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 Equity Fund (continued)
Nominal Security Description Value EUR % Net Assets
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%
19,578 Roche Holding AG 2,567,700 2.00%
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%
United Kingdom - 36.54% (2010 - 35.16%)
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%
171,647 BG Group PLC 2,820,245 2.20%
687,100 BP PLC 3,755,878 2.92%
103,324 GlaxoSmithKline PLC 1,814,340 1.42%
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%
44,995 Royal Dutch Shell PLC 1,315,130 1.03%
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%
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