanofi and 

GlaxoSmithKline, which performed well as risk appetite fell in May. The fund had no exposure to most of these stocks and is 

underweight healthcare in general. The underweight exposure to Switzerland (home of many large defensive companies and the 

Swiss Franc which tends to fare well when risk appetite is low) also had a negative impact. 

On the positive side, the top contributors to performance included two of the fund‟s holdings that are not in the broad MSCI Europe 

GR Index. Sky Deutschland was up over 28% while Avis was bid up over 60%. The overweight exposure to car companies paid off, 

with both BMW and Volkwagen contributing significantly over the quarter. Meanwhile, Yule Catto and Clariant, two of the fund‟s 

largest positions, also added value. Stock selection within industrials was very strong. Stock-picking among German names and 

smaller companies, where the fund is significantly overweight, also drove performance. 

There were a number changes to the fund‟s Investment Adviser line-up during the third quarter, namely the addition of Jupiter Asset 

Management and Mandarine Gestion, with the latter replacing First Private Investment Management KAG. 

59



SKANDIA EUROPEAN BEST IDEAS FUND 


Skandia European Best Ideas Fund – Acadian Asset Management, LLC, 

BNY Mellon Asset Management International Limited, 


Financière de L’Echiquier, 

Jupiter Asset Management Limited, 





Wellington Management Company, LLP. 


The fund lagged its primary benchmark, the MSCI Europe GR Index, over the third quarter of 2011. However, the fund continues to 

perform well over the longer term, significantly outperforming its benchmark over the past three years. The fund‟s underweight 

positioning in the key defensive sectors hurt returns over the quarter. Low relative weights to the utilities, telecoms and consumer 

staples sectors dragged on performance as these sectors proved to be relative safe havens from the turmoil that engulfed equity 

markets. Within this, not owning key large cap stocks such as Nestle, Vodafone, Roche and British American Tobacco proved to be 

key detractors. At a country level, a large underweight in Switzerland and an overweight in Germany also cost relative performance. 

On the positive side, a position in Swedish oil & gas exploration company proved very beneficial following very strong performance 

from the company over the quarter. In addition, Koninklijke Vopak, one of the worlds leading provider of storage for bulk liquids, 

also had a strong quarter, adding to relative performance. Not owning some of the bigger stocks in the index also aided relative 

performance with Rio Tinto, BASF, Societe Generale and Deutsche Bank all underperforming the index over the quarter. At a 

country level, stock selection in Italy and Sweden was positive. 

The Skandia European Best Ideas Fund trailed its primary benchmark, over the fourth quarter of 2011, which was characterised by 

continued volatile markets in which risk averse investors focused on perceived safe mega-cap stocks. Stock picking was an overall 

positive for the Fund in the fourth quarter, while sector positioning was a net negative, although being underweight financials and 

utilities, as well as being overweight materials proved beneficial. Stock selection was especially helpful in energy and financial 

stocks, but was unhelpful in consumer staples. At the country level, the two biggest detractors were an overweight in Germany 

(though stock selection there was marginally positive) and an underweight position plus stock picking in the UK. However, being 

overweight in the Netherlands combined with good stock picking there was a positive for the Fund, as were underweights in 

Switzerland and Spain, where in both instances stock selection also added to performance. 

At the stock level, a holding in Sky Deutschland and not holding Royal Dutch Shell both significantly detracted from relative 

returns. However, overweight holdings in Lundin Petroleum and Xstrata both boosted the fund over the quarter as mining and oil 

companies benefited from increased demand and optimistic forecasts 

Source: Skandia Investment Group as at 31 December 2011. 

* Performance figures refer to Class A1 shares and are sourced from Financial Express. Calculation basis: bid-to bid, net of fees, 

gross income reinvested in fund base currency (Euros). Index returns is gross, in Euros. 


guarantee that the Skandia European Best Ideas Fund will outperform this benchmark. 

60



SKANDIA US LARGE CAP VALUE FUND 


Skandia US Large Cap Value Fund – Epoch Investment Partners, Inc. 

Below is a report from the Investment Adviser of the Skandia US Large Cap Value Fund for 2011. 

The Skandia US Large Cap Value Fund was launched on 26 February 2007 with a starting Net Asset Value per share of USD 

10.00. 


The Skandia US Large Cap Value Fund underperformed its benchmark, the Russell 1000 Index, in 2011. The fund recorded a 

return of -2.02%, while the benchmark index returned 1.50% over the period.* 

During the first quarter, security selection contributed positively to relative performance while sector allocations were broadly 

neutral. Security selection was a positive contributor in healthcare, financials, information technology, materials and utilities. Stock 

selection in the energy, consumer discretionary, telecommunication services and industrials was a partial offset to that contribution. 

Underweight positions in consumer staples and consumer discretionary had a positive impact, but this was offset by the overweight 

positions in financials and the residual cash. 

The top contributors to performance this quarter included DaVita, Exxon Mobil, Franklin Resources, UnitedHealth Group and 

Aetna. Holdings detracting from performance included Microsoft, Staples, Hudson City Bancorp, Qwest Communications and 

International Game Technology. 

In the second quarter, positive security selection was offset by the negative impact from sector allocations over the period. Security 

selection was a positive or neutral contributor to relative performance in all sectors except consumer discretionary and utilities. The 

overweight in healthcare also contributed to relative performance, but the underweight positions in consumer staples as well as the 

overweight exposure to financials more than offset the benefit. 

The top stock contributors to performance this quarter included: Thermo Fisher Scientific, Aetna, Visa, UnitedHealth Group and 

Electronic Arts. Holdings detracting from performance included: Staples, Devon Energy, MEMC Electronic Materials, Corning and 

Cameron International. 

During the third quarter the Skandia US Large Cap Value Fund marginally underperformed its primary benchmark, the Russell 1000 

Index. The major factors behind the underperformance were a combination of security selection and sector allocation. The portfolio 

benefited from strong stock selection in the consumer discretionary, materials, industrials and consumer staples sectors. However, 

this was more than offset by stock selection in the healthcare, financials, information technology, telecommunication services and 

energy sectors. Underweights in consumer staples and telecommunication services detracted from relative performance, as did 

overweights in financials and materials. This was partially offset by an overweight in information technology and healthcare and 

underweights in energy and industrials, which contributed to relative performance. Among companies, the top contributors to 

performance this quarter included: Apple, TJX, Wisconsin Energy, Colgate Palmolive and Visa. Stock holdings that detracted from 

performance included: Ameriprise Financial, MetLife, National Oilwell Varco, DaVita and Ingersoll-Rand. 

In the last quarter the fund provided a return of 8.03% in the fourth quarter underperforming the benchmark rise of 11.84%. The 

weak relative performance was largely due to stock selection in the IT sector, software companies in particular, and in the industrials 

sector. The portfolio‟s cash position was also a drag in a rising market. On the positive side, stock selection among financials, 

energy and consumer discretionary companies benefited returns. A less-than-index weight in the consumer staples sector also helped 

results. The top individual stock contributors to performance this quarter included Exxon Mobil, National Oilwell Varco, 

Ameriprise Financial, Visa and Boeing. Holdings detracting from performance included Thermo Fisher Scientific, Oracle, Darden 

Restaurants, MEMC Electronic Materials and Marsh McLennan. 

Source: Epoch Investment Partners, Inc. as at 31 December 2011. 




guarantee that the Skandia US Large Cap Value Fund will outperform this benchmark. 

61



SKANDIA INVESTMENT GRADE CORPORATE BOND FUND 


Skandia Investment Grade Corporate Bond Fund – Wellington Management Company, LLP 

Below is a report from the Investment Adviser of the Skandia Investment Grade Corporate Bond Fund for 2011. 

The Skandia Investment Grade Corporate Bond Fund was launched on 19 March 2010 with a starting Net Asset Value per share 

of USD 10.00. 


The Skandia Investment Grade Corporate Bond Fund underperformed its primary benchmark, the Barclays Capital Global 

Aggregate Corporate Bond Index. The fund recorded a total net return of 1.87%, while the benchmark index had a total return of 

4.79% for the period.* 

During the first quarter, corporate security selection was the primary driver of excess returns in the first quarter, with positioning in 

the three industry sectors, financials, industrials and utilities, contributing positively to results. 

Within financials, the allocation to banking securities contributed to excess returns as the fund‟s holdings of Lower Tier 2 securities 

benefited from limited supply and the expectation that holders of European bank debt would avoid haircuts or other forms of burden 

sharing. The fund‟s holdings of strategic, high-quality banks including Bank of America, Citigroup, BPCE and Danske Bank also 

performed well on the back of solid earnings and favourable regulatory developments. Security selection in finance companies was 

also positive, with the positions in Sallie Mae and GE Capital being the chief contributors. Underweight positions in Insurance were 

a modest detractor during the quarter. 

Within Industrials, the overweight positions in consumer non-cyclicals and capital goods outperformed during the period due to 

improving corporate fundaments and continued positive economic data releases, particularly in the US and Germany. Specifically, 

holdings within the tobacco and cement sectors contributed positively. Security selection in Communications detracted as many of 

the recent top-performing media-cable and telecommunications names, such as Time Warner Cable, British Telecom, DirecTV 

Holdings and News Corp, in which the fund held overweight positions, lagged the broader market. 

Utilities were a key sector for positive performance, particularly in March, as Electric issuers sold off significantly after the 

devastating earthquake and ensuing nuclear crises in Japan. The fund did not own Tokyo Electric Power, which operates the stricken 

Fukushima Daiichi nuclear power plant and one of the largest issuers in the Japanese corporate bond market. These gains were 

partially offset by adverse security selection in the natural gas sector. 

In a reversal of last year‟s trend, the fund‟s overweight to US Dollar-denominated versus Euro- and Sterling-denominated corporate 

bonds detracted, as US corporate bond markets lagged. Underweight positions in corporate issuers domiciled in Greece, Ireland, 

Italy, Portugal and Spain also detracted value as these markets rebounded in anticipation of announcements from the EU which 

should ease funding pressures on European governments and corporates alike. 

Within sector allocation, the fund‟s holdings of government-related securities detracted, although the short positions in Sovereign 

bonds in favour of corporate issuers contributed positively to performance as corporate credit continued to outperform governments. 

The fund‟s holdings of securitized debt had a positive impact on excess returns, mainly driven by the overweight position in 

commercial mortgage-backed securities (CMBS). 

Gains generated through duration management were more than offset by losses from yield curve positioning. The overweight 

duration position in January added value as US and European government bond yields fell as oil prices spiked following the 

escalation of tensions in the Middle East and North Africa. However, the fund‟s yield curve positioning, particularly in the US, 

detracted as long-dated treasuries sold off. The German bund versus Italian government bond position also detracted as European 

sovereign credit concerns eased. 

The Skandia Investment Grade Corporate Bond Fund underperformed its primary benchmark, the Barclays Capital Global 

Aggregate Corporate Index (hedged to US Dollars), for the second calendar quarter of 2011. 

62







Over the quarter, the contributions from sector allocation were offset by losses from security selection. Within corporate issuer and 

security selection, utilities was the best-performing sector, driven by the underweight in electric utilities. The fund benefited from 

not owning Japanese utilities, which continued to perform poorly after the disasters in March. Tokyo Electric Power Co. (TEPCO), 

the company responsible for the damaged Fukushima Daiichi nuclear power plant, was downgraded by ratings agency Standard and 

Poor's to below investment grade in light of the company's worsening credit profile. 

Within financials, security selection in the insurance industry detracted. Concerns of a global economic slowdown caused spreads to 

widen in this higher beta sector, which saw overweight positions including Swiss Reinsurance and Allianz underperform. 

Additionally, the ratings of issuers domiciled in some European peripheral countries were once again downgraded, raising concerns 

of potential debt restructuring as debate in political circles intensified about the extent to which private sector creditors should share 

the burden. The fund benefited from its lack of exposure to the most vulnerable financials, as well as overweights to strategic 

European banks including ABN Amro and Swedbank. 

Within industrials, the fund‟s overweight exposure to communications added value, mainly due to positions within media and 

telecommunications. These more defensive industries continued to benefit from strong free cash flow generation and the trend 

towards consumers‟ desire to obtain content „everywhere‟. Key outperformers included Time Warner Cable, DirectTV, and CBS. 

Gains were partially offset by losses due to overweight positions within consumer sectors that are more highly leveraged to the 

cyclical recovery. 

The Skandia Investment Grade Corporate Bond Fund underperformed the Barclays Capital Global Aggregate Corporate Bond Index 

(hedged to US Dollars), for the third quarter of 2011. 

Security selection and spread duration detracted over the period, primarily due to the portfolio‟s overweight credit risk exposure 

along with positions across financials and industrials. Macro strategies, including duration, yield curve management and sector 

allocation generated most of the portfolio‟s positive performance during the quarter. 

Over the quarter, underperformance within corporate security selection and the portfolio‟s overweight credit bias were partially 

offset by the outperformance within the portfolio‟s macro and collateralised strategies. Within corporate issuer and security 

selection, security selectionwithin banking and finance companies detracted. Spreads in these higher beta sectors were led by global 

concerns of an economic slowdown. Financials underperformed on the back of contagion fears in Europe along with the loss 

absorbing nature of subordinated banking and insurance securities. One of the weakest performers was Bank of America. Within 

industrials, security selection within consumer non-cyclicals, consumer cyclicals and communications detracted, partially offset by 

gains within transport. Key detractors included Ontex. Within utilities, security selection with natural gas underperformed. Losses 

were partially offset by gains due to our underweight posture towards Tier 1 bank capital securities and peripheral European 

financials. From a regional perspective, the portfolio‟s overweight to US Dollar denominated versus Euro and sterling denominated 

corporate bonds added value, as US corporate bond markets generally outperformed their global peers while our underweight to 

Japan was a modest drag. Additionally, underweight positions in corporate issuers domiciled in Greece, Ireland, Italy, Portugal and 

Spain outperformed as sovereign credit concerns intensified through the quarter. Spread duration was a detractor over the quarter as 

our overweight corporate risk position underperformed. 

Corporate credit spreads widened substantially, generating negative excess returns over government bonds as sovereign debt crises 

in Europe and the US left systemic concerns weighing on the market. Within government related, the portfolio‟s allocation to this 

sector helped performance, particularly local authorities. Securitised strategies within the portfolio were positive over the third 

quarter, mainly due to commercial mortgage backed securities. We avoided positions in covered bonds, which performed poorly as 

Italian and Spanish covered bonds sold off in line with peripheral European banks. Within macro strategies, duration and yield curve 

management were the primary sources of positive performance over the quarter. The portfolio‟s yield curve flattening bias in the 

US, long German bund, UK gilt and Australian government bond positions added value. Yields fell sharply across developed 

markets in the third quarter as economic data worsened, while interest-rate markets factored in further central bank accommodation 

due to the expectation of additional quantitative easing and/ or interest-rate cuts. Yields curves flattened across the globe as the US 

Federal Reserve committed to keeping the Fed Funds rate “exceptionally low” through at least mid- 2013. Furthermore, the 

portfolio‟s underweight position in peripheral European interest rates generated strong performance as the sovereign crises 

intensified in Europe. Within currency management, our underweight commodity currency position including the Australian Dollar 

and Norwegian Krona added value. We continue to effectively use duration and currencies as cheap and liquid hedges during 

turbulent market conditions. 

63







During the last quarter the fund had a modest gain but marginally lagged the benchmark in the fourth quarter. In the area of security 

selection, the Investment Adviser‟s choices within consumer noncyclicals, communications and consumer cyclicals benefited 

returns in the fourth quarter. In financials, security selection among banking and finance companies generated most of the positive 

performance during the period. In Europe, the three year Long-Term Refinancing Operation announced in December went a long 

way towards reducing the likelihood of a funding crisis in the European banking sector, which boosted the performance of financials 

globally. In particular, our overweight to leading US banks generated strong results over the quarter. In the utilities sector, the 

portfolio‟s natural gas holdings outperformed. Sector allocation was a net positive for the Fund during the quarter, mainly due to the 

portfolio‟s short US Treasury position, as corporate bonds outperformed duration equivalent government bonds during the period. 

Tactical credit beta management using credit default swap indices including CDX.NA.HY also added value over the quarter. At the 

strategy level, duration strategies added value during the quarter. In particular, the portfolio‟s long duration exposure in Germany 

benefited as yields fell over the interval. However, the portfolio‟s yield curve positioning bias in the US underperformed as an 

overweight position in the belly of the curve detracted when interest rates rose, particularly in October. Currency management also 

detracted during the quarter. 

Source: Wellington Management Company, LLP as at 31 December 2011. 

* Performance figures refer to A4 Hedged Income GBP Share Class and are sourced from Factset. Calculation basis: bid to bid, 

net of fees, gross income reinvested in Sterling terms. 


guarantee that the Skandia Investment Grade Corporate Bond Fund will outperform this benchmark. 

64



SKANDIA GLOBAL EMERGING MARKETS FUND 


Skandia Global Emerging Markets Fund – Fisher Asset Management, LLC 

Below is a report from the Investment Adviser of the Skandia Global Emerging Markets Fund for 2011. 

The Skandia Global Emerging Markets Fund was launched on 23 September 2010 with a starting Net Asset Value per share of 

USD 10.00. 


The Skandia Global Emerging Markets Fund slightly overperformed its benchmark, MSCI Emerging Markets Net Return Index, for 

the year 2011. The fund returned -17.68%, while the benchmark index was -18.42% over the period.* 

During the first quarter, country allocation decisions contributed to relative returns, while sector decisions were neutral. Stock 

selection detracted during the period. At the country level, the fund‟s overweight to South Korea and underweights to Taiwan and 

South Africa contributed most positively to relative returns. At the sector level, the overweight to energy and underweight to 

consumer staples contributed most positively to relative performance, offset by overweights to industrials and information 

technology. 

In the second quarter, country allocation and stock selection decisions contributed to relative return, while sector allocation 

decisions detracted. An overweight to Indonesia and an underweight to Russia were the largest contributors on a country allocation 

basis, while an overweight to Brazil and an underweight to Taiwan detracted. On a sector allocation basis, an overweight to 

industrials added to relative return, while an underweight to telecom services and an overweight to energy hurt. Stock selection 

decisions within financials, South Korea, Brazil and consumer staples yielded the most outperformance within the portfolio, while 

positions in India and industrials detracted from relative return. 

In the third quarter the fund slightly outperformed the benchmark MSCI Emerging markets Net Return Index. On balance, country 

and sector allocation choices were beneficial for relative returns, but stock selection decisions detracted. An overweight to Indonesia 

and an underweight to Russia were the biggest plusses at the country level, while an underweight to Taiwan and an overweight to 

Poland detracted. Among sectors, an overweight to consumer staples and an underweight to financials benefited relative returns, but 

an underweight in telecom services and an overweight in industrials hurt. Stock selection decisions among IT companies in China 

and Taiwan was the biggest contributor to the portfolio‟s relative performance, while in South Korea positions in the consumer 

discretionary and industrials sectors detracted from relative returns. Given the portfolio‟s focus on more economically responsive 

sectors and industries, underperformance during the third quarter‟s abrupt downturn was not surprising. However, the Investment 

Adviser views this downturn as a temporary correction, and believes markets are likely to reverse course when investors refocus on 

emerging markets‟ positive fundamentals. 

The fund trailed the MSCI Emerging Markets Net Return Index in the fourth quarter, though it gained in absolute terms. At sector 

level, underweights to utilities and an overweight to industrials detracted, but an underweight to telecom services and overweight to 

consumer staples benefited relative returns. Overall, country and sector allocation enhanced relative returns, as did stock selection 

decisions. 

Our underweights to India and Turkey proved favourable, while our underweight to Thailand and overweight to Poland detracted. 

Stock picking within Indonesia was another plus, but it detracted in South Korea and China. Within sectors, stock selection 

decisions in financials, and materials were particular bright spots, while it detracted in consumer discretionary. 

Source: Fisher Asset Management, LLC as at 31 December 2011. 




guarantee that the Skandia Global Emerging Markets Fund will outperform this benchmark. 

65



SKANDIA ASIAN EQUITY FUND 


Skandia Asian Equity Fund – MIR Investment Management (Pty) Limited 

Below is a report from the investment adviser of the Skandia Asian Equity Fund for 2011. 

The Skandia Asian Equity Fund was launched on 7 March 2011 with a starting net asset value per share of USD 10.00. 


The Skandia Asian Equity Fund underperformed its primary benchmark, the MSCI AC Asia Pacific ex Japan Index in 2011. The 

fund returned -8.32%, while the benchmark index was -1.71% over the period.* 

Negative returns were experienced particularly in the US$1 billion to US$5 billion market capitalisation range. Stock selection and 

allocation effects within the energy and financials sectors detracted. However, strong selection in the industrials sector contributed 

favourably. On a country level, the overweight exposure to Malaysia generated positive alpha but stock selection in Korea and 

China detracted. 

The largest stock contributors to relative returns over the quarter were the overweight positions in Radiant Opto-Electronics Corp., 

China Shanshui Cement Group Co., AirAsia Bhd, Evergrande Real Estate Group and Dexus Property Group. Stocks that detracted 

materially from performance over the quarter were overweight positions in GS Holdings Corp., Bank of China, Sohu.com Inc., 

Caltex Australia and Poongsan Corp. 

The market volatility during the second quarter was largely driven by macro concerns over European debt contagion and rising 

inflation. Against this backdrop, the negative impact from the energy and material sectors (where the portfolio is overweight) is 

within expectations. As MIR Investment Management (Pty) Limited (“MIR”)is taking a more sanguine view of the markets in the 

second half of the year and its process has identified many good value and momentum stocks in these two sectors, MIR remains 

comfortable with these positions and is confident that the weaker performance in the second quarter will be more than recovered in 

the coming quarter. 

In the third quarter the fund underperformed its benchmark. At the country level, good stock selection in Thailand and Australia, as 

well as good stock allocation in New Zealand and Taiwan, added to the portfolio‟s relative return, whereas Korea and China were 

the poorest performers. From a sector perspective, outperformers in the portfolio included telecommunication services, consumer 

discretionary and industrials, while financials and energy were the underperformers. At the stock level, the largest contributors to 

relative returns were our overweight positions in Kia Motors Corp, Advanced Info Service Public Co Ltd, Telstra Corp Ltd and 

Telecom Corp of New Zealand Ltd. Stocks that detracted materially from performance over the quarter were overweight positions 

in Yanzhou Coal Mining Co Ltd, Kolon Industries Inc, Evergrande Real Estate Group Ltd and GS holdings Corp. 

Market volatility during the quarter was largely driven by macro concerns over European debt contagion and rising inflation. 

Against this backdrop, the weakness in the energy and material sectors in which the portfolio is overweight was not unexpected. In 

light of our more positive view for markets in the second half of the year and the fact that many good value and momentum stocks 

in these two sectors have been identified, MIR remains comfortable with these positions, in the belief that the recent weaker 

performance will be more than recovered in the months ahead. 

In the last quarter the fund underperformed its benchmark against the backdrop of extreme market volatility over the quarter. The 

Fund‟s positioning in technology and steel stocks were the main detractors. At the country level, the best relative performers were 

India, Hong Kong and Singapore, whereas the weakest relative performers were Korea, Taiwan and China. At the sector level, good 

stock selection in financials and telecoms benefited performance whereas it detracted in IT and materials. At the stock level, the 

largest contributors to performance over the quarter were overweight positions in Agricultural Bank of China Ltd, Evergrande Real 

Estate Group, Advanced Info Service Public Company and Telstra Corporation. Meanwhile, stocks that detracted materially from 

performance over the quarter were positions in Tata Steel Ltd, Daum Communications Corporation, SeAH Besteel Corporation and 

NHN Corporation. 

Source: MIR Investment Management (Pty) Limited, as at 31 December 2011. 




guarantee that the Skandia Asian Equity Fund will outperform this benchmark. 

66



SKANDIA LOCAL CURRENCY EMERGING MARKET DEBT FUND 


Skandia Local Currency Emerging Market Debt Fund - Stone Harbor Investment Partners LP 

Below is a report from the Investment Adviser of the Skandia Local Currency Emerging Market Debt Fund for 2011. 

The Skandia Local Currency Emerging Market Debt Fund was launched on 19 January 2011 with a starting net asset value per 

share of USD 10.00. 


The Skandia Local Currency Emerging Market Debt Fund underperformed its primary benchmark, the JPM GBI-EM Global 

Diversified Index for 2011. The fund returned 7.19%, while the benchmark index returned 7.54% over the period.* 

During the first quarter of 2011, relative underperformance was mainly driven by issue selection decisions. The decision with the 

most impact on returns was the fund‟s exposure to long duration Brazil debt due to the increased cost of investing new money and 

the steepening of the yield curve. On the country level, the Investment Adviser‟s underweight allocation to Hungary was one of the 

main detractors to returns. Based on their assessment of short-term oriented policy-making and weak growth prospects, they believe 

Hungary‟s local debt is mispriced. 

During the second quarter, outperformance was driven by country selection decisions, mainly through underweight positions in 

Turkey and Thailand. In the case of Turkey, the central bank continues to be perceived by markets as behind the curve on rate hikes, 

against the backdrop of a rising current account deficit and increasing inflation. With respect to Thailand, concerns about potential 

political instability ahead of July elections led to general risk reduction among local market participants. This was slightly offset by 

issue attribution, which had a small negative impact. Indonesia and Russia were the main culprits, where the fund maintained shorter 

duration instruments with respect to the index. In Indonesia, the fund remained positioned in the belly of the curve due to both high 

foreign exposure and talk of potential issuance in the long end of the curve. In Russia, the fund remains very short duration via 

currency forwards, as Stone Harbor Investment Partners LP believes that, with negative real rates, bonds do not look attractive. 

In the third quarter, the Skandia Local Currency Emerging Market Debt Fund underperformed its primary benchmark, the JP 

Morgan GBI-EMI Global Diversified Index. Both ended the quarter lower, with spreads widening 171 basis points to stand at a 

spread of 442 by September 30. Underperformance was driven by local markets exchange rates and emerging markets corporate 

debt. A rebound in the US Dollar led to currency depreciation across all emerging markets countries. General risk aversion and 

credit-specific events in the China and Kazakhstan corporate sectors also weighed on the portfolio‟s performance. Within sovereign 

external debt, an overweight allocation to Argentina detracted from returns, as high beta credits suffered due to their riskier nature 

and lack of sponsorship. There was no particular news on Lebanon to precipitate its positive performance, but the illiquid nature of 

this credit may have provided some respite in a market dominated by technical factors. The portfolio‟s underweight to the country 

was therefore negative. 

The fund outperformed its primary benchmark in the fourth quarter of 2011. Country selection decisions were responsible for more 

than half of the portfolio‟s excess returns over the benchmark, with the remainder coming from issue selection. For example, issue 

selection (largely duration selection) in Colombia enhanced performance. 

The largest contributor to returns was the portfolio‟s underweight allocation to Hungary. Being a small, open country with a high 

level of sovereign and external indebtedness it is in probably the worst position of all emerging markets to cope with the crisis 

within the Eurozone. More important, after the acrimonious dispute with the IMF and EU in 2011 short of a full policy reversal, 

Hungary is unlikely to find it easy to seek another bailout. 

The relationship with the IMF and the EU was further strained in the fourth quarter as the government passed several new laws 

including reforms of the central bank and a new constitution. The EU and ECB are especially concerned with the latter as it appears 

to compromise the independence of the National Bank of Hungary. With market tensions rising and a daunting debt rollover 

schedule for 2012, Hungary announced that it would begin negotiations with both the IMF and the EU, but with the government 

unwilling to compromise on its reforms, the IMF left Budapest in December having made little progress. 

67



SKANDIA LOCAL CURRENCY EMERGING MARKET DEBT FUND 


Skandia Local Currency Emerging Market Debt Fund - Stone Harbor Investment Partners LP 


Source: Stone Harbor Investment Partners LP, as at 31 December 2011. 




guarantee that the Skandia Local Currency Emerging Market Debt Fund will outperform this benchmark. 

68



SKANDIA GLOBAL FUTURES FUND 


Skandia Global Futures Fund - Aspect Capital Limited 

Below is a report from the Investment Adviser of the Skandia Global Futures Fund for 2011. 

The Skandia Global Futures Fund was launched on 1 November 2011 with a starting net asset value per share of USD 10.00. 


The Skandia Global Futures Fund returned 1.82% (est.) in December. The Eurozone crisis dominated newsflow throughout the 

month and spurred a broad flight to safety, resulting in notable gains from the Fund‟s long bond positions. In addition the fund 

benefited from the Euro falling against both the US Dollar and the Swedish Krona. The ECB followed up a rate cut early in the 

month by allocating a record amount in a single liquidity operation. Euribor prices rallied ahead of the fresh liquidity and this helped 

offset losses from Australian interest rate positions. Having cut rates twice in the quarter, the Reserve Bank of Australia commented 

on the strong domestic growth, decreasing expectations of further interest rate cuts. Precious metals meanwhile lost some of their 

lustre as safe-haven assets and sold off sharply, making the fund‟s long positions in gold and silver the worst performers for the 

month. In agriculturals, losses came from short positions in wheat and the soy complex amid expectations of dry weather however 

cocoa contracts continued to generate positive performance as prices fell further in December. Lastly, the fund‟s short position in 

natural gas was the best performer for the month as mild weather and high supplies pushed prices lower. 

During the month of November the fund returned 0.61%. Attempts to resolve the Eurozone sovereign debt situation drove market 

sentiment for most of the month. Uncertainty stemming from the struggle by European leaders to reach agreement was punctuated 

by successful debt auctions, better than expected earnings from US banks and encouraging global economic data. Towards the end 

of the month, the Federal Reserve forecast that US interest rates would remain low until the end of 2014, boosting US Treasuries, 

stock indices and gold. The US Dollar fell in response, to the benefit of the fund‟s positions. Gains were also made on long fixed 

income positions. In particular, Euribor futures rose amid the prospect of further liquidity injections by the ECB. 

The rise in global stock markets resulted in losses from short positions, especially in Asian indices. Notably, Chinese indices were 

also driven upwards by speculation of further monetary easing by The People‟s Bank of China. In commodities, losses were made 

from short positions in agriculturals and metals. Cocoa and wheat prices rose amid forecasts of unfavourable weather, while zinc 

and aluminium prices rallied following encouraging Chinese trade data and the prospect of output reductions. Natural gas 

meanwhile continued to trend lower, making the fund‟s short position the top performer. Additional gains in energies came from the 

fund‟s long position in reformulated gasoline, the price of which rallied on reports of US refinery shutdowns. 

Source: Aspect Capital Limited, as at 31 December 2011. 

*Performance figures refer to Class A1 shares and are sourced from Skandia Investment Group. Calculation basis: bid to bid, net 

of fees, gross income reinvested in fund base currency (US Dollars). 


guarantee that the Skandia Global Futures Fund will outperform this benchmark. 

69



PORTFOLIO OF INVESTMENTS - Skandia Global Equity Fund 

Nominal Security Description Value USD % Net Assets 

Australia - 0.73% (2010 - 0.97%) 

27,480 Flight Centre Ltd 450,641 0.15% 

38,715 Iluka Resources Ltd 610,464 0.20% 

282,170 Regis Resources Ltd 970,233 0.32% 

102,915 Resolute Mining Ltd 171,701 0.06% 

2,203,039 0.73% 

Brazil - 0.95% (2010 - 0.35%) 

23,842 Cia de Bebidas das Americas 862,842 0.29% 

26,540 Cia Hering 461,862 0.15% 

30,500 Cielo SA 788,151 0.26% 

29,000 Tim Participacoes SA 740,080 0.25% 

2,852,935 0.95% 

Canada - 1.77% (2010 - 3.40%) 

19,591 BCE Inc 805,265 0.27% 

10,860 Canadian National Railway Co 840,077 0.28% 

51,724 First Quantum Minerals Ltd 980,631 0.32% 

37,783 Suncor Energy Inc 1,078,562 0.36% 

15,096 TELUS Corp 802,821 0.27% 

11,028 Toronto-Dominion Bank/The 813,506 0.27% 

5,320,862 1.77% 

Cayman Islands - 0.96% (2010 - 1.11%) 

18,895 ACE Ltd 1,333,420 0.44% 

14,116 Herbalife Ltd 741,655 0.25% 

284,400 Sands China Ltd 803,632 0.27% 

2,878,707 0.96% 

China - 2.01% (2010 - 1.57%) 

304,000 Anhui Conch Cement Co Ltd 902,065 0.30% 

1,543,000 China Construction Bank Corp 1,076,610 0.36% 

478,332 China Merchants Bank Co Ltd 966,768 0.32% 

175,000 China Shenhua Energy Co Ltd 759,209 0.25% 

1,064,000 China Southern Airlines Co Ltd 538,304 0.18% 

1,797,000 Industrial & Commercial Bank of China 1,066,454 0.35% 

114,000 Ping An Insurance Group Co 751,395 0.25% 

6,060,805 2.01% 

Finland - 0.35% (2010 - 0.26%) 

33,851 Nokian Renkaat OYJ 1,076,433 0.35% 

1,076,433 0.35% 

France - 4.27% (2010 - 4.87%) 

189,557 AXA SA 2,452,299 0.82% 

5,751 LVMH Moet Hennessy Louis Vuitton SA 806,875 0.27% 

10,037 Pernod-Ricard SA 918,939 0.30% 

8,434 PPR 1,209,492 0.40% 

31,755 Sanofi-Aventis SA 2,321,923 0.77% 

10,467 Technip SA 984,036 0.33% 

58,563 Total SA 2,994,910 0.99% 

72



PORTFOLIO OF INVESTMENTS - Skandia Global Equity Fund (continued) 


France - 4.27% (2010 - 4.87%) (continued) 

54,821 Vivendi SA 1,191,134 0.39% 

12,879,608 4.27% 

Germany - 5.32% (2010 - 2.93%) 

17,916 Allianz SE 1,705,200 0.56% 

24,714 BASF SE 1,702,216 0.56% 

29,381 Bayer AG 1,855,278 0.62% 

11,671 Bayerische Motoren Werke AG 774,265 0.26% 

14,605 Continental AG 899,189 0.30% 

55,572 E.ON AG 1,181,210 0.39% 

10,180 Fresenius SE & Co KGaA 940,328 0.31% 

15,419 Henkel AG & Co KGaA 889,561 0.29% 

14,879 Lanxess AG 756,773 0.25% 

6,605 Linde AG 976,681 0.32% 

18,325 SAP AG 967,604 0.32% 

8,428 Siemens AG 803,028 0.27% 

30,248 Suedzucker AG 963,035 0.32% 

11,201 Volkswagen AG 1,664,260 0.55% 

16,078,628 5.32% 

Guernsey C.I. - 0.27% (2010 - –%) 

211,973 Resolution Ltd 818,895 0.27% 

818,895 0.27% 

Hong Kong - 1.09% (2010 - 1.91%) 

267,000 AIA Group Ltd 833,520 0.28% 

354,000 Galaxy Entertainment Group Ltd 648,943 0.21% 

20,800 Jardine Matheson Holdings Ltd 978,641 0.32% 

185,800 Wharf Holdings Ltd 839,549 0.28% 

3,300,653 1.09% 

India - 0.54% (2010 - 0.97%) 

35,589 HDFC Bank Ltd 920,332 0.30% 

164,202 Yes Bank Ltd 738,391 0.24% 

1,658,723 0.54% 

Indonesia - 0.33% (2010 - 0.24%) 

1,339,000 Bank Rakyat Indonesia Persero Tbk PT 996,738 0.33% 

996,738 0.33% 

Ireland - 0.71% (2010 - 0.63%) 

13,637 Accenture PLC 734,216 0.24% 

31,371 Covidien PLC 1,413,264 0.47% 

2,147,480 0.71% 

Israel - 0.45% (2010 - 0.27%) 

32,846 Teva Pharmaceutical Industries Ltd ADR 1,341,103 0.45% 

1,341,103 0.45% 

Italy - 0.27% (2010 - 0.25%) 

179,400 Prada SpA 811,785 0.27% 

811,785 0.27% 

73





Japan - 5.99% (2010 - 6.77%) 

26,800 FamilyMart Co Ltd 1,077,195 0.36% 

172,000 Hitachi Ltd 898,068 0.30% 

263,000 Isuzu Motors Ltd 1,210,055 0.40% 

89,600 ITOCHU Corp 905,553 0.30% 

243 Japan Tobacco Inc 1,136,879 0.38% 

199,100 JX Holdings Inc 1,196,530 0.40% 

44,100 Komatsu Ltd 1,025,342 0.34% 

160,000 Marubeni Corp 969,822 0.32% 

52,900 Mitsubishi Corp 1,063,128 0.35% 

72,200 Mitsui & Co Ltd 1,116,942 0.37% 

21,100 Nippon Telegraph & Telephone Corp 1,073,066 0.36% 

134,500 Nissan Motor Co Ltd 1,202,895 0.40% 

12,670 ORIX Corp 1,041,437 0.34% 

985 Rakuten Inc 1,054,061 0.35% 

14,600 Sanrio Co Ltd 746,275 0.25% 

7,400 SMC Corp/Japan 1,187,825 0.39% 

83,300 Sumitomo Corp 1,121,791 0.38% 

18,026,864 5.99% 

Jersey C.I. - 0.35% (2010 - 0.31%) 

101,012 WPP PLC 1,048,577 0.35% 

1,048,577 0.35% 

Mexico - 0.26% (2010 - 0.33%) 

11,338 Fomento Economico Mexicano SAB de CV ADR 785,950 0.26% 

785,950 0.26% 

Netherlands - 1.36% (2010 - 1.90%) 

25,452 Chicago Bridge & Iron Co NV 968,194 0.32% 

211,307 ING Groep NV 1,511,178 0.50% 

67,395 Koninklijke KPN NV 801,266 0.27% 

24,203 Unilever NV 826,935 0.27% 

4,107,573 1.36% 

Republic of Korea (South) - 0.86% (2010 - 0.29%) 

3,917 Hyundai Motor Co 724,241 0.24% 

11,301 Kia Motors Corp 654,323 0.22% 

1,331 Samsung Electronics Co Ltd 1,222,400 0.40% 

2,600,964 0.86% 

Russian Federation - 0.30% (2010 - –%) 

86,380 Gazprom OAO ADR 916,492 0.30% 

916,492 0.30% 

Singapore - 0.25% (2010 - 0.24%) 

26,040 Avago Technologies Ltd 758,285 0.25% 

758,285 0.25% 

Sweden - 0.53% (2010 - 0.95%) 

34,729 Lundin Petroleum AB 839,701 0.28% 

39,450 Tele2 AB 755,297 0.25% 

1,594,998 0.53% 

74





Switzerland - 4.06% (2010 - 4.44%) 

26,158 Cie Financiere Richemont SA 1,322,022 0.44% 

53,697 Nestle SA 3,073,133 1.03% 

47,482 Novartis AG 2,714,916 0.90% 

13,860 Roche Holding AG 2,351,651 0.78% 

25,995 TE Connectivity Ltd 808,964 0.27% 

70,256 Xstrata PLC 1,050,138 0.35% 

3,939 Zurich Financial Services AG 887,066 0.29% 

12,207,890 4.06% 

United Kingdom - 12.96% (2010 - 14.53%) 

106,560 ARM Holdings PLC 966,972 0.32% 

285,543 Aviva PLC 1,314,993 0.44% 

554,905 Barclays PLC 1,488,331 0.49% 

74,853 BG Group PLC 1,591,085 0.53% 

62,593 BHP Billiton PLC 1,802,686 0.60% 

53,339 British American Tobacco PLC 2,510,396 0.83% 

292,724 BT Group PLC 855,267 0.28% 

55,810 Burberry Group PLC 1,024,104 0.34% 

116,665 GlaxoSmithKline PLC 2,650,279 0.88% 

75,782 IMI PLC 885,665 0.29% 

23,620 Imperial Tobacco Group PLC 888,024 0.29% 

174,314 Inchcape PLC 784,972 0.26% 

54,965 Intercontinental Hotels Group PLC 982,258 0.33% 

529,653 Legal & General Group PLC 837,623 0.28% 

138,496 Meggitt PLC 751,709 0.25% 

41,489 Petrofac Ltd 925,509 0.31% 

131,369 Prudential PLC 1,276,379 0.42% 

39,806 Rio Tinto PLC 1,913,773 0.63% 

104,976 Royal Dutch Shell PLC 3,822,979 1.27% 

27,604 Shire PLC 949,048 0.31% 

39,827 Spectris PLC 781,305 0.26% 

92,260 Standard Chartered PLC 1,998,172 0.67% 

1,453,593 Taylor Wimpey PLC 842,666 0.28% 

48,369 Tullow Oil PLC 1,038,606 0.34% 

26,511 Unilever PLC 882,781 0.29% 

1,179,253 Vodafone Group PLC 3,258,626 1.07% 

34,535 Weir Group PLC/The 1,087,507 0.36% 

202,277 WM Morrison Supermarkets PLC 1,012,523 0.34% 

39,124,238 12.96% 

United States - 51.01% (2010 - 46.21%) 

18,840 Abbott Laboratories 1,061,257 0.35% 

43,391 Adobe Systems Inc 1,228,399 0.41% 

21,522 AGCO Corp 917,698 0.30% 

17,401 Agilent Technologies Inc 610,079 0.20% 

12,501 Alaska Air Group Inc 949,326 0.31% 

13,776 Allergan Inc/United States 1,214,079 0.40% 

47,059 Altria Group Inc 1,401,888 0.46% 

75





United States - 51.01% (2010 - 46.21%) (continued) 

4,840 Amazon.com Inc 841,482 0.28% 

64,023 American Eagle Outfitters Inc 980,192 0.32% 

20,294 American Express Co 964,371 0.32% 

26,573 American Financial Group Inc/OH 986,655 0.33% 

18,005 Ameriprise Financial Inc 909,973 0.30% 

22,943 AmerisourceBergen Corp 856,462 0.28% 

23,604 Amgen Inc 1,528,123 0.50% 

16,069 Anadarko Petroleum Corp 1,224,297 0.41% 

10,433 Apache Corp 938,761 0.31% 

14,774 Apple Inc 5,985,242 1.97% 

61,514 AT&T Inc 1,855,878 0.61% 

18,899 Baker Hughes Inc 910,365 0.30% 

35,235 BB&T Corp 893,560 0.30% 

25,889 BE Aerospace Inc 1,002,681 0.33% 

10,017 Biogen Idec Inc 1,108,281 0.37% 

39,308 Brinker International Inc 1,059,744 0.35% 

45,758 Bristol-Myers Squibb Co 1,613,885 0.53% 

12,585 Cabot Oil & Gas Corp 968,416 0.32% 

25,555 Capital One Financial Corp 1,089,665 0.36% 

10,222 Caterpillar Inc 925,909 0.31% 

42,897 CBS Corp 1,168,514 0.39% 

40,415 Chevron Corp 4,343,399 1.43% 

17,429 Cigna Corp 737,072 0.24% 

143,060 Cisco Systems Inc 2,610,845 0.86% 

106,366 Citigroup Inc 2,846,354 0.95% 

23,868 Coca-Cola Co/The 1,674,579 0.56% 

40,135 Coca-Cola Enterprises Inc 1,040,701 0.34% 

14,209 Cognizant Technology Solutions Corp 904,545 0.30% 

40,664 Comcast Corp 969,023 0.32% 

46,986 CSX Corp 987,646 0.33% 

10,805 Cummins Inc 961,429 0.32% 

20,797 Danaher Corp 987,442 0.33% 

64,708 Dell Inc 955,090 0.32% 

39,310 Discover Financial Services 948,943 0.31% 

32,055 Dow Chemical Co/The 920,940 0.31% 

27,872 El Paso Electric Co 979,422 0.32% 

29,533 Eli Lilly & Co 1,225,620 0.41% 

41,484 EMC Corp/Massachusetts 895,640 0.30% 

22,879 Endo Pharmaceuticals Holdings Inc 789,554 0.26% 

23,358 Exelon Corp 1,020,978 0.34% 

35,703 Express Inc 721,915 0.24% 

24,878 Exxon Mobil Corp 2,121,347 0.70% 

79,080 Fifth Third Bancorp 1,020,923 0.34% 

37,122 Freeport-McMoRan Copper & Gold Inc 1,356,438 0.45% 

11,921 Gardner Denver Inc 919,109 0.30% 

131,962 General Electric Co 2,384,552 0.80% 

76






5,560 Google Inc 3,571,744 1.18% 

24,991 Hain Celestial Group Inc/The 940,161 0.31% 

18,244 Helmerich & Payne Inc 1,062,895 0.35% 

13,042 Humana Inc 1,150,957 0.38% 

68,011 Intel Corp 1,669,670 0.56% 

16,584 International Business Machines Corp 3,087,609 1.03% 

121,822 Interpublic Group of Cos Inc/The 1,180,455 0.39% 

12,395 JM Smucker Co/The 974,619 0.32% 

23,920 Johnson & Johnson 1,575,850 0.52% 

16,182 Kansas City Southern 1,099,404 0.36% 

16,221 Kirby Corp 1,070,424 0.35% 

17,160 KLA-Tencor Corp 837,065 0.28% 

28,890 Kraft Foods Inc 1,088,575 0.36% 

47,385 Kroger Co/The 1,158,563 0.38% 

18,758 Lam Research Corp 694,984 0.23% 

49,711 Lowe's Cos Inc 1,276,578 0.42% 

15,522 Ltd Brands Inc 632,211 0.21% 

33,508 Macy's Inc 1,088,675 0.36% 

37,633 Marathon Oil Corp 1,102,647 0.37% 

2,927 Mastercard Inc 1,107,197 0.37% 

83,193 Merck & Co Inc 3,138,871 1.04% 

114,589 Microsoft Corp 2,981,606 0.99% 

7,563 Monster Beverage Corp 709,031 0.23% 

27,408 Moody's Corp 934,887 0.31% 

22,278 Motorola Solutions Inc 1,037,709 0.34% 

42,741 NASDAQ OMX Group Inc/The 1,052,711 0.35% 

13,687 National Oilwell Varco Inc 928,937 0.31% 

14,185 Newmont Mining Corp 856,207 0.28% 

47,270 News Corp 860,787 0.29% 

9,259 Noble Energy Inc 889,142 0.29% 

14,990 Norfolk Southern Corp 1,092,022 0.36% 

14,750 Occidental Petroleum Corp 1,382,370 0.47% 

13,592 Oil States International Inc 1,027,147 0.33% 

25,737 Old Dominion Freight Line Inc 1,060,622 0.35% 

35,014 Oracle Corp 903,361 0.30% 

12,600 Parker Hannifin Corp 967,554 0.32% 

202,414 Pfizer Inc 4,394,407 1.47% 

34,289 Philip Morris International Inc 2,712,259 0.91% 

71,757 Pier 1 Imports Inc 1,001,010 0.33% 

12,501 Pioneer Natural Resources Co 1,112,214 0.37% 

21,900 Plains Exploration & Production Co 799,131 0.26% 

19,854 PNC Financial Services Group Inc 1,157,488 0.38% 

7,070 Precision Castparts Corp 1,179,417 0.39% 

1,901 priceline.com Inc 904,876 0.30% 

12,200 Pricesmart Inc 861,930 0.29% 

44,660 Principal Financial Group Inc 1,104,888 0.37% 

77






29,699 Prudential Financial Inc 1,494,157 0.48% 

23,213 QUALCOMM Inc 1,273,233 0.42% 

22,966 Ross Stores Inc 1,115,229 0.37% 

18,863 Ryder System Inc 1,008,605 0.33% 

23,045 SanDisk Corp 1,139,114 0.37% 

28,584 Starwood Hotels & Resorts Worldwide Inc 1,386,895 0.45% 

22,750 State Street Corp 927,745 0.31% 

16,376 Tech Data Corp 821,748 0.27% 

12,971 Towers Watson & Co 779,168 0.26% 

43,510 Tyson Foods Inc 907,619 0.30% 

12,190 United Technologies Corp 899,866 0.30% 

23,380 UnitedHealth Group Inc 1,196,588 0.40% 

47,986 US Bancorp 1,310,018 0.43% 

36,649 Valero Energy Corp 760,467 0.25% 

7,127 VF Corp 917,031 0.30% 

15,993 Viacom Inc 735,038 0.24% 

25,127 Wal-Mart Stores Inc 1,507,369 0.50% 

12,094 Watson Pharmaceuticals Inc 733,017 0.24% 

15,610 Weight Watchers International Inc 873,848 0.29% 

123,211 Wells Fargo & Co 3,420,337 1.14% 

154,146,647 51.01% 

Financial Assets at Fair Value Through Profit or Loss 295,744,872 97.95% 

(Cost USD 274,085,743) (2010: USD 292,296,637 ) 

Cash at Bank 5,951,971 1 .97% 

Other Net Assets 234,017 0.08% 

Net Asset Value as at 31 December 2011 301,930,860 100.00% 

Total assets comprised as follows; 

Transferable securities and money market instruments admitted to an 

official stock exchange listing or traded on a regulated market 97.74% 

Transferable securities and money market instruments other than those 

admitted to an official exchange listing or traded on another regulated 

market 0.00% 

Collective Investment Schemes 0.00% 

Exchange traded financial derivative instruments 0.00% 

OTC financial derivative instruments 0.00% 

Other current assets 2.26% 

100.00% 

78



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Growth Fund 


Basic Materials - 5.46% (2010 - 4.94%) 

14,000 Airgas Inc 1,113,420 1.28% 

18,000 FMC Corp 1,553,220 1.79% 

12,000 International Flavors & Fragrances Inc 632,280 0.73% 

37,000 Valspar Corp 1,440,780 1.66% 

4,739,700 5.46% 

Communications - 2.21% (2010 - 5.93%) 

5,000 Amazon.com Inc 869,300 1.00% 

2,200 priceline.com Inc 1,047,200 1.21% 

1,916,500 2.21% 

Consumer, Cyclical - 14.53% (2010 - 16.22%) 

16,000 BorgWarner Inc 1,021,920 1.18% 

19,000 Costco Wholesale Corp 1,602,460 1.84% 

38,000 Fastenal Co 1,684,160 1.94% 

25,000 Home Depot Inc/The 1,050,250 1.21% 

35,000 Johnson Controls Inc 1,086,400 1.25% 

24,000 McDonald's Corp 2,419,440 2.79% 

45,000 Sally Beauty Holdings Inc 957,150 1.10% 

18,000 Starwood Hotels & Resorts Worldwide Inc 873,360 1.01% 

12,000 Tiffany & Co 808,320 0.93% 

29,000 Williams-Sonoma Inc 1,119,400 1.28% 

12,622,860 14.53% 

Consumer, Non-cyclical - 17.28% (2010 - 15.93%) 

21,000 Alexion Pharmaceuticals Inc 1,490,580 1.72% 

9,000 Biogen Idec Inc 995,760 1.15% 


15,000 Covidien PLC 675,750 0.78% 

12,000 Estee Lauder Cos Inc/The 1,365,840 1.57% 


15,000 Perrigo Co 1,485,600 1.71% 

23,000 Procter & Gamble Co/The 1,540,310 1.77% 

13,000 Ralcorp Holdings Inc 1,127,360 1.30% 


16,000 Watson Pharmaceuticals Inc 969,760 1.11% 

15,011,458 17.28% 

Energy - 10.87% (2010 - 6.54%) 

19,000 Anadarko Petroleum Corp 1,447,610 1.67% 


20,000 National Oilwell Varco Inc 1,357,400 1.56% 


28,000 Schlumberger Ltd 1,887,480 2.18% 

9,440,720 10.87% 

Financial - 4.02% (2010 - 4.64%) 

25,000 American Express Co 1,188,000 1.37% 

40,000 JPMorgan Chase & Co 1,336,800 1.54% 

35,000 Wells Fargo & Co 971,600 1.11% 

3,496,400 4.02% 

Industrial - 15.68% (2010 - 18.95%) 

33,000 Agilent Technologies Inc 1,156,980 1.33% 

33,000 AMETEK Inc 1,378,740 1.59% 

12,000 Caterpillar Inc 1,086,960 1.25% 

11,000 Cummins Inc 978,780 1.13% 

35,000 Danaher Corp 1,661,800 1.91% 

13,000 Deere & Co 1,008,670 1.16% 

7,500 Mettler-Toledo International Inc 1,110,225 1.28% 

79



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Growth Fund (continued) 


Industrial - 15.68% (2010 - 18.95%) (continued) 


13,000 Stericycle Inc 1,020,630 1.17% 

14,000 Union Pacific Corp 1,474,900 1.70% 

18,000 United Technologies Corp 1,328,760 1.53% 

13,624,415 15.68% 

Technology - 23.57% (2010 - 21.31%) 

25,000 Altera Corp 936,750 1.08% 

12,800 Apple Inc 5,185,536 5.97% 

13,000 Cognizant Technology Solutions Corp 827,580 0.95% 

53,000 EMC Corp/Massachusetts 1,144,270 1.32% 

26,000 Fiserv Inc 1,535,820 1.77% 

55,000 Intel Corp 1,350,250 1.55% 

20,000 International Business Machines Corp 3,723,600 4.29% 

42,000 Maxim Integrated Products Inc 1,101,660 1.27% 

47,000 Oracle Corp 1,212,600 1.40% 

25,000 QUALCOMM Inc 1,371,250 1.58% 

25,000 Teradata Corp 1,239,250 1.43% 

10,000 VMware Inc 843,700 0.96% 

20,472,266 23.57% 

Utilities - 1.75% (2010 - 1.42%) 

43,000 Wisconsin Energy Corp 1,517,470 1.75% 

1,517,470 1.73% 

Adjustment from Mid Market Prices to Bid Prices (Note 18) (603,140) (0.69%) 

Financial Assets at Fair Value Through Profit or Loss (Cost USD 76,976,367) (2010: 

USD 64,125,885) 82,238,649 94.67% 

Cash at Bank 5,147,878 5.93% 

Other Net Liabilities (517,253) (0.60)% 







market 0.00% 





100.00% 

80



PORTFOLIO OF INVESTMENTS - Skandia US Capital Growth Fund 



42,133 Monsanto Co 2,968,270 1.38% 

2,968,270 1.38% 


29,666 Amazon.com Inc 5,157,730 2.39% 

101,583 Bankrate Inc 2,157,623 1.00% 

4,552 Google Inc 2,924,205 1.36% 

75,757 Nielsen Holdings NV 2,246,195 1.04% 

8,129 priceline.com Inc 3,869,404 1.79% 

73,360 Viacom Inc 3,371,626 1.57% 

19,726,783 9.15% 


50,187 Arcos Dorados Holdings Inc 1,035,358 0.48% 

107,707 CarMax Inc 3,319,530 1.54% 

8,357 Chipotle Mexican Grill Inc 2,847,815 1.32% 

53,069 Dollar Tree Inc 4,460,980 2.07% 

24,323 O'Reilly Automotive Inc 1,969,920 0.91% 

28,672 Panera Bread Co 4,060,529 1.88% 

35,952 Ralph Lauren Corp 4,975,757 2.31% 

206,191 Ross Stores Inc 10,012,635 4.64% 

68,400 Tesla Motors Inc 1,965,132 0.91% 

77,638 Ulta Salon Cosmetics & Fragrance Inc 5,020,849 2.33% 

356,038 Wendy's Co/The 1,911,924 0.89% 

61,610 Wesco Aircraft Holdings Inc 834,199 0.39% 

78,443 Williams-Sonoma Inc 3,027,900 1.40% 

6,123 WW Grainger Inc 1,161,104 0.54% 

54,041 Wynn Resorts Ltd 5,962,884 2.76% 

81,603 Yum! Brands Inc 4,861,906 2.26% 

57,428,422 26.63% 



54,591 Biogen Idec Inc 6,039,948 2.80% 

14,838 Intuitive Surgical Inc 6,914,953 3.21% 


46,090 McCormick & Co Inc/MD 2,340,911 1.09% 

20,459 Monster Beverage Corp 1,918,031 0.89% 

10,443 Varian Medical Systems Inc 697,906 0.31% 

22,776,322 10.56% 

Energy - 9.72% (2010 - 6.00%) 

168,805 Halliburton Co 5,703,921 2.64% 



20,956,582 9.72% 

Financial - 11.79% (2010 - 15.54%) 

101,474 City National Corp/CA 4,510,519 2.09% 

283,605 First Horizon National Corp 2,274,512 1.05% 

393,755 First Niagara Financial Group Inc 3,433,544 1.59% 

455,136 Fulton Financial Corp 4,514,949 2.09% 

53,677 Jones Lang LaSalle Inc 3,253,900 1.51% 

127,608 PNC Financial Services Group Inc 7,439,546 3.46% 

25,426,970 11.79% 

Industrial - 11.93% (2010 - 12.99%) 

25,869 Cummins Inc 2,301,824 1.07% 

89,762 Expeditors International of Washington Inc 3,693,706 1.71% 


81



PORTFOLIO OF INVESTMENTS - Skandia US Capital Growth Fund (continued) 



51,608 Roper Industries Inc 4,489,380 2.08% 

275,247 Sensata Technologies Holding NV 7,288,541 3.38% 

12,356 TransDigm Group Inc 1,192,230 0.55% 

25,731,233 11.93% 

Technology - 11.52% (2010 - 14.27%) 

81,918 Accenture PLC 4,410,465 2.04% 

71,860 ANSYS Inc 4,113,266 1.91% 

24,828 Apple Inc 10,058,320 4.66% 

144,281 ARM Holdings PLC 1,309,268 0.61% 

2,050 Fusion-io Inc 49,733 0.02% 

57,908 Informatica Corp 2,149,545 1.00% 

67,008 Red Hat Inc 2,786,863 1.28% 

24,877,460 11.52% 

Adjustment from Mid Market Prices to Bid Prices (Note 18) (1,320,613) (0.61%) 

Financial Assets at Fair Value Through Profit or Loss (Cost USD 186,761,820) 

(2010: USD 170,438,011) 198,571,429 92.07% 

Cash at Bank 18,517,393 8.59% 

Other Net Liabilities (1,415,966) (0.66)% 







market 0.00% 





100.00% 

82



PORTFOLIO OF INVESTMENTS - Skandia US All Cap Value Fund 



130,000 Alcoa Inc 1,121,900 0.54% 

32,300 EI du Pont de Nemours & Co 1,480,955 0.71% 

37,000 Ferro Corp 182,410 0.09% 

4,300 Freeport-McMoRan Copper & Gold Inc 157,122 0.08% 

37,900 Monsanto Co 2,670,055 1.27% 

1,900 Mosaic Co/The 95,532 0.05% 

65,000 Newmont Mining Corp 3,923,400 1.87% 

10,000 Sensient Technologies Corp 385,600 0.18% 

10,016,974 4.79% 


41,250 AMC Networks Inc 1,536,975 0.73% 

140,000 Cablevision Systems Corp 2,002,000 0.96% 

111,300 CBS Corp 3,076,812 1.48% 

118,500 Comcast Corp 2,803,710 1.34% 

10,000 Comcast Corp Class A 238,300 0.11% 

12,000 Corning Inc 156,600 0.07% 

15,700 DIRECTV 672,588 0.32% 

4,000 Discovery Communications Inc 164,000 0.08% 

4,000 Discovery Communications Inc 149,920 0.07% 

98,000 DISH Network Corp 2,785,160 1.33% 

24,000 eBay Inc 728,640 0.35% 

10,000 EchoStar Corp 211,700 0.10% 

10,000 Fisher Communications Inc 288,600 0.14% 

600 Google Inc 385,440 0.18% 

75,000 Grupo Televisa SAB ADR 1,572,750 0.75% 

6,000 IAC/InterActiveCorp 255,420 0.12% 

17,000 Liberty Global Inc 695,810 0.33% 

9,762 Liberty Media Corp - Liberty Capital 761,826 0.36% 

20,000 Loral Space & Communications Inc 1,282,800 0.61% 

30,000 Media General Inc 124,200 0.06% 

26,000 Millicom International Cellular SA 2,612,480 1.25% 

55,000 News Corp 982,850 0.47% 

80,000 NII Holdings Inc 1,697,600 0.81% 

840,000 Sprint Nextel Corp 1,940,400 0.93% 

52,000 Telephone & Data Systems Inc 1,346,280 0.64% 

42,000 Telephone & Data Systems Inc 997,080 0.48% 

10,500 Time Warner Cable Inc 662,130 0.32% 

50,000 Time Warner Inc 1,819,000 0.88% 

52,000 United States Cellular Corp 2,256,800 1.08% 

3,700 Viacom Inc Class B 170,052 0.08% 

140,000 Viacom Inc 7,372,400 3.53% 

159,000 Yahoo! Inc 2,564,670 1.23% 

44,314,993 21.19% 


20,000 AutoNation Inc 747,600 0.36% 

12,000 Best Buy Co Inc 277,320 0.13% 

24,000 Big 5 Sporting Goods Corp 258,720 0.12% 

60,000 Boyd Gaming Corp 447,000 0.21% 

9,000 Cavco Industries Inc 358,380 0.17% 

400 Coach Inc 24,616 0.01% 

1,200 Costco Wholesale Corp 101,208 0.05% 

40,000 CVS Caremark Corp 1,646,400 0.79% 

435,000 Ford Motor Co 4,645,800 2.21% 

45,000 Gaylord Entertainment Co 1,087,650 0.52% 

83



PORTFOLIO OF INVESTMENTS - Skandia US All Cap Value Fund (continued) 


Consumer, Cyclical - 10.91% (2010 - 10.63%) (continued) 

31,500 Harman International Industries Inc 1,194,480 0.57% 

4,600 Home Depot Inc/The 193,246 0.09% 

40,000 International Game Technology 686,800 0.33% 

10,000 JC Penney Co Inc 355,100 0.17% 

4,600 Johnson Controls Inc 142,784 0.07% 

87,000 Las Vegas Sands Corp 3,719,250 1.78% 

52,200 Macy's Inc 1,695,978 0.81% 

46,000 Madison Square Garden Co/The 1,314,220 0.63% 

65,000 Navistar International Corp 2,410,200 1.16% 

2,000 NIKE Inc 194,920 0.09% 

2,000 Nordstrom Inc 100,060 0.05% 

3,500 PACCAR Inc 131,110 0.06% 

300 Ralph Lauren Corp 41,520 0.02% 

6,600 Starbucks Corp 306,570 0.15% 

2,000 Starwood Hotels & Resorts Worldwide Inc 97,040 0.05% 

20,000 Superior Industries International Inc 332,800 0.16% 

2,700 Tiffany & Co 181,872 0.09% 

1,900 TJX Cos Inc 124,222 0.06% 

22,816,866 10.91% 


10,300 Allergan Inc/United States 907,739 0.43% 

17,000 Archer-Daniels-Midland Co 488,580 0.24% 

3,250 Ascent Capital Group Inc 164,775 0.08% 

12,500 Baxter International Inc 622,375 0.30% 

74,200 Beam Inc 3,797,556 1.81% 

24,200 Becton Dickinson and Co 1,804,110 0.86% 

135,000 Boston Scientific Corp 719,550 0.34% 


24,000 Brown-Forman Corp 1,899,600 0.91% 

6,700 Bunge Ltd 383,441 0.18% 

4,500 Chemed Corp 233,595 0.11% 


3,200 Colgate-Palmolive Co 298,304 0.14% 


33,008 Danone ADR 418,211 0.20% 

32,000 Dean Foods Co 358,720 0.17% 

4,000 DENTSPLY International Inc 141,200 0.07% 

21,000 Diageo PLC ADR 1,830,150 0.88% 

9,000 Dr Pepper Snapple Group Inc 359,190 0.17% 

29,000 Eli Lilly & Co 1,203,500 0.58% 

1,300 Estee Lauder Cos Inc/The 147,966 0.07% 

20,700 Johnson & Johnson 1,363,716 0.65% 

26,000 Kraft Foods Inc 979,680 0.47% 

100 Mastercard Inc 37,827 0.02% 

5,000 Matthews International Corp 157,650 0.08% 

18,900 Mead Johnson Nutrition Co 1,297,296 0.62% 

38,000 Midas Inc 343,900 0.16% 

45,000 Monster Worldwide Inc 357,300 0.17% 

30,000 Nestle SA 1,716,930 0.82% 

31,000 Patterson Cos Inc 921,940 0.44% 

3,500 PepsiCo Inc/NC 232,890 0.11% 

3,700 Procter & Gamble Co/The 247,789 0.12% 

63,000 Safeway Inc 1,334,340 0.64% 

50,000 Sanofi 58,500 0.03% 

170,000 Sara Lee Corp 3,230,000 1.54% 

84





Consumer, Non-cyclical - 17.73% (2010 - 18.15%) (continued) 

50,000 Schiff Nutrition International Inc 541,500 0.26% 

4,300 St Jude Medical Inc 148,264 0.07% 

3,700 Stryker Corp 183,483 0.09% 

8,780 Tootsie Roll Industries Inc 210,983 0.10% 

6,000 Unilever NV 206,460 0.10% 

1,300 Varian Medical Systems Inc 86,879 0.04% 

1,400 Visa Inc 144,410 0.07% 

1,300 Whole Foods Market Inc 90,922 0.04% 

2,000 Young Innovations Inc 59,240 0.03% 

37,088,507 17.73% 

Energy - 3.69% (2010 - 4.84%) 

4,900 Cenovus Energy Inc 159,348 0.08% 

6,000 ConocoPhillips 437,220 0.21% 

3,500 Continental Resources Inc/OK 235,900 0.11% 

8,000 Devon Energy Corp 498,320 0.24% 

25,000 El Paso Corp 661,250 0.32% 

3,700 EOG Resources Inc 362,785 0.17% 


34,900 Halliburton Co 1,179,271 0.56% 

5,900 Hess Corp 333,173 0.16% 

3,700 Occidental Petroleum Corp 346,764 0.17% 

25,000 Rowan Cos Inc 775,500 0.37% 

1,600 Schlumberger Ltd 107,856 0.05% 

2,000 Southwestern Energy Co 64,280 0.03% 

5,900 Suncor Energy Inc 168,445 0.08% 

1,900 Ultra Petroleum Corp 57,399 0.03% 

92,000 Weatherford International Ltd 1,306,400 0.63% 

7,717,151 3.69% 

Financial - 8.99% (2010 - 9.87%) 


180,000 Bank of New York Mellon Corp/The 3,612,600 1.73% 

700 BlackRock Inc 125,580 0.06% 

8,600 Charles Schwab Corp/The 97,180 0.05% 

20,500 Cohen & Steers Inc 592,040 0.28% 

283,000 Janus Capital Group Inc 1,788,560 0.86% 


12,000 Marsh & McLennan Cos Inc 384,000 0.18% 

52,000 Northern Trust Corp 2,076,880 0.99% 

60,000 SLM Corp 813,600 0.39% 

26,500 State Street Corp 1,080,670 0.52% 

40,000 Wells Fargo & Co 1,110,400 0.53% 

18,806,330 8.99% 

Industrial - 21.29% (2010 - 19.82%) 

3,000 Belden Inc 100,890 0.05% 

63,000 Boeing Co/The 4,668,930 2.23% 

8,000 Brink's Co/The 217,120 0.10% 

1,900 Caterpillar Inc 172,102 0.09% 

700 CH Robinson Worldwide Inc 49,056 0.02% 

12,000 CIRCOR International Inc 427,320 0.20% 

48,000 CNH Global NV 1,728,960 0.83% 

14,000 Cooper Industries PLC 763,000 0.36% 

69,000 Crane Co 3,238,860 1.55% 

80,000 CTS Corp 752,000 0.36% 

1,000 Cummins Inc 88,980 0.04% 

11,900 Deere & Co 923,321 0.44% 

85






6,600 Eaton Corp 289,806 0.14% 

2,900 Emerson Electric Co 135,227 0.06% 

35,000 Energizer Holdings Inc 2,722,650 1.30% 

43,000 Exelis Inc 393,880 0.19% 

1,200 Flowserve Corp 119,760 0.06% 

70,000 Fortune Brands Home & Security Inc 1,164,800 0.56% 

25,000 GATX Corp 1,108,250 0.53% 

194,400 General Electric Co 3,512,809 1.68% 

24,000 Goodrich Corp 2,968,800 1.41% 

22,000 Greif Inc 999,240 0.48% 

46,700 Honeywell International Inc 2,558,693 1.22% 

21,500 ITT Corp 422,260 0.20% 

1,200 Joy Global Inc 90,600 0.04% 

5,000 Lawson Products Inc/DE 76,700 0.04% 

83,000 Myers Industries Inc 1,049,950 0.50% 

17,000 Park-Ohio Holdings Corp 308,380 0.15% 


60,000 Republic Services Inc 1,656,000 0.79% 

16,000 Rockwell Automation Inc 1,175,040 0.56% 

700 Siemens AG ADR 66,738 0.03% 


9,000 Tenaris SA ADR 329,940 0.16% 

10,000 Textron Inc 183,400 0.09% 

70,000 Thomas & Betts Corp 3,854,900 1.84% 

32,000 Tredegar Corp 725,760 0.35% 

47,500 Tyco International Ltd 2,229,175 1.07% 

2,700 United Technologies Corp 199,314 0.10% 

43,000 Xylem Inc/NY 1,115,850 0.53% 

44,533,227 21.29% 

Technology - 5.36% (2010 - 5.79%) 

1,900 Apple Inc 769,728 0.37% 

17,000 Cypress Semiconductor Corp 286,280 0.14% 

32,000 Diebold Inc 970,560 0.46% 

40,000 Electronic Arts Inc 834,400 0.40% 

18,000 EMC Corp/Massachusetts 388,620 0.19% 

64,000 Intel Corp 1,571,200 0.75% 

1,900 International Business Machines Corp 353,742 0.17% 

125,000 LSI Corp 747,500 0.36% 

28,300 Microsoft Corp 736,366 0.35% 

26,000 NCR Corp 428,220 0.20% 

15,000 Netlogic Microsystems Inc 743,100 0.36% 

9,900 QUALCOMM Inc 543,015 0.26% 

37,000 Take-Two Interactive Software Inc 495,800 0.24% 

80,000 Texas Instruments Inc 2,347,200 1.11% 

11,215,731 5.36% 

Utilities - 1.79% (2010 - 1.96%) 

12,000 El Paso Electric Co 421,680 0.20% 

59,000 National Fuel Gas Co 3,313,440 1.59% 

3,735,120 1.79% 

86




87 

Value USD % Net Assets 


USD 176,800,047) 200,244,899 95.74% 

Cash at Bank 6,816,491 3.26% 

Other Net Assets 2,094,772 1.00% 







market 0.00% 





100.00%



PORTFOLIO OF INVESTMENTS - Skandia US Value Fund 



3,800 PPG Industries Inc 319,162 0.50% 

319,162 0.50% 


56,100 Comcast Corp 1,327,326 2.08% 

80,800 Corning Inc 1,054,440 1.66% 

78,500 Interpublic Group of Cos Inc/The 760,665 1.19% 

9,900 Time Warner Cable Inc 624,294 0.98% 

61,400 Vodafone Group PLC ADR 1,703,236 2.68% 

5,469,961 8.59% 


9,500 Carnival Corp 312,265 0.49% 

20,800 CVS Caremark Corp 856,128 1.34% 

85,000 Gap Inc/The 1,599,700 2.52% 

38,500 General Motors Co 778,085 1.22% 

7,500 Home Depot Inc/The 315,075 0.49% 

33,700 JC Penney Co Inc 1,196,687 1.88% 

27,500 Johnson Controls Inc 853,600 1.35% 

23,500 Magna International Inc 772,445 1.21% 

29,100 PACCAR Inc 1,090,086 1.71% 

21,000 Wal-Mart Stores Inc 1,259,790 1.98% 

9,033,861 14.19% 



19,000 Eli Lilly & Co 788,500 1.24% 

13,900 Johnson & Johnson 915,732 1.43% 

4,300 Kimberly-Clark Corp 318,200 0.50% 

8,400 Kraft Foods Inc 316,512 0.50% 

12,553 Merck & Co Inc 473,625 0.74% 

12,300 Novartis AG 699,132 1.10% 

10,500 PepsiCo Inc/NC 698,670 1.09% 

36,300 Pfizer Inc 788,073 1.24% 

8,600 Quest Diagnostics Inc/DE 500,606 0.79% 

22,400 Safeway Inc 474,432 0.75% 

21,700 Sanofi ADR 791,182 1.24% 

7,080,014 11.12% 

Energy - 9.47% (2010 - 9.27%) 

40,300 Cobalt International Energy Inc 629,486 0.99% 

26,200 ConocoPhillips 1,909,194 3.00% 

24,900 Royal Dutch Shell PLC ADR 1,899,372 2.98% 

31,300 Total SA 1,590,353 2.50% 

6,028,405 9.47% 

Financial - 25.19% (2010 - 24.97%) 

82,400 Allstate Corp/The 2,271,768 3.56% 

57,500 American International Group Inc 1,336,300 2.10% 

181,128 Bank of America Corp 988,959 1.55% 

16,200 Capital One Financial Corp 690,768 1.09% 

46,166 Citigroup Inc 1,235,402 1.94% 


81,155 KeyCorp 630,574 0.99% 

20,368 MetLife Inc 639,963 1.01% 

32,200 Morgan Stanley 490,728 0.77% 

11,965 PNC Financial Services Group Inc 697,560 1.10% 

6,200 Prudential Financial Inc 311,922 0.49% 

53,400 SunTrust Banks Inc 946,248 1.49% 

88



PORTFOLIO OF INVESTMENTS - Skandia US Value Fund (continued) 


Financial - 25.19% (2010 - 24.97%) (continued) 

87,714 Wells Fargo & Co 2,434,940 3.82% 

35,400 XL Group Plc 705,522 1.11% 

16,034,202 25.19% 

Industrial - 9.98% (2010 - 11.89%) 

4,300 Boeing Co/The 318,673 0.50% 

9,600 Cummins Inc 854,208 1.34% 

16,700 Embraer SA ADR 421,675 0.66% 

12,300 FedEx Corp 1,037,013 1.63% 

2,916 Huntington Ingalls Industries Inc 93,137 0.15% 

10,100 Ingersoll-Rand PLC 309,464 0.49% 

22,400 Lockheed Martin Corp 1,826,048 2.86% 

16,300 Northrop Grumman Corp 959,907 1.51% 


6,353,055 9.98% 

Technology - 11.34% (2010 - 12.20%) 

77,443 CA Inc 1,561,251 2.45% 

104,000 Hewlett-Packard Co 2,664,480 4.19% 


54,700 Oracle Corp 1,411,260 2.22% 

7,216,405 11.34% 

Utilities - 7.29% (2010 - 5.66%) 

19,100 Edison International 793,032 1.25% 

39,200 Exelon Corp 1,713,432 2.68% 

16,000 PPL Corp 476,000 0.75% 

50,400 Public Service Enterprise Group Inc 1,660,176 2.61% 

4,642,640 7.29% 

Financial Assets at Fair Value Through Profit or Loss (Cost USD 63,324,612) (2010: USD 

76,674,073) 62,177,705 97.67% 

Cash at Bank 967,813 1.52% 








market 0.00% 





100.00% 

89



PORTFOLIO OF INVESTMENTS - Skandia European Equity Fund 

Nominal Security Description Value EUR % Net Assets 

Belgium - 1.07% (2010 - –%) 

42,291 UCB SA 1,371,709 1.07% 

1,371,709 1.07% 

Czechoslovakia - 0.75% (2010 - –%) 

31,635 CEZ AS 965,746 0.75% 

965,746 0.75% 

Denmark - 2.14% (2010 - 3.80%) 

20,721 Carlsberg A/S 1,126,076 0.88% 

95,911 Chr Hansen Holding A/S 1,610,121 1.26% 

2,736,197 2.14% 

Finland - 3.41% (2010 - 0.64%) 

250,400 Nokia OYJ 930,486 0.73% 

90,614 Nokian Renkaat OYJ 2,227,293 1.74% 

33,311 Outotec OYJ 1,199,862 0.94% 

4,357,641 3.41% 

France - 11.73% (2010 - 15.31%) 

20,535 Air Liquide SA - AI FP 1,947,334 1.52% 

12,564 Air Liquide SA 1,193,454 0.93% 

49,320 BNP Paribas SA 1,498,342 1.17% 

65,909 EDF SA 1,220,635 0.95% 

94,930 GDF Suez 1,946,540 1.52% 

26,874 Remy Cointreau SA 1,662,157 1.30% 

87,931 Safran SA 2,020,215 1.58% 

89,401 Total SA 3,534,022 2.76% 

15,022,699 11.73% 

Germany - 10.51% (2010 - 8.00%) 

51,291 BASF SE 2,730,733 2.13% 

81,400 Bayer AG 3,973,134 3.10% 

18,125 Brenntag AG 1,299,200 1.01% 

44,740 Daimler AG 1,505,501 1.17% 

30,376 GEA Group AG 657,640 0.51% 

17,225 Kabel Deutschland Holding AG 673,411 0.53% 

5,311 Kloeckner & Co SE 52,494 0.04% 

13,164 Merck KGaA 1,012,575 0.79% 

38,745 SAP AG 1,581,378 1.23% 

13,486,066 10.51% 

Ireland - 1.66% (2010 - 1.75%) 

75,512 Kerry Group PLC 2,132,081 1.66% 

2,132,081 1.66% 

Italy - 3.53% (2010 - 9.06%) 

105,409 Azimut Holding SpA 657,752 0.51% 

179,853 ENI SpA 2,866,857 2.24% 

779,849 Intesa Sanpaolo SpA 1,002,106 0.78% 

4,526,715 3.53% 

Netherlands - 3.86% (2010 - 3.35%) 

113,962 TNT Express NV 657,789 0.51% 

90



PORTFOLIO OF INVESTMENTS - Skandia European Equity Fund (continued) 


Netherlands - 3.86% (2010 - 3.35%) (continued) 

162,716 Unilever NV 4,297,330 3.35% 

4,955,119 3.86% 

Sweden - 4.92% (2010 - 2.00%) 

174,128 Scania AB 1,956,138 1.53% 

72,906 Svenska Handelsbanken AB 1,485,188 1.16% 

329,687 Swedish Orphan Biovitrum AB 547,050 0.43% 

298,262 Telefonaktiebolaget LM Ericsson 2,312,349 1.80% 

6,300,725 4.92% 

Switzerland - 16.51% (2010 - 16.59%) 

57,301 Aryzta AG 2,117,909 1.65% 

49,851 Julius Baer Group Ltd 1,506,832 1.18% 

11,001 Kuehne + Nagel International AG 961,569 0.75% 

108,866 Novartis AG 4,811,561 3.74% 

7,234 Partners Group Holding AG 977,308 0.77% 


11,550 Schindler Holding AG 1,037,099 0.81% 

17,559 Sulzer AG 1,462,597 1.14% 

44,296 Temenos Group AG 559,098 0.44% 

234,342 UBS AG 2,142,744 1.67% 

82,336 Weatherford International Ltd 897,059 0.70% 

12,227 Zurich Financial Services AG 2,128,414 1.66% 

21,169,890 16.51% 


194,585 Admiral Group PLC 1,948,504 1.52% 

64,267 Anglo American PLC 1,810,455 1.41% 

39,824 ASOS PLC 588,181 0.46% 


687,100 BP PLC 3,755,878 2.92% 


236,051 Hiscox Ltd 1,054,088 0.82% 

799,938 HSBC Holdings PLC 4,684,777 3.64% 

107,629 Imperial Tobacco Group PLC 3,127,813 2.44% 

129,311 Inmarsat PLC 624,877 0.49% 

451,931 Marks & Spencer Group PLC 1,674,101 1.31% 

223,065 National Grid PLC 1,653,945 1.29% 

73,831 Reckitt Benckiser Group PLC 2,807,287 2.19% 

450,723 Reed Elsevier PLC 2,781,813 2.17% 

106,468 Rio Tinto PLC 3,956,648 3.09% 

3,907,844 Royal Bank of Scotland Group PLC 931,597 0.73% 


139,743 Tullow Oil PLC 2,319,424 1.81% 

150,562 Victrex PLC 1,984,444 1.55% 

1,863,920 Vodafone Group PLC 3,981,267 3.10% 

48,146 Wolseley PLC 1,220,250 0.95% 

46,855,064 36.54% 

91



PORTFOLIO OF INVESTMENTS - Skandia European Equity Fund (continued) 

Nominal Security Description 

Futures ^ - 0.03% (2010 - 0.02%) 

92 

Maturity 

Date Value EUR % Net Assets 

75 DJ Euro Stoxx 50* 16/03/2012 20,210 0.02% 

13 FTSE 100 Index Future* 16/03/2012 15,331 0.01% 

35,541 0.03% 


(Cost EUR 124,304,077) (2010: EUR 129,892,485 ) 

Cash at Bank 3,700,860 2 .89% 








market 0.00% 





100.00% 

*Exchange traded 

^ The broker for futures is Goldman Sachs



PORTFOLIO OF INVESTMENTS - Skandia European Opportunities Fund 


Denmark - 3.90% (2010 - 2.95%) 

85,400 TDC A/S 530,158 1.99% 

11,850 Tryg A/S 508,493 1.91% 

1,038,651 3.90% 

France - 7.63% (2010 - 12.10%) 

17,000 AtoS 573,580 2.15% 

16,500 BNP Paribas SA 501,270 1.88% 

3,650 PPR 404,603 1.52% 

14,000 Total SA 553,420 2.08% 

2,032,873 7.63% 

Germany - 16.20% (2010 - 21.68%) 

57,000 Aareal Bank AG 759,810 2.86% 

7,463 Allianz SE 549,053 2.06% 

8,000 Bayerische Motoren Werke AG 410,240 1.54% 

17,400 Deutsche Bank AG 506,340 1.90% 

45,700 Deutsche Post AG 543,830 2.04% 

7,400 Fresenius SE & Co KGaA 528,360 1.99% 

165,000 TAG Immobilien AG 1,013,430 3.81% 

4,311,063 16.20% 

Ireland - 2.12% (2010 - 3.11%) 

20,000 Kerry Group PLC 564,700 2.12% 

564,700 2.12% 

Italy - 8.23% (2010 - 6.66%) 

88,000 Azimut Holding SpA 549,120 2.06% 

92,000 Davide Campari-Milano SpA 475,180 1.79% 

31,000 ENI SpA 494,140 1.86% 

695,000 Intesa Sanpaolo SpA 671,370 2.52% 

2,189,810 8.23% 

Netherlands - 3.31% (2010 - –%) 

17,500 Nutreco NV 881,125 3.31% 

881,125 3.31% 

Norway - 4.16% (2010 - 7.96%) 

457,000 Kvaerner ASA 570,044 2.15% 

134,500 Storebrand ASA 533,578 2.01% 

1,103,622 4.16% 

Portugal - 2.23% (2010 - –%) 

52,000 Galp Energia SGPS SA 593,840 2.23% 

593,840 2.23% 

Spain - 2.14% (2010 - –%) 

164,000 Distribuidora Internacional de Alimentacion SA 569,736 2.14% 

569,736 2.14% 

Sweden - 6.52% (2010 - 7.18%) 

35,300 Swedish Match AB 959,731 3.61% 

43,000 Telefonaktiebolaget LM Ericsson 333,368 1.25% 

52,700 Volvo AB 439,293 1.66% 

1,732,392 6.52% 

93



PORTFOLIO OF INVESTMENTS - Skandia European Opportunities Fund (continued) 


Switzerland - 1.85% (2010 - 9.62%) 

11,100 Nestle SA 491,044 1.85% 

491,044 1.85% 


37,100 Associated British Foods PLC 490,760 1.85% 

105,000 Aviva PLC 373,773 1.41% 

142,500 Balfour Beatty PLC 451,582 1.70% 

255,000 Barclays PLC 528,674 1.99% 


774,000 Booker Group PLC 684,417 2.57% 

265,000 BT Group PLC 598,489 2.25% 

29,000 Dialog Semiconductor PLC 358,150 1.35% 

26,200 Fresnillo PLC 473,057 1.78% 

100,000 HSBC Holdings PLC 585,642 2.21% 

35,200 Pearson PLC 507,268 1.91% 

81,500 Reed Elsevier PLC 503,009 1.89% 

12,400 Rio Tinto PLC 460,819 1.73% 

31,700 Subsea 7 SA 450,038 1.69% 

92,200 Tate & Lyle PLC 769,565 2.89% 

268,660 Vodafone Group PLC 573,848 2.16% 

349,861 Yule Catto & Co PLC 688,134 2.59% 

9,570,136 36.01% 


(Cost EUR 24,011,110) (2010: EUR 34,113,279 ) 

Cash at Bank 1,536,653 5 .78% 








market 0.00% 





100.00% 

94



PORTFOLIO OF INVESTMENTS - Skandia Swedish Equity Fund 

Nominal Security Description Value SEK % Net Assets 


248,500 Boliden AB 24,949,400 2.81% 

24,949,400 2.81% 


35,900 Millicom International Cellular SA 25,309,500 2.85% 

115,500 Modern Times Group AB 37,410,450 4.22% 

62,719,950 7.07% 


102,000 Autoliv Inc 37,546,200 4.23% 

184,200 Electrolux AB 19,967,280 2.25% 

352,200 Hennes & Mauritz AB 77,167,020 8.70% 

77,700 Mekonomen AB 17,132,850 1.93% 

324,400 Nobia AB 7,753,160 0.87% 

799,100 Volvo AB 59,413,085 6.70% 

218,979,595 24.68% 


98,500 AarhusKarlshamn AB 19,158,250 2.16% 

575,600 Meda AB 41,299,300 4.65% 

60,457,550 6.81% 

Financial - 22.26% (2010 - 16.16%) 

73,000 Avanza Bank Holding AB 11,899,000 1.34% 

299,900 Investor AB 38,207,260 4.31% 

357,400 Kinnevik Investment AB 47,820,120 5.39% 

1,131,700 Nordea Bank AB 59,923,515 6.75% 

997,600 Skandinaviska Enskilda Banken AB 39,594,744 4.47% 

197,444,639 22.26% 

Industrial - 31.58% (2010 - 36.40%) 

310,400 ABB Ltd 40,227,840 4.53% 

272,400 Alfa Laval AB 35,303,040 3.98% 

338,800 Atlas Copco AB 49,566,440 5.59% 

348,300 Concentric AB 14,106,150 1.59% 

401,600 Gunnebo AB 9,437,600 1.06% 

211,199 Hexagon AB 21,119,900 2.38% 

171,550 Indutrade AB 31,050,550 3.50% 

358,300 JM AB 39,771,300 4.48% 

275,300 SKF AB 39,588,140 4.47% 

280,170,960 31.58% 

Adjustment from Mid Market Prices to Bid Prices (Note 18) 5,052,814 0.57% 

Financial Assets at Fair Value Through Profit or Loss (Cost SEK 853,442,022) 

(2010: SEK 1,461,600,568) 849,774,908 95.78% 

Cash at Bank 35,376,535 3.99% 



95



PORTFOLIO OF INVESTMENTS - Skandia Swedish Equity Fund (continued) 






market 0.00% 





100.00% 

96



PORTFOLIO OF INVESTMENTS - Skandia Swedish Growth Fund 

Nominal Security Description Value SEK % Net Assets 


270,000 SSAB AB 16,281,000 1.97% 

358,000 Svenska Cellulosa AB 36,337,000 4.39% 

52,618,000 6.36% 


44,000 Modern Times Group AB 14,251,600 1.72% 

212,000 Tele2 AB 27,984,000 3.38% 


77,917,000 9.41% 


70,000 Autoliv Inc 25,767,000 3.11% 

40,944 Betsson AB 6,203,016 0.75% 

219,000 Byggmax Group AB 5,759,700 0.70% 

353,000 Hennes & Mauritz AB 77,342,300 9.34% 

226,000 Scania AB 22,645,200 2.74% 

668,000 Volvo AB 49,665,800 6.00% 

187,383,016 22.64% 


73,000 Elekta AB 21,812,400 2.64% 

150,000 Getinge AB 26,010,000 3.14% 

314,000 Meda AB 22,529,500 2.72% 

312,000 Securitas AB 18,564,000 2.24% 

144,000 Swedish Match AB 34,920,000 4.22% 

123,835,900 14.96% 

Financial - 24.23% (2010 - 17.34%) 

284,000 Investor AB 36,181,600 4.37% 

1,443,000 Nordea Bank AB 76,406,850 9.23% 


669,000 Swedbank AB 59,139,600 7.15% 

200,542,990 24.23% 

Industrial - 18.95% (2010 - 28.04%) 

252,000 Atlas Copco AB 36,867,600 4.45% 

91,000 JM AB 10,101,000 1.22% 

96,000 NCC AB 11,596,800 1.40% 

441,000 Sandvik AB 36,625,050 4.42% 

221,000 Skanska AB 24,840,400 3.00% 

257,000 SKF AB 36,956,600 4.46% 

156,987,450 18.95% 

Adjustment from Mid Market Prices to Bid Prices (Note 18) 5,398,056 0.66% 

Financial Assets at Fair Value Through Profit or Loss (Cost SEK 824,742,225) 

(2010: SEK 962,079,170) 804,682,412 97.21% 

Cash at Bank 18,562,331 2.24% 



97



PORTFOLIO OF INVESTMENTS - Skandia Swedish Growth Fund (continued) 






market 0.00% 





100.00% 

98



PORTFOLIO OF INVESTMENTS - Skandia Japanese Equity Fund 

Nominal Security Description Value JPY % Net Assets 


70,000 Asahi Kasei Corp 32,480,000 0.36% 

35,400 JSR Corp 50,268,000 0.55% 

22,600 Kuraray Co Ltd 24,747,000 0.27% 

145,500 Mitsubishi Chemical Holdings Corp 61,692,000 0.68% 

100,000 Mitsui Chemicals Inc 23,500,000 0.26% 

12,200 Nippon Paper Group Inc 20,496,000 0.23% 

547,000 Nippon Steel Corp 105,024,000 1.15% 

14,000 Nippon Synthetic Chemical Industry Co Ltd/The 6,202,000 0.07% 

8,000 Nitto Denko Corp 22,032,000 0.24% 

17,300 Shin-Etsu Chemical Co Ltd 65,567,000 0.71% 

73,000 Zeon Corp 48,764,000 0.54% 

460,772,000 5.06% 


10,200 Dena Co Ltd 23,551,800 0.26% 

388 Fuji Media Holdings Inc 45,279,600 0.49% 

149 KDDI Corp 73,755,000 0.81% 

86,700 Nippon Telegraph & Telephone Corp 341,164,500 3.75% 

3,840 Nippon Television Network Corp 45,235,200 0.50% 

1,716 NTT DoCoMo Inc 242,814,000 2.67% 

34,400 Softbank Corp 77,984,800 0.86% 

849,784,900 9.34% 


30,300 Aisin Seiki Co Ltd 66,478,200 0.73% 

53,500 Bridgestone Corp 93,357,500 1.03% 

6,600 Canon Electronics Inc 12,731,400 0.14% 

69,500 Citizen Holdings Co Ltd 31,066,500 0.34% 

60,000 Daihatsu Motor Co Ltd 82,440,000 0.91% 

27,500 Don Quijote Co Ltd 72,627,500 0.80% 

7,500 Fast Retailing Co Ltd 105,000,000 1.15% 

16,500 Foster Electric Co Ltd 18,100,500 0.20% 

32,000 Hitachi High-Technologies Corp 53,440,000 0.59% 

84,300 Honda Motor Co Ltd 197,936,400 2.18% 

255,000 Isuzu Motors Ltd 90,780,000 1.00% 

109,000 ITOCHU Corp 85,238,000 0.94% 

203,700 JVC Kenwood Corp 54,184,200 0.60% 

27,600 K's Holdings Corp 84,180,000 0.93% 

212,000 Marubeni Corp 99,428,000 1.09% 

66,700 Mitsubishi Corp 103,718,500 1.14% 

155,600 Mitsui & Co Ltd 186,253,200 2.05% 

11,700 Namco Bandai Holdings Inc 12,823,200 0.14% 

208,200 Nissan Motor Co Ltd 144,074,400 1.58% 

148,600 Panasonic Corp 97,184,400 1.06% 

7,000 Sega Sammy Holdings Inc 11,641,000 0.13% 

62,600 Seven & I Holdings Co Ltd 134,277,000 1.48% 

40,000 Sharp Corp/Japan 26,920,000 0.30% 

87,600 Skymark Airlines Inc 89,264,400 0.98% 

26,400 Sony Corp 36,484,800 0.40% 

151,000 Sumitomo Corp 157,342,000 1.73% 

109,700 Sumitomo Electric Industries Ltd 91,928,600 1.01% 

71,000 Toray Industries Inc 39,121,000 0.43% 

110,700 Toyota Motor Corp 283,945,500 3.11% 

6,500 TS Tech Co Ltd 7,923,500 0.09% 

32,200 United Arrows Ltd 47,849,200 0.53% 

2,617,738,900 28.79% 

99



PORTFOLIO OF INVESTMENTS - Skandia Japanese Equity Fund (continued) 



17,700 Asahi Group Holdings Ltd 29,913,000 0.33% 

23,100 Astellas Pharma Inc 72,303,000 0.79% 

17,700 Eisai Co Ltd 56,374,500 0.62% 

291 Japan Tobacco Inc 105,342,000 1.16% 

21,200 Kao Corp 44,583,600 0.49% 

53,700 Mitsubishi Tanabe Pharma Corp 65,406,600 0.72% 

14,400 Nihon Kohden Corp 27,345,600 0.30% 

21,000 Nippon Meat Packers Inc 20,076,000 0.22% 

146,700 Nippon Suisan Kaisha Ltd 38,728,800 0.43% 

64,700 Otsuka Holdings Co Ltd 140,010,800 1.54% 

6,500 Secom Co Ltd 23,075,000 0.25% 

25,900 Takeda Pharmaceutical Co Ltd 87,542,000 0.96% 

24,000 Toyo Suisan Kaisha Ltd 44,760,000 0.49% 

755,460,900 8.30% 

Energy - 1.62% (2010 - 1.61%) 

129 Inpex Corp 62,565,000 0.69% 

183,000 JX Holdings Inc 85,095,000 0.93% 

147,660,000 1.62% 

Financial - 15.69% (2010 - 17.13%) 

76,000 Bank of Yokohama Ltd/The 27,664,000 0.30% 

146,000 Chiba Bank Ltd/The 72,416,000 0.80% 

10,300 Daito Trust Construction Co Ltd 67,980,000 0.75% 

82,000 Mitsubishi Estate Co Ltd 94,300,000 1.04% 

1,183,300 Mitsubishi UFJ Financial Group Inc 386,939,100 4.25% 

18,770 Mitsubishi UFJ Lease & Finance Co Ltd 57,248,500 0.63% 

85,000 Mitsui Fudosan Co Ltd 95,370,000 1.04% 

1,184,300 Mizuho Financial Group Inc 123,167,200 1.35% 

20,900 NKSJ Holdings Inc 31,559,000 0.35% 

66,100 Nomura Holdings Inc 15,401,300 0.17% 

18,430 ORIX Corp 117,214,800 1.29% 

111,600 Sumitomo Mitsui Financial Group Inc 239,270,400 2.63% 

4,000 Sumitomo Realty & Development Co Ltd 5,392,000 0.06% 

54,900 Tokio Marine Holdings Inc 93,604,500 1.03% 

1,427,526,800 15.69% 

Funds - 3.12% (2010 - 2.81%) 

383,630 Nomura TOPIX Exchange Traded Fund 283,886,200 3.12% 

283,886,200 3.12% 

Industrial - 21.78% (2010 - 21.02%) 

64,000 Asahi Glass Co Ltd 41,344,000 0.45% 

21,700 East Japan Railway Co 106,330,000 1.17% 

17,700 FANUC CORP 208,506,000 2.29% 

35,100 FUJIFILM Holdings Corp 63,987,300 0.70% 

647,000 Hitachi Ltd 261,388,000 2.88% 

16,900 Hoya Corp 28,020,200 0.31% 

18,000 JGC Corp 33,264,000 0.37% 

270,000 Kajima Corp 63,720,000 0.70% 

49,000 Keisei Electric Railway Co Ltd 27,734,000 0.30% 

123,400 Komatsu Ltd 221,996,600 2.44% 

13,700 Kyocera Corp 84,803,000 0.94% 

105,000 Mitsubishi Electric Corp 77,490,000 0.85% 

61,000 Mitsui OSK Lines Ltd 18,178,000 0.20% 

29,700 Nabtesco Corp 41,669,100 0.46% 

155,000 Nachi-Fujikoshi Corp 52,855,000 0.58% 

9,500 Nidec Corp 63,555,000 0.70% 

100



PORTFOLIO OF INVESTMENTS - Skandia Japanese Equity Fund (continued) 



32,800 Nikon Corp 56,219,200 0.62% 

60,000 Nippon Express Co Ltd 18,000,000 0.20% 

186,000 Nishimatsu Construction Co Ltd 24,552,000 0.27% 

114,000 Obayashi Corp 38,988,000 0.43% 

10,300 Rinnai Corp 56,753,000 0.62% 

162,000 Taiheiyo Cement Corp 23,814,000 0.26% 

28,500 Taikisha Ltd 46,939,500 0.51% 

256,000 Toshiba Corp 80,640,000 0.89% 

132,000 Toshiba Machine Co Ltd 51,216,000 0.56% 

28,200 West Japan Railway Co 94,329,000 1.04% 

20,300 Yamato Holdings Co Ltd 26,329,100 0.29% 

104,000 Yaskawa Electric Corp 68,120,000 0.75% 

1,980,740,000 21.78% 

Technology - 3.29% (2010 - 5.35%) 

67,200 Canon Inc 229,152,000 2.52% 

68,000 Fujitsu Ltd 27,200,000 0.30% 

74 NTT Data Corp 18,189,200 0.20% 

20,200 SCSK Corp 24,805,600 0.27% 

299,346,800 3.29% 

Utilities - 1.45% (2010 - 1.93%) 

58,000 Hokkaido Electric Power Co Inc 63,568,000 0.70% 

58,000 Kansai Electric Power Co Inc/The 68,498,000 0.75% 

132,066,000 1.45% 

Financial Assets at Fair Value Through Profit or Loss (Cost JPY 9,578,908,885) (2010: 

JPY 7,830,195,554) 8,954,982,500 98.44% 

Cash at Bank 166,259,734 1.83% 


Net Asset Value as at 31 December 2011 9,097,218,942 100.00% 






market 0.00% 





100.00% 

101



PORTFOLIO OF INVESTMENTS - Skandia Pacific Equity Fund 


Australia - 21.87% (2010 - 23.36%) 

551,985 CSL Ltd 17,969,099 2.31% 

1,931,368 Newcrest Mining Ltd 58,157,508 7.49% 

1,280,348 QBE Insurance Group Ltd 16,867,349 2.17% 

7,438,870 QR National Ltd 25,881,063 3.34% 

3,600,345 ResMed Inc 9,046,698 1.17% 

1,192,941 Wesfarmers Ltd 35,800,577 4.61% 

232,592 WorleyParsons Ltd 6,073,929 0.78% 

169,796,223 21.87% 

China - 2.36% (2010 - 3.79%) 

32,202,000 China Telecom Corp Ltd 18,323,076 2.36% 

18,323,076 2.36% 

Hong Kong - 23.98% (2010 - 21.18%) 

3,547,000 AIA Group Ltd 11,073,023 1.43% 

4,094,000 Cheung Kong Holdings Ltd 48,698,219 6.28% 

3,058,000 China Merchants Holdings International Co Ltd 8,877,226 1.14% 

4,634,000 China Resources Enterprise Ltd 15,898,147 2.05% 

14,923,000 CNOOC Ltd 26,088,504 3.36% 

2,858,501 Henderson Land Development Co Ltd 14,204,270 1.83% 

15,399,356 Hong Kong & China Gas Co Ltd 35,683,572 4.60% 

1,379,000 Hutchison Whampoa Ltd 11,547,948 1.49% 

2,440,327 Link REIT/The 8,984,777 1.16% 

1,541,524 MTR Corp 4,990,931 0.64% 

186,046,617 23.98% 

India - 5.51% (2010 - 7.34%) 

888,741 Bharti Airtel Ltd 5,748,775 0.74% 

270,350 HDFC Bank Ltd 2,173,077 0.28% 

1,615,198 Hindustan Unilever Ltd 12,391,394 1.60% 

150,820 Infosys Ltd 7,860,379 1.01% 

579,740 Mahindra & Mahindra Ltd 7,443,268 0.96% 

4,357,328 Tata Power Co Ltd 7,159,111 0.92% 

42,776,004 5.51% 

Malaysia - 3.39% (2010 - 2.28%) 

10,637,300 Axiata Group Bhd 17,247,839 2.22% 

3,857,300 CIMB Group Holdings Bhd 9,053,083 1.17% 

26,300,922 3.39% 

Philipines - 1.54% (2010 - 1.38%) 

124,765 Philippine Long Distance Telephone Co 7,231,714 0.93% 

82,500 Philippine Long Distance Telephone Co ADR 4,707,450 0.61% 

11,939,164 1.54% 

Republic of Korea (South) - 11.92% (2010 - 12.10%) 

77,115 E-Mart Co Ltd 18,676,385 2.41% 

315,462 LG Corp 16,813,773 2.17% 

22,538 NHN Corp 4,128,075 0.53% 


122,516 Samsung Fire & Marine Insurance Co Ltd 22,440,112 2.89% 

102



PORTFOLIO OF INVESTMENTS - Skandia Pacific Equity Fund (continued) 


Republic of Korea (South) - 11.92% (2010 - 12.10%) (continued) 

18,939 Shinsegae Co Ltd 4,027,846 0.52% 

92,513,366 11.92% 

Singapore - 12.88% (2010 - 9.93%) 

3,124,486 DBS Group Holdings Ltd 27,697,336 3.56% 

2,751,500 Fraser and Neave Ltd 13,127,080 1.69% 

5,958,728 Oversea-Chinese Banking Corp Ltd 35,902,298 4.62% 

9,823,000 Singapore Telecommunications Ltd 23,356,597 3.01% 

100,083,311 12.88% 

Taiwan - 8.19% (2010 - 9.41%) 

1,155,437 Chunghwa Telecom Co Ltd 3,815,946 0.49% 

1,972,256 Delta Electronics Inc 4,689,772 0.60% 

14,259,848 Taiwan Semiconductor Manufacturing Co Ltd 35,697,687 4.61% 

13,263,091 Uni-President Enterprises Corp 19,382,689 2.49% 

63,586,094 8.19% 

Thailand - 5.03% (2010 - 5.70%) 

4,300,200 Kasikornbank PCL 16,969,243 2.19% 

1,002,600 PTT PCL 10,105,534 1.30% 

3,233,000 Siam Commercial Bank PCL 11,938,124 1.54% 

39,012,901 5.03% 


(Cost USD 664,466,245) (2010: USD 806,618,563 ) 

Cash at Bank 23,223,473 2 .99% 








market 0.00% 





100.00% 

103



PORTFOLIO OF INVESTMENTS - Skandia Greater China Equity Fund 



6,176,000 China BlueChemical Ltd 4,674,959 1.34% 

202,000 Lee & Man Paper Manufacturing Ltd 65,271 0.02% 

4,740,230 1.36% 


11,230,539 China Communications Services Corp Ltd 5,060,133 1.45% 

12,712,000 China Telecom Corp Ltd 7,233,182 2.07% 

3,541,307 Chunghwa Telecom Co Ltd 11,695,521 3.36% 

168,000 Tencent Holdings Ltd 3,376,023 0.97% 

27,364,859 7.85% 


4,299,000 Belle International Holdings Ltd 7,493,408 2.15% 

960,980 Li & Fung Ltd 1,778,961 0.51% 

1,811,776 President Chain Store Corp 9,872,893 2.83% 

1,551,500 Yue Yuen Industrial Holdings Ltd 4,903,391 1.41% 

24,048,653 6.90% 


1,454,000 China Mengniu Dairy Co Ltd 3,399,175 0.98% 

620,157 Dairy Farm International Holdings Ltd 5,786,065 1.66% 

646,000 Hengan International Group Co Ltd 6,041,731 1.73% 

213,717 Mindray Medical International Ltd 5,556,642 1.59% 

7,601,472 Uni-President Enterprises Corp 11,108,794 3.18% 

938,352 Yantai Changyu Pioneer Wine Co Ltd 10,267,814 2.95% 

42,160,221 12.09% 

Diversified - 9.41% (2010 - 9.15%) 

1,372,000 China Merchants Holdings International Co Ltd 3,982,850 1.14% 

2,646,000 China Resources Enterprise Ltd 9,077,794 2.60% 

2,520,000 First Pacific Co Ltd/Hong Kong 2,621,230 0.75% 

226,488 Jardine Matheson Holdings Ltd 10,656,261 3.07% 

1,592,500 Swire Pacific Ltd 3,743,462 1.07% 

224,500 Swire Pacific Ltd 2,709,448 0.78% 

32,791,045 9.41% 

Energy - 7.04% (2010 - 7.16%) 

6,712,000 China Oilfield Services Ltd 10,593,408 3.04% 

7,980,000 CNOOC Ltd 13,950,697 4.00% 

24,544,105 7.04% 

Financial - 28.13% (2010 - 26.51%) 

2,096,800 AIA Group Ltd 6,545,789 1.88% 

1,819,000 Cheung Kong Holdings Ltd 21,637,044 6.20% 


4,482,008 China Merchants Bank Co Ltd 9,058,694 2.59% 

2,582,000 China Resources Land Ltd 4,148,242 1.19% 

3,319,200 China Taiping Insurance Holdings Co Ltd 6,153,032 1.77% 

4,851,628 China Vanke Co Ltd 4,796,694 1.37% 

8,891,233 Chinatrust Financial Holding Co Ltd 5,549,831 1.60% 

1,511,990 Dah Sing Banking Group Ltd 1,290,493 0.37% 

3,172,935 Fubon Financial Holding Co Ltd 3,358,499 0.96% 

1,467,500 Hopewell Holdings Ltd 3,751,895 1.08% 

4,034,309 Link REIT/The 14,853,488 4.26% 

280,604 Standard Chartered PLC 6,137,344 1.76% 

275,500 Wing Hang Bank Ltd 2,257,425 0.65% 

98,066,060 28.13% 

Industrial - 6.07% (2010 - 9.36%) 

3,806,362 Delta Electronics Inc 9,051,042 2.60% 

104



PORTFOLIO OF INVESTMENTS - Skandia Greater China Equity Fund (continued) 



3,406,000 Lung Kee Bermuda Holdings 1,578,485 0.45% 

758,390 Simplo Technology Co Ltd 4,433,246 1.27% 

1,504,257 Synnex Technology International Corp 3,631,578 1.04% 

1,027,768 Tripod Technology Corp 2,477,844 0.71% 

21,172,195 6.07% 

Technology - 7.46% (2010 - 8.89%) 

1,902,302 Advantech Co Ltd 5,264,771 1.51% 

2,716,677 Powertech Technology Inc 5,751,114 1.65% 

398,000 Quanta Computer Inc 837,295 0.24% 


25,994,774 7.46% 

Utilities - 10.02% (2010 - 5.95%) 

6,009,800 China Resources Power Holdings Co Ltd 11,589,511 3.32% 

3,138,000 ENN Energy Holdings Ltd 10,058,786 2.89% 

5,738,207 Hong Kong & China Gas Co Ltd 13,296,641 3.81% 

34,944,938 10.02% 


USD 348,041,578) 335,827,080 96.33% 

Cash at Bank 12,625,122 3.62% 





official stock exchange listing or traded on a regulated market 96.17 % 



market 0.00% 





100.00% 

105



PORTFOLIO OF INVESTMENTS - Skandia Global Bond Fund 


Asset Backed Securities - 17.12% (2010 - 16.58%) 

Banc of America Merrill Lynch Commercial 

Coupon 

Rate % 

23,215 Mortgage Inc 6.19 

384,204 Bear Stearns Commercial Mortgage Securities 4.83 




250,000 Citibank Omni Master Trust 

Credit Suisse First Boston Mortgage Securities 

2.38 

436,400 Corp 3.94 

115,000 DBUBS Mortgage Trust 5.00 

2,000,000 Fannie Mae Pool 4.50 

400,000 Fannie Mae Pool 4.50 











1,100,000 Federal National Mortgage Association 5.50 

300,000 Freddie Mac Gold Pool 4.00 




500,000 Ginnie Mae I pool 5.00 



489 Ginnie Mae I pool 7.50 


















60,000 GS Mortgage Securities Corp II 

JP Morgan Chase Commercial Mortgage 

0.87 

340,000 Securities Corp 4.94 

375,000 Morgan Stanley Capital I 4.99 

450,000 Nissan Auto Receivables Owner Trust 0.74 

544,800 Prudential Commercial Mortgage Trust 4.49 

15,000 State of Illinois 5.88 

106 

Maturity 

Date Value USD % Net Assets 

11/06/2035 23,317 0.03% 

15/08/2038 391,343 0.49% 

11/09/2038 336,840 0.42% 

13/08/2039 551,640 0.68% 

11/11/2041 457,516 0.57% 

16/05/2016 251,819 0.31% 

15/05/2038 447,712 0.56% 

10/11/2046 130,160 0.16% 

15/01/2041 2,126,563 2.64% 

15/01/2027 426,062 0.53% 

25/08/2040 734,453 0.91% 

15/01/2026 208,969 0.26% 

25/09/2040 102,734 0.13% 

01/03/2019 165,149 0.20% 

01/01/2031 80,545 0.10% 

01/03/2031 99,185 0.12% 

01/03/2031 9,762 0.01% 

15/01/2034 755,891 0.94% 

15/01/2035 440,188 0.55% 

01/09/2040 285,173 0.35% 

15/01/2034 1,197,109 1.48% 

15/01/2018 315,235 0.40% 

01/09/2019 108,165 0.13% 

01/12/2027 148,244 0.19% 

15/01/2034 108,391 0.13% 

15/01/2034 553,515 0.70% 

16/12/2025 535,859 0.67% 

15/01/2041 435,688 0.54% 

15/12/2025 580 0.00% 

15/04/2026 888 0.00% 

15/03/2027 11,931 0.01% 

15/11/2028 180,162 0.22% 

15/08/2029 627 0.00% 

15/08/2029 17,829 0.02% 

15/08/2029 3,250 0.00% 

15/09/2029 2,124 0.00% 

15/09/2029 52,555 0.07% 

15/09/2029 2,520 0.00% 

15/10/2029 19,835 0.02% 

15/02/2030 13,838 0.02% 

15/05/2030 12,746 0.02% 

15/10/2030 13,250 0.02% 

15/11/2031 610 0.00% 

15/11/2032 15,121 0.02% 

15/01/2033 43,276 0.05% 

15/11/2033 20,102 0.02% 

06/03/2020 57,948 0.07% 

15/08/2042 372,972 0.46% 

13/08/2042 410,616 0.51% 

15/09/2014 449,857 0.56% 

11/02/2036 561,264 0.69% 

01/03/2019 16,447 0.02%



PORTFOLIO OF INVESTMENTS - Skandia Global Bond Fund (continued) 

Coupon 


Asset Backed Securities - 17.12% (2010 - 16.58%) (continued) 

Rate % 

108,377 Wells Fargo Mortgage Backed Securities Trust 2.73 

Corporate Bonds - 23.97% (2010 - 31.45%) 

275,000 Alltel Corp 7.00 

250,000 Altria Group Inc 4.13 




180,000 American Express Credit Corp 2.75 

50,000 American International Group Inc 5.00 

125,000 American International Group Inc 8.18 

155,000 Anadarko Petroleum Corp 6.38 

170,000 Anheuser-Busch Cos LLC 5.50 

105,000 Anheuser-Busch InBev Worldwide Inc 5.38 

135,000 AT&T Inc 5.50 

220,000 AT&T Inc 4.45 

230,000 Aviva PLC 0.90 

220,000 Bank of America Corp 5.88 

165,000 Barclays Bank PLC 6.75 

50,000 BAT International Finance PLC 5.88 

150,000 Berkshire Hathaway Finance Corp 4.25 

125,000 BNP Paribas SA 

British American Tobacco Holdings The 

6.74 

175,000 Netherlands BV 4.38 

145,000 British Telecommunications PLC 5.75 

195,000 CBS Corp 4.30 

475,000 CDP Financial Inc 4.40 

100,000 Centrais Eletricas Brasileiras SA 6.88 

300,000 Cie de Financement Foncier 2.50 

45,000 Citigroup Inc 6.00 





20,000 CNA Financial Corp 6.50 

55,000 CNA Financial Corp 7.25 

175,000 COX Communications Inc 6.25 

155,000 Credit Suisse AG/London 6.13 

200,000 Credit Suisse/New York NY 5.30 

250,000 CVS Caremark Corp 5.75 

200,000 CVS Caremark Corp 4.13 

175,000 DBS Bank Ltd 0.68 

175,000 Deutsche Telekom International Finance BV 3.13 

50,000 Deutsche Telekom International Finance BV 

DIRECTV Holdings LLC / DIRECTV Financing 

7.38 

105,000 Co Inc 


4.60 

75,000 Co Inc 


5.00 

75,000 Co Inc 6.00 

140,000 DNB Bank ASA 1.68 

250,000 DNB Boligkreditt AS 2.75 

45,000 E.ON International Finance BV 5.80 

125,000 EDF SA 6.50 

50,000 EDF SA 4.63 

107 

Maturity 


25/02/2035 95,788 0.12% 

13,803,363 17.12% 

15/03/2016 331,460 0.41% 

11/09/2015 273,143 0.35% 

10/11/2018 20,427 0.03% 

06/08/2019 172,457 0.21% 

05/05/2021 98,361 0.12% 

15/09/2015 182,898 0.23% 

26/04/2023 65,104 0.08% 

15/05/2058 111,769 0.14% 

15/09/2017 182,427 0.22% 

15/01/2018 200,397 0.24% 

15/01/2020 125,508 0.16% 

01/02/2018 160,092 0.20% 

15/05/2021 244,944 0.30% 

19/06/2017 216,723 0.26% 

05/01/2021 215,513 0.27% 

22/05/2019 183,762 0.23% 

12/03/2015 75,053 0.09% 

15/01/2021 167,068 0.21% 

07/09/2017 178,054 0.22% 

15/09/2014 244,797 0.30% 

07/12/2028 242,043 0.30% 

15/02/2021 206,450 0.26% 

25/11/2019 518,564 0.64% 

30/07/2019 116,537 0.14% 

16/09/2015 293,266 0.36% 

15/08/2017 48,356 0.06% 

21/11/2017 26,592 0.03% 

22/05/2019 125,031 0.16% 

09/08/2020 52,537 0.07% 

14/01/2022 82,251 0.10% 

15/08/2016 21,854 0.03% 

15/11/2023 58,812 0.07% 

01/06/2018 205,492 0.26% 

16/05/2014 223,455 0.28% 

13/08/2019 211,430 0.26% 

01/06/2017 292,042 0.36% 

15/05/2021 215,492 0.27% 

16/05/2017 172,521 0.21% 

11/04/2016 177,416 0.22% 

04/12/2019 96,684 0.12% 

15/02/2021 110,572 0.14% 

01/03/2021 81,370 0.10% 

15/08/2040 83,924 0.10% 

30/05/2017 177,975 0.22% 

20/04/2015 338,988 0.41% 

30/04/2018 52,085 0.06% 

26/01/2019 148,173 0.19% 

26/04/2030 65,102 0.08%




Coupon 


Corporate Bonds - 23.97% (2010 - 31.45%) (continued) 

Rate % 

120,000 Enel Finance International NV 5.70 

200,000 Enterprise Products Operating LLC 5.25 

695,000 European Investment Bank 7.00 

100,000 FCE Bank PLC 7.25 

125,000 GE Capital Trust II 5.50 

150,000 General Electric Capital Corp 6.00 




275,000 Goldman Sachs Group Inc/The 7.50 



70,000 HBOS PLC 4.38 

100,000 HSBC Bank PLC 4.00 

100,000 Hutchison Whampoa International 09/16 Ltd 4.63 

176,000 International Business Machines Corp 2.90 

150,000 JPMorgan Chase & Co 6.13 


230,000 Kellogg Co 5.13 

750,000 KfW Bankengruppe 4.38 

410,000 KfW Bankengruppe 4.00 

110,000 Kinder Morgan Energy Partners LP 6.55 

225,000 Kraft Foods Inc 6.25 



100,000 LCH Clearnet SA Via Freshwater Finance PLC 6.58 

55,000 Lloyds TSB Bank PLC 6.38 

210,000 Lorillard Tobacco Co 6.88 

175,000 Merrill Lynch & Co Inc 4.63 

110,000 Morgan Stanley 5.75 


80,000 Motiva Enterprises LLC 5.75 

225,000 NBCUniversal Media LLC 4.38 

50,000 Newell Rubbermaid Inc 4.70 

200,000 News America Inc 5.65 

140,000 Nexen Inc 6.20 

75,000 Philip Morris International Inc 5.65 

200,000 Philip Morris International Inc 

Plains All American Pipeline LP / PAA Finance 

2.90 

75,000 Corp 5.00 

175,000 PNC Funding Corp 5.13 

70,000 Prudential Financial Inc 6.10 

165,000 Republic Services Inc 4.75 

166,000 Reynolds American Inc 7.63 



125,000 Royal Bank of Scotland PLC/The 3.95 

75,000 Telefonica Emisiones SAU 4.38 



200,000 Telemar Norte Leste SA 5.50 

150,000 Time Warner Cable Inc 8.75 

50,000 Time Warner Cable Inc 4.00 

215,000 Time Warner Inc 4.88 

185,000 Time Warner Inc 4.70 

108 

Maturity 


15/01/2013 124,390 0.16% 

31/01/2020 225,344 0.28% 

24/01/2012 729,203 0.90% 

15/07/2013 138,052 0.17% 

15/09/2067 130,980 0.16% 

07/08/2019 174,865 0.22% 

08/01/2020 153,062 0.19% 

07/01/2021 80,113 0.10% 

17/10/2021 341,783 0.42% 

15/02/2019 311,589 0.39% 

27/07/2021 99,801 0.12% 

01/02/2041 142,668 0.18% 

30/10/2019 61,301 0.08% 

15/01/2021 137,127 0.17% 

11/09/2015 107,468 0.13% 

01/11/2021 180,409 0.22% 

30/05/2017 220,465 0.27% 

15/08/2021 77,287 0.10% 

03/12/2012 239,953 0.30% 

11/10/2013 1,040,049 1.30% 

27/01/2020 469,563 0.58% 

15/09/2040 125,265 0.16% 

01/06/2012 230,902 0.29% 

10/02/2020 323,069 0.39% 

11/08/2037 137,460 0.17% 

17/05/2017 86,771 0.11% 

21/01/2021 56,410 0.07% 

01/05/2020 238,205 0.30% 

14/09/2018 172,108 0.21% 

25/01/2021 105,688 0.13% 

28/07/2021 293,182 0.36% 

15/01/2020 95,092 0.12% 

01/04/2021 239,907 0.31% 

15/08/2020 53,956 0.07% 

15/08/2020 228,164 0.28% 

30/07/2019 168,202 0.21% 

16/05/2018 89,529 0.11% 

15/11/2021 203,759 0.25% 

01/02/2021 83,512 0.10% 

08/02/2020 201,305 0.25% 

15/06/2017 76,988 0.10% 

15/05/2023 181,227 0.22% 

01/06/2016 200,113 0.25% 

15/06/2017 86,152 0.11% 

01/06/2018 53,049 0.07% 

21/09/2015 118,892 0.15% 

02/02/2016 100,067 0.12% 

15/07/2019 51,252 0.06% 

16/02/2021 68,864 0.09% 

23/10/2020 200,604 0.25% 

14/02/2019 197,265 0.25% 

01/09/2021 51,431 0.06% 

15/03/2020 237,318 0.29% 

15/01/2021 204,300 0.25%




Coupon 



Rate % 

325,000 Toronto-Dominion Bank/The 2.20 

180,000 UBS AG/Stamford CT 5.88 

175,000 Verizon Communications Inc 8.75 

100,000 Verizon Communications Inc 4.60 

120,000 Viacom Inc 6.25 

100,000 Viacom Inc 6.13 

31,000 Viacom Inc 4.50 

100,000 Yara International ASA 7.88 

Government Security - 66.27% (2010 - 58.12%) 

345,000 Australia Government Bond 5.75 



80,000 Belgium Government Bond 3.25 

295,000 Belgium Government Bond 3.75 

2,255,000 Bundesobligation 2.00 

75,000 Bundesrepublik Deutschland 5.00 

1,477,000 Bundesrepublik Deutschland 3.50 






2,000,000 Bundesschatzanweisungen 0.25 

500,000 Canadian Government Bond 5.25 




1,625,000 Denmark Government Bond 4.00 

100,000 Finland Government Bond 4.38 

455,000 France Government Bond OAT 3.00 






575,000 Italy Buoni Poliennali Del Tesoro 3.75 




225,850,000 Japan Government Five Year Bond 0.60 

93,500,000 Japan Government Ten Year Bond 1.40 




85,000,000 Japan Government Thirty Year Bond 2.30 

127,000,000 Japan Government Twenty Year Bond 2.10 

67,550,000 Japan Government Twenty Year Bond 2.20 

1,235,000 Mexican Bonos 10.00 

50,000 Netherlands Government Bond 3.75 

140,000 Netherlands Government Bond 4.00 

525,000 Poland Government Bond 5.00 

50,000 Poland Government International Bond 5.13 

200,000 Russian Foreign Bond - Eurobond 3.63 

3,875,000 Singapore Government Bond 3.63 

109 

Maturity 


29/07/2015 334,860 0.42% 

20/12/2017 187,932 0.23% 

01/11/2018 240,296 0.30% 

01/04/2021 113,451 0.14% 

30/04/2016 140,587 0.17% 

05/10/2017 119,527 0.15% 

01/03/2021 33,548 0.04% 

11/06/2019 123,166 0.15% 

19,333,818 23.97% 

15/04/2012 356,795 0.44% 

15/02/2017 379,815 0.47% 

15/04/2020 273,459 0.34% 

28/09/2016 105,163 0.13% 

28/09/2020 381,433 0.47% 

26/02/2016 3,140,474 3.89% 

04/01/2012 101,829 0.13% 

04/01/2016 2,199,125 2.73% 

04/07/2016 165,882 0.21% 

04/07/2019 52,580 0.07% 

04/01/2020 1,332,649 1.65% 

04/01/2021 201,126 0.25% 

04/07/2040 291,038 0.36% 

13/12/2013 2,592,737 3.22% 

01/06/2013 521,609 0.65% 

01/12/2015 656,908 0.81% 

01/06/2020 415,864 0.52% 

01/06/2033 642,486 0.80% 

15/11/2017 334,453 0.41% 

04/07/2019 152,027 0.19% 

25/10/2015 620,941 0.77% 

25/10/2016 222,478 0.28% 

25/10/2019 69,267 0.09% 

25/10/2021 597,641 0.74% 

25/10/2038 82,781 0.10% 

25/04/2041 442,657 0.55% 

01/08/2016 693,266 0.86% 

01/03/2019 822,067 1.02% 

01/03/2022 279,520 0.35% 

01/09/2040 312,754 0.39% 

20/03/2016 2,960,816 3.67% 

20/12/2015 1,262,517 1.57% 

20/12/2018 1,784,928 2.21% 

20/06/2020 1,705,654 2.12% 

20/03/2021 766,240 0.95% 

20/03/2039 1,209,130 1.50% 

20/12/2027 1,769,178 2.19% 

20/09/2028 954,900 1.18% 

05/12/2024 114,279 0.14% 

15/01/2023 75,771 0.09% 

15/01/2037 237,047 0.29% 

25/04/2016 156,379 0.19% 

21/04/2021 51,753 0.06% 

29/04/2015 203,166 0.25% 

01/07/2014 3,269,553 4.05%




Coupon Maturity 


Government Security - 66.27% (2010 - 58.12%) (continued) 

Rate % Date Value USD % Net Assets 

1,575,000 Societe Financement de l'Economie Francaise 2.13 30/01/2012 1,590,757 1.97% 

1,550,000 South Africa Government Bond 8.25 15/09/2017 203,675 0.25% 

350,000 Spain Government Bond 4.40 31/01/2015 482,812 0.60% 




5,100,000 Sweden Government Bond 6.75 05/05/2014 873,085 1.08% 

160,000 United Kingdom Gilt 2.25 07/03/2014 259,489 0.32% 

900,000 United Kingdom Gilt 2.00 22/01/2016 1,473,115 1.83% 






2,475,000 United States Treasury Bill 0.00 15/03/2012 2,474,962 3.07% 

2,165,000 United States Treasury Note/Bond 4.13 31/08/2012 2,252,346 2.79% 



70,000 United States Treasury Note/Bond 3.88 15/08/2040 84,652 0.10% 

120,000 United States Treasury Note/Bond 4.25 15/11/2040 153,151 0.19% 

955,000 United States Treasury Note/Bond 4.38 15/05/2041 1,245,235 1.54% 

Futures ^ - 0.23% (2010 - 0.05%) 

53,445,030 66.27% 

31 Euro Bund Future* 08/03/2012 140,394 0.17% 

4 US Treasury 5 Year Note Future* 30/03/2012 1,464 0.00% 

20 US Long Bond (CBT)* 21/03/2012 44,951 0.06% 

186,809 0.23% 


71,545,694) 86,769,020 107.59% 

Futures ^ - (0.10)% (2010 - (0.05)%) 

(1) Euro Buxl Future* 08/03/2012 (1,610) 0.00% 

(4) Euro Bobl Future* 19/03/2012 (2,165) 0.00% 

(68) US Treasury 10 Year Note Future* 21/03/2012 (70,540) (0.09)% 

(8) Long Gilt Future* 28/03/2012 (10,025) (0.01)% 

(84,340) (0.10)% 

Financial Liabilities at Fair Value Through Profit or Loss (Cost USD 715) (2010: USD 451) (84,340) (0.10)% 

Cash at Bank 2,522,882 3.13% 



110









market 0.00% 





100.00% 

*Exchange Traded 

^ The broker for futures is Goldman Sachs. 

111



PORTFOLIO OF INVESTMENTS - Skandia Total Return USD Bond Fund 

Coupon 



32,454 American Home Mortgage Investment Trust 

1,000,000 American Municipal Power Inc 

1,000,000 Arran Residential Mortgages Funding PLC 

651,432 Arran Residential Mortgages Funding PLC 

608,810 Banc of America Funding Corp 


Rate % 

2.51 

8.08 

2.40 

2.20 

2.86 

1,800,000 Mortgage Inc 


5.89 

2,000,000 Mortgage Inc 

12,489 Bear Stearns Adjustable Rate Mortgage Trust 







7,855 Bear Stearns Alt-A Trust 



1,566,719 Bear Stearns Alt-A Trust 

425,219 Bear Stearns Asset Backed Securities Trust 

563,606 Citigroup Mortgage Loan Trust Inc 

37,806 Citigroup Mortgage Loan Trust Inc 

6,300,000 City of Los Angeles Department of Airports 

73,561 Countrywide Alternative Loan Trust 

207,342 Countrywide Alternative Loan Trust 

Countrywide Home Loan Mortgage Pass 

5.66 

5.67 

3.10 

3.63 

2.96 

3.61 

2.53 

2.52 

2.79 

3.04 

2.95 

5.30 

1.35 

2.51 

3.16 

5.00 

6.25 

5.86 

81,668 Through Trust 


3.94 



6.50 



0.69 


Credit Suisse First Boston Mortgage Securities 

7.50 

272,323 Corp 

614,539 Driver One GmbH 

54,467 European Loan Conduit 

396,090 Fannie Mae Grantor Trust 

290,798 Fannie Mae Grantor Trust 

2,000,000 Fannie Mae Pool 




167,445 Fannie Mae Pool 











2.51 

1.84 

1.61 

6.50 

6.00 

4.50 

4.50 

3.50 

3.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

4.00 

112 

Maturity 


25/10/2034 27,670 0.01% 

15/02/2050 1,425,025 0.31% 

16/05/2047 1,288,286 0.28% 

16/05/2047 843,030 0.18% 

25/05/2035 595,622 0.13% 

10/07/2044 1,982,968 0.43% 

10/06/2049 2,158,800 0.46% 

25/02/2033 11,907 0.00% 

25/02/2033 8,007 0.00% 

25/08/2033 121,686 0.03% 

25/07/2034 61,272 0.01% 

25/11/2034 19,430 0.00% 

25/08/2035 438,891 0.09% 

25/02/2036 158,060 0.03% 

25/10/2033 5,933 0.00% 

25/09/2034 62,154 0.01% 

25/09/2035 211,143 0.05% 

25/11/2036 763,524 0.16% 

25/10/2037 235,919 0.05% 

25/09/2035 504,307 0.11% 

25/09/2035 30,238 0.01% 

15/05/2040 6,750,892 1.45% 

25/12/2033 77,749 0.02% 

25/08/2036 201,685 0.04% 

25/08/2034 58,808 0.01% 

25/11/2034 534,320 0.11% 

25/06/2035 230,516 0.05% 

25/06/2035 303,106 0.07% 

25/06/2033 250,135 0.05% 

21/02/2017 796,559 0.17% 

15/05/2019 58,275 0.01% 

25/08/2041 444,437 0.10% 

25/01/2044 326,013 0.07% 

15/01/2027 2,130,313 0.46% 

15/01/2041 29,771,876 6.41% 

15/01/2026 16,299,562 3.51% 

25/10/2026 39,062,812 8.41% 

01/06/2013 177,135 0.04% 

01/08/2013 57,464 0.01% 

01/10/2013 67,710 0.01% 

01/11/2013 365,791 0.08% 

01/12/2013 862,084 0.19% 

01/01/2014 146,951 0.03% 

01/03/2014 344,852 0.07% 

01/05/2014 1,027,411 0.23% 

01/11/2014 11,512 0.00% 

01/04/2015 252,114 0.05% 

01/05/2021 16,103 0.00%



PORTFOLIO OF INVESTMENTS - Skandia Total Return USD Bond Fund (continued) 
















































30,731 Fannie Mae REMICS 





17,385 Fannie Mae Whole Loan 

316,505 FHLMC Structured Pass Through Securities 

400,000 First Horizon Asset Securities Inc 

36,079 First Horizon Asset Securities Inc 

3,200,000 Fosse Master Issuer PLC 

Coupon 

Rate % 

4.00 

4.50 

4.00 

4.00 

4.00 

4.00 

4.50 

4.00 

4.50 

4.00 

4.00 

4.00 

4.00 

4.50 

4.50 

6.00 

6.00 

5.00 

5.50 

5.00 

2.82 

5.50 

5.00 

2.31 

4.53 

6.00 

6.00 

6.00 

6.00 

6.00 

5.00 

6.00 

6.00 

5.50 

5.50 

6.00 

5.50 

5.50 

4.50 

4.00 

4.00 

4.00 

4.50 

4.00 

4.00 

0.75 

0.80 

0.66 

6.50 

6.50 

0.85 

1.82 

5.50 

2.92 

2.37 

Maturity 

Date 

01/03/2023 

01/04/2024 

01/04/2024 

01/04/2024 

01/06/2024 

01/07/2024 

01/07/2024 

01/09/2024 

01/07/2025 

01/08/2025 

01/09/2025 

01/12/2025 

01/01/2026 

01/01/2026 

01/01/2026 

01/07/2027 

01/08/2027 

15/01/2034 

15/01/2034 

01/03/2034 

01/11/2034 

01/02/2035 

01/03/2035 

01/06/2035 

01/10/2035 

01/04/2036 

01/05/2036 

01/07/2036 

01/07/2036 

01/09/2036 

01/12/2036 

01/05/2037 

01/06/2037 

01/07/2037 

01/05/2038 

01/05/2038 

01/09/2038 

01/08/2039 

01/11/2040 

01/02/2041 

01/03/2041 

01/03/2041 

01/04/2041 

01/04/2041 

01/08/2041 

25/06/2032 

25/09/2035 

25/04/2037 

25/11/2042 

25/12/2042 

25/07/2034 

25/07/2044 

25/01/2035 

25/08/2035 

18/10/2054 


434,509 0.09% 

1,698,853 0.37% 

264,838 0.06% 

81,158 0.02% 

632,898 0.14% 

858,498 0.18% 

429,381 0.09% 

402,606 0.09% 

613,295 0.13% 

2,562,449 0.55% 

521,005 0.11% 

411,014 0.09% 

321,119 0.07% 

1,772,741 0.38% 

474,236 0.10% 

1,092,781 0.24% 

650,351 0.14% 

10,258,516 2.21% 

16,650,703 3.58% 

893,191 0.19% 

1,170,498 0.25% 

4,924 0.00% 

376,294 0.08% 

1,828,882 0.39% 

175,304 0.04% 

371,963 0.08% 

38,548 0.01% 

271,380 0.06% 

139,708 0.03% 

587,877 0.13% 

223,829 0.05% 

172,689 0.04% 

485,780 0.10% 

84,343 0.02% 

89,022 0.02% 

22,350 0.00% 

3,192,199 0.69% 

55,400 0.01% 

1,052,432 0.23% 

24,881,535 5.35% 

300,003 0.06% 

21,677,357 4.67% 

25,042 0.01% 

998,592 0.21% 

737,283 0.16% 

30,509 0.01% 

535,458 0.12% 

261,917 0.06% 

640,640 0.14% 

996,581 0.20% 

17,408 0.00% 

322,914 0.07% 

390,697 0.08% 

27,865 0.01% 

4,936,574 1.07% 

113








3,000,000 Freddie Mac Gold Pool 

2,880 Freddie Mac Gold Pool 











485,235 Freddie Mac Non Gold Pool 

266,714 Freddie Mac Reference REMIC 

15,540 Freddie Mac REMICS 

1,196,862 Freddie Mac REMICS 

1,300,000 Freddie Mac REMICS 

400,000 Freddie Mac REMICS 

25,300 Globaldrive BV 

1,233,038 Globaldrive BV 

53,574 GMAC Mortgage Corp Loan Trust 

280,123 Gosforth Funding PLC 

910,399 Gosforth Funding PLC 

18,569 Government National Mortgage Association 

2,619,142 Granite Master Issuer PLC 

1,151 GSR Mortgage Loan Trust 




184,911 Harborview Mortgage Loan Trust 

53,853 Impac CMB Trust 


Coupon 

Rate % 

2.38 

2.26 

4.50 

6.00 

6.00 

6.00 

6.00 

6.00 

5.50 

5.50 

5.50 

4.50 

4.50 

4.50 

3.11 

6.00 

0.80 

5.50 

5.00 

5.50 

4.00 

2.41 

4.53 

2.28 

2.88 

0.75 

0.35 

6.00 

2.86 

2.82 

3.31 

3.07 

1.35 

Maturity 

Date 

18/10/2054 

18/10/2054 

15/01/2041 

01/06/2017 

01/03/2026 

01/12/2027 

01/02/2028 

01/03/2028 

15/01/2034 

01/06/2035 

01/07/2038 

01/07/2039 

01/04/2040 

01/10/2041 

01/06/2035 

15/04/2036 

15/12/2031 

15/12/2032 

15/09/2034 

15/03/2035 

20/10/2016 

20/04/2018 

25/06/2034 

24/04/2047 

24/04/2047 

16/03/2032 

20/12/2054 

25/03/2032 

25/09/2035 

25/09/2035 

25/04/2036 

19/07/2035 

25/07/2033 


3,511,903 0.76% 

4,954,974 1.08% 

3,176,719 0.69% 

3,104 0.00% 

36,514 0.01% 

1,032,409 0.22% 

328,643 0.07% 

432,562 0.09% 

1,083,906 0.23% 

156,671 0.03% 

173,191 0.04% 

1,062,531 0.23% 

772,996 0.17% 

289,430 0.06% 

511,282 0.11% 

322,547 0.07% 

15,616 0.00% 

1,321,090 0.28% 

1,482,464 0.33% 

466,946 0.10% 

32,975 0.01% 

1,614,149 0.35% 

48,857 0.01% 

432,475 0.09% 

1,183,485 0.25% 

18,663 0.00% 

2,504,238 0.54% 

1,166 0.00% 

74,833 0.02% 

360,514 0.08% 

390,961 0.08% 

120,790 0.03% 

49,171 0.01% 

2,100,000 Securities Corp 


5.44 12/06/2047 2,264,958 0.49% 

1,500,000 Securities Corp 

20,072 JP Morgan Mortgage Trust 

73,206 JP Morgan Mortgage Trust 

1,100,792 Louisiana Public Facilities Authority 

Merrill Lynch/Countrywide Commercial 

5.42 

5.04 

5.75 

0.92 

15/01/2049 

25/02/2035 

25/01/2036 

26/04/2021 

1,631,766 

19,621 

67,746 

1,092,695 

0.35% 

0.00% 

0.01% 

0.23% 

1,500,000 Mortgage Trust 


5.38 12/08/2048 1,561,572 0.34% 



5.96 12/08/2049 1,857,609 0.40% 


Metropolitan Government of Nashville & 

5.49 12/03/2051 2,222,938 0.48% 

2,600,000 Davidson County TN 

700,000 Morgan Stanley Capital I 


520,199 Morgan Stanley Mortgage Loan Trust 

4,000,000 New Jersey Economic Development Authority 

700,000 New York State Dormitory Authority 

439,552 Nomura Asset Acceptance Corp 


6.57 

5.33 

5.73 

5.50 

0.00 

5.05 

7.50 

4.98 

01/07/2037 

15/12/2043 

12/07/2044 

25/08/2035 

15/02/2017 

15/09/2027 

25/03/2034 

25/05/2035 

3,339,479 

788,558 

445,364 

514,406 

3,322,360 

766,494 

470,778 

272,314 

0.72% 

0.17% 

0.10% 

0.11% 

0.72% 

0.16% 

0.10% 

0.06% 

114







2,600,000 Orange County Local Transportation Authority 

1,000,000 Pasadena Public Financing Authority 

598,085 Residential Asset Securitization Trust 

400,000 Residential Funding Mortgage Securities I 

110,574 SC Germany Auto 

780,481 SC Germany Auto 

31,083 SLM Student Loan Trust 

Small Business Administration Participation 

Coupon 

Rate % 

5.82 

6.91 

7.15 

5.50 

5.50 

1.80 

2.12 

0.49 

Maturity 

Date 

25/03/2047 

15/02/2041 

01/03/2043 

25/08/2034 

25/12/2034 

12/08/2019 

13/11/2021 

27/04/2015 


436,462 0.09% 

3,496,581 0.75% 

1,334,518 0.29% 

451,402 0.10% 

380,780 0.08% 

143,749 0.03% 

1,012,444 0.22% 

31,106 0.01% 

771,562 Certificates 


5.18 01/05/2024 855,751 0.18% 



5.17 01/08/2024 529,067 0.11% 



4.88 01/11/2024 545,372 0.12% 



5.11 01/08/2025 737,384 0.16% 



6.07 01/07/2026 954,496 0.21% 


400,000 State of California 

312,528 Storm BV 

235,572 Structured Adjustable Rate Mortgage Loan Trust 

38,601 Structured Adjustable Rate Mortgage Loan Trust 

28,103 Structured Asset Mortgage Investments Inc 

321,451 Structured Asset Mortgage Investments Inc 

426,630 Structured Asset Securities Corp 

100,000 Texas Transportation Commission 

929,598 Thornburg Mortgage Securities Trust 

1,869,269 Titan Europe PLC/Ireland 

600,000 University of California 

285,243 Volkswagen Car Lease 

500,000 Wachovia Bank Commercial Mortgage Trust 

3,500,000 Wachovia Bank Commercial Mortgage Trust 

411,413 WaMu Mortgage Pass Through Certificates 






Washington State Convention Center Public 

5.78 

7.60 

1.53 

2.66 

2.71 

1.19 

0.54 

3.38 

5.18 

0.47 

1.26 

6.55 

1.77 

5.42 

5.57 

0.61 

3.36 

1.42 

1.15 

3.27 

3.36 

01/08/2027 

01/11/2040 

22/03/2052 

25/07/2034 

25/08/2035 

19/10/2033 

25/06/2036 

25/08/2031 

01/04/2030 

25/10/2046 

23/10/2016 

15/05/2048 

21/02/2017 

15/01/2045 

15/10/2048 

25/11/2045 

25/07/2046 

25/08/2046 

25/01/2047 

25/02/2033 

25/02/2033 

373,978 

498,622 

400,459 

204,581 

27,757 

20,127 

188,031 

415,160 

117,415 

844,221 

2,499,161 

718,401 

369,702 

551,139 

3,819,197 

296,123 

439,896 

360,832 

402,432 

2,105 

2,830 

0.08% 

0.11% 

0.09% 

0.04% 

0.01% 

0.00% 

0.04% 

0.09% 

0.03% 

0.18% 

0.54% 

0.15% 

0.08% 

0.12% 

0.81% 

0.06% 

0.09% 

0.08% 

0.09% 

0.00% 

0.00% 

1,000,000 Facilities District 

144,502 Wells Fargo Mortgage Backed Securities Trust 



6.79 

4.68 

4.89 

3.01 

01/07/2040 

25/12/2033 

25/01/2035 

25/04/2036 

1,255,231 

146,952 

43,992 

214,319 

0.27% 

0.03% 

0.01% 

0.05% 


293,456,204 63.16% 

100,000 Abbey National Treasury Services PLC/London 

3,900,000 Abbey National Treasury Services PLC/London 

100,000 AES Corp/The 

300,000 Ally Financial Inc 



2.49 

1.89 

7.38 

6.88 

7.50 

4.50 

04/10/2012 

10/06/2013 

01/07/2021 

28/08/2012 

31/12/2013 

11/02/2014 

128,951 

3,770,914 

111,995 

313,245 

427,000 

491,813 

0.03% 

0.82% 

0.02% 

0.07% 

0.09% 

0.11% 

115










700,000 America Movil SAB de CV 

1,000,000 American Express Centurion Bank 

1,100,000 American Express Centurion Bank 

4,800,000 American International Group Inc 


400,000 American International Group Inc 


1,000,000 ANZ National International Ltd/New Zealand 

800,000 AT&T Inc 

100,000 Banco Santander Brasil SA/Brazil 

700,000 Banco Santander Brazil SA/Cayman Islands 

700,000 Banco Santander Chile 

100,000 Bank of America Corp 

1,000,000 Bank of America NA 

1,600,000 Bank of America NA 

100,000 Bank of China Hong Kong Ltd 

1,100,000 Bank of India/London 

200,000 Bank of Montreal 

300,000 Bank of Nova Scotia 

150,000 Bank of Scotland PLC 

700,000 Banque PSA Finance SA 

1,000,000 Barclays Bank PLC 


960,000 Barclays Bank PLC 


1,200,000 BNP Paribas SA 

100,000 BPCE SA 

400,000 Burlington Northern Santa Fe LLC 

300,000 CITIC Resources Finance 2007 Ltd 

900,000 Citigroup Capital XXI 

200,000 Citigroup Inc 



1,500,000 Citigroup Inc 


2,200,000 Commonwealth Bank of Australia 

Cooperatieve Centrale Raiffeisen- 

Coupon 

Rate % 

3.96 

6.75 

8.30 

7.50 

3.75 

5.55 

6.00 

4.95 

6.80 

5.85 

8.18 

6.20 

5.50 

4.50 

2.66 

1.55 

0.77 

5.30 

6.10 

5.55 

4.75 

2.85 

1.65 

7.28 

2.48 

5.45 

5.00 

10.18 

6.63 

1.48 

2.38 

5.65 

6.75 

8.30 

6.40 

0.90 

2.29 

5.50 

4.75 

0.71 

Maturity 

Date 

20/06/2014 

01/12/2014 

12/02/2015 

15/09/2020 

28/06/2017 

17/10/2012 

13/09/2017 

20/03/2012 

15/11/2017 

16/01/2018 

15/05/2058 

19/07/2013 

01/02/2018 

06/04/2015 

18/03/2014 

20/04/2012 

15/08/2016 

15/03/2017 

15/06/2017 

11/02/2020 

30/09/2015 

09/06/2015 

29/10/2015 

31/05/2026 

04/04/2014 

12/09/2012 

22/09/2016 

12/06/2021 

30/03/2022 

10/01/2014 

04/10/2013 

01/05/2017 

15/05/2014 

21/12/2057 

27/03/2013 

28/06/2013 

13/08/2013 

15/10/2014 

19/05/2015 

12/07/2013 


372,864 0.08% 

709,793 0.15% 

326,795 0.07% 

308,438 0.07% 

962,670 0.22% 

1,037,929 0.22% 

1,262,841 0.27% 

4,824,001 1.03% 

1,697,243 0.37% 

403,540 0.09% 

1,520,078 0.33% 

1,091,233 0.23% 

948,691 0.20% 

98,550 0.02% 

669,694 0.14% 

702,545 0.15% 

77,751 0.02% 

931,923 0.20% 

1,525,122 0.33% 

105,724 0.02% 

1,086,503 0.23% 

208,621 0.04% 

300,441 0.06% 

155,548 0.03% 

652,421 0.14% 

1,039,635 0.22% 

1,579,622 0.34% 

1,024,540 0.22% 

934,092 0.20% 

1,116,335 0.24% 

97,452 0.02% 

465,586 0.10% 

311,531 0.07% 

910,318 0.20% 

278,711 0.06% 

373,529 0.08% 

395,416 0.09% 

1,570,670 0.34% 

2,039,899 0.44% 

2,203,893 0.47% 

1,700,000 Boerenleenbank BA/Netherlands 

300,000 Corp Nacional del Cobre de Chile 

Credit Agricole Corporate and Investment 

11.00 

7.50 

30/06/2019 

15/01/2019 

2,003,391 

392,592 

0.43% 

0.08% 

2,300,000 Bank/New York 

200,000 Credit Agricole SA 

300,000 Credit Suisse/New York NY 

2,600,000 CSN Islands XI Corp 

91,343 CVS Pass-Through Trust 

2,700,000 Daimler International Finance BV 

500,000 Danske Bank A/S 

1,300,000 Dexia Credit Local SA 

100,000 DISH DBS Corp 

1,100,000 Dow Chemical Co/The 

100,000 Dow Chemical Co/The 

1.13 

6.64 

2.20 

6.88 

6.94 

1.27 

5.68 

0.81 

7.00 

4.85 

6.00 

13/04/2012 

31/05/2017 

14/01/2014 

21/09/2019 

10/01/2030 

27/01/2012 

15/02/2008 

29/04/2014 

01/10/2013 

15/08/2012 

01/10/2012 

2,304,097 

117,009 

301,134 

2,811,656 

102,152 

2,706,600 

600,632 

1,181,984 

108,644 

1,144,905 

104,951 

0.51% 

0.03% 

0.06% 

0.62% 

0.02% 

0.59% 

0.13% 

0.25% 

0.02% 

0.25% 

0.02% 

116






800,000 Ecopetrol SA 

700,000 Entergy Corp 

5,000,000 Export-Import Bank Of India/London 

1,200,000 FCE Bank PLC 

3,900,000 FIH Erhvervsbank A/S 

200,000 Ford Motor Credit Co LLC 

1,000,000 Ford Motor Credit Co LLC 

300,000 Ford Motor Credit Co LLC 

600,000 Gazprom Via Gaz Capital SA 

1,900,000 Gazprom Via White Nights Finance BV 

300,000 General Electric Capital Corp 


1,100,000 General Electric Co 

100,000 Gerdau Trade Inc 

100,000 Goldman Sachs Group Inc/The 

100,000 Goldman Sachs Group Inc/The 

1,000,000 Goldman Sachs Group Inc/The 

500,000 HSBC Bank USA NA/New York NY 

1,100,000 HSBC Holdings PLC 

880,000 HSBC Holdings PLC 

200,000 Hyundai Motor Manufacturing Czech sro 

1,100,000 ICICI Bank Ltd/Dubai 

2,700,000 ING Bank NV 

300,000 International Lease Finance Corp 



2,300,000 Intesa Sanpaolo SpA/New York NY 

1,700,000 IPIC GMTN Ltd 

4,300,000 JPMorgan Chase & Co 

300,000 JPMorgan Chase & Co 

800,000 JPMorgan Chase Bank NA 


1,100,000 JPMorgan Chase Capital XXI 

700,000 Kinder Morgan Energy Partners LP 

500,000 Kinder Morgan Energy Partners LP 

500,000 Korea Midland Power Co Ltd 

800,000 Kraft Foods Inc 

100,000 LBG Capital No.1 PLC 

1,200,000 LBG Capital No.1 PLC 






400,000 LeasePlan Corp NV 

200,000 Lloyds TSB Bank PLC 

1,400,000 Lloyds TSB Bank PLC 

7,800,000 Macquarie Bank Ltd 

1,000,000 Macy's Retail Holdings Inc 

1,600,000 Masco Corp 

1,600,000 Merrill Lynch & Co Inc 

5,200,000 Morgan Stanley 

400,000 National Australia Bank Ltd 

300,000 National Bank of Canada 

600,000 Nextel Communications Inc 

Coupon 

Rate % 

7.63 

3.63 

2.73 

7.25 

0.91 

8.70 

7.00 

5.88 

7.29 

10.50 

5.50 

5.50 

5.25 

5.75 

0.96 

5.63 

5.25 

5.63 

6.50 

6.50 

4.50 

4.75 

1.09 

5.35 

5.75 

6.75 

2.38 

4.88 

1.30 

6.00 

0.87 

6.00 

1.29 

5.95 

6.95 

5.38 

6.13 

7.38 

7.59 

6.44 

8.00 

7.63 

8.50 

9.33 

3.13 

6.35 

4.00 

3.30 

7.45 

6.13 

5.57 

2.95 

5.35 

2.20 

7.38 

Maturity 

Date 

23/07/2019 

15/09/2015 

30/03/2016 

15/07/2013 

13/06/2013 

01/10/2014 

15/04/2015 

02/08/2021 

16/08/2037 

08/03/2014 

15/09/2066 

15/09/2067 

06/12/2017 

30/01/2021 

04/02/2013 

15/01/2017 

27/07/2021 

15/08/2035 

02/05/2036 

15/09/2037 

15/04/2015 

25/11/2016 

30/03/2012 

01/03/2012 

15/05/2016 

01/09/2016 

21/12/2012 

14/05/2016 

02/05/2014 

15/01/2018 

13/06/2016 

01/10/2017 

02/02/2037 

15/02/2018 

15/01/2038 

11/02/2013 

01/02/2018 

12/03/2020 

12/05/2020 

23/05/2020 

15/06/2020 

14/10/2020 

17/12/2021 

07/02/2020 

10/02/2012 

25/02/2013 

29/09/2020 

17/07/2014 

15/07/2017 

03/10/2016 

04/10/2012 

14/05/2013 

12/06/2013 

19/10/2016 

01/08/2015 


994,119 0.21% 

720,011 0.15% 

4,677,000 1.01% 

1,656,624 0.35% 

3,899,620 0.84% 

228,808 0.05% 

1,094,468 0.24% 

319,422 0.07% 

636,734 0.14% 

2,150,517 0.47% 

408,652 0.09% 

208,555 0.04% 

1,266,711 0.27% 

101,271 0.02% 

124,847 0.03% 

102,778 0.02% 

998,013 0.21% 

475,854 0.10% 

1,124,972 0.24% 

903,424 0.19% 

207,024 0.04% 

1,045,251 0.22% 

2,693,671 0.59% 

305,680 0.07% 

94,020 0.02% 

105,231 0.02% 

2,140,892 0.46% 

2,356,828 0.51% 

4,178,150 0.90% 

344,270 0.07% 

717,023 0.15% 

875,787 0.19% 

788,990 0.17% 

817,766 0.17% 

584,992 0.13% 

525,352 0.12% 

959,041 0.21% 

100,644 0.02% 

1,384,992 0.30% 

1,320,489 0.28% 

1,628,733 0.35% 

281,025 0.06% 

488,649 0.11% 

137,493 0.03% 

533,113 0.11% 

173,852 0.04% 

1,830,248 0.40% 

8,337,666 1.79% 

1,201,162 0.26% 

1,645,747 0.35% 

1,624,334 0.35% 

5,014,328 1.08% 

418,868 0.09% 

303,943 0.07% 

570,642 0.12% 

117






4,200,000 Nile Finance Ltd 

500,000 Nisource Finance Corp 

600,000 Noble Group Ltd 

100,000 Nordea Bank AB 

200,000 Northern States Power Co/MN 

Northwest Airlines 2000-1 Class G Pass Through 

Coupon 

Rate % 

5.25 

6.13 

6.75 

2.13 

8.00 

Maturity 

Date 

05/08/2015 

01/03/2022 

29/01/2020 

14/01/2014 

28/08/2012 


4,033,621 0.88% 

587,046 0.13% 

535,439 0.12% 

99,038 0.02% 

214,788 0.05% 

1,010,196 Trust 

200,000 Novatek Finance Ltd 

2,000,000 OMX Timber Finance Investments I LLC 

100,000 Pacific LifeCorp 

700,000 Petroleos Mexicanos 

700,000 Progressive Corp/The 

1,200,000 Qatari Diar Finance QSC 

1,300,000 QNB FINANCE LTD 

800,000 Reliance Holdings USA Inc 

1,500,000 Reliance Holdings USA Inc 

500,000 Resona Bank Ltd 

500,000 Reynolds American Inc 

600,000 Royal Bank of Scotland Group PLC 

400,000 Royal Bank of Scotland Group PLC 

600,000 Royal Bank of Scotland PLC/The 

1,300,000 Rural Electrification Corp Ltd 

1,000,000 RZD Capital Ltd 

2,800,000 RZD Capital Ltd 

400,000 Santander Finance Preferred SAU 

2,600,000 Santander US Debt SAU 

600,000 Sberbank of Russia Via SB Capital SA 

400,000 SLM Corp 

2,500,000 Springleaf Finance Corp 

1,200,000 State Bank of India/London 

100,000 Sydney Airport Finance Co Pty Ltd 

300,000 Target Corp 

300,000 Temasek Financial I Ltd 

2,000,000 Tokyo Electric Power Co Inc/The 

3,000,000 Tokyo Electric Power Co Inc/The 

200,000 Total Capital SA 

100,000 Transocean Inc 

76,786 UAL 2009-1 Pass Through Trust 

300,000 UBS AG/Stamford CT 

3,100,000 UBS Preferred Funding Trust V 

100,000 Vale Overseas Ltd 

200,000 Verizon Communications Inc 

3,100,000 Wachovia Bank NA 

1,000,000 WEA Finance LLC 

400,000 Wells Fargo & Co 

7.15 

5.33 

5.42 

6.00 

6.50 

6.70 

5.00 

3.13 

4.50 

4.50 

5.85 

6.75 

6.99 

7.64 

3.95 

4.25 

5.74 

7.49 

11.30 

1.08 

5.50 

5.38 

4.88 

2.56 

5.13 

6.00 

4.30 

1.50 

1.85 

4.45 

4.95 

10.40 

1.58 

6.24 

6.88 

5.55 

0.87 

7.13 

5.63 

01/10/2019 

03/02/2016 

29/01/2020 

10/02/2020 

02/06/2041 

15/06/2037 

21/07/2020 

16/11/2015 

19/10/2020 

19/10/2020 

15/04/2008 

15/06/2017 

31/03/2008 

29/09/2017 

21/09/2015 

25/01/2016 

03/04/2017 

25/03/2031 

27/07/2014 

30/03/2012 

07/07/2015 

15/05/2014 

15/07/2012 

21/01/2016 

22/02/2021 

15/01/2018 

25/10/2019 

30/05/2014 

28/07/2014 

24/06/2020 

15/11/2015 

01/11/2016 

23/02/2012 

29/05/2049 

21/11/2036 

15/02/2016 

15/03/2016 

15/04/2018 

11/12/2017 

1,025,528 

206,850 

2,101,467 

112,209 

792,635 

709,753 

1,309,330 

1,303,873 

732,372 

1,379,618 

502,777 

574,346 

378,000 

216,000 

570,679 

1,278,782 

1,018,949 

4,342,251 

571,807 

2,597,371 

626,856 

403,428 

2,505,859 

1,073,166 

104,650 

374,994 

331,275 

21,746 

32,737 

223,140 

103,441 

86,231 

300,881 

2,649,551 

114,479 

234,255 

2,727,148 

1,128,514 

455,168 

0.22% 

0.04% 

0.45% 

0.02% 

0.17% 

0.15% 

0.28% 

0.28% 

0.16% 

0.29% 

0.11% 

0.12% 

0.08% 

0.05% 

0.12% 

0.28% 

0.22% 

0.94% 

0.12% 

0.56% 

0.13% 

0.09% 

0.54% 

0.23% 

0.02% 

0.08% 

0.07% 

0.00% 

0.01% 

0.05% 

0.02% 

0.02% 

0.06% 

0.57% 

0.02% 

0.05% 

0.59% 

0.24% 

0.10% 


Banco Nacional de Desenvolvimento Economico 

163,966,197 35.29% 

1,000,000 e Social 

250,000 Brazilian Government International Bond 

4,400,000 Brazilian Government International Bond 

Buckeye Tobacco Settlement Financing 

6.37 

12.50 

10.25 

16/06/2018 

05/01/2022 

10/01/2028 

1,132,517 

180,373 

2,791,567 

0.24% 

0.04% 

0.60% 

500,000 Authority 

Buckeye Tobacco Settlement Financing 

5.75 01/06/2034 361,301 0.08% 

100,000 Authority 5.88 01/06/2047 72,375 0.02% 

118






300,000 Canada Housing Trust No 1 



1,100,000 Canadian Government Bond 

300,000 Canadian Government Bond 


800,000 Clark County School District 

2,000,000 Colombia Government International Bond 

200,000 County of Clark NV Airport System Revenue 

200,000 Export-Import Bank of Korea 

1,000,000 Federal Home Loan Mortgage Corp 

2,000,000 Instituto de Credito Oficial 

20,000,000 Japan Treasury Discount Bill 

1,100,000 Korea Development Bank/The 

400,000 Los Angeles Unified School District/CA 

1,200,000 Metropolitan Transportation Authority 

29,000,000 Mexican Bonos 

200,000 Mexico Government International Bond 

200,000 Mexico Government International Bond 

New York City Transitional Finance Authority 

Coupon 

Rate % 

3.75 

3.35 

3.80 

2.75 

3.75 

3.25 

5.00 

7.38 

6.82 

5.13 

4.88 

5.13 

0.00 

4.38 

6.76 

7.34 

10.00 

4.25 

6.05 

Maturity 

Date 

15/03/2020 

15/12/2020 

15/06/2021 

01/09/2016 

01/06/2019 

01/06/2021 

15/06/2019 

27/01/2017 

01/07/2045 

29/06/2020 

13/06/2018 

25/01/2016 

29/03/2012 

10/08/2015 

01/07/2034 

15/11/2039 

05/12/2024 

14/07/2017 

11/01/2040 


330,487 0.07% 

212,135 0.05% 

219,491 0.05% 

1,160,053 0.25% 

337,293 0.07% 

218,449 0.05% 

923,147 0.20% 

2,508,188 0.54% 

258,128 0.06% 

210,231 0.05% 

1,205,417 0.26% 

2,772,333 0.60% 

255,095 0.05% 

1,156,336 0.24% 

509,665 0.11% 

1,690,691 0.35% 

2,683,486 0.58% 

267,559 0.06% 

251,940 0.05% 

300,000 Building Aid Revenue 

100,000 Province of British Columbia Canada 

200,000 Province of Ontario Canada 



1,000,000 Province of Ontario Canada 


700,000 Province of Quebec Canada 



300,000 Public Power Generation Agency 

100,000 Russian Foreign Bond - Eurobond 

400,000 Societe Financement de l'Economie Francaise 

1,000,000 Societe Financement de l'Economie Francaise 

200,000 Societe Financement de l'Economie Francaise 




400,000 State of Illinois 

185,000 Tobacco Settlement Finance Authority 

100,000 United Kingdom Gilt 

1,190,000 United States Treasury Bill 

140,000 United States Treasury Bill 



5,000,000 United States Treasury Inflation Indexed Bonds 






500,000 United States Treasury Inflation Indexed Bonds 

400,000 United States Treasury Note/Bond 

4,000,000 United States Treasury Note/Bond 


5.00 

4.30 

4.30 

4.20 

4.00 

6.50 

4.60 

4.50 

4.50 

3.50 

7.24 

3.63 

2.13 

0.50 

3.38 

7.50 

7.55 

5.65 

4.07 

7.47 

4.25 

0.00 

0.00 

0.00 

0.00 

0.63 

2.71 

2.14 

2.38 

1.81 

2.50 

2.13 

0.25 

0.88 

1.50 

15/01/2025 

18/06/2042 

08/03/2017 

02/06/2020 

02/06/2021 

08/03/2029 

02/06/2039 

01/12/2017 

01/12/2018 

01/12/2022 

01/01/2041 

29/04/2015 

20/05/2012 

16/07/2012 

05/05/2014 

01/04/2034 

01/04/2039 

01/04/2039 

01/01/2014 

01/06/2047 

07/12/2040 

15/03/2012 

10/05/2012 

17/05/2012 

13/12/2012 

15/07/2021 

15/01/2025 

15/01/2026 

15/01/2027 

15/01/2028 

15/01/2029 

15/02/2040 

15/12/2014 

31/12/2016 

31/08/2018 

338,873 

115,681 

222,250 

219,569 

432,149 

1,413,370 

237,582 

781,080 

448,244 

102,377 

354,216 

101,583 

526,117 

1,003,560 

206,486 

121,800 

124,082 

106,303 

419,365 

134,968 

190,834 

1,189,982 

139,985 

269,968 

99,895 

5,398,929 

2,938,155 

6,098,723 

7,048,927 

2,366,117 

7,982,521 

711,753 

398,400 

3,999,820 

37,266,166 

0.07% 

0.02% 

0.05% 

0.05% 

0.09% 

0.30% 

0.05% 

0.17% 

0.10% 

0.02% 

0.08% 

0.02% 

0.11% 

0.22% 

0.04% 

0.03% 

0.03% 

0.02% 

0.09% 

0.03% 

0.04% 

0.26% 

0.03% 

0.06% 

0.02% 

1.16% 

0.63% 

1.31% 

1.52% 

0.51% 

1.72% 

0.15% 

0.09% 

0.86% 

8.02% 

119















3,800,000 University of California 

200,000 University of Pittsburgh/PA 

Coupon 

Rate % 

1.38 

1.38 

3.38 

3.63 

3.50 

2.63 

2.63 

3.63 

2.00 

6.58 

5.00 

Maturity 

Date 

30/11/2018 

31/12/2018 

15/11/2019 

15/02/2020 

15/05/2020 

15/08/2020 

15/11/2020 

15/02/2021 

15/11/2021 

15/05/2049 

15/09/2028 


6,114,042 1.32% 

13,694,060 2.95% 

342,639 0.07% 

1,405,609 0.30% 

1,613,854 0.35% 

3,260,183 0.70% 

4,205,122 0.91% 

15,824,699 3.41% 

101,161 0.02% 

4,590,660 0.98% 

229,875 0.05% 

156,599,991 33.70% 

Futures^ - 0.18% (2010 - 0.02%) 



138 90 Day Euro $ Future* 16/09/2013 126,794 0.03% 




Options** - 0.01% (2010 - 0.00%) 

843,197 0.18% 

320 Put 90 Day Euro$ Fut 17/09/2012 92.5* 17/09/2012 2,000 0.00% 

950 Put 90 Day Euro$ Fut 17/09/2012 93* 17/09/2012 5,938 0.00% 

7,938 0.00% 

Swaps*** - 0.48% (2010 - 0.48%) 

500,000 Gecc Snr Unsec Ns Sp Cbk* 20/12/2013 19,511 0.00% 

200,000 Gecc Snr Unsec Ns Sp Dub* 20/12/2013 11,278 0.00% 

1,200,000 Cdx Em14 Sp 20/12/2015 93,144 0.02% 

600,000 Cdx Em14 Sp Myc* 20/12/2015 46,572 0.01% 

1,000,000 Cdx Em14 Sp Hus* 20/12/2015 77,620 0.02% 

800,000 Cdx Em14 Sp Dub* 20/12/2015 62,096 0.01% 

300,000 Cdx Em14 Sp Cbk* 20/12/2015 23,286 0.01% 

1,900,000 United Kingdom Gilt Sw Sp Gst* 20/06/2015 18,254 0.00% 

2,400,000 Cdx Em13 Sp Brc* 20/06/2015 170,535 0.04% 

3,754,569 Cdx Hy9 5y 35-100% Sy Gst* 20/12/2012 68,119 0.01% 

58,800,000 Cdx Ig17 5y Cme* 20/12/2016 552,971 0.12% 

4,900,000 Brazil Em Sp Brc* 20/12/2012 9,670 0.00% 

100,000 Cdx Em14 Sp Uag* 20/12/2015 7,762 0.00% 

200,000 Gecc Snr Ns Sp Brc* 20/12/2013 9,348 0.00% 



600,000 CdxEm15 Sp Brc* 20/06/2016 49,828 0.01% 

200,000 CdxEm15 Sp Dub* 20/06/2016 16,609 0.00% 

400,000 United Kingdom Gilt Sw Sp Gst* 20/12/2015 3,065 0.00% 

200,000 United Kingdom Gilt Sw Sp Myc* 20/06/2016 1,042 0.00% 

3,300,000 Cdx Em13 Sp Hus* 20/06/2015 234,486 0.05% 

1,000,000 United Kingdom Gilt Sw Sp Gst* 20/12/2015 7,662 0.00% 

1,600,000 Masco Corp Negb Ns Bp Fbf* 20/12/2016 210,599 0.05% 





300,000 Irs Brl Zcs R 11.89/Cdi Myc* 02/01/2014 4,878 0.00% 

120




Maturity 


Swaps*** - 0.48% (2010 - 0.48%) (continued) 


600,000 Irs Brl Zcs R 11.53/Cdi Hus* 02/01/2014 6,047 0.00% 

200,000 Irs Brl Zcs R 10.58/Cdi Myc* 02/01/2014 199 0.00% 

300,000 Irs Brl Zcs R 10.455/Cdi Myc* 02/01/2013 218 0.00% 

400,000 Irs Eur 6Me/3.5 Cme* 21/09/2021 52,402 0.01% 

1,000,000 Irs Eur R 6Me/3.0 Brc* 21/09/2021 74,322 0.02% 

800,000 Irs Brl Zcs R 13.845/Cdi Uag* 02/01/2012 39,390 0.01% 


300,000 Irs Brl Zcs R 11.95/Cdi Ryl* 02/01/2013 3,780 0.00% 

900,000 Irs Brl Zcs R 10.53/CdiI Hus* 02/01/2014 443 0.00% 

900,000 Irs Gbp R 6ML/3.0 Hus* 21/03/2022 87,017 0.02% 

3,800,000 Irs Eus 6Me/2.5 Cme* 21/03/2022 30,298 0.01% 

1,100,000 Irs Eur 6Me/2.75 Cme* 21/03/2022 41,466 0.01% 

300,000 Irs Gbp R 6ML/3.0 Brc* 21/03/2022 29,006 0.01% 

600,000 Irs Brl Zcs R 10.77/Cdi Uag* 02/01/2014 1,685 0.00% 

700,000 Irs Eur R 6Me/2.5 Brc* 21/03/2022 7,736 0.00% 

700,000 Irs Eur R 6Me/3.5 Brc* 21/09/2021 92,012 0.02% 


700,000 Irs Brl Zcs R 11.98/Cdi Myc* 02/01/2013 12,410 0.00% 

400,000 Irs Brl Zcs R 11.99/Cdi Brc* 02/01/2014 8,149 0.00% 

2,400,000 Irs Brl Zcs R 12.48/Cdi Fbf* 02/01/2013 48,027 0.01% 

700,000 Irs Brl Zcs R 12.20/Cdi Jpm* 02/01/2014 16,988 0.00% 

400,000 Irs Brl Zcs R 11.955/Cdi Rbc* 02/01/2013 5,109 0.00% 

6,600,000 Ois Usd R Fedl01/0.50 Myc* 19/09/2013 21,309 0.00% 

2,500,000 Ois Usd R Fedl01/1.00 Bps* 19/09/2014 34,637 0.01% 

1,300,000 Ois Usd R Fedl01/0.50 Glm* 19/09/2014 4,895 0.00% 

2,429,968 0.48% 

Swaptions**** - 0.01% (2010 - 0.00%) 

7,100,000 Iro Usd 1y C 1.2500 04/30/12 Ryl* 30/04/2012 36,275 0.01% 

36,275 0.01% 


527,293,400) 617,339,770 132.82% 

121





Asset Backed Securities - (5.16)% (2010 - (0.47)%) 

(18,800,000) Fannie Mae Pool 

(4,000,000) Fannie Mae Pool 

Coupon 

Rate % 

4.00 

4.00 

Maturity 

Date 

25/08/2040 

15/01/2026 


(19,725,313) (4.25)% 

(4,218,125) (0.91)% 

(23,943,438) (5.16)% 

Futures^ - (0.00)% (2010 - (0.11)%) 

372 90 Day Euro $ Future* 18/03/2013 (10,803) 0.00% 

Options** - (0.00)% (2010 - (0.02%) 

(10,803) 0.00% 

(52) PUT 90 Day Euro $ Future* 19/03/2012 (4,875) 0.00% 

Swaps*** - (0.70)% (2010 - (0.46)%) 

(4,875) 0.00% 

American International Gro Snr S Sp Uag 20/12/2020 (22,808) 0.00% 

900,000 Brazil Em Sp Cbk* 20/06/2016 (18,416) 0.00% 

700,000 Japan Gov't Jp Sp Dub* 20/03/2015 (1,738) 0.00% 

1,200,000 Ally Financial Inc (aka: G Snr S Sp Dub* 20/12/2016 (57,626) (0.01)% 

1,000,000 Brazil Em Sp Cbk* 20/09/2015 (12,742) 0.00% 

2,100,000 Mexico Em Sp Boa* 20/03/2021 (130,291) (0.03)% 

2,400,000 Italy Republic Sw Sp Ryl* 20/03/2016 (327,911) (0.07)% 

1,900,000 France Gov't Sw Sp Ryl* 20/03/2016 (133,151) (0.03)% 

2,000,000 France Gov't Sw Sp Fbf* 20/03/2016 (140,159) (0.03)% 

2,400,000 Italy Republic Sw Sp Brc* 20/03/2016 (327,911) (0.07)% 

3,800,000 China As Sp Brc* 20/06/2016 (53,493) (0.01)% 

300,000 Gecc Snr SSp Boa* 20/12/2015 (15,311) 0.00% 

400,000 Gecc Snr SSp Boa* 20/12/2015 (20,415) 0.00% 

1,000,000 Macys Inc Negb Snr Ns Bp Jpm* 20/09/2017 (75,667) (0.02)% 

3,100,000 American International Gro Snr SSp Gst* 20/12/2020 (707,055) (0.15)% 

1,000,000 Alcoa Inc Snr S* Sp Gst* 20/03/2018 (147,685) (0.03)% 

300,000 Franace Gov't Sw Sp Hus* 20/09/2016 (24,454) (0.01)% 

100,000 Spain Gov't Sw Sp Boa* 20/03/2016 (10,194) 0.00% 

100,000 Japan Gov't Jp Sp Boa* 20/03/2016 (1,065) 0.00% 

200,000 Japan Gov't Jp Sp Boa* 20/03/2016 (2,129) 0.00% 

1,400,000 Metlife Inc Snr S* Sp Boa* 20/03/2016 (116,124) (0.02)% 

500,000 Brazil Em Sp Brc* 20/06/2015 (5,240) 0.00% 

500,000 Brazil Em Sp Gst* 20/06/2015 (5,240) 0.00% 

2,800,000 Italy Republic Sw Sp Ryl* 20/03/2016 (382,563) (0.08)% 

500,000 Brazil Em Sp Uag* 20/09/2015 (6,371) 0.00% 

1,000,000 United States Gov't Sw Sp Bps* 20/03/2016 (10,935) 0.00% 

300,000 Mexico Em Sp Boa* 20/09/2015 (3,096) 0.00% 

2,100,000 France Gov't Sw Sp Gst* 20/12/2016 (182,734) (0.04)% 

300,000 Brazil Em Sp Hus* 20/06/2015 (3,144) 0.00% 

1,000,000 Brazil Em Sp Dub* 20/06/2015 (10,480) 0.00% 

700,000 Brazil Em Sp Hus* 20/09/2015 (8,919) 0.00% 

1,500,000 Mexico Em Sp Hus* 20/03/2016 (22,408) 0.00% 

100,000 France Gov't Sw Sp Hus* 20/09/2016 (8,151) 0.00% 

3,600,000 France Gov't Sw Sp Uag* 20/12/2015 (233,933) (0.05)% 

700,000 France Gov't Sw Sp Ryl* 20/12/2015 (45,487) (0.01)% 

400,000 Mexico Em Sp Brc* 20/03/2015 (2,220) 0.00% 

400,000 Mexico Em Sp Cbk* 20/03/2015 (2,220) 0.00% 

200,000 Mexico Em Sp Dub* 20/03/2015 (1,110) 0.00% 

400,000 Italy Republic Sw Sp Cbk* 20/03/2016 (54,652) (0.01)% 

300,000 China As Sp Myc* 20/09/2016 (5,240) 0.00% 

400,000 China As Sp Dub* 20/09/2016 (6,987) 0.00% 

300,000 China As Sp Uag* 20/09/2016 (5,240) 0.00% 

700,000 Mexico Em Sp Cbk* 20/09/2015 (7,225) 0.00% 

122




Maturity 


Swaps** - (0.70)% (2010 - (0.46)%) (continued) 


13,000,000 Irs Mxn R Tiie Hus* 06/09/2016 (8,041) 0.00% 

1,800,000 Irs Mxn R Tiie Myc* 06/09/2016 (1,114) 0.00% 

5,700,000 Irs Usd P 2.75/3ML Myc* 20/06/2042 (99,285) (0.02)% 

3,700,000 Irs Usd P 2.75/3ML Brc* 20/06/2042 (64,448) (0.01)% 

100,000 Irs Aud R 6Mbb/4.25 Brc* 15/06/2017 (904) 0.00% 

200,000 Irs Aud R 6Mbb/4.25 Dub* 15/06/2017 (1,807) 0.00% 

(3,535,539) (0.70)% 

Swaptions**** - 0.01% (2010 - 0.47%) 

3,800,000 Inf Floor Usd Cpurnsa 215.949 @ 0 Dub* 10/03/2020 (20,790) 0.00% 

12,400,000 Inf Floor Usd Cpurnsa 216.687 @ 0 Cbk* 07/04/2020 (48,725) (0.02%) 

3,800,000 Inf Floor Usd Cpurnsa 215.949 @ 0 Cbk* 12/03/2020 (14,404) 0.00% 

900,000 Inf Floor Usd Cpurnsa 217.965 @ 0 Cbk* 29/09/2020 (3,752) 0.00% 

14,200,000 Iro Usd 1y P 2.0000 04/30/12 Ryl* 30/04/2012 (1,110) 0.00% 

7,600,000 Iro Usd 1y P 2.2500 05/28/13 Boa* 28/05/2013 (6,510) 0.00% 

32,300,000 Iro Usd 1y P 1.7500 07/11/13 Dub* 11/07/2013 (47,478) (0.02%) 

1,900,000 Iro Usd 3y P 1.0000 08/13/12 Dub* 13/08/2012 (10,840) 0.00% 

1,000,000 Iro Usd 5y P 1.7000 08/13/12 Glm* 13/08/2012 (7,347) 0.00% 

8,300,000 Iro Usd 5y P 1.7000 08/13/12 Ryl* 13/08/2012 (60,983) (0.01%) 

2,000,000 Iro Usd 10y P 10.000 07/10/12 Myc* 10/07/2012 - 0.00% 

4,800,000 Iro Usd 2y P 1.2000 07/11/13 Dub* 11/07/2013 (29,092) (0.01%) 

9,100,000 Iro Usd 5y P 1.7000 08/13/12 Dub* 13/08/2012 (66,860) (0.02%) 

24,700,000 Iro Usd 10y P 10.000 07/10/12 Dub* 10/07/2012 (2) 0.00% 

10,700,000 Iro Usd 2y P 0.9150 11/14/12 Myc* 14/11/2012 (43,135) (0.02%) 

1,500,000 Iro Usd 2y P 0.9150 11/14/12 Cbk* 14/11/2012 (6,047) 0.00% 

2,000,000 Iro Usd 5y P 1.7000 08/13/12 Boa* 13/08/2012 (14,695) 0.00% 

3,800,000 Iro Usd 5y P 3.2500 07/16/12 Cbk* 16/07/2012 (719) 0.00% 

1,200,000 Iro Usd 5y P 3.2500 07/16/12 Ryl* 16/07/2012 (227) 0.00% 

8,800,000 Iro Usd 3y P 3.0000 06/18/12 Jpm* 18/06/2012 (378) 0.00% 

6,400,000 Iro Usd 3y P 3.0000 06/18/12 Cbk* 18/06/2012 (275) 0.00% 

11,900,000 Iro Usd 3y P 3.0000 06/18/12 Ryl* 18/06/2012 (511) 0.00% 

4,600,000 Iro Usd 3y P 3.0000 06/18/12 Boa* 18/06/2012 (197) 0.00% 

5,000,000 Iro Usd 3y P 3.0000 06/18/12 Dub* 18/06/2012 (215) 0.00% 

3,300,000 Iro Usd 3y P 3.0000 06/18/12 Brc* 18/06/2012 (142) 0.00% 

200,000 Iro Usd 3y P 2.7500 06/18/12 Dub* 18/06/2012 (16) 0.00% 

2,000,000 Iro Usd 3y P 2.7500 06/18/12 Ryl* 18/06/2012 (158) 0.00% 

22,000,000 Iro Usd 2y P 2.2500 09/24/12 Ryl* 24/09/2012 (9,761) 0.00% 

5,000,000 Iro Usd 2y P 2.2500 09/24/12 Boa* 24/09/2012 (2,219) 0.00% 

600,000 Iro Usd 2y P 2.2500 09/24/12 Cbk* 24/09/2012 (266) 0.00% 

1,800,000 Iro Usd 2y P 2.2500 09/24/12 Myc* 24/09/2012 (799) 0.00% 

3,000,000 Iro Usd 2y P 2.2500 09/24/12 Glm* 24/09/2012 (1,331) 0.00% 

7,500,000 Iro Usd 1y P 1.0000 11/19/12 Glm* 19/11/2012 (11,171) 0.00% 

8,500,000 Iro Usd 1y P 1.7500 11/19/12 Ryl* 19/11/2012 (5,339) 0.00% 

(415,494) (0.10)% 

Financial Liabilities at Fair Value Through Profit or Loss (Cost USD (2,253,283)) (2010: 

USD 1,034,507) (27,910,149) (5.96)% 

Cash at Bank 332,460 0.06% 



123









market 0.00% 





100.00% 

^ The broker for futures is Goldman Sachs. 

*OTC financial derivative instruments. 

** The broker for options is Goldman Sachs. 

*** The counterparties for swaps are Bank of America, Barclays, BNP Paribas, Citibank, Credit Suisse, 

Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, Royal Bank of Scotland and 

UBS. 

**** The counterparties for swaptions are Bank of America, Barclays, BNP Paribas, Citibank, Credit Suisse, 

Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, Royal Bank of Scotland and 

UBS. 

124



PORTFOLIO OF INVESTMENTS - Skandia Swedish Bond Fund 

Coupon 


Rate % 


17,500,000 Electrolux AB 4.50 

15,000,000 Fortum OYJ 2.78 

5,000,000 Holmen AB 4.00 

10,000,000 Investor AB 5.25 

9,000,000 Nordea Hypotek AB 3.25 

5,000,000 SBAB Bank AB 3.31 

10,000,000 Scania CV AB 5.25 

10,500,000 Skandinaviska Enskilda Banken AB 4.50 



3,000,000 Stadshypotek AB 6.00 

16,000,000 Stadshypotek AB 6.00 

5,000,000 Swedbank AB 4.00 

23,000,000 Swedbank Hypotek AB 3.75 

26,000,000 Swedish Covered Bond Corp 4.00 


1,300,000 Sweden Government Bond 









5.50 

6.75 

3.00 

3.75 

4.25 

5.00 

5.11 

3.50 

3.50 

125 

Maturity 

Date Value SEK % Net Assets 

08/06/2016 18,503,975 4.37% 

21/05/2012 15,048,668 3.55% 

25/11/2013 5,092,344 1.20% 

04/09/2019 11,074,467 2.61% 

17/06/2015 9,403,683 2.22% 

07/10/2013 5,062,932 1.19% 

24/02/2012 10,478,650 2.47% 

18/06/2014 11,328,503 2.67% 

17/06/2015 4,290,318 1.01% 

15/06/2016 5,412,654 1.28% 

18/06/2014 3,370,545 0.80% 

21/06/2017 18,922,800 4.47% 

04/11/2014 5,082,136 1.20% 

15/06/2016 24,353,722 5.75% 

15/04/2015 28,073,196 6.63% 

175,498,593 41.42% 

08/10/2012 1,360,623 0.32% 

05/05/2014 1,770,439 0.42% 

12/07/2016 4,955,918 1.17% 

12/08/2017 14,962,898 3.53% 

12/03/2019 52,740,016 12.45% 

01/12/2020 53,852,121 12.71% 

01/12/2020 3,453,991 0.82% 

01/06/2022 68,612,797 16.19% 

30/03/2039 40,881,085 9.65% 

242,589,888 57.26% 

Financial Assets at Fair Value Through Profit or Loss (Cost SEK 387,985,675) (2010: SEK 

282,630,548) 418,088,481 98.68% 

Cash at Bank 5,693,317 1.34% 








market 0.00% 





100.00%



PORTFOLIO OF INVESTMENTS - Skandia SEK Reserve Fund 

Coupon 


Rate % 


1,000,000 Sweden Government Bond 5.50 

100,000 Sweden Government Bond 6.75 

61,000,000 Sweden Treasury Bill 0.00 




126 

Maturity 

Date Value SEK % Net Assets 

08/10/2012 1,046,633 0.45% 

05/05/2014 118,029 0.05% 

18/01/2012 60,959,130 26.49% 

15/02/2012 58,902,060 25.59% 

21/03/2012 59,830,500 25.99% 

20/06/2012 43,733,580 19.00% 

224,589,932 97.57% 

Financial Assets at Fair Value Through Profit or Loss (Cost SEK 224,178,169) (2010: SEK 

224,679,759) 224,589,932 97.57% 

Cash at Bank 1,964,562 0.85% 








market 0.00% 





100.00%



PORTFOLIO OF INVESTMENTS - Skandia Emerging Market Debt Fund 

Coupon 



300,000 Abu Dhabi National Energy Co 

1,189,000 Adaro Indonesia PT 

1,003,000 Alfa Bank OJSC Via Alfa Bond Issuance PLC 

381,000 Alto Palermo SA 

1,103,000 America Movil SAB de CV 

233,000 Axis Bank/Singapore 

716,000 Axtel SAB de CV 

666,000 Axtel SAB de CV 

1,139,000 Bakrie Telecom Pte Ltd 

1,913,000 Banco Cruzeiro do Sul SA/Brazil 

738,000 Banco de Credito del Peru/Panama 

300,000 BanColombia SA 

253,000 Bank of India/Jersey 

Bank of New York Mellon SA Institucion de 

Rate % 

4.13 

7.63 

7.88 

7.88 

2.38 

7.13 

7.63 

9.00 

11.50 

8.88 

5.38 

5.95 

6.99 

Maturity Date 

13/03/2017 

22/10/2019 

25/09/2017 

11/05/2017 

08/09/2016 

28/06/2022 

01/02/2017 

22/09/2019 

07/05/2015 

22/09/2020 

16/09/2020 

03/06/2021 

03/04/2017 


304,634 0.06% 

1,319,294 0.25% 

972,796 0.19% 

352,933 0.07% 

1,107,715 0.21% 

210,905 0.04% 

548,856 0.11% 

519,650 0.10% 

742,549 0.14% 

1,155,757 0.22% 

736,556 0.14% 

304,019 0.06% 

230,640 0.04% 

2,061,423 Banca Multiple 

150,000 BBVA Bancomer SA/Texas 

183,000 BM&FBovespa SA 

528,000 BR Malls International Finance Ltd 

667,000 BR Properties SA 

4,012,207 BTA Bank JSC 

3,108,249 BTA Bank JSC 

9.63 

4.50 

5.50 

8.50 

9.00 

10.75 

0.00 

02/05/2021 

10/03/2016 

16/07/2020 

21/01/2016 

07/10/2015 

01/07/2018 

01/07/2020 

1,949,089 

149,717 

193,395 

554,937 

684,742 

926,625 

186,495 

0.37% 

0.03% 

0.04% 

0.10% 

0.13% 

0.18% 

0.04% 

2,088,000 Bumi Investment Pte Ltd 0.00 

1,085,790 Cap Cana SA 10.00 

1,439,995 Cap Cana SA 10.00 

936,000 Capex SA 10.00 

79,000 Cemex Espana Luxembourg 8.88 

100,000 Cemex Espana Luxembourg 9.25 

1,585,000 Cemex SAB de CV 5.58 

1,241,000 Cemex SAB de CV 9.00 

300,000 Cencosud SA 5.50 

433,000 Central China Real Estate Ltd 12.25 

799,000 China Liansu Group Holdings Ltd 7.88 

300,000 CNPC HK Overseas Capital Ltd 3.13 

937,000 Columbus International Inc 11.50 

600,000 Corp Nacional del Cobre de Chile 7.50 

542,000 Corp Nacional del Cobre de Chile 6.15 

300,000 Deutsche Bank AG/London 10.00 

500,000 Deutsche Bank AG/London 10.58 

2,068,000 Deutsche Bank AG/London 9.38 

527,000 Digicel Group Ltd 9.13 

1,444,000 Digicel Group Ltd 10.50 

706,000 Digicel Ltd 8.25 

421,450 Dolphin Energy Ltd 5.89 

1,680,000 DP World Ltd 6.85 

1,580,000 DP World Sukuk Ltd 6.25 

150,000 Dubai Holding Commercial Operations MTN Ltd 4.75 

1,000,000 Dubai Holding Commercial Operations MTN Ltd 6.00 

435,000 Empresa de Energia de Bogota SA 6.13 

600,000 Empresa Distribuidora Y Comercializadora Norte 9.75 

376,000 Empresa Distribuidora Y Comercializadora Norte 9.75 

1,148,000 Energy Development Corp 6.50 

263,000 Evergrande Real Estate Group Ltd 13.00 

118,000 Evergrande Real Estate Group Ltd 13.00 

1,282,000 Evraz Group SA 6.75 

1,411,000 Ferrexpo Finance PLC 7.88 

07/08/2013 

30/04/2016 

30/04/2016 

10/03/2018 

12/05/2017 

12/05/2020 

30/09/2015 

11/01/2018 

20/01/2021 

20/10/2015 

13/05/2016 

28/04/2016 

20/11/2014 

15/01/2019 

24/10/2036 

31/05/2012 

22/12/2012 

13/02/2018 

15/01/2015 

15/04/2018 

01/09/2017 

15/06/2019 

02/07/2037 

02/07/2017 

30/01/2014 

01/02/2017 

10/11/2021 

25/10/2022 

25/10/2022 

20/01/2021 

27/01/2015 

27/01/2015 

27/04/2018 

07/04/2016 

2,121,407 

293,163 

244,799 

791,440 

76,253 

78,677 

1,194,693 

1,049,452 

314,236 

386,916 

671,385 

312,515 

1,006,823 

785,259 

681,725 

1,575,936 

501,175 

2,150,362 

541,136 

1,493,010 

739,373 

458,240 

1,599,309 

1,658,033 

170,960 

1,215,774 

445,769 

500,541 

312,824 

1,204,124 

228,067 

102,395 

1,159,303 

1,259,072 

0.40% 

0.05% 

0.05% 

0.15% 

0.01% 

0.02% 

0.23% 

0.20% 

0.06% 

0.07% 

0.13% 

0.06% 

0.19% 

0.15% 

0.13% 

0.30% 

0.10% 

0.41% 

0.10% 

0.30% 

0.14% 

0.09% 

0.31% 

0.32% 

0.03% 

0.23% 

0.09% 

0.10% 

0.06% 

0.23% 

0.04% 

0.02% 

0.22% 

0.24% 

127



PORTFOLIO OF INVESTMENTS - Skandia Emerging Market Debt Fund (continued) 



941,000 General Shopping Finance Ltd 

738,000 General Shopping Finance Ltd 

226,000 Globo Comunicacao e Participacoes SA 

1,615,000 Gold Fields Orogen Holding BVI Ltd 

318,000 Grupo Bimbo SAB de CV 

100,000 Grupo Televisa SAB 

1,020,000 Gruposura Finance 

500,000 Hidroelectrica El Chocon 

108,777 Hipotecaria Su Casita SA de CV 



802,000 Hutchison Whampoa International 10 Ltd 

1,916,000 Hypermarcas SA 

105,000 ICICI Bank Ltd 

100,000 ICICI Bank Ltd 

408,000 Indosat Palapa Co BV 

639,000 Inkia Energy Ltd 

1,500,000 IPIC GMTN Ltd 



1,035,000 KazMunayGas National Co 


446,000 KazMunayGas National Co 

836,000 KazMunayGas National Co 



Coupon 

Rate % 

10.00 

10.00 

6.25 

4.88 

4.88 

6.00 

5.70 

0.00 

7.50 

0.00 

0.00 

6.00 

6.50 

5.75 

5.75 

7.38 

8.38 

3.75 

0.00 

0.00 

8.38 

11.75 

9.13 

7.00 

7.00 

6.38 

Maturity 

Date 

09/11/2015 

29/11/2049 

20/07/2015 

07/10/2020 

30/06/2020 

15/05/2018 

18/05/2021 

02/03/2012 

29/06/2018 

01/01/2017 

01/01/2017 

28/10/2015 

20/04/2021 

16/11/2020 

16/11/2020 

29/07/2020 

04/04/2021 

01/03/2017 

16/02/2012 

16/02/2012 

02/07/2013 

23/01/2015 

02/07/2018 

05/05/2020 

05/05/2020 

09/04/2021 


975,526 0.19% 

755,835 0.15% 

240,665 0.05% 

1,434,814 0.28% 

335,378 0.06% 

112,878 0.02% 

1,035,412 0.20% 

500,000 0.10% 

32,746 0.01% 

595,182 0.11% 

648,575 0.13% 

809,537 0.16% 

1,743,826 0.34% 

97,768 0.02% 

93,121 0.02% 

464,677 0.09% 

654,979 0.13% 

1,510,479 0.29% 

2,039,852 0.39% 

2,991,732 0.58% 

1,133,941 0.22% 

6,766,596 1.31% 

541,943 0.10% 

898,093 0.17% 

1,234,880 0.24% 

1,842,352 0.35% 

778,587 Long Haul - Facility A 0.00 02/03/2012 769,159 0.15% 

621,413 Long Haul - Facility B 

400,000 MDC-GMTN B.V. 

421,000 Mega Advance Investments Ltd 

1,960,000 Metalloinvest Finance Ltd 

1,393,000 Metinvest BV 

695,000 MHP SA 

1,144,000 MIE Holdings Corp 

166,000 Minerva Overseas II Ltd 

504,000 Minerva Overseas II Ltd 

286,000 Mirabela Nickel Ltd 

1,042,000 Mriya Agro Holding PLC 

500,000 MTS International Funding Ltd 

1,902,000 Myriad International Holding BV 

1,145,000 NET Servicos de Comunicacao SA 

2,047,000 Novatek Finance Ltd 

200,000 Odebrecht Drilling Norbe VIII/IX Ltd 

457,000 Odebrecht Drilling Norbe VIII/IX Ltd 

2,277,000 OGX Petroleo e Gas Participacoes SA 

781,000 PCCW-HKT Capital No 4 Ltd 

1,360,000 Pemex Finance Ltd 

1,000,000 Pemex Project Funding Master Trust 

4,499,000 Pemex Project Funding Master Trust 

23,097,989 Petroleos de Venezuela SA 

301,332 Petroleos de Venezuela SA 



750,000 Petroliam Nasional Bhd 

935,000 Petronas Capital Ltd 

0.00 

3.75 

5.00 

6.50 

8.75 

10.25 

9.75 

10.88 

10.88 

8.75 

10.95 

8.63 

6.38 

7.50 

6.60 

6.35 

6.35 

8.50 

4.25 

9.15 

5.50 

6.63 

4.90 

5.00 

5.25 

8.50 

7.63 

7.00 

02/03/2012 

20/04/2016 

12/05/2021 

21/07/2016 

14/02/2018 

29/04/2015 

12/05/2016 

15/11/2019 

15/11/2019 

15/04/2018 

30/03/2016 

22/06/2020 

28/07/2017 

27/01/2020 

03/02/2021 

30/06/2021 

30/06/2021 

01/06/2018 

24/02/2016 

15/11/2018 

24/02/2025 

15/06/2035 

28/10/2014 

28/10/2015 

12/04/2017 

02/11/2017 

15/10/2026 

22/05/2012 

613,888 

414,951 

431,265 

1,817,358 

1,195,271 

639,267 

1,033,032 

149,413 

457,057 

262,614 

949,392 

539,476 

2,082,512 

1,351,781 

2,127,788 

206,000 

472,337 

2,260,611 

802,192 

1,693,707 

1,267,899 

5,132,281 

18,333,079 

217,237 

3,308,457 

1,807,221 

1,059,323 

962,006 

0.12% 

0.08% 

0.08% 

0.34% 

0.23% 

0.12% 

0.20% 

0.03% 

0.09% 

0.05% 

0.19% 

0.10% 

0.40% 

0.26% 

0.41% 

0.04% 

0.09% 

0.43% 

0.16% 

0.33% 

0.24% 

0.99% 

3.52% 

0.04% 

0.64% 

0.35% 

0.20% 

0.19% 

128






3,200,000 Petronas Capital Ltd 



2,457,646 QGOG Atlantic / Alaskan Rigs Ltd 

1,755,000 Qtel International Finance Ltd 

303,000 Qtel International Finance Ltd 

1,252,000 SCF Capital LTD 

1,598,000 Sinochem Overseas Capital Co Ltd 

595,000 Southern Copper Corp 

100,000 STATS ChipPAC Ltd 

1,706,000 Telemar Norte Leste SA 

645,000 Texhong Textile Group Ltd 

1,283,000 Ukreximbank Via Biz Finance PLC 

200,000 Vedanta Resources PLC 

1,175,000 Vedanta Resources PLC 

Vimpel Communications Via VIP Finance 

Coupon 

Rate % 

5.25 

5.25 

7.88 

5.25 

4.75 

5.00 

5.38 

4.50 

6.75 

5.38 

5.50 

7.63 

8.38 

9.50 

8.25 

Maturity 

Date 

12/08/2019 

12/08/2019 

22/05/2022 

30/07/2018 

16/02/2021 

19/10/2025 

27/10/2017 

12/11/2020 

16/04/2040 

31/03/2016 

23/10/2020 

19/01/2016 

27/04/2015 

18/07/2018 

07/06/2021 


3,648,560 0.70% 

1,714,635 0.33% 

8,350,458 1.61% 

2,462,254 0.47% 

1,809,406 0.34% 

306,936 0.06% 

1,097,592 0.21% 

1,569,595 0.30% 

611,714 0.12% 

101,494 0.02% 

1,711,154 0.33% 

496,747 0.10% 

1,143,572 0.22% 

184,496 0.04% 

922,693 0.17% 

200,000 Ireland Ltd OJSC 

Vimpel Communications Via VIP Finance 

6.49 02/02/2016 193,339 0.04% 

1,139,000 Ireland Ltd OJSC 

970,000 VimpelCom Holdings BV 

427,000 VimpelCom Holdings BV 

658,824 Virgolino De Oliveira 

217,000 Virgolino de Oliveira Finance Ltd 

625,000 West China Cement Ltd 

2,651,000 Yuksel Insaat AS 

2,061,000 Zhaikmunai LLP 

7.75 

6.25 

7.50 

0.00 

10.50 

7.50 

9.50 

10.50 

02/02/2021 

01/03/2017 

01/03/2022 

03/11/2015 

28/01/2018 

25/01/2016 

10/11/2015 

19/10/2015 

1,018,081 

902,431 

377,188 

658,824 

221,870 

531,239 

2,018,430 

2,063,439 

0.20% 

0.17% 

0.07% 

0.13% 

0.04% 

0.10% 

0.39% 

0.40% 


156,438,958 30.09% 

590,584 Argentina Bonos 

Argentine Republic Government International 

7.00 17/04/2017 512,479 0.10% 

10,740,628 Bond 


7.82 31/12/2033 8,862,674 1.70% 

4,036,313 Bond 


8.28 31/12/2033 3,046,044 0.59% 

11,599,466 Bond 


5.83 31/12/2033 2,444,822 0.47% 

12,762,220 Bond 


7.82 31/12/2033 10,541,119 2.03% 

1,346,258 Bond 


8.28 31/12/2033 1,041,869 0.20% 

12,400,716 Bond 


0.00 15/12/2035 1,588,639 0.31% 

831,101 Bond 

9,286,000,000 Bogota Distrito Capital 

42,500 Brazil Notas do Tesouro Nacional Serie F 









360,000 Colombia Government International Bond 

730,000 Colombia Government International Bond 

2.50 

9.75 

10.00 

10.00 

5.88 

8.88 

4.88 

8.88 

8.75 

12.00 

7.38 

8.13 

10.38 

31/12/2038 

26/07/2028 

01/01/2014 

01/01/2021 

15/01/2019 

14/10/2019 

22/01/2021 

15/04/2024 

04/02/2025 

22/10/2015 

18/03/2019 

21/05/2024 

28/01/2033 

298,178 

6,760,618 

236,681 

4,858,948 

1,023,867 

1,395,731 

10,038,504 

3,031,979 

1,620,891 

258,514 

3,921,584 

505,279 

1,269,328 

0.06% 

1.30% 

0.05% 

0.93% 

0.20% 

0.27% 

1.93% 

0.58% 

0.31% 

0.05% 

0.75% 

0.10% 

0.24% 

129








612,000 Croatia Government International Bond 

3,835,000 Croatia Government International Bond 

1,945,000 El Salvador Government International Bond 



500,000 Export-Import Bank of Korea 

1,698,000 Indonesia Government International Bond 





274,000 Lithuania Government International Bond 

7,032,000 Lithuania Government International Bond 

8,600,000 Malaysia Government Bond 








5,582,000 Mexico Government International Bond 

5,630,000 Mexico Government International Bond 

5,999,000 Panama Government International Bond 

969,000 Panama Government International Bond 

555,000 Panama Government International Bond 



2,181,000 Penerbangan Malaysia Bhd 

2,307,000 Peruvian Government International Bond 

1,757,000 Peruvian Government International Bond 

35,000,000 Philippine Government International Bond 




12,726,000 Poland Government International Bond 



3,183,000 Qatar Government International Bond 

1,001,000 Qatar Government International Bond 

3,725,000,000 Republic of Colombia 

1,318,000 Republic of Ghana 

20,330,000 Republic of Iraq 

875,000 Republic of Korea 

2,500,000 Russian Foreign Bond - Eurobond 






58,320,000 South Africa Government Bond 


169,000 South Africa Government International Bond 

Coupon 

Rate % 

7.38 

6.13 

6.63 

6.38 

7.38 

7.38 

7.65 

4.38 

6.88 

11.63 

11.63 

5.88 

5.88 

7.38 

6.13 

5.09 

3.74 

3.84 

4.26 

6.50 

8.50 

7.75 

8.50 

8.00 

5.75 

5.20 

9.38 

7.13 

9.38 

6.70 

5.63 

8.38 

8.75 

4.95 

9.50 

7.75 

6.38 

6.38 

5.13 

5.00 

6.55 

5.25 

9.85 

8.50 

5.80 

7.13 

3.63 

11.00 

5.00 

5.00 

12.75 

7.50 

6.75 

10.50 

7.38 

Maturity 

Date 

18/09/2037 

18/01/2041 

14/07/2020 

24/03/2021 

01/12/2019 

01/12/2019 

15/06/2035 

15/09/2021 

09/03/2017 

04/03/2019 

04/03/2019 

13/03/2020 

13/03/2020 

11/02/2020 

09/03/2021 

30/04/2014 

27/02/2015 

12/08/2015 

15/09/2016 

10/06/2021 

31/05/2027 

29/05/2031 

18/11/2038 

24/09/2022 

12/10/2110 

30/01/2020 

16/01/2023 

29/01/2026 

01/04/2029 

26/01/2036 

15/03/2016 

03/05/2016 

21/11/2033 

15/01/2021 

02/02/2030 

14/01/2031 

23/10/2034 

15/07/2019 

21/04/2021 

23/03/2022 

09/04/2019 

20/01/2020 

28/06/2027 

04/10/2017 

15/01/2028 

16/04/2019 

29/04/2015 

24/07/2018 

29/04/2020 

29/04/2020 

24/06/2028 

31/03/2030 

31/03/2021 

21/12/2026 

25/04/2012 


12,658,969 2.43% 

2,179,559 0.42% 

592,749 0.11% 

3,599,531 0.69% 

2,124,924 0.41% 

1,885,018 0.36% 

1,564,016 0.30% 

500,980 0.10% 

2,016,838 0.39% 

5,192,874 1.00% 

5,094,460 0.98% 

1,158,432 0.22% 

2,563,870 0.49% 

306,198 0.06% 

7,186,531 1.38% 

2,866,143 0.55% 

2,301,928 0.44% 

3,076,646 0.59% 

1,501,248 0.29% 

5,175,912 1.00% 

4,495,316 0.86% 

1,423,316 0.27% 

4,491,521 0.86% 

7,961,932 1.53% 

6,067,864 1.17% 

6,941,903 1.34% 

1,379,816 0.27% 

741,425 0.14% 

3,297,056 0.63% 

3,775,193 0.73% 

2,458,982 0.47% 

2,903,153 0.56% 

2,698,276 0.52% 

817,565 0.16% 

3,757,134 0.72% 

7,008,218 1.35% 

1,851,200 0.36% 

14,549,238 2.80% 

4,049,186 0.78% 

3,950,881 0.76% 

3,818,749 0.73% 

1,123,901 0.22% 

2,800,163 0.54% 

1,472,391 0.28% 

17,253,630 3.32% 

1,106,110 0.21% 

2,539,581 0.49% 

1,145,640 0.22% 

2,918,082 0.56% 

4,472,612 0.86% 

1,059,805 0.20% 

29,764,672 5.73% 

6,769,325 1.30% 

2,715,949 0.52% 

174,567 0.03% 

130






100,000 South Africa Government International Bond 

3,662,000 South Africa Government International Bond 



5,710,000 Turkey Government Bond 

988,000 Turkey Government International Bond 


1,237,000 Turkey Government International Bond 






800,000 Ukraine Government International Bond 

5,955,000 Ukraine Government International Bond 



780,000 Ukraine Government International Bond 

4,282,000 Uruguay Government International Bond 



838,000 Venezuela Government International Bond 


3,526,000 Venezuela Government International Bond 


Coupon 

Rate % 

5.25 

6.88 

5.50 

6.25 

0.00 

7.00 

7.50 

6.75 

7.50 

7.00 

5.13 

7.38 

7.25 

6.39 

7.65 

6.88 

6.88 

6.75 

9.25 

7.88 

7.63 

8.50 

13.63 

13.63 

12.75 

Maturity 

Date 

16/05/2013 

27/05/2019 

09/03/2020 

08/03/2041 

17/07/2013 

26/09/2016 

14/07/2017 

03/04/2018 

07/11/2019 

05/06/2020 

25/03/2022 

05/02/2025 

05/03/2038 

26/06/2012 

11/06/2013 

23/09/2015 

23/09/2015 

14/11/2017 

17/05/2017 

15/01/2033 

21/03/2036 

08/10/2014 

15/08/2018 

15/08/2018 

23/08/2022 


137,341 0.03% 

4,432,621 0.85% 

8,323,152 1.60% 

2,218,649 0.43% 

2,574,460 0.50% 

1,106,760 0.21% 

477,274 0.09% 

1,373,024 0.26% 

4,030,731 0.78% 

2,573,850 0.50% 

3,624,914 0.70% 

743,384 0.14% 

1,214,587 0.23% 

794,160 0.15% 

5,782,677 1.11% 

1,319,322 0.25% 

2,448,263 0.47% 

681,704 0.13% 

5,769,240 1.11% 

1,586,359 0.31% 

4,919,761 0.95% 

794,350 0.15% 

345,854 0.07% 

3,670,897 0.71% 

432,032 0.08% 

351,934,292 67.68% 

Credit Linked Notes - 1.17% (2010 - –%) 

930,000 Nota Do Tesouro Nacional 

1,849,000,000 Titulos De Tresoria 

10.00 

10.00 

20/01/2012 

24/07/2024 

4,881,247 

1,176,072 

0.94% 

0.23% 

6,057,319 1.17% 


456,322,556) 514,430,569 98.94% 

Cash at Bank 9,146,784 1.77% 








market 0.00% 





100.00% 

131



PORTFOLIO OF INVESTMENTS - Skandia Swiss Equity Fund 

Nominal Security Description Value CHF % Net Assets 


36,000 Clariant AG 334,080 0.51% 

1,750 Givaudan SA 1,565,375 2.39% 

17,400 Lonza Group AG 961,350 1.47% 

10,300 Syngenta AG 2,827,350 4.32% 

5,688,155 8.69% 


17,100 Goldbach Group AG 342,000 0.52% 

19,778 U-Blox AG 839,576 1.28% 

1,181,576 1.80% 



2,000 Georg Fischer AG 646,000 0.99% 

55,000 Mobilezone Holding AG 522,500 0.80% 

26,700 Swatch Group AG/The 1,663,410 2.54% 

5,269,173 8.05% 


36,750 Actelion Ltd 1,183,350 1.81% 

41,000 Adecco SA 1,619,500 2.47% 

19,000 Basilea Pharmaceutica 670,700 1.02% 

2,825 Galenica AG 1,559,400 2.38% 

111,900 Nestle SA 6,020,220 9.19% 

110,600 Novartis AG 5,944,750 9.08% 

8,000 Orior AG 390,400 0.60% 


1,020 SGS SA 1,581,000 2.41% 

24,830,945 37.91% 

Energy - 1.68% (2010 - –%) 

30,000 Transocean Ltd/Switzerland 1,100,400 1.68% 

1,100,400 1.68% 

Financial - 18.78% (2010 - 22.04%) 

5,400 Baloise Holding AG 348,030 0.53% 

95,900 Credit Suisse Group AG 2,106,923 3.22% 

56,835 Swiss Re AG 2,700,799 4.12% 

19,700 Swissquote Group Holding SA 647,145 0.99% 

340,550 UBS AG 3,786,916 5.78% 

12,800 Zurich Financial Services AG 2,709,760 4.14% 

12,299,573 18.78% 

Industrial - 21.78% (2010 - 19.26%) 

236,700 ABB Ltd 4,184,856 6.38% 

3,372 Flughafen Zuerich AG 1,102,644 1.68% 

31,000 Gategroup Holding AG 713,000 1.09% 

6,400 Geberit AG 1,162,880 1.78% 

11,100 Kuehne + Nagel International AG 1,179,930 1.80% 

26,100 Meyer Burger Technology AG 384,975 0.59% 

185,000 OC Oerlikon Corp AG 925,000 1.41% 

6,821 Panalpina Welttransport Holding AG 653,111 1.00% 

3,080 Schaffner Holding AG 704,704 1.08% 

5,800 Schindler Holding AG 633,360 0.97% 

1,850 Schweiter Technologies AG 925,925 1.41% 

9,800 Sulzer AG 992,740 1.52% 

13,500 Zehnder Group AG 699,300 1.07% 

14,262,425 21.78% 

132



PORTFOLIO OF INVESTMENTS - Skandia Swiss Equity Fund (continued) 

Nominal Security Description Value CHF % Net Assets 

Technology - 0.78% (2010 - 1.39%) 

70,000 Logitech International SA 513,800 0.78% 

513,800 0.78% 

Financial Assets at Fair Value Through Profit or Loss (Cost CHF 67,265,003) (2010: 

CHF 63,858,997) 65,146,047 99.47% 

Cash at Bank 477,236 0.73% 








market 0.00% 





100.00% 

133



PORTFOLIO OF INVESTMENTS - Skandia Healthcare Fund 



60,000 Aetna Inc 2,581,200 2.04% 

84,000 Align Technology Inc 2,017,680 1.60% 

61,000 Allergan Inc/United States 5,375,930 4.25% 

24,000 Baxter International Inc 1,194,960 0.95% 

89,000 BioMarin Pharmaceutical Inc 3,031,340 2.40% 


24,000 Cardinal Health Inc 975,360 0.78% 

181,000 Dendreon Corp 1,371,980 1.09% 

161,000 Elan Corp PLC ADR 2,229,850 1.76% 

125,500 Exact Sciences Corp 1,019,060 0.81% 

37,000 Forest Laboratories Inc 1,120,360 0.89% 

62,000 Given Imaging Ltd 1,076,320 0.85% 

41,000 HCA Holdings Inc 872,070 0.69% 

129,100 Hikma Pharmaceuticals PLC 1,231,382 0.97% 

23,000 Humana Inc 2,029,750 1.61% 

237,200 Incyte Corp Ltd 3,555,628 2.80% 

2,700 InterMune Inc 32,751 0.03% 

40,000 Life Technologies Corp 1,570,000 1.24% 

12,000 McKesson Corp 939,360 0.74% 

38,000 Medco Health Solutions Inc 2,106,340 1.67% 

20,600 Medivir AB 194,213 0.15% 

135,000 Merck & Co Inc 5,093,550 4.03% 

395,000 Mitsubishi Tanabe Pharma Corp 6,217,899 4.92% 

108,000 Nichi-iko Pharmaceutical Co Ltd 2,529,189 2.00% 

165,000 Novartis AG 9,434,337 7.46% 

141,000 NPS Pharmaceuticals Inc 923,550 0.73% 

69,000 OraSure Technologies Inc 632,730 0.50% 

283,000 Pfizer Inc 6,143,930 4.86% 

22,000 Pharmasset Inc 2,728,000 2.16% 

20,000 Regeneron Pharmaceuticals Inc 1,126,000 0.89% 


60,000 Sanofi 4,387,195 3.47% 

39,000 Sawai Pharmaceutical Co Ltd 4,027,270 3.19% 

224,000 Sequenom Inc 969,920 0.77% 

1,605,500 Shandong Weigao Group Medical Polymer Co Ltd 1,444,710 1.14% 

28,000 Shire PLC 2,890,160 2.29% 

364,000 Sinopharm Group Co Ltd 874,392 0.69% 

25,000 Stryker Corp 1,239,750 0.98% 

58,000 Towa Pharmaceutical Co Ltd 2,462,423 1.95% 


136,000 Vivus Inc 1,321,920 1.05% 

138,000 Warner Chilcott PLC 2,096,220 1.66% 

57,000 Watson Pharmaceuticals Inc 3,454,770 2.73% 

64,000 WellPoint Inc 4,279,680 3.38% 

25,000 Zimmer Holdings Inc 1,336,000 1.05% 

116,538,431 92.19% 

Industrial - 1.56% (2010 - 2.33%) 

44,000 Thermo Fisher Scientific Inc 1,977,800 1.56% 

1,977,800 1.56% 

134



PORTFOLIO OF INVESTMENTS - Skandia Healthcare Fund (continued) 




USD 103,840,598) 118,516,231 93.75% 

Cash at Bank 7,826,043 6.19% 








market 0.00% 





100.00% 

135



PORTFOLIO OF INVESTMENTS - Skandia Technology Fund 



13,415 Amazon.com Inc 2,332,332 2.14% 

89,685 Amdocs Ltd 2,546,157 2.33% 

18,345 Bankrate Inc 389,648 0.36% 

55,095 CBS Corp 1,500,788 1.37% 

61,965 Cisco Systems Inc 1,130,861 1.04% 

28,205 Comcast Corp 672,125 0.62% 

46,985 Crown Castle International Corp 2,095,530 1.92% 

23,975 Ctrip.com International Ltd 559,337 0.51% 

71,370 Demand Media Inc 481,748 0.44% 

163,285 eBay Inc 4,957,332 4.55% 

10,030 LinkedIn Corp 638,209 0.58% 

6,010 Netflix Inc 416,493 0.38% 

75,380 News Corp 1,347,041 1.23% 

11,350 OpenTable Inc 445,601 0.41% 

30,480 SBA Communications Corp 1,308,202 1.20% 


139,385 Tellabs Inc 561,722 0.51% 

29,000 Tencent Holdings Ltd 582,766 0.53% 

26,320 Time Warner Cable Inc 1,659,739 1.52% 

51,004 Vocus Inc 1,135,349 1.04% 

49,145 Walt Disney Co/The 1,853,257 1.70% 

40,185 Youku Inc 639,746 0.59% 

56,290 Zynga Inc 527,437 0.48% 

28,877,458 26.45% 


737,676 Bwin.Party Digital Entertainment PLC 1,870,212 1.71% 

3,800 Nintendo Co Ltd 520,582 0.48% 

2,390,794 2.19% 


28,220 Celgene Corp 1,906,261 1.75% 

52,838 Gartner Inc 1,837,707 1.69% 

86,130 Iron Mountain Inc 2,671,752 2.45% 

77,465 Live Nation Entertainment Inc 649,157 0.59% 


32,245 Verisk Analytics Inc 1,290,122 1.18% 

24,680 Vertex Pharmaceuticals Inc 808,517 0.74% 

42,285 VistaPrint NV 1,301,532 1.19% 

26,330 Zillow Inc 605,590 0.55% 

12,216,796 11.19% 

Industrial - 10.82% (2010 - 11.70%) 

72,686 Amphenol Corp 3,331,926 3.05% 

14,600 FANUC CORP 2,222,785 2.04% 

157,115 STR Holdings Inc 1,275,774 1.17% 

116,515 TE Connectivity Ltd 3,625,947 3.32% 

60,204 Ultra Electronics Holdings PLC 1,356,951 1.24% 

11,813,383 10.82% 

Technology - 48.35% (2010 - 46.44%) 

37,420 ANSYS Inc 2,141,921 1.97% 

9,135 Apple Inc 3,700,771 3.39% 

129,145 ARM Holdings PLC 1,171,918 1.07% 

69,161 ASML Holding NV 2,897,155 2.65% 

36,275 athenahealth Inc 1,818,466 1.67% 

384,180 Atmel Corp 3,131,067 2.87% 

31,415 Autodesk Inc 955,016 0.87% 

136



PORTFOLIO OF INVESTMENTS - Skandia Technology Fund (continued) 


Technology - 48.35% (2010 - 46.44%) (continued) 

37,867 Aveva Group PLC 848,810 0.78% 

3,760 Citrix Systems Inc 230,638 0.21% 

67,240 Cornerstone OnDemand Inc 1,224,440 1.12% 

167,175 EMC Corp/Massachusetts 3,609,308 3.31% 

9,030 Informatica Corp 335,194 0.31% 

41,205 Jack Henry & Associates Inc 1,396,437 1.28% 


69,505 NetApp Inc 2,523,727 2.31% 

518,837 ON Semiconductor Corp 3,979,480 3.65% 

121,438 Oracle Corp 3,133,099 2.86% 

95,415 QLIK Technologies Inc 2,321,447 2.13% 

283,125 Quanta Computer Inc 595,626 0.55% 

61,890 RealPage Inc 1,570,149 1.44% 

4,570 Salesforce.com Inc 467,008 0.43% 

675 Samsung Electronics Co Ltd 619,925 0.57% 

22,095 Solera Holdings Inc 991,403 0.91% 


58,344 Temenos Group AG 952,694 0.87% 

41,590 Teradata Corp 2,061,617 1.89% 

5,610 VMware Inc 473,316 0.43% 

18,435 Xilinx Inc 594,344 0.54% 

52,768,574 48.35% 

Utilities - 0.21% (2010 - –%) 

12,828 NRG Energy Inc 234,111 0.21% 

234,111 0.21% 


USD 111,410,378) 108,301,116 99.21% 

Cash at Bank 821,749 0.75% 








market 0.00% 





100.00% 

137



PORTFOLIO OF INVESTMENTS - Skandia European Best Ideas Fund 



32,997 Air Liquide SA 3,134,385 0.98% 

88,032 Bayer AG 4,296,841 1.34% 

148,591 Croda International PLC 3,210,250 1.00% 

4,815 Givaudan SA 3,541,539 1.10% 

88,229 Lanxess AG 3,468,723 1.08% 

52,803 Linde AG 6,035,383 1.87% 

13,277 Syngenta AG 2,996,800 0.93% 

252,146 Xstrata PLC 2,913,276 0.91% 

1,708,000 Yule Catto & Co PLC 3,359,430 1.05% 

32,956,627 10.26% 


865,623 British Sky Broadcasting Group PLC 7,587,117 2.37% 

43,450 Kabel Deutschland Holding AG 1,698,678 0.53% 

71,540 Mobistar SA 2,863,031 0.89% 

94,448 Publicis Groupe SA 3,347,237 1.04% 

351,061 Reed Elsevier NV 3,130,411 0.97% 

159,968 SES SA 2,939,412 0.92% 

3,306,717 Sky Deutschland AG 4,642,631 1.45% 


157,568 Vivendi SA 2,646,355 0.82% 

34,806,482 10.84% 


32,184 Bayerische Motoren Werke AG 1,650,396 0.51% 


73,000 Continental AG 3,474,070 1.08% 

197,904 Deutsche Lufthansa AG 1,793,208 0.56% 

69,939 Dufry AG 4,971,641 1.55% 

56,276 Inditex SA 3,546,514 1.10% 

101,931 Paddy Power PLC 4,576,702 1.42% 

487,394 Pirelli & C SpA 3,153,439 0.98% 

147,000 Rallye SA 3,139,920 0.98% 

7,000 Swatch Group AG/The 2,016,868 0.63% 

29,077 Volkswagen AG 3,339,493 1.04% 

33,542 Volkswagen AG 3,454,826 1.09% 

38,542,044 12.00% 


104,444 AstraZeneca PLC 3,693,247 1.15% 

33,724 Bongrain SA 1,635,614 0.51% 

447,877 Capita PLC 3,352,955 1.04% 

44,489 Carlsberg A/S 2,417,740 0.75% 

53,589 Cie Generale d'Optique Essilor International SA 2,894,342 0.90% 

29,500 Danone 1,426,325 0.44% 

1,081,571 Distribuidora Internacional de Alimentacion SA 3,757,378 1.17% 

47,043 Fresenius SE & Co KGaA 3,358,870 1.05% 

4,283 Galenica AG 1,944,028 0.61% 


239,314 Groupe Steria SCA 3,135,013 0.98% 

264,269 Jeronimo Martins SGPS SA 3,393,214 1.06% 

150,000 Kerry Group PLC 4,235,250 1.33% 

650,000 Michael Page International PLC 2,691,315 0.84% 

43,311 Novo Nordisk A/S 3,848,103 1.20% 

50,000 Nutreco NV 2,517,500 0.78% 

92,185 Sanofi-Aventis SA 5,210,297 1.61% 

84,445 Swedish Match AB 2,295,878 0.71% 

138



PORTFOLIO OF INVESTMENTS - Skandia European Best Ideas Fund (continued) 


Consumer, Non-cyclical - 18.15% (2010 - 14.47%) (continued) 

348,000 Tate & Lyle PLC 2,904,648 0.90% 

58,317,587 18.15% 

Diversified - 1.14% (2010 - –%) 

168,592 GEA Group AG 3,650,017 1.14% 

3,650,017 1.14% 

Energy - 10.55% (2010 - 11.78%) 

170,000 Bourbon SA 3,585,300 1.12% 

520,500 BP PLC 2,845,197 0.89% 

91,690 Fugro NV 4,094,416 1.27% 

205,000 Galp Energia SGPS SA 2,341,100 0.73% 

761,611 Gazprom OAO ADR 6,263,849 1.95% 

404,544 Lundin Petroleum AB 7,560,744 2.35% 


244,000 Subsea 7 SA 3,464,013 1.08% 

33,889,026 10.55% 

Financial - 14.76% (2010 - 10.51%) 

130,611 Allianz SE 9,609,051 2.98% 

3,529,633 Barclays PLC 7,317,739 2.27% 

116,849 BNP Paribas SA 3,549,873 1.11% 

64,586 Deutsche Boerse AG 2,597,972 0.81% 

311,079 ING Groep NV 1,719,645 0.54% 

2,613,758 Intesa Sanpaolo SpA 3,358,679 1.05% 

452,192 Prudential PLC 3,396,066 1.06% 

163,000 SCOR SE 2,909,550 0.91% 


893,000 Storebrand ASA 3,542,641 1.10% 

1,072,900 TAG Immobilien AG 6,589,752 2.05% 

47,418,191 14.76% 

Industrial - 15.59% (2010 - 16.59%) 

50,813 Andritz AG 3,257,113 1.01% 

180,167 Assa Abloy AB 3,437,938 1.07% 

53,007 Aurubis AG 2,163,481 0.67% 

136,967 DSV A/S 1,886,651 0.59% 

324,853 European Aeronautic Defence and Space Co NV 7,846,824 2.44% 

574,011 Groupe Eurotunnel SA 3,030,778 0.94% 

71,761 Holcim Ltd 2,953,303 0.92% 

177,588 Kongsberg Gruppen AS 2,614,807 0.81% 

77,681 Koninklijke Vopak NV 3,177,930 0.99% 

59,000 Nexans SA 2,397,170 0.75% 

149,000 Safran SA 3,423,275 1.07% 

368,768 Sandvik AB 3,433,650 1.07% 

214,245 SKF AB 3,454,082 1.09% 

47,108 SMA Solar Technology AG 1,997,615 0.62% 

129,531 Spectris PLC 1,964,189 0.61% 

90,948 Vinci SA 3,026,749 0.94% 

50,065,555 15.59% 

Technology - 4.40% (2010 - 5.34%) 

67,239 ASML Holding NV 2,177,199 0.68% 

1,527,711 Infineon Technologies AG 8,821,003 2.74% 

77,032 SAP AG 3,144,061 0.98% 

14,142,263 4.40% 

Utilities - 1.47% (2010 - 1.20%) 

653,612 Enel SpA 2,024,890 0.63% 

139



PORTFOLIO OF INVESTMENTS - Skandia European Best Ideas Fund (continued) 


Utilities - 1.47% (2010 - 1.20%) (continued) 

82,112 Red Electrica Corp SA 2,691,221 0.84% 

4,716,111 1.47% 

Financial Assets at Fair Value Through Profit or Loss (Cost EUR 318,135,360) (2010: 

EUR 277,572,239) 318,503,903 99.16% 

Cash at Bank 3,510,066 1.26% 








market 0.00% 





100.00% 

140



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Value Fund 



53,299 EI du Pont de Nemours & Co 2,443,759 1.38% 

66,390 International Paper Co 1,967,800 1.12% 

52,060 Praxair Inc 5,577,708 3.16% 

9,989,267 5.66% 


96,917 CenturyLink Inc 3,604,343 2.04% 

189,804 Comcast Corp 4,490,763 2.54% 

172,314 Corning Inc 2,248,698 1.27% 

66,230 Time Warner Inc 2,409,447 1.37% 

178,630 Yahoo! Inc 2,881,302 1.64% 

15,634,553 8.86% 


19,250 Darden Restaurants Inc 880,303 0.50% 

40,620 Genuine Parts Co 2,516,815 1.43% 

136,860 International Game Technology 2,349,886 1.33% 

52,440 Kohl's Corp 2,613,610 1.48% 

183,750 Staples Inc 2,559,638 1.45% 

69,206 TJX Cos Inc 4,524,687 2.56% 

15,444,939 8.75% 



91,600 Aetna Inc 3,940,631 2.23% 

23,548 Colgate-Palmolive Co 2,195,145 1.24% 

56,370 DaVita Inc 4,281,302 2.43% 

42,480 Laboratory Corp of America Holdings 3,672,821 2.08% 


52,490 Visa Inc 5,414,344 3.07% 

27,205,965 15.41% 

Energy - 10.74% (2010 - 11.71%) 

55,221 Cameron International Corp 2,686,502 1.52% 

31,105 ConocoPhillips 2,266,621 1.28% 

36,290 Devon Energy Corp 2,260,504 1.28% 




18,959,254 10.74% 

Financial - 15.30% (2010 - 20.78%) 


70,340 Ameriprise Financial Inc 3,554,983 2.01% 

17,910 BlackRock Inc 3,213,054 1.82% 

49,440 CIT Group Inc 1,736,333 0.98% 

16,086 Franklin Resources Inc 1,545,704 0.88% 

32,130 Marsh & McLennan Cos Inc 1,028,160 0.58% 

90,050 MetLife Inc 2,829,371 1.61% 

109,910 NYSE Euronext 2,875,246 1.63% 

59,940 Prudential Financial Inc 3,015,581 1.71% 

176,580 TD Ameritrade Holding Corp 2,759,063 1.57% 

34,450 Travelers Cos Inc/The 2,055,976 1.16% 

26,994,223 15.30% 

Industrial - 12.78% (2010 - 12.67%) 

64,898 Boeing Co/The 4,809,591 2.73% 

82,550 Danaher Corp 3,919,474 2.22% 

23,941 Deere & Co 1,857,582 1.05% 

82,170 Ingersoll-Rand PLC 2,517,689 1.43% 

141



PORTFOLIO OF INVESTMENTS - Skandia US Large Cap Value Fund (continued) 



42,475 Rockwell Collins Inc 2,350,991 1.33% 

78,519 Thermo Fisher Scientific Inc 3,529,429 2.00% 

108,710 Waste Management Inc 3,563,514 2.02% 

22,548,270 12.78% 

Technology - 14.82% (2010 - 17.60%) 

8,489 Apple Inc 3,439,064 1.95% 

147,210 Applied Materials Inc 1,572,203 0.89% 

181,140 Dell Inc 2,673,626 1.51% 

113,230 Electronic Arts Inc 2,361,978 1.34% 

90,888 Fidelity National Information Services Inc 2,411,259 1.37% 


149,727 Oracle Corp 3,862,957 2.18% 

126,130 Texas Instruments Inc 3,700,654 2.10% 

26,158,453 14.82% 

Utilities - 4.06% (2010 - 3.42%) 

60,050 NSTAR 2,834,961 1.61% 

122,810 Wisconsin Energy Corp 4,333,964 2.45% 

7,168,925 4.06% 

Adjustment from Mid Market Prices to Bid Prices (Note 18) (1,223,015) (0.69%) 

Financial Assets at Fair Value Through Profit or Loss (Cost USD 158,680,318) 

(2010: USD 98,087,909) 168,880,834 95.69% 

Cash at Bank 7,871,262 4.46% 








market 0.00% 





100.00% 

142



PORTFOLIO OF INVESTMENTS - Skandia Investment Grade Corporate Bond Fund 



1,000,000 Bank of America Auto Trust 

275,000 Bear Stearns Commercial Mortgage Securities 



180,043 GE Capital Commercial Mortgage Corp 

695,000 GE Equipment Transportation LLC 

755,000 GMAC Commercial Mortgage Securities Inc 

500,000 GS Mortgage Securities Corp II 

410,000 Harley-Davidson Motorcycle Trust 


Coupon 

Rate % 

3.52 

5.44 

5.41 

4.83 

5.35 

0.77 

5.64 

0.53 

2.40 

Maturity 

Date 

15/06/2016 

11/03/2039 

11/12/2040 

11/11/2041 

11/08/2036 

21/10/2013 

10/05/2040 

06/03/2020 

15/07/2014 


1,019,171 0.63% 

306,865 0.19% 

731,163 0.46% 

322,953 0.20% 

182,773 0.11% 

694,498 0.44% 

800,017 0.50% 

497,335 0.31% 

413,206 0.26% 

250,000 Securities Corp 

Los Angeles County Metropolitan Transportation 

5.48 12/12/2044 273,439 0.17% 

715,000 Authority 

86,218 Merrill Lynch Mortgage Investors Inc 

342,840 Merrill Lynch Mortgage Investors Inc 

976,606 Morgan Stanley ABS Capital I 




800,000 Navistar Financial Dealer Note Master Trust 

272,695 NCUA Guaranteed Notes 




395,000 New Jersey State Turnpike Authority 

785,000 North Texas Tollway Authority 

255,000 Ohio State University/The 

153,085 Securitized Asset Backed Receivables LLC 

90,000 State of Illinois 

1,255,000 University of California 



5.74 

0.49 

0.40 

0.43 

4.78 

4.99 

5.20 

1.70 

0.70 

0.72 

2.65 

2.90 

7.10 

6.72 

4.80 

0.42 

5.88 

6.55 

2.73 

2.72 

01/06/2039 

25/12/2036 

25/03/2037 

25/08/2036 

13/12/2041 

13/08/2042 

14/11/2042 

26/10/2015 

06/02/2020 

07/10/2020 

29/10/2020 

29/10/2020 

01/01/2041 

01/01/2049 

01/06/2111 

25/05/2037 

01/03/2019 

15/05/2048 

25/02/2035 

25/03/2035 

846,810 

54,108 

175,982 

486,393 

376,568 

859,555 

708,400 

804,883 

272,803 

318,318 

620,423 

153,360 

554,609 

972,225 

263,557 

69,350 

98,685 

1,502,656 

124,815 

180,563 

0.53% 

0.03% 

0.11% 

0.31% 

0.23% 

0.55% 

0.44% 

0.50% 

0.17% 

0.20% 

0.38% 

0.10% 

0.35% 

0.61% 

0.16% 

0.04% 

0.06% 

0.93% 

0.08% 

0.11% 


14,685,483 9.16% 

831,000 ABN Amro Bank NV 

500,000 Aegon NV 

300,000 AES Corp/The 

185,000 Alcoa Inc 

135,000 Altria Group Inc 

1,195,000 Altria Group Inc 

155,000 Altria Group Inc 

110,000 American Express Co 






425,000 Amgen Inc 

125,000 Amgen Inc 

525,000 Anadarko Petroleum Corp 

275,000 Anadarko Petroleum Corp 

1,360,000 Anheuser-Busch InBev Worldwide Inc 

500,000 AON Financial Services Luxembourg SA 

475,000 AT&T Inc 

1,085,000 AT&T Inc 

6.25 

4.63 

7.75 

6.15 

9.70 

9.25 

4.75 

6.15 

7.00 

8.13 

5.00 

6.40 

5.00 

4.95 

5.65 

5.95 

6.95 

7.75 

6.25 

5.50 

5.80 

27/04/2022 

01/12/2015 

01/03/2014 

15/08/2020 

10/11/2018 

06/08/2019 

05/05/2021 

28/08/2017 

19/03/2018 

20/05/2019 

26/06/2017 

15/12/2020 

26/04/2023 

01/10/2041 

15/06/2042 

15/09/2016 

15/06/2019 

15/01/2019 

01/07/2014 

01/02/2018 

15/02/2019 

780,713 

519,413 

332,885 

198,178 

183,847 

1,648,687 

171,303 

128,145 

1,099,083 

391,652 

417,430 

532,351 

325,519 

423,258 

135,145 

601,694 

324,975 

1,820,280 

716,425 

563,285 

1,305,118 

0.49% 

0.32% 

0.21% 

0.12% 

0.11% 

1.02% 

0.11% 

0.08% 

0.69% 

0.24% 

0.26% 

0.33% 

0.20% 

0.27% 

0.08% 

0.38% 

0.20% 

1.13% 

0.45% 

0.35% 

0.81% 

143



PORTFOLIO OF INVESTMENTS - Skandia Investment Grade Corporate Bond Fund (continued) 



360,000 AT&T Inc 

800,000 AT&T Inc 

250,000 Autoroutes du Sud de la France SA 

560,000 Aviva PLC 

370,000 BAA Funding Ltd 

400,000 Baltimore Gas & Electric Co 

555,000 BanColombia SA 












100,000 BAT International Finance PLC 




395,000 BM&FBovespa SA 

535,000 BMW Finance NV 

300,000 BNP Paribas 

1,300,000 BNP Paribas 

265,000 BP Capital Markets PLC 

391,000 BP Capital Markets PLC 

405,000 Braskem Finance Ltd 

800,000 British Telecommunications PLC 

400,000 Burlington Northern Santa Fe LLC 

545,000 Canadian National Railway Co 

390,000 Canadian Pacific Railway Co 

805,000 CBS Corp 




CCO Holdings LLC / CCO Holdings Capital 

Coupon 

Rate % 

4.45 

5.35 

4.13 

0.90 

5.88 

3.50 

4.25 

6.50 

4.63 

4.75 

5.65 

5.88 

5.00 

5.00 

0.75 

1.68 

0.74 

6.75 

5.88 

5.38 

6.38 

4.88 

5.50 

3.63 

7.78 

0.60 

4.33 

3.56 

5.75 

5.75 

4.70 

2.85 

4.45 

5.75 

4.30 

7.88 

5.90 

Maturity 

Date 

15/05/2021 

01/09/2040 

13/04/2020 

19/06/2017 

13/05/2041 

15/11/2021 

12/01/2016 

01/08/2016 

07/02/2017 

03/04/2017 

01/05/2018 

05/01/2021 

13/05/2021 

22/09/2016 

23/03/2017 

30/05/2017 

11/09/2017 

22/05/2019 

12/03/2015 

29/06/2017 

12/12/2019 

24/02/2021 

16/07/2020 

29/01/2018 

29/06/2049 

27/04/2017 

10/12/2018 

01/11/2021 

15/04/2021 

07/12/2028 

01/10/2019 

15/12/2021 

15/03/2023 

15/04/2020 

15/02/2021 

30/07/2030 

15/10/2040 


400,818 0.25% 

907,595 0.57% 

326,091 0.20% 

527,674 0.34% 

609,532 0.38% 

405,007 0.25% 

565,600 0.35% 

644,417 0.40% 

827,133 0.52% 

306,832 0.19% 

239,835 0.15% 

685,723 0.43% 

251,824 0.16% 

342,251 0.21% 

414,628 0.26% 

212,517 0.13% 

592,842 0.37% 

640,383 0.40% 

150,107 0.09% 

265,687 0.17% 

562,787 0.35% 

906,527 0.57% 

417,438 0.26% 

733,733 0.46% 

331,363 0.21% 

1,208,755 0.75% 

440,845 0.27% 

407,471 0.25% 

409,042 0.26% 

1,335,408 0.84% 

452,118 0.28% 

552,673 0.34% 

397,772 0.25% 

924,984 0.58% 

68,817 0.04% 

262,505 0.16% 

820,228 0.51% 

75,000 Corp 

CCO Holdings LLC / CCO Holdings Capital 

7.88 30/04/2018 81,234 0.05% 

65,000 Corp 

1,250,000 CDP Financial Inc 

Cellco Partnership / Verizon Wireless Capital 

8.13 

4.40 

30/04/2020 

25/11/2019 

72,380 

1,364,641 

0.05% 

0.85% 

450,000 LLC 

140,000 CenterPoint Energy Resources Corp 

705,000 Centrais Eletricas Brasileiras SA 

150,000 Centrica PLC 

250,000 Chesapeake Energy Corp 






380,000 CNA Financial Corp 

395,000 Coca-Cola Co/The 

8.50 

5.85 

5.75 

5.50 

2.50 

0.81 

8.50 

5.38 

4.50 

4.25 

5.75 

1.80 

15/11/2018 

15/01/2041 

27/10/2021 

24/10/2016 

15/05/2037 

09/06/2016 

22/05/2019 

09/08/2020 

14/01/2022 

25/02/2030 

15/08/2021 

01/09/2016 

615,974 

165,171 

740,706 

263,662 

227,344 

273,704 

476,309 

1,687,485 

498,342 

650,542 

395,986 

404,329 

0.38% 

0.10% 

0.46% 

0.16% 

0.14% 

0.17% 

0.30% 

1.04% 

0.31% 

0.41% 

0.25% 

0.25% 

144






360,000 Coca-Cola Co/The 

675,000 Coca-Cola Enterprises Inc 

375,000 Coca-Cola Enterprises Inc 

250,000 Colbun SA 

400,000 Comcast Corp 

125,000 ConocoPhillips 

250,000 ConocoPhillips 


Coupon 

Rate % 

3.30 

3.50 

3.25 

6.00 

5.70 

6.00 

6.50 

Maturity 

Date 

01/09/2021 

15/09/2020 

19/08/2021 

21/01/2020 

01/07/2019 

15/01/2020 

01/02/2039 


380,622 0.24% 

709,140 0.44% 

385,696 0.24% 

271,674 0.17% 

475,049 0.30% 

158,717 0.10% 

350,529 0.22% 

300,000 Boerenleenbank BA/Netherlands 


5.88 20/05/2019 420,956 0.26% 

400,000 Boerenleenbank BA/Netherlands 

150,000 Corn Products International Inc 

525,000 COX Communications Inc 

225,000 COX Communications Inc 

200,000 Credit Suisse Group Finance Guernsey Ltd 

600,000 Credit Suisse/New York NY 

1,200,000 Credit Suisse/New York NY 

200,000 CSC Holdings LLC 

245,000 CSX Corp 

575,000 CVS Caremark Corp 

200,000 CVS Caremark Corp 

400,000 Daimler Finance North America LLC 




785,000 Devon Energy Corp 


4.13 

6.63 

6.25 

8.38 

3.63 

5.30 

4.38 

7.88 

4.75 

6.60 

4.13 

2.63 

3.13 

6.00 

7.38 

4.00 

14/07/2025 

15/04/2037 

01/06/2018 

01/03/2039 

23/01/2018 

13/08/2019 

05/08/2020 

15/02/2018 

30/05/2042 

15/03/2019 

15/05/2021 

15/09/2016 

11/04/2016 

08/07/2019 

04/12/2019 

15/07/2021 

532,259 

179,907 

616,476 

301,974 

244,100 

634,290 

1,194,014 

227,906 

253,391 

711,129 

215,492 

402,935 

709,664 

251,984 

628,443 

872,516 

0.33% 

0.11% 

0.38% 

0.19% 

0.15% 

0.40% 

0.74% 

0.14% 

0.16% 

0.45% 

0.13% 

0.25% 

0.44% 

0.16% 

0.39% 

0.54% 

875,000 Co Inc 

210,000 Discovery Communications LLC 

575,000 DNB Bank ASA 

205,000 Dominion Resources Inc/VA 

40,000 Duke Energy Carolinas LLC 

36,000 Duke Energy Carolinas LLC 

425,000 Duke Energy Corp 

500,000 Duke Energy Corp 

850,000 E.ON International Finance BV 

300,000 EDF SA 

675,000 Enel Finance International NV 

150,000 Enel Finance International NV 

475,000 Enterprise Products Operating LLC 

275,000 Enterprise Products Operating LLC 

655,000 ERAC USA Finance LLC 

335,000 ERP Operating LP 

350,000 FCE Bank PLC 

150,000 FCE Bank PLC 

180,000 First Data Corp 

275,000 France Telecom SA 

380,000 France Telecom SA 

200,000 Gas Natural Capital Markets SA 

320,000 Gazprom Via Gaz Capital SA 

400,000 GDF Suez 

375,000 GE Capital Trust II 

3,100,000 General Electric Capital Corp 



6.35 

6.35 

1.68 

4.90 

7.00 

4.25 

2.15 

5.05 

5.80 

4.63 

6.25 

5.00 

6.50 

5.95 

6.38 

4.75 

7.25 

5.13 

7.38 

5.00 

4.13 

5.63 

8.15 

3.13 

5.50 

6.00 

4.65 

6.75 

15/03/2040 

01/06/2040 

30/05/2017 

01/08/2041 

15/11/2018 

15/12/2041 

15/11/2016 

15/09/2019 

30/04/2018 

26/04/2030 

15/09/2017 

14/09/2022 

31/01/2019 

01/02/2041 

15/10/2017 

15/07/2020 

15/07/2013 

16/11/2015 

15/06/2019 

12/05/2016 

14/09/2021 

09/02/2017 

11/04/2018 

21/01/2020 

15/09/2067 

07/08/2019 

17/10/2021 

15/03/2032 

1,005,052 

254,151 

730,969 

226,799 

51,451 

37,650 

429,149 

574,701 

983,830 

390,611 

664,375 

178,774 

566,053 

314,642 

765,185 

348,228 

483,182 

228,564 

169,978 

475,570 

390,314 

278,524 

367,039 

515,924 

392,941 

3,613,866 

341,783 

565,655 

0.63% 

0.16% 

0.45% 

0.14% 

0.03% 

0.02% 

0.27% 

0.36% 

0.62% 

0.24% 

0.41% 

0.11% 

0.35% 

0.20% 

0.48% 

0.22% 

0.30% 

0.14% 

0.11% 

0.30% 

0.24% 

0.18% 

0.23% 

0.32% 

0.24% 

2.26% 

0.21% 

0.35% 

145




Coupon 


Rate % Maturity Date Value USD % Net Assets 



15/09/2067 313,508 0.20% 

175,000 GlaxoSmithKline Capital Inc 6.38 

15/05/2038 233,835 0.15% 

1,000,000 Goldman Sachs Group Inc/The 7.50 

15/02/2019 1,133,055 0.71% 


15/03/2020 785,337 0.49% 


15/06/2020 947,462 0.59% 


27/07/2021 139,722 0.09% 


01/02/2041 581,804 0.36% 

285,000 Goodyear Dunlop Tires Europe BV 6.75 

15/04/2019 351,767 0.22% 

825,000 Grupo Bimbo SAB de CV 4.88 

30/06/2020 892,613 0.56% 

115,000 Hannover Finance Luxembourg SA 5.00 

29/06/2049 120,986 0.08% 

175,000 HBOS PLC 4.38 

30/10/2019 153,252 0.10% 

400,000 Holcim US Finance Sarl & Cie SCS 6.00 

30/12/2019 412,218 0.26% 

1,075,000 HSBC Bank PLC 1.84 

30/09/2020 1,203,675 0.74% 

450,000 HSBC Holdings PLC 6.00 

10/06/2019 610,185 0.38% 

275,000 HSBC Holdings PLC 6.50 

20/05/2024 504,614 0.31% 

450,000 Hutchison Whampoa International 09 Ltd 7.63 

09/04/2019 561,877 0.35% 

100,000 Imperial Tobacco Finance PLC 7.25 

15/09/2014 147,207 0.09% 


17/02/2016 855,804 0.53% 


02/12/2019 478,661 0.30% 

550,000 Indian Oil Corp Ltd 4.75 

22/01/2015 568,935 0.35% 

375,000 ING Bank NV 0.57 

03/07/2017 302,868 0.19% 

400,000 ING Bank NV 4.63 

15/03/2019 482,292 0.30% 


22/07/2016 521,159 0.32% 


01/11/2021 732,913 0.46% 

400,000 International Lease Finance Corp 6.25 

15/05/2019 373,675 0.23% 

325,000 International Power Finance 2010 Plc 7.25 

11/05/2017 469,645 0.29% 

1,250,000 JPMorgan Chase & Co 1.97 

12/10/2015 1,420,614 0.88% 


05/07/2016 433,643 0.27% 


23/04/2019 1,007,230 0.63% 


15/08/2021 206,097 0.13% 

1,000,000 Kraft Foods Inc 5.38 

10/02/2020 1,174,798 0.73% 


01/02/2038 644,858 0.40% 

320,000 L-3 Communications Corp 4.95 

15/02/2021 323,940 0.20% 

150,000 LCH Clearnet SA Via Freshwater Finance PLC 6.58 

18/05/2017 130,156 0.08% 


05/03/2018 233,541 0.15% 


03/09/2019 351,012 0.22% 


21/01/2021 305,641 0.19% 


16/12/2021 151,038 0.09% 


04/08/2016 175,708 0.11% 


01/05/2020 357,307 0.22% 


01/05/2040 297,838 0.19% 


04/08/2041 173,802 0.11% 

350,000 Merrill Lynch & Co Inc 4.63 

14/09/2018 344,215 0.22% 

100,000 Metropolitan Life Global Funding I 4.63 

16/05/2017 139,255 0.09% 

475,000 MidAmerican Energy Co 5.30 

15/03/2018 559,618 0.35% 


02/11/2015 152,599 0.10% 

1,900,000 Morgan Stanley 5.63 

23/09/2019 1,796,776 1.11% 


25/01/2021 331,475 0.21% 


28/07/2021 141,863 0.09% 

370,000 Motiva Enterprises LLC 5.75 

15/01/2020 439,800 0.27% 

125,000 Muenchener Rueckversicherungs AG 7.63 

21/06/2028 226,813 0.14% 

400,000 National Grid Gas PLC 6.38 

03/03/2020 782,090 0.49% 

75,000 National Grid PLC 6.13 

15/04/2014 131,830 0.08% 


30/04/2020 449,387 0.28% 


01/04/2021 586,441 0.37% 

146






591,000 Newell Rubbermaid Inc 

1,100,000 News America Inc 

1,000,000 Nissan Motor Acceptance Corp 

540,000 Occidental Petroleum Corp 

675,000 Oncor Electric Delivery Co LLC 

280,000 Ontex IV SA 

100,000 Pernod-Ricard SA 


Coupon 

Rate % 

4.70 

5.65 

4.50 

3.13 

7.00 

7.50 

5.00 

Maturity 

Date 

15/08/2020 

15/08/2020 

30/01/2015 

15/02/2022 

01/09/2022 

15/04/2018 

15/03/2017 


637,756 0.40% 

1,254,900 0.78% 

1,058,144 0.66% 

561,637 0.35% 

871,515 0.55% 

331,051 0.21% 

140,643 0.09% 

625,000 Corp 


6.50 01/05/2018 733,676 0.45% 

95,000 Corp 

1,305,000 PNC Funding Corp 

700,000 Progress Energy Inc 

100,000 RCI Banque SA 

300,000 Reinsurance Group of America Inc 

115,000 Renault SA 

345,000 Republic Services Inc 




840,000 Roche Holdings Inc 

175,000 Roche Holdings Inc 





370,000 RZD Capital Ltd 

215,000 Sensata Technologies BV 

175,000 SES Global Americas Holdings GP 

270,000 SLM Corp 

485,000 Societe Generale SA 

540,000 Southern Co/The 

300,000 Standard Chartered Bank 

275,000 Standard Chartered Bank 

175,000 Statoil ASA 

450,000 Statoil ASA 

770,000 Sunoco Logistics Partners Operations LP 

30,000 Swedbank AB 

550,000 Swiss Re Solutions Holding Corp 

850,000 Swiss Reinsurance Co via ELM BV 

350,000 Telefonica Emisiones SAU 





750,000 Telefonos de Mexico SAB de CV 

925,000 Telemar Norte Leste SA 

245,000 Telenet Finance Luxembourg SCA 

600,000 TESCO PLC 

785,000 Time Warner Cable Inc 

775,000 Time Warner Cable Inc 

205,000 Time Warner Inc 

615,000 Time Warner Inc 

175,000 TransCanada PipeLines Ltd 

225,000 TransCanada PipeLines Ltd 

5.00 

6.70 

4.88 

3.40 

6.45 

4.63 

5.70 

7.30 

7.63 

7.75 

6.00 

7.00 

4.88 

3.95 

1.09 

1.18 

5.74 

6.50 

4.88 

6.25 

5.20 

1.95 

6.40 

6.40 

1.80 

3.13 

4.65 

5.75 

6.45 

5.25 

4.67 

4.38 

4.75 

4.69 

5.46 

5.50 

5.13 

6.38 

3.38 

5.85 

5.88 

4.00 

6.20 

7.13 

3.80 

01/02/2021 

10/06/2019 

01/12/2019 

11/04/2014 

15/11/2019 

25/05/2016 

15/05/2041 

15/07/2015 

01/06/2016 

01/06/2018 

01/03/2019 

01/03/2039 

25/08/2014 

21/09/2015 

11/04/2016 

14/10/2016 

03/04/2017 

15/05/2019 

09/07/2014 

25/01/2016 

15/04/2021 

01/09/2016 

26/09/2017 

26/09/2017 

23/11/2016 

17/08/2017 

15/02/2022 

29/03/2049 

01/03/2019 

29/05/2049 

07/02/2014 

02/02/2016 

07/02/2017 

11/11/2019 

16/02/2021 

15/11/2019 

15/12/2017 

15/11/2020 

02/11/2018 

01/05/2017 

15/11/2040 

15/01/2022 

15/03/2040 

15/01/2019 

01/10/2020 

105,782 

1,578,118 

798,672 

98,266 

339,485 

147,268 

402,075 

341,714 

675,081 

753,531 

1,037,844 

254,061 

448,483 

214,005 

140,617 

277,410 

377,011 

215,672 

246,539 

271,278 

417,031 

548,523 

313,911 

287,752 

177,084 

480,290 

794,263 

42,266 

627,722 

878,727 

475,209 

266,845 

133,170 

673,600 

408,263 

833,985 

1,174,188 

309,498 

807,969 

901,170 

853,429 

212,668 

747,285 

228,680 

243,555 

0.07% 

0.98% 

0.50% 

0.06% 

0.21% 

0.09% 

0.25% 

0.21% 

0.42% 

0.47% 

0.65% 

0.16% 

0.28% 

0.13% 

0.09% 

0.17% 

0.24% 

0.13% 

0.15% 

0.17% 

0.26% 

0.34% 

0.20% 

0.18% 

0.11% 

0.31% 

0.50% 

0.03% 

0.39% 

0.55% 

0.30% 

0.17% 

0.08% 

0.42% 

0.25% 

0.52% 

0.73% 

0.19% 

0.51% 

0.56% 

0.53% 

0.13% 

0.47% 

0.14% 

0.15% 

147






225,000 UBS AG/Jersey 




640,000 Unicredit Luxembourg Finance SA 

400,000 UnitedHealth Group Inc 

115,000 Unum Group 

265,000 UnumProvident Finance Co PLC 





225,000 Viacom Inc 

1,145,000 Viacom Inc 



520,000 Virgin Media Secured Finance PLC 

275,000 Virginia Electric and Power Co 

475,000 Virginia Electric and Power Co 

400,000 Vivendi SA 

100,000 Vodafone Group PLC 



500,000 Volkswagen Leasing GmbH 

200,000 Volkswagen Leasing GmbH 

1,400,000 Wachovia Bank NA 

650,000 Wal-Mart Stores Inc 

645,000 Walt Disney Co/The 

146,000 Waste Management Inc 

800,000 Wells Fargo & Co 

565,000 Western Gas Partners LP 

265,000 Western Power Distribution East Midlands PLC 

225,000 Williams Partners LP 

200,000 Williams Partners LP 

315,000 WM Morrison Supermarkets PLC 

256,000 WPP Finance 2010 

200,000 Xerox Corp 

425,000 Xstrata Canada Financial Corp 

710,000 Yara International ASA 

Coupon 

Rate % 

4.28 

5.88 

5.75 

4.88 

6.00 

6.50 

7.13 

6.85 

8.75 

4.60 

3.50 

4.75 

6.13 

4.50 

3.88 

6.88 

5.50 

5.95 

3.45 

4.00 

5.38 

5.75 

5.63 

3.38 

3.25 

4.98 

6.50 

2.75 

6.13 

4.60 

5.38 

5.25 

5.25 

4.00 

4.63 

4.75 

5.63 

6.00 

7.88 

Maturity 

Date 

15/04/2015 

20/12/2017 

25/04/2018 

04/08/2020 

31/10/2017 

15/06/2037 

30/09/2016 

15/11/2015 

01/11/2018 

01/04/2021 

01/11/2021 

01/11/2041 

05/10/2017 

01/03/2021 

15/12/2021 

30/04/2036 

15/01/2021 

15/09/2017 

01/09/2022 

31/03/2017 

30/01/2015 

15/03/2016 

27/02/2017 

03/06/2016 

10/05/2018 

25/05/2017 

15/08/2037 

16/08/2021 

30/11/2039 

01/04/2021 

01/06/2021 

17/01/2023 

15/03/2020 

15/11/2021 

08/12/2023 

21/11/2021 

15/12/2019 

15/11/2041 

11/06/2019 


227,804 0.14% 

234,915 0.15% 

916,857 0.57% 

579,126 0.36% 

487,719 0.30% 

515,903 0.32% 

133,220 0.08% 

295,562 0.18% 

549,248 0.34% 

510,531 0.32% 

287,994 0.18% 

108,813 0.07% 

268,935 0.17% 

1,239,096 0.77% 

45,740 0.03% 

223,458 0.14% 

820,901 0.51% 

334,473 0.21% 

503,236 0.31% 

542,465 0.34% 

113,105 0.07% 

706,155 0.45% 

678,453 0.42% 

680,265 0.43% 

263,763 0.16% 

1,219,074 0.76% 

918,476 0.57% 

665,326 0.41% 

181,155 0.11% 

877,906 0.55% 

602,116 0.38% 

464,430 0.29% 

252,537 0.16% 

206,338 0.13% 

516,711 0.32% 

255,066 0.16% 

219,024 0.14% 

440,310 0.27% 

874,481 0.55% 

140,018,438 87.28% 


Banco Nacional de Desenvolvimento Economico 

390,000 e Social 


FADE - Fondo de Amortizacion del Deficit 

6.50 

4.00 

10/06/2019 

01/06/2041 

447,315 

612,745 

0.29% 

0.38% 

300,000 Electrico 

300,000 Fund for Ordered Bank Restructuring 




5.00 

4.50 

3.00 

5.00 

4.25 

17/06/2015 

03/02/2014 

12/07/2016 

07/03/2025 

07/12/2027 

406,448 

407,102 

1,765,105 

51,033 

47,388 

0.25% 

0.25% 

1.10% 

0.03% 

0.03% 

Futures^ - 0.21% (2010 - 0.72%) 

3,737,136 2.33% 

56 Euro Bund Future* 08/03/2012 171,828 0.11% 

58 Euro Schatz Future* 08/03/2012 28,513 0.02% 

148




Maturity 


Futures^ - 0.21% (2010 - 0.72%) (continued) 


6 Australia 10 Year Bond Future* 15/03/2012 8,645 0.01% 

(8) Australia 3 Year Bond Future* 15/03/2012 608 0.00% 

17 Euro Bobl Future* 19/03/2012 39,225 0.02% 

14 Can 10 Year Bond* 21/03/2012 18,802 0.01% 

41 US Long Bond (CBT)* 21/03/2012 57,923 0.04% 

Contracts for Difference - 0.18% (2010 - 0.72%) 

325,544 0.21% 

12,750 BTPS 4% 01/02/2037 12,851 0.01% 

11,450 BTPS 4% 01/02/2037 44,800 0.03% 

(12,750) BTPS 6% 01/05/2031 26,081 0.02% 

22,850 Spanish Government 4.2% 31/01/2037 186,830 0.12% 

270,562 0.18% 


162,872,018) 159,037,163 99.16% 

Futures - (0.163)% (2010 - 0.00%) 

(226) US Treasury 10 Year Note Future* 21/03/2012 (156,287) (0.10%) 

(8) US Ultra Bond (CBT)* 21/03/2012 (1,187) 0.00% 

(8) Long Gilt Future* 28/03/2012 (8,889) (0.01%) 

(46) US Treasury 2 Year Note Future* 30/03/2012 (2,875) 0.00% 

(183) US Treasury 5 Year Note Future* 30/03/2012 (72,789) (0.05%) 

(242,027) (0.16%) 

Contracts for Difference - 0.38% (2010 - 0.72%) 

(11,450) BTPS 6% 01/05/2031 (54,604) (0.03%) 

(21,500) Government of France 3.25% 25/05/2037 (21,446) (0.01%) 

(21,650) Spanish Government 5.75% 30/07/2037 (204,896) (0.13%) 

(280,946) (0.17%) 

Financial Liabilities at Fair Value Through Profit or Loss (Cost USD 459) (2010: USD -) (522,973) (0.33%) 

Cash at Bank 151,469 0.09% 








market 0.00% 





100.00% 

* Exchange Traded 

^ The broker for futures is Merrill Lynch International. 

149



PORTFOLIO OF INVESTMENTS - Skandia Global Emerging Markets Fund 



15,650 Anglo American Platinum Ltd 1,028,145 1.21% 

896,779 Grupo Mexico SAB de CV 2,370,113 2.78% 

2,785 Honam Petrochemical Corp 720,429 0.85% 

31,300 Industrias Penoles SAB de CV 1,369,192 1.61% 

32,050 KGHM Polska Miedz SA 1,025,511 1.20% 

14,805 POSCO ADR 1,210,605 1.42% 

111,900 Sesa Goa Ltd 344,315 0.40% 

29,700 Sociedad Quimica y Minera de Chile SA 1,578,258 1.85% 

97,300 Ultrapar Participacoes SA 1,669,788 1.96% 

132,150 Vale SA 2,687,931 3.16% 

14,004,287 16.44% 


22,800 America Movil SAB de CV ADR 515,964 0.61% 

22,600 Baidu Inc/China ADR 2,592,672 3.04% 

26,900 MTN Group Ltd 477,450 0.56% 

3,586,086 4.21% 


846,000 Brilliance China Automotive Holdings Ltd 912,657 1.07% 

688,400 Genting Bhd 2,388,767 2.80% 

265,000 Golden Eagle Retail Group Ltd 560,160 0.66% 

16,405 Hyundai Department Store Co Ltd 2,321,205 2.73% 

4,745 Hyundai Mobis 1,202,732 1.41% 

615,200 Wal-Mart de Mexico SAB de CV 1,674,807 1.97% 

454,000 Weichai Power Co Ltd 2,232,608 2.62% 

11,292,936 13.26% 


2,140 Amorepacific Corp 1,954,246 2.29% 

61,600 Cia de Bebidas das Americas 2,229,304 2.62% 

286,000 Fomento Economico Mexicano SAB de CV 1,983,864 2.33% 

214,000 Gudang Garam Tbk PT 1,464,375 1.72% 

47,800 Magnit OJSC 986,592 1.16% 

8,618,381 10.12% 

Electrical equipment - 0.98% (2010 - –%) 

380,000 Zhuzhou Csr Times 'h'cny1 832,600 0.98% 

832,600 0.98% 

Energy - 14.86% (2010 - 17.52%) 

3,365,000 Bumi Resources Tbk PT 807,126 0.95% 

1,024,000 China Oilfield Services Ltd 1,616,158 1.90% 

17,750 China Petroleum & Chemical Corp 1,869,074 2.20% 

9,950 CNOOC Ltd 1,739,160 2.04% 

27,000 Ecopetrol SA 1,202,850 1.41% 

106,400 Gazprom OAO ADR 1,132,096 1.33% 

16,250 Petroleo Brasileiro SA ADR 399,750 0.47% 

15,000 Reliance Industries Ltd 398,400 0.47% 

37,650 Sasol Ltd 1,756,749 2.06% 

14,035 SK Innovation Co Ltd 1,730,018 2.03% 

12,651,381 14.86% 

Financial - 16.73% (2010 - 19.34%) 

110,500 Banco Bradesco SA 1,819,935 2.14% 

5,800 Banco Santander Chile ADR 432,854 0.51% 

2,533,000 Bank Mandiri Tbk PT 1,885,540 2.21% 

6,250 Bank Pekao SA 255,150 0.30% 

3,554,500 Bank Rakyat Indonesia Persero Tbk PT 2,645,935 3.11% 

3,600 BRE Bank SA 256,094 0.30% 

150



PORTFOLIO OF INVESTMENTS - Skandia Global Emerging Markets Fund (continued) 


Financial - 16.73% (2010 - 19.34%) (continued) 

528,200 CIMB Group Holdings Bhd 1,239,685 1.46% 


119,500 Itau Unibanco Holding SA ADR 2,190,435 2.57% 

134,500 Ping An Insurance Group Co 886,514 1.04% 

4,170 Samsung Fire & Marine Insurance Co Ltd 763,780 0.90% 

8,650 Samsung Securities Co Ltd 370,931 0.43% 

37,600 Woori Investment & Securities Co Ltd 345,974 0.41% 

14,239,399 16.73% 

Industrial - 9.84% (2010 - 12.26%) 

384,000 Anhui Conch Cement Co Ltd 1,139,450 1.34% 

88,400 Daewoo Shipbuilding & Marine Engineering Co Ltd 1,864,698 2.18% 

44,500 Doosan Infracore Co Ltd 689,522 0.81% 

65,500 Embraer SA ADR 1,653,875 1.94% 

7,745 Hyundai Heavy Industries Co Ltd 1,727,843 2.03% 

937,000 Sany Heavy Equipment International Holdings Co Ltd 763,548 0.90% 

187,500 United Tractors Tbk PT 544,852 0.64% 

8,383,788 9.84% 

Technology - 12.29% (2010 - 9.64%) 

208,817 Advanced Semiconductor Engineering Inc 910,442 1.07% 

111,000 Asustek Computer Inc 789,998 0.93% 

39,900 Hynix Semiconductor Inc 760,251 0.89% 

3,266,000 Lenovo Group Ltd 2,177,907 2.56% 


63,100 Siliconware Precision Industries Co 275,116 0.32% 

217,600 Taiwan Semiconductor Manufacturing Co Ltd 2,833,152 3.33% 

10,465,352 12.29% 

Utilities - 0.79% (2010 - 0.47%) 

37,500 Cia Energetica de Minas Gerais 673,500 0.79% 

673,500 0.79% 


59,285,214) 84,747,710 99.52% 

Cash at Bank 338,407 0.40% 








market 0.00% 





100.00% 

151



PORTFOLIO OF INVESTMENTS - Skandia Asian Equity Fund 


Basic Materials - 6.09% 

22,161 BHP Billiton Ltd 775,978 0.88% 

10,100 Dongkuk Steel Mill Co Ltd 179,732 0.20% 

3,690 POSCO 1,217,193 1.40% 

19,366 Rio Tinto Ltd 1,187,972 1.35% 

52,930 Sesa Goa Ltd 162,865 0.19% 

810,000 Sinopec Shanghai Petrochemical Co Ltd 270,071 0.31% 

10,383 SK Chemicals Co Ltd 577,738 0.66% 

153,350 Tata Steel Ltd 968,402 1.10% 

5,339,951 6.09% 

Communications - 20.66% 

541,700 Advanced Info Service PCL 2,412,346 2.75% 

2,400 Baidu Inc/China ADR 275,328 0.31% 

349,100 BEC World PCL 497,928 0.57% 

526,500 China Mobile Ltd 5,144,385 5.87% 

472,000 China Unicom Hong Kong Ltd 992,858 1.13% 

10,374 Daum Communications Corp 1,080,631 1.23% 

606,400 DiGi.Com Bhd 742,217 0.85% 

166,490 LG Uplus Corp 1,069,472 1.22% 

2,652 NCSoft Corp 707,894 0.81% 

6,276 NHN Corp 1,149,516 1.31% 

10,610 Philippine Long Distance Telephone Co 614,984 0.70% 

449,270 Telecom Corp of New Zealand Ltd 719,207 0.82% 

1,027,000 Telekomunikasi Indonesia Tbk PT 798,466 0.91% 

563,952 Telstra Corp Ltd 1,910,449 2.18% 

18,115,681 20.66% 

Consumer, Cyclical - 10.35% 

1,392,000 Air China Ltd 1,028,595 1.17% 

602,100 AirAsia BHD 716,061 0.82% 

240,000 Astra International Tbk PT 1,958,573 2.23% 

1,412,000 Bosideng International Holdings Ltd 399,899 0.46% 

300,000 Brilliance China Automotive Holdings Ltd 323,637 0.37% 

292,000 China Motor Corp 265,199 0.30% 

724,500 Home Product Center PCL 252,601 0.29% 

18,432 Jardine Cycle & Carriage Ltd 682,504 0.78% 

6,117 LG International Corp 250,363 0.29% 

498,800 Sands China Ltd 1,409,465 1.61% 

27,410 SM Investments Corp 364,064 0.42% 

422,827 Tata Motors Ltd 1,422,854 1.61% 

9,073,815 10.35% 

Consumer, Non-cyclical - 5.98% 

99,505 GrainCorp Ltd 794,628 0.91% 

117,500 Hengan International Group Co Ltd 1,098,922 1.25% 

34,631 KT&G Corp 2,447,029 2.79% 

904,000 Want Want China Holdings Ltd 901,910 1.03% 

5,242,489 5.98% 

Diversified - 2.15% 

543,000 Dah Chong Hong Holdings Ltd 639,608 0.73% 

358,000 First Pacific Co Ltd/Hong Kong 372,381 0.42% 

1,056,000 Guangdong Investment Ltd 640,293 0.73% 

8,500 Jardine Strategic Holdings Ltd 235,195 0.27% 

1,887,477 2.15% 

Energy - 10.29% 

89,449 Caltex Australia Ltd 1,071,028 1.22% 

2,477,861 China Petroleum & Chemical Corp 2,606,107 2.97% 

152



PORTFOLIO OF INVESTMENTS - Skandia Asian Equity Fund (continued) 


Energy - 10.29% (continued) 

388,500 China Shenhua Energy Co Ltd 1,685,444 1.92% 

1,684,000 CNOOC Ltd 2,943,982 3.36% 

525,300 Esso Thailand PCL 179,819 0.21% 

29,584 Hindustan Petroleum Corp Ltd 140,918 0.16% 

186,000 Yanzhou Coal Mining Co Ltd 397,000 0.45% 

9,024,298 10.29% 

Financial - 31.99% 

2,155,000 Agricultural Bank of China Ltd 926,589 1.06% 

1,044,000 Bank Mandiri Tbk PT 777,143 0.89% 

5,480,800 Bank of China Ltd 2,017,917 2.30% 

1,125,000 Bank Rakyat Indonesia Persero Tbk PT 837,439 0.95% 

86,334 Bendigo and Adelaide Bank Ltd 705,255 0.80% 


1,196,000 China Minsheng Banking Corp Ltd 1,036,190 1.18% 

114,000 Chong Hong Construction Co 189,001 0.22% 

521,912 Commonwealth Property Office Fund 507,049 0.58% 

1,671,000 Country Garden Holdings Co Ltd 625,983 0.71% 

4,376 Dongbu Insurance Co Ltd 202,847 0.23% 

1,866,000 Evergrande Real Estate Group Ltd 773,502 0.89% 

152,000 Highwealth Construction Corp 218,368 0.25% 

22,990 Hyundai Marine & Fire Insurance Co Ltd 688,506 0.79% 


53,510 Industrial Bank of Korea 580,624 0.66% 

89,210 Korea Life Insurance Co Ltd 573,053 0.65% 

144,936 LIC Housing Finance Ltd 604,128 0.69% 

203,000 Link REIT/The 747,404 0.85% 

1,010,500 LPN Development PCL 409,969 0.47% 

29,610 Meritz Fire & Marine Insurance Co Ltd 303,298 0.35% 

163,017 National Australia Bank Ltd 3,873,957 4.43% 

626,000 PICC Property & Casualty Co Ltd 846,169 0.95% 

104,256 Rural Electrification Corp Ltd 301,849 0.34% 

3,860 Samsung Fire & Marine Insurance Co Ltd 707,000 0.81% 

206,000 Sino Land Co Ltd 293,302 0.33% 

399,500 Soho China Ltd 265,889 0.30% 

130,545 Stockland 423,643 0.48% 

995,200 Supalai PCL 451,077 0.51% 

58,000 UOL Group Ltd 178,523 0.20% 

104,223 Westpac Banking Corp 2,120,521 2.42% 

28,059,247 31.99% 

Industrial - 5.25% 

208,000 AAC Technologies Holdings Inc 466,985 0.53% 

1,536,000 China Communications Construction Co Ltd 1,200,255 1.37% 

2,687 Doosan Corp 333,544 0.38% 

3,599 Hyundai Mipo Dockyard 349,905 0.40% 

259,320 Jaiprakash Associates Ltd 255,883 0.29% 

490,000 Pegatron Corp 533,221 0.61% 

430,370 STX OSV Holdings Ltd 384,155 0.44% 

123,814 Sydney Airport 335,043 0.38% 

610,300 TPI Polene PCL 292,095 0.33% 

155,500 United Tractors Tbk PT 451,864 0.52% 

4,602,950 5.25% 

Technology - 3.05% 


153



PORTFOLIO OF INVESTMENTS - Skandia Asian Equity Fund (continued) 


Technology - 3.05% (continued) 

2,722,000 United Microelectronics Corp 1,141,689 1.30% 

2,676,348 3.05% 

Utilities - 3.53% 

134,500 CLP Holdings Ltd 1,143,637 1.31% 

107,400 Glow Energy PCL 194,037 0.22% 

968,000 Huaneng Power International Inc 514,658 0.59% 

15,760 Korea Gas Corp 570,482 0.65% 

479,194 Spark Infrastructure Group 670,291 0.76% 

3,093,105 3.53% 

Financial Assets at Fair Value Through Profit or Loss (Cost USD 90,829,185) 87,115,361 99.34% 

Cash at Bank 605,819 0.69% 








market 0.00% 





100.00% 

154



PORTFOLIO OF INVESTMENTS - Skandia Local CCY Emerging Market Debt Fund 


Corporate Bonds - 25.98% 







100,000 Citigroup Funding Inc 

217,200,000 Credit Suisse/Nassau 



49,000,000,000 Deutsche Bank AG/London 

3,600,000,000 Deutsche Bank AG/London 

270,000,000 Emgesa SA ESP 

472,000,000 Emgesa SA ESP 

52,000,000 Empresas Publicas de Medellin ESP 

378,000,000 Empresas Publicas de Medellin ESP 

European Bank for Reconstruction & 

Coupon 

Rate % 

0.00 

10.00 

10.00 

10.00 

10.00 

10.00 

10.00 

7.00 

7.40 

7.50 

8.25 

7.00 

8.75 

8.75 

8.38 

8.38 

Maturity 

Date 

06/02/2012 

19/06/2012 

19/06/2012 

19/06/2012 

19/06/2012 

09/07/2012 

11/05/2012 

03/06/2015 

14/06/2017 

15/03/2018 

19/07/2021 

17/05/2022 

25/01/2021 

25/01/2021 

01/02/2021 

01/02/2021 


1,784,542 0.73% 

761,055 0.31% 

5,410,748 2.23% 

262,433 0.11% 

2,597,159 1.07% 

393,885 0.16% 

500,874 0.21% 

6,628,123 2.72% 

694,469 0.29% 

159,077 0.07% 

6,500,527 2.67% 

428,225 0.18% 

161,768 0.07% 

281,819 0.12% 

30,373 0.01% 

220,055 0.09% 

20,000,000,000 Development 

1,500,000,000 HSBC Bank PLC 

1,500,000,000 Indonesia Government 






4,200,000,000 Inter-American Development Bank 

11,170,000,000 Inter-American Development Bank 

International Bank for Reconstruction & 

7.20 

11.00 

12.80 

12.80 

12.80 

8.25 

11.00 

11.00 

6.50 

0.00 

08/06/2016 

15/09/2025 

15/06/2021 

17/06/2021 

17/06/2021 

19/07/2021 

15/09/2025 

17/09/2025 

10/03/2014 

20/08/2015 

2,327,875 

235,218 

245,278 

1,667,892 

1,340,854 

8,623,148 

219,537 

980,076 

488,926 

967,354 

0.95% 

0.10% 

0.10% 

0.69% 

0.55% 

3.56% 

0.09% 

0.40% 

0.20% 

0.40% 

10,000,000 Development 



1,020,000 JPMorgan Chase Bank NA 



7,400,000 JPMorgan Chase Bank NA 

11,800,000,000 JPMorgan Chase Bank NA 









10,070,000 Petroleos Mexicanos 

400,000,000 Titulos De Tesoreria 

200,000,000 Titulos De Tesoreria 

2,600,000,000 Titulos De Tesoreria 

4.88 

0.00 

0.00 

0.00 

0.00 

10.00 

6.88 

8.25 

10.00 

10.00 

10.00 

10.00 

10.00 

10.00 

10.00 

10.00 

7.65 

11.00 

11.00 

11.00 

16/09/2013 

16/02/2012 

16/02/2012 

16/02/2012 

16/02/2012 

16/02/2012 

17/07/2015 

17/06/2032 

26/01/2012 

06/01/2014 

06/01/2021 

10/01/2021 

10/01/2021 

10/01/2021 

01/10/2021 

01/10/2021 

24/11/2021 

24/07/2020 

24/07/2020 

27/07/2020 

306,212 

682,325 

274,884 

5,518,964 

550,790 

584,663 

230,758 

1,474,885 

835,234 

835,904 

157,460 

389,776 

603,595 

52,487 

1,574,595 

2,361,893 

717,176 

258,619 

129,309 

1,681,022 

0.13% 

0.28% 

0.11% 

2.27% 

0.23% 

0.24% 

0.09% 

0.61% 

0.34% 

0.34% 

0.06% 

0.16% 

0.25% 

0.02% 

0.65% 

0.98% 

0.30% 

0.11% 

0.05% 

0.68% 

Government Security - 65.13% 


63,131,841 25.98% 

1,291,761 Bond 


5.83 31/12/2033 272,265 0.11% 

402,191 Bond 

1,100,000,000 Bogota Distrito Capital 

7.82 

9.75 

31/12/2033 

26/07/2028 

332,195 

800,849 

0.14% 

0.33% 

155



PORTFOLIO OF INVESTMENTS - Skandia Local CCY Emerging Market Debt Fund (continued) 


Government Security - 65.13% (continued) 

Coupon 

Rate % 

Maturity 



1,000,000 Brazil Notas do Tesouro Nacional Serie F 

202,000,000 Chile Government International Bond 

1,900,000,000 Colombia Government International Bond 

3,263,000,000 Colombia Government International Bond 

594,430,000 Hungary Government Bond 







950,000 Malaysia Government Bond 













1,728,600 Mexican Udibonos 

2,900,000 Mexican Udibonos 


6,610,000 Poland Government Bond 







4,400,000,000 Republic of Colombia 








110,600,000 Thailand Government Bond 






900,000 Thailand Government Bond 






10.00 

10.00 

5.50 

12.00 

7.75 

6.75 

7.50 

5.50 

6.75 

8.00 

6.75 

7.50 

3.21 

5.09 

3.74 

3.84 

4.26 

4.01 

4.16 

7.75 

8.00 

6.50 

8.50 

7.75 

8.50 

4.00 

2.50 

4.95 

0.00 

5.25 

0.00 

5.50 

3.00 

5.75 

5.75 

9.85 

7.85 

8.25 

8.00 

7.25 

6.75 

10.50 

7.00 

4.25 

5.25 

3.63 

3.13 

3.25 

2.80 

1.20 

3.65 

0.00 

0.00 

0.00 

0.00 

01/01/2017 

01/01/2021 

05/08/2020 

22/10/2015 

14/04/2021 

12/02/2013 

24/10/2013 

12/02/2014 

22/08/2014 

12/02/2015 

24/02/2017 

12/11/2020 

31/05/2013 

30/04/2014 

27/02/2015 

12/08/2015 

15/09/2016 

15/09/2017 

15/07/2021 

14/12/2017 

11/06/2020 

10/06/2021 

31/05/2029 

29/05/2031 

18/11/2038 

13/06/2019 

10/12/2020 

15/01/2021 

25/01/2013 

25/04/2013 

25/07/2013 

25/04/2015 

24/08/2016 

25/10/2021 

23/09/2022 

28/06/2027 

10/03/2018 

15/09/2017 

21/12/2018 

15/01/2020 

31/03/2021 

21/12/2026 

28/02/2031 

13/03/2013 

12/05/2014 

22/05/2015 

11/12/2015 

16/06/2017 

10/10/2017 

14/07/2021 

17/12/2021 

07/11/2012 

20/02/2013 

15/05/2013 

17/07/2013 

243,516 

5,528,443 

412,431 

1,282,446 

2,100,603 

2,566,554 

1,111,772 

178,965 

563,911 

708,582 

34,985 

32,591 

302,102 

5,332,359 

560,851 

10,468,121 

3,736,440 

2,393,309 

2,497,112 

348,465 

6,525,407 

13,696,600 

2,416,571 

756,989 

2,903,779 

139,183 

968,678 

233,590 

1,830,200 

605,649 

443,125 

13,051,451 

1,492,806 

398,453 

595,611 

3,307,575 

1,936,625 

1,072,908 

1,956,864 

495,221 

18,660,911 

4,650,538 

1,571,354 

3,643,327 

4,769,241 

857,832 

2,956,141 

317,565 

267,766 

29,600 

221,674 

5,655,159 

14,463,819 

555,488 

2,723,247 

0.10% 

2.27% 

0.17% 

0.53% 

0.86% 

1.06% 

0.46% 

0.07% 

0.23% 

0.29% 

0.01% 

0.01% 

0.12% 

2.19% 

0.23% 

4.31% 

1.54% 

0.98% 

1.03% 

0.14% 

2.69% 

5.65% 

0.99% 

0.31% 

1.19% 

0.06% 

0.40% 

0.10% 

0.75% 

0.25% 

0.18% 

5.38% 

0.61% 

0.16% 

0.25% 

1.36% 

0.80% 

0.44% 

0.81% 

0.20% 

7.69% 

1.91% 

0.65% 

1.50% 

1.96% 

0.35% 

1.22% 

0.13% 

0.11% 

0.01% 

0.09% 

2.33% 

5.96% 

0.23% 

1.12% 

156



PORTFOLIO OF INVESTMENTS - Skandia Local CCY Emerging Market Debt Fund (continued) 


Government Security - 65.13% (continued) 

200,000 Turkey Government Bond 



Coupon 

Rate % 

8.00 

4.50 

10.00 

Maturity 

Date 

29/01/2014 

11/02/2015 

17/06/2015 


102,551 0.04% 

70,955 0.03% 

105,295 0.04% 

158,258,615 65.13% 

Credit Linked Notes - 1.86% 

7,000,000,000 Titulus De Tesore 11.00 24/07/2037 4,525,828 1.86% 

4,525,828 1.86% 


Cash at Bank 18,041,517 7.42% 








market 0.00% 





100.00% 

157



PORTFOLIO OF INVESTMENTS – Skandia Global Futures Fund 

Coupon 


Rate % 

Collective Investment Schemes – 7.74% 

3,200,000 Goldman Sachs Funds PLC – USD Liquid 

Reserve Fund 

Government Security – 87.57% 









0.00 

0.00 

0.00 

0.00 

0.00 

0.00 

0.00 

0.00 

Futures ^ 0.79% 

41,629,736 US GSCI Index Future* 

158 

Maturity 


3,200,000 7.74% 

3,200,000 7.74% 

05/01/2012 4,499,990 10.89% 

12/01/2012 4,499,987 10.88% 

19/01/2012 4,500,015 10.89% 

26/01/2012 4,499,995 10.89% 

02/02/2012 4,499,980 10.88% 

09/02/2012 4,499,969 10.88% 

22/03/2012 4,599,896 11.13% 

29/03/2012 4,599,765 11.13% 

36,199,597 87.57% 

31/12/2012 325,923 0.79% 

325,923 0.79% 


Cash at Bank 1,818,741 4.40% 








market 0.00% 





100.00% 

*Exchange Traded 

^ The broker for futures is Newedge.



STATEMENT OF OPERATIONS FOR THE YEAR ENDED 31 December 2011 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

159 

Skandia US All 

Cap Value Fund 

Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 

Notes USD USD USD USD USD EUR EUR 

Income 

Dividend Income 1b 7,680,860 768,129 2,761,295 3,638,688 2,262,622 4,307,654 1,027,775 

Interest Income on cash 1b - - 6,043 1,551 731 15,455 1,906 

Securities Lending Commission 1b, 1n - - - - - 97,876 19,505 

Other Income 

Net Gains/(Losses) on financial assets at 

57,501 62,991 10,588 122,257 50,723 4,111 7,626 

fair value through profit and loss 1c, 3 (39,701,239) (735,981) (12,866,344) (11,397,788) (7,080,665) (18,359,736) (7,952,044) 

(31,962,878) 95,139 (10,088,418) (7,635,292) (4,766,589) (13,934,640) (6,895,232) 

Expenses 

Administration Fee 13 166,441 82,563 147,671 141,189 86,058 90,402 53,895 

Distribution Fee 13 134,853 104,601 262,995 505,122 186,962 87,306 61,535 

Management Fee 13 5,226,362 1,161,806 3,514,646 3,344,022 1,294,847 2,039,593 558,145 

Performance Fee - - - - - - - 

Operational Expenses 13 484,267 209,015 315,598 393,477 187,206 184,568 116,919 

Dividend Expense - - - - - - - 

Trustee Fee 13 43,188 12,731 32,063 31,891 14,884 19,393 6,409 

Transaction Costs 3 1,907,263 68,554 489,059 182,791 88,961 567,389 392,214 

Securities Lending Expense 19 - - - - - - - 

Operating expense before finance cost 7,962,374 1,639,270 4,762,032 4,598,492 1,858,918 2,988,651 1,189,117 

Finance Costs and Taxation 

Foreign Tax withheld 1,356,278 218,320 774,241 1,021,611 544,736 469,194 181,558 

Capital Gains Tax 3 - - - - - - - 

Distribution 14 - - - - - - - 

Change in Net Assets Attributable to 

Redeemable Participating Shareholders (41,281,530) (1,762,451) (15,624,691) (13,255,395) (7,170,243) (17,392,485) (8,265,907)



STATEMENT OF OPERATIONS FOR THE YEAR ENDED 31 December 2011 (continued) 

Skandia Swedish 

Equity Fund 


Growth Fund 

Skandia Japanese 

Equity Fund 

160 

Skandia Pacific 

Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 

Notes SEK SEK JPY USD USD USD USD 

Income 

Dividend Income 1b 33,725,844 32,658,526 205,378,497 27,104,211 11,669,046 - 239,129 

Interest Income on cash 1b - - 3,912 141 138 13 2,745,260 

Securities Lending Commission 1b, 1n 4,154,675 3,442,003 204,563 - - - - 

Other Income 


36,584 20,759 360,393 5,823 10,393 20,097 4,775 

fair value through profit and loss 1c, 3 (315,951,920) (184,365,303) (2,086,845,725) (120,083,383) (50,754,597) 4,505,820 11,559,229 

(278,034,817) (148,244,015) (1,880,898,360) (92,973,208) (39,075,020) 4,525,930 14,548,393 

Expenses 

Administration Fee 13 697,668 567,286 9,154,844 334,497 189,735 102,161 224,714 

Distribution Fee 13 - - 5,548,774 1,296,710 903,103 364,597 2,635,493 

Management Fee 13 17,294,295 15,762,034 131,053,342 14,612,708 5,829,181 721,263 4,707,997 


Operational Expenses 13 662,613 3,896,015 20,481,555 1,497,172 871,030 270,152 951,706 

Dividend Expense 3,532,419 - - - - - - 

Trustee Fee 13 169,010 157,537 1,416,492 109,016 48,098 12,030 55,408 

Transaction Costs 13 1,675,788 2,193,084 22,468,103 1,330,128 552,795 - - 




Foreign Tax withheld 9,999,160 9,589,329 14,376,497 1,803,708 1,279,829 - 32,600 


Distribution 14 - - - - - 418,165 5,109,193 


Redeemable Participating Shareholders (312,065,770) (180,409,300) (2,085,397,967) (113,957,147) (48,748,791) 2,637,562 831,282





Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 

Emerging Market 

Debt Fund 

161 

Skandia Swiss 

Equity Fund 

Skandia 

Healthcare Fund 

Skandia 

Technology Fund 

Skandia 

European Best 

Ideas Fund 

Notes SEK SEK USD CHF USD USD EUR 

Income 

Dividend Income 1b - - - 915,490 2,118,526 927,889 8,771,322 

Interest Income on cash 1b - - 55,634 - 8 120 7,779 

Securities Lending Commission 1b, 1n - - - - - - - 

Other Income 


1 1 35,357 1 5,095 7,128 71,456 

fair value through profit and loss 1c, 3 39,500,218 3,515,833 26,439,712 (7,010,838) 472,562 (12,564,572) (92,132,854) 

39,500,219 3,515,834 26,530,703 (6,095,347) 2,596,191 (11,629,435) (83,282,297) 

Expenses 


Distribution Fee 13 - - 3,624,128 - 18,109 141,768 - 

Management Fee 13 2,444,274 764,109 7,492,369 903,825 2,283,542 2,262,382 5,859,611 


Operational Expenses 13 412,357 273,639 1,171,986 64,149 159,718 238,108 2,966,546 

Dividend Expense - - - - - - - 

Trustee Fee 13 49,478 29,888 59,822 9,711 21,594 21,064 50,900 

Transaction Costs 13 11 1 - 91,837 282,928 265,939 2,059,473 




Foreign Tax withheld - - - 319,206 554,346 182,197 1,610,961 


Distribution 14 - - 15,267,579 - 242,512 - 650,065 


Redeemable Participating Shareholders 36,381,018 2,283,502 (1,328,445) (7,524,333) (1,072,641) (14,815,304) (96,629,566)




Skandia 

US Large Cap 

Value Fund 

Skandia 

Investment Grade 

Corporate Bond 

Fund 

Skandia 

Global Emerging 

Markets Fund 

162 

Skandia Asian 

Equity Fund* 

Skandia Local 

Currency 


Debt Fund** 


Futures Fund*** 

Notes USD USD USD USD USD USD 

Income 

Dividend Income 1b 2,623,392 - 1,977,279 1,339,351 - - 

Interest Income on cash 1b 1,384 (219) - 735 - - 

Securities Lending Commission 1b, 1n - - - - - - 

Other Income 


16,198 17,830 4,142 (25) 1,227 - 

fair value through profit and loss 1c, 3 (5,208,444) 8,122,248 (18,310,492) (15,055,616) (2,068,660) 544,451 

(2,567,470) 8,139,859 (16,329,071) (13,715,555) (2,067,433) 544,451 

Expenses 

Administration Fee 13 120,755 121,389 80,207 35,738 76,524 4,968 

Distribution Fee 13 64,916 128,354 10,106 - 8,509 - 

Management Fee 13 2,145,449 1,770,870 1,406,383 705,209 1,261,829 132,856 

Performance Fee - - - - - 303,109 

Operational Expenses 13 221,232 192,606 246,637 146,728 613,234 33,739 

Dividend Expense - - - - - - 

Trustee Fee 13 22,815 24,334 12,698 6,451 12,574 756 

Transaction Costs 13 145,099 - 162,076 367,735 - - 

Securities Lending Expense 19 - - - - - - 

Operating expense before finance cost 2,720,266 2,237,553 1,918,107 1,261,861 1,972,670 475,428 


Foreign Tax withheld 742,643 - 193,109 148,987 - - 

Capital Gains Tax 13 - - - 8,331 - - 

Distribution 14 53,480 5,461,853 239 - 1,367,315 - 


Redeemable Participating Shareholders (6,083,859) 440,453 (18,440,526) (15,134,734) (5,407,418) 69,023 

* Commenced operations on 7 March 2011 

** Commenced operations on 19 January 2011 

*** Commenced operations on 1 November 2011



STATEMENT OF OPERATIONS FOR THE YEAR ENDED 31 December 2010 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

164 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Income 

Dividend Income 1b 7,268,297 848,936 2,159,349 2,591,776 1,485,259 3,722,526 694,656 

Interest Income on cash 1b - - 1,891 1,322 566 8,186 - 

Securities Lending Commission 1b, 1n - - - - - 362,351 134,646 

Other Income 


22,007 212,862 49,217 12,770 43,688 10,341 1,007 

fair value through profit and loss 1c, 3 45,525,655 9,867,006 29,032,671 34,083,207 9,368,215 18,845,233 6,154,061 

52,815,959 10,928,804 31,243,128 36,689,075 10,897,728 22,948,637 6,984,370 

Expenses 


Distribution Fee 13 137,009 73,703 195,943 416,928 213,871 107,938 52,363 

Management Fee 13 5,418,239 1,091,039 2,475,272 2,613,249 938,872 2,036,875 474,778 

Operational Expenses 13 407,751 180,487 212,204 327,991 242,250 210,586 111,766 

Trustee Fee 13 49,392 14,552 29,910 30,957 13,522 23,411 6,334 

Transaction Costs 3 952,806 109,325 169,573 227,612 148,678 662,763 301,059 


Operating expense before finance cost 7,119,159 1,519,762 3,200,576 3,751,529 1,613,758 3,131,079 968,801 


Foreign Tax withheld 1,312,457 248,628 603,419 725,330 326,105 436,900 95,439 


Distribution 14 - - - - - - - 


Redeemable Participating Shareholders 44,384,343 9,160,414 27,439,133 32,212,216 8,957,865 19,380,658 5,920,130





Equity Fund 


Growth Fund 


Equity Fund 

165 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Income 

Dividend Income 1b 27,067,523 15,042,641 259,606,924 24,881,010 10,519,600 - 422,664 

Interest Income on cash 1b - - - 377 234 - 1,589,270 

Securities Lending Commission 1b, 1n 9,369,966 8,164,045 16,213,737 - - - - 

Other Income 


200 10,351 - 23,896 34 31,122 32,953 

fair value through profit and loss 1c, 3 406,794,266 236,868,799 (529,253,909) 191,890,959 77,204,466 3,399,081 33,160,567 

443,231,955 260,085,836 (253,433,248) 216,796,242 87,724,334 3,430,203 35,205,454 

Expenses 

Administration Fee 13 778,339 576,515 8,173,152 279,821 180,301 74,958 202,235 

Distribution Fee 13 - - 5,058,537 1,632,385 668,029 310,420 2,247,652 

Management Fee 13 22,072,357 14,152,514 188,177,382 15,010,309 6,341,066 687,996 4,349,996 

Operational Expenses 13 1,843,697 2,069,409 23,852,866 2,158,678 685,534 248,825 1,022,322 

Trustee Fee 13 242,608 180,666 2,331,524 113,369 56,104 15,700 56,905 

Transaction Costs 13 3,352,477 2,175,724 30,962,252 1,378,476 772,207 - - 




Foreign Tax withheld 7,901,537 3,713,969 18,172,489 1,530,692 1,034,596 - 50,472 

Capital Gains Tax 13 - - - 1,296,823 - - - 

Distribution 14 - - - - - 237,478 3,125,513 


Redeemable Participating Shareholders 407,040,940 237,217,039 (530,161,450) 193,395,689 77,986,497 1,854,826 24,150,359





Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

166 

Skandia 


Debt Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Notes SEK USD SEK USD CHF USD USD 

Income 

Dividend Income 1b - - - - 1,326,728 1,617,978 860,626 

Interest Income on cash 1b - 28 - 46 - - 19 

Securities Lending Commission 1b, 1n - 3,000 - - - - - 

Other Income 


- 991,860 99,754 15,411 - 24,621 36 

fair value through profit and loss 1c, 3 15,081,809 298,497 1,001,430 54,193,199 1,826,117 1,972,593 20,686,975 

15,081,809 1,293,385 1,101,184 54,208,656 3,152,845 3,615,192 21,547,656 

Expenses 


Distribution Fee 13 - - - 3,273,659 - 23,384 103,803 

Management Fee 13 2,413,578 1,031,855 990,587 5,772,531 882,507 1,891,311 2,154,799 

Operational Expenses 13 291,022 130,841 352,592 1,906,824 72,034 175,093 307,234 

Trustee Fee 13 64,362 6,610 37,727 81,825 11,767 21,573 24,580 

Transaction Costs 13 107 - - - 93,392 346,334 610,007 




Foreign Tax withheld - - - - 463,248 444,412 191,593 


Distribution 14 - - - 12,688,378 - - - 


Redeemable Participating Shareholders 12,119,654 72,594 (392,932) 30,259,798 1,594,597 646,683 18,077,854




Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

167 

Skandia 


Markets Fund 

Combined Total 

December 2010 


December 2009 

Notes EUR USD USD USD USD USD 

Income 

Dividend Income 1b 5,264,093 3,115,400 - 197,045 78,855,072 78,079,112 

Interest Income on cash 1b 9 3,159 - 2,804 1,610,529 841,231 

Securities Lending Commission 1b, 1n - - - - 3,282,835 3,080,293 

Other Income 


447 61,759 (210) - 1,552,927 1,801,406 

fair value through profit and loss 1c, 3 70,696,418 15,472,011 8,001,229 5,268,697 753,118,236 1,166,330,683 

75,960,967 18,652,329 8,001,019 5,468,546 838,419,599 1,250,132,725 

Expenses 

Administration Fee 13 129,677 124,635 73,583 7,982 2,556,156 2,107,664 

Distribution Fee 13 - 52,996 30,044 - 9,649,364 5,503,484 

Management Fee 13 4,051,166 2,859,469 914,449 201,869 70,931,914 56,536,028 

Operational Expenses 13 2,175,264 187,902 128,656 101,202 12,696,000 8,638,548 

Trustee Fee 13 47,008 32,270 19,071 2,309 781,068 697,419 

Transaction Costs 13 1,631,702 390,747 - 45,068 9,789,477 10,288,447 

Securities Lending Expense 19 - - - - - 7,406,910 

Operating expense before finance cost 8,034,817 3,648,019 1,165,803 358,430 106,403,979 91,178,500 


Foreign Tax withheld 773,821 904,812 - 18,106 11,384,463 13,575,130 

Capital Gains Tax 13 - - - - 1,296,823 182,605 

Distribution 14 230,451 241,739 2,005,553 - 18,602,731 4,986,721 


Redeemable Participating Shareholders 66,921,878 13,857,759 4,829,663 5,092,010 700,731,603 1,140,209,769 

.



BALANCE SHEET as at 31 December 2011 

Assets 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

168 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Financial assets at fair value through profit 

or loss 1d,4 295,744,872 82,238,649 198,571,429 200,244,899 62,177,705 123,915,193 25,078,992 

Cash at bank 10 5,951,971 5,147,878 18,517,393 6,816,491 967,813 3,700,860 1,536,653 

Receivables 

Accrued Income Receivable 1b 310,997 41,988 99,401 185,372 454,676 319,560 60,800 

Capital Shares Sold Receivable 200,625 684,087 351,967 6,547,023 255,049 80,971 14,057 

Due from Broker 388,299 1,471,124 - 798,037 1,375 367,203 5,858 

Other Assets - - - - - - - 

Prepaid Expenses - - - - - - - 

Unrealised Gain on Currency Exchange 

Contracts 1f, 15 - - - - - - - 

Total Receivables 899,921 2,197,199 451,368 7,530,432 711,100 767,734 80,715 

Total Assets 302,596,764 89,583,726 217,540,190 214,591,822 63,856,618 128,383,787 26,696,360 

Liabilities: Amounts Due within One 

Year 

Financial liabilities at fair value through 

profit or loss 4 - - - - - - - 

Accrued Expenses Payable (569,915) (186,898) (151,703) (176,922) (82,267) (105,002) (82,001) 

Bank Overdraft 10 (137) (32) - - - (20) (152) 

Other Payables - - - - - - - 

Due to Broker - (1,659,031) (1,690,136) (4,172,792) (1,377) (38,909) (5,401) 

Payable for Capital Shares Redeemed (95,852) (868,491) (25,494) (1,085,946) (109,033) (47,524) (14,568) 

Unrealised Loss on Currency Exchange 

Contracts 1f, 15 - - - - - - - 

Total Liabilities (665,904) (2,714,452) (1,867,333) (5,435,660) (192,677) (191,455) (102,122) 

Net Assets Attributable to Redeemable 

Participating Shareholders 301,930,860 86,869,274 215,672,857 209,156,162 63,663,941 128,192,332 26,594,238



BALANCE SHEET as at 31 December 2011 (continued) 

Assets 


Equity Fund 


Growth Fund 


Equity Fund 

169 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 



or loss 1d,4 849,774,908 804,682,412 8,954,982,500 750,377,678 335,827,080 86,769,020 617,339,770 

Cash at bank 10 35,376,535 18,562,331 166,259,734 23,223,473 12,625,122 2,522,882 332,460 

Receivables 

Accrued Income Receivable 1b 228,422 403,395 8,774,222 724,652 286,067 3,114 - 

Capital Shares Sold Receivable 2,733,744 4,572,638 8,966,656 5,662,144 481,172 24,636 2,472,010 

Due from Broker - 16,018,978 85,563,307 4,654,044 - 34,205 86,557,729 

Other Assets - - - - - - 7,233 



Contracts 1f, 15 - - - - - 116,350 3,539,964 

Total Receivables 2,962,166 20,995,011 103,304,185 11,040,840 767,239 178,305 92,576,936 

Total Assets 888,113,609 844,239,754 9,224,546,419 784,641,991 349,219,441 89,470,207 710,249,166 


Year 


profit or loss 4 - - - - - (84,340) (27,910,149) 

Accrued Expenses Payable (600,109) (1,490,617) (21,133,323) (1,006,582) (319,080) (201,367) (862,395) 

Bank Overdraft 10 - (528) - (1,555,149) (44) (1) (1,678,583) 

Other Payables - - - - - (320) (341) 

Due to Broker - (14,816,513) (89,543,181) (4,653,437) - (8,036,741) (210,282,832) 

Payable for Capital Shares Redeemed (360,743) (139,832) (12,850,828) (1,229,333) (289,462) (229,158) (2,953,895) 


Contracts 1f, 15 - - (3,800,145) - - (277,162) (1,912,039) 

Total Liabilities (960,852) (16,447,490) (127,327,477) (8,444,501) (608,586) (8,829,089) (245,600,234) 


Participating Shareholders 887,152,757 827,792,264 9,097,218,942 776,197,490 348,610,855 80,641,118 464,648,932




Assets 


Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

170 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 

Notes SEK SEK USD CHF USD USD EUR 


or loss 1d,4 418,088,481 224,589,932 514,430,569 65,146,047 118,516,231 108,301,116 318,503,903 

Cash at bank 10 5,693,317 1,964,562 9,146,784 477,236 7,826,043 821,749 3,510,066 

Receivables 

Accrued Income Receivable 1b - - 58,290 - 79,124 40,334 83,603 

Capital Shares Sold Receivable 5,023,251 5,005,967 3,520,518 254 313,222 246,125 124,956 

Due from Broker - - 460,876 - - 159,133 165,534 

Other Assets - - - - - - - 



Contracts 1f, 15 - - 362,304 - - - - 

Total Receivables 5,023,251 5,005,967 4,401,988 254 392,346 445,592 374,093 

Total Assets 428,805,049 231,560,461 527,979,341 65,623,537 126,734,620 109,568,457 322,388,062 


Year 


profit or loss 4 - - - - - - - 


Bank Overdraft 10 (2,329) (4,147) - - - (58) - 

Other Payables - - - - - - - 

Due to Broker (3,955,468) - (1,412,974) - (32,672) (6,609) (171,306) 

Payable for Capital Shares Redeemed (660,508) (1,109,307) (6,101,886) (7,268) (181,973) (129,524) (262,374) 


Contracts 1f, 15 - - (17,561) - - - - 

Total Liabilities (5,114,167) (1,376,905) (8,039,812) (132,729) (323,873) (406,667) (1,183,496) 






Assets 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

171 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 

Notes USD USD USD USD USD USD 


or loss 1d,4 168,880,834 159,037,163 84,747,710 87,115,361 225,916,284 39,725,520 

Cash at bank 10 7,871,262 151,469 338,407 605,819 18,041,517 1,818,741 

Receivables 

Accrued Income Receivable 1b 229,920 1,095 104,899 58,088 - - 

Capital Shares Sold Receivable 178,165 250 14,220 - 263,443 38,577 

Due from Broker - 1,199,433 1,460,757 124,506 59,483 - 

Other Assets - - - - - - 

Prepaid Expenses - - - - - - 


Contracts 1f, 15 - 1,385,078 - - 6,064 73,137 

Total Receivables 408,085 2,585,856 1,579,876 182,594 328,990 111,714 

Total Assets 177,160,181 161,774,488 86,665,993 87,903,774 244,286,791 41,655,975 


Year 


profit or loss 4 - (522,973) - - - - 

Accrued Expenses Payable (137,889) (112,004) (226,177) (205,954) (344,747) (316,427) 

Bank Overdraft 10 (7,324) (713) - - (26,076) - 

Other Payables - - - - - - 

Due to Broker (482,530) (356,368) (762,290) (2,323) (459,756) - 

Payable for Capital Shares Redeemed (41,989) (180,474) (517,668) - (54,871) - 


Contracts 1f, 15 - (204,176) - - (390,667) - 

Total Liabilities (669,732) (1,376,708) (1,506,135) (208,277) (1,276,117) (316,427) 


Participating Shareholders 176,490,449 160,397,780 85,159,858 87,695,497 243,010,674 41,339,548




Assets 


December 2011 


December 2010 

Notes USD USD 


or loss 1d,4 5,263,991,255 5,612,821,374 

Cash at bank 10 145,739,505 120,210,251 

Receivables 

Accrued Income Receivable 1b 3,486,516 2,964,970 

Capital Shares Sold Receivable 24,184,414 32,843,754 

Due from Broker 101,516,992 247,919,544 

Other Assets 7,233 486,583 

Prepaid Expenses - - 


Contracts 1f, 15 5,482,897 4,937,295 

Total Receivables 134,678,052 289,152,146 

Total Assets 5,544,408,812 6,022,183,771 


Year 


profit or loss 4 (28,517,462) (6,420,067) 

Accrued Expenses Payable (7,828,140) (6,322,662) 

Bank Overdraft 10 (3,269,362) (2,744,797) 

Other Payables (661) (11,882,375) 

Due to Broker (238,193,900) (297,935,876) 

Payable for Capital Shares Redeemed (15,022,240) (32,674,165) 


Contracts 1f, 15 (2,850,996) (1,330,226) 

Total Liabilities (295,682,761) (359,310,168) 


Participating Shareholders 5,248,726,051 5,662,873,603 

172





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

173 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 

USD USD USD USD USD EUR EUR 

Class A1 

As at 31 December 2011 

Net assets 295,451,028 79,866,485 202,103,155 174,454,134 53,266,337 124,277,026 23,649,032 

Shares outstanding 360,049,022 124,881,474 15,650,906 11,223,441 5,194,231 228,696,240 2,739,785 

Net asset value per share 0.821 0.640 12.913 15.544 10.255 0.543 8.632 


Net assets 358,557,261 76,033,924 202,015,653 172,249,993 75,120,873 141,817,972 35,909,983 




Net assets 384,489,588 75,801,502 169,487,764 161,840,442 47,810,560 125,015,941 28,617,926 



Class B 


Net assets 608,477 2,475,452 1,250,150 4,390,067 2,341,875 361,246 614,743 

Shares outstanding 45,935 221,721 114,035 334,702 270,830 37,895 74,620 



Net assets 1,280,043 815,280 1,416,326 4,403,589 1,767,450 445,360 1,728,733 




Net assets 849,965 378,932 778,058 2,302,795 1,287,275 1,056,502 1,755,849 


Net asset value per share 13.911 11.152 10.315 12.229 8.532 9.938 8.745





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

174 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class C 


Net assets 5,316,424 4,080,283 13,137,961 20,507,990 6,651,818 2,034,129 582,808 

Shares outstanding 416,770 374,270 1,181,292 1,534,092 752,790 220,986 71,571 



Net assets 8,665,388 6,042,558 13,623,845 25,548,521 10,378,183 7,538,867 4,420,281 

Shares outstanding 592,164 527,184 1,142,202 1,793,075 1,077,576 705,125 434,468 



Net assets 10,249,035 2,972,103 14,859,835 26,399,523 11,025,084 8,553,761 2,459,741 

Shares outstanding 770,805 282,659 1,438,975 2,156,857 1,289,714 901,128 284,992 


Class A2 


Net assets - - - - - 1,242,751 1,477,619 

Shares outstanding - - - - - 122,161 144,633 

Net asset value per share - - - - - 10.173 10.216 


Net assets - - - - - 1,381,054 1,454,483 




Net assets - - - - - 1,988,541 1,930,336 


Net asset value per share - - - - - 10.149 10.390





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

175 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class A3 


Net assets - 377,217 502,204 747,695 20,595 - - 

Shares outstanding - 31,732 42,601 58,220 2,004 - - 

Net asset value per share - 11.888 11.789 12.843 10.277 - - 


Net assets - 7,654 134,395 453,059 173,289 - - 

Shares outstanding - 627 10,750 33,301 15,344 - - 



Net assets - 28,285 159,391 53,936 246,541 - - 

Shares outstanding - 2,586 14,625 4,076 24,504 - - 


Class A1 Income 


Net assets - - - - - - - 

Shares outstanding - - - - - - - 

Net asset value per share - - - - - - - 


Net assets - - - - - - - 




Net assets - - - - - - - 


Net asset value per share - - - - - - -





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

176 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class C1 Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class A3 Hedged 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

177 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class A4 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class A1M Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

178 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class A4H Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class B1M Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

179 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class CIM Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class I 


Net assets - - - 9,056,276 - - - 

Shares outstanding - - - 769,768 - - - 

Net asset value per share - - - 11.765 - - - 


Net assets - - - 9,720,959 - - - 

Shares outstanding - - - 794,408 - - - 



Net assets - - - 10 - - - 

Shares outstanding - - - 1 - - - 

Net asset value per share - - - 10.000 - - -





Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

180 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class S4 


Net assets 554,931 672,977 - - 1,383,316 277,180 270,036 

Shares outstanding 35,327 40,274 - - 88,489 23,305 22,585 

Net asset value per share 15.708 16.710 - - 15.633 11.894 11.956 


Net assets 345,917 292,961 - - 242,976 163,396 256,889 

Shares outstanding 19,870 17,291 - - 14,699 12,287 17,922 

Net asset value per share 17.409 16.943 - - 16.530 13.298 14.334 


Net assets - - - - - - - 







Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

181 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class S4 Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

182 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class A6 Hedged Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

183 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Class C1 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class S4 Hedged Income 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

184 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 

SEK SEK JPY USD USD USD USD 

Class A1 


Net assets 867,943,567 822,394,208 7,142,346,325 601,048,524 288,943,580 38,812,101 212,705,848 




Net assets 1,910,635,275 1,183,203,822 7,573,946,291 892,621,269 362,663,845 29,935,045 251,327,531 




Net assets 1,272,047,168 935,106,240 12,126,106,595 874,566,626 351,068,541 62,626,428 201,448,793 



Class B 


Net assets - - 33,590,360 21,435,945 18,746,167 1,209,182 19,100,058 

Shares outstanding - - 48,835 707,361 1,070,691 78,588 1,315,364 

Net asset value per share - - 687.834 30.304 17.508 15.386 14.521 


Net assets - - 47,487,357 43,516,510 36,145,736 1,362,440 17,741,557 

Shares outstanding - - 54,063 1,251,751 1,799,548 91,155 1,225,673 



Net assets - - 48,885,996 52,801,593 2,891,028 2,608,447 10,983,551 

Shares outstanding - - 55,142 1,808,457 167,789 178,883 804,936 

Net asset value per share - - 886.547 29.197 17.230 14.582 13.645





Equity Fund 


Growth Fund 


Equity Fund 

185 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Class C 


Net assets - - 296,975,825 38,753,924 22,987,133 24,352,320 72,857,817 

Shares outstanding - - 436,609 1,324,634 1,419,934 1,551,230 5,004,426 



Net assets - - 209,519,689 73,329,360 38,476,285 16,458,306 69,808,723 




Net assets - - 313,133,698 79,588,832 36,397,977 20,046,428 55,655,650 



Class A2 


Net assets - - 711,155,096 - - - - 

Shares outstanding - - 1,026,381 - - - - 

Net asset value per share - - 692.876 - - - - 


Net assets - - 595,958,593 - - - - 

Shares outstanding - - 692,912 - - - - 



Net assets - - 630,061,436 - - - - 


Net asset value per share - - 842.730 - - - -





Equity Fund 


Growth Fund 


Equity Fund 

186 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Class A3 


Net assets - - - 92,238,752 - - - 

Shares outstanding - - - 3,147,558 - - - 



Net assets - - - 106,300,446 - - - 

Shares outstanding - - - 3,221,290 - - - 



Net assets - - - 59,841,588 - - 61,620 

Shares outstanding - - - 2,200,962 - - 3,772 

Net asset value per share - - - 27.189 - - 16.336 



Net assets - - - - - - - 




Net assets - - - - - - 50,060,473 

Shares outstanding - - - - - - 4,415,438 

Net asset value per share - - - - - - 11.338 


Net assets - - - - - - 41,291,720 


Net asset value per share - - - - - - 10.792





Equity Fund 


Growth Fund 


Equity Fund 

187 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - - - 




Net assets - - - - - - 47,633,349 




Net assets - - - - - - 20,521,150 





Net assets - - 840,954,449 - - 1,090,536 36,075,630 

Shares outstanding - - 972,607 - - 66,874 2,764,723 

Net asset value per share - - 864.640 - - 16.307 13.049 


Net assets - - 25,085,536 - - 856,562 11,245,393 

Shares outstanding - - 21,484 - - 53,100 853,696 

Net asset value per share - - 1,167.638 - - 16.131 13.173 


Net assets - - 273,027,578 - - 626,923 - 

Shares outstanding - - 191,215 - - 36,949 - 

Net asset value per share - - 1,427.856 - - 16.967 -





Equity Fund 


Growth Fund 


Equity Fund 

188 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Class A4 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - - - - 100,379 38,842,595 

Shares outstanding - - - - - 9,834 3,504,116 



Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

189 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - - - - 3,724,104 48,672,938 




Net assets - - - - - 1,618,793 49,965,070 




Net assets - - - - - 1,033,183 16,573,056 


Net asset value per share - - - - - 10.478 10.750





Equity Fund 


Growth Fund 


Equity Fund 

190 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Class CIM 


Net assets - - - - - 71,968 36,169,745 




Net assets - - - - - - - 




Net assets - - - - - - - 



Class I 


Net assets 14,156,376 - - 22,177,303 17,465,295 6,662,882 - 

Shares outstanding 1,762,000 - - 2,400,296 1,498,878 644,834 - 

Net asset value per share 8.034 - - 9.239 11.652 10.333 - 


Net assets 5,224,392 - - 4,788,403 20,190,280 7,435,857 - 

Shares outstanding 510,000 - - 463,799 1,550,000 760,075 - 

Net asset value per share 10.244 - - 10.324 13.026 9.783 - 


Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

191 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - 3,165,923 224,301 




Net assets - - - - - 12,162,059 227,841 




Net assets - - - - - - - 



Class S4 


Net assets - - 72,196,887 543,042 468,680 - - 

Shares outstanding - - 63,083 32,276 29,279 - - 

Net asset value per share - - 1,144.475 16.825 16.007 - - 


Net assets - - 65,723,554 250,876 426,989 - - 

Shares outstanding - - 46,829 13,446 24,026 - - 

Net asset value per share - - 1,403.480 18.658 17.772 - - 


Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

192 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - 1,451,723 - 

Shares outstanding - - - - - 90,479 - 

Net asset value per share - - - - - 16.045 - 


Net assets - - - - - 461,270 - 

Shares outstanding - - - - - 29,560 - 

Net asset value per share - - - - - 15.605 - 


Net assets - - - - - - - 





Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

193 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 




Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Equity Fund 


Growth Fund 


Equity Fund 

194 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Class C1 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

195 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 

SEK SEK USD CHF USD USD EUR 

Class A1 


Net assets 423,690,882 230,183,556 151,572,929 65,490,808 106,630,472 98,391,437 294,104,653 




Net assets 285,772,318 225,961,780 130,009,556 70,072,533 97,699,674 122,365,965 314,985,209 




Net assets 379,607,346 292,472,814 75,573,265 54,529,790 111,985,279 124,948,294 


Net asset value per share 15.211 12.088 15.900 13.761 9.331 9.083 23,658,100 

8.984 

Class B 


Net assets - - 11,790,432 - - - - 




Net assets - - 5,961,161 - - - 



- 


Net assets - - 10,323,932 - - - 



-





Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

196 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


SEK SEK USD CHF USD USD 

Skandia 

European Best 

Ideas Fund 

Class C 


Net assets - - 11,548,225 - 1,562,081 5,607,067 - 

Shares outstanding - - 690,443 - 182,466 653,770 - 

Net asset value per share - - 16.726 - 8.561 8.577 - 


Net assets - - 18,445,045 - 1,033,082 9,805,510 - 

Shares outstanding - - 1,135,296 - 120,004 1,000,283 - 



Net assets - - 11,018,609 - 1,423,310 3,362,870 - 

Shares outstanding - - 756,874 - 159,866 385,690 - 


Class A2 


Net assets - - - - - - 611,891 

Shares outstanding - - - - - - 105,342 



Net assets - - - - - - 746,572 




Net assets - - - - - - 2,171,983 


Net asset value per share - - - - - - 5.696





Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

197 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 

Class A3 


Net assets - - 9,536,714 - - 5,163,286 - 


Net asset value per share - - 18.929 - - 13.296 - 


Net assets - - 21,064,500 - - 5,570,119 - 

Shares outstanding - - 1,166,888 - - 373,608 - 



Net assets - - 438,832 - - 5,127,047 - 





Net assets - - - - - - - 




Net assets - - 4,136,068 - - - - 




Net assets - - 3,367,599 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

198 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - - - - - - 




Net assets - - 12,592,377 - - - - 




Net assets - - 13,368,073 - - - - 





Net assets - - 12,340,026 - - - - 




Net assets - - 11,459,426 - - - - 




Net assets - - 170,711 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

199 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 

Class A4 


Net assets - - - - - - 468,171 




Net assets - - - - - - 444,338 




Net assets - - - - - - 2,539,110 





Net assets - - 34,602,515 - - - - 




Net assets - - 30,678,718 - - - - 




Net assets - - 15,607,085 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

200 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - - - 160,700 - 26,019,851 

Shares outstanding - - - - 9,533 - 2,483,992 

Net asset value per share - - - - 16.857 - 10.475 


Net assets - - - - 19,994,100 - 35,458,461 

Shares outstanding - - - - 1,204,463 - 2,707,258 

Net asset value per share - - - - 16.600 - 13.098 


Net assets - - - - - - - 





Net assets - - 156,858,426 - - - - 




Net assets - - 142,199,919 - - - - 




Net assets - - 91,526,953 - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

201 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 

Class CIM Income 


Net assets - - 75,148,188 - - - - 




Net assets - - 74,898,940 - - - - 




Net assets - - 47,042,578 - - - - 



Class I 


Net assets - - 24,893,903 - 18,057,494 - - 

Shares outstanding - - 2,406,612 - 1,852,185 - - 

Net asset value per share - - 10.344 - 9.749 - - 


Net assets - - 11,578,404 - - - - 




Net assets - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

202 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - 157,492 - - - - 




Net assets - - 3,971,970 - - - - 




Net assets - - 2,482,550 - - - - 



Class S4 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

203 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - 934,661 - - - - 




Net assets - - 328,881 - - - - 




Net assets - - - - - - - 





Net assets - - 368,815 - - - - 




Net assets - - 19,247,897 - - - - 




Net assets - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

204 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 



Net assets - - 28,545,505 - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - 1,641,698 - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

205 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Skandia 

European Best 

Ideas Fund 

Class C1 


Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 





Net assets - - - - - - - 




Net assets - - - - - - - 




Net assets - - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

206 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 

USD USD USD USD USD USD 

Class A1 


Net assets 165,151,856 686,542 18,539,869 62,992,269 4,377,178 1,159,561 

Shares outstanding 17,170,756 67,701 1,980,535 7,769,198 446,305 113,263 

Net asset value per share 9.618 10.141 9.361 8.108 9.808 10.238 


Net assets 111,971,684 298 8,934,519 - - - 

Shares outstanding 11,406,084 30 785,682 - - - 

Net asset value per share 9.817 9.933 11.372 - - - 


Net assets 209,299,129 - - - - - 

Shares outstanding 23,523,586 - - - - - 

Net asset value per share 8.897 - - - - - 

Class B 


Net assets - - - - - - 

Shares outstanding - - - - - - 

Net asset value per share - - - - - - 


Net assets - - - - - - 




Net assets - - - - - - 


Net asset value per share - - - - - -




Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

207 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class C 


Net assets 3,236,326 10,686,132 - - 20,669 - 

Shares outstanding 370,348 1,058,081 - - 2,051 - 

Net asset value per share 8.739 10.100 - - 10.078 - 


Net assets 1,295,942 7,441,634 - - - - 

Shares outstanding 142,303 752,969 - - - - 

Net asset value per share 9.107 9.883 - - - - 


Net assets 3,535,908 - - - - - 

Shares outstanding 416,957 - - - - - 


Class A2 


Net assets - - 58,889,361 - 22,274,368 - 

Shares outstanding - - 4,717,272 - 1,644,433 - 

Net asset value per share - - 12.484 - 13.545 - 


Net assets - - 56,075,588 - - - 

Shares outstanding - - 3,698,704 - - - 

Net asset value per share - - 15.161 - - - 


Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

208 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class A3 


Net assets - - - - - - 




Net assets 1,041,375 - - - - - 




Net assets 1,977,657 - - - - - 





Net assets - 990,217 - - - - 

Shares outstanding - 99,039 - - - - 

Net asset value per share - 9.998 - - - - 


Net assets - - - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

209 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - - - - - - 




Net assets - - - - - - 




Net assets - - - - - - 





Net assets - - - - - - 




Net assets - 34,270,919 - - - - 

Shares outstanding - 22,308,270 - - - - 



Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

210 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class A4 


Net assets - - 5,810,607 24,703,228 - - 

Shares outstanding - - 448,493 1,867,888 - - 

Net asset value per share - - 12.956 13.225 - - 


Net assets - - - - - - 




Net assets - - - - - - 



Class A1 M Income 


Net assets - - - - - - 




Net assets - - - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

211 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - 97,926,579 - - - - 




Net assets 3,987,580 124,291,526 - - - - 

Shares outstanding 187,200 7,871,731 - - - - 

Net asset value per share 21.301 15.790 - - - - 


Net assets 16,756,206 - - - - - 





Net assets - - 39,622 - 44,856 - 

Shares outstanding - - 5,000 - 5,000 - 

Net asset value per share - - 7.924 - 8.971 - 


Net assets - - - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

212 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class CIM 


Net assets - - - - 1,458,966 - 

Shares outstanding - - - - 163,006 - 

Net asset value per share - - - - 8.950 - 


Net assets - - - - - - 




Net assets - - - - - - 



Class I 


Net assets 8,530,340 - - - 169,326,186 - 

Shares outstanding 727,677 - - - 17,111,694 - 

Net asset value per share 11.723 - - - 9.895 - 


Net assets 2,978,444 - - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

213 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - - - - 45,508,451 - 

Shares outstanding - - - - 3,021,563 - 

Net asset value per share - - - - 15.061 - 


Net assets - - - - - - 




Net assets - - - - - - 



Class S4 


Net assets 794,942 - 615,271 - - - 

Shares outstanding 48,185 - 45,134 - - - 

Net asset value per share 16.498 - 13.632 - - - 


Net assets 233,574 - 196,607 - - - 

Shares outstanding 14,022 - 12,026 - - - 

Net asset value per share 16.658 - 16.348 - - - 


Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

214 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - - - - - - 




Net assets - 27,518 - - - - 




Net assets - - - - - - 





Net assets - - - - - 40,179,987 

Shares outstanding - - - - - 2,522,535 

Net asset value per share - - - - - 15.928 


Net assets - - - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

215 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 




Net assets - 47,489,029 - - - - 




Net assets - - - - - - 




Net assets - - - - - - 





Net assets - - - - - - 




Net assets - - - - - - 




Net assets - - - - - - 






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

216 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Class C1 


Net assets - - 1,265,128 - - - 

Shares outstanding - - 155,094 - - - 

Net asset value per share - - 8.157 - - - 


Net assets - - - - - - 




Net assets - - - - - - 





Net assets - 2,619,281 - - - - 




Net assets - - - - - - 




Net assets - - - - - - 





BALANCE SHEET as at 31 December 2010 

Assets 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

218 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 



or loss 1d,4 365,186,868 79,768,970 212,745,717 207,434,453 84,895,636 146,688,345 41,335,403 

Cash at bank 10 4,108,453 2,934,706 4,813,068 6,027,205 4,502,810 6,219,244 3,173,064 

Receivables 

Accrued Income Receivable 1b 263,598 36,963 101,285 112,716 315,853 239,351 8,040 

Capital Shares Sold Receivable 129,042 49,329 59,985 2,828,023 134,493 5,778 88,979 

Due from Broker 2,104,625 1,923,647 650,267 485,115 16,118 434,505 13,063 

Other Assets 3,049 4,823 - - 2,959 2,083 2,154 



Contracts 1f, 15 1,569 - - - - - - 

Total Receivables 2,501,883 2,014,762 811,537 3,425,854 469,423 681,717 112,236 

Total Assets 371,797,204 84,718,438 218,370,322 216,887,512 89,867,869 153,589,306 44,620,703 


Year 


profit or loss 4 - - - - - (51,840) - 


Bank Overdraft 10 (45,310) - - (1,687,130) - - (1,088) 

Other Payables - - - - - (1,527,901) (669,590) 

Due to Broker (2,610,174) (1,095,039) (451,394) (2,454,416) (1,976,892) (278,580) (12,548) 

Payable for Capital Shares Redeemed (112,369) (267,271) (353,279) (200,043) (116,161) (86,182) (89,011) 


Contracts 1f, 15 (4,470) - - - - - - 

Total Liabilities (2,948,595) (1,526,061) (1,180,103) (4,511,391) (2,185,098) (2,242,657) (850,334) 






Assets 


Equity Fund 


Growth Fund 


Equity Fund 

219 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 



or loss 1d,4 1,896,193,312 1,144,787,500 8,476,146,370 1,093,382,309 454,413,983 74,650,409 540,559,455 

Cash at bank 10 58,759,400 66,049,709 93,532,078 25,954,792 2,445,589 2,368,029 3,491,762 

Receivables 

Accrued Income Receivable 1b 481,214 - 5,116,973 935,681 236,496 - - 

Capital Shares Sold Receivable 12,052,391 25,652,235 50,928,589 7,579,598 4,125,279 802,715 6,531,130 

Due from Broker 57,593 3,427,950 66,624,197 1,764,073 33,154 1,678,434 232,388,357 

Other Assets - - 266,932 2,972 2,904 2,836 - 



Contracts 1f, 15 - - 268,270 - - 524,900 1,323,935 

Total Receivables 12,591,198 29,080,185 123,204,961 10,282,324 4,397,833 3,008,885 240,243,422 

Total Assets 1,967,543,910 1,239,917,394 8,692,883,409 1,129,619,425 461,257,405 80,027,323 784,294,639 


Year 


profit or loss 4 - - - - - (42,771) (6,291,690) 

Accrued Expenses Payable (3,334,937) (2,060,604) (17,084,301) (977,443) (876,230) (54,568) (221,969) 

Bank Overdraft 10 - (2,795) (14,589) (410) - - - 

Other Payables (22,695,525) (31,656,848) (68,879,387) - - (320) (49) 

Due to Broker (57,245) (1,610,563) (78,111,554) (2,321,412) (33,177) (8,910,392) (272,848,858) 

Payable for Capital Shares Redeemed (25,596,536) (21,382,762) (11,072,558) (5,511,951) (2,444,863) (270,015) (6,816,080) 


Contracts 1f, 15 - - - (1,345) - (458,925) (106,056) 

Total Liabilities (51,684,243) (56,713,572) (175,162,389) (8,812,561) (3,354,270) (9,736,991) (286,284,702) 


Participating Shareholders 1,915,859,667 1,183,203,822 8,517,721,020 1,120,806,864 457,903,135 70,290,332 498,009,937




Assets 


Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

220 

Skandia 


Debt Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Notes SEK USD SEK USD CHF USD USD 


or loss 1d,4 284,201,879 - 225,378,459 485,122,324 69,737,612 111,552,321 133,087,498 

Cash at bank 10 2,109,682 27,107 3,693,043 5,747,538 466,544 6,975,656 4,888,717 

Receivables 

Accrued Income Receivable 1b - - - - - 56,879 34,674 

Capital Shares Sold Receivable 87,424 - 660,998 2,339,057 517 21,498 25,662 

Due from Broker - - - 3,423,943 - 482,096 141,075 

Other Assets - - - 452,490 - - - 



Contracts 1f, 15 - - - 1,070,843 - - - 

Total Receivables 87,424 - 660,998 7,286,333 517 560,473 201,411 

Total Assets 286,398,985 27,107 229,732,500 498,156,195 70,204,673 119,088,450 138,177,626 


Year 


profit or loss 4 - - - (1,018) - - - 


Bank Overdraft 10 (10,297) - (3,969) (253,211) - (2) (26) 

Other Payables - - (2) - - - - 

Due to Broker - - - (2,573,892) - (133,309) (17,905) 

Payable for Capital Shares Redeemed (280,639) - (3,582,387) (7,942,045) (4,600) (137,507) (307,823) 


Contracts 1f, 15 - - - (369,634) - - (245) 

Total Liabilities (626,667) (27,107) (3,770,720) (11,583,333) (132,140) (361,594) (436,032) 


Participating Shareholders 285,772,318 - 225,961,780 486,572,862 70,072,533 118,726,856 137,741,594




Assets 

Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

221 

Skandia 


Markets Fund 


December 2010 


December 2009 

Notes EUR USD USD USD USD USD 


or loss 1d,4 344,907,121 117,778,867 165,095,690 64,735,216 5,612,821,374 4,801,071,515 

Cash at bank 10 6,318,134 3,520,372 1,553 244,799 120,210,251 136,821,574 

Receivables 

Accrued Income Receivable 1b 108,348 181,960 - 76,953 2,964,970 3,122,032 

Capital Shares Sold Receivable 660,097 115,582 470,250 271,210 32,843,754 32,011,072 

Due from Broker - 65,737 777,257 45,294 247,919,544 24,829,006 

Other Assets - 2,953 2,622 - 486,583 248,019 

Prepaid Expenses - - - - - - 


Contracts 1f, 15 - - 2,012,740 - 4,937,295 986,762 

Total Receivables 768,445 366,232 3,262,869 393,457 289,152,146 61,196,891 

Total Assets 351,993,700 121,665,471 168,360,112 65,373,472 6,022,183,771 4,999,089,980 


Year 


profit or loss 4 - - (15,042) - (6,420,067) (9,718,539) 

Accrued Expenses Payable (290,671) (70,498) (236,553) (114,540) (6,322,662) (3,700,803) 

Bank Overdraft 10 (16) (18,614) (735,895) - (2,744,797) (1,413,849) 

Other Payables - - - - (11,882,375) (13,505,446) 

Due to Broker - (66,719) (794,635) (45,927) (297,935,876) (36,492,300) 

Payable for Capital Shares Redeemed (68,433) (1,041) (156,541) (6,291) (32,674,165) (22,189,582) 


Contracts 1f, 15 - - (389,551) - (1,330,226) (1,126,244) 

Total Liabilities (359,120) (156,872) (2,328,217) (166,758) (359,310,168) (88,146,763) 


Participating Shareholders 351,634,580 121,508,599 166,031,895 65,206,714 5,662,873,603 4,910,943,217



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS 

FOR THE YEAR ENDED 31 December 2011 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

222 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Value of Fund at Start of Year 368,848,609 83,192,377 217,190,219 212,376,121 87,682,771 151,346,649 43,770,369 

Proceeds from Shares Issued 55,427,349 167,784,918 139,701,987 278,581,821 65,064,617 40,234,500 29,062,825 

Payments for Shares Redeemed (81,063,568) (162,345,570) (125,594,658) (268,546,385) (81,913,204) (45,996,332) (37,973,049) 

343,212,390 88,631,725 231,297,548 222,411,557 70,834,184 145,584,817 34,860,145 

Distribution Reinvested - - - - - - - 

Total Recognised Gains/(Losses) for the Year (41,281,530) (1,762,451) (15,624,691) (13,255,395) (7,170,243) (17,392,485) (8,265,907) 

FX Gain/(Loss) on combination - - - - - - - 

Net Assets at 31 December 2011 301,930,860 86,869,274 215,672,857 209,156,162 63,663,941 128,192,332 26,594,238 

Net Asset Value as at 31 December 2010 368,848,609 83,192,377 217,190,219 212,376,121 87,682,771 151,346,649 43,770,369 

Net Asset Value as at 31December 2009 393,366,418 78,502,037 183,916,520 188,878,254 59,855,388 136,614,745 34,763,852 

Number of Participating Shares - Class A1 

Shares in issue at 1 January 2011 389,207,637 115,834,999 14,864,777 10,577,710 6,851,635 229,594,020 3,417,545 

Shares issued during the year 54,317,887 171,126,281 6,413,632 10,392,812 3,003,960 56,486,534 1,473,744 

Shares redeemed during the year (83,476,502) (162,079,806) (5,627,503) (9,747,081) (4,661,364) (57,384,314) (2,151,504) 

Shares in issue at 31 December 2011 360,049,022 124,881,474 15,650,906 11,223,441 5,194,231 228,696,240 2,739,785 

Number of Participating Shares - Class B 

Shares in issue at 1 January 2011 84,013 69,308 119,984 313,553 186,759 40,008 168,219 

Shares issued during the year 155,359 4,065,531 2,325,961 5,359,113 1,655,365 43,139 529,840 

Shares redeemed during the year (193,437) (3,913,118) (2,331,910) (5,337,964) (1,571,294) (45,252) (623,439) 

Shares in issue at 31 December 2011 45,935 221,721 114,035 334,702 270,830 37,895 74,620




FOR THE YEAR ENDED 31 December 2011 (continued) 

Number of Participating Shares - Class C 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

223 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Shares in issue at 1 January 2011 592,164 527,184 1,142,202 1,793,075 1,077,576 705,125 434,468 

Shares issued during the year 317,278 482,594 2,039,842 2,261,244 1,201,080 538,060 564,196 

Shares redeemed during the year (492,672) (635,508) (2,000,752) (2,520,227) (1,525,866) (1,022,199) (927,093) 

Shares in issue at 31 December 2011 416,770 374,270 1,181,292 1,534,092 752,790 220,986 71,571 


Shares in issue at 1 January 2011 - - - - - 118,763 116,409 

Shares issued during the year - - - - - 109,845 258,667 

Shares redeemed during the year - - - - - (106,447) (230,443) 

Shares in issue at 31 December 2011 - - - - - 122,161 144,633 


Shares in issue at 1 January 2011 - 627 10,750 33,301 15,344 - - 

Shares issued during the year - 37,601 42,887 38,671 264,136 - - 

Shares redeemed during the year - (6,496) (11,036) (13,752) (277,476) - - 

Shares in issue at 31 December 2011 - 31,732 42,601 58,220 2,004 - - 


Income 

Shares in issue at 1 January 2011 - - - - - - - 

Shares issued during the year - - - - - - - 

Shares redeemed during the year - - - - - - - 

Shares in issue at 31 December 2011 - - - - - - -





Number of Participating Shares - Class C1 

Income 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

224 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 





Shares in issue at 31 December 2011 - - - - - - - 


Hedged 







Shares issued during the year - - - 39,847 - - - 

Shares redeemed during the year - - - (39,847) - - - 


Number of Participating Shares - Class A1 M 

Income 









Number of Participating Shares - Class A4H 

Income 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

225 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 






Number of Participating Shares - Class B1M 

Income 





Number of Participating Shares - Class C1M 





Number of Participating Shares - Class I 

Shares in issue at 1 January 2011 - - - 794,408 - - - 



Shares in issue at 31 December 2011 - - - 769,768 - - -





Number of Participating Shares – A4 Income 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

226 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 






Number of Participating Shares – S4 

Shares in issue at 1 January 2011 19,870 17,291 - - 14,699 12,287 17,922 

Shares issued during the year 31,296 84,126 - - 117,251 24,814 16,063 

Shares redeemed during the year (15,839) (61,143) - - (43,461) (13,796) (11,400) 

Shares in issue at 31 December 2011 35,327 40,274 - - 88,489 23,305 22,585 

Number of Participating Shares – S4 Income 





Number of Participating Shares – A4 Hedged 

Income 











Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

227 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 







Income 





Number of Participating Shares – C1 





Number of Participating Shares – S4 Hedged 

Income 










Equity Fund 


Growth Fund 


Equity Fund 

228 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Value of Fund at Start of Year 1,915,859,667 1,183,203,822 8,517,721,020 1,120,806,864 457,903,135 70,290,332 498,009,937 

Proceeds from Shares Issued 468,145,189 524,604,587 10,765,442,081 515,334,164 142,389,455 77,445,876 554,900,854 

Payments for Shares Redeemed (1,184,786,329) (699,606,845) (8,100,546,192) (745,986,391) (202,932,944) (69,732,652) (589,093,141) 

1,199,218,527 1,008,201,564 11,182,616,909 890,154,637 397,359,646 78,003,556 463,817,650 


Total Recognised Gains/(Losses) for the Year (312,065,770) (180,409,300) (2,085,397,967) (113,957,147) (48,748,791) 2,637,562 831,282 


Net Assets at 31 December 2011 887,152,757 827,792,264 9,097,218,942 776,197,490 348,610,855 80,641,118 464,648,932 

Net Asset Value as at 31 December 2010 1,915,859,667 1,183,203,822 8,517,721,020 1,120,806,864 457,903,135 70,290,332 498,009,937 

Net Asset Value as at 31December 2009 1,272,047,168 935,106,240 13,391,215,303 1,066,798,639 390,357,546 86,941,409 346,535,540 







Shares in issue at 1 January 2011 - - 54,063 1,251,751 1,799,548 91,155 1,225,673 

Shares issued during the year - - 367,775 1,106,481 1,305,686 203,094 7,421,231 

Shares redeemed during the year - - (373,003) (1,650,871) (2,034,543) (215,661) (7,331,540) 

Shares in issue at 31 December 2011 - - 48,835 707,361 1,070,691 78,588 1,315,364







Equity Fund 


Growth Fund 


Equity Fund 

229 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Shares in issue at 1 January 2011 - - 243,778 2,189,719 2,073,838 1,083,933 4,823,344 

Shares issued during the year - - 897,219 485,930 1,036,404 981,879 2,326,040 


Shares in issue at 31 December 2011 - - 436,609 1,324,634 1,419,934 1,551,230 5,004,426 


Shares in issue at 1 January 2011 - - 692,912 - - - - 

Shares issued during the year - - 1,218,766 - - - - 

Shares redeemed during the year - - (885,297) - - - - 

Shares in issue at 31 December 2011 - - 1,026,381 - - - - 


Shares in issue at 1 January 2011 - - - 3,221,290 - - - 

Shares issued during the year - - - 4,920,793 - - 1 

Shares redeemed during the year - - - (4,994,525) - - (1) 

Shares in issue at 31 December 2011 - - - 3,147,558 - - - 


Income 

Shares in issue at 1 January 2011 - - - - - - 4,415,438 

Shares issued during the year - - - - - - 24,001 

Shares redeemed during the year - - - - - - (4,439,439) 







Income 


Equity Fund 


Growth Fund 


Equity Fund 

230 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 







Hedged 

Shares in issue at 1 January 2011 - - 21,484 - - 53,100 853,696 

Shares issued during the year - - 1,019,952 - - 123,288 2,285,262 

Shares redeemed during the year - - (68,829) - - (109,514) (374,235) 

Shares in issue at 31 December 2011 - - 972,607 - - 66,874 2,764,723 







Income 


Shares issued during the year - - - - - 18,727 5,995,472 

Shares redeemed during the year - - - - - (8,893) (2,491,356) 

Shares in issue at 31 December 2011 - - - - - 9,834 3,504,116






Income 


Equity Fund 


Growth Fund 


Equity Fund 

231 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 







Income 

Shares in issue at 1 January 2011 - - - - - 156,562 4,497,152 



Shares in issue at 31 December 2011 - - - - - 359,077 4,523,782 







Shares in issue at 1 January 2011 510,000 - - 463,799 1,550,000 760,075 - 

Shares issued during the year 1,765,000 - - 2,527,128 298,878 234,054 1 

Shares redeemed during the year (513,000) - - (590,631) (350,000) (349,295) (1) 

Shares in issue at 31 December 2011 1,762,000 - - 2,400,296 1,498,878 644,834 -







Equity Fund 


Growth Fund 


Equity Fund 

232 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 



Shares issued during the year - - - - - 17,742 - 

Shares redeemed during the year - - - - - (595,475) - 



Shares in issue at 1 January 2011 - - 46,829 13,446 24,026 - - 

Shares issued during the year - - 63,820 30,914 19,378 - - 

Shares redeemed during the year - - (47,566) (12,084) (14,125) - - 

Shares in issue at 31 December 2011 - - 63,083 32,276 29,279 - - 


Shares in issue at 1 January 2011 - - - - - 29,560 - 



Shares in issue at 31 December 2011 - - - - - 90,479 - 












Equity Fund 


Growth Fund 


Equity Fund 

233 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 







Income 











Income 










Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

234 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 





387,309,864 227,900,054 521,267,974 73,015,141 127,483,388 123,977,094 417,834,132 


Total Recognised Gains/(Losses) for the Year 36,381,018 2,283,502 (1,328,445) (7,524,333) (1,072,641) (14,815,304) (96,629,566) 













Shares redeemed during the year - - (1,252,768) - - - - 

Shares in issue at 31 December 2011 - - 704,330 - - - -







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

235 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 


Shares in issue at 1 January 2011 - - 1,135,296 - 120,004 1,000,283 - 

Shares issued during the year - - 932,209 - 225,533 1,164,488 - 

Shares redeemed during the year - - (1,377,062) - (163,071) (1,511,001) - 

Shares in issue at 31 December 2011 - - 690,443 - 182,466 653,770 - 


Shares in issue at 1 January 2011 - - - - - - 104,224 


Shares redeemed during the year - - - - - - (58,249) 

Shares in issue at 31 December 2011 - - - - - - 105,342 


Shares in issue at 1 January 2011 - - 1,166,888 - - 373,608 - 

Shares issued during the year - - 324,298 - - 263,206 - 

Shares redeemed during the year - - (987,382) - - (248,492) - 

Shares in issue at 31 December 2011 - - 503,804 - - 388,322 - 


Income 


Shares issued during the year - - 1,466 - - - - 








Income 


Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

236 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 


Shares in issue at 1 January 2011 - - 1,259,684 - - - - 

Shares issued during the year - - 733 - - - - 




Hedged 


Shares issued during the year - - 979,858 - 50,002 - - 

Shares redeemed during the year - - (938,883) - (50,002) - - 

Shares in issue at 31 December 2011 - - 712,319 - - - - 


Shares in issue at 1 January 2011 - - - - - - 31,608 


Shares redeemed during the year - - - - - - (8,558) 

Shares in issue at 31 December 2011 - - - - - - 41,132 


Income 




Shares in issue at 31 December 2011 - - 3,287,258 - - - -






Income 


Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

237 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 


Shares in issue at 1 January 2011 - - - - 1,204,463 - 2,707,258 

Shares issued during the year - - - - 114,850 - - 

Shares redeemed during the year - - - - (1,309,780) - (223,266) 

Shares in issue at 31 December 2011 - - - - 9,533 - 2,483,992 


Income 












Shares issued during the year - - 3,021,063 - 2,040,633 - - 

Shares redeemed during the year - - (1,798,066) - (188,448) - - 

Shares in issue at 31 December 2011 - - 2,406,612 - 1,852,185 - -







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

238 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 




















Shares in issue at 31 December 2011 - - 23,182 - - - -







Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

239 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 







Income 











Income 









Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

240 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Value of Fund at Start of Year 121,508,599 166,031,895 65,206,714 - - - 

Proceeds from Shares Issued 176,473,872 130,472,227 65,236,205 120,159,732 261,894,277 41,270,525 

Payments for Shares Redeemed (115,408,163) (136,546,795) (26,842,535) (17,329,501) (13,476,185) - 

182,574,308 159,957,327 103,600,384 102,830,231 248,418,092 41,270,525 

Distribution Reinvested - - - - - - 

Total Recognised Gains/(Losses) for the Year (6,083,859) 440,453 (18,440,526) (15,134,734) (5,407,418) 69,023 

FX Gain/(Loss) on combination - - - - - - 

Net Assets at 31 December 2011 176,490,449 160,397,780 85,159,858 87,695,497 243,010,674 41,339,548 

Net Asset Value as at 31 December 2010 121,508,599 166,031,895 65,206,714 - - - 

Net Asset Value as at 31December 2009 148,893,487 - - - - - 


Shares in issue at 1 January 2011 11,406,084 30 785,682 - - - 

Shares issued during the year 16,558,455 216,090 1,606,342 8,285,502 1,153,236 113,263 

Shares redeemed during the year (10,793,783) (148,419) (411,489) (516,304) (706,931) - 

Shares in issue at 31 December 2011 17,170,756 67,701 1,980,535 7,769,198 446,305 113,263 


Shares in issue at 1 January 2011 - - - - - - 

Shares issued during the year - - - - - - 

Shares redeemed during the year - - - - - - 

Shares in issue at 31 December 2011 - - - - - -






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

241 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Shares in issue at 1 January 2011 142,303 752,969 - - - - 

Shares issued during the year 637,725 760,211 - - 2,051 - 

Shares redeemed during the year (409,680) (455,099) - - - - 

Shares in issue at 31 December 2011 370,348 1,058,081 - - 2,051 - 


Shares in issue at 1 January 2011 - - 3,698,704 - - - 

Shares issued during the year - - 2,334,685 - 1,827,479 - 

Shares redeemed during the year - - (1,316,117) - (183,046) - 

Shares in issue at 31 December 2011 - - 4,717,272 - 1,644,433 - 


Shares in issue at 1 January 2011 55,000 - - - - - 

Shares issued during the year 30,000 - - - - - 

Shares redeemed during the year (85,000) - - - - - 

Shares in issue at 31 December 2011 - - - - - - 


Income 


Shares issued during the year - 157,722 - - - - 

Shares redeemed during the year - (58,683) - - - - 

Shares in issue at 31 December 2011 - 99,039 - - - -






Income 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

242 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 







Hedged 

Shares in issue at 1 January 2011 - 22,308,270 - - - - 


Shares redeemed during the year - (22,308,270) - - - - 




Shares issued during the year - - 610,779 2,875,727 - - 

Shares redeemed during the year - - (162,286) (1,007,839) - - 

Shares in issue at 31 December 2011 - - 448,493 1,867,888 - - 


Income 










Income 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

243 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


Shares in issue at 1 January 2011 187,200 7,871,731 - - - - 

Shares issued during the year - 1,545,744 - - - - 

Shares redeemed during the year (187,200) (3,166,389) - - - - 

Shares in issue at 31 December 2011 - 6,251,086 - - - - 


Income 


Shares issued during the year - - 5,000 - 5,000 - 


Shares in issue at 31 December 2011 - - 5,000 - 5,000 - 



Shares issued during the year - - - - 163,006 - 


Shares in issue at 31 December 2011 - - - - 163,006 - 


Shares in issue at 1 January 2011 250,608 - - - - - 

Shares issued during the year 477,069 1 - - 17,331,296 - 

Shares redeemed during the year - (1) - - (219,602) - 

Shares in issue at 31 December 2011 727,677 - - - 17,111,694 -






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

244 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 



Shares issued during the year - - - - 3,112,628 - 

Shares redeemed during the year - - - - (91,065) - 

Shares in issue at 31 December 2011 - - - - 3,021,563 - 


Shares in issue at 1 January 2011 14,022 - 12,026 - - - 

Shares issued during the year 148,407 - 57,588 - - - 

Shares redeemed during the year (114,244) - (24,480) - - - 

Shares in issue at 31 December 2011 48,185 - 45,134 - - - 


Shares in issue at 1 January 2011 - 1,804 - - - - 

Shares issued during the year - 208,853 - - - - 

Shares redeemed during the year - (45,867) - - - - 

Shares in issue at 31 December 2011 - 164,790 - - - - 



Shares issued during the year - - - - - 2,522,535 


Shares in issue at 31 December 2011 - - - - - 2,522,535






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

245 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 



Shares issued during the year - 56,781,279 - - - - 

Shares redeemed during the year - (26,798,258) - - - - 

Shares in issue at 31 December 2011 - 29,983,021 - - - - 


Income 







Shares issued during the year - - 330,984 - - - 

Shares redeemed during the year - - (175,890) - - - 

Shares in issue at 31 December 2011 - - 155,094 - - - 


Income 










December 2011 


December 2010 

USD USD 

Value of Fund at Start of Year 5,662,873,603 4,910,943,217 

Proceeds from Shares Issued 4,235,485,227 3,905,036,851 

Payments for Shares Redeemed (4,060,770,987) (3,877,755,652) 

5,837,587,843 4,938,224,416 

Distribution Reinvested - - 

Total Recognised Gains/(Losses) for the Year (576,453,168) 700,731,603 

FX Gain/(Loss) on combination (12,408,624) 23,917,584 

Net Assets at 31 December 2011 5,248,726,051 5,662,873,603 

246




FOR THE YEAR ENDED 31 December 2010 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

247 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 





324,464,266 74,031,963 189,751,086 180,163,905 78,724,906 131,965,991 37,850,239 


Total Recognised Gains/(Losses) for the Year 44,384,343 9,160,414 27,439,133 32,212,216 8,957,865 19,380,658 5,920,130 











Shares in issue at 1 January 2010 61,100 33,980 75,427 188,313 150,870 106,308 200,772 

Shares issued during the year 82,025 581,939 735,938 2,480,252 4,158,101 137,284 720,333 

Shares redeemed during the year (59,112) (546,611) (691,381) (2,355,012) (4,122,212) (203,584) (752,886) 

Shares in issue at 31 December 2010 84,013 69,308 119,984 313,553 186,759 40,008 168,219







Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

248 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Shares in issue at 1 January 2010 770,805 282,659 1,438,975 2,156,857 1,289,714 901,128 284,992 

Shares issued during the year 213,784 429,795 555,545 1,812,640 1,826,561 788,687 368,777 

Shares redeemed during the year (392,425) (185,270) (852,318) (2,176,422) (2,038,699) (984,690) (219,301) 

Shares in issue at 31 December 2010 592,164 527,184 1,142,202 1,793,075 1,077,576 705,125 434,468 



Shares issued during the year - - - - - 49,731 97,121 

Shares redeemed during the year - - - - - (126,897) (166,491) 



Shares in issue at 1 January 2010 - 2,586 14,625 4,076 24,504 - - 

Shares issued during the year - 2,772 1,044 37,730 65,396 - - 

Shares redeemed during the year - (4,731) (4,919) (8,505) (74,556) - - 

Shares in issue at 31 December 2010 - 627 10,750 33,301 15,344 - - 


Income 










Income 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

249 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 







Hedged 











Income 










Income 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

250 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 







Income 











Shares in issue at 1 January 2010 - - - 1 - - - 










Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

251 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 








Shares issued during the year 24,351 22,131 - - 16,606 15,925 22,225 

Shares redeemed during the year (4,481) (4,840) - - (1,907) (3,638) (4,303) 

Shares in issue at 31 December 2010 19,870 17,291 - - 14,699 12,287 17,922 






Number of Participating Shares – A4F 










Equity Fund 


Growth Fund 


Equity Fund 

252 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Value of Fund at Start of Year 1,272,047,168 935,106,240 13,391,215,303 1,066,798,639 390,357,546 86,941,409 346,535,540 

Proceeds from Shares Issued 739,318,737 485,124,892 9,132,474,637 612,256,613 289,501,042 64,972,273 582,325,093 

Payments for Shares Redeemed (502,547,178) (474,244,349) (13,475,807,470) (751,644,077) (299,941,950) (83,478,176) (455,001,055) 

1,508,818,727 945,986,783 9,047,882,470 927,411,175 379,916,638 68,435,506 473,859,578 


Total Recognised Gains/(Losses) for the Year 407,040,940 237,217,039 (530,161,450) 193,395,689 77,986,497 1,854,826 24,150,359 


Net Assets at 31 December 2010 1,915,859,667 1,183,203,822 8,517,721,020 1,120,806,864 457,903,135 70,290,332 498,009,937 

Net Asset Value as at 31 December 2009 1,272,047,168 935,106,240 13,391,215,303 1,066,798,639 390,357,546 86,941,409 346,535,540 

Net Asset Value as at 31December 2008 967,108,075 1,064,003,035 9,537,506,213 498,323,965 143,129,879 168,479,058 188,958,205 







Shares in issue at 1 January 2010 - - 55,142 1,808,457 167,789 178,883 804,936 



Shares in issue at 31 December 2010 - - 54,063 1,251,751 1,799,548 91,155 1,225,673







Equity Fund 


Growth Fund 


Equity Fund 

253 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Shares in issue at 1 January 2010 - - 364,681 2,837,742 2,295,001 1,355,942 4,092,526 



Shares in issue at 31 December 2010 - - 243,778 2,189,719 2,073,838 1,083,933 4,823,344 







Shares in issue at 1 January 2010 - - - 2,200,962 - - 3,772 

Shares issued during the year - - - 5,309,916 - - - 

Shares redeemed during the year - - - (4,289,588) - - (3,772) 



Income 


Shares issued during the year - - - - - - 2,753,445 


Shares in issue at 31 December 2010 - - - - - - 4,415,438






Income 


Equity Fund 


Growth Fund 


Equity Fund 

254 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 



Shares issued during the year - - - - - - 3,857,439 


Shares in issue at 31 December 2010 - - - - - - 4,425,144 


Hedged 

Shares in issue at 1 January 2010 - - 191,215 - - 36,949 - 

Shares issued during the year - - 718,214 - - 21,293 920,309 

Shares redeemed during the year - - (887,945) - - (5,142) (66,613) 

Shares in issue at 31 December 2010 - - 21,484 - - 53,100 853,696 







Income 










Income 


Equity Fund 


Growth Fund 


Equity Fund 

255 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 







Income 

Shares in issue at 1 January 2010 - - - - - 98,609 1,541,711 











Shares issued during the year 510,000 - - 472,910 1,681,995 775,917 500,000 

Shares redeemed during the year - - - (9,111) (131,995) (15,842) (500,000) 

Shares in issue at 31 December 2010 510,000 - - 463,799 1,550,000 760,075 -







Equity Fund 


Growth Fund 


Equity Fund 

256 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 



Shares issued during the year - - - - - 1,367,367 14,500 





Shares issued during the year - - 48,341 45,328 59,531 - - 

Shares redeemed during the year - - (1,512) (31,882) (35,505) - - 

Shares in issue at 31 December 2010 - - 46,829 13,446 24,026 - - 





Shares in issue at 31 December 2010 - - - - - 29,560 - 











Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

257 

Skandia 


Debt Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


SEK USD SEK USD CHF USD USD 




273,652,664 (72,594) 226,354,712 456,313,064 68,477,936 118,080,173 119,663,740 


Total Recognised Gains/(Losses) for the Year 12,119,654 72,594 (392,932) 30,259,798 1,594,597 646,683 18,077,854 


Net Assets at 31 December 2010 285,772,318 - 225,961,780 486,572,862 70,072,533 118,726,856 137,741,594 







Shares in issue at 31 December 2010 18,249,521 - 18,716,176 7,197,550 4,912,862 10,405,446 11,740,111 




Shares redeemed during the year - - - (1,479,831) - - - 








Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

258 

Skandia 


Debt Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Shares in issue at 1 January 2010 - 6,512,470 - 756,874 - 159,866 385,690 

Shares issued during the year - 3,064,304 - 997,064 - 122,615 1,616,452 

Shares redeemed during the year - (9,576,774) - (618,642) - (162,477) (1,001,859) 

Shares in issue at 31 December 2010 - - - 1,135,296 - 120,004 1,000,283 







Shares in issue at 1 January 2010 - - - 27,600 - - 394,097 

Shares issued during the year - - - 2,296,536 - - 225,476 

Shares redeemed during the year - - - (1,157,248) - - (245,965) 

Shares in issue at 31 December 2010 - - - 1,166,888 - - 373,608 


Income 










Income 


Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

259 

Skandia 


Debt Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 








Hedged 




Shares in issue at 31 December 2010 - - - 671,344 - - - 







Income 




Shares in issue at 31 December 2010 - - - 2,874,965 - - -






Income 


Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

260 

Skandia 


Debt Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 




Shares issued during the year - - - - - 1,204,463 - 


Shares in issue at 31 December 2010 - - - - - 1,204,463 - 


Income 





















Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

261 

Skandia 


Debt Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


























Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

262 

Skandia 


Markets Fund 


December 2010 


December 2009 

EUR USD USD USD USD USD 

Value of Fund at Start of Year 217,257,555 229,444,026 - - 4,910,943,217 3,516,094,182 

Proceeds from Shares Issued 159,281,110 41,323,057 176,321,065 61,432,143 3,905,036,851 3,584,860,619 

Payments for Shares Redeemed (91,825,963) (163,116,243) (15,118,833) (1,317,439) (3,877,755,652) (3,392,266,710) 

284,712,702 107,650,840 161,202,232 60,114,704 4,938,224,416 3,708,688,091 

Distribution Reinvested - - - - - - 

Total Recognised Gains/(Losses) for the Year 66,921,878 13,857,759 4,829,663 5,092,010 700,731,603 1,140,209,769 

FX Gain/(Loss) on combination - - - - 23,917,584 62,045,357 

Net Assets at 31 December 2010 351,634,580 121,508,599 166,031,895 65,206,714 5,662,873,603 4,910,943,217 

Net Asset Value as at 31 December 2009 217,257,555 229,444,026 - - 

Net Asset Value as at 31December 2008 85,429,945 148,893,487 - - 


Shares in issue at 1 January 2010 23,658,100 23,523,586 - - 

Shares issued during the year 13,020,823 3,620,805 30 798,682 

Shares redeemed during the year (8,901,287) (15,738,307) - (13,000) 

Shares in issue at 31 December 2010 27,777,636 11,406,084 30 785,682 


Shares in issue at 1 January 2010 - - - - 

Shares issued during the year - - - - 

Shares redeemed during the year - - - - 

Shares in issue at 31 December 2010 - - - -






Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

263 

Skandia 


Markets Fund 

EUR USD USD USD 

Shares in issue at 1 January 2010 - 416,957 - - 

Shares issued during the year - 361,234 817,849 - 

Shares redeemed during the year - (635,888) (64,880) - 

Shares in issue at 31 December 2010 - 142,303 752,969 - 


Shares in issue at 1 January 2010 381,309 - - - 

Shares issued during the year 34,854 - - 3,783,227 

Shares redeemed during the year (311,939) - - (84,523) 

Shares in issue at 31 December 2010 104,224 - - 3,698,704 



Shares issued during the year - 23,931 - - 

Shares redeemed during the year - (83,681) - - 

Shares in issue at 31 December 2010 - 55,000 - - 


Income 










Income 

Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

264 

Skandia 


Markets Fund 





Shares in issue at 31 December 2010 - - - - 


Hedged 


Shares issued during the year - - 31,815,275 - 

Shares redeemed during the year - - (9,507,005) - 

Shares in issue at 31 December 2010 - - 22,308,270 - 


Shares in issue at 1 January 2010 226,246 - - - 

Shares issued during the year 21,335 - - - 

Shares redeemed during the year (215,973) - - - 

Shares in issue at 31 December 2010 31,608 - - - 


Income 










Income 

Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

265 

Skandia 


Markets Fund 



Shares issued during the year 2,775,760 168,123 7,912,531 - 

Shares redeemed during the year (68,502) (835,786) (40,800) - 

Shares in issue at 31 December 2010 2,707,258 187,200 7,871,731 - 


Income 












Shares issued during the year - 250,608 - - 


Shares in issue at 31 December 2010 - 250,608 - -






Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

266 

Skandia 


Markets Fund 








Shares issued during the year - 16,230 - 12,027 

Shares redeemed during the year - (2,208) - (1) 

Shares in issue at 31 December 2010 - 14,022 - 12,026 



Shares issued during the year - - 6,195 - 

Shares redeemed during the year - - (4,391) - 

Shares in issue at 31 December 2010 - - 1,804 - 








NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2011 

1. Significant Accounting Policies 

The significant accounting policies adopted by the Company are as follows: 

a) Accounting Convention 

The financial statements have been prepared under the historical cost convention adjusted to take account of the 

revaluation of investments to market value and in accordance with accounting standards generally accepted in Ireland 

and Irish statute comprising the Companies Acts 1963 to 2009 and the European Communities (Undertakings for 

Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), (the “UCITS Regulations”). 

The reporting and functional currency of the Company is US Dollars denoted by USD. Fair value accounting has been 

applied to derivatives and other financial assets designated at fair value through profit or loss. All other assets and 

liabilities are stated at cost or amortised cost as appropriate. 

b) Income Recognition 

In accordance with FRS 16 investment income is reported gross of withholding tax. Dividends are recognised as income 

on the dates the securities are first quoted “ex-dividend” to the extent that information thereon is reasonably available to 

the Company. Bank deposit interest, securities lending commission and other income are accounted for on an accrual 

basis. Debt interest, discounts and premiums on fixed income securities are amortised to income on an effective interest 

basis and are included in net gains/losses on financial assets at fair value through profit and loss. 

c) Realised Gains and Losses on Investments 

Realised gains and losses on sales of investments are calculated based on an average cost basis. The associated foreign 

exchange movement between the date of purchase and the date of sale on the sale of investments is included in Net 

Gains/(Losses) arising on Investments in the Statement of Operations. 

Unrealised gains and losses on investments arising during the period are taken to the Statement of Operations. 

d) Investments at fair value 

All financial instruments are measured initially at fair value (transaction price) plus, in the case of a financial asset or 

financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition 

or issue of the financial asset or liability. Transaction costs on financial assets and financial liabilities at fair value 

through profit or loss are expensed immediately, while on other financial instruments they are amortised. Subsequent to 

initial recognition, all instruments classified at fair value through profit or loss are remeasured at fair value based on 

quoted bid prices for long securities and quoted offer prices for short securities. The policy set out above differs from the 

valuation policy as set out in the prospectus, which states that investment in securities are stated at the market value 

based on the latest available market price as of 12 noon (Irish time) on each dealing day. This policy is used to calculate 

the Net Asset Value on each dealing day. See Note 18 for further details. 

Fair value for any of the investments held in a Fund‟s portfolio, for which there are no transactions on the dealing day, 

are valued at the reasonably foreseeable sales price, estimated prudently and in good faith by the Directors on the advice 

of the relevant Investment Adviser. 

Investments in other unlisted open-ended investment funds are recorded at the Net Asset Value per share as reported by 

administrators of such funds. 

Each Fund derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or 

it transfers the financial asset and the transfer qualifies for derecognition in accordance with FRS 26. Each Fund uses the 

average cost method to determine realised gains and losses on derecognition. 

267



NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2011 (continued) 

1. Significant Accounting Policies (continued) 

d) Investments at fair value (continued) 

In accordance with FRS 26 Financial Instruments: Measurement, each Fund classifies its equity and bond investments as 

financial assets at fair value through profit or loss. 

The category of financial assets and financial liabilities at fair value through profit or loss comprises: 

� financial instruments held-for-trading. These include investments in equities, bonds, funds and futures, forward 

contracts, options and interest rate swaps included as financial derivative instruments on the balance sheet. All 

derivatives in a net receivable position (positive fair value), as well as options purchased, are reported as financial 

assets held-for-trading. All derivatives in a net payable position (negative fair value), as well as options written, 

are reported as financial liabilities held-for-trading; 

� financial instruments designated at fair value through profit or loss upon initial recognition. These include 

financial assets that are not held for trading purposes and which may be sold; 

� financial assets that are categorised as loans and receivables include cash at bank and deposits with credit 

institutions which are generally short term in nature. This category also includes balances due from brokers, 

deposits and accounts receivable, none of which are quoted in an active market; and 

� financial liabilities that are not at fair value through profit or loss include balances due to brokers, accounts 

payable and financial liabilities arising on redeemable shares. 

e) Foreign Currencies 

Foreign currency transactions are recorded at the rate of exchange prevailing at the date of the transaction. Foreign 

currency assets and liabilities are translated into base currencies at the exchange rate prevailing at the year-end. Foreign 

exchange gains or losses are included in the Statement of Operations. 

At the year-end the assets and liabilities and profit and losses of the non USD denominated Funds are translated into USD 

using the year-end rate for the Balance Sheet. The average rate is used in the Statement of Operations for inclusion in the 

consolidated financial statements. Notional exchange differences arising are accounted for in the Statement of Changes in 

Net Assets. 

f) Forward Currency Contracts 

A forward currency contract involves an obligation to purchase or sell a specific currency at a future date at a price set at 

the time the contract is made. Forward currency contracts are valued by reference to the forward price at which a new 

forward contract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on 

open forward currency contracts is calculated as the difference between the contract rate and this forward price and is taken 

to the Statement of Operations. 

g) Futures Contracts 

A futures contract is an agreement between two parties to buy and sell a security, index or currency at a specific price or 

rate at a future date. Upon entering into a futures contract, the Company is required to deposit with a broker an amount of 

cash or cash equivalents equal to a certain percentage of the contract amount. This is known as „initial cash margin‟. 

Subsequent payments („variation margin‟) are made or received by the Company each day, depending upon the daily 

fluctuation in the value of the contract. The daily changes in contract value are recorded as unrealised gains or losses and 

the Company recognises a realised gain or loss when the contract is closed. Realised and unrealised gains and losses on 

futures contracts are recognised in the Statement of Operations. 

268





h) Swap Contracts 

The Company may enter into exchange-traded swap agreements with respect to currencies, interest rates and security 

indices, using these techniques for efficient portfolio management purposes to hedge against changes in interest rates, 

currency rates and security prices or as part of its overall investment strategies. Whether the Company‟s use of swap 

agreements for efficient portfolio management purposes is successful depends on the Investment Adviser‟s ability to 

correctly predict whether certain types of investments are likely to produce greater returns than other investments. 

Realised and unrealised gains and losses on swap contracts are recognised in the Statement of Operations. 

i) Options 

Options are financial derivative instruments that give the buyer, in exchange for a premium payment, the right, but not the 

obligation, to either purchase (call option) or sell to (put option) the writer a specified underlying instrument at a specified 

price on or before a specified date. A Fund enters into exchange-traded option contracts to meet the requirements of its risk 

management and trading activities. Both the realised and unrealised gain or loss in respect of options contracts are 

recognised in the Statement of Operations. 

j) Swaptions 

A swaption is an option to enter into a swap. In exchange for an option premium, the buyer gains the right but not the 

obligation to enter into a specified swap agreement with the issuer on a specified future date. Both the realised and 

unrealised gain or loss in respect of exchange traded swaption contracts are recognised in the statement of operations. 

k) Borrowing Costs 

Borrowing costs are recognised as an expense in the period in which they are incurred. 

l) Functional Currency 

In accordance with FRS23, the functional currency of the Funds has been re-evaluated by the Directors on the advice of 

each Investment Adviser. The currencies in which the performance of the Funds are reported to investors are still 

considered to be the appropriate functional currencies, as these reflect the currency of the primary economic environment 

in which the Funds invest. 

The Company has adopted the USD as its presentation currency. 

m) Taxation 

Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the 

Taxes Consolidation Act, 1997, as amended. On this basis, it is generally not chargeable to Irish tax on its income or gains. 

However, Irish tax can arise on the happening of a “chargeable event” in the Company. A chargeable event includes any 

payments of distributions to shareholders, any encashment, repurchase, redemption, cancellation or transfer of shares and 

any deemed disposal of shares as described below for Irish tax purposes arising as a result of holding shares in the 

Company for a period of eight years or more. Where a chargeable event occurs, the Company is required to account for the 

Irish tax thereon. 

A chargeable event does not include: 

(i) any transactions (which might otherwise be a chargeable event) in relation to shares held in a recognised clearing 

system as designated by order of the Revenue Commissioners of Ireland; or; 

(ii) a transfer of shares between spouses and any transfer of shares between spouses or former spouses on the occasion of 

judicial separation and/or divorce; or; 

(iii) an exchange by a shareholder, effected by way of arm‟s length bargain where no payment is made to the shareholder, 

of shares in the Company for other shares in the Company; or; 

(iv) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another Irish 

collective investment scheme. 

No Irish tax will arise on the Company in respect of chargeable events where: 

269





m) Taxation (continued) 

(a) the Shareholder is neither resident nor ordinarily resident in Ireland (“Non-Irish Resident”) and it (or an intermediary 

acting on its behalf) has made the necessary declaration to that effect and the Company is not in possession of any 

information which would reasonably suggest that the information contained in the declaration is not, or is no longer, 

materiallycorrect; or 

(b) the Shareholder is Non-Irish Resident and has confirmed that to the Company and the Company is in possession of 

written notice of approval from the Revenue Commissioners to the effect that the requirement to provide the necessary 

declaration of non-residence has been complied with in respect of the Shareholder and the approval has not been withdrawn; 

or 

(c) the Shareholder is an Exempt Irish Resident and it (or an intermediary acting on its behalf) has made the necessary 

declaration to that effect. 

In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of a chargeable 

event. 

There were no chargeable events during the period under review. 

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding 

taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable 

by the Company or its shareholders. 

As outlined in the Statement of Operations capital gains tax of USD1,296,823 were charged to the Skandia Pacific Equity 

Fund. This relates to captal gains tax payable on Indian securities. As per Indian income tax laws, capital gains tax is 

payable on the sale of assets, investments and capital accumulation. 

n) Stock Lending Commission 

Investments lent under securities lending arrangements continue to be recognised in the balance sheet and are measured at 

fair value through profit or loss in accordance with the accounting policy for investments. Rebate income is paid to the 

Securities Finance Trust Company in relation to stock lending activities and is recorded on an accruals basis. 

o) Redeemable Shares 

The Company classifies financial instruments issued as financial liabilities or equity instruments in accordance with the 

substance of the contractual terms of the instruments. 

The Company has multiple classes of redeemable shares in issue. The redeemable shares provide investors with the right to 

require redemption for cash at a value proportionate to the investor's share in the Company's net assets, after deduction of the 

nominal amount of equity share capital, at each daily redemption date and also in the event of the Company's liquidation. 

The redeemable shares are classified as financial liabilities and are measured at the present value of the redemption 

amounts. In accordance with the Company's prospectus, the redemption amounts of the individual redeemable shares are 

calculated using the mid-market prices of the Company's underlying investments/securities sold short. However, in 

accordance with the Company's accounting policies, assets and long positions are measured at a bid price and liabilities and 

securities sold short are measured at the asking price. The adjustment from mid-market prices basis to bid-ask prices is 

included in computing the total redempton amount of the redeemable shares and is presented in Note 18. 

p) Credit Linked Notes 

A credit linked note is a security with an embedded credit default swap allowing the issuer to transfer a specific credit risk 

to credit investors. Swaps outstanding at the balance sheet date are valued at their intrinsic value. The discounted value of 

each single inflow and outflow of interest and capital is calculated at the period end. The net difference arising on this 

calculation is included as the "mark to market" value of the swap and is recorded as an unrealised gain/loss in the financial 

statements. When a swap is closed, the realised gain or loss is calculated as the net cash inflow or outflow upon closure and 

is recorded in the Income Statement. 

270





q) New Accounting Standards 

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 

January 2011, and have not been applied in preparing these financial statements. None of these are expected to have a 

significant effect on the measurement of the amounts recognised in the financial statements of the Company. 

r) Use of estimates and judgements 

The preparation of the financial statements in conformity with FRSs requires management to make judgements, estimates 

and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and 

expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing 

basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future 

periods affected. 

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment 

within the next financial year, as well as critical judgements in applying accounting policies that have the most significant 

effect on the amounts recognised in the financial statements are included in Note 17. 

s) UCITS Regulations 

The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 include 

certain additional disclosure requirements which apply for financial periods beginning on or after 1 July 2011. These 

requirements will be prospectively adopted in full by the Company and included in the financial statements for the next year 

end. 

2. Cash Flow Statement 

The Company has availed of the exemption available to open-ended investment funds under FRS 1 (Revised) not to prepare 

a cash flow statement. 

271




3. Gains And Losses From Financial Assets And Liabilities At Fair Value Through Profit Or Loss 

The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the year ended 31 December 2011: 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

272 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Net realised gain/(loss) on disposal of investments 

and foreign exchange 10,923,940 9,616,032 21,641,760 5,955,402 5,135,705 (1,298,765) (1,958,302) 

Net unrealised gain/(loss) on investments and foreign 

exchange (50,639,777) (10,348,098) (34,509,929) (17,348,976) (12,202,629) (16,794,066) (5,926,532) 

Net realised (loss)/gain on derivative financial 

instruments 11,697 (3,915) 1,825 (4,214) (13,741) (330,314) (67,210) 

Net unrealised (loss)/gain on derivative financial 

instruments 2,901 - - - - 63,409 - 

Bond interest income - - - - - - - 

Total net gain/(loss) from financial assets and 

liabilities at fair value through profit or loss (39,701,239) (735,981) (12,866,344) (11,397,788) (7,080,665) (18,359,736) (7,952,044) 


Equity Fund 


Growth Fund 


Equity Fund 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 



and foreign exchange 121,618,804 17,431,272 (1,733,457,495) 80,885,905 15,830,715 (26,817,968) (276,962,966) 


exchange (437,469,005) (201,634,494) (1,257,873,268) (200,449,328) (66,517,334) (910,547) 3,501,063 


instruments (101,719) (162,081) 908,553,453 (521,305) (67,978) 29,770,537 267,424,141 


instruments - - (4,068,415) 1,345 - (127,379) 886,009 

Bond interest income - - - - - 2,591,177 16,710,982 


liabilities at fair value through profit or loss (315,951,920) (184,365,303) (2,086,845,725) (120,083,383) (50,754,597) 4,505,820 11,559,229




3. Gains And Losses From Financial Assets And Liabilities At Fair Value Through Profit Or Loss (continued) 

The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the year ended 31 December 2011 (continued): 


Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 


Debt Fund 

273 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 



and foreign exchange (709,347) 1,816,543 (89,643,823) 939,166 1,208,196 12,424,987 (26,493,857) 


exchange 27,382,431 1,399,136 (16,898,928) (7,950,004) (639,075) (24,930,647) (65,614,048) 


instruments (22) - 99,246,229 - (96,559) (59,157) (24,949) 


instruments - - (355,068) - - 245 - 

Bond interest income 12,827,156 300,154 34,091,302 - - - - 


liabilities at fair value through profit or loss 39,500,218 3,515,833 26,439,712 (7,010,838) 472,562 (12,564,572) (92,132,854) 

Skandia 

US Large Cap 

Value Fund 

Skandia 

Investment 

Grade 


Fund 

Skandia 

Global 

Emerging 

Markets Fund 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 

Emerging 

Market Debt 

Fund 


Futures Fund 


December 2011 

USD USD USD USD USD USD USD 

Net realised gain/(loss) on disposal of 

investments and foreign exchange 7,722,888 (234,437,181) (3,570,333) (10,800,927) (16,787,531) (39,646,516) (567,872,999) 

Net unrealised gain/(loss) on investments and 

foreign exchange (12,926,458) 10,753,363 (14,644,871) (3,513,523) (6,006,992) (403) (701,520,754) 


instruments (4,874) 225,075,965 (95,288) (741,166) 16,109,584 39,792,310 686,630,773 

Net unrealised (loss)/gain on derivative 

financial instruments - (1,579,201) - - (384,602) 399,060 (1,119,260) 

Bond interest income - 8,309,302 - - 5,000,881 - 68,745,388 


liabilities at fair value through profit or loss (5,208,444) 8,122,248 (18,310,492) (15,055,616) (2,068,660) 544,451 (515,136,852)





The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the year ended 31 December 2010: 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

274 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 



and foreign exchange 26,484,414 8,255,083 19,838,443 4,718,469 736,523 14,065,892 4,934,535 


exchange 18,476,946 1,612,317 9,195,452 29,370,524 8,640,468 4,242,763 1,390,660 


instruments 567,112 (394) (1,224) (5,786) (8,776) 648,476 (171,134) 


instruments (2,817) - - - - (111,898) - 

Bond interest income - - - - - - - 


liabilities at fair value through profit or loss 45,525,655 9,867,006 29,032,671 34,083,207 9,368,215 18,845,233 6,154,061 


Equity Fund 


Growth Fund 


Equity Fund 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 



and foreign exchange 142,055,671 198,347,470 (577,053,836) 64,787,897 30,704,648 (45,367,811) (81,303,981) 


exchange 264,879,447 38,583,789 (141,457,632) 129,215,174 46,727,962 (360,138) 7,304,172 


instruments (140,852) (62,460) 194,615,827 (2,104,457) (228,186) 46,387,299 92,873,740 


instruments - - (5,358,268) (7,655) 42 291,278 1,445,143 

Bond interest income - - - - - 2,448,453 12,841,493 


liabilities at fair value through profit or loss 406,794,266 236,868,799 (529,253,909) 191,890,959 77,204,466 3,399,081 33,160,567





The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the year ended 31 December 2010 (continued): 


Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

275 

Skandia 


Debt Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 




and foreign exchange 9,634,875 318,663 138,633 (41,576,817) 3,905,665 2,278,773 23,589,460 


exchange (7,753,373) (45,512) (1,279,855) (1,316,074) (2,079,548) 1,060,385 (2,940,249) 


instruments 1 - - 71,829,109 - (3,684,736) 38,009 


instruments - - - 482,498 - 2,318,171 (245) 

Bond interest income 13,200,306 25,346 2,142,652 24,774,483 - - - 


liabilities at fair value through profit or loss 15,081,809 298,497 1,001,430 54,193,199 1,826,117 1,972,593 20,686,975 

Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 


December 2010 

EUR USD USD USD USD 


and foreign exchange 22,025,137 (1,244,594) (204,343,216) 70,988 (92,082,331) 


exchange 49,753,268 16,776,222 (9,852,898) 5,494,259 369,750,766 


instruments (1,082,133) (59,617) 215,708,779 (296,550) 422,420,551 


instruments 146 - 2,487,552 - 6,805,049 

Bond interest income - - 4,001,012 - 46,224,201 


liabilities at fair value through profit or loss 70,696,418 15,472,011 8,001,229 5,268,697 753,118,236




4. Financial Assets and Liabilities (continued) 

The following table details the categories of financial assets and liabilities held by the Company at 31 December 2011: 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

276 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Assets 

Financial Assets at fair value through profit or loss 

Designated at fair value through profit and loss upon 

initial recognition 

Investments in equity securities held long at fair value 295,744,872 82,238,649 198,571,429 200,244,899 62,177,705 123,915,193 25,078,992 

Investments in fixed income securities held long at fair 

value - - - - - - - 

Held for trading 

Unrealised gain on derivative financial instruments - - - - - - - 

Total financial assets at fair value through profit or 

loss 295,744,872 82,238,649 198,571,429 200,244,899 62,177,705 123,915,193 25,078,992 

Loans and receivables 6,851,892 7,345,077 18,968,761 14,346,923 1,678,913 4,468,594 1,617,368 

Total Assets 302,596,764 89,583,726 217,540,190 214,591,822 63,856,618 128,383,787 26,696,360 

Liabilities 

Financial liabilities at fair value through profit or loss 



Investments in fixed income securities held short at fair 

value - - - - - - - 


Unrealised loss on derivative financial instruments - - - - - - - 

Total financial liabilities at fair value through profit or 

loss - - - - - - - 

Financial liabilities measured at amortised cost (665,904) (2,714,452) (1,867,333) (5,435,660) (192,677) (191,455) (102,122) 

Total liabilities (excluding net assets attributable to 

holders of redeemable shares) (665,904) (2,714,452) (1,867,333) (5,435,660) (192,677) (191,455) (102,122)





The following table details the categories of financial assets and liabilities held by the Company at 31 December 2011 (continued): 


Equity Fund 


Growth Fund 

277 

Skandia 

Japanese 

Equity Fund 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Assets 




Investments in equity securities held long at fair value 849,774,908 804,682,412 8,954,982,500 750,377,678 335,827,080 - - 


value - - - - - 86,769,020 617,339,770 


Unrealised gain on derivative financial instruments - - - - - 116,350 3,539,964 


loss 849,774,908 804,682,412 8,954,982,500 750,377,678 335,827,080 86,885,370 620,879,734 


Total Assets 888,113,609 844,239,754 9,224,546,419 784,641,991 349,219,441 89,470,207 710,249,166 

Liabilities 





value - - - - - (84,340) (27,910,149) 


Unrealised loss on derivative financial instruments - - (3,800,145) - - (277,162) (1,912,039) 


loss - - (3,800,145) - - (361,502) (29,822,188) 

Financial liabilities measured at amortised cost (960,852) (16,447,490) (123,527,332) (8,444,501) (608,586) (8,467,587) (215,778,046) 


holders of redeemable shares) (960,852) (16,447,490) (127,327,477) (8,444,501) (608,586) (8,829,089) (245,600,234)







Bond Fund 

Skandia SEK 

Reserve Fund 

278 

Skandia 

Emerging 

Market Debt 

Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 


Assets 




Investments in equity securities held long at fair value - - - 65,146,047 118,516,231 108,301,116 318,503,903 


value 418,088,481 224,589,932 514,430,569 - - - - 


Unrealised gain on derivative financial instruments - - 362,304 - - - - 


loss 418,088,481 224,589,932 514,792,873 65,146,047 118,516,231 108,301,116 318,503,903 

Loans and receivables 10,716,568 6,970,529 13,186,468 477,490 8,218,389 1,267,341 3,884,159 

Total Assets 428,805,049 231,560,461 527,979,341 65,623,537 126,734,620 109,568,457 322,388,062 

Liabilities 





value - - - - - - - 


Unrealised loss on derivative financial instruments - - (17,561) - - - - 


loss - - (17,561) - - - - 

Financial liabilities measured at amortised cost (5,114,167) (1,376,905) (8,022,251) (132,729) (323,873) (406,667) (1,183,496) 


holders of redeemable shares) (5,114,167) (1,376,905) (8,039,812) (132,729) (323,873) (406,667) (1,183,496)






Skandia 

US Large Cap 

Value Fund 

Skandia 



Fund 

Skandia 


Markets Fund 

279 

Skandia Asian 

Equity Fund 

Skandia Local 

Currency 


Debt Fund 


Futures Fund 


December 2011 

USD USD USD USD USD USD USD 

Assets 


Designated at fair value through profit and loss upon initial 

recognition 

Investments in equity securities held long at fair value 168,880,834 - 84,747,710 87,115,361 225,916,284 36,525,520 3,789,465,301 

Investments in collective investment schemes - - - - - 3,200,000 3,200,000 

Investments in fixed income securities held long at fair value 


- 159,037,163 - - - - 1,471,325,954 

Unrealised gain on derivative financial instruments - 1,385,078 - - 6,064 73,137 5,482,897 

Total financial assets at fair value through profit or loss 168,880,834 160,422,241 84,747,710 87,115,361 225,922,348 39,798,657 5,269,474,152 

Loans and receivables 8,279,347 1,352,247 1,918,283 788,413 18,364,443 1,857,318 274,934,660 

Total Assets 177,160,181 161,774,488 86,665,993 87,903,774 244,286,791 41,655,975 5,544,408,812 

Liabilities 


Designated at fair value through profit and loss upon initial 

recognition 


value - (522,973) - - - - (28,517,462) 


Unrealised loss on derivative financial instruments - (204,176) - - (390,667) - (2,850,996) 


loss - (727,149) - - (390,667) - (31,368,458) 

Financial liabilities measured at amortised cost (669,732) (649,559) (1,506,135) (208,277) (885,450) (316,427) (264,314,303) 


holders of redeemable shares) (669,732) (1,376,708) (1,506,135) (208,277) (1,276,117) (316,427) (295,682,761) 

Loans and receivables as presented above represents cash and cash equivalents, interest, dividends, other assets and prepayments as detailed in the balance sheet. Financial liabilities measured at amortised cost as 

presented above represents balances due to banks, fees and expenses payable, accounts payable and accrued expenses as detailed in the balance sheet 

.





The following table details the categories of financial assets and liabilities held by the Company at 31 December 2010: 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

280 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Assets 




Investments in equity securities held long at fair value 365,186,868 79,768,970 212,745,717 207,434,453 84,895,636 146,688,345 41,335,403 


value - - - - - - - 


Unrealised gain on derivative financial instruments 1,569 - - - - - - 


loss 365,188,437 79,768,970 212,745,717 207,434,453 84,895,636 146,688,345 41,335,403 


Total Assets 371,797,204 84,718,438 218,370,322 216,887,512 89,867,869 153,589,306 44,620,703 

Liabilities 





value - - - - - (51,840) - 


Unrealised loss on derivative financial instruments (4,470) - - - - - - 


loss (4,470) - - - - (51,840) - 

Financial liabilities measured at amortised cost (2,944,125) (1,526,061) (1,180,103) (4,511,391) (2,185,098) (2,190,817) (850,334) 


holders of redeemable shares) (2,948,595) (1,526,061) (1,180,103) (4,511,391) (2,185,098) (2,242,657) (850,334)







Equity Fund 


Growth Fund 

281 

Skandia 

Japanese 

Equity Fund 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Assets 




Investments in equity securities held long at fair value 1,896,193,312 1,144,787,500 8,476,146,370 1,093,382,309 454,413,983 - - 


value - - - - - 74,650,409 540,559,455 


Unrealised gain on derivative financial instruments - - 268,270 - - 524,900 1,323,935 


loss 1,896,193,312 1,144,787,500 8,476,414,640 1,093,382,309 454,413,983 75,175,309 541,883,390 


Total Assets 1,967,543,910 1,239,917,394 8,692,883,409 1,129,619,425 461,257,405 80,027,323 784,294,639 

Liabilities 





value - - - - - (42,771) (6,291,690) 


Unrealised loss on derivative financial instruments - - - (1,345) - (458,925) (106,056) 


loss - - - (1,345) - (501,696) (6,397,746) 

Financial liabilities measured at amortised cost (51,684,243) (56,713,572) (175,162,389) (8,811,216) (3,354,270) (9,235,295) (279,886,956) 


holders of redeemable shares) (51,684,243) (56,713,572) (175,162,389) (8,812,561) (3,354,270) (9,736,991) (286,284,702)







Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

282 

Skandia 

Emerging 

Market Debt 

Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Assets 




Investments in equity securities held long at fair value - - - - 69,737,612 111,552,321 133,087,498 


value 284,201,879 - 225,378,459 485,122,324 - - - 


Unrealised gain on derivative financial instruments - - - 1,070,843 - - - 


loss 284,201,879 - 225,378,459 486,193,167 69,737,612 111,552,321 133,087,498 

Loans and receivables 2,197,106 27,107 4,354,041 11,963,028 467,061 7,536,129 5,090,128 

Total Assets 286,398,985 27,107 229,732,500 498,156,195 70,204,673 119,088,450 138,177,626 

Liabilities 





value - - - (1,018) - - - 


Unrealised loss on derivative financial instruments - - - (369,634) - - (245) 


loss - - - (370,652) - - (245) 

Financial liabilities measured at amortised cost (626,667) (27,107) (3,770,720) (11,212,681) (132,140) (361,594) (435,787) 


holders of redeemable shares) (626,667) (27,107) (3,770,720) (11,583,333) (132,140) (361,594) (436,032)






Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 


Corporate Bond Fund 

283 

Skandia 


Markets Fund 


December 2010 


Assets 




Investments in equity securities held long at fair value 344,907,121 117,778,867 165,095,690 64,735,216 4,436,691,151 


value - - - - 1,176,130,223 

Held for trading - 

Unrealised gain on derivative financial instruments - - 2,012,740 - 4,937,295 


loss 344,907,121 117,778,867 167,108,430 64,735,216 5,617,758,669 

Loans and receivables 7,086,579 3,886,604 1,251,682 638,256 404,425,102 

Total Assets 351,993,700 121,665,471 168,360,112 65,373,472 6,022,183,771 

Liabilities 





value - - (15,042) - (6,420,067) 


Unrealised loss on derivative financial instruments - - (389,551) - (1,330,226) 


loss - - (404,593) - (7,750,293) 

Financial liabilities measured at amortised cost (359,120) (156,872) (1,923,624) (166,758) (351,559,875) 


holders of redeemable shares) (359,120) (156,872) (2,328,217) (166,758) (359,310,168) 

Loans and receivables as presented above represents cash and cash equivalents, interest, dividends, other assets and prepayments as detailed in the balance sheet. Financial liabilities measured at 

amortised cost as presented above represents balances due to banks, fees and expenses payable, accounts payable and accrued expenses as detailed in the balance sheet.




5. Financial Reporting Standard 3 

The information required by Financial Reporting Standard No. 3 “Reporting Financial Performance” to be included in a 

Statement of Total Recognised Gains and Losses and a Reconciliation of Movements in Shareholders‟ Funds is in the 

opinion of the Directors contained in the Statement of Operations and the Statement of Changes in Net Assets on pages 

159 to 167 and 222 to 266 respectively. 

In arriving at the results for the period, all amounts in the Statement of Operations on pages 159 to 167 relate to 

continuing activities. 

6. Related Party Transactions 

Noel Ford is an employee of SGF Marketing Limited and is a director of the Manager. Michelle Andrews is an 

employee of Skandia Life Business Services Limited, Alain Keck is an employee of Skandia Vita S.p.A., Dirk Rathjen 

is an employee of Skandia Versicherung Management and Service GmbH and Jim Rotsman is an employee of Skandia 

Insurance Company Ltd. (publ). Legal fees of USD 330,322 were charged by Arthur Cox for the year ended 31 

December 2011 (2010: USD 231,394). In the opinion of the Directors, there are no other related party transactions 

required to be disclosed in accordance with FRS 8 “Related Party Transactions”. Fee arrangements are set out in Note 

13. 

7. Share Capital 

The authorised share capital of the Company is EUR38,082 represented by 30,000 subscriber shares of no par value and 

500,000,000,000 shares of no par value. The original equity share capital of IR£30,000 has been converted to EUR at a 

rate of 1.27 per IR£1. The issued share capital is included on pages 173 to 216. 

The Company has repurchased all but seven of the subscriber shares. The subscriber shares entitle the shareholders 

holding them to attend and vote at all meetings of the Company. The subscriber shares do not entitle the holders to 

participate in the dividends or net assets of any Fund. 

The creation of the various Share Classes is intended to offer greater flexibility to both retail and institutional clients. 

Each Share Class may also be distinguished by the management fee, initial charge, contingent deferred sales charge and 

redemption charges applicable and the minimum subscription requirements. Each Share Class in each Fund has equal 

voting, distribution and liquidation rights in proportion to the number of the shares held in that Fund. 

8. Net Asset Value per Share 

Where a Fund is made up of more than one class of shares, the Net Asset Value of each class shall be determined by 

calculating the amount of the Net Asset Value of the Fund attributable to each class. The amount of the Net Asset 

Value of a Fund attributable to a class shall be determined by establishing the value of shares in issue in the class and 

by allocating relevant fees and expenses to that class and making appropriate adjustments to take account of 

distributions paid out of the Fund, if applicable, and apportioning the Net Asset Value of the Fund accordingly. The Net 

Asset Value per share of a class shall be calculated by dividing the Net Asset Value of the class by the number of 

shares in issue in that class, adjusted to the third decimal place. The value of the assets of a Fund shall be determined 

in the base currency of the Fund. 

9. Efficient Portfolio Management 

The Company may, for the purposes of efficient portfolio management, enter into futures contracts, forwards, options, 

swaps, swaptions, convertible securities and structured notes. Forward currency contracts, futures, swaps, options and 

swaptions open at 31 December 2011 are disclosed in Note 15 and in the Portfolio of Investments on pages 72 to 158. 

The positions held at 31 December 2011 are indicative of positions held throughout the year. 

284




10. Cash at Bank 

All cash balances are held with Citibank N.A. in the name of Citibank International plc, Ireland Branch, as custodian 

with the exception of the following funds that hold balances with brokers. 

Fund Amount Broker 

Skandia Global Bond Fund USD (94,677) (2010: USD (39,543)) Goldman Sachs 

Skandia European Equity Fund EUR 194,824 (2010: EUR 315,246) Goldman Sachs 

Skandia European Opportunities Fund EUR 4,751 (2010: -) Goldman Sachs 

Skandia Swedish Equity Fund SEK 228,422 (2010: -) Goldman Sachs 

Skandia Swedish Growth Fund SEK 403,395 (2010: -) Goldman Sachs 

Skandia Japanese Equity Fund JPY 521,249 (2010: -) Goldman Sachs 

Skandia Total Return USD Bond Fund USD (523,629) (2010: USD 423,201) Goldman Sachs 

Skandia Total Return USD Bond Fund USD (199,411) (2010: USD -) JP Morgan 

Skandia Total Return USD Bond Fund USD 82,601 (2010: USD -) Barclays Bank 

Skandia Total Return USD Bond Fund USD (310,352) (2010: USD -) Credit Suisse 

Skandia Emerging Market Debt Fund USD (940,000) (2010: USD 260,000) JP Morgan 

Skandia Investment Grade Corporate Bond Fund USD 860,707 (2010: USD 139,923) Merrill Lynch 

Skandia Asian Equity Fund USD 122,183 (2010: -) Morgan Stanley 

11. Directors’ and Auditors’ Remuneration 

The Directors are entitled to a fee by way of remuneration for their services at a rate to be determined from time to time 

by the Directors. The aggregate amount of Directors‟ remuneration in any one year shall not exceed SEK 160,000 per 

annum (approximately USD 20,500). 

The Directors may also be reimbursed all travelling, hotel and other expenses properly incurred by them in attending and 

returning from meetings of the Board of Directors of the Company or in connection with the business of the Company. 

These are paid by the Manager. 

The remuneration for all work carried out by the statutory audit firm at 31 December 2011 and December 2010 is as follows: 

As at As at 

31 December 2011 31 December 2010 

USD USD 

Statutory Audit 312,567 330,748 

12. Soft Commission Arrangements 

Some Investment Advisers did enter into soft commission arrangements (including commission-sharing arrangements) on 

behalf of the Company for the year ended 31 December 2011 (2010: None). Where these arrangements have been entered 

into it has been confirmed that the Funds‟ shareholders have not been disadvantaged as a result of the arrangements and that 

best execution has been provided in all cases. Also it has been confirmed that the benefits provided under the arrangements 

have assisted in the provision of investment services to the Funds‟ concerned. The benefits received were either with regard 

to covering costs relating to execution of trades or the purchase of research services from the brokers or third parties. The 

following Funds used soft commission arrangements; 









285




13. Fees and Expenses 

Management Fee 

The Company pays to the Manager a monthly management fee. The amount of the management fee for each Fund is set 

out below and is expressed as a percentage per annum of the relevant Fund‟s Net Asset Value. 

Fund 

Management fee 

% Net Asset Value 

for Class A, Class B 

and Class C Shares 

286 


% of Net Asset 

Value for Class I 

Shares 


% of Net Asset 

Value for Class S 

Shares 

Skandia Global Futures Fund 2.00 1.00 - 

Skandia Healthcare Fund 1.75 1.00 - 

Skandia Technology Fund 1.75 1.00 - 

Skandia Local Currency Emerging Market Debt Fund 1.75 0.85 - 

Skandia Global Emerging Markets Fund 1.75 1.00 1.20 

Skandia Global Equity Fund 1.50 0.75 1.00 

Skandia US Large Cap Value Fund 1.50 0.75 1.00 

Skandia US Large Cap Growth Fund 1.50 0.75 1.00 

Skandia US Capital Growth Fund 1.50 0.75 - 

Skandia US All Cap Value Fund 1.50 0.75 - 

Skandia US Value Fund 1.50 0.75 1.00 

Skandia European Equity Fund 1.50 0.75 1.00 

Skandia European Opportunities Fund 1.50 0.75 1.00 

Skandia Swedish Equity Fund 1.50 0.75 - 

Skandia Swiss Equity Fund 1.50 0.75 - 

Skandia Swedish Growth Fund 1.50 0.75 - 

Skandia Japanese Equity Fund 1.50 0.75 1.00 

Skandia Pacific Equity Fund 1.50 0.75 1.00 

Skandia Greater China Equity Fund 1.50 0.75 1.00 

Skandia Emerging Market Debt Fund 1.50 0.75 1.10 

Skandia European Best Ideas Fund 1.50 0.75 - 

Skandia Asian Equity Fund 1.50 0.75 - 

Skandia Global Bond Fund 1.00 0.50 0.90 

Skandia Total Return USD Bond Fund 1.00 0.50 - 

Skandia Investment Grade Corporate Bond Fund 1.00 0.50 0.90 

Skandia Swedish Bond Fund 0.75 0.375 - 

Skandia SEK Reserve Fund 0.50 - - 

The management fee for each Fund accrues on each Dealing Day and is paid monthly in arrears. The Company does not 

pay the out-of-pocket expenses of the Manager. Out of the management fee, the Manager pays the fees and any 

reasonable previously agreed out-of-pocket expenses due to the Investment Advisers with the exception of the Skandia 

European Best Ideas Fund. 

In respect of the Skandia European Best Ideas Fund the fees payable to the Investment Advisers shall not be paid out of 

the management fee but shall be payable out of assets of the Skandia European Best Ideas Fund and such fees shall not 

exceed in total 1 per cent per annum of its Net Asset Value and shall be charged to the Fund in addition to the 

management fee payable to the Manager as disclosed above. Such costs are included in operational expenses. 

Total management fees were USD 80,014,357 for the year ended 31 December 2011 (2010: USD 70,931,914) and the 

amount payable at the year end for 2011 was USD 3,896,757 (2010: USD 3,848,731).




13. Fees and Expenses (continued) 

Administration Fee 

The Company pays to the Administrator monthly in arrears an administration fee based on the combined average Net 

Asset Value of the Funds. The Company pays to the Administrator a fee of 0.0375% of the first EUR 100m, 0.025% of 

the next EUR 100m and 0.015% of the remaining Net Asset Value of the Funds, subject to a minimum fee per Fund of 

EUR 15,000 per annum. An additional annual fee of USD 2,400 is payable for the second and each subsequent class of 

shares in each Fund. 

The Administrator is entitled to be reimbursed by the Company for all reasonable out-of-pocket expenses incurred by it. 

The administration fee accrues on each Dealing Day and is paid monthly in arrears. 

Total administration fees were USD 3,165,887 for the year ended 31 December 2011 (2010: USD 2,556,156) and the 

amount payable at the year end for 2011 was USD 874,380 (2010: USD 166,616). 

Performance Fee 

With respect to the Skandia Global Futures Fund, the Manager may be entitled to a performance fee (a portion of which 

may be payable to the Investment Adviser) out of the Skandia Global Futures Fund‟s assets. 

The performance fee is equal to 20 per cent. of the increase in the Net Asset Value per Share after adding back any 

relevant distributions of the applicable Class outstanding in respect of the Performance Period (as defined below) subject 

to a high water mark. The use of a high water mark (as described below) ensures that Shareholders will not be subject to 

a performance fee until any previous losses are recovered. The high water mark is the greater of: 

(i) the highest Net Asset Value per Share of a Class on the last day of any previous Performance Period; and 

(ii) the initial subscription price of such Share, 

in each case adjusted to take into account any relevant distributions made. 

The performance fee will be accrued and taken into account in the calculation of the Net Asset Value per Share of the 

applicable class on each Dealing Day. The first Performance Period shall commence on the launch date of the relevant 

Class of Shares in the Skandia Global Futures Fund and shall finish on the last day of the calendar month in which the 

first Performance Period commenced. Thereafter, a Performance Period will comprise of each successive calendar 

month period. The performance fee will normally be payable to the Manager in arrears within 20 Business Days of the 

end of each Performance Period. The initial subscription price of the relevant Class of Shares shall be used as the starting 

point for the performance fee calculation in the first Performance Period. 

If a Shareholder redeems Shares prior to the end of a Performance Period, an amount equal to any accrued but 

unallocated performance fee in respect of such Shares for the portion of the Performance Period during which the 

Shareholder held Shares in the Fund will be deducted from the redemption proceeds. The performance fee in respect of 

each Performance Period will be calculated by reference to the Net Asset Value per Share before the deduction of any 

accrued performance fee. The performance fee shall be calculated by the Administrator and verified by the Custodian. 

Total performance fees were USD 303,109 for the year ended 31 December 2011 (2010: USD -) and the amount accrued at 

the year end for 2011 was USD 198,555 (2010: USD -). 

287




13. Fees and Expenses (continued) 

Custodian Fee 

The Company pays to the Custodian monthly in arrears a fiduciary fee of up to 0.02% per annum of the combined average 

Net Asset Value of the Funds (other than the Skandia European Best Ideas Fund where it shall be up to 0.03% per annum) 

plus VAT (if any), subject to a minimum fee of EUR 3,500 per annum for each Fund (other than the Skandia European Best 

Ideas Fund where it shall be EUR 7,200 per annum). The fiduciary fee shall accrue on each Dealing Day. The Custodian is 

also entitled to custody fees of up to 0.05% per annum of the combined Net Asset Value of the Funds, the rate declining as 

the combined Net Asset Value increases, and these fees are charged at rates that are normal commercial rates and which vary 

from country to country. These fees are payable monthly in arrears. The Custodian is entitled to be reimbursed by the 

Company for all reasonable disbursements, out-of-pocket expenses and may charge transaction charges on each transaction. 

In addition, the Custodian shall be reimbursed any sub-custodial fees and expenses which shall be charged at normal 

commercial rates. 

Total custodian fees were USD 740,646 for the year ended 31 December 2011 (2010: USD 781,068) and the amount payable 

at the year end for 2011 was USD 848,634 (2010: USD 427,368). 

Registrar and Transfer Agency Fees 

The Administrator is entitled to the following fees for the registrar and transfer agency functions it performs, payable out of 

the Company assets: annual fund maintenance fee of EUR 3,500 per sub-fund per annum; annual account servicing fees of 

EUR 26 for each direct Account, EUR 12 for accounts maintained electronically through NSCC Networking and EUR 26 for 

Accounts maintained electronically through Fundsettle/Vestima; transaction fees of EUR 5 for each automatic transaction 

and EUR 12 for each manual transaction. 

An additional administration fee of up to USD 3,000 for each Investment Adviser appointed to act in respect of the Skandia 

European Best Ideas Fund shall be payable each month out of the assets of the Skandia European Best Ideas Fund to the 

Administrator in order to support the administrative structure of a multi-manager fund. 

Distribution Fees 

No distribution fee shall be payable in respect of the Class A, Class I and Class S Shares of any Fund. 

Each Fund shall pay a distribution fee to the Manager of up to 1.50% per annum of the average Net Asset Value of that 

Fund attributable to the Class B and Class C Shares. 

The Manager shall pay the distribution fees to the relevant Distributor. 

Total distribution fees were USD 10,668,271 for the year ended 31 December 2011 (2010: USD 9,649,364) and the amount 

payable at the year end for 2011 was USD 454,917 (2010: USD 351,423). 

Operating Expenses 

The Company is responsible for all normal operating expenses including audit fees, stamp duties and charges incurred on the 

acquisition and realisation of investments. General operating expenses which are not allocable to a specific fund are borne 

pro rata. 

288




14. Distributions 

For the year ended 31 December 2011 

Distributions reflect income earned in the Funds below during the year to 30 September 2010 for Class A1, Class C1, 

Class A4I, Class S4 Income and Class A4H Income Shares, and during the year to 30 November 2010 for Class 

A1M Income, Class B1M Income and Class C1M Shares. Income to 31 December 2010 was distributed in January 

2011. 


Class B1M Income Class A1 Class S4 Income 

31 January 2011 US$2.2734 /Unit US$0.1878 /Unit - 

28 February 2011 US$2.2960 /Unit US$2.9750 /Unit - 

31 March 2011 US$2.6596 /Unit US$3.7364 /Unit US$16.4401 /Unit 

30 April 2011 US$2.6262 /Unit US$2.2395 /Unit - 

31 May 2011 US$2.5228 /Unit US$2.9277 /Unit - 

30 June 2011 US$2.6335 /Unit US$2.9938 /Unit US$18.9064 /Unit 

31 July 2011 US$2.6675 /Unit US$2.8759 /Unit US$4.1333 /Unit 

31 August 2011 US$2.4630 /Unit US$2.9952 /Unit - 

30 September 2011 US$1.8729 /Unit US$2.1253 /Unit US$12.4895 /Unit 

31 October 2011 US$2.1727 /Unit US$2.5551 /Unit - 

30 November 2011 US$2.1736 /Unit US$2.4545 /Unit - 

Class A4 Income Class C1 M Income 

31 January 2011 - - 

28 February 2011 - - 

31 March 2011 US$12.4001 /Unit - 

30 April 2011 - - 

31 May 2011 - US$0.3658 /Unit 

30 June 2011 US$13.6745 /Unit US$3.0328 /Unit 

31 July 2011 - US$2.1899 /Unit 

31 August 2011 - US$2.6322 /Unit 

30 September 2011 US$12.0527 /Unit US$1.4141 /Unit 

31 October 2011 - US$1.3722 /Unit 

30 November 2011 - US$2.9229 /Unit 


Class B1 M Income Class A4 Income Class A1 M Income 

31 January 2011 US$2.9663 /Unit - US$3.4507 /Unit 

28 February 2011 US$2.5507 /Unit - US$1.7345 /Unit 


30 April 2011 US$2.7391 /Unit - US$3.0423 /Unit 

31 May 2011 US$2.5045 /Unit - US$3.0280 /Unit 


31 July 2011 US$3.5247 /Unit - US$3.9186 /Unit 

31 August 2011 US$3.6812 /Unit - US$4.0392 /Unit 


31 October 2011 US$3.5067 /Unit - US$3.8153 /Unit 

30 November 2011 US$3.2886 /Unit - US$3.6500 /Unit 

289




14. Distributions (continued) 

For the year ended 31 December 2011 (continued) 


Class C1 M Income 

31 January 2011 US$3.1608 /Unit 

28 February 2011 US$1.3110 /Unit 

31 March 2011 US$3.4817 /Unit 

30 April 2011 US$2.6904 /Unit 

31 May 2011 US$2.4638 /Unit 

30 June 2011 US$3.5855 /Unit 

31 July 2011 US$3.3964 /Unit 

31 August 2011 US$3.4754 /Unit 

30 September 2011 US$4.0570 /Unit 

31 October 2011 US$3.4876 /Unit 

30 November 2011 US$3.1356 /Unit 

Skandia Emerging Market Debt Fund 

Class A1 M Income Class B1 M Income Class C1 M Income 

31 January 2011 US$5.4189 /Unit US$5.5636 /Unit US$6.1171 /Unit 

28 February 2011 US$4.3352 /Unit US$5.2315 /Unit US$4.3244 /Unit 


30 April 2011 US$5.6309 /Unit US$6.1009 /Unit US$6.1654 /Unit 

31 May 2011 US$5.4297 /Unit US$5.7356 /Unit US$5.8777 /Unit 


31 July 2011 US$6.1110 /Unit US$5.9912 /Unit US$7.7513 /Unit 

31 August 2011 US$5.5198 /Unit US$5.7538 /Unit US$6.1069 /Unit 


31 October 2011 US$5.2988 /Unit US$5.6410 /Unit US$5.8048 /Unit 

30 November 2011 US$5.5431 /Unit US$5.8837 /Unit US$6.4851 /Unit 

Class A4 Income Class S4 Income Class A6 Hedged Income 

31 January 2011 - - - 

28 February 2011 - - - 


30 April 2011 - - US$7.3485 /Unit 

31 May 2011 - - US$7.8341 /Unit 


31 July 2011 - - US$4.5579 /Unit 

31 August 2011 - - US$4.2897 /Unit 


31 October 2011 - - US$3.9152 /Unit 

30 November 2011 - - US$4.1371 /Unit 



30 June 2011 US$12.6079 /Unit 



30 June 2011 US$18.9396 /Unit 

290






Skandia Investment Grade Corporate Fund 

Class A4H Income Class S4 Income Class A1 






30 June 2011 US$16.3737 /Unit 


Class B1 M Income 

31 July 2011 US$1.1682 /Unit 

31 August 2011 US$1.6506 /Unit 

30 September 2011 US$0.6670 /Unit 

31 October 2011 US$1.1749 /Unit 


Class B1 M Income Class C1 M Income Class A4 Income 

31 July 2011 US$1.0082 /Unit - - 

31 August 2011 US$4.2309 /Unit US$3.7637 /Unit - 

30 September 2011 US$2.4506 /Unit US$2.6250/Unit US$62.0122 /Unit 

31 October 2011 US$4.1520 /Unit US$3.7761 /Unit - 

30 November 2011 US$2.7474 /Unit US$2.7440 /Unit - 

For the year ended 31 December 2010 


Class B1M Income Class A1 Class S4 Income 

31 January 2010 US$2.5762/unit - - 

28 February 2010 US$2.2660/unit - - 

31 March 2010 US$3.1781/unit US$1.5320/unit - 

30 April 2010 US$1.7263/unit - - 

31 May 2010 US$1.9220/unit - - 

30 June 2010 US$2.1891/unit US$11.6555/unit - 

31 July 2010 US$3.4450/unit - - 

31 August 2010 US$2.4410/unit - - 

30 September 2010 US$2.9021/unit US$13.0202/unit US$14.9800/unit 

31 October 2010 US$2.6355/unit - - 

30 November 2010 US$1.4648/unit - - 

291







Class B1M Income Class A1 Class C1 

31 January 2010 US$2.1964/unit - - 

28 February 2010 US$2.0503/unit - - 

31 March 2010 US$2.9109/unit US$7.8764/unit US$6.7683/unit 

30 April 2010 US$1.2935/unit - - 

31 May 2010 US$2.0955/unit - - 

30 June 2010 US$2.0977/unit US$7.0747/unit US$5.5079/unit 

31 July 2010 US$2.8150/unit - - 

31 August 2010 US$3.8038/unit - - 


31 October 2010 US$2.5779/unit - - 

30 November 2010 US$2.3340/unit - - 


Class A1 Class C1 Class A1M Income 

31 January 2010 - - US$4.9007/unit 

28 February 2010 - - US$4.1106/unit 


30 April 2010 - - US$3.4828/unit 

31 May 2010 - - US$3.4937/unit 


31 July 2010 - - US$8.0916/unit 

31 August 2010 - - US$5.7299/unit 


31 October 2010 - - US$4.7525/unit 

30 November 2010 - - US$5.1613/unit 

Class B1M Income Class C1M Class A4I 

31 January 2010 US$5.3783/unit US$5.5889/unit - 

28 February 2010 US$4.4597/unit US$4.5949/unit - 


30 April 2010 US$4.3066/unit US$4.4891/unit - 

31 May 2010 US$4.1146/unit US$4.3564/unit - 


31 July 2010 US$8.8606/unit US$9.1054/unit - 

31 August 2010 US$6.1991/unit US$6.5871/unit - 


31 October 2010 US$5.1824/unit US$5.4067/unit - 

30 November 2010 US$5.4533/unit US$5.7195/unit - 


31 January 2010 - 

28 February 2010 - 

31 March 2010 - 

30 April 2010 - 

31 May 2010 - 

30 June 2010 - 

31 July 2010 - 

31 August 2010 - 

30 September 2010 US$32.2533/unit 

31 October 2010 - 

30 November 2010 - 

292








30 June 2010 US$12.1355/unit 



30 June 2010 US$14.1746/unit 

Skandia Investment Grade Corporate Fund 

Class A4H Income Class S4 Income 

30 June 2010 US$15.4698/unit - 

30 September 2010 US$16.7304/unit US$18.4244/unit 

15. Forward Currency Exchange Contracts 

The following forward currency exchange contracts were open at 31 December 2011: 


Actual 

Issue Currency Settle Currency 

Unrealised 

Settle Date 

Currency Received Currency Delivered Gain/(Loss) JPY 

31/01/2012 EUR 8,451,858 JPY 849,542,899 (3,800,145) 

Total Open Forward Currency Exchange Contracts at 31 December 2011 (3,800,145) 

Total Open Forward Currency Exchange Contracts at 31 December 2010 268,270 


Actual 


Unrealised 

Settle Date 

Currency Received Currency Delivered Gain/(Loss) USD 

12/01/2012 AUD 495,000 USD 502,525 278 

12/01/2012 CAD 263,000 USD 258,286 (544) 

12/01/2012 CHF 585,000 USD 639,023 (16,603) 

12/01/2012 CZK 1,550,000 USD 82,321 (4,621) 

12/01/2012 DKK 20,000 USD 3,631 (151) 

12/01/2012 EUR 3,211,000 USD 4,262,246 (107,854) 

12/01/2012 GBP 493,000 USD 770,965 (8,929) 

12/01/2012 HUF 17,180,000 USD 75,476 (4,509) 

12/01/2012 JPY 398,481,000 USD 5,173,666 (22,764) 

12/01/2012 KRW 896,069,000 USD 780,276 (8,537) 

12/01/2012 MXN 1,490,000 USD 106,102 469 

12/01/2012 MYR 420,000 USD 131,562 749 

12/01/2012 NOK 2,018,000 USD 348,219 (12,637) 

12/01/2012 NZD 336,000 USD 249,410 10,195 

12/01/2012 PLN 119,000 USD 35,886 (1,378) 

12/01/2012 SEK 9,508,000 USD 1,381,376 (3,326) 

12/01/2012 TWD 9,100,000 USD 299,934 502 

12/01/2012 USD 1,143,050 AUD 1,168,000 (43,431) 

293




15. Forward Currency Exchange Contracts (continued) 

Skandia Global Bond Fund (continued) 

Actual 


Unrealised 

Settle Date 


12/01/2012 USD 954 CAD 1,000 (26) 

12/01/2012 USD 4,068,910 EUR 3,103,000 54,242 

12/01/2012 USD 859,000 GBP 548,000 11,951 

12/01/2012 USD 896,262 JPY 69,577,000 (3,114) 

12/01/2012 USD 82,716 NOK 480,000 2,896 

12/01/2012 USD 1,908,338 SEK 12,992,000 25,348 

12/01/2012 USD 3,148,675 SGD 4,120,000 (21,518) 

12/01/2012 USD 300,429 TWD 9,100,000 (7) 

12/01/2012 USD 15,224 ZAR 129,000 (668) 

31/01/2012 EUR 820,481 USD 1,060,219 1,459 

07/09/2012 CNY 1,590,000 USD 252,742 (3,223) 

07/09/2012 USD 246,895 CNY 1,590,000 (2,657) 

23/04/2014 CNY 1,015,000 USD 167,630 (10,665) 

23/04/2014 USD 165,006 CNY 1,015,000 8,261 

Total Open Forward Currency Exchange Contracts at 31 December 2011 (160,812) 



Actual 

Issue Currency Settle Currency Unrealised 

Settle Date 


04/01/2012 BRL 118,928 USD 66,892 (3,198) 

04/01/2012 EUR 21,669,000 USD 28,429,728 (395,893) 

04/01/2012 GBP 14,656,000 USD 22,949,289 (293,605) 

04/01/2012 USD 63,683 BRL 118,928 (11) 

04/01/2012 USD 28,948,050 EUR 21,669,000 914,194 

04/01/2012 USD 22,930,450 GBP 14,656,000 274,777 

05/01/2012 EUR 386,395 USD 500,000 (105) 

11/01/2012 TWD 3,580,900 USD 124,944 (6,724) 

11/01/2012 USD 116,966 TWD 3,580,900 (1,255) 

13/01/2012 USD 74,113 JPY 5,690,000 561 

17/01/2012 EUR 11,569,000 USD 15,968,421 (999,976) 

17/01/2012 USD 34,317,836 EUR 25,430,000 1,415,306 

26/01/2012 USD 189,458 ZAR 1,520,050 2,678 

26/01/2012 ZAR 1,520,050 USD 208,412 (21,617) 

31/01/2012 EUR 28,812,821 USD 37,231,278 51,649 

31/01/2012 IDR 643,510,000 USD 72,592 (2,855) 

31/01/2012 USD 1,228,864 EUR 949,149 693 

31/01/2012 USD 707,604 IDR 6,378,500,000 16,654 

02/02/2012 GBP 200,000 USD 313,094 (4,017) 

02/02/2012 USD 28,436,012 EUR 21,669,000 396,234 

02/02/2012 USD 22,768,687 GBP 14,544,000 292,719 

09/02/2012 USD 6,142,495 CAD 6,271,000 829 

13/02/2012 CNY 10,941,000 USD 1,711,242 15,018 

23/02/2012 USD 198,777 AUD 200,000 (3,415) 

02/03/2012 BRL 118,928 USD 62,908 29 

294





Skandia Total Return USD Bond Fund (continued) 

Actual 


Settle Date 


15/03/2012 MXN 1,354,507 USD 96,345 33 

15/03/2012 PHP 1,000,000 USD 23,036 (259) 

15/03/2012 USD 2,634,947 MXN 35,720,013 93,928 

15/03/2012 USD 22,497 PHP 1,000,000 (280) 

29/03/2012 USD 257,380 JPY 20,000,000 (1,575) 

23/04/2012 MYR 1,598,884 USD 527,163 (26,221) 

23/04/2012 USD 516,602 MYR 1,598,884 15,768 

01/06/2012 CNY 38,805,700 USD 6,100,000 (2,615) 

01/06/2012 USD 2,808,661 CNY 17,865,134 1,602 

02/07/2012 IDR 10,911,954,500 USD 1,207,743 (53,367) 

02/07/2012 USD 555,933 IDR 5,176,964,500 8,612 

12/07/2012 INR 27,554,000 USD 592,814 (95,051) 

12/07/2012 USD 534,871 INR 27,554,000 38,680 

Total Open Forward Currency Exchange Contracts at 31 December 2011 1,627,925 



Actual 


Settle Date 


04/01/2012 BRL 5,646,708 USD 3,030,000 (5,793) 

04/01/2012 USD 3,032,604 BRL 5,646,708 8,405 

12/01/2012 ZAR 21,720,586 USD 2,620,000 55,498 

31/01/2012 EUR 9,525,190 USD 12,308,375 16,935 

31/01/2012 GBP 237,018 USD 365,631 660 

31/01/2012 SEK 196,535,325 USD 28,358,852 98,087 

31/01/2012 SGD 2,134,583 USD 1,638,331 4,058 

31/01/2012 USD 21,797,780 EUR 16,731,955 147,101 

31/01/2012 USD 1,169,188 GBP 753,000 5,495 

02/02/2012 BRL 5,646,708 USD 3,012,220 (11,768) 

16/05/2012 CNY 31,529,000 USD 4,953,107 2,432 

16/05/2012 USD 4,978,918 CNY 31,529,000 23,633 




Actual 


Settle Date 


12/01/2012 EUR 2,602,000 USD 3,476,751 (110,284) 

12/01/2012 GBP 815,000 USD 1,275,258 (15,500) 

12/01/2012 JPY 218,000 USD 2,834 (17) 

12/01/2012 SEK 1,390,000 USD 199,052 2,409 

295





Skandia Investment Grade Corporate Bond Fund (continued) 

Actual 


Settle Date 


12/01/2012 USD 1,229,717 AUD 1,273,000 (63,450) 

12/01/2012 USD 542,701 CAD 569,000 (14,925) 

12/01/2012 USD 29,163,281 EUR 21,869,000 869,102 

12/01/2012 USD 9,547,136 GBP 6,109,000 104,388 

19/01/2012 USD 2,027,971 SEK 13,542,000 65,949 

31/01/2012 GBP 64,969,188 USD 100,221,110 183,052 

31/01/2012 SEK 327,096,410 USD 47,201,092 160,178 




Actual 


Settle Date 


04/01/2012 BRL 2,734,525 USD 1,474,136 (9,607) 

04/01/2012 USD 1,468,596 BRL 2,734,525 4,071 

02/02/2012 BRL 2,734,525 USD 1,458,725 (5,700) 

02/03/2012 RUB 361,908,875 USD 11,501,009 (373,396) 

16/05/2012 CNY 5,388,573 USD 844,950 1,993 

16/05/2012 USD 845,001 CNY 5,388,573 (1,964) 

Total Open Forward Currency Exchange Contracts at 31 December 2011 (384,603) 

Total Open Forward Currency Exchange Contracts at 31 December 2010 - 


Actual 


Unrealised 

Settle Date 


31/01/2012 GBP 25,797,716 USD 39,794,963 73,137 


Total Open Forward Currency Exchange Contracts at 31 December 2010 - 

The brokers for forward currency exchange contracts at 31 December 2011 were Bank of America, N.A, Barclays 

Capital, Credit Suisse Securities, Deutsche Bank AG, Goldman Sachs & Co, HSBC Bank USA, N.A., JP Morgan 

Chase, Morgan Stanley & Co LLC, National Australia Bank, RBC Capital Markets, Royal Bank of Scotland, Standard 

Chartered Bank, UBS AG, Westpac Banking Corp.. 

296




16. Exchange Rates 

The USD exchange rates used in this report are as follows: 


ARS 4.3040 3.9720 

AUD 0.9754 0.9756 

BRL 1.8653 1.6600 

CAD 1.0183 0.9937 

CHF 0.9351 0.9321 

CLP 519.4805 467.9457 

CNY 6.2940 6.5897 

COP 1,937.9845 1,919.3858 

CZK 19.6452 18.7021 

DKK 5.7253 5.5548 

EUR 0.7703 0.7454 

GBP 0.6435 0.6387 

HKD 7.7666 7.7736 

HUF 242.4719 207.4839 

IDR 9,067.8273 9,009.8207 

ILS 3.8238 3.5415 

INR 53.1039 44.7147 

ISK 122.3242 114.6657 

JPY 76.9400 81.1050 

KRW 1,151.9941 1,134.9063 

LKR 113.8952 110.9508 

MXN 13.9554 12.3340 

MYR 3.1700 3.0835 

NOK 5.9679 5.8125 

NZD 1.2819 1.2801 

PHP 43.8558 43.8097 

PLN 3.4339 2.9545 

RUB 32.1234 30.5269 

SEK 6.8553 6.7229 

SGD 1.2967 1.2810 

THB 31.5497 30.1450 

TRL 1,265,822.7848 1,265,822.7848 

TRY 1.8886 1.5390 

TWD 30.2792 29.1562 

UYU 19.9501 19.9001 

ZAR 8.0734 6.6158 

The EUR exchange rates used in this report are as follows: 


CHF 1.2139 1.2505 

DKK 7.4324 7.4521 

GBP 0.8353 0.8569 

NOK 7.7473 7.7978 

PLN 4.4578 3.9635 

SEK 8.8992 9.0191 

USD 1.2982 1.3416 

297




16. Exchange Rates (continued) 

The JPY exchange rates used in this report are as follows: 


EUR 0.0100 0.0092 

USD 0.0130 0.0123 

The SEK exchange rates used in this report are as follows: 


EUR 0.1124 0.1109 

USD 0.1459 0.1487 

The CHF exchange rates used in this report are as follows: 


USD 1.0694 1.0728 

17. Derivatives and other Financial Instruments 

In pursuing its investment objectives, the Company holds financial derivative instruments. The Company‟s financial 

derivative instruments held at 31 December 2011 are disclosed in the Portfolio of Investments on pages 72 to 158. 

The main risks arising from the Company‟s financial instruments are market risk, liquidity risk and credit risk. 

(a) Market Risk 

Market risk embodies the potential for both losses and gains and can include various forms of risk including currency risk, 

interest rate risk and market price risk. 

Each Fund‟s market risk is managed on a daily by Skandia Fund Management (Ireland) Limited and the policies and 

processes are detailed in the Company's risk management process. Each Fund's overall market positions are advised on a 

quarterly basis to the board of directors. 

At the end of 2007 the Company started to use the Administrator for Value at Risk (VaR) analysis of the Funds. VaR is a 

statistically based estimate of the potential loss on the current portfolio from adverse market movements. The VaR measure 

captures both "general" and "idiosyncratic" market risks. General market risk factors are variables which are driven by 

macroeconomic, geopolitical and other market-wide considerations, independent of any instrument or single name. They 

include movements in interest rates, widening or tightening of general spread levels and directional movements in equity 

market indices, exchange rates, and energy, metal and commodity prices. Changes in associated volatilities and correlations 

between these risk factors – some of which may be unobservable or only indirectly observable – are also general market 

risks. Idiosyncratic components are those that cannot be explained by general market movements – broadly, changes in the 

prices of debt and equity instruments and derivatives linked to them, resulting from factors and events specific to individual 

names. 

VaR expresses potential loss, but only to a certain level of confidence (99%) and holding period of 20 days, and there is 

therefore a specified statistical probability (1%) that actual loss could be greater than the VaR estimate. VaR analysis for 

the Company is carried out by the Administrator whose model uses a historical simulation framework with full repricing. 

This model can integrate various risk factors and has a proprietary methodology for integrating market and 

credit risk. For general market risk, the assessment of past movements is based on historical data, using data for the last 2 

years, and this data is applied directly to current positions, a method known as historical simulation. 

298




17. Derivatives and other Financial Instruments (continued) 

(a) Market Risk (continued) 

A Fund must ensure that its global exposure relating to FDI does not exceed its total net asset value. A Fund using the 

commitment approach to measure its positions in FDI may not therefore be exposed in excess of 100% of its net asset value. 

Global exposure is calculated by the Administrator by extracting information from the fund accounting system relating to the 

full exposure on FDIs. This information is passed to the Compliance Monitoring Services Division (CMS) for the purposes 

of calculating the global exposure and comparing the results against the overall value of the Fund. In 2011, FDI global 

exposure was calculated under the commitment approach as described, while the market risk is calculated utilising the VaR 

methodology described. 

Skandia Global Equity Fund 

The Skandia Global Equity Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of securities of issuers 

worldwide. The Fund investments may include ordinary shares or common stock, ADRs, GDRs, preference shares and 

warrants (not exceeding 5 per cent. of the Net Asset Value of the Fund). At least 85 per cent of the securities in which the 

Fund will invest will be in the MSCI World Index Net or the universe of companies monitored by the MSCI. 

The manager reviews the levels of investment risk on a no less than monthly basis, with particular emphasis on VaR and 

leverage, where the latter exists. 

The VaR for the Skandia Global Equity Fund has reduced over the last year, an outcome mostly derived from the dropping 

off of high volatility numbers during 2008 from the model. At the end of 2011, the VaR of the Fund was 15.20%. The 

minimum, average and maximum VaR were 14.26, 15.72 and 21.30 respectively. It is worth noting that the maximum 

number is as at the end of January 2011, which means the volatile numbers from the credit crunch time period would still be 

included, inflating the VaR numbers to higher levels. The Fund does not actively employ leverage and leverage has not 

exceeded the minimal level as disclosed in the Fund‟s prospectus. 

2011 VaR 2010 VaR 

Total VaR 15.20% 21.70% 

Total VaR Market Value (USD) 45,907,020 80,035,209 

VaR with Currency hedged 14.28% 20.80% 

299







The Skandia US Large Cap Growth Fund‟s strategy on the management of investment risk is driven by the Fund‟s 

investment objective which is to seek to achieve asset growth and future income through investment in a well-diversified 

portfolio of equity securities of issuers in the US or of issuers established outside of the US which have a significant 

proportion of their assets or business operations in the US. The Fund invests a minimum of 80 per cent of its Net Asset Value 

in the securities of issuers with a market capitalisation in excess of USD 5 billion and invests at least 80 per cent of its Net 

Asset Value in ordinary shares or common stock, ADRs, GDRs, preference shares and warrants (not exceeding 5 per cent of 

the Net Asset Value of the Fund). Up to 35 per cent of the Net Asset Value of the Fund may be invested in the securities of 

non-US issuers at any one time. The Fund may also invest, to a lesser extent, in variable and floating rate debt securities 

which are rated investment grade or better by Moody‟s or by Standard & Poor‟s. 



The VaR for the Skandia US Large Cap Growth Fund has reduced over the last year, an outcome mostly derived from the 

dropping off of high volatility numbers during 2008 from the model. At the end of 2011, the VaR of the Fund was 15.46%. 

The minimum, average, and maximum VaR were 14.08, 16.86 and 23.21 respectively. It is worth noting that the maximum 


included, inflating the VaR numbers to higher levels. The Fund does not actively employ leverage, and leverage has not 


2011 VaR 2010 VaR 

Total VaR 15.46% 20.02% 



Skandia US Capital Growth Fund 

The Skandia US Capital Growth Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of securities of large and 

medium-sized US issuers whom the Investment Adviser believes have earnings growth potential. The majority of the Fund‟s 

assets will be ordinary shares, common stock, ADRs, GDRs and preference shares. Up to 35 per cent of the Net Asset Value 

of the Fund may be invested in debt securities rated below investment grade by Moody‟s or Standard & Poor‟s which may 

include bonds, debentures and debt securities issued either by corporates or by governments or their agencies or 

instrumentalities where the Investment Adviser believes there is an opportunity for capital growth from investment in such 

securities. The Fund may invest up to 5 per cent of its Net Asset Value in real estate investment trusts listed, traded or dealt 

in on regulated markets that are not considered emerging markets. 



The VaR for the Skandia US Capital Growth Fund has reduced over the last year, an outcome mostly derived from the 




included, inflating the VaR numbers to higher levels The Fund does not actively employ leverage, and leverage has not 


2011 VaR 2010 VaR 

Total VaR 16.10% 24.86% 



300







The Skandia US All Cap Value Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of equity and equityrelated 

securities of issuers in the US of all sizes of market capitalisation. The Fund invests in securities to include ordinary 

shares or common stock, ADRs, GDRs and preference shares and warrants (not exceeding 5 per cent of the Net Asset Value 

of the Fund). Up to 25 per cent of the Net Asset Value of the Fund may be invested in securities of non-US issuers at any one 

time. 



The VaR for the Skandia US All Cap Value Fund has reduced over the last year, an outcome mostly derived from the 




included, inflating the VaR numbers to higher levels. 

The Fund does not actively employ leverage, and leverage has not exceeded the minimal level as disclosed in the Fund‟s 

prospectus. 

2011 VaR 2010 VaR 

Total VaR 17.22% 23.92% 



Skandia US Value Fund 

The Skandia US Value Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment objective 

which is to seek to achieve a total return through investment in a well-diversified portfolio of equity and equity-related 

securities of issuers in the US, emphasising large companies which appear under valued relative to their market value. The 

Fund invests in ordinary shares or common stock, ADRs, GDRs and preference shares and warrants (not exceeding 5 per 

cent of the Net Asset Value of the Fund). At least 65 per cent of the Fund‟s Net Asset Value will be invested in dividendpaying 

securities and no more than 30 per cent of the Net Asset Value of the Fund may be invested in securities which do not 

pay regular dividends. No more than 25 per cent of the Net Asset Value of the Fund may be invested in any one industry and 

the Fund may also invest up to 15 per cent of the Net Asset Value in debt securities rated below investment grade by 

Moody‟s or Standard & Poor‟s. 



The VaR for the Skandia US Value Fund has reduced over the last year, an outcome mostly derived from the dropping off of 

high volatility numbers during 2008 from the model. At the end of 2011, the VaR of the Fund was 18.77%. The minimum, 

average, and maximum VaR were 14.64, 17.20 and 24.95 respectively. It is worth noting that the maximum number is as at 

the end of January 2011, which means the volatile numbers from the credit crunch time period would still be included, 

inflating the VaR numbers to higher levels 


prospectus. 

2011 VaR 2010 VaR 

Total VaR 18.77% 27.01% 



301






Skandia European Equity Fund 

The Skandia European Equity Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of securities of European 

issuers or of issuers established outside Europe which have a predominant proportion of their assets or business operations in 

Europe. The Fund invests in ordinary shares or common stock, ADRs, GDRs, preference shares and warrants (not exceeding 

5 per cent of the Net Asset Value of the Fund). At least 80 per cent of the securities in which the Fund will invest will 

comprise of securities of companies which are constituents of the MSCI Europe Index which is a general index for pan- 

European equities covering sixteen countries. The Fund may invest up to 10 per cent of its Net Asset Value in the securities 

of issuers established or having a significant proportion of their assets or business in Eastern European countries and which 

will be listed or traded on a regulated market in these countries. 



The VaR for the Skandia European Equity Fund has reduced somewhat over the last year, an outcome derived from the 

dropping off of high volatility numbers during 2008 from the model, offset by the continued uncertainty in Europe keeping 

the VaR numbers at a historically high level. At the end of 2011, the VaR of the Fund was 16.63%. The minimum, average, 

and maximum VaR were 12.72, 15.09 and 18.84 respectively. The maximum VaR was reached in November 2011, 

following the increased risk of European countries defaulting. 


prospectus. 

2011 VaR 2010 VaR 

Total VaR 16.63% 17.99% 

Total VaR Market Value (EUR) 21,317,426 27,230,437 


Skandia European Opportunities Fund 

The Skandia European Opportunities Fund‟s strategy on the management of investment risk is driven by the Fund‟s 

investment objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of equity and 

equity-related securities of issuers in Europe or of issuers established outside Europe which have a predominant proportion of 

their assets and/or business operations in Europe. The Fund may invest in ordinary shares or common stock, ADRs, GDRs 

and preference shares and warrants (not exceeding 5 per cent of the Net Asset Value of the Fund) listed or traded on a 

regulated market in Europe. The investments are diversified across the countries and industry groups and the Fund is invested 

in at least three European countries. 



The VaR for the Skandia European Opportunities Fund has reduced somewhat over the last year, an outcome derived from 

the dropping off of high volatility numbers during 2008 from the model, offset by the continued uncertainty in Europe 

keeping the VaR numbers at a historically high level. At the end of 2011, the VaR of the Fund was 17.72%. The minimum, 

average, and maximum VaR were 11.51, 15.90 and 21.84 respectively. The maximum VaR was reached in January 2011, 

which would have been inflated by historic volatility numbers, followed by high numbers in November 2011, caused by the 

increased risk of European countries defaulting. 


prospectus. 

2011 VaR 2010 VaR 

Total VaR 17.72% 20.69% 

Total VaR Market Value (EUR) 4,711,535 9,056,520 


302







The Skandia Swedish Equity Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of equity securities of 

Swedish issuers or of issuers established outside Sweden which have a significant proportion of their assets or business 

operations in Sweden. The Fund may invest in ordinary shares or common stock, ADRs, GDRs and preference shares and 

warrants (not exceeding 5 per cent of the Net Asset Value of the Fund) listed or traded on a Regulated market in Sweden. 



The VaR for the Skandia Swedish Equity Fund is comparatively similar at the end of 2011 to the end of 2010. This is a bit 

misleading, as the high numbers at the end of 2010 would have, to some extent, been caused by historic volatility numbers. 

Over Q1 and Q2 the VaR numbers were steadily falling, down to the minimum of 14.09 in June 2011, increasing again in Q3 

and Q4 due to the continued uncertainty in Europe impacting Swedish Equities At the end of 2011, the VaR of the Fund was 

20.17%. The minimum, average, and maximum VaR were 14.09, 18.28 and 21.22 respectively. 

The Fund does not actively employ leverage, and leverage has not exceeded the expected level as disclosed in the Fund‟s 

prospectus. 

2011 VaR 2010 VaR 

Total VaR 20.17% 21.28% 

Total VaR Market Value (SEK) 177,952,073 408,078,199 



The Skandia Swedish Growth Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of equity and equityrelated 

securities of Swedish issuers or of issuers established outside Sweden which have a predominant proportion of their 

assets and/or business operations in Sweden. The Fund may invest in ordinary shares or common stock, ADRs, GDRs and 

preference shares and warrants (not exceeding 5 per cent of the Net Asset Value of the Fund) listed or traded on a regulated 

market in Sweden. 



The VaR for the Skandia Swedish Growth Fund has increased somewhat from the end of 2010. Similarly to Swedish Equity, 

the numbers were high at the beginning of the year due to the high volatility in the 2008/2009 numbers, decreasing 

throughout the first half of the year to a low of 12.35 in June 2011. The numbers increased from the low in June because of 

the increased concerns in the European and Euro regions, leading to the higher numbers at the end of 2011. At the end of 

2011, the VaR of the Fund was 20.72%. The minimum, average, and maximum VaR were 12.35, 16.44 and 20.72 

respectively. 


prospectus. 

2011 VaR 2010 VaR 

Total VaR 20.72% 18.70% 



303







The Skandia Japanese Equity Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of securities of Japanese 

issuers or of issuers established outside Japan which have a predominant proportion of their assets or business operations in 

Japan. The Fund may invest in ordinary shares or common stock, ADRs, GDRs, preference shares and warrants (not 

exceeding 5 per cent of the Net Asset Value of the Fund). At least 85 per cent of the securities of the Fund will comprise 

securities of companies which are constituents of the Tokyo Stock Exchange First Section Index. 



The VaR for the Skandia Japanese Equity Fund is comparatively similar at the end of 2011 to the end of 2010, and has been 

stable throughout the year. At the end of 2011, the VaR of the Fund was 14.24%. The minimum, average, and maximum 

VaR were 13.06, 13.98 and 15.13 respectively. 


prospectus. 

2011 VaR 2010 VaR 

Total VaR 14.24% 16.31% 

Total VaR Market Value (JPY) 1,295,598,431 1,383,446,666 



The Skandia Pacific Equity Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of securities of Pacific 

region issuers or of issuers established outside the Pacific region which have a predominant proportion of their assets or 

business operations in the Pacific region. The Fund may invest in ordinary shares or common stock, ADRs, GDRs, 

preference shares and warrants (not exceeding 5 per cent of the Net Asset Value of the Fund). At least 75 per cent of the 

Fund‟s investments will comprise securities of companies which are constituents of the MSCI AC Pacific Free Ex Japan 

Index. The Fund may invest up to 75 per cent of its Net Asset Value in the securities of issuers in emerging market countries. 

The Fund may also invest up to 5 per cent of its Net Asset Value in real estate investment trusts listed, traded or dealt in on 

Regulated markets that are not considered Emerging Markets. 



The VaR for the Skandia Pacific Equity Fund is comparatively similar at the end of 2011 to the end of 2010, and has been 




prospectus. 

2011 VaR 2010 VaR 

Total VaR 13.18% 14.32% 

Total VaR Market Value (JPY) 102,268,565 160,612,277 


304







The Skandia Greater China Equity Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve long-term capital appreciation by investing in a well-diversified portfolio of equity 

securities issued by companies with either the predominant part of their assets in, or the predominant part of their revenues 

derived from, the People‟s Republic of China, Hong Kong and Taiwan. The Fund invests primarily in equity and equityrelated 

securities that are listed, traded or dealt in on regulated markets in the People's Republic of China, Hong Kong, Taiwan, 

the US, Singapore, Korea, Thailand, and Malaysia or in an OECD member state. The Fund may invest up to 10 per cent of its 

assets in transferable securities that are not listed, traded or dealt in on these regulated markets. 



The VaR for the Skandia Greater China Equity Fund is comparatively similar at the end of 2011 to the end of 2010, and has 

been stable throughout the year. At the end of 2011, the VaR of the Fund was 14.04%. The minimum, average, and maximum 



prospectus. 

2011 VaR 2010 VaR 

Total VaR 14.04% 14.53% 




The Skandia Global Bond Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment objective 

which is to seek to achieve asset growth through worldwide investment in a well-diversified portfolio of fixed and variable rate 

debt securities. The Fund invests in securities issued or guaranteed by any government, state, local authority or other political 

sub-division of government and securities issued by corporate entities. No more than 20 per cent of the Fund‟s Net Asset Value 

may be invested in securities which are rated below investment grade and no more than 20 per cent of the Fund‟s Net Asset 

Value may be invested in securities of issuers established outside of OECD member countries. The Fund holds assets 

denominated in currencies other than its base currency, USD. The Fund's normal currency position is unhedged but currency 

exposure may be hedged on an opportunistic basic in respect of up to one third of the Net Asset Value of the Fund. 



The VaR for the Skandia Global Bond Fund is comparatively similar at the end of 2011 to the end of 2010, and has been stable 

throughout the year. At the end of 2011, the VaR of the Fund was 4.27%. The minimum, average, and maximum VaR were 

3.88, 4.38 and 4.99 respectively. 

The Fund does employ leverage, calculated as sum of notionals, to achieve the Fund objective and to reduce risk, and this has 

not exceeded the minimal level as disclosed in the Fund‟s prospectus. 

2011 VaR 2010 VaR 

Total VaR 4.27% 4.34% 



305







The Skandia Total Return USD Bond Fund‟s strategy on the management of investment risk is driven by the Fund‟s 

investment objective which is to seek to maximise total return consistent with preservation of capital and prudent investment 

management. The Fund may invest in all kinds of fixed-income securities issued or guaranteed by governments and 

companies of varying maturities. The average portfolio duration will vary within a three to six year time frame based on the 

Investment Adviser‟s forecast for interest rates. The Fund may invest up to 10 per cent of its assets in fixed-income securities 

that are rated lower than Baa by Moody‟s or lower than BBB by Standard & Poor‟s, but rated at least B by Moody‟s or 

Standard & Poor‟s. The Fund may also invest up to 20 per cent of its assets in non-USD denominated fixed-income securities 

and may invest beyond this limit in USD-denominated securities of non-US issuers which may be investment grade or below 

investment grade, subject to the 10 per cent limit on below investment grade fixed-income securities. Portfolio holdings will 

be concentrated in areas of the bond market which the Investment Adviser believes to be relatively undervalued. The 

Investment Adviser intends to hedge two thirds of its non-US currency exposure. 



The VaR for the Skandia USD Total Return Bond Fund is comparatively similar at the end of 2011 to the end of 2010, and 

has been stable throughout the year. At the end of 2011, the VaR of the Fund was 3.43%. The minimum, average, and 

maximum VaR were 1.38, 2.19 and 3.43 respectively. 

The Fund employs leverage, as calculated as sum of notionals to achieve the Fund objective and to reduce risk, and this has 

not exceeded the minimal level as disclosed in the Fund‟s prospectus. 

2011 VaR 2010 VaR 

Total VaR 3.43% 2.87% 




The Skandia Swedish Bond Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of Swedish government 

and corporate bonds. The Fund invests in fixed-income securities denominated in SEK issued by public bodies or private 

entities with differing maturities and coupons. The Fund may also invest in short-term transferable securities denominated in 

SEK issued by an OECD member country or supranational entity if they are rated A1 or P1 or better by Standard & Poor‟s or 

Moody‟s and listed, traded or dealt on a regulated market. 



The VaR for the Skandia Swedish Bond Fund has reduced significantly, which is a combination of historic volatility numbers 

being removed from the model, and reduced volatility in general in the Swedish Bond markets. At the end of 2011, the VaR 

of the Fund was 2.93%. The minimum, average, and maximum VaR were 2.65, 3.15 and 4.17 respectively. 

The Fund does not actively employ leverage, and has not exceeded the minimal level as disclosed in the Fund‟s prospectus. 

2011 VaR 2010 VaR 

Total VaR 2.93% 4.46% 



306







The Skandia SEK Reserve Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to obtain a high degree of liquidity through investment in high-quality SEK-denominated shortterm 

government securities and SEK-denominated debt securities. The Fund will invest only in securities which have a 

remaining maturity of 397 days or less and will maintain an average portfolio maturity of 90 days or less. These securities are 

rated investment grade or better by Standard & Poor‟s or Moody‟s and will be listed, traded or dealt in on a regulated market. 



The VaR for the Skandia SEK Reserve Fund has reduces significantly, which is a combination of historic volatility numbers 

being removed from the model, and reduced volatility in general in the Swedish currency markets. At the end of 2011, the 

VaR of the Fund was 0.01%. The minimum, average, and maximum VaR were 0.01, 0.10 and 0.18 respectively. 

The Fund does not actively employ leverage, and has not exceeded the minimal level as disclosed in the Fund‟s prospectus. 

2011 VaR 2010 VaR 

Total VaR 0.01% 0.19% 

Total VaR Market Value (SEK) 15,750 436,977 



The Skandia Emerging Market Debt Fund‟s strategy on the management of investment risk is driven by the Fund‟s 

investment objective which is to seek to achieve preservation of capital through investment in a well-diversified portfolio of 

fixed and variable rate debt securities issued in emerging markets. The Fund invests at least two thirds of its Net Asset Value 

in debt securities issued or guaranteed by any government, state, local authority or other political sub-division of government 

and securities issued by corporate entities in the emerging markets of Asia, Africa, the Middle East, Latin America and the 

developing countries of Europe. No more than 85 per cent of the Fund‟s Net Asset Value may be invested in securities which 

are rated below investment grade. The Fund may invest its liquid assets or may invest up to one third of the Net Asset Value 

for temporary defensive purposes in short-term securities listed or traded or dealt in on a regulated market in an OECD 

member country and are rated investment grade or better by Standard & Poor‟s or Moody‟s. 



The VaR for the Skandia Emerging Market Debt Fund is comparatively similar at the end of 2011 to the end of 2010, and 

has been stable throughout the year. At the end of 2011, the VaR of the Fund was 5.57%. The minimum, average, and 

maximum VaR were 5.36, 5.77 and 6.53 respectively. 

The Fund does not employ leverage, and has not exceeded the minimal level as disclosed in the Fund‟s prospectus. 

2011 VaR 2010 VaR 

Total VaR 5.57% 6.43% 



307






Skandia Swiss Equity Fund 

The Skandia Swiss Equity Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of equities or equityrelated 

securities of companies that are either included in the Swiss Performance Index and have their registered office in 

Switzerland or who predominantly carry out their business activities in Switzerland or who hold a predominant proportion 

of their investments in Swiss-domiciled entities. At least two thirds of the assets of the Fund invested in ordinary shares or 

common stock, ADRs, GDRs and preference shares listed traded or dealt in on a regulated market in Switzerland. 



The VaR for the Skandia Swiss Equity Fund has increased significantly compared with end 2010. This is in the main 

caused by the increased uncertainty in Europe and the Euro Zone. At the end of 2011, the VaR of the Fund was 18.67%. 

The minimum, average, and maximum VaR were 10.36, 14.51 and 18.67 respectively. 

The Fund does not employ leverage, and has not exceeded the minimal level as disclosed in the Fund‟s prospectus. . 

2011 VaR 2010 VaR 

Total VaR 18.67% 13.50% 

Total VaR Market Value (CHF) 12,229,250 9,457,814 



The Skandia Healthcare Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of equities or equity 

related securities of companies that operate in the biotechnology, healthcare, medical technology and pharmaceutical 

sectors worldwide. The Fund will invest in ordinary shares or common stock, ADRs, GDRs, preference shares and 

warrants, provided that any investment in warrants shall not comprise more than 10 per cent of the Net Asset Value of the 

Fund. At least 50 per cent of the Net Asset Value of the Fund will be invested in the securities of companies which are 

constituents of the MSCI World Healthcare Index. 



The VaR for the Skandia Healthcare Fund is comparatively similar at the end of 2011 to the end of 2010, and has been 




2011 VaR 2010 VaR 

Total VaR 12.76% 12.11% 



308







The Skandia Technology Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment objective 

which is to seek to achieve asset growth through investment in a well diversified portfolio of equities or equity-related 

securities of technology or technology-related companies worldwide. The Fund may invest in ordinary shares or common 

stock, preference shares, ETFs and warrants, provided that any investment in warrants shall not comprise more than 5 per 

cent of the Net Asset Value of the Fund. The Fund may hold assets denominated in currencies other than its base currency, 

USD. 



The VaR for the Skandia Technology Fund is comparatively similar at the end of 2011 to the end of 2010, and has been 

relatively stable throughout the year, although there was a dip in VaR in the first half of the year when historic high volatility 

numbers dropped out of the model, prior to the uncertainties in Europe. At the end of 2011, the VaR of the Fund was 

16.61%. The minimum, average, and maximum VaR were 12.66, 14.98 and 16.65 respectively. 


2011 VaR 2010 VaR 

Total VaR 16.61% 17.75% 




The Skandia European Best Ideas Fund‟s strategy on the management of investment risk is driven by the Fund‟s investment 

objective which is to seek to achieve asset growth through investment in a well-diversified portfolio of equities or equityrelated 

securities of European issuers or of issuers established outside Europe which have a predominant proportion of their 

assets and/or business operations in Europe. The Fund will invest in ordinary shares or common stock, ADRs, GDRs, 

preference shares and warrants (not exceeding 5 per cent. of the Net Asset Value of the Fund). At least 75 per cent of the Net 

Asset Value of the Fund will be invested in the securities of companies listed on regulated markets within the countries of the 

MSCI Europe Index. 



The VaR for the Skandia European Best Ideas Fund is comparatively similar at the end of 2011 to the end of 2010, but did 

fluctuate throughout the year; most noticeably there was a dip in VaR in the first half of the year when historic high volatility 

numbers dropped out of the model, prior to the uncertainties in Europe. At the end of 2011, the VaR of the Fund was 18.91%. 

The minimum, average, and maximum VaR were 13.28, 16.62 and 19.69 respectively. 


2011 VaR 2010 VaR 

Total VaR 18.91% 18.81% 



309







The Skandia US Large Cap Value Fund‟s strategy on the management of investment risk is driven by the Fund‟s 

investment objective which is to seek to achieve asset growth and current income through investment in a well-diversified 

portfolio of equity and equity-related securities of large-sized issuers in the US. The Fund invests in ordinary shares or 

common stock, ADRs, GDRs, preference shares, convertible bonds, debentures, convertible preferred stock, ETFs and 

warrants (not exceeding 5 per cent of the Net Asset Value of the Fund). At least two thirds of the Fund‟s investments 

will comprise equity and equity-related securities of issuers domiciled in or exercising the predominant part of their 

economic activity in the US which, at the time of purchase, have a market capitalisation in excess of USD 5 billion. The 

Skandia US Large Cap Value Fund places particular emphasis on companies that are, in the opinion of the Investment 

Adviser, undervalued and therefore represent intrinsic investment value. 



The VaR for the Skandia US Large Cap Value Fund has reduced over the last year, an outcome mostly derived from the 

dropping off of high volatility numbers during 2008 from the model. At the end of 2011, the VaR of the Fund was 

15.93%. The minimum, average, and maximum VaR were 12.45, 15.44 and 19.41 respectively. It is worth noting that the 

maximum number is as at the end of January 2011, which means the volatile numbers from the credit crunch time period 

would still be included, inflating the VaR numbers. 


prospectus. 

2011 VaR 2010 VaR 

Total VaR 15.93% 21.85% 




The objective of the Skandia Investment Grade Corporate Bond Fund is to seek to achieve income and capital growth 

predominantly through investment in a well-diversified portfolio of credit securities rated Investment Grade. 



The VaR for the Skandia Investment Grade Corporate Bond Fund is comparatively similar at the end of 2011 to the end 

of 2010, and has been relatively stable throughout the year. At the end of 2011, the VaR of the Fund was 3.90%. The 

minimum, average, and maximum VaR were 3.41, 4.30 and 9.98 respectively. 


2011 VaR 2010 VaR 

Total VaR 3.90% 4.35% 



310







The objective of the Skandia Global Emerging Markets Fund is to seek to achieve asset growth through investment in a 

well-diversified portfolio of equity securities of issuers in the Emerging Markets or of issuers established outside of the 

Emerging Markets, which have a predominant proportion of their assets or business operations in the Emerging Markets 

and which are listed, traded or dealt in on a Regulated Market in Emerging Markets worldwide. It is not proposed to 

concentrate investments in any one industry or sector. 



The VaR for the Skandia Global Emerging Markets Fund is comparatively similar at the end of 2011 to the end of 2010, 

and has been relatively stable throughout the year. At the end of 2011, the VaR of the Fund was 15.20%. The minimum, 

average, and maximum VaR were 13.13, 14.89 and 16.56 respectively. 


2011 VaR 2010 VaR 

Total VaR 15.20% 16.60% 



Skandia Asian Equity Fund 

The objective of the Skandia Asian Equity Fund is to seek to achieve asset growth through investment in a welldiversified 

portfolio of securities of Asian issuers or of issuers established outside the Asian region which have a 

predominant proportion of their assets or business operations in the Asian region. It is not proposed to concentrate 

investments in any one industry or sector. 

Skandia Asian Equity Fund launched on 7 March 2011 therefore comparative numbers are unavailable. 

The minimum, average and maximum numbers since launch were 13.03, 15.12 and 16.66 respectively. 

2011 VaR 2010 VaR 

Total VaR 15.76% 0.00% 

Total VaR Market Value (USD) 13,771,388 - 


311






Skandia Local Currency Emerging Markets Debt Fund 

The objective of the Skandia Local Currency Emerging Market Debt Fund is to seek to achieve total return through 

investment in a well-diversified portfolio of fixed and variable rate debt securities issued in the Emerging Markets worldwide 

and which are primarily denominated in the local currency of the issuer. 

Skandia Local Currency Emerging Market Debt Fund launched on 19 January 2011 therefore comparative numbers are 

unavailable. 


2011 VaR 2010 VaR 

Total VaR 9.23% 0.00% 




The objective of the Skandia Global Futures Fund is to seek to achieve capital appreciation while closely controlling risk. 

The Skandia Global Futures Fund may invest in financial derivative instruments for investment purposes and it is expected 

that the Net Asset Value of the Fund will have medium to high volatility through such investment. 

Skandia Global Futures Fund launched on 1 November 2011 therefore comparative numbers are unavailable. 


2011 VaR 2010 VaR 

Total VaR 9.44% 0.00% 



312





(b) Liquidity risk 

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial 

liabilities. The Company‟s Memorandum and Articles of Association provides for the creation and cancellation of shares 

on each dealing day (which is defined in the Prospectus as being a business day upon which various exchanges are 

operating, depending on the Fund in question) and it is therefore exposed to the liquidity risk of meeting shareholder 

redemptions at any time. 

The risks associated with securities in which the Funds have invested are assessed on an ongoing basis. Liquidity risk is 

considered when investing in any financial instrument to ensure that the portfolio complies with Article 37 of the EU 

Directive 85/611 which sets out the general requirement for a UCITS fund to redeem or repurchase its units at the 

request of any unit holder. 

Therefore before making an investment, an Investment Adviser to a Fund may consider:- 

1. The volume and turnover in the transferable security; 

2. The issue size and portion of the issue the asset manager plans to buy; and 

3. The quality of the secondary market in a transferable security and an analysis of the quality and number of 

intermediaries and market makers available for that security. 

In the case of transferable securities not traded on a regulated market liquidity is not automatically presumed. The Funds 

therefore assess the liquidity of such securities where this is necessary to meet the requirements of Article 37. If the 

security is assessed as insufficiently liquid to meet foreseeable redemption requests the security must only be bought or 

held if the other securities held in the portfolio are deemed sufficiently liquid so as to be able to meet the requirements of 

Article 37. 

The Funds‟ listed securities are considered to be readily realisable as they are principally listed on major European, 

Asian and US stock exchanges. 

All Funds can liquidate their positions within 1 month, other than those listed below. 


At 31 December 2011 

1-3 Months 4-12 Months 

Financial Liabilities at Fair Value Through Profit and Loss (27,910,149) - 

Accrued Expenses Payable (862,395) - 

Bank Overdraft (1,678,583) - 

Other Payables (341) - 

Due to Broker (210,282,832) - 

Payable for Capital Shares Redeemed (2,953,895) - 

Unrealised (loss) on Currency Exchange Contracts (1,912,039) 

Total (245,600,234) - 


1-3 Months 4-12 Months 

Financial Liabilities at Fair Value Through Profit and Loss (6,291,690) - 

Accrued Expenses Payable (221,969) - 

Bank Overdraft - 

Other Payables (49) 

Due to Broker (272,848,858) - 

Payable for Capital Shares Redeemed (6,816,080) - 

Unrealised (loss) on Currency Exchange Contracts (106,056) - 

Total (286,284,702) - 

313





(b) Liquidity risk (continued) 

Inflows and Outflows from Foreign Currency Exchange Contracts are detailed as follows: 

Skandia Japanese Skandia Global Bond 

Skandia Total 

Return USD Bond 

Equity Fund 

Fund 

Fund 

USD USD USD 

Derivative Financial Liabilities, 

settled gross 


Outflows (3,800,145) (277,162) (1,912,039) 

Inflows - 116,350 3,539,964 

Total (3,800,145) (160,812) 1,627,925 


Outflows - (458,925) (106,056) 

Inflows 268,270 524,900 1,323,935 

Total 268,270 65,975 1,217,879 

Skandia Investment 

Skandia Local 

Currency 

Skandia Emerging Grade Corporate Emerging Market 

Market Debt Fund 

Bond Fund Debt Fund 

USD USD USD 


settled gross 


Outflows (17,561) (204,176) (390,667) 

Inflows 362,304 1,385,078 6,064 

Total 344,743 1,180,902 (384,603) 


Outflows (369,634) (389,551) - 

Inflows 1,070,843 2,012,740 - 

Total 701,209 1,623,189 - 


Futures Fund 

USD 


settled gross 


Outflows - 

Inflows 73,137 

Total 73,137 


Outflows - 

Inflows - 

Total - 

314





(c) Credit risk 

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that 

it has entered into with a Fund. Credit risk is monitored in accordance with the UCITS Regulations. The purpose of 

imposing counterparty limits on a UCITS is to ensure that the UCITS is not exposed to a single counterparty 

disproportionately. In the event of a counterparty failure, the risk of material loss will be reduced due to risk 

diversification. OTC derivative transactions give rise to counterparty risk exposure as they are bi-lateral contracts for 

non-exchange traded FDI. Moreover, the counterparty exposure related to OTC derivatives must be added to other non- 

FDI exposures that the UCITS may have to the counterparty in order to ensure that overall counterparty exposure limits 

are not breached, i.e. the total exposure to a single counterparty arising from all activities should be captured in the risk 

management systems. FDI transactions that are traded on exchanges where daily mark-to-market valuations and 

margining occur are deemed to be free of counterparty risk (i.e. exchange-traded derivatives). 

Paragraph 6 of UCITS Notice 9 limits exposure to OTC derivative counterparties to a maximum of 5% of NAV. This 

limit is raised to 10% in the case of credit institutions as defined by paragraph 1.4 of UCITS Notice 9. A UCITS may not 

invest more than 10% of its assets in transferable securities or money market instruments issued by the same body. A 

UCITS may not invest more than 20% of its assets in deposits made with the same body. A UCITS may only enter into 

transaction with a counterparty when:- 

� The counterparty is a credit institution listed in sub-paragraphs 1.4(i), (ii), or (iii) of notice UCITS 9 or an investment 

firm, authorised in accordance with the Investment Services Directive, in an EEA Member State; 

� In the case of a counterparty which is not a credit institution, the counterparty has a minimum credit rating of A2 or 

equivalent, or is deemed by the UCITS to have an implied rating of A2. Alternatively, an unrated counterparty will be 

acceptable where the UCITS is indemnified against losses suffered as a result of a failure of the counterparty, by an 

entity which has and maintains a rating of A2. 

The Investment Adviser ensures that the ratings and limits for counterparties are adhered to. 

Paragraph 5 of UCITS Notice 10 states that the risk exposure to an OTC derivative counterparty may be reduced where 

the counterparty will provide the UCITS with collateral, subject to certain conditions. The Investment Adviser is 

responsible for ensuring this collateral meets the relevant criteria set out in UCITS Notice 10. 

Credit risk also arises on transactions with brokers where transactions are awaiting settlement. Risk relating to unsettled 

transactions is considered small due to the short settlement period involved and the high credit quality of the brokers 

used. The Company monitors the credit rating and financial positions of the brokers used to further mitigate this risk. 

Substantially all of the assets of the Company are held by Citibank International plc, Ireland Branch (the “Custodian”). 

Bankruptcy or insolvency of the Custodian may cause a Fund‟s rights with respect to securities held by the Custodian to 

be delayed or limited. The Company monitors this risk by monitoring the credit quality and financial position of the 

Custodian. 

315





(c) Credit risk (continued) 

The Company will be exposed to the credit risk of the Custodian and any sub-custodians the Custodian has appointed. In the event of insolvency or bankruptcy of the Custodian or 

sub-custodian, the Custodian will be treated as a general creditor. The long term credit rating of the parent Company of the Custodian and subcustodian, Citibank NA is A1. 

The following are the assets of which the Company has a credit exposure to either counterparty risk or credit risk to the custodian. 


Equity Fund 


Equity Fund 

316 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

Skandia 

US Capital 

Growth Fund 


Asset Type 2011 2010 2011 2010 2011 2010 

Investments 295,744,872 365,186,868 82,841,789 79,768,970 199,892,042 212,745,717 

Accrued Interest Term Deposit - - - - - - 

Cash And Equivalents 5,951,834 4,063,143 5,147,846 2,934,706 18,517,393 4,813,068 

Receivables 899,921 2,501,883 2,197,199 2,014,762 451,368 811,537 





Skandia 

US Value Fund 

Skandia 

US Value Fund 

Skandia European 

Equity Fund 


Equity Fund 

USD USD USD USD EUR EUR 

Asset Type 2011 2010 2011 2010 2011 2010 


Accrued Interest Term Deposit - - - - - 29 

Cash And Equivalents 6,816,491 4,340,075 967,813 4,502,810 3,700,840 6,219,244 

Receivables 7,530,432 3,425,854 711,100 469,423 767,734 681,688







Opportunities Fund 


Opportunities Fund 

317 


Equity Fund 


Equity Fund 


Growth Fund 


Growth Fund 

EUR EUR SEK SEK SEK SEK 

Asset Type 2011 2010 2011 2010 2011 2010 

Investments 25,078,992 41,335,403 844,722,094 1,896,193,312 799,284,356 1,144,787,500 



Receivables 80,715 112,236 2,962,166 12,591,198 20,995,011 29,080,185 


Equity Fund 


Equity Fund 


Equity Fund 


Equity Fund 

Skandia 

Greater China 

Equity Fund 

Skandia 

Greater China 

Equity Fund 

JPY JPY USD USD USD USD 

Asset Type 2011 2010 2011 2010 2011 2010 

Investments 8,954,982,500 8,476,146,370 750,377,678 1,093,382,309 335,827,080 454,413,983 



Receivables 103,304,185 123,204,961 11,040,840 10,282,324 767,239 4,397,833 


Bond Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Bond Fund 


Bond Fund 

USD USD USD USD SEK SEK 

Asset Type 2011 2010 2011 2010 2011 2010 


Accrued Interest Debt 844,015 745,260 4,004,903 3,384,572 7,544,400 5,018,543 

Cash And Equivalents 2,522,881 2,368,029 (1,346,123) 3,491,762 5,690,988 2,099,385 

Receivables (665,710) 3,008,885 88,572,033 240,243,422 (2,521,149) 87,424






Skandia SEK 

Reserve Fund 

Skandia SEK 

Reserve Fund 

SEK SEK 

Asset Type 2011 2010 

Investments 224,589,932 224,753,258 

Accrued Interest Debt 16,934 625,201 

Cash And Equivalents 1,960,415 3,689,074 

Receivables 4,989,033 660,998 

Skandia Emerging 


Skandia Emerging 


318 

Skandia Swiss 

Equity Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


USD USD CHF CHF USD USD 

Asset Type 2011 2010 2011 2010 2011 2010 


Accrued Interest Term Deposit 10,403,876 - - - - - 

Cash And Equivalents 9,146,784 5,494,327 477,236 466,544 7,826,043 6,975,654 

Receivables (6,001,888) 7,286,333 254 517 392,346 560,473 

Skandia 


Skandia 



Best Ideas Fund 


Best Ideas Fund 

Skandia US Large 


Skandia US Large 



Asset Type 2011 2010 2011 2010 2011 2010 



Cash And Equivalents 821,691 4,888,691 3,510,066 6,318,118 7,863,938 3,501,758 

Receivables 445,592 201,411 374,093 768,445 408,085 366,232






Skandia 



Skandia 



319 

Skandia 


Markets Fund 

Skandia 


Markets Fund 

Skandia Asian 

Equity Fund 

Skandia Asian 

Equity Fund 


Asset Type 2011 2010 2011 2010 2011 2010 

Investments 159,037,163 165,095,690 84,747,710 64,735,216 87,115,361 - 

Accrued Interest Term Deposit 2,242,783 - - - - - 

Cash And Equivalents 150,756 (734,342) 338,407 244,799 605,819 - 

Receivables 343,073 3,262,869 1,579,876 393,457 182,594 - 

Skandia Local 

Currency Emerging 

Skandia Local 

Currency Emerging 

Skandia Global Skandia Global 

Market Debt Fund Market Debt Fund Futures Fund Futures Fund 

USD USD USD USD 

Asset Type 2011 2010 2011 2010 

Investments 225,916,284 - 39,725,520 - 

Accrued Interest Term Deposit 4,531,252 - - - 

Cash And Equivalents 18,015,441 - 1,818,741 - 

Receivables (4,202,262) - 111,714 -






The Funds are also exposed to the credit risk inherent in bond instruments to which they invest. The following sets out 

the credit risk for the year end as follows: 


320 


S&P Rating 2011 2010 2011 2010 

A 1.54% 3.79% 1.70% 3.77% 

A- 11.36% 6.86% 4.46% 4.33% 

A- /*- - - 0.39% - 

A+ 0.06% - 1.29% 4.35% 

A+e - - - - 

AA 1.34% 1.99% - 11.87% 

AA- - - 0.16% 1.24% 

AA- /*- - - 1.48% - 

AA-/*- - - - 0.22% 

AA+ - - 1.06% 0.59% 

AAA - - 9.06% 30.90% 

AAA /*- - - 4.60% - 

AAA/*- - - - - 

AAAe - - - - 

Ae - - - - 

A-e - - - - 

B 2.09% 4.67% - - 

B- 0.66% 0.33% - - 

B+ 4.90% 4.65% - - 

BB 7.13% 12.29% - - 

BB- 1.70% 5.95% - 0.18% 

BB /*- 0.10% 0.14% - - 

BB+ 3.22% 2.29% 0.07% - 

BBB 16.21% 14.75% 3.35% 2.66% 

BBB- 14.56% 17.19% 2.77% 1.75% 

BBB- /*- 0.20% - - - 

BBB- /* - - - 0.49% 

BBB /*+ - - - - 

BBB+ 3.03% 1.70% 2.83% 2.96% 

BBB+ /*- - 0.05% 0.26% - 

C - - - - 

CC - 0.03% - - 

CCC - - - - 

CCC /*+ - 0.15% - - 

CCC+ - - - - 

D - - - - 

Unrated^ 31.90% 23.17% 66.52% 34.69% 

100.0% 100.0% 100.0% 100.0%







S&P Rating 2011 2010 

A 2.98% 3.56% 

A- 5.52% 3.49% 

A /*- 0.36% - 

A+ 4.79% 3.56% 

A+ /*- 0.14% - 

A+/*- 0.42% - 

A+e - 0.19% 

AA 2.56% 1.44% 

AA- 2.49% 4.49% 

AA /*- 0.20% - 

AA- /*- 1.76% - 

AA+ 1.42% 1.29% 

AA+/*- 0.07% - 

AAA 6.21% 18.04% 

AAA /*- 0.13% - 

AAA/*- 0.01% 0.10% 

AAAe - - 

AA-e - - 

B 0.43% 0.95% 

B- 0.16% 0.25% 

B+ 0.60% 0.76% 

BB 0.97% 1.29% 

BB- 0.56% 0.90% 

BB /*- - - 

BB+ 0.38% 1.14% 

BB+ /* 0.01% 

BBB 3.88% 3.04% 

BBB- 4.52% 2.97% 

BBB- /*- 0.09% 0.31% 

BBB /*+ - - 

BBB+ 1.35% 1.32% 

BBB+ /*- 0.10% - 

BBB+e - - 

C 0.10% 0.16% 

CC 0.05% - 

CCC 0.45% 0.52% 

Unrated^ 57.29% 50.23% 

100.0% 100.0% 


Moody’s Rating 2011 2010 

A1 - 1.79% 

A2 6.03% 1.80% 

A3 /*- - - 

Aa2 - 0.71% 

Aaa 83.18% 66.64% 

Baa1 /*- - - 

Baa2 - - 

Unrated^ 10.79% 29.06% 

100.0% 100.0% 

321






Skandia Investment Grade 


S&P Rating 2011 2010 

A 9.09% 13.85% 

A- 23.75% 15.62% 

A /*- 0.32% - 

A- /*- 0.87% 0.42% 

A+ 6.33% 9.48% 

A+ /*- 0.26% - 

A+e - - 

AA 0.75% 0.60% 

AA- 2.27% 3.81% 

AA /*- 0.34% - 

AA- /*- 0.76% - 

AA+ 3.54% 3.62% 

AAA 7.50% 4.78% 

AAA/*- - - 

B 0.14% 0.36% 

B- - - 

B+ 0.32% 0.29% 

BB 0.37% 0.76% 

BB- 0.34% 0.64% 

BB /*- - - 

BB+ 1.01% 0.66% 

BB+ /*- - - 

BBB 12.15% 11.88% 

BBB- 9.52% 10.56% 

BBB /*- 0.50% - 

BBB- /* - 0.53% 

BBB /*+ 0.50% 0.45% 

BBB- /*+ 0.29% - 

BBB+ 14.64% 11.54% 

BBB+ /*- 1.10% - 

C - - 

CC - - 

CCC 0.42% - 

CCC /*+ - - 

D 0.04% - 

Unrated^ 2.88% 10.15% 

100.0% 100.0% 

322






Skandia Local Currency Emerging 


S&P Rating 2011 2010 

A 11.30% - 

A- 17.59% - 

A+ 0.18% - 

AAA 1.59% - 

BB 0.10% - 

BB+ 2.30% - 

BBB- 3.51% - 

BBB+ 0.86% - 

Unrated^ 62.57% - 

100.0% - 

Note: The SEK Reserve Fund holds government bonds and the risk of non-payment is considered to be negligible as the 

investments are guaranteed by the Swedish government. The Global Futures Fund holds United States Treasury Bills and 

the risk of non-payment is considered negligible as the investments are guaranteed by the US Government. 

^ These percentages relate to securities that do not have a recognized credit rating with a rating agency. 

323





(d) Interest Rate Risk 

The interest rate profile of each Fund‟s financial assets as at 31 December 2011 was as follows: 


Weighted Average Interest Rate Weighted Average Period To Maturity 

Currency (In Years) 

AUD 6.14% 2.41 

CAD 4.29% 8.01 

DKK 4.00% 5.88 

EUR 3.15% 6.66 

GBP 3.45% 12.87 

JPY 1.40% 10.19 

MXN 10.00% 12.94 

PLN 5.00% 4.32 

SEK 6.75% 2.35 

SGD 3.63% 2.50 

USD 5.53% 12.22 

ZAR 8.25% 5.71 




BRL 10.37% 15.71 

CAD 4.27% 9.95 

EUR 5.44% 5.46 

GBP 7.48% 16.10 

JPY 1.71% 2.51 

MXN 10.00% 12.94 

USD 4.29% 14.39 




SEK 4.20% 8.14 

324





(d) Interest Rate Risk (continued) 




BRL 10.00% 3.80 

COP 9.84% 15.92 

EUR 7.51% 20.43 

GBP 6.00% 5.09 

MXN 7.73% 17.49 

MYR 4.24% 3.30 

PHP 4.95% 9.05 

USD 7.01% 11.07 

ZAR 7.66% 10.65 




CAD 4.00% 29.44 

EUR 5.07% 6.28 

GBP 5.68% 11.61 

SEK 3.00% 4.53 

USD 5.51% 11.04 




BRL 10.00% 3.37 

CLP 5.50% 8.60 

COP 9.79% 10.81 

HUF 7.04% 1.84 

IDR 8.70% 9.75 

MXN 7.24% 11.88 

MYR 4.20% 4.25 

PHP 4.95% 9.05 

PLN 5.31% 3.81 

RUB 7.13% 4.08 

THB 4.22% 2.78 

TRY 8.03% 2.85 

ZAR 7.42% 10.37 




USD 0.00% 0.11 

325





(d) Interest Rate Risk (continued) 

The interest rate profile of each Fund‟s financial assets as at 31 December 2010 was as follows: 




AUD 6.84% 1.89 

CAD 4.73% 6.79 

DKK 4.00% 6.88 

EUR 4.32% 7.55 

GBP 4.69% 17.98 

JPY 1.53% 9.69 

MXN 10.00% 13.94 

SEK 4.07% 5.77 

SGD 3.63% 3.50 

USD 5.88% 13.96 

ZAR 8.25% 6.71 




BRL 10.37% 16.71 

CAD 4.01% 9.13 

EUR 5.41% 6.95 

GBP 9.33% 9.11 

USD 3.65% 11.37 




SEK 4.55% 7.66 




BRL 10.00% 10.01 

COP 9.84% 16.92 

EUR 5.86% 10.83 

IDR 11.32% 8.79 

MXN 4.31% 7.52 

MYR 3.80% 4.46 

RUB 10.79% 1.80 

USD 7.07% 10.57 

ZAR 6.75% 10.25 




EUR 5.44% 7.56 

GBP 5.90% 10.72 

USD 5.72% 12.02 

326





(e) Fair Value of Financial Assets and Liabilities 

Fair Value Estimation 

The Company adopted the amendment to FRS 29, effective 1 January 2009. This requires the Company to classify fair 

value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the 

measurements. The fair value hierarchy has the following levels: 

� Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). 

� Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly 

(that is, as prices) or indirectly (that is, derived from prices) (level 2). 

� Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 

3). 

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined 

on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the 

significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses 

observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 

measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires 

judgement, considering factors specific to the asset or liability. 

The Funds held no financial assets and liabilities in level 3 for the year ended 31 December 2011 (2010: None). There 

were no transfers into or out of level 3 for the year ended 31 December 2011. 

327





(e) Fair Value of Financial Assets and Liabilities (continued) 

Fair Value Estimation (continued) 

The following table analyses within the fair value hierarchy each Fund’s financial assets and measured at fair value at 31 December 2011: 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

328 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Assets 

Financial Assets at Fair Value Through Profit or Loss 

- Level 1: Quoted prices in active markets 295,744,872 82,238,649 198,571,429 200,244,899 62,177,705 123,915,193 25,078,992 

- Level 2: Other observable inputs - - - - - - - 

- Level 3: Unobservable inputs - - - - - - - 

Total Assets 295,744,872 82,238,649 198,571,429 200,244,899 62,177,705 123,915,193 25,078,992 

Liabilities 

Financial Liabilities at Fair Value Through Profit or Loss 

- Level 1: Quoted prices in active markets - - - - - - - 

- Level 2: Other observable inputs - - - - - - - 


Total Liabilities - - - - - - -








Equity Fund 


Growth Fund 

329 

Skandia 

Japanese 

Equity Fund 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Assets 


- Level 1: Quoted prices in active markets 849,774,908 804,682,412 8,954,982,500 750,377,678 335,827,080 186,809 851,135 

- Level 2: Other observable inputs - - - - - 86,698,561 620,028,599 


Total Assets 849,774,908 804,682,412 8,954,982,500 750,377,678 335,827,080 86,885,370 620,879,734 

Liabilities 


- Level 1: Quoted prices in active markets - - - - - (84,340) (15,678) 

- Level 2: Other observable inputs - - (3,800,145) - - (277,162) (29,806,510) 


Total Liabilities - - (3,800,145) - - (361,502) (29,822,188)








Bond Fund 

Skandia SEK 

Reserve Fund 

Skandia 

Emerging 

Market Debt 

Fund 

330 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 


Skandia 

European Best 

Ideas Fund 


Assets 


- Level 1: Quoted prices in active markets - - - 65,146,047 118,516,231 108,301,116 318,503,903 

- Level 2: Other observable inputs 418,088,481 224,589,932 514,792,873 - - - - 


Total Assets 418,088,481 224,589,932 514,792,873 65,146,047 118,516,231 108,301,116 318,503,903 

Liabilities 



- Level 2: Other observable inputs - - (17,561) - - - - 


Total Liabilities - - (17,561) - - - -







Skandia 

US Large Cap 

Value Fund 

Skandia 

Investment 

Grade Corporate 

Bond Fund 

Skandia 


Markets Fund 

331 

Skandia Asian 

Equity Fund* 

Skandia Local 

Currency 

Emerging 

Market Debt 

Fund 


Futures Fund 


December 2011 

USD USD USD USD USD EUR USD 

Assets 


- Level 1: Quoted prices in active markets 168,880,834 158,766,601 - 87,115,361 - 325,923 3,602,406,256 

- Level 2: Other observable inputs - 1,655,640 84,747,710 - 225,922,348 39,472,734 1,667,067,896 


Total Assets 168,880,834 160,422,241 84,747,710 87,115,361 225,922,348 39,798,657 5,269,474,152 

Liabilities 


- Level 1: Quoted prices in active markets - (242,027) - - - - (342,045) 

- Level 2: Other observable inputs - (485,122) - - (390,667) - (31,026,413) 


Total Liabilities - (727,149) - - (390,667) - (31,368,458) 

All of the financial assets of the Company are held at market value which is considered to closely approximate to fair value.







The following table analyses within the fair value hierarchy each Fund‟s financial assets and measured at fair value at 31 December 2010: 


Equity Fund 

Skandia 

US Large Cap 

Growth Fund 

Skandia 

US Capital 

Growth Fund 

332 



Skandia 

US Value Fund 

Skandia 

European 

Equity Fund 

Skandia 

European 

Opportunities 

Fund 


Assets 


- Level 1: Quoted prices in active markets 365,186,868 79,768,970 212,745,717 207,434,453 84,895,636 146,688,345 41,335,403 

- Level 2: Other observable inputs 1,569 - - - - - - 


Total Assets 365,188,437 79,768,970 212,745,717 207,434,453 84,895,636 146,688,345 41,335,403 

Liabilities 


- Level 1: Quoted prices in active markets - - - - - (51,840) - 

- Level 2: Other observable inputs (4,470) - - - - - - 


Total Liabilities (4,470) - - - - (51,840) -








Equity Fund 


Growth Fund 

333 

Skandia 

Japanese 

Equity Fund 


Equity Fund 

Skandia 

Greater China 

Equity Fund 


Bond Fund 

Skandia 

Total Return 

USD Bond Fund 


Assets 


- Level 1: Quoted prices in active markets 1,896,193,312 1,144,787,500 8,476,146,370 1,093,382,309 454,413,983 40,630 222,357,681 

- Level 2: Other observable inputs - - 268,270 - - 75,134,679 319,525,709 


Total Assets 1,896,193,312 1,144,787,500 8,476,414,640 1,093,382,309 454,413,983 75,175,309 541,883,390 

Liabilities 


- Level 1: Quoted prices in active markets - - - - - (42,771) (661,083) 

- Level 2: Other observable inputs - - - (1,345) - (458,925) (5,736,663) 


Total Liabilities - - - (1,345) - (501,696) (6,397,746)








Bond Fund 

Skandia USD 

Reserve Fund 

Skandia SEK 

Reserve Fund 

334 

Skandia 

Emerging 

Market Debt 

Fund 

Skandia Swiss 

Equity Fund 

Skandia 


Skandia 



Assets 


- Level 1: Quoted prices in active markets 157,073,539 - 204,690,788 347,864,274 69,737,612 111,552,321 133,087,498 

- Level 2: Other observable inputs 127,128,340 - 20,687,671 138,328,893 - - - 


Total Assets 284,201,879 - 225,378,459 486,193,167 69,737,612 111,552,321 133,087,498 

Liabilities 



- Level 2: Other observable inputs - - - (370,652) - - (245) 


Total Liabilities - - - (370,652) - - (245)







Skandia 

European Best 

Ideas Fund 

Skandia 

US Large Cap 

Value Fund 

Skandia 

Investment 

Grade Corporate 

Bond Fund 

335 

Skandia 


Markets Fund 


December 2010 


Assets 


- Level 1: Quoted prices in active markets 344,907,121 117,778,867 10,338,854 64,735,216 4,906,007,895 

- Level 2: Other observable inputs - - 156,769,576 - 711,750,774 

- Level 3: Unobservable inputs - - - - - 

Total Assets 344,907,121 117,778,867 167,108,430 64,735,216 5,617,758,669 

Liabilities 


- Level 1: Quoted prices in active markets - - (15,042) - (788,442) 

- Level 2: Other observable inputs - - (389,551) - (6,961,851) 

- Level 3: Unobservable inputs - - - - - 

Total Liabilities - - (404,593) - (7,750,293) 

All of the financial assets of the Company are held at market value which is considered to closely approximate to fair value.




18. Net Asset Value Reconciliation 

Under FRS 26 (Measurement), quoted financial assets at fair value through profit or loss are valued at bid price at close of business on the last trading date rather than mid-market 

price which is taken at 2pm for European markets and at previous day close for U.S. markets for the purposes of the dealing NAV. A reconciliation between the dealing NAV and 

reporting NAV is required for the Funds outlined below. 

Skandia US Large Skandia US Capital Skandia Swedish Skandia Swedish Skandia US Large 

Cap Growth Fund Growth Fund Equity Fund Growth Fund Cap Value 

USD USD SEK SEK USD 

Dealing NAV 87,472,414 216,993,470 882,099,943 822,394,208 177,713,464 

Mid/Bid Adjustment (603,140) (1,320,613) 5,052,814 5,398,056 (1,223,015) 

Reporting NAV 86,869,274 215,672,857 887,152,757 827,792,264 176,490,449 

336




19. Securities Lending 

The Company participates in a securities lending programme managed by Securities Finance Trust Company, trading as 

eSec Lending. 

The aggregate value of securities on loan with Securities Finance Trust Company (trading as e-Sec Lending) at 31 December 

2011 was USD 39,893,666 (2010: USD 39,004,265). The value of collateral held by the Funds in respect of the securities in 

question was USD 41,946,892 (2010: USD 40,987,640). 

As part of the securities lending programme five Funds had invested cash collateral in a money market fund managed by 

eSecLending, the SFT Collective Investment Fund (“SFT Fund”), a AAA-rated collective investment scheme domiciled in 

the Cayman Islands. On 1 October 2008 the SFT Fund suffered a downgrade by the rating agency Moody‟s to a Ba rating 

following the impairment of a number of securities within the portfolio. In response to this event and in order to protect the 

interests of the shareholders the management of the SFT Fund suspended trading, accepting no subscriptions nor processing 

requests for redemptions. Since this date it has been the intention of the manager of the SFT Fund to distribute cash to 

shareholders as it realises the underlying securities in the portfolio. 

The suspension of dealings in the SFT Fund resulted in a breach by each of the affected Funds of the Central Bank‟s 

requirement that cash collateral be invested in a daily dealing AAA-rated money market fund. This breach has been notified 

to the Central Bank, the Custodian and KPMG as the auditor to the Company. 

The Company‟s Board of Directors established a sub committee to facilitate the ongoing management and review of this 

situation. This sub committee worked closely with eSec Lending to monitor the valuations of the SFT Fund and the pay 

down process and also worked with the Custodian and KPMG to evaluate the situation. It was also the responsibility of this 

sub committee to make any provision in the five Funds for any loss in market value of the collateral held in the SFT Fund. 

At the meeting of the Company‟s Board on 21 June 2011, bearing in mind the interests of the shareholders, the Directors 

agreed to instruct a full redemption of the Company‟s holding in the SFT Fund to be sold through an open market bidding 

process conducted by eSec Lending on 12 July 2011. This decision was notified to the Central Bank, the Custodian and 

KPMG as the auditor to the Company. 

The table below details the final collateral value in the SFT Fund posted against the Funds based on agreed market prices as 

at 12 July 2011 as well as the total write down in the value of the collateral against the five Funds. 

SGF sub-fund Collateral 

Balance 

12 July 

2011 

Skandia 

European 

Realised 

Value 

Less 

Estimated 

Costs 

Final Write 

Down in 

SGF Funds 

337 

Impact 

on 

average 

NAV 

Equity Fund $3,583,039 $1,411,339 $2,171,700 1.22% 

Skandia 

European 

Opportunities 

Fund $1,570,236 $618,507 $951,729 2.12% 

Skandia 

Japanese Equity 

Fund $1,483,619 $584,389 $899,230 0.76% 

Skandia 

Swedish Equity 

Fund $5,929,923 $2,335,763 $3,594,160 1.91% 

Collateral 

Balance 

31 

December 

2010 

Provision 

31 

December 

2010 

Impact 

on 

average 

NAV 

$3,834,801 $2,002,113 1.17% 

$1,680,568 $877,409 2.09% 

$1,587,865 $829,009 0.69% 

$6,346,587 $3,313,493 1.83% 

Skandia 

Swedish 

Growth Fund $8,271,349 $3,258,038 $5,013,312 3.46% $8,852,534 $4,621,824 3.48% 

Total $20,838,166 $8,208,036 $12,630,130 1.87% $22,302,355 $11,643,848 1.80%




20. Financial Statements 

These financial statements were approved by the Board of Directors on 27 March 2012. 

338



SIGNIFICANT PURCHASES AND SALES (Unaudited) – Skandia Global Equity Fund 

Issue 

Security Description Currency Shares/Par Cost USD 

BUYS 

General Electric Co USD 312,714 5,882,148 

Google Inc USD 6,147 3,694,602 

Microsoft Corp USD 136,853 3,686,478 

Johnson & Johnson USD 55,581 3,641,361 

GlaxoSmithKline PLC GBP 163,754 3,508,816 

ING Groep NV EUR 397,103 3,484,289 

Merck & Co Inc USD 95,041 3,267,358 

Oracle Corp USD 93,211 3,165,736 

Cisco Systems Inc USD 175,591 2,942,648 

AXA SA EUR 175,767 2,668,827 

Coca-Cola Co/The USD 39,534 2,638,269 

Roche Holding AG CHF 16,040 2,632,841 

Intel Corp USD 110,830 2,594,576 

Barclays PLC GBP 718,863 2,444,749 

Citigroup Inc USD 152,756 2,405,298 

Amazon.com Inc USD 11,129 2,295,107 

Abbott Laboratories USD 42,930 2,276,147 

AT&T Inc USD 75,255 2,226,236 

Pfizer Inc USD 108,911 2,166,023 

Deutsche Bank AG EUR 40,597 2,126,091 

Issue 

Security Description Currency Shares/Par Proceeds USD 

SELLS 



Hewlett-Packard Co USD 80,510 3,206,691 


Google Inc USD 5,492 3,044,439 

Unilever PLC GBP 94,830 2,958,216 

Intel Corp USD 137,242 2,947,033 

Credit Suisse Group AG CHF 95,521 2,908,615 


BNP Paribas SA EUR 54,373 2,720,114 

UBS AG CHF 184,628 2,623,151 



Apple Inc USD 6,523 2,452,756 

Guess? Inc USD 66,213 2,327,926 

Barclays PLC GBP 670,805 2,301,863 

Mead Johnson Nutrition Co USD 36,121 2,281,869 


Novartis AG CHF 38,635 2,240,860 

AT&T Inc USD 79,539 2,219,240 

339



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia US Large Cap Growth Fund 

Issue 


BUYS 

Exxon Mobil Corp USD 47,000 3,896,117 

International Business Machines Corp USD 16,400 2,785,215 

Fiserv Inc USD 42,000 2,582,544 

National Oilwell Varco Inc USD 31,000 2,287,262 

Perrigo Co USD 25,000 2,049,873 

Qualcomm Inc USD 36,000 2,045,587 

United Technologies Corp USD 24,000 1,993,268 

Watson Pharmaceuticals Inc USD 33,000 1,891,298 

American Express Co USD 37,000 1,831,831 

Schlumberger Ltd USD 22,487 1,819,324 

Valspar Corp USD 47,000 1,790,933 

Apple Inc USD 4,800 1,782,626 

Mettler-Toledo International Inc USD 10,500 1,773,035 

Cliffs Natural Resources Inc USD 19,000 1,689,898 

Fossil Inc USD 20,000 1,687,060 



Teradata Corp USD 30,000 1,605,003 

International Flavors & Fragrances Inc USD 26,000 1,579,696 

Polycom Inc USD 31,000 1,538,506 

Ralcorp Holdings Inc USD 19,463 1,531,566 

Costco Wholesale Corp USD 19,000 1,526,092 

McDonald's Corp USD 17,000 1,491,756 

priceline.com Inc USD 3,050 1,455,586 

Procter & Gamble Co/The USD 22,000 1,437,195 

Citrix Systems Inc USD 17,000 1,418,078 

Thermo Fisher Scientific Inc USD 22,000 1,395,603 

Tiffany & Co USD 20,000 1,393,540 

Wisconsin Energy Corp USD 43,000 1,389,929 

Precision Castparts Corp USD 8,500 1,376,615 

Intel Corp USD 55,000 1,337,490 

Avago Technologies Ltd USD 39,000 1,334,889 


Biogen Idec Inc USD 14,600 1,313,870 

JPMorgan Chase & Co USD 34,000 1,308,152 

Fluor Corp USD 17,000 1,268,913 

Covidien PLC USD 25,000 1,266,458 

AMETEK Inc USD 30,000 1,260,014 

Corning Inc USD 57,000 1,253,813 

Varian Semiconductor Equip USD 25,000 1,231,284 

Mastercard Inc USD 3,500 1,229,844 

Fastenal Co USD 28,000 1,226,228 

Danaher Corp USD 24,000 1,211,195 

Vmware Inc Com USD 11,500 1,191,815 

Estee Lauder Cos Inc/The USD 11,700 1,162,146 

Anadarko Petroleum Corp USD 15,000 1,151,748 

Caterpillar Inc USD 12,000 1,132,129 

FMC Corp USD 13,500 1,122,636 

UnitedHealth Group Inc USD 23,000 1,106,969 

Airgas Inc USD 14,000 1,103,504 

Agilent Technologies Inc USD 25,000 1,095,520 

Cummins Inc USD 11,000 1,092,301 

BorgWarner Inc USD 15,000 1,067,882 

Home Depot Inc USD 25,000 1,046,883 

340



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia US Large Cap Growth Fund (continued) 

Issue 


SELLS 

Citrix Systems Inc USD 35,000 2,231,173 

Cooper Cos Inc/The USD 29,000 1,914,960 

Fossil Inc USD 20,000 1,906,803 

BorgWarner Inc USD 26,000 1,826,131 


Peabody Energy Corp USD 31,000 1,763,449 

Parker Hannifin Corp USD 20,000 1,747,371 

Estee Lauder Cos Inc/The USD 17,700 1,700,183 

JB Hunt Transport Services Inc USD 41,000 1,692,349 

Costco Wholesale Corp USD 21,000 1,647,541 

Ameriprise Financial Inc USD 27,000 1,643,036 


WABCO Holdings Inc USD 27,000 1,570,751 

Alexion Pharmaceuticals Inc USD 23,000 1,563,475 

Cummins Inc USD 15,000 1,559,271 

CB Richard Ellis Group Inc USD 66,000 1,529,995 

Stanley Black & Decker Inc USD 22,000 1,518,362 

Mosaic Co/The USD 21,000 1,503,919 

Baidu Inc/China USD 11,400 1,467,588 

Apple Inc USD 4,000 1,442,110 

Google Inc USD 2,600 1,433,672 

Goodrich Corp USD 16,000 1,393,994 

Cliffs Natural Resources Inc USD 19,000 1,346,907 

Fastenal Co USD 33,000 1,315,544 


Walt Disney Co/The USD 37,000 1,282,145 

Johnson Controls Inc USD 34,000 1,272,585 

NIKE Inc USD 16,000 1,265,768 



Salesforce.com Inc USD 9,500 1,217,541 

Avago Technologies Ltd USD 39,000 1,215,896 

Altera Corp USD 29,000 1,212,235 

Polycom Inc USD 55,000 1,211,671 


Edwards Lifesciences Corp USD 15,000 1,191,486 


Deere & Co USD 13,500 1,155,277 

American Tower Corp USD 23,000 1,142,719 

AMETEK Inc USD 29,000 1,138,621 

Varian Semiconductor Equip USD 25,000 1,138,343 

Concur Technologies Inc USD 22,000 1,127,003 

O'Reilly Automotive Inc USD 20,000 1,123,766 

Stericycle Inc USD 13,000 1,102,966 


Fluor Corp USD 17,000 1,091,001 


Williams-Sonoma Inc USD 30,000 1,079,950 

Freeport-McMoRan Copper & Gold Inc USD 22,000 1,061,569 


Union Pacific Corp USD 11,000 1,054,801 


FMC Corp USD 12,500 995,895 

Hansen Natural Corp USD 17,000 984,192 

341



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia US Capital Growth Fund 

Issue 


BUYS 

PNC Financial Services Group Inc USD 244,555 11,993,451 



1st Niagara Fin USD 977,740 10,290,296 

Ross Stores Inc USD 134,666 10,075,845 

Occidental Petroleum Corp USD 93,801 9,474,110 

Time Warner Inc USD 254,381 9,304,042 

Halliburton Co USD 194,691 9,104,724 

Sensata Technologies Holding USD 275,247 8,890,093 

First Horizon National Corp USD 1,091,480 7,860,017 

Bb&T Corp USD 364,164 7,837,610 

Intuitive Surgical Inc USD 20,400 7,675,900 

Ulta Salon Cosmetics & Fragrance Inc USD 117,267 6,841,587 

City National Corp USD 150,590 6,750,061 

Ralph Lauren Corp USD 50,082 6,718,911 

Yum! Brands Inc USD 128,761 6,696,024 


Rockwell Automation Inc USD 73,793 6,551,988 


Cie Financiere Richemont SA USD 1,151,840 6,381,924 

Visa Inc USD 69,031 5,970,619 

Precision Castparts Corp USD 36,908 5,921,323 

Panera Bread Co USD 51,038 5,823,475 

Fulton Financial Corp USD 617,528 5,650,196 

Wendy'S Co/The Wen Us USD 1,136,301 5,639,620 

Informatica Corp USD 130,512 5,630,001 

Google Inc USD 8,829 5,298,184 

Issue 


SELLS 





TJX Cos Inc USD 167,510 9,191,566 

Praxair Inc USD 91,626 8,966,310 


Union Pacific Corp USD 96,581 8,878,775 

Dow Chemical Co/The USD 296,812 8,813,923 

NIKE Inc USD 97,909 8,373,858 

BB&T Corp USD 364,164 7,752,384 

BHP Billiton PLC USD 99,523 7,747,446 

US Bancorp USD 327,890 7,724,746 


Starbucks Corp USD 193,159 7,318,422 

Wells Fargo & Co USD 225,119 6,822,219 

Anadarko Petroleum Corp USD 86,403 6,676,702 

Apple Inc USD 17,515 6,451,166 

Monsanto Co USD 91,830 6,351,768 

Cie Financiere Richemont SA USD 1,151,840 6,234,214 

priceline.com Inc USD 11,965 6,126,114 

Visa Inc USD 69,031 6,007,287 

342



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia US Capital Growth Fund (continued) 

Issue 


SELLS (continued) 

EOG Resources Inc USD 59,268 5,996,703 

Broadcom Corp USD 165,194 5,954,844 


PPG Industries Inc USD 77,591 5,812,776 

Tiffany & Co USD 86,395 5,798,265 

Salesforce.com Inc USD 42,444 5,271,830 

1st Niagara Fin USD 583,985 5,237,226 

First Horizon National Corp USD 807,875 5,215,800 

Yum! Brands Inc USD 96,540 5,184,195 

343



SIGNIFICANT PURCHASES AND SALES (unaudited)– Skandia US All Cap Value Fund 

Issue 


BUYS 

Lubrizol Corp USD 78,000 10,478,071 

U.S.Treasury Bill USD 10,000,000 9,998,492 

Bucyrus International Inc USD 70,000 6,363,104 

National Semiconductor Corp USD 180,000 4,382,990 

Petrohawk Energy Corp USD 100,000 3,821,610 

Comcast Corp USD 157,400 3,563,964 

International Coal Group USD 200,000 2,901,815 

Goodrich Corp USD 24,000 2,893,864 


Timberland Co. Class A USD 65,000 2,794,345 

Becton Dickinson and Co USD 34,600 2,774,098 

Apple Inc USD 7,400 2,693,640 

Google Inc USD 4,700 2,629,298 

EI du Pont de Nemours & Co USD 51,200 2,611,039 

Fortune Brands Inc USD 41,000 2,443,957 

NII Holdings Inc USD 78,000 2,435,686 

Sara Lee Corp USD 136,498 2,371,512 


Northern Trust Corp USD 42,600 2,032,106 

Issue 


SELLS 

U.S. Treasury Bill USD 10,000,000 9,997,528 

Lubrizol Corp USD 43,000 5,768,754 

Apple Inc USD 10,000 3,753,194 

Google Inc USD 6,600 3,648,304 

International Coal Group USD 200,000 2,920,000 


PepsiCo Inc/NC USD 37,200 2,410,950 


Dionex Corp USD 18,000 2,133,000 


National Semiconductor Corp USD 80,000 1,964,962 



Procter & Gamble Co/The USD 29,800 1,916,148 

McAfee Inc USD 40,000 1,914,363 


Baxter International Inc USD 32,000 1,840,869 

Hess Corp USD 27,000 1,838,079 

Herley Industries Inc USD 90,000 1,707,286 

344



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia US Value Fund 

Issue 


BUYS 


Total SA USD 46,700 2,514,773 

American International Group Inc USD 85,400 2,305,006 


Bank of America Corp USD 128,900 1,671,403 

Allstate Corp/The USD 54,800 1,649,125 

Magna International Inc USD 37,400 1,626,259 


Public Service Enterprise Group Inc USD 42,800 1,381,393 

Citigroup Inc USD 154,200 1,356,092 

SunTrust Banks Inc USD 59,400 1,310,243 

Sanofi-Aventis USD 32,500 1,245,850 

Novartis AG USD 21,900 1,234,280 




Gap Inc/The USD 60,400 1,137,092 

PACCAR Inc USD 24,300 1,081,659 

CVS Caremark Corp USD 30,200 999,746 

Quest Diagnostics USD 17,100 994,154 

Issue 


SELLS 

Royal Dutch Shell PLC USD 39,000 2,748,719 

Lockheed Martin Corp USD 30,900 2,392,675 

ConocoPhillips USD 32,700 2,375,410 


Vodafone Group PLC USD 64,100 1,762,240 

Exelon Corp USD 40,300 1,724,097 


CVS Caremark Corp USD 46,400 1,692,709 

Marathon Oil Corp USD 35,200 1,576,881 

Home Depot Inc USD 42,500 1,560,939 

CA Inc USD 66,900 1,514,842 


Eli Lilly & Co USD 38,900 1,448,155 

Novartis AG USD 24,100 1,442,296 


Tyco International Ltd USD 29,425 1,413,043 

Pfizer Inc USD 68,400 1,330,094 

TE Connectivity Ltd USD 37,200 1,315,789 

JC Penney Co Inc USD 38,100 1,263,704 



PPG Industries Inc USD 13,200 1,173,343 

345



SIGNIFICANT PURCHASES AND SALES (unaudited)– Skandia European Equity Fund 

Issue 

Security Description Currency Shares/Par Cost EUR 

BUYS 


Vodafone Group PLC GBP 2,262,062 4,320,635 


TNT NV EUR 299,292 3,999,210 

Unilever NV EUR 169,812 3,964,822 

BP PLC GBP 708,800 3,769,223 

Sulzer AG CHF 31,158 3,430,298 

Intesa Sanpaolo SpA EUR 2,025,194 3,210,753 

Bayer AG EUR 71,450 3,111,624 


EDF SA EUR 116,662 2,907,671 

Allianz SE EUR 37,239 2,878,676 

Imperial Tobacco Group PLC GBP 107,629 2,868,420 

Telefonaktiebolaget LM Ericsson SEK 288,606 2,704,133 

Reckitt Benckiser Group PLC GBP 71,567 2,659,676 

BASF SE EUR 53,831 2,650,171 

Zurich Financial Services AG CHF 15,321 2,631,018 

Societe Generale EUR 60,643 2,496,440 

Nokian Renkaat OYJ EUR 102,793 2,478,112 

Scania AB SEK 185,712 2,467,960 

Victrex PLC GBP 157,441 2,467,418 

Admiral Group PLC GBP 143,319 2,428,210 

Marks & Spencer Group PLC GBP 506,726 2,222,139 

HSBC Holdings PLC GBP 313,281 2,204,276 

PPR EUR 17,459 2,064,133 

Rio Tinto PLC GBP 46,463 2,034,695 

Safran SA EUR 82,662 2,012,546 

Royal Bank of Scotland Group PLC GBP 4,465,428 2,011,340 

UniCredit SpA EUR 1,149,042 1,951,208 

HeidelbergCement AG EUR 39,642 1,880,246 

Temenos Group AG CHF 85,169 1,880,045 

Halfords Group PLC GBP 376,625 1,718,827 

SAP AG EUR 39,641 1,707,752 

Merck KGAA EUR 26,180 1,654,637 

Sonova Holding AG-Reg CHF 16,936 1,603,242 

Total SA EUR 44,236 1,599,921 

GDF Suez EUR 62,530 1,571,623 

Shire Plc GBP 79,358 1,555,962 

National Grid PLC GBP 233,286 1,555,331 

ENI SpA EUR 90,741 1,525,201 

Issue 

Security Description Currency Shares/Par Proceeds EUR 

SELLS 

Vodafone Group PLC GBP 2,427,127 4,796,200 


Societe Generale SA EUR 127,458 4,659,357 


Syngenta AG CHF 15,407 3,621,647 

ENI SpA EUR 225,487 3,575,264 


UniCredit SpA EUR 2,412,653 3,235,087 

Henkel AG & Co KGaA EUR 76,284 3,181,768 

346



SIGNIFICANT PURCHASES AND SALES (unaudited)– Skandia European Equity Fund 

Issue 



Total SA EUR 77,612 3,003,330 

Koninklijke KPN NV EUR 278,833 2,951,406 


Telecom Italia SpA EUR 3,555,558 2,844,842 

Cie Financiere Richemont SA CHF 73,640 2,764,391 

Admiral Group PLC GBP 186,733 2,761,734 

Safran SA EUR 99,788 2,695,698 

Allianz SE EUR 37,239 2,653,888 

Bayer AG EUR 50,600 2,647,485 

AXA SA EUR 174,149 2,553,568 

Halfords Group PLC GBP 672,293 2,544,456 

Intercontinental Hotels Group PLC GBP 166,430 2,536,570 

Straumann Holding AG CHF 14,634 2,493,265 

Volkswagen AG EUR 16,361 2,340,190 

HSBC Holdings PLC GBP 369,597 2,324,274 

Capita Group PLC/The GBP 272,793 2,209,489 

Autonomy Corp PLC GBP 92,744 2,194,986 

BASF SE EUR 34,849 2,183,907 

Novo Nordisk A/S DKK 24,606 2,112,219 

Reed Elsevier PLC GBP 352,140 2,085,248 

TNT Express NV EUR 283,040 2,050,264 

BHP Billiton PLC GBP 72,926 2,043,085 

PostNL NV EUR 363,340 1,999,430 

Amlin PLC GBP 431,851 1,936,998 

Carlsberg A/S DKK 34,953 1,873,695 

Sulzer AG CHF 20,964 1,811,710 

Reckitt Benckiser Group PLC GBP 47,979 1,802,273 

Kuehne + Nagel International AG CHF 16,974 1,767,029 

PPR EUR 17,459 1,756,940 

Shire PLC GBP 79,358 1,734,997 

Lindt & Spruengli AG CHF 810 1,725,487 

Balfour Beatty PLC GBP 437,891 1,667,906 


Kabel Deutschland Holding AG EUR 38,899 1,641,308 

BG Group PLC GBP 98,319 1,575,566 

347



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia European Opportunities Fund 

Issue 


BUYS 



AXA SA EUR 196,200 2,588,100 

Aker Solutions ASA NOK 166,100 2,184,455 

Banco Bilbao Vizcaya Argentaria SA EUR 207,000 1,708,577 

Buzzi Unicem S.p.A EUR 204,000 1,652,663 

Bourbon SA EUR 43,425 1,500,036 

E.ON AG EUR 75,000 1,495,598 

Commerzbank AG EUR 485,000 1,475,015 

GAGFAH SA EUR 180,000 1,412,189 




Mediaset S.p.A EUR 270,000 1,245,187 

Obrascon Huarte Lain S.A. EUR 55,300 1,244,871 

Telecom Italia S.p.A EUR 1,100,000 1,194,013 

Allianz SE EUR 13,700 1,192,691 

UBS AG CHF 109,000 1,181,962 


Orkla ASA NOK 171,600 1,145,853 


Tdc A/S Dkk5 DKK 187,400 1,106,737 

Credito Emiliano S.p.A. EUR 202,400 1,087,906 

Kerry Group PLC EUR 40,000 1,053,833 

AXEL SPRINGER AG SPR GR EUR 9,400 1,045,100 

AtoS EUR 26,100 1,034,630 

Banca Intesa S.p.A. Risp EUR 995,000 1,016,604 

Comdirect Bank AG EUR 130,000 1,016,518 

France Telecom S.A. EUR 61,300 1,006,366 

Storebrand ASA NOK 199,500 988,503 

CRH Plc EUR 61,350 987,496 

Novo Nordisk A/S DKK 11,000 951,601 

UTD INTERNET AG NPV(REGD) EUR 65,000 878,832 

ABB Ltd CHF 49,000 878,312 

LVMH Moet Hennessy Louis Vuitton S.A. EUR 7,660 869,593 

Daimler AG EUR 16,600 861,191 

Temenos Group AG CHF 36,500 848,701 

Telefonaktiebolaget LM Ericsson SEK 84,000 828,972 

Smiths Group PLC GBP 64,000 815,161 

Nestle SA CHF 18,600 812,996 

Sanofi EUR 16,600 807,173 

Nutreco Holding NV Eur0.24 EUR 17,500 805,507 

Millicom International Cellular S.A. SEK 11,000 792,056 

Aareal Bank AG EUR 57,000 788,855 

348



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia European Opportunities Fund (continued) 

Issue 


SELLS 




AXA SA EUR 196,200 2,488,644 


Aker Solutions ASA NOK 166,100 1,959,140 

Buzzi Unicem S.p.A EUR 204,000 1,687,744 

Daimler AG EUR 36,000 1,656,242 

Banco Bilbao Vizcaya Argentaria SA EUR 209,406 1,611,271 

Salzgitter AG EUR 27,950 1,471,232 

Cie de St-Gobain EUR 39,100 1,434,687 

E.ON AG EUR 75,000 1,340,754 

Commerzbank AG EUR 485,000 1,296,422 

Lloyds Banking Group PLC GBP 1,750,000 1,285,861 


Danske Bank A/S DKK 67,400 1,246,208 

Allianz SE EUR 15,187 1,241,840 


Skandinaviska Enskilda Banken AB SEK 251,000 1,233,920 

Xstrata PLC GBP 96,300 1,210,189 

Deutsche Lufthansa AG EUR 69,200 1,177,583 

Obrascon Huarte Lain SA EUR 55,300 1,169,656 

Bourbon SA EUR 47,768 1,164,245 

Kerry Group PLC EUR 46,640 1,156,497 

Clariant AG CHF 78,980 1,122,312 


Statoil Fuel & Retail ASA NOK 191,900 1,107,433 


Yule Catto & Co PLC GBP 473,000 1,101,827 

GAGFAH SA EUR 180,000 1,101,004 

Orkla ASA NOK 171,600 1,098,125 

Centrotec Sustainable AG EUR 51,015 1,089,067 

Telecom Italia S.p.A EUR 1,100,000 1,077,491 


UBS AG CHF 109,000 1,017,459 

Nestle SA CHF 25,018 1,006,368 

DnB NOR ASA NOK 117,400 990,444 

Mediaset S.p.A EUR 270,000 984,903 

Danieli & C Officine Meccaniche SpA EUR 94,100 978,757 

France Telecom S.A. EUR 61,300 941,850 

Comdirect Bank AG EUR 130,000 920,492 

Yara International ASA NOK 21,850 911,221 

Credito Emiliano S.p.A. EUR 202,400 890,308 

Millicom International Cellular SA SEK 11,000 869,411 

Axel Springer AG EUR 28,200 856,622 

349



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Swedish Equity Fund 

Issue 

Security Description Currency Shares/Par Cost SEK 

BUYS 

Nordea Bank AB SEK 1,497,500 101,633,367 

Hennes & Mauritz AB SEK 276,800 60,713,548 

Atlas Copco AB SEK 360,000 54,136,524 

SKF AB SEK 278,500 48,547,548 

Meda AB SEK 684,200 45,618,136 

Investor AB SEK 329,300 39,845,196 

Millicom International Cellular SA SEK 51,400 35,581,355 

Autoliv Inc SEK 68,700 30,047,852 

Mekonomen AB SEK 135,600 29,439,449 

Volvo AB SEK 308,400 27,310,927 

Avanza Bank Holding AB SEK 116,200 27,199,603 

Kinnevik Investment AB SEK 177,500 26,067,327 

ABB Ltd SEK 161,500 24,132,017 

Modern Times Group AB SEK 50,500 21,032,182 

Scania AB SEK 130,200 18,553,947 

Sandvik AB SEK 152,000 17,326,792 

Boliden AB SEK 129,400 13,218,924 

Electrolux AB SEK 115,500 13,040,934 

Skandinaviska Enskilda Banken AB SEK 356,200 12,887,852 

Hexagon AB SEK 89,000 11,188,876 

AarhusKarlshamn AB SEK 57,700 10,201,341 

Alfa Laval AB SEK 74,100 9,390,987 

Nobia AB SEK 340,500 8,988,218 

Concentric AB SEK 252,000 8,737,280 

JM AB SEK 66,000 8,203,595 

Issue 

Security Description Currency Shares/Par Proceeds SEK 

SELLS 

Sandvik AB SEK 1,248,200 125,802,064 

Volvo AB SEK 1,112,500 108,781,847 


Swedbank AB SEK 1,053,550 96,766,882 

Tele2 AB SEK 572,800 84,735,532 

Skandinaviska Enskilda Banken AB SEK 1,381,500 75,199,060 

TeliaSonera AB SEK 1,374,700 73,053,696 



Boliden AB SEK 516,600 61,052,875 



SKF AB SEK 372,500 57,130,525 

Hexagon AB SEK 384,600 50,796,043 

ABB Ltd SEK 301,200 44,523,211 

Modern Times Group AB SEK 95,300 38,977,245 

Oriflame Cosmetics SA SEK 91,800 32,952,145 

JM AB SEK 220,200 32,823,690 

Kinnevik Investment AB SEK 202,700 27,600,548 

Lindab International AB SEK 489,600 25,091,995 

Indutrade AB SEK 129,700 23,834,767 


Scania AB SEK 130,200 18,592,013 

350



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Swedish Growth Fund 

Issue 

Security Description Currency Shares/Par Cost SEK 

BUYS 


Sandvik AB SEK 1,073,000 111,576,841 


Telefonaktiebolaget LM Ericsson SEK 1,309,000 100,179,263 


Volvo AB SEK 934,000 92,352,772 


Swedbank AB SEK 746,000 73,965,285 

AstraZeneca PLC SEK 217,000 66,657,386 

Svenska Handelsbanken AB SEK 322,000 64,215,463 

Swedish Match AB SEK 292,000 61,126,332 

Svenska Cellulosa AB SEK 638,000 58,955,848 

Tele2 AB SEK 456,000 58,203,651 

SKF AB SEK 318,000 52,553,948 


Skanska AB SEK 407,000 45,210,055 

Assa Abloy AB SEK 250,000 44,796,354 


SSAB AB SEK 497,000 38,925,370 


Securitas AB SEK 533,000 34,795,321 


Getinge AB SEK 190,000 30,142,899 

Elekta AB - B Shares SEK 108,000 26,340,238 

Trelleborg AB Ser'b'sek25 SEK 332,000 23,223,315 

Millicom International Cellular S.A. SEK 33,000 22,142,326 

Meda AB SEK 314,000 20,648,020 

NCC AB SEK 142,000 19,992,094 

Issue 


SELLS 





Volvo AB SEK 1,066,000 104,167,558 

Sandvik AB SEK 1,050,000 100,116,814 

AstraZeneca PLC SEK 302,000 95,264,635 



Svenska Cellulosa AB SEK 686,000 67,690,559 

Swedbank AB SEK 610,000 66,042,235 

ABB Ltd SEK 400,000 63,083,305 


Svenska Handelsbanken AB SEK 322,000 55,962,902 

SKF AB SEK 326,000 52,585,971 


Skanska AB SEK 406,000 50,544,665 

Getinge AB SEK 253,000 43,541,092 

Assa Abloy AB SEK 250,000 39,718,757 


Swedish Match AB SEK 148,000 32,891,811 

351



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Swedish Growth Fund (continued) 

Issue 



Scania AB SEK 279,000 31,720,823 

Tele2 AB SEK 244,000 31,528,062 

JM AB SEK 202,300 30,088,831 

Investor AB SEK 215,000 28,794,574 

NCC AB SEK 146,000 26,057,149 

Boliden AB SEK 200,000 23,511,161 

Millicom International Cellular S.A. SEK 33,000 23,472,694 

Trelleborg AB Ser'b'sek25 SEK 332,000 22,322,171 

SSAB AB SEK 227,000 21,911,061 

352



SIGNIFICANT PURCHASES AND SALES (unaudited)– Skandia Japanese Equity Fund 

Issue 

Security Description Currency Shares/Par Cost JPY 

BUYS 

Nomura TOPIX Exchange Traded Fund JPY 2,060,410 1,717,784,878 

Mitsubishi UFJ Financial Group Inc JPY 1,479,000 550,764,097 

Mitsui & Co Ltd JPY 294,400 402,159,216 

Sumitomo Mitsui Financial Group Inc JPY 165,600 383,963,107 

Mizuho Financial Group Inc JPY 2,983,400 369,240,679 

Toyota Motor Corp JPY 111,000 330,479,004 

Asahi Glass Co Ltd JPY 300,000 286,077,031 

Hitachi Ltd JPY 642,000 282,314,924 

Nippon Telegraph & Telephone Corp JPY 73,200 281,810,198 

Sumitomo Corp JPY 225,300 238,668,253 

Komatsu Ltd JPY 106,900 232,103,057 

Honda Motor Co Ltd JPY 77,600 227,123,652 

Toshiba Corp JPY 576,000 213,634,771 

Nippon Steel Corp JPY 834,000 212,868,497 

Mitsubishi Chemical Holdings Corp JPY 370,000 205,746,086 

KDDI Corp JPY 360 190,675,076 

NTT DoCoMo Inc JPY 1,286 184,450,753 

Mitsubishi Corp JPY 103,300 180,170,048 

Canon Inc JPY 48,600 176,942,968 

Sumitomo Electric Industries Ltd JPY 157,800 176,247,003 

East Japan Railway Co JPY 38,200 175,386,400 

Issue 

Security Description Currency Shares/Par Proceeds JPY 

SELLS 

Nomura TOPIX Exchange Traded Fund JPY 1,938,770 1,580,640,482 

Mizuho Financial Group Inc JPY 3,731,400 470,463,480 

Mitsui & Co Ltd JPY 302,200 376,162,194 

Mitsubishi UFJ Financial Group Inc JPY 975,800 357,509,036 

Sumitomo Mitsui Financial Group Inc JPY 151,300 354,279,764 

Hitachi Ltd JPY 781,000 325,971,098 

Mitsubishi Chemical Holdings Corp JPY 506,000 264,280,798 

Mitsubishi Corp JPY 131,400 250,095,932 

Toyota Motor Corp JPY 80,500 234,088,921 

TDK Corp JPY 49,100 217,472,196 

Asahi Glass Co Ltd JPY 236,000 207,033,898 

Dena Co Ltd JPY 65,200 204,485,428 

Nippon Electric Glass Co Ltd JPY 194,000 203,623,956 

Sumitomo Corp JPY 187,600 192,790,444 

Nitto Denko Corp JPY 49,300 186,634,799 

East Japan Railway Co JPY 40,200 181,771,630 

Tokyo Electric Power Co Inc/The JPY 142,000 174,187,564 

Nippon Telegraph & Telephone Corp JPY 44,700 167,736,813 

Honda Motor Co Ltd JPY 63,100 164,932,992 

Nidec Corp JPY 21,600 153,763,699 

Toshiba Corp JPY 419,000 151,647,286 

Softbank Corp JPY 60,500 151,409,258 

Sony Corp JPY 74,800 149,465,080 

353



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Pacific Equity Fund 

Issue 


BUYS 

DBS Group Holdings Ltd SGD 3,124,486 37,428,865 

Axiata Group Berhad MYR 10,637,300 17,812,707 

Henderson Land Development Co Ltd HKD 2,248,224 16,279,871 

Hutchison Whampoa Ltd HKD 1,437,000 13,423,316 

Mahindra & Mahindra Ltd INR 857,998 12,733,501 

MTR Corp HKD 3,066,524 11,658,781 

Quanta Computer Inc TWD 5,500,000 10,784,530 

Tata Power Co Ltd INR 391,313 9,169,867 

China Merchants Holdings Intl HKD 3,058,000 8,765,788 

Cheung Kong Holdings Ltd HKD 741,000 8,612,895 

ResMed Inc AUD 2,500,477 7,878,042 

Worleyparsons Ltd AUD 262,976 7,814,085 

Wesfarmers Ltd AUD 212,552 7,235,035 

Chunghwa Telecom Co Ltd TWD 2,744,438 6,992,875 

CNOOC Ltd HKD 3,229,000 5,978,180 

AIA Group Ltd HKD 1,835,000 5,655,237 

Newcrest Mining Ltd AUD 113,285 4,712,213 

QR National Ltd AUD 1,143,394 4,089,614 

Taiwan Semiconductor Manufacturing Co Ltd TWD 1,528,002 3,749,842 

Siam Commercial Bank PCL THB 1,008,100 3,610,767 

Issue 


SELLS 

Swire Pacific Ltd HKD 2,066,500 31,373,727 



Bharti Airtel Ltd INR 2,739,777 22,568,609 

Oversea-Chinese Banking Corp Ltd SGD 2,709,000 20,357,591 

China Telecom Corp Ltd HKD 30,418,000 18,427,500 

Hindustan Unilever Ltd INR 2,404,500 16,651,241 

QR National Ltd AUD 4,707,083 15,913,199 

PTT PCL THB 1,315,500 14,586,743 

CNOOC Ltd HKD 6,361,000 13,561,631 



Oil Search Ltd AUD 1,692,917 11,850,988 

Quanta Computer Inc TWD 5,500,000 11,788,096 

Wesfarmers Ltd AUD 327,867 10,296,589 

Samsung Electronics Co Ltd KRW 12,351 9,609,827 

Singapore Telecommunications Ltd SGD 3,673,000 9,015,514 

IOI Corp Bhd MYR 4,959,200 8,469,330 

Woodside Petroleum Ltd AUD 190,694 8,070,027 

Hong Kong & China Gas Co Ltd HKD 3,608,001 8,066,933 

Infosys Ltd INR 135,802 7,180,633 

Siam Commercial Bank PCL THB 1,918,500 7,145,100 

China Life Insurance Co Ltd HKD 2,558,000 7,138,290 

Toll Holdings Ltd AUD 1,595,649 7,103,485 

Samsung Fire & Marine Insurance Co Ltd KRW 34,511 6,920,777 

Henderson Land Development Co Ltd HKD 1,298,000 6,877,652 

Kasikornbank PCL THB 1,472,700 6,067,920 

CSL Ltd AUD 186,084 5,807,262 

354



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Pacific Equity Fund (continued) 

Issue 



Westfield Group AUD 593,582 5,727,560 

CIMB Group Holdings Bhd MYR 2,023,600 5,355,977 

MTR Corp HKD 1,525,000 5,313,646 

Shinsegae Co Ltd KRW 16,692 5,312,815 

E-Mart Co Ltd KRW 20,998 5,208,613 

Mahindra & Mahindra Ltd INR 278,258 4,533,847 

LG Corp KRW 77,383 4,531,511 

355



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Greater China Equity Fund 

Issue 


BUYS 


Fubon Financial Holding Co Ltd TWD 4,701,000 6,673,364 

Hong Kong & China Gas Co Ltd HKD 2,880,000 6,607,150 

Link REIT/The HKD 1,502,341 5,192,951 

President Chain Store Corp TWD 693,000 3,837,161 

China Merchants Holdings Intl HKD 1,316,000 3,788,254 

Synnex Technology International Corp TWD 1,458,000 3,551,867 


Sun Art Retail Group Limited HKD 2,668,000 2,493,257 

China Merchants Bank Co Ltd HKD 1,148,500 2,220,125 

AIA Group Ltd HKD 732,800 2,188,403 

AU Optronics Corp TWD 2,438,000 1,934,573 

Belle International Holdings Ltd HKD 912,000 1,912,667 

Compal Electronics Inc TWD 925,000 1,189,129 

CNOOC Ltd HKD 611,000 1,103,435 

Wing Hang Bank Ltd HKD 111,000 1,071,860 

China Oilfield Services Ltd HKD 524,000 1,046,720 

China Shanshui Cement Group Ltd HKD 1,085,000 975,788 

Quanta Computer Inc TWD 398,000 826,994 

Powertech Technology Inc TWD 222,000 822,085 

Issue 


SELLS 


Jardine Matheson Holdings Ltd USD 180,000 8,655,291 

Henderson Land Development Co Ltd HKD 976,137 6,131,749 

Compal Electronics Inc TWD 6,187,015 5,570,767 

Hengan International Group Co Ltd HKD 685,500 5,509,947 

Yantai Changyu Pioneer Wine Co Ltd HKD 469,942 5,113,041 

China Mobile Ltd HKD 551,500 4,881,977 

Li Ning Co Ltd HKD 3,606,500 4,616,177 

Hotai Motor Co Ltd TWD 1,063,000 4,437,314 

Fubon Financial Holding Co Ltd TWD 2,847,001 4,327,392 

China Shanshui Cement Group Ltd HKD 4,725,000 4,206,404 

Simplo Technology Co Ltd TWD 577,000 4,094,962 

Synnex Technology International Corp TWD 1,649,428 4,031,761 

Wing Hang Bank Ltd HKD 285,000 3,550,492 

Chinatrust Financial Holding Co Ltd TWD 4,357,000 3,268,916 

China Telecom Corp Ltd HKD 5,102,000 3,043,710 

ASM Pacific Technology Ltd HKD 226,100 3,018,483 

Dairy Farm International Holdings Ltd USD 333,900 2,842,819 

Taiwan Semiconductor Manufacturing Co Ltd TWD 993,000 2,543,544 

China Vanke Co Ltd HKD 1,872,400 2,371,357 

Lee & Man Paper Manufacturing Ltd HKD 6,489,000 2,329,313 

Mindray Medical International Ltd USD 87,075 2,291,309 

Delta Electronics Inc TWD 473,000 2,140,173 

CNOOC Ltd HKD 797,000 2,102,645 

President Chain Store Corp TWD 408,000 2,102,617 

356



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Greater China Equity Fund (continued) 

Issue 



Swire Pacific Ltd HKD 595,000 1,796,219 

Powertech Technology Inc TWD 528,001 1,649,482 

Kingboard Chemical Holdings Ltd HKD 293,000 1,606,624 

Sun Art Retail Group Limited HKD 1,334,000 1,562,052 

China Resources Power Holdings Co Ltd HKD 736,000 1,391,488 

357



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Global Bond Fund 

Coupon Maturity Issue 

Security Description Rate % Date Currency Shares/Par Cost USD 

BUYS 

Bundesrepublik Deutschland 3.50 04/01/2016 EUR 3,965,000 5,865,754 

Bundesobligation 2.00 26/02/2016 EUR 3,540,000 4,985,906 

Japan Government Five Year Bond 0.60 20/03/2016 JPY 273,850,000 3,546,762 

U.K. Treasury 2.00 22/01/2016 GBP 1,880,000 3,013,401 

U.S. Govt Treasury Bill 0.00 14/04/2011 USD 3,000,000 2,999,665 

U.S. Treasury Note/Bond 1.88 28/02/2014 USD 2,690,000 2,791,943 



United States Treasury Note/Bond 7.50 15/11/2016 USD 1,975,000 2,645,674 


Bundesschatzanweisung 0.25 13/12/2013 EUR 2,000,000 2,608,569 

Japan Government Ten Year Bond 1.30 20/06/2020 JPY 202,050,000 2,539,609 




Fannie Mae Pool 4.50 15/01/2041 USD 2,000,000 2,117,500 


FNCL TBA - 05 4.50 25/02/2040 USD 2,000,000 2,108,836 

FNCL TBA - 10 4.50 25/02/2040 USD 1,900,000 2,013,539 

Sweden Government Bond 3.00 12/07/2016 SEK 12,175,000 1,969,527 


Security Description Rate % Date Currency Shares/Par Proceeds USD 

SELLS 






Japan Government Five Year Bond 0.70 20/12/2013 JPY 214,000,000 2,701,593 



FNCL TBA - 05 4.50 25/02/2040 USD 2,000,000 2,116,875 


FNCL TBA - 10 4.50 25/02/2040 USD 1,900,000 2,007,953 








FNCL TBA - 10 4.50 25/02/2040 USD 1,600,000 1,629,438 


358



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Total Return USD Bond Fund 



BUYS 

U.S. Treasury 1.75 31/08/2018 USD 249,400,000 250,555,316 

FNCL TBA 4.00 25/02/2040 USD 71,000,000 71,563,047 


FNCL 4.00 25/02/2040 USD 62,500,000 64,090,039 






Federal Home Loan Discount Note 0.00 05/08/2011 USD 56,000,000 55,993,634 



United States Treasury Inflation Indexed 

Bonds 2.50 15/01/2029 USD 36,222,000 47,532,557 


Federal National Mortgage Association 5.00 15/02/2042 USD 38,300,000 40,164,691 

FNCL 3.00 25/10/2026 USD 38,000,000 38,982,188 

FNCL 3.00 25/02/2040 USD 38,000,000 38,782,539 






SELLS 







Federal National Mortgage Association 5.00 10/02/2035 USD 55,300,000 57,916,684 


Federal Home Loan Discount Note 0.00 05/08/2011 USD 56,000,000 55,995,148 


FNCL 4.00 25/02/2040 USD 48,500,000 48,679,766 

United States Treasury Inflation Indexed 

Bonds 2.50 15/01/2029 USD 35,822,000 47,423,790 

FNCL TBA 4.00 25/02/1940 USD 46,500,000 46,859,258 

United States Treasury Bill 0.00 08/04/2011 USD 44,900,000 44,897,169 


FNCL 3.00 25/02/2040 USD 38,000,000 39,095,156 



FNCL 5.00 05/11/2036 USD 34,000,000 35,846,660 


359



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Swedish Bond Fund 


Security Description Rate % Date Currency Shares/Par Cost SEK 

BUYS 



Swedbank Hypotek AB 3.75 15/06/2016 SEK 23,000,000 23,627,919 

Electrolux AB 4.50 16/08/2016 SEK 17,500,000 17,480,400 

Fortum OYJ 2.78 21/05/2012 SEK 15,000,000 15,008,677 







Stadshypotek AB 6.00 21/06/2017 SEK 6,000,000 6,731,860 

Skandinaviska Enskilda 4.25 15/06/2016 SEK 5,000,000 5,380,658 

Swedbank AB 4.00 04/11/2014 SEK 5,000,000 5,036,022 



Security Description Rate % Date Currency Shares/Par Proceeds SEK 

SELLS 






Electrolux AB 4.50 01/11/2012 SEK 13,000,000 13,547,625 



Nordea Hypotek AB 3.25 17/06/2015 SEK 3,000,000 2,985,349 



360



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia SEK Reserve Fund 


Security Description Rate % Date Currency Shares/Par Cost SEK 

BUYS 

Sweden Treasury Bill – 21/09/2011 SEK 88,000,000 87,440,723 














Swedish Government Bond 6.75 05/05/2014 SEK 100,000 117,523 


Security Description Rate % Date Currency Shares/Par Proceeds SEK 

SELLS 













361



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Emerging Market Debt Fund 



BUYS 

Russian Foreign Bond - Eurobond 7.50 31/03/2030 USD 19,813,027 20,174,213 

Petroleos de Venezuela SA 4.90 28/10/2014 USD 26,390,525 19,180,232 

Mexican Bonos 8.00 11/06/2020 MXN 124,530,000 11,425,139 


Brazilian Government International Bond 4.88 18/11/2038 USD 10,022,000 10,945,398 

Argentina Government International Bond 5.83 22/01/2021 ARS 30,674,333 10,427,745 


South Africa Government Bond 10.50 21/12/2026 ZAR 56,750,000 9,866,434 


Bond 7.82 31/12/33 EUR 7,674,063 8,704,773 


South Africa Government International Bond 5.50 21/12/2018 USD 7,314,000 7,996,724 


Republic of Lithuania Government Bond 6.13 09/03/2021 USD 7,032,000 7,048,683 


Bond 7.82 31/12/2033 EUR 6,340,545 7,017,780 

KazMunayGas National Co 11.75 23/01/2015 USD 5,502,000 6,973,149 

Republic of South Africa 13.50 01/01/2015 ZAR 37,320,000 6,776,162 

United Mexican States 5.75 12/10/2011 USD 6,706,000 6,605,177 

Argentina Government International Bond N.A. 15/12/2035 EUR 33,729,000 6,391,956 

Croatia Government Bond 6.38 24/03/2021 USD 5,920,000 5,962,031 

Mexico (United Mexican States) 6.50 06/10/2021 MXN 72,220,000 5,767,685 



SELLS 

Russian Foreign Bond - Eurobond 7.50 31/03/2030 USD 14,782,266 15,199,690 


Argentina Bonos 7.00 10/03/2015 USD 12,262,122 11,443,349 


Venezuela Government International Bond 8.50 10/08/2014 USD 8,765,000 8,199,205 


Philippine Government International Bond 4.00 15/01/2021 USD 7,765,000 7,543,812 


Mexican Udibonos 4.00 13/06/2019 MXN 76,544,748 7,152,323 

Philippine Government International Bond 6.38 23/10/2034 USD 6,296,000 7,036,010 

Argentina Government International Bond 5.83 31/12/2033 ARS 18,171,046 6,846,930 

Republic of South Africa 13.50 01/01/2015 ZAR 37,320,000 6,807,196 




Mexico Government International Bond 8.30 15/08/2031 USD 4,236,000 6,002,637 

Mexico Government International Bond 5.63 15/01/2017 USD 5,190,000 5,735,868 

Colombia Government International Bond 7.38 27/01/2017 USD 4,579,000 5,553,624 

Nota Do Tesouro Nacional 10.00 07/10/2021 BRL 930,000 5,220,059 

Qatar Government International Bond 5.25 20/01/2020 USD 4,869,000 5,186,024 

362



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Swiss Equity Fund 

Issue 

Security Description Currency Shares/Par Cost CHF 

BUYS 


UBS AG CHF 247,000 3,040,040 

Geberit AG CHF 15,500 3,006,143 

Sonova Holding AG CHF 23,500 2,299,605 

Sulzer AG CHF 16,300 2,061,877 


ABB Ltd CHF 107,000 1,771,540 


Givaudan SA CHF 2,050 1,617,600 



Nestle SA CHF 24,000 1,279,896 

Transocean Ltd CHF 30,000 1,274,405 

Schmolz+bickenbach AG-Reg CHF 130,000 1,243,285 


Lonza Group AG CHF 17,400 968,147 

Synthes Inc CHF 6,500 950,925 

Schweiter Technologies AG CHF 1,850 912,001 

Schaffner Holding AG CHF 3,080 893,875 

Meyer Burger Technology AG CHF 30,400 852,124 

U-Blox AG CHF 19,778 839,544 

Panalpina Welttransport Holding AG CHF 6,821 778,420 

Basilea Pharmaceutica CHF 19,000 760,076 

Credit Suisse Group AG CHF 35,000 744,417 

Galenica AG CHF 1,450 707,343 

Fischer (Georg)-Reg CHF 2,000 688,038 

Swissquote Group Holding CHF 19,700 674,958 

Actelion Ltd CHF 14,000 661,566 

Zehnder Group AG CHF 13,500 655,728 

Tecan Group AG CHF 9,200 636,356 

Rieter Holding AG CHF 1,700 612,585 

Adecco SA CHF 16,000 586,796 

Swatch Group AG/The CHF 10,000 562,812 

Clariant AG CHF 36,000 561,368 

Mobimo Holding AG-Reg CHF 2,500 556,850 

Logitech International SA CHF 70,000 505,595 

Schindler-Holding AG CHF 5,800 471,462 

Issue 

Security Description Currency Shares/Par Proceeds CHF 

SELLS 

Synthes Inc CHF 21,400 3,126,641 

Sonova Holding AG CHF 32,300 3,008,448 

Meyer Burger Technology AG CHF 89,300 2,892,275 


UBS AG CHF 197,000 2,387,379 

Givaudan SA CHF 2,230 2,056,156 


Geberit AG CHF 9,100 1,735,718 

363



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Swiss Equity Fund (continued) 

Issue 

Security Description Currency Shares/Par Proceeds CHF 


Rieter Holding AG CHF 4,570 1,684,087 


Nestle SA CHF 30,000 1,495,969 



Lonza Group AG CHF 16,000 1,096,121 

Schmolz + Bickenbach AG CHF 146,250 964,950 

OC Oerlikon Corp AG CHF 160,000 940,036 

Syngenta AG CHF 3,100 931,896 

Holcim Ltd CHF 19,000 888,423 

Partners Group Holding AG CHF 5,091 865,093 

Temenos Group AG CHF 25,000 861,769 

Galenica AG CHF 1,525 832,923 

Nobel Biocare Holding AG CHF 42,000 830,021 

Credit Suisse Group AG CHF 19,500 824,356 

Charles Voegele Holding AG CHF 13,600 770,353 

Sulzer AG CHF 6,500 668,831 

Tecan Group AG CHF 9,200 575,599 

Gategroup Holding AG CHF 9,800 512,137 

Adecco SA CHF 8,000 507,050 

Mobimo Holding AG-Reg CHF 2,500 490,763 

Julius Baer Group Ltd CHF 14,000 460,659 

Helvetia Holding AG CHF 1,520 446,428 

364



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Healthcare Fund 

Issue 


BUYS 


Sanofi EUR 76,700 5,572,444 

Mitsubishi Tanabe Pharma Corp JPY 227,300 3,784,175 

Allergan Inc/United States USD 45,400 3,488,230 

Express Scripts Inc USD 55,000 3,157,680 


WellPoint Inc USD 42,400 3,019,149 

Bristol-Myers Squibb Co USD 105,300 2,941,666 


Pharmasset Inc USD 28,000 2,664,297 

Pfizer Inc USD 131,100 2,627,841 

Incyte Corp Ltd USD 166,200 2,489,943 

Onyx Pharmaceuticals USD 68,000 2,459,787 

Life Technologies Corp USD 49,600 2,443,672 

Sinopharm Group Co. HKD 660,000 2,305,188 

Shandong Weigao HKD 984,000 2,244,293 

Dendreon Corp USD 216,000 2,117,530 

Medco Health Solutions Inc USD 42,000 1,989,730 

Gilead Sciences Inc USD 49,400 1,975,693 

Sawai Pharmaceutical Co Ltd JPY 21,000 1,966,468 

HCA Holdings Inc USD 53,300 1,797,050 

Sequenom Inc USD 260,000 1,766,809 


Shire PLC USD 18,600 1,752,810 

Warner Chilcott PLC USD 75,700 1,689,812 

United Therapeutic USD 27,000 1,687,994 


Aetna Inc USD 39,100 1,596,509 



Towa Pharmaceutical Co Ltd JPY 27,000 1,486,095 

Forest Laboratories Inc USD 42,000 1,431,316 

Vivus Inc USD 155,000 1,313,762 

Nichi-iko Pharmaceutical Co Ltd JPY 50,000 1,306,292 

Regeneron Pharmaceuticals USD 22,200 1,296,262 

McKesson Corp USD 15,100 1,221,064 

Mylan Inc/PA USD 53,000 1,217,151 

Cardinal Health Inc USD 27,000 1,150,482 

Teva Pharmaceutical Industries Ltd USD 24,900 1,058,939 

Illumina Inc USD 14,500 1,045,732 

Issue 


SELLS 

Gilead Sciences Inc USD 148,400 5,837,391 

Amgen Inc USD 97,000 5,130,237 

Genzyme Corp USD 64,000 4,788,961 

Perrigo Co USD 49,700 4,131,751 

Shire PLC USD 40,600 3,905,641 

Vertex Pharmaceuticals Inc USD 65,000 2,961,994 

Onyx Pharmaceuticals USD 68,000 2,893,808 

Dendreon Corp USD 83,400 2,809,002 


365



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Healthcare Fund (continued) 

Issue 



Allergan Inc/United States USD 32,400 2,689,956 

Bristol-Myers Squibb Co USD 90,300 2,629,295 

Hospira Inc USD 61,200 2,608,108 

Shionogi & Co Ltd JPY 159,000 2,591,609 

BioMarin Pharmaceutical Inc USD 82,000 2,349,103 

Endo Pharmaceuticals Holdings Inc USD 67,500 2,330,274 

Illumina Inc USD 61,500 2,308,115 

Celgene Corp USD 38,200 2,290,803 


Pfizer Inc USD 114,100 2,152,443 

Sawai Pharmaceutical Co Ltd JPY 21,000 2,121,764 

Express Scripts Inc USD 55,000 2,111,388 

Elan Corp PLC USD 200,800 1,883,458 

Mitsubishi Tanabe Pharma Corp JPY 100,000 1,723,503 



Pharmasset Inc USD 18,000 1,600,588 


United Therapeutics Corp USD 27,000 1,453,830 

Medivir AB SEK 79,400 1,440,174 

Baxter International Inc USD 20,000 1,152,584 

Sanofi EUR 16,700 1,129,903 

Human Genome Sciences Inc USD 99,800 1,122,444 

Momenta Pharmaceuticals Inc USD 79,000 1,013,356 

WellPoint Inc USD 15,400 996,779 

Teva Pharmaceutical Industries Ltd USD 24,900 992,193 

366



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Technology Fund 

Issue 


BUYS 


EMC Corp/Massachusetts USD 175,755 4,833,735 

Amdocs Ltd USD 155,400 4,514,721 

Apple Inc USD 9,335 3,588,688 

eBay Inc USD 113,150 3,371,539 


NetApp Inc USD 68,300 3,114,908 

Iron Mountain Inc USD 90,830 3,054,125 


FANUC Corp JPY 16,400 2,537,015 


QLIK Technologies Inc USD 92,115 2,285,780 

STR Holdings Inc USD 116,640 2,224,472 

bwin.party digital entertainment GBP 942,734 2,202,500 

Time Warner Cable Inc USD 27,680 2,140,041 

Walt Disney Co USD 51,680 2,131,912 

ON Semiconductor Corp USD 202,623 2,121,243 

athenahealth Inc USD 41,170 1,865,096 

Ultra Electronic GBP 64,173 1,804,616 


ANSYS Inc USD 29,440 1,524,545 

ASML Holding NV EUR 37,866 1,441,630 

NRG Energy Inc USD 57,655 1,428,600 

Realpage Inc USD 64,620 1,425,416 

News Corp USD 79,140 1,415,031 


News Corp USD 81,845 1,355,695 

Solera Holdings Inc USD 23,010 1,347,439 

Netflix Inc USD 6,310 1,342,897 

ARM Holdings PLC GBP 136,891 1,319,003 


Gartner Inc USD 35,368 1,252,591 

Vistaprint NV USD 44,235 1,245,611 

SBA Communications Corp USD 31,700 1,212,388 

Wheat Future(Cbt) USD 42,410 1,208,145 


Cornerstone OnDemand Inc USD 69,355 1,118,199 

Verisk Analytics Inc USD 33,195 1,116,356 

Mastercard Inc USD 3,030 1,097,459 

Lam Research Corp USD 19,975 1,045,169 


367



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Technology Fund (continued) 

Issue 


SELLS 

Texas Instruments Inc USD 144,945 5,100,143 




SolarWinds Inc USD 164,225 3,951,337 

Atmel Corp USD 292,390 3,843,705 

Google Inc USD 6,855 3,646,291 

Apple Inc USD 10,627 3,591,314 



Amdocs Ltd USD 102,665 2,997,324 

ARM Holdings PLC GBP 316,565 2,718,940 

Totvs SA BRL 145,700 2,620,507 


Adobe Systems Inc USD 94,940 2,490,287 

FANUC Corp JPY 14,800 2,455,753 

athenahealth Inc USD 39,390 2,305,349 


eBay Inc USD 71,705 2,199,114 

Yahoo! Inc USD 127,839 2,093,365 

LG Electronics Inc KRW 24,595 2,088,302 

Blackboard Inc USD 48,910 2,055,454 


Vocus Inc USD 82,656 2,029,248 

Lam Research Corp USD 41,215 1,900,137 

BM&FBovespa SA BRL 264,200 1,774,937 

Finisar Corp USD 63,525 1,767,663 

QLIK Technologies Inc USD 60,980 1,757,099 

Celgene Corp USD 27,225 1,630,508 

TE Connectivity Ltd USD 52,385 1,599,812 

AOL Inc USD 96,295 1,592,209 

ON Semiconductor Corp USD 151,458 1,416,782 

Jupiter Telecommunications Co Ltd JPY 1,347 1,391,303 

News Corp USD 81,845 1,324,015 

KLA-Tencor Corp USD 26,538 1,306,125 

Myriad Genetics Inc USD 58,860 1,269,943 

Advent Software Inc USD 46,800 1,267,920 

Juniper Networks Inc USD 48,210 1,221,915 

Quest Software Inc USD 47,220 1,162,914 

368



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia European Best Ideas Fund 

Issue 


BUYS 

Allianz SE EUR 235,977 18,172,053 

Xstrata PLC GBP 1,041,678 14,775,650 

AXA SA EUR 948,519 12,129,329 


Bayerische Motoren Werke AG EUR 192,210 11,643,211 

Fresenius SE & Co KGaA EUR 155,202 11,227,257 



Linde AG EUR 91,037 10,173,914 

Bayer AG EUR 215,229 10,089,836 

Metro AG EUR 258,367 9,627,607 


Gazprom OAO USD 911,198 9,277,684 

Red Electrica Corp SA EUR 223,633 9,155,938 

Pandora A/S DKK 298,503 9,135,217 


CRH PLC EUR 546,908 8,365,869 

SAP AG EUR 185,001 8,134,302 

Vinci SA EUR 200,099 8,039,796 

European Aeronautic Defence and Space Co NV EUR 331,057 7,449,814 

Fugro NV EUR 132,867 7,322,589 

DSV A/S DKK 467,099 7,303,098 

Issue 


SELLS 

Clariant AG CHF 1,160,939 14,027,438 

Bayerische Motoren Werke AG EUR 234,269 13,704,682 

Xstrata PLC GBP 1,015,000 12,461,235 

AXA SA EUR 948,519 10,180,911 


Centrica PLC GBP 2,667,177 9,437,972 

Metro AG EUR 258,367 8,890,824 

Muenchener Rueckversicherungs AG EUR 82,065 8,889,467 



Lukoil OAO USD 190,814 8,508,125 

K+S AG EUR 158,584 8,338,747 

Allianz SE EUR 105,366 7,724,526 

Parmalat SpA EUR 3,207,156 7,485,610 

Fresenius SE & Co KGaA EUR 108,159 7,400,779 

UPM-Kymmene OYJ EUR 620,000 7,164,813 

CRH PLC EUR 546,908 6,818,591 



Vallourec SA EUR 110,982 6,598,401 

Royal Dutch Shell PLC EUR 268,914 6,579,827 

369



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia US Large Cap Value Fund 

Issue 


BUYS 




Kohl's Corp USD 73,450 3,853,420 

Visa Inc USD 45,500 3,800,868 

BlackRock Inc USD 22,380 3,748,864 




Staples Inc USD 189,200 3,250,297 

Boeing Co/The USD 46,988 3,243,839 

TD Ameritrade Holding Corp USD 168,000 3,162,414 



DaVita Inc USD 40,400 3,080,195 


Prudential Financial Inc USD 53,300 2,982,232 

CenturyLink Inc USD 82,100 2,942,235 

TJX Cos Inc USD 52,587 2,925,382 

Danaher Corp USD 58,300 2,851,308 

Texas Instruments Inc USD 89,250 2,813,952 

Applied Materials Inc USD 198,200 2,768,811 

MetLife Inc USD 73,900 2,749,043 


Ingersoll-Rand PLC USD 69,650 2,720,965 

Waste Management Inc USD 76,700 2,657,269 

Laboratory Corp of America Holdings USD 30,000 2,638,341 

CIT Group Inc USD 65,450 2,597,319 

International Paper Co USD 90,200 2,596,513 

Apple Inc USD 6,979 2,589,682 

Aetna Inc USD 64,750 2,581,446 


NYSE Euronext USD 81,200 2,488,039 

Franklin Resources Inc USD 20,526 2,427,183 

Yahoo! Inc USD 142,500 2,251,433 




Issue 


SELLS 

Franklin Resources Inc USD 36,140 4,338,732 



Apple Inc USD 7,250 2,648,330 





Prudential Financial Inc USD 43,710 2,317,373 

370



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia US Large Cap Value Fund (continued) 

Issue 


SELLS 

Everest Re Group Ltd USD 26,450 2,205,110 

DaVita Inc USD 27,680 2,168,933 




TJX Cos Inc USD 37,200 2,019,405 

Fiserv Inc USD 32,500 2,003,404 

MetLife Inc USD 55,600 1,970,474 



Boeing Co/The USD 27,340 1,828,951 


Visa Inc USD 21,060 1,754,273 

371



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Investment Grade Corporate Bond Fund 



BUYS 





Government of France 3.25 25/10/2021 EUR 3,920,000 5,523,941 





Government of Canada 2.00 01/06/2016 CAD 2,675,000 2,710,292 

Republic Of Austria 3.50 15/09/2021 EUR 1,325,000 2,067,768 


Deutsche Telekom International Finance 

BV 3.13 11/04/2016 USD 1,850,000 1,884,384 

Anheuser-Busch InBev 7.75 15/01/2019 USD 1,360,000 1,800,116 

DaimlerChrysler NA 5.75 09/08/2011 USD 1,750,000 1,796,903 


Bonus Y Oblig del Estado 3.25 30/04/2011 EUR 1,275,000 1,768,808 

Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 1,145,000 1,693,760 

Kingdom of Spain 5.75 30/07/2032 EUR 1,165,000 1,658,464 

Citigroup Inc 5.38 09/08/2020 USD 1,525,000 1,655,866 



SELLS 

Bundesschatzanweisungen 1.50 15/03/2013 EUR 9,275,000 13,414,615 




Government of France 3.25 25/10/2021 EUR 3,920,000 5,520,823 





Canadian Government Bond 2.00 01/06/2016 CAD 2,675,000 2,786,329 

Republic Of Austria 3.50 15/09/2021 EUR 1,325,000 2,067,768 


Bonus Y Oblig del Estado 3.25 30/04/2011 EUR 1,275,000 1,748,651 

Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 1,145,000 1,691,784 


Fiat Industrial Finance Europe SA 6.25 09/03/2018 EUR 1,000,000 1,487,722 

Volkswagen International Finance NV 5.63 09/02/2012 EUR 974,000 1,448,035 


News America Inc 5.65 15/08/2020 USD 1,235,000 1,354,267 

Canadian Government Bond 1.75 01/03/2013 CAD 1,275,000 1,317,691 

372



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Global Emerging Markets Fund 

Issue 


BUYS 

Amorepacific Corp KRW 2,295 2,426,437 

Bank Mandiri Tbk PT IDR 2,726,000 2,273,026 

Fomento Economico Mexicano SAB de CV MXN 341,300 2,172,510 

Daewoo Shipbuilding & Marine Engineering Co Ltd KRW 61,400 2,147,770 

Hyundai Heavy Industries Co Ltd KRW 5,365 2,116,171 

Sociedad Quimica y Minera de Chile SA USD 32,600 1,932,540 

Hyundai Mobis KRW 5,320 1,889,390 

Ultrapar Participacoes SA BRL 65,900 1,617,914 

Vale SA USD 58,000 1,560,134 

Bank Rakyat Indonesia Persero Tbk PT IDR 2,178,000 1,554,284 

Banco Bradesco SA USD 82,500 1,544,942 

Weichai Power Co Ltd HKD 274,000 1,500,653 

Genting Bhd MYR 415,600 1,476,755 


Magnit OJSC USD 51,900 1,382,745 

Endesa IDR 226,000 1,376,412 

Sasol Ltd USD 26,900 1,373,613 

Lenovo Group Ltd HKD 2,184,000 1,342,668 

Embraer SA USD 42,500 1,330,866 

Cia Energetica de Minas Gerais USD 70,600 1,306,372 

Hyundai Department Store Co Ltd KRW 9,025 1,282,486 

Doosan Infracore Co Ltd KRW 49,500 1,250,860 

KGHM Polska Miedz SA PLN 21,500 1,250,514 

Asustek Computer Inc TWD 142,000 1,221,804 

SK Innovation Co Ltd KRW 6,870 1,212,407 

Grupo Mexico SAB de CV MXN 373,400 1,206,514 

Honam Petrochemical Corp KRW 3,430 1,198,426 

Taiwan Semiconductor Manufacturing Co Ltd USD 90,900 1,174,432 

Ecopetrol SA USD 27,000 1,150,568 


CNOOC Ltd USD 5,205 1,130,599 

Anhui Conch Cement Co Ltd HKD 384,000 1,129,057 

Anglo American Platinum Ltd ZAR 12,600 1,100,106 

Hynix Semiconductor Inc KRW 40,700 1,085,143 

China Oilfield Services Ltd HKD 650,000 1,068,639 

Sesa Goa Ltd INR 149,900 1,055,804 

CIMB Group Holdings Bhd MYR 377,500 1,053,036 

Itau Unibanco Holding SA USD 45,800 992,771 

BM&FBovespa SA BRL 143,000 986,389 

Wal-Mart de Mexico SAB de CV MXN 323,900 951,587 

Cia de Bebidas das Americas USD 29,700 946,287 

Industrias Penoles SAB de CV MXN 24,400 944,161 

Gazprom OAO USD 62,600 931,787 

Brilliance China Automotive Holdings Ltd. HKD 846,000 906,524 

Ping An Insurance Group Co-H HKD 134,500 890,572 

POSCO USD 8,600 888,717 

China Petroleum & Chemical Corp USD 8,700 882,459 

Zhuzhou Csr Times 'h'cny1 HKD 380,000 879,719 

Lotte Shopping Co Ltd KRW 1,970 846,014 

Reliance Industries Ltd USD 21,500 826,171 

Industrial & Commercial Bank of China HKD 1,221,000 815,571 

SANY HEAVY EQUIPMENT INTL 631 HK HKD 937,000 796,637 

373



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Global Emerging Markets Fund (continued) 

Issue 


SELLS 

Industrias Penoles SAB de CV MXN 48,300 1,796,166 

Weg SA BRL 126,200 1,592,549 

Cia Siderurgica Nacional SA USD 136,900 1,575,688 

Hon Hai Precision Industry Co Ltd TWD 461,000 1,545,102 

Gafisa SA BRL 203,800 1,288,599 

Lotte Shopping Co Ltd KRW 4,540 1,265,605 

Petroleo Brasileiro SA USD 33,100 1,062,456 

LG Display Co Ltd KRW 37,500 1,049,817 

Gerdau SA USD 74,300 1,016,791 

Hyundai Heavy Industries Co Ltd KRW 2,225 946,415 

MMC Corp Bhd MYR 1,037,800 870,918 

Cia Energetica de Minas Gerais USD 51,600 870,862 

Lojas Americanas SA BRL 99,800 859,578 

Asustek Computer Inc TWD 117,000 852,814 

BM&FBovespa SA BRL 143,000 802,894 

China Life Insurance Co Ltd USD 14,950 772,332 

ICICI Bank Ltd USD 16,025 691,469 

America Movil SAB de CV USD 28,000 671,489 

HDFC Bank Ltd USD 4,730 667,298 

Weichai Power Co Ltd HKD 110,000 661,620 

China COSCO Holdings Co Ltd HKD 608,000 655,912 

Lukoil OAO USD 9,750 651,413 

SK Innovation Co Ltd KRW 4,000 651,388 

International Nickel Indonesia Tbk PT IDR 1,122,500 649,872 

CNOOC Ltd USD 3,175 644,510 

Shinhan Financial Group Co Ltd USD 6,800 641,778 

Reliance Industries Ltd USD 20,500 594,870 

Telekomunikasi Indonesia Tbk PT USD 17,140 571,419 

Sterlite Industries India Ltd USD 36,200 551,797 

Philippine Long Distance Telephone Co USD 9,550 533,714 

Daewoo Securities Co Ltd KRW 21,600 516,768 

Bumi Resources Tbk PT IDR 1,854,500 504,542 

Hynix Semiconductor Inc KRW 24,200 478,408 

Siliconware Precision Industries Co USD 115,300 475,999 

Medco Energi Internasional Tbk PT IDR 1,432,000 462,911 

KB Financial Group Inc USD 8,600 456,495 

MTN Group Ltd ZAR 23,100 416,564 

374



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Asian Equity Fund 

Issue 


BUYS 

National Australia Bank Ltd AUD 145,424 3,450,058 

China Mobile Ltd HKD 266,000 2,610,261 

CNOOC Ltd HKD 1,370,000 2,514,634 

Kt&g Corp KRW 34,631 2,436,243 

Industrial & Commercial Bank of China HKD 3,661,000 2,056,964 

Westpac Banking Corp AUD 93,609 1,965,678 

Telstra Corp Ltd AUD 513,183 1,630,521 

China Shenhua Energy Co Ltd HKD 343,500 1,510,312 

China Construction Bank Corp HKD 2,070,000 1,441,948 


Sands China Ltd HKD 508,400 1,399,406 

Tata Motors Limited INR 394,171 1,375,322 

Telecom Corp of New Zealand Ltd NZD 645,015 1,250,579 

Astra International Tbk PT IDR 156,500 1,243,885 


CLP Holdings Ltd HKD 134,500 1,203,061 

Caltex Australia Ltd AUD 89,449 1,195,700 

POSCO KRW 3,690 1,182,475 

Air China Ltd HKD 1,392,000 1,171,166 

Daum Communications KRW 9,264 1,167,119 

NHN Corp KRW 5,388 1,136,292 

Commonwealth Bank of Australia AUD 23,077 1,109,253 

Hengan International Group Co Ltd HKD 117,500 1,104,860 

United Microelectronics Corp TWD 2,722,000 1,103,053 


China Unicom HKD 472,000 1,004,907 

LG Telecom Ltd KRW 166,490 998,077 

Tata Steel Ltd INR 115,643 997,058 

Bank Rakyat Indonesia Persero Tbk PT IDR 1,332,000 974,622 

PetroChina Co Ltd HKD 764,000 942,933 

Issue 


SELLS 

Kia Motors Corp KRW 55,360 3,404,603 

PetroChina Co Ltd HKD 2,428,000 2,931,289 

GS Holdings KRW 44,693 2,416,316 

Telecom Corp of New Zealand Ltd NZD 1,227,030 1,945,350 

Yanzhou Coal Mining Co Ltd HKD 858,000 1,942,510 

Bank of China Ltd HKD 5,174,200 1,689,331 

China Petrochemical Development Corp TWD 1,549,300 1,666,804 

Bank Rakyat Indonesia Persero Tbk PT IDR 2,283,500 1,643,600 

Kolon Industries Inc KRW 27,837 1,601,675 

Agricultural Bank of China Ltd HKD 3,926,000 1,503,185 

Astra International Tbk PT IDR 176,500 1,357,583 


Commonwealth Bank of Australia AUD 23,077 1,077,257 


Telstra Corp Ltd AUD 310,404 1,011,246 

Wynn Macau Ltd HKD 360,400 999,461 

Westpac Banking Corp AUD 49,620 993,469 

Anhui Conch Cement Co Ltd HKD 284,500 870,621 

375



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Asian Equity Fund (continued) 

Issue 



Hongkong Land Holdings Ltd USD 180,000 852,386 

Wesfarmers Ltd AUD 26,350 831,673 

Formosa Chemicals & Fibre Corp TWD 276,000 786,928 

Chorus Ltd NZD 335,260 771,057 

Challenger Ltd/AU AUD 166,936 757,861 

Anz Bk AUD 38,569 739,723 

Evergrande Real Estate Group Ltd HKD 1,943,000 736,505 

Taiwan Semiconductor Manufacturing Co Ltd USD 57,870 705,471 

China Telecom Corp Ltd HKD 1,168,000 695,404 

Philippine Long Distance Telephone Co PHP 13,520 689,263 

Oil & Natural Gas Corp Ltd INR 127,427 688,844 

Prime Success Intl Group Ltd HKD 594,000 662,178 

Asia Cement Corp TWD 611,900 624,456 

Oil Search Ltd AUD 101,964 617,949 

Keppel Corp Ltd SGD 89,000 617,851 

Seah Besteel Corp KRW 14,259 609,339 

376



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Local Currency Emerging Market Debt Fund 



BUYS 



Turkey Government Bond 1.00 20/02/2013 TRY 27,780,000 13,503,042 

Poland Government Bond 5.50 25/04/2015 PLN 39,420,000 12,368,143 

Indonesia Government 8.25 19/07/2021 IDR 64,000,000,000 8,411,757 

Russia Government Bond 7.00 03/06/2015 RUB 217,200,000 6,771,364 

Brazil Notas do Tesouro Nacional Serie F 10.00 01/01/2021 BRL 1,045,000 5,672,348 

Brazil Notas do Tesouro Nacional Serie F 10.00 01/01/2017 BRL 1,000,000 5,662,906 

Deutsche Bank AG/London 8.25 19/07/2021 IDR 47,000,000,000 5,613,461 

JP Morgan Chase 0.00 16/02/2012 BRL 1,020,000 5,525,578 

Malaysia Government Bond 5.09 30/04/2014 MYR 16,000,000 5,363,472 


Thailand Government Bond 5.25 12/05/2014 THB 140,100,000 4,876,064 

Titulos de Tesore 11.00 24/07/2020 COP 7,000,000,000 4,662,057 





Government of Thailand 4.25 13/03/2013 THB 104,260,000 3,448,319 

Republic of Colombia 9.85 28/06/2027 COP 4,738,000,000 3,273,322 



SELLS 





Poland Government Bond 5.50 25/04/2015 PLN 4,490,000 1,426,854 


Nota Do Tesouro Nacional 0.00 12/12/2011 BRL 215,000 1,247,913 



Republic of Colombia 9.85 28/06/2027 COP 1,441,000,000 1,111,265 


Thailand Government Bond 3.13 11/12/2015 THB 32,610,000 1,059,591 

Malaysia Government Bond 4.26 15/09/2016 MYR 2,580,000 880,552 

Petroleos de Venezuela SA 4.90 28/10/2014 USD 1,129,000 868,406 

Nota Do Tesouro Nacional 0.00 11/01/2011 BRL 200,000 818,122 

Nota Do Tesouro Nacional 10.00 07/12/2021 BRL 145,000 792,420 

Turkey Government Bond 12.00 14/08/2013 TRY 960,000 773,606 

Indonesia Government 12.80 17/06/2021 IDR 4,200,000,000 691,104 

Turkey Government Bond 0.00 07/11/2012 TRY 1,360,000 687,137 

Russian Federation 7.85 10/03/2018 RUB 20,000,000 671,693 

377



SIGNIFICANT PURCHASES AND SALES (unaudited) – Skandia Global Futures Fund 



BUYS 

Goldman Sachs AM 0.00 30/12/2011 USD 3,700,000 3,700,000 

U.S. Treasury Bill 0.00 17/11/2011 USD 4,500,000 4,500,000 


















SELLS 





Goldman Sachs AM 0.00 30/12/2011 USD 500,000 500,000 





378



TOTAL EXPENSE RATIOS (unaudited) 

The Total Expense Ratio measures the total costs associated with managing and operating each Fund. These costs consist 

primarily of management fees and additional expenses such as legal fees, auditor fees and other operational expenses. This 

disclosure is a requirement for funds approved for public distribution in Switzerland. 

The total expense ratios of the Funds for the period from 1 January 2011 to 31 December 2011 are as follows: 

Fund Name Share Class TER 

Skandia Global Equity Fund A (USD) 1.68% 

B (USD) 4.09% 

C (USD) 3.82% 

S (GBP) 1.17% 

Skandia US Large Cap Growth Fund A (EUR) 2.44% 

A (USD) 1.80% 

B (USD) 4.28% 

C (USD) 4.21% 

S (GBP) 1.27% 

Skandia US Capital Growth Fund A (EUR) 3.25% 

A (USD) 1.68% 

B (USD) 3.85% 

C (USD) 3.56% 

Skandia US All Cap Value Fund A (EUR) 2.74% 

A (USD) 1.70% 

B (USD) 3.94% 

C (USD) 3.42% 

I (USD) 0.98% 

Skandia US Value Fund A (EUR) 3.60% 

A (USD) 1.76% 

B (USD) 4.12% 

C (USD) 3.67% 

S (GBP) 1.14% 

Skandia European Equity Fund A (EUR) 1.69% 

A (USD) 2.26% 

B (USD) 4.39% 

C (USD) 3.79% 

S (GBP) 1.18% 

Skandia European Opportunities Fund A (EUR) 1.85% 

A (USD) 2.32% 

B (USD) 4.15% 

C (USD) 4.29% 

S (GBP) 1.29% 

Skandia Swedish Equity Fund A (SEK) 1.93% 

I (SEK) 1.45% 

Skandia Swedish Growth Fund A (SEK) 1.94% 

Skandia Japanese Equity Fund A (EUR) Hedged 1.84% 

A (JPY) 1.79% 

A (USD) 2.08% 

B (USD) 4.63% 

C (USD) 3.87% 

S (GBP) 1.27% 

Skandia Pacific Equity Fund A (EUR) 1.68% 

A (USD) 1.67% 

B (USD) 3.54% 

C (USD) 3.33% 

I (USD) 0.94% 

S (GBP) 1.15% 

379



TOTAL EXPENSE RATIOS (unaudited) (continued) 


Skandia Greater China Equity Fund A (USD) 1.73% 

B (USD) 3.57% 

C (USD) 3.46% 

I (USD) 0.98% 

S (GBP) 1.20% 

Skandia Global Bond Fund A (EUR) Hedged 1.82% 

A (GBP) Income 1.39% 

A (USD) 1.40% 

A (USD) Income 1.77% 

B (USD) 3.47% 

B (USD) Income 3.31% 

C (USD) 3.05% 

C (USD) Income 2.28% 

I (USD) 0.90% 

S (GBP) Income 1.21% 

Skandia Total Return USD Bond Fund A (EUR) Hedged 1.16% 


A (USD) 1.19% 


B (USD) 3.03% 


C (USD) 2.76% 


Skandia Swedish Bond Fund A (SEK) 0.96% 

Skandia SEK Reserve Fund A (SEK) 0.56% 

Skandia Emerging Market Debt Fund A (EUR) 1.79% 

A (EUR) Hedged 1.71% 

A (GBP) Hedged 0.54% 


A (SEK) Hedged 1.62% 

A (SGD) Hedged Income 1.76% 

A (USD) 1.67% 


B (USD) 3.46% 


C (USD) 3.60% 


I (USD) 0.92% 

S (GBP) Income 1.25% 

Skandia Swiss Equity Fund A (CHF) 1.69% 

Skandia Healthcare Fund A (GBP) Income 1.96% 

A (USD) 1.94% 

C (USD) 5.37% 

I (USD) 1.20% 

Skandia Technology Fund A (EUR) Hedged 2.04% 

A (USD) 1.97% 

C (USD) 3.89% 

Skandia European Best Ideas Fund A (EUR) 2.30% 

A (GBP) 3.04% 


A (USD) 2.90% 

Skandia US Large Cap Value A (EUR) 2.81% 


A (USD) 1.73% 

C (USD) 3.78% 

I (USD) 1.05% 

S (GBP) 1.21% 

380



TOTAL EXPENSE RATIOS (unaudited) (continued) 


Skandia Investment Grade Corporate Bond Fund A (GBP) Hedged Income 1.14% 

A (SEK) Hedged 1.14% 

A (USD) 2.05% 


C (USD) 3.01% 

S (GBP) Hedged Income 1.01% 

Skandia Global Emerging Markets Fund A (EUR) 2.16% 

A (GBP) 2.17% 

A (USD) 2.20% 


C (USD) 4.13% 

S (GBP) 1.59% 

Skandia Asian Equity Fund A (GBP) 1.85% 

A (USD) 1.92% 

Skandia Local Currency Emerging Market Debt Fund A (EUR) 2.29% 


A (USD) 2.30% 


C (USD) 6.75% 


I (USD) 1.86% 

Skandia Global Futures Fund A (GBP) Hedged 2.55% 

A (USD) 2.76% 

381



PORTFOLIO TURNOVER RATIOS (unaudited) 

The portfolio turnover rate is a percentage of the portfolio that is bought and sold in exchange for other stocks. This disclosure is a 

requirement for funds approved for public distribution in Switzerland. 

The portfolio turnover ratios of the Funds for the year from 1 January 2011 to 31 December 2011 are as follows: 

Skandia Global Equity Fund 200.96% 

Skandia US Large Cap Growth Fund (167.37%) 

Skandia US Capital Growth Fund 328.76% 

Skandia US All Cap Value Fund 42.25% 

Skandia US Value Fund 79.49% 

Skandia European Equity Fund 167.02% 

Skandia European Opportunities Fund 271.16% 

Skandia Swedish Equity Fund 47.00% 

Skandia Swedish Growth Fund 232.10% 

Skandia Japanese Equity Fund 152.77% 

Skandia Pacific Equity Fund (55.90%) 

Skandia Greater China Equity Fund (32.61%) 

Skandia Global Bond Fund 334.31% 

Skandia Total Return USD Bond Fund 925.84% 

Skandia Swedish Bond Fund 80.94% 

Skandia SEK Reserve Fund 646.99% 

Skandia Emerging Market Debt Fund (18.09%) 

Skandia Swiss Equity Fund 76.14% 

Skandia Healthcare Fund 46.51% 

Skandia Technology Fund 64.96% 

Skandia European Best Ideas Fund 226.21% 

Skandia US Large Cap Value 56.69% 

Skandia Investment Grade Corporate Bond Fund 77.08% 

Skandia Global Emerging Markets Fund 34.17% 

Skandia Asian Equity Fund 263.35% 

Skandia Local Currency Emerging Market Debt Fund 92.28% 

Skandia Global Futures Fund 218.03% 

382



FUND PERFORMANCE (unaudited) 

The information above has been derived from sources believed to be accurate as of 31 December 2011. It contains general 

information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be 

relied upon as such. Past performance is no indication of current or future performance. These performance data do not take account 

of the commissions and costs incurred on the issue and redemption of Shares. 

Base 2011* 2010* 2009* 3 Years 

Currency 2009 -2011 

Skandia Global Equity Fund USD (10.92%) 12.27% 29.58% 10.31% 

MSCI World Index (5.54%) 11.76% 29.99% 12.07% 

Skandia US Large Cap Growth Fund USD (2.57%) 11.35% 36.27% 15.02% 

Russell 1000 Growth Index 2.64% 16.71% 37.21% 19.25% 

Skandia US Capital Growth Fund USD (4.98%) 17.65% 28.24% 13.64% 

Russell 3000 Growth Index 3.61% 16.71% 37.21% 19.25% 

Skandia US All Cap Value Fund ***** USD (4.55%) 18.32% 38.32% 17.36% 

Russell 3000 Index/S&P 500 Index 1.03% 15.06% 26.46% 14.18% 

Skandia US Value Fund USD (6.47%) 14.73% 36.61% 14.96% 

Russell 1000 Value Index 0.39% 21.74% 19.69% 13.94% 

Skandia European Equity Fund EUR (12.03%) 14.86% 26.66% 9.83% 

MSCI Europe TR Index Net (7.51%) 11.75% 32.55% 12.26% 

Skandia European Opportunities Fund EUR (17.85%) 20.77% 28.98% 10.63% 


Skandia Swedish Equity Fund SEK (22.04%) 30.03% 64.29% 24.09% 

SIXPRX Index (13.60%) 26.90% 53.31% 22.20% 

Skandia Swedish Growth Fund SEK (15.07%) 29.11% 46.94% 20.33% 

SIXPRX Index (13.60%) 26.90% 53.31% 22.20% 

Skandia Japanese Equity Fund JPY (19.21%) 2.22% 4.08% (4.30%) 

TOPIX Index (18.94%) (0.97%) 5.61% (4.77%) 

Skandia Pacific Equity Fund USD (1.27%) 21.36% 54.26% 24.78% 

MSCI AC Asia Pacific Free ex. Japan Index (5.72%) 18.13% 73.22% 28.54% 

Skandia Greater China Equity Fund USD (11.23%) 18.96% 67.09% 24.94% 

MSCI Golden Dragon Index (18.67%) 13.60% 67.12% 20.68% 

Skandia Global Bond Fund USD 5.09% 4.42% 8.92% 6.14% 

Barclays Capital Global Aggregate Index 5.64% 5.54% 6.93% 6.04% 

Skandia Total Return USD Bond Fund USD 2.19% 8.12% 15.33% 8.55% 

Barclays Capital U.S. Aggregate Bond Index 7.84% 6.54% 5.93% 6.77% 

Skandia Swedish Bond Fund SEK 11.69% 2.92% 1.43% 5.35% 

Citigroup 1-month Treasury Bill Index 13.27% - 0.09% 6.68% 

Skandia SEK Reserve Fund SEK 1.06% (0.12%) 0.01% 0.32% 

Handelsbank Short Treasury Bill Index 1.55% 0.33% 0.42% 0.77% 

Skandia Emerging Market Debt Fund USD 4.97% 13.60% 39.65% 19.41% 

JPMorgan EMBI Global Diversified Index 7.35% 12.24% 29.82% 16.47% 

Skandia Swiss Equity Fund CHF (12.91%) 3.65% 25.58% 5.44% 

Swiss Performance Index (7.72%) 2.92% 23.18% 6.13% 

Skandia Healthcare Fund USD 2.85% 0.63% 13.74% 5.74% 

MSCI World Healthcare Index 9.46% 2.41% 18.89% 10.25% 

Skandia Technology Fund USD (10.76%) 14.75% 64.48% 22.82% 

MSCI World Information Technology Index (2.49%) 10.49% 52.36% 20.12% 

Skandia European Best Ideas Fund EUR (18.44%) 26.22% 41.03% 16.27% 


Skandia US Large Cap Value Fund USD (2.02%) 10.33% 29.32% 12.54% 

Russell 1000 Index 1.50% 16.10% 28.43% 15.34% 

Skandia Investment Grade Corporate Bond Fund USD 1.87% (0.58%) - - 

Barclays Capital Global Aggregate Corporate Bond 

- 

Index 

383 

4.79% 5.54% - 

Skandia Global Emerging Markets Fund USD (17.68%) 11.86% - - 

MSCI Emerging Markets NR Index (18.42%) 7.34% - -



FUND PERFORMANCE (unaudited) (continued) 

Base 2011* 2010* 2009* 3 Years 

Currency 2009 -2011 

Skandia Asian Equity Fund ** USD (8.32%) - - - 

MSCI AC Asia Pacific ex. Japan Index (1.71%) - - - 

Skandia Local Currency Emerging Market Debt Fund *** USD 7.19% - - - 

JPM GBI-EM Global Diversified Index 7.54% - - - 

Skandia Global Futures Fund**** USD 1.82% - - - 

- - - - 

* Calculated as performance information for the calendar year. Performance figures refer to Class A1 shares showing the annual 

average performance and are sourced from Morningstar. 

** Fund launched on 7 March 2011. 

*** Fund launched 19 January 2011. 

**** Fund launched 1 November 2011. 

***** The US All Cap Value Fund was benchmarked against the S&P 500 Index Fund for the calendar year 2009. 

384



SIGNIFICANT EVENTS (unaudited) 

Significant Events During The Year 

A revised prospectus was issued on 10 January 2011. This prospectus update provided for the following principal changes: 

1. Creation of the Skandia Asian Equity Fund and the Skandia Local Currency Emerging Market Debt Fund; 

2. Removal of the Skandia USD Reserve Fund; 

3. Closure of certain Share Classes as these have never been funded; 

4. Renaming of certain Share Classes; 

5. The addition of new Share Classes in certain Funds and the merger of certain Share Classes in certain Funds; and 

6. Changes to Investment Advisers. 

A revised prospectus was issued on 22 September 2011. This prospectus update provided for the following principal changes: 

1. Creation of the Skandia High Yield Bond Fund (not yet launched) and the Skandia Global Futures Fund (launched 1 

November 2011); 

2. Changes to Investment Advisers; 

3. Renaming of certain Share Classes; 

4. Following receipt of approval of the Taiwanese regulatory authority to change the risk model, the investment policy of each 

of the Skandia Total Return USD Bond Fund and the Skandia Global Bond Fund was amended to provide that each Fund 

will use relative VaR to calculate global exposure; 

5. Amendments were made to comply with the European Communities (Undertakings for Collective Investment in Transferable 

Securities) Regulations, 2011; and 

6. Creation of new Share Classes in certain of the Funds; 

The AGM of the Company was held on 12 September 2011. At the AGM, shareholders voted in favour of various amendments to the 

memorandum and articles of association. A revised version of this document was filed with the Central Bank of Ireland on 13 

September 2011 and with the Companies Registration Office on 13 September 2011. 

At the EGM of the Skandia Emerging Market Debt Fund held on 19 December 2011 and the EGMs of the Skandia US Capital 

Growth Fund and the Skandia Swiss Equity Fund held on 28 December 2011, shareholders voted in favour of amending the 

investment objectives of each Fund. 

385



SIGNIFICANT EVENTS (unaudited) (continued) 

Post Balance Sheet Events 

Effective 1 January 2012 the Company‟s administrator, Citi Fund Services (Ireland) Limited merged with Citibank Europe plc and all 

assets, liabilities and other obligations transferred from Citi Fund Services (Ireland) Limited to Citibank Europe plc. Since this date 

the Company‟s rights and obligations are enforceable against Citibank Europe plc and not Citi Fund Services (Ireland) Limited. 

A revised prospectus was issued on 8 February 2012. This prospectus update provided for the following principal changes: 

1. Reflection of change of administrator from Citi Fund Services (Ireland) Limited to Citbank Europe plc; 

2. Creation of new Class World and Class X Share Classes in certain of the Funds; 

3. Amendments to investment objectives as follows, which shareholders have approved: 

3.1 the investment objective of the Skandia US Capital Growth Fund was amended to remove the restriction on US 

issuers to „large and medium sized‟; 

3.2 the investment objective of the Skandia Swiss Equity Fund was amended to seek to achieve asset growth through 

investment in a well-diversified portfolio of equities or equity-related securities of Swiss Issuers or of issuers 

established outside Switzerland which have a significant portion of their assets or business operations in 

Switzerland; 

3.3 the investment objective of the Skandia Emerging Market Debt Fund was amended to seek to achieve asset growth 

(instead of preservation of capital) through investment in a well-diversified portfolio of fixed and variable rate debt 

securities issued in Emerging Markets. 

4. Amendments to investment policies as follows: 

4.1 the investment policy of the Skandia Global Equity Fund was amended by reducing amount of named securities in 

which the Fund will invest which will be in the MSCI World Index from 85% to 60% and increasing the portion 

that may be invested in short-term securities from 33% to 40%; 

4.2 the investment policy of the Skandia Swiss Equity Fund was amended to remove reference to the Swiss 

Performance Index; 

4.3 the investment policy of the Skandia Emerging Market Debt Fund was amended to add disclosure regarding 

potential investment (up to 10%) in loan participation securities; and 

5. Changes to Investment Advisers as follows: 

5.1 Skandia Swiss Equity Fund - A change took place on 15th February, 2012 from Deutsche Asset Management 

Switzerland to Analytics Investors, LLC. 

5.2 Skandia Greater China EquityFund - A change just took place on Friday 2nd March 2012. The Investment 

Adviser Manager changed from First State Investment Management (UK) Limited to MIR Investment 

Management (Pty) Limited. 

5.3 Skandia Global Equity Fund - Manager change due to take place on 16th March 2012 from JPMorgan Asset 

Management (UK) Limited to Five Oceans Asset Management Limited. 

5.4 Skandia European Equity Fund - Manager change due to take place on 16th March 2012 from Goldman Sachs 

Asset Management International to GE Asset Management Limited. 

386

SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

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