Skandia Global Funds plc Annual Report and Audited Financial Statements for the year ended 31 December 2011 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
Skandia Global Funds plc Annual Report and Audited Financial Statements for the year ended 31 December 2011 PORTFOLIO OF INVESTMENTS - Skandia Global Equity Fund (continued) Nominal Security Description Value USD % Net Assets 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 <strong>PLC</strong> 734,216 0.24% 31,371 Covidien <strong>PLC</strong> 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
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