SKANDIA GLOBAL FUNDS PLC - Fidelity Investments

Skandia Global Funds plc
Annual Report and Audited Financial Statements for the year ended 31 December 2011
PORTFOLIO OF INVESTMENTS - Skandia European Best Ideas Fund
Nominal Security Description Value EUR % Net Assets
Basic Materials - 10.26% (2010 - 17.50%)
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%
Communications - 10.84% (2010 - 8.12%)
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%
767,678 Telefonaktiebolaget LM Ericsson 5,951,610 1.85%
157,568 Vivendi SA 2,646,355 0.82%
34,806,482 10.84%
Consumer, Cyclical - 12.00% (2010 - 12.58%)
32,184 Bayerische Motoren Werke AG 1,650,396 0.51%
87,671 Cie Financiere Richemont SA 3,424,967 1.06%
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%
Consumer, Non-cyclical - 18.15% (2010 - 14.47%)
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%
205,349 GlaxoSmithKline PLC 3,605,870 1.12%
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