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 Opportunities Fund
Nominal Security Description Value EUR % Net Assets
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%
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